2022 Q3 Form 10-K Financial Statement

#000095017022017628 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $448.1M $476.4M $1.740B
YoY Change 20.23% 45.33% 29.87%
Cost Of Revenue $192.4M $210.3M $796.6M
YoY Change 10.19% 33.95% 9.36%
Gross Profit $255.7M $266.1M $943.1M
YoY Change 29.08% 55.8% 54.3%
Gross Profit Margin 57.06% 55.86% 54.21%
Selling, General & Admin $44.70M $38.30M $168.4M
YoY Change 7.45% 15.02% 16.22%
% of Gross Profit 17.48% 14.39% 17.86%
Research & Development $89.50M $94.10M $367.3M
YoY Change 3.95% 21.11% 17.2%
% of Gross Profit 35.0% 35.36% 38.95%
Depreciation & Amortization $41.90M $9.100M $38.70M
YoY Change 37.83% -71.29% -70.62%
% of Gross Profit 16.39% 3.42% 4.1%
Operating Expenses $143.7M $141.5M $592.7M
YoY Change 4.51% 18.31% 27.68%
Operating Profit $112.0M $124.6M $350.4M
YoY Change 84.82% 143.36% 138.37%
Interest Expense $6.900M -$8.900M $30.20M
YoY Change -216.95% 0.0% 2.37%
% of Operating Profit 6.16% -7.14% 8.62%
Other Income/Expense, Net -$8.300M $3.000M $1.300M
YoY Change 40.68%
Pretax Income $103.7M $115.2M $320.5M
YoY Change 122.53% 176.26% 166.86%
Income Tax $39.10M $32.30M $64.60M
% Of Pretax Income 37.7% 28.04% 20.16%
Net Earnings $64.60M $82.90M $257.5M
YoY Change 60.7% 336.32% 223.49%
Net Earnings / Revenue 14.42% 17.4% 14.8%
Basic Earnings Per Share $1.62 $6.60
Diluted Earnings Per Share $1.59 $2.042M $6.33
COMMON SHARES
Basic Shares Outstanding 39.63M 39.61M 39.00M
Diluted Shares Outstanding 40.70 40.70M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $911.8M $876.0M $876.0M
YoY Change 162.54% 4.75% 4.75%
Cash & Equivalents $867.8M $824.0M $824.0M
Short-Term Investments $44.00M $52.00M $52.00M
Other Short-Term Assets $36.50M $35.60M $35.60M
YoY Change -16.48% 7.55% 7.55%
Inventory $179.4M $169.7M $169.7M
Prepaid Expenses
Receivables $284.1M $322.1M $322.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.412B $1.403B $1.403B
YoY Change 88.39% 18.96% 18.96%
LONG-TERM ASSETS
Property, Plant & Equipment $63.40M $62.90M $62.90M
YoY Change -31.16% -31.03% -48.82%
Goodwill $806.6M $806.6M
YoY Change 41.51% 41.51%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0M $134.0M $195.2M
YoY Change 35.59% 154.27% 270.4%
Total Long-Term Assets $1.413B $1.455B $1.455B
YoY Change 36.81% 38.93% 38.93%
TOTAL ASSETS
Total Short-Term Assets $1.412B $1.403B $1.403B
Total Long-Term Assets $1.413B $1.455B $1.455B
Total Assets $2.825B $2.858B $2.858B
YoY Change 58.5% 28.35% 28.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.0M $141.8M $141.8M
YoY Change 13.95% 45.29% 45.29%
Accrued Expenses $128.2M $235.9M $235.9M
YoY Change -27.08% 36.67% 36.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M $6.000M
YoY Change -98.77% -98.77%
Total Short-Term Liabilities $365.3M $463.4M $463.4M
YoY Change 20.36% -41.1% -41.1%
LONG-TERM LIABILITIES
Long-Term Debt $974.8M $975.7M $975.7M
YoY Change 147.1% 147.39% 147.39%
Other Long-Term Liabilities $159.6M $152.6M $152.6M
YoY Change 92.75% 94.39% 196.89%
Total Long-Term Liabilities $1.134B $1.128B $1.128B
YoY Change 137.67% 138.59% 153.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $365.3M $463.4M $463.4M
Total Long-Term Liabilities $1.134B $1.128B $1.128B
Total Liabilities $1.500B $1.592B $1.592B
YoY Change 92.07% 26.37% 26.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.103B $1.039B
YoY Change 34.33% 32.97%
Common Stock $931.8M $924.2M
YoY Change 6.53% -33.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $707.9M $694.5M
YoY Change 1.93% -42.38%
Treasury Stock Shares
Shareholders Equity $1.325B $1.266B $1.266B
YoY Change
Total Liabilities & Shareholders Equity $2.825B $2.858B $2.858B
YoY Change 58.5% 28.35% 28.35%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income $64.60M $82.90M $257.5M
YoY Change 60.7% 336.32% 223.49%
Depreciation, Depletion And Amortization $41.90M $9.100M $38.70M
YoY Change 37.83% -71.29% -70.62%
Cash From Operating Activities $78.50M $128.0M $462.7M
YoY Change 34.65% 22.02% 44.96%
INVESTING ACTIVITIES
Capital Expenditures $6.200M -$4.200M $31.10M
YoY Change 31.91% -25.0% 47.39%
Acquisitions $501.1M
YoY Change -20.02%
Other Investing Activities $8.500M $17.20M -$425.3M
YoY Change -15.19%
Cash From Investing Activities $2.300M $13.00M -$482.7M
YoY Change -148.94% -332.14% -7.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.00M -2.600M 14.30M
YoY Change -93.54% -86.93% -94.78%
NET CHANGE
Cash From Operating Activities 78.50M 128.0M 462.7M
Cash From Investing Activities 2.300M 13.00M -482.7M
Cash From Financing Activities -35.00M -2.600M 14.30M
Net Change In Cash 43.80M 138.4M -12.30M
YoY Change -108.96% 74.31% -116.87%
FREE CASH FLOW
Cash From Operating Activities $78.50M $128.0M $462.7M
Capital Expenditures $6.200M -$4.200M $31.10M
Free Cash Flow $72.30M $132.2M $431.6M
YoY Change 34.89% 19.64% 44.78%

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CY2022 syna Proceeds From Sale Of Audio Technology Assets
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CY2021 syna Proceeds From Sale Of Audio Technology Assets
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CY2020 syna Proceeds From Sale Of Audio Technology Assets
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CY2022 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Proceeds From Sale Of Equity Method Investments
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CY2021 us-gaap Proceeds From Sale Of Equity Method Investments
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CY2022 syna Return Of Deposit Received From Vendor
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CY2021 syna Return Of Deposit Received From Vendor
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2021 us-gaap Repayments Of Convertible Debt
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CY2020 us-gaap Repayments Of Convertible Debt
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CY2021 syna Payment For Payroll Taxes For Deferred Stock And Market Stock Units
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CY2020 syna Payment For Payroll Taxes For Deferred Stock And Market Stock Units
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments, and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, including our expectations regarding the potential impacts on our business of the COVID-19 pandemic, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investments, and accounts receivable. Our investment policy, which is predicated on capital preservation and liquidity, limits investments to U.S. government treasuries and agency issues, taxable securities, and municipal issued securities with a minimum rating of investment grade by the rating agencies.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">We sell our products to contract manufacturers that provide manufacturing services for OEMs, to some OEMs directly, and to distributors. We extend credit based on an evaluation of a customer’s financial condition, and we generally do not require collateral.</span></p><div style="font-size:10.0pt;font-family:Times New Roman;"><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The following customers accounted for more than 10% of our accounts receivable balance as of the end of fiscal </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">2022 and 2021:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:70.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.998%;"/> <td style="width:1.62%;"/> <td style="width:14.881%;"/> <td style="width:1.62%;"/> <td style="width:14.881%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;">2022</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;">2021</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Customer A</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">17</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">15</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Customer B</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">15</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">12</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span></p></td> </tr> </table></div>
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The leases expire at various dates through fiscal year 2034, some of which include options to extend the lease for up to seven years.
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1739700000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1339600000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1333900000
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1259500000
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
962700000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
200000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
6100000
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
5200000
CY2022 us-gaap Restructuring Charges
RestructuringCharges
18300000
CY2021 us-gaap Restructuring Charges
RestructuringCharges
7400000
CY2020 us-gaap Restructuring Charges
RestructuringCharges
33000000.0
CY2022 us-gaap Payments For Restructuring
PaymentsForRestructuring
17100000
CY2021 us-gaap Payments For Restructuring
PaymentsForRestructuring
13300000
CY2020 us-gaap Payments For Restructuring
PaymentsForRestructuring
32100000
CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
1400000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
200000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
6100000
CY2022 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
18300000
CY2021 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
7400000

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