2024 Q2 Form 10-Q Financial Statement

#000162828024019538 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $181.1M $283.2M $731.2M
YoY Change -40.56% -61.27% -337.55%
Cost Of Revenue $86.53M $25.07M $87.62M
YoY Change 259.15% -71.39% 3.33%
Gross Profit $94.59M $258.2M $643.6M
YoY Change -66.29% -59.89% -263.93%
Gross Profit Margin 52.22% 91.15% 88.02%
Selling, General & Admin $97.28M $95.82M $96.35M
YoY Change 3.19% -0.55% 4.85%
% of Gross Profit 102.85% 37.12% 14.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $78.55M $80.02M $79.09M
YoY Change -1.99% 1.17% 26.99%
% of Gross Profit 83.05% 31.0% 12.29%
Operating Expenses $176.4M $176.4M $176.2M
YoY Change 0.72% 0.11% 13.78%
Operating Profit -$18.12M $81.77M $522.6M
YoY Change -117.18% -84.35% -206.04%
Interest Expense -$15.16M -$15.00M $13.76M
YoY Change 10.42% -209.07% -1.63%
% of Operating Profit -18.35% 2.63%
Other Income/Expense, Net -$15.68M $125.0K $467.0K
YoY Change -424.57% -73.23% -43.46%
Pretax Income -$33.80M $66.89M $523.1M
YoY Change -136.08% -87.21% -206.32%
Income Tax -$7.587M $14.85M $0.00
% Of Pretax Income 22.21% 0.0%
Net Earnings -$26.21M $43.40M $523.1M
YoY Change -133.45% -91.7% -206.32%
Net Earnings / Revenue -14.47% 15.32% 71.53%
Basic Earnings Per Share -$1.51 $2.39 $23.08
Diluted Earnings Per Share -$1.51 $2.33 $22.90
COMMON SHARES
Basic Shares Outstanding 18.12M shares 18.19M shares 18.85M shares
Diluted Shares Outstanding 18.14M shares 18.60M shares 19.05M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.233M $8.209M $3.460M
YoY Change -76.6% 137.25% -41.34%
Cash & Equivalents $1.233M $8.209M $3.460M
Short-Term Investments
Other Short-Term Assets $153.5M $233.9M $144.3M
YoY Change 4.31% 62.15% 584.72%
Inventory
Prepaid Expenses
Receivables $94.30M $111.4M $119.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $270.3M $353.5M $290.9M
YoY Change 3.0% 21.52% 6.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.377B $2.317B $2.130B
YoY Change 7.73% 8.76% 12.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.14M $583.9M $19.74M
YoY Change -68.77% 2858.2% 0.93%
Total Long-Term Assets $2.968B $2.901B $2.236B
YoY Change 29.42% 29.71% 15.32%
TOTAL ASSETS
Total Short-Term Assets $270.3M $353.5M $290.9M
Total Long-Term Assets $2.968B $2.901B $2.236B
Total Assets $3.238B $3.254B $2.527B
YoY Change 26.71% 28.77% 14.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.49M $290.1M $55.42M
YoY Change -82.62% 423.56% -86.08%
Accrued Expenses $6.888M $9.949M $12.58M
YoY Change -46.0% -20.93% 7173.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $341.7M $337.7M $471.5M
YoY Change -10.04% -28.37% -61.31%
LONG-TERM LIABILITIES
Long-Term Debt $679.5M $636.4M $549.2M
YoY Change 4.82% 15.88% -4.32%
Other Long-Term Liabilities $53.34M $48.41M $134.0M
YoY Change -48.24% -63.87% -56.87%
Total Long-Term Liabilities $732.8M $684.8M $683.2M
YoY Change -2.46% 0.24% -22.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $341.7M $337.7M $471.5M
Total Long-Term Liabilities $732.8M $684.8M $683.2M
Total Liabilities $1.075B $1.023B $1.155B
YoY Change -5.0% -11.44% -45.1%
SHAREHOLDERS EQUITY
Retained Earnings $1.872B $1.899B $903.6M
YoY Change 87.9% 110.14% -249.41%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $698.0K $487.0K
YoY Change -90.84%
Treasury Stock Shares 6.100K shares
Shareholders Equity $2.120B $2.232B $1.320B
YoY Change
Total Liabilities & Shareholders Equity $3.238B $3.254B $2.527B
YoY Change 26.71% 28.77% 14.27%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$26.21M $43.40M $523.1M
YoY Change -133.45% -91.7% -206.32%
Depreciation, Depletion And Amortization $78.55M $80.02M $79.09M
YoY Change -1.99% 1.17% 26.99%
Cash From Operating Activities $123.5M $188.0M $304.1M
YoY Change 15.01% -38.16% 19.85%
INVESTING ACTIVITIES
Capital Expenditures $126.7M $118.1M $130.4M
YoY Change -17.19% -9.4% -262.45%
Acquisitions
YoY Change
Other Investing Activities -$841.0K -$806.0K $644.0K
YoY Change 13916.67% -225.16% 9100.0%
Cash From Investing Activities -$127.5M -$119.0M -$128.6M
YoY Change -16.64% -7.49% 60.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.895M -62.79M -$179.3M
YoY Change -106.1% -64.98% 4.97%
NET CHANGE
Cash From Operating Activities 123.5M 188.0M $304.1M
Cash From Investing Activities -127.5M -119.0M -$128.6M
Cash From Financing Activities -2.895M -62.79M -$179.3M
Net Change In Cash -6.976M 6.280M -$3.799M
YoY Change -485.63% -265.31% -244.01%
FREE CASH FLOW
Cash From Operating Activities $123.5M $188.0M $304.1M
Capital Expenditures $126.7M $118.1M $130.4M
Free Cash Flow -$3.240M $69.88M $173.7M
YoY Change -92.9% -59.76% -48.0%

Facts In Submission

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<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassification</span></div><div style="margin-bottom:12pt;margin-top: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 reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income or total operating cash flows.</span></div>
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CY2024Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
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CY2024Q1 gpor Asset Retirement Obligation Removed Due To Divestiture
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3033571000 usd
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UnprovedOilAndGasPropertyFullCostMethodGross
207644000 usd
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Land
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Land
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2305553000 usd
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2252299000 usd
CY2024Q1 gpor Capitalized General And Administrative Costs
CapitalizedGeneralAndAdministrativeCosts
5700000 usd
CY2023Q1 gpor Capitalized General And Administrative Costs
CapitalizedGeneralAndAdministrativeCosts
5100000 usd
CY2024Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
207644000 usd
CY2023Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2023Q4 us-gaap Asset Retirement Obligation
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AssetRetirementObligation
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CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
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214000 usd
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Settled
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CY2024Q1 gpor Asset Retirement Obligation Removed Due To Divestiture
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919000 usd
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AssetRetirementObligationAccretionExpense
555000 usd
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
764000 usd
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
30710000 usd
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
32851000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
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558000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
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618000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
636442000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
667382000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
636442000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
667382000 usd
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
42000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
110000 shares
CY2021Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
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TemporaryEquityLiquidationPreferencePerShare
1000
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
55000 shares
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.10
gpor Preferred Stock Dividend Rate Percentage Pain In Kind
PreferredStockDividendRatePercentagePainInKind
0.15
CY2021Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
14.00
CY2021Q2 gpor Preferred Stock Value Outstanding Payment Period
PreferredStockValueOutstandingPaymentPeriod
P3D
CY2024Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1100000 usd
CY2023Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1300000 usd
CY2023Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
44214 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
52295 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
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CY2023Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
0 shares
CY2024Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
44203 shares
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
52295 shares
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
42000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
110000 shares
CY2021Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Temporary Equity Liquidation Preference Per Share
TemporaryEquityLiquidationPreferencePerShare
1000
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
19800000 shares
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
650000000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
210075 shares
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
29500000 usd
CY2024Q1 gpor Stock Repurchased During Period Average Price Per Share
StockRepurchasedDuringPeriodAveragePricePerShare
140.39
CY2023Q1 us-gaap Restructuring Costs
RestructuringCosts
1900000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
500000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
52035000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
523054000 usd
CY2024Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1105000 usd
CY2023Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1307000 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7532000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
86221000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43398000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
435526000 usd
CY2024Q1 us-gaap Dilutive Securities
DilutiveSecurities
143000 usd
CY2023Q1 us-gaap Dilutive Securities
DilutiveSecurities
684000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
43541000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
436210000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18193000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18868000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18604000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19049000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.39
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
23.08
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.34
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
22.90
CY2024Q1 gpor Derivative Instruments Number Of Counterparties
DerivativeInstrumentsNumberOfCounterparties
12 counterparty
CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
45136000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
378061000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
274196000 usd
CY2024Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
48216000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
225980000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
54154000 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
48216000 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
5938000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
280792000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
30866000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
249926000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
40565000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
30866000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
9699000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
9951000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
9248000 usd
CY2024Q1 gpor Contingent Consideration Asset Fair Value
ContingentConsiderationAssetFairValue
2900000 usd
CY2024Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
0 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
-1200000 usd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
85000000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
122500000 usd
CY2024Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
However, settlement statements for certain sales may be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product
CY2024Q1 gpor Number Of Lease Contract
NumberOfLeaseContract
1 contract
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10036000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
836000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
561000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
10000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11443000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
344000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11099000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3403000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3443000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
13354000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
12691000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4982000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2038000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0668
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.224
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
85800000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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