2015 Q3 Form 10-Q Financial Statement

#000101473915000012 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q4
Revenue $247.2M $246.9M $239.7M
YoY Change 1.34% -0.09% 6.32%
Cost Of Revenue $182.0M $182.1M $170.9M
YoY Change 6.62% 0.17% 8.65%
Gross Profit $65.23M $64.82M $63.68M
YoY Change 4.06% 4.13% -6.63%
Gross Profit Margin 26.39% 26.25% 26.56%
Selling, General & Admin $17.90M $27.00M $87.70M
YoY Change -78.22% -54.85% 26.55%
% of Gross Profit 27.44% 41.66% 137.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.029M $4.130M $1.700M
YoY Change -4.19% 4.35% -10.53%
% of Gross Profit 6.18% 6.37% 2.67%
Operating Expenses $65.60M $76.50M $105.2M
YoY Change -21.62% 34.92% 59.88%
Operating Profit -$19.28M -$254.0M -$41.52M
YoY Change -30.4% 3860.78% -1832.97%
Interest Expense -$9.500M -$9.100M -$9.300M
YoY Change -199.34% -199.62% 16.25%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$28.79M -$264.8M -$60.63M
YoY Change -22.76% 1437.79% 365.96%
Income Tax -$4.551M -$19.92M $2.700M
% Of Pretax Income
Net Earnings -$16.78M -$244.8M -$63.63M
YoY Change -56.64% 1135.28% 242.83%
Net Earnings / Revenue -6.79% -99.15% -26.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$976.7K -$14.23M -$3.698M
COMMON SHARES
Basic Shares Outstanding 68.73M shares 68.65M shares 68.64M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.40M $1.200M $700.0K
YoY Change -20.0% -30.0%
Cash & Equivalents $29.44M $1.173M $740.0K
Short-Term Investments
Other Short-Term Assets $21.90M $10.40M $18.70M
YoY Change 97.3% -15.45% -36.39%
Inventory $26.89M $42.36M $37.22M
Prepaid Expenses
Receivables $121.2M $131.5M $140.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $199.4M $185.4M $188.2M
YoY Change -7.49% -22.36% -20.57%
LONG-TERM ASSETS
Property, Plant & Equipment $34.11M $34.91M $38.17M
YoY Change -14.84% -12.43% -7.31%
Goodwill $308.7M $335.3M $573.3M
YoY Change -46.15% -41.47% 0.35%
Intangibles $10.27M
YoY Change -38.96%
Long-Term Investments
YoY Change
Other Assets $1.158M $1.192M $1.272M
YoY Change -9.18% -9.56% -65.93%
Total Long-Term Assets $363.2M $391.7M $636.5M
YoY Change -43.53% -39.27% -9.06%
TOTAL ASSETS
Total Short-Term Assets $199.4M $185.4M $188.2M
Total Long-Term Assets $363.2M $391.7M $636.5M
Total Assets $562.7M $577.1M $824.7M
YoY Change -34.49% -34.7% -11.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.38M $77.09M $89.20M
YoY Change -28.68% 10.52% 40.31%
Accrued Expenses $50.40M $47.60M $53.80M
YoY Change 26.32% 4.16% 39.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $39.60M $200.0K $5.395M
YoY Change 708.16% -50.0% -91.05%
Total Short-Term Liabilities $146.8M $134.0M $163.3M
YoY Change 8.35% 6.72% -7.41%
LONG-TERM LIABILITIES
Long-Term Debt $409.3M $418.6M $418.4M
YoY Change -2.17% 0.07% 11.48%
Other Long-Term Liabilities $6.793M $6.891M $8.129M
YoY Change -17.71% -19.68% -53.65%
Total Long-Term Liabilities $6.793M $6.891M $8.129M
YoY Change -17.71% -19.68% -97.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.8M $134.0M $163.3M
Total Long-Term Liabilities $6.793M $6.891M $8.129M
Total Liabilities $563.0M $562.5M $607.9M
YoY Change -2.98% -1.12% 4.4%
SHAREHOLDERS EQUITY
Retained Earnings -$583.5M -$566.7M -$302.2M
YoY Change 144.56% 183.53% 95.3%
Common Stock $533.1M $534.1M $529.7M
YoY Change 1.07% 1.7% 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.74M $10.72M $10.68M
YoY Change 4.13% 3.92% 3.57%
Treasury Stock Shares 2.654M shares 2.645M shares 2.637M shares
Shareholders Equity -$61.14M -$43.29M $216.6M
YoY Change
Total Liabilities & Shareholders Equity $562.7M $577.1M $824.7M
YoY Change -34.49% -34.7% -11.97%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$16.78M -$244.8M -$63.63M
YoY Change -56.64% 1135.28% 242.83%
Depreciation, Depletion And Amortization $4.029M $4.130M $1.700M
YoY Change -4.19% 4.35% -10.53%
Cash From Operating Activities -$20.40M -$18.20M $300.0K
YoY Change 2814.29% 264.0% -101.84%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$3.700M -$2.500M
YoY Change -2.27% -2.63% -55.36%
Acquisitions
YoY Change
Other Investing Activities $22.40M $0.00 $900.0K
YoY Change -100.0% -57.14%
Cash From Investing Activities $18.00M -$3.700M -$1.600M
YoY Change -509.09% 12.12% -55.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.70M -200.0K 2.100M
YoY Change 752.78% -140.0% -89.9%
NET CHANGE
Cash From Operating Activities -20.40M -18.20M 300.0K
Cash From Investing Activities 18.00M -3.700M -1.600M
Cash From Financing Activities 30.70M -200.0K 2.100M
Net Change In Cash 28.30M -22.10M 800.0K
YoY Change -1986.67% 183.33% -11.11%
FREE CASH FLOW
Cash From Operating Activities -$20.40M -$18.20M $300.0K
Capital Expenditures -$4.300M -$3.700M -$2.500M
Free Cash Flow -$16.10M -$14.50M $2.800M
YoY Change -535.14% 1108.33% -126.17%

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3650000 USD
us-gaap Deferred Income Tax Expense Benefit
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CY2015Q2 us-gaap Deferred Income Tax Expense Benefit
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-19950000 USD
us-gaap Deferred Income Tax Expense Benefit
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CY2014Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
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402000 USD
us-gaap Deferred State And Local Income Tax Expense Benefit
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714000 USD
CY2015Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
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-3134000 USD
us-gaap Deferred State And Local Income Tax Expense Benefit
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19058000 USD
CY2015Q2 us-gaap Deferred Tax Liabilities Gross Noncurrent
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2924000 USD
CY2014Q2 us-gaap Depreciation
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3958000 USD
CY2015Q2 us-gaap Depreciation
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4130000 USD
us-gaap Depreciation
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8434000 USD
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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26060000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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2162000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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67000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1983000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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3078000 USD
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33350000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Gross
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33350000 USD
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10269000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
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7290000 USD
CY2014Q1 us-gaap Gain Loss On Disposition Of Assets1
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0 USD
CY2014Q2 us-gaap Gain Loss On Disposition Of Assets1
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USD
CY2015Q2 us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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-628000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2014Q4 us-gaap Goodwill
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CY2015Q2 us-gaap Goodwill
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335323000 USD
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0 USD
CY2014Q2 us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2015Q2 us-gaap Goodwill Impairment Loss
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238000000 USD
us-gaap Goodwill Impairment Loss
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238000000 USD
CY2014Q2 us-gaap Gross Profit
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65356000 USD
us-gaap Gross Profit
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130456000 USD
us-gaap Income Tax Expense Benefit
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CY2014Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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8755000 USD
us-gaap Health Care Organization Patient Service Revenue
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43977000 USD
CY2015Q2 us-gaap Gross Profit
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65966000 USD
us-gaap Gross Profit
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132439000 USD
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161658000 USD
us-gaap Health Care Organization Medical Supplies And Drugs Expense
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313398000 USD
CY2015Q2 us-gaap Health Care Organization Medical Supplies And Drugs Expense
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176763000 USD
us-gaap Health Care Organization Medical Supplies And Drugs Expense
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350710000 USD
CY2014Q2 us-gaap Health Care Organization Other Revenue
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225277000 USD
us-gaap Health Care Organization Other Revenue
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441180000 USD
CY2015Q2 us-gaap Health Care Organization Other Revenue
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241020000 USD
us-gaap Health Care Organization Other Revenue
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480067000 USD
CY2014Q2 us-gaap Health Care Organization Patient Service Revenue
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21848000 USD
us-gaap Health Care Organization Patient Service Revenue
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45238000 USD
CY2015Q2 us-gaap Health Care Organization Patient Service Revenue
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21343000 USD
CY2014Q2 us-gaap Health Care Organization Revenue
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247125000 USD
us-gaap Health Care Organization Revenue
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486418000 USD
CY2015Q2 us-gaap Health Care Organization Revenue
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262363000 USD
us-gaap Health Care Organization Revenue
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524044000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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CY2015Q2 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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-15548000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-37313000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-263085000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-277062000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-1265000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-1644000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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us-gaap Income Tax Expense Benefit
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CY2015Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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19356000 USD
CY2015Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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31098000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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37879000 USD
CY2014Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-5374000 USD
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2015Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2014Q2 us-gaap Income Tax Reconciliation Nondeductible Expense
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66000 USD
us-gaap Income Tax Reconciliation Nondeductible Expense
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117000 USD
CY2015Q2 us-gaap Income Tax Reconciliation Nondeductible Expense
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71000 USD
us-gaap Income Tax Reconciliation Nondeductible Expense
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110000 USD
CY2014Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
CY2015Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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40977000 USD
us-gaap Increase Decrease In Inventories
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58000 USD
us-gaap Increase Decrease In Inventories
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5149000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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1116000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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-8335000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-3745000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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613000 USD
us-gaap Increase Decrease In Receivables
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19019000 USD
us-gaap Increase Decrease In Receivables
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-10299000 USD
CY2014Q2 us-gaap Interest Income Expense Net
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us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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40977000 USD
CY2014Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
125000 USD
CY2015Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
11000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
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11000 USD
CY2014Q2 us-gaap Income Tax Reconciliation Tax Contingencies
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0 USD
us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
0 USD
CY2015Q2 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
2000 USD
us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
2000 USD
us-gaap Income Taxes Paid Net
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349000 USD
us-gaap Income Taxes Paid Net
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515000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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6105000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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-12912000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Deferred Income Taxes
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15834000 USD
us-gaap Increase Decrease In Future Policy Benefit Reserves
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1475000 USD
us-gaap Increase Decrease In Future Policy Benefit Reserves
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us-gaap Increase Decrease In Interest Payable Net
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4764000 USD
us-gaap Increase Decrease In Interest Payable Net
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-9080000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Paid Net
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12232000 USD
us-gaap Interest Paid Net
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18391000 USD
CY2014Q4 us-gaap Interest Payable Current
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6853000 USD
CY2015Q2 us-gaap Interest Payable Current
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6705000 USD
CY2014Q4 us-gaap Inventory Net
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37215000 USD
CY2015Q2 us-gaap Inventory Net
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42364000 USD
us-gaap Payments Of Financing Costs
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1218000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q2 us-gaap Liabilities And Stockholders Equity
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us-gaap Operating Income Loss
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CY2015Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
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3900000 USD
CY2015Q2 us-gaap Lease And Rental Expense
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1800000 USD
us-gaap Lease And Rental Expense
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3700000 USD
CY2014Q4 us-gaap Liabilities
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CY2015Q2 us-gaap Liabilities
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CY2014Q4 us-gaap Liabilities Current
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162313000 USD
CY2015Q2 us-gaap Liabilities Current
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CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations
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418619000 USD
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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5395000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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238000 USD
CY2014Q4 us-gaap Loss Contingency Accrual At Carrying Value
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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52390000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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50309000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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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 Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2015Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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2731000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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4713000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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6773000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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7921000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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2357000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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4560000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
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CY2015Q2 us-gaap Other Assets Noncurrent
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1192000 USD
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CY2015Q2 us-gaap Other Liabilities Noncurrent
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57244000 USD
us-gaap Other Selling General And Administrative Expense
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CY2015Q2 us-gaap Other Selling General And Administrative Expense
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60367000 USD
us-gaap Other Selling General And Administrative Expense
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118140000 USD
us-gaap Payments For Proceeds From Productive Assets
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6925000 USD
us-gaap Payments For Proceeds From Productive Assets
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5797000 USD
us-gaap Payments Of Financing Costs
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1161000 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
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4000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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454000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
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0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
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9450000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
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10396000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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193868000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Warrants
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3145000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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85400000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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129163000 USD
us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Repayments Of Secured Debt
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0 USD
us-gaap Proceeds From Stock Options Exercised
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905000 USD
us-gaap Proceeds From Stock Options Exercised
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2000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
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88814000 USD
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91853000 USD
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38171000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
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34906000 USD
CY2014Q2 us-gaap Provision For Doubtful Accounts
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8360000 USD
us-gaap Provision For Doubtful Accounts
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14961000 USD
CY2015Q2 us-gaap Provision For Doubtful Accounts
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15146000 USD
us-gaap Provision For Doubtful Accounts
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23466000 USD
CY2015Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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23300000 USD
CY2014Q4 us-gaap Receivables Net Current
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140810000 USD
CY2015Q2 us-gaap Receivables Net Current
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131471000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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151000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
345000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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<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;font-style:italic;font-weight:bold;">Change in Estimate of the Collectability of Accounts Receivable</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During 2014, the Company experienced deterioration in the aging of certain accounts receivable primarily due to delays and disruptions related to the integration of its acquisitions in 2013. The disruption to billing and collection processes was attributable in part to the following:</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Re-licensure and new managed care credentialing was required in connection with the CarePoint Business;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Medicare claims were not filed until retraining and review of eligibility was performed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Merged facilities and work teams in </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> large markets and related employee turnover;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Conversion to a single version of our dispensing and billing system while still managing accounts receivable run-off on </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> other legacy versions; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash posting challenges that delayed secondary and patient billings and patient statement issuance.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company outsourced collections to third party agency partners and hired and trained billing and collection personnel to mitigate the effects of the disruption, however, the Company experienced more difficulty collecting the aged balances than it originally estimated. The Company provided incremental allowances in each quarter during 2014 to address the developing deterioration, and as such the Company materially changed its estimates based on actual collection experience during and after the acquisition disruption period. </font></div></div>

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