2020 Q1 Form 10-K Financial Statement

#000156459020005754 Filed on February 21, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4
Revenue $290.8M $253.5M $185.9M
YoY Change 53.38% 36.36% 23.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $99.50M $175.6M $88.60M
YoY Change 65.28% 98.19% 103.21%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.50M $37.50M $36.10M
YoY Change 14.58% 3.88% 23.21%
% of Gross Profit
Operating Expenses $138.0M $217.0M $124.7M
YoY Change 47.12% 74.02% 71.06%
Operating Profit $152.8M $90.30M $92.10M
YoY Change 59.5% -1.95%
Interest Expense -$24.80M -$57.90M -$52.30M
YoY Change 65.33% 10.71% 10360.0%
% of Operating Profit -16.23% -64.12% -56.79%
Other Income/Expense, Net $1.000M
YoY Change
Pretax Income $130.7M $32.00M $45.10M
YoY Change 61.76% -29.05% -41.5%
Income Tax $1.700M -$100.0K $0.00
% Of Pretax Income 1.3% -0.31% 0.0%
Net Earnings $6.500M $16.10M $17.20M
YoY Change -64.09% -6.4% 16.22%
Net Earnings / Revenue 2.24% 6.35% 9.25%
Basic Earnings Per Share
Diluted Earnings Per Share $361.1K $312.0K $314.4K
COMMON SHARES
Basic Shares Outstanding 17.96M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $3.300M $109.3M
YoY Change -11.43% -96.98% 131.57%
Cash & Equivalents $3.100M $3.300M $109.3M
Short-Term Investments
Other Short-Term Assets $3.000M $4.700M $3.300M
YoY Change -6.25% 42.42% -25.0%
Inventory
Prepaid Expenses
Receivables $106.8M $87.60M $67.30M
Other Receivables $300.0K $300.0K $500.0K
Total Short-Term Assets $113.2M $95.90M $180.4M
YoY Change 68.45% -46.84% 61.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.029B $3.010B $2.735B
YoY Change 11.08% 10.05% 8.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $110.5M $107.8M $67.30M
YoY Change 48.72% 60.18%
Other Assets $61.00M $12.90M $6.900M
YoY Change 2441.67% 86.96% 115.63%
Total Long-Term Assets $3.201B $3.182B $2.811B
YoY Change 14.19% 13.2% 11.38%
TOTAL ASSETS
Total Short-Term Assets $113.2M $95.90M $180.4M
Total Long-Term Assets $3.201B $3.182B $2.811B
Total Assets $3.315B $3.278B $2.991B
YoY Change 15.46% 9.58% 13.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.00M $78.50M $34.40M
YoY Change 95.12% 128.2% -0.86%
Accrued Expenses $84.30M $88.70M $85.60M
YoY Change 152.4% 3.62% 161.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $0.00 $11.30M
YoY Change -100.0%
Total Short-Term Liabilities $145.8M $176.1M $138.1M
YoY Change 124.65% 27.52% 85.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.812B $1.754B $969.8M
YoY Change 25787.14% 80.81%
Other Long-Term Liabilities $16.20M $16.00M $7.200M
YoY Change 10.96% 122.22% 33.33%
Total Long-Term Liabilities $1.828B $1.770B $977.0M
YoY Change 8364.35% 81.12% 17992.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.8M $176.1M $138.1M
Total Long-Term Liabilities $1.828B $1.770B $977.0M
Total Liabilities $3.184B $1.946B $1.115B
YoY Change 35.12% 74.48% -47.26%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.7M $131.5M $518.0M
YoY Change
Total Liabilities & Shareholders Equity $3.315B $3.278B $2.991B
YoY Change 15.46% 9.58% 13.51%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income $6.500M $16.10M $17.20M
YoY Change -64.09% -6.4% 16.22%
Depreciation, Depletion And Amortization $38.50M $37.50M $36.10M
YoY Change 14.58% 3.88% 23.21%
Cash From Operating Activities $140.2M $136.3M $99.50M
YoY Change 37.72% 36.98% -17.7%
INVESTING ACTIVITIES
Capital Expenditures $78.10M -$111.5M -$78.00M
YoY Change 29.52% 42.95% 103.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.600M
YoY Change -100.0% -100.0%
Cash From Investing Activities -$78.10M -$111.5M -$76.40M
YoY Change -65.35% 45.94% 99.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.30M -28.60M -256.9M
YoY Change -408.42% -88.87% 208.03%
NET CHANGE
Cash From Operating Activities 140.2M 136.3M 99.50M
Cash From Investing Activities -78.10M -111.5M -76.40M
Cash From Financing Activities -62.30M -28.60M -256.9M
Net Change In Cash -200.0K -3.800M -233.8M
YoY Change -99.81% -98.37% 29125.0%
FREE CASH FLOW
Cash From Operating Activities $140.2M $136.3M $99.50M
Capital Expenditures $78.10M -$111.5M -$78.00M
Free Cash Flow $62.10M $247.8M $177.5M
YoY Change 49.64% 39.61% 11.49%

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PaymentOfDistributionsToLimitedPartners
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PaymentOfDistributionsToLimitedPartners
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PaymentsOfOtherContributionsOrDistributions
6100000
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PaymentsOfOtherContributionsOrDistributions
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CY2019 hesm Increase Decrease In Accrued Capital Expenditures And Related Liabilities
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CY2017 hesm Removal Of Historical Capitalized Offering Costs
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;text-indent:2%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates.<font style="font-style:normal;">&nbsp;&nbsp;We prepare our consolidated financial statements in conformity with the U.S. GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the years presented. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.</font></p>
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CY2019 us-gaap Number Of Operating Segments
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CY2019 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
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CY2019Q4 us-gaap Operating Lease Liability Current
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CY2019Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
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us-gaap:OtherLiabilitiesCurrent
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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CY2019Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
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CY2019Q4 us-gaap Finance Lease Liability
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0
CY2018Q4 us-gaap Partners Capital
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CY2018 us-gaap Repayments Of Bank Debt
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2500000
CY2018 hesm Payments Of Distribution To Joint Venture
PaymentsOfDistributionToJointVenture
322000000
CY2017 us-gaap Repayments Of Bank Debt
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385000000
CY2017 hesm Distribution Of Initial Public Offering Proceeds
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349500000
CY2017 hesm Payments Of Distribution To Joint Venture
PaymentsOfDistributionToJointVenture
100000000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3905000000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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894900000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2019Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
34700000
CY2018Q4 hesm Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
52400000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
18700000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
16900000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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35300000
CY2018Q4 us-gaap Other Accrued Liabilities Current
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16300000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
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CY2018Q4 us-gaap Debt Instrument Carrying Amount
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997500000
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28500000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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16400000
CY2019Q4 us-gaap Long Term Debt
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CY2018Q4 us-gaap Long Term Debt
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CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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372000000
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2018Q4 us-gaap Accrued Environmental Loss Contingencies Current
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600000
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
2100000
CY2019 hesm Ratio Of Debt To Ebitda
RatioOfDebtToEBITDA
5.00
CY2019 hesm Leverage Ratio
LeverageRatio
5.50
CY2018 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
42700000
CY2017 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
18800000
CY2019 hesm Period Of Distribution Of Cash To Unitholders
PeriodOfDistributionOfCashToUnitholders
P45D
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
700000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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16900000
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200000
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DeferredTaxAssetsGross
50000000
CY2019 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Facilities contain representations and warranties, affirmative and negative covenants and events of default that the Partnership considers to be customary for an agreement of this type, including a covenant that requires the Partnership to maintain a ratio of total debt to EBITDA (as defined in the Credit Facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to the Partnership obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter.
CY2019 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
60800000
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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0
CY2018Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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0
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
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1100000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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200000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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100000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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100000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
100000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
100000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
500000
CY2019Q4 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
65000000
CY2019Q4 hesm Recorded Unconditional Purchase Obligation Due Thereafter
RecordedUnconditionalPurchaseObligationDueThereafter
0
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q4 hesm Number Of Crude Oil Rail Cars
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550
CY2019 hesm Proportional Share Of Equity Affiliates Depreciation
ProportionalShareOfEquityAffiliatesDepreciation
2000000
CY2019 us-gaap Restructuring Costs
RestructuringCosts
26200000
CY2019 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
550700000
CY2019 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
416300000
CY2018 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
505100000
CY2018 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
271300000
CY2017 hesm Income Loss From Continuing Operations Before Interest Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeInterestIncomeTaxesDepreciationAndAmortization
379600000
CY2017 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
118300000
CY2019 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
400000
CY2019Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
400000
CY2019Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-100000
CY2019Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.214
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.206
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.376
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.017
CY2019 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.004
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.004
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.043
CY2019Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
200000
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
10700000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
200000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10700000
CY2019Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
49800000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
200000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
87400000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
91200000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
99300000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
90300000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
80800000
CY2019Q2 us-gaap Profit Loss
ProfitLoss
74400000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
95800000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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6400000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
50000000
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
10700000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q1 us-gaap Revenues
Revenues
189600000
CY2019Q2 us-gaap Revenues
Revenues
190300000
CY2019Q3 us-gaap Revenues
Revenues
214900000
CY2019Q4 us-gaap Revenues
Revenues
253500000
CY2019Q4 us-gaap Profit Loss
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75100000
CY2019Q1 us-gaap Net Income Loss
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CY2019Q2 us-gaap Net Income Loss
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16800000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q4 us-gaap Net Income Loss
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CY2018Q1 us-gaap Revenues
Revenues
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Revenues
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CY2018Q3 us-gaap Revenues
Revenues
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Revenues
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CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
96300000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
99000000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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ProfitLoss
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CY2018Q2 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
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CY2018Q4 us-gaap Profit Loss
ProfitLoss
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CY2018Q1 us-gaap Net Income Loss
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CY2018Q2 us-gaap Net Income Loss
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17800000
CY2018Q3 us-gaap Net Income Loss
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18800000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
17200000

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