2020 Q3 Form 10-K Financial Statement

#000143774921006178 Filed on March 16, 2021

View on sec.gov

Income Statement

Concept 2020 Q3 2020 2019 Q4
Revenue $54.14M $204.5M $20.18M
YoY Change -17.58% -0.35% -69.2%
Cost Of Revenue $47.70M $173.2M -$42.00M
YoY Change -20.76% 32.11% -183.17%
Gross Profit $6.446M $31.31M $62.15M
YoY Change 18.02% -57.77% 315.21%
Gross Profit Margin 11.91% 15.31% 308.0%
Selling, General & Admin $1.900M $6.000M $1.600M
YoY Change 35.71% 7.14% 6.67%
% of Gross Profit 29.48% 19.17% 2.57%
Research & Development $791.0K $2.988M $900.0K
YoY Change -5.04% -6.36% 28.57%
% of Gross Profit 12.27% 9.54% 1.45%
Depreciation & Amortization $2.690M $11.15M $3.000M
YoY Change -25.69% -7.75% 9.89%
% of Gross Profit 41.73% 35.62% 4.83%
Operating Expenses $2.642M $8.968M $2.500M
YoY Change 20.8% 1.56% 13.64%
Operating Profit $3.804M $22.34M $59.65M
YoY Change 16.15% -65.79% 367.18%
Interest Expense $32.00K $151.0K $1.600M
YoY Change -25.58% -12.72% -125.4%
% of Operating Profit 0.84% 0.68% 2.68%
Other Income/Expense, Net $2.256M $9.439M -$200.0K
YoY Change -48.27% -34.84%
Pretax Income $6.060M $31.78M $61.10M
YoY Change -20.64% -60.18% 840.0%
Income Tax -$830.0K -$14.79M -$11.30M
% Of Pretax Income -13.7% -46.53% -18.49%
Net Earnings $6.890M $46.56M $72.37M
YoY Change 4.05% -47.19% 3841.88%
Net Earnings / Revenue 12.73% 22.77% 358.69%
Basic Earnings Per Share $0.16 $1.06 $1.65
Diluted Earnings Per Share $0.16 $1.06 $1.65
COMMON SHARES
Basic Shares Outstanding 43.74M 43.74M 43.74M
Diluted Shares Outstanding 43.75M 43.74M

Balance Sheet

Concept 2020 Q3 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.6M $262.5M $317.0M
YoY Change -21.8% -17.19% 7.49%
Cash & Equivalents $180.2M $198.1M $243.3M
Short-Term Investments $63.50M $64.40M $73.62M
Other Short-Term Assets $1.494M $5.700M $1.493M
YoY Change 71.72% 67.65% 6.72%
Inventory $29.09M $33.90M $37.57M
Prepaid Expenses $583.0K $1.932M
Receivables $37.21M $22.80M $110.3M
Other Receivables $22.40M $17.70M $8.000M
Total Short-Term Assets $335.9M $342.6M $480.9M
YoY Change -10.91% -28.76% 32.72%
LONG-TERM ASSETS
Property, Plant & Equipment $93.60M $91.50M $98.60M
YoY Change -6.7% -8.68% -4.81%
Goodwill
YoY Change
Intangibles $1.408M $1.408M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $5.918M $5.700M $5.611M
YoY Change 6.67% 39.02% 46.04%
Total Long-Term Assets $100.9M $98.70M $105.6M
YoY Change -5.92% -6.53% -2.95%
TOTAL ASSETS
Total Short-Term Assets $335.9M $342.6M $480.9M
Total Long-Term Assets $100.9M $98.70M $105.6M
Total Assets $436.8M $441.3M $586.5M
YoY Change -9.81% -24.76% 24.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.479M $13.40M $61.30M
YoY Change -63.02% -78.59% 206.79%
Accrued Expenses $6.886M $5.100M $4.410M
YoY Change 31.74% 13.33% 60.83%
Deferred Revenue $3.390M $5.030M
YoY Change -32.54% 15.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.50M $33.00M $82.76M
YoY Change -40.79% -60.14% 109.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.348M $24.10M $2.388M
YoY Change 4.63% 1.69% -43.69%
Total Long-Term Liabilities $36.46M $24.10M $36.64M
YoY Change -7.59% 1.69% -13.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.50M $33.00M $82.76M
Total Long-Term Liabilities $36.46M $24.10M $36.64M
Total Liabilities $59.96M $69.40M $119.4M
YoY Change -24.24% -41.88% 45.48%
SHAREHOLDERS EQUITY
Retained Earnings $94.48M $184.6M
YoY Change -23.03% 72.64%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $376.8M $371.9M $467.1M
YoY Change
Total Liabilities & Shareholders Equity $436.8M $441.3M $586.5M
YoY Change -9.81% -24.76% 24.48%

Cashflow Statement

Concept 2020 Q3 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $6.890M $46.56M $72.37M
YoY Change 4.05% -47.19% 3841.88%
Depreciation, Depletion And Amortization $2.690M $11.15M $3.000M
YoY Change -25.69% -7.75% 9.89%
Cash From Operating Activities -$7.620M $96.40M $10.28M
YoY Change -170.36% 178.32% 59.63%
INVESTING ACTIVITIES
Capital Expenditures -$960.0K $4.464M -$830.0K
YoY Change -35.14% -35.96% -53.63%
Acquisitions
YoY Change
Other Investing Activities $3.550M $4.940M $560.0K
YoY Change -44.09% -55.85% -95.88%
Cash From Investing Activities $2.590M $474.0K -$270.0K
YoY Change -46.82% -88.77% -102.29%
FINANCING ACTIVITIES
Cash Dividend Paid $141.7M
YoY Change 1250.05%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.620M -$142.1M -2.630M
YoY Change 0.0% 1253.46% 0.38%
NET CHANGE
Cash From Operating Activities -7.620M $96.40M 10.28M
Cash From Investing Activities 2.590M $474.0K -270.0K
Cash From Financing Activities -2.620M -$142.1M -2.630M
Net Change In Cash -7.650M -$45.21M 7.380M
YoY Change -158.49% -259.42% -52.78%
FREE CASH FLOW
Cash From Operating Activities -$7.620M $96.40M $10.28M
Capital Expenditures -$960.0K $4.464M -$830.0K
Free Cash Flow -$6.660M $91.94M $11.11M
YoY Change -154.1% 232.31% 34.99%

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456000 USD
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274000 USD
CY2020 ff Increase Decrease In Accrued Expenses And Other Current Liabilities Related Parties
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64000 USD
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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1628000 USD
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CY2018 us-gaap Increase Decrease In Other Noncurrent Liabilities
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3177000 USD
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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34638000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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85613000 USD
CY2020 us-gaap Increase Decrease Of Restricted Investments
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-158000 USD
CY2019 us-gaap Increase Decrease Of Restricted Investments
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111000 USD
CY2018 us-gaap Increase Decrease Of Restricted Investments
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-1680000 USD
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CY2018 us-gaap Payments To Acquire Marketable Securities
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31419000 USD
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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48235000 USD
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50000 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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13000 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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22000 USD
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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4219000 USD
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119000 USD
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CY2018Q4 us-gaap Stockholders Equity
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CY2019 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">1</em>)</p> </td> <td> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Description of business and operations</p> </td> </tr> </tbody> </table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">FutureFuel Corp. (the “Company”) is a Delaware corporation with its wholly owned subsidiaries, FutureFuel Chemical Company; FFC Grain, L.L.C.; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 35pt;">The Company’s sole operating facility is FutureFuel Chemical Company located in Batesville, Arkansas, a manufacturer of specialty and performance chemicals and biofuels.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 35pt;"><i>Customer concentrations</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 35pt;">For the <em style="font: inherit;">twelve</em> months ended <em style="font: inherit;"> December 31, 2020, </em><em style="font: inherit;">2019,</em> and <em style="font: inherit;">2018,</em> significant portions of the Company’s sales were made to a relatively small number of customers. Sales to <span style="-sec-ix-hidden:c70834570">one</span> biodiesel customer totaled $25,460 (12% of total revenue) in <em style="font: inherit;">2020,</em> $22,351 (11% of total revenue) in <em style="font: inherit;">2019,</em> and sales to two customers in <em style="font: inherit;">2018</em> totaled $57,198 (20% of total revenue). Receivables for the customer at <em style="font: inherit;"> December 31, 2020 </em>and <em style="font: inherit;">2019,</em> was 2% and <span style="-sec-ix-hidden:c70834595">0%,</span> respectively.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 35pt;">No chemical customers represented a greater than <em style="font: inherit;">10%</em> of total sales revenue in <em style="font: inherit;">2020.</em> In <em style="font: inherit;">2019</em> and <em style="font: inherit;">2018,</em> <span style="-sec-ix-hidden:c70834601"><span style="-sec-ix-hidden:c70834602">one</span></span> customer and its affiliates, represented approximately 22%, and 27% of chemicals revenue (11%, and 11% of total revenues), respectively. We sell multiple products to various affiliates of this customer under both long-term and short-term contracts. One product contract was <em style="font: inherit;">not</em> renewed at <em style="font: inherit;"> December 31, 2020 </em>representing 17%, 10%, and 12% of chemical revenue (7%, 5%, and 5% of total revenue) for <em style="font: inherit;">2020,</em> <em style="font: inherit;">2019,</em> and <em style="font: inherit;">2018,</em> respectively. Another product contract was <em style="font: inherit;">not</em> renewed at <em style="font: inherit;"> December 31, 2019 </em>representing 15% of chemical revenue in <em style="font: inherit;">2019</em> (7% of total revenue), and 14% of chemical revenue in <em style="font: inherit;">2018</em> (6% of total revenue).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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CY2020Q4 us-gaap Contract With Customer Asset Net
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0.17 pure
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0.83 pure
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CY2019 us-gaap Capitalized Contract Cost Amortization
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222000 USD
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CY2019 ff Btc Rebate
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204505000 USD
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205226000 USD
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CY2019Q4 us-gaap Inventory Finished Goods
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CY2019Q4 us-gaap Inventory Raw Materials And Supplies
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39758000 USD
CY2019Q4 us-gaap Inventory Gross
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45453000 USD
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CY2019Q4 us-gaap Inventory Lifo Reserve
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33889000 USD
CY2019Q4 us-gaap Inventory Net
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37573000 USD
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2012000 USD
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2491000 USD
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0 USD
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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4379000 USD
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264000 USD
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities
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3940000 USD
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5104000 USD
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378000 USD
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3000 USD
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CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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151000 USD
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0 USD
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3940000 USD
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5924000 USD
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5924000 USD
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27187000 USD
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27244000 USD
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179923000 USD
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256000 USD
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646000 USD
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121746000 USD
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111989000 USD
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91544000 USD
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11150000 USD
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12087000 USD
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1408000 USD
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0 USD
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532000 USD
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532000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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1383000 USD
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841000 USD
CY2019 us-gaap Operating Lease Expense
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576000 USD
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106000 USD
CY2019 us-gaap Short Term Lease Cost
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171000 USD
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841000 USD
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2609000 USD
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2534000 USD
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1730000 USD
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1226000 USD
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247000 USD
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113000 USD
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5077000 USD
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4410000 USD
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1331000 USD
CY2019Q4 us-gaap Asset Retirement Obligation
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1288000 USD
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43000 USD
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28000 USD
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0 USD
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576000 USD
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442000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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432000 USD
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0.037 pure
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.044 pure
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72000 USD
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37000 USD
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111000 USD
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43000 USD
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0 USD
CY2020Q4 us-gaap Purchase Obligation
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191000 USD
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31778000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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79795000 USD
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60177000 USD
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1120000 USD
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59000 USD
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CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210 pure
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0.210 pure
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0.037 pure
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
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0.030 pure
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0.387 pure
CY2019 ff Effective Income Tax Rate Reconciliation Tax Credit Federal Btc
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0.234 pure
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0.002 pure
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0 pure
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0 pure
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CY2020Q4 ff Income Tax Refund Claim
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0 USD
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2728000 USD
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2804000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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650000 USD
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64000 USD
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199000 USD
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3121000 USD
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1891000 USD
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0 USD
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1684000 USD
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23000 USD
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41000 USD
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1659000 USD
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0 USD
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680000 USD
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343000 USD
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79000 USD
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2748000 USD
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2860000 USD
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1285000 USD
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1334000 USD
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14.55
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10000
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P3Y8M12D
CY2020Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
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12.73
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44000
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12.73
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34000 USD
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3000 USD
CY2020Q4 ff Additional Shares Available For Trading If Exercise Registration Rights
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DefinedContributionPlanCostRecognized
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CY2018 us-gaap Defined Contribution Plan Cost Recognized
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0 USD
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64000 USD
CY2020 us-gaap Revenue From Related Parties
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1976000 USD
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