2023 Q4 Form 10-Q Financial Statement

#000194153623000013 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $1.108M $53.62M $0.00
YoY Change -0.16%
Cost Of Revenue $8.373M $15.21M $12.62M
YoY Change 57.39% 20.53% 7.21%
Gross Profit -$7.265M $38.41M $19.83M
YoY Change 72.56% 93.66% -14.51%
Gross Profit Margin -655.53% 71.64%
Selling, General & Admin $15.85M $15.83M $18.06M
YoY Change 118.01% -12.36% 736.04%
% of Gross Profit 41.2% 91.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $859.0K $5.240M $4.470M
YoY Change 62.08% 17.23% 0.68%
% of Gross Profit 13.64% 22.54%
Operating Expenses $16.07M $15.83M $3.191M
YoY Change 154.73% 395.93% 652.54%
Operating Profit -$23.34M $22.58M $1.776M
YoY Change 121.84% 1171.67% -92.2%
Interest Expense -$6.042M $5.971M -$2.999M
YoY Change -13.19% -299.09% -156.13%
% of Operating Profit 26.44% -168.86%
Other Income/Expense, Net $799.7K $560.0K -$72.90K
YoY Change 21.16% -868.16% -109.23%
Pretax Income -$31.13M $17.17M -$6.263M
YoY Change 83.1% -374.15% -227.32%
Income Tax $12.08K -$314.0K $0.00
% Of Pretax Income -1.83%
Net Earnings -$37.19M $17.49M -$6.263M
YoY Change 63.05% -379.22% -227.32%
Net Earnings / Revenue -3355.98% 32.62%
Basic Earnings Per Share $0.25 -$0.29
Diluted Earnings Per Share -$0.80 $0.15 -$0.15
COMMON SHARES
Basic Shares Outstanding 44.78M shares 44.51M shares 38.77M shares
Diluted Shares Outstanding 78.90M shares 38.77M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.97M $21.60M $52.41K
YoY Change -71.85% 41113.51% -79.04%
Cash & Equivalents $22.96M $19.38M $94.14M
Short-Term Investments $1.009M $2.200M
Other Short-Term Assets $16.63M $62.56K $141.9K
YoY Change 17296.72% -55.92% -78.45%
Inventory $488.0K $500.0K $1.800M
Prepaid Expenses
Receivables $3.681M $25.40M $10.90M
Other Receivables $432.0K $0.00 $0.00
Total Short-Term Assets $45.20M $63.78M $194.3K
YoY Change -57.71% 32720.01% -78.61%
LONG-TERM ASSETS
Property, Plant & Equipment $204.4M $206.6M $188.5M
YoY Change 6.4% 9.6%
Goodwill $13.16M $13.13M
YoY Change 435.52%
Intangibles
YoY Change
Long-Term Investments $5.000M $1.000M $347.1M
YoY Change 400.0% -99.71% 0.6%
Other Assets $16.77M $13.90M $1.500M
YoY Change 284.99% 826.45%
Total Long-Term Assets $228.3M $226.9M $347.1M
YoY Change 14.65% -34.63% 0.6%
TOTAL ASSETS
Total Short-Term Assets $45.20M $63.78M $194.3K
Total Long-Term Assets $228.3M $226.9M $347.1M
Total Assets $273.5M $290.7M $347.3M
YoY Change -10.62% -16.3% 0.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.978M $1.352M $5.445M
YoY Change 25.47% -75.17% 623.02%
Accrued Expenses $17.17M $10.54M $14.48M
YoY Change -8.04% -27.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $589.1K
YoY Change -100.0%
Long-Term Debt Due $2.099M $1.941M $2.500M
YoY Change -14.17% -22.36%
Total Short-Term Liabilities $25.40M $15.36M $6.035M
YoY Change 4.49% 154.54% 701.24%
LONG-TERM LIABILITIES
Long-Term Debt $204.6M $205.2M $0.00
YoY Change -0.43% -100.0%
Other Long-Term Liabilities $16.56M $19.60M $19.00M
YoY Change 1969.5% 3.14% 57.38%
Total Long-Term Liabilities $204.6M $205.2M $19.00M
YoY Change -0.43% 979.88% -32.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.40M $15.36M $6.035M
Total Long-Term Liabilities $204.6M $205.2M $19.00M
Total Liabilities $246.5M $240.2M $25.04M
YoY Change 6.92% 859.19% -13.94%
SHAREHOLDERS EQUITY
Retained Earnings -$413.7M -$382.6M -$392.4M
YoY Change -0.39% -2.51%
Common Stock $5.000K $4.949K
YoY Change 27.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$327.9M -$298.2M $322.3M
YoY Change
Total Liabilities & Shareholders Equity $273.5M $290.7M $347.3M
YoY Change -10.62% -16.3% 0.39%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$37.19M $17.49M -$6.263M
YoY Change 63.05% -379.22% -227.32%
Depreciation, Depletion And Amortization $859.0K $5.240M $4.470M
YoY Change 62.08% 17.23% 0.68%
Cash From Operating Activities $14.68M $11.95M -$339.8K
YoY Change -837.79% -3617.19% -78.66%
INVESTING ACTIVITIES
Capital Expenditures $3.016M $3.080M $22.28M
YoY Change -21.25% -86.18% 111.59%
Acquisitions
YoY Change
Other Investing Activities -$5.686M $10.37M $0.00
YoY Change -89.61% -100.0%
Cash From Investing Activities -$8.692M $7.280M $0.00
YoY Change -85.15% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -721.0K -610.0K 300.0K
YoY Change -78.67% -303.33% -99.91%
NET CHANGE
Cash From Operating Activities 14.68M 11.95M -339.8K
Cash From Investing Activities -8.692M 7.280M 0.000
Cash From Financing Activities -721.0K -610.0K 300.0K
Net Change In Cash 5.269M 18.62M -39.76K
YoY Change -108.24% -46930.99% -115.9%
FREE CASH FLOW
Cash From Operating Activities $14.68M $11.95M -$339.8K
Capital Expenditures $3.016M $3.080M $22.28M
Free Cash Flow $11.67M $8.870M -$22.62M
YoY Change -300.45% -139.21% 86.6%

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Use of Estimates The preparation of financial statements in conformity with US GAAP, requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, disclosure of gain or loss contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from their estimates and such differences could be material to the unaudited condensed consolidated financial statements. Significant items subject to such estimates and assumptions include: (a) excess and aging aircraft support parts reserves, (b) allowance for doubtful accounts, (c) useful lives of property, plant and equipment, net, (d) allocation of the purchase price to the fair value of assets acquired and liabilities assumed, (e) impairment of long-lived assets, goodwill and other intangible assets, (f) disclosure of fair value of financial instruments, (g) variable interest entities, (h) accounting for Series A Preferred Stock and Legacy Bridger Series C Preferred Shares, (i) revenue recognition, (j) estimates and assumptions made in determining the carrying values of goodwill, other intangible assets, and contingent consideration, (k) incentive units and (l) Public Warrants and Private Placement Warrants.
us-gaap Prior Period Reclassification Adjustment Description
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Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. The Company previously separately presented General and administrative and Business development operating expenses, which are now presented combined within Selling, general and administrative expense on the Unaudited Condensed Consolidated Statements of Operations. The reclassification had no impact on previously reported Net loss or Accumulated deficit.
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CY2022Q4 baer Prepaid Deposits
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baer Amortization Of Other Noncurrent Assets
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baer Amortization Of Other Noncurrent Assets
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CY2023Q3 baer Embedded Derivative Of Legacy Bridger Series C Preferredshares
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CY2022Q4 baer Embedded Derivative Of Legacy Bridger Series C Preferredshares
EmbeddedDerivativeOfLegacyBridgerSeriesCPreferredshares
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CY2023Q3 baer Embedded Derivative Of Series A Preferred Stock
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CY2023Q3 us-gaap Product Warranty Accrual
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CY2022Q4 us-gaap Product Warranty Accrual
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CY2023Q3 baer Deferred Underwriting Fee Payable
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CY2023Q3 baer Freestanding Derivative On Legacy Bridger Series C Preferred Shares
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CY2022Q4 baer Freestanding Derivative On Legacy Bridger Series C Preferred Shares
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CY2023Q3 baer Accrued Interest Expense And Other Accrued Liabilities
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CY2022Q4 baer Accrued Interest Expense And Other Accrued Liabilities
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CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
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CY2022Q3 us-gaap Accrued Bonuses Current And Noncurrent
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CY2023Q2 baer Fees Paid
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CY2023Q3 baer Fee Payable
FeePayable
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CY2022Q4 baer Freestanding Derivative On Legacy Bridger Series C Preferred Shares
FreestandingDerivativeOnLegacyBridgerSeriesCPreferredShares
2186000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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DerivativeGainLossOnDerivativeNet
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CY2023Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q4 us-gaap Deferred Finance Costs Noncurrent Net
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CY2023Q3 us-gaap Deferred Finance Costs Current Net
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CY2023Q3 us-gaap Long Term Debt Current
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CY2023Q3 us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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CY2022Q3 us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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CY2023Q3 us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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GainLossOnRedemptionOfPreferredShares
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CY2023Q3 baer Equity Modifications Measured Based On Fair Value Option Change In Fair Value
EquityModificationsMeasuredBasedOnFairValueOptionChangeInFairValue
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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CY2022Q3 us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
PreferredStockConvertibleDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
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us-gaap Preferred Stock Convertible Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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CY2023Q3 baer Adjustment For Redemption Extinguishment Accrued Interest And Change In Fair Value Value For Legacy Bridger Series A Preferred Shares
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CY2022Q3 baer Adjustment For Redemption Extinguishment Accrued Interest And Change In Fair Value Value For Legacy Bridger Series A Preferred Shares
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baer Adjustment For Redemption Extinguishment Accrued Interest And Change In Fair Value Value For Legacy Bridger Series A Preferred Shares
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baer Adjustment For Redemption Extinguishment Accrued Interest And Change In Fair Value Value For Legacy Bridger Series A Preferred Shares
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CY2023Q3 baer Adjustment To The Maximum Redemptions Value For Legacy Bridger Series C Preferred Shares
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CY2022Q3 baer Adjustment To The Maximum Redemptions Value For Legacy Bridger Series C Preferred Shares
AdjustmentToTheMaximumRedemptionsValueForLegacyBridgerSeriesCPreferredShares
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baer Adjustment To The Maximum Redemptions Value For Legacy Bridger Series C Preferred Shares
AdjustmentToTheMaximumRedemptionsValueForLegacyBridgerSeriesCPreferredShares
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baer Adjustment To The Maximum Redemptions Value For Legacy Bridger Series C Preferred Shares
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CY2023Q3 baer Adjustment To Eliminate Fifty Percent Multiplier Redeemable Convertible Preferred Stock One
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CY2022Q3 baer Adjustment To Eliminate Fifty Percent Multiplier Redeemable Convertible Preferred Stock One
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baer Adjustment To Eliminate Fifty Percent Multiplier Redeemable Convertible Preferred Stock One
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156362598 usd
baer Adjustment To Eliminate Fifty Percent Multiplier Redeemable Convertible Preferred Stock One
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CY2023Q3 us-gaap Temporary Equity Dividends Adjustment
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CY2022Q3 us-gaap Temporary Equity Dividends Adjustment
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Of Shares Issued Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
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CY2022Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
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us-gaap Weighted Average Number Of Shares Contingently Issuable
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CY2023Q3 us-gaap Weighted Average Number Of Shares Treasury Stock
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CY2023Q3 baer Weighted Average Number Of Shares Outstanding Bonus Paid
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0 shares
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WeightedAverageNumberOfSharesOutstandingBonusPaid
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baer Weighted Average Number Of Shares Outstanding Bonus Paid
WeightedAverageNumberOfSharesOutstandingBonusPaid
0 shares
CY2023Q3 baer Weighted Average Number Of Shares Outstanding Acquisition
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CY2022Q3 baer Weighted Average Number Of Shares Outstanding Acquisition
WeightedAverageNumberOfSharesOutstandingAcquisition
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baer Weighted Average Number Of Shares Outstanding Acquisition
WeightedAverageNumberOfSharesOutstandingAcquisition
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baer Weighted Average Number Of Shares Outstanding Acquisition
WeightedAverageNumberOfSharesOutstandingAcquisition
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WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
38770646 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareDiluted
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