2016 Form 10-K Financial Statement

#000113071317000013 Filed on March 03, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015 Q3
Revenue $1.800B $480.3M $391.2M
YoY Change 8.57% 2.11% 10.83%
Cost Of Revenue $1.469B $397.2M $318.8M
YoY Change 8.53% 3.16% 11.48%
Gross Profit $331.3M $83.11M $72.45M
YoY Change 8.76% -2.66% 8.04%
Gross Profit Margin 18.41% 17.3% 18.52%
Selling, General & Admin $237.2M $59.90M $50.74M
YoY Change 14.78% -1.2% 19.38%
% of Gross Profit 71.58% 72.07% 70.03%
Research & Development $78.20M $20.50M $19.20M
YoY Change 2.36% 13.26% 7.87%
% of Gross Profit 23.6% 24.67% 26.5%
Depreciation & Amortization $27.28M $7.300M $6.232M
YoY Change 16.02% 37.74% 32.57%
% of Gross Profit 8.23% 8.78% 8.6%
Operating Expenses $324.4M $86.20M $75.82M
YoY Change 6.31% 3.02% 17.18%
Operating Profit $6.915M -$3.089M -$3.371M
YoY Change -1394.94% -280.85% -243.14%
Interest Expense $877.0K $66.00K $62.00K
YoY Change 526.43% 633.33% 463.64%
% of Operating Profit 12.68%
Other Income/Expense, Net $13.63M $1.102M $739.0K
YoY Change 273.53% 105.6% -327.38%
Pretax Income $20.97M -$2.016M -$2.632M
YoY Change 524.6% -188.69% -229.66%
Income Tax $9.297M -$1.879M -$15.00K
% Of Pretax Income 44.33%
Net Earnings $12.52M $110.0K -$2.071M
YoY Change 411.94% -91.9% -228.08%
Net Earnings / Revenue 0.7% 0.02% -0.53%
Basic Earnings Per Share $0.49 $0.00 -$0.08
Diluted Earnings Per Share $0.49 $0.00 -$0.08
COMMON SHARES
Basic Shares Outstanding 25.34M shares 25.23M shares 24.68M shares
Diluted Shares Outstanding 25.43M shares 25.27M shares 24.68M shares

Balance Sheet

Concept 2016 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.1M $170.3M $81.30M
YoY Change 7.52% -6.22% -27.86%
Cash & Equivalents $183.1M $170.3M $81.27M
Short-Term Investments
Other Short-Term Assets $14.20M $41.90M $30.30M
YoY Change -66.11% 34.29% -2.88%
Inventory $18.90M $20.04M $23.21M
Prepaid Expenses
Receivables $28.10M $16.13M $16.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $244.4M $248.4M $151.7M
YoY Change -1.61% -3.76% -17.6%
LONG-TERM ASSETS
Property, Plant & Equipment $134.6M $93.70M $78.81M
YoY Change 43.65% 79.94% 65.48%
Goodwill $15.39M $15.34M
YoY Change 452.69% 451.11%
Intangibles $14.66M $15.43M
YoY Change 6136.6%
Long-Term Investments
YoY Change
Other Assets $80.50M $8.669M $9.580M
YoY Change 42.98% 249.98% 393.05%
Total Long-Term Assets $240.7M $180.0M $180.1M
YoY Change 33.72% 51.53% 57.65%
TOTAL ASSETS
Total Short-Term Assets $244.4M $248.4M $151.7M
Total Long-Term Assets $240.7M $180.0M $180.1M
Total Assets $485.1M $428.4M $331.8M
YoY Change 13.24% 13.67% 11.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.3M $122.7M $64.96M
YoY Change -13.37% 8.79% 2.87%
Accrued Expenses $87.00M $83.39M $64.86M
YoY Change 4.32% 2.24% 3.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.300M $1.100M
YoY Change 200.0%
Total Short-Term Liabilities $249.2M $258.7M $176.1M
YoY Change -3.67% 6.54% 5.97%
LONG-TERM LIABILITIES
Long-Term Debt $56.00M $13.40M $0.00
YoY Change 317.91%
Other Long-Term Liabilities $6.900M $6.974M $7.380M
YoY Change -1.43% 44.0% 89.81%
Total Long-Term Liabilities $62.90M $6.974M $7.380M
YoY Change 208.33% 44.0% 89.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $249.2M $258.7M $176.1M
Total Long-Term Liabilities $62.90M $6.974M $7.380M
Total Liabilities $309.8M $279.0M $183.5M
YoY Change 11.48% 12.67% 7.89%
SHAREHOLDERS EQUITY
Retained Earnings -$166.4M -$166.5M
YoY Change 8.16% 8.03%
Common Stock $3.000K $3.000K
YoY Change 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $51.75M $51.75M
YoY Change -37.3% -37.3%
Treasury Stock Shares 2.400M shares 2.399M shares
Shareholders Equity $175.3M $150.5M $149.2M
YoY Change
Total Liabilities & Shareholders Equity $485.1M $428.4M $331.8M
YoY Change 13.24% 13.67% 11.21%

Cashflow Statement

Concept 2016 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $12.52M $110.0K -$2.071M
YoY Change 411.94% -91.9% -228.08%
Depreciation, Depletion And Amortization $27.28M $7.300M $6.232M
YoY Change 16.02% 37.74% 32.57%
Cash From Operating Activities $39.56M $90.90M $11.50M
YoY Change -27.43% 11.81% -60.07%
INVESTING ACTIVITIES
Capital Expenditures -$72.30M -$16.10M -$24.50M
YoY Change 21.11% 80.9% 40.0%
Acquisitions -$1.248M
YoY Change -111.77%
Other Investing Activities -$27.00K $0.00 -$15.60M
YoY Change -116.36% -100.0% 3800.0%
Cash From Investing Activities -$79.45M -$16.20M -$39.90M
YoY Change -3.62% 40.87% 124.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $52.72M 14.20M 4.300M
YoY Change 218.81% -1677.78% -4400.0%
NET CHANGE
Cash From Operating Activities $39.56M 90.90M 11.50M
Cash From Investing Activities -$79.45M -16.20M -39.90M
Cash From Financing Activities $52.72M 14.20M 4.300M
Net Change In Cash $12.84M 88.90M -24.10M
YoY Change -212.8% 29.03% -321.1%
FREE CASH FLOW
Cash From Operating Activities $39.56M $90.90M $11.50M
Capital Expenditures -$72.30M -$16.10M -$24.50M
Free Cash Flow $111.9M $107.0M $36.00M
YoY Change -2.06% 18.63% -22.25%

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3115000 USD
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3880000 USD
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20545000 USD
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1000000 USD
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1832000 USD
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4622000 USD
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1091000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
7191000 USD
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IncomeTaxReconciliationNondeductibleExpenseOther
-141000 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
-150000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
-69000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-43000 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-32000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
674000 USD
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-1515000 USD
CY2015 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-955000 USD
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-1078000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
215000 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-134000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1232000 USD
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
76000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
273000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
1338000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
21652000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable
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10482000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
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-18823000 USD
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IncreaseDecreaseInAccountsReceivable
2916000 USD
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-3463000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
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10006000 USD
CY2014 us-gaap Increase Decrease In Accrued Liabilities
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15607000 USD
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-4153000 USD
CY2016 us-gaap Increase Decrease In Accrued Liabilities
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16936000 USD
CY2014 us-gaap Increase Decrease In Deferred Income Taxes
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-3741000 USD
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
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-1483000 USD
CY2016 us-gaap Increase Decrease In Deferred Income Taxes
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-7719000 USD
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
11130000 USD
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2493000 USD
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-9164000 USD
CY2014 us-gaap Increase Decrease In Inventories
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-835000 USD
CY2015 us-gaap Increase Decrease In Inventories
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-6166000 USD
CY2016 us-gaap Increase Decrease In Inventories
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-1105000 USD
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-26000 USD
CY2015 us-gaap Increase Decrease In Other Noncurrent Assets
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-66000 USD
CY2016 us-gaap Increase Decrease In Other Noncurrent Assets
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786000 USD
CY2014 us-gaap Increase Decrease In Other Noncurrent Liabilities
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823000 USD
CY2015 us-gaap Increase Decrease In Other Noncurrent Liabilities
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1769000 USD
CY2016 us-gaap Increase Decrease In Other Noncurrent Liabilities
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600000 USD
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1455000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1338000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-2389000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-1000000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
CY2016 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
318000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
91000 shares
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
84000 shares
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14656000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
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10913000 USD
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26000 USD
CY2015 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
157000 USD
CY2016 us-gaap Interest Costs Capitalized
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105000 USD
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InterestExpense
39000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
4000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
8000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
62000 USD
CY2015Q4 us-gaap Interest Expense
InterestExpense
66000 USD
CY2015 us-gaap Interest Expense
InterestExpense
140000 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
2000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
5000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
212000 USD
CY2016Q4 us-gaap Interest Expense
InterestExpense
658000 USD
CY2016 us-gaap Interest Expense
InterestExpense
877000 USD
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47000 USD
CY2015 us-gaap Interest Paid
InterestPaid
224000 USD
CY2016 us-gaap Interest Paid
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1269000 USD
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12710000 USD
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11732000 USD
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20042000 USD
CY2016Q4 us-gaap Inventory Net
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18937000 USD
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InvestmentIncomeInterest
152000 USD
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InvestmentIncomeInterest
43000 USD
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
38000 USD
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
37000 USD
CY2015Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
37000 USD
CY2015 us-gaap Investment Income Interest
InvestmentIncomeInterest
155000 USD
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
91000 USD
CY2016Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
64000 USD
CY2016Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
73000 USD
CY2016Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
98000 USD
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
326000 USD
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430000 USD
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279028000 USD
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Liabilities
312116000 USD
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LiabilitiesAndStockholdersEquity
428389000 USD
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485076000 USD
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258676000 USD
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249216000 USD
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2467000 USD
CY2016Q4 us-gaap Liabilities Fair Value Disclosure
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1877000 USD
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9200000 USD
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0 USD
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LossOnCashFlowHedgeIneffectiveness
124000 USD
CY2016 us-gaap Loss On Cash Flow Hedge Ineffectiveness
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0 USD
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12836000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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16536000 USD
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52719000 USD
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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54516000 USD
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39564000 USD
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CY2015 us-gaap Net Income Loss
NetIncomeLoss
2446000 USD
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3095000 USD
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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NetIncomeLossAttributableToNoncontrollingInterest
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CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-334000 USD
CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
CY2015 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
18149000 USD
CY2016 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
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1282000 USD
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3649000 USD
CY2016 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
13630000 USD
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0 USD
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818000 USD
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OperatingExpenses
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OperatingExpenses
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OperatingExpenses
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OperatingExpenses
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CY2015 us-gaap Operating Expenses
OperatingExpenses
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OperatingExpenses
59494000 USD
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OperatingExpenses
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OperatingExpenses
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OperatingExpenses
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OperatingExpenses
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OperatingIncomeLoss
11923000 USD
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OperatingIncomeLoss
3844000 USD
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OperatingIncomeLoss
2082000 USD
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
17813000 USD
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OperatingIncomeLoss
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OperatingIncomeLoss
6915000 USD
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4102000 USD
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4038000 USD
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5961000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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6479000 USD
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20412000 USD
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11700000 USD
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12700000 USD
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12600000 USD
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8669000 USD
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1008000 USD
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1265000 USD
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-809000 USD
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-110000 USD
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387000 USD
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513000 USD
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1355000 USD
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1356000 USD
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7332000 USD
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7205000 USD
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5600000 USD
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581000 USD
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1627000 USD
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6974000 USD
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6890000 USD
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1059000 USD
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4535000 USD
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11831000 USD
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605000 USD
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OtherNonoperatingIncomeExpense
1163000 USD
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OtherNonoperatingIncomeExpense
764000 USD
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OtherNonoperatingIncomeExpense
1102000 USD
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OtherNonoperatingIncomeExpense
3634000 USD
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OtherNonoperatingIncomeExpense
4156000 USD
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OtherNonoperatingIncomeExpense
3992000 USD
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OtherNonoperatingIncomeExpense
1251000 USD
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OtherNonoperatingIncomeExpense
4782000 USD
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OtherNonoperatingIncomeExpense
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9000 USD
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356000 USD
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4306000 USD
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4189000 USD
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0 USD
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
2850000 USD
CY2014 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
0 USD
CY2015 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
57000 USD
CY2016 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
563000 USD
CY2016Q2 us-gaap Payments For Proceeds From Loans Receivable
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200000 USD
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PaymentsForProceedsFromLoansReceivable
618000 USD
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PaymentsForProceedsFromLoansReceivable
0 USD
CY2015 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
5000000 USD
CY2016 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
3668000 USD
CY2014 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
38000 USD
CY2015 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
165000 USD
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PaymentsForProceedsFromOtherInvestingActivities
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CY2014 us-gaap Payments For Repurchase Of Common Stock
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2301000 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
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2367000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
840000 USD
CY2014 us-gaap Payments Of Debt Issuance Costs
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1031000 USD
CY2015 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
621000 USD
CY2016 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2014 us-gaap Payments To Acquire Assets Investing Activities
PaymentsToAcquireAssetsInvestingActivities
0 USD
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0 USD
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CY2016 us-gaap Concentration Risk Credit Risk
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CY2016 us-gaap Revenue Recognition Sales Returns
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CY2016 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, investment valuation, receivables valuation, valuation of derivative financial instruments, revenue recognition, sales returns, incentive discount offers, inventory valuation, depreciable lives of fixed assets and internally-developed software, goodwill valuation, intangible asset valuation, cost method investment valuation, income taxes, stock-based compensation, performance-based compensation, and contingencies. Actual results could differ materially from these estimates.</font></div></div>

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