2023 Q2 Form 10-Q Financial Statement

#000155279723000035 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $246.9M $243.5M $206.6M
YoY Change -7.44% 17.88% 35.1%
Cost Of Revenue $179.1M $170.1M $153.6M
YoY Change -14.56% 10.73% 45.36%
Gross Profit $67.84M $73.45M $52.98M
YoY Change 18.69% 38.63% 12.15%
Gross Profit Margin 27.48% 30.16% 25.65%
Selling, General & Admin $6.611M $7.510M $5.095M
YoY Change -52.0% 47.4% 24.12%
% of Gross Profit 9.74% 10.22% 9.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.258M $21.11M $10.34M
YoY Change -90.63% 104.21% -3.76%
% of Gross Profit 1.85% 28.73% 19.51%
Operating Expenses $8.349M $24.22M $5.095M
YoY Change -39.38% 375.27% 24.12%
Operating Profit $59.49M $63.93M $46.84M
YoY Change 40.96% 36.5% 11.07%
Interest Expense -$27.81M $32.58M $14.25M
YoY Change -265.44% 128.64% 46.35%
% of Operating Profit -46.75% 50.96% 30.42%
Other Income/Expense, Net $19.00K $2.000K $1.000K
YoY Change 850.0% 100.0% -103.23%
Pretax Income $32.15M $37.67M $39.62M
YoY Change -0.98% -4.91% 8.68%
Income Tax $256.0K $302.0K $101.0K
% Of Pretax Income 0.8% 0.8% 0.25%
Net Earnings $31.90M $37.37M $39.51M
YoY Change -0.83% -5.43% 8.95%
Net Earnings / Revenue 12.92% 15.34% 19.13%
Basic Earnings Per Share
Diluted Earnings Per Share $0.73 $0.86 $908.8K
COMMON SHARES
Basic Shares Outstanding 43.58M shares 43.57M shares 43.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.715M $10.96M $2.726M
YoY Change -44.13% 302.2% -79.66%
Cash & Equivalents $7.715M $10.96M $2.726M
Short-Term Investments
Other Short-Term Assets $1.395M $2.772M $1.466M
YoY Change -38.19% 89.09% 179.24%
Inventory $3.078M $2.656M $1.800M
Prepaid Expenses
Receivables $73.25M $60.54M $20.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $85.43M $76.93M $26.32M
YoY Change 34.2% 192.27% -6.3%
LONG-TERM ASSETS
Property, Plant & Equipment $964.4M $941.1M $448.3M
YoY Change 12.95% 109.91% -2.97%
Goodwill $27.05M $27.05M $12.20M
YoY Change 18.55% 121.67% 0.0%
Intangibles
YoY Change
Long-Term Investments $242.7M $243.3M $249.9M
YoY Change -2.38% -2.65% -0.6%
Other Assets $19.80M $19.48M $24.90M
YoY Change 5.24% -21.77% 116.7%
Total Long-Term Assets $1.607B $1.615B $908.9M
YoY Change 3.98% 77.64% -1.29%
TOTAL ASSETS
Total Short-Term Assets $85.43M $76.93M $26.32M
Total Long-Term Assets $1.607B $1.615B $908.9M
Total Assets $1.693B $1.692B $935.3M
YoY Change 5.17% 80.87% -1.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.51M $23.10M $12.63M
YoY Change -67.32% 82.92% 203.9%
Accrued Expenses $26.93M $35.40M $33.35M
YoY Change -0.6% 6.13% 38.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M
YoY Change
Total Short-Term Liabilities $56.44M $77.97M $96.26M
YoY Change -65.37% -19.0% 193.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.729B $1.693B $905.5M
YoY Change 13.61% 86.98% -7.92%
Other Long-Term Liabilities $36.28M $16.18M $20.99M
YoY Change 92.93% -22.9% 0.15%
Total Long-Term Liabilities $1.766B $1.731B $945.5M
YoY Change 12.98% 83.08% -7.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.44M $77.97M $96.26M
Total Long-Term Liabilities $1.766B $1.731B $945.5M
Total Liabilities $1.822B $1.809B $1.042B
YoY Change 5.58% 73.65% -1.74%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$129.5M -$117.4M -$106.5M
YoY Change
Total Liabilities & Shareholders Equity $1.693B $1.692B $935.3M
YoY Change 5.17% 80.87% -1.43%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $31.90M $37.37M $39.51M
YoY Change -0.83% -5.43% 8.95%
Depreciation, Depletion And Amortization $1.258M $21.11M $10.34M
YoY Change -90.63% 104.21% -3.76%
Cash From Operating Activities $34.61M $29.19M $47.92M
YoY Change -59.35% -39.09% -22.37%
INVESTING ACTIVITIES
Capital Expenditures $28.37M $27.84M $10.61M
YoY Change -208.01% 162.29% 73.44%
Acquisitions
YoY Change
Other Investing Activities $455.0K $1.440M $562.0K
YoY Change -100.07% 156.23% -78.38%
Cash From Investing Activities -$27.91M -$26.98M -$12.48M
YoY Change -95.68% 116.25% 214.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.750M $0.00
YoY Change
Cash From Financing Activities -9.947M $783.0K -$37.01M
YoY Change -101.74% -102.12% -23.9%
NET CHANGE
Cash From Operating Activities 34.61M $29.19M $47.92M
Cash From Investing Activities -27.91M -$26.98M -$12.48M
Cash From Financing Activities -9.947M $783.0K -$37.01M
Net Change In Cash -3.249M $2.994M -$1.566M
YoY Change -129.31% -291.19% -117.14%
FREE CASH FLOW
Cash From Operating Activities $34.61M $29.19M $47.92M
Capital Expenditures $28.37M $27.84M $10.61M
Free Cash Flow $6.243M $1.353M $37.31M
YoY Change -94.4% -96.37% -32.92%

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CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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ProceedsFromSaleOfPropertyPlantAndEquipment
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PaymentsToAcquireIntangibleAssets
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DistributionsToCommonUnitholdersPublic
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DistributionsToCommonUnitholdersDelek
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CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
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ProceedsFromLongTermLinesOfCredit
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CY2023Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3750000 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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400000 usd
CY2022Q1 us-gaap Payments Of Financing Costs
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CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2994000 usd
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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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4292000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10964000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2726000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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NonCashInvestingActivitiesIncreaseDecreaseInAccruedCapitalExpenditures
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NonCashInvestingActivitiesIncreaseDecreaseInAccruedCapitalExpenditures
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RightOfUseAssetObtainedInExchangeForOperatingAndFinanceLeaseLiability
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RightOfUseAssetObtainedInExchangeForOperatingAndFinanceLeaseLiability
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CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain prior period amounts have been reclassified in order to conform to the current period presentation
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
218135000 usd
CY2023Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
44400000 usd
CY2022Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
42400000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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OperatingLeaseLeaseIncome
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243525000 usd
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OperatingLeaseLeaseIncome
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q1 dkl Net Income Loss Attributable To Partners
NetIncomeLossAttributableToPartners
37367000 usd
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NetIncomeLossAttributableToPartners
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-7297000 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-3090000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22632 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Partners Capital Account Units Unitbased Compensation
PartnersCapitalAccountUnitsUnitbasedCompensation
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CY2023Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
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CY2023Q1 dkl Partners Capital Account Units Withheld For Taxes
PartnersCapitalAccountUnitsWithheldForTaxes
2196 shares
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1716850000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1670500000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
1708200000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1693200000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1646567000 usd
CY2022Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
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CY2022Q2 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.980
CY2022Q2 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
42604000 usd
CY2022Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.985
CY2022Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
42832000 usd
CY2022Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.990
CY2022Q4 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
43057000 usd
CY2023Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.020
CY2023Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
44440000 usd
CY2023Q1 dkl Equity Method Investment Number Of Joint Ventures
EquityMethodInvestmentNumberOfJointVentures
3 jointventure
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
243273000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
257022000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
124999000 usd
CY2023Q1 dkl Revenue From Third Party
RevenueFromThirdParty
118526000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243525000 usd
CY2023Q1 dkl Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
93158000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21105000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
32581000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
302000 usd
CY2023Q1 dkl Net Income Loss Attributable To Partners
NetIncomeLossAttributableToPartners
37367000 usd
CY2023Q1 dkl Capital Expenditures
CapitalExpenditures
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CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
123754000 usd
CY2022Q1 dkl Revenue From Third Party
RevenueFromThirdParty
82827000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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206581000 usd
CY2022Q1 dkl Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10335000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
14250000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
101000 usd
CY2022Q1 dkl Net Income Loss Attributable To Partners
NetIncomeLossAttributableToPartners
39514000 usd
CY2022Q1 dkl Capital Expenditures
CapitalExpenditures
9086000 usd
CY2022Q1 us-gaap Environmental Remediation Expense
EnvironmentalRemediationExpense
0 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3232000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2641000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
363000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
319000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
695000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
936000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
4290000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
3896000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3232000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2641000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2294000 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1162000 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.043
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.019

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