2023 Q2 Form 10-Q Financial Statement

#000008483923000018 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $820.8M $658.0M $661.4M
YoY Change 14.94% 11.4% 10.17%
Cost Of Revenue $384.2M $326.8M $328.1M
YoY Change 14.08% 10.65% 10.2%
Gross Profit $436.6M $331.2M $333.3M
YoY Change 15.72% 12.15% 10.14%
Gross Profit Margin 53.19% 50.33% 50.39%
Selling, General & Admin $255.3M $196.4M $190.4M
YoY Change 16.07% 9.87% 1.5%
% of Gross Profit 58.49% 59.31% 57.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.44M $22.50M $17.87M
YoY Change 8.69% -9.44% -24.55%
% of Gross Profit 6.06% 6.79% 5.36%
Operating Expenses $281.8M $196.4M $208.2M
YoY Change 28.08% 9.87% 0.57%
Operating Profit $154.8M $112.2M $125.1M
YoY Change 16.42% 22.44% 30.88%
Interest Expense -$4.785M -$465.0K -$344.0K
YoY Change 443.75% -18.13% -168.25%
% of Operating Profit -3.09% -0.41% -0.28%
Other Income/Expense, Net $1.019M $4.714M $2.997M
YoY Change -46.68% 268.57%
Pretax Income $151.0M $116.5M $127.7M
YoY Change 12.71% 26.1% 35.92%
Income Tax $40.88M $28.30M $39.50M
% Of Pretax Income 27.07% 24.29% 30.92%
Net Earnings $110.1M $88.23M $88.23M
YoY Change 9.81% 21.79% 35.04%
Net Earnings / Revenue 13.42% 13.41% 13.34%
Basic Earnings Per Share $0.22 $0.18
Diluted Earnings Per Share $0.22 $0.18 $0.18
COMMON SHARES
Basic Shares Outstanding 492.8M shares 492.3M 492.5M
Diluted Shares Outstanding 492.9M shares 492.7M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.7M $112.5M $95.35M
YoY Change -29.97% -56.45% -9.45%
Cash & Equivalents $154.7M $112.5M $95.35M
Short-Term Investments
Other Short-Term Assets $62.49M $35.48M $34.15M
YoY Change -2.27% -20.91% -34.85%
Inventory $32.69M $30.86M $29.75M
Prepaid Expenses
Receivables $176.6M $150.4M $155.8M
Other Receivables $37.50M $38.60M $33.62M
Total Short-Term Assets $464.0M $367.9M $348.6M
YoY Change -8.48% -25.91% -1.07%
LONG-TERM ASSETS
Property, Plant & Equipment $406.1M $124.1M $128.0M
YoY Change 211.34% -6.45% -3.91%
Goodwill $1.046B $852.8M $846.7M
YoY Change 40.97% 16.8% 17.3%
Intangibles $563.7M $415.2M $418.7M
YoY Change 28.38% -5.28% -6.23%
Long-Term Investments
YoY Change
Other Assets $46.96M $41.35M $39.03M
YoY Change 7.55% -10.42% 11.69%
Total Long-Term Assets $2.135B $1.771B $1.773B
YoY Change 28.6% 8.34% 8.9%
TOTAL ASSETS
Total Short-Term Assets $464.0M $367.9M $348.6M
Total Long-Term Assets $2.135B $1.771B $1.773B
Total Assets $2.599B $2.139B $2.122B
YoY Change 19.92% 0.36% 7.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.40M $39.07M $42.80M
YoY Change 46.74% 1.26% -3.98%
Accrued Expenses $222.7M $192.6M $223.3M
YoY Change 5.27% 2.16% 6.59%
Deferred Revenue $183.3M $167.6M $158.1M
YoY Change 10.91% 7.06% 8.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $15.00M
YoY Change -100.0% -100.0% -20.0%
Total Short-Term Liabilities $575.7M $467.4M $493.8M
YoY Change 11.19% -2.82% 0.53%
LONG-TERM LIABILITIES
Long-Term Debt $337.5M $62.43M $39.90M
YoY Change 53.51% -77.77% -70.72%
Other Long-Term Liabilities $343.9M $321.3M $321.1M
YoY Change 20.96% 22.68% 24.4%
Total Long-Term Liabilities $681.4M $383.8M $361.0M
YoY Change 35.15% -29.29% -8.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $575.7M $467.4M $493.8M
Total Long-Term Liabilities $681.4M $383.8M $361.0M
Total Liabilities $1.257B $851.1M $854.8M
YoY Change 23.01% -16.85% -4.89%
SHAREHOLDERS EQUITY
Retained Earnings $757.5M $711.3M $687.1M
YoY Change 31.68% 35.69% 37.16%
Common Stock $492.8M $492.8M $492.4M
YoY Change 0.08% 0.07% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.342B $1.288B $1.267B
YoY Change
Total Liabilities & Shareholders Equity $2.599B $2.139B $2.122B
YoY Change 19.92% 0.36% 7.13%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $110.1M $88.23M $88.23M
YoY Change 9.81% 21.79% 35.04%
Depreciation, Depletion And Amortization $26.44M $22.50M $17.87M
YoY Change 8.69% -9.44% -24.55%
Cash From Operating Activities $147.4M $100.8M $123.4M
YoY Change 15.81% 15.13% 19.92%
INVESTING ACTIVITIES
Capital Expenditures $6.775M $7.636M $7.707M
YoY Change -185.91% -4.49% -207.59%
Acquisitions $15.48M
YoY Change 17.07%
Other Investing Activities -$311.3M -$640.0K -$3.056M
YoY Change 809.63% -94.64% -97.03%
Cash From Investing Activities -$318.0M -$13.59M -$10.76M
YoY Change 655.35% -31.8% -90.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.00M
YoY Change 1275.0%
Cash From Financing Activities 211.3M -$71.08M -139.7M
YoY Change -287.41% -186.59% 2454.05%
NET CHANGE
Cash From Operating Activities 147.4M $100.8M 123.4M
Cash From Investing Activities -318.0M -$13.59M -10.76M
Cash From Financing Activities 211.3M -$71.08M -139.7M
Net Change In Cash 40.66M $17.16M -27.10M
YoY Change -247.57% -88.79% 114.31%
FREE CASH FLOW
Cash From Operating Activities $147.4M $100.8M $123.4M
Capital Expenditures $6.775M $7.636M $7.707M
Free Cash Flow $140.6M $93.14M $115.7M
YoY Change 4.04% 17.1% 5.11%

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CY2023Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
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CY2022Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2022Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
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CY2023Q1 us-gaap Proceeds From Lines Of Credit
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CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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CY2022Q1 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
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PaymentsOfDividendsCommonStock
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 us-gaap Number Of Reporting Units
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Number Of Businesses Acquired
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CY2023Q1 us-gaap Goodwill Acquired During Period
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 rol Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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CY2022Q1 rol Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q1 rol Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
65626000 usd
CY2022Q1 rol Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
61635000 usd
CY2023Q1 rol Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability
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CY2022Q1 rol Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability
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CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
180333000 usd
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
30600000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
29900000 usd
CY2023Q1 rol Contract With Customer Liability Recognition Period
ContractWithCustomerLiabilityRecognitionPeriod
P5Y
CY2023Q1 rol Financing Receivable Percentage Of Finance Subject To Credit Score
FinancingReceivablePercentageOfFinanceSubjectToCreditScore
1
CY2022Q4 rol Accounts And Financing Receivable After Allowance For Credit Loss Current And Non Current
AccountsAndFinancingReceivableAfterAllowanceForCreditLossCurrentAndNonCurrent
19041000 usd
CY2023Q1 rol Accounts And Financing Receivables Credit Loss Expense Reversal
AccountsAndFinancingReceivablesCreditLossExpenseReversal
3896000 usd
CY2023Q1 rol Accounts And Financing Receivable Allowance For Credit Loss Write Off
AccountsAndFinancingReceivableAllowanceForCreditLossWriteOff
6614000 usd
CY2023Q1 rol Accounts And Financing Receivable Allowance For Credit Loss Recovery
AccountsAndFinancingReceivableAllowanceForCreditLossRecovery
1629000 usd
CY2023Q1 rol Accounts And Financing Receivable After Allowance For Credit Loss Current And Non Current
AccountsAndFinancingReceivableAfterAllowanceForCreditLossCurrentAndNonCurrent
17952000 usd
CY2021Q4 rol Accounts And Financing Receivable After Allowance For Credit Loss Current And Non Current
AccountsAndFinancingReceivableAfterAllowanceForCreditLossCurrentAndNonCurrent
17870000 usd
CY2022Q1 rol Accounts And Financing Receivables Credit Loss Expense Reversal
AccountsAndFinancingReceivablesCreditLossExpenseReversal
4258000 usd
CY2022Q1 rol Accounts And Financing Receivable Allowance For Credit Loss Write Off
AccountsAndFinancingReceivableAllowanceForCreditLossWriteOff
5437000 usd
CY2022Q1 rol Accounts And Financing Receivable Allowance For Credit Loss Recovery
AccountsAndFinancingReceivableAllowanceForCreditLossRecovery
1329000 usd
CY2022Q1 rol Accounts And Financing Receivable After Allowance For Credit Loss Current And Non Current
AccountsAndFinancingReceivableAfterAllowanceForCreditLossCurrentAndNonCurrent
18020000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
786504000 usd
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
64997000 usd
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
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CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
4788000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
846704000 usd
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
6050000 usd
CY2023Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
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CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-46000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
852800000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
545315000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
236476000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
308839000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
543170000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
230953000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
312217000 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
106410000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
106531000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
415249000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
418748000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14000000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13400000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
26254000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
45487000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
57542000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
48732000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
45214000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
41550000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
67000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
26000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
26187000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
24023000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
24049000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0373
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0354
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
25965000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
23758000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
71814000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
75649000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
57061000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
37087000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17741000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12061000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
39726000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
311139000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32298000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
278841000 usd
CY2023Q1 rol Lessee Operating Lease Lease Not Yet Commenced Future Minimum Payments Due
LesseeOperatingLeaseLeaseNotYetCommencedFutureMinimumPaymentsDue
10800000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
200000 usd
CY2022Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
600000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
64100000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
49200000 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
9800000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6400000 usd
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5300000 shares
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28300000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
490209000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
489616000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
2307000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
2597000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
492516000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
492213000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
185000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
112000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
492701000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
492325000 shares
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20300000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216

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