2021 Q4 Form 10-K Financial Statement

#000156459022008333 Filed on March 02, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q1
Revenue $109.4M $85.31M $93.05M
YoY Change -17.67% -24.17% 165.81%
Cost Of Revenue $73.89M $56.03M $58.20M
YoY Change -13.38% -15.61% 140.27%
Gross Profit $35.55M $29.27M $34.86M
YoY Change -25.39% -36.55% 223.18%
Gross Profit Margin 32.48% 34.31% 37.46%
Selling, General & Admin $24.77M $23.26M $18.58M
YoY Change 2.76% 24.4% 38.97%
% of Gross Profit 69.68% 79.47% 53.31%
Research & Development $4.561M $4.520M $3.993M
YoY Change 26.69% 38.65% 64.52%
% of Gross Profit 12.83% 15.44% 11.46%
Depreciation & Amortization $1.448M $1.393M $739.0K
YoY Change 13.12% -5.24% -28.46%
% of Gross Profit 4.07% 4.76% 2.12%
Operating Expenses $29.33M $27.78M $22.58M
YoY Change 6.26% 26.77% 42.9%
Operating Profit $6.218M $1.490M $12.28M
YoY Change -68.97% -93.85% -344.96%
Interest Expense -$112.0K -$101.0K $97.00K
YoY Change -107.47% -198.06% -42.6%
% of Operating Profit -1.8% -6.78% 0.79%
Other Income/Expense, Net $1.200M -$585.0K -$579.0K
YoY Change 100.0% -679.21% 193.91%
Pretax Income $7.306M $804.0K $11.60M
YoY Change -66.94% -96.68% -315.73%
Income Tax $2.767M -$1.819M $2.800M
% Of Pretax Income 37.87% -226.24% 24.13%
Net Earnings $4.539M $2.623M $8.838M
YoY Change -72.16% -85.26% -348.61%
Net Earnings / Revenue 4.15% 3.07% 9.5%
Basic Earnings Per Share $0.28 $0.16 $0.57
Diluted Earnings Per Share $0.25 $0.14 $0.49
COMMON SHARES
Basic Shares Outstanding 16.08M 15.55M
Diluted Shares Outstanding 18.34M 18.20M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.72M $28.06M $63.00M
YoY Change -19.23% 2.78% 624.14%
Cash & Equivalents $37.72M $28.06M $62.97M
Short-Term Investments
Other Short-Term Assets $17.51M $16.61M $14.70M
YoY Change 116.12% 95.35% 182.69%
Inventory $101.9M $113.3M $59.14M
Prepaid Expenses
Receivables $35.95M $36.99M $32.37M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.1M $194.9M $169.2M
YoY Change 13.61% 15.35% 157.87%
LONG-TERM ASSETS
Property, Plant & Equipment $6.955M $7.276M $7.089M
YoY Change 5.78% 45.4% 77.14%
Goodwill $10.69M $10.69M $10.69M
YoY Change 30.67% 30.67% 25.5%
Intangibles $5.788M $6.107M $6.760M
YoY Change 12.65% 14.69% 17.77%
Long-Term Investments
YoY Change
Other Assets $6.552M $9.351M $8.900M
YoY Change -16.0% 7.48% -13.59%
Total Long-Term Assets $37.39M $41.34M $38.25M
YoY Change 11.7% 27.19% 26.92%
TOTAL ASSETS
Total Short-Term Assets $193.1M $194.9M $169.2M
Total Long-Term Assets $37.39M $41.34M $38.25M
Total Assets $230.5M $236.3M $207.4M
YoY Change 13.3% 17.26% 116.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.48M $55.53M $27.76M
YoY Change -4.83% -12.83% 141.34%
Accrued Expenses $34.23M $36.02M $34.90M
YoY Change 12.24% 4.69% 79.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.17M $91.54M $71.77M
YoY Change -0.61% -6.69% 120.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.194M $7.322M $5.079M
YoY Change 36.85% -2.37% 68.12%
Total Long-Term Liabilities $7.194M $7.322M $5.079M
YoY Change 36.85% -2.37% 68.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.17M $91.54M $71.77M
Total Long-Term Liabilities $7.194M $7.322M $5.079M
Total Liabilities $89.14M $102.7M $80.28M
YoY Change 2.39% -2.97% 124.56%
SHAREHOLDERS EQUITY
Retained Earnings -$57.05M -$65.94M
YoY Change -23.7% -43.68%
Common Stock $16.00K $16.00K
YoY Change 6.67% 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.4M $133.6M $127.1M
YoY Change
Total Liabilities & Shareholders Equity $230.5M $236.3M $207.4M
YoY Change 13.3% 17.26% 116.65%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income $4.539M $2.623M $8.838M
YoY Change -72.16% -85.26% -348.61%
Depreciation, Depletion And Amortization $1.448M $1.393M $739.0K
YoY Change 13.12% -5.24% -28.46%
Cash From Operating Activities $9.952M -$22.73M $21.09M
YoY Change -45.94% -2940.87% 20.32%
INVESTING ACTIVITIES
Capital Expenditures -$1.076M -$1.229M $2.280M
YoY Change -38.16% -24.14% 156.18%
Acquisitions $2.500M
YoY Change
Other Investing Activities $0.00 $0.00 -$2.500M
YoY Change
Cash From Investing Activities -$1.076M -$1.229M -$4.780M
YoY Change -38.16% -24.14% 437.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 881.0K -3.736M 696.0K
YoY Change -54.35% -158.74% -104.52%
NET CHANGE
Cash From Operating Activities 9.952M -22.73M 21.09M
Cash From Investing Activities -1.076M -1.229M -4.780M
Cash From Financing Activities 881.0K -3.736M 696.0K
Net Change In Cash 9.757M -27.69M 16.28M
YoY Change -47.54% -599.86% 3264.46%
FREE CASH FLOW
Cash From Operating Activities $9.952M -$22.73M $21.09M
Capital Expenditures -$1.076M -$1.229M $2.280M
Free Cash Flow $11.03M -$21.50M $18.81M
YoY Change -45.27% -988.35% 13.05%

Facts In Submission

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CY2021 us-gaap Repayments Of Long Term Lines Of Credit
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CY2020 hear Proceeds From Sale Of Equity Securities
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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255000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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46681000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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8249000
CY2019 us-gaap Interest Paid Net
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769000
CY2021 us-gaap Income Taxes Paid
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6561000
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020 us-gaap Income Taxes Paid
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CY2019 us-gaap Income Taxes Paid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2019 hear Reclassification Financial Instrument Obligation
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019 us-gaap Net Income Loss
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CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019 hear Adjustments To Additional Paid In Capital Reclassification Of Financial Instrument Obligation
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CY2019 us-gaap Stock Repurchased During Period Value
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CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3558000
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CY2020 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2020 us-gaap Stock Repurchased And Retired During Period Value
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5549000
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CY2021 us-gaap Stock Repurchased During Period Value
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CY2021 us-gaap Use Of Estimates
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Uses of Estimates</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The significant estimates and assumptions used by management affect: sales return reserve, allowances for cash discounts, warranty reserve, valuation of inventory, valuation of long-lived assets, goodwill and other intangible assets, depreciation and amortization of long-lived assets, valuation of deferred tax assets, determination of fair value of stock-based awards, stock warrants and share-based compensation. The Company evaluates estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates, and those differences could be material to the consolidated financial statements. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The novel coronavirus (“COVID-19”) pandemic, and its variant strains, has disrupted worldwide economic markets and the extent to which COVID-19 continues to affect the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. During 2020, the Company experienced a significant increase in demand for its products due to the COVID-19-related stay-at-home orders, which resulted in increased revenue. Going forward, the effects of the global pandemic and the measures being taken in response are uncertain and difficult to predict. Nonetheless, the Company continues to actively monitor and assess the impact of the pandemic on its business, operations, and financial condition.</p>
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CY2019 us-gaap Cooperative Advertising Expense
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CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P4Y
CY2021Q4 us-gaap Nonfinancial Liabilities Fair Value Disclosure
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0
CY2020Q4 us-gaap Nonfinancial Liabilities Fair Value Disclosure
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0
CY2021 us-gaap Concentration Risk Credit Risk
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of investments in cash, cash equivalents and accounts receivables. The Company is exposed to credit risk and liquidity risk in the event of default by the financial institutions or issuers of investments in excess of FDIC insured limits. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.2%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable are unsecured and represent amounts due based on contractual obligations of customers. Our five largest individual customers accounted for approximately 66% of our gross sales in 2021, 67% of our gross sales in 2020, and 66%<span style="color:#FF0000;"> </span>of our gross sales in 2019. During 2021, our three largest customers - Walmart, Target, and Amazon - each accounted for between 10% to 23% of our consolidated net sales. Additionally, as of December 31, 2021, the Company had four customers with open receivables greater than 10% of the total receivable balance.         </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of credit risk with respect to accounts receivable are mitigated by performing ongoing credit evaluations of customers to assess the probability of collection based on a number of factors, including past transaction experience with the customer, evaluation of their credit history, limiting the credit extended, and review of the invoicing terms of the contract. In addition, the Company has credit insurance in place through a third-party insurer against defaults by certain other domestic and international customers, subject to policy limits. The Company generally does not require customers to provide collateral to support accounts receivable. The Company has recorded an allowance for doubtful accounts for those receivables that were determined not to be collectible.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign cash balances at December 31, 2021 and 2020 were $10.2 million and $5.9 million, respectively.</p>
CY2021 us-gaap Number Of Reporting Units
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2020Q4 us-gaap Inventory Net
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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21220000
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2019 us-gaap Depreciation Depletion And Amortization
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CY2020Q4 us-gaap Other Liabilities Current
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0
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CY2020 hear Effective Income Tax Rate Reconciliation Excess Tax Benefits
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109000
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117000
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17721000
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1739240
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573000
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3415000
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3090000
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36000
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15915000
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IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockAwards
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IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockAwards
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550000
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IncrementalCommonSharesAttributableToCallOptionsAndWarrants
412000
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754000
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18251000
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EarningsPerShareDiluted
2.37
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EarningsPerShareDiluted
1.04
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1015000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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949000
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674000
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501000
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2200000
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33064942
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27.20
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8.45
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29431
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25542823
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25177406
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1008002
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13600000
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7400000
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.89
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.82
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2600000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1700000
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360093000
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6955000
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1039000
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742000
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668000
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674000
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ProductWarrantyExpense
1336000
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ProductWarrantyExpense
816000
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857000
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1039000
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742000
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856000
CY2020Q4 us-gaap Product Warranty Accrual
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1039000
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742000
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1148000
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1047000
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3436000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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9051000
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1292000
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4539000
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0.57
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0.11
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0.16
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0.28
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0.49
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0.09
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CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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47640000
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CY2020Q4 us-gaap Net Income Loss
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EarningsPerShareBasic
1.20
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
15794000
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
8814000
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
34728000
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
34728000
CY2020 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
21847000
CY2020 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
19177000
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
29897000
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
29897000
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
29897000
CY2019 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
18935000
CY2019 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
16848000
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
24940000
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
24940000
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
24940000

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