2024 Q2 Form 10-Q Financial Statement

#000088933124000129 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q2
Revenue $558.5M $535.4M $609.8M
YoY Change -8.41% -2.17%
Cost Of Revenue $351.5M $347.6M $364.8M
YoY Change -3.66% 0.02%
Gross Profit $207.0M $187.8M $245.0M
YoY Change -15.49% -5.27%
Gross Profit Margin 37.07% 35.08% 40.17%
Selling, General & Admin $93.37M $86.13M $88.31M
YoY Change 5.73% 16.95%
% of Gross Profit 45.11% 45.86% 36.05%
Research & Development $27.15M $27.67M $27.29M
YoY Change -0.53% 39.55%
% of Gross Profit 13.11% 14.73% 11.14%
Depreciation & Amortization $32.78M $32.49M $34.48M
YoY Change -4.94% 21.85%
% of Gross Profit 15.84% 17.3% 14.08%
Operating Expenses $141.5M $132.9M $134.3M
YoY Change 5.35% 24.36%
Operating Profit $65.51M $54.95M $110.6M
YoY Change -40.79% -26.53%
Interest Expense -$9.660M $9.611M $9.646M
YoY Change -200.15% 124.22%
% of Operating Profit -14.75% 17.49% 8.72%
Other Income/Expense, Net $5.298M $5.321M $6.233M
YoY Change -15.0% -240.8%
Pretax Income $61.14M $55.70M $108.9M
YoY Change -43.85% -18.8%
Income Tax $15.68M $7.252M $20.16M
% Of Pretax Income 25.64% 13.02% 18.51%
Net Earnings $45.47M $48.45M $88.75M
YoY Change -48.77% -24.48%
Net Earnings / Revenue 8.14% 9.05% 14.55%
Basic Earnings Per Share $1.83 $1.95 $3.58
Diluted Earnings Per Share $1.82 $1.93 $3.54
COMMON SHARES
Basic Shares Outstanding 24.78M shares 24.92M shares 24.78M shares
Diluted Shares Outstanding 25.03M shares 25.12M shares 25.06M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $562.7M $562.4M $425.2M
YoY Change 32.34% -7.89%
Cash & Equivalents $561.7M $562.2M $425.1M
Short-Term Investments $971.0K $231.0K $85.00K
Other Short-Term Assets $125.7M $121.1M $86.12M
YoY Change 45.96% 32.52%
Inventory $451.2M $456.1M $559.8M
Prepaid Expenses
Receivables $318.0M $295.9M $324.6M
Other Receivables $6.413M $8.574M $5.857M
Total Short-Term Assets $1.464B $1.444B $1.402B
YoY Change 4.45% 6.33%
LONG-TERM ASSETS
Property, Plant & Equipment $472.5M $479.4M $492.4M
YoY Change -4.03% 11.39%
Goodwill $1.288B $1.295B $1.289B
YoY Change -0.11% 39.12%
Intangibles $566.0M $584.6M $647.0M
YoY Change -12.51% 65.1%
Long-Term Investments $22.90M $24.20M $26.58M
YoY Change -13.83% -22.67%
Other Assets $41.25M $41.83M $34.63M
YoY Change 19.13% 36.98%
Total Long-Term Assets $2.461B $2.499B $2.560B
YoY Change -3.87% 36.54%
TOTAL ASSETS
Total Short-Term Assets $1.464B $1.444B $1.402B
Total Long-Term Assets $2.461B $2.499B $2.560B
Total Assets $3.925B $3.943B $3.962B
YoY Change -0.93% 24.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.1M $172.8M $191.3M
YoY Change -7.97% -10.02%
Accrued Expenses $135.2M $124.3M $147.8M
YoY Change -8.52% 16.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $67.68M $65.82M $137.9M
YoY Change -50.93%
Total Short-Term Liabilities $418.2M $405.0M $519.6M
YoY Change -19.52% 42.23%
LONG-TERM LIABILITIES
Long-Term Debt $795.8M $800.8M $866.9M
YoY Change -8.2% 42.88%
Other Long-Term Liabilities $67.87M $80.75M $84.77M
YoY Change -19.93% 15.57%
Total Long-Term Liabilities $863.7M $881.6M $951.7M
YoY Change -9.25% 39.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $418.2M $405.0M $519.6M
Total Long-Term Liabilities $863.7M $881.6M $951.7M
Total Liabilities $1.459B $1.472B $1.471B
YoY Change -0.8% 40.74%
SHAREHOLDERS EQUITY
Retained Earnings $1.844B $1.815B $1.659B
YoY Change 11.15% 20.89%
Common Stock $262.0K $262.0K $261.0K
YoY Change 0.38% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.465B $2.471B $2.307B
YoY Change
Total Liabilities & Shareholders Equity $3.925B $3.943B $3.962B
YoY Change -0.93% 24.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q2
OPERATING ACTIVITIES
Net Income $45.47M $48.45M $88.75M
YoY Change -48.77% -24.48%
Depreciation, Depletion And Amortization $32.78M $32.49M $34.48M
YoY Change -4.94% 21.85%
Cash From Operating Activities $69.42M $57.15M $53.41M
YoY Change 29.99% 3.24%
INVESTING ACTIVITIES
Capital Expenditures $19.13M $15.55M $25.67M
YoY Change -25.47% -13.9%
Acquisitions $0.00 $158.3M
YoY Change
Other Investing Activities $933.0K $7.064M -$157.5M
YoY Change -100.59% -750209.52%
Cash From Investing Activities -$18.19M -$8.483M -$183.2M
YoY Change -90.07% 514.97%
FINANCING ACTIVITIES
Cash Dividend Paid $16.20M $14.88M
YoY Change 13.71%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -45.77M -$33.52M -$12.20M
YoY Change 275.04% -67.08%
NET CHANGE
Cash From Operating Activities 69.42M $57.15M $53.41M
Cash From Investing Activities -18.19M -$8.483M -$183.2M
Cash From Financing Activities -45.77M -$33.52M -$12.20M
Net Change In Cash 5.460M $6.597M -$137.4M
YoY Change -103.97% 669.18%
FREE CASH FLOW
Cash From Operating Activities $69.42M $57.15M $53.41M
Capital Expenditures $19.13M $15.55M $25.67M
Free Cash Flow $50.30M $41.60M $27.74M
YoY Change 81.3% 26.55%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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InventoryFinishedGoods
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CY2024Q1 us-gaap Inventory Valuation Reserves
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CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2024Q1 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Goodwill
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GoodwillGross
1336783000 usd
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CY2024Q1 us-gaap Goodwill
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FiniteLivedIntangibleAssetsGross
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15800000 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2024Q1 lfus Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
324089000 usd
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FiniteLivedIntangibleAssetsTotalEstimatedAmortizationExpense
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CY2024Q1 us-gaap Employee Related Liabilities Current
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CY2024Q1 lfus Lease Liability Current
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CY2023Q4 lfus Lease Liability Current
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CY2024Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2024Q1 lfus Other Customer Reserves
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CY2023Q4 lfus Other Customer Reserves
OtherCustomerReserves
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CY2024Q1 us-gaap Accrued Professional Fees Current
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InterestAndDividendsPayableCurrent
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CY2023Q4 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
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CY2024Q1 us-gaap Restructuring Reserve Current
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2081000 usd
CY2023Q4 us-gaap Restructuring Reserve Current
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CY2024Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
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CY2023Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
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CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
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CY2023Q4 us-gaap Deferred Revenue
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CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29862000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2024Q1 us-gaap Asset Impairment Charges
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CY2024Q1 us-gaap Restructuring Costs And Asset Impairment Charges
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RestructuringCharges
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CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
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CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
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CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
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CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3517000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3770000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
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CY2023Q4 us-gaap Long Term Debt
LongTermDebt
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CY2024Q1 us-gaap Long Term Debt Current
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65824000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2024Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
4200000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2024Q1 us-gaap Equity Securities Fv Ni
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CY2024Q1 us-gaap Trading Securities Debt
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CY2024Q1 us-gaap Assets Fair Value Disclosure
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CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2023Q4 us-gaap Equity Securities Fv Ni
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CY2023Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2024Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
795000 usd
CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
692000 usd
CY2024Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
995000 usd
CY2023Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
937000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
518000 usd
CY2023Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
469000 usd
CY2024Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-46000 usd
CY2023Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
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CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1318000 usd
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1171000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
2200000 usd
CY2024Q1 lfus Defined Benefit Plan Expected Direct Payments Next Fiscal Year
DefinedBenefitPlanExpectedDirectPaymentsNextFiscalYear
2100000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-30276000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
15000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-30291000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
12779000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-504000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
13283000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-30291000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
13283000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.130
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
48452000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
88745000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24911000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24782000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
213000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
280000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25124000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25062000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.95
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.58
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.93
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.54
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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175411 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
90297 shares
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
70280 shares
CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
16100000 usd
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
535385000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
609782000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
32493000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34482000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
54952000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
110641000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
9611000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
9646000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5042000 usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1675000 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5321000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6233000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
55704000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
108903000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
535385000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
609782000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
479435000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
493153000 usd
CY2024Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
16324000 usd
CY2023Q2 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
21463000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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