2023 Q4 Form 10-Q Financial Statement

#000159169823000238 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $326.4M $317.6M
YoY Change 19.54% 25.39%
Cost Of Revenue $107.4M $101.5M
YoY Change 19.23% 20.02%
Gross Profit $219.0M $216.1M
YoY Change 19.7% 28.08%
Gross Profit Margin 67.09% 68.05%
Selling, General & Admin $123.1M $130.3M
YoY Change -0.47% 7.21%
% of Gross Profit 56.23% 60.3%
Research & Development $46.14M $44.61M
YoY Change 12.45% 11.25%
% of Gross Profit 21.07% 20.64%
Depreciation & Amortization $5.179M $17.12M
YoY Change 13.1% 20.0%
% of Gross Profit 2.37% 7.92%
Operating Expenses $169.3M $174.9M
YoY Change 2.75% 8.22%
Operating Profit $49.71M $41.19M
YoY Change 172.99% 481.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.800M $3.225M
YoY Change -76100.0% -2078.53%
Pretax Income $53.51M $44.41M
YoY Change 193.94% 541.26%
Income Tax $15.39M $9.897M
% Of Pretax Income 28.76% 22.28%
Net Earnings $38.12M $34.52M
YoY Change 144.33% 13.72%
Net Earnings / Revenue 11.68% 10.87%
Basic Earnings Per Share $0.68 $0.62
Diluted Earnings Per Share $0.67 $0.61
COMMON SHARES
Basic Shares Outstanding 56.18M shares 55.92M shares
Diluted Shares Outstanding 56.86M shares 56.88M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $366.9M $305.0M
YoY Change 205.62% 365.76%
Cash & Equivalents $366.9M $305.0M
Short-Term Investments
Other Short-Term Assets $3.320B $2.565B
YoY Change 7.25% 10.17%
Inventory
Prepaid Expenses
Receivables $32.48M $30.11M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.807B $2.983B
YoY Change 15.04% 20.3%
LONG-TERM ASSETS
Property, Plant & Equipment $63.15M $63.34M
YoY Change 6.12% 3.93%
Goodwill $109.6M $102.1M
YoY Change 7.35% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.21M $22.30M
YoY Change -53.0% -56.21%
Total Long-Term Assets $686.0M $663.9M
YoY Change 9.11% 7.86%
TOTAL ASSETS
Total Short-Term Assets $3.807B $2.983B
Total Long-Term Assets $686.0M $663.9M
Total Assets $4.493B $3.647B
YoY Change 14.09% 17.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.973M $8.749M
YoY Change 4.76% 40.32%
Accrued Expenses $147.1M $131.7M
YoY Change 27.05% 24.35%
Deferred Revenue $30.31M $26.14M
YoY Change 28.75% 55.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.423B $2.672B
YoY Change 7.33% 10.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.177M $3.584M
YoY Change 25.32% 4.58%
Total Long-Term Liabilities $4.177M $3.584M
YoY Change 25.32% 4.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.423B $2.672B
Total Long-Term Liabilities $4.177M $3.584M
Total Liabilities $3.506B $2.754B
YoY Change 7.54% 10.86%
SHAREHOLDERS EQUITY
Retained Earnings $539.3M $501.2M
YoY Change 45.05% 40.7%
Common Stock $56.00K $56.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $986.8M $892.6M
YoY Change
Total Liabilities & Shareholders Equity $4.493B $3.647B
YoY Change 14.09% 17.82%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $38.12M $34.52M
YoY Change 144.33% 13.72%
Depreciation, Depletion And Amortization $5.179M $17.12M
YoY Change 13.1% 20.0%
Cash From Operating Activities $75.11M $62.14M
YoY Change 20.43% 279.22%
INVESTING ACTIVITIES
Capital Expenditures $18.03M $3.454M
YoY Change -238.62% 0.2%
Acquisitions
YoY Change
Other Investing Activities -$34.76M $406.0K
YoY Change 17.04% -100.53%
Cash From Investing Activities -$52.79M -$9.404M
YoY Change 23.61% -89.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 752.3M -$122.4M
YoY Change -2.22% -93.06%
NET CHANGE
Cash From Operating Activities 75.11M $62.14M
Cash From Investing Activities -52.79M -$9.404M
Cash From Financing Activities 752.3M -$122.4M
Net Change In Cash 774.6M -$69.66M
YoY Change -1.83% -96.21%
FREE CASH FLOW
Cash From Operating Activities $75.11M $62.14M
Capital Expenditures $18.03M $3.454M
Free Cash Flow $57.09M $58.69M
YoY Change -24.26% 353.54%

Facts In Submission

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(1) Organization and Description of Business</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%"> </span></div>Paylocity Holding Corporation (the “Company”) is a cloud-based provider of human capital management and payroll software solutions that deliver a comprehensive platform for the modern workforce. Services are provided in a Software-as-a-Service (“SaaS”) delivery model. The Company’s comprehensive product suite delivers a unified platform that helps businesses attract and retain talent, build culture and connection with their employees, and streamline and automate HR and payroll processes.
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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4893000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3029000 usd
CY2023Q3 pcty Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
505000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
31991000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
85019000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
71528000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7800000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8423000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
24539000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
26141000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25929000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25601000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
143287000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
131693000 usd
CY2023Q2 pcty Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
288767000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
288767000 usd
CY2023Q2 pcty Funds Held For Clients Cash And Cash Equivalents Amortized Cost
FundsHeldForClientsCashAndCashEquivalentsAmortizedCost
2132545000 usd
CY2023Q2 pcty Funds Held For Clients Cash And Cash Equivalents Accumulated Gross Unrealized Gain Before Tax
FundsHeldForClientsCashAndCashEquivalentsAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2023Q2 pcty Funds Held For Clients Cash And Cash Equivalents Accumulated Gross Unrealized Loss Before Tax
FundsHeldForClientsCashAndCashEquivalentsAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q2 pcty Funds Held For Clients Cash And Cash Equivalents At Carrying Value
FundsHeldForClientsCashAndCashEquivalentsAtCarryingValue
2132545000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
494741000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
45000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5916000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
488870000 usd
CY2023Q2 pcty Investments Amortized Cost
InvestmentsAmortizedCost
2916053000 usd
CY2023Q2 pcty Investments Accumulated Gross Unrealized Gain Before Tax
InvestmentsAccumulatedGrossUnrealizedGainBeforeTax
45000 usd
CY2023Q2 pcty Investments Accumulated Gross Unrealized Loss Before Tax
InvestmentsAccumulatedGrossUnrealizedLossBeforeTax
5916000 usd
CY2023Q2 us-gaap Investments
Investments
2910182000 usd
CY2023Q3 pcty Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
305031000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
305031000 usd
CY2023Q3 pcty Funds Held For Clients Cash And Cash Equivalents Amortized Cost
FundsHeldForClientsCashAndCashEquivalentsAmortizedCost
2046617000 usd
CY2023Q3 pcty Funds Held For Clients Cash And Cash Equivalents Accumulated Gross Unrealized Gain Before Tax
FundsHeldForClientsCashAndCashEquivalentsAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2023Q3 pcty Funds Held For Clients Cash And Cash Equivalents Accumulated Gross Unrealized Loss Before Tax
FundsHeldForClientsCashAndCashEquivalentsAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q3 pcty Funds Held For Clients Cash And Cash Equivalents At Carrying Value
FundsHeldForClientsCashAndCashEquivalentsAtCarryingValue
2046617000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
487484000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
22000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5770000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
481736000 usd
CY2023Q3 pcty Investments Amortized Cost
InvestmentsAmortizedCost
2839132000 usd
CY2023Q3 pcty Investments Accumulated Gross Unrealized Gain Before Tax
InvestmentsAccumulatedGrossUnrealizedGainBeforeTax
22000 usd
CY2023Q3 pcty Investments Accumulated Gross Unrealized Loss Before Tax
InvestmentsAccumulatedGrossUnrealizedLossBeforeTax
5770000 usd
CY2023Q3 us-gaap Investments
Investments
2833384000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
288767000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
305031000 usd
CY2023Q2 us-gaap Funds Held For Clients
FundsHeldForClients
2621415000 usd
CY2023Q3 us-gaap Funds Held For Clients
FundsHeldForClients
2528353000 usd
CY2023Q2 us-gaap Investments
Investments
2910182000 usd
CY2023Q3 us-gaap Investments
Investments
2833384000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2305000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
344035000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3611000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
104818000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
5916000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
448853000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
2141000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
319949000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3629000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
121240000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
5770000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
441189000 usd
CY2023Q3 pcty Credit Impairment Loss
CreditImpairmentLoss
0 usd
CY2022Q3 pcty Credit Impairment Loss
CreditImpairmentLoss
0 usd
CY2022Q3 pcty Credit Impairment Loss
CreditImpairmentLoss
0 usd
CY2023Q3 pcty Credit Impairment Loss
CreditImpairmentLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearAmortizedCostBasis
207177000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
205662000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
171288000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
168364000 usd
CY2023Q3 pcty Available For Sale Securities Debt Maturities Two Years To Three Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesTwoYearsToThreeYearsAmortizedCost
88935000 usd
CY2023Q3 pcty Available For Sale Securities Debt Maturities Two Years To Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesTwoYearsToThreeYearsFairValue
87761000 usd
CY2023Q3 pcty Debt Securities Available For Sale Amortized Cost Maturity Allocated And Single Maturity Date After Year Three Through Five
DebtSecuritiesAvailableForSaleAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearThreeThroughFive
20084000 usd
CY2023Q3 pcty Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year Three Through Five
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearThreeThroughFive
19949000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
487484000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
481736000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
305031000 usd
CY2023Q3 pcty Funds Held For Clients Cash And Cash Equivalents At Carrying Value
FundsHeldForClientsCashAndCashEquivalentsAtCarryingValue
2046617000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
481736000 usd
CY2023Q3 us-gaap Investments
Investments
2833384000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39813000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39005000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2942000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
4049000 usd
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
647000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
82000 shares
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-3.382
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30352000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34517000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55453000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56037000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1211000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
844000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56664000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56881000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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