2019 Q1 Form 10-Q Financial Statement

#000136090119000011 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $419.4M $467.9M
YoY Change -10.36% 19.36%
Cost Of Revenue $4.100M $4.300M
YoY Change -4.65% -10.42%
Gross Profit $415.3M $463.6M
YoY Change -10.42% 19.73%
Gross Profit Margin 99.02% 99.08%
Selling, General & Admin $314.5M $335.2M
YoY Change -6.18% 28.43%
% of Gross Profit 75.73% 72.3%
Research & Development $11.15M $10.68M
YoY Change 4.32% 3.62%
% of Gross Profit 2.68% 2.3%
Depreciation & Amortization $16.60M $6.700M
YoY Change 147.76% 13.56%
% of Gross Profit 4.0% 1.45%
Operating Expenses $331.5M $351.0M
YoY Change -5.55% 27.22%
Operating Profit $83.78M $112.6M
YoY Change -25.58% 1.17%
Interest Expense $4.092M $4.349M
YoY Change -5.91% -8.94%
% of Operating Profit 4.88% 3.86%
Other Income/Expense, Net
YoY Change
Pretax Income $86.02M $114.7M
YoY Change -24.99% 1.54%
Income Tax $7.821M $4.938M
% Of Pretax Income 9.09% 4.31%
Net Earnings $67.23M $95.54M
YoY Change -29.63% 18.29%
Net Earnings / Revenue 16.03% 20.42%
Basic Earnings Per Share $1.66 $2.36
Diluted Earnings Per Share $1.52 $2.10
COMMON SHARES
Basic Shares Outstanding 40.50M shares 40.43M shares
Diluted Shares Outstanding 44.16M shares 45.46M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $551.8M $504.1M
YoY Change 9.47% 21.73%
Cash & Equivalents $338.3M $407.7M
Short-Term Investments $213.5M $96.35M
Other Short-Term Assets $31.75M $28.55M
YoY Change 11.24% 27.91%
Inventory
Prepaid Expenses
Receivables $357.0M $223.1M
Other Receivables $22.20M $20.80M
Total Short-Term Assets $988.3M $809.0M
YoY Change 22.17% 17.1%
LONG-TERM ASSETS
Property, Plant & Equipment $92.90M $68.43M
YoY Change 35.75% 22.07%
Goodwill $132.7M $136.9M
YoY Change -3.1% -16.91%
Intangibles $8.078M $17.28M
YoY Change -53.25% -35.76%
Long-Term Investments $58.82M $60.24M
YoY Change -2.36% -47.89%
Other Assets $341.0M $287.9M
YoY Change 18.44% -23.96%
Total Long-Term Assets $856.6M $608.7M
YoY Change 40.73% -17.96%
TOTAL ASSETS
Total Short-Term Assets $988.3M $809.0M
Total Long-Term Assets $856.6M $608.7M
Total Assets $1.845B $1.418B
YoY Change 30.14% -1.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.70M $37.00M
YoY Change 4.59% 25.0%
Accrued Expenses $146.3M $178.5M
YoY Change -18.04% 35.02%
Deferred Revenue $6.343M $5.260M
YoY Change 20.59%
Short-Term Debt $55.60M $32.50M
YoY Change 71.08% -8.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $297.6M $324.3M
YoY Change -8.24% 27.6%
LONG-TERM LIABILITIES
Long-Term Debt $168.7M $168.5M
YoY Change 0.12% -5.71%
Other Long-Term Liabilities $92.00M $53.05M
YoY Change 73.44% 37.93%
Total Long-Term Liabilities $92.00M $53.05M
YoY Change 73.44% 37.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $297.6M $324.3M
Total Long-Term Liabilities $92.00M $53.05M
Total Liabilities $839.0M $643.3M
YoY Change 30.41% -0.77%
SHAREHOLDERS EQUITY
Retained Earnings $408.3M $153.6M
YoY Change 165.8% 85.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.503B $1.245B
YoY Change 20.74% 38.6%
Treasury Stock Shares 27.37M shares 24.44M shares
Shareholders Equity $767.7M $549.9M
YoY Change
Total Liabilities & Shareholders Equity $1.845B $1.418B
YoY Change 30.14% -1.05%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $67.23M $95.54M
YoY Change -29.63% 18.29%
Depreciation, Depletion And Amortization $16.60M $6.700M
YoY Change 147.76% 13.56%
Cash From Operating Activities -$412.7M -$40.69M
YoY Change 914.5% -49.9%
INVESTING ACTIVITIES
Capital Expenditures -$15.60M -$4.200M
YoY Change 271.43% -34.38%
Acquisitions
YoY Change
Other Investing Activities $96.00M $32.30M
YoY Change 197.21% 559.18%
Cash From Investing Activities $80.39M $28.15M
YoY Change 185.56% -2004.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$123.1M -$192.0M
YoY Change -35.85% 54.78%
NET CHANGE
Cash From Operating Activities -$412.7M -$40.69M
Cash From Investing Activities $80.39M $28.15M
Cash From Financing Activities -$123.1M -$192.0M
Net Change In Cash -$451.6M -$201.0M
YoY Change 124.66% -2.98%
FREE CASH FLOW
Cash From Operating Activities -$412.7M -$40.69M
Capital Expenditures -$15.60M -$4.200M
Free Cash Flow -$397.1M -$36.49M
YoY Change 988.52% -51.23%

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CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3147000 USD
CY2018Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5260000 USD
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
4016000 USD
CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6343000 USD
CY2017Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1834000 USD
CY2018Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1731000 USD
CY2018Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1731000 USD
CY2019Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1731000 USD
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2842000 USD
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2466000 USD
CY2018Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
12591000 USD
CY2019Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
27393000 USD
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
241092000 USD
CY2019Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
252857000 USD
CY2018Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
6712000 USD
CY2019Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
16614000 USD
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6648000 USD
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
7038000 USD
CY2018Q1 us-gaap Dividends
Dividends
19170000 USD
CY2019Q1 us-gaap Dividends
Dividends
23833000 USD
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
20497000 USD
CY2018Q4 us-gaap Due From Related Parties
DueFromRelatedParties
23836000 USD
CY2019Q1 us-gaap Due From Related Parties
DueFromRelatedParties
22207000 USD
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.36
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.66
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.10
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
3473000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
3868000 USD
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.04
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.09
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
21864000 USD
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
12161000 USD
CY2018Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
270000 USD
CY2019Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
364000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
58507000 USD
CY2019Q1 us-gaap Equity Method Investments
EquityMethodInvestments
58819000 USD
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
1079000 USD
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
1079000 USD
CY2018Q4 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
22349000 USD
CY2019Q1 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
16978000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
41217000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
43517000 USD
CY2018Q1 us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
3190000 USD
CY2019Q1 us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
3019000 USD
CY2018Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
210000 USD
CY2019Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
6207000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
131387000 USD
CY2019Q1 us-gaap Goodwill
Goodwill
132686000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
95543000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
67232000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
114674000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
86021000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
112549000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
83810000 USD
CY2018Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2125000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2211000 USD
CY2018Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
384000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
910000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4938000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7821000 USD
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
19833000 USD
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
50736000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2468000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1257000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
13640000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
13141000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
37303000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
47194000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
3708000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-1654000 USD
CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-11988000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-32606000 USD
CY2018Q1 us-gaap Increase Decrease In Cash Collateral For Borrowed Securities
IncreaseDecreaseInCashCollateralForBorrowedSecurities
972000 USD
CY2019Q1 us-gaap Increase Decrease In Cash Collateral For Borrowed Securities
IncreaseDecreaseInCashCollateralForBorrowedSecurities
-5741000 USD
CY2018Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
438000 USD
CY2019Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
6598000 USD
CY2018Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-177635000 USD
CY2019Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-519492000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-614000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3382000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-10735000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2939000 USD
CY2018Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
101000 USD
CY2019Q1 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
49000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10378000 USD
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8078000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
4349000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
4092000 USD
CY2018Q1 us-gaap Interest Paid
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6868000 USD
CY2019Q1 us-gaap Interest Paid
InterestPaid
6297000 USD
CY2018Q4 us-gaap Investments
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90644000 USD
CY2019Q1 us-gaap Investments
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92306000 USD
CY2018Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
275494000 USD
CY2019Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
247632000 USD
CY2018Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
10117000 USD
CY2019Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
11036000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
334507000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
165688000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
21442000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
35054000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
41941000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
41601000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
28781000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
88024000 USD
CY2018Q4 us-gaap Liabilities
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1117728000 USD
CY2019Q1 us-gaap Liabilities
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838979000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2125667000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1844937000 USD
CY2018Q4 us-gaap Liabilities Current
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749691000 USD
CY2019Q1 us-gaap Liabilities Current
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297592000 USD
CY2018Q4 us-gaap Marketable Securities
MarketableSecurities
204627000 USD
CY2019Q1 us-gaap Marketable Securities
MarketableSecurities
213483000 USD
CY2018Q4 us-gaap Minority Interest
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249819000 USD
CY2019Q1 us-gaap Minority Interest
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238211000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-191968000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
28153000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
80393000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-40685000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-412748000 USD
CY2018Q1 us-gaap Net Income Loss
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95543000 USD
CY2019Q1 us-gaap Net Income Loss
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67232000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14193000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10968000 USD
CY2018Q4 us-gaap Notes Payable
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168612000 USD
CY2019Q1 us-gaap Notes Payable
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168679000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2018Q1 us-gaap Occupancy Net
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13404000 USD
CY2019Q1 us-gaap Occupancy Net
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16217000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
351014000 USD
CY2019Q1 us-gaap Operating Expenses
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331517000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
218942000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
54840000 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
138493000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
32648000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
186294000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2973000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
187029000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0555
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y11M
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
585756000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
36537000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
27564000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
39585000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
39561000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
39059000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
403450000 USD
CY2018Q4 us-gaap Other Assets Current
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28444000 USD
CY2019Q1 us-gaap Other Assets Current
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31754000 USD
CY2018Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
-81000 USD
CY2019Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
-89000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
602000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
414000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4195000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2859000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3654000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2252000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-541000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-607000 USD
CY2018Q1 us-gaap Other Cost And Expense Operating
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7270000 USD
CY2019Q1 us-gaap Other Cost And Expense Operating
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8840000 USD
CY2018Q1 us-gaap Other Income
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4529000 USD
CY2019Q1 us-gaap Other Income
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12335000 USD
CY2018Q4 us-gaap Other Liabilities Current
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19031000 USD
CY2019Q1 us-gaap Other Liabilities Current
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10982000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
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105014000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
92003000 USD
CY2018Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
8058000 USD
CY2019Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
7366000 USD
CY2018Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
9164000 USD
CY2019Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16538000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
27471000 USD
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
13193000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
17984000 USD
CY2018Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
CY2019Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2440000 USD
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
4151000 USD
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
15644000 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
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60000 USD
CY2019Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2018Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
169000 USD
CY2019Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
119000 USD
CY2018Q1 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
799000 USD
CY2019Q1 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
-5887000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
23347000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
136606000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
30000000 USD
CY2019Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
30000000 USD
CY2018Q1 us-gaap Professional Fees
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16050000 USD
CY2019Q1 us-gaap Professional Fees
ProfessionalFees
18824000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
109736000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
78200000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
81069000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
92900000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1025000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1353000 USD
CY2018Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
30000000 USD
CY2019Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2018Q1 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
6700000 USD
CY2019Q1 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
0 USD
CY2018Q1 us-gaap Restricted Cash
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8629000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
10118000 USD
CY2018Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
89480000 USD
CY2019Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
90745000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
364882000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
408281000 USD
CY2018Q1 us-gaap Revenues
Revenues
467912000 USD
CY2019Q1 us-gaap Revenues
Revenues
419419000 USD
CY2018Q1 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
463563000 USD
CY2019Q1 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
415327000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
14573000 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
2696000 USD
CY2019Q1 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
8570000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
25075000 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
25552000 USD
CY2018Q1 us-gaap Severance Costs1
SeveranceCosts1
3418000 USD
CY2019Q1 us-gaap Severance Costs1
SeveranceCosts1
3275000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
67626000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
96951000 USD
CY2018Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
0 USD
CY2019Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
30000000 USD
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
304627000 USD
CY2019Q1 us-gaap Short Term Investments
ShortTermInvestments
213483000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2018Q1 us-gaap Travel And Entertainment Expense
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CY2019Q1 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
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CY2019Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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86.19
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
26123438 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
27372948 shares
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1249000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1395087000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1502780000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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139236000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
107693000 USD
CY2018Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
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8048000 USD
CY2019Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
7540000 USD
CY2018Q4 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Assets
VariableInterestEntityNonconsolidatedCarryingAmountAssets
5445000 USD
CY2019Q1 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Assets
VariableInterestEntityNonconsolidatedCarryingAmountAssets
4959000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45463000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44155000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40426000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40497000 shares
CY2019Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2016-02</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Leases (Topic 842)" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-02"). ASU 2016-02 supersedes ASC 840, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Leases" </font><font style="font-family:inherit;font-size:10pt;">("ASC 840") </font><font style="font-family:inherit;font-size:10pt;">and includes requirements for the recognition of a right-of-use asset and lease liability on the balance sheet by lessees for those leases classified as operating leases under previous guidance. In July 2018, the FASB issued ASU 2018-11, which provides an additional transition method to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to Retained Earnings for prior periods as of the beginning of the fiscal year of adoption. The amendments in these updates are effective using a modified retrospective approach as of the date of adoption, during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2016-02 on January 1, 2019 using the modified retrospective approach. The adoption resulted in the present value of the Company's lease commitments being reflected on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as a long-term asset with a corresponding liability, classified as current and non-current. Right-of-use assets are subject to certain adjustments for lease incentives and initial direct costs. The Company's lease commitments primarily relate to office space, as discussed in Note 10. The impact on the Company's earnings is not materially different from the prior expense related to leases as required under legacy U.S. GAAP, which is primarily reflected in Occupancy and Equipment Rental expense on the </font><font style="font-family:inherit;font-size:10pt;">Unaudited Condensed Consolidated Statements of Operations</font><font style="font-family:inherit;font-size:10pt;">, and there was no impact on the Company's cash flows. The Company recorded lease liabilities of </font><font style="font-family:inherit;font-size:10pt;">$218,942</font><font style="font-family:inherit;font-size:10pt;"> on its </font><font style="font-family:inherit;font-size:10pt;">Unaudited Condensed Consolidated Statements of Financial Condition</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, along with associated right-of-use assets of </font><font style="font-family:inherit;font-size:10pt;">$187,029</font><font style="font-family:inherit;font-size:10pt;">, which reflect the lease liabilities recognized, subject to certain adjustments for lease incentives and initial direct costs.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2016-13</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Measurement of Credit Losses on Financial Instruments" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13"). ASU 2016-13 provides amendments to ASC 326, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Financial Instruments - Credit Losses," </font><font style="font-family:inherit;font-size:10pt;">which amend the guidance on the impairment of financial instruments and adds an impairment model (the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Entities will recognize an allowance for its estimate of expected credit losses as of the end of each reporting period. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted after December 15, 2018. The Company currently uses the specific identification method for establishing credit provisions and write-offs of its trade accounts receivable. The Company anticipates adopting ASU 2016-13 on January 1, 2020 and does not anticipate a material difference between the current method and the CECL model.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2018-02</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> In February 2018, the FASB issued ASU No. 2018-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income"</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2018-02"). ASU 2018-02 provides amendments to ASC 220, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Income Statement - Reporting Comprehensive Income,"</font><font style="font-family:inherit;font-size:10pt;"> which allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this update are effective either in the period of adoption or retrospectively, to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized, during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2018-02 on January 1, 2019 and did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. As such, there was no impact 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-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2018-07</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> In June 2018, the FASB issued ASU No. 2018-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Improvements to Nonemployee Share-Based Payment Accounting" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2018-07"). ASU 2018-07 provides amendments to ASC 718, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Compensation - Stock Compensation"</font><font style="font-family:inherit;font-size:10pt;"> ("ASC 718") to align the accounting for share-based payment awards issued to employees and nonemployees, particularly surrounding the measurement date and impact of performance conditions. The amendments in this update are effective during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The amendments in this update should be applied by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption for liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established by the date of adoption, and prospectively for all new awards granted after the date of adoption. The Company adopted ASU 2018-07 on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact 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-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2018-13</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> In August 2018, the FASB issued ASU No. 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2018-13"). ASU 2018-13 provides amendments to ASC 820, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurements and Disclosures"</font><font style="font-family:inherit;font-size:10pt;"> ("ASC 820"), which remove the requirements surrounding the disclosure and policy of transfers between fair value levels and the valuation processes for recurring Level 3 fair value measurements. In addition, ASU 2018-13 adds disclosure requirements for changes in unrealized gains and losses for Level 3 measurements and the range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments on changes in unrealized gains and losses and unobservable inputs for Level 3 measurements should be applied prospectively, and all other amendments in this update should be applied retrospectively. The Company is currently assessing the impact 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-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2018-17</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">In October 2018, the FASB issued ASU No. 2018-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Consolidation (Topic 810) - Targeted Improvements to Related Party Guidance for Variable Interest Entities" </font><font style="font-family:inherit;font-size:10pt;">("ASU 2018-17"). ASU 2018-17 provides amendments to ASC 810, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:inherit;font-size:10pt;">" ("ASC 810"), which states that any indirect interest held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments are required to be retrospectively applied with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently assessing the impact 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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