2018 Q1 Form 10-K Financial Statement

#000031883319000014 Filed on March 19, 2019

View on sec.gov

Income Statement

Concept 2018 Q1 2018 2017 Q4
Revenue $302.4M $1.247B $316.3M
YoY Change 5.52% 3.89% -1.09%
Cost Of Revenue $226.9M $918.7M $234.7M
YoY Change 7.13% 3.2% 0.86%
Gross Profit $75.53M $328.3M $81.61M
YoY Change 0.98% 5.89% -6.41%
Gross Profit Margin 24.98% 26.33% 25.8%
Selling, General & Admin $89.66M $360.7M $82.80M
YoY Change 0.39% 3.53% -5.26%
% of Gross Profit 118.7% 109.88% 101.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.46M $64.86M $13.45M
YoY Change 26.96% 24.39% 1.59%
% of Gross Profit 21.78% 19.76% 16.48%
Operating Expenses $89.66M $360.7M $82.80M
YoY Change 0.39% 3.53% -5.15%
Operating Profit -$14.13M -$38.96M -$2.213M
YoY Change 16.85% -66.15% -61.2%
Interest Expense -$3.500M -$55.60M -$12.50M
YoY Change 0.0% 168.6% 290.63%
% of Operating Profit
Other Income/Expense, Net -$47.00K $410.0K -$500.0K
YoY Change -86.22% -180.39%
Pretax Income -$17.22M -$94.21M -$15.30M
YoY Change 10.49% -31.5% 71.91%
Income Tax -$4.958M -$31.06M -$17.50M
% Of Pretax Income
Net Earnings -$12.26M -$63.15M $19.67M
YoY Change 28.99% -25.23% -309.74%
Net Earnings / Revenue -4.06% -5.06% 6.22%
Basic Earnings Per Share -$0.41 -$2.10 $0.66
Diluted Earnings Per Share -$0.41 -$2.10 $0.66
COMMON SHARES
Basic Shares Outstanding 29.97M shares 30.03M shares 29.91M shares
Diluted Shares Outstanding 29.97M shares 30.03M shares

Balance Sheet

Concept 2018 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.20M $18.30M $26.60M
YoY Change -23.21% -31.2% -42.42%
Cash & Equivalents $18.18M $18.30M $26.55M
Short-Term Investments
Other Short-Term Assets $31.00M $19.40M $18.00M
YoY Change 30.25% 7.78% -57.45%
Inventory $51.45M $48.50M $49.70M
Prepaid Expenses
Receivables $302.0M $268.4M $302.0M
Other Receivables $0.00 $300.0K $900.0K
Total Short-Term Assets $389.6M $355.0M $397.1M
YoY Change 5.38% -10.6% -1.07%
LONG-TERM ASSETS
Property, Plant & Equipment $199.8M $194.8M $203.2M
YoY Change -2.69% -4.13% 0.04%
Goodwill $285.1M $284.8M
YoY Change -19.99% -19.95%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.918M $15.00M $5.798M
YoY Change 46.13% 41.51% 20.14%
Total Long-Term Assets $651.5M $622.8M $658.8M
YoY Change -12.45% -5.45% -11.7%
TOTAL ASSETS
Total Short-Term Assets $389.6M $355.0M $397.1M
Total Long-Term Assets $651.5M $622.8M $658.8M
Total Assets $1.041B $977.8M $1.056B
YoY Change -6.53% -7.39% -7.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.48M $44.10M $55.31M
YoY Change 18.84% -20.25% 15.67%
Accrued Expenses $92.98M $92.40M $92.47M
YoY Change 12.43% 8.96% 15.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $600.0K $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $145.7M $140.0M $147.8M
YoY Change -3.87% -5.28% 0.04%
LONG-TERM LIABILITIES
Long-Term Debt $382.9M $356.8M $387.7M
YoY Change 13.56% -7.97% 11.77%
Other Long-Term Liabilities $10.17M $17.90M $9.758M
YoY Change 283.62% -27.53% 276.47%
Total Long-Term Liabilities $393.1M $374.7M $397.5M
YoY Change 15.66% -9.14% 13.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.7M $140.0M $147.8M
Total Long-Term Liabilities $393.1M $374.7M $397.5M
Total Liabilities $591.2M $520.7M $578.7M
YoY Change 1.36% -10.02% -5.41%
SHAREHOLDERS EQUITY
Retained Earnings $106.4M $135.5M
YoY Change -49.45% -38.12%
Common Stock $8.994M $8.984M
YoY Change 0.57% 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $449.9M $457.1M $477.2M
YoY Change
Total Liabilities & Shareholders Equity $1.041B $977.8M $1.056B
YoY Change -6.53% -7.39% -7.98%

Cashflow Statement

Concept 2018 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$12.26M -$63.15M $19.67M
YoY Change 28.99% -25.23% -309.74%
Depreciation, Depletion And Amortization $16.46M $64.86M $13.45M
YoY Change 26.96% 24.39% 1.59%
Cash From Operating Activities $2.151M $41.86M -$3.560M
YoY Change -184.35% -404.92% -118.83%
INVESTING ACTIVITIES
Capital Expenditures $5.487M $27.16M -$10.26M
YoY Change -48.81% -26.18% 3.22%
Acquisitions $0.00
YoY Change
Other Investing Activities $436.0K $443.0K $760.0K
YoY Change -23.51% -3.06% -94.56%
Cash From Investing Activities -$5.905M -$25.03M -$9.500M
YoY Change -45.1% -26.38% -336.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.378M -$23.04M 12.86M
YoY Change -55.82% -190.03% -196.26%
NET CHANGE
Cash From Operating Activities $2.151M $41.86M -3.560M
Cash From Investing Activities -$5.905M -$25.03M -9.500M
Cash From Financing Activities -$4.378M -$23.04M 12.86M
Net Change In Cash -$8.132M -$8.264M -200.0K
YoY Change -64.97% -57.97% -102.09%
FREE CASH FLOW
Cash From Operating Activities $2.151M $41.86M -$3.560M
Capital Expenditures $5.487M $27.16M -$10.26M
Free Cash Flow -$3.336M $14.70M $6.700M
YoY Change -74.86% -129.08% -76.78%

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0.045
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3403000 USD
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CY2017 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2018 us-gaap Defined Benefit Plan Interest Cost
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1
CY2018Q4 us-gaap Defined Benefit Plan Plan Assets Target Allocation Percentage
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1
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CY2017 us-gaap Defined Benefit Plan Service Cost
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CY2018 us-gaap Defined Benefit Plan Service Cost
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1
CY2018Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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1
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CY2018 us-gaap Depreciation
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52143000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
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2468000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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0.39
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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0.33
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2016 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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0 USD
CY2017 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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818000 USD
CY2018 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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CY2017Q4 us-gaap Employee Related Liabilities Current
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40988000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
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47988000 USD
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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18200000 USD
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P2Y5M4D
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2500000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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900000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2500000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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-535000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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0 USD
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0 USD
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0 USD
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669000 USD
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7688000 USD
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658000 USD
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300000 USD
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10518000 USD
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8428000 USD
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598000 USD
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0 USD
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78000 USD
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2898000 USD
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3045000 USD
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1182000 USD
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3789000 USD
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3762000 USD
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127000 USD
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410000 USD
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1816000 USD
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0 USD
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801000 USD
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1938000 USD
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855000 USD
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100000 USD
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1709000 USD
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1390000 USD
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48382000 USD
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0 USD
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0 USD
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36798000 USD
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25931000 USD
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45812000 USD
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36798000 USD
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10940000 USD
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500000 shares
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500000 shares
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0 shares
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0 shares
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0 USD
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0 USD
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17950000 USD
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0 USD
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13295000 USD
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0 USD
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0 USD
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5243000 USD
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4232000 USD
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2580000 USD
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5903000 USD
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450000 USD
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0 USD
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11662000 USD
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27000 shares
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0 shares
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0 shares
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79000 shares
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52000 shares
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31.94
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32.56
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30.75
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0.00
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0.00
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21.12
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50.47
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P3Y5M19D
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5903000 USD
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450000 USD
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50000000 USD
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50000000 USD
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7900000 USD
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7600000 USD
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457100000 USD
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7593000 USD
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69138000 USD
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76268000 USD
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539000 USD
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858000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1159000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2200000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2221000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
564000 USD
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30031000 shares
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
416000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
96000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
301000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1478000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28095000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29849000 shares
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
337000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
660000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
464000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28095000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29849000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30031000 shares
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1244000 USD
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of credit risk.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">No</font><font style="font-family:inherit;font-size:10pt;"> single customer accounts for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of consolidated revenues.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates.</font><font style="font-family:inherit;font-size:10pt;"> Our accounting policies conform to Generally Accepted Accounting Principles in the United States (&#8220;GAAP&#8221;). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect our reported financial position and results of operations. We review significant estimates and judgments affecting our consolidated financial statements on a recurring basis and record the effect of any necessary adjustments prior to their publication. Estimates and judgments are based on information available at the time such estimates and judgments are made. Adjustments made with respect to the use of these estimates and judgments often relate to information not previously available. Uncertainties with respect to such estimates and judgments are inherent in the preparation of financial statements. Estimates and judgments are used in, among other things, (1)&#160;aspects of revenue recognition, (2)&#160;valuation of acquisition related tangible and intangible assets and assessments of all long-lived assets for possible impairment, (3)&#160;estimating various factors used to accrue liabilities for workers&#8217; compensation, auto, medical and general liability, (4)&#160;establishing an allowance for uncollectible accounts receivable, (5)&#160;estimating the useful lives of our assets, (6)&#160;assessing future tax exposure and the realization of tax assets, (7) the valuation of the embedded derivative liability in our convertible debt and (8) selecting assumptions used in the measurement of costs and liabilities associated with defined benefit pension plans. Our most significant accounting policies are described below. </font></div></div>

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