2023 Q2 Form 10-Q Financial Statement

#000180866523000033 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $40.99M $42.47M
YoY Change 16.68% 16.22%
Cost Of Revenue $4.772M $5.267M
YoY Change 12.87% 38.79%
Gross Profit $36.22M $37.20M
YoY Change 17.2% 13.61%
Gross Profit Margin 88.36% 87.6%
Selling, General & Admin $16.77M $16.90M
YoY Change 59.07% 58.9%
% of Gross Profit 46.3% 45.44%
Research & Development $503.0K $0.00
YoY Change
% of Gross Profit 1.39% 0.0%
Depreciation & Amortization $200.0K $6.484M
YoY Change 0.0% -25.46%
% of Gross Profit 0.55% 17.43%
Operating Expenses $17.27M $16.90M
YoY Change 63.84% 58.9%
Operating Profit $12.42M $4.644M
YoY Change 15.1% -59.82%
Interest Expense -$992.0K $1.122M
YoY Change -143.72% -51.78%
% of Operating Profit -7.99% 24.16%
Other Income/Expense, Net -$90.00K -$10.24M
YoY Change -96.19% 474.52%
Pretax Income $12.33M -$5.594M
YoY Change 46.32% -157.22%
Income Tax $3.900M -$2.100M
% Of Pretax Income 31.63%
Net Earnings $8.470M -$3.484M
YoY Change 8.12% -138.44%
Net Earnings / Revenue 20.66% -8.2%
Basic Earnings Per Share $0.15 -$0.07
Diluted Earnings Per Share $0.13 -$0.07
COMMON SHARES
Basic Shares Outstanding 55.66M shares 55.58M shares
Diluted Shares Outstanding 70.14M shares 51.01M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.18M $68.60M
YoY Change 34.27% 11.75%
Cash & Equivalents $70.18M $68.60M
Short-Term Investments
Other Short-Term Assets $2.949M $6.554M
YoY Change -18.81% 23.13%
Inventory $18.82M $16.23M
Prepaid Expenses
Receivables $41.61M $46.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.5M $137.8M
YoY Change 14.45% 10.18%
LONG-TERM ASSETS
Property, Plant & Equipment $877.0K $544.0K
YoY Change -22.59% -59.07%
Goodwill
YoY Change
Intangibles $185.4M $191.7M
YoY Change -7.09% -7.63%
Long-Term Investments
YoY Change
Other Assets $3.738M $2.600M
YoY Change -18.13% -49.39%
Total Long-Term Assets $271.6M $276.4M
YoY Change 32.32% 29.16%
TOTAL ASSETS
Total Short-Term Assets $133.5M $137.8M
Total Long-Term Assets $271.6M $276.4M
Total Assets $405.2M $414.3M
YoY Change 25.84% 22.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.18M $6.173M
YoY Change 18.77% -27.57%
Accrued Expenses $10.28M $10.80M
YoY Change -22.29% -29.81%
Deferred Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $470.0K
YoY Change -100.0% -96.17%
Total Short-Term Liabilities $79.48M $94.55M
YoY Change -31.57% -31.75%
LONG-TERM LIABILITIES
Long-Term Debt $38.25M $38.15M
YoY Change -22.73% -37.71%
Other Long-Term Liabilities $5.579M $4.314M
YoY Change 18.75% -6.97%
Total Long-Term Liabilities $43.83M $42.47M
YoY Change -19.13% -35.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.48M $94.55M
Total Long-Term Liabilities $43.83M $42.47M
Total Liabilities $150.9M $163.6M
YoY Change -22.05% -28.01%
SHAREHOLDERS EQUITY
Retained Earnings -$314.6M -$323.1M
YoY Change -23.7% -23.1%
Common Stock $5.000K $5.000K
YoY Change 0.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.3M $250.7M
YoY Change
Total Liabilities & Shareholders Equity $405.2M $414.3M
YoY Change 25.84% 22.16%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $8.470M -$3.484M
YoY Change 8.12% -138.44%
Depreciation, Depletion And Amortization $200.0K $6.484M
YoY Change 0.0% -25.46%
Cash From Operating Activities $18.60M $22.72M
YoY Change 28.91% -17.17%
INVESTING ACTIVITIES
Capital Expenditures $703.0K $105.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$703.0K -$105.0K
YoY Change -95.64% -74.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.33M -$18.95M
YoY Change 119.41% 675.69%
NET CHANGE
Cash From Operating Activities 18.60M $22.72M
Cash From Investing Activities -703.0K -$105.0K
Cash From Financing Activities -16.33M -$18.95M
Net Change In Cash 1.572M $3.662M
YoY Change -117.23% -85.1%
FREE CASH FLOW
Cash From Operating Activities $18.60M $22.72M
Capital Expenditures $703.0K $105.0K
Free Cash Flow $17.90M $22.61M
YoY Change

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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Productive Assets
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CY2022Q1 us-gaap Payments To Acquire Productive Assets
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CY2023Q1 asrt Payments For Asset Acquisitions
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2023Q1 asrt Accounts Receivable Allowance For Cash Discount
AccountsReceivableAllowanceForCashDiscount
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AccountsReceivableAllowanceForCashDiscount
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FiniteLivedIntangibleAssetsNet
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CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1677000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9594000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
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CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4673000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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PropertyPlantAndEquipmentNet
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CY2023Q1 us-gaap Depreciation
Depreciation
200000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
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FiniteLivedIntangibleAssetsGross
251736000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6300000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
18852000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
25136000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
21747000 usd
CY2023Q1 asrt Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
75705000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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OperatingLeaseRightOfUseAsset
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PrepaidExpenseAndDepositAssetsNoncurrent
1518000 usd
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PrepaidExpenseAndDepositAssetsNoncurrent
1607000 usd
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OtherAssetsMiscellaneousNoncurrent
975000 usd
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OtherAssetsNoncurrent
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CY2022Q4 us-gaap Other Assets Noncurrent
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2709000 usd
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
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3500000 usd
CY2022Q1 us-gaap Lease Cost
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188000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
104000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
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602000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
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3117000 usd
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9587000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6561000 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
217000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1593000 usd
CY2023Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
393000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
910000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10799000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12181000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
530000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51005000 shares
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
40470000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
70470000 usd
CY2023Q1 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
252000 usd
CY2022Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
252000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2101000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3849000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
38621000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
66873000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
470000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
470000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
38151000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
66403000 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
CY2023Q1 asrt Amortization Of Debt Issuance Costs And Royalty Rights
AmortizationOfDebtIssuanceCostsAndRoyaltyRights
0 usd
CY2022Q1 asrt Amortization Of Debt Issuance Costs And Royalty Rights
AmortizationOfDebtIssuanceCostsAndRoyaltyRights
28000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1122000 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2327000 usd
CY2022Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
600000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
306000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
401000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
306000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
401000 usd
CY2023Q1 asrt Purchase Obligation Percentage
PurchaseObligationPercentage
0.75
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3200000 usd
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3200000 usd
CY2021Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
5000000 usd
CY2022Q2 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
2000000 usd
CY2023Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
2900000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
400000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
400000 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3484000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
9064000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51005000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45204000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3484000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
9064000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51005000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45204000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
923000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46127000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22760000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1215000 shares
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
9200000 usd
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1600000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11100000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2100000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2100000 usd

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