2015 Q4 Form 10-Q Financial Statement

#000086682915000046 Filed on October 21, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $157.7M $182.5M $340.8M
YoY Change -23.88% -46.47% 54.84%
Cost Of Revenue $137.6M $150.5M $214.6M
YoY Change -21.1% -29.87% 42.4%
Gross Profit -$324.9M $31.97M $126.2M
YoY Change -1090.39% -74.68% 81.76%
Gross Profit Margin -206.05% 17.52% 37.04%
Selling, General & Admin $14.50M $13.60M $19.92M
YoY Change -36.68% -31.73% -11.88%
% of Gross Profit 42.53% 15.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.10M $32.80M $28.40M
YoY Change 21.79% 15.49% 30.28%
% of Gross Profit 102.6% 22.5%
Operating Expenses $14.50M $13.60M $19.92M
YoY Change -36.4% -31.73% -11.48%
Operating Profit -$339.4M $18.37M $106.3M
YoY Change -3492.28% -82.72% 126.44%
Interest Expense -$132.7M $10.90M $8.952M
YoY Change 2664.58% 21.73% -257.05%
% of Operating Profit 59.31% 8.42%
Other Income/Expense, Net -$17.80M -$5.000K $598.0K
YoY Change -873.91% -100.84% -85.05%
Pretax Income -$506.2M $9.974M $105.4M
YoY Change -7130.56% -90.54% 101.18%
Income Tax -$102.3M $94.00K $29.83M
% Of Pretax Income 0.94% 28.3%
Net Earnings -$403.9M $9.880M $75.59M
YoY Change -5148.75% -86.93% 69.48%
Net Earnings / Revenue -256.15% 5.41% 22.18%
Basic Earnings Per Share -$3.83 $0.09 $0.72
Diluted Earnings Per Share -$3.83 $0.09 $0.71
COMMON SHARES
Basic Shares Outstanding 106.1M shares 105.4M shares 105.0M shares
Diluted Shares Outstanding 105.4M shares 105.3M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $494.2M $468.9M $546.5M
YoY Change 3.71% -14.2% 13.81%
Cash & Equivalents $494.2M $468.9M $546.5M
Short-Term Investments
Other Short-Term Assets $39.52M $44.50M $52.00M
YoY Change -22.97% -14.42% -31.76%
Inventory $5.000M $5.000M $2.400M
Prepaid Expenses
Receivables $76.29M $114.3M $197.1M
Other Receivables $0.00 $597.0K $31.10M
Total Short-Term Assets $684.0M $696.4M $829.1M
YoY Change -1.47% -16.0% 12.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.603B $1.934B $1.640B
YoY Change -7.63% 17.93% 9.22%
Goodwill $45.11M $61.65M
YoY Change -27.42%
Intangibles
YoY Change
Long-Term Investments $26.20M $143.5M $152.6M
YoY Change -82.49% -5.98% -5.33%
Other Assets $41.61M $72.12M $39.60M
YoY Change -29.8% 82.13% -15.2%
Total Long-Term Assets $1.716B $2.212B $1.916B
YoY Change -14.48% 15.43% 8.06%
TOTAL ASSETS
Total Short-Term Assets $684.0M $696.4M $829.1M
Total Long-Term Assets $1.716B $2.212B $1.916B
Total Assets $2.400B $2.908B $2.745B
YoY Change -11.14% 5.94% 9.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.37M $75.78M $117.3M
YoY Change -21.62% -35.4% 56.4%
Accrued Expenses $71.64M $78.72M $73.60M
YoY Change -31.72% 6.95% 4.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $71.64M $71.64M $24.40M
YoY Change 154.55% 193.61% 19.61%
Total Short-Term Liabilities $210.9M $226.1M $253.2M
YoY Change -6.52% -10.69% 28.07%
LONG-TERM LIABILITIES
Long-Term Debt $677.7M $704.6M $529.3M
YoY Change 29.52% 33.11% -3.45%
Other Long-Term Liabilities $51.42M $46.41M $17.60M
YoY Change 34.92% 163.7% -3.83%
Total Long-Term Liabilities $729.1M $751.0M $546.9M
YoY Change 29.89% 37.32% -3.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.9M $226.1M $253.2M
Total Long-Term Liabilities $729.1M $751.0M $546.9M
Total Liabilities $1.121B $1.235B $1.068B
YoY Change 7.04% 15.66% 1.65%
SHAREHOLDERS EQUITY
Retained Earnings $404.3M $808.2M
YoY Change -48.25%
Common Stock $945.6M $944.7M
YoY Change 1.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.279B $1.673B $1.677B
YoY Change
Total Liabilities & Shareholders Equity $2.400B $2.908B $2.745B
YoY Change -11.14% 5.94% 9.28%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$403.9M $9.880M $75.59M
YoY Change -5148.75% -86.93% 69.48%
Depreciation, Depletion And Amortization $34.10M $32.80M $28.40M
YoY Change 21.79% 15.49% 30.28%
Cash From Operating Activities $71.40M $36.40M $162.1M
YoY Change 23.32% -77.54% 235.61%
INVESTING ACTIVITIES
Capital Expenditures -$39.80M -$47.60M -$111.5M
YoY Change -69.94% -57.31% -35.73%
Acquisitions
YoY Change
Other Investing Activities $11.20M $2.100M $200.0K
YoY Change 107.41% 950.0% -99.76%
Cash From Investing Activities -$28.50M -$45.70M -$111.3M
YoY Change -77.56% -58.94% 22.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.60M -18.50M -10.50M
YoY Change 304.88% 76.19% -175.54%
NET CHANGE
Cash From Operating Activities 71.40M 36.40M 162.1M
Cash From Investing Activities -28.50M -45.70M -111.3M
Cash From Financing Activities -16.60M -18.50M -10.50M
Net Change In Cash 26.30M -27.80M 40.30M
YoY Change -135.93% -168.98% -238.97%
FREE CASH FLOW
Cash From Operating Activities $71.40M $36.40M $162.1M
Capital Expenditures -$39.80M -$47.60M -$111.5M
Free Cash Flow $111.2M $84.00M $273.6M
YoY Change -41.57% -69.3% 23.35%

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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2014Q4 us-gaap Fair Value Net Asset Liability
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us-gaap Gain Loss On Foreign Currency Cash Flow Hedge Ineffectiveness
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CY2014Q4 us-gaap Goodwill
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us-gaap Gross Profit
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us-gaap Gross Profit
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22790000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Taxes Paid
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Receivable
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25440000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Interest Expense
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2741000 USD
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2086000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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503000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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75586000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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9880000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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10000000 USD
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10000000 USD
CY2015Q3 us-gaap Notes Receivable Gross
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us-gaap Number Of Reportable Segments
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3 segment
CY2014Q3 us-gaap Operating Income Loss
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106331000 USD
us-gaap Operating Income Loss
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CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
18372000 USD
us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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us-gaap Other Nonoperating Income
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Additional Interest In Subsidiaries
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us-gaap Payments To Acquire Additional Interest In Subsidiaries
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0 USD
us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Minority Shareholders
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1018000 USD
us-gaap Payments To Minority Shareholders
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CY2014Q4 us-gaap Prepaid Insurance
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CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
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700000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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5750000 USD
CY2015Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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1760000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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5300000 USD
us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
250000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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11074000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7500000 USD
us-gaap Proceeds From Stock Plans
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3223000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
3484000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
75586000 USD
us-gaap Profit Loss
ProfitLoss
187590000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
9880000 USD
us-gaap Profit Loss
ProfitLoss
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2241444000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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1735384000 USD
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us-gaap Repayments Of Other Long Term Debt
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us-gaap Repayments Of Other Long Term Debt
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15000000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
us-gaap Repayments Of Secured Debt
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CY2014Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
1100000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
3600000 USD
CY2015Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
1500000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
4400000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
781279000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
808166000 USD
CY2014Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
538119000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19916000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
69614000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42750000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
7941000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
6200000 shares
CY2014Q4 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
1673285000 USD
CY2014Q4 us-gaap Supplies
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CY2015Q3 us-gaap Supplies
Supplies
5022000 USD
CY2014Q4 us-gaap Taxes Payable Current
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TaxesPayableCurrent
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CY2014Q4 us-gaap Unbilled Contracts Receivable
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31870000 USD
CY2014Q3 us-gaap Undistributed Earnings
UndistributedEarnings
75194000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
186107000 USD
CY2015Q3 us-gaap Undistributed Earnings
UndistributedEarnings
9828000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
26738000 USD
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
392000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
980000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
52000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
149000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-69000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-2222000 USD
CY2014Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
9326000 USD
CY2015Q3 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
8060000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105338000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105374000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105438000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105362000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104997000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105038000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105438000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105362000 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Company Overview&#160;</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We seek to provide services and methodologies that we believe are critical to developing offshore reservoirs and maximizing production economics. We provide services primarily in deepwater in the Gulf of Mexico, North Sea, Asia Pacific and West Africa regions, and expect to expand our operations offshore Brazil. Our &#8220;life of field&#8221; services are segregated into </font><font style="font-family:Arial;font-size:11pt;">three</font><font style="font-family:Arial;font-size:11pt;"> reportable business segments: Well Intervention, Robotics and Production Facilities (Note&#160;11).</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the Gulf of Mexico and North Sea regions. Our Well Intervention segment also includes intervention riser systems (&#8220;IRSs&#8221;) that may be available on a rental basis. Our well intervention vessels include the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Q4000</font><font style="font-family:Arial;font-size:11pt;">, the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Helix 534</font><font style="font-family:Arial;font-size:11pt;">, the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Seawell</font><font style="font-family:Arial;font-size:11pt;">, the</font><font style="font-family:Arial;font-size:11pt;font-style:italic;"> Well Enhancer</font><font style="font-family:Arial;font-size:11pt;"> and the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Skandi Constructor</font><font style="font-family:Arial;font-size:11pt;">, which is a chartered vessel. Our well intervention fleet also includes the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Q5000</font><font style="font-family:Arial;font-size:11pt;">, a newbuild semi-submersible well intervention vessel that was delivered to us at the end of April&#160;2015 and is currently working for a client in the Gulf of Mexico. We are currently constructing another well intervention vessel, the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Q7000</font><font style="font-family:Arial;font-size:11pt;">. We have also contracted to charter </font><font style="font-family:Arial;font-size:11pt;">two</font><font style="font-family:Arial;font-size:11pt;"> newbuild monohull vessels, to be used in connection with our contracts to provide well intervention services offshore Brazil.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Our Robotics segment includes remotely operated vehicles (&#8220;ROVs&#8221;), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates </font><font style="font-family:Arial;font-size:11pt;">five</font><font style="font-family:Arial;font-size:11pt;"> chartered ROV and trencher support vessels including the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Grand Canyon II</font><font style="font-family:Arial;font-size:11pt;">, which was delivered to us in late April&#160;2015.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Our Production Facilities segment includes the </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Helix Producer I</font><font style="font-family:Arial;font-size:11pt;"> vessel (</font><font style="font-family:Arial;font-size:11pt;font-style:italic;">&#8220;HP&#160;I&#8221;</font><font style="font-family:Arial;font-size:11pt;">) as well as our equity investments in Deepwater Gateway, L.L.C. (&#8220;Deepwater Gateway&#8221;) and Independence Hub, LLC (&#8220;Independence Hub&#8221;) (Note&#160;5). The Production Facilities segment also includes the Helix Fast Response System (&#8220;HFRS&#8221;), which provides certain operators access to our </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">Q4000</font><font style="font-family:Arial;font-size:11pt;"> and </font><font style="font-family:Arial;font-size:11pt;font-style:italic;">HP&#160;I</font><font style="font-family:Arial;font-size:11pt;"> vessels in the event of a well control incident in the Gulf of Mexico.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.</font></div></div>

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