2019 Q4 Form 10-K Financial Statement

#000160626820000008 Filed on March 05, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2017 Q4
Revenue $186.2M $228.5M $234.8M
YoY Change -18.51% -2.68% 39.18%
Cost Of Revenue $128.1M $214.2M $131.4M
YoY Change -40.2% 63.01% 36.31%
Gross Profit $58.10M $14.30M $103.4M
YoY Change 306.29% -86.17% 43.02%
Gross Profit Margin 31.2% 6.26% 44.04%
Selling, General & Admin $39.20M $27.90M $31.70M
YoY Change 40.5% -11.99% 6.38%
% of Gross Profit 67.47% 195.1% 30.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.030M $12.90M $12.09M
YoY Change -30.0% 6.7% -23.43%
% of Gross Profit 15.54% 90.21% 11.69%
Operating Expenses $48.20M $40.80M $43.60M
YoY Change 18.14% -6.42% 11.22%
Operating Profit $9.900M -$26.50M $59.80M
YoY Change -137.36% -144.31% 80.66%
Interest Expense -$11.30M $12.70M -$2.200M
YoY Change -188.98% -677.27% -59.26%
% of Operating Profit -114.14% -3.68%
Other Income/Expense, Net $22.30M
YoY Change
Pretax Income $3.500M -$13.80M $79.80M
YoY Change -125.36% -117.29% 188.09%
Income Tax $4.200M $1.500M $19.00M
% Of Pretax Income 120.0% 23.81%
Net Earnings -$2.800M -$4.000M $12.60M
YoY Change -30.0% -131.75% 63.64%
Net Earnings / Revenue -1.5% -1.75% 5.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.96 -$1.42 $4.66
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.90M $57.50M $68.30M
YoY Change 11.13% -15.81% 97.4%
Cash & Equivalents $56.66M $41.00M $29.42M
Short-Term Investments $7.300M $16.50M $38.90M
Other Short-Term Assets $6.109M $11.75M $7.867M
YoY Change -48.0% 49.32% -35.38%
Inventory $2.954M $3.878M $4.470M
Prepaid Expenses $1.028M
Receivables $113.6M $150.9M $158.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $236.1M $292.0M $296.7M
YoY Change -19.13% -1.6% 49.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.267M $4.366M $8.275M
YoY Change -25.17% -47.24% 75.84%
Goodwill $120.3M $120.3M $120.2M
YoY Change 0.0% 0.16% 51.81%
Intangibles $17.77M $26.43M $34.80M
YoY Change -32.77% -24.05% 62.62%
Long-Term Investments
YoY Change
Other Assets $5.647M $11.13M $11.50M
YoY Change -49.26% -3.22% 32.83%
Total Long-Term Assets $186.8M $196.8M $207.0M
YoY Change -5.04% -4.95% 21.93%
TOTAL ASSETS
Total Short-Term Assets $236.1M $292.0M $296.7M
Total Long-Term Assets $186.8M $196.8M $207.0M
Total Assets $423.0M $488.7M $503.7M
YoY Change -13.46% -2.98% 36.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.25M $68.79M $77.51M
YoY Change -29.87% -11.25% 48.18%
Accrued Expenses $37.94M $10.85M $10.20M
YoY Change 249.85% 6.3% -72.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $6.900M $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $6.936M $20.94M
YoY Change -100.0% -66.88% -71.46%
Total Short-Term Liabilities $142.0M $142.0M $151.0M
YoY Change 0.0% -6.01% -17.95%
LONG-TERM LIABILITIES
Long-Term Debt $123.0M $139.5M $124.8M
YoY Change -11.83% 11.78% 2396.02%
Other Long-Term Liabilities $700.0K $26.20M $27.60M
YoY Change -97.33% -5.07% -55.77%
Total Long-Term Liabilities $123.0M $139.5M $124.8M
YoY Change -11.83% 11.78% 2396.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.0M $142.0M $151.0M
Total Long-Term Liabilities $123.0M $139.5M $124.8M
Total Liabilities $265.7M $307.7M $303.5M
YoY Change -13.66% 1.39% 20.67%
SHAREHOLDERS EQUITY
Retained Earnings $1.074M $1.307M $11.40M
YoY Change -17.83% -88.53% 141.97%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 99.45K shares 99.45K shares 99.45K shares
Shareholders Equity $51.22M $45.81M $57.54M
YoY Change
Total Liabilities & Shareholders Equity $423.0M $488.7M $503.7M
YoY Change -13.46% -2.98% 36.98%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$2.800M -$4.000M $12.60M
YoY Change -30.0% -131.75% 63.64%
Depreciation, Depletion And Amortization $9.030M $12.90M $12.09M
YoY Change -30.0% 6.7% -23.43%
Cash From Operating Activities $14.65M $17.91M $90.00K
YoY Change -18.2% 19800.0% -98.54%
INVESTING ACTIVITIES
Capital Expenditures $540.0K $330.0K $260.0K
YoY Change 63.64% 26.92% -48.0%
Acquisitions
YoY Change
Other Investing Activities $8.430M $5.050M $1.400M
YoY Change 66.93% 260.71% -183.33%
Cash From Investing Activities $7.890M $4.710M $1.130M
YoY Change 67.52% 316.81% -152.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.450M -15.78M 16.96M
YoY Change -46.45% -193.04% -983.33%
NET CHANGE
Cash From Operating Activities 14.65M 17.91M 90.00K
Cash From Investing Activities 7.890M 4.710M 1.130M
Cash From Financing Activities -8.450M -15.78M 16.96M
Net Change In Cash 14.09M 6.840M 18.18M
YoY Change 105.99% -62.38% 778.26%
FREE CASH FLOW
Cash From Operating Activities $14.65M $17.91M $90.00K
Capital Expenditures $540.0K $330.0K $260.0K
Free Cash Flow $14.11M $17.58M -$170.0K
YoY Change -19.74% -10441.18% -103.01%

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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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49638000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57668000 USD
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10459000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20219000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8030000 USD
CY2018Q4 us-gaap Collateral Already Posted Aggregate Fair Value
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0 USD
CY2019Q4 us-gaap Collateral Already Posted Aggregate Fair Value
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1700000 USD
CY2018Q4 us-gaap Commitments And Contingencies
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USD
CY2019Q4 us-gaap Commitments And Contingencies
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USD
CY2019 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2019 us-gaap Comprehensive Income Net Of Tax
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CY2019 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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14111000 USD
CY2018 us-gaap Conversion Of Stock Shares Converted1
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552167000 USD
CY2018 us-gaap Cost Of Goods And Services Sold
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845493000 USD
CY2019 us-gaap Cost Of Goods And Services Sold
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615225000 USD
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695635000 USD
CY2018 us-gaap Costs And Expenses
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1009582000 USD
CY2019 us-gaap Costs And Expenses
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CY2017 us-gaap Current Federal Tax Expense Benefit
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3862000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
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10511000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
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8944000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
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4961000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
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14186000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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1952000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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1099000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
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3675000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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27820000 USD
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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1000000 USD
CY2019Q4 us-gaap Deferred Finance Costs Current Net
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900000 USD
CY2018Q4 us-gaap Deferred Finance Costs Net
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1400000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
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1300000 USD
CY2018Q4 us-gaap Deferred Finance Costs Noncurrent Net
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400000 USD
CY2019Q4 us-gaap Deferred Finance Costs Noncurrent Net
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400000 USD
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27321000 USD
CY2019Q4 us-gaap Deferred Income Tax Assets Net
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29821000 USD
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CY2019 us-gaap Deferred Income Tax Expense Benefit
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CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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2001000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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1669000 USD
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30700000 USD
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22251000 USD
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28671000 USD
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27321000 USD
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29865000 USD
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0 USD
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140000 USD
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78000 USD
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220000 USD
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715000 USD
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0 USD
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460000 USD
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27000 USD
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6806000 USD
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3900000 USD
CY2019 us-gaap Depreciation
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2300000 USD
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42341000 USD
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52658000 USD
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42666000 USD
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51436000 USD
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CY2019Q4 us-gaap Derivative Assets Noncurrent
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106000 USD
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0 USD
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200000 USD
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CY2018Q4 us-gaap Derivative Instruments And Hedges
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464000 USD
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106000 USD
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495000 USD
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10382000 USD
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3038000 USD
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2600000 USD
CY2018Q4 us-gaap Due From Related Parties Current
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2558000 USD
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2000000 USD
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2032000 USD
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2464000 USD
CY2018Q4 us-gaap Due To Affiliate Current
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2500000 USD
CY2019Q4 us-gaap Due To Affiliate Current
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1009000 USD
CY2019Q4 us-gaap Due To Affiliate Current
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1000000 USD
CY2017 us-gaap Earnings Per Share Basic
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1.23
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0.03
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1.21
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0.02
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0.34
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CY2019 us-gaap Effective Income Tax Rate Continuing Operations
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0.34
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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800000 USD
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600000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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600000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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101000 USD
CY2019 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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2797000 USD
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14561000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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249000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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450000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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6038000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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12987000 USD
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37082000 USD
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0 USD
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0 USD
CY2019 us-gaap Gain Loss On Sale Of Business
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4862000 USD
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19598000 USD
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CY2019 us-gaap Gain Loss On Sale Of Derivatives
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41919000 USD
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CY2018 us-gaap General And Administrative Expense
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CY2019 us-gaap General And Administrative Expense
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133534000 USD
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CY2018Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
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120343000 USD
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0 USD
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260000 USD
CY2018 us-gaap Goodwill Purchase Accounting Adjustments
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189000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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113809000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-12315000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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21470000 USD
CY2017 us-gaap Income Tax Expense Benefit
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38765000 USD
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2077000 USD
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7257000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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14454000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0 USD
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0 USD
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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39833000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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4509000 USD
CY2017 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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19810000 USD
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-1738000 USD
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1329000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense
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234000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
256000 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense
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256000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
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-273000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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220000 USD
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
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38000 USD
CY2017 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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0 USD
CY2018 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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-31000 USD
CY2019 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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1060000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2569000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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428000 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1382000 USD
CY2017 us-gaap Income Taxes Paid
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11205000 USD
CY2018 us-gaap Income Taxes Paid
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8561000 USD
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7516000 USD
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14831000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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10301000 USD
CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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32361000 USD
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488738000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
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422968000 USD
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141951000 USD
CY2019Q4 us-gaap Liabilities Current
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141955000 USD
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1125000 USD
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1604000 USD
CY2019 us-gaap Line Of Credit Facility Commitment Fee Amount
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1656000 USD
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-23699000 USD
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-29821000 USD
CY2018 us-gaap Increase Decrease In Deferred Income Taxes
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2328000 USD
CY2019 us-gaap Increase Decrease In Deferred Income Taxes
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6929000 USD
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1459000 USD
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CY2019 us-gaap Increase Decrease In Due From Affiliates Current
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51000 USD
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-2158000 USD
CY2019 us-gaap Increase Decrease In Due To Affiliates Current
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-1455000 USD
CY2017 us-gaap Increase Decrease In Intangible Assets Current
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0 USD
CY2018 us-gaap Increase Decrease In Intangible Assets Current
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86000 USD
CY2019 us-gaap Increase Decrease In Intangible Assets Current
IncreaseDecreaseInIntangibleAssetsCurrent
0 USD
CY2017 us-gaap Increase Decrease In Inventories
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718000 USD
CY2018 us-gaap Increase Decrease In Inventories
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-674000 USD
CY2019 us-gaap Increase Decrease In Inventories
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-924000 USD
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-1210000 USD
CY2018 us-gaap Increase Decrease In Other Current Liabilities
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-3050000 USD
CY2019 us-gaap Increase Decrease In Other Current Liabilities
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-1459000 USD
CY2017 us-gaap Increase Decrease In Other Noncurrent Liabilities
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-1487000 USD
CY2018 us-gaap Increase Decrease In Other Noncurrent Liabilities
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41000 USD
CY2019 us-gaap Increase Decrease In Other Noncurrent Liabilities
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6000 USD
CY2017 us-gaap Increase Decrease In Other Operating Assets
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465000 USD
CY2018 us-gaap Increase Decrease In Other Operating Assets
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335000 USD
CY2019 us-gaap Increase Decrease In Other Operating Assets
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-55000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-1915000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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14033000 USD
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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203000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
282000 shares
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16630000 USD
CY2018Q4 us-gaap Intangible Assets Current
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16600000 USD
CY2019Q4 us-gaap Intangible Assets Current
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13607000 USD
CY2019Q4 us-gaap Intangible Assets Current
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13600000 USD
CY2017 us-gaap Interest Expense
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11134000 USD
CY2018 us-gaap Interest Expense
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9410000 USD
CY2019 us-gaap Interest Expense
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8621000 USD
CY2017 us-gaap Interest Paid Net
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5715000 USD
CY2018 us-gaap Interest Paid Net
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7883000 USD
CY2019 us-gaap Interest Paid Net
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6634000 USD
CY2018Q4 us-gaap Inventory Net
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3878000 USD
CY2019Q4 us-gaap Inventory Net
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2954000 USD
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Use of Estimates and Assumptions</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of our consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could materially differ from those estimates. </font></div></div>

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