2015 Q2 Form 10-Q Financial Statement

#000006721515000019 Filed on May 22, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $492.4M $426.3M
YoY Change 15.5% -2.53%
Cost Of Revenue $388.2M $350.4M
YoY Change 10.79% -2.04%
Gross Profit $104.1M $75.93M
YoY Change 37.13% -4.73%
Gross Profit Margin 21.15% 17.81%
Selling, General & Admin $44.70M $39.20M
YoY Change 14.03% 2.62%
% of Gross Profit 42.93% 51.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.99M $22.73M
YoY Change 5.54% -7.36%
% of Gross Profit 23.04% 29.93%
Operating Expenses $456.9M $412.2M
YoY Change 10.84% -1.94%
Operating Profit -$352.8M -$336.3M
YoY Change 4.91% -1.29%
Interest Expense -$6.600M -$6.600M
YoY Change 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $3.471M $5.593M
YoY Change -37.94% 278.67%
Pretax Income $32.26M $13.07M
YoY Change 146.73% 10.73%
Income Tax $12.00M $5.179M
% Of Pretax Income 37.2% 39.61%
Net Earnings $20.26M $7.895M
YoY Change 156.59% 9.67%
Net Earnings / Revenue 4.11% 1.85%
Basic Earnings Per Share $0.59 $0.23
Diluted Earnings Per Share $0.58 $0.23
COMMON SHARES
Basic Shares Outstanding 34.11M shares 33.86M shares
Diluted Shares Outstanding 35.03M shares 34.76M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.50M $18.70M
YoY Change 20.32% 2.75%
Cash & Equivalents $22.54M $18.72M
Short-Term Investments
Other Short-Term Assets $20.11M $18.66M
YoY Change 7.8% 43.35%
Inventory $45.21M $42.51M
Prepaid Expenses
Receivables $265.8M $233.3M
Other Receivables $19.90M $25.60M
Total Short-Term Assets $620.9M $541.2M
YoY Change 14.73% 7.85%
LONG-TERM ASSETS
Property, Plant & Equipment $226.3M $205.7M
YoY Change 10.03% 8.75%
Goodwill $269.5M $267.8M
YoY Change 0.62% 2.72%
Intangibles $110.0M $111.8M
YoY Change -1.6% -12.13%
Long-Term Investments
YoY Change
Other Assets $30.40M $16.25M
YoY Change 87.06% -11.15%
Total Long-Term Assets $636.2M $601.6M
YoY Change 5.76% 1.04%
TOTAL ASSETS
Total Short-Term Assets $620.9M $541.2M
Total Long-Term Assets $636.2M $601.6M
Total Assets $1.257B $1.143B
YoY Change 10.01% 4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.46M $62.99M
YoY Change 2.35% -2.36%
Accrued Expenses $116.3M $102.3M
YoY Change 13.69% 9.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $10.20M
YoY Change -100.0% 85.45%
Total Short-Term Liabilities $195.0M $188.9M
YoY Change 3.24% 6.68%
LONG-TERM LIABILITIES
Long-Term Debt $446.7M $403.1M
YoY Change 10.82% -7.03%
Other Long-Term Liabilities $4.942M $5.960M
YoY Change -17.08% 28.53%
Total Long-Term Liabilities $4.942M $5.960M
YoY Change -17.08% 28.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $195.0M $188.9M
Total Long-Term Liabilities $4.942M $5.960M
Total Liabilities $734.9M $677.9M
YoY Change 8.42% -1.53%
SHAREHOLDERS EQUITY
Retained Earnings $392.4M $325.5M
YoY Change 20.58% 13.28%
Common Stock $130.6M $139.7M
YoY Change -6.52% 15.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $522.2M $464.9M
YoY Change
Total Liabilities & Shareholders Equity $1.257B $1.143B
YoY Change 10.01% 4.15%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $20.26M $7.895M
YoY Change 156.59% 9.67%
Depreciation, Depletion And Amortization $23.99M $22.73M
YoY Change 5.54% -7.36%
Cash From Operating Activities $40.30M $29.60M
YoY Change 36.15% 29500.0%
INVESTING ACTIVITIES
Capital Expenditures -$38.00M -$21.40M
YoY Change 77.57% 28.14%
Acquisitions
YoY Change
Other Investing Activities -$1.300M $3.700M
YoY Change -135.14% -248.0%
Cash From Investing Activities -$39.30M -$17.60M
YoY Change 123.3% -8.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.100M -9.700M
YoY Change -131.96% -165.54%
NET CHANGE
Cash From Operating Activities 40.30M 29.60M
Cash From Investing Activities -39.30M -17.60M
Cash From Financing Activities 3.100M -9.700M
Net Change In Cash 4.100M 2.300M
YoY Change 78.26% -152.27%
FREE CASH FLOW
Cash From Operating Activities $40.30M $29.60M
Capital Expenditures -$38.00M -$21.40M
Free Cash Flow $78.30M $51.00M
YoY Change 53.53% 203.57%

Facts In Submission

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195767000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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32257000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2014Q2 us-gaap Income Tax Expense Benefit
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15649000 USD
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IncomeTaxExpenseBenefit
11999000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31678000 USD
us-gaap Income Taxes Paid
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26106000 USD
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IncomeTaxesPaid
29659000 USD
us-gaap Increase Decrease In Accounts Payable
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-5506000 USD
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-1224000 USD
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-18406000 USD
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9089000 USD
us-gaap Increase Decrease In Accrued Liabilities
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18798000 USD
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8827000 USD
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305000 USD
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541000 USD
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us-gaap Increase Decrease In Unbilled Receivables
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17225000 USD
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1010263 shares
CY2014Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
202179000 USD
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IntangibleAssetsGrossExcludingGoodwill
201235000 USD
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IntangibleAssetsNetExcludingGoodwill
116116000 USD
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IntangibleAssetsNetExcludingGoodwill
110031000 USD
CY2014Q2 us-gaap Interest Income Expense Net
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-6563000 USD
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-20249000 USD
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-6646000 USD
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InterestIncomeExpenseNet
-20126000 USD
us-gaap Interest Paid
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14160000 USD
us-gaap Interest Paid
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14241000 USD
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49095000 USD
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45205000 USD
CY2015Q2 us-gaap Investments And Other Noncurrent Assets
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4000000 USD
CY2014Q3 us-gaap Liabilities
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727420000 USD
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734930000 USD
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1212354000 USD
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1257116000 USD
CY2014Q3 us-gaap Liabilities Current
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196532000 USD
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194994000 USD
CY2014Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
446863000 USD
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LongTermDebtAndCapitalLeaseObligations
446692000 USD
CY2014Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
10938000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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0 USD
CY2015Q2 us-gaap Loss Contingency Damages Sought
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2.6
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
97491000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
123584000 USD
CY2014Q2 us-gaap Net Income Loss
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7895000 USD
us-gaap Net Income Loss
NetIncomeLoss
23488000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
20258000 USD
us-gaap Net Income Loss
NetIncomeLoss
50497000 USD
CY2015Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
412240000 USD
us-gaap Operating Expenses
OperatingExpenses
1278336000 USD
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OperatingExpenses
456931000 USD
us-gaap Operating Expenses
OperatingExpenses
1348533000 USD
CY2014Q3 us-gaap Other Accrued Liabilities Current
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76134000 USD
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OtherAccruedLiabilitiesCurrent
78224000 USD
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12727000 USD
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OtherAssetsCurrent
20112000 USD
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16001000 USD
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OtherAssetsNoncurrent
30404000 USD
CY2014 us-gaap Payments For Repurchase Of Common Stock
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10000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30687000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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3590000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4330000 USD
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-46000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-332000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
38000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-688000 USD
CY2014Q2 us-gaap Other Income
OtherIncome
124000 USD
us-gaap Other Income
OtherIncome
296000 USD
CY2015Q2 us-gaap Other Income
OtherIncome
404000 USD
us-gaap Other Income
OtherIncome
752000 USD
CY2014Q3 us-gaap Other Liabilities Current
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18467000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
13424000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4882000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4942000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5593000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8200000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3471000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7001000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
4000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9999000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
700000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
9821000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
70585000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
76825000 USD
CY2015Q2 us-gaap Preferred Stock Dividend Rate Percentage
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0.0525
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2015Q2 us-gaap Preferred Stock Shares Authorized
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1000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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PreferredStockValue
0 USD
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PreferredStockValue
0 USD
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
337000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
310750000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
9425000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
6764000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14010000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6842000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
226328000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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PropertyPlantAndEquipmentGross
558710000 USD
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
205413000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
519000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
308000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1329522000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
492363000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1443833000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2671000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
800000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
900000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34763035 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34767400 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35028956 shares
us-gaap Share Based Compensation
ShareBasedCompensation
9721000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3219000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10773000 USD
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
130195 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
138535 shares
CY2014 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
360900 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
763768 shares
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
484934000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
522186000 USD
CY2014Q3 us-gaap Taxes Payable Current
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5200000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
321563000 USD
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents
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4000000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
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4500000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
341943000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
392440000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
426284000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35091644 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33860832 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33707957 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34107262 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34081381 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Period &#8211; </font><font style="font-family:inherit;font-size:10pt;">The Company uses a fiscal year ending on the last Saturday in July. As a result, each fiscal year may be comprised of fifty-two weeks or fifty-three weeks (with an additional week of operations occurring in the fourth quarter).</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Significant Accounting Policies &amp; Estimates </font></div><div style="line-height:120%;text-align:left;text-indent:24px;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:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. There have been no material changes to the Company's significant accounting policies and critical accounting estimates described in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">July 26, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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