2022 Q1 Form 10-Q Financial Statement

#000127449422000020 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $367.0M $803.4M
YoY Change -54.31% 50.97%
Cost Of Revenue $355.6M $618.6M
YoY Change -42.52% 40.02%
Gross Profit $11.46M $184.8M
YoY Change -93.8% 104.53%
Gross Profit Margin 3.12% 23.0%
Selling, General & Admin $36.73M $52.09M
YoY Change -29.49% -11.09%
% of Gross Profit 320.4% 28.19%
Research & Development $27.11M $19.87M
YoY Change 36.41% -22.41%
% of Gross Profit 236.48% 10.76%
Depreciation & Amortization $65.21M $63.20M
YoY Change 3.18% 12.26%
% of Gross Profit 568.85% 34.21%
Operating Expenses $71.17M $83.31M
YoY Change -14.57% -6.05%
Operating Profit -$57.80M $252.3M
YoY Change -122.91% 15138.41%
Interest Expense $2.865M $2.996M
YoY Change -4.37% -55.87%
% of Operating Profit 1.19%
Other Income/Expense, Net -$212.0K $8.448M
YoY Change -102.51% -480.2%
Pretax Income -$62.75M $256.2M
YoY Change -124.5% 16143.56%
Income Tax -$19.50M $46.49M
% Of Pretax Income 18.15%
Net Earnings -$43.26M $209.7M
YoY Change -120.63% 131.16%
Net Earnings / Revenue -11.78% 26.1%
Basic Earnings Per Share -$0.41 $1.98
Diluted Earnings Per Share -$0.41 $1.96
COMMON SHARES
Basic Shares Outstanding 106.4M shares 106.1M shares
Diluted Shares Outstanding 106.4M shares 106.9M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.558B $1.536B
YoY Change 1.46% 1.78%
Cash & Equivalents $1.335B $972.9M
Short-Term Investments $223.1M $562.7M
Other Short-Term Assets $282.7M $15.83M
YoY Change 1685.87% -37.64%
Inventory $840.8M $550.3M
Prepaid Expenses $30.19M $162.6M
Receivables $293.4M $790.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.995B $3.137B
YoY Change -4.52% 14.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.786B $2.398B
YoY Change 16.17% 6.85%
Goodwill $14.46M $14.46M
YoY Change 0.0% 0.0%
Intangibles $42.77M $53.40M
YoY Change -19.91% -16.45%
Long-Term Investments $220.2M $0.00
YoY Change -100.0%
Other Assets $435.2M $673.7M
YoY Change -35.4% 78.57%
Total Long-Term Assets $4.404B $3.972B
YoY Change 10.88% -5.46%
TOTAL ASSETS
Total Short-Term Assets $2.995B $3.137B
Total Long-Term Assets $4.404B $3.972B
Total Assets $7.399B $7.109B
YoY Change 4.08% 2.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $146.2M $186.1M
YoY Change -21.42% 7.09%
Accrued Expenses $335.0M $217.5M
YoY Change 54.02% -26.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.701M $2.453M
YoY Change 91.64% -97.0%
Total Short-Term Liabilities $735.0M $669.3M
YoY Change 9.81% -8.61%
LONG-TERM LIABILITIES
Long-Term Debt $247.4M $254.4M
YoY Change -2.79% -34.86%
Other Long-Term Liabilities $404.3M $362.2M
YoY Change 11.61% -30.28%
Total Long-Term Liabilities $651.6M $616.7M
YoY Change 5.67% 18.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $735.0M $669.3M
Total Long-Term Liabilities $651.6M $616.7M
Total Liabilities $1.524B $1.414B
YoY Change 7.77% -20.58%
SHAREHOLDERS EQUITY
Retained Earnings $3.141B $2.925B
YoY Change 7.38% 21.48%
Common Stock $2.863B $2.854B
YoY Change 0.33% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.875B $5.695B
YoY Change
Total Liabilities & Shareholders Equity $7.399B $7.109B
YoY Change 4.08% 2.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$43.26M $209.7M
YoY Change -120.63% 131.16%
Depreciation, Depletion And Amortization $65.21M $63.20M
YoY Change 3.18% 12.26%
Cash From Operating Activities -$138.8M -$279.5M
YoY Change -50.32% -44.64%
INVESTING ACTIVITIES
Capital Expenditures $154.8M $90.16M
YoY Change 71.66% -19.89%
Acquisitions
YoY Change
Other Investing Activities -$12.00K -$43.00K
YoY Change -72.09% -100.3%
Cash From Investing Activities -$2.944M $271.8M
YoY Change -101.08% 181.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $737.0K $37.38M
YoY Change -98.03% 11400.92%
Cash From Financing Activities $5.764M -$31.45M
YoY Change -118.33% 134.01%
NET CHANGE
Cash From Operating Activities -$138.8M -$279.5M
Cash From Investing Activities -$2.944M $271.8M
Cash From Financing Activities $5.764M -$31.45M
Net Change In Cash -$120.9M -$39.74M
YoY Change 204.1% -90.71%
FREE CASH FLOW
Cash From Operating Activities -$138.8M -$279.5M
Capital Expenditures $154.8M $90.16M
Free Cash Flow -$293.6M -$369.6M
YoY Change -20.57% -40.13%

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2794000 USD
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63205000 USD
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1892000 USD
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4501000 USD
CY2022Q1 us-gaap Share Based Compensation
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3503000 USD
CY2021Q1 us-gaap Share Based Compensation
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150895000 USD
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0 USD
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273000 USD
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15044000 USD
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42750000 USD
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175990000 USD
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98695000 USD
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20814000 USD
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33278000 USD
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable
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7853000 USD
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90155000 USD
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750220000 USD
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292308000 USD
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900165000 USD
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508289000 USD
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1860000 USD
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15162000 USD
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1334980000 USD
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1233851000 USD
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105643000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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76095000 USD
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0 USD
CY2021Q1 fslr Proceeds To Be Received From Sales Of Businesses
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156965000 USD
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223091000 USD
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2353000 USD
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1532000 USD
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1334980000 USD
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1455837000 USD
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5500000 USD
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100000 USD
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224313000 USD
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49000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Period Increase Decrease
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122000 USD
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CY2021Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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0 USD
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0 USD
CY2022Q1 fslr Debt Securities Availableforsale Maturities Rolling Year Three Through Four
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4635000 USD
CY2022Q1 fslr Debt Securities Available For Sale Maturities Rolling Year Four Through Five
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0 USD
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4394000 USD
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AccountsReceivableUnbilledAllowanceForCreditLoss
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CY2020Q4 fslr Accounts Receivable Unbilled Allowance For Credit Loss
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303000 USD
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276000 USD
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CY2022Q1 us-gaap Inventory Net
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CY2021Q4 fslr Spare Maintenance Materials And Parts
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1532000 USD
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244192000 USD
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1231524000 USD
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CY2021Q4 us-gaap Property Plant And Equipment Net
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2649587000 USD
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281498000 USD
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PVSolarPowerSystemsGross
281660000 USD
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AccumulatedDepreciationPVSolarPowerSystems
67112000 USD
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AccumulatedDepreciationPVSolarPowerSystems
64367000 USD
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PVSolarPowerSystemsNet
214386000 USD
CY2021Q4 fslr Pv Solar Power Systems Net
PVSolarPowerSystemsNet
217293000 USD
CY2022Q1 fslr Project Assets Developmentand Land Costs
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ProjectAssetsDevelopmentandLandCosts
117407000 USD
CY2022Q1 fslr Project Assets Construction Costs
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284165000 USD
CY2021Q4 fslr Project Assets Construction Costs
ProjectAssetsConstructionCosts
198081000 USD
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ProjectAssetsNoncurrent
391774000 USD
CY2021Q4 fslr Project Assets Noncurrent
ProjectAssetsNoncurrent
315488000 USD
CY2021Q4 us-gaap Goodwill
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CY2022Q1 us-gaap Goodwill
Goodwill
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72161000 USD
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69421000 USD
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CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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197058000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
207544000 USD
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91854000 USD
CY2021Q4 fslr Advanced Payments For Raw Materials Noncurrent
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86962000 USD
CY2022Q1 us-gaap Income Taxes Receivable Noncurrent
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39862000 USD
CY2021Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
39862000 USD
CY2022Q1 fslr Indirect Tax Receivables Noncurrent
IndirectTaxReceivablesNoncurrent
28980000 USD
CY2021Q4 fslr Indirect Tax Receivables Noncurrent
IndirectTaxReceivablesNoncurrent
21873000 USD
CY2022Q1 fslr Accounts Receivable Unbilled Noncurrent After Allowance For Credit Loss
AccountsReceivableUnbilledNoncurrentAfterAllowanceForCreditLoss
19387000 USD
CY2021Q4 fslr Accounts Receivable Unbilled Noncurrent After Allowance For Credit Loss
AccountsReceivableUnbilledNoncurrentAfterAllowanceForCreditLoss
20840000 USD
CY2022Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
9376000 USD
CY2021Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
21293000 USD
CY2022Q1 fslr Accrued Inventory
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49543000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
6264000 USD
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LongTermDebt
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CY2022Q1 us-gaap Guarantee Obligations Maximum Exposure
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CY2022Q1 fslr Guarantor Obligations Potential Recoveries
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CY2022Q1 fslr Solar Module Collection And Recycling Liability
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CY2022Q1 us-gaap Revenues
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367040000 USD
CY2021Q1 us-gaap Revenues
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803374000 USD
CY2021Q1 fslr Increase In Revenue From Net Changes In Transaction Price
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1600000 USD
CY2021Q1 fslr Numberof Projectswith Changesin Estimates
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4 Projects
CY2021Q1 fslr Net Changein Estimateasa Percentageof Aggregate Revenuefor Associated Projects
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0.001
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AccountsReceivableUnbilledTotalCurrentAndNoncurrentAfterAllowanceForCreditLosses
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2038000 USD
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373808000 USD
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ContractLiabilityPercentChange
0.26
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19400000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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43700000 USD
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76000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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3503000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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3115000 USD
CY2021Q4 fslr Employee Service Share Based Compensation Capitalized In Inventory
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CY2022Q1 fslr Employee Service Share Based Compensation Capitalized In Inventory
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700000 USD
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CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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300000 USD
CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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106412000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106088000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
802000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106412000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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106890000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
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-0.41
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EarningsPerShareDiluted
-0.41
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.96
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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504000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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555000 USD
CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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10085000 USD
CY2022Q1 us-gaap Revenues
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367040000 USD
CY2021Q1 us-gaap Revenues
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CY2022Q1 us-gaap Gross Profit
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CY2021Q1 us-gaap Gross Profit
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CY2022Q1 us-gaap Cost Depreciation Amortization And Depletion
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59045000 USD
CY2021Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
53821000 USD
CY2022Q1 us-gaap Goodwill
Goodwill
14462000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
14462000 USD

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