2016 Q1 Form 10-Q Financial Statement

#000136425016000070 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $168.6M $154.8M
YoY Change 8.89% 3.99%
Cost Of Revenue $53.90M $50.00M
YoY Change 7.8% 3.09%
Gross Profit $114.7M $104.8M
YoY Change 9.45% 4.38%
Gross Profit Margin 68.04% 67.7%
Selling, General & Admin $8.100M $7.400M
YoY Change 9.46% 8.82%
% of Gross Profit 7.06% 7.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.60M $49.80M
YoY Change 11.65% -0.8%
% of Gross Profit 48.47% 47.52%
Operating Expenses $117.5M $107.2M
YoY Change 9.63% 1.63%
Operating Profit $51.04M $47.60M
YoY Change 7.23% 9.72%
Interest Expense $35.66M $33.64M
YoY Change 6.01% 5.66%
% of Operating Profit 69.87% 70.68%
Other Income/Expense, Net $3.004M $1.572M
YoY Change 91.09% 8.19%
Pretax Income $16.00M $22.10M
YoY Change -27.6% 42.58%
Income Tax
% Of Pretax Income
Net Earnings $15.37M $18.70M
YoY Change -17.82% 44.1%
Net Earnings / Revenue 9.12% 12.08%
Basic Earnings Per Share $0.10 $0.13
Diluted Earnings Per Share $0.10 $0.12
COMMON SHARES
Basic Shares Outstanding 147.2M shares 145.3M shares
Diluted Shares Outstanding 151.5M shares 149.8M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.20M $16.60M
YoY Change 334.94% 33.87%
Cash & Equivalents $72.19M $16.64M
Short-Term Investments
Other Short-Term Assets $6.700M $5.200M
YoY Change 28.85% 8.33%
Inventory $42.60M
Prepaid Expenses
Receivables $3.700M $1.800M
Other Receivables $82.70M $77.20M
Total Short-Term Assets $207.9M $100.8M
YoY Change 106.25% 9.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.345M $5.718B
YoY Change -99.98% 4.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $148.6M $168.9M
YoY Change -12.0% -6.32%
Other Assets $200.0K $15.00M
YoY Change -98.67% -10.71%
Total Long-Term Assets $7.084B $5.912B
YoY Change 19.82% 3.36%
TOTAL ASSETS
Total Short-Term Assets $207.9M $100.8M
Total Long-Term Assets $7.084B $5.912B
Total Assets $7.291B $6.013B
YoY Change 21.26% 3.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.30M $32.70M
YoY Change 26.3% 255.43%
Accrued Expenses $11.50M $9.900M
YoY Change 16.16% -69.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $128.2M $109.7M
YoY Change 16.86% 3.78%
LONG-TERM LIABILITIES
Long-Term Debt $4.470B $3.504B
YoY Change 27.59% 8.78%
Other Long-Term Liabilities $132.7M $94.50M
YoY Change 40.42% -30.31%
Total Long-Term Liabilities $4.603B $3.598B
YoY Change 27.92% 7.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.2M $109.7M
Total Long-Term Liabilities $4.603B $3.598B
Total Liabilities $4.731B $3.708B
YoY Change 27.6% 7.1%
SHAREHOLDERS EQUITY
Retained Earnings -$789.8M -$718.6M
YoY Change 9.9% 10.54%
Common Stock $2.714B $2.693B
YoY Change 0.75% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.897B $1.945B
YoY Change
Total Liabilities & Shareholders Equity $7.291B $6.013B
YoY Change 21.26% 3.46%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $15.37M $18.70M
YoY Change -17.82% 44.1%
Depreciation, Depletion And Amortization $55.60M $49.80M
YoY Change 11.65% -0.8%
Cash From Operating Activities $89.84M $72.93M
YoY Change 23.19% -0.69%
INVESTING ACTIVITIES
Capital Expenditures -$1.275B -$111.1M
YoY Change 1047.16% 429.05%
Acquisitions
YoY Change
Other Investing Activities $16.50M $3.400M
YoY Change 385.29% -114.29%
Cash From Investing Activities -$1.258B -$107.7M
YoY Change 1067.66% 140.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.138B $32.62M
YoY Change 3389.97% -153.93%
NET CHANGE
Cash From Operating Activities $89.84M $72.93M
Cash From Investing Activities -$1.258B -$107.7M
Cash From Financing Activities $1.138B $32.62M
Net Change In Cash -$29.61M -$2.184M
YoY Change 1255.63% -93.13%
FREE CASH FLOW
Cash From Operating Activities $89.84M $72.93M
Capital Expenditures -$1.275B -$111.1M
Free Cash Flow $1.364B $184.0M
YoY Change 641.38% 94.87%

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4242000 USD
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CY2016Q1 us-gaap Equity Method Investment Summarized Financial Information Liabilities
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CY2016Q1 us-gaap Escrow Deposit
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2500000 USD
CY2016Q1 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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75000000 USD
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CY2016Q1 us-gaap Income Loss From Equity Method Investments
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CY2016Q1 us-gaap Increase Decrease In Leasing Receivables
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2440000 USD
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CY2016Q1 us-gaap Increase Decrease In Security Deposits
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26500000 USD
CY2016Q1 us-gaap Notes Reduction
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0 USD
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CY2016Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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CY2016Q1 us-gaap Operating Leases Rent Expense Net
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CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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1988000 USD
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98000 USD
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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84000 USD
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CY2016Q1 us-gaap Payments For Capital Improvements
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15556000 USD
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32322000 USD
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6098000 USD
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960000 USD
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11444000 USD
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0 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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445000 USD
CY2015Q1 us-gaap Payments To Acquire And Develop Real Estate
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89906000 USD
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1257513000 USD
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CY2016Q1 us-gaap Prepaid Expense Current And Noncurrent
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6657000 USD
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1000000 USD
CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
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0 USD
CY2015Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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2060000 USD
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15773000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Secured Debt
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CY2016Q1 us-gaap Proceeds From Issuance Of Secured Debt
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900000000 USD
CY2015Q1 us-gaap Proceeds From Minority Shareholders
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CY2016Q1 us-gaap Proceeds From Minority Shareholders
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320000000 USD
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307000 USD
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763000 USD
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1823000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2015Q1 us-gaap Profit Loss
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22096000 USD
CY2016Q1 us-gaap Profit Loss
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16046000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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1448000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
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CY2015Q1 us-gaap Provision For Doubtful Accounts
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CY2016Q1 us-gaap Provision For Doubtful Accounts
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679000 USD
CY2015Q4 us-gaap Real Estate Heldforsale
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42943000 USD
CY2016Q1 us-gaap Real Estate Heldforsale
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1687998000 USD
CY2016Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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1738848000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
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CY2016Q1 us-gaap Real Estate Investment Property At Cost
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5578011000 USD
CY2016Q1 us-gaap Real Estate Investment Property Net
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31194000 USD
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194000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
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194000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Revenues
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CY2016Q1 us-gaap Revenues
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CY2015Q4 us-gaap Secured Debt
SecuredDebt
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CY2016Q1 us-gaap Secured Debt
SecuredDebt
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CY2015Q4 us-gaap Security Deposit Liability
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38683000 USD
CY2016Q1 us-gaap Security Deposit Liability
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CY2015Q1 us-gaap Share Based Compensation
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1900000 USD
CY2016Q1 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2200000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1100000 USD
CY2015Q1 us-gaap Stock Issued1
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CY2016Q1 us-gaap Stock Issued1
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CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
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400000 shares
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CY2016Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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24000 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2015Q1 us-gaap Stock Issued During Period Value Conversion Of Units
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CY2016Q1 us-gaap Stock Issued During Period Value Conversion Of Units
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CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2015Q4 us-gaap Stockholders Equity
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2305191000 USD
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CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Tenant Reimbursements
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CY2016Q1 us-gaap Tenant Reimbursements
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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-weight:bold;">New Accounting Pronouncements&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes to GAAP are established by the FASB in the form ASUs.&#160;&#160;We consider the applicability and impact of all ASUs.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued and Adopted Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued ASU No. 2015-01, "Income Statement&#8212;Extraordinary and Unusual Items (Subtopic 225-20)", which eliminates the concept of extraordinary items from GAAP. The Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU No. 2015-02,&#160;"Amendments to the Consolidation Analysis&#160;(Consolidation - Topic 810)",&#160;which provides guidance regarding the consolidation of certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures.</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments", which amends "Business Combinations" (Topic 805). The ASU requires that an acquirer (i) recognize adjustments to provisional amounts from business combinations that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) record, in the same period&#8217;s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (iii) disclose of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us is the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In March 2016, the FASB issued ASU No. 2016-05, "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships", which amends "Derivatives and Hedging" (Topic 815). The ASU provides guidance on the effect of derivative contract novations on existing hedge accounting relationships. The ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not in and of itself require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, which for us would be the first quarter of 2017, and early adoption is permitted. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" which amends "Financial Instruments - Overall" (Subtopic 825-10). The amendments in this Update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018. The amendments in this Update should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, and early adoption is permitted under certain circumstances. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. To meet that objective, the FASB has created Topic 842. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. For example, the vast majority of operating leases will remain classified as operating leases, and lessors will continue to recognize lease income for those leases on a generally straight-line basis over the lease term. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, which for us would be the first quarter of 2019, and early adoption is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-07, "Simplifying the Transition to the Equity Method of Accounting" which amends "Investments-Equity Method and Joint Ventures" (Topic 323). The ASU simplifies the transition to the equity method of accounting by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The ASU requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor&#8217;s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, which for us would be the first quarter of 2017, and early adoption is permitted. The amendments in this Update should be applied prospectively. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which amends "Revenue from Contracts with Customers" (Topic 606). The ASU clarifies the implementation guidance for principal versus agent considerations. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018, and early adoption is permitted commencing the first quarter of 2017. The amendments in this Update should be applied retrospectively. We are currently evaluating the impact of this ASU.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" which amends "Compensation-Stock Compensation" (Topic 718). This ASU simplifies the accounting for several aspects of share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. The ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, which for us would be the first quarter of 2017, and early adoption is permitted. The ASU amendments are applied on a prospective or retrospective basis depending on the specific amendment. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The FASB has not issued any other ASUs during </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> that we expect to be applicable and have a material impact on our future financial position, results of operations or disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<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-weight:bold;">Use of Estimates</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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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