2019 Form 10-K Financial Statement

#000171822719000098 Filed on December 13, 2019

View on sec.gov

Income Statement

Concept 2019 2018 Q3 2018
Revenue $783.2M $215.7M $680.1M
YoY Change 15.17% 14.98% 19.69%
Cost Of Revenue $665.3M $182.2M $580.6M
YoY Change 14.59% 18.54% 21.65%
Gross Profit $118.0M $33.50M $99.54M
YoY Change 18.5% -1.18% 9.42%
Gross Profit Margin 15.06% 15.53% 14.64%
Selling, General & Admin $62.70M $14.70M $55.30M
YoY Change 13.38% 5.76% 15.45%
% of Gross Profit 53.16% 43.88% 55.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.23M $7.400M $25.32M
YoY Change 23.34% 37.04% 20.16%
% of Gross Profit 26.48% 22.09% 25.44%
Operating Expenses $62.70M $14.70M $55.30M
YoY Change 13.38% 5.76% 15.45%
Operating Profit $57.14M $18.80M $61.43M
YoY Change -6.98% -6.0% 31.86%
Interest Expense -$1.900M -$300.0K -$1.300M
YoY Change 46.15% -75.0% -67.5%
% of Operating Profit -3.33% -1.6% -2.12%
Other Income/Expense, Net $416.0K -$100.0K $101.0K
YoY Change 311.88% 0.0% -150.5%
Pretax Income $55.69M $19.70M $60.06M
YoY Change -7.27% 0.51% 47.26%
Income Tax $13.91M $5.300M $10.53M
% Of Pretax Income 24.97% 26.9% 17.53%
Net Earnings $43.12M $15.10M $50.79M
YoY Change -15.1% 22.76% 95.05%
Net Earnings / Revenue 5.51% 7.0% 7.47%
Basic Earnings Per Share $0.84 $1.11
Diluted Earnings Per Share $0.84 $293.8K $1.11
COMMON SHARES
Basic Shares Outstanding 51.42M shares 45.61M shares
Diluted Shares Outstanding 51.43M shares 45.92M shares

Balance Sheet

Concept 2019 2018 Q3 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.60M $99.10M $99.10M
YoY Change -18.67% 260.36%
Cash & Equivalents $99.14M
Short-Term Investments
Other Short-Term Assets $5.400M $14.20M $6.300M
YoY Change -14.29% 214.16% 40.0%
Inventory $34.30M $24.56M $24.60M
Prepaid Expenses $4.989M
Receivables $132.1M $129.6M $112.8M
Other Receivables $27.50M $0.00 $24.70M
Total Short-Term Assets $280.0M $267.5M $267.5M
YoY Change 4.67% 52.72% 52.77%
LONG-TERM ASSETS
Property, Plant & Equipment $205.9M $178.7M $178.7M
YoY Change 15.22% 54.16% 54.18%
Goodwill $32.92M
YoY Change 7.58%
Intangibles $3.735M
YoY Change 46.47%
Long-Term Investments $500.0K $1.700M $1.700M
YoY Change -70.59%
Other Assets $1.300M $10.27M $2.100M
YoY Change -38.1% 313.61% -52.27%
Total Long-Term Assets $251.8M $228.9M $228.8M
YoY Change 10.05% 49.17% 49.06%
TOTAL ASSETS
Total Short-Term Assets $280.0M $267.5M $267.5M
Total Long-Term Assets $251.8M $228.9M $228.8M
Total Assets $531.8M $496.3M $496.3M
YoY Change 7.15% 51.06% 51.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.40M $63.51M $63.50M
YoY Change 10.87% 21.2% 21.18%
Accrued Expenses $16.90M $17.50M $14.60M
YoY Change 15.75% 0.0%
Deferred Revenue $38.74M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $14.77M $14.80M
YoY Change -49.32% 47.73% 48.0%
Total Short-Term Liabilities $128.2M $134.5M $134.5M
YoY Change -4.68% 17.46% 17.47%
LONG-TERM LIABILITIES
Long-Term Debt $42.50M $48.12M $48.10M
YoY Change -11.64% 2.08% 2.12%
Other Long-Term Liabilities $6.100M $5.295M $5.300M
YoY Change 15.09% 5.48% 6.0%
Total Long-Term Liabilities $48.60M $62.30M $53.40M
YoY Change -8.99% 0.77% 2.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.2M $134.5M $134.5M
Total Long-Term Liabilities $48.60M $62.30M $53.40M
Total Liabilities $188.2M $196.8M $196.8M
YoY Change -4.37% 11.61% 11.56%
SHAREHOLDERS EQUITY
Retained Earnings $72.53M
YoY Change 233.69%
Common Stock $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.60M
YoY Change 30.21%
Treasury Stock Shares 2.923M shares
Shareholders Equity $343.6M $299.5M $299.5M
YoY Change
Total Liabilities & Shareholders Equity $531.8M $496.3M $496.3M
YoY Change 7.15% 51.06% 51.03%

Cashflow Statement

Concept 2019 2018 Q3 2018
OPERATING ACTIVITIES
Net Income $43.12M $15.10M $50.79M
YoY Change -15.1% 22.76% 95.05%
Depreciation, Depletion And Amortization $31.23M $7.400M $25.32M
YoY Change 23.34% 37.04% 20.16%
Cash From Operating Activities $55.27M $42.40M $66.12M
YoY Change -16.4% 65.63% 40.9%
INVESTING ACTIVITIES
Capital Expenditures $42.48M -$9.300M $42.80M
YoY Change -0.76% 66.07% 75.43%
Acquisitions $13.85M $51.32M
YoY Change -73.0% 373.29%
Other Investing Activities -$17.70M $2.000M -$46.80M
YoY Change -62.18% -120.0% 642.86%
Cash From Investing Activities -$60.23M -$7.300M -$89.59M
YoY Change -32.78% -53.5% 191.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $98.01M
YoY Change -100.0%
Debt Paid & Issued, Net $13.00M $12.36M
YoY Change 5.18% -79.62%
Cash From Financing Activities -$13.57M -11.20M $95.06M
YoY Change -114.27% 2700.0% -338.97%
NET CHANGE
Cash From Operating Activities $55.27M 42.40M $66.12M
Cash From Investing Activities -$60.23M -7.300M -$89.59M
Cash From Financing Activities -$13.57M -11.20M $95.06M
Net Change In Cash -$18.52M 23.90M $71.59M
YoY Change -125.87% 151.58% -404.15%
FREE CASH FLOW
Cash From Operating Activities $55.27M $42.40M $66.12M
Capital Expenditures $42.48M -$9.300M $42.80M
Free Cash Flow $12.80M $51.70M $23.32M
YoY Change -45.13% 65.71% 3.5%

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CY2018 road Payments To Acquire Asphalt Liquid Terminal Assets
PaymentsToAcquireAsphaltLiquidTerminalAssets
0 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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4456000 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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4931000 USD
CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
13854000 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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51319000 USD
CY2019 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0 USD
CY2018 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
400000 USD
CY2019 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
2500000 USD
CY2018 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
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0 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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-60225000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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-89592000 USD
CY2019 us-gaap Repayments Of Long Term Lines Of Credit
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0 USD
CY2018 us-gaap Repayments Of Long Term Lines Of Credit
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5000000 USD
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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21917000 USD
CY2019 us-gaap Repayments Of Long Term Debt
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13001000 USD
CY2018 us-gaap Repayments Of Long Term Debt
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12361000 USD
CY2019 us-gaap Payment For Contingent Consideration Liability Financing Activities
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0 USD
CY2018 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
4940000 USD
CY2019 road Payments Of Treasury Stock Purchase Obligation
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569000 USD
CY2018 road Payments Of Treasury Stock Purchase Obligation
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2569000 USD
CY2019 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
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98009000 USD
CY2019 us-gaap Proceeds From Sale Of Treasury Stock
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3000 USD
CY2018 us-gaap Proceeds From Sale Of Treasury Stock
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5000 USD
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-13567000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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95061000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-18518000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
71590000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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99137000 USD
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27547000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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80619000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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99137000 USD
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2639000 USD
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2336000 USD
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9119000 USD
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14357000 USD
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904000 USD
CY2018 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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395000 USD
CY2019 us-gaap Use Of Estimates
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<div style="margin-bottom:10pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Management’s Estimates</span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:400;line-height:120%;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the recorded amounts of assets, liabilities, stockholders’ equity, revenues and expenses during the reporting period, and the disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates are used in accounting for items such as recognition of revenues and cost of revenues, goodwill and other intangible assets, allowance for doubtful accounts, valuation allowances related to income taxes, accruals for potential liabilities related to lawsuits or insurance claims, and the fair value of equity-based compensation awards. Estimates are continually evaluated based on historical information and actual experience; however, actual results could differ from these estimates.</span></div>
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of RisksFinancial instruments that potentially subject the Company to concentrations of credit risk consist primarily of contracts receivable including retainage. In the normal course of business, the Company provides credit to its customers and does not generally require collateral. The Company monitors concentrations of credit risk associated with these receivables on an ongoing basis. The Company has not historically experienced significant credit losses, due primarily to management’s assessment of customers’ credit ratings. The Company principally deals with recurring customers, state and local governments and well-known local companies whose reputations are known to management. The Company performs credit checks for significant new customers and generally requires progress payments for significant projects. The Company generally has the ability to file liens against the property if payments are not made on a timely basis.
CY2019 road Revisions In Estimates Resulting In Net Increase Decrease In Revenue
RevisionsInEstimatesResultingInNetIncreaseDecreaseInRevenue
3800000 USD
CY2018 road Revisions In Estimates Resulting In Net Increase Decrease In Revenue
RevisionsInEstimatesResultingInNetIncreaseDecreaseInRevenue
6900000 USD
CY2019Q3 road Amount Company Is Liable For Per Occurrence Based On Insurance Policies
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500000 USD
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5 reporting_unit
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12030000 USD
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34291000 USD
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19078000 USD
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31115000 USD
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783238000 USD
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665285000 USD
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13909000 USD
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43121000 USD
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121050000 USD
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104541000 USD
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19835000 USD
CY2018Q3 us-gaap Contract Receivable Retainage
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16848000 USD
CY2019Q3 road Contract Receivable Including Retainage Gross
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140885000 USD
CY2018Q3 road Contract Receivable Including Retainage Gross
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121389000 USD
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1003000 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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1098000 USD
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139882000 USD
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995000 USD
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120291000 USD
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1098000 USD
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1734000 USD
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604000 USD
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1090000 USD
CY2018 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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1240000 USD
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1003000 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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1098000 USD
CY2019Q3 road Costs On Uncompleted Contracts
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900880000 USD
CY2018Q3 road Costs On Uncompleted Contracts
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743322000 USD
CY2019Q3 road Estimated Earnings On Uncompleted Contracts
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123256000 USD
CY2018Q3 road Estimated Earnings On Uncompleted Contracts
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95155000 USD
CY2019Q3 road Costs And Estimated Earnings On Uncompleted Contracts
CostsAndEstimatedEarningsOnUncompletedContracts
1024136000 USD
CY2018Q3 road Costs And Estimated Earnings On Uncompleted Contracts
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838477000 USD
CY2018Q3 us-gaap Contract With Customer Asset Net Current
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9334000 USD
CY2019Q3 road Billings On Uncompleted Contracts
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1043221000 USD
CY2018Q3 road Billings On Uncompleted Contracts
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867881000 USD
CY2019Q3 us-gaap Contract With Customer Liability
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19085000 USD
CY2018Q3 us-gaap Contract With Customer Liability
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29404000 USD
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38738000 USD
CY2018Q3 us-gaap Contract With Customer Liability
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29404000 USD
CY2019 road Contractwith Customer Asset Net Current Increase Decrease
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2696000 USD
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-7623000 USD
CY2019 road Increase Decreasein Contractwith Customer Asset Liability
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10319000 USD
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12030000 USD
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31115000 USD
CY2019Q3 us-gaap Contract With Customer Liability
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19085000 USD
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481100000 USD
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
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386200000 USD
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
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94900000 USD
CY2019Q3 road Settlement Receivable Current
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7706000 USD
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7874000 USD
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3043000 USD
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14137000 USD
CY2019Q3 road Settlement Receivable Noncurrent
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0 USD
CY2018Q3 road Settlement Receivable Noncurrent
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7224000 USD
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2124000 USD
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2561000 USD
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10270000 USD
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160000 USD
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485000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
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2284000 USD
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383279000 USD
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338118000 USD
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177927000 USD
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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160795000 USD
CY2019Q3 us-gaap Construction In Progress Gross
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518000 USD
CY2018Q3 us-gaap Construction In Progress Gross
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1369000 USD
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205870000 USD
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178692000 USD
CY2019 us-gaap Depreciation
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30100000 USD
CY2018 us-gaap Depreciation
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24800000 USD
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2319000 USD
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3840000 USD
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4278000 USD
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3925000 USD
CY2019Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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2000000 USD
CY2019Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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2000000 USD
CY2017Q3 us-gaap Goodwill
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30600000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
32919000 USD
CY2019 us-gaap Goodwill Acquired During Period
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5627000 USD
CY2019Q3 us-gaap Goodwill
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38546000 USD
CY2018Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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2000000 USD
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2000000 USD
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5985000 USD
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2551000 USD
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3434000 USD
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5194000 USD
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1459000 USD
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3735000 USD
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1100000 USD
CY2018 us-gaap Amortization Of Intangible Assets
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500000 USD
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210000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
210000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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210000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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210000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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206000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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388000 USD
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1434000 USD
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15173000 USD
CY2018Q3 us-gaap Accrued Employee Benefits Current
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12802000 USD
CY2019Q3 road Treasury Stock Purchase Obligation Current
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0 USD
CY2018Q3 road Treasury Stock Purchase Obligation Current
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569000 USD
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1761000 USD
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1750000 USD
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2144000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
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2399000 USD
CY2019Q3 road Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
19078000 USD
CY2018Q3 road Accrued Expenses And Other Current Liabilities
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17520000 USD
CY2018Q3 us-gaap Deferred Finance Costs Gross
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362000 USD
CY2019Q3 us-gaap Debt Instrument Unamortized Discount
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4000 USD
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5358000 USD
CY2018Q3 us-gaap Accrued Insurance Noncurrent
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4826000 USD
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750000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Noncurrent
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469000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
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6108000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
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5295000 USD
CY2019Q3 us-gaap Long Term Debt
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50263000 USD
CY2018Q3 us-gaap Long Term Debt
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63264000 USD
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263000 USD
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14000 USD
CY2019Q3 us-gaap Long Term Debt Current
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7538000 USD
CY2018Q3 us-gaap Long Term Debt Current
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14773000 USD
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42458000 USD
CY2018Q3 us-gaap Long Term Debt Noncurrent
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48115000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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7538000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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7346000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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35357000 USD
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50791000 USD
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51421159 shares
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22000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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0 USD
CY2019Q3 us-gaap Long Term Debt
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50263000 USD
CY2019 us-gaap Interest Expense Borrowings
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3300000 USD
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2000000.0 USD
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100000 USD
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11250000 shares
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43121000 USD
CY2018 us-gaap Net Income Loss
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50791000 USD
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51421159 shares
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45605845 shares
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0.84
CY2018 us-gaap Earnings Per Share Basic
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1.11
CY2019 us-gaap Net Income Loss
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43121000 USD
CY2019 us-gaap Earnings Per Share Diluted
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0.84
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45605845 shares
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51427220 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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45919648 shares
CY2018 us-gaap Earnings Per Share Diluted
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1.11
CY2019 us-gaap Allocated Share Based Compensation Expense
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400000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
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9780000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
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9380000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1132000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1626000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
10912000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11006000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
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522000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
2203000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1003000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
794000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2997000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-481000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13909000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10525000 USD
CY2019Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
425000 USD
CY2018Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
444000 USD
CY2019Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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487000 USD
CY2018Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
499000 USD
CY2019Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1330000 USD
CY2018Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1695000 USD
CY2019Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
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3043000 USD
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1041000 USD
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351000 USD
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255000 USD
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58000 USD
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45605845 shares

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