2019 Q2 Form 10-Q Financial Statement

#000159071419000140 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $456.7M $501.6M
YoY Change -8.95% -46.7%
Cost Of Revenue $263.7M $286.9M
YoY Change -8.09% -46.99%
Gross Profit $193.0M $214.7M
YoY Change -10.11% 9.21%
Gross Profit Margin 42.26% 42.8%
Selling, General & Admin $126.4M $144.3M
YoY Change -12.4% -49.24%
% of Gross Profit 65.49% 67.21%
Research & Development $11.10M $11.20M
YoY Change -0.89% -55.38%
% of Gross Profit 5.75% 5.22%
Depreciation & Amortization $10.40M $11.20M
YoY Change -7.14% -43.15%
% of Gross Profit 5.39% 5.22%
Operating Expenses $137.5M $155.5M
YoY Change -11.58% -49.74%
Operating Profit $55.50M $59.20M
YoY Change -6.25% -34.59%
Interest Expense -$18.20M -$78.30M
YoY Change -76.76% -26.06%
% of Operating Profit -32.79% -132.26%
Other Income/Expense, Net -$47.60M -$78.80M
YoY Change -39.59% -43.47%
Pretax Income $7.900M -$19.60M
YoY Change -140.31% -59.92%
Income Tax -$6.800M $30.00M
% Of Pretax Income -86.08%
Net Earnings $14.70M -$49.60M
YoY Change -129.64% -32.88%
Net Earnings / Revenue 3.22% -9.89%
Basic Earnings Per Share $0.01 $0.04
Diluted Earnings Per Share $0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 257.3M shares 288.2M shares
Diluted Shares Outstanding 259.6M shares 288.2M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.0M $442.0M
YoY Change -43.89% 3.51%
Cash & Equivalents $247.6M $442.4M
Short-Term Investments
Other Short-Term Assets $69.10M $185.2M
YoY Change -62.69% 29.51%
Inventory $201.6M $583.8M
Prepaid Expenses $23.70M
Receivables $374.7M $1.243B
Other Receivables $0.00 $0.00
Total Short-Term Assets $926.3M $2.502B
YoY Change -62.97% 6.8%
LONG-TERM ASSETS
Property, Plant & Equipment $256.7M $429.7M
YoY Change -40.26% -5.73%
Goodwill $2.178B $4.044B
YoY Change -46.14% -5.4%
Intangibles $967.0M $2.897B
YoY Change -66.62% -9.04%
Long-Term Investments
YoY Change
Other Assets $105.6M $106.4M
YoY Change -0.75% -17.39%
Total Long-Term Assets $3.514B $7.477B
YoY Change -53.0% -7.05%
TOTAL ASSETS
Total Short-Term Assets $926.3M $2.502B
Total Long-Term Assets $3.514B $7.477B
Total Assets $4.440B $9.978B
YoY Change -55.5% -3.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.1M $464.4M
YoY Change -77.15% 7.35%
Accrued Expenses $109.0M $573.0M
YoY Change -80.98% 12.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $58.00M $138.8M
YoY Change -58.21% -26.48%
Total Short-Term Liabilities $338.0M $1.186B
YoY Change -71.49% -1.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.515B $5.402B
YoY Change -71.95% 2.49%
Other Long-Term Liabilities $186.9M $115.1M
YoY Change 62.38% -18.25%
Total Long-Term Liabilities $186.9M $115.1M
YoY Change 62.38% -18.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $338.0M $1.186B
Total Long-Term Liabilities $186.9M $115.1M
Total Liabilities $2.209B $7.374B
YoY Change -70.04% -0.81%
SHAREHOLDERS EQUITY
Retained Earnings -$1.604B -$821.7M
YoY Change 95.21% 24.69%
Common Stock $2.600M $2.900M
YoY Change -10.34% 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.80M $100.0K
YoY Change 16700.0% 0.0%
Treasury Stock Shares 1.700M shares 0.000 shares
Shareholders Equity $2.233B $2.532B
YoY Change
Total Liabilities & Shareholders Equity $4.440B $9.978B
YoY Change -55.5% -3.93%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $14.70M -$49.60M
YoY Change -129.64% -32.88%
Depreciation, Depletion And Amortization $10.40M $11.20M
YoY Change -7.14% -43.15%
Cash From Operating Activities $17.90M $69.40M
YoY Change -74.21% -36.97%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$6.200M
YoY Change -24.19% -55.07%
Acquisitions
YoY Change
Other Investing Activities $88.90M -$3.600M
YoY Change -2569.44% -41.94%
Cash From Investing Activities $84.20M -$9.800M
YoY Change -959.18% -51.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -81.70M -700.0K
YoY Change 11571.43% -98.16%
NET CHANGE
Cash From Operating Activities 17.90M 69.40M
Cash From Investing Activities 84.20M -9.800M
Cash From Financing Activities -81.70M -700.0K
Net Change In Cash 20.40M 58.90M
YoY Change -65.37% 13.05%
FREE CASH FLOW
Cash From Operating Activities $17.90M $69.40M
Capital Expenditures -$4.700M -$6.200M
Free Cash Flow $22.60M $75.60M
YoY Change -70.11% -38.98%

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us-gaap Profit Loss
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600000 USD
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65700000 USD
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201600000 USD
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188100000 USD
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22900000 USD
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LongTermDebtAndCapitalLeaseObligations
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CY2019Q1 esi Write Off Of Deferred Debt Issuance Costand Debt Discounts
WriteOffOfDeferredDebtIssuanceCostandDebtDiscounts
22900000 USD
CY2019Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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5100000 USD
esi Business Combination Contingent Consideration Arrangements Change In Amountof Contingent Consideration Ebitda Metric Affectof Change In Discount Rate
BusinessCombinationContingentConsiderationArrangementsChangeInAmountofContingentConsiderationEBITDAMetricAffectofChangeInDiscountRate
2300000 USD
CY2019Q2 us-gaap Preferred Stock Shares Authorized
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CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
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esi Treasury Stock Acquired Percent Of Issued And Outstanding Common Stock
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0.13
CY2019Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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11200000 USD
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IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
0 USD
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us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
14700000 USD
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NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
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us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
10600000 USD
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2300000 shares
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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288200000 shares
CY2018Q2 us-gaap Income Tax Expense Benefit
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30000000.0 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Operating Lease Expense
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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9600000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q2 us-gaap Accrual For Environmental Loss Contingencies
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us-gaap Number Of Reportable Segments
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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100500000 USD
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OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
109400000 USD
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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199100000 USD
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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213500000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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1500000 USD
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24700000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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600000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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500000 USD
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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14100000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2019Q2 us-gaap Income Tax Expense Benefit
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30000000.0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39900000 USD
CY2019Q2 us-gaap Interest Income Expense Net
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CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2019Q2 us-gaap Depreciation
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10400000 USD
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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199100000 USD
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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213500000 USD
CY2018Q2 us-gaap Depreciation
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11200000 USD
us-gaap Depreciation
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20700000 USD
us-gaap Depreciation
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22900000 USD
CY2019Q2 us-gaap Adjustment For Amortization
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28400000 USD
CY2018Q2 us-gaap Adjustment For Amortization
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28400000 USD
us-gaap Adjustment For Amortization
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56800000 USD
us-gaap Adjustment For Amortization
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56900000 USD
CY2019Q2 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
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64900000 USD
CY2018Q2 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
98300000 USD
esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
127800000 USD
esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
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216700000 USD
CY2019Q2 us-gaap Restructuring Charges
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2800000 USD
CY2018Q2 us-gaap Restructuring Charges
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1600000 USD
us-gaap Restructuring Charges
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4000000.0 USD
us-gaap Restructuring Charges
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3300000 USD
CY2019Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
300000 USD
CY2018Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3500000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1700000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4500000 USD
CY2019Q2 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-28700000 USD
CY2018Q2 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-4600000 USD
esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-400000 USD
esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
3100000 USD
CY2019Q2 esi Debt Refinancing Costs
DebtRefinancingCosts
300000 USD
CY2018Q2 esi Debt Refinancing Costs
DebtRefinancingCosts
0 USD
esi Debt Refinancing Costs
DebtRefinancingCosts
61000000.0 USD
esi Debt Refinancing Costs
DebtRefinancingCosts
0 USD
CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
500000 USD
CY2018Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1000000.0 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2900000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1500000 USD
CY2019Q2 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
0 USD
CY2018Q2 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
0 USD
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
0 USD
us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
11300000 USD
CY2019Q2 esi Other Income Expense
OtherIncomeExpense
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CY2018Q2 esi Other Income Expense
OtherIncomeExpense
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esi Other Income Expense
OtherIncomeExpense
-1300000 USD
esi Other Income Expense
OtherIncomeExpense
-1900000 USD
CY2019Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
100500000 USD
CY2018Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
109400000 USD

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