2023 Q4 Form 10-K Financial Statement

#000102302424000026 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $131.7M $486.8M $316.4M
YoY Change 39.71% 53.87% 46.38%
Cost Of Revenue $53.42M $181.5M $138.8M
YoY Change 47.06% 30.79% 37.94%
Gross Profit $78.23M $305.3M $177.6M
YoY Change 35.11% 71.9% 53.73%
Gross Profit Margin 59.42% 62.71% 56.13%
Selling, General & Admin $44.46M $161.7M $124.0M
YoY Change 33.97% 30.35% 47.16%
% of Gross Profit 56.83% 52.96% 69.84%
Research & Development $9.867M $34.29M $22.30M
YoY Change 88.95% 53.75% 95.61%
% of Gross Profit 12.61% 11.23% 12.56%
Depreciation & Amortization $15.19M $7.500M $7.400M
YoY Change -2.43% 1.35% -84.34%
% of Gross Profit 19.42% 2.46% 4.17%
Operating Expenses $71.51M $196.0M $146.3M
YoY Change 31.16% 33.92% 52.93%
Operating Profit $6.726M $46.97M -$35.28M
YoY Change 98.52% -233.13% -11.33%
Interest Expense -$5.746M -$26.94M -$28.05M
YoY Change -23.45% -3.96% 135.3%
% of Operating Profit -85.43% -57.35%
Other Income/Expense, Net -$33.00K -$159.0K $670.0K
YoY Change -21.43% -123.73% -115.43%
Pretax Income $947.0K $19.87M -$62.67M
YoY Change -116.53% -131.71% 11.79%
Income Tax -$208.0K $1.093M -$14.77M
% Of Pretax Income -21.96% 5.5%
Net Earnings $699.0K $18.78M -$47.90M
YoY Change -115.03% -139.21% 12.42%
Net Earnings / Revenue 0.53% 3.86% -15.14%
Basic Earnings Per Share $0.86 -$3.05
Diluted Earnings Per Share $0.04 $0.85 -$3.05
COMMON SHARES
Basic Shares Outstanding 18.00M shares 16.26M
Diluted Shares Outstanding 18.19M shares 16.26M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.1M $221.1M $48.23M
YoY Change 358.49% 358.49% -51.92%
Cash & Equivalents $221.1M $221.1M $48.23M
Short-Term Investments
Other Short-Term Assets $25.42M $25.42M $21.41M
YoY Change 18.71% 18.71% 182.16%
Inventory $111.2M $111.2M $105.4M
Prepaid Expenses $17.40M
Receivables $162.1M $162.1M $165.4M
Other Receivables $0.00 $0.00 $3.827M
Total Short-Term Assets $519.8M $519.8M $344.3M
YoY Change 50.99% 50.99% 6.99%
LONG-TERM ASSETS
Property, Plant & Equipment $44.59M $44.59M $43.25M
YoY Change 3.11% 3.11% -17.89%
Goodwill $28.20M
YoY Change 0.0%
Intangibles $209.0M
YoY Change -16.94%
Long-Term Investments
YoY Change
Other Assets $12.07M $102.8M $92.72M
YoY Change 6.26% 10.85% 23.4%
Total Long-Term Assets $384.6M $384.6M $415.8M
YoY Change -7.51% -7.51% -7.56%
TOTAL ASSETS
Total Short-Term Assets $519.8M $519.8M $344.3M
Total Long-Term Assets $384.6M $384.6M $415.8M
Total Assets $904.4M $904.4M $760.1M
YoY Change 18.99% 18.99% -1.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.68M $36.68M $29.31M
YoY Change 25.18% 25.18% 27.6%
Accrued Expenses $5.606M $57.84M $35.89M
YoY Change 3.93% 61.17% 29.07%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $850.0K $850.0K $850.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $145.5M $145.5M $99.44M
YoY Change 46.3% 46.3% 13.6%
LONG-TERM LIABILITIES
Long-Term Debt $284.8M $284.8M $285.7M
YoY Change -0.3% -0.3% -0.3%
Other Long-Term Liabilities $4.809M $16.53M $36.44M
YoY Change 248.23% -54.64% -6.09%
Total Long-Term Liabilities $289.6M $301.3M $322.1M
YoY Change 0.9% -6.45% -0.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.5M $145.5M $99.44M
Total Long-Term Liabilities $289.6M $301.3M $322.1M
Total Liabilities $446.8M $446.8M $421.5M
YoY Change 6.0% 6.0% 2.1%
SHAREHOLDERS EQUITY
Retained Earnings -$80.13M
YoY Change -17.63%
Common Stock $2.000K
YoY Change 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $432.7M $457.6M $338.5M
YoY Change
Total Liabilities & Shareholders Equity $904.4M $904.4M $760.1M
YoY Change 18.99% 18.99% -1.49%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $699.0K $18.78M -$47.90M
YoY Change -115.03% -139.21% 12.42%
Depreciation, Depletion And Amortization $15.19M $7.500M $7.400M
YoY Change -2.43% 1.35% -84.34%
Cash From Operating Activities $44.74M $119.0M -$31.20M
YoY Change -1116.82% -481.24% -1039.28%
INVESTING ACTIVITIES
Capital Expenditures $2.279M $8.868M $8.876M
YoY Change -27.37% -0.09% 247.13%
Acquisitions $0.00 $33.00K
YoY Change -100.0% -99.96%
Other Investing Activities -$2.500M -$9.643M -$6.862M
YoY Change 62400.0% 40.53% -93.33%
Cash From Investing Activities -$4.779M -$18.51M -$15.74M
YoY Change 52.1% 17.62% -85.08%
FINANCING ACTIVITIES
Cash Dividend Paid $1.625M $1.625M
YoY Change 0.0% 755.26%
Common Stock Issuance & Retirement, Net -$75.57M $1.959M
YoY Change -3957.48% -102.64%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.92M $67.44M -5.126M
YoY Change 2246.06% -1415.63% -102.63%
NET CHANGE
Cash From Operating Activities 44.74M $119.0M -31.20M
Cash From Investing Activities -4.779M -$18.51M -15.74M
Cash From Financing Activities -11.92M $67.44M -5.126M
Net Change In Cash 28.04M $167.9M -52.07M
YoY Change -448.36% -422.44% -156.33%
FREE CASH FLOW
Cash From Operating Activities $44.74M $119.0M -$31.20M
Capital Expenditures $2.279M $8.868M $8.876M
Free Cash Flow $42.46M $110.1M -$40.08M
YoY Change -663.29% -374.68% -5339.08%

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CY2023 anip Increase Decrease In Royalty Payable
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CY2022 anip Increase Decrease In Royalty Payable
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CY2021 anip Increase Decrease In Royalty Payable
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221121000 usd
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53234000 usd
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105301000 usd
CY2023 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2021 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
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CY2021 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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CY2022 us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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CY2021 us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
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328000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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452000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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152000 usd
CY2023Q4 anip Number Of Pharmaceutical Manufacturing Facilities
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CY2023 us-gaap Use Of Estimates
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In the consolidated financial statements, estimates are used for, but not limited to, variable consideration determined based on accruals for chargebacks, administrative fees and rebates, government rebates, returns and potential adjustments, income tax expense or benefit, deferred taxes and valuation allowance, stock-based compensation, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, including contingent consideration in acquisitions, fair value of long-lived assets, determination of right-of-use assets and lease liabilities, allowance for credit losses, and the depreciable lives of long-lived assets. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates.
CY2023Q4 anip Fdic Guaranteed Amount
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CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
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100000 usd
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
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2400000 usd
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2 segment
CY2023 us-gaap Number Of Reportable Segments
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2 segment
CY2022 us-gaap Goodwill Impairment Loss
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0 usd
CY2023 us-gaap Goodwill Impairment Loss
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CY2021 us-gaap Goodwill Impairment Loss
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CY2023 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivative Instruments and Hedge Accounting</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company uses interest rate swaps to hedge exposure to interest rate risk, as well as benefit from favorable conditions. The Company recognizes all derivative instruments as either assets or liabilities at fair value. For all of the Company’s derivative positions that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivatives is reported as a component of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">other comprehensive income (loss)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Gains and losses on derivatives representing any ineffective component of the hedge are recognized in current earnings. All of the Company’s cash flow hedges have been deemed effective as of December 31, 2023 for both accounting and tax purposes. The Company has elected hedge accounting for both U.S. GAAP and tax purposes. The Company maintains formal documentation through a periodic memo and accounting analysis that cover what is being hedged, how it is being hedged, hedge effectiveness, the nature of the risk being hedged, among other required analyses. Company policy further includes a quarterly probability analysis covering hedge effectiveness.</span></div>
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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486816000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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316385000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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216136000 usd
CY2023 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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4100000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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100000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
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100000 usd
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272888000 usd
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-31740000 usd
CY2023Q4 anip Number Of Pharmaceutical Manufacturing Facilities
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3 facility
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30692000 usd
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CY2023 us-gaap Amortization Of Financing Costs
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CY2022 us-gaap Amortization Of Financing Costs
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CY2021 us-gaap Amortization Of Financing Costs
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CY2023 us-gaap Interest Costs Capitalized Adjustment
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CY2022 us-gaap Interest Costs Capitalized Adjustment
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95000 usd
CY2021 us-gaap Interest Costs Capitalized Adjustment
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98000 usd
CY2023 us-gaap Interest Expense Debt
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CY2022 us-gaap Interest Expense Debt
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CY2021 us-gaap Interest Expense Debt
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11945000 usd
CY2023Q4 us-gaap Inventory Raw Materials
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CY2022Q4 us-gaap Inventory Raw Materials
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67726000 usd
CY2023Q4 us-gaap Retail Related Inventory Packaging And Other Supplies
RetailRelatedInventoryPackagingAndOtherSupplies
9617000 usd
CY2022Q4 us-gaap Retail Related Inventory Packaging And Other Supplies
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CY2023Q4 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Work In Process
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36198000 usd
CY2022Q4 us-gaap Inventory Finished Goods
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28020000 usd
CY2023Q4 us-gaap Inventory Gross
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111196000 usd
CY2022Q4 us-gaap Inventory Gross
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105355000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
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77528000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
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75958000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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32935000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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32712000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
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44593000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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43246000 usd
CY2023 us-gaap Depreciation
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7500000 usd
CY2022 us-gaap Depreciation
Depreciation
7400000 usd
CY2021 us-gaap Depreciation
Depreciation
5500000 usd
CY2023 us-gaap Interest Costs Capitalized
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CY2022 us-gaap Interest Costs Capitalized
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100000 usd
CY2021 us-gaap Interest Costs Capitalized
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100000 usd
CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Reportable Segments
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CY2021 us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Goodwill Impairment Loss
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CY2022Q4 us-gaap Goodwill
Goodwill
28200000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
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P4Y6M
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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308123000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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255855000 usd
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CY2023 us-gaap Finite Lived Intangible Assets Period Increase Decrease
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CY2023 us-gaap Finitelived Intangible Assets Acquired1
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Amortization Of Intangible Assets
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49500000 usd
CY2021 us-gaap Amortization Of Intangible Assets
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41800000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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50364000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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47128000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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33643000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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15502000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023 us-gaap Impairment Of Intangible Assets Finitelived
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
100000 usd
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
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17154000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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1679000 usd
CY2022 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2021 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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CY2022 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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CY2021 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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CY2023 us-gaap Undistributed Earnings
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CY2022 us-gaap Undistributed Earnings
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CY2021 us-gaap Undistributed Earnings
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CY2023 us-gaap Undistributed Earnings Diluted
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CY2022 us-gaap Undistributed Earnings Diluted
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CY2021 us-gaap Undistributed Earnings Diluted
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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35058000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
31000000 usd
CY2023 anip Fair Value Measurement With Unobservable Inputs Reconciliation Measurement Period Adjustment
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CY2022 anip Fair Value Measurement With Unobservable Inputs Reconciliation Measurement Period Adjustment
FairValueMeasurementWithUnobservableInputsReconciliationMeasurementPeriodAdjustment
300000 usd
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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1426000 usd
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
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CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
23984000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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35058000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2023Q4 us-gaap Interest Rate Derivative Assets At Fair Value
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CY2022Q4 us-gaap Interest Rate Derivative Assets At Fair Value
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1700000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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1
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17154000 usd
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16260000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18001000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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16260000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12596000 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
193000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 anip Effective Income Tax Rate Reconciliation State And Foreign Income Taxes
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CY2021 anip Effective Income Tax Rate Reconciliation State And Foreign Income Taxes
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AuditorName
EisnerAmper LLP
CY2023 dei Auditor Location
AuditorLocation
Philadelphia, Pennsylvania
CY2023 dei Auditor Firm
AuditorFirmId
274

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