2023 Q2 Form 10-Q Financial Statement

#000008474823000049 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $230.8M $243.8M
YoY Change -8.39% -1.78%
Cost Of Revenue $151.2M $164.1M
YoY Change -8.61% 0.78%
Gross Profit $79.62M $79.70M
YoY Change -7.98% -6.67%
Gross Profit Margin 34.49% 32.68%
Selling, General & Admin $46.13M $60.09M
YoY Change -17.83% 4.12%
% of Gross Profit 57.94% 75.39%
Research & Development $8.098M $9.586M
YoY Change 0.6% 16.05%
% of Gross Profit 10.17% 12.03%
Depreciation & Amortization $13.72M $14.65M
YoY Change 11.97% 36.64%
% of Gross Profit 17.24% 18.38%
Operating Expenses $54.23M $69.67M
YoY Change -15.52% 5.62%
Operating Profit $27.89M -$252.0K
YoY Change 19.23% -101.27%
Interest Expense -$2.837M -$3.462M
YoY Change 83.27% 223.85%
% of Operating Profit -10.17%
Other Income/Expense, Net -$757.0K $5.000K
YoY Change -337.3% -98.13%
Pretax Income $25.14M -$3.633M
YoY Change 4.9% -117.84%
Income Tax $7.278M -$128.0K
% Of Pretax Income 28.95%
Net Earnings $17.86M -$3.505M
YoY Change -0.11% -121.11%
Net Earnings / Revenue 7.74% -1.44%
Basic Earnings Per Share $0.96 -$0.19
Diluted Earnings Per Share $0.96 -$0.19
COMMON SHARES
Basic Shares Outstanding 18.61M shares 18.61M shares
Diluted Shares Outstanding 18.68M shares 18.60M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.5M $193.7M
YoY Change -37.23% 6.36%
Cash & Equivalents $141.5M $193.7M
Short-Term Investments
Other Short-Term Assets $35.12M $11.91M
YoY Change 97.07% -49.51%
Inventory $169.7M $177.1M
Prepaid Expenses
Receivables $186.7M $174.6M
Other Receivables $3.881M $3.881M
Total Short-Term Assets $582.8M $611.9M
YoY Change -8.32% 6.13%
LONG-TERM ASSETS
Property, Plant & Equipment $357.6M $374.7M
YoY Change -2.49% 2.2%
Goodwill $358.6M $355.9M
YoY Change 1.94% -2.42%
Intangibles $130.6M $132.2M
YoY Change -18.39% -22.21%
Long-Term Investments $12.76M $12.84M
YoY Change -19.9% -17.2%
Other Assets $15.79M $17.92M
YoY Change 59.12% -9.03%
Total Long-Term Assets $985.6M $999.6M
YoY Change -1.1% -1.68%
TOTAL ASSETS
Total Short-Term Assets $582.8M $611.9M
Total Long-Term Assets $985.6M $999.6M
Total Assets $1.568B $1.612B
YoY Change -3.91% 1.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.23M $52.16M
YoY Change -33.33% -30.38%
Accrued Expenses $54.41M $65.42M
YoY Change -19.79% -19.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $355.0K $380.0K
YoY Change -14.04% 97.92%
Total Short-Term Liabilities $118.6M $127.5M
YoY Change -23.47% -20.9%
LONG-TERM LIABILITIES
Long-Term Debt $130.0M $190.0M
YoY Change -50.0% 0.0%
Other Long-Term Liabilities $17.57M $19.70M
YoY Change 29.22% -13.53%
Total Long-Term Liabilities $147.6M $209.7M
YoY Change -46.06% -1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.6M $127.5M
Total Long-Term Liabilities $147.6M $209.7M
Total Liabilities $266.2M $337.2M
YoY Change -37.89% -9.83%
SHAREHOLDERS EQUITY
Retained Earnings $1.113B $1.095B
YoY Change 9.5% 9.67%
Common Stock $163.8M $158.8M
YoY Change -9.33% -9.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.206B $1.178B
YoY Change
Total Liabilities & Shareholders Equity $1.568B $1.612B
YoY Change -3.91% 1.15%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $17.86M -$3.505M
YoY Change -0.11% -121.11%
Depreciation, Depletion And Amortization $13.72M $14.65M
YoY Change 11.97% 36.64%
Cash From Operating Activities $15.71M $1.835M
YoY Change 667.27% -113.37%
INVESTING ACTIVITIES
Capital Expenditures $11.47M $16.41M
YoY Change -145.96% -41.91%
Acquisitions
YoY Change
Other Investing Activities $2.305M $989.0K
YoY Change -277.31% -56.28%
Cash From Investing Activities -$9.166M -$15.42M
YoY Change -65.09% -40.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.12M -$29.37M
YoY Change -186.04% 202.93%
NET CHANGE
Cash From Operating Activities 15.71M $1.835M
Cash From Investing Activities -9.166M -$15.42M
Cash From Financing Activities -60.12M -$29.37M
Net Change In Cash -53.58M -$42.13M
YoY Change -217.33% -16.0%
FREE CASH FLOW
Cash From Operating Activities $15.71M $1.835M
Capital Expenditures $11.47M $16.41M
Free Cash Flow $4.235M -$14.58M
YoY Change -84.32% -65.27%

Facts In Submission

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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.</span></div><div style="margin-top:6pt;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 unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany balances and transactions have been eliminated.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div>
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2651000 usd
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178000 usd
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2473000 usd
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FinanceLeaseLiabilityCommencedToBePaidYearThree
409000 usd
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FinanceLeaseLiabilityNotYetCommencedToBePaidYearThree
10000 usd
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FinanceLeaseLiabilityPaymentsDueYearThree
399000 usd
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LesseeOperatingLeaseCommencedLiabilityPaymentsDueYearThree
2216000 usd
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LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearThree
111000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2105000 usd
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FinanceLeaseLiabilityCommencedToBePaidYearFour
199000 usd
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FinanceLeaseLiabilityNotYetCommencedToBePaidYearFour
10000 usd
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FinanceLeaseLiabilityPaymentsDueYearFour
189000 usd
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LesseeOperatingLeaseCommencedLiabilityPaymentsDueYearFour
1371000 usd
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LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueYearFour
6000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1365000 usd
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FinanceLeaseLiabilityCommencedToBePaidAfterYearFour
149000 usd
CY2023Q1 rog Finance Lease Liability Not Yet Commenced To Be Paid After Year Four
FinanceLeaseLiabilityNotYetCommencedToBePaidAfterYearFour
2000 usd
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FinanceLeaseLiabilityToBePaidAfterYearFour
147000 usd
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LesseeOperatingLeaseCommencedLiabilityPaymentsDueAfterYearFour
4718000 usd
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LesseeOperatingLeaseNotYetCommencedLiabilityPaymentsDueAfterYearFour
0 usd
CY2023Q1 rog Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4718000 usd
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FinanceLeaseLiabilityCommencedPaymentDue
1942000 usd
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FinanceLeaseLiabilityNotYetCommencedPaymentDue
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576000 usd
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197000 usd
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6000 usd
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191000 usd
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2647000 usd
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2607000 usd
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1745000 usd
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536000 usd
CY2023Q1 us-gaap Operating Lease Liability
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13808000 usd
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CY2023Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the change in number of asbestos claims outstanding for the three months ended March 31, 2023:</span></div><div style="margin-bottom:1pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:83.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.959%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asbestos Claims</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Claims outstanding as of January 1, 2023</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">537 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New claims filed</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pending claims concluded</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Claims outstanding as of March 31, 2023</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">594</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For the three months ended March 31, 2023, 17 claims were dismissed and 1 claim was settled. Settlements were immaterial for the three months ended March 31, 2023.</span></div>
CY2022Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
537 claim
CY2023Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
39 claim
CY2023Q1 us-gaap Loss Contingency Claims Settled And Dismissed Number
LossContingencyClaimsSettledAndDismissedNumber
18 claim
CY2023Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
594 claim
CY2023Q1 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
17 claim
CY2023Q1 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
1 claim
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
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64964000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
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65033000 usd
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59807000 usd
CY2022Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
59807000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.035
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9000000 usd
CY2023Q1 rog Unrecognized Tax Benefits That Would Result In Adjustments To Other Tax Accounts
UnrecognizedTaxBenefitsThatWouldResultInAdjustmentsToOtherTaxAccounts
1100000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1400000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243847000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-252000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
248266000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
19891000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
243847000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
248266000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
46746000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
38853000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
10501000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
69000 usd
CY2023Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10501000 usd
CY2022Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
69000 usd
CY2023Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10501000 usd
CY2022Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
69000 usd
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
1800000 usd
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
1800000 usd
CY2023Q1 rog Disposal Group Including Discontinued Operation Consideration Phase One
DisposalGroupIncludingDiscontinuedOperationConsiderationPhaseOne
1000000 usd
CY2023Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
3700000 usd
CY2023Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
3100000 usd
CY2023Q1 rog Disposal Group Including Discontinued Operation Selling Costs
DisposalGroupIncludingDiscontinuedOperationSellingCosts
1200000 usd
CY2023Q1 rog Catastrophic Event Inventory Charges
CatastrophicEventInventoryCharges
0 usd
CY2022Q1 rog Catastrophic Event Inventory Charges
CatastrophicEventInventoryCharges
201000 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
263000 usd
CY2022Q1 us-gaap Professional Fees
ProfessionalFees
434000 usd
CY2023Q1 rog Catastrophic Event Lease Obligations
CatastrophicEventLeaseObligations
0 usd
CY2022Q1 rog Catastrophic Event Lease Obligations
CatastrophicEventLeaseObligations
232000 usd
CY2023Q1 rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
0 usd
CY2022Q1 rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
796000 usd
CY2023Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
0 usd
CY2022Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
11000 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
500000 usd
CY2022Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
2190000 usd
CY2023Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
237000 usd
CY2022Q1 us-gaap Insured Event Gain Loss
InsuredEventGainLoss
516000 usd
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-18000 usd
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
15000 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
219000 usd
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
531000 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
500000 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
300000 usd
CY2022Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
2200000 usd
CY2022Q1 us-gaap Professional Fees
ProfessionalFees
400000 usd
CY2022Q1 rog Catastrophic Event Compensation And Benefits
CatastrophicEventCompensationAndBenefits
800000 usd
CY2023Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
3380000 usd
CY2022Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
839000 usd
CY2023Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
302000 usd
CY2022Q1 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
138000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
282000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
179000 usd
CY2023Q1 us-gaap Interest Income Other
InterestIncomeOther
505000 usd
CY2022Q1 us-gaap Interest Income Other
InterestIncomeOther
108000 usd
CY2023Q1 us-gaap Interest Expense Other
InterestExpenseOther
3000 usd
CY2022Q1 us-gaap Interest Expense Other
InterestExpenseOther
21000 usd
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3462000 usd
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1069000 usd

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