2024 Q1 Form 10-K Financial Statement

#000162828024009466 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $64.84M $62.93M $235.1M
YoY Change 12.56% 11.14% 7.35%
Cost Of Revenue $17.45M $19.46M $77.39M
YoY Change -4.77% 4.26% 9.87%
Gross Profit $47.40M $43.47M $157.7M
YoY Change 20.64% 14.52% 6.16%
Gross Profit Margin 73.09% 69.07% 67.08%
Selling, General & Admin $22.93M $28.08M $128.5M
YoY Change -37.45% -11.6% 10.3%
% of Gross Profit 48.39% 64.59% 81.48%
Research & Development $8.259M $8.734M $38.42M
YoY Change -12.72% 7.31% -7.94%
% of Gross Profit 17.43% 20.09% 24.36%
Depreciation & Amortization $2.082M $1.959M $6.479M
YoY Change 57.85% 42.47% -8.31%
% of Gross Profit 4.39% 4.51% 4.11%
Operating Expenses $33.29M $41.65M $186.6M
YoY Change -29.8% -0.75% 6.2%
Operating Profit $14.11M $1.817M -$28.87M
YoY Change -273.55% -145.32% 6.48%
Interest Expense $101.0K -$185.0K $2.090M
YoY Change -79.92% -115.44% 251.26%
% of Operating Profit 0.72% -10.18%
Other Income/Expense, Net $291.0K -$274.0K -$532.0K
YoY Change -827.5% -230.48% -103.59%
Pretax Income $14.50M $1.358M -$27.31M
YoY Change -289.15% -152.21% 133.58%
Income Tax $1.034M $917.0K $2.486M
% Of Pretax Income 7.13% 67.53%
Net Earnings $13.47M $441.0K -$29.80M
YoY Change -261.18% -114.24% 106.45%
Net Earnings / Revenue 20.77% 0.7% -12.67%
Basic Earnings Per Share $0.35 $0.01 -$0.74
Diluted Earnings Per Share $0.35 $0.01 -$0.74
COMMON SHARES
Basic Shares Outstanding 37.79M shares 39.89M shares 40.19M shares
Diluted Shares Outstanding 38.46M shares 40.19M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.86M $42.49M $42.49M
YoY Change -40.05% -57.0% -57.0%
Cash & Equivalents $63.86M $42.49M $42.49M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $10.61M $11.16M $18.77M
YoY Change 23.31% 3.49% 10.39%
Inventory $14.59M $15.55M $15.55M
Prepaid Expenses $6.835M $6.575M
Receivables $32.38M $64.39M $69.53M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.2M $146.3M $146.3M
YoY Change -23.88% -25.92% -25.92%
LONG-TERM ASSETS
Property, Plant & Equipment $20.35M $18.72M $24.89M
YoY Change 34.79% 47.64% 20.24%
Goodwill $93.07M $93.68M
YoY Change 0.9% 3.5%
Intangibles $10.15M $11.23M
YoY Change -23.85% -15.2%
Long-Term Investments
YoY Change
Other Assets $11.52M $11.72M $13.44M
YoY Change 6.32% -1.88% -2.92%
Total Long-Term Assets $143.0M $142.8M $142.8M
YoY Change 1.37% 3.86% 3.86%
TOTAL ASSETS
Total Short-Term Assets $134.2M $146.3M $146.3M
Total Long-Term Assets $143.0M $142.8M $142.8M
Total Assets $277.1M $289.2M $289.2M
YoY Change -12.66% -13.7% -13.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.15M $17.45M $17.45M
YoY Change -29.6% 0.55% 0.55%
Accrued Expenses $19.84M $25.02M $25.02M
YoY Change -15.47% -3.81% -3.81%
Deferred Revenue $55.57M $69.33M
YoY Change 2.78% 7.26%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.17M $114.8M $114.8M
YoY Change -4.93% 3.62% 3.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.177M $3.177M $14.15M
YoY Change -7.62% 27.9% -28.38%
Total Long-Term Liabilities $3.177M $3.177M $14.15M
YoY Change -7.62% 27.9% -28.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.17M $114.8M $114.8M
Total Long-Term Liabilities $3.177M $3.177M $14.15M
Total Liabilities $106.3M $130.1M $130.1M
YoY Change -9.92% -1.31% -1.31%
SHAREHOLDERS EQUITY
Retained Earnings $112.4M $98.94M
YoY Change -6.62% -23.15%
Common Stock $118.6M $118.7M
YoY Change 7.76% 10.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.9M $159.1M $159.1M
YoY Change
Total Liabilities & Shareholders Equity $277.1M $289.2M $289.2M
YoY Change -12.66% -13.7% -13.7%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $13.47M $441.0K -$29.80M
YoY Change -261.18% -114.24% 106.45%
Depreciation, Depletion And Amortization $2.082M $1.959M $6.479M
YoY Change 57.85% 42.47% -8.31%
Cash From Operating Activities $26.96M $3.105M -$10.74M
YoY Change 103.67% -60.66% 85.53%
INVESTING ACTIVITIES
Capital Expenditures $3.045M $3.473M $12.48M
YoY Change -0.78% 41.12% 149.88%
Acquisitions $0.00 $1.800M
YoY Change -100.0%
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.080M -$3.473M -$12.01M
YoY Change 20.97% -149.34% -125.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.16M
YoY Change 409.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.795M -26.23M -$32.09M
YoY Change 63.48% 5054.03% 339.16%
NET CHANGE
Cash From Operating Activities $26.96M 3.105M -$10.74M
Cash From Investing Activities -$3.080M -3.473M -$12.01M
Cash From Financing Activities -$1.795M -26.23M -$32.09M
Net Change In Cash $21.35M -26.60M -$53.85M
YoY Change 110.11% -284.44% -262.57%
FREE CASH FLOW
Cash From Operating Activities $26.96M $3.105M -$10.74M
Capital Expenditures $3.045M $3.473M $12.48M
Free Cash Flow $23.92M -$368.0K -$23.22M
YoY Change 135.2% -106.77% 115.35%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><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 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 revenue and expenses during the reporting period. </span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company regularly assess these estimates, including but not limited to, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, pension obligations, estimated life of our long-lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, valuation of goodwill, estimated standalone selling price of our </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">performance obligations, and estimated consideration for implementation services. Estimates are based on historical experience and on various other market-specific and relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.<br/><br/></span>
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CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2023Q4 us-gaap Contract With Customer Asset Gross
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CY2022Q4 us-gaap Contract With Customer Asset Gross
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023 ospn Contract With Customer Liability Increase For Annual Renewals
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022Q4 us-gaap Capitalized Contract Cost Net Current
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CY2023Q4 us-gaap Capitalized Contract Cost Net Noncurrent
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CY2022Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
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CY2023 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3122000 usd
CY2022 us-gaap Capitalized Contract Cost Amortization
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CY2022 us-gaap Capitalized Contract Cost Impairment Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q4 us-gaap Inventory Parts And Components Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2022Q3 us-gaap Gross Profit
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CY2022Q4 us-gaap Gross Profit
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Acquired During Period
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2570000 usd
CY2023Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023 us-gaap Adjustment For Amortization
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CY2022 us-gaap Adjustment For Amortization
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CY2021 us-gaap Adjustment For Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022 us-gaap Financing Receivable Allowance For Credit Loss Foreign Currency Translation
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 ospn Operating Lease Liability Noncurrent Excluding Accrued Early Termination Costs
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6110000 usd
CY2022Q4 ospn Operating Lease Liability Noncurrent Excluding Accrued Early Termination Costs
OperatingLeaseLiabilityNoncurrentExcludingAccruedEarlyTerminationCosts
8442000 usd
CY2023Q4 ospn Accrued Early Termination Of Lease Costs Noncurrent
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CY2022Q4 ospn Accrued Early Termination Of Lease Costs Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Operating Lease Payments Use
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CY2022 us-gaap Operating Lease Payments Use
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CY2021 us-gaap Operating Lease Payments Use
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Lessor Operating Lease Lease Not Yet Commenced Term Of Contract1
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P9Y
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q3 us-gaap Operating Expenses
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CY2022Q4 us-gaap Operating Expenses
OperatingExpenses
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 ospn Lessee Operating Lease Liability Accrued Early Lease Termination Fees Amount
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CY2023Q4 us-gaap Operating Lease Liability
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RevenueFromContractWithCustomerIncludingAssessedTax
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RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q1 us-gaap Gross Profit
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CY2023Q2 us-gaap Gross Profit
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CY2023Q3 us-gaap Gross Profit
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CY2023Q4 us-gaap Gross Profit
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CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
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CY2023Q4 us-gaap Operating Expenses
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CY2023Q2 us-gaap Operating Income Loss
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CY2023Q3 us-gaap Operating Income Loss
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CY2023Q4 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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601000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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279000 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q2 us-gaap Net Income Loss
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q4 us-gaap Net Income Loss
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CY2023Q2 us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Earnings Per Share Basic
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CY2023Q4 us-gaap Earnings Per Share Basic
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CY2023Q4 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
52790000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
57147000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q2 us-gaap Earnings Per Share Basic
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CY2022Q3 us-gaap Earnings Per Share Basic
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CY2022Q4 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Earnings Per Share Diluted
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CY2022Q4 us-gaap Earnings Per Share Diluted
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Dividend Income Operating
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CY2022 us-gaap Dividend Income Operating
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CY2021 us-gaap Dividend Income Operating
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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