2024 Q2 Form 10-Q Financial Statement

#000095017024050522 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $140.1M $138.2M
YoY Change -15.54% -23.63%
Cost Of Revenue $112.7M $115.9M
YoY Change -13.22% -16.81%
Gross Profit $27.42M $22.28M
YoY Change -23.91% -46.45%
Gross Profit Margin 19.57% 16.12%
Selling, General & Admin $11.55M $10.29M
YoY Change 19.83% 4.33%
% of Gross Profit 42.12% 46.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.82M $17.11M
YoY Change 8.98% -1.86%
% of Gross Profit 68.64% 76.82%
Operating Expenses $11.55M $11.02M
YoY Change 32.18% 11.67%
Operating Profit $14.40M $11.26M
YoY Change -47.23% -63.12%
Interest Expense $8.385M -$9.729M
YoY Change -170.84% -179.67%
% of Operating Profit 58.22% -86.4%
Other Income/Expense, Net $2.908M $3.561M
YoY Change -22.74% 2.45%
Pretax Income $10.81M $6.226M
YoY Change -61.5% -71.44%
Income Tax $1.250M $603.0K
% Of Pretax Income 11.57% 9.69%
Net Earnings $9.555M $5.623M
YoY Change -61.92% -64.64%
Net Earnings / Revenue 6.82% 4.07%
Basic Earnings Per Share $0.13 $0.08
Diluted Earnings Per Share $0.13 $0.08
COMMON SHARES
Basic Shares Outstanding 71.54M 73.00M
Diluted Shares Outstanding 72.03M 73.17M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.3M $265.2M
YoY Change -31.09% -37.71%
Cash & Equivalents $216.3M $126.0M
Short-Term Investments $0.00 $139.2M
Other Short-Term Assets $52.56M $58.31M
YoY Change -0.49% -10.03%
Inventory $21.27M $21.96M
Prepaid Expenses
Receivables $41.92M $53.74M
Other Receivables $0.00 $0.00
Total Short-Term Assets $332.0M $399.2M
YoY Change -24.56% -31.14%
LONG-TERM ASSETS
Property, Plant & Equipment $830.1M $859.4M
YoY Change -3.53% 1.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.98M $28.68M
YoY Change 1.34% 24.62%
Total Long-Term Assets $857.1M $860.9M
YoY Change -0.58% -0.59%
TOTAL ASSETS
Total Short-Term Assets $332.0M $399.2M
Total Long-Term Assets $857.1M $860.9M
Total Assets $1.189B $1.260B
YoY Change -8.68% -12.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.34M $56.06M
YoY Change 12.51% -17.96%
Accrued Expenses $25.54M $38.82M
YoY Change -18.16% -11.0%
Deferred Revenue
YoY Change
Short-Term Debt $4.551M $9.018M
YoY Change -11.08% -11.31%
Long-Term Debt Due $5.871M $5.742M
YoY Change 9.31% -32.79%
Total Short-Term Liabilities $97.31M $109.6M
YoY Change 1.13% -16.09%
LONG-TERM LIABILITIES
Long-Term Debt $479.8M $543.8M
YoY Change -17.03% -22.54%
Other Long-Term Liabilities $18.01M $18.78M
YoY Change 8.0% 34.34%
Total Long-Term Liabilities $479.8M $562.6M
YoY Change -19.35% -19.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.31M $109.6M
Total Long-Term Liabilities $479.8M $562.6M
Total Liabilities $577.1M $741.9M
YoY Change -24.3% -10.9%
SHAREHOLDERS EQUITY
Retained Earnings $242.2M $232.6M
YoY Change 0.88% 8.21%
Common Stock $9.117M $9.117M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $229.9M $224.7M
YoY Change 10.59% 17.4%
Treasury Stock Shares
Shareholders Equity $522.8M $518.2M
YoY Change
Total Liabilities & Shareholders Equity $1.189B $1.260B
YoY Change -8.68% -12.84%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $9.555M $5.623M
YoY Change -61.92% -64.64%
Depreciation, Depletion And Amortization $18.82M $17.11M
YoY Change 8.98% -1.86%
Cash From Operating Activities $41.38M $24.11M
YoY Change -5.31% -59.31%
INVESTING ACTIVITIES
Capital Expenditures $14.76M $18.29M
YoY Change 6.76% -0.81%
Acquisitions
YoY Change
Other Investing Activities $135.6M $66.19M
YoY Change 26.28% -601818.18%
Cash From Investing Activities $120.9M $47.90M
YoY Change 29.17% -175.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -74.46M -44.52M
YoY Change -47.26% 316.52%
NET CHANGE
Cash From Operating Activities 41.38M 24.11M
Cash From Investing Activities 120.9M 47.90M
Cash From Financing Activities -74.46M -44.52M
Net Change In Cash 87.81M 27.49M
YoY Change -2364.92% -285.5%
FREE CASH FLOW
Cash From Operating Activities $41.38M $24.11M
Capital Expenditures $14.76M $18.29M
Free Cash Flow $26.62M $5.820M
YoY Change -10.89% -85.74%

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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Repayments Of Senior Debt
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CY2024Q1 us-gaap Repayments Of Other Long Term Debt
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CY2023Q1 us-gaap Repayments Of Other Long Term Debt
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CY2024Q1 us-gaap Repayments Of Short Term Debt
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CY2023Q1 us-gaap Repayments Of Short Term Debt
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CY2024Q1 lxu Acquisition Of Treasury Stock
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CY2024Q1 lxu Payments Of Debt Related Costs
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CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-2541000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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48949000
CY2024Q1 lxu Number Of Facilities For Manufacture And Distribution Of Products
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4
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">–</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
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150000000
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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116000000
CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
39343000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
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31484000
CY2024Q1 lxu Accrued And Other Liabilities Noncurrent
AccruedAndOtherLiabilitiesNoncurrent
523000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125991000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98500000
CY2024Q1 us-gaap Restricted Cash
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2532000
CY2023Q4 us-gaap Restricted Cash
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2532000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
128523000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
101032000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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15901000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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72842000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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75807000
CY2024Q1 lxu Unvested Restricted Stock And Stock Units
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331000
CY2023Q1 lxu Unvested Restricted Stock And Stock Units
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504000
CY2024Q1 lxu Lessee Operating Lease Lease Not Yet Commenced Lease Obligations Incurred
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1100000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
5623000
CY2023Q1 us-gaap Net Income Loss
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15901000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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5623000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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5623000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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15901000
CY2024Q1 lxu Dilutive Potential Common Shares1
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331000
CY2023Q1 lxu Dilutive Potential Common Shares1
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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76311000
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0.08
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2024Q1 us-gaap Earnings Per Share Diluted
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0.08
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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727563
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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408301
CY2024Q1 us-gaap Interest Payable Current And Noncurrent
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CY2023Q4 us-gaap Interest Payable Current And Noncurrent
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7487000
CY2024Q1 us-gaap Operating Lease Liability Current
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9037000
CY2023Q4 us-gaap Operating Lease Liability Current
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8795000
CY2024Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
5060000
CY2023Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
9400000
CY2024Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
2453000
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
2198000
CY2024Q1 lxu Customer Deposits Current And Noncurrent
CustomerDepositsCurrentAndNoncurrent
2369000
CY2023Q4 lxu Customer Deposits Current And Noncurrent
CustomerDepositsCurrentAndNoncurrent
874000
CY2024Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
4912000
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2730000
CY2023Q4 lxu Accrued And Other Liabilities Noncurrent
AccruedAndOtherLiabilitiesNoncurrent
523000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38820000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
30961000
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
2190000
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
953000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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7473000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
8365000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
549577000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
581721000
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5742000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5847000
CY2024Q1 us-gaap Long Term Debt Noncurrent
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543835000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
575874000
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies
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400000
CY2024Q1 lxu Insurance Coverage Of General Liability And Auto Liability Risks
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100000000
CY2024Q1 lxu Product Liability Deductible Per Claim
ProductLiabilityDeductiblePerClaim
300000
CY2024Q1 lxu Number Of Active Litigation In Years
NumberOfActiveLitigationInYears
P10Y
CY2024Q1 lxu Liability Reserve
LiabilityReserve
0
CY2024Q1 lxu Financial Instruments With Fair Values
FinancialInstrumentsWithFairValues
0
CY2023Q4 lxu Financial Instruments With Fair Values
FinancialInstrumentsWithFairValues
0
CY2024Q1 us-gaap Short Term Investments
ShortTermInvestments
139000000
CY2024Q1 lxu Short Term Investments Fair Value
ShortTermInvestmentsFairValue
139000000
CY2023Q4 us-gaap Short Term Investments
ShortTermInvestments
207000000
CY2023Q4 lxu Short Term Investments Fair Value
ShortTermInvestmentsFairValue
207000000
CY2024Q1 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
95.5
CY2023Q4 us-gaap Debt Instrument Measurement Input
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94.5
CY2024Q1 us-gaap Current State And Local Tax Expense Benefit
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CY2023Q1 us-gaap Current State And Local Tax Expense Benefit
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290000
CY2024Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Current Income Tax Expense Benefit
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290000
CY2024Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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985000
CY2023Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
4622000
CY2024Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-166000
CY2023Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
986000
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
819000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5608000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
603000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5898000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.097
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5900000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.271
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 34 months
CY2024Q1 lxu Weighted Average Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
WeightedAverageRevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P34M
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2400000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
100000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
72600000
CY2024Q1 lxu Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Percent
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPercent
0.65
CY2024Q1 lxu Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Percent
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPercent
0.19
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-112000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
19957000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21761000
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1134000
CY2024Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
426000

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