2024 Q1 Form 10-K Financial Statement

#000095017024023845 Filed on March 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $45.54M $28.19M $106.3M
YoY Change 81.3% 4.32% 8.57%
Cost Of Revenue $21.35M $14.83M $55.89M
YoY Change 64.31% -6.45% -8.22%
Gross Profit $24.19M $13.36M $50.45M
YoY Change 99.51% 19.61% 36.16%
Gross Profit Margin 53.11% 47.39% 47.44%
Selling, General & Admin $46.94M $21.35M $87.54M
YoY Change 110.43% -10.66% -23.72%
% of Gross Profit 194.08% 159.87% 173.52%
Research & Development $15.98M $6.909M $25.95M
YoY Change 149.34% -17.52% -32.6%
% of Gross Profit 66.07% 51.73% 51.43%
Depreciation & Amortization $5.194M $3.906M $12.67M
YoY Change 41.84% 7.93% 103.65%
% of Gross Profit 21.47% 29.24% 25.12%
Operating Expenses $84.37M $28.26M $127.1M
YoY Change 102.27% -12.44% -40.67%
Operating Profit -$60.18M -$14.91M -$76.60M
YoY Change 262.7% -29.4% -34.08%
Interest Expense $5.174M -$1.098M $4.567M
YoY Change 363.21% -7.73% 5.45%
% of Operating Profit
Other Income/Expense, Net -$2.234M $2.546M $6.963M
YoY Change -297.7% 66.73% 454.82%
Pretax Income -$32.03M -$19.94M -$74.20M
YoY Change 93.18% -4.03% -61.54%
Income Tax $100.0K -$162.0K $452.0K
% Of Pretax Income
Net Earnings -$32.16M -$19.78M -$74.66M
YoY Change 90.92% -5.13% -60.73%
Net Earnings / Revenue -70.61% -70.16% -70.21%
Basic Earnings Per Share -$0.27 -$0.94
Diluted Earnings Per Share -$0.27 -$0.25 -$0.94
COMMON SHARES
Basic Shares Outstanding 290.1M 79.40M 79.16M
Diluted Shares Outstanding 294.1M 79.16M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $462.3M $114.9M $114.9M
YoY Change 199.14% -30.7% -30.7%
Cash & Equivalents $287.1M $51.70M $51.70M
Short-Term Investments $175.2M $63.19M $63.19M
Other Short-Term Assets $8.912M $3.127M $3.127M
YoY Change 164.14% -26.91% -26.91%
Inventory $40.36M $20.53M $20.53M
Prepaid Expenses
Receivables $36.01M $19.66M $19.66M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $547.6M $158.2M $158.2M
YoY Change 180.91% -24.23% -24.23%
LONG-TERM ASSETS
Property, Plant & Equipment $44.79M $24.19M $54.85M
YoY Change 79.13% -5.71% -7.87%
Goodwill $106.3M $106.3M
YoY Change -0.02% 0.06%
Intangibles $24.79M $1.400M
YoY Change 153.0% -88.89%
Long-Term Investments
YoY Change
Other Assets $3.673M $2.285M $2.278M
YoY Change 37.82% -26.5% -26.73%
Total Long-Term Assets $230.1M $164.9M $164.9M
YoY Change 30.2% -9.17% -9.17%
TOTAL ASSETS
Total Short-Term Assets $547.6M $158.2M $158.2M
Total Long-Term Assets $230.1M $164.9M $164.9M
Total Assets $777.7M $323.1M $323.1M
YoY Change 109.24% -17.23% -17.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.14M $9.236M $9.236M
YoY Change 115.11% 16.7% 16.7%
Accrued Expenses $30.43M $9.152M $24.90M
YoY Change 342.43% 48.21% 30.96%
Deferred Revenue $13.91M $11.61M
YoY Change 19.51% 7.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $54.66M $59.53M $59.53M
YoY Change 1539.84% 2757.9% 2757.9%
Total Short-Term Liabilities $121.6M $109.3M $109.3M
YoY Change 177.6% 151.66% 151.66%
LONG-TERM LIABILITIES
Long-Term Debt $299.0K $3.983M $3.983M
YoY Change -99.52% -93.66% -93.66%
Other Long-Term Liabilities $2.820M $1.065M $45.71M
YoY Change 412.73% 10.82% -14.1%
Total Long-Term Liabilities $2.820M $1.065M $49.70M
YoY Change 412.73% 10.82% -57.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.6M $109.3M $109.3M
Total Long-Term Liabilities $2.820M $1.065M $49.70M
Total Liabilities $200.4M $159.9M $159.9M
YoY Change 27.16% -0.41% -0.41%
SHAREHOLDERS EQUITY
Retained Earnings -$1.079B -$1.001B
YoY Change 14.42% 8.06%
Common Stock $387.0K $83.00K
YoY Change 383.75% 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $577.3M -$148.1M $163.2M
YoY Change
Total Liabilities & Shareholders Equity $777.7M $323.1M $323.1M
YoY Change 109.24% -17.23% -17.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$32.16M -$19.78M -$74.66M
YoY Change 90.92% -5.13% -60.73%
Depreciation, Depletion And Amortization $5.194M $3.906M $12.67M
YoY Change 41.84% 7.93% 103.65%
Cash From Operating Activities -$62.48M -$14.06M -$43.29M
YoY Change 636.31% -26.69% -51.56%
INVESTING ACTIVITIES
Capital Expenditures $781.0K $78.00K $2.831M
YoY Change -22.67% -89.67% -25.99%
Acquisitions
YoY Change
Other Investing Activities $318.9M -$13.04M $23.07M
YoY Change 621.98% -131.8% -127.36%
Cash From Investing Activities $318.1M -$13.12M $20.24M
YoY Change 637.07% -132.59% -122.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.400M
YoY Change 800.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.73M -1.003M -6.809M
YoY Change 671.42% 271.48% -102.95%
NET CHANGE
Cash From Operating Activities -62.48M -14.06M -43.29M
Cash From Investing Activities 318.1M -13.12M 20.24M
Cash From Financing Activities -19.73M -1.003M -6.809M
Net Change In Cash 235.8M -28.18M -29.83M
YoY Change 633.94% -235.52% -156.43%
FREE CASH FLOW
Cash From Operating Activities -$62.48M -$14.06M -$43.29M
Capital Expenditures $781.0K $78.00K $2.831M
Free Cash Flow -$63.26M -$14.14M -$46.12M
YoY Change 566.21% -29.08% -50.51%

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CY2022 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2022 us-gaap Other Operating Activities Cash Flow Statement
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 lab Non Cash Right Of Use Assets And Lease Liabilities
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CY2023 lab Asset Retirement Obligations Incurred But Not Yet Paid
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CY2022 lab Asset Retirement Obligations Incurred But Not Yet Paid
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, the current economic environment and on various other assumptions believed to be reasonable, which together form the basis for making judgments about the carrying values of assets and liabilities. These accounting matters included but were not limited to inventory and related reserves, the carrying value of goodwill and other long-lived assets, and the potential outcome of uncertain tax positions that have been recognized in the Company's financial statements or tax returns. The Company also uses significant judgment in determining the fair value of financial instruments, including debt and equity instruments. Actual results could differ materially from these estimates and could have a material adverse effect on the Company's consolidated financial statements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2022 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Business and Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to credit risk consist of cash, cash equivalents, short-term investments, and accounts receivable. The Company's cash, cash equivalents, and short-term investments may consist of deposits held with banks, money market funds, and other highly liquid investments that may at times exceed federally insured limits. Cash equivalents and short-term investments are financial instruments that potentially subject the Company to concentrations of risk. Under the Company's investment policy, the Company invests exclusively in securities issued by the U.S. government or U.S. government agencies, or in government money-market funds. The goals of the Company's investment policy, in order of priority, are to: preserve capital, meet liquidity needs, and optimize returns. For these reasons, management believes that the Company is not exposed to significant credit risk.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company generally does not require collateral to support credit sales. To reduce credit risk, the Company performs credit evaluations of its customers.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company's products include components that are currently procured from a single source or a limited number of sources. The Company believes that other vendors would be able to provide similar components; however, the qualification of such vendors may require start-up time. In order to mitigate any adverse impacts from a disruption of supply, the Company attempts to maintain an adequate supply of critical limited-source components.</span></p>
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q4 lab Number Of Additional Shares Issuable Under Make Whole Premium Maximum
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022 us-gaap Advertising Expense
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassification</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain amounts in the consolidated financial statements have been reclassified from their original presentation to conform to current year presentation.</span></p>
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Noncurrent Assets
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023 lab Contract With Customer Liability Increase From Cash Receipts
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Restricted Cash Noncurrent
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CY2022Q4 us-gaap Inventory Raw Materials
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CY2023Q4 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Finished Goods
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CY2022Q4 us-gaap Inventory Gross
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CY2023Q4 us-gaap Inventory Valuation Reserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2022Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Construction In Progress Gross
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2334000
CY2022Q4 us-gaap Construction In Progress Gross
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1612000
CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2023Q4 us-gaap Workers Compensation Liability Current
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CY2022Q4 us-gaap Workers Compensation Liability Current
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CY2023Q4 us-gaap Accrued Vacation Current
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CY2022Q4 us-gaap Accrued Vacation Current
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CY2022Q4 us-gaap Accrued Payroll Taxes Current
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CY2023Q4 us-gaap Restructuring Reserve Current
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CY2022Q4 us-gaap Restructuring Reserve Current
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q4 us-gaap Accrued Sales Commission Current
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CY2022Q4 us-gaap Accrued Sales Commission Current
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CY2022Q4 lab Accrued Interest Current
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
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CY2023Q4 us-gaap Accrued Income Taxes Current
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CY2022Q4 us-gaap Accrued Income Taxes Current
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CY2023Q4 lab Uninvoiced Receipts Current
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CY2022Q4 lab Uninvoiced Receipts Current
UninvoicedReceiptsCurrent
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CY2023Q4 lab Accrued Warranties Current
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2593000
CY2022Q4 lab Accrued Warranties Current
AccruedWarrantiesCurrent
678000
CY2023Q4 lab Customer Advance Current
CustomerAdvanceCurrent
447000
CY2022Q4 lab Customer Advance Current
CustomerAdvanceCurrent
577000
CY2023Q4 lab Accrued Restructuring Current
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CY2022Q4 lab Accrued Restructuring Current
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19000
CY2023Q4 us-gaap Other Accrued Liabilities Current
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1097000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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154000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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106340000
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9732000
CY2019 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1
CY2019 lab Defined Contribution Plan Employer Matching Contribution Maximum Annual Match Per Employee Amount
DefinedContributionPlanEmployerMatchingContributionMaximumAnnualMatchPerEmployeeAmount
3000
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
600000

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