$ISSC
INNOVATIVE SOLUTIONS & SUPPORT INC

2022 Q1 Form 10-Q Financial Statement

#000110465922060309 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $6.846M $5.122M
YoY Change 33.66% 5.82%
Cost Of Revenue $2.663M $2.219M
YoY Change 20.03% -12.64%
Gross Profit $4.183M $2.903M
YoY Change 44.08% 26.22%
Gross Profit Margin 61.1% 56.68%
Selling, General & Admin $1.725M $1.602M
YoY Change 7.66% 4.71%
% of Gross Profit 41.24% 55.19%
Research & Development $650.0K $689.7K
YoY Change -5.75% -2.87%
% of Gross Profit 15.54% 23.76%
Depreciation & Amortization $88.12K $95.84K
YoY Change -8.06% -12.87%
% of Gross Profit 2.11% 3.3%
Operating Expenses $2.375M $2.292M
YoY Change 3.62% 2.31%
Operating Profit $1.808M $611.2K
YoY Change 195.77% 918.7%
Interest Expense $350.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.02% 0.0%
Other Income/Expense, Net $11.56K $17.37K
YoY Change -33.48% 73.71%
Pretax Income $1.820M $628.7K
YoY Change 189.42% 383.65%
Income Tax $390.1K $20.17K
% Of Pretax Income 21.44% 3.21%
Net Earnings $1.430M $610.0K
YoY Change 134.36% 38.64%
Net Earnings / Revenue 20.88% 11.91%
Basic Earnings Per Share $0.08 $0.04
Diluted Earnings Per Share $0.08 $0.04
COMMON SHARES
Basic Shares Outstanding 17.25M 17.22M
Diluted Shares Outstanding 17.25M 17.22M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.62M $6.000M
YoY Change 93.65% -73.45%
Cash & Equivalents $11.62M $5.998M
Short-Term Investments
Other Short-Term Assets $333.8K $900.0K
YoY Change -62.91% 12.5%
Inventory $4.689M $4.700M
Prepaid Expenses
Receivables $4.056M $2.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.24M $14.30M
YoY Change 48.54% -54.46%
LONG-TERM ASSETS
Property, Plant & Equipment $8.047M $8.300M
YoY Change -3.04% -1.19%
Goodwill
YoY Change
Intangibles $61.41K
YoY Change
Long-Term Investments
YoY Change
Other Assets $173.4K $100.0K
YoY Change 73.41% 0.0%
Total Long-Term Assets $8.757M $8.500M
YoY Change 3.03% 0.0%
TOTAL ASSETS
Total Short-Term Assets $21.24M $14.30M
Total Long-Term Assets $8.757M $8.500M
Total Assets $30.00M $22.80M
YoY Change 31.58% -42.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $744.7K $1.100M
YoY Change -32.3% -21.43%
Accrued Expenses $1.558M $1.300M
YoY Change 19.86% 8.33%
Deferred Revenue $276.7K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.580M $2.400M
YoY Change 7.48% -7.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.79K
YoY Change
Total Long-Term Liabilities $21.79K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.580M $2.400M
Total Long-Term Liabilities $21.79K $0.00
Total Liabilities $2.601M $2.500M
YoY Change 4.05% -10.71%
SHAREHOLDERS EQUITY
Retained Earnings -$3.320M
YoY Change
Common Stock $52.09M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.37M
YoY Change
Treasury Stock Shares $2.096M
Shareholders Equity $27.40M $20.26M
YoY Change
Total Liabilities & Shareholders Equity $30.00M $22.80M
YoY Change 31.58% -42.86%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $1.430M $610.0K
YoY Change 134.36% 38.64%
Depreciation, Depletion And Amortization $88.12K $95.84K
YoY Change -8.06% -12.87%
Cash From Operating Activities $1.920M $620.0K
YoY Change 209.65% 26.53%
INVESTING ACTIVITIES
Capital Expenditures -$7.010K -$230.0K
YoY Change -96.95% 2200.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.010K -$230.0K
YoY Change -96.95% 2200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.920M 620.0K
Cash From Investing Activities -7.010K -230.0K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 1.913M 390.0K
YoY Change 390.47% -20.41%
FREE CASH FLOW
Cash From Operating Activities $1.920M $620.0K
Capital Expenditures -$7.010K -$230.0K
Free Cash Flow $1.927M $850.0K
YoY Change 126.69% 70.0%

Facts In Submission

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INNOVATIVE SOLUTIONS AND SUPPORT, INC.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17787176
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8265606
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23784867
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11618840
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5997691
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
110481
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
481
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
issc Revenue Performance Obligation Satisfied At Point In Time Percentage Of Revenue
RevenuePerformanceObligationSatisfiedAtPointInTimePercentageOfRevenue
1
CY2021Q1 issc Revenue Performance Obligation Satisfied At Point In Time Percentage Of Revenue
RevenuePerformanceObligationSatisfiedAtPointInTimePercentageOfRevenue
1
issc Revenue Performance Obligation Satisfied At Point In Time Percentage Of Revenue
RevenuePerformanceObligationSatisfiedAtPointInTimePercentageOfRevenue
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 9pt 36pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 9pt 0pt;">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for, among other items, long term contracts, allowances for doubtful accounts, inventory obsolescence, product warranty cost liabilities, income taxes, engineering and material costs on Engineering Development Contract (“EDC”) programs, percentage of completion on EDC contracts, recoverability of long-lived assets and contingencies. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated statements of operations in the period they are determined.</p>
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q1 issc Revenue Performance Obligation Satisfied At Point In Time Percentage Of Revenue
RevenuePerformanceObligationSatisfiedAtPointInTimePercentageOfRevenue
1
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
417504
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
0
us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-316320
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
175544
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
276728
issc Percentage Of Employees Who Were Engineers Engaged In Engineering Development Projects
PercentageOfEmployeesWhoWereEngineersEngagedInEngineeringDevelopmentProjects
0.19
issc Standard Product Warranty Accrual Length Of Warranty Period
StandardProductWarrantyAccrualLengthOfWarrantyPeriod
P24M
CY2022Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
59859
CY2021Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
55934
CY2022Q1 issc Excess Funded Premiums Over Estimated Claims
ExcessFundedPremiumsOverEstimatedClaims
233567
CY2021Q3 issc Excess Funded Premiums Over Estimated Claims
ExcessFundedPremiumsOverEstimatedClaims
208651
CY2022Q1 issc Number Of Banks
NumberOfBanks
2
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3751366
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3729692
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
732778
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
629814
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
205117
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
185886
CY2022Q1 us-gaap Inventory Net
InventoryNet
4689261
CY2021Q3 us-gaap Inventory Net
InventoryNet
4545392
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
544254
CY2021Q3 us-gaap Prepaid Insurance
PrepaidInsurance
318138
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
333777
CY2021Q3 us-gaap Other Assets Current
OtherAssetsCurrent
514938
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
878031
CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
833076
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21406774
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21337082
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13359428
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13193599
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8047346
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8143483
CY2022Q1 us-gaap Depreciation
Depreciation
88122
CY2021Q1 us-gaap Depreciation
Depreciation
95844
us-gaap Depreciation
Depreciation
180494
us-gaap Depreciation
Depreciation
188895
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
635095
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
634032
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61411
CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
62474
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35741
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
42976
CY2022Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
76257
CY2021Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
82834
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
173409
CY2021Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
188284
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1063
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12559
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1063
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32473
CY2022Q1 issc Prepaid Software Licenses Noncurrent
PrepaidSoftwareLicensesNoncurrent
958
CY2021Q3 issc Prepaid Software Licenses Noncurrent
PrepaidSoftwareLicensesNoncurrent
7535
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
585867
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
589260
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
366801
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
385287
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
129584
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
163130
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
164715
CY2021Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
104737
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13951
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14296
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
297243
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
174405
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1558161
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1431115
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
596436
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
589260
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
32054
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
64644
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
42623
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
68037
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
585867
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
585867
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
390110
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20165
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.032
CY2021Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-140000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
697600
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29662
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.034
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-180000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
204589
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
204574
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
250180
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
250165
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1429570
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
608577
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2562628
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
848722
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17253746
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17222165
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17250059
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17218275
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1833
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1868
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17253746
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17223998
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17250059
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17220143
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
104500
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
issc Schedule Of Operating Lease Related Assets And Liabilities
ScheduleOfOperatingLeaseRelatedAssetsAndLiabilities
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td colspan="6" style="vertical-align:bottom;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Classification on the Consolidated Balance Sheet on March 31, 2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating leases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="-sec-ix-hidden:Hidden_P9Pb_1wU5k2NHmiGbIXGpg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Other assets</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 35,741</p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating leases- current</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="-sec-ix-hidden:Hidden_nGl6Q5tF5k-fzRtpuOotQA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Accrued expenses</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 13,951</p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating leases – noncurrent</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="-sec-ix-hidden:Hidden_93ZVB1-XmE2tVBlGyYOhRg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Other liabilities</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 21,790</p></td></tr><tr><td style="vertical-align:bottom;width:48.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total lease liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:35.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 35,741</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35741
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13951
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21790
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
35741
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3669
us-gaap Operating Lease Expense
OperatingLeaseExpense
7338
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
14676
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
14676
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
9784
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39136
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3395
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
35741
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13951
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21790

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