2021 Q4 Form 10-Q Financial Statement

#000104952121000051 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $220.4M $205.6M
YoY Change 7.18% 6.04%
Cost Of Revenue $133.2M $117.5M
YoY Change 13.32% 11.47%
Gross Profit $87.22M $88.12M
YoY Change -1.02% -0.44%
Gross Profit Margin 39.58% 42.86%
Selling, General & Admin $36.81M $32.90M
YoY Change 11.87% 0.3%
% of Gross Profit 42.2% 37.34%
Research & Development $28.34M $27.42M
YoY Change 3.35% 11.18%
% of Gross Profit 32.49% 31.11%
Depreciation & Amortization $21.49M $13.00M
YoY Change 65.35% 3.98%
% of Gross Profit 24.64% 14.75%
Operating Expenses $87.61M $69.35M
YoY Change 26.33% 2.46%
Operating Profit -$387.0K $18.77M
YoY Change -102.06% -9.87%
Interest Expense $1.094M $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net -$1.318M -$846.0K
YoY Change 55.79% 141.03%
Pretax Income -$2.794M $18.00M
YoY Change -115.53% -13.42%
Income Tax -$155.0K $2.198M
% Of Pretax Income 12.21%
Net Earnings -$2.639M $15.80M
YoY Change -116.7% 0.78%
Net Earnings / Revenue -1.2% 7.68%
Basic Earnings Per Share -$0.05 $0.29
Diluted Earnings Per Share -$0.05 $0.29
COMMON SHARES
Basic Shares Outstanding 55.52M shares 54.88M shares
Diluted Shares Outstanding 55.52M shares 55.34M shares

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.80M $239.1M
YoY Change -59.93% 31.37%
Cash & Equivalents $105.2M $239.1M
Short-Term Investments
Other Short-Term Assets $30.28M $23.70M
YoY Change 27.76% 47.2%
Inventory $251.3M $206.0M
Prepaid Expenses
Receivables $126.3M $99.07M
Other Receivables $0.00 $0.00
Total Short-Term Assets $708.8M $676.7M
YoY Change 4.74% 24.14%
LONG-TERM ASSETS
Property, Plant & Equipment $127.4M $94.74M
YoY Change 34.45% 30.33%
Goodwill $942.3M $614.4M
YoY Change 53.37% -0.04%
Intangibles $376.1M $200.8M
YoY Change 87.27% -10.55%
Long-Term Investments
YoY Change
Other Assets $4.186M $4.501M
YoY Change -7.0% -22.85%
Total Long-Term Assets $1.522B $976.5M
YoY Change 55.86% 0.93%
TOTAL ASSETS
Total Short-Term Assets $708.8M $676.7M
Total Long-Term Assets $1.522B $976.5M
Total Assets $2.231B $1.653B
YoY Change 34.94% 9.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.39M $63.06M
YoY Change -5.82% 75.22%
Accrued Expenses $31.39M $25.12M
YoY Change 24.95% 5.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $163.7M $146.6M
YoY Change 11.64% 35.89%
LONG-TERM LIABILITIES
Long-Term Debt $200.0M $0.00
YoY Change
Other Long-Term Liabilities $15.65M $15.28M
YoY Change 2.41% 21.11%
Total Long-Term Liabilities $15.65M $15.28M
YoY Change 2.41% 21.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $163.7M $146.6M
Total Long-Term Liabilities $15.65M $15.28M
Total Liabilities $743.7M $245.3M
YoY Change 203.17% 25.43%
SHAREHOLDERS EQUITY
Retained Earnings $364.7M $328.3M
YoY Change 11.11% 25.45%
Common Stock $556.0K $550.0K
YoY Change 1.09% 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.487B $1.408B
YoY Change
Total Liabilities & Shareholders Equity $2.231B $1.653B
YoY Change 34.94% 9.29%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.639M $15.80M
YoY Change -116.7% 0.78%
Depreciation, Depletion And Amortization $21.49M $13.00M
YoY Change 65.35% 3.98%
Cash From Operating Activities -$2.006M $22.93M
YoY Change -108.75% -28.57%
INVESTING ACTIVITIES
Capital Expenditures $5.377M $10.98M
YoY Change -51.02% -197.15%
Acquisitions $0.00
YoY Change
Other Investing Activities $3.237M $0.00
YoY Change
Cash From Investing Activities -$8.614M -$10.98M
YoY Change -21.53% -2.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.316M $66.00K
YoY Change 10984.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$7.316M -$64.00K
YoY Change 11331.25% -78.67%
NET CHANGE
Cash From Operating Activities -$2.006M $22.93M
Cash From Investing Activities -$8.614M -$10.98M
Cash From Financing Activities -$7.316M -$64.00K
Net Change In Cash -$18.04M $12.28M
YoY Change -246.82% -40.08%
FREE CASH FLOW
Cash From Operating Activities -$2.006M $22.93M
Capital Expenditures $5.377M $10.98M
Free Cash Flow -$7.383M $11.95M
YoY Change -161.78% -72.46%

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CY2020Q4 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2020Q4 us-gaap Increase Decrease In Contract With Customer Liability
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7598000 USD
CY2021Q4 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2020Q4 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021Q4 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2020Q4 us-gaap Increase Decrease In Other Noncurrent Liabilities
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1623000 USD
CY2021Q4 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q4 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q4 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021Q4 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3237000 USD
CY2020Q4 us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
CY2021Q4 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q4 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2020Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000 USD
CY2021Q4 us-gaap Payments For Repurchase Of Common Stock
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7316000 USD
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
66000 USD
CY2021Q4 us-gaap Net Cash Provided By Used In Financing Activities
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-7316000 USD
CY2020Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-64000 USD
CY2021Q4 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-99000 USD
CY2020Q4 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
397000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-18035000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12284000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
113839000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
226838000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95804000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
239122000 USD
CY2021Q4 us-gaap Interest Paid Net
InterestPaidNet
682000 USD
CY2020Q4 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2021Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13373000 USD
CY2020Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6950000 USD
CY2021Q4 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
2533000 USD
CY2020Q4 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
1369000 USD
CY2021Q4 us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mercury Systems, Inc. (the “Company” or “Mercury”) is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Headquartered in Andover, Massachusetts, the Company delivers products and solutions that power a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. The Company envisions, creates and delivers innovative technology solutions that are open, purpose-built and uncompromised to meet our customers’ most-pressing high-tech needs, including those specific to the defense community. </span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investors and others should note that the Company announces material financial information using its website (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.mrcy.com</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, webcasts, and social media, including Twitter (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">twitter.com/mrcy</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">twitter.com/mrcy_CEO</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) and LinkedIn (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.linkedin.com/company/mercury-systems</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). Therefore, the Company encourages investors and others interested in Mercury to review the information the Company posts on the social media and other communication channels listed on its website.</span></div>
CY2021Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">SE</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">OF</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> E</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">STIMATES</span></div><div style="margin-top:6pt;text-align:justify;text-indent:24.75pt"><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 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></div>
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
194367000 USD
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
162921000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29438000 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35201000 USD
CY2021Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
13137000 USD
CY2020Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9030000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
373904000 USD
CY2021Q4 mrcy Percentage Of Revenue Recognized
PercentageOfRevenueRecognized
0.69
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55376000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54883000 shares
CY2021Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
456000 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55376000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55339000 shares
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
474000 shares
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
203000 shares
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
148747000 USD
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
141774000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
63380000 USD
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
58087000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
22276000 USD
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21779000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
234403000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
221640000 USD
CY2021Q4 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reporting_unit
CY2021Q4 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reporting_unit
CY2021Q3 us-gaap Goodwill
Goodwill
804906000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
805315000 USD
CY2021Q4 us-gaap Restructuring Charges
RestructuringCharges
12274000 USD
CY2021Q4 us-gaap Restructuring Charges
RestructuringCharges
12274000 USD
CY2021Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
100 position
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-441000 USD
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2198000 USD
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7581000 USD
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
17996000 USD
CY2021Q4 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
-715000 USD
CY2020Q4 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
2480000 USD
CY2021Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
200000000 USD
CY2021Q4 us-gaap Interest Expense
InterestExpense
595000 USD
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
963000 USD
CY2021Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-48000 USD
CY2020Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-31000 USD
CY2021Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
269000 USD
CY2020Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
413000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
767000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
796000 USD
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9527000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7184000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2477000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1868000 USD
CY2021Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7050000 USD
CY2020Q4 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5316000 USD
CY2021Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2021Q4 us-gaap Revenues
Revenues
225013000 USD
CY2020Q4 us-gaap Revenues
Revenues
205621000 USD
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
128694000 USD
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
128524000 USD

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