2023 Q3 Form 10-Q Financial Statement

#000160955023000051 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $153.3M $151.1M
YoY Change 40.4% 65.33%
Cost Of Revenue $24.38M $24.25M
YoY Change 23.23% 71.11%
Gross Profit $128.9M $126.8M
YoY Change 44.2% 64.27%
Gross Profit Margin 84.1% 83.95%
Selling, General & Admin $113.2M $112.6M
YoY Change 32.24% 46.86%
% of Gross Profit 87.81% 88.79%
Research & Development $29.14M $30.82M
YoY Change 38.83% 112.06%
% of Gross Profit 22.61% 24.3%
Depreciation & Amortization $780.0K $659.0K
YoY Change 52.05% 58.03%
% of Gross Profit 0.61% 0.52%
Operating Expenses $142.4M $143.4M
YoY Change 33.58% 57.25%
Operating Profit -$13.47M -$16.60M
YoY Change -21.65% 18.51%
Interest Expense $0.00 $4.922M
YoY Change -100.0% 896.36%
% of Operating Profit
Other Income/Expense, Net $5.271M -$61.00K
YoY Change 788.87% -82.11%
Pretax Income -$8.200M -$11.74M
YoY Change -50.61% -18.19%
Income Tax $300.0K $214.0K
% Of Pretax Income
Net Earnings -$8.540M -$11.95M
YoY Change -49.31% -17.52%
Net Earnings / Revenue -5.57% -7.91%
Basic Earnings Per Share -$0.29 -$0.41
Diluted Earnings Per Share -$0.29 -$0.41
COMMON SHARES
Basic Shares Outstanding 29.34M shares 29.17M shares
Diluted Shares Outstanding 29.37M shares 29.23M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.2M $467.1M
YoY Change 8.58% 137.9%
Cash & Equivalents $329.9M $467.1M
Short-Term Investments $134.3M $0.00
Other Short-Term Assets $7.800M $8.685M
YoY Change 79.27% 89.88%
Inventory $26.12M $20.84M
Prepaid Expenses $7.802M $8.685M
Receivables $71.46M $63.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $569.6M $560.1M
YoY Change 14.94% 112.85%
LONG-TERM ASSETS
Property, Plant & Equipment $32.25M $46.59M
YoY Change 128.17% 322.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M
YoY Change
Other Assets $11.61M $11.59M
YoY Change 8.48% 10.82%
Total Long-Term Assets $69.90M $58.17M
YoY Change 118.59% 101.5%
TOTAL ASSETS
Total Short-Term Assets $569.6M $560.1M
Total Long-Term Assets $69.90M $58.17M
Total Assets $639.5M $618.2M
YoY Change 21.23% 111.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.00M $39.96M
YoY Change 97.0% 149.24%
Accrued Expenses $29.96M $26.73M
YoY Change 3.37% 43.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.00M $66.69M
YoY Change 42.0% 42.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $146.0K $22.20M
YoY Change 0.0% 15105.48%
Total Long-Term Liabilities $146.0K $22.20M
YoY Change 0.0% 15105.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.00M $66.69M
Total Long-Term Liabilities $146.0K $22.20M
Total Liabilities $95.31M $88.89M
YoY Change 66.29% 36.71%
SHAREHOLDERS EQUITY
Retained Earnings -$360.2M -$351.6M
YoY Change 10.01% 13.22%
Common Stock $29.00K $29.00K
YoY Change 0.0% 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $544.2M $529.4M
YoY Change
Total Liabilities & Shareholders Equity $639.5M $618.2M
YoY Change 21.23% 111.73%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.540M -$11.95M
YoY Change -49.31% -17.52%
Depreciation, Depletion And Amortization $780.0K $659.0K
YoY Change 52.05% 58.03%
Cash From Operating Activities $3.640M $5.092M
YoY Change -66.92% -185.52%
INVESTING ACTIVITIES
Capital Expenditures $6.990M $4.855M
YoY Change -299.03% -442.14%
Acquisitions
YoY Change
Other Investing Activities -$137.3M $9.750M
YoY Change 54800.0% -197.5%
Cash From Investing Activities -$144.2M $4.895M
YoY Change 3734.13% -142.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M 14.93M
YoY Change -98.44% 2312.6%
NET CHANGE
Cash From Operating Activities 3.640M 5.092M
Cash From Investing Activities -144.2M 4.895M
Cash From Financing Activities 3.500M 14.93M
Net Change In Cash -137.1M 24.92M
YoY Change -159.26% -248.75%
FREE CASH FLOW
Cash From Operating Activities $3.640M $5.092M
Capital Expenditures $6.990M $4.855M
Free Cash Flow -$3.350M $237.0K
YoY Change -123.08% -105.23%

Facts In Submission

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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash equivalents, investments, and accounts receivable. We maintain the majority of our cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our investment policy limits investments to certain types of debt securities issued by the U.S. government and its agencies, corporations with investment-grade credit ratings, or commercial paper and money market funds issued by the highest quality financial and non-financial companies. We place restrictions on maturities and concentration by type and issuer. We are exposed to credit risk in the event of a default by the issuers of these securities to the extent recorded on the consolidated balance sheets. However, as of June 30, 2023 and December 31, 2022, we limited our credit risk associated with cash equivalents by placing investments with banks we believe are highly creditworthy.</span></div>We believe that the credit risk in our accounts receivable is mitigated by our credit evaluation process, relatively short collection terms, and dispersion of our customer base. We generally do not require collateral, and losses on accounts receivable have historically not been significant.
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6161000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4910000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25217000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17249000 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
700000 usd
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DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2023Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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us-gaap Asset Impairment Charges
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CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
438000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
920000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
468000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
151000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
110000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
283000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
121000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
132000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
60000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
443000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
101000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
760000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
488000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
760000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
488000 usd
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
25300000 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
18000000 usd
us-gaap Advertising Expense
AdvertisingExpense
48900000 usd
us-gaap Advertising Expense
AdvertisingExpense
33500000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
9998000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
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9821000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
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0 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15100000 usd
CY2023Q2 insp Lessee Operating Lease Number Of Renewal Options
LesseeOperatingLeaseNumberOfRenewalOptions
2 renewal_option
CY2023Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21368000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6880000 usd
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OperatingLeaseLiabilityCurrent
1315000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
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OperatingLeaseLiabilityNoncurrent
22054000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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7536000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
23369000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8872000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1207000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2457000 usd
CY2023Q2 insp Lessee Operating Lease Liability To Be Paid Net Year Two
LesseeOperatingLeaseLiabilityToBePaidNetYearTwo
-2296000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2924000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3012000 usd
CY2023Q2 insp Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
25335000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32639000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9270000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
23369000 usd
CY2023Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P11Y10M24D
CY2023Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.049
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
500000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
900000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
100000 usd
CY2022Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2022Q1 insp Defined Contribution Plan Annual Contribution Per Employee Maximum Eligible For Employer Match Percent
DefinedContributionPlanAnnualContributionPerEmployeeMaximumEligibleForEmployerMatchPercent
0.06
CY2022Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
900000 usd
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2100000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1300000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2660734 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
112.19
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
372068000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
368459 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
265.06
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
285860 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
71.68
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
58740000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
26915 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
197.29
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2716418 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
136.35
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M24D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
511474000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1653502 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
84.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
397651000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
118700000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
879 shares
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
100000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
100000 usd
CY2023Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151092000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
91386000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
278989000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160768000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2904820 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2839334 shares
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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