2018 Q3 Form 10-K Financial Statement

#000094511419000013 Filed on March 14, 2019

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $235.8M $330.6M $319.3M
YoY Change -26.15% 11.84% 10.03%
Cost Of Revenue $153.6M $133.2M
YoY Change 15.32% -37.9%
Gross Profit $82.20M $65.30M $71.20M
YoY Change 15.45% -16.6% -5.94%
Gross Profit Margin 34.86% 19.75% 22.3%
Selling, General & Admin $62.90M $58.60M
YoY Change 7.34% -17.35%
% of Gross Profit 76.52% 82.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $62.90M $58.60M
YoY Change 7.34% -17.35%
Operating Profit $18.40M -$26.40M $12.50M
YoY Change 47.2% 303.23%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $18.70M $12.30M
YoY Change 52.03% 355.56%
Income Tax $3.600M $1.000M
% Of Pretax Income 19.25% 8.13%
Net Earnings $178.8M $11.30M
YoY Change 1482.3% -294.83%
Net Earnings / Revenue 75.83% 3.54%
Basic Earnings Per Share $0.41 $0.88 $0.31
Diluted Earnings Per Share $0.40 $0.86 $0.30
COMMON SHARES
Basic Shares Outstanding 37.20M shares 37.07M shares 37.00M shares
Diluted Shares Outstanding 37.90M shares 37.70M shares

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $302.8M $184.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $91.20M $88.20M $122.9M
Prepaid Expenses
Receivables $87.90M $73.10M $164.5M
Other Receivables
Total Short-Term Assets $490.6M $494.1M $468.5M
YoY Change 4.72% -3.35%
LONG-TERM ASSETS
Property, Plant & Equipment $14.30M $14.00M $15.10M
YoY Change -5.3% -14.63%
Goodwill $5.500M
YoY Change -27.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $1.100M $1.600M
YoY Change -37.5% -26.67%
Total Long-Term Assets $37.70M $57.30M $34.20M
YoY Change 10.23% 4.37%
TOTAL ASSETS
Total Short-Term Assets $490.6M $494.1M $468.5M
Total Long-Term Assets $37.70M $57.30M $34.20M
Total Assets $528.3M $551.4M $502.7M
YoY Change 5.09% -2.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $105.2M $108.1M $178.8M
YoY Change -41.16% -40.38%
Accrued Expenses $38.70M $38.50M $63.10M
YoY Change -38.67% -21.75%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $143.9M $315.8M $241.9M
YoY Change -40.51% -2.83%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $13.10M $19.90M $25.00M
YoY Change -47.6% -18.11%
Total Long-Term Liabilities $13.10M $19.90M $25.00M
YoY Change -47.6% -18.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.9M $315.8M $241.9M
Total Long-Term Liabilities $13.10M $19.90M $25.00M
Total Liabilities $157.0M $339.6M $267.2M
YoY Change -41.24% -3.44%
SHAREHOLDERS EQUITY
Retained Earnings $206.9M $44.80M $70.50M
YoY Change 193.48% -38.71%
Common Stock $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.70M $21.80M $22.10M
YoY Change 16.29% -8.79%
Treasury Stock Shares 1.768M shares
Shareholders Equity $371.3M $211.8M $235.5M
YoY Change
Total Liabilities & Shareholders Equity $528.3M $551.4M $502.7M
YoY Change 5.09% -2.6%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $178.8M $11.30M
YoY Change 1482.3% -294.83%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.100M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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100000 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
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0 USD
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CurrentIncomeTaxExpenseBenefit
1500000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1900000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
5000000 USD
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1200000 USD
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1100000 USD
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2400000 USD
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0 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
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DeferredIncomeTaxExpenseBenefit
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8400000 USD
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100000 USD
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100000 USD
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1100000 USD
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20100000 USD
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1100000 USD
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1300000 USD
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28000000 USD
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19300000 USD
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6900000 USD
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3800000 USD
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18300000 USD
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18300000 USD
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100000 USD
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100000 USD
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100000 USD
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100000 USD
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400000 USD
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700000 USD
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1200000 USD
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3800000 USD
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3600000 USD
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3500000 USD
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4500000 USD
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4600000 USD
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4500000 USD
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198200000 USD
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7400000 USD
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11000000 USD
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23000000 USD
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498300000 USD
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295800000 USD
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200000 USD
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146900000 USD
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74700000 USD
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36500000 USD
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129700000 USD
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92300000 USD
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56200000 USD
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198000000 USD
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938800000 USD
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590600000 USD
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352000000 USD
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0 USD
CY2017 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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0 USD
CY2018 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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178900000 USD
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3700000 USD
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68700000 USD
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297100000 USD
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-0.88
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0.17
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0.41
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0.31
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1.09
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0.23
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0.36
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0.41
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0.33
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6.03
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0.17
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0.41
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0.30
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0.86
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1.07
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0.23
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0.35
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0.40
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0.33
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5.93
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3500000 USD
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3100000 USD
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0.213
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0.35
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0.35
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0.21
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-0.092
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-0.477
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0.000
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0.215
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0.007
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.002
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0.015
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0.002
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-0.022
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0.000
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-0.646
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-0.003
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0.015
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-0.015
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0.000
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-0.108
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0.110
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.041
CY2017Q4 us-gaap Employee Related Liabilities Current
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11300000 USD
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12000000 USD
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P4Y9M18D
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P5Y2M12D
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1800000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4700000 USD
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300000 USD
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200000 USD
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300000 USD
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300000 USD
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6200000 USD
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6200000 USD
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4400000 USD
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1500000 USD
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0 USD
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4300000 USD
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0 USD
CY2018 us-gaap Gain Loss On Disposition Of Assets
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0 USD
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5500000 USD
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5500000 USD
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2100000 USD
CY2018 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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0 USD
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238200000 USD
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63400000 USD
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73300000 USD
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71200000 USD
CY2017Q4 us-gaap Gross Profit
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65300000 USD
CY2017 us-gaap Gross Profit
GrossProfit
273200000 USD
CY2018Q1 us-gaap Gross Profit
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72500000 USD
CY2018Q2 us-gaap Gross Profit
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80000000 USD
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GrossProfit
82200000 USD
CY2018Q4 us-gaap Gross Profit
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73000000 USD
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307700000 USD
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1900000 USD
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6700000 USD
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45600000 USD
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62800000 USD
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6500000 USD
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45500000 USD
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62900000 USD
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-200000 USD
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-100000 USD
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100000 USD
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3900000 USD
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6400000 USD
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15200000 USD
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11300000 USD
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32600000 USD
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65500000 USD
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8700000 USD
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13400000 USD
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15100000 USD
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12300000 USD
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49500000 USD
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0.10
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1.77
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1.34
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0.10
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1.74
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1.31
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-36500000 USD
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-25100000 USD
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175200000 USD
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-0.98
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-0.68
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4.69
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-0.98
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-0.67
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4.62
CY2016 us-gaap Income Tax Expense Benefit
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2600000 USD
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IncomeTaxExpenseBenefit
-20000000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13400000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-600000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-21700000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
1400000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
300000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-100000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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2300000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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15900000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
13200000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
100000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
100000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-1400000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
0 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-29400000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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5000000 USD
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19400000 USD
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0 USD
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0 USD
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245100000 USD
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45600000 USD
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44100000 USD
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9800000 USD
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40400000 USD
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15400000 USD
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2 segment
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1 segment
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8000000 USD
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45700000 USD
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61700000 USD
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14000000 USD
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8000000 USD
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400000 USD
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400000 USD
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200000 USD
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6600000 USD
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6000000 USD
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1100000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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1100000 USD
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8200000 USD
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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19900000 USD
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12600000 USD
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0 USD
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0 USD
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9100000 USD
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9100000 USD
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3700000 USD
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13000000 USD
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109300000 USD
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0 USD
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800000 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1900000 USD
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2200000 USD
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2500000 USD
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4500000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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0.01
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25000000 shares
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25000000 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q4 us-gaap Preferred Stock Value
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USD
CY2018Q4 us-gaap Preferred Stock Value
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USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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3300000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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10600000 USD
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0 USD
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2400000 USD
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5400000 USD
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500000 USD
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
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100000 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
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58900000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
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55300000 USD
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14000000 USD
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14900000 USD
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3100000 USD
CY2017 us-gaap Provision For Doubtful Accounts
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1000000 USD
CY2018 us-gaap Provision For Doubtful Accounts
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700000 USD
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300000 USD
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100000 USD
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100000 USD
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44800000 USD
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CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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The Company's standard terms, provided on its invoices as well as on its websites, are included in communications with the customer and have standard payment terms of 30 days. Certain customers may have extended payment terms that have been pre-approved by the Company's credit department, but generally none extend longer than 120 days.
CY2017Q4 us-gaap Sales And Excise Tax Payable Current
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2300000 USD
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
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2800000 USD
CY2016 us-gaap Selling General And Administrative Expense
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226300000 USD
CY2017 us-gaap Selling General And Administrative Expense
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227200000 USD
CY2018 us-gaap Selling General And Administrative Expense
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245200000 USD
CY2016 us-gaap Share Based Compensation
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1600000 USD
CY2018 us-gaap Share Based Compensation
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0.047
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0.047
CY2018Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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0.057
CY2017 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
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2400000 USD
CY2018 us-gaap Stock Granted During Period Value Sharebased Compensation Gross
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5400000 USD
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100000 USD
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0 USD
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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0 USD
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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0 USD
CY2018Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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2000000 shares
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1767450 shares
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253900000 USD
CY2016Q4 us-gaap Stockholders Equity
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214400000 USD
CY2017Q4 us-gaap Stockholders Equity
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211800000 USD
CY2018Q4 us-gaap Stockholders Equity
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137700000 USD
CY2018Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
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38.96
CY2017Q4 us-gaap Treasury Stock Shares
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1768218 shares
CY2018Q4 us-gaap Treasury Stock Shares
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1526525 shares
CY2018Q3 us-gaap Treasury Stock Shares Acquired
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232550 shares
CY2018Q3 us-gaap Treasury Stock Shares Acquired
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232550 shares
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21800000 USD
CY2018Q4 us-gaap Treasury Stock Value
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25100000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
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9100000 USD
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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1500000 USD
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0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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37200000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37600000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37900000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37200000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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37200000 shares
CY2018 us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Fiscal Year</font><font style="font-family:inherit;font-size:10pt;"> &#8212; The Company&#8217;s fiscal year ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, all fiscal years are referred to as if they ended on December 31. The fiscal year is divided into four fiscal quarters that each end at midnight on a Saturday.&#160; For clarity of presentation herein, all fiscal quarters are referred to as if they ended on the traditional calendar month. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:10pt;">The full year of 2018, 2017 and 2016 included 52 weeks.</font></div></div>
CY2018 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Significant Concentrations</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;"> &#8211; Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable.&#160; The Company&#8217;s excess cash balances are invested with money center banks.&#160; Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers and their geographic dispersion comprising the Company&#8217;s customer base.&#160; The Company also performs on-going credit evaluations and maintains allowances for potential losses as warranted.</font></div></div>
CY2018 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Use of Estimates In Financial Statements</font><font style="font-family:inherit;font-size:10pt;"> &#8212; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company&#8217;s business environment, therefore, actual results could differ from these estimates.</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in reported results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect the allowance for doubtful accounts, product returns liabilities, inventory reserves, allowances for cooperative advertising, vendor drop shipments, the carrying value of long&#8209;lived assets (including goodwill and intangible assets), capitalization and amortization of software development costs, the provision for income taxes and related deferred tax accounts, certain accrued liabilities, revenue recognition, contingencies, sub-rental lease income, litigation and related legal accruals and the value attributed to employee stock options and other stock&#8209;based awards.</font></div></div>

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