2019 Q1 Form 10-K Financial Statement

#000156459020026572 Filed on May 21, 2020

View on sec.gov

Income Statement

Concept 2019 Q1 2019 2018 Q4
Revenue $327.7M $1.360B $354.7M
YoY Change 465.17% 27.74% 513.99%
Cost Of Revenue $261.2M $1.115B $289.9M
YoY Change 424.16% 25.58% 486.98%
Gross Profit $66.46M $245.4M $64.74M
YoY Change 52.82% 38.53% 15.07%
Gross Profit Margin 20.28% 18.04% 18.25%
Selling, General & Admin $48.20M $270.2M $48.80M
YoY Change 597.24% 120.39% 695.83%
% of Gross Profit 72.52% 110.11% 75.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.600M $16.08M $2.944M
YoY Change 2200.0% 94.66% 54.87%
% of Gross Profit 6.92% 6.55% 4.55%
Operating Expenses $53.00M $270.2M $48.90M
YoY Change 666.67% 120.39% 697.46%
Operating Profit $13.46M -$29.74M $15.89M
YoY Change 991.89% -154.48% 429.42%
Interest Expense -$700.0K $5.333M $813.0K
YoY Change -4766.67% 3.9% 2097.3%
% of Operating Profit -5.2% 5.12%
Other Income/Expense, Net -$400.0K -$8.271M -$125.0K
YoY Change -94.52% 13.49%
Pretax Income $12.40M -$41.30M $14.95M
YoY Change 933.33% -195.8% 398.33%
Income Tax $3.200M $16.91M $4.400M
% Of Pretax Income 25.81% 29.43%
Net Earnings $9.157M -$58.21M $10.51M
YoY Change -504.46% -468.41% 94.94%
Net Earnings / Revenue 2.79% -4.28% 2.96%
Basic Earnings Per Share $0.16 -$1.09 $0.19
Diluted Earnings Per Share $0.16 -$1.09 $0.19
COMMON SHARES
Basic Shares Outstanding 53.49M 56.25M
Diluted Shares Outstanding 53.49M 56.25M

Balance Sheet

Concept 2019 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.6M $126.6M $129.0M
YoY Change 797.87% 11.35% 948.78%
Cash & Equivalents $126.6M $126.6M $129.0M
Short-Term Investments
Other Short-Term Assets $11.37M $11.40M $11.90M
YoY Change 21.37% 21.28% 1095.98%
Inventory $122.6M $122.6M $111.4M
Prepaid Expenses
Receivables $57.65M $57.60M $46.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $318.3M $318.3M $298.7M
YoY Change 20.97% 20.98% 621.78%
LONG-TERM ASSETS
Property, Plant & Equipment $108.6M $108.6M $111.4M
YoY Change 59.78% 59.71% 970.02%
Goodwill $173.4M
YoY Change 5354.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.68M $50.70M $47.20M
YoY Change 159.04% -14.93% 551.75%
Total Long-Term Assets $381.7M $381.7M $379.6M
YoY Change 188.5% 188.51% 2050.34%
TOTAL ASSETS
Total Short-Term Assets $318.3M $318.3M $298.7M
Total Long-Term Assets $381.7M $381.7M $379.6M
Total Assets $700.0M $700.0M $678.3M
YoY Change 77.03% 77.04% 1048.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.42M $43.40M $34.70M
YoY Change 18.08% 17.93% 746.34%
Accrued Expenses $87.20M $87.20M $81.60M
YoY Change 730.48% 707.92%
Deferred Revenue
YoY Change
Short-Term Debt $33.30M $33.30M $39.00M
YoY Change 8142.57% 10.26%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $206.3M $206.3M $196.5M
YoY Change 23.45% 23.46% 950.41%
LONG-TERM LIABILITIES
Long-Term Debt $54.33M $54.30M $59.30M
YoY Change -7.8% -7.81% 2096.3%
Other Long-Term Liabilities $23.93M $23.90M $20.40M
YoY Change 87.43% 86.72% 168.42%
Total Long-Term Liabilities $81.68M $78.20M $79.70M
YoY Change 8.92% 9.07% 672.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $206.3M $206.3M $196.5M
Total Long-Term Liabilities $81.68M $78.20M $79.70M
Total Liabilities $288.0M $288.0M $279.7M
YoY Change 18.95% 18.96% 863.75%
SHAREHOLDERS EQUITY
Retained Earnings -$58.21M
YoY Change -358.54%
Common Stock $480.8M
YoY Change 8330.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $412.0M $412.0M $398.5M
YoY Change
Total Liabilities & Shareholders Equity $700.0M $700.0M $678.3M
YoY Change 77.03% 77.04% 1048.94%

Cashflow Statement

Concept 2019 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income $9.157M -$58.21M $10.51M
YoY Change -504.46% -468.41% 94.94%
Depreciation, Depletion And Amortization $4.600M $16.08M $2.944M
YoY Change 2200.0% 94.66% 54.87%
Cash From Operating Activities $13.30M $65.23M $22.90M
YoY Change 171.43% 106.27% 5625.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M $12.09M -$2.900M
YoY Change 1025.0% 28.07% 866.67%
Acquisitions -$9.722M
YoY Change
Other Investing Activities $100.0K $10.10M $100.0K
YoY Change 1162.5% -91.67%
Cash From Investing Activities -$4.400M -$2.030M -$2.800M
YoY Change 1000.0% -76.45% -411.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.70M -72.52M 7.100M
YoY Change 333.33% -801.61% -543.75%
NET CHANGE
Cash From Operating Activities 13.30M 65.23M 22.90M
Cash From Investing Activities -4.400M -2.030M -2.800M
Cash From Financing Activities -11.70M -72.52M 7.100M
Net Change In Cash -2.800M -9.982M 27.20M
YoY Change -255.56% -129.42% -9166.67%
FREE CASH FLOW
Cash From Operating Activities $13.30M $65.23M $22.90M
Capital Expenditures -$4.500M $12.09M -$2.900M
Free Cash Flow $17.80M $53.14M $25.80M
YoY Change 235.85% 139.56% 3585.71%

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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: <span style="font-style:normal;">The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“US. GAAP”) 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. There is significant uncertainty regarding the extent and duration of the impact that the COVID-19 pandemic will have on the demand for our products and our supply chain. The extent to which COVID-19 impacts our results will depend on future developments, which are highly uncertain, including new information that may emerge </span></p> <p style="margin-bottom:0pt;margin-top:12pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><span style="font-style:normal;">concerning</span><span style="font-style:normal;"> </span><span style="font-style:normal;">the</span><span style="font-style:normal;"> </span><span style="font-style:normal;">severity</span><span style="font-style:normal;"> </span><span style="font-style:normal;">of</span><span style="font-style:normal;"> </span><span style="font-style:normal;">COVID-19</span><span style="font-style:normal;"> </span><span style="font-style:normal;">and</span><span style="font-style:normal;"> </span><span style="font-style:normal;">the</span><span style="font-style:normal;"> </span><span style="font-style:normal;">actions</span><span style="font-style:normal;"> </span><span style="font-style:normal;">taken</span><span style="font-style:normal;"> </span><span style="font-style:normal;">to</span><span style="font-style:normal;"> </span><span style="font-style:normal;">contain</span><span style="font-style:normal;"> </span><span style="font-style:normal;">it</span><span style="font-style:normal;"> </span><span style="font-style:normal;">or</span><span style="font-style:normal;"> </span><span style="font-style:normal;">treat</span><span style="font-style:normal;"> </span><span style="font-style:normal;">its</span><span style="font-style:normal;"> </span><span style="font-style:normal;">impac</span><span style="font-style:normal;">t</span><span style="font-style:normal;">s</span><span style="font-style:normal;">.</span><span style="font-style:normal;"> </span><span style="font-style:normal;">Actual</span><span style="font-style:normal;"> </span><span style="font-style:normal;">results</span><span style="font-style:normal;"> </span><span style="font-style:normal;">could</span><span style="font-style:normal;"> </span><span style="font-style:normal;">differ</span><span style="font-style:normal;"> </span><span style="font-style:normal;">from</span><span style="font-style:normal;"> </span><span style="font-style:normal;">those</span><span style="font-style:normal;"> </span><span style="font-style:normal;">estimates,</span><span style="font-style:normal;"> </span><span style="font-style:normal;">making</span><span style="font-style:normal;"> </span><span style="font-style:normal;">it</span><span style="font-style:normal;"> </span><span style="font-style:normal;">reasonably</span><span style="font-style:normal;"> </span><span style="font-style:normal;">possible</span><span style="font-style:normal;"> </span><span style="font-style:normal;">that</span><span style="font-style:normal;"> </span><span style="font-style:normal;">a</span><span style="font-style:normal;"> </span><span style="font-style:normal;">change</span><span style="font-style:normal;"> </span><span style="font-style:normal;">in</span><span style="font-style:normal;"> </span><span style="font-style:normal;">these</span><span style="font-style:normal;"> </span><span style="font-style:normal;">estimates</span><span style="font-style:normal;"> </span><span style="font-style:normal;">could</span><span style="font-style:normal;"> </span><span style="font-style:normal;">occur</span><span style="font-style:normal;"> </span><span style="font-style:normal;">within</span><span style="font-style:normal;"> </span><span style="font-style:normal;">one</span><span style="font-style:normal;"> </span><span style="font-style:normal;">year.</span></p>
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CY2019 us-gaap Increase Decrease In Inventories
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CY2018 us-gaap Increase Decrease In Inventories
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CY2020 sky Increase Decrease In Floor Plan Receivables
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CY2018 sky Increase Decrease In Floor Plan Receivables
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CY2019 us-gaap Increase Decrease In Other Operating Assets
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CY2018 us-gaap Increase Decrease In Other Operating Assets
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2019 us-gaap Increase Decrease In Accounts Payable
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CY2018 us-gaap Increase Decrease In Accounts Payable
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CY2020 sky Increase Decrease In Accrued Expenses And Other Current Liabilities
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CY2019 sky Increase Decrease In Accrued Expenses And Other Current Liabilities
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CY2018 sky Increase Decrease In Accrued Expenses And Other Current Liabilities
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CY2018 us-gaap Increase Decrease In Other Operating Liabilities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2019 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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CY2018 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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CY2019 us-gaap Proceeds From Stock Options Exercised
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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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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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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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q1 us-gaap Inventory Land Held For Development And Sale
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CY2019Q1 us-gaap Inventory Land Held For Development And Sale
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CY2020 us-gaap Fiscal Period
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CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2019Q1 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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CY2020 sky Number Of Idle Manufacturing Facilities
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CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2019Q1 us-gaap Self Insurance Reserve
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CY2020Q1 sky Self Insurance Estimated Reimbursements On Losses
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CY2019Q1 sky Self Insurance Estimated Reimbursements On Losses
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CY2018Q2 sky Common Stock Closing Price
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CY2020 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Business Acquisitions Pro Forma Revenue
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CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018 us-gaap Business Acquisitions Pro Forma Revenue
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CY2019 us-gaap Business Acquisitions Pro Forma Net Income Loss
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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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CY2018 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2020Q1 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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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q1 us-gaap Inventory Raw Materials
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CY2019Q1 us-gaap Inventory Raw Materials
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CY2020Q1 us-gaap Inventory Work In Process
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CY2019Q1 us-gaap Inventory Work In Process
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CY2020Q1 sky Inventory Finished Goods And Others
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CY2019Q1 sky Inventory Finished Goods And Others
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CY2019Q1 us-gaap Inventory Net
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CY2019Q1 us-gaap Inventory Valuation Reserves
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CY2019Q1 us-gaap Property Plant And Equipment Gross
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CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2020Q1 us-gaap Finite Lived Trade Names Gross
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5400000
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5278000
CY2019Q1 us-gaap Unbilled Contracts Receivable
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 sky Customer Deposits
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22679000
CY2019Q1 sky Customer Deposits
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CY2019Q1 us-gaap Accrued Exchange Fee Rebate Current
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19179000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
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17886000
CY2020Q1 us-gaap Employee Related Liabilities Current
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27776000
CY2019Q1 us-gaap Employee Related Liabilities Current
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32075000
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CY2019Q1 us-gaap Accrued Insurance Current
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15745000
CY2019Q1 us-gaap Other Sundry Liabilities Current
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CY2020Q1 us-gaap Other Liabilities Current
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CY2019Q1 us-gaap Other Liabilities Current
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CY2019Q1 us-gaap Billed Contract Receivables
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Standard Product Warranty Accrual
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23346000
CY2019 us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
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CY2020 us-gaap Standard Product Warranty Accrual Period Increase Decrease
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39434000
CY2020 us-gaap Standard Product Warranty Accrual Payments
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37811000
CY2020Q1 us-gaap Standard Product Warranty Accrual
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24969000
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19179000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
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17886000
CY2019Q1 us-gaap Long Term Debt
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54330000
CY2020Q1 us-gaap Long Term Debt Noncurrent
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77330000
CY2020 us-gaap Operating Lease Cost
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5884000
CY2020 us-gaap Short Term Lease Cost
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CY2020 us-gaap Lease Cost
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7262000
CY2020 us-gaap Operating Leases Rent Expense Net
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6600000
CY2019 us-gaap Operating Leases Rent Expense Net
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5800000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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CY2020Q1 us-gaap Operating Lease Liability Current
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4789000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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10019000
CY2020Q1 us-gaap Operating Lease Liability
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14808000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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5411000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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4431000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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3360000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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1414000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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784000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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1771000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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