2019 Q1 Form 10-Q Financial Statement
#000093303619000017 Filed on May 09, 2019
Income Statement
Concept | 2019 Q1 | 2018 Q1 |
---|---|---|
Revenue | $696.7M | $698.0M |
YoY Change | -0.19% | -5.92% |
Cost Of Revenue | $271.8M | $261.1M |
YoY Change | 4.12% | -6.54% |
Gross Profit | $424.9M | $437.0M |
YoY Change | -2.77% | -5.55% |
Gross Profit Margin | 60.98% | 62.6% |
Selling, General & Admin | $358.4M | $411.9M |
YoY Change | -12.99% | -4.05% |
% of Gross Profit | 84.36% | 94.26% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $15.69M | $17.74M |
YoY Change | -11.55% | -2.56% |
% of Gross Profit | 3.69% | 4.06% |
Operating Expenses | $407.5M | $447.2M |
YoY Change | -8.88% | -3.09% |
Operating Profit | $17.35M | -$10.27M |
YoY Change | -268.93% | -991.49% |
Interest Expense | $9.389M | $11.36M |
YoY Change | -17.35% | -2.32% |
% of Operating Profit | 54.12% | |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $8.834M | -$21.42M |
YoY Change | -141.24% | 107.53% |
Income Tax | $1.511M | -$1.578M |
% Of Pretax Income | 17.1% | |
Net Earnings | $49.29M | -$19.84M |
YoY Change | -348.41% | 197.1% |
Net Earnings / Revenue | 7.08% | -2.84% |
Basic Earnings Per Share | $0.14 | -$0.37 |
Diluted Earnings Per Share | $0.13 | -$0.37 |
COMMON SHARES | ||
Basic Shares Outstanding | 53.93M shares | 53.41M shares |
Diluted Shares Outstanding | 55.50M shares | 53.41M shares |
Balance Sheet
Concept | 2019 Q1 | 2018 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $237.7M | $81.40M |
YoY Change | 192.01% | 40.1% |
Cash & Equivalents | $237.7M | $81.39M |
Short-Term Investments | ||
Other Short-Term Assets | $39.90M | $67.50M |
YoY Change | -40.89% | 29.31% |
Inventory | $767.9M | $812.5M |
Prepaid Expenses | ||
Receivables | $63.80M | $64.80M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $1.109B | $1.026B |
YoY Change | 8.1% | -8.57% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $211.9M | $269.9M |
YoY Change | -21.5% | -13.67% |
Goodwill | $56.82M | $56.78M |
YoY Change | 0.05% | 2.67% |
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $25.60M | $29.00M |
YoY Change | -11.72% | |
Total Long-Term Assets | $572.1M | $360.2M |
YoY Change | 58.82% | -3.31% |
TOTAL ASSETS | ||
Total Short-Term Assets | $1.109B | $1.026B |
Total Long-Term Assets | $572.1M | $360.2M |
Total Assets | $1.681B | $1.386B |
YoY Change | 21.28% | -7.26% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $118.9M | $90.90M |
YoY Change | 30.8% | 10.05% |
Accrued Expenses | $611.1M | $329.7M |
YoY Change | 85.35% | -3.14% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $730.0M | $420.6M |
YoY Change | 73.56% | -0.57% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $540.4M | $596.5M |
YoY Change | -9.4% | -8.71% |
Other Long-Term Liabilities | ||
YoY Change | ||
Total Long-Term Liabilities | $540.4M | $596.5M |
YoY Change | -9.4% | -8.71% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $730.0M | $420.6M |
Total Long-Term Liabilities | $540.4M | $596.5M |
Total Liabilities | $1.387B | $1.150B |
YoY Change | 20.66% | -7.03% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $811.3M | $797.4M |
YoY Change | 1.74% | 0.98% |
Common Stock | $841.4M | $834.4M |
YoY Change | 0.84% | 0.88% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | $1.348B | $1.348B |
YoY Change | 0.0% | 0.0% |
Treasury Stock Shares | 56.37M shares | 56.37M shares |
Shareholders Equity | $294.3M | $255.0M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $1.681B | $1.386B |
YoY Change | 21.28% | -7.26% |
Cashflow Statement
Concept | 2019 Q1 | 2018 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $49.29M | -$19.84M |
YoY Change | -348.41% | 197.1% |
Depreciation, Depletion And Amortization | $15.69M | $17.74M |
YoY Change | -11.55% | -2.56% |
Cash From Operating Activities | $75.78M | $84.48M |
YoY Change | -10.3% | 42.42% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $2.508M | $8.649M |
YoY Change | -71.0% | -60.77% |
Acquisitions | $0.00 | $440.0K |
YoY Change | -100.0% | |
Other Investing Activities | $8.500M | $9.000M |
YoY Change | -5.56% | 1700.0% |
Cash From Investing Activities | $5.967M | $374.0K |
YoY Change | 1495.45% | -101.73% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $0.00 | $0.00 |
YoY Change | -100.0% | |
Common Stock Issuance & Retirement, Net | $0.00 | |
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $405.0K | -$77.43M |
YoY Change | -100.52% | 1.86% |
NET CHANGE | ||
Cash From Operating Activities | $75.78M | $84.48M |
Cash From Investing Activities | $5.967M | $374.0K |
Cash From Financing Activities | $405.0K | -$77.43M |
Net Change In Cash | $82.35M | $7.423M |
YoY Change | 1009.43% | -119.39% |
FREE CASH FLOW | ||
Cash From Operating Activities | $75.78M | $84.48M |
Capital Expenditures | $2.508M | $8.649M |
Free Cash Flow | $73.27M | $75.83M |
YoY Change | -3.38% | 103.46% |
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|
32924000 | USD |
CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
56845000 | USD |
CY2019Q1 | us-gaap |
Goodwill
Goodwill
|
56815000 | USD |
CY2018Q1 | us-gaap |
Gross Profit
GrossProfit
|
436978000 | USD |
CY2019Q1 | us-gaap |
Gross Profit
GrossProfit
|
424866000 | USD |
CY2018Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-21421000 | USD |
CY2019Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
8834000 | USD |
CY2018Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-1578000 | USD |
CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1511000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
498000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
5066000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1563000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2942000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
29321000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3621000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
0 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-26824000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
0 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-25316000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2941000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-11588000 | USD |
CY2018Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
CY2019Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
1566000 | shares |
CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
11360000 | USD |
CY2019Q1 | us-gaap |
Interest Expense
InterestExpense
|
9389000 | USD |
CY2018Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
209000 | USD |
CY2019Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
874000 | USD |
CY2019Q1 | us-gaap |
Lease Cost
LeaseCost
|
37018000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
320950000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
3194000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
91427000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
16712000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
40369000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
68804000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
100444000 | USD |
CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
36462000 | USD |
CY2019Q1 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
92000000 | USD |
CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
1110400000 | USD |
CY2019Q1 | us-gaap |
Liabilities
Liabilities
|
1387164000 | USD |
CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1396917000 | USD |
CY2019Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1681416000 | USD |
CY2019Q1 | us-gaap |
Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
|
700000 | USD |
CY2019Q1 | us-gaap |
Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
|
0.0040 | |
CY2019Q1 | us-gaap |
Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
|
92500000 | USD |
CY2018Q4 | us-gaap |
Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
|
11000000 | USD |
CY2019Q1 | us-gaap |
Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
|
13000000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-77428000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
405000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
374000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
5967000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
84477000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
75775000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19843000 | USD |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7323000 | USD |
CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
447248000 | USD |
CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
407517000 | USD |
CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-10270000 | USD |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
17349000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
30077000 | USD |
CY2018Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
0 | USD |
CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
284488000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
284500000 | USD |
CY2018Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
0 | USD |
CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
273800000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
273833000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.079 | |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
408649000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
145345000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
16460000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
47417000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
80362000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
116785000 | USD |
CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
2280000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
1648000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
521000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
|
438000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
|
138000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
1648000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
521000 | USD |
CY2018Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | USD |
CY2019Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
157000 | USD |
CY2018Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
205000 | USD |
CY2019Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
2330000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
440000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
0 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
8649000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
2508000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
8649000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2508000 | USD |
CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
51352000 | USD |
CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
39885000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
26850000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
5400000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
9463000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
8475000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
375000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
2892000 | USD |
CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
226323000 | USD |
CY2019Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
211898000 | USD |
CY2018Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
3437000 | USD |
CY2019Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
2942000 | USD |
CY2018Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
104448000 | USD |
CY2019Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
5400000 | USD |
CY2018Q1 | us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
17455000 | USD |
CY2019Q1 | us-gaap |
Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
|
33370000 | USD |
CY2018Q4 | us-gaap |
Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
|
3834000 | USD |
CY2019Q1 | us-gaap |
Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
|
3662000 | USD |
CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
805924000 | USD |
CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
811271000 | USD |
CY2018Q1 | us-gaap |
Revenues
Revenues
|
698043000 | USD |
CY2019Q1 | us-gaap |
Revenues
Revenues
|
696694000 | USD |
CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
3927000 | USD |
CY2018Q4 | us-gaap |
Senior Notes
SeniorNotes
|
542740000 | USD |
CY2019Q1 | us-gaap |
Senior Notes
SeniorNotes
|
542740000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1900000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1862000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
709000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
294252000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
700000 | USD |
CY2019Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
6941000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
2892000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
286517000 | USD |
CY2019Q1 | us-gaap |
Sublease Income
SubleaseIncome
|
1676000 | USD |
CY2018Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
56369752 | shares |
CY2019Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
56369752 | shares |
CY2018Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1347677000 | USD |
CY2019Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1347677000 | USD |
CY2018Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
2600000 | USD |
CY2019Q1 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
2100000 | USD |
CY2018Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
53406000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
55496000 | shares |
CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53406000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
53930000 | shares |
CY2019Q1 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company, along with our subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process include unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Alan Hall, et. al. v. Rent-A-Center, Inc., et. al.; James DePalma, et. al. v. Rent-A-Center, Inc., et. al.</font><font style="font-family:inherit;font-size:10pt;"> On December 23, 2016, a putative class action was filed against us and certain of our former officers by Alan Hall in the Federal District Court for the Eastern District of Texas in Sherman, Texas. The complaint alleges that the defendants violated Section 10(b) and/or Section 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing false and misleading statements and omitting material facts regarding our business, including implementation of our point-of-sale system, operations and prospects during the period covered by the complaint. A complaint filed by James DePalma also in Sherman, Texas alleging similar claims was consolidated by the court into the Hall matter. On October 8, 2018, the parties agreed to settle this matter for </font><font style="font-family:inherit;font-size:10pt;">$11 million</font><font style="font-family:inherit;font-size:10pt;">. The court granted preliminary approval of the settlement on December 13, 2018. Under the terms of the settlement our insurance carrier paid in January 2019 an aggregate of $11 million in cash which will be distributed to an agreed upon class of claimants who purchased our common stock from July 27, 2015 through October 10, 2016, as well as used to pay costs of notice and settlement administration, and plaintiffs’ attorneys’ fees and expenses. The settlement was approved by the court at a hearing held on May 3, 2019.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Blair v. Rent-A-Center, Inc. </font><font style="font-family:inherit;font-size:10pt;">This matter is a state-wide class action complaint originally filed on March 13, 2017 in the Federal District Court for the Northern District of California. The complaint alleges various claims, including that our cash sales and total rent to own prices exceed the pricing permitted under the Karnette Rental-Purchase Act. Following a court-ordered mediation on March 28, 2019, we reached an agreement in principle to settle this matter for a total of </font><font style="font-family:inherit;font-size:10pt;">$13 million</font><font style="font-family:inherit;font-size:10pt;">, including attorneys’ fees. The settlement is in the documentation process and is subject to approval by the court. We have denied any liability in the settlement and agreed to the settlement in order to avoid additional expensive, time-consuming litigation. We recorded the impact of this settlement in the first quarter of 2019.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Vintage Rodeo Parent, LLC, Vintage Rodeo Acquisition, Inc. and Vintage Capital Management, LLC, and B. Riley Financial, Inc. v. Rent-A-Center, Inc.</font><font style="font-family:inherit;font-size:10pt;"> On December 18, 2018, after the Company did not receive an extension notice from Vintage Rodeo Parent, LLC (“Vintage”) that was required by December 17, 2018 to extend the Merger Agreement’s stated End Date, we terminated the Merger Agreement.  Our Board of Directors determined that terminating the Merger Agreement was in the best interests of our stockholders, and instructed Rent-A-Center’s management to exercise the Company’s right to terminate the Merger Agreement and make a demand on Vintage for the </font><font style="font-family:inherit;font-size:10pt;">$126.5 million</font><font style="font-family:inherit;font-size:10pt;"> reverse breakup fee owed to us following the termination of the Merger Agreement. On December 21, 2018, Vintage and its affiliates filed a lawsuit in Delaware Court of Chancery against Rent-A-Center, asserting that the Merger Agreement remained in effect, and that Vintage did not owe Rent-A-Center the $126.5 million reverse breakup fee associated with our termination of the Merger Agreement. B. Riley, a guarantor of the payment of the reverse breakup fee, later joined the lawsuit brought by Vintage in Delaware Court of Chancery. In addition, we brought a counterclaim against Vintage and B. Riley asserting our right to payment of the reverse breakup fee.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 11th and 12th of this year, a trial was held in Delaware Court of Chancery in the lawsuit arising from Rent-A-Center's termination of the Merger Agreement. On March 14, 2019, the Delaware Court of Chancery ruled that Rent-A-Center validly terminated the Merger Agreement. As announced on April 22, 2019, we agreed to settle all litigation with Vintage and B. Riley relating to our termination of the Merger Agreement. In the settlement, we will receive a payment of </font><font style="font-family:inherit;font-size:10pt;">$92.5 million</font><font style="font-family:inherit;font-size:10pt;"> in cash in late May 2019. In connection with the settlement, Rent-A-Center will exchange mutual releases with all other parties with respect to all matters relating to the Merger Agreement, including its termination.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">After payment of all remaining costs, fees and expenses relating to the terminated Merger Agreement and arising from the settlement of the litigation, we expect to retain pre-tax proceeds of approximately </font><font style="font-family:inherit;font-size:10pt;">$80.0 million</font><font style="font-family:inherit;font-size:10pt;">. We will record the impact of this settlement when payment is received.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Velma Russell v. Acceptance Now.</font><font style="font-family:inherit;font-size:12pt;"> </font><font style="font-family:inherit;font-size:10pt;">This purported class action arising out of calls made by Acceptance Now to customers’ reference (s) was filed on January 29, 2019 in Massachusetts state court. Specifically, plaintiffs seek to certify a class representing any references of customers (within the state of Massachusetts) during the 4 years prior to the filing date that were contacted by Acceptance Now more frequently during a 12 month period than is permitted by Massachusetts state law. The plaintiffs are seeking injunctive relief and statutory damages of $25 per reference which may be tripled to $75 per reference. References are not parties to our consumer arbitration agreement. We operate 12 Acceptance Now locations in Massachusetts. We intend to vigorously defend these claims; however, we cannot assure you that we will be found to have no liability in this matter.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Federal Trade Commission civil investigative demand. </font><font style="font-family:inherit;font-size:10pt;">In April 2019, along with other rent-to-own companies, we received a civil investigative demand from the Federal Trade Commission ("FTC") seeking information regarding certain transactions involving the purchase and sale of customer lease agreements, and whether such transactions violated the FTC Act. Although we believe such transactions were in compliance with the FTC Act, this inquiry could lead to an enforcement action and/or a consent order, and substantial costs. The Company is in the process of responding to this inquiry from the FTC.</font></div></div> |