2017 Q4 Form 10-K Financial Statement

#000161764019000005 Filed on February 21, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 2015 Q4
Revenue $282.3M $846.6M $169.4M
YoY Change 24.03% 31.32% 83.53%
Cost Of Revenue $22.60M $69.26M $15.10M
YoY Change 14.72% 15.19% 71.59%
Gross Profit $259.8M $777.3M $154.3M
YoY Change 24.96% 32.98% 84.79%
Gross Profit Margin 92.03% 91.82% 91.09%
Selling, General & Admin $161.7M $714.4M $123.8M
YoY Change 21.95% 44.88% 111.99%
% of Gross Profit 62.24% 91.91% 80.23%
Research & Development $50.70M $255.6M $37.90M
YoY Change -29.68% 38.54% 90.45%
% of Gross Profit 19.52% 32.88% 24.56%
Depreciation & Amortization $28.60M $100.6M $21.40M
YoY Change 11.28% 33.43% 116.16%
% of Gross Profit 11.01% 12.94% 13.87%
Operating Expenses $246.9M $970.0M $179.5M
YoY Change 20.62% 43.16% 107.27%
Operating Profit $12.90M -$192.9M -$25.20M
YoY Change 303.13% 28.97% 712.9%
Interest Expense -$7.000M -$7.400M -$1.600M
YoY Change 159.26% -234.82%
% of Operating Profit -54.26%
Other Income/Expense, Net $1.400M $2.700M $400.0K
YoY Change 100.0% 80.0% 33.33%
Pretax Income -$166.8M -$220.3M -$27.50M
YoY Change 658.18% 43.51% 152.29%
Income Tax -$66.00M $130.0K -$1.800M
% Of Pretax Income
Net Earnings -$77.20M -$220.4M -$25.70M
YoY Change 228.51% 48.07% 135.78%
Net Earnings / Revenue -27.35% -26.04% -15.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$407.4K -$1.224M -$144.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $762.5M $506.5M $520.3M
YoY Change 50.25% -2.65% 39.64%
Cash & Equivalents $352.1M $243.6M $229.1M
Short-Term Investments $410.4M $262.9M $291.2M
Other Short-Term Assets $24.60M $34.80M $24.00M
YoY Change -29.31% 45.0% 137.62%
Inventory
Prepaid Expenses
Receivables $54.40M $30.90M $29.79M
Other Receivables $8.400M $9.600M $2.400M
Total Short-Term Assets $841.5M $581.8M $574.1M
YoY Change 44.38% 1.34% 43.05%
LONG-TERM ASSETS
Property, Plant & Equipment $112.3M $98.30M $85.52M
YoY Change 14.23% 9.71% 105.58%
Goodwill $1.931B $1.909B
YoY Change 0.39% 1881.45%
Intangibles $319.7M $558.9M
YoY Change -39.39% 1988.73%
Long-Term Investments
YoY Change
Other Assets $25.93M $18.60M $5.020M
YoY Change 47.47% 132.5% 1302.23%
Total Long-Term Assets $2.389B $2.568B $2.562B
YoY Change -6.93% 0.25% 931.27%
TOTAL ASSETS
Total Short-Term Assets $841.5M $581.8M $574.1M
Total Long-Term Assets $2.389B $2.568B $2.562B
Total Assets $3.231B $3.150B $3.136B
YoY Change 2.57% 0.45% 382.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.587M $4.300M $3.361M
YoY Change -15.74% 26.47% -64.08%
Accrued Expenses $61.37M $62.50M $43.05M
YoY Change 59.71% 14.89% 154.97%
Deferred Revenue $31.92M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.4M $97.20M $80.42M
YoY Change 21.74% 20.9% 63.47%
LONG-TERM LIABILITIES
Long-Term Debt $385.4M $367.4M $230.0M
YoY Change 4.9% 59.74%
Other Long-Term Liabilities $21.30M $15.30M $13.70M
YoY Change 39.22% 11.68% 16.1%
Total Long-Term Liabilities $385.4M $382.7M $230.0M
YoY Change 4.9% 57.04% 1849.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.4M $97.20M $80.42M
Total Long-Term Liabilities $385.4M $382.7M $230.0M
Total Liabilities $569.7M $616.1M $456.6M
YoY Change -7.53% 34.93% 649.2%
SHAREHOLDERS EQUITY
Retained Earnings -$592.2M -$276.6M
YoY Change 19.15% 116.55%
Common Stock $3.254B $2.956B
YoY Change 7.37% 312.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.661B $2.534B $2.679B
YoY Change
Total Liabilities & Shareholders Equity $3.231B $3.150B $3.136B
YoY Change 2.57% 0.45% 382.62%

Cashflow Statement

Concept 2017 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$77.20M -$220.4M -$25.70M
YoY Change 228.51% 48.07% 135.78%
Depreciation, Depletion And Amortization $28.60M $100.6M $21.40M
YoY Change 11.28% 33.43% 116.16%
Cash From Operating Activities $81.30M $8.645M -$15.90M
YoY Change 108.46% -61.92% -231.4%
INVESTING ACTIVITIES
Capital Expenditures -$17.60M $62.06M -$14.60M
YoY Change -2.76% 17.79% -13.1%
Acquisitions $16.32M
YoY Change -84.34%
Other Investing Activities -$49.50M $6.000M $20.40M
YoY Change 152.55% -95.47% 343.48%
Cash From Investing Activities -$67.20M -$65.72M $5.800M
YoY Change 77.78% -202.05% -147.93%
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 18.00M $71.53M 5.700M
YoY Change -65.05% 338.82% 90.0%
NET CHANGE
Cash From Operating Activities 81.30M $8.645M -15.90M
Cash From Investing Activities -67.20M -$65.72M 5.800M
Cash From Financing Activities 18.00M $71.53M 5.700M
Net Change In Cash 32.10M $14.45M -4.400M
YoY Change -39.09% -86.02% -246.67%
FREE CASH FLOW
Cash From Operating Activities $81.30M $8.645M -$15.90M
Capital Expenditures -$17.60M $62.06M -$14.60M
Free Cash Flow $98.90M -$53.42M -$1.300M
YoY Change 73.2% 78.14% -104.5%

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CY2018 us-gaap Share Based Compensation
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1360000 USD
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CY2017 z Increase Decrease In Amortization Of Deferred Rent
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1730000 USD
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431000 USD
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1489000 USD
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CY2018 us-gaap Increase Decrease In Mortgage Loans Held For Sale
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CY2018 us-gaap Increase Decrease In Contract With Customer Asset
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1311000 USD
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19000000 USD
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12463000 USD
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2162000 USD
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2633000 USD
CY2016 us-gaap Increase Decrease In Contract With Customer Liability
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1962000 USD
CY2017 us-gaap Increase Decrease In Other Noncurrent Liabilities
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0 USD
CY2016 us-gaap Increase Decrease In Other Noncurrent Liabilities
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1612000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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3850000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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258191000 USD
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CY2016 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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199369000 USD
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901761000 USD
CY2017 us-gaap Payments To Acquire Available For Sale Securities Debt
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407032000 USD
CY2016 us-gaap Payments To Acquire Available For Sale Securities Debt
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175210000 USD
CY2018 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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13567000 USD
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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0 USD
CY2016 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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4963000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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66054000 USD
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CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 us-gaap Payments To Acquire Intangible Assets
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12481000 USD
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CY2018 us-gaap Payments To Acquire Equity Method Investments
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0 USD
CY2017 us-gaap Payments To Acquire Equity Method Investments
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10000000 USD
CY2016 us-gaap Payments To Acquire Equity Method Investments
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10000000 USD
CY2018 us-gaap Proceeds From Divestiture Of Businesses
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0 USD
CY2017 us-gaap Proceeds From Divestiture Of Businesses
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579000 USD
CY2016 us-gaap Proceeds From Divestiture Of Businesses
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3200000 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2016 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
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0 USD
CY2016 us-gaap Proceeds From Long Term Lines Of Credit
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0 USD
CY2018 us-gaap Proceeds From Lines Of Credit
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0 USD
CY2016 us-gaap Proceeds From Lines Of Credit
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CY2017 us-gaap Early Repayment Of Senior Debt
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0 USD
CY2016 us-gaap Early Repayment Of Senior Debt
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365000 USD
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616000 USD
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CY2017 us-gaap Payments Of Merger Related Costs Financing Activities
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0 USD
CY2016 us-gaap Payments Of Merger Related Costs Financing Activities
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0 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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97706000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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71528000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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311348000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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108503000 USD
CY2016 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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14454000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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352095000 USD
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243592000 USD
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229138000 USD
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663443000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
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9787000 USD
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352095000 USD
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243592000 USD
CY2018 us-gaap Interest Paid Net
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15473000 USD
CY2017 us-gaap Interest Paid Net
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9198000 USD
CY2016 us-gaap Interest Paid Net
InterestPaidNet
6325000 USD
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8590000 USD
CY2017 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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11236000 USD
CY2016 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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10061000 USD
CY2018 us-gaap Production Related Impairments Or Charges
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22364000 USD
CY2017 us-gaap Production Related Impairments Or Charges
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15004000 USD
CY2016 us-gaap Production Related Impairments Or Charges
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14564000 USD
CY2018 z Write Off Of Fully Amortized Intangible Assets
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12999000 USD
CY2017 z Write Off Of Fully Amortized Intangible Assets
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5473000 USD
CY2016 z Write Off Of Fully Amortized Intangible Assets
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9293000 USD
CY2018 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the net realizable value of inventory, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets with definite lives, share-based compensation, income taxes, business combinations, and the recoverability of goodwill and indefinite-lived intangible assets, among others. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected.
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentrations of Credit Risk<div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments, accounts receivable and mortgage loans held for sale. We place cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of our investments. </span></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Credit risk with respect to accounts receivable is dispersed due to the large number of customers. There were no customers that comprised 10% or more of our total accounts receivable as of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2018</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">. Further, our credit risk on accounts receivable is mitigated by the relatively short payment terms that we offer. Collateral is not required for accounts receivable. We maintain an allowance for doubtful accounts such that receivables are stated at net realizable value. </span></div>Similarly, our credit risk on mortgage loans held for sale is dispersed due to a large number of customers. Further, our credit risk on mortgage loans held for sale is mitigated by the fact that we typically sell mortgages on the secondary market within a relatively short period of time after the loan is originated.
CY2018 us-gaap Impairment Of Investments
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0 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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5341000 USD
CY2016 us-gaap Advertising Expense
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120200000 USD
CY2017 us-gaap Advertising Expense
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156500000 USD
CY2018 us-gaap Advertising Expense
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177300000 USD
CY2018 us-gaap Selling And Marketing Expense
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552621000 USD
CY2018 us-gaap Costs And Expenses
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1462529000 USD
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-128975000 USD
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-150960000 USD
CY2018 us-gaap Income Tax Expense Benefit
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-31102000 USD
CY2018 us-gaap Net Income Loss
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-119858000 USD
CY2018 us-gaap Earnings Per Share Basic And Diluted
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-0.61
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45819000 USD
CY2018Q4 us-gaap Assets
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4291116000 USD
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17474000 USD
CY2018Q4 us-gaap Liabilities
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1023937000 USD
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35409000 USD
CY2018Q4 us-gaap Assets Fair Value Disclosure
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1485572000 USD
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CY2018Q4 us-gaap Stockholders Equity
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3267179000 USD
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4291116000 USD
CY2017Q4 us-gaap Assets Fair Value Disclosure
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656135000 USD
CY2018Q4 us-gaap Restricted Cash
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12385000 USD
CY2018Q4 us-gaap Restricted Cash
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12385000 USD
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1568280000 USD
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76000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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1046000 USD
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1567310000 USD
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763686000 USD
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3000 USD
CY2017Q4 z Cash Cash Equivalents And Shortterm Investments Accumulated Gross Unrealized Loss Before Tax
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1150000 USD
CY2017Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsVestedAndExercisableNumber
15287932 shares
CY2018 z Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
29.73
CY2018 z Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm
P4Y8M19D
CY2018Q4 z Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Vested And Exercisable Intrinsic Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsVestedAndExercisableIntrinsicValue
75867000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
161400000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
156100000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
51700000 USD
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
113571000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
149084000 USD
CY2018 us-gaap Costs And Expenses
CostsAndExpenses
1462529000 USD
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
106918000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
29085000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
38060000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
40099000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
37721000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
36458000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
85462000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
266885000 USD
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
23700000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
21400000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
16600000 USD
CY2018Q4 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
64124000 USD
CY2018Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Second Year
RecordedUnconditionalPurchaseObligationDueInSecondYear
64007000 USD
CY2018Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Third Year
RecordedUnconditionalPurchaseObligationDueInThirdYear
32735000 USD
CY2018Q4 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
160866000 USD
CY2018Q4 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
8900000 USD
CY2017Q4 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
3700000 USD
CY2018 z Self Insurance Plan Individual Claim Minimum Amount
SelfInsurancePlanIndividualClaimMinimumAmount
150000 USD
CY2018Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3900000 USD
CY2017Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2000000.0 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
16000000.0 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
12300000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
10100000 USD
CY2018 us-gaap Cost Of Revenue
CostOfRevenue
153590000 USD
CY2018 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
552621000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1333554000 USD
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
410818000 USD
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
262153000 USD
CY2018 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
79000000 USD
CY2018 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2332000 USD
CY2018 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
2015000 USD
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-128975000 USD
CY2018 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
19270000 USD
CY2018 us-gaap Interest Expense Debt
InterestExpenseDebt
41255000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-150960000 USD
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment

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