2023 Q2 Form 10-Q Financial Statement

#000127449423000010 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $810.7M $548.3M $367.0M
YoY Change 30.55% 49.38% -54.31%
Cost Of Revenue $500.3M $436.2M $355.6M
YoY Change -22.34% 22.68% -42.52%
Gross Profit $310.4M $112.1M $11.46M
YoY Change -1438.02% 877.5% -93.8%
Gross Profit Margin 38.29% 20.44% 3.12%
Selling, General & Admin $46.33M $44.03M $36.73M
YoY Change 19.11% 19.88% -29.49%
% of Gross Profit 14.92% 39.29% 320.4%
Research & Development $36.75M $30.51M $27.11M
YoY Change 45.65% 12.55% 36.41%
% of Gross Profit 11.84% 27.23% 236.48%
Depreciation & Amortization $71.71M $68.86M $65.21M
YoY Change 7.74% 5.59% 3.18%
% of Gross Profit 23.1% 61.45% 568.85%
Operating Expenses $142.0M $94.03M $71.17M
YoY Change 83.62% 32.12% -14.57%
Operating Profit $168.5M $18.00M -$57.80M
YoY Change 16.36% -131.14% -122.91%
Interest Expense $1.415M $748.0K $2.865M
YoY Change -56.27% -73.89% -4.37%
% of Operating Profit 0.84% 4.16%
Other Income/Expense, Net $997.0K -$1.456M -$212.0K
YoY Change -152.95% 586.79% -102.51%
Pretax Income $188.5M $35.67M -$62.75M
YoY Change 35.0% -156.85% -124.5%
Income Tax $17.89M -$6.888M -$19.50M
% Of Pretax Income 9.49% -19.31%
Net Earnings $170.6M $42.56M -$43.26M
YoY Change 205.67% -198.4% -120.63%
Net Earnings / Revenue 21.04% 7.76% -11.78%
Basic Earnings Per Share $1.60 $0.40 -$0.41
Diluted Earnings Per Share $1.59 $0.40 -$0.41
COMMON SHARES
Basic Shares Outstanding 106.8M shares 106.6M shares 106.4M shares
Diluted Shares Outstanding 107.3M shares 107.2M shares 106.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.884B $2.271B $1.558B
YoY Change 1.68% 45.77% 1.46%
Cash & Equivalents $829.9M $906.6M $1.335B
Short-Term Investments $1.054B $1.365B $223.1M
Other Short-Term Assets $352.2M $272.7M $282.7M
YoY Change 48.02% -3.53% 1685.87%
Inventory $756.2M $751.4M $840.8M
Prepaid Expenses $53.30M $45.47M $30.19M
Receivables $631.3M $298.6M $293.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.661B $3.620B $2.995B
YoY Change 8.2% 20.86% -4.52%
LONG-TERM ASSETS
Property, Plant & Equipment $4.020B $3.859B $2.786B
YoY Change 34.5% 38.51% 16.17%
Goodwill $28.65M $14.46M $14.46M
YoY Change 98.08% 0.0% 0.0%
Intangibles $70.44M $28.48M $42.77M
YoY Change 81.87% -33.42% -19.91%
Long-Term Investments $194.7M $196.6M $220.2M
YoY Change -2.8% -10.71%
Other Assets $414.0M $386.7M $435.2M
YoY Change 34.87% -11.14% -35.4%
Total Long-Term Assets $5.336B $4.945B $4.404B
YoY Change 32.22% 12.27% 10.88%
TOTAL ASSETS
Total Short-Term Assets $3.661B $3.620B $2.995B
Total Long-Term Assets $5.336B $4.945B $4.404B
Total Assets $8.997B $8.565B $7.399B
YoY Change 21.27% 15.75% 4.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.8M $285.8M $146.2M
YoY Change 52.73% 95.41% -21.42%
Accrued Expenses $303.3M $391.9M $335.0M
YoY Change -11.88% 17.0% 54.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.701M
YoY Change 91.64%
Total Short-Term Liabilities $1.091B $1.174B $735.0M
YoY Change 35.72% 59.75% 9.81%
LONG-TERM LIABILITIES
Long-Term Debt $437.4M $320.4M $247.4M
YoY Change 157.27% 29.52% -2.79%
Other Long-Term Liabilities $140.3M $121.4M $404.3M
YoY Change -66.27% -69.98% 11.61%
Total Long-Term Liabilities $577.7M $441.8M $651.6M
YoY Change -1.4% -32.21% 5.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.091B $1.174B $735.0M
Total Long-Term Liabilities $577.7M $441.8M $651.6M
Total Liabilities $2.958B $2.696B $1.524B
YoY Change 94.12% 76.89% 7.77%
SHAREHOLDERS EQUITY
Retained Earnings $3.353B $3.183B $3.141B
YoY Change 4.89% 1.33% 7.38%
Common Stock $2.872B $2.866B $2.863B
YoY Change 0.11% 0.09% 0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.040B $5.869B $5.875B
YoY Change
Total Liabilities & Shareholders Equity $8.997B $8.565B $7.399B
YoY Change 21.27% 15.75% 4.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $170.6M $42.56M -$43.26M
YoY Change 205.67% -198.4% -120.63%
Depreciation, Depletion And Amortization $71.71M $68.86M $65.21M
YoY Change 7.74% 5.59% 3.18%
Cash From Operating Activities -$89.68M -$34.60M -$138.8M
YoY Change -201.89% -75.08% -50.32%
INVESTING ACTIVITIES
Capital Expenditures $382.7M $371.0M $154.8M
YoY Change -292.61% 139.7% 71.66%
Acquisitions
YoY Change
Other Investing Activities $284.3M $0.00 -$12.00K
YoY Change -16.36% -100.0% -72.09%
Cash From Investing Activities -$98.39M -$645.2M -$2.944M
YoY Change -169.67% 21816.68% -101.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $737.0K
YoY Change -100.0% -98.03%
Cash From Financing Activities 108.9M $107.7M $5.764M
YoY Change -9.14% 1768.25% -118.33%
NET CHANGE
Cash From Operating Activities -89.68M -$34.60M -$138.8M
Cash From Investing Activities -98.39M -$645.2M -$2.944M
Cash From Financing Activities 108.9M $107.7M $5.764M
Net Change In Cash -79.18M -$570.6M -$120.9M
YoY Change -122.68% 372.16% 204.1%
FREE CASH FLOW
Cash From Operating Activities -$89.68M -$34.60M -$138.8M
Capital Expenditures $382.7M $371.0M $154.8M
Free Cash Flow -$472.4M -$405.6M -$293.6M
YoY Change -264.76% 38.13% -20.57%

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CY2023Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Share Based Compensation
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CY2022Q1 fslr Increase Decrease In Project Assets And Pv Solar Power Systems
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CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Period Increase Decrease
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CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Securities Sold
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 fslr Accounts Receivable Unbilled Noncurrent After Allowance For Credit Loss
AccountsReceivableUnbilledNoncurrentAfterAllowanceForCreditLoss
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CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
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OtherAssetsMiscellaneousNoncurrent
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CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2022Q4 us-gaap Other Assets Noncurrent
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CY2023Q1 fslr Accrued Property Plant And Equipment
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CY2023Q1 fslr Accrued Inventory
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CY2023Q1 fslr Accrued Other Taxes
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10236000 usd
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27292000 usd
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CY2022Q1 us-gaap Government Assistance Amount
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
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2753000 usd
CY2022Q1 us-gaap Operating Lease Payments
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4136000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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534000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q1 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8558000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
54990000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
47836000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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622000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
651000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
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320378000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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184349000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
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33315000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
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CY2023Q1 us-gaap Long Term Debt
LongTermDebt
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CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2023Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
10236000 usd
CY2023Q1 fslr Surety Bonds
SuretyBonds
8700000 usd
CY2023Q1 fslr Surety Bond Capacity
SuretyBondCapacity
233100000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
33787000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
52553000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
994000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
848000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1326000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6002000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-140000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-383000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
11809000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
23079000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
35207000 usd
CY2023Q1 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2500000 usd
CY2022Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2500000 usd
CY2023Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
53800000 usd
CY2023Q1 fslr Guarantor Obligations Potential Recoveries
GuarantorObligationsPotentialRecoveries
27300000 usd
CY2023Q1 fslr Solar Module Collection And Recycling Liability
SolarModuleCollectionAndRecyclingLiability
130300000 usd
CY2022Q4 fslr Solar Module Collection And Recycling Liability
SolarModuleCollectionAndRecyclingLiability
128100000 usd
CY2023Q1 us-gaap Revenues
Revenues
548286000 usd
CY2022Q1 us-gaap Revenues
Revenues
367040000 usd
CY2023Q1 fslr Increase Decreasein Revenuefrom Net Changesin Transaction Price
IncreaseDecreaseinRevenuefromNetChangesinTransactionPrice
5400000 usd
CY2023Q1 fslr Numberof Projectswith Changesin Estimates
NumberofProjectswithChangesinEstimates
4 projects
CY2023Q1 fslr Accounts Receivable Unbilled Total Current And Noncurrent After Allowance For Credit Losses
AccountsReceivableUnbilledTotalCurrentAndNoncurrentAfterAllowanceForCreditLosses
36005000 usd
CY2022Q4 fslr Accounts Receivable Unbilled Total Current And Noncurrent After Allowance For Credit Losses
AccountsReceivableUnbilledTotalCurrentAndNoncurrentAfterAllowanceForCreditLosses
42152000 usd
CY2023Q1 fslr Contract Asset Net Change
ContractAssetNetChange
-6147000 usd
CY2023Q1 fslr Contract Asset Percent Change
ContractAssetPercentChange
-0.15
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
1348381000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
1207940000 usd
CY2023Q1 fslr Contract Liability Net Change
ContractLiabilityNetChange
140441000 usd
CY2023Q1 fslr Contract Liability Percent Change
ContractLiabilityPercentChange
0.12
CY2023Q1 fslr Accounts Receivable Unbilled Noncurrent After Allowance For Credit Loss
AccountsReceivableUnbilledNoncurrentAfterAllowanceForCreditLoss
10100000 usd
CY2022Q4 fslr Accounts Receivable Unbilled Noncurrent After Allowance For Credit Loss
AccountsReceivableUnbilledNoncurrentAfterAllowanceForCreditLoss
11500000 usd
CY2023Q1 fslr Contract Asset Net Change
ContractAssetNetChange
-6100000 usd
CY2023Q1 fslr Contract Liability Net Change
ContractLiabilityNetChange
140400000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
90400000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
43700000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3503000 usd
CY2022Q3 fslr Corporate Alternative Minimum Tax Inflation Reduction Act Percent
CorporateAlternativeMinimumTaxInflationReductionActPercent
0.15
CY2022Q3 fslr Excise Tax On Stock Buybacks Inflation Reduction Act Percent
ExciseTaxOnStockBuybacksInflationReductionActPercent
0.01
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.193
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.311
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
CY2023Q1 us-gaap Gross Profit
GrossProfit
112051000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
42561000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-43255000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106675000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106412000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106675000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106412000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
479000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107154000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106412000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
504000 shares
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2532000 usd
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
555000 usd
CY2023Q1 us-gaap Revenues
Revenues
548286000 usd
CY2022Q1 us-gaap Revenues
Revenues
367040000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
11463000 usd
CY2023Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
61585000 usd
CY2022Q1 us-gaap Cost Depreciation Amortization And Depletion
CostDepreciationAmortizationAndDepletion
59045000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
14462000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
14462000 usd

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