2022 Q1 Form 10-Q Financial Statement

#000162828022012681 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $57.68M $313.0K
YoY Change 18326.52%
Cost Of Revenue $246.0M $85.00K
YoY Change 289276.47%
Gross Profit -$188.3M $228.0K
YoY Change -82685.53%
Gross Profit Margin -326.48% 72.84%
Selling, General & Admin $223.2M $131.7M
YoY Change 69.51% 827.13%
% of Gross Profit 57742.11%
Research & Development $186.1M $167.4M
YoY Change 11.18% 52.43%
% of Gross Profit 73407.46%
Depreciation & Amortization $38.24M $4.919M
YoY Change 677.43% 227.93%
% of Gross Profit 2157.46%
Operating Expenses $409.2M $299.0M
YoY Change 36.86% 141.15%
Operating Profit -$597.5M -$298.8M
YoY Change 99.98% 140.96%
Interest Expense $7.705M $5.000K
YoY Change 154000.0% -100.09%
% of Operating Profit
Other Income/Expense, Net $516.6M -$449.2M
YoY Change -215.01% 449055.0%
Pretax Income -$80.96M -$747.9M
YoY Change -89.18% 476.68%
Income Tax $300.0K $4.000K
% Of Pretax Income
Net Earnings -$81.29M -$748.0M
YoY Change -89.13% 477.12%
Net Earnings / Revenue -140.94% -238962.3%
Basic Earnings Per Share -$0.05 -$89.29
Diluted Earnings Per Share -$0.36 -$89.29
COMMON SHARES
Basic Shares Outstanding 1.654B shares 32.65M shares
Diluted Shares Outstanding 1.682B shares 32.65M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.392B $810.5M
YoY Change 565.26%
Cash & Equivalents $5.392B $838.0M
Short-Term Investments $505.0K
Other Short-Term Assets $95.49M $51.17M
YoY Change 86.6%
Inventory $333.9M $6.310M
Prepaid Expenses $42.33M
Receivables $867.0K $637.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.864B $868.6M
YoY Change 575.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.494B $899.9M
YoY Change 66.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.24M $31.27M
YoY Change 38.3%
Total Long-Term Assets $1.537B $931.2M
YoY Change 65.1%
TOTAL ASSETS
Total Short-Term Assets $5.864B $868.6M
Total Long-Term Assets $1.537B $931.2M
Total Assets $7.402B $1.800B
YoY Change 311.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.44M $9.229M
YoY Change 619.9%
Accrued Expenses $41.21M $29.20M
YoY Change 41.14%
Deferred Revenue
YoY Change
Short-Term Debt $4.399M $0.00
YoY Change
Long-Term Debt Due $4.485M $2.510M
YoY Change 78.69%
Total Short-Term Liabilities $511.9M $259.3M
YoY Change 97.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.988B $4.244M
YoY Change 46743.71%
Other Long-Term Liabilities $194.9M $1.309B
YoY Change -85.12%
Total Long-Term Liabilities $2.183B $1.314B
YoY Change 66.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.9M $259.3M
Total Long-Term Liabilities $2.183B $1.314B
Total Liabilities $3.572B $1.573B
YoY Change 127.13%
SHAREHOLDERS EQUITY
Retained Earnings -$6.100B
YoY Change
Common Stock $167.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.72M
YoY Change
Treasury Stock Shares 857.8K shares
Shareholders Equity $3.829B -$4.228B
YoY Change
Total Liabilities & Shareholders Equity $7.402B $1.800B
YoY Change 311.26%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$81.29M -$748.0M
YoY Change -89.13% 477.12%
Depreciation, Depletion And Amortization $38.24M $4.919M
YoY Change 677.43% 227.93%
Cash From Operating Activities -$494.6M -$218.7M
YoY Change 126.15% 167.03%
INVESTING ACTIVITIES
Capital Expenditures -$185.1M -$94.78M
YoY Change 95.28% -192.82%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$185.1M -$94.78M
YoY Change 95.28% -7.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$187.3M $511.1M
YoY Change -136.65% 155.55%
NET CHANGE
Cash From Operating Activities -$494.6M -$218.7M
Cash From Investing Activities -$185.1M -$94.78M
Cash From Financing Activities -$187.3M $511.1M
Net Change In Cash -$867.0M $197.6M
YoY Change -538.8% 1136.5%
FREE CASH FLOW
Cash From Operating Activities -$494.6M -$218.7M
Capital Expenditures -$185.1M -$94.78M
Free Cash Flow -$309.6M -$123.9M
YoY Change 149.76% -32.64%

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CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2021Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Current Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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3011000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Repayments Of Notes Payable
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Interest Paid Net
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 lcid Change In Capital Expenditures Incurred But Not Yet Paid
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CY2021Q1 lcid Change In Capital Expenditures Incurred But Not Yet Paid
ChangeInCapitalExpendituresIncurredButNotYetPaid
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CY2022Q1 lcid Right Of Use Asset Obtained In Exchange For Lease Liability
RightOfUseAssetObtainedInExchangeForLeaseLiability
10008000 USD
CY2021Q1 lcid Right Of Use Asset Obtained In Exchange For Lease Liability
RightOfUseAssetObtainedInExchangeForLeaseLiability
4073000 USD
CY2022Q1 lcid Issuance Of Convertible Preferred Stock Upon Exercise Of Preferred Stock Warrants
IssuanceOfConvertiblePreferredStockUponExerciseOfPreferredStockWarrants
0 USD
CY2021Q1 lcid Issuance Of Convertible Preferred Stock Upon Exercise Of Preferred Stock Warrants
IssuanceOfConvertiblePreferredStockUponExerciseOfPreferredStockWarrants
9936000 USD
CY2022Q1 lcid Issuance Of Convertible Preferred Share Contingent Forward Contracts
IssuanceOfConvertiblePreferredShareContingentForwardContracts
0 USD
CY2021Q1 lcid Issuance Of Convertible Preferred Share Contingent Forward Contracts
IssuanceOfConvertiblePreferredShareContingentForwardContracts
2167332000 USD
CY2022Q1 us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid Group, Inc. (“Lucid”) is a technology and automotive company focused on designing, developing, manufacturing, and selling the next generation of EV, EV powertrains and battery systems.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid was originally incorporated in Delaware on April 30, 2020 under the name Churchill Capital Corp IV (formerly known as Annetta Acquisition Corp) (“Churchill”) as a special purpose acquisition company with the purpose of effecting a merger with one or more operating businesses. On February 22, 2021, Churchill entered into a definitive merger agreement (the “Merger Agreement”) with Atieva, Inc. (“Legacy Lucid”) in which Legacy Lucid would become a wholly owned subsidiary of Churchill (the “Merger”). Upon the closing of the Merger on July 23, 2021 (the “Closing”), Churchill was immediately renamed to “Lucid Group, Inc.” The Merger between Churchill and Legacy Lucid was accounted for as a reverse recapitalization. See Note 3</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">– Reverse Recapitalization for more information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Throughout the notes to the condensed consolidated financial statements, unless otherwise noted, the “Company,” “we,” “us” or “our” and similar terms refer to Legacy Lucid and its subsidiaries prior to the consummation of the Merger, and Lucid and its subsidiaries after the consummation of the Merger.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company devotes its efforts to business planning, research and development, recruiting of management and technical staff, acquiring operating assets, and raising capital.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From inception through March 31, 2022, the Company has incurred operating losses and negative cash flows from operating activities. For the three months ended March 31, 2022 and 2021, the Company has incurred operating losses, including net losses of $81.3 million and $748.0 million, respectively. The Company has an accumulated deficit of $6.1 billion as of March 31, 2022. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter ended June 30, 2021, the Company completed the first phase of the construction of its newly built manufacturing plant in Casa Grande, Arizona (the “Arizona plant”). The Company began commercial production of its first vehicle, the Lucid Air, in September 2021 and delivered its first vehicles in late October 2021. The Company continues to expand the Arizona plant, start of construction of a manufacturing facility in the Kingdom of Saudi Arabia, and build-out of a network of retail sales and service locations. The Company has plans for continued development of additional vehicle model types for future release. The aforementioned activities will require considerable capital, above and beyond the expected cash inflows from the initial sales of the Lucid Air. As such, the future operating plan involves considerable risk if secure funding sources are not identified and confirmed.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s existing sources of liquidity include cash and cash equivalents. Historically, the Company funded operations primarily with issuances of convertible preferred stock and convertible notes. Upon the completion of the Merger, the Company received $4,400.3 million in cash proceeds, net of transaction costs.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In December 2021, the Company issued an aggregate of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$2,012.5 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> principal amount of 1.25% convertible senior notes due in December 2026. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certain Significant Risks and Uncertainties</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s current business activities consist of research and development efforts to design and develop a high-performance fully electric vehicle and advanced electric vehicle powertrain components, including battery pack systems; building of the Company’s production operations in Casa Grande, Arizona; and build-out of the Company’s retail stores and service centers for distribution of the vehicles to customers. The Company is subject to the risks associated with such activities, including the need to further develop its technology, its marketing, and distribution channels; further develop its supply chain and manufacturing; and hire additional management and other key personnel. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including our ability to access potential markets, and secure long-term financing.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company participates in a dynamic high-technology industry. Changes in any of the following areas could have a material adverse impact on the Company’s future financial position, results of operations, and/or cash flows: advances and trends in new technologies; competitive pressures; changes in the overall demand for its products and services; acceptance of the Company’s products and services; litigation or claims against the Company based on intellectual property, patent, regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic continues to impact the global economy and cause significant macroeconomic uncertainty. Infection rates vary across the jurisdictions in which the Company operates. Governmental authorities have continued to implement numerous and constantly evolving measures to try to contain the virus, such as travel bans and restrictions, masking recommendations and mandates, vaccine recommendations and mandates, limits on gatherings, quarantines, shelter-in-place orders and business shutdowns. The Company has taken proactive action to protect the health and safety of its employees, customers, partners and suppliers, consistent with the latest and evolving governmental guidelines. The Company expects to continue to implement appropriate measures until the COVID-19 pandemic is adequately contained. The Company continues to monitor the rapidly evolving situation and guidance from international and domestic authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations and requirements or as the Company otherwise sees fit to protect the health and safety of its employees, customers, partners and suppliers.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While certain of the Company and its suppliers’ operations have from time-to-time been temporarily affected by government-mandated restrictions, the Company was able to commence deliveries of the Lucid Air to customers and to proceed with the construction of the Arizona plant. Broader impacts of the pandemic have included inflationary pressure as well as ongoing, industry-wide challenges in logistics and supply chains, such as increased port congestion, intermittent supplier delays and a shortfall of semiconductor supply. Because the Company relies on third party suppliers for the development, manufacture, and/or provision and development of many of the key components and materials used in its vehicles, as well as provisioning and servicing equipment in its manufacturing facilities, the Company has been affected by inflation and such industry-wide challenges in logistics and supply chains. While the Company continues to focus on mitigating risks to its operations and supply chain in the current industry environment, the Company expects that these industry-wide trends will continue to affect its cost structure as well as its ability and the ability of its suppliers to obtain parts, components and manufacturing equipment on a timely basis for the foreseeable future.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the current circumstances, given the dynamic nature of the situation, any impact on the Company’s financial condition, results of operations or cash flows in the future continues to be difficult to estimate and predict, as it depends on future events that are highly uncertain and cannot be predicted with accuracy, including, but not limited to, the duration and continued spread of the outbreak, its severity, potential additional waves of infection, the emergence of more virulent or more dangerous strains of the virus, the actions taken to mitigate the virus or its impact, the development, distribution, efficacy and acceptance of vaccines worldwide, how quickly and to what extent normal economic and operating conditions can resume, the broader impact that the pandemic is having on the economy and our industry and specific implications the pandemic may have on the Company’s suppliers and on global logistics. See “Risk Factors” in Part II, Item 1A of this </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quarterly Report </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on Form 10-Q (the “Quarterly Report”) for additional information regarding risks associated with the COVID-19 pandemic, including under the caption “The ongoing COVID-19 pandemic has adversely affected, and we cannot predict its ultimate impact on, our business, results of operations and financial condition.”</span></div>
CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, inventory valuation, the determination of the useful lives of property and equipment, fair value of preferred stock warrants, fair value of common stock warrants, fair value of contingent forward contracts liability, valuation of deferred income tax assets and uncertain tax positions, fair value of common stock and other assumptions used to measure stock-based compensation expense, and estimated incremental borrowing rates for assessing operating and financing lease liabilities. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable </span></div>under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
CY2022Q1 us-gaap Cash
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CY2021Q4 us-gaap Cash
Cash
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CY2021Q1 us-gaap Cash
Cash
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CY2020Q4 us-gaap Cash
Cash
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CY2021Q1 us-gaap Restricted Cash Current
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CY2021Q1 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Concentration Risk Credit Risk
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Concentration of Credit RiskFinancial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and accounts receivable. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits, but at times its deposits may exceed federally insured limits. Further, accounts receivable primarily consists of current trade receivables from a single customer as of March 31, 2022 and December 31, 2021, which relates specifically to sales of its battery packs.
CY2021Q3 us-gaap Common Stock Shares Outstanding
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CY2021Q3 lcid Reverse Recapitalization Conversion Price
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CY2021Q3 lcid Recapitalization Exchange Ratio
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CY2021Q3 lcid Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments And Options Outstanding Number
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42182931 shares
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CY2021Q3 lcid Reverse Recapitalization Conversion Price
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CY2021Q3 us-gaap Temporary Equity Shares Issued
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CY2021Q3 us-gaap Temporary Equity Shares Outstanding
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CY2021Q3 us-gaap Common Stock Shares Outstanding
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CY2021Q3 lcid Share Based Payment Award Options Converted
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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CY2021Q3 lcid Share Based Payment Award Non Option Equity Instruments Converted Reverse Recapitalization
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CY2021Q3 lcid Reverse Recapitalization Working Capital Loan Converted Amount
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CY2021Q3 lcid Debt Conversion Converted Instrument Warrants Or Options Issued Price Per Warrant
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1.00
CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Shares
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17250000 shares
CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
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14783333 shares
CY2021Q3 lcid Reverse Recapitalization Conversion Price
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10.00
CY2021Q3 lcid Stock Issued During Period Shares Reverse Recapitalization
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111531080 shares
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
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14783333 shares
CY2021Q3 lcid Proceeds From Reverse Recapitalization
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4439200000 USD
CY2021Q3 lcid Cash Acquired Through Reverse Recapitalization
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2070100000 USD
CY2021Q3 us-gaap Proceeds From Issuance Of Private Placement
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2500000000 USD
CY2021Q3 us-gaap Cash
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400000 USD
CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
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200000 USD
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Shares
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21644 shares
CY2021Q3 lcid Reverse Recapitalization Transaction Costs Incurred
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38900000 USD
CY2021Q3 lcid Adjustments To Additional Paid In Capital Reduction For Reverse Recapitalization Transaction Costs
AdjustmentsToAdditionalPaidInCapitalReductionForReverseRecapitalizationTransactionCosts
36200000 USD
CY2021Q3 lcid Reverse Recapitalization Transaction Costs Expensed
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2700000 USD
CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
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4400300000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
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234444000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
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87646000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
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43082000 USD
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30641000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q1 us-gaap Inventory Net
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333906000 USD
CY2021Q4 us-gaap Inventory Net
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127250000 USD
CY2022Q1 us-gaap Inventory Write Down
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96400000 USD
CY2021Q1 us-gaap Inventory Write Down
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0 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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1268166000 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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124131000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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86013000 USD
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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38200000 USD
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DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
4900000 USD
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12225000 USD
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15796000 USD
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23966000 USD
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4399000 USD
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1.94
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0 shares
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2021 lcid Class Of Warrant Or Right Number Of Warrants Exercised In Noncash Transaction
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CY2021 us-gaap Proceeds From Warrant Exercises
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CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CommonStockCapitalSharesReservedForFutureIssuance
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ReverseRecapitalizationContingentConsiderationWarrantsTargetSharePriceThresholdTradingDays
40 day
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Target Share Price Threshold Consecutive Trading Days
ReverseRecapitalizationContingentConsiderationWarrantsTargetSharePriceThresholdConsecutiveTradingDays
60 day
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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CY2022Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
8000000 shares
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
174551000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
104795000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
166625000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
161974000 USD
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OperatingLeaseLiabilityCurrent
12448000 USD
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OperatingLeaseLiabilityCurrent
11056000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
189516000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
185323000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
201964000 USD
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OperatingLeaseLiability
196379000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10812000 USD
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10567000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10812000 USD
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10567000 USD
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
4485000 USD
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
4183000 USD
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
6039000 USD
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
6083000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
10524000 USD
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
10266000 USD
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
9578000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
6303000 USD
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
778000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
580000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1096000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
615000 USD
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
145000 USD
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
72000 USD
CY2022Q1 lcid Finance Lease Cost
FinanceLeaseCost
1241000 USD
CY2021Q1 lcid Finance Lease Cost
FinanceLeaseCost
687000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
11597000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
7570000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1062
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1098
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0567
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0558
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
23616000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
3708000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
39618000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
4613000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
40076000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2012000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
39265000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
500000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
35545000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
362000 USD
CY2022Q1 lcid Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
135060000 USD
CY2022Q1 lcid Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
101000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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313180000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
11296000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
111216000 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
772000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
201964000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
10524000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
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12448000 USD
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
4485000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
189516000 USD
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
6039000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 USD
CY2022Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
45300000 USD
CY2022Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
42900000 USD
CY2022Q1 us-gaap Purchase Obligation Due In Second Year
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49800000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.000
CY2022Q1 us-gaap Purchase Obligation
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138000000 USD
CY2022Q1 us-gaap Net Income Loss
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-81286000 USD
CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2021Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2167333000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-81286000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-2915285000 USD
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1654322379 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1654322379 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32650874 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32650874 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
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-0.05
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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166023641 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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1
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
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0 USD
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
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0 USD
CY2021Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 USD

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