2023 Q3 Form 10-Q Financial Statement

#000155837023014098 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $6.366M $4.906M $2.582M
YoY Change 126.31% 90.01% 360.25%
Cost Of Revenue $7.180M $6.897M $2.987M
YoY Change 102.6% 130.9%
Gross Profit -$820.0K -$1.991M -$405.0K
YoY Change 12.18% 391.6%
Gross Profit Margin -12.88% -40.58% -15.69%
Selling, General & Admin $6.440M $5.673M $4.894M
YoY Change 49.98% 15.92% 109.86%
% of Gross Profit
Research & Development $14.24M $14.51M $8.440M
YoY Change 46.61% 71.9% 163.5%
% of Gross Profit
Depreciation & Amortization $2.900M $2.642M $1.036M
YoY Change 71.6% 155.02%
% of Gross Profit
Operating Expenses $27.86M $27.08M $17.28M
YoY Change 51.33% 56.72% 161.39%
Operating Profit -$21.50M -$22.17M -$14.70M
YoY Change 37.81% 50.87% 142.95%
Interest Expense $13.00K $13.00K $5.000K
YoY Change 8.33% 160.0% -95.87%
% of Operating Profit
Other Income/Expense, Net $6.355M $9.967M $28.40M
YoY Change 103.95% -64.9% -984.15%
Pretax Income -$15.14M -$12.21M $13.70M
YoY Change 21.3% -189.07% -247.96%
Income Tax $0.00 $0.00 $36.00K
% Of Pretax Income 0.26%
Net Earnings -$15.14M -$12.21M $13.67M
YoY Change 22.12% -189.3% -247.38%
Net Earnings / Revenue -237.86% -248.78% 529.32%
Basic Earnings Per Share -$0.08 -$0.07 $0.08
Diluted Earnings Per Share -$0.08 -$0.07 $0.08
COMMON SHARES
Basic Shares Outstanding 178.4M 177.8M 174.1M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.5M $221.1M $484.3M
YoY Change -47.5% -54.34%
Cash & Equivalents $27.46M $28.44M $301.6M
Short-Term Investments $166.0M $192.7M $182.7M
Other Short-Term Assets $3.200M $3.494M $2.864M
YoY Change 30.93% 22.0%
Inventory
Prepaid Expenses
Receivables $8.300M $5.224M $2.031M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $205.0M $229.9M $489.2M
YoY Change -45.23% -53.01% 87162.84%
LONG-TERM ASSETS
Property, Plant & Equipment $99.24M $95.08M $59.41M
YoY Change 33.42% 60.04%
Goodwill
YoY Change
Intangibles $1.525M $1.360M $843.0K
YoY Change 65.58% 61.33%
Long-Term Investments $228.8M $222.3M $49.87M
YoY Change 64.56% 345.64%
Other Assets $1.057M $1.087M $1.209M
YoY Change -10.27% -10.09%
Total Long-Term Assets $338.9M $328.2M $118.9M
YoY Change 51.65% 176.03% -66.07%
TOTAL ASSETS
Total Short-Term Assets $205.0M $229.9M $489.2M
Total Long-Term Assets $338.9M $328.2M $118.9M
Total Assets $543.9M $558.0M $608.1M
YoY Change -9.01% -8.23% 73.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.300M $8.065M $9.540M
YoY Change -36.66% -15.46% 1426.39%
Accrued Expenses $5.400M $4.666M $3.706M
YoY Change 13.61% 25.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $308.0K $58.00K
YoY Change 1150.0% 431.03%
Total Short-Term Liabilities $11.97M $13.06M $13.57M
YoY Change -20.98% -3.74% 1815.17%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $535.0K $152.0K
YoY Change 24900.0% 251.97%
Other Long-Term Liabilities $13.80M $15.11M $29.15M
YoY Change -52.37% -48.17%
Total Long-Term Liabilities $14.30M $15.64M $29.30M
YoY Change 714900.0% -46.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.97M $13.06M $13.57M
Total Long-Term Liabilities $14.30M $15.64M $29.30M
Total Liabilities $26.31M $28.70M $43.11M
YoY Change -41.3% -33.42% -29.48%
SHAREHOLDERS EQUITY
Retained Earnings -$65.60M -$50.37M -$6.212M
YoY Change 252.46% 710.83% -74.33%
Common Stock $586.4M $583.1M $572.5M
YoY Change 1.91% 1.85% 1860.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $517.6M $529.3M $565.0M
YoY Change
Total Liabilities & Shareholders Equity $543.9M $558.0M $608.1M
YoY Change -9.01% -8.23% 73.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$15.14M -$12.21M $13.67M
YoY Change 22.12% -189.3% -247.38%
Depreciation, Depletion And Amortization $2.900M $2.642M $1.036M
YoY Change 71.6% 155.02%
Cash From Operating Activities -$15.35M -$16.67M -$8.589M
YoY Change 103.91% 94.12%
INVESTING ACTIVITIES
Capital Expenditures $8.510M $9.737M -$20.55M
YoY Change -149.95% -147.38%
Acquisitions
YoY Change
Other Investing Activities $22.98M $44.90M -$119.7M
YoY Change -112.8% -137.5%
Cash From Investing Activities $14.47M $35.16M -$140.3M
YoY Change -107.36% -125.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 61.00K 64.00K
YoY Change -140.16% -4.69%
NET CHANGE
Cash From Operating Activities -15.35M -16.67M -8.589M
Cash From Investing Activities 14.47M 35.16M -140.3M
Cash From Financing Activities -100.0K 61.00K 64.00K
Net Change In Cash -980.0K 18.55M -148.8M
YoY Change -99.52% -112.47%
FREE CASH FLOW
Cash From Operating Activities -$15.35M -$16.67M -$8.589M
Capital Expenditures $8.510M $9.737M -$20.55M
Free Cash Flow -$23.86M -$26.41M $11.96M
YoY Change -350.89% -320.75%

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IncreaseDecreaseInOperatingLeaseLiability
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IncreaseDecreaseInOperatingLeaseLiability
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-36304000
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-22958000
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54819000
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PaymentsToAcquireIntangibleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
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14486000
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NetCashProvidedByUsedInInvestingActivities
-189158000
us-gaap Repayments Of Debt
RepaymentsOfDebt
7000
us-gaap Repayments Of Debt
RepaymentsOfDebt
71000
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ProceedsFromStockOptionsExercised
184000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
354000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
214000
sldp Proceeds From Exercise Of Common Stock Options
ProceedsFromExerciseOfCommonStockOptions
79000
sldp Payments For Withholding Of Employee Taxes Related To Stock Based Compensation
PaymentsForWithholdingOfEmployeeTaxesRelatedToStockBasedCompensation
111000
sldp Payments For Withholding Of Employee Taxes Related To Stock Based Compensation
PaymentsForWithholdingOfEmployeeTaxesRelatedToStockBasedCompensation
58000
sldp Payments On Finance Lease Liability
PaymentsOnFinanceLeaseLiability
146000
sldp Payments On Finance Lease Liability
PaymentsOnFinanceLeaseLiability
20000
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PaymentsOfTransactionCosts
12000
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134000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
272000
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-211844000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50123000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
513447000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28439000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
301603000
us-gaap Interest Paid Net
InterestPaidNet
26000
us-gaap Interest Paid Net
InterestPaidNet
5000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3591000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8146000
us-gaap Nature Of Operations
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;line-height:11pt;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Note 1 – Nature of Business</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:11pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">Solid Power, Inc. (the “Company”) is developing solid state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. The Company’s planned business model is to sell its sulfide-based solid electrolyte and to license its solid-state cell designs and manufacturing process. </span></p>
CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11626000
CY2023Q2 us-gaap Property Plant And Equipment Net
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95076000
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AmortizationOfIntangibleAssets
8000
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5000
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-4987000
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-2325000
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FairValueAdjustmentOfWarrants
-27473000
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FairValueAdjustmentOfWarrants
-28183000
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0
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
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2314000
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5145000
us-gaap Allocated Share Based Compensation Expense
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3910000
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
34327000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
25316000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0417
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0284
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0.4691
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0.4469
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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7815000
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12205000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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13667000
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
177502037
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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EarningsPerShareBasic
-0.07
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
48168899
CY2022Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
47000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
91000
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13000
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FinanceLeaseInterestExpense
25000
CY2023Q2 us-gaap Operating Lease Cost
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290000
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CY2023Q2 us-gaap Lease Cost
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CY2023Q2 us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Operating Lease Payments Use
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CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.062
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
571000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
349000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1173000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
109000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1248000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
37000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1288000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
16000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1329000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5244000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
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CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
77000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3158000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
842000
CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0049

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