2019 Q2 Form 10-Q Financial Statement

#000161764019000023 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $599.6M $454.1M $325.2M
YoY Change 84.35% 51.43% 21.88%
Cost Of Revenue $271.2M $151.3M $25.53M
YoY Change 962.49% 532.75% 26.0%
Gross Profit $328.4M $302.8M $299.7M
YoY Change 9.55% 9.71% 21.55%
Gross Profit Margin 54.76% 66.67% 92.15%
Selling, General & Admin $270.3M $257.4M $208.3M
YoY Change 29.75% 33.1% 12.86%
% of Gross Profit 82.31% 85.01% 69.5%
Research & Development $120.3M $107.8M $100.4M
YoY Change 19.88% 14.73% 27.8%
% of Gross Profit 36.65% 35.6% 33.49%
Depreciation & Amortization $21.20M $20.53M $26.00M
YoY Change -18.46% -23.72% -4.06%
% of Gross Profit 6.46% 6.78% 8.67%
Operating Expenses $390.6M $365.1M $308.7M
YoY Change 26.54% 27.09% 17.32%
Operating Profit -$62.54M -$62.73M -$9.595M
YoY Change 551.78% 451.98% -42.05%
Interest Expense -$18.90M -$16.50M -$7.200M
YoY Change 162.5% 132.39% 4.35%
% of Operating Profit
Other Income/Expense, Net $9.500M $9.200M $3.100M
YoY Change 206.45% 283.33% 93.75%
Pretax Income -$71.98M -$70.03M -$13.69M
YoY Change 425.65% 337.9% -37.32%
Income Tax $0.00 -$2.500M -$10.60M
% Of Pretax Income
Net Earnings -$71.98M -$67.53M -$3.093M
YoY Change 2227.09% 263.21% -85.84%
Net Earnings / Revenue -12.0% -14.87% -0.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$349.9K -$330.1K -$15.96K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.440B $1.517B $899.6M
YoY Change 60.04% 84.39% 50.2%
Cash & Equivalents $766.7M $736.5M $431.0M
Short-Term Investments $673.0M $781.0M $468.5M
Other Short-Term Assets $106.0M $96.90M $38.20M
YoY Change 177.49% 116.78% -4.5%
Inventory $552.8M $325.2M $5.700M
Prepaid Expenses
Receivables $82.26M $66.10M $64.08M
Other Receivables $38.60M $29.50M $0.00
Total Short-Term Assets $2.219B $2.040B $1.008B
YoY Change 120.29% 121.15% 46.73%
LONG-TERM ASSETS
Property, Plant & Equipment $145.9M $142.1M $118.2M
YoY Change 23.42% 23.79% 14.79%
Goodwill $1.985B $1.985B $1.931B
YoY Change 2.79% 2.79% 0.19%
Intangibles $202.8M $207.9M $299.2M
YoY Change -32.22% -32.47% -41.84%
Long-Term Investments
YoY Change
Other Assets $16.50M $16.76M $26.74M
YoY Change -38.3% -34.52% -2.56%
Total Long-Term Assets $2.607B $2.500B $2.419B
YoY Change 7.77% 3.22% -6.01%
TOTAL ASSETS
Total Short-Term Assets $2.219B $2.040B $1.008B
Total Long-Term Assets $2.607B $2.500B $2.419B
Total Assets $4.826B $4.540B $3.426B
YoY Change 40.85% 35.75% 5.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.028M $7.708M $5.928M
YoY Change 35.43% 48.4% 191.02%
Accrued Expenses $68.52M $63.21M $55.36M
YoY Change 23.77% 14.86% 27.93%
Deferred Revenue $37.08M $36.11M $35.92M
YoY Change 3.23% 2.29%
Short-Term Debt $439.9M $274.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $604.3M $430.9M $123.2M
YoY Change 390.3% 257.01% 20.21%
LONG-TERM LIABILITIES
Long-Term Debt $716.8M $707.9M $394.4M
YoY Change 81.74% 81.68% 4.83%
Other Long-Term Liabilities $211.6M $102.4M $18.30M
YoY Change 1056.28% 462.64% 10.24%
Total Long-Term Liabilities $716.8M $707.9M $394.4M
YoY Change 81.74% 81.68% 4.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $604.3M $430.9M $123.2M
Total Long-Term Liabilities $716.8M $707.9M $394.4M
Total Liabilities $1.548B $1.256B $572.5M
YoY Change 170.36% 118.25% -9.07%
SHAREHOLDERS EQUITY
Retained Earnings -$811.3M -$739.3M -$573.6M
YoY Change 41.44% 29.59% 9.41%
Common Stock $4.088B $4.022B $3.429B
YoY Change 19.25% 20.41% 8.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.278B $3.283B $2.854B
YoY Change
Total Liabilities & Shareholders Equity $4.826B $4.540B $3.426B
YoY Change 40.85% 35.75% 5.09%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income -$71.98M -$67.53M -$3.093M
YoY Change 2227.09% 263.21% -85.84%
Depreciation, Depletion And Amortization $21.20M $20.53M $26.00M
YoY Change -18.46% -23.72% -4.06%
Cash From Operating Activities -$228.3M -$145.5M $48.40M
YoY Change -571.69% -690.27% 170.39%
INVESTING ACTIVITIES
Capital Expenditures -$21.10M $14.20M -$19.10M
YoY Change 10.47% -10.06% 1.06%
Acquisitions
YoY Change
Other Investing Activities $110.6M $125.8M -$42.40M
YoY Change -360.85% -922.22% 20.11%
Cash From Investing Activities $89.50M $108.3M -$61.50M
YoY Change -245.53% -436.01% 13.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 185.2M $137.9M 46.70M
YoY Change 296.57% 160.73% -8.79%
NET CHANGE
Cash From Operating Activities -228.3M -$145.5M 48.40M
Cash From Investing Activities 89.50M $108.3M -61.50M
Cash From Financing Activities 185.2M $137.9M 46.70M
Net Change In Cash 46.40M $100.7M 33.60M
YoY Change 38.1% 122.22% 125.5%
FREE CASH FLOW
Cash From Operating Activities -$228.3M -$145.5M $48.40M
Capital Expenditures -$21.10M $14.20M -$19.10M
Free Cash Flow -$207.2M -$159.7M $67.50M
YoY Change -406.96% -1902.46% 83.42%

Facts In Submission

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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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z Increase Decreasein Capitalized Contract Cost
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0 USD
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us-gaap Increase Decrease In Inventories
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4309000 USD
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3000000 USD
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4002000 USD
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149000 USD
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0 USD
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us-gaap Net Cash Provided By Used In Operating Activities
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29672000 USD
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8927000 USD
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us-gaap Repayments Of Lines Of Credit
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2961000 USD
us-gaap Repayments Of Lines Of Credit
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0 USD
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32997000 USD
us-gaap Proceeds From Stock Options Exercised
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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66000 USD
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323138000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Production Related Impairments Or Charges
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z Write Off Of Fully Amortized Intangible Assets
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3311000 USD
z Write Off Of Fully Amortized Intangible Assets
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10797000 USD
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663443000 USD
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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810580000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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4733000 USD
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us-gaap Use Of Estimates
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<div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The 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.</span></div>
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38653000 USD
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956000 USD
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31000 USD
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CY2018Q4 us-gaap Restricted Cash
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12385000 USD
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1568280000 USD
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76000 USD
CY2018Q4 z Cash Cash Equivalents And Shortterm Investments Accumulated Gross Unrealized Loss Before Tax
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1046000 USD
CY2018Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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651437000 USD
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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652206000 USD
CY2019Q2 z Debt Securities Availableforsale Securities Debt Maturities After One Through Two Years Amortized Cost
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20667000 USD
CY2019Q2 z Debt Securities Availablefor Sale Securities Debt Maturitiesafter One Through Two Years Fair Value
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CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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us-gaap Capitalized Contract Cost Amortization
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us-gaap Capitalized Contract Cost Amortization
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18300000 USD
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170755000 USD
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145932000 USD
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135172000 USD
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6400000 USD
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us-gaap Other Depreciation And Amortization
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us-gaap Other Depreciation And Amortization
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10300000 USD
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10000000.0 USD
us-gaap Capitalized Computer Software Additions
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20300000 USD
us-gaap Capitalized Computer Software Additions
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18600000 USD
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P10Y
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P5Y
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P5Y
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182623000 USD
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107904000 USD
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11000000.0 USD
CY2018Q2 us-gaap Amortization Of Intangible Assets
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12600000 USD
us-gaap Amortization Of Intangible Assets
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22000000.0 USD
us-gaap Amortization Of Intangible Assets
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25600000 USD
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CY2019Q2 z Contractwith Customer Liability Revenue Recognized Including Revenue Deferred During The Period
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258157000 USD
CY2019Q2 us-gaap Contract With Customer Liability Current
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CY2018Q4 us-gaap Contract With Customer Liability Current
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z Contractwith Customer Liability Revenue Recognized Including Revenue Deferred During The Period
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498984000 USD
CY2019Q2 us-gaap Contract With Customer Liability Current
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37080000 USD
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33000000.0 USD
us-gaap Contract With Customer Liability Revenue Recognized
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30900000 USD
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9004000 USD
us-gaap Operating Lease Cost
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15527000 USD
CY2019Q2 us-gaap Variable Lease Cost
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4965000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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41.10
us-gaap Variable Lease Cost
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9746000 USD
CY2019Q2 us-gaap Lease Cost
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13969000 USD
us-gaap Lease Cost
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25273000 USD
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us-gaap Operating Lease Payments
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16300000 USD
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CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P9Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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15106000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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37558000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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41089000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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37173000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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34990000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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164992000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
330908000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
100521000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
230387000 USD
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
5600000 USD
us-gaap Operating Lease Expense
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11400000 USD
CY2018Q4 z Lessee Operating Lease Lease Notyet Commenced Amount
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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29085000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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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
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
31067938 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.65
CY2019Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
843387000 USD
CY2019Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
908255000 USD
CY2018Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
784799000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27310110 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.04
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M23D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
97941000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6721428 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
40.05
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1543850 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
21.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1419750 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
17363786 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M13D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
367905000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
266575000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
31.63
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y10M13D
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43632000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38943000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
109756000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
69684000 USD
CY2019Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
16900000 USD
CY2019Q2 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
9700000 USD
CY2018Q4 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
8900000 USD
z Self Insurance Plan Cumulative Medical Claim Percentage
SelfInsurancePlanCumulativeMedicalClaimPercentage
1.25
CY2019Q2 z Self Insurance Plan Individual Medical Claim Limit
SelfInsurancePlanIndividualMedicalClaimLimit
1000000.0 USD
z Self Insurance Plan Individual Claim Minimum Amount
SelfInsurancePlanIndividualClaimMinimumAmount
500000 USD
CY2019Q2 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3600000 USD
CY2018Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3900000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-71977000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13693000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-142002000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-29684000 USD

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