2023 Q2 Form 10-Q Financial Statement

#000162828023015672 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $171.3M $170.7M
YoY Change -12.17% -10.17%
Cost Of Revenue $6.346M $6.466M
YoY Change -15.86% -8.52%
Gross Profit $165.0M $164.2M
YoY Change -12.02% -10.24%
Gross Profit Margin 96.3% 96.21%
Selling, General & Admin $63.58M $68.83M
YoY Change -18.62% -17.58%
% of Gross Profit 38.54% 41.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.478M $7.733M
YoY Change -15.2% -13.61%
% of Gross Profit 4.53% 4.71%
Operating Expenses $151.1M $168.5M
YoY Change -20.34% -13.43%
Operating Profit $13.89M $2.858M
YoY Change 115.78% -188.54%
Interest Expense -$9.041M $10.50M
YoY Change -187.84% -0.21%
% of Operating Profit -65.07% 367.42%
Other Income/Expense, Net $555.0K -$10.30M
YoY Change -109.12% 55.75%
Pretax Income $2.528M -$7.437M
YoY Change 618.18% -24.41%
Income Tax $394.0K -$2.100M
% Of Pretax Income 15.59%
Net Earnings $1.503M -$5.885M
YoY Change -658.74% -19.12%
Net Earnings / Revenue 0.88% -3.45%
Basic Earnings Per Share $0.26 -$1.01
Diluted Earnings Per Share $0.25 -$1.01
COMMON SHARES
Basic Shares Outstanding 6.040M shares 6.040M shares
Diluted Shares Outstanding 5.908M shares 5.823M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.96M $19.03M
YoY Change 8.26% 24.1%
Cash & Equivalents $16.96M $19.03M
Short-Term Investments
Other Short-Term Assets $15.10M $13.81M
YoY Change 11.99% 6.37%
Inventory $7.933M $10.35M
Prepaid Expenses
Receivables $69.18M $67.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $109.2M $110.8M
YoY Change -3.15% 6.96%
LONG-TERM ASSETS
Property, Plant & Equipment $66.09M $68.38M
YoY Change -12.78% -12.54%
Goodwill $329.5M $329.5M
YoY Change 0.0% -0.21%
Intangibles $107.1M $111.7M
YoY Change -23.62% -23.24%
Long-Term Investments $29.65M $28.61M
YoY Change 9.62% 6.54%
Other Assets $12.26M $12.16M
YoY Change 16.61% -7.31%
Total Long-Term Assets $613.7M $622.3M
YoY Change -10.04% -10.05%
TOTAL ASSETS
Total Short-Term Assets $109.2M $110.8M
Total Long-Term Assets $613.7M $622.3M
Total Assets $722.8M $733.1M
YoY Change -9.06% -7.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.47M $40.25M
YoY Change 10.99% 46.95%
Accrued Expenses $32.33M $35.32M
YoY Change -25.36% -14.99%
Deferred Revenue $43.88M $47.54M
YoY Change -22.69% -23.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.013M
YoY Change
Total Short-Term Liabilities $124.7M $131.3M
YoY Change -12.54% -6.09%
LONG-TERM LIABILITIES
Long-Term Debt $458.0M $460.0M
YoY Change -0.99% -0.55%
Other Long-Term Liabilities $25.08M $25.06M
YoY Change -3.71% -5.4%
Total Long-Term Liabilities $483.1M $485.1M
YoY Change -1.13% -0.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.7M $131.3M
Total Long-Term Liabilities $483.1M $485.1M
Total Liabilities $708.2M $720.1M
YoY Change -4.32% -2.69%
SHAREHOLDERS EQUITY
Retained Earnings -$264.5M -$266.0M
YoY Change 9.92% 10.67%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.21M $10.38M
YoY Change
Total Liabilities & Shareholders Equity $722.8M $733.1M
YoY Change -9.06% -7.83%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.503M -$5.885M
YoY Change -658.74% -19.12%
Depreciation, Depletion And Amortization $7.478M $7.733M
YoY Change -15.2% -13.61%
Cash From Operating Activities -$2.131M $2.339M
YoY Change -261.2% -298.89%
INVESTING ACTIVITIES
Capital Expenditures $1.512M $1.092M
YoY Change -229.45% -139.1%
Acquisitions
YoY Change
Other Investing Activities $1.568M $2.094M
YoY Change -895.94% 191.24%
Cash From Investing Activities $56.00K $1.002M
YoY Change -104.1% -148.31%
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 -2.657M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.131M 2.339M
Cash From Investing Activities 56.00K 1.002M
Cash From Financing Activities 0.000 -2.657M
Net Change In Cash -2.075M 684.0K
YoY Change -736.5% -121.05%
FREE CASH FLOW
Cash From Operating Activities -$2.131M $2.339M
Capital Expenditures $1.512M $1.092M
Free Cash Flow -$3.643M $1.247M
YoY Change -246.31% -22.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
LEE ENTERPRISES, INC
dei Entity Central Index Key
EntityCentralIndexKey
0000058361
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-24
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
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false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-03-26
dei Document Transition Report
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dei Entity File Number
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dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
42-0823980
dei Entity Address Address Line1
EntityAddressAddressLine1
4600 E. 53rd Street
dei Entity Address City Or Town
EntityAddressCityOrTown
Davenport
dei Entity Address State Or Province
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IA
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
383-2100
dei Security12b Title
Security12bTitle
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dei Trading Symbol
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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StockholdersEquity
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CY2021Q4 us-gaap Net Income Loss
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CY2021Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
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lee Multiemployer Plans Withdrawal Cost
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us-gaap Share Based Compensation
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ShareBasedCompensation
699000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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GainLossOnSaleOfPropertyPlantEquipment
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lee Proceeds From Payments To Collateralize Letters Of Credit
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OtherOperatingActivitiesCashFlowStatement
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lee Increase Decrease In Receivables And Contract Assets
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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IncreaseDecreaseInPensionAndPostretirementObligations
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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lee Distributions Greater Less Than Earnings Of Tni And Mni
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PaymentsForProceedsFromOtherInvestingActivities
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2560000 usd
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RepaymentsOfLongTermDebt
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us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
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us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2845000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19030000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15335000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
170687000 usd
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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AccountsReceivableGross
72700000 usd
CY2022Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
74800000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5100000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5200000 usd
CY2023Q1 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
23400000 usd
CY2022Q3 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
25000000 usd
CY2023Q1 lee Multiemployer Plans Withdrawal Obligation Period
MultiemployerPlansWithdrawalObligationPeriod
P20Y
CY2022Q3 us-gaap Goodwill
Goodwill
329504000 usd
CY2021Q3 us-gaap Goodwill
Goodwill
330204000 usd
CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0 usd
CY2022Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
700000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
329504000 usd
CY2022Q3 us-gaap Goodwill
Goodwill
329504000 usd
CY2023Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
441247000 usd
CY2022Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
450877000 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5885000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3100000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8700000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.315
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.320
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.253
CY2023Q1 lee Number Of State And Local Jurisdictions
NumberOfStateAndLocalJurisdictions
27 jurisdiction
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5996000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5955000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
6018000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5919000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
173000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
178000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
172000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
167000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5823000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5777000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5846000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5752000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68186 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
107000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5823000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5777000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5846000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5859000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareBasic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68186 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01

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