2019 Q1 Form 10-K Financial Statement

#000143757819000006 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018
Revenue $501.8M $478.2M $1.903B
YoY Change 8.22% 8.72% 9.32%
Cost Of Revenue $374.8M $357.6M $1.430B
YoY Change 7.05% 7.81% 9.13%
Gross Profit $126.9M $120.6M $473.3M
YoY Change 11.8% 11.55% 9.9%
Gross Profit Margin 25.3% 25.22% 24.87%
Selling, General & Admin $55.88M $48.80M $201.6M
YoY Change 11.28% 2.52% 6.7%
% of Gross Profit 44.01% 40.45% 42.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.46M $25.80M $100.9M
YoY Change 7.21% 5.31% 6.51%
% of Gross Profit 20.84% 21.39% 21.33%
Operating Expenses $55.88M $56.90M $201.6M
YoY Change 11.28% 1.79% 6.7%
Operating Profit $62.91M $63.73M $239.1M
YoY Change 13.79% 21.93% 16.38%
Interest Expense $11.95M -$12.00M $47.51M
YoY Change 3.87% 1.69% 7.88%
% of Operating Profit 18.99% -18.83% 19.87%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $50.96M $51.70M $157.5M
YoY Change 16.4% 27.65% 35.54%
Income Tax $8.920M $5.000M $33.61M
% Of Pretax Income 17.5% 9.67% 21.33%
Net Earnings $42.04M $46.66M $158.0M
YoY Change 12.72% -9.31% 0.65%
Net Earnings / Revenue 8.38% 9.76% 8.3%
Basic Earnings Per Share $0.73 $0.80 $2.72
Diluted Earnings Per Share $0.71 $0.79 $2.66
COMMON SHARES
Basic Shares Outstanding 57.95M shares 58.07M shares 57.81M shares
Diluted Shares Outstanding 58.75M shares 59.00M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.10M $15.45M $15.50M
YoY Change -0.99% -33.41% -33.19%
Cash & Equivalents $20.13M $15.45M $15.50M
Short-Term Investments $0.00
Other Short-Term Assets $37.20M $47.30M $47.30M
YoY Change -45.93% -9.21% -9.21%
Inventory
Prepaid Expenses $4.967M
Receivables $130.3M $131.2M $131.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $187.6M $193.9M $193.9M
YoY Change -4.44% 0.74% 0.73%
LONG-TERM ASSETS
Property, Plant & Equipment $603.1M $597.1M $597.1M
YoY Change 3.11% 3.82% 3.81%
Goodwill $1.381B $1.348B
YoY Change 3.43% 3.12%
Intangibles $322.4M $323.0M
YoY Change -5.88% -7.32%
Long-Term Investments
YoY Change
Other Assets $50.87M $62.63M $62.60M
YoY Change -8.14% 37.14% 36.98%
Total Long-Term Assets $3.009B $2.330B $2.330B
YoY Change 29.8% 2.38% 2.39%
TOTAL ASSETS
Total Short-Term Assets $187.6M $193.9M $193.9M
Total Long-Term Assets $3.009B $2.330B $2.330B
Total Assets $3.197B $2.524B $2.524B
YoY Change 27.13% 2.25% 2.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.3M $35.94M $35.90M
YoY Change -0.07% 13.3% 13.25%
Accrued Expenses $79.60M $118.3M
YoY Change 16.9%
Deferred Revenue $195.6M $170.4M
YoY Change 9.45%
Short-Term Debt $50.20M $118.2M $118.2M
YoY Change -61.21% -7.0% -7.0%
Long-Term Debt Due $10.75M $10.75M $10.80M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $514.3M $483.8M $483.8M
YoY Change 0.49% 5.02% 5.01%
LONG-TERM LIABILITIES
Long-Term Debt $1.035B $1.037B $1.037B
YoY Change -0.87% -0.87% -0.87%
Other Long-Term Liabilities $92.61M $75.37M $152.9M
YoY Change 27.91% 17.45% 10.16%
Total Long-Term Liabilities $1.127B $1.112B $1.190B
YoY Change 0.99% 0.19% 0.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $514.3M $483.8M $483.8M
Total Long-Term Liabilities $1.127B $1.112B $1.190B
Total Liabilities $2.360B $1.745B $1.745B
YoY Change 32.76% 1.47% 1.47%
SHAREHOLDERS EQUITY
Retained Earnings $235.2M $193.1M
YoY Change 224.63% 449.54%
Common Stock $58.00K $57.00K
YoY Change 0.0% -1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $837.0M $779.5M $779.5M
YoY Change
Total Liabilities & Shareholders Equity $3.197B $2.524B $2.524B
YoY Change 27.13% 2.25% 2.26%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018
OPERATING ACTIVITIES
Net Income $42.04M $46.66M $158.0M
YoY Change 12.72% -9.31% 0.65%
Depreciation, Depletion And Amortization $26.46M $25.80M $100.9M
YoY Change 7.21% 5.31% 6.51%
Cash From Operating Activities $107.0M $55.00M $294.7M
YoY Change 1.1% 17.02% 18.76%
INVESTING ACTIVITIES
Capital Expenditures $24.20M -$30.00M $92.49M
YoY Change 88.85% 20.0% 4.96%
Acquisitions $19.49M $67.11M
YoY Change 16.59% 212.38%
Other Investing Activities -$36.40M -$14.40M -$66.10M
YoY Change 117.96% -4900.0% 284.3%
Cash From Investing Activities -$60.56M -$44.20M -$158.5M
YoY Change 105.41% 78.95% 50.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $60.00K $126.7M
YoY Change -99.93% -21.9%
Debt Paid & Issued, Net $2.688M $10.75M
YoY Change 0.0% 33.33%
Cash From Financing Activities -$62.26M -16.00M -$134.2M
YoY Change -21.78% -44.44% 8.34%
NET CHANGE
Cash From Operating Activities $107.0M 55.00M $294.7M
Cash From Investing Activities -$60.56M -44.20M -$158.5M
Cash From Financing Activities -$62.26M -16.00M -$134.2M
Net Change In Cash -$15.26M -5.200M $1.908M
YoY Change 444.17% -20.0% -89.96%
FREE CASH FLOW
Cash From Operating Activities $107.0M $55.00M $294.7M
Capital Expenditures $24.20M -$30.00M $92.49M
Free Cash Flow $82.82M $85.00M $202.3M
YoY Change -10.98% 18.06% 26.35%

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CY2018 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
2700000 USD
CY2018Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Gross
DebtIssuanceCostsLineOfCreditArrangementsGross
6700000 USD
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-6463000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-36794000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-188000 USD
CY2016 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2069000 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
612000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2550000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-12121000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-37562000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5469000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
117359000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
118308000 USD
CY2017Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
66499000 USD
CY2018Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
71817000 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-3589000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1380000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2731000 USD
CY2017Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
2934000 USD
CY2018Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
2403000 USD
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
43426000 USD
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
47115000 USD
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
304000 USD
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
424000 USD
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
400000 USD
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2608000 USD
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3591000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
8024000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
8502000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
28951000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
31641000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
605000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
554000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
73933000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
71200000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
71193000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Deferred Expense
DeferredTaxLiabilitiesDeferredExpense
2700000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
97674000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
93180000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Gross Noncurrent
DeferredTaxLiabilitiesGrossNoncurrent
74069000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Gross Noncurrent
DeferredTaxLiabilitiesGrossNoncurrent
71306000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
19685000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
25128000 USD
CY2018Q4 us-gaap Deposit Contracts Assets
DepositContractsAssets
20000000 USD
CY2016 us-gaap Depreciation
Depreciation
55600000 USD
CY2017 us-gaap Depreciation
Depreciation
62200000 USD
CY2018 us-gaap Depreciation
Depreciation
68400000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
85284000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
94776000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100943000 USD
CY2017Q4 us-gaap Derivative Average Fixed Interest Rate
DerivativeAverageFixedInterestRate
0.0365
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.65
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.72
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.55
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.59
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.66
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1121000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1507000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-103000 USD
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.027
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.175
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
56817000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
67609000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
14700000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
12891000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4600000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3200000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3600000 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
15800000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
32300000 USD
CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
26500000 USD
CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
12100000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
30506000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
22346000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
23484000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
25830000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
27942000 USD
CY2018 us-gaap Fiscal Period Duration
FiscalPeriodDuration
P8Y
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
143000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-2760000 USD
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-488000 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-11117000 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2018 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2017Q4 us-gaap Goodwill
Goodwill
1306792000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
1347611000 USD
CY2016 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2016 us-gaap Gross Profit
GrossProfit
390847000 USD
CY2017Q1 us-gaap Gross Profit
GrossProfit
104934000 USD
CY2017Q2 us-gaap Gross Profit
GrossProfit
114341000 USD
CY2017Q3 us-gaap Gross Profit
GrossProfit
103194000 USD
CY2017Q4 us-gaap Gross Profit
GrossProfit
108141000 USD
CY2017 us-gaap Gross Profit
GrossProfit
430610000 USD
CY2018Q1 us-gaap Gross Profit
GrossProfit
113544000 USD
CY2018Q2 us-gaap Gross Profit
GrossProfit
126037000 USD
CY2018Q3 us-gaap Gross Profit
GrossProfit
113040000 USD
CY2018Q4 us-gaap Gross Profit
GrossProfit
120634000 USD
CY2018 us-gaap Gross Profit
GrossProfit
473255000 USD
CY2016 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2017 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2018 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2017 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
100000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
132846000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
116225000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
157533000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
10351000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
45175000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
34054000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
143197000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
161400000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
191587000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48437000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4437000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33606000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-107000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-1028000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-96000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-32844000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-548000 USD
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-943000 USD
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-5913000 USD
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
2135000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
50119000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
56490000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
40233000 USD
CY2016 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
6953000 USD
CY2017 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
5074000 USD
CY2018 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
8367000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-22757000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-9446000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-389000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1041000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-1417000 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
11027000 USD
CY2018 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
0 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
6374000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2881000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
6466000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
432000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
614000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
1657000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
34670000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
31290000 USD
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
41936000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6858000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5912000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
15912000 USD
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7750000 USD
CY2017 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
9316000 USD
CY2018 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
12073000 USD
CY2016 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
12773000 USD
CY2017 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
11156000 USD
CY2018 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-3320000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
319000 USD
CY2017 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
387000 USD
CY2018 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-100000 USD
CY2016 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3179000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
5698000 USD
CY2018 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6054000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7369000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3450000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2795000 USD
CY2016 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
78000 USD
CY2017 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
18689000 USD
CY2018 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
14498000 USD
CY2016 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-100000 USD
CY2017 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
11900000 USD
CY2018 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
9700000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
348540000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
323035000 USD
CY2016 us-gaap Interest Expense
InterestExpense
42924000 USD
CY2017 us-gaap Interest Expense
InterestExpense
44039000 USD
CY2018 us-gaap Interest Expense
InterestExpense
47508000 USD
CY2016 us-gaap Interest Paid
InterestPaid
37090000 USD
CY2017 us-gaap Interest Paid
InterestPaid
44464000 USD
CY2018 us-gaap Interest Paid
InterestPaid
46122000 USD
CY2018Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
3200000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
103100000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
116700000 USD
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
127400000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
1719584000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
1744829000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2468644000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2524306000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
460655000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
483785000 USD
CY2017Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
127100000 USD
CY2017Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
127100000 USD
CY2018Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
118200000 USD
CY2018Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
118200000 USD
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
10750000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
10750000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1046011000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1036870000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
93755000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-123864000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-134193000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-302837000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-105321000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-158543000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
213217000 USD
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OperatingIncomeLoss
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UndistributedEarnings
156963000 USD
CY2018 us-gaap Undistributed Earnings
UndistributedEarnings
157981000 USD
CY2016 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
93938000 USD
CY2017 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
156016000 USD
CY2018 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
157114000 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
CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-885000 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
CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
867000 USD
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
151000000 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
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5444000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
26000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
80000 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
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
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
100000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000 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
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
684000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsIncreasesResultingFromForeignCurrencyTranslation
157000 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 Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2937000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
5400000 USD
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
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59000669 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
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57812602 shares
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
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
400000 USD
CY2018 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:24px;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. The Company believes that </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> significant credit concentration risk existed at December&#160;31, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2018 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:24px;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 as described in Note 2, &#8220;Revenue Recognition.&#8221;</font></div></div>
CY2018 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:24px;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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