| Schedule of segment reporting information, by segment |
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in thousands |
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Three Months Ended |
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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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Revenue by segment |
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Wholesale Trading & Ancillary Services |
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$ |
1,977,273 |
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$ |
1,730,845 |
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$ |
5,782,135 |
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$ |
5,662,859 |
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Direct Sales |
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17,690 |
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(1) |
N/A |
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57,356 |
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(2) |
N/A |
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Total revenue |
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$ |
1,994,963 |
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$ |
1,730,845 |
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$ |
5,839,491 |
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$ |
5,662,859 |
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_________________________________ |
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(1) Includes $4.3 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 $21.9 million of intercompany sales from the Direct Sales segment to the Wholesale Trading & Ancillary Services segment. The elimination of these intercompany sales are reflected in the Wholesale Trading & Ancillary Services segment. |
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in thousands |
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Three Months Ended |
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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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Revenue by geographic region
(as determined by the shipping address or where the services were performed):
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United States |
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$ |
1,851,752 |
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$ |
1,579,302 |
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$ |
5,483,566 |
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$ |
5,298,549 |
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Europe |
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77,580 |
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100,731 |
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204,960 |
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|
204,316 |
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North America, excluding United States |
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64,463 |
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49,154 |
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146,237 |
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149,204 |
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Asia Pacific |
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684 |
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596 |
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2,410 |
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7,170 |
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Africa |
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— |
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— |
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1 |
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— |
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Australia |
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484 |
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1,062 |
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2,317 |
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|
3,620 |
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Total revenue |
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$ |
1,994,963 |
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$ |
1,730,845 |
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$ |
5,839,491 |
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$ |
5,662,859 |
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in thousands |
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Three Months Ended |
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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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Gross profit by segment |
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Wholesale Trading & Ancillary Services |
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$ |
6,748 |
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$ |
7,332 |
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$ |
19,561 |
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$ |
25,255 |
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Direct Sales |
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679 |
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N/A |
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4,088 |
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N/A |
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Total gross profit |
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$ |
7,427 |
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$ |
7,332 |
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$ |
23,649 |
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$ |
25,255 |
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Gross margin percentage by segment |
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Wholesale Trading & Ancillary Services |
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0.341 |
% |
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0.424 |
% |
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0.338 |
% |
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0.446 |
% |
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Direct Sales |
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3.838 |
% |
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N/A |
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7.127 |
% |
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N/A |
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Weighted average gross margin percentage |
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0.372 |
% |
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0.424 |
% |
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0.405 |
% |
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0.446 |
% |
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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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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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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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$ |
(5,787 |
) |
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$ |
(5,989 |
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$ |
(17,304 |
) |
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$ |
(17,784 |
) |
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Interest income |
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$ |
4,087 |
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$ |
3,283 |
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$ |
10,516 |
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$ |
9,101 |
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Interest expense |
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$ |
(3,416 |
) |
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$ |
(2,700 |
) |
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$ |
(9,229 |
) |
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$ |
(7,388 |
) |
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Other income, net |
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$ |
67 |
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$ |
212 |
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$ |
817 |
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$ |
282 |
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Direct Sales |
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General and administrative expenses |
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$ |
(3,636 |
) |
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N/A |
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$ |
(8,444 |
) |
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N/A |
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Interest expense |
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$ |
(226 |
) |
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N/A |
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$ |
(505 |
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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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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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Depreciation and amortization by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(386 |
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$ |
(413 |
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$ |
(1,170 |
) |
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$ |
(1,120 |
) |
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Direct Sales |
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(296 |
) |
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N/A |
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(824 |
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N/A |
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Total depreciation and amortization |
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$ |
(682 |
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$ |
(413 |
) |
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$ |
(1,994 |
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$ |
(1,120 |
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Advertising expense
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in thousands |
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Three Months Ended |
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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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March 31, 2018 |
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March 31, 2017 |
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Advertising expense by segment |
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Wholesale Trading & Ancillary Services |
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$ |
(165 |
) |
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$ |
(176 |
) |
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$ |
(467 |
) |
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$ |
(542 |
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Direct Sales |
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(796 |
) |
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N/A |
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(2,070 |
) |
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N/A |
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Total advertising expense |
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$ |
(961 |
) |
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$ |
(176 |
) |
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$ |
(2,537 |
) |
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$ |
(542 |
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Inventory
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in thousands |
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March 31, 2018 |
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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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$ |
490,789 |
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$ |
284,659 |
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Direct Sales |
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8,628 |
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N/A |
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Total inventories |
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$ |
499,417 |
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$ |
284,659 |
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in thousands |
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March 31, 2018 |
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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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$ |
493,720 |
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$ |
276,809 |
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Europe |
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2,100 |
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|
3,154 |
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North America, excluding United States |
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3,402 |
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|
4,310 |
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Asia |
|
195 |
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|
386 |
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Total inventories |
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$ |
499,417 |
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$ |
284,659 |
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in thousands |
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March 31, 2018 |
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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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$ |
687,458 |
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$ |
478,500 |
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Direct Sales |
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19,360 |
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N/A |
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Total assets |
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$ |
706,818 |
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$ |
478,500 |
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in thousands |
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March 31, 2018 |
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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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$ |
696,161 |
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$ |
469,114 |
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Europe |
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7,060 |
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|
4,690 |
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North America, excluding United States |
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3,402 |
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|
4,310 |
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Asia |
|
195 |
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|
386 |
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Total assets |
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$ |
706,818 |
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$ |
478,500 |
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in thousands |
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March 31, 2018 |
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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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$ |
31,499 |
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$ |
31,479 |
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Direct Sales |
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7,543 |
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N/A |
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Total long-term assets |
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$ |
39,042 |
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$ |
31,479 |
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in thousands |
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March 31, 2018 |
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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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$ |
38,987 |
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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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$ |
39,042 |
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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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Nine Months Ended |
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Three Months Ended September 30, |
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March 31, 2018 |
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March 31, 2017 |
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Capital expenditures on property and equipment by segment |
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Wholesale Trading & Ancillary Services |
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$ |
673 |
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$ |
1,932 |
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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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$ |
821 |
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$ |
1,932 |
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Goodwill
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in thousands |
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March 31, 2018 |
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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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