XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Recent Accounting Standards (Tables)
 9 Months Ended
Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The cumulative effect of the changes made to our January 1, 2018 balance sheet for the adoption of the new revenue standard was as follows (in thousands):
 
Balance at December 31, 2017
 
Adjustments due to ASC Topic 606
 
Balance at January 1, 2018
Assets:
 

 
 
 
 

Prepaid expenses and other current assets
$
14,212

 
$
2,059

 
$
16,271

Other assets
6,569

 
132

 
6,701

Liabilities and Stockholders’ Equity:
 

 
 
 


Deferred revenue
22,356

 
2,587

 
24,943

Retained earnings
106,599

 
(396
)
 
106,203


The following tables summarize the current period impacts of adopting ASC Topic 606 on our unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2018.

Selected condensed consolidated statement of operations line items, which were impacted by the adoption of the new standard, are as follows for the three months ended September 30, 2018 (in thousands):
 
As reported
 
Balances without Adoption of Topic 606
 
Effect of Adoption - Higher (Lower)
Revenue
$
123,566

 
$
123,727

 
$
(161
)
Cost of revenue
104,367

 
104,732

 
(365
)
Gross profit
19,199

 
18,995

 
204

Income tax expense
1,102

 
1,051

 
51

Net income
3,244

 
3,091

 
153

 
 
 
 
 
 
Per common share data:
 

 
 
 
 

Basic earnings per share
$
0.20

 
$
0.19

 
$
0.01

Diluted earnings per share
$
0.20

 
$
0.19

 
$
0.01



Selected condensed consolidated statement of operations line items, which were impacted by the adoption of the new standard, are as follows for the nine months ended September 30, 2018 (in thousands):
 
As reported
 
Balances without Adoption of Topic 606
 
Effect of Adoption - Higher (Lower)
Revenue
$
382,289

 
$
381,135

 
$
1,154

Cost of revenue
322,838

 
322,349

 
489

Gross profit
59,451

 
58,786

 
665

Income tax expense
4,164

 
3,992

 
172

Net income
9,451

 
8,958

 
493

 
 
 
 
 
 
Per common share data:
 

 
 
 
 

Basic earnings per share
$
0.57

 
$
0.54

 
$
0.03

Diluted earnings per share
$
0.57

 
$
0.54

 
$
0.03


The adoption of ASC Topic 606 did not have a significant impact on our condensed consolidated statement of comprehensive income for the three or nine months ended September 30, 2018.
Selected condensed consolidated balance sheet line items, which were impacted by the adoption of the new standard, are as follows as of September 30, 2018 (in thousands):
 
As reported
 
Balances without adoption of ASC Topic 606
 
Effect of Adoption - Higher (Lower)
Assets:
 

 
 
 
 

Prepaid expenses and other current assets
$
18,452

 
$
16,816

 
$
1,636

Other assets
10,170

 
10,210

 
(40
)
Total assets
401,497

 
399,901

 
1,596

Liabilities and Stockholders’ Equity:
 

 
 
 
 

Accounts payable and accrued expenses
71,422

 
70,933

 
489

Deferred revenue
23,499

 
22,489

 
1,010

Retained earnings
115,654

 
115,557

 
97

Total liabilities and stockholders' equity
401,497

 
399,901

 
1,596