2015 Form 10-K Financial Statement

#000127344116000052 Filed on February 29, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014
Revenue $276.0M $98.90M $559.4M
YoY Change -50.66% -29.15% -22.36%
Cost Of Revenue $115.8M $32.80M $113.9M
YoY Change 1.6% 12.71% -23.58%
Gross Profit $160.2M $66.10M $445.4M
YoY Change -64.03% -40.24% -22.04%
Gross Profit Margin 58.06% 66.84% 79.63%
Selling, General & Admin $32.35M $11.10M $51.25M
YoY Change -36.87% -0.89% -4.03%
% of Gross Profit 20.19% 16.79% 11.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $177.9M $45.80M $187.9M
YoY Change -5.32% 5.05% -3.24%
% of Gross Profit 111.02% 69.29% 42.18%
Operating Expenses $212.0M $54.90M $235.1M
YoY Change -9.83% 0.37% -27.63%
Operating Profit -$51.76M $11.20M $210.3M
YoY Change -124.61% -79.96% -14.68%
Interest Expense $16.58M $26.70M $37.67M
YoY Change -55.97% 2327.27% 144.6%
% of Operating Profit 238.39% 17.91%
Other Income/Expense, Net $502.0K $0.00 $2.000M
YoY Change -74.9% -1700.0%
Pretax Income -$14.06M -$227.2M -$19.74M
YoY Change -28.78% -513.84% 45.54%
Income Tax -$100.1M $42.60M $127.2M
% Of Pretax Income
Net Earnings -$268.0M -$269.8M -$171.3M
YoY Change 56.43% 2058.4% -235.67%
Net Earnings / Revenue -97.11% -272.8% -30.63%
Basic Earnings Per Share -$0.94 -$0.60
Diluted Earnings Per Share -$0.94 -$942.4K -$0.60
COMMON SHARES
Basic Shares Outstanding 285.3M shares 276.1M shares 284.7M shares
Diluted Shares Outstanding 285.3M shares 284.7M shares

Balance Sheet

Concept 2015 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.6M $339.4M $339.4M
YoY Change -55.34% -20.84% -20.84%
Cash & Equivalents $145.3M $331.8M $331.8M
Short-Term Investments $6.250M $7.586M $7.586M
Other Short-Term Assets $5.940M $7.836M $7.836M
YoY Change -24.2% -23.18% -23.18%
Inventory $19.06M $17.30M $13.73M
Prepaid Expenses $6.000M
Receivables $26.92M $83.23M $83.23M
Other Receivables $30.93M $15.90M $15.84M
Total Short-Term Assets $234.4M $463.6M $463.6M
YoY Change -49.43% -9.51% -9.52%
LONG-TERM ASSETS
Property, Plant & Equipment $789.0M $1.129B $1.129B
YoY Change -30.11% -10.41% -10.42%
Goodwill $102.6M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $11.83M $9.203M $9.203M
YoY Change 28.52% 28.48% -15.57%
Total Long-Term Assets $911.7M $1.250B $1.250B
YoY Change -27.09% -10.18% -10.18%
TOTAL ASSETS
Total Short-Term Assets $234.4M $463.6M $463.6M
Total Long-Term Assets $911.7M $1.250B $1.250B
Total Assets $1.146B $1.714B $1.714B
YoY Change -33.13% -10.0% -10.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.78M $112.4M $187.8M
YoY Change -62.32% 55.25% 159.44%
Accrued Expenses $75.43M $0.00
YoY Change -15.78% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.99M $224.3M $224.3M
YoY Change -67.02% -15.85% -15.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $35.89M $36.70M $36.68M
YoY Change -2.13% 18.39% 18.31%
Total Long-Term Liabilities $35.89M $213.0M $36.68M
YoY Change -2.13% 2.38% 18.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.99M $224.3M $224.3M
Total Long-Term Liabilities $35.89M $213.0M $36.68M
Total Liabilities $144.5M $437.4M $437.4M
YoY Change -66.97% -7.85% -7.85%
SHAREHOLDERS EQUITY
Retained Earnings $239.6M
YoY Change -41.69%
Common Stock $10.19M
YoY Change 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.002B $1.277B $1.277B
YoY Change
Total Liabilities & Shareholders Equity $1.146B $1.714B $1.714B
YoY Change -33.13% -10.0% -10.0%

Cashflow Statement

Concept 2015 2014 Q4 2014
OPERATING ACTIVITIES
Net Income -$268.0M -$269.8M -$171.3M
YoY Change 56.43% 2058.4% -235.67%
Depreciation, Depletion And Amortization $177.9M $45.80M $187.9M
YoY Change -5.32% 5.05% -3.24%
Cash From Operating Activities $62.31M $76.40M $216.2M
YoY Change -71.18% -56.22% -58.71%
INVESTING ACTIVITIES
Capital Expenditures -$156.6M -$140.9M -$391.5M
YoY Change -59.99% 46.31% 6.6%
Acquisitions $0.00 $0.00
YoY Change
Other Investing Activities -$76.84M $43.60M $74.77M
YoY Change -202.77% -43700.0% 26.95%
Cash From Investing Activities -$233.5M -$97.40M -$316.8M
YoY Change -26.29% 1.04% 2.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.277M -$11.14M
YoY Change -183.28% 195.41%
Debt Paid & Issued, Net $0.00 $0.00
YoY Change
Cash From Financing Activities -$9.277M -100.0K $11.14M
YoY Change -183.28% -133.33% 195.41%
NET CHANGE
Cash From Operating Activities $62.31M 76.40M $216.2M
Cash From Investing Activities -$233.5M -97.40M -$316.8M
Cash From Financing Activities -$9.277M -100.0K $11.14M
Net Change In Cash -$187.0M -21.10M -$89.45M
YoY Change 109.05% -126.91% -140.87%
FREE CASH FLOW
Cash From Operating Activities $62.31M $76.40M $216.2M
Capital Expenditures -$156.6M -$140.9M -$391.5M
Free Cash Flow $218.9M $217.3M $607.7M
YoY Change -63.97% -19.76% -31.79%

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331848000 USD
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216176000 USD
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30371000 USD
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31064000 USD
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0.001
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
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15200000 USD
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17800000 USD
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1250000 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
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1260000 USD
CY2015 us-gaap Current Federal Tax Expense Benefit
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1070000 USD
CY2013 us-gaap Current Foreign Tax Expense Benefit
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155876000 USD
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91605000 USD
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14313000 USD
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157126000 USD
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92865000 USD
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15383000 USD
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34350000 USD
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CY2014 us-gaap Deferred Income Tax Expense Benefit
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34350000 USD
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34350000 USD
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30799000 USD
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209721000 USD
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248500000 USD
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2153000 USD
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3241000 USD
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20369000 USD
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22674000 USD
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31351000 USD
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176364000 USD
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34592000 USD
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194200000 USD
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187900000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
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177900000 USD
CY2013 us-gaap Derivative Gain Loss On Derivative Net
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0 USD
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1604000 USD
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1045000 USD
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CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-7500000 USD
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2014Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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10900000 USD
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8414000 USD
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2436000 USD
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1815000 USD
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159000 USD
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P1Y6M
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3057000 USD
CY2015Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
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0 USD
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18693000 USD
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39535000 USD
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17242000 USD
CY2013 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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16103000 USD
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30941000 USD
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8380000 USD
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41115000 USD
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51249000 USD
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32353000 USD
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0 USD
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2000000 USD
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265126000 USD
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321285000 USD
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181023000 USD
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322850000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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2610000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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309284000 USD
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CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.64
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-0.51
CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.63
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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-0.51
CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
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-0.09
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013 us-gaap Income Tax Expense Benefit
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128261000 USD
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CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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127215000 USD
CY2015 us-gaap Income Tax Expense Benefit
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21423000 USD
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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94922000 USD
CY2015 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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37691000 USD
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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27910000 USD
CY2015 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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108249000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2724000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2232000 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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919000 USD
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7400000 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
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1119000 USD
CY2015 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3673000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
4433000 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2354000 USD
CY2013 us-gaap Income Taxes Paid
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51183000 USD
CY2014 us-gaap Income Taxes Paid
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101179000 USD
CY2015 us-gaap Income Taxes Paid
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39422000 USD
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15843000 USD
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28635000 USD
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9684000 USD
CY2015Q4 us-gaap Income Taxes Receivable Noncurrent
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8276000 USD
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CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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558000 USD
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CY2013 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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84687000 USD
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CY2014 us-gaap Increase Decrease In Inventories
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2891000 USD
CY2015 us-gaap Increase Decrease In Inventories
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1571000 USD
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2458000 USD
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CY2015 us-gaap Increase Decrease In Prepaid Expense
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34473000 USD
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1590000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
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96000 USD
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CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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12041260 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2013 us-gaap Interest Income Operating
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2174000 USD
CY2014 us-gaap Interest Income Operating
InterestIncomeOperating
2856000 USD
CY2015 us-gaap Interest Income Operating
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1369000 USD
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17298000 USD
CY2015Q4 us-gaap Inventory Net
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19056000 USD
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0 USD
CY2014 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2015 us-gaap Inventory Write Down
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2633000 USD
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3100000 USD
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3200000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4000000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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1714050000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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1146118000 USD
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224326000 USD
CY2015Q4 us-gaap Liabilities Current
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73991000 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
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4118000 USD
CY2015Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1061000 USD
CY2014Q4 us-gaap Liabilities Noncurrent
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gran Tierra Energy Inc., a Nevada corporation (the &#8220;Company&#8221; or &#8220;Gran Tierra&#8221;), is a publicly traded oil and gas company engaged in the acquisition, exploration, development and production of oil and natural gas properties. The Company&#8217;s principal business activity is in Colombia. The Company also has business activities in Peru and Brazil, and until June 25, 2014, had business activities in Argentina.</font></div></div>
CY2015 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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include: oil and natural gas reserves and related present value of future cash flows; depreciation, depletion, amortization and impairment (&#8220;DD&amp;A&#8221;); impairment assessments of goodwill; timing of transfers from oil and gas properties not subject to depletion to the depletable base; asset retirement obligations; determining the value of the consideration transferred and the net identifiable assets acquired and liabilities assumed in connection with business combinations and determining goodwill; assessments of the likely outcome of legal and other contingencies; income taxes; stock-based compensation; and determining the fair value of foreign currency derivatives. Although management believes these estimates are reasonable, changes in facts and circumstances or discovery of new information may result in revised estimates and actual results may differ from these estimates. </font></div></div>

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