2022 Q4 Form 10-Q Financial Statement

#000111171122000041 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $1.705B $1.090B
YoY Change 21.01% 13.56%
Cost Of Revenue $689.3M $330.8M
YoY Change 43.93% 58.81%
Gross Profit $1.015B $758.7M
YoY Change 9.21% 1.01%
Gross Profit Margin 59.56% 69.64%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $216.2M $203.2M
YoY Change 14.88% 7.57%
% of Gross Profit 21.29% 26.78%
Operating Expenses $648.7M $602.3M
YoY Change 0.65% -0.46%
Operating Profit $366.6M $156.7M
YoY Change 28.54% 6.53%
Interest Expense -$91.10M $91.60M
YoY Change 5.56% 8.53%
% of Operating Profit -24.85% 58.46%
Other Income/Expense, Net $11.50M -$81.50M
YoY Change 400.0% 16.26%
Pretax Income $285.9M $75.20M
YoY Change 42.66% -2.34%
Income Tax $44.70M $11.70M
% Of Pretax Income 15.63% 15.56%
Net Earnings $230.8M $65.80M
YoY Change 39.12% 4.11%
Net Earnings / Revenue 13.54% 6.04%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share $0.52 $0.12
COMMON SHARES
Basic Shares Outstanding 406.1M shares 406.0M shares
Diluted Shares Outstanding 443.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.80M $35.80M
YoY Change -51.54% -7.01%
Cash & Equivalents $40.80M $35.80M
Short-Term Investments
Other Short-Term Assets $210.0M $332.8M
YoY Change 7.25% 108.91%
Inventory $751.9M $800.1M
Prepaid Expenses
Receivables $1.042B $586.7M
Other Receivables $128.1M $184.7M
Total Short-Term Assets $2.584B $2.229B
YoY Change 34.54% 51.46%
LONG-TERM ASSETS
Property, Plant & Equipment $19.84B $18.99B
YoY Change 10.97% 8.39%
Goodwill $1.486B $1.486B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $224.2M $228.2M
YoY Change -13.67% -9.91%
Other Assets $4.086B $4.129B
YoY Change -0.22% 16.86%
Total Long-Term Assets $24.15B $23.35B
YoY Change 8.62% 9.58%
TOTAL ASSETS
Total Short-Term Assets $2.584B $2.229B
Total Long-Term Assets $24.15B $23.35B
Total Assets $26.74B $25.58B
YoY Change 10.68% 12.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $899.5M $666.5M
YoY Change 28.91% 36.8%
Accrued Expenses $666.6M $862.8M
YoY Change -0.54% 59.96%
Deferred Revenue $324.7M $314.5M
YoY Change 36.49% 35.27%
Short-Term Debt $1.762B $1.274B
YoY Change 214.63% 235.32%
Long-Term Debt Due $30.00M $28.60M
YoY Change -48.36% -48.65%
Total Short-Term Liabilities $4.661B $3.911B
YoY Change 69.71% 74.09%
LONG-TERM LIABILITIES
Long-Term Debt $9.524B $9.521B
YoY Change 3.7% 3.62%
Other Long-Term Liabilities $296.8M $288.5M
YoY Change -57.0% -45.3%
Total Long-Term Liabilities $4.651B $4.638B
YoY Change -6.13% -2.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.661B $3.911B
Total Long-Term Liabilities $4.651B $4.638B
Total Liabilities $9.311B $8.550B
YoY Change 20.92% 22.03%
SHAREHOLDERS EQUITY
Retained Earnings -$1.214B -$1.458B
YoY Change -23.23% -16.53%
Common Stock $7.380B $7.229B
YoY Change 2.37% 7.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.90M $99.90M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $7.575B $7.194B
YoY Change
Total Liabilities & Shareholders Equity $26.74B $25.58B
YoY Change 10.68% 12.28%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $230.8M $65.80M
YoY Change 39.12% 4.11%
Depreciation, Depletion And Amortization $216.2M $203.2M
YoY Change 14.88% 7.57%
Cash From Operating Activities $373.2M $129.0M
YoY Change 33.96% -45.41%
INVESTING ACTIVITIES
Capital Expenditures $723.2M -$714.6M
YoY Change -226.37% 34.93%
Acquisitions
YoY Change
Other Investing Activities -$164.3M -$17.00M
YoY Change -31.08% 672.73%
Cash From Investing Activities -$887.5M -$731.6M
YoY Change 9.47% 37.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 511.1M 581.7M
YoY Change -10.44% 122.53%
NET CHANGE
Cash From Operating Activities 373.2M 129.0M
Cash From Investing Activities -887.5M -731.6M
Cash From Financing Activities 511.1M 581.7M
Net Change In Cash -3.200M -20.90M
YoY Change -108.29% -38.71%
FREE CASH FLOW
Cash From Operating Activities $373.2M $129.0M
Capital Expenditures $723.2M -$714.6M
Free Cash Flow -$350.0M $843.6M
YoY Change -141.13% 10.14%

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<div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our accompanying Condensed Consolidated Financial Statements (unaudited) reflect all normal recurring adjustments that are necessary, in the opinion of management, to present fairly the results of operations in accordance with GAAP in the United States of America. The accompanying financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions. </span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made in this Quarterly Report on Form 10-Q are adequate to make the information herein not misleading.</span></div>
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
35200000 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
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IncrementalCommonSharesAttributableToEquityForwardAgreements
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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IncrementalCommonSharesAttributableToEquityForwardAgreements
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IncrementalCommonSharesAttributableToEquityForwardAgreements
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us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
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CY2021Q3 nix Regulatory Deferral Joint Venture
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CY2022Q3 nix Limitof Gca Volumes
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CY2021Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q3 nix Estimated Maximum Disgorgement Exposure
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CY2022Q3 nix Wind Power Purchase Agreement Purchase Percentage
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CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
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91100000 usd
CY2022Q3 nix Wind Power Purchase Agreement Purchase Percentage
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1 rate
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2022Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
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CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
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CY2021Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
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CY2022Q3 nix Pensionand Other Postretirement Non Service Cost
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
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CY2022Q3 nix Pensionand Other Postretirement Non Service Cost
PensionandOtherPostretirementNonServiceCost
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CY2021Q3 nix Pensionand Other Postretirement Non Service Cost
PensionandOtherPostretirementNonServiceCost
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PensionandOtherPostretirementNonServiceCost
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nix Pensionand Other Postretirement Non Service Cost
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CY2022Q3 nix Miscellaneous Non Operating Income Expense
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CY2021Q3 nix Miscellaneous Non Operating Income Expense
MiscellaneousNonOperatingIncomeExpense
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nix Miscellaneous Non Operating Income Expense
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CY2022Q3 us-gaap Other Nonoperating Income Expense
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CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Number Of Reportable Segments
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2
CY2021Q3 nix Pensionand Other Postretirement Non Service Cost
PensionandOtherPostretirementNonServiceCost
9300000 usd
nix Pensionand Other Postretirement Non Service Cost
PensionandOtherPostretirementNonServiceCost
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nix Pensionand Other Postretirement Non Service Cost
PensionandOtherPostretirementNonServiceCost
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CY2022Q3 nix Miscellaneous Non Operating Income Expense
MiscellaneousNonOperatingIncomeExpense
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CY2021Q3 nix Miscellaneous Non Operating Income Expense
MiscellaneousNonOperatingIncomeExpense
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nix Miscellaneous Non Operating Income Expense
MiscellaneousNonOperatingIncomeExpense
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nix Miscellaneous Non Operating Income Expense
MiscellaneousNonOperatingIncomeExpense
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CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
37200000 usd
CY2022Q3 us-gaap Revenues
Revenues
1089500000 usd
CY2021Q3 us-gaap Revenues
Revenues
959400000 usd
us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2022Q3 us-gaap Revenues
Revenues
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CY2021Q3 us-gaap Revenues
Revenues
959400000 usd
us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
156700000 usd
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
147100000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
900300000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
722500000 usd

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