2022 Q1 Form 10-Q Financial Statement

#000128846922000087 Filed on April 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $263.9M $209.4M
YoY Change 26.06% 237.53%
Cost Of Revenue $109.3M $97.64M
YoY Change 11.98% 212.3%
Gross Profit $154.6M $111.7M
YoY Change 38.37% 263.17%
Gross Profit Margin 58.57% 53.36%
Selling, General & Admin $40.58M $36.47M
YoY Change 11.26% 48.06%
% of Gross Profit 26.25% 32.64%
Research & Development $65.89M $63.17M
YoY Change 4.31% 145.89%
% of Gross Profit 42.62% 56.54%
Depreciation & Amortization $23.88M $22.33M
YoY Change 6.97% 33.42%
% of Gross Profit 15.45% 19.98%
Operating Expenses $106.5M $101.8M
YoY Change 4.58% 100.02%
Operating Profit $48.13M $9.918M
YoY Change 385.25% -149.26%
Interest Expense $2.349M $4.206M
YoY Change -44.15% 69.87%
% of Operating Profit 4.88% 42.41%
Other Income/Expense, Net -$3.088M -$4.310M
YoY Change -28.35% 108.11%
Pretax Income $45.04M $5.608M
YoY Change 703.12% -125.26%
Income Tax $11.50M $1.800M
% Of Pretax Income 25.53% 32.1%
Net Earnings $33.59M $3.802M
YoY Change 783.38% -124.58%
Net Earnings / Revenue 12.73% 1.82%
Basic Earnings Per Share $0.44 $0.05
Diluted Earnings Per Share $0.42 $0.05
COMMON SHARES
Basic Shares Outstanding 77.19M shares 74.85M shares
Diluted Shares Outstanding 80.64M shares 78.28M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.2M $148.1M
YoY Change 14.9% 50.51%
Cash & Equivalents $151.1M $148.1M
Short-Term Investments $19.05M
Other Short-Term Assets $19.68M $4.760M
YoY Change 313.45% -24.44%
Inventory $139.0M $92.15M
Prepaid Expenses $7.864M
Receivables $125.7M $87.52M
Other Receivables $0.00 $4.500M
Total Short-Term Assets $454.6M $345.0M
YoY Change 31.77% 91.01%
LONG-TERM ASSETS
Property, Plant & Equipment $60.02M $40.79M
YoY Change 47.16% 158.95%
Goodwill $306.7M $302.8M
YoY Change 1.28% 27.06%
Intangibles $140.2M $191.5M
YoY Change -26.83% 10.35%
Long-Term Investments
YoY Change
Other Assets $21.38M $7.551M
YoY Change 183.15% 330.99%
Total Long-Term Assets $644.6M $653.6M
YoY Change -1.39% 27.46%
TOTAL ASSETS
Total Short-Term Assets $454.6M $345.0M
Total Long-Term Assets $644.6M $653.6M
Total Assets $1.099B $998.6M
YoY Change 10.07% 44.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.21M $39.06M
YoY Change 54.15% 187.28%
Accrued Expenses $75.55M $77.76M
YoY Change -2.83% 153.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $234.8M $197.6M
YoY Change 18.8% 216.58%
LONG-TERM LIABILITIES
Long-Term Debt $286.3M $344.1M
YoY Change -16.8% 66.08%
Other Long-Term Liabilities $19.98M $13.65M
YoY Change 46.38% 79.26%
Total Long-Term Liabilities $306.3M $357.8M
YoY Change -14.39% 66.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.8M $197.6M
Total Long-Term Liabilities $306.3M $357.8M
Total Liabilities $571.3M $577.8M
YoY Change -1.13% 102.55%
SHAREHOLDERS EQUITY
Retained Earnings -$136.8M -$208.6M
YoY Change -34.4% 61.36%
Common Stock $663.6M $628.9M
YoY Change 5.52% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $527.8M $420.8M
YoY Change
Total Liabilities & Shareholders Equity $1.099B $998.6M
YoY Change 10.07% 44.01%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $33.59M $3.802M
YoY Change 783.38% -124.58%
Depreciation, Depletion And Amortization $23.88M $22.33M
YoY Change 6.97% 33.42%
Cash From Operating Activities $134.2M $40.27M
YoY Change 233.15% 505.78%
INVESTING ACTIVITIES
Capital Expenditures $4.800M $6.152M
YoY Change -21.98% 494.4%
Acquisitions $0.00
YoY Change
Other Investing Activities -$33.33M -$5.000M
YoY Change 566.5%
Cash From Investing Activities -$42.76M -$12.26M
YoY Change 248.68% 1084.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.21M $1.375M
YoY Change 1806.4% -381.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$70.66M -$28.82M
YoY Change 145.2% -221769.23%
NET CHANGE
Cash From Operating Activities $134.2M $40.27M
Cash From Investing Activities -$42.76M -$12.26M
Cash From Financing Activities -$70.66M -$28.82M
Net Change In Cash $20.52M -$841.0K
YoY Change -2539.36% -115.8%
FREE CASH FLOW
Cash From Operating Activities $134.2M $40.27M
Capital Expenditures $4.800M $6.152M
Free Cash Flow $129.4M $34.12M
YoY Change 279.15% 507.87%

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:174%">Use of Estimates and Significant Risks and Uncertainties</span></div><div style="margin-top:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes of the consolidated financial statements. Actual results could differ from those estimates.</span></div><div style="margin-top:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the COVID-19 global pandemic, which is still ongoing, various restrictions were put in place causing a temporary decline in demand for certain items such as automobiles. As restrictions began easing across the world, a sudden increase in demand for electronics containing semiconductor chips and stockpiling of chips by certain firms in China blacklisted by the U.S. has exacerbated bottlenecks in the supply chain, resulting in a global semiconductor supply shortage impacting the Company’s industry. Some chip manufacturers are estimating this supply shortage may continue into 2023. While these chip manufacturers are working to increase capacity in the future, and the Company is continuing to work closely with its suppliers and customers to minimize the potential adverse impacts of the supply shortage, such shortage may have a near-term impact on the Company’s ability to meet increased demand on certain products and have a negative impact on its operating results which may continue into 2023. Global supply shortages, and uncertainty in customer demand and the worldwide economy in general </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">has continued as a result of the COVID-19 pandemic, and may be further exacerbated by the impacts of high inflation, and the Company may experience increased volatility in its sales and revenues in the near future. However, the magnitude of such volatility on the Company’s business and its duration is uncertain and cannot be reasonably estimated at this time. </span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company also believes that its $152.3 million of cash and cash equivalents at March 31, 2022 will be sufficient to fund its projected operating requirements for at least the next twelve months. A material adverse impact from the global semiconductor supply shortage could result in a need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if the Company pursues additional acquisitions. The Company’s future capital requirements will depend on many factors, including changes in revenue, the expansion of engineering, sales and marketing activities, the timing and extent of expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of the Company’s products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to the Company or at all. If the Company is unable to raise additional funds when needed, it may not be able to sustain its operations or execute its strategic plans. </span></div>The Company is not aware of any specific event or circumstance that would require an update to its estimates or adjustments to the carrying value of its assets and liabilities as of April 27, 2022, the issuance date of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates, particularly if the Company experiences material impacts from the global supply shortage.
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57268000 USD
CY2022Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-1075000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18554000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12955000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y3M3D
CY2022Q1 mxl Vesting Percentage Relative To Net Sales
VestingPercentageRelativeToNetSales
0.60
CY2022Q1 mxl Vesting Percentage Relative To Eps
VestingPercentageRelativeToEPS
0.40
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y25D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
417000 shares
CY2021Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
17.05
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.42
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
411000 shares
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
17.10
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y25D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16947000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
411000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
17.10
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
16947000 USD
CY2022Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
383000 shares
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
17.00
CY2022Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P3Y14D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15831000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2300000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1300000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
400000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
2700000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11500000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2200000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
500000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
30000.00 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
263927000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
209359000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1100000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000 USD
CY2022Q1 mxl Accrued Price Protection Liability
AccruedPriceProtectionLiability
68300000 USD
CY2021Q4 mxl Accrued Price Protection Liability
AccruedPriceProtectionLiability
40500000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42388000 USD
CY2022Q1 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
900000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3207000 USD
CY2021Q4 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
1100000 USD
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.036
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7243000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9416000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8415000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7550000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5434000 USD
CY2022Q1 mxl Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4330000 USD
CY2022Q1 mxl Unrealized Gain Loss On Translation To Reporting Currency
UnrealizedGainLossOnTranslationToReportingCurrency
385000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
38796000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8588000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30208000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2500000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2500000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8000000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5200000 USD
CY2020Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current And Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrentAndNoncurrent
7900000 USD
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
100000 USD
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
100000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
26300000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
49800000 USD
CY2022Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
194305000 USD
CY2022Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
22263000 USD
CY2022Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
705000 USD
CY2022Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
111000 USD
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
217384000 USD
CY2022Q1 mxl Research And Development Arrangement Contract For A Jointly Funded Project Cumulative Proceeds Received From Other Party Deferred In Liabilities
ResearchAndDevelopmentArrangementContractForAJointlyFundedProjectCumulativeProceedsReceivedFromOtherPartyDeferredInLiabilities
3000000 USD
CY2022Q1 mxl Research And Development Arrangement Contract For A Jointly Funded Project Cumulative Proceeds Received From Other Party Recognized
ResearchAndDevelopmentArrangementContractForAJointlyFundedProjectCumulativeProceedsReceivedFromOtherPartyRecognized
3800000 USD
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
440449 shares
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
59.6755
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
50200000 USD

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