| Schedule of segment reporting information, by segment |
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Revenue by segment |
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Wholesale Trading & Ancillary Services |
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$ |
1,651,442 |
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$ |
2,126,361 |
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$ |
3,804,862 |
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$ |
3,932,014 |
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Direct Sales |
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29,296 |
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(1) |
N/A |
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39,666 |
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(2) |
N/A |
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Total revenue |
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$ |
1,680,738 |
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$ |
2,126,361 |
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$ |
3,844,528 |
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$ |
3,932,014 |
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_________________________________ |
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(1) Includes $10.8 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. |
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(2) Includes $17.7 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. |
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Revenue by geographic region
(as determined by the shipping address or where the services were performed):
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United States |
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$ |
1,579,893 |
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$ |
2,009,168 |
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$ |
3,631,814 |
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$ |
3,719,247 |
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Europe |
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73,022 |
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56,565 |
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127,380 |
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|
103,585 |
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North America, excluding United States |
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26,896 |
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55,247 |
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81,774 |
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100,050 |
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Asia Pacific |
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374 |
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4,039 |
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1,726 |
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6,574 |
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Africa |
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1 |
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— |
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1 |
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— |
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Australia |
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552 |
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1,342 |
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|
1,833 |
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2,558 |
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Total revenue |
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$ |
1,680,738 |
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$ |
2,126,361 |
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$ |
3,844,528 |
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$ |
3,932,014 |
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Gross profit by segment |
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Wholesale Trading & Ancillary Services |
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$ |
7,168 |
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$ |
9,859 |
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$ |
12,813 |
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$ |
17,923 |
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Direct Sales |
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1,748 |
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N/A |
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3,409 |
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N/A |
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Total gross profit |
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$ |
8,916 |
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$ |
9,859 |
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$ |
16,222 |
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$ |
17,923 |
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Gross margin percentage by segment |
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Wholesale Trading & Ancillary Services |
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0.434 |
% |
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0.464 |
% |
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0.337 |
% |
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0.456 |
% |
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Direct Sales |
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5.967 |
% |
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N/A |
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8.594 |
% |
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N/A |
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Weighted average gross margin percentage |
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0.530 |
% |
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0.464 |
% |
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0.422 |
% |
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0.456 |
% |
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Operating Expenses and Income
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Operating income and expenses by segment |
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Wholesale Trading & Ancillary Services |
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General and administrative expenses |
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$ |
(5,724 |
) |
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$ |
(6,131 |
) |
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$ |
(11,517 |
) |
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$ |
(11,795 |
) |
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Interest income |
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$ |
3,268 |
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$ |
2,959 |
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$ |
6,429 |
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$ |
5,818 |
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Interest expense |
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$ |
(3,159 |
) |
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$ |
(2,447 |
) |
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$ |
(5,813 |
) |
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$ |
(4,688 |
) |
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Other expense |
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$ |
790 |
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$ |
90 |
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$ |
750 |
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$ |
70 |
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Direct Sales |
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General and administrative expenses |
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$ |
(3,625 |
) |
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N/A |
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$ |
(4,808 |
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N/A |
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Interest expense |
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$ |
(200 |
) |
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N/A |
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$ |
(279 |
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N/A |
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Depreciation and Amortization
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Depreciation and amortization by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(428 |
) |
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$ |
(386 |
) |
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$ |
(760 |
) |
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$ |
(707 |
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Direct Sales |
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(355 |
) |
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N/A |
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(552 |
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N/A |
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Total depreciation and amortization |
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$ |
(783 |
) |
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$ |
(386 |
) |
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$ |
(1,312 |
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$ |
(707 |
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Advertising expense
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in thousands |
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Three Months Ended |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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December 31, 2017 |
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December 31, 2016 |
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Advertising expense by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(190 |
) |
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$ |
(199 |
) |
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$ |
(302 |
) |
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$ |
(366 |
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Direct Sales |
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(869 |
) |
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N/A |
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(1,274 |
) |
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N/A |
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Total advertising expense |
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$ |
(1,059 |
) |
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$ |
(199 |
) |
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$ |
(1,576 |
) |
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$ |
(366 |
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Inventory
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Inventories by segment |
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Wholesale Trading & Ancillary Services |
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$ |
324,194 |
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$ |
284,659 |
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Direct Sales |
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11,041 |
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N/A |
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Total inventories |
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$ |
335,235 |
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$ |
284,659 |
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Inventories by geographic region |
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United States |
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$ |
323,005 |
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$ |
276,809 |
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Europe |
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4,481 |
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|
3,154 |
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North America, excluding United States |
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7,240 |
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|
4,310 |
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Asia |
|
509 |
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|
386 |
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Total inventories |
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$ |
335,235 |
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$ |
284,659 |
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Assets by segment |
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Wholesale Trading & Ancillary Services |
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$ |
498,020 |
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$ |
478,500 |
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Direct Sales |
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29,103 |
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N/A |
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Total assets |
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$ |
527,123 |
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$ |
478,500 |
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Assets by geographic region |
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United States |
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$ |
510,504 |
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$ |
469,114 |
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Europe |
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8,870 |
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|
4,690 |
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North America, excluding United States |
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7,240 |
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|
4,310 |
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Asia |
|
509 |
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|
386 |
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Total assets |
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$ |
527,123 |
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$ |
478,500 |
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Long-term assets by segment |
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Wholesale Trading & Ancillary Services |
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$ |
31,354 |
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$ |
31,479 |
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Direct Sales |
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7,839 |
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N/A |
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Total long-term assets |
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$ |
39,193 |
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$ |
31,479 |
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Long-term assets by geographic region |
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United States |
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$ |
39,138 |
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$ |
31,423 |
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Europe |
|
55 |
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|
56 |
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Total long-term assets |
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$ |
39,193 |
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$ |
31,479 |
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Capital Expenditures for Property and Equipment
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in thousands |
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Six Months Ended |
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Three Months Ended September 30, |
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December 31, 2017 |
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December 31, 2016 |
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Capital expenditures on property and equipment by segment |
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Wholesale Trading & Ancillary Services |
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$ |
269 |
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$ |
944 |
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Direct Sales |
|
148 |
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N/A |
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Total capital expenditures on property and equipment |
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$ |
417 |
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$ |
944 |
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Goodwill
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in thousands |
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December 31, 2017 |
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June 30, 2017 |
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Goodwill by segment |
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Wholesale Trading & Ancillary Services |
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$ |
8,881 |
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$ |
8,881 |
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Direct Sales |
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1,450 |
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N/A |
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Total goodwill |
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$ |
10,331 |
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$ |
8,881 |
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