2023 Q1 Form 10-Q Financial Statement

#000152927423000090 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $60.00M
YoY Change 33.95%
Cost Of Revenue $27.86M
YoY Change 39.43%
Gross Profit $32.14M
YoY Change 29.54%
Gross Profit Margin 53.57%
Selling, General & Admin $27.99M
YoY Change 18.3%
% of Gross Profit 87.09%
Research & Development $20.55M
YoY Change 45.16%
% of Gross Profit 63.94%
Depreciation & Amortization $2.586M
YoY Change 154.03%
% of Gross Profit 8.05%
Operating Expenses $49.08M
YoY Change 29.8%
Operating Profit -$16.95M
YoY Change 30.29%
Interest Expense $1.757M
YoY Change 510.07%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$16.77M
YoY Change 25.89%
Income Tax $200.0K
% Of Pretax Income
Net Earnings -$16.96M
YoY Change 26.53%
Net Earnings / Revenue -28.27%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$0.18
COMMON SHARES
Basic Shares Outstanding 92.30M shares
Diluted Shares Outstanding 92.40M shares

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.4M
YoY Change -38.05%
Cash & Equivalents $114.3M
Short-Term Investments $71.11M
Other Short-Term Assets $22.68M
YoY Change 31.46%
Inventory
Prepaid Expenses
Receivables $28.43M
Other Receivables $0.00
Total Short-Term Assets $236.5M
YoY Change -30.42%
LONG-TERM ASSETS
Property, Plant & Equipment $14.21M
YoY Change 11.45%
Goodwill $148.1M
YoY Change 207.9%
Intangibles $40.90M
YoY Change 280.01%
Long-Term Investments
YoY Change
Other Assets $3.235M
YoY Change 166.47%
Total Long-Term Assets $245.6M
YoY Change 169.78%
TOTAL ASSETS
Total Short-Term Assets $236.5M
Total Long-Term Assets $245.6M
Total Assets $482.1M
YoY Change 11.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.163M
YoY Change 6.75%
Accrued Expenses $21.72M
YoY Change 2.53%
Deferred Revenue $9.850M
YoY Change 22.99%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.250M
YoY Change 126.67%
Total Short-Term Liabilities $42.10M
YoY Change 21.15%
LONG-TERM LIABILITIES
Long-Term Debt $80.38M
YoY Change 258.21%
Other Long-Term Liabilities $350.0K
YoY Change -97.27%
Total Long-Term Liabilities $80.73M
YoY Change 129.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.10M
Total Long-Term Liabilities $80.73M
Total Liabilities $153.9M
YoY Change 73.38%
SHAREHOLDERS EQUITY
Retained Earnings -$389.4M
YoY Change 18.99%
Common Stock $93.00K
YoY Change 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.1M
YoY Change
Total Liabilities & Shareholders Equity $482.1M
YoY Change 11.87%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income -$16.96M
YoY Change 26.53%
Depreciation, Depletion And Amortization $2.586M
YoY Change 154.03%
Cash From Operating Activities -$9.615M
YoY Change 15.97%
INVESTING ACTIVITIES
Capital Expenditures $229.0K
YoY Change -18.79%
Acquisitions
YoY Change
Other Investing Activities $17.14M
YoY Change -115.29%
Cash From Investing Activities $15.77M
YoY Change -113.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$568.0K
YoY Change -191.17%
NET CHANGE
Cash From Operating Activities -$9.615M
Cash From Investing Activities $15.77M
Cash From Financing Activities -$568.0K
Net Change In Cash $5.582M
YoY Change -104.6%
FREE CASH FLOW
Cash From Operating Activities -$9.615M
Capital Expenditures $229.0K
Free Cash Flow -$9.844M
YoY Change 14.83%

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CY2022Q1 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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5582000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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117919000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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191665000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Reclassification. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The Company has reclassified certain amounts on its consolidated statements of operations and consolidated statements of cash flows in the prior period to conform to current period presentation.</span>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, deferred implementation costs, revaluation of contingent consideration, and business combinations.</span></div>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, and the U.S. federal government. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including developments related to Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all of their money starting March 13, 2023. On March 26, 2023, the FDIC announced that First-Citizens Bank &amp; Trust Company would assume all of SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. Additionally, the Company’s overall liquidity and financing has not been impacted. During the periods presented, the Company has not experienced any losses on its </span></div>deposits of cash, cash equivalents or marketable securities.
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Depreciation
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CY2022Q1 us-gaap Depreciation
Depreciation
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CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30099000 usd
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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RevenueRemainingPerformanceObligationPercentage
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
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CY2023Q1 us-gaap Capitalized Contract Cost Net
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CY2022Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2023Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2022Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2023Q1 us-gaap Capitalized Contract Cost Impairment Loss
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CY2022Q4 us-gaap Taxes Payable Current
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CY2023Q1 us-gaap Accounts Receivable Gross Current
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29257000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
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27033000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
459000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
467000 usd
CY2023Q1 alk Accounts Receivable Estimated Credits Reserve Current
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CY2022Q4 alk Accounts Receivable Estimated Credits Reserve Current
AccountsReceivableEstimatedCreditsReserveCurrent
320000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
28429000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2023Q1 alk Holdback Provision Liability Current
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CY2023Q1 us-gaap Accrued Bonuses Current
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CY2023Q1 alk Accrued Vendor Purchases Current
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1185000 usd
CY2022Q4 alk Holdback Provision Liability Current
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CY2023Q1 us-gaap Employee Related Liabilities Current
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717000 usd
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2023Q1 us-gaap Deferred Finance Costs Net
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375000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
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420000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
84625000 usd
CY2022Q4 us-gaap Long Term Debt
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84580000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
4250000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3188000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
80375000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
81392000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3188000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7438000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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LongTermDebtMaturityAfterYearTwo
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11244000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9774000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.012
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.007
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21290385 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-16963000 usd
CY2022Q1 us-gaap Net Income Loss
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-13406000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92397341 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
92397341 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90208871 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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90208871 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12163667 shares
CY2023Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2023Q1 alk Lessee Operating Lease Office Space
LesseeOperatingLeaseOfficeSpace
125000 sqft
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
100000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
100000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
784000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
784000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
318000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
326000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1102000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1110000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
938000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
922000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2835000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3835000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3898000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3961000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4024000 usd
CY2023Q1 alk Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
2712000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21265000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2539000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18726000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
148100000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
148000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
48920000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8048000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40872000 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 usd
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
48945000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8048000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
40897000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
48920000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6352000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
42568000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
48945000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6352000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
42593000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5090000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6786000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6786000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6554000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3194000 usd
CY2023Q1 alk Finite Lived Intangible Asset Expected Amortization After Year Three
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearThree
12462000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40872000 usd

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