2015 Q2 Form 10-Q Financial Statement

#000136090115000010 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $272.9M $221.7M
YoY Change 23.11% 5.57%
Cost Of Revenue $4.800M $4.000M
YoY Change 20.0% 25.0%
Gross Profit $268.1M $217.7M
YoY Change 23.15% 5.27%
Gross Profit Margin 98.24% 98.21%
Selling, General & Admin $221.1M $165.5M
YoY Change 33.6% 3.12%
% of Gross Profit 82.47% 76.02%
Research & Development $9.738M $3.922M
YoY Change 148.29% 16.62%
% of Gross Profit 3.63% 1.8%
Depreciation & Amortization $6.800M $4.000M
YoY Change 70.0% -2.44%
% of Gross Profit 2.54% 1.84%
Operating Expenses $237.0M $174.7M
YoY Change 35.68% 3.59%
Operating Profit $31.12M $43.04M
YoY Change -27.71% 12.71%
Interest Expense $4.811M $3.978M
YoY Change 20.94% 25.33%
% of Operating Profit 15.46% 9.24%
Other Income/Expense, Net
YoY Change
Pretax Income $33.11M $45.07M
YoY Change -26.54% 14.99%
Income Tax $16.72M $15.39M
% Of Pretax Income 50.51% 34.14%
Net Earnings $10.76M $24.27M
YoY Change -55.64% 47.72%
Net Earnings / Revenue 3.94% 10.95%
Basic Earnings Per Share $0.30 $0.68
Diluted Earnings Per Share $0.26 $0.58
COMMON SHARES
Basic Shares Outstanding 36.45M shares 35.74M shares
Diluted Shares Outstanding 42.17M shares 41.86M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $282.2M $229.4M
YoY Change 23.04% 24.79%
Cash & Equivalents $250.1M $193.1M
Short-Term Investments $32.16M $36.30M
Other Short-Term Assets $31.92M $44.42M
YoY Change -28.14% 479.96%
Inventory
Prepaid Expenses
Receivables $124.7M $100.3M
Other Receivables $17.10M $9.500M
Total Short-Term Assets $549.2M $473.6M
YoY Change 15.98% 15.96%
LONG-TERM ASSETS
Property, Plant & Equipment $45.16M $30.82M
YoY Change 46.55% 10.63%
Goodwill $217.7M $193.4M
YoY Change 12.56% 2.3%
Intangibles $61.79M $23.24M
YoY Change 165.88% -29.07%
Long-Term Investments $71.58M $77.58M
YoY Change -7.73% 23.49%
Other Assets $312.6M $301.0M
YoY Change 3.85% 12.99%
Total Long-Term Assets $750.3M $674.3M
YoY Change 11.27% 7.97%
TOTAL ASSETS
Total Short-Term Assets $549.2M $473.6M
Total Long-Term Assets $750.3M $674.3M
Total Assets $1.300B $1.148B
YoY Change 13.21% 11.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.70M $36.20M
YoY Change -1.38% 72.38%
Accrued Expenses $100.9M $71.70M
YoY Change 40.73% -6.52%
Deferred Revenue
YoY Change
Short-Term Debt $79.80M $76.90M
YoY Change 3.77% -7.24%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $263.2M $214.5M
YoY Change 22.66% -3.28%
LONG-TERM LIABILITIES
Long-Term Debt $128.8M $104.2M
YoY Change 23.61% 1.86%
Other Long-Term Liabilities $25.31M $17.95M
YoY Change 40.99% -5.49%
Total Long-Term Liabilities $25.31M $17.95M
YoY Change 40.99% -5.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.2M $214.5M
Total Long-Term Liabilities $25.31M $17.95M
Total Liabilities $612.1M $532.5M
YoY Change 14.93% 3.95%
SHAREHOLDERS EQUITY
Retained Earnings -$28.75M -$46.04M
YoY Change -37.55% -35.92%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $484.8M $311.3M
YoY Change 55.74% 40.84%
Treasury Stock Shares 12.61M shares 9.171M shares
Shareholders Equity $487.0M $526.5M
YoY Change
Total Liabilities & Shareholders Equity $1.300B $1.148B
YoY Change 13.21% 11.13%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $10.76M $24.27M
YoY Change -55.64% 47.72%
Depreciation, Depletion And Amortization $6.800M $4.000M
YoY Change 70.0% -2.44%
Cash From Operating Activities $125.1M $103.7M
YoY Change 20.64% 30.77%
INVESTING ACTIVITIES
Capital Expenditures -$5.700M -$4.500M
YoY Change 26.67% 350.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$1.400M
YoY Change -107.14% 16.67%
Cash From Investing Activities -$5.600M -$5.900M
YoY Change -5.08% 156.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.60M -30.70M
YoY Change 214.66% -53.2%
NET CHANGE
Cash From Operating Activities 125.1M 103.7M
Cash From Investing Activities -5.600M -5.900M
Cash From Financing Activities -96.60M -30.70M
Net Change In Cash 22.90M 67.10M
YoY Change -65.87% 488.6%
FREE CASH FLOW
Cash From Operating Activities $125.1M $103.7M
Capital Expenditures -$5.700M -$4.500M
Free Cash Flow $130.8M $108.2M
YoY Change 20.89% 34.74%

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
18131000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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19384000 USD
CY2015Q2 us-gaap Cost Method Investments
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us-gaap Depreciation Amortization And Accretion Net
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us-gaap Depreciation Amortization And Accretion Net
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CY2014Q2 us-gaap Depreciation And Amortization
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3537000 USD
us-gaap Depreciation And Amortization
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7358000 USD
CY2015Q2 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Dividends
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us-gaap Dividends
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CY2014Q4 us-gaap Due From Related Parties
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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0.26
us-gaap Earnings Per Share Diluted
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0.35
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.51
us-gaap Effective Income Tax Rate Continuing Operations
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0.51
us-gaap Equity Method Investment Dividends Or Distributions
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108000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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29460000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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8877000 USD
us-gaap Fair Value Of Assets Acquired
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us-gaap Fair Value Of Assets Acquired
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33735000 USD
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us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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CY2014Q4 us-gaap Goodwill
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Goodwill
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45073000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
66028000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
33109000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
45214000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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43035000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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63749000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31111000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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42109000 USD
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2038000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2279000 USD
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IncomeLossFromEquityMethodInvestments
1998000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3105000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15387000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22950000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16723000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22935000 USD
us-gaap Income Taxes Paid
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7740000 USD
us-gaap Income Taxes Paid
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16841000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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7498000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-963000 USD
us-gaap Increase Decrease In Accounts Payable Related Parties
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us-gaap Increase Decrease In Accounts Payable Related Parties
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12062000 USD
us-gaap Increase Decrease In Accounts Receivable
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17169000 USD
us-gaap Increase Decrease In Accounts Receivable
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222000 USD
us-gaap Increase Decrease In Accounts Receivable Related Parties
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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448000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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-10883000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Employee Related Liabilities
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32721000 USD
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18618000 USD
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-30000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Trading Securities
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us-gaap Increase Decrease In Trading Securities
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us-gaap Interest Expense
InterestExpense
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InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Paid
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us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
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InvestmentAdvisoryManagementAndAdministrativeFees
24505000 USD
us-gaap Investment Advisory Management And Administrative Fees
InvestmentAdvisoryManagementAndAdministrativeFees
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InvestmentBankingRevenue
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us-gaap Investment Banking Revenue
InvestmentBankingRevenue
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246550000 USD
us-gaap Investment Banking Revenue
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us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
LaborAndRelatedExpense
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CY2015Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
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3500000 USD
us-gaap Loans Assumed1
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us-gaap Loans Assumed1
LoansAssumed1
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us-gaap Loss Contingency Damages Sought Value
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MarketableSecurities
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MinorityInterest
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MinorityInterest
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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 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
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7215000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24265000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34833000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10764000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15064000 USD
CY2014Q4 us-gaap Notes Payable
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CY2015Q2 us-gaap Notes Payable
NotesPayable
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us-gaap Number Of Reportable Segments
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us-gaap Occupancy Net
OccupancyNet
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CY2015Q2 us-gaap Occupancy Net
OccupancyNet
11684000 USD
us-gaap Occupancy Net
OccupancyNet
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us-gaap Operating Expenses
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CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Expenses
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OperatingLeasesRentExpenseNet
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OperatingLeasesRentExpenseNet
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OperatingLeasesRentExpenseNet
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6000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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193000 USD
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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431000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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477000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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327000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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2632000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1902000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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33000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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1002000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Income
OtherIncome
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OtherIncome
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OtherNonoperatingExpense
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OtherNonoperatingExpense
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OtherNonoperatingExpense
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us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
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2243000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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5039000 USD
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PaymentsOfDividendsCommonStock
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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PaymentsOfDividendsMinorityInterest
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us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
224000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
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us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
3500000 USD
us-gaap Payments To Acquire Marketable Securities
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11743000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
15704000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5971000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
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us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
307000 USD
us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
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925000 USD
us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
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us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
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19063000 USD
us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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20839000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20369000 USD
us-gaap Proceeds From Short Term Debt
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50000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
45000000 USD
CY2014Q2 us-gaap Professional Fees
ProfessionalFees
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us-gaap Professional Fees
ProfessionalFees
20499000 USD
CY2015Q2 us-gaap Professional Fees
ProfessionalFees
13164000 USD
us-gaap Professional Fees
ProfessionalFees
22597000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
29686000 USD
us-gaap Profit Loss
ProfitLoss
43078000 USD
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ProfitLoss
16386000 USD
us-gaap Profit Loss
ProfitLoss
22279000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
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716000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
141000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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RedeemableNoncontrollingInterestEquityCarryingAmount
3404000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
50000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
45000000 USD
CY2014Q4 us-gaap Restricted Cash And Investments Noncurrent
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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%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-08</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No.&#160;2014-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-08&#8221;). ASU 2014-08 provides amendments to Accounting Standards Codification ("ASC") No.&#160;205, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Presentation of Financial Statements&#8221;</font><font style="font-family:inherit;font-size:10pt;">, and ASC 360, which change the requirements for reporting discontinued operations. The amendments in this update improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity&#8217;s operations and financial results. The amendments also require expanded disclosures for discontinued operations and also require an entity to disclose the pretax profit or loss (or change in net assets for a not-for-profit entity) of an individually significant component of an entity that does not qualify for discontinued operations reporting. The amendments in this update are effective prospectively during interim and annual periods beginning after December&#160;15, 2014, with early adoption permitted. The adoption of ASU 2014-08 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-09</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In May 2014, the FASB issued ASU No.&#160;2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Revenue from Contracts with Customers&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-09&#8221;). ASU 2014-09 provides amendments to ASC No. 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Revenue Recognition&#8221;</font><font style="font-family:inherit;font-size:10pt;">, and creates ASC No. 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Revenue from Contracts with Customers",</font><font style="font-family:inherit;font-size:10pt;"> which changes the requirements for revenue recognition and amends the disclosure requirements. The amendments in this update are effective either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption, during interim and annual periods beginning after December&#160;15, 2017, with early adoption permitted beginning after December 15, 2016. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-11</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In June 2014, the FASB issued ASU No.&#160;2014-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-11&#8221;). ASU 2014-11 provides amendments to ASC No.&#160;806, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Transfers and Servicing&#8221;</font><font style="font-family:inherit;font-size:10pt;">, which expand secured borrowing accounting for certain repurchase agreements and require that in a repurchase financing arrangement the repurchase agreement be accounted for separately from the initial transfer of the financial asset. The amendments also require additional disclosures for certain transactions accounted for as sale and repurchase agreements, and for securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The amendments in this update for the additional disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are effective prospectively during annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015, and all other amendments in this update are effective prospectively during interim and annual periods beginning after December&#160;15, 2014, with early adoption not permitted. The adoption of ASU 2014-11 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-12</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In June 2014, the FASB issued ASU No.&#160;2014-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-12&#8221;). ASU 2014-12 provides amendments to ASC No.&#160;718, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Compensation - Stock Compensation&#8221;</font><font style="font-family:inherit;font-size:10pt;">, which clarify the guidance for whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this update are effective either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-17</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In November 2014, the FASB issued ASU No.&#160;2014-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Pushdown Accounting&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-17&#8221;). ASU 2014-17 provides amendments to ASC No.&#160;805, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Business Combinations&#8221;</font><font style="font-family:inherit;font-size:10pt;">, which provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this update were effective on November 18, 2014. The adoption of ASU 2014-17 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2015-01</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In January 2015, the FASB issued ASU No.&#160;2015-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2015-01&#8221;). ASU 2015-01 provides amendments to ASC No.&#160;225-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Income Statement - Extraordinary and Unusual Items&#8221;</font><font style="font-family:inherit;font-size:10pt;">, which eliminate the concept of extraordinary items. The amendments in this update are effective either prospectively or retrospectively during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2015-02</font><font style="font-family:inherit;font-size:10pt;"> - In February 2015, the FASB issued ASU No.&#160;2015-02, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;">&#8221; (&#8220;ASU 2015-02&#8221;). ASU 2015-02 provides amendments to ASC No.&#160;810, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:inherit;font-size:10pt;">&#8221;, which include the following: &#160;1. Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, 2. Eliminate the presumption that a general partner should consolidate a limited partnership, 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update are effective during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted, and may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.</font></div></div>

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