2022 Q1 Form 10-Q Financial Statement

#000149229822000020 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $163.1M $152.4M
YoY Change 7.05% 2.02%
Cost Of Revenue $33.10M $28.60M
YoY Change 15.75% 5.93%
Gross Profit $130.0M $123.7M
YoY Change 5.09% 1.06%
Gross Profit Margin 79.7% 81.19%
Selling, General & Admin $10.87M $11.00M
YoY Change -1.17% 18.28%
% of Gross Profit 8.36% 8.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.26M $44.38M
YoY Change 1.99% 0.47%
% of Gross Profit 34.81% 35.87%
Operating Expenses $61.14M $60.60M
YoY Change 0.89% 3.95%
Operating Profit $68.86M $63.10M
YoY Change 9.13% -1.56%
Interest Expense -$27.77M -$29.00M
YoY Change -4.23% 0.35%
% of Operating Profit -40.33% -45.96%
Other Income/Expense, Net -$203.0K $653.0K
YoY Change -131.09% -68.02%
Pretax Income $43.69M $39.16M
YoY Change 11.57% -1.93%
Income Tax $284.0K $700.0K
% Of Pretax Income 0.65% 1.79%
Net Earnings $40.60M $33.45M
YoY Change 21.39% -4.98%
Net Earnings / Revenue 24.89% 21.95%
Basic Earnings Per Share $0.18 $0.16
Diluted Earnings Per Share $0.18 $0.16
COMMON SHARES
Basic Shares Outstanding 230.9M shares 211.5M shares
Diluted Shares Outstanding 231.6M shares 212.6M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.84M $24.90M
YoY Change -0.26% -53.97%
Cash & Equivalents $24.84M $24.88M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $180.6M $213.4M
YoY Change -15.37% -1.16%
LONG-TERM ASSETS
Property, Plant & Equipment $5.156B $5.279B
YoY Change -2.34% -1.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.88M $283.8M
YoY Change -66.92% -8.98%
Other Assets $4.443M $4.600M
YoY Change -3.41% -45.24%
Total Long-Term Assets $5.704B $5.750B
YoY Change -0.8% -2.14%
TOTAL ASSETS
Total Short-Term Assets $180.6M $213.4M
Total Long-Term Assets $5.704B $5.750B
Total Assets $5.885B $5.964B
YoY Change -1.32% -2.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.90M $105.9M
YoY Change -12.28% -5.87%
Accrued Expenses $25.40M $17.60M
YoY Change 44.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.3M $123.5M
YoY Change -4.21% 9.78%
LONG-TERM LIABILITIES
Long-Term Debt $2.358B $2.282B
YoY Change 3.33% -7.97%
Other Long-Term Liabilities $47.58M $55.40M
YoY Change -14.11% -47.34%
Total Long-Term Liabilities $2.405B $2.337B
YoY Change 2.91% -9.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.3M $123.5M
Total Long-Term Liabilities $2.405B $2.337B
Total Liabilities $2.523B $2.460B
YoY Change 2.56% -8.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.310M $2.159M
YoY Change 6.99% 5.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.362B $3.503B
YoY Change
Total Liabilities & Shareholders Equity $5.885B $5.964B
YoY Change -1.32% -2.11%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $40.60M $33.45M
YoY Change 21.39% -4.98%
Depreciation, Depletion And Amortization $45.26M $44.38M
YoY Change 1.99% 0.47%
Cash From Operating Activities $63.11M $68.53M
YoY Change -7.9% -8.4%
INVESTING ACTIVITIES
Capital Expenditures -$20.57M -$28.70M
YoY Change -28.32% -57.36%
Acquisitions
YoY Change
Other Investing Activities -$16.67M -$6.700M
YoY Change 148.79% 157.69%
Cash From Investing Activities -$37.24M -$35.36M
YoY Change 5.33% -49.36%
FINANCING ACTIVITIES
Cash Dividend Paid $69.28M $63.22M
YoY Change 9.58% -31.57%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$112.5M -$69.28M
YoY Change 62.42% -874.21%
NET CHANGE
Cash From Operating Activities $63.11M $68.53M
Cash From Investing Activities -$37.24M -$35.36M
Cash From Financing Activities -$112.5M -$69.28M
Net Change In Cash -$86.65M -$36.10M
YoY Change 140.01% -358.92%
FREE CASH FLOW
Cash From Operating Activities $63.11M $68.53M
Capital Expenditures -$20.57M -$28.70M
Free Cash Flow $83.69M $97.23M
YoY Change -13.93% -31.58%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
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0 USD
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500000 USD
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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
CY2022Q1 us-gaap Real Estate Investment Property At Cost
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Land
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Land
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RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyAccumulatedDepreciation
873795000 USD
CY2022Q1 sbra Property Taxes Insurance And Tenant Improvement Deposit Liability
PropertyTaxesInsuranceAndTenantImprovementDepositLiability
16700000 USD
CY2021Q4 sbra Property Taxes Insurance And Tenant Improvement Deposit Liability
PropertyTaxesInsuranceAndTenantImprovementDepositLiability
16800000 USD
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5162884000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2022Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
11200000 USD
CY2021Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
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CY2022Q1 sbra Letters Of Credit Deposits
LettersOfCreditDeposits
82000000 USD
CY2021Q4 sbra Letters Of Credit Deposits
LettersOfCreditDeposits
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VariableLeaseIncome
5100000 USD
CY2021Q1 us-gaap Variable Lease Income
VariableLeaseIncome
4800000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
305189000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
394427000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
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CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
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CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
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CY2022Q1 us-gaap Investment Owned Balance Principal Amount
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407497000 USD
CY2022Q1 sbra Lessor Operating Lease Payment To Be Received After Year Four
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1410722000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
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CY2021Q1 sbra Disposal Group Including Discontinued Operations Number Of Properties
DisposalGroupIncludingDiscontinuedOperationsNumberOfProperties
2 facility
CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
5300000 USD
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DisposalGroupIncludingDiscontinuedOperationAssetsAndLiabilitiesNet
5000000.0 USD
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300000 USD
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300000 USD
CY2022Q1 sbra Financing Receivable Number Of Loans
FinancingReceivableNumberOfLoans
16 loan
CY2022Q1 sbra Number Of Investments
NumberOfInvestments
23 investment
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347675000 USD
CY2021Q4 us-gaap Notes Receivable Gross
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CY2022Q1 sbra Financing Receivable Fixed Interest Rate
FinancingReceivableFixedInterestRate
0.076
CY2022Q1 sbra Financing Receivable Effective Interest Rate
FinancingReceivableEffectiveInterestRate
0.075
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FinancingReceivableAllowanceForCreditLosses
6851000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
6344000 USD
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FinancingReceivablePrincipalAmount
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CY2022Q1 us-gaap Notes Receivable Net
NotesReceivableNet
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CY2021Q4 us-gaap Notes Receivable Net
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342031000 USD
CY2022Q1 sbra Preferred Equity Investments Number
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7 preferredEquityInvestment
CY2022Q1 sbra Preferred Equity Investment Face Value
PreferredEquityInvestmentFaceValue
56034000 USD
CY2022Q1 sbra Preferred Equity Investment Carrying Amount
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56250000 USD
CY2021Q4 sbra Preferred Equity Investment Carrying Amount
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57055000 USD
CY2022Q1 sbra Preferred Equity Investment Weighted Average Contractual Rate
PreferredEquityInvestmentWeightedAverageContractualRate
0.110
CY2022Q1 sbra Preferred Equity Investment Weighted Average Effective Rate
PreferredEquityInvestmentWeightedAverageEffectiveRate
0.109
CY2022Q1 sbra Financing Receivable And Other Investments Net
FinancingReceivableAndOtherInvestmentsNet
397074000 USD
CY2021Q4 sbra Financing Receivable And Other Investments Net
FinancingReceivableAndOtherInvestmentsNet
399086000 USD
CY2022Q1 sbra Investments Weighted Average Contractual Rate
InvestmentsWeightedAverageContractualRate
0.080
CY2022Q1 sbra Investments Weighted Average Effective Rate
InvestmentsWeightedAverageEffectiveRate
0.080
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
500000 USD
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
1900000 USD
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
6900000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
6300000 USD
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
25000000 USD
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
24400000 USD
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2700000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1900000 USD
CY2022Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
25400000 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
21500000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1449000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2089000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
502147000 USD
CY2022Q1 sbra Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1291874000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2378314000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
3043000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
17741000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
2357530000 USD
CY2022Q1 sbra Other Comprehensive Income Loss Cash Flow And Net Investment Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossBeforeReclassificationAndTax
7153000 USD
CY2021Q1 sbra Other Comprehensive Income Loss Cash Flow And Net Investment Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossBeforeReclassificationAndTax
28868000 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
9409000 USD
CY2022Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 USD
CY2022Q1 us-gaap Derivative Assets
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9409000 USD
CY2022Q1 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2022Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
9409000 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
0 USD
CY2022Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
CY2022Q1 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 USD
CY2022Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3330000 USD
CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
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0 USD
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
3330000 USD
CY2021Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
930000 USD
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DerivativeCollateralObligationToReturnCash
0 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
2400000 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3726000 USD
CY2021Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3726000 USD
CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
930000 USD
CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
2796000 USD
CY2022Q1 sbra Financing Receivable Principal Amount
FinancingReceivablePrincipalAmount
351463000 USD
CY2021Q4 sbra Financing Receivable Principal Amount
FinancingReceivablePrincipalAmount
352159000 USD
CY2022Q1 sbra Preferred Equity Investment Face Value
PreferredEquityInvestmentFaceValue
56034000 USD
CY2021Q4 sbra Preferred Equity Investment Face Value
PreferredEquityInvestmentFaceValue
56805000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3300000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1900000 USD
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
40602000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
33447000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230859993 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211450699 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
704977 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1141455 shares
CY2022Q1 sbra Incremental Common Shares Attributable To Forward Equity Sale Agreements
IncrementalCommonSharesAttributableToForwardEquitySaleAgreements
0 shares
CY2021Q1 sbra Incremental Common Shares Attributable To Forward Equity Sale Agreements
IncrementalCommonSharesAttributableToForwardEquitySaleAgreements
32151 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231564970 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
212624305 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16

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