2023 Q2 Form 10-K Financial Statement

#000091052123000016 Filed on May 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2023
Revenue $675.8M $791.6M $3.627B
YoY Change 9.98% 7.55% 15.14%
Cost Of Revenue $329.4M $395.4M $1.802B
YoY Change 3.02% 4.81% 16.8%
Gross Profit $346.4M $396.2M $1.825B
YoY Change 17.53% 10.43% 13.55%
Gross Profit Margin 51.26% 50.05% 50.32%
Selling, General & Admin $275.7M $290.2M $1.173B
YoY Change 15.64% 5.83% 12.44%
% of Gross Profit 79.58% 73.26% 64.24%
Research & Development $38.66M
YoY Change 15.93%
% of Gross Profit 2.12%
Depreciation & Amortization $12.35M $12.77M $47.86M
YoY Change 5.54% 9.36% 11.61%
% of Gross Profit 3.57% 3.22% 2.62%
Operating Expenses $275.7M $290.2M $1.211B
YoY Change 15.64% 5.83% 12.55%
Operating Profit $70.74M $105.9M $652.8M
YoY Change 25.55% 30.28% 15.59%
Interest Expense $10.28M $8.697M $10.60M
YoY Change 6246.91% 561.37% -1437.07%
% of Operating Profit 14.54% 8.21% 1.62%
Other Income/Expense, Net $346.0K $8.939M $13.33M
YoY Change -47.66% -3498.86% -19420.29%
Pretax Income $81.36M $114.9M $467.2M
YoY Change 42.74% 39.48% 17.88%
Income Tax $17.81M $23.07M $149.3M
% Of Pretax Income 21.89% 20.09% 31.95%
Net Earnings $63.55M $91.79M $516.8M
YoY Change 41.7% 33.37% 14.35%
Net Earnings / Revenue 9.4% 11.6% 14.25%
Basic Earnings Per Share $2.43 $3.49 $19.50
Diluted Earnings Per Share $2.42 $3.46 $19.37
COMMON SHARES
Basic Shares Outstanding 26.16M shares 26.36M shares 26.50M shares
Diluted Shares Outstanding 26.32M shares 26.69M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.047B $981.8M $981.8M
YoY Change 50.58% 16.39% 16.39%
Cash & Equivalents $1.047B $981.8M $981.8M
Short-Term Investments
Other Short-Term Assets $87.00M $55.52M $94.10M
YoY Change 98.87% 0.47% 35.62%
Inventory $740.6M $532.9M $532.9M
Prepaid Expenses $40.03M $33.79M
Receivables $282.4M $301.5M $301.5M
Other Receivables $18.31M $0.00 $0.00
Total Short-Term Assets $2.175B $1.910B $1.910B
YoY Change 11.56% 9.02% 9.02%
LONG-TERM ASSETS
Property, Plant & Equipment $508.0M $266.7M $480.0M
YoY Change 131.25% 19.88% 18.54%
Goodwill $13.99M $13.99M
YoY Change 0.0% 0.0%
Intangibles $36.90M $37.46M
YoY Change -5.66% -5.62%
Long-Term Investments
YoY Change
Other Assets $113.9M $41.93M $166.0M
YoY Change 106.72% -26.85% 36.56%
Total Long-Term Assets $672.7M $646.0M $646.0M
YoY Change 19.38% 11.35% 11.35%
TOTAL ASSETS
Total Short-Term Assets $2.175B $1.910B $1.910B
Total Long-Term Assets $672.7M $646.0M $646.0M
Total Assets $2.848B $2.556B $2.556B
YoY Change 13.32% 9.6% 9.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $523.0M $265.6M $265.6M
YoY Change -13.42% -18.9% -18.9%
Accrued Expenses $148.2M $50.77M $50.77M
YoY Change 7.84% -68.64% -68.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $735.8M $497.4M $497.4M
YoY Change -8.0% -8.18% -8.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $310.0M $35.34M $293.1M
YoY Change 1077.01% 38.51% 16.43%
Total Long-Term Liabilities $310.0M $293.1M $293.1M
YoY Change 28.57% 16.43% 16.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $735.8M $497.4M $497.4M
Total Long-Term Liabilities $310.0M $293.1M $293.1M
Total Liabilities $1.046B $790.5M $790.5M
YoY Change 0.47% -0.37% -0.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.610B $1.572B
YoY Change 24.04% 16.18%
Common Stock $261.0K $262.0K
YoY Change -1.88% -2.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.802B $1.766B $1.766B
YoY Change
Total Liabilities & Shareholders Equity $2.848B $2.556B $2.556B
YoY Change 13.32% 9.6% 9.6%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $63.55M $91.79M $516.8M
YoY Change 41.7% 33.37% 14.35%
Depreciation, Depletion And Amortization $12.35M $12.77M $47.86M
YoY Change 5.54% 9.36% 11.61%
Cash From Operating Activities $125.3M $59.54M $537.4M
YoY Change -533.12% -208.22% 211.81%
INVESTING ACTIVITIES
Capital Expenditures $30.73M $24.97M $81.03M
YoY Change 146.51% -357.33% 58.82%
Acquisitions
YoY Change
Other Investing Activities $6.000K $12.00K
YoY Change -25.0% 50.0%
Cash From Investing Activities -$30.73M -$24.96M -$81.01M
YoY Change 146.51% 157.48% 58.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $295.2M
YoY Change -16.77%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -25.62M -110.1M -$309.0M
YoY Change -74.39% 23.55% -15.91%
NET CHANGE
Cash From Operating Activities 125.3M 59.54M $537.4M
Cash From Investing Activities -30.73M -24.96M -$81.01M
Cash From Financing Activities -25.62M -110.1M -$309.0M
Net Change In Cash 68.91M -75.55M $138.3M
YoY Change -146.47% -50.89% -156.24%
FREE CASH FLOW
Cash From Operating Activities $125.3M $59.54M $537.4M
Capital Expenditures $30.73M $24.97M $81.03M
Free Cash Flow $94.53M $34.57M $456.4M
YoY Change -328.4% -176.29% 276.14%

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CY2023 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2023 deck Stock Repurchased During Period Value Excise Taxes
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CY2022 deck Amortization Of Cloud Computing Arrangements
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CY2021 deck Amortization Of Cloud Computing Arrangements
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 deck Gain Loss On Settlement Of Asset Retirement Obligations
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CY2022 deck Gain Loss On Settlement Of Asset Retirement Obligations
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CY2021 deck Gain Loss On Settlement Of Asset Retirement Obligations
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207000 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Inventories
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26056000 usd
CY2022 us-gaap Increase Decrease In Inventories
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228554000 usd
CY2021 us-gaap Increase Decrease In Inventories
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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19095000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Income Taxes Receivable
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CY2023 deck Increase Decrease In Operating Lease Rightof Use Assets And Operating Lease Liabilities
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CY2022 deck Increase Decrease In Operating Lease Rightof Use Assets And Operating Lease Liabilities
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CY2021 deck Increase Decrease In Operating Lease Rightof Use Assets And Operating Lease Liabilities
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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28296000 usd
CY2021 us-gaap Increase Decrease In Other Operating Assets
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3103000 usd
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CY2021 us-gaap Increase Decrease In Accounts Payable Trade
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Short Term Debt
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CY2022 us-gaap Proceeds From Short Term Debt
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CY2021 us-gaap Proceeds From Short Term Debt
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CY2023 us-gaap Repayments Of Short Term Debt
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2021 us-gaap Repayments Of Short Term Debt
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CY2023 us-gaap Payments Of Financing Costs
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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138268000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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439925000 usd
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1089361000 usd
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CY2021 us-gaap Proceeds From Income Tax Refunds
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CY2021 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Operating Lease Payments
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CY2023 deck Change In Capital Expenditures Incurred But Not Yet Paid
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5325000 usd
CY2022 deck Change In Capital Expenditures Incurred But Not Yet Paid
ChangeInCapitalExpendituresIncurredButNotYetPaid
2797000 usd
CY2021 deck Change In Capital Expenditures Incurred But Not Yet Paid
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2721000 usd
CY2023 deck Accrued Asset Retirement Obligations
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8203000 usd
CY2022 deck Accrued Asset Retirement Obligations
AccruedAssetRetirementObligations
3900000 usd
CY2021 deck Accrued Asset Retirement Obligations
AccruedAssetRetirementObligations
1842000 usd
CY2023 deck Leasehold Improvements From Tenant Allowance
LeaseholdImprovementsFromTenantAllowance
0 usd
CY2022 deck Leasehold Improvements From Tenant Allowance
LeaseholdImprovementsFromTenantAllowance
4061000 usd
CY2021 deck Leasehold Improvements From Tenant Allowance
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CY2023 deck Accruals For Shares Withheld For Taxes
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5371000 usd
CY2022 deck Accruals For Shares Withheld For Taxes
AccrualsForSharesWithheldForTaxes
8435000 usd
CY2021 deck Accruals For Shares Withheld For Taxes
AccrualsForSharesWithheldForTaxes
11679000 usd
CY2023 deck Excise Taxes Accrued For Repurchases Of Common Stock
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569000 usd
CY2022 deck Excise Taxes Accrued For Repurchases Of Common Stock
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0 usd
CY2021 deck Excise Taxes Accrued For Repurchases Of Common Stock
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered macroeconomic factors, including inflation, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, and recessionary concerns, on its business and operations. Although the full impact of these factors are unknown and cannot be reasonably estimated, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. However, actual results could differ materially from these estimates and assumptions, which may result in material effects on the Company's financial condition, results of operations, and liquidity. To the extent there are differences between these estimates and actual results, the Company’s consolidated financial statements may be materially affected.</span>Significant areas requiring the use of management estimates and assumptions relate to inventory write-downs; trade accounts receivable allowances, including variable consideration for net sales provided to customers, including the sales return asset and liability; contract assets and liabilities; stock-based compensation; impairment assessments, including goodwill, other intangible assets, and long-lived assets; depreciation and amortization; income tax receivables and liabilities; uncertain tax positions; the fair value of financial instruments; the reasonably certain lease term; lease classification; and the Company's incremental borrowing rate (IBR) utilized to measure its operating lease assets and lease liabilities.
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
6 segment
CY2023Q1 deck Capitalized Cloud Computing Arrangements Net
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5161000 usd
CY2022Q1 deck Capitalized Cloud Computing Arrangements Net
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2402000 usd
CY2023 deck Capitalized Cloud Computing Arrangements Net Additions
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4909000 usd
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584187000 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
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505020000 usd
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317508000 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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282571000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
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266679000 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
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222449000 usd
CY2021Q1 us-gaap Asset Retirement Obligations Noncurrent
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12983000 usd
CY2022 deck Asset Retirement Obligation Liabilities Incurred And Revision Of Estimate
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4622000 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
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327000 usd
CY2022 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
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232000 usd
CY2022Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
16802000 usd
CY2023 deck Asset Retirement Obligation Liabilities Incurred And Revision Of Estimate
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CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2023 us-gaap Asset Retirement Obligation Accretion Expense
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513000 usd
CY2023 us-gaap Asset Retirement Obligation Foreign Currency Translation Gain Loss
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199000 usd
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
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24556000 usd
CY2022 deck Contract With Customer Asset Increase Decrease For Change In Estimated Sales Returns Net
ContractWithCustomerAssetIncreaseDecreaseForChangeInEstimatedSalesReturnsNet
43555000 usd
CY2022 deck Contract With Customer Refund Liability Increase Decrease For Change In Estimated Sales Returns Net
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178722000 usd
CY2023 us-gaap Research And Development Expense
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38657000 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33344000 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28626000 usd
CY2023 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
271140000 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
255881000 usd
CY2021 us-gaap Marketing And Advertising Expense
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188345000 usd
CY2023Q1 us-gaap Prepaid Advertising
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4930000 usd
CY2022Q1 us-gaap Prepaid Advertising
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2759000 usd
CY2022 deck Contract With Customer Asset Decrease For Returns Received
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42768000 usd
CY2022 deck Contract With Customer Refund Liability Decrease For Returns Received
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176572000 usd
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4433000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3953000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3339000 usd
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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0 usd
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0 usd
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2023Q1 us-gaap Valuation Allowances And Reserves Balance
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32504000 usd
CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
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CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
26516000 usd

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