2017 Q1 Form 10-Q Financial Statement

#000149028117000073 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q1
Revenue $673.6M $698.4M $708.2M
YoY Change -3.55% -1.38% -2.78%
Cost Of Revenue $364.2M $378.3M $387.7M
YoY Change -3.74% -2.42% 6.83%
Gross Profit $309.5M $320.1M $320.5M
YoY Change -3.33% -0.12% -12.32%
Gross Profit Margin 45.94% 45.83% 45.25%
Selling, General & Admin $232.1M $263.0M $289.8M
YoY Change -11.76% -9.27% -3.68%
% of Gross Profit 74.99% 82.15% 90.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.67M $29.76M $26.27M
YoY Change -3.68% 13.31% 22.46%
% of Gross Profit 9.26% 9.3% 8.2%
Operating Expenses $321.1M $365.3M $342.1M
YoY Change -12.08% 6.76% -8.0%
Operating Profit -$11.68M -$45.15M $5.952M
YoY Change -74.13% -858.53% -193.53%
Interest Expense $5.319M $842.0K $670.0K
YoY Change 531.71% 25.67% 661.36%
% of Operating Profit 11.26%
Other Income/Expense, Net $239.0K $1.416M -$19.93M
YoY Change -83.12% -107.11% 2272.26%
Pretax Income -$16.28M -$42.53M -$14.63M
YoY Change -61.72% 190.66% 103.11%
Income Tax $4.587M $1.009M $2.107M
% Of Pretax Income
Net Earnings -$24.41M -$49.12M -$14.27M
YoY Change -50.3% 244.14% -62.24%
Net Earnings / Revenue -3.62% -7.03% -2.02%
Basic Earnings Per Share -$0.04 -$0.08 -$0.02
Diluted Earnings Per Share -$0.04 -$0.08 -$0.02
COMMON SHARES
Basic Shares Outstanding 562.2M shares 582.8M shares 676.4M shares
Diluted Shares Outstanding 562.2M shares 582.8M shares 676.4M shares

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $691.0M $688.5M $975.5M
YoY Change 0.36% -29.42% -6.09%
Cash & Equivalents $618.6M $688.5M $655.5M
Short-Term Investments
Other Short-Term Assets $12.05M $18.36M $13.70M
YoY Change -34.34% 34.0% -90.23%
Inventory $27.10M $39.00M $45.70M
Prepaid Expenses $31.08M $41.10M $31.74M
Receivables $63.73M $73.47M $92.14M
Other Receivables $18.40M $36.30M $70.80M
Total Short-Term Assets $843.2M $896.8M $1.659B
YoY Change -5.98% -45.94% 16.14%
LONG-TERM ASSETS
Property, Plant & Equipment $158.2M $193.0M $170.0M
YoY Change -18.03% 13.57% 6.46%
Goodwill $276.0M $291.7M $224.7M
YoY Change -5.41% 29.85% -49.78%
Intangibles $38.00M $32.77M $24.85M
YoY Change 15.95% 31.85% -82.34%
Long-Term Investments $400.0K $177.6M $1.231M
YoY Change -99.77% 14327.29% -29.33%
Other Assets $18.30M $22.51M $13.88M
YoY Change -18.69% 62.19% -60.9%
Total Long-Term Assets $640.6M $721.9M $495.8M
YoY Change -11.26% 45.59% -41.82%
TOTAL ASSETS
Total Short-Term Assets $843.2M $896.8M $1.659B
Total Long-Term Assets $640.6M $721.9M $495.8M
Total Assets $1.484B $1.619B $2.155B
YoY Change -8.33% -24.88% -5.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.81M $21.97M $17.54M
YoY Change -14.41% 25.26% -61.47%
Accrued Expenses $335.5M $406.6M $194.3M
YoY Change -17.47% 109.24% -23.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $28.30M $26.70M $14.50M
YoY Change 5.99% 84.14%
Total Short-Term Liabilities $992.0M $1.103B $1.262B
YoY Change -10.04% -12.63% -2.73%
LONG-TERM LIABILITIES
Long-Term Debt $195.4M $25.50M $19.10M
YoY Change 666.27% 33.51%
Other Long-Term Liabilities $40.06M $44.59M $10.56M
YoY Change -10.15% 322.22% -92.83%
Total Long-Term Liabilities $97.09M $123.4M $122.8M
YoY Change -21.3% 0.48% 518.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $992.0M $1.103B $1.262B
Total Long-Term Liabilities $97.09M $123.4M $122.8M
Total Liabilities $1.272B $1.233B $1.386B
YoY Change 3.2% -11.02% -4.9%
SHAREHOLDERS EQUITY
Retained Earnings -$1.127B -$953.5M -$936.2M
YoY Change 18.16% 1.85% 5.59%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $833.5M $708.5M $217.0M
YoY Change 17.64% 226.49% -385.35%
Treasury Stock Shares
Shareholders Equity $210.2M $384.3M $764.6M
YoY Change
Total Liabilities & Shareholders Equity $1.484B $1.619B $2.155B
YoY Change -8.33% -24.88% -5.52%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$24.41M -$49.12M -$14.27M
YoY Change -50.3% 244.14% -62.24%
Depreciation, Depletion And Amortization $28.67M $29.76M $26.27M
YoY Change -3.68% 13.31% 22.46%
Cash From Operating Activities -$139.2M -$76.73M $19.25M
YoY Change 81.41% -498.53% -192.93%
INVESTING ACTIVITIES
Capital Expenditures $14.08M $19.85M $18.29M
YoY Change -29.1% 8.52% 13.68%
Acquisitions $40.00K $800.0K
YoY Change -95.0% -98.11%
Other Investing Activities -$7.500M $0.00 -$1.800M
YoY Change -100.0% -98.53%
Cash From Investing Activities -$21.57M -$20.78M -$20.07M
YoY Change 3.8% 3.54% -85.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.23M $64.67M $18.01M
YoY Change -57.88% 259.13% -39.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$45.73M -$78.02M -$35.84M
YoY Change -41.39% 117.69% -13.63%
NET CHANGE
Cash From Operating Activities -$139.2M -$76.73M $19.25M
Cash From Investing Activities -$21.57M -$20.78M -$20.07M
Cash From Financing Activities -$45.73M -$78.02M -$35.84M
Net Change In Cash -$173.6M -$175.5M -$36.65M
YoY Change -1.07% 378.86% -81.75%
FREE CASH FLOW
Cash From Operating Activities -$139.2M -$76.73M $19.25M
Capital Expenditures $14.08M $19.85M $18.29M
Free Cash Flow -$153.3M -$96.58M $958.0K
YoY Change 58.69% -10181.11% -102.6%

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35890000 USD
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36505000 USD
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5151000 USD
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5118000 USD
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1714000 USD
CY2017Q1 us-gaap Deferred Tax Liabilities Noncurrent
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1745000 USD
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0 USD
CY2017Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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583000 USD
CY2016Q1 us-gaap Depreciation Depletion And Amortization
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29761000 USD
CY2017Q1 us-gaap Depreciation Depletion And Amortization
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28667000 USD
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0.00
CY2017Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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0.00
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12006000 USD
CY2017Q1 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
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0 USD
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-0.08
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CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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10668000 USD
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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3756000 USD
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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55590000 USD
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44270000 USD
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2200000 USD
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1500000 USD
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90100000 USD
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P1Y0M3D
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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130725000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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129625000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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82584000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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82887000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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-285000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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0 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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10781000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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13938000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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14588000 USD
CY2016Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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42915000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
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37995000 USD
CY2017Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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303000 USD
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109665000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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115194000 USD
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13000 USD
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15301000 USD
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250000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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994000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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6662000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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14775000 USD
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152580000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
153189000 USD
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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5643000 USD
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
51000 USD
CY2016Q4 us-gaap Goodwill
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274551000 USD
CY2017Q1 us-gaap Goodwill
Goodwill
275978000 USD
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1427000 USD
CY2016Q1 us-gaap Gross Profit
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320102000 USD
CY2017Q1 us-gaap Gross Profit
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309451000 USD
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-16282000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-43539000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-20869000 USD
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CY2017Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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-0.04
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487000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
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1009000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4587000 USD
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11495000 USD
CY2017Q1 us-gaap Income Taxes Receivable
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11080000 USD
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-1499000 USD
CY2017Q1 us-gaap Increase Decrease In Accounts Payable
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-13184000 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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5763000 USD
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-10594000 USD
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
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11967000 USD
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12905000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Capital Net
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1719000 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-18939000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-5380000 USD
CY2016Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-502000 USD
CY2017Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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46300000 shares
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842000 USD
CY2017Q1 us-gaap Interest Expense
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5319000 USD
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4619000 USD
CY2017Q1 us-gaap Interest Expense Debt Excluding Amortization
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2032000 USD
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333000 USD
CY2017Q1 us-gaap Interest Income Other
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602000 USD
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
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27053000 USD
CY2016Q4 us-gaap Investments
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CY2017Q1 us-gaap Investments
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110066000 USD
CY2017Q1 us-gaap Investments Fair Value Disclosure
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112606000 USD
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11100000 USD
CY2017Q1 us-gaap Letters Of Credit Outstanding Amount
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10900000 USD
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Liabilities
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1761377000 USD
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1483835000 USD
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47052000 USD
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0 USD
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2927000 USD
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0 USD
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CY2016Q1 us-gaap Marketing Expense
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CY2016Q4 us-gaap Minority Interest
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3450000 USD
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-14020000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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4032000 USD
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600000 USD
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CY2017Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Operating Income Loss
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130803000 USD
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11807000 USD
CY2017Q1 us-gaap Other Assets Current
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12051000 USD
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23484000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
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18300000 USD
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27000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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2000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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147000 USD
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27000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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4000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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0 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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239000 USD
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CY2017Q1 us-gaap Other Expenses
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239000 USD
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40059000 USD
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2618000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
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CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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9953000 USD
CY2016Q1 us-gaap Payments For Tenant Improvements
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4809000 USD
CY2017Q1 us-gaap Payments For Tenant Improvements
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0 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
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473000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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4964000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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8970000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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19852000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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14076000 USD
CY2016Q1 us-gaap Payments To Minority Shareholders
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3365000 USD
CY2017Q1 us-gaap Payments To Minority Shareholders
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3450000 USD
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CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q4 us-gaap Prepaid Expense Current
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34132000 USD
CY2017Q1 us-gaap Prepaid Expense Current
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31080000 USD
CY2017Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2017Q1 us-gaap Proceeds From Issuance Of Warrants
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35495000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
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1933000 USD
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2468000 USD
CY2016Q1 us-gaap Profit Loss
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CY2017Q1 us-gaap Profit Loss
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169452000 USD
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158222000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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14320000 USD
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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6954000 USD
CY2017Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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8067000 USD
us-gaap Restructuring And Related Cost Incurred Cost
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21250000 USD
CY2016 us-gaap Restructuring And Related Cost Incurred Cost
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35479000 USD
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RestructuringAndRelatedCostIncurredCost
2731000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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300 employee
CY2017Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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200 employee
CY2016Q1 us-gaap Restructuring Charges
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11513000 USD
CY2017Q1 us-gaap Restructuring Charges
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2731000 USD
CY2016Q1 us-gaap Restructuring Costs And Asset Impairment Charges
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45000 USD
CY2017Q1 us-gaap Restructuring Costs And Asset Impairment Charges
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0 USD
CY2015Q2 us-gaap Restructuring Reserve
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0 USD
CY2015Q4 us-gaap Restructuring Reserve
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11069000 USD
CY2016Q4 us-gaap Restructuring Reserve
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16395000 USD
CY2017Q1 us-gaap Restructuring Reserve
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9400000 USD
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16395000 USD
CY2017Q1 us-gaap Restructuring Reserve Current
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9400000 USD
us-gaap Restructuring Reserve Translation Adjustment
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-573000 USD
CY2016 us-gaap Restructuring Reserve Translation Adjustment
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CY2017Q1 us-gaap Restructuring Reserve Translation Adjustment
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227000 USD
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CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Revenues
Revenues
698435000 USD
CY2017Q1 us-gaap Revenues
Revenues
673626000 USD
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388806000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
372049000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
309629000 USD
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
301577000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
262978000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
232046000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
30093000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
19701000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
76021445 shares
CY2017Q1 us-gaap Share Price
SharePrice
3.93
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.25
CY2017Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2458000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
20383000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
10000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
264420000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
210165000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
265062000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
211389000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
10847000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
10908000 USD
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
807424000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
833451000 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
26027000 USD
CY2016Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
5965000 USD
CY2017Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
7248000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
582751678 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
562195243 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
582751678 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
562195243 shares
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the condensed consolidated financial statements of prior periods and the accompanying notes to conform to the current period presentation.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, stock-based compensation, income taxes, valuation of acquired goodwill and intangible assets, investments, customer refunds, contingent liabilities and the useful lives of property, equipment and software and intangible assets. Actual results could differ materially from those estimates.</font></div></div>

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0001490281-17-000073-index-headers.html Edgar Link pending
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