$HZO
MARINEMAX INC

2019 Q2 Form 10-Q Financial Statement

#000156459019026360 Filed on July 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q3 2018 Q2
Revenue $383.5M $308.6M $361.3M
YoY Change 6.16% 23.13% 9.53%
Cost Of Revenue $285.8M $229.6M $270.6M
YoY Change 5.62% 24.58% 10.43%
Gross Profit $97.71M $79.00M $90.69M
YoY Change 7.74% 19.11% 6.95%
Gross Profit Margin 25.48% 25.6% 25.1%
Selling, General & Admin $68.97M $62.06M $64.09M
YoY Change 7.61% 5.91% 7.61%
% of Gross Profit 70.58% 78.55% 70.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.900M $2.800M $2.800M
YoY Change 3.57% 12.0% 12.0%
% of Gross Profit 2.97% 3.54% 3.09%
Operating Expenses $68.97M $62.06M $64.09M
YoY Change 7.61% 5.91% 7.61%
Operating Profit $28.74M $16.95M $26.60M
YoY Change 8.06% 119.16% 5.4%
Interest Expense $2.936M $2.022M $2.499M
YoY Change 17.49% 2.64% 31.73%
% of Operating Profit 10.22% 11.93% 9.4%
Other Income/Expense, Net
YoY Change
Pretax Income $25.81M $14.93M $24.10M
YoY Change 7.08% 159.0% 3.26%
Income Tax $6.719M $3.386M $6.723M
% Of Pretax Income 26.04% 22.69% 27.9%
Net Earnings $19.09M $11.54M $17.38M
YoY Change 9.85% 195.07% 21.99%
Net Earnings / Revenue 4.98% 3.74% 4.81%
Basic Earnings Per Share $0.86 $0.78
Diluted Earnings Per Share $0.84 $0.50 $0.75
COMMON SHARES
Basic Shares Outstanding 22.24M 22.40M
Diluted Shares Outstanding 22.82M 23.29M 23.18M

Balance Sheet

Concept 2019 Q2 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.60M $48.80M $62.10M
YoY Change 15.3% 16.19% 5.43%
Cash & Equivalents $71.62M $48.82M $62.11M
Short-Term Investments
Other Short-Term Assets $11.20M $5.400M $6.000M
YoY Change 86.67% -6.9% 1.69%
Inventory $434.7M $377.1M $379.4M
Prepaid Expenses
Receivables $49.10M $34.00M $42.70M
Other Receivables $0.00 $796.0K $0.00
Total Short-Term Assets $566.7M $465.3M $490.2M
YoY Change 15.6% -1.79% -0.32%
LONG-TERM ASSETS
Property, Plant & Equipment $143.3M $138.7M $130.7M
YoY Change 9.65% 9.09% 2.31%
Goodwill $27.40M
YoY Change 5.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.40M $5.632M $35.00M
YoY Change 29.71% -85.6% -16.07%
Total Long-Term Assets $188.7M $175.2M $165.7M
YoY Change 13.9% 5.42% -2.23%
TOTAL ASSETS
Total Short-Term Assets $566.7M $465.3M $490.2M
Total Long-Term Assets $188.7M $175.2M $165.7M
Total Assets $755.4M $640.5M $655.9M
YoY Change 15.17% 0.09% -0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.60M $23.13M $20.80M
YoY Change 51.93% -12.48% -18.86%
Accrued Expenses $37.36M $32.93M $35.40M
YoY Change 5.53% -0.36% 5.52%
Deferred Revenue $24.26M $17.01M
YoY Change
Short-Term Debt $289.8M $212.9M $232.8M
YoY Change 24.5% -16.22% -3.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $383.1M $286.0M $311.8M
YoY Change 22.86% -14.54% -3.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $1.400M $2.500M
YoY Change -48.0% -54.84% -24.24%
Total Long-Term Liabilities $1.300M $1.431M $2.500M
YoY Change -48.0% -53.91% -23.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $383.1M $286.0M $311.8M
Total Long-Term Liabilities $1.300M $1.431M $2.500M
Total Liabilities $385.6M $287.4M $314.3M
YoY Change 22.69% -14.9% -3.74%
SHAREHOLDERS EQUITY
Retained Earnings $195.8M $166.1M
YoY Change 31.01%
Common Stock $269.6M $262.3M
YoY Change 4.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.26M
YoY Change 0.93%
Treasury Stock Shares $4.471M
Shareholders Equity $369.8M $353.1M $341.6M
YoY Change
Total Liabilities & Shareholders Equity $755.4M $640.5M $655.9M
YoY Change 15.17% 0.09% -0.81%

Cashflow Statement

Concept 2019 Q2 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $19.09M $11.54M $17.38M
YoY Change 9.85% 195.07% 21.99%
Depreciation, Depletion And Amortization $2.900M $2.800M $2.800M
YoY Change 3.57% 12.0% 12.0%
Cash From Operating Activities $66.60M $18.00M $71.80M
YoY Change -7.24% 73.08% 96.17%
INVESTING ACTIVITIES
Capital Expenditures -$5.500M -$3.000M -$3.600M
YoY Change 52.78% 50.0% -2.7%
Acquisitions
YoY Change
Other Investing Activities -$12.40M -$7.900M -$300.0K
YoY Change 4033.33% -8000.0% -400.0%
Cash From Investing Activities -$17.90M -$10.90M -$3.900M
YoY Change 358.97% 445.0% 11.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.80M -20.40M -62.80M
YoY Change -35.03% -20.0% 143.41%
NET CHANGE
Cash From Operating Activities 66.60M 18.00M 71.80M
Cash From Investing Activities -17.90M -10.90M -3.900M
Cash From Financing Activities -40.80M -20.40M -62.80M
Net Change In Cash 7.900M -13.30M 5.100M
YoY Change 54.9% -22.22% -30.14%
FREE CASH FLOW
Cash From Operating Activities $66.60M $18.00M $71.80M
Capital Expenditures -$5.500M -$3.000M -$3.600M
Free Cash Flow $72.10M $21.00M $75.40M
YoY Change -4.38% 69.35% 87.1%

Facts In Submission

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us-gaap Income Taxes Paid
IncomeTaxesPaid
3965000
us-gaap Nature Of Operations
NatureOfOperations
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">COMPANY BACKGROUND:</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the largest recreational boat and yacht retailer in the United States.  We engage primarily in the retail sale, brokerage, and service of new and used boats, motors, trailers, marine parts and accessories and offer slip and storage accommodations in certain locations.  In addition, we arrange related boat financing, insurance, and extended service contracts.  We also offer the charter of power yachts in the British Virgin Islands.  As of June 30, 2019, we operated through 67 retail locations in 16 states, consisting of Alabama, Connecticut, Florida, Georgia, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina and Texas. Our MarineMax Vacations operation maintains a facility in Tortola, British Virgin Islands. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are the nation’s largest retailer of Sea Ray and Boston Whaler recreational boats and yachts, which are manufactured by Brunswick Corporation (“Brunswick”). Sales of new Brunswick boats accounted for approximately 40% of our revenue in fiscal 2018.  Sales of new Sea Ray and Boston Whaler boats, both divisions of Brunswick, accounted for approximately 21% and 17%, respectively, of our revenue in fiscal 2018. Brunswick is a world leading manufacturer of marine products and marine engines. We believe our sales represented approximately 42% of Brunswick’s Sea Ray boat sales, during our fiscal 2018.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2018, Brunswick announced it was discontinuing Sea Ray sport yacht and yacht models.  Sea Ray sport yacht and yacht models represented approximately 10% of revenue during fiscal year 2018. Through the period ended June 30, 2019, our brand and product diversification allowed us to replace the Sea Ray sport yacht and yacht revenue.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have dealership agreements with Sea Ray, Boston Whaler, Harris, and Mercury Marine, all subsidiaries or divisions of Brunswick. We also have dealer agreements with Italy-based Azimut-Benetti Group’s product line for Azimut Yachts. These agreements allow us to purchase, stock, sell, and service these manufacturers’ boats and products. These agreements also allow us to use these manufacturers’ names, trade symbols, and intellectual properties in our operations. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have multi-year dealer agreements with Brunswick covering Sea Ray products that appoint us as the exclusive dealer of Sea Ray boats in our geographic markets. We are the exclusive dealer for Boston Whaler through multi-year dealer agreements for many of our geographic markets. In addition, we are the exclusive dealer for Azimut Yachts for the entire United States through a multi-year dealer agreement. Sales of new Azimut boats accounted for approximately 11% of our revenue in fiscal 2018. We believe non-Brunswick brands offer a migration for our existing customer base or fill a void in our product offerings, and accordingly, do not compete with the business generated from our other prominent brands.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As is typical in the industry, we deal with most of our manufacturers, other than Sea Ray, Boston Whaler, and Azimut Yachts, under renewable annual dealer agreements, each of which gives us the right to sell various makes and models of boats within a given geographic region.  Any change or termination of these agreements, or the agreements discussed above, for any reason, or changes in competitive, regulatory, or marketing practices, including rebate or incentive programs, could adversely affect our results of operations.  Although there are a limited number of manufacturers of the type of boats and products that we sell, we believe that adequate alternative sources would be available to replace any manufacturer other than Sea Ray and Azimut as a product source.  These alternative sources may not be available at the time of any interruption, and alternative products may not be available at comparable terms, which could affect operating results adversely.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General economic conditions and consumer spending patterns can negatively impact our operating results.  Unfavorable local, regional, national, or global economic developments or uncertainties regarding future economic prospects could reduce consumer spending in the markets we serve and adversely affect our business.  Economic conditions in areas in which we operate dealerships, particularly Florida, in which we generated approximately 55%, 55%, and 51% of our revenue during fiscal 2016, 2017, and 2018, respectively, can have a major impact on our operations.  Local influences, such as corporate downsizing, military base closings, inclement weather such as Hurricane Sandy in 2012 or Hurricanes Harvey and Irma in 2017, environmental conditions, and specific events, such as the BP oil spill in the Gulf of Mexico in 2010, also could adversely affect, and in certain instances have adversely affected, our operations in certain markets.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In an economic downturn, consumer discretionary spending levels generally decline, at times resulting in disproportionately large reductions in the sale of luxury goods.  Consumer spending on luxury goods also may decline as a result of lower consumer confidence levels, even if prevailing economic conditions are favorable.  As a result, an economic downturn could impact us more than certain of our competitors due to our strategic focus on a higher end of our market.  Although we have expanded our operations during periods of stagnant or modestly declining industry trends, the cyclical nature of the recreational boating industry or the lack of industry growth may adversely affect our business, financial condition, and results of operations.  Any period of adverse economic condition</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s or low consumer confidence is likely to have</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> a negative effect on our business.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Historically, in periods of lower consumer spending and depressed economic conditions, we have, among other things, substantially reduced our acquisition program, delayed new store openings, reduced our inventory purchases, engaged in inventory reduction efforts, closed a number of our retail locations, reduced our headcount, and amended and replaced our credit facility.  Acquisitions and new store openings remain important strategies to our company, and we plan to accelerate our growth through these strategies as industry conditions continue to improve.  </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </p>
CY2019Q2 us-gaap Number Of Stores
NumberOfStores
67
CY2019Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by us in the accompanying unaudited condensed consolidated financial statements include valuation allowances, valuation of goodwill and intangible assets, valuation of long-lived assets, and valuation of accruals. Actual results could differ from those estimates.</p>
hzo Independent Recreational Boat Dealers In Number
IndependentRecreationalBoatDealersInNumber
5
hzo Recreational Boat Dealers In Number
RecreationalBoatDealersInNumber
29
hzo Boat Brokerage Operations Number
BoatBrokerageOperationsNumber
2
hzo Full Service Yacht Repair Operations Number
FullServiceYachtRepairOperationsNumber
2
CY2019Q2 us-gaap Inventory Net
InventoryNet
434729000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11221000
CY2019Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
31601000
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37359000
CY2019Q2 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
1284000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
195770000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
383494000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
28742000
CY2019Q2 us-gaap Cost Of Revenue
CostOfRevenue
285784000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
25806000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6719000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
19087000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
929017000
us-gaap Cost Of Revenue
CostOfRevenue
693627000
us-gaap Operating Income Loss
OperatingIncomeLoss
47954000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
39469000
us-gaap Net Income Loss
NetIncomeLoss
29300000
us-gaap Profit Loss
ProfitLoss
29300000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
41591000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5777000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
7909000
hzo Increase Decrease In Accrued Expenses And Other Long Term Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLongTermLiabilities
5167000
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
As a practical expedient, since repair and maintenance service contracts have an original duration of one year or less, we do not consider the time value of money, and we do not disclose estimated revenue expected to be recognized in the future for performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue.
CY2018Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
2700000
CY2019Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
2800000
CY2019Q2 hzo Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
1.000
hzo Revenue From Contract With Customer Percentage
RevenueFromContractWithCustomerPercentage
1.000
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1500000
CY2019Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1800000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2018Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
119000
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
119000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6700000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10200000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.276
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
hzo Inventory Financing Additional Available Borrowings
InventoryFinancingAdditionalAvailableBorrowings
37600000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
0
CY2018Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3700000
CY2019Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
500000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.42
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22399079
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22243895
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22185736
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22619802
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
783467
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
577307
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
758845
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
593181
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23182546
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22821202
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22944581
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23212983

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