2022 Q3 Form 10-Q Financial Statement

#000169242722000029 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $48.87M $27.46M $36.12M
YoY Change 50.78% 27.97% 31.89%
Cost Of Revenue $28.39M $18.52M $20.19M
YoY Change 61.0% 33.0% 28.64%
Gross Profit $20.48M $8.941M $15.93M
YoY Change 38.59% 18.68% 43.24%
Gross Profit Margin 41.9% 32.56% 44.11%
Selling, General & Admin $15.38M $13.75M $13.51M
YoY Change 40.04% 16.26% 28.13%
% of Gross Profit 75.11% 153.73% 84.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $882.0K $939.0K $1.142M
YoY Change -10.46% 0.43% 3.82%
% of Gross Profit 4.31% 10.5% 7.17%
Operating Expenses $15.38M $13.75M $14.65M
YoY Change 40.04% 16.26% 25.73%
Operating Profit $4.047M -$5.910M $1.283M
YoY Change 53.3% 9.63% -2350.88%
Interest Expense -$204.0K -$407.0K -$77.00K
YoY Change 25.15% 105.56% -90.0%
% of Operating Profit -5.04% -6.0%
Other Income/Expense, Net -$203.0K -$49.00K $1.008M
YoY Change -8.97% -108.55% -12.35%
Pretax Income $3.844M -$5.959M $2.214M
YoY Change 59.04% 23.68% -91.48%
Income Tax -$120.0K -$481.0K $218.0K
% Of Pretax Income -3.12% 9.85%
Net Earnings $3.935M -$5.481M $1.662M
YoY Change 40.74% -5.42% -80.61%
Net Earnings / Revenue 8.05% -19.96% 4.6%
Basic Earnings Per Share $1.61 -$2.25
Diluted Earnings Per Share $1.58 -$2.25 $691.9K
COMMON SHARES
Basic Shares Outstanding 2.408M 2.438M 2.380M
Diluted Shares Outstanding 2.488M 2.438M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.877M $14.93M $22.17M
YoY Change -46.45% 7.42% 43.02%
Cash & Equivalents $9.877M $14.93M $22.17M
Short-Term Investments
Other Short-Term Assets $2.749M $3.186M $3.290M
YoY Change -12.12% -10.38% 9.67%
Inventory $34.12M $36.97M $33.92M
Prepaid Expenses
Receivables $34.39M $20.30M $24.39M
Other Receivables $4.304M $4.360M $4.726M
Total Short-Term Assets $85.44M $79.74M $88.49M
YoY Change 2.61% 2.77% 5.76%
LONG-TERM ASSETS
Property, Plant & Equipment $23.36M $24.03M $24.71M
YoY Change -8.71% -0.56% 1.12%
Goodwill $15.22M $15.22M $15.22M
YoY Change 0.0% 0.0% 0.0%
Intangibles $5.243M $5.410M $5.744M
YoY Change -11.3% -11.01% -10.43%
Long-Term Investments
YoY Change
Other Assets $2.833M $3.117M $3.113M
YoY Change -11.5% -8.89% -12.53%
Total Long-Term Assets $51.71M $52.96M $53.83M
YoY Change -6.39% -3.19% -2.13%
TOTAL ASSETS
Total Short-Term Assets $85.44M $79.74M $88.49M
Total Long-Term Assets $51.71M $52.96M $53.83M
Total Assets $137.1M $132.7M $142.3M
YoY Change -0.98% 0.3% 2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.641M $7.722M $7.502M
YoY Change 55.11% 28.53% 51.77%
Accrued Expenses $5.965M $3.525M $6.323M
YoY Change 0.51% -13.13% 88.92%
Deferred Revenue $51.00K $396.0K $71.00K
YoY Change -37.04% 676.47% 39.22%
Short-Term Debt $25.00K $446.0K $0.00
YoY Change
Long-Term Debt Due $1.438M $1.487M $1.483M
YoY Change -13.01% 2.76% 10.1%
Total Short-Term Liabilities $20.06M $17.06M $19.82M
YoY Change 13.02% 7.21% 33.15%
LONG-TERM LIABILITIES
Long-Term Debt $6.391M $6.284M $6.335M
YoY Change -2.84% 37.33% 42.62%
Other Long-Term Liabilities $1.193M $1.309M $1.612M
YoY Change -35.02% -32.66% -13.52%
Total Long-Term Liabilities $11.66M $11.67M $11.84M
YoY Change -6.19% 8.07% 14.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.06M $17.06M $19.82M
Total Long-Term Liabilities $11.66M $11.67M $11.84M
Total Liabilities $31.72M $28.73M $31.66M
YoY Change 5.11% 7.55% 25.67%
SHAREHOLDERS EQUITY
Retained Earnings -$264.4M -$268.4M -$261.4M
YoY Change 0.54% 0.96% 1.84%
Common Stock $439.5M $438.7M $437.0M
YoY Change 0.8% 0.84% 0.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.388M $1.386M $1.006M
YoY Change 37.97% 37.77% 24.35%
Treasury Stock Shares $26.31K $26.26K $17.39K
Shareholders Equity $87.50M $86.08M $92.58M
YoY Change
Total Liabilities & Shareholders Equity $137.1M $132.7M $142.3M
YoY Change -0.98% 0.3% 2.63%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $3.935M -$5.481M $1.662M
YoY Change 40.74% -5.42% -80.61%
Depreciation, Depletion And Amortization $882.0K $939.0K $1.142M
YoY Change -10.46% 0.43% 3.82%
Cash From Operating Activities -$3.838M $900.0K $4.862M
YoY Change -168.16% -17.43% -76.41%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$249.0K -$167.0K
YoY Change 143.42% -51.56% -161.85%
Acquisitions
YoY Change
Other Investing Activities $231.0K $93.00K $20.00K
YoY Change 35.09% -53.03% -94.87%
Cash From Investing Activities -$139.0K -$156.0K -$147.0K
YoY Change -831.58% -50.63% -222.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -862.0K -1.119M -860.0K
YoY Change 4.48% -56.63% -93.88%
NET CHANGE
Cash From Operating Activities -3.838M 900.0K 4.862M
Cash From Investing Activities -139.0K -156.0K -147.0K
Cash From Financing Activities -862.0K -1.119M -860.0K
Net Change In Cash -4.839M -375.0K 3.855M
YoY Change -200.29% -79.24% -42.2%
FREE CASH FLOW
Cash From Operating Activities -$3.838M $900.0K $4.862M
Capital Expenditures -$370.0K -$249.0K -$167.0K
Free Cash Flow -$3.468M $1.149M $5.029M
YoY Change -159.97% -28.37% -75.28%

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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Amortization Of Financing Costs
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us-gaap Write Off Of Deferred Debt Issuance Cost
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us-gaap Share Based Compensation
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Secured Debt
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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ncsm Payments Related To Treasury Shares Withheld
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ncsm Payments Related To Treasury Shares Withheld
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us-gaap Net Cash Provided By Used In Financing Activities
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ncsm Leased Assets Obtained In Exchange For New Finance Lease Liabilities
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ncsm Leased Assets Obtained In Exchange For New Finance Lease Liabilities
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ncsm Lease Assets Obtained In Exchange For New Operating Lease Liabilities
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us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Nature of Business </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">NCS Multistage Holdings, Inc., </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">a Delaware corporation,</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> through its wholly owned subsidiaries and subsidiaries for which it has a controlling voting interest (collectively referred to as the “Company,” “NCS,” “we,” </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">“</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">our</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">” </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">and</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> “us”), is primarily engaged in providing engineered products and support services for oil and natural gas well construction, well completions and field </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">development</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> strategies. We offer our products and services primarily to exploration and production companies for use in onshore and offshore wells. We operate through service facilities principally located in Houston and Odessa, Texas; Tulsa, Oklahoma; </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Billings, Montana; Morgantown, West Virginia; </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Calgary, Red Deer, Grande Prairie and Estevan, Canada; Neuquén, Argentina and Stavanger, Norway. </span></p>
us-gaap Basis Of Accounting
BasisOfAccounting
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Basis of Presentation </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Act of 1934, as amended, issued by the Securities Exchange Commission (“SEC”) and have not been audited by our independent registered public accounting firm. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). We consolidate Repeat Precision, LLC (“Repeat Precision”), a </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% owned entity, because NCS has a controlling voting interest. The other party’s ownership is presented separately as a non-controlling interest. In the opinion of management, these condensed consolidated financial statements reflect all normal, recurring adjustments necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements.</span></p>
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us-gaap Revenues
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Impairment Of Intangible Assets Finitelived
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Tangible Asset Impairment Charges
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us-gaap Tangible Asset Impairment Charges
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CY2022Q2 us-gaap Tangible Asset Impairment Charges
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FiniteLivedIntangibleAssetsAccumulatedAmortization
2696000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5362000
CY2022Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
8106000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2696000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5410000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5696000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
8106000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2362000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
5744000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1933000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
191000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-5481000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2391000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2438000
CY2021Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2022Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1483000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6284000
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2303000
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
4208000
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
275000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
550000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
947000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1565000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3525000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6323000
CY2022Q1 us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
3200000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-5795000
us-gaap Net Income Loss
NetIncomeLoss
-7016000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
7771000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
7818000
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
8217000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
7818000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6335000
ncsm Operating Lease Number Of New Leases
OperatingLeaseNumberOfNewLeases
1
CY2022Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1300000
CY2021Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1600000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3500000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3800000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.151
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.065
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.105
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-5478000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-5544000
us-gaap Profit Loss
ProfitLoss
-7207000
us-gaap Profit Loss
ProfitLoss
-9001000
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
251000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-191000
us-gaap Net Income Loss
NetIncomeLoss
-9192000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2438000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2401000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2426000
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.25
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2401000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2426000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2391000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.25
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.85
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.85
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
283000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
269000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
250000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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