2019 Q4 Form 10-Q Financial Statement

#000156459020002475 Filed on January 29, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $342.2M $354.7M $355.4M
YoY Change -3.51% 513.99% 507.98%
Cost Of Revenue $273.3M $289.9M $296.4M
YoY Change -5.72% 486.98% 35.58%
Gross Profit $68.90M $64.74M $59.00M
YoY Change 6.43% 15.07% 42.76%
Gross Profit Margin 20.13% 18.25% 16.6%
Selling, General & Admin $45.20M $48.80M $128.1M
YoY Change -7.38% 695.83% 361.29%
% of Gross Profit 65.6% 75.38% 217.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.171M $2.944M $2.800M
YoY Change 7.71% 54.87% 38.75%
% of Gross Profit 4.6% 4.55% 4.75%
Operating Expenses $45.30M $48.90M $128.1M
YoY Change -7.36% 697.46% 361.29%
Operating Profit $23.66M $15.89M -$69.07M
YoY Change 48.94% 429.42% -609.21%
Interest Expense $328.0K $813.0K $827.0K
YoY Change -59.66% 2097.3% -22.35%
% of Operating Profit 1.39% 5.12%
Other Income/Expense, Net $0.00 -$125.0K -$1.300M
YoY Change -100.0%
Pretax Income $23.34M $14.95M -$71.20M
YoY Change 56.09% 398.33% -710.82%
Income Tax $6.300M $4.400M $5.800M
% Of Pretax Income 27.0% 29.43%
Net Earnings $17.04M $10.51M -$77.03M
YoY Change 62.06% 94.94% -1139.75%
Net Earnings / Revenue 4.98% 2.96% -21.67%
Basic Earnings Per Share $0.30 $0.19 -$1.42
Diluted Earnings Per Share $0.30 $0.19 -$1.42
COMMON SHARES
Basic Shares Outstanding 56.52M 56.25M 54.11M
Diluted Shares Outstanding 56.79M 56.25M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.3M $129.0M $102.9M
YoY Change 32.79% 948.78% 716.67%
Cash & Equivalents $171.3M $129.0M $102.9M
Short-Term Investments
Other Short-Term Assets $13.40M $11.90M $11.74M
YoY Change 12.61% 1095.98% 915.4%
Inventory $107.9M $111.4M $113.1M
Prepaid Expenses
Receivables $42.20M $46.50M $55.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $334.8M $298.7M $282.9M
YoY Change 12.09% 621.78% 623.16%
LONG-TERM ASSETS
Property, Plant & Equipment $110.9M $111.4M $112.0M
YoY Change -0.41% 970.02% 937.53%
Goodwill $173.5M $177.5M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.80M $47.20M $12.78M
YoY Change 3.39% 551.75% 76.82%
Total Long-Term Assets $389.7M $379.6M $382.5M
YoY Change 2.66% 2050.34% 2022.58%
TOTAL ASSETS
Total Short-Term Assets $334.8M $298.7M $282.9M
Total Long-Term Assets $389.7M $379.6M $382.5M
Total Assets $724.5M $678.3M $665.4M
YoY Change 6.81% 1048.94% 1064.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.30M $34.70M $46.02M
YoY Change -21.33% 746.34% 1080.03%
Accrued Expenses $84.70M $81.60M $79.70M
YoY Change 3.8% 707.92% 721.65%
Deferred Revenue
YoY Change
Short-Term Debt $32.40M $39.00M $29.90M
YoY Change -16.92%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $178.3M $196.5M $195.7M
YoY Change -9.26% 950.41% 972.05%
LONG-TERM LIABILITIES
Long-Term Debt $39.33M $59.30M $59.33M
YoY Change -33.68% 2096.3% 1279.77%
Other Long-Term Liabilities $33.90M $20.40M $20.50M
YoY Change 66.19% 168.42% 169.79%
Total Long-Term Liabilities $76.98M $79.70M $83.29M
YoY Change -3.42% 672.66% 598.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $178.3M $196.5M $195.7M
Total Long-Term Liabilities $76.98M $79.70M $83.29M
Total Liabilities $255.3M $279.7M $278.9M
YoY Change -8.73% 863.75% 824.6%
SHAREHOLDERS EQUITY
Retained Earnings -$6.046M -$77.88M
YoY Change -189.34%
Common Stock $484.9M $473.7M
YoY Change 8434.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $469.2M $398.5M $386.5M
YoY Change
Total Liabilities & Shareholders Equity $724.5M $678.3M $665.4M
YoY Change 6.81% 1048.94% 1064.47%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $17.04M $10.51M -$77.03M
YoY Change 62.06% 94.94% -1139.75%
Depreciation, Depletion And Amortization $3.171M $2.944M $2.800M
YoY Change 7.71% 54.87% 38.75%
Cash From Operating Activities $20.90M $22.90M $24.70M
YoY Change -8.73% 5625.0% -1402.06%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$2.900M -$2.700M
YoY Change -6.9% 866.67% -168.22%
Acquisitions
YoY Change
Other Investing Activities $1.100M $100.0K $100.0K
YoY Change 1000.0% -91.67% 1566.67%
Cash From Investing Activities -$1.600M -$2.800M -$2.500M
YoY Change -42.86% -411.11% -29.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.200M 7.100M -400.0K
YoY Change -145.07% -543.75% -121.02%
NET CHANGE
Cash From Operating Activities 20.90M 22.90M 24.70M
Cash From Investing Activities -1.600M -2.800M -2.500M
Cash From Financing Activities -3.200M 7.100M -400.0K
Net Change In Cash 16.10M 27.20M 21.80M
YoY Change -40.81% -9166.67% -863.57%
FREE CASH FLOW
Cash From Operating Activities $20.90M $22.90M $24.70M
Capital Expenditures -$2.700M -$2.900M -$2.700M
Free Cash Flow $23.60M $25.80M $27.40M
YoY Change -8.53% 3585.71% -567.98%

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InventoryValuationReserves
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CY2019Q1 sky Inventory Finished Goods And Others
InventoryFinishedGoodsAndOthers
60134000
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InventoryNet
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CY2019Q4 us-gaap Depreciation
Depreciation
3200000
CY2018Q4 us-gaap Depreciation
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2900000
us-gaap Depreciation
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9800000
us-gaap Depreciation
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
55745000
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PropertyPlantAndEquipmentNet
110944000
CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2019Q4 us-gaap Goodwill
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173500000
CY2019Q1 us-gaap Goodwill
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FiniteLivedIntangibleAssetsGross
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CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17249000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
48936000
CY2019Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
43100000
CY2019Q4 us-gaap Finite Lived Trade Names Gross
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9000000.0
CY2019Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2019Q4 sky Customer Deposits
CustomerDeposits
19947000
CY2019Q1 sky Customer Deposits
CustomerDeposits
27873000
CY2019Q4 us-gaap Accrued Exchange Fee Rebate Current
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20766000
CY2019Q1 us-gaap Accrued Exchange Fee Rebate Current
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21020000
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
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20035000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
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17886000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
24431000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
32075000
CY2019Q4 us-gaap Accrued Insurance Current
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15674000
CY2019Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
16245000
CY2019Q4 us-gaap Other Sundry Liabilities Current
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CY2019Q1 us-gaap Other Sundry Liabilities Current
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CY2019Q4 us-gaap Other Liabilities Current
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118603000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
129561000
CY2019Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
6259000
CY2019Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
9727000
CY2018Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
9167000
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
28060000
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
25834000
CY2019Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
9169000
CY2018Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8972000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
26411000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
24457000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
24995000
CY2018Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
17366000
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
20035000
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23066000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
24995000
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23066000
CY2019Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
4960000
CY2018Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
5700000
CY2019Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
4960000
CY2018Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
5700000
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
20035000
CY2018Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
17366000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
39330000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
54330000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
39330000
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
54330000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
342239000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1068585000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
354671000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1032368000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1359000
us-gaap Operating Lease Cost
OperatingLeaseCost
4234000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
402000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1005000
CY2019Q4 us-gaap Lease Cost
LeaseCost
1761000
us-gaap Lease Cost
LeaseCost
5239000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56457000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52595000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56705000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52595000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.28
us-gaap Depreciation
Depreciation
9826000
us-gaap Depreciation
Depreciation
8219000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-4069000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-3316000
CY2018Q4 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
147900000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
147900000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11616000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3826000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7790000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11616000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1133000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4155000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3090000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2234000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
912000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2214000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13738000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2122000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11616000
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1711000
us-gaap Operating Lease Payments
OperatingLeasePayments
4262000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6300000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4400000
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.297
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13700000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.255
CY2019Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-700000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
600000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
17037000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
10513000
us-gaap Net Income Loss
NetIncomeLoss
52162000
us-gaap Net Income Loss
NetIncomeLoss
-67365000
CY2019Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
44000
CY2018Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
86000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
196000
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16993000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10427000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51966000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-67365000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56521000
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56249000
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
267000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
248000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56788000
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56249000
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q4 us-gaap Depreciation
Depreciation
3171000
CY2018Q4 us-gaap Depreciation
Depreciation
2944000
CY2019Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1345000
CY2018Q4 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-1633000
CY2019Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
900000
CY2019Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000.0
CY2019Q4 us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
147900000
us-gaap Gain Loss On Repurchase Of Debt Instrument
GainLossOnRepurchaseOfDebtInstrument
147900000
CY2019Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
600000
us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
12 years

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