2018 Q1 Form 10-K Financial Statement

#000156459019020324 Filed on May 23, 2019

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q3
Revenue $57.98M $57.77M $58.46M
YoY Change 12.27% -10.06% -4.44%
Cost Of Revenue $49.83M $49.39M $218.6M
YoY Change 2.91% -16.28% 300.46%
Gross Profit $43.49M $56.26M $41.33M
YoY Change 1251.1% 975.72% 528.07%
Gross Profit Margin 75.01% 97.39% 70.69%
Selling, General & Admin $6.913M $6.132M $27.76M
YoY Change 23.87% 6.85% 382.83%
% of Gross Profit 15.89% 10.9% 67.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $1.901M $2.018M
YoY Change -33.33% 850.5% 703.98%
% of Gross Profit 0.46% 3.38% 4.88%
Operating Expenses $6.913M $6.132M $27.76M
YoY Change 23.87% 6.85% 382.83%
Operating Profit $1.233M $3.001M $13.56M
YoY Change -152.2% -689.59% 1534.22%
Interest Expense $15.00K $37.00K $1.065M
YoY Change -82.35% -56.98% 1138.37%
% of Operating Profit 1.22% 1.23% 7.85%
Other Income/Expense, Net -$7.300M
YoY Change
Pretax Income $1.200M $3.000M $11.66M
YoY Change -149.04% -604.2% 1466.8%
Income Tax $0.00 $0.00 $4.249M
% Of Pretax Income 0.0% 0.0% 36.45%
Net Earnings -$2.264M $5.393M $7.408M
YoY Change -7.48% -1006.39% 895.7%
Net Earnings / Revenue -3.9% 9.34% 12.67%
Basic Earnings Per Share -$0.05 $0.11 $0.16
Diluted Earnings Per Share -$0.05 $0.11 $0.16
COMMON SHARES
Basic Shares Outstanding 8.391M shares 44.53M 44.53M
Diluted Shares Outstanding 8.627M shares 8.563M shares 8.484M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.10M $12.30M $12.60M
YoY Change 171.15% 38.2% 48.24%
Cash & Equivalents $113.7M $78.91M $108.3M
Short-Term Investments
Other Short-Term Assets $9.367M $995.0K $1.156M
YoY Change 1107.09% -5.06% 19.79%
Inventory $98.02M $12.93M $11.40M
Prepaid Expenses
Receivables $41.98M $14.80M $13.56M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $263.1M $41.38M $39.12M
YoY Change 648.01% 7.72% 5.44%
LONG-TERM ASSETS
Property, Plant & Equipment $67.96M $10.41M $10.79M
YoY Change 468.75% -12.67% -9.81%
Goodwill $3.179M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.438M $7.242M $7.230M
YoY Change -11.09% -1.95% -3.51%
Total Long-Term Assets $132.3M $17.65M $18.02M
YoY Change 589.39% -8.57% -7.38%
TOTAL ASSETS
Total Short-Term Assets $263.1M $41.38M $39.12M
Total Long-Term Assets $132.3M $17.65M $18.02M
Total Assets $395.4M $59.04M $57.14M
YoY Change 627.32% 2.27% 1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.77M $4.100M $3.900M
YoY Change 867.71% 2.5% -4.88%
Accrued Expenses $10.50M $10.10M $9.700M
YoY Change -7.08% -19.2% -11.01%
Deferred Revenue
YoY Change
Short-Term Debt $404.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $404.0K
YoY Change
Total Short-Term Liabilities $167.1M $18.71M $18.25M
YoY Change 748.77% -9.3% -3.34%
LONG-TERM LIABILITIES
Long-Term Debt $58.93M $2.700M $4.300M
YoY Change 1270.4% -37.21% 0.0%
Other Long-Term Liabilities $12.77M $7.600M $7.600M
YoY Change 72.51% 2.7% 1.33%
Total Long-Term Liabilities $74.99M $10.32M $11.92M
YoY Change 539.11% -12.27% 1.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $167.1M $18.71M $18.25M
Total Long-Term Liabilities $74.99M $10.32M $11.92M
Total Liabilities $242.1M $29.02M $30.17M
YoY Change 670.48% -10.38% -1.57%
SHAREHOLDERS EQUITY
Retained Earnings $22.51M $90.13M $87.17M
YoY Change -72.96% 5.17% 1.01%
Common Stock $5.703M $5.628M $5.551M
YoY Change 5.05% 4.53% 3.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $65.74M $65.74M $65.74M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 2.826M shares 2.826M shares 2.826M shares
Shareholders Equity $153.3M $30.02M $26.97M
YoY Change
Total Liabilities & Shareholders Equity $395.4M $59.04M $57.14M
YoY Change 627.32% 2.27% 1.03%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.264M $5.393M $7.408M
YoY Change -7.48% -1006.39% 895.7%
Depreciation, Depletion And Amortization $200.0K $1.901M $2.018M
YoY Change -33.33% 850.5% 703.98%
Cash From Operating Activities $4.900M $400.0K -$1.897M
YoY Change -244.12% -42.86% -238.87%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$300.0K $3.958M
YoY Change 33.33% 50.0% 595.61%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.200M $6.000K
YoY Change 0.0%
Cash From Investing Activities -$400.0K $900.0K -$3.548M
YoY Change 33.33% -550.0% 517.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.312M $4.312M
YoY Change
Cash From Financing Activities -2.700M -1.600M 1.903M
YoY Change
NET CHANGE
Cash From Operating Activities 4.900M 400.0K -1.897M
Cash From Investing Activities -400.0K 900.0K -3.548M
Cash From Financing Activities -2.700M -1.600M 1.903M
Net Change In Cash 1.800M -300.0K -2.855M
YoY Change -148.65% -160.0% -460.94%
FREE CASH FLOW
Cash From Operating Activities $4.900M $400.0K -$1.897M
Capital Expenditures -$400.0K -$300.0K $3.958M
Free Cash Flow $5.300M $700.0K -$5.855M
YoY Change -270.97% -22.22% -834.63%

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CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2018 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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CY2017 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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CY2018 sky Distributions From Unconsolidated Affiliates
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CY2017 sky Distributions From Unconsolidated Affiliates
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 sky Proceeds From Payments For Changes In Floor Plan Financing
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CY2019 us-gaap Proceeds From Lines Of Credit
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CY2019 us-gaap Repayments Of Lines Of Credit
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CY2019 sky Payments For Term Loans And Other Debt
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CY2018 sky Payments For Term Loans And Other Debt
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CY2017 sky Payments For Term Loans And Other Debt
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CY2019 us-gaap Payments Of Financing Costs
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CY2018 us-gaap Payments Of Financing Costs
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CY2019 us-gaap Payments Of Capital Distribution
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CY2018 us-gaap Payments Of Capital Distribution
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CY2019 us-gaap Proceeds From Stock Options Exercised
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2018 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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586000
CY2019 us-gaap Standard Product Warranty Accrual Period Increase Decrease
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37298000
CY2019 us-gaap Standard Product Warranty Accrual Payments
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35641000
CY2019Q1 us-gaap Standard Product Warranty Accrual
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23346000
CY2019Q1 us-gaap Standard Product Warranty Accrual Noncurrent
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CY2018Q1 us-gaap Standard Product Warranty Accrual Noncurrent
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CY2018Q1 us-gaap Long Term Debt
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CY2017 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-9982000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2016Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019 us-gaap Interest Paid Net
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4975000
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5000000
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13537000
CY2018 us-gaap Income Taxes Paid Net
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13025000
CY2017 us-gaap Income Taxes Paid Net
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3306000
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65277000
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CY2019 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Accounting Estimates: <font style="font-style:normal;">The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (&#8220;US. GAAP&#8221;) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes thereto. Estimates made in preparing the accompanying consolidated financial statements include, but are not limited to, business combinations, reserves for obsolete inventory, accrued warranty costs, useful lives of fixed and intangible assets, asset impairment analyses, insurance reserves, legal reserves, repurchase reserves, share-based compensation and deferred tax valuation allowances. Actual results could differ from those estimates, making it reasonably possible that a change in these estimates could occur within one year.</font></p>
CY2019 us-gaap Fiscal Period
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CY2018 us-gaap Asset Impairment Charges
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CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2019 us-gaap Depreciation And Amortization
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CY2018 us-gaap Depreciation And Amortization
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7800000
CY2017 us-gaap Depreciation And Amortization
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CY2019Q1 sky Number Of Idle Retail Sales Centers
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CY2018 us-gaap Other Comprehensive Income Loss Tax
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CY2018Q2 sky Common Stock Closing Price
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CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
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CY2019Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Assets
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CY2018 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
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15800000
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CY2018 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2017 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
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7600000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q2 us-gaap Restricted Cash
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Inventory Raw Materials
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CY2018Q1 us-gaap Inventory Raw Materials
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CY2019Q1 us-gaap Inventory Work In Process
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CY2018Q1 us-gaap Inventory Work In Process
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CY2019Q1 sky Inventory Finished Goods And Others
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CY2018Q1 sky Inventory Finished Goods And Others
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CY2018Q1 us-gaap Inventory Valuation Reserves
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CY2019Q1 us-gaap Property Plant And Equipment Gross
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CY2018Q1 us-gaap Property Plant And Equipment Gross
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CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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CY2018 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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5458000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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5341000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2019 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
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CY2018 us-gaap Standard Product Warranty Accrual Payments
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CY2019Q1 us-gaap Billed Contract Receivables
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CY2018Q1 us-gaap Unbilled Contracts Receivable
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2019 us-gaap Current Federal Tax Expense Benefit
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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CY2018 us-gaap Current Foreign Tax Expense Benefit
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CY2017 us-gaap Current Foreign Tax Expense Benefit
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CY2019 us-gaap Current State And Local Tax Expense Benefit
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3053000
CY2018 us-gaap Current State And Local Tax Expense Benefit
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CY2017 us-gaap Current State And Local Tax Expense Benefit
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CY2019 us-gaap Current Income Tax Expense Benefit
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CY2018 us-gaap Current Income Tax Expense Benefit
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CY2017 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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203000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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213000
CY2019 sky Income Tax Reconciliation Nondeductible Compensation Due To Section162 M
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2760000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 sky Income Tax Reconciliation Transaction Costs Related To Exchange
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CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2018 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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CY2018 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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970000
CY2019 sky Income Tax Reconciliation Net Utilization Of Tax Credits
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CY2019 us-gaap Gain Loss On Repurchase Of Debt Instrument
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173400000
CY2019 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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247000
CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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579000
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-413000
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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617000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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1023000
CY2019 sky Income Tax Reconciliation Global Intangible Low Taxed Income
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524000
CY2018 sky Income Tax Reconciliation Net Utilization Of Tax Credits
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-75000
CY2019 us-gaap Income Tax Reconciliation Tax Contingencies
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