2020 Q2 Form 10-K Financial Statement

#000117184320004544 Filed on June 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2020
Revenue $195.7M $186.7M $744.6M
YoY Change 10.63% 15.94% 11.28%
Cost Of Revenue $102.3M $97.50M $388.5M
YoY Change 10.48% 19.29% 12.96%
Gross Profit $69.66M $65.75M $264.5M
YoY Change 9.58% 13.24% 9.03%
Gross Profit Margin 35.6% 35.21% 35.52%
Selling, General & Admin $79.80M $30.33M $117.8M
YoY Change 26.87% 14.51% 9.8%
% of Gross Profit 114.55% 46.13% 44.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $930.0K $970.0K $3.839M
YoY Change -8.82% -2.02% -3.28%
% of Gross Profit 1.34% 1.48% 1.45%
Operating Expenses $80.70M $30.33M $117.8M
YoY Change 26.09% 14.51% 9.8%
Operating Profit -$11.04M $35.42M $146.8M
YoY Change 2461.02% 12.17% 8.42%
Interest Expense -$1.900M $2.024M $8.052M
YoY Change -5.0% -4.08% 2.14%
% of Operating Profit 5.71% 5.49%
Other Income/Expense, Net
YoY Change
Pretax Income $10.90M $15.67M $64.35M
YoY Change -40.44% 9.74% 7.52%
Income Tax $1.600M $2.981M $13.01M
% Of Pretax Income 14.68% 19.03% 20.21%
Net Earnings $9.259M $12.69M $51.34M
YoY Change -36.43% 16.44% 7.81%
Net Earnings / Revenue 4.73% 6.79% 6.9%
Basic Earnings Per Share $1.40 $1.92 $7.74
Diluted Earnings Per Share $1.35 $1.83 $7.39
COMMON SHARES
Basic Shares Outstanding 6.633M 6.598M 6.630M
Diluted Shares Outstanding 6.940M 6.946M

Balance Sheet

Concept 2020 Q2 2020 Q1 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.60M $2.100M $59.60M
YoY Change 3211.11% 31.25% 3211.11%
Cash & Equivalents $59.60M $2.083M $59.60M
Short-Term Investments
Other Short-Term Assets $4.400M $4.700M $4.400M
YoY Change -4.35% -7.84% -4.35%
Inventory $36.41M $54.03M $36.40M
Prepaid Expenses
Receivables $3.100M $2.600M $3.100M
Other Receivables $0.00 $800.0K $0.00
Total Short-Term Assets $103.5M $64.20M $103.5M
YoY Change 114.73% 29.44% 114.73%
LONG-TERM ASSETS
Property, Plant & Equipment $30.14M $28.82M $90.90M
YoY Change 5.62% 0.51% 218.95%
Goodwill $6.817M $355.0K
YoY Change 1820.28% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $563.8M $533.7M $563.8M
YoY Change 26.89% 20.21% 26.9%
TOTAL ASSETS
Total Short-Term Assets $103.5M $64.20M $103.5M
Total Long-Term Assets $563.8M $533.7M $563.8M
Total Assets $667.3M $597.9M $667.3M
YoY Change 35.49% 21.14% 35.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.10M $16.30M $13.10M
YoY Change -4.38% 19.85% -4.38%
Accrued Expenses $78.10M $51.90M $78.10M
YoY Change 534.96% 321.95% 534.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.100M $0.00
YoY Change -100.0% -15.38% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $95.00M $69.30M $95.00M
YoY Change 247.99% 154.78% 247.99%
LONG-TERM LIABILITIES
Long-Term Debt $215.6M $184.3M $215.6M
YoY Change 41.01% 7.97% 41.01%
Other Long-Term Liabilities $40.60M $36.40M $40.60M
YoY Change 9.14% 3.12% 9.14%
Total Long-Term Liabilities $256.2M $220.7M $256.2M
YoY Change 34.77% 7.14% 34.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.00M $69.30M $95.00M
Total Long-Term Liabilities $256.2M $220.7M $256.2M
Total Liabilities $364.2M $305.7M $364.3M
YoY Change 57.22% 23.54% 57.23%
SHAREHOLDERS EQUITY
Retained Earnings $460.9M $451.6M
YoY Change 12.53% 14.33%
Common Stock $88.69M $86.77M
YoY Change 8.51% 9.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $246.9M $246.7M
YoY Change 6.93% 8.02%
Treasury Stock Shares $6.859M $6.857M
Shareholders Equity $302.7M $291.7M $303.1M
YoY Change
Total Liabilities & Shareholders Equity $667.3M $597.9M $667.3M
YoY Change 35.49% 21.14% 35.49%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2020
OPERATING ACTIVITIES
Net Income $9.259M $12.69M $51.34M
YoY Change -36.43% 16.44% 7.81%
Depreciation, Depletion And Amortization $930.0K $970.0K $3.839M
YoY Change -8.82% -2.02% -3.28%
Cash From Operating Activities $34.35M -$5.050M $20.92M
YoY Change 71.32% -168.24% -16.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.180M -$1.580M $5.422M
YoY Change 120.2% 5.33% 34.57%
Acquisitions
YoY Change
Other Investing Activities -$4.470M $0.00 -$4.460M
YoY Change -3292.86% -3285.71%
Cash From Investing Activities -$6.650M -$1.590M -$9.886M
YoY Change 682.35% 6.0% 154.33%
FINANCING ACTIVITIES
Cash Dividend Paid $40.00K
YoY Change 0.0%
Common Stock Issuance & Retirement, Net $15.82M
YoY Change -40.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.78M 6.250M $46.78M
YoY Change -256.0% -226.52% -330.6%
NET CHANGE
Cash From Operating Activities 34.35M -5.050M $20.92M
Cash From Investing Activities -6.650M -1.590M -$9.886M
Cash From Financing Activities 29.78M 6.250M $46.78M
Net Change In Cash 57.48M -390.0K $57.81M
YoY Change 52154.55% -140.62% 7818.9%
FREE CASH FLOW
Cash From Operating Activities $34.35M -$5.050M $20.92M
Capital Expenditures -$2.180M -$1.580M $5.422M
Free Cash Flow $36.53M -$3.470M $15.50M
YoY Change 73.62% -138.99% -25.77%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-style: italic; margin: 0pt 0; text-align: justify">Concentration of Risk</div> <div style=" font-size: 10pt; font-style: italic; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Illinois, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately <div style="display: inline; font-style: italic; font: inherit;">29%</div> of revenues resulting from sales to Arkansas customers.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2020, </div>and periodically throughout the year, the Company maintained cash in financial institutions in excess of the amounts insured by the federal government. The cash is held in several highly rated banking institutions. We regularly monitor our counterparty credit risk and mitigate exposure by limiting the amount we invest in <div style="display: inline; font-style: italic; font: inherit;">one</div> institution. The Company&#x2019;s revolving credit facilities mature in <div style="display: inline; font-style: italic; font: inherit;"> September 2022. </div>The Company expects that these credit facilities will be renewed or refinanced on or before the scheduled maturity dates.</div></div></div></div></div></div></div></div></div></div></div></div>
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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-7702000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9886000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3887000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1704000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20917000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24902000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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9994000
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15511000
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13887000
CY2020Q1 us-gaap Net Income Loss
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12686000
CY2020Q2 us-gaap Net Income Loss
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9259000
CY2020 us-gaap Net Income Loss
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51343000
CY2018Q3 us-gaap Net Income Loss
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10884000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
11281000
CY2019Q1 us-gaap Net Income Loss
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10895000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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15501000
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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13877000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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12676000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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9249000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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10874000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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11271000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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10885000
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14555000
CY2020 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2019 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
CY2018 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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1151000
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728841000
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631681000
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466141000
CY2019Q2 us-gaap Notes Receivable Net
NotesReceivableNet
415486000
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383617000
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357161000
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1
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2017 2018 2019
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6900000
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6700000
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6200000
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62810000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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60713000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
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42301000
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505000
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0.0435
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P15Y
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1730000
CY2019Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
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5238000
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16009000
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26577000
CY2019 us-gaap Payments Of Debt Issuance Costs
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371000
CY2018 us-gaap Payments Of Debt Issuance Costs
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103000
CY2020 us-gaap Payments Of Dividends
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40000
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40000
CY2018 us-gaap Payments Of Dividends
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40000
CY2020 us-gaap Payments To Acquire Investments
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4648000
CY2019 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
CY2018 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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5422000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4029000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2258000
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
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0
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
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4441000
CY2019Q2 us-gaap Prepaid Expense And Other Assets
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4634000
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1641000
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442490000
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450554000
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433818000
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-1274000
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768000
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-163000
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184000
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142000
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40000
CY2019 us-gaap Preferred Stock Dividends And Other Adjustments
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40000
CY2018 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
40000
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0.01
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0.01
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1000000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
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0
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
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0
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190000
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147000
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115000
CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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1533000
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
5117000
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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554000
CY2020 us-gaap Proceeds From Stock Options Exercised
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2928000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5663000
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2832000
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51343000
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47625000
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36509000
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30140000
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28537000
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162246000
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146363000
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149059000
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162246000
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146363000
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149059000
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509000
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389000
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107000
CY2020 us-gaap Repayments Of Lines Of Credit
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379099000
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449494000
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400562000
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460876000
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409573000
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652992000
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586508000
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537528000
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744611000
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669122000
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612201000
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171878000
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190310000
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186734000
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195689000
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164015000
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167171000
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161054000
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176882000
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2974000
CY2019Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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3571000
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0.39
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.36
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0.36
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0.0175
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0.0279
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0.0181
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7580000
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10817000
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117762000
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107249000
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99023000
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4732000
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3703000
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1603000
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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8381000
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15000
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20000
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1500
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25000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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145000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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225000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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7700000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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29900000
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1028500
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695500
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
565500
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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667750
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33.51
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30.50
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46.13
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P5Y182D
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P3Y255D
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68.55
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2600000
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155250
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36.38
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20.72
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
30.95
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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37.25
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
47.26
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
46.61
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
53.02
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37.30
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
54.58
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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107.95
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P5Y182D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y182D
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323000
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275000
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121250
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115000
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147000
CY2020 us-gaap Stock Issued During Period Value New Issues
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190000
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500000
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1641000
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5117000
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1533000
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378627
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979040
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16000000
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26600000
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42300000
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302659000
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260410000
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302759000
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260510000
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233008000
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230535000
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400000
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400000
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6859414
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6676609
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979040
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378627
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182805
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246911000
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230902000
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42301000
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26577000
CY2020 us-gaap Treasury Stock Value Acquired Cost Method
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16009000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-style: italic; margin: 0pt 0; text-align: justify">Use of Estimates</div> <div style=" font-size: 10pt; font-style: italic; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, the Company&#x2019;s allowance for credit losses.</div></div></div></div></div></div></div></div></div></div></div></div>
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
315629
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
260889
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
209344
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6945652
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7071768
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7441358
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6630023
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6810879
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7232014

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