2019 Q2 Form 10-Q Financial Statement

#000133403619000020 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $358.9M $295.9M $283.1M
YoY Change 9.42% 4.52% 5.69%
Cost Of Revenue $169.5M $158.3M $143.3M
YoY Change 15.63% 10.51% 6.66%
Gross Profit $189.4M $137.6M $139.9M
YoY Change 4.4% -1.61% 4.71%
Gross Profit Margin 52.77% 46.5% 49.4%
Selling, General & Admin $141.5M $105.0M $114.0M
YoY Change -1.93% -7.82% -3.43%
% of Gross Profit 74.74% 76.33% 81.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.729M $6.136M $7.643M
YoY Change -20.77% -19.72% -9.51%
% of Gross Profit 3.03% 4.46% 5.46%
Operating Expenses $141.5M $105.0M $114.0M
YoY Change -1.93% -7.82% -5.75%
Operating Profit $47.83M $32.58M $25.92M
YoY Change 29.05% 25.68% 66.36%
Interest Expense $2.421M $1.817M $113.0K
YoY Change 1734.09% 1507.96% -38.59%
% of Operating Profit 5.06% 5.58% 0.44%
Other Income/Expense, Net -$604.0K $590.0K $53.00K
YoY Change -3875.0% 1013.21% -57.26%
Pretax Income $44.68M $30.33M $27.21M
YoY Change 19.53% 11.45% 70.63%
Income Tax $5.478M $5.619M $10.76M
% Of Pretax Income 12.26% 18.53% 39.53%
Net Earnings $39.20M $24.71M $16.45M
YoY Change 14.02% 50.18% 49.45%
Net Earnings / Revenue 10.92% 8.35% 5.81%
Basic Earnings Per Share $0.55 $0.34 $0.15
Diluted Earnings Per Share $0.55 $0.33 $0.15
COMMON SHARES
Basic Shares Outstanding 71.86M shares 73.34M shares 68.83M shares
Diluted Shares Outstanding 71.92M shares 74.88M shares 71.67M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.8M $86.30M $102.0M
YoY Change -37.14% -15.39% 14.74%
Cash & Equivalents $107.8M $86.33M $102.0M
Short-Term Investments
Other Short-Term Assets $21.70M $16.90M $24.40M
YoY Change -22.22% -30.74% -0.41%
Inventory $134.6M $139.2M $148.2M
Prepaid Expenses
Receivables $168.9M $176.3M $85.32M
Other Receivables $16.70M $12.80M $19.30M
Total Short-Term Assets $449.8M $431.5M $463.8M
YoY Change -10.38% -6.95% 0.27%
LONG-TERM ASSETS
Property, Plant & Equipment $36.24M $29.87M $30.75M
YoY Change 34.02% -2.84% -29.81%
Goodwill $1.600M $1.579M $1.734M
YoY Change -2.68% -8.94% 15.14%
Intangibles $45.00M $44.72M $53.02M
YoY Change -8.45% -15.65% -23.9%
Long-Term Investments
YoY Change
Other Assets $7.366M $7.608M $11.00M
YoY Change -28.9% -30.84% -17.26%
Total Long-Term Assets $264.4M $257.7M $109.1M
YoY Change 157.84% 136.17% -21.29%
TOTAL ASSETS
Total Short-Term Assets $449.8M $431.5M $463.8M
Total Long-Term Assets $264.4M $257.7M $109.1M
Total Assets $714.1M $689.2M $572.9M
YoY Change 18.16% 20.3% -4.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.7M $89.56M $87.75M
YoY Change 27.31% 2.06% 7.82%
Accrued Expenses $99.94M $78.20M $87.82M
YoY Change -5.53% -10.95% 19.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $300.0K
YoY Change -100.0% -93.33%
Total Short-Term Liabilities $258.3M $221.8M $188.6M
YoY Change 25.05% 17.61% 11.97%
LONG-TERM LIABILITIES
Long-Term Debt $215.0M $215.0M $0.00
YoY Change
Other Long-Term Liabilities $139.0K $19.00K $11.22M
YoY Change -98.73% -99.83% -17.61%
Total Long-Term Liabilities $215.1M $215.0M $11.22M
YoY Change 1865.28% 1816.73% -17.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $258.3M $221.8M $188.6M
Total Long-Term Liabilities $215.1M $215.0M $11.22M
Total Liabilities $602.2M $566.3M $206.0M
YoY Change 171.47% 174.84% 10.19%
SHAREHOLDERS EQUITY
Retained Earnings $184.9M $145.7M $203.0M
YoY Change -20.77% -28.21% 0.04%
Common Stock $488.7M $484.9M $376.8M
YoY Change 28.76% 28.69% 2.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $507.2M $452.2M $355.2M
YoY Change 40.87% 27.3% 24.86%
Treasury Stock Shares 34.40M shares 31.80M shares 27.40M shares
Shareholders Equity $111.9M $122.9M $183.5M
YoY Change
Total Liabilities & Shareholders Equity $714.1M $689.2M $572.9M
YoY Change 18.16% 20.3% -4.7%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $39.20M $24.71M $16.45M
YoY Change 14.02% 50.18% 49.45%
Depreciation, Depletion And Amortization $5.729M $6.136M $7.643M
YoY Change -20.77% -19.72% -9.51%
Cash From Operating Activities $83.90M -$63.72M -$46.60M
YoY Change -4.11% 36.72% -6.59%
INVESTING ACTIVITIES
Capital Expenditures -$8.100M $10.55M $1.668M
YoY Change 440.0% 532.67% -69.17%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $0.00
YoY Change
Cash From Investing Activities -$8.200M -$10.33M -$1.652M
YoY Change 446.67% 525.18% -69.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $53.48M $20.06M
YoY Change 166.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.00M $36.88M -$24.15M
YoY Change 539.53% -252.67% 2064.25%
NET CHANGE
Cash From Operating Activities 83.90M -$63.72M -$46.60M
Cash From Investing Activities -8.200M -$10.33M -$1.652M
Cash From Financing Activities -55.00M $36.88M -$24.15M
Net Change In Cash 20.70M -$37.19M -$70.23M
YoY Change -73.26% -47.05% 21.52%
FREE CASH FLOW
Cash From Operating Activities $83.90M -$63.72M -$46.60M
Capital Expenditures -$8.100M $10.55M $1.668M
Free Cash Flow $92.00M -$74.27M -$48.27M
YoY Change 3.37% 53.86% -12.71%

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CY2018Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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12523000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24710000 USD
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
69515000 USD
CY2019Q1 us-gaap Noncurrent Assets
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239443000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
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3
CY2018Q1 us-gaap Operating Income Loss
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25922000 USD
CY2019Q1 us-gaap Operating Income Loss
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32578000 USD
CY2019Q1 us-gaap Operating Lease Cost
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14930000 USD
CY2019Q1 us-gaap Operating Lease Liability
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169673000 USD
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44618000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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125055000 USD
CY2019Q1 us-gaap Operating Lease Payments
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18574000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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163266000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
198672000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
42455000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
15334000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
20721000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
29714000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
36299000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
54149000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Contingent Rentals
OperatingLeasesRentExpenseContingentRentals
2160000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
18239000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
20399000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12501000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6863000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8208000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7608000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2229000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-941000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2229000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-941000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9446000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
19000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-154000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
911000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
53000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
590000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2094000 USD
CY2019Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20061000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
53478000 USD
CY2018Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3000000 USD
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2985000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1668000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10553000 USD
CY2018Q1 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
931000 USD
CY2019Q1 us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
3000000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3000000 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2019Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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22123000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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14980000 USD
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
95000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-692000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1662000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
16000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
225000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22211000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29874000 USD
CY2019Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
150600000 USD
CY2018Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
400000 USD
CY2019Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
0 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1946000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1878000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2217000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2129000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
121215000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
145698000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
283148000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
295949000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
177509000 USD
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
5601000 USD
CY2019Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
8174000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
113951000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
105037000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2674000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3634000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1900000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
362000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
352000 shares
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1360000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10000 shares
CY2019Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
102300000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1400000 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20100000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
53500000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
185865000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
183484000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
150308000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
122945000 USD
CY2018Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
931000 USD
CY2019Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
29700000 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
31800000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
397491000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
452196000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
20061000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
53478000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4500000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4400000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2989000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71668000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74875000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
68705000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
73009000 shares
CY2019Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Seasonality of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the seasonal nature of our footwear, which is more heavily focused on styles suitable for warm weather, revenues generated during our fourth quarter are typically less than revenues generated during our first three quarters, when the northern hemisphere is experiencing warmer weather. Our quarterly results of operations may also fluctuate significantly as a result of a variety of other factors, including the timing of new model introductions, general economic conditions, and consumer confidence. Accordingly, results of operations and cash flows for any one quarter are not necessarily indicative of expected results for any other quarter or for any other year.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the shift in certain revenues and expenses previously reported within the &#8216;Asia Pacific&#8217; and &#8216;EMEA&#8217; segments described above, the Company has reclassified certain amounts on the condensed consolidated statements of cash flows to conform to current period presentation. </font></div></div>

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