2024 Q1 Form 10-K Financial Statement

#000095017024032170 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $581.5M $489.1M $2.630B
YoY Change -31.72% -38.41% 8.43%
Cost Of Revenue $373.7M $323.0M $1.705B
YoY Change -56.12% -32.34% -29.7%
Gross Profit $207.8M $166.1M $924.8M
YoY Change -47.54%
Gross Profit Margin 35.74% 33.96% 35.16%
Selling, General & Admin $50.60M $59.30M $268.6M
YoY Change -33.68% -19.97% 10.49%
% of Gross Profit 24.35% 35.7% 29.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $112.8M $107.7M $438.4M
YoY Change 2.27% 19.27% 64.01%
% of Gross Profit 54.28% 64.84% 47.4%
Operating Expenses $50.60M $167.0M $707.0M
YoY Change -33.68% 125.37% 190.83%
Operating Profit $39.90M -$900.0K $217.8M
YoY Change -62.61% -100.72% -47.19%
Interest Expense $37.60M -$38.80M -$154.9M
YoY Change 7.74% -289.27% -360.34%
% of Operating Profit 94.24% -71.12%
Other Income/Expense, Net $1.800M -$14.20M -$36.20M
YoY Change -119.15% -271.08% -319.39%
Pretax Income $3.300M -$104.9M -$58.00M
YoY Change -95.04% -193.08% -116.49%
Income Tax $300.0K -$8.400M $1.200M
% Of Pretax Income 9.09%
Net Earnings $1.800M -$93.50M -$107.5M
YoY Change -91.82% -328.61% -217.49%
Net Earnings / Revenue 0.31% -19.12% -4.09%
Basic Earnings Per Share $0.00 -$0.82
Diluted Earnings Per Share $0.00 -$0.59 -$0.82
COMMON SHARES
Basic Shares Outstanding 159.6M 159.4M 130.9M
Diluted Shares Outstanding 159.8M 130.9M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.30M $25.30M $25.30M
YoY Change -59.51% -27.92% -27.92%
Cash & Equivalents $28.30M $25.30M $25.30M
Short-Term Investments
Other Short-Term Assets $22.80M $23.30M $23.30M
YoY Change -47.1% -46.06% -46.06%
Inventory $219.8M $236.6M $236.6M
Prepaid Expenses
Receivables $381.8M $346.1M $346.1M
Other Receivables $11.90M $6.800M $6.800M
Total Short-Term Assets $664.6M $638.1M $638.1M
YoY Change -33.11% -26.27% -26.27%
LONG-TERM ASSETS
Property, Plant & Equipment $1.690B $1.866B $1.866B
YoY Change -11.52% 33.64% 23.65%
Goodwill $342.3M $325.9M
YoY Change 4.46% 35.51%
Intangibles $164.7M $173.5M
YoY Change -17.65% -14.57%
Long-Term Investments $30.40M $28.90M $28.90M
YoY Change -42.64% -50.68% -50.68%
Other Assets $37.40M $38.10M $38.10M
YoY Change -19.22% -32.33% -32.8%
Total Long-Term Assets $2.342B $2.433B $2.433B
YoY Change -11.5% 17.62% 17.62%
TOTAL ASSETS
Total Short-Term Assets $664.6M $638.1M $638.1M
Total Long-Term Assets $2.342B $2.433B $2.433B
Total Assets $3.007B $3.071B $3.071B
YoY Change -17.4% 4.67% 4.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.8M $319.0M $319.0M
YoY Change -45.28% -6.01% -6.01%
Accrued Expenses $89.00M $88.60M $112.1M
YoY Change -31.64% -23.22% -25.96%
Deferred Revenue $3.300M $7.300M
YoY Change -68.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $136.4M $126.4M $126.4M
YoY Change -2.15% -0.94% -0.94%
Total Short-Term Liabilities $623.6M $648.9M $648.9M
YoY Change -33.31% -2.87% -2.87%
LONG-TERM LIABILITIES
Long-Term Debt $912.2M $942.1M $942.1M
YoY Change -17.72% 18.09% 18.09%
Other Long-Term Liabilities $9.600M $151.1M $151.1M
YoY Change -85.02% 319.72% 29.15%
Total Long-Term Liabilities $921.8M $1.093B $1.093B
YoY Change -21.4% 31.11% 19.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $623.6M $648.9M $648.9M
Total Long-Term Liabilities $921.8M $1.093B $1.093B
Total Liabilities $1.673B $1.801B $1.801B
YoY Change -23.4% 13.77% -56.27%
SHAREHOLDERS EQUITY
Retained Earnings -$15.40M -$16.00M
YoY Change -113.57% -98.65%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.214B $1.270B $1.270B
YoY Change
Total Liabilities & Shareholders Equity $3.007B $3.071B $3.071B
YoY Change -17.4% 4.67% 4.67%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.800M -$93.50M -$107.5M
YoY Change -91.82% -328.61% -217.49%
Depreciation, Depletion And Amortization $112.8M $107.7M $438.4M
YoY Change 2.27% 19.27% 64.01%
Cash From Operating Activities $79.10M $42.70M $553.5M
YoY Change -66.12% -73.06% 33.31%
INVESTING ACTIVITIES
Capital Expenditures $59.90M $33.10M $267.0M
YoY Change -28.0% -71.64% -25.04%
Acquisitions $454.5M
YoY Change -29.06%
Other Investing Activities $6.600M $10.00M -$448.8M
YoY Change -101.49% -103.54% -2068.42%
Cash From Investing Activities -$53.30M -$23.10M -$715.8M
YoY Change -89.86% -94.21% -30.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.90M
YoY Change -85.14%
Debt Paid & Issued, Net $37.50M $946.7M
YoY Change 106.04% 78.05%
Cash From Financing Activities -22.80M -20.10M 149.7M
YoY Change -106.97% -109.51% -76.82%
NET CHANGE
Cash From Operating Activities 79.10M 42.70M 553.5M
Cash From Investing Activities -53.30M -23.10M -715.8M
Cash From Financing Activities -22.80M -20.10M 149.7M
Net Change In Cash 3.000M -500.0K -12.60M
YoY Change -91.38% -98.27% -138.77%
FREE CASH FLOW
Cash From Operating Activities $79.10M $42.70M $553.5M
Capital Expenditures $59.90M $33.10M $267.0M
Free Cash Flow $19.20M $9.600M $286.5M
YoY Change -87.23% -77.03% 385.59%

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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses, and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Estimates are used for, but are not limited to, determining the following: allowance for credit losses; inventory net realizable values; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation, depletion and amortization; income taxes and related valuation allowances; accruals for loss contingencies; stock-based compensation expense; and the fair value of assets acquired and liabilities assumed in acquisitions.</span></p>
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CY2022Q4 us-gaap Inventory Net
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ConstructionInProgressNet
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CY2022Q4 acdc Construction In Progress Net
ConstructionInProgressNet
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2022 acdc Depreciation And Amortization Expense
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CY2021 acdc Depreciation And Amortization Expense
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CY2022 us-gaap Depletion
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CY2021 us-gaap Depletion
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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TaxReceivableAgreementObligation
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CY2022Q4 acdc Tax Receivable Agreement Obligation
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CY2022Q4 us-gaap Other Sundry Liabilities Current
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CY2023Q4 us-gaap Other Liabilities Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2022 us-gaap Business Acquisitions Pro Forma Revenue
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CY2021 us-gaap Business Acquisitions Pro Forma Revenue
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CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2022 us-gaap Acquisition Costs
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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BusinessCombinationConsiderationTransferredSecuredNotePayable
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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FinanceLeaseRightOfUseAsset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2022Q4 us-gaap Finance Lease Liability Current
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CY2023Q4 us-gaap Finance Lease Liability Noncurrent
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CY2022Q4 us-gaap Finance Lease Liability Noncurrent
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023 us-gaap Short Term Lease Cost
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CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
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FinanceLeaseInterestExpense
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CY2022 us-gaap Finance Lease Interest Expense
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CY2023 us-gaap Lease Cost
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CY2022 us-gaap Lease Cost
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Finance Lease Liability
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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CY2023 acdc Litigation Expenses And Accruals For Legal Contingencies
LitigationExpensesAndAccrualsForLegalContingencies
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CY2022 acdc Litigation Expenses And Accruals For Legal Contingencies
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CY2023 acdc Share Based Compensation Arrangement By Share Based Payment Award Estimated Derived Service Period
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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CY2023 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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