2018 Q1 Form 10-K Financial Statement

#000143757818000005 Filed on February 28, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2016 Q4 2016 Q3
Revenue $463.7M $398.5M $383.9M
YoY Change 9.83% 7.25% 4.91%
Cost Of Revenue $350.1M $299.3M $292.5M
YoY Change 10.37% 6.25% 4.24%
Gross Profit $113.5M $99.22M $91.47M
YoY Change 8.21% 10.36% 7.13%
Gross Profit Margin 24.49% 24.9% 23.83%
Selling, General & Admin $50.21M $43.60M $39.62M
YoY Change 8.81% 14.74% 8.78%
% of Gross Profit 44.22% 43.94% 43.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.68M $23.20M $21.00M
YoY Change 5.42% 14.85% 6.06%
% of Gross Profit 21.74% 23.38% 22.96%
Operating Expenses $50.21M $51.90M $39.62M
YoY Change 8.81% 15.33% 8.78%
Operating Profit $55.28M $47.35M $44.72M
YoY Change 7.55% 5.49% 7.12%
Interest Expense $11.50M -$11.40M $10.50M
YoY Change 6.77% 6.54% 1.35%
% of Operating Profit 20.81% -24.08% 23.49%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $43.78M $24.80M $34.21M
YoY Change 7.76% -27.49% 8.92%
Income Tax $6.483M $7.700M $11.70M
% Of Pretax Income 14.81% 31.05% 34.21%
Net Earnings $37.30M $17.12M $22.51M
YoY Change -9.85% -28.42% 9.5%
Net Earnings / Revenue 8.04% 4.3% 5.86%
Basic Earnings Per Share $0.64 $0.29 $0.38
Diluted Earnings Per Share $0.62 $0.28 $0.37
COMMON SHARES
Basic Shares Outstanding 58.57M shares 59.50M shares 58.88M shares
Diluted Shares Outstanding 59.45M shares 60.28M shares

Balance Sheet

Concept 2018 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.30M $14.60M $19.50M
YoY Change -5.58% 26.96% -8.88%
Cash & Equivalents $20.32M $14.63M $19.48M
Short-Term Investments
Other Short-Term Assets $68.80M $42.60M $43.50M
YoY Change 46.7% -2.96% -39.92%
Inventory
Prepaid Expenses
Receivables $107.3M $97.20M $83.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $196.3M $154.4M $146.1M
YoY Change 17.95% 1.1% -12.56%
LONG-TERM ASSETS
Property, Plant & Equipment $584.9M $529.4M $430.3M
YoY Change 8.91% 23.2% -0.03%
Goodwill $1.335B $1.268B $1.151B
YoY Change 4.84% 10.45% 0.83%
Intangibles $342.5M $374.6M $372.1M
YoY Change -6.86% -3.79% -5.69%
Long-Term Investments
YoY Change
Other Assets $55.38M $32.92M $29.48M
YoY Change 75.8% 6.34% 43.17%
Total Long-Term Assets $2.318B $2.205B $1.983B
YoY Change 4.89% 10.35% -0.21%
TOTAL ASSETS
Total Short-Term Assets $196.3M $154.4M $146.1M
Total Long-Term Assets $2.318B $2.205B $1.983B
Total Assets $2.514B $2.359B $2.129B
YoY Change 5.81% 9.69% -1.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.4M $26.17M $113.1M
YoY Change 13.38% -2.87% -18.92%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $129.4M $76.00M $30.00M
YoY Change 768.46% 216.67% 13.21%
Long-Term Debt Due $10.75M $10.75M $9.550M
YoY Change 0.0% 12.57% 0.0%
Total Short-Term Liabilities $511.7M $387.6M $309.1M
YoY Change 43.7% 26.93% -2.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.044B $1.054B $900.4M
YoY Change -0.76% 16.38% -0.75%
Other Long-Term Liabilities $72.41M $52.05M $47.27M
YoY Change 24.35% 17.8% 44.17%
Total Long-Term Liabilities $1.116B $1.106B $947.6M
YoY Change 0.56% 16.45% 0.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.7M $387.6M $309.1M
Total Long-Term Liabilities $1.116B $1.106B $947.6M
Total Liabilities $1.777B $1.671B $1.431B
YoY Change 7.69% 17.44% -0.58%
SHAREHOLDERS EQUITY
Retained Earnings $72.44M -$121.8M -$138.9M
YoY Change -190.05% -43.75% -42.23%
Common Stock $58.00K $59.00K $59.00K
YoY Change -1.69% -1.67% -1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $737.2M $687.9M $698.0M
YoY Change
Total Liabilities & Shareholders Equity $2.514B $2.359B $2.129B
YoY Change 5.81% 9.69% -1.17%

Cashflow Statement

Concept 2018 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $37.30M $17.12M $22.51M
YoY Change -9.85% -28.42% 9.5%
Depreciation, Depletion And Amortization $24.68M $23.20M $21.00M
YoY Change 5.42% 14.85% 6.06%
Cash From Operating Activities $105.8M $48.30M $18.10M
YoY Change -0.77% 73.74% -33.7%
INVESTING ACTIVITIES
Capital Expenditures $12.81M -$24.80M -$23.20M
YoY Change -35.6% 51.22% 18.37%
Acquisitions $16.72M
YoY Change 461.13%
Other Investing Activities -$16.70M -$205.2M -$19.90M
YoY Change 456.67% 1765.45% -54.98%
Cash From Investing Activities -$29.48M -$230.0M -$43.10M
YoY Change 28.9% 742.49% -32.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $85.73M
YoY Change 1224.96%
Debt Paid & Issued, Net $2.688M
YoY Change 0.0%
Cash From Financing Activities -$79.60M 176.8M -400.0K
YoY Change 3.31% -1850.5% -97.79%
NET CHANGE
Cash From Operating Activities $105.8M 48.30M 18.10M
Cash From Investing Activities -$29.48M -230.0M -43.10M
Cash From Financing Activities -$79.60M 176.8M -400.0K
Net Change In Cash -$2.805M -4.900M -25.40M
YoY Change -141.58% -48.96% -53.56%
FREE CASH FLOW
Cash From Operating Activities $105.8M $48.30M $18.10M
Capital Expenditures $12.81M -$24.80M -$23.20M
Free Cash Flow $93.04M $73.10M $41.30M
YoY Change 7.21% 65.38% -11.94%

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300000 USD
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15800000 USD
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30134000 USD
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143000 USD
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30417000 USD
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0 USD
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0 USD
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100000 USD
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100000 USD
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140156000 USD
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143197000 USD
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161400000 USD
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0 USD
CY2017 us-gaap Income Tax Examination Penalties And Interest Expense
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4437000 USD
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319000 USD
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49055000 USD
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50119000 USD
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56490000 USD
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6919000 USD
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6953000 USD
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5074000 USD
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0 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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0 USD
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-22757000 USD
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-901000 USD
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-389000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
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1041000 USD
CY2015 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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0 USD
CY2016 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
0 USD
CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
11000000 USD
CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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11027000 USD
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5849000 USD
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6374000 USD
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2881000 USD
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432000 USD
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614000 USD
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49819000 USD
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34670000 USD
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31290000 USD
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5912000 USD
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2955000 USD
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7750000 USD
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9316000 USD
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12773000 USD
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11156000 USD
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14296000 USD
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16854000 USD
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319000 USD
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3179000 USD
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5698000 USD
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7289000 USD
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7371000 USD
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13340000 USD
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78000 USD
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18689000 USD
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587848000 USD
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374566000 USD
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348540000 USD
CY2015 us-gaap Interest Expense
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41446000 USD
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InterestExpense
42924000 USD
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44039000 USD
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38110000 USD
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37090000 USD
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44464000 USD
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2985000 USD
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370000 USD
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700000 USD
CY2015 us-gaap Lease And Rental Expense
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97300000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
103100000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
116700000 USD
CY2016Q4 us-gaap Liabilities
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
749060000 USD
CY2015 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2016 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2017 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
128103000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
112792000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
162195000 USD
CY2015 us-gaap Undistributed Earnings
UndistributedEarnings
93927000 USD
CY2016 us-gaap Undistributed Earnings
UndistributedEarnings
94760000 USD
CY2017 us-gaap Undistributed Earnings
UndistributedEarnings
156963000 USD
CY2015 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
93303000 USD
CY2016 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
93938000 USD
CY2017 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
156016000 USD
CY2015 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-640000 USD
CY2016 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-841000 USD
CY2017 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-968000 USD
CY2015 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
624000 USD
CY2016 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
822000 USD
CY2017 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
947000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
123000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
713000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
706000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1096000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1903000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
26000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
27000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
50000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
353000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsIncreasesResultingFromForeignCurrencyTranslation
157000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
353000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
443000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
650000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
663000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1900000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62360778 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60594895 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60253691 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60835574 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59229069 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58873196 shares
CY2015 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1400000 USD
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1300000 USD
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
400000 USD
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk </font><font style="font-family:inherit;font-size:10pt;">&#8212; Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and cash equivalents and accounts receivable. The Company mitigates its exposure by maintaining its cash and cash equivalents in financial institutions of high credit standing. The Company&#8217;s accounts receivable, which are derived primarily from the services it provides, are dispersed across many clients in various industries with </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> single client accounting for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s net revenue or accounts receivable. </font></div></div>
CY2017 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Deferred Revenue </font><font style="font-family:inherit;font-size:10pt;">&#8212; The Company records deferred revenue for prepaid tuition and fees received from clients in advance of services being performed. The Company is also a party to agreements where the performance of services extends beyond one year. In these circumstances, the Company records a long-term obligation and recognizes revenue over the period of the agreement as the services are rendered.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates </font><font style="font-family:inherit;font-size:10pt;">&#8212; The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221; or &#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The Company&#8217;s significant accounting estimates in the preparation of the consolidated financial statements relate to the valuation of goodwill and other intangibles, and income taxes. Actual results may differ from management&#8217;s estimates.</font></div></div>

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