2021 Q4 Form 10-Q Financial Statement

#000093303621000222 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.171B $1.181B $712.0M
YoY Change 63.49% 65.9% 9.65%
Cost Of Revenue $603.2M $612.5M $287.0M
YoY Change 108.64% 113.43% 15.08%
Gross Profit $568.3M $568.8M $425.0M
YoY Change 32.95% 33.82% 6.26%
Gross Profit Margin 48.51% 48.15% 59.69%
Selling, General & Admin $439.6M $399.5M $333.0M
YoY Change 32.98% 19.96% -3.03%
% of Gross Profit 77.36% 70.24% 78.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.27M $47.07M $13.80M
YoY Change 247.57% 241.08% -7.38%
% of Gross Profit 8.32% 8.28% 3.25%
Operating Expenses $491.4M $501.6M $344.8M
YoY Change 31.95% 45.46% -4.52%
Operating Profit $76.88M $67.15M $80.19M
YoY Change 40.7% -16.26% 106.42%
Interest Expense -$18.63M $19.74M $3.350M
YoY Change 482.31% 489.31% -50.25%
% of Operating Profit -24.24% 29.4% 4.18%
Other Income/Expense, Net $0.00 -$6.839M $0.00
YoY Change -100.0%
Pretax Income $18.19M $40.60M $76.99M
YoY Change -64.67% -47.27% 156.37%
Income Tax $8.382M $19.33M $12.96M
% Of Pretax Income 46.07% 47.61% 16.83%
Net Earnings $9.812M $21.27M $64.03M
YoY Change -82.57% -66.79% 104.72%
Net Earnings / Revenue 0.84% 1.8% 8.99%
Basic Earnings Per Share $0.36 $1.19
Diluted Earnings Per Share $151.0K $0.31 $1.15
COMMON SHARES
Basic Shares Outstanding 66.14M shares 58.27M shares 53.99M shares
Diluted Shares Outstanding 68.19M shares 55.61M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.3M $158.8M $227.4M
YoY Change -32.04% -30.15% 208.55%
Cash & Equivalents $108.3M $158.8M $227.4M
Short-Term Investments
Other Short-Term Assets $63.47M $51.48M $40.20M
YoY Change 26.94% 28.06% 2.81%
Inventory $1.306B $1.269B $800.9M
Prepaid Expenses
Receivables $126.4M $131.9M $75.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.604B $1.611B $1.144B
YoY Change 32.73% 40.82% 23.37%
LONG-TERM ASSETS
Property, Plant & Equipment $308.1M $309.3M $145.3M
YoY Change 117.52% 112.88% -25.08%
Goodwill $289.8M $332.2M $70.22M
YoY Change 312.65% 373.12% -2.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.39M $41.04M $14.90M
YoY Change 102.34% 175.45% -41.8%
Total Long-Term Assets $1.389B $1.443B $523.6M
YoY Change 156.12% 175.54% -8.25%
TOTAL ASSETS
Total Short-Term Assets $1.604B $1.611B $1.144B
Total Long-Term Assets $1.389B $1.443B $523.6M
Total Assets $2.993B $3.054B $1.668B
YoY Change 70.95% 83.12% 11.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.7M $150.2M $176.3M
YoY Change -27.1% -14.79% 67.9%
Accrued Expenses $659.2M $661.0M $589.7M
YoY Change 8.8% 12.09% 2.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $794.9M $811.2M $766.0M
YoY Change 0.37% 5.9% 12.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.571B $1.282B $190.6M
YoY Change 724.78% 572.38% -24.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.571B $1.282B $190.6M
YoY Change 724.78% 572.38% -24.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $794.9M $811.2M $766.0M
Total Long-Term Liabilities $1.571B $1.282B $190.6M
Total Liabilities $2.480B $2.200B $1.125B
YoY Change 114.0% 95.48% 5.54%
SHAREHOLDERS EQUITY
Retained Earnings $1.144B $1.154B $1.052B
YoY Change 4.82% 9.76% 13.91%
Common Stock $1.148B $1.108B $880.1M
YoY Change 29.23% 25.85% 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.766B $1.396B $1.376B
YoY Change 28.35% 1.46% 2.07%
Treasury Stock Shares 65.79M shares 58.23M shares 57.89M shares
Shareholders Equity $513.3M $854.1M $542.3M
YoY Change
Total Liabilities & Shareholders Equity $2.993B $3.054B $1.668B
YoY Change 70.95% 83.12% 11.32%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $9.812M $21.27M $64.03M
YoY Change -82.57% -66.79% 104.72%
Depreciation, Depletion And Amortization $47.27M $47.07M $13.80M
YoY Change 247.57% 241.08% -7.38%
Cash From Operating Activities $66.09M $75.69M $41.50M
YoY Change -210.71% 82.38% -2.81%
INVESTING ACTIVITIES
Capital Expenditures -$16.57M -$20.47M -$7.800M
YoY Change 39.28% 162.5% 13.04%
Acquisitions
YoY Change
Other Investing Activities $15.00K $3.000K -$600.0K
YoY Change -99.89% -100.5% -97.64%
Cash From Investing Activities -$16.56M -$20.47M -$8.500M
YoY Change -819.96% 140.85% -73.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.90M -41.14M -12.20M
YoY Change 746.63% 237.25% -95.79%
NET CHANGE
Cash From Operating Activities 66.09M 75.69M 41.50M
Cash From Investing Activities -16.56M -20.47M -8.500M
Cash From Financing Activities -99.90M -41.14M -12.20M
Net Change In Cash -50.37M 14.07M 20.80M
YoY Change -27.22% -32.36% -107.45%
FREE CASH FLOW
Cash From Operating Activities $66.09M $75.69M $41.50M
Capital Expenditures -$16.57M -$20.47M -$7.800M
Free Cash Flow $82.67M $96.16M $49.30M
YoY Change -272.95% 95.05% -0.6%

Facts In Submission

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RENT A CENTER INC DE
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Amendment Flag
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dei Document Type
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dei Document Quarterly Report
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CY2020Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Other Amortization Of Deferred Charges
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us-gaap Deferred Income Taxes And Tax Credits
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements in conformity with U.S. generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent losses and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. In applying accounting principles, we must often make individual estimates and assumptions regarding expected outcomes or uncertainties. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. However, uncertainties may affect certain estimates and assumptions inherent in the financial reporting process, which may impact reported amounts of assets and liabilities in future periods and cause actual results to differ from those estimates.</span></div>
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rcii Franchise Merchandise Sales
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rcii Franchise Royalty Income And Fees
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rcii Rentals And Fees
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rcii Other Store Revenue
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q4 us-gaap Accounts Receivable Net
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90003000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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8047000 USD
us-gaap Operating Lease Cost
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80800000 USD
rcii Provisionfordoubtfulaccountsbaddebtexpense
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q3 us-gaap Sublease Income
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2850000 USD
CY2020Q3 us-gaap Sublease Income
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2180000 USD
us-gaap Sublease Income
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us-gaap Sublease Income
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6641000 USD
CY2021Q3 us-gaap Lease Cost
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30384000 USD
CY2020Q3 us-gaap Lease Cost
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32623000 USD
us-gaap Lease Cost
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us-gaap Lease Cost
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CY2021Q3 us-gaap Variable Lease Cost
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8400000 USD
us-gaap Variable Lease Cost
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25400000 USD
CY2020Q3 us-gaap Variable Lease Cost
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8700000 USD
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us-gaap Operating Lease Cost
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85794000 USD
us-gaap Short Term Lease Cost
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13022000 USD
us-gaap Short Term Lease Cost
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17466000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.062
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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37919000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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102197000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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76597000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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58245000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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41294000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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32088000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
348340000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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47930000 USD
CY2021Q3 us-gaap Operating Lease Liability
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300410000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
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54186000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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9927000 shares
CY2020Q4 rcii Operating Lease Number Of Units
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500 store
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.476
us-gaap Effective Income Tax Rate Continuing Operations
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0.289
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.168
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.114
CY2021Q1 rcii Originalissuediscount
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4400000 USD
CY2021Q1 us-gaap Deferred Finance Costs Gross
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30200000 USD
CY2021Q3 us-gaap Deferred Finance Costs Gross
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1500000 USD
CY2021Q3 rcii Finance Charges From Refinancing
FinanceChargesFromRefinancing
1400000 USD
CY2021Q3 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
5400000 USD
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
86400000 USD
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
900000 USD
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1621000 shares
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2188000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
8750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
833437000 USD
CY2021Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
870625000 USD
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5349000 USD
us-gaap Restructuring Charges
RestructuringCharges
25549000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
28757000 USD
CY2021Q3 us-gaap Restructuring Reserve
RestructuringReserve
2141000 USD
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
789000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
212095000 USD
CY2021Q3 us-gaap Revenues
Revenues
1181268000 USD
CY2020Q3 us-gaap Revenues
Revenues
712015000 USD
us-gaap Revenues
Revenues
3412025000 USD
us-gaap Revenues
Revenues
2097700000 USD
CY2021Q3 us-gaap Gross Profit
GrossProfit
568760000 USD
CY2020Q3 us-gaap Gross Profit
GrossProfit
425028000 USD
us-gaap Gross Profit
GrossProfit
1666755000 USD
us-gaap Gross Profit
GrossProfit
1244738000 USD
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
67146000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
80187000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
243711000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
182697000 USD
CY2021Q3 rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
13835000 USD
CY2020Q3 rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
13810000 USD
rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
40794000 USD
rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
43071000 USD
CY2021Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
20475000 USD
CY2020Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7807000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
45876000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22557000 USD
CY2021Q3 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
1121038000 USD
CY2020Q4 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
762886000 USD
CY2021Q3 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
147755000 USD
CY2020Q4 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
146266000 USD
CY2021Q3 us-gaap Assets
Assets
3053670000 USD
CY2020Q4 us-gaap Assets
Assets
1750980000 USD
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
335508 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
20000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1463377 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
26600000 USD
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5600000 USD
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
97000 shares
rcii Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Based Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceBasedGrantsInPeriod
299000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
180000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4754
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.5321
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0021
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0108
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
44.84
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.94
CY2021Q3 us-gaap Escrow Deposit
EscrowDeposit
50000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58267000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53985000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57603000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9853000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1476000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68194000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55606000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67456000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55662000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.80
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.73

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