2023 Q3 Form 10-Q Financial Statement

#000095017023039346 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $149.4M $129.2M
YoY Change 37.8% 22.59%
Cost Of Revenue $106.3M $89.36M
YoY Change 39.85% 21.25%
Gross Profit $43.12M $39.82M
YoY Change 32.98% 25.7%
Gross Profit Margin 28.86% 30.82%
Selling, General & Admin $30.44M $28.45M
YoY Change 20.95% 23.76%
% of Gross Profit 70.59% 71.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.119M $2.765M
YoY Change 6.05% 16.23%
% of Gross Profit 7.23% 6.94%
Operating Expenses $30.44M $28.45M
YoY Change 20.95% 23.76%
Operating Profit $7.853M $8.603M
YoY Change 183.2% 49.72%
Interest Expense $3.340M $3.750M
YoY Change 112.87% 241.53%
% of Operating Profit 42.53% 43.59%
Other Income/Expense, Net -$216.0K $121.0K
YoY Change -116.93% -93.75%
Pretax Income $4.297M $4.974M
YoY Change 73.27% -24.45%
Income Tax $600.0K $1.000M
% Of Pretax Income 13.96% 20.1%
Net Earnings $3.330M $3.724M
YoY Change 71.38% -15.07%
Net Earnings / Revenue 2.23% 2.88%
Basic Earnings Per Share $0.10 $0.11
Diluted Earnings Per Share $0.09 $0.11
COMMON SHARES
Basic Shares Outstanding 34.77M 34.59M
Diluted Shares Outstanding 35.30M 35.14M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.60M $47.60M
YoY Change 35.23% 38.31%
Cash & Equivalents $47.60M $47.60M
Short-Term Investments
Other Short-Term Assets $16.10M $16.50M
YoY Change 6.62% 27.43%
Inventory $37.91M $31.83M
Prepaid Expenses
Receivables $112.4M $126.7M
Other Receivables $6.600M $6.400M
Total Short-Term Assets $285.4M $291.0M
YoY Change 28.15% 33.07%
LONG-TERM ASSETS
Property, Plant & Equipment $25.01M $24.19M
YoY Change 23.45% 47.91%
Goodwill $209.8M $199.7M
YoY Change 15.06% 7.5%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.100M $3.700M
YoY Change 20.59% 7.84%
Total Long-Term Assets $314.7M $291.6M
YoY Change 19.4% 10.86%
TOTAL ASSETS
Total Short-Term Assets $285.4M $291.0M
Total Long-Term Assets $314.7M $291.6M
Total Assets $600.1M $582.6M
YoY Change 23.41% 20.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.24M $80.50M
YoY Change 44.31% 16.03%
Accrued Expenses $44.15M $29.00M
YoY Change 48.67% 12.02%
Deferred Revenue $54.21M $61.37M
YoY Change 60.05% 70.95%
Short-Term Debt $2.500M $2.500M
YoY Change 400.0% 400.0%
Long-Term Debt Due $4.726M $4.313M
YoY Change 43.08% 30.58%
Total Short-Term Liabilities $203.3M $188.2M
YoY Change 45.39% 30.69%
LONG-TERM LIABILITIES
Long-Term Debt $135.3M $137.3M
YoY Change 26.38% 48.03%
Other Long-Term Liabilities $14.65M $13.61M
YoY Change -2.23% -9.99%
Total Long-Term Liabilities $149.9M $150.9M
YoY Change 22.87% 39.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $203.3M $188.2M
Total Long-Term Liabilities $149.9M $150.9M
Total Liabilities $369.9M $355.5M
YoY Change 31.73% 31.04%
SHAREHOLDERS EQUITY
Retained Earnings -$10.27M -$13.60M
YoY Change -62.8% -53.97%
Common Stock $254.0M $252.8M
YoY Change 1.75% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.4M $222.1M
YoY Change
Total Liabilities & Shareholders Equity $600.1M $582.6M
YoY Change 23.41% 20.94%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $3.330M $3.724M
YoY Change 71.38% -15.07%
Depreciation, Depletion And Amortization $3.119M $2.765M
YoY Change 6.05% 16.23%
Cash From Operating Activities $30.10M $11.41M
YoY Change 2880.2% -39.61%
INVESTING ACTIVITIES
Capital Expenditures $1.590M $1.410M
YoY Change 69.15% -283.83%
Acquisitions
YoY Change
Other Investing Activities -$23.96M $0.00
YoY Change 218.62% -100.0%
Cash From Investing Activities -$25.55M -$1.400M
YoY Change 202.01% -92.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.330M -4.860M
YoY Change -137.39% -171.51%
NET CHANGE
Cash From Operating Activities 30.10M 11.41M
Cash From Investing Activities -25.55M -1.400M
Cash From Financing Activities -4.330M -4.860M
Net Change In Cash 220.0K 5.150M
YoY Change -94.67% -27.8%
FREE CASH FLOW
Cash From Operating Activities $30.10M $11.41M
Capital Expenditures $1.590M $1.410M
Free Cash Flow $28.51M $10.00M
YoY Change 40628.57% -49.14%

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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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766000
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139000
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2810000
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67000
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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-531000
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Stock Issued During Period Value Issued For Services
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CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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863000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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0
ceco Additional Payments Of Contingent Consideration Related To Acquisitions Operating Activities
AdditionalPaymentsOfContingentConsiderationRelatedToAcquisitionsOperatingActivities
0
ceco Additional Payments Of Contingent Consideration Related To Acquisitions Operating Activities
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1007000
us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Amortization Of Debt Discount Premium
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182000
us-gaap Amortization Of Debt Discount Premium
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Provision For Doubtful Accounts
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ceco Inventory Reserve Expense Benefit
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551000
ceco Inventory Reserve Expense Benefit
InventoryReserveExpenseBenefit
110000
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39181000
us-gaap Increase Decrease In Accounts Receivable
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18582000
ceco Contract With Customer Asset Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
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-9596000
ceco Contract With Customer Asset Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
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us-gaap Increase Decrease In Inventories
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4081000
us-gaap Increase Decrease In Inventories
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3393000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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8319000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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ceco Increase Decrease In Deferred Charges And Other Assets
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ceco Increase Decrease In Deferred Charges And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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3902000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
16538000
ceco Contract With Customer Liability Increase Decrease In Billing In Excess Of Cost Of Earnings
ContractWithCustomerLiabilityIncreaseDecreaseInBillingInExcessOfCostOfEarnings
26005000
ceco Contract With Customer Liability Increase Decrease In Billing In Excess Of Cost Of Earnings
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7846000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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601000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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1266000
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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3919000
us-gaap Payments To Acquire Property Plant And Equipment
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1432000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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0
us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Payments For Proceeds From Investments
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us-gaap Net Cash Provided By Used In Investing Activities
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ceco Borrowings On Revolving Line Of Credit
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65300000
ceco Borrowings On Revolving Line Of Credit
BorrowingsOnRevolvingLineOfCredit
47600000
us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Issuance Of Long Term Debt
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0
us-gaap Proceeds From Issuance Of Long Term Debt
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11000000
us-gaap Repayments Of Long Term Debt
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1652000
us-gaap Repayments Of Long Term Debt
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1469000
us-gaap Payments Of Financing Costs
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0
us-gaap Payments Of Financing Costs
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ceco Deferred Consideration Paid For Acquisitions
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857000
ceco Deferred Consideration Paid For Acquisitions
DeferredConsiderationPaidForAcquisitions
0
ceco Payments On Finance Leases And Financing Liability
PaymentsOnFinanceLeasesAndFinancingLiability
450000
ceco Payments On Finance Leases And Financing Liability
PaymentsOnFinanceLeasesAndFinancingLiability
293000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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1156000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
71000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
599000
us-gaap Payments To Minority Shareholders
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us-gaap Payments For Repurchase Of Common Stock
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0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4324000
us-gaap Net Cash Provided By Used In Financing Activities
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29498000
us-gaap Net Cash Provided By Used In Financing Activities
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26655000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1141000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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 Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48552000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35453000
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us-gaap Interest Paid Net
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1821000
us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2022Q4 ceco Contract Receivable Retainage1
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CY2022Q2 us-gaap Provision For Other Credit Losses
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400000
us-gaap Provision For Other Credit Losses
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us-gaap Provision For Other Credit Losses
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CY2022Q4 us-gaap Inventory Raw Materials
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CY2023Q2 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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3326000
CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2022Q4 us-gaap Inventory Net
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CY2022Q2 us-gaap Inventory Write Down
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us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Inventory Write Down
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us-gaap Indefinite Lived Intangible Assets Purchase Accounting Adjustments
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CY2022 us-gaap Indefinite Lived Intangible Assets Purchase Accounting Adjustments
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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1089000
us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2022 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
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CY2023Q2 us-gaap Goodwill
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CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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FiniteLivedIntangibleAssetsAccumulatedAmortization
74665000
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35251000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25841000
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3430000
us-gaap Amortization Of Intangible Assets
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2789000
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us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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13280000
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us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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538000
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us-gaap Amortization Of Intangible Assets
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3400000
us-gaap Amortization Of Intangible Assets
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2800000
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3700000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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4800000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q4 us-gaap Product Warranty Accrual Classified Current
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3691000
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CY2022Q4 ceco Contract Liability Current
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4516000
CY2023Q2 ceco Lease Liabilities Current
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CY2022Q4 ceco Lease Liabilities Current
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3228000
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2023Q2 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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CY2023Q2 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q2 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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2500000
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4900000
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5200000
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126300000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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3900000
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CY2022Q2 us-gaap Net Income Loss
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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34873000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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525000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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168000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35144000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35041000
us-gaap Net Income Loss
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5701000
us-gaap Net Income Loss
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7180000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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34531000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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34962000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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641000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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158000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35172000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35120000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1300000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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20000000.0
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
725000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4300000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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1200000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000.0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
us-gaap Defined Benefit Plan Contributions By Employer
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0
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
CY2023Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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5700000
CY2022Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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5500000
CY2023Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
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100000
CY2023Q2 us-gaap Income Tax Expense Benefit
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1000000.0
CY2022Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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1000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3000000.0
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.198
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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47600000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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45500000
ceco Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
35600000
CY2022 ceco Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
31700000
us-gaap Litigation Settlement Amount Awarded From Other Party
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6200000
CY2023Q2 ceco Average Cost Per Settled Claim
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38000
CY2022Q4 us-gaap Loss Contingency Pending Claims Number
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247
us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
129181000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105375000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241744000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197811000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8603000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5746000
us-gaap Operating Income Loss
OperatingIncomeLoss
14064000
us-gaap Operating Income Loss
OperatingIncomeLoss
10950000
CY2023Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
2162000
CY2022Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
767000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3919000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1432000
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2765000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2379000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5650000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4668000
CY2023Q2 us-gaap Assets
Assets
582618000
CY2022Q4 us-gaap Assets
Assets
504721000
CY2023Q2 us-gaap Goodwill
Goodwill
199736000
CY2022Q4 us-gaap Goodwill
Goodwill
183197000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
129181000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105375000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241744000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197811000

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