2018 Q2 Form 10-Q Financial Statement

#000162828018010861 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.005B $1.017B
YoY Change -1.17% 3.95%
Cost Of Revenue $725.8M $942.2M
YoY Change -22.97% -2.24%
Gross Profit $279.5M $74.86M
YoY Change 273.29% 409.3%
Gross Profit Margin 27.8% 7.36%
Selling, General & Admin $73.20M $91.30M
YoY Change -19.82% 58.78%
% of Gross Profit 26.19% 121.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.40M $67.00M
YoY Change -6.87% -3.87%
% of Gross Profit 22.33% 89.5%
Operating Expenses $73.20M $91.40M
YoY Change -19.91% 58.68%
Operating Profit $219.0M $196.0M
YoY Change 11.7% 13.56%
Interest Expense $60.11M $98.96M
YoY Change -39.26% -6.49%
% of Operating Profit 27.45% 50.48%
Other Income/Expense, Net -$91.00K -$380.0K
YoY Change -76.05% -70.22%
Pretax Income $266.5M $159.1M
YoY Change 67.5% -57.83%
Income Tax $92.65M $42.03M
% Of Pretax Income 34.76% 26.41%
Net Earnings $224.4M $116.4M
YoY Change 92.82% -66.5%
Net Earnings / Revenue 22.32% 11.44%
Basic Earnings Per Share $1.37 $0.28
Diluted Earnings Per Share $1.00 $0.28
COMMON SHARES
Basic Shares Outstanding 214.9M shares
Diluted Shares Outstanding 224.4M shares 168.7M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $402.4M $367.2M
YoY Change 9.59%
Cash & Equivalents $249.9M $367.2M
Short-Term Investments
Other Short-Term Assets $833.3M $875.3M
YoY Change -4.8%
Inventory
Prepaid Expenses $176.1M $145.5M
Receivables $424.5M $472.1M
Other Receivables $49.80M $64.40M
Total Short-Term Assets $1.272B $1.242B
YoY Change 2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $1.794B $2.208B
YoY Change -18.77%
Goodwill $1.819B $2.021B
YoY Change -9.98%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $240.7M $209.5M
YoY Change 14.89%
Total Long-Term Assets $5.659B $6.127B
YoY Change -7.65%
TOTAL ASSETS
Total Short-Term Assets $1.272B $1.242B
Total Long-Term Assets $5.659B $6.127B
Total Assets $6.931B $7.370B
YoY Change -5.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.47M $82.88M
YoY Change -12.56%
Accrued Expenses $279.7M $314.2M
YoY Change -10.97%
Deferred Revenue $352.0M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $182.4M $345.7M
YoY Change -47.24%
Total Short-Term Liabilities $1.252B $1.415B
YoY Change -11.54%
LONG-TERM LIABILITIES
Long-Term Debt $2.756B $3.292B
YoY Change -16.27%
Other Long-Term Liabilities $283.4M $282.0M
YoY Change 0.49%
Total Long-Term Liabilities $3.471B $4.249B
YoY Change -18.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.252B $1.415B
Total Long-Term Liabilities $3.471B $4.249B
Total Liabilities $4.802B $5.665B
YoY Change -15.22%
SHAREHOLDERS EQUITY
Retained Earnings -$548.6M -$1.044B
YoY Change -47.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.125B $1.413B
YoY Change
Total Liabilities & Shareholders Equity $6.931B $7.370B
YoY Change -5.96%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $224.4M $116.4M
YoY Change 92.82% -66.5%
Depreciation, Depletion And Amortization $62.40M $67.00M
YoY Change -6.87% -3.87%
Cash From Operating Activities $40.40M -$169.3M
YoY Change -123.86% -753.67%
INVESTING ACTIVITIES
Capital Expenditures -$49.50M -$49.70M
YoY Change -0.4% 7.11%
Acquisitions
YoY Change
Other Investing Activities $11.10M -$5.600M
YoY Change -298.21% -101.78%
Cash From Investing Activities -$38.40M -$55.20M
YoY Change -30.43% -120.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.10M -275.7M
YoY Change -91.26% -1.68%
NET CHANGE
Cash From Operating Activities 40.40M -169.3M
Cash From Investing Activities -38.40M -55.20M
Cash From Financing Activities -24.10M -275.7M
Net Change In Cash -22.10M -500.2M
YoY Change -95.58% -3947.69%
FREE CASH FLOW
Cash From Operating Activities $40.40M -$169.3M
Capital Expenditures -$49.50M -$49.70M
Free Cash Flow $89.90M -$119.6M
YoY Change -175.17% -265.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912766
dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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944000 USD
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326 loan
us-gaap Financing Receivable Modifications Number Of Contracts2
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326 loan
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1336000 USD
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
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1036000 USD
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124 loan
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104 loan
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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39117000 USD
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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309918000 USD
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us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
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us-gaap General And Administrative Expense
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0 USD
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us-gaap Goodwill Impairment Loss
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0 USD
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0 USD
us-gaap Goodwill Transfers
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0 USD
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11677000 USD
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312843000 USD
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us-gaap Income Loss From Equity Method Investments
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1000 USD
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us-gaap Income Loss From Equity Method Investments
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0 USD
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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184005000 USD
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9231000 USD
us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
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100372000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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11951000 USD
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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Land
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Land
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us-gaap Operating Income Loss
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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376000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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0 USD
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0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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0 USD
CY2018Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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0 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Payments For Derivative Instrument Investing Activities
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us-gaap Payments For Derivative Instrument Investing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
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us-gaap Payments To Acquire Productive Assets
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93741000 USD
us-gaap Payments To Minority Shareholders
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0 USD
CY2017Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
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0 USD
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
0 USD
CY2018Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
4650000 USD
us-gaap Preferred Stock Accretion Of Redemption Discount
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CY2017Q2 us-gaap Preferred Stock Dividends And Other Adjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
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us-gaap Preferred Stock Dividends And Other Adjustments
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61727000 USD
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0.001
CY2017Q2 us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
0 USD
us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
0 USD
CY2018Q2 us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
74110000 USD
us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
74110000 USD
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
49488000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
49488000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
93461000 USD
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
176101000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
370000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
456561000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2110859000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
298726000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
55290000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
0 USD
us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
-508000 USD
us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
983000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-6329000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-5875000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
505000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
374713000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
117098000 USD
us-gaap Profit Loss
ProfitLoss
-3256000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
223954000 USD
us-gaap Profit Loss
ProfitLoss
395499000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1934904000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1793949000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
51439000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
58282000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
951000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
682000 USD
CY2017Q4 us-gaap Receivables Held For Sale Amount
ReceivablesHeldForSaleAmount
34744000 USD
CY2018Q2 us-gaap Receivables Held For Sale Amount
ReceivablesHeldForSaleAmount
4353000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
357925000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
449900000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2415530000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
671721000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
193305000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
224934000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
182905000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-946236000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-548617000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1247917000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2133205000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2017Q2 us-gaap Revenues
Revenues
1277439000 USD
us-gaap Revenues
Revenues
2133372000 USD
CY2018Q2 us-gaap Revenues
Revenues
1247917000 USD
us-gaap Revenues
Revenues
2133205000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
35337000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3931000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1744000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1575164000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
2124762000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1587282000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2115104000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
1591612000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
168657000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161620000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224354000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224474000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
168591000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
161620000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
214864000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
201494000 shares
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Delinquency is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due. Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. Each of our institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, and those that are modified as a troubled debt restructuring (TDR).</font></div></div>

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0001628280-18-010861.txt Edgar Link pending
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