2021 Q4 Form 10-Q Financial Statement

#000143774921024861 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $276.4M $272.0M $261.9M
YoY Change 1.25% 3.86% -6.7%
Cost Of Revenue $175.0M $162.8M $158.3M
YoY Change 6.25% 2.84% -5.04%
Gross Profit $101.4M $109.2M $103.6M
YoY Change -6.37% 5.41% -9.12%
Gross Profit Margin 36.69% 40.15% 39.56%
Selling, General & Admin $88.80M $76.90M $77.80M
YoY Change 0.79% -1.16% -7.71%
% of Gross Profit 87.57% 70.42% 75.1%
Research & Development $8.100M $8.400M $7.400M
YoY Change -6.9% 13.51% -9.76%
% of Gross Profit 7.99% 7.69% 7.14%
Depreciation & Amortization $13.50M $13.10M $13.70M
YoY Change -3.57% -4.38% 3.79%
% of Gross Profit 13.31% 12.0% 13.22%
Operating Expenses $96.90M $85.30M $86.40M
YoY Change 0.1% -1.27% -6.59%
Operating Profit $4.500M $23.90M $18.40M
YoY Change -60.87% 29.89% -14.42%
Interest Expense -$1.200M $600.0K $4.400M
YoY Change -72.09% -86.36% -15.38%
% of Operating Profit -26.67% 2.51% 23.91%
Other Income/Expense, Net -$300.0K -$300.0K -$5.500M
YoY Change -200.0% -94.55% 12.24%
Pretax Income $11.60M $22.30M $12.90M
YoY Change 190.0% 72.87% -22.29%
Income Tax $3.700M $800.0K $1.200M
% Of Pretax Income 31.9% 3.59% 9.3%
Net Earnings $7.900M $21.50M $11.70M
YoY Change 216.0% 83.76% -19.86%
Net Earnings / Revenue 2.86% 7.9% 4.47%
Basic Earnings Per Share $1.16 $0.64
Diluted Earnings Per Share $420.5K $1.14 $0.63
COMMON SHARES
Basic Shares Outstanding 18.54M 18.55M 18.37M
Diluted Shares Outstanding 18.87M 18.65M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.6M $140.6M $124.7M
YoY Change -12.34% 12.75% 72.24%
Cash & Equivalents $123.6M $140.6M $124.7M
Short-Term Investments
Other Short-Term Assets $31.20M $29.00M $31.80M
YoY Change 24.8% -8.81% -5.07%
Inventory $160.6M $158.3M $133.5M
Prepaid Expenses
Receivables $211.4M $198.4M $198.0M
Other Receivables $0.00 $0.00 $3.300M
Total Short-Term Assets $526.8M $526.3M $491.3M
YoY Change 6.73% 7.12% 2.46%
LONG-TERM ASSETS
Property, Plant & Equipment $172.8M $169.7M $178.3M
YoY Change -6.85% -4.82% 6.45%
Goodwill $193.1M $197.7M $201.4M
YoY Change -7.07% -1.84% 8.63%
Intangibles $98.00M $104.3M $126.6M
YoY Change -22.35% -17.61% -9.25%
Long-Term Investments
YoY Change
Other Assets $29.70M $27.50M $22.20M
YoY Change 18.8% 23.87% -17.78%
Total Long-Term Assets $534.9M $540.8M $572.2M
YoY Change -9.19% -5.49% 1.17%
TOTAL ASSETS
Total Short-Term Assets $526.8M $526.3M $491.3M
Total Long-Term Assets $534.9M $540.8M $572.2M
Total Assets $1.062B $1.067B $1.064B
YoY Change -1.93% 0.34% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.5M $117.4M $86.00M
YoY Change 14.3% 36.51% -8.41%
Accrued Expenses $92.70M $59.90M $50.50M
YoY Change 72.63% 18.61% -27.23%
Deferred Revenue $7.700M
YoY Change 30.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.200M $3.700M $16.00M
YoY Change -61.47% -76.88% -20.79%
Total Short-Term Liabilities $290.3M $276.2M $244.3M
YoY Change 14.16% 13.06% -9.48%
LONG-TERM LIABILITIES
Long-Term Debt $263.4M $264.7M $307.6M
YoY Change -11.49% -13.95% -4.53%
Other Long-Term Liabilities $10.60M $14.40M $31.80M
YoY Change -72.75% -54.72% 47.91%
Total Long-Term Liabilities $336.3M $347.8M $423.9M
YoY Change -20.35% -17.95% -2.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $290.3M $276.2M $244.3M
Total Long-Term Liabilities $336.3M $347.8M $423.9M
Total Liabilities $626.6M $624.0M $668.2M
YoY Change -7.38% -6.61% -5.26%
SHAREHOLDERS EQUITY
Retained Earnings $410.6M $407.4M $365.0M
YoY Change 13.02% 11.62% 7.64%
Common Stock $7.000M $7.000M $6.900M
YoY Change 1.45% 1.45% 1.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $433.8M $441.8M $393.9M
YoY Change
Total Liabilities & Shareholders Equity $1.062B $1.067B $1.064B
YoY Change -1.93% 0.34% 1.76%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $7.900M $21.50M $11.70M
YoY Change 216.0% 83.76% -19.86%
Depreciation, Depletion And Amortization $13.50M $13.10M $13.70M
YoY Change -3.57% -4.38% 3.79%
Cash From Operating Activities $6.500M $25.10M $49.00M
YoY Change -82.09% -48.78% 38.81%
INVESTING ACTIVITIES
Capital Expenditures -$7.400M -$4.100M -$7.100M
YoY Change 68.18% -42.25% 136.67%
Acquisitions
YoY Change
Other Investing Activities -$3.500M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$10.90M -$4.100M -$7.100M
YoY Change 147.73% -42.25% 144.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.20M -13.70M -19.80M
YoY Change -33.33% -30.81% 36.55%
NET CHANGE
Cash From Operating Activities 6.500M 25.10M 49.00M
Cash From Investing Activities -10.90M -4.100M -7.100M
Cash From Financing Activities -12.20M -13.70M -19.80M
Net Change In Cash -16.60M 7.300M 22.10M
YoY Change -222.06% -66.97% 23.46%
FREE CASH FLOW
Cash From Operating Activities $6.500M $25.10M $49.00M
Capital Expenditures -$7.400M -$4.100M -$7.100M
Free Cash Flow $13.90M $29.20M $56.10M
YoY Change -65.85% -47.95% 46.48%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Reclassification </i>– We reclassified $1.2 million and $3.5 million of costs from selling and administrative expense to cost of sales in the consolidated statements of income for the <em style="font: inherit;">three</em> and <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2020, </em>respectively. These reclassifications were made as part of a global alignment of cost across all regions.</p> <p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;">We documented the summary of significant accounting policies in the notes to consolidated financial statements in our annual report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2020</em>. There have been <em style="font: inherit;">no</em> material changes to our accounting policies since the filing of that report.</p> <p style="font-family: Arial; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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CY2020Q4 us-gaap Lifo Inventory Amount
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CY2020Q4 us-gaap Goodwill
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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tnc Goodwill Net Foreign Currency Fluctuations
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CY2021Q3 us-gaap Goodwill Gross
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CY2021Q3 us-gaap Goodwill
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CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
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CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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126200000 USD
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4800000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15100000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15300000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4800000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17200000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15700000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
14100000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
12700000 USD
CY2021Q3 tnc Finitelived Intangible Asset Expected Amortization After Year Four
FinitelivedIntangibleAssetExpectedAmortizationAfterYearFour
39800000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
104300000 USD
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
100000 USD
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
100000 USD
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
-0 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3100000 USD
CY2021Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
268400000 USD
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
308500000 USD
CY2021Q3 us-gaap Debt Current
DebtCurrent
3700000 USD
CY2020Q4 us-gaap Debt Current
DebtCurrent
10900000 USD
CY2021Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
264700000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
297600000 USD
CY2021Q3 us-gaap Secured Debt Current
SecuredDebtCurrent
600000 USD
CY2021Q3 tnc Debt Weighted Average Interest Rate Net Of Currency Swap Contract
DebtWeightedAverageInterestRateNetOfCurrencySwapContract
0.004 pure
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11100000 USD
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
12700000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6700000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6900000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
200000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-0 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7100000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8600000 USD
CY2021Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10500000 USD
CY2020Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11000000.0 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
272000000.0 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
261900000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
814400000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
728000000.0 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
600000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
4400000 USD
us-gaap Interest Expense
InterestExpense
6600000 USD
us-gaap Interest Expense
InterestExpense
13400000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-700000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-900000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-200000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-5000000.0 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
600000 USD
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
2400000 USD
CY2021Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
14500000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
3000000.0 USD
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1800000 USD
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
27300000 USD
CY2021Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
270000000.0 USD
CY2021Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
268400000 USD
CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
323400000 USD
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
308500000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7500000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
102229
tnc Stock Repurchased During Period Average Cost Per Share
StockRepurchasedDuringPeriodAverageCostPerShare
73.34
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1288167 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.038 pure
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.097 pure
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4600000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
700000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4400000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9500000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4700000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
400000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
300000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
21500000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
11700000 USD
us-gaap Net Income Loss
NetIncomeLoss
57000000.0 USD
us-gaap Net Income Loss
NetIncomeLoss
31200000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18554136
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18371883
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18519523
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18335430
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
317081
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
276445
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
350375
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
288537
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18871217
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18648328
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18869898
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18623967
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.70
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.68
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
148747
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
578858
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
198853
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
620605

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