2024 Q3 Form 10-Q Financial Statement

#000143774924025176 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $67.83M $66.71M
YoY Change 8.0% 10.08%
Cost Of Revenue $46.62M $44.05M
YoY Change 9.23% 5.17%
Gross Profit $21.21M $22.66M
YoY Change 5.37% 21.08%
Gross Profit Margin 31.27% 33.96%
Selling, General & Admin $17.47M $17.56M
YoY Change -5.47% 26.44%
% of Gross Profit 82.39% 77.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.400M $4.113M
YoY Change 33.74% 47.42%
% of Gross Profit 20.75% 18.15%
Operating Expenses $17.47M $17.56M
YoY Change -5.47% 26.44%
Operating Profit $3.735M $5.099M
YoY Change 127.33% 5.68%
Interest Expense $210.0K $260.0K
YoY Change -123.6% -131.94%
% of Operating Profit 5.62% 5.1%
Other Income/Expense, Net -$232.0K -$131.0K
YoY Change -72.41% 104.69%
Pretax Income $3.713M $5.228M
YoY Change 362.97% 38.97%
Income Tax $427.0K $820.0K
% Of Pretax Income 11.5% 15.68%
Net Earnings $3.286M $4.408M
YoY Change 614.35% 49.47%
Net Earnings / Revenue 4.84% 6.61%
Basic Earnings Per Share $0.36 $0.49
Diluted Earnings Per Share $0.35 $0.48
COMMON SHARES
Basic Shares Outstanding 9.145M 9.134M
Diluted Shares Outstanding 9.282M 9.196M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.82M $22.66M
YoY Change 1884.58% 954.3%
Cash & Equivalents $23.82M $22.66M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $6.241M $5.070M
YoY Change 78.31% 49.43%
Inventory $15.55M $18.13M
Prepaid Expenses
Receivables $48.93M $48.16M
Other Receivables $628.0K $242.0K
Total Short-Term Assets $95.17M $94.25M
YoY Change 46.02% 48.19%
LONG-TERM ASSETS
Property, Plant & Equipment $64.80M $63.95M
YoY Change 81.78% 37.63%
Goodwill $138.1M $138.1M
YoY Change 29.86% 79.29%
Intangibles $24.36M $26.25M
YoY Change 5.21% 73.36%
Long-Term Investments
YoY Change
Other Assets $1.096M $1.049M
YoY Change 1.2% -1.59%
Total Long-Term Assets $228.4M $229.4M
YoY Change 24.78% 64.18%
TOTAL ASSETS
Total Short-Term Assets $95.17M $94.25M
Total Long-Term Assets $228.4M $229.4M
Total Assets $323.6M $323.7M
YoY Change 30.35% 59.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.04M $13.08M
YoY Change 4.15% 13.08%
Accrued Expenses $11.09M $12.68M
YoY Change -3.55% 36.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.386M $2.362M
YoY Change 4.06% 4.05%
Total Short-Term Liabilities $26.52M $31.80M
YoY Change -5.66% 34.04%
LONG-TERM LIABILITIES
Long-Term Debt $612.0K $1.218M
YoY Change -98.8% -97.36%
Other Long-Term Liabilities $18.37M $19.06M
YoY Change 235.33% 22.08%
Total Long-Term Liabilities $18.98M $20.28M
YoY Change -66.4% -67.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.52M $31.80M
Total Long-Term Liabilities $18.98M $20.28M
Total Liabilities $54.80M $61.36M
YoY Change -50.17% -33.74%
SHAREHOLDERS EQUITY
Retained Earnings $85.89M $83.52M
YoY Change 20.94% 16.16%
Common Stock $183.6M $179.9M
YoY Change 168.8% 354.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $268.8M $262.3M
YoY Change
Total Liabilities & Shareholders Equity $323.6M $323.7M
YoY Change 30.35% 59.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.286M $4.408M
YoY Change 614.35% 49.47%
Depreciation, Depletion And Amortization $4.400M $4.113M
YoY Change 33.74% 47.42%
Cash From Operating Activities $6.835M $8.924M
YoY Change -18.92% 18.42%
INVESTING ACTIVITIES
Capital Expenditures $3.959M $3.674M
YoY Change 48.28% 32.78%
Acquisitions $15.95M
YoY Change 456.05%
Other Investing Activities $95.00K -$420.0K
YoY Change -100.95% -85.36%
Cash From Investing Activities -$3.864M -$4.094M
YoY Change -69.55% -27.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $576.0K
YoY Change 4.16%
Cash From Financing Activities -1.411M -1.935M
YoY Change -144.51% 125.26%
NET CHANGE
Cash From Operating Activities 6.835M 8.924M
Cash From Investing Activities -3.864M -4.094M
Cash From Financing Activities -1.411M -1.935M
Net Change In Cash 1.560M 2.895M
YoY Change -243.12% 178.1%
FREE CASH FLOW
Cash From Operating Activities $6.835M $8.924M
Capital Expenditures $3.959M $3.674M
Free Cash Flow $2.876M $5.250M
YoY Change -50.07% 10.09%

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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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InterestPaidNet
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InterestPaidNet
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IncomeTaxesPaidNet
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NoncashOrPartNoncashAcquisitionAccruedContingentConsiderationRelatedToAcquisition
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CY2024Q2 trns Noncash Or Part Noncash Acquisition Contingent Consideration Treated As Equity
NoncashOrPartNoncashAcquisitionContingentConsiderationTreatedAsEquity
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CY2023Q2 trns Noncash Or Part Noncash Acquisition Contingent Consideration Treated As Equity
NoncashOrPartNoncashAcquisitionContingentConsiderationTreatedAsEquity
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CY2024Q2 trns Reclassification Of Property And Equipment To Inventory
ReclassificationOfPropertyAndEquipmentToInventory
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ReclassificationOfPropertyAndEquipmentToInventory
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CY2023Q1 us-gaap Stockholders Equity
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CY2024Q2 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates: </b>The preparation of Transcat’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires that the Company make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but <em style="font: inherit;">not</em> limited to, allowance for credit losses and returns, inventory reserves, estimated levels of achievement for performance-based restricted stock units, fair value of stock options, depreciable lives of fixed assets, estimated lives of intangible assets, fair value of the goodwill reporting units, and the valuation of assets acquired, liabilities assumed and consideration transferred in business acquisitions. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Consolidated Financial Statements <em style="font: inherit;"> may </em>change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. Actual results could differ from those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"></p>
CY2024Q2 trns Revenue Recognition Percentage Of Net Sales
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1 pure
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CY2024Q2 us-gaap Investments
Investments
100000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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900000 usd
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
100000 usd
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
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CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q2 trns Dilutive Securities Effect Per Share On Earnings
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2024Q1 us-gaap Goodwill
Goodwill
105585000 usd
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FiniteLivedIntangibleAssetsNet
19987000 usd
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CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1773000 usd
CY2024Q2 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-61000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
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0 usd
CY2024Q2 us-gaap Goodwill
Goodwill
138146000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
26254000 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
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4074000 usd
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5508000 usd
CY2024Q2 trns Accrued Incentive Current
AccruedIncentiveCurrent
986000 usd
CY2024Q1 trns Accrued Incentive Current
AccruedIncentiveCurrent
4182000 usd
CY2024Q2 trns Current Portion Of Lease Liabilities
CurrentPortionOfLeaseLiabilities
3177000 usd
CY2024Q1 trns Current Portion Of Lease Liabilities
CurrentPortionOfLeaseLiabilities
2510000 usd
CY2024Q2 trns Accrued Acquisition Holdbacks Current
AccruedAcquisitionHoldbacksCurrent
3216000 usd
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AccruedAcquisitionHoldbacksCurrent
2577000 usd
CY2024Q2 trns Accrued Sales Tax Current
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727000 usd
CY2024Q1 trns Accrued Sales Tax Current
AccruedSalesTaxCurrent
813000 usd
CY2024Q2 trns Accrued Contingent Consideration
AccruedContingentConsideration
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CY2024Q1 trns Accrued Contingent Consideration
AccruedContingentConsideration
529000 usd
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497000 usd
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620000 usd
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12677000 usd
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16739000 usd
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1130000 usd
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1134000 usd
CY2024Q2 trns Accrued Acquisition Holdbacks Noncurrent
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1647000 usd
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1647000 usd
CY2024Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
750000 usd
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BusinessCombinationContingentConsiderationLiabilityNoncurrent
0 usd
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OtherSundryLiabilitiesNoncurrent
130000 usd
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OtherSundryLiabilitiesNoncurrent
122000 usd
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3657000 usd
CY2024Q1 us-gaap Other Liabilities Noncurrent
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2903000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
100000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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234000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
63.43
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4000
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
108.04
CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4000
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
24.3
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12000
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
52.64
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
222000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.91
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12159000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
63000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
36.21
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
4750000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
400000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000 usd
CY2024Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000 usd
CY2024Q2 us-gaap Revenues
Revenues
66707000 usd
CY2023Q2 us-gaap Revenues
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60598000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
22655000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
18710000 usd
CY2024Q2 us-gaap Operating Expenses
OperatingExpenses
17556000 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
14070000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5099000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4640000 usd
CY2024Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
129000 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-878000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
820000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
813000 usd
CY2024Q2 us-gaap Other General Expense
OtherGeneralExpense
691000 usd
CY2023Q2 us-gaap Other General Expense
OtherGeneralExpense
1691000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
4408000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
2949000 usd
CY2024Q2 us-gaap Revenues
Revenues
66707000 usd
CY2023Q2 us-gaap Revenues
Revenues
60598000 usd
CY2024Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
66727000 usd
CY2023Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
68374000 usd
CY2024Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
4420000 usd
CY2023Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3790000 usd
CY2024Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.49
CY2023Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.5
CY2024Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.48
CY2023Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.49
CY2024Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
3200000 usd
CY2024Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
800000 usd
CY2024Q2 trns Unpaid Amounts For Other Holdbacks
UnpaidAmountsForOtherHoldbacks
1600000 usd
CY2023Q2 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
0 usd
CY2023Q2 trns Payments For Other Holdbacks
PaymentsForOtherHoldbacks
300000 usd
CY2024Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
400000 usd
CY2023Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
200000 usd

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