2022 Q1 Form 10-Q Financial Statement

#000112414022000030 Filed on April 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $486.6M $473.8M $402.1M
YoY Change 21.01% 1.6% 15.6%
Cost Of Revenue $134.7M $119.1M $110.0M
YoY Change 22.47% 19.34% 34.79%
Gross Profit $351.9M $333.5M $271.5M
YoY Change 29.59% -3.61% 10.49%
Gross Profit Margin 72.32% 70.39% 67.53%
Selling, General & Admin $402.0M $463.7M $453.9M
YoY Change -11.44% 48.47% 61.09%
% of Gross Profit 114.23% 139.02% 167.15%
Research & Development $102.2M $40.90M $115.6M
YoY Change -11.52% 21.01% 165.62%
% of Gross Profit 29.06% 12.26% 42.56%
Depreciation & Amortization $22.99M $45.13M $20.51M
YoY Change 12.12% 13.1% 28.13%
% of Gross Profit 6.53% 13.53% 7.55%
Operating Expenses $504.2M $555.0M $572.1M
YoY Change -11.86% -27.07% 74.35%
Operating Profit -$177.0M -$221.5M -$300.5M
YoY Change -41.11% -46.64% 264.85%
Interest Expense -$5.965M -$3.404M $26.57M
YoY Change -122.45% -51.37% 5.64%
% of Operating Profit
Other Income/Expense, Net -$5.965M -$3.404M $26.57M
YoY Change -122.45% -3.21% -148.75%
Pretax Income -$183.0M -$224.9M -$274.0M
YoY Change -33.22% -48.7% 100.15%
Income Tax -$2.000M -$4.243M -$242.8M
% Of Pretax Income
Net Earnings -$180.9M -$220.6M -$31.16M
YoY Change 480.6% -47.26% -76.85%
Net Earnings / Revenue -37.19% -46.56% -7.75%
Basic Earnings Per Share -$1.04 -$1.28 -$0.18
Diluted Earnings Per Share -$1.04 -$1.28 -$0.18
COMMON SHARES
Basic Shares Outstanding 174.4M shares 172.4M shares 169.4M shares
Diluted Shares Outstanding 174.4M shares 172.4M shares 169.4M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $817.0M $1.030B $1.378B
YoY Change -40.71% -44.0% 11.93%
Cash & Equivalents $189.8M $315.5M $1.104B
Short-Term Investments $627.2M $715.0M $274.2M
Other Short-Term Assets $79.58M $74.12M $52.17M
YoY Change 52.54% 123.26% 19.38%
Inventory $113.0M $105.0M $89.03M
Prepaid Expenses
Receivables $205.6M $216.6M $256.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.215B $1.426B $1.775B
YoY Change -31.55% -35.13% 19.6%
LONG-TERM ASSETS
Property, Plant & Equipment $622.6M $580.2M $482.7M
YoY Change 28.98% 28.38% 3.71%
Goodwill $2.335B $2.335B $2.184B
YoY Change 6.93% 88.67% 76.53%
Intangibles $2.070B $2.094B $2.074B
YoY Change -0.2% 147.24% 83.82%
Long-Term Investments
YoY Change
Other Assets $77.48M $74.59M $56.95M
YoY Change 36.07% 16.97% 164.37%
Total Long-Term Assets $5.275B $5.259B $4.959B
YoY Change 6.38% 92.87% 66.6%
TOTAL ASSETS
Total Short-Term Assets $1.215B $1.426B $1.775B
Total Long-Term Assets $5.275B $5.259B $4.959B
Total Assets $6.491B $6.685B $6.735B
YoY Change -3.62% 35.73% 50.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.47M $67.83M $34.70M
YoY Change 91.54% 89.95% -8.79%
Accrued Expenses $365.9M $398.6M $214.1M
YoY Change 70.87% 70.61% 28.54%
Deferred Revenue $1.300M $1.000M $39.80M
YoY Change -96.73% -96.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.400M $6.200M $314.2M
YoY Change -97.96% -97.59% 1177.04%
Total Short-Term Liabilities $481.0M $517.1M $628.9M
YoY Change -23.53% -18.33% 158.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.193B $2.193B $1.885B
YoY Change 16.35% 63.26% 24.48%
Other Long-Term Liabilities $389.1M $417.8M $414.2M
YoY Change -6.07% 713.72% 776.57%
Total Long-Term Liabilities $389.1M $417.8M $414.2M
YoY Change -6.07% 713.72% 776.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $481.0M $517.1M $628.9M
Total Long-Term Liabilities $389.1M $417.8M $414.2M
Total Liabilities $3.232B $3.297B $3.086B
YoY Change 4.76% 22.6% 60.41%
SHAREHOLDERS EQUITY
Retained Earnings -$2.822B -$2.642B -$2.077B
YoY Change 35.89% 29.11% 69.49%
Common Stock $6.087B $6.031B $5.726B
YoY Change 6.32% 40.87% 52.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.258B $3.388B $3.649B
YoY Change
Total Liabilities & Shareholders Equity $6.491B $6.685B $6.735B
YoY Change -3.62% 35.73% 50.96%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$180.9M -$220.6M -$31.16M
YoY Change 480.6% -47.26% -76.85%
Depreciation, Depletion And Amortization $22.99M $45.13M $20.51M
YoY Change 12.12% 13.1% 28.13%
Cash From Operating Activities -$173.8M -$24.57M -$77.23M
YoY Change 124.99% -122.06% 54.99%
INVESTING ACTIVITIES
Capital Expenditures $33.62M -$59.39M $12.92M
YoY Change 160.24% -86.13% -0.98%
Acquisitions $0.00 $343.2M
YoY Change -100.0% 4942.57%
Other Investing Activities $7.000K $137.8M $141.0K
YoY Change -95.04% 13.44% -527.27%
Cash From Investing Activities $45.56M $78.44M -$317.5M
YoY Change -114.35% -125.58% -21.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.735M -12.20M $7.245M
YoY Change -62.25% -101.39% -99.26%
NET CHANGE
Cash From Operating Activities -$173.8M -24.57M -$77.23M
Cash From Investing Activities $45.56M 78.44M -$317.5M
Cash From Financing Activities $2.735M -12.20M $7.245M
Net Change In Cash -$125.7M 41.67M -$387.5M
YoY Change -67.56% -93.91% -173.98%
FREE CASH FLOW
Cash From Operating Activities -$173.8M -$24.57M -$77.23M
Capital Expenditures $33.62M -$59.39M $12.92M
Free Cash Flow -$207.4M $34.82M -$90.15M
YoY Change 130.04% -93.55% 43.37%

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CY2022Q1 exas Increase Decrease In Amortization Of Premium On Short Term Investments
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CY2021Q1 exas Increase Decrease In Amortization Of Premium On Short Term Investments
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190073000 USD
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CY2021Q1 us-gaap Restricted Cash
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331348000 USD
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190073000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are those that affect the Company’s financial statements materially and involve difficult, subjective or complex judgments by management, and actual results could differ from those estimates. These estimates include revenue recognition, valuation of intangible assets and goodwill, and accounting for income taxes among others. The Company’s critical accounting policies and estimates are explained further in the notes to the condensed consolidated financial statements in this Quarterly Report and the 2021 Form 10-K.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The spread of the coronavirus (“COVID-19”) has affected many segments of the global economy, including the cancer screening and diagnostics industry. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2022 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, marketable and non-marketable investments, software, and the carrying value of the goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The pandemic and related precautionary measures began to materially disrupt the Company's operations in March 2020 and may continue to disrupt the business for an unknown period of time. As a result, the pandemic had an impact on the Company’s revenues and operating results. </span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ultimate impact of COVID-19 depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the extent to which COVID-19 will negatively impact its financial results or liquidity.</span></div>
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements.</span></div>
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CY2022Q1 exas Inventory Finished And Semi Finished Goods
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CY2021Q4 exas Inventory Finished And Semi Finished Goods
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CY2021Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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214816000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
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622613000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Depreciation
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CY2021Q1 us-gaap Depreciation
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CY2022Q1 us-gaap Construction In Progress Gross
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CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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355511000 USD
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CY2021Q4 us-gaap Goodwill
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CY2022Q1 us-gaap Goodwill
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0 USD
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
332300000 USD
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
359000000 USD
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
359021000 USD
CY2022Q1 exas Business Combination Contingent Consideration Gain Loss Change In Fair Value
BusinessCombinationContingentConsiderationGainLossChangeInFairValue
26680000 USD
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
332341000 USD
CY2022Q1 exas Debt Instrument Repurchase Price Due To Change In Control As Percentage Of Principal Amount
DebtInstrumentRepurchasePriceDueToChangeInControlAsPercentageOfPrincipalAmount
100
CY2022Q1 us-gaap Share Price
SharePrice
69.92
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1412000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1413000 USD
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
36000 USD
CY2021Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
36000 USD
CY2022Q1 exas Coupon Interest Expense
CouponInterestExpense
2567000 USD
CY2021Q1 exas Coupon Interest Expense
CouponInterestExpense
2567000 USD
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
4015000 USD
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
4016000 USD
CY2022Q1 us-gaap Interest Expense Other
InterestExpenseOther
463000 USD
CY2021Q1 us-gaap Interest Expense Other
InterestExpenseOther
600000 USD
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4478000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4616000 USD
CY2022Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
-5231000 USD
CY2022Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
-27000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-5204000 USD
CY2021Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
-292000 USD
CY2021Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
40000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-332000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-170000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8800000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52400000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
163500000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4300000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
8097000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5558000 USD
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
211000 USD
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
248000 USD
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1548000 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1203000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4259000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
40406000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
878000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
639000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M1D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M8D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M18D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0609
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0641
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0532
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0566
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
200300000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
170400000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
174200000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19700000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
180600000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
201900000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19700000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
182200000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
17400000 USD
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
18200000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
18000000 USD
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6400000 USD
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
11600000 USD
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
18700000 USD
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6200000 USD
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
12500000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
486571000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402077000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000000.0 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-242800000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
26400000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
23100000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21800000 USD

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