Johnson Outdoors (JOUT) - 2023 Q3 - Quarterly Report

PART I FINANCIAL INFORMATION This part presents the company's unaudited financial statements and management's analysis of financial condition and results of operations Item 1. Financial Statements This section contains the unaudited condensed consolidated financial statements and accompanying notes for the reporting period Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations (Three Months Ended) | (thousands, except per share data) | June 30, 2023 | July 1, 2022 | | :--------------------------------- | :------------ | :----------- | | Net sales | $187,047 | $203,819 | | Gross profit | $77,587 | $73,509 | | Operating profit | $17,443 | $23,799 | | Profit before income taxes | $19,822 | $19,244 | | Net income | $14,801 | $14,082 | | Net income per common share - Diluted: Class A | $1.44 | $1.38 | | Net income per common share - Diluted: Class B | $1.44 | $1.38 | Condensed Consolidated Statements of Operations (Nine Months Ended) | (thousands, except per share data) | June 30, 2023 | July 1, 2022 | | :--------------------------------- | :------------ | :----------- | | Net sales | $567,499 | $546,966 | | Gross profit | $215,701 | $202,725 | | Operating profit | $34,305 | $52,988 | | Profit before income taxes | $47,936 | $47,043 | | Net income | $35,541 | $34,838 | | Net income per common share - Diluted: Class A | $3.47 | $3.42 | | Net income per common share - Diluted: Class B | $3.47 | $3.42 | Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Comprehensive Income (Three Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :---------------------------- | :------------ | :----------- | | Net income | $14,801 | $14,082 | | Foreign currency translation | $1,018 | $(2,770) | | Unrealized gain (loss) on available-for-sale securities, net of tax | $(126) | — | | Change in pension plans, net of tax | $9 | $(7) | | Total other comprehensive income (loss) | $901 | $(2,777) | | Total comprehensive income | $15,702 | $11,305 | Condensed Consolidated Statements of Comprehensive Income (Nine Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :---------------------------- | :------------ | :----------- | | Net income | $35,541 | $34,838 | | Foreign currency translation | $4,462 | $(3,025) | | Unrealized gain (loss) on available-for-sale securities, net of tax | $(126) | — | | Change in pension plans, net of tax | $25 | $25 | | Total other comprehensive income (loss) | $4,361 | $(3,000) | | Total comprehensive income | $39,902 | $31,838 | Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Key Figures) | (thousands) | June 30, 2023 | September 30, 2022 | July 1, 2022 | | :------------------------------ | :------------ | :----------------- | :----------- | | Cash and cash equivalents | $122,596 | $129,803 | $117,567 | | Short term investments | $26,651 | — | — | | Accounts receivable, net | $94,644 | $91,919 | $103,244 | | Inventories | $235,069 | $248,649 | $250,956 | | Total current assets | $485,305 | $480,316 | $481,214 | | Total assets | $705,484 | $679,931 | $675,842 | | Total current liabilities | $106,670 | $114,713 | $117,028 | | Total liabilities | $185,040 | $191,917 | $191,576 | | Total shareholders' equity | $520,444 | $488,014 | $484,266 | Condensed Consolidated Statements of Shareholders' Equity Changes in Shareholders' Equity (Nine Months Ended June 30, 2023) | (thousands except for shares) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | | :---------------------------- | :----------- | :----------------------------- | :---------------- | :-------------------------------------------- | :------------- | | Balance at September 30, 2022 | $512 | $87,351 | $402,821 | $620 | $(3,290) | | Net income | — | — | $35,541 | — | — | | Dividends declared | — | — | $(9,435) | — | — | | Award of non-vested shares | $2 | $(1,557) | — | — | $2,123 | | Stock-based compensation | — | $2,142 | — | — | — | | Currency translation adjustment | — | — | — | $4,462 | — | | Change in pension plans, net of tax | — | — | — | $25 | — | | Purchase of treasury stock at cost | — | — | — | — | $(444) | | Non-vested stock forfeitures | — | — | — | — | — | | Balance at June 30, 2023 | $514 | $87,932 | $428,927 | $4,981 | $(1,910) | Changes in Shareholders' Equity (Nine Months Ended July 1, 2022) | (thousands except for shares) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | | :---------------------------- | :----------- | :----------------------------- | :---------------- | :-------------------------------------------- | :------------- | | Balance at October 1, 2021 | $509 | $82,899 | $370,501 | $7,386 | $(2,790) | | Net income | — | — | $34,838 | — | — | | Dividends declared | — | — | $(9,049) | — | — | | Award of non-vested shares | $2 | $(2) | — | — | — | | Stock-based compensation | — | $3,146 | — | — | — | | Currency translation adjustment | — | — | — | $(3,025) | — | | Change in pension plans, net of tax | — | — | — | $25 | — | | Purchase of treasury stock at cost | — | — | — | — | $(509) | | Non-vested stock forfeitures | — | $120 | — | — | $(150) | | Balance at July 1, 2022 | $512 | $86,369 | $396,290 | $4,386 | $(3,290) | Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows (Nine Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :-------------------------------- | :------------ | :----------- | | Cash provided by (used for) operating activities | $45,210 | $(86,413) | | Cash used for investing activities | $(45,133) | $(25,150) | | Cash used for financing activities | $(9,591) | $(9,214) | | Effect of foreign currency rate changes on cash | $2,307 | $(2,104) | | Decrease in cash and cash equivalents | $(7,207) | $(122,881) | | Cash and cash equivalents - End of period | $122,596 | $117,567 | Notes to Condensed Consolidated Financial Statements 1. Basis of Presentation - The condensed consolidated financial statements are unaudited and include normal recurring adjustments and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2022[27] - Results for the three and nine months ended June 30, 2023, are not necessarily indicative of the full 2023 fiscal year due to seasonal variations and uncertain economic conditions[28] 2. Accounts Receivable - Accounts receivable are reported net of allowances for doubtful accounts, which is determined based on specific collection concerns and historical bad debt experience[30] Allowances for Doubtful Accounts | Date | Allowance for Doubtful Accounts (thousands) | | :-------------- | :------------------------------------------ | | June 30, 2023 | $902 | | September 30, 2022 | $1,037 | | July 1, 2022 | $1,208 | 3. Earnings Per Share ("EPS") - EPS is computed using the two-class method, with Class A holders entitled to 110% of Class B dividends[31][32] - Diluted EPS assumes conversion of Class B to Class A and includes dilutive stock options and restricted stock units[36] Dividends Declared Per Common Share | Dividends declared per common share | June 30, 2023 (3 Months) | July 1, 2022 (3 Months) | June 30, 2023 (9 Months) | July 1, 2022 (9 Months) | | :---------------------------------- | :----------------------- | :---------------------- | :----------------------- | :---------------------- | | Class A | $0.31 | $0.30 | $0.93 | $0.90 | | Class B | $0.28 | $0.27 | $0.85 | $0.82 | 4. Stock-Based Compensation and Stock Ownership Plans - The Company has stock ownership plans for key executives and non-employee directors, allowing for issuance of stock options, restricted stock, restricted stock units (RSUs), or stock appreciation rights[40] - As of June 30, 2023, 468,066 shares of Class A common stock were available for future grants under the 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan[41] Non-vested Stock Activity (Nine Months Ended June 30, 2023) | Activity | Shares | Weighted Average Grant Price | | :---------------------------- | :------- | :--------------------------- | | Non-vested stock at Sep 30, 2022 | 58,136 | $73.37 | | Non-vested stock grants | 28,528 | $59.25 | | Restricted stock vested | (14,790) | $76.07 | | Forfeitures | (10,632) | $71.41 | | Non-vested stock at Jun 30, 2023 | 61,242 | $66.48 | Stock Compensation Expense (Non-vested Stock & RSUs) | (thousands) | 3 Months Ended Jun 30, 2023 | 3 Months Ended Jul 1, 2022 | 9 Months Ended Jun 30, 2023 | 9 Months Ended Jul 1, 2022 | | :---------------------------- | :-------------------------- | :------------------------- | :-------------------------- | :------------------------- | | Non-vested stock expense | $172 | $335 | $1,117 | $896 | | RSU expense | $28 | $636 | $953 | $1,961 | 5. Leases - The Company leases facilities and equipment under long-term operating leases, with approximately 200 leases outstanding as of June 30, 2023, ranging from less than one year to 16 years[57][58] Total Lease Cost | (thousands) | Three months ended June 30, 2023 | Three months ended July 1, 2022 | Nine months ended June 30, 2023 | Nine months ended July 1, 2022 | | :-------------- | :------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | | Total lease cost | $3,195 | $2,797 | $9,346 | $8,062 | Operating Lease Information (Nine Months Ended) | Operating leases: | June 30, 2023 | July 1, 2022 | | :-------------------------------- | :------------ | :----------- | | Operating lease ROU assets | $53,104 | $50,284 | | Total operating lease liabilities | $54,676 | $51,459 | | Weighted average remaining lease term (in years) | 11.93 | 12.10 | | Weighted average discount rate | 3.18 % | 3.11 % | 6. Income Taxes - The decrease in the effective tax rate for the three months ended June 30, 2023, was due to a favorable impact from a change in estimate after filing prior year tax returns[64] - The Company has valuation allowances for significant tax jurisdictions including Indonesia and Switzerland, where no tax expense or benefit can be recognized[65] Income Tax Expense and Effective Tax Rate | (thousands, except tax rate data) | June 30, 2023 (3 Months) | July 1, 2022 (3 Months) | June 30, 2023 (9 Months) | July 1, 2022 (9 Months) | | :-------------------------------- | :----------------------- | :---------------------- | :----------------------- | :---------------------- | | Profit before income taxes | $19,822 | $19,244 | $47,936 | $47,043 | | Income tax expense | $5,021 | $5,162 | $12,395 | $12,205 | | Effective income tax rate | 25.3 % | 26.8 % | 25.9 % | 25.9 % | 7. Inventories - Inventory is valued at the lower of cost (FIFO method) or net realizable value[67] Inventories by Category (thousands) | Category | June 30, 2023 | September 30, 2022 | July 1, 2022 | | :-------------- | :------------ | :----------------- | :----------- | | Raw materials | $107,899 | $166,443 | $175,261 | | Work in process | — | $230 | $258 | | Finished goods | $127,170 | $81,976 | $75,437 | | Total | $235,069 | $248,649 | $250,956 | 8. Goodwill - Goodwill is evaluated annually or more frequently for impairment using the income approach (discounted cash flow methodology), which is considered a Level 3 fair value determination[69] Changes in Goodwill (Nine Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :-------------------------------- | :------------ | :----------- | | Balance at beginning of period | $11,160 | $11,221 | | Amount attributable to movements in foreign currency rates | $26 | $(12) | | Balance at end of period | $11,186 | $11,209 | 9. Warranties Warranty Activity (Nine Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :------------------------------------ | :------------ | :----------- | | Balance at beginning of period | $9,639 | $14,073 | | Expense accruals for warranties issued during the period | $8,991 | $3,007 | | Less current period warranty claims paid | $6,381 | $6,217 | | Balance at end of period | $12,249 | $10,863 | 10. Contingencies - The Company is involved in various legal actions in the normal course of business, but management believes the final outcome will not have a material adverse effect on its financial condition or operations[72] 11. Indebtedness - The Company had no debt outstanding as of June 30, 2023, September 30, 2022, or July 1, 2022[73] - The Company has an unsecured $75 million Revolving Credit Facility with a $50 million accordion feature, expiring July 15, 2026, with interest based on LIBOR (transitioning to SOFR)[74][75] - Interest rates on the Revolver were approximately 6.2% at June 30, 2023, and 2.8% at July 1, 2022[75] 12. Derivative Instruments and Hedging Activities - The Company is exposed to foreign exchange risk, with approximately 13% of revenues for the nine months ended June 30, 2023, denominated in non-U.S. dollar currencies[80] - The Company may use foreign currency forward contracts to mitigate risk but held no such contracts as of June 30, 2023, and July 1, 2022[81] 13. Fair Value Measurements - Fair value is defined as the exit price in an orderly transaction, categorized into a three-level hierarchy based on input observability[82][84] - Rabbi trust assets, classified as trading securities, are measured at fair value (Level 1) and are used to fund deferred compensation plan liabilities[85][86] Rabbi Trust Assets Measured at Fair Value (Level 1) | Assets: | June 30, 2023 (thousands) | September 30, 2022 (thousands) | July 1, 2022 (thousands) | | :---------------- | :------------------------ | :----------------------------- | :----------------------- | | Rabbi trust assets | $25,304 | $21,436 | $24,238 | 14. Cash, Cash Equivalents, and Marketable Securities - The Company considers short-term investments and securities with original maturities of three months or less as cash equivalents, stated at cost approximating market value[87] - During Q3 fiscal 2023, the Company invested in marketable securities, classified as available-for-sale and reported at estimated fair value[88] Marketable Securities Measured at Fair Value (June 30, 2023) | Category | Amortized Cost (thousands) | Fair Value (thousands) | Gross unrealized gains (thousands) | Gross unrealized losses (thousands) | | :---------------------------- | :------------------------- | :--------------------- | :--------------------------------- | :---------------------------------- | | Fixed rate US Government Bonds | $29,614 | $29,526 | — | $87 | | Fixed rate Canadian Government Bonds | $11,251 | $11,170 | — | $82 | | Total | $40,865 | $40,696 | — | $169 | 15. New Accounting Pronouncements - The Company plans to adopt ASU 2020-04, Reference Rate Reform (Topic 848), in the fourth fiscal quarter of 2023, with no significant impact expected on its financial statements[95] 16. Revenues - Revenue is recognized when control of goods is transferred to the customer, typically at the point of shipment, and is adjusted for variable consideration like incentives or rebates[96] - The Company accrues estimated costs of returns, allowances, and discounts as a reduction to sales based on historical experience[98] - Shipping and handling fees billed to customers are included in 'Net Sales,' while costs are recognized within 'Marketing and selling expenses'[99] 17. Segments of Business - The Company operates through four business segments: Fishing, Camping, Watercraft Recreation, and Diving[102] - During the second fiscal quarter of 2023, the Company sold its Military and Commercial Tent product lines from the Camping segment for $14,990 thousand, resulting in a net gain on sale of approximately $6,560 thousand[106] Net Sales by Business Segment (Three Months Ended) | Segment | June 30, 2023 (thousands) | July 1, 2022 (thousands) | | :------------------ | :------------------------ | :----------------------- | | Fishing | $137,161 | $136,026 | | Camping | $11,621 | $23,468 | | Watercraft Recreation | $15,664 | $21,821 | | Diving | $22,216 | $22,197 | | Total | $187,047 | $203,819 | Operating Profit (Loss) by Business Segment (Three Months Ended) | Segment | June 30, 2023 (thousands) | July 1, 2022 (thousands) | | :------------------ | :------------------------ | :----------------------- | | Fishing | $18,665 | $16,553 | | Camping | $2,039 | $4,998 | | Watercraft Recreation | $1,483 | $2,893 | | Diving | $2,733 | $2,412 | | Other / Corporate | $(7,477) | $(3,057) | | Total | $17,443 | $23,799 | 18. Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (AOCI) (Nine Months Ended June 30, 2023) | Component | Balance at Sep 30, 2022 | Other comprehensive loss before reclassifications | Amounts reclassified from AOCI | Tax effects | Balance at Jun 30, 2023 | | :-------------------------------------- | :---------------------- | :------------------------------------------------ | :----------------------------- | :---------- | :---------------------- | | Foreign Currency Translation Adjustment | $791 | $4,346 | — | — | $5,127 | | Unamortized Loss on Defined Benefit Pension Plans | $(171) | — | $34 | $(9) | $(146) | | Accumulated Other Comprehensive Income (Loss) | $620 | $4,346 | $34 | $(9) | $4,981 | Reclassifications out of AOCI (Nine Months Ended) | Component | June 30, 2023 (thousands) | July 1, 2022 (thousands) | Statement of Operations Presentation | | :-------------------------------------- | :------------------------ | :----------------------- | :----------------------------------- | | Unamortized loss on defined benefit pension plans: Amortization of loss | $34 | $34 | Other income and expense | | Tax effects | $(9) | $(9) | Income tax expense | | Total reclassifications for the period | $25 | $25 | | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance, condition, and key operational drivers Forward Looking Statements - The report contains forward-looking statements subject to risks and uncertainties, including economic conditions, consumer confidence, and supply chain disruptions[114][115] - Factors that could affect actual results include success in implementing strategic plans, litigation costs, working capital management, and raw material fluctuations[115][120] Trademarks - The Company lists its registered trademarks, including Minn Kota®, Cannon®, Humminbird®, Eureka!®, Jetboil®, Old Town®, Ocean Kayak®, Carlisle®, and SCUBAPRO®[121] Overview - Johnson Outdoors Inc. is a global manufacturer and marketer of branded seasonal outdoor recreation products for fishing, diving, paddling, and camping[122] - Post-pandemic, participation in some outdoor recreation segments has declined, leading to lower demand and higher inventory levels[123][124] - The Company's business is seasonal, with the third fiscal quarter traditionally being the primary selling season for warm-weather outdoor recreation products[128] Key Financial Highlights (Three Months Ended June 30, 2023 vs. Prior Year) | Metric | Change (YoY) | | :----------------- | :----------- | | Net sales | -8% | | Gross margin | +5.4 points | | Gross profit | +$4,078 | | Operating expenses | +21% | | Operating profit | -$6,356 | | Profit before income taxes | Slight increase | Results of Operations - Gross profit margin improved to 41.5% for the three months ended June 30, 2023 (vs. 36.1% prior year) and to 38.0% for the nine months (vs. 37.1% prior year), driven by price increases and reduced costs[144][145] - Operating expenses increased primarily due to higher warranty expense, marketing spend, increased compensation costs, professional services, and deferred compensation expense[146][150] - Other income, net, saw a significant increase, primarily due to a $6,560 thousand gain on the sale of Military and Commercial Tents product lines and net investment gains[155][156] Consolidated Net Sales and Operating Profit (Three Months Ended) | Metric / Period | June 30, 2023 (thousands) | July 1, 2022 (thousands) | YoY Change (thousands) | YoY Change (%) | | :---------------- | :------------------------ | :----------------------- | :--------------------- | :------------- | | Net Sales | $187,047 | $203,819 | $(16,772) | -8% | | Operating Profit | $17,443 | $23,799 | $(6,356) | -26.7% | Consolidated Net Sales and Operating Profit (Nine Months Ended) | Metric / Period | June 30, 2023 (thousands) | July 1, 2022 (thousands) | YoY Change (thousands) | YoY Change (%) | | :---------------- | :------------------------ | :----------------------- | :--------------------- | :------------- | | Net Sales | $567,499 | $546,966 | $20,533 | +4% | | Operating Profit | $34,305 | $52,988 | $(18,683) | -35.3% | Net Sales by Segment (YoY Change - Three Months Ended June 30, 2023) | Segment | Net Sales (Jun 30, 2023) | Net Sales (Jul 1, 2022) | Change (thousands) | Change (%) | | :------------------ | :----------------------- | :---------------------- | :----------------- | :--------- | | Fishing | $137,460 | $136,565 | $895 | +1% | | Camping | $11,658 | $23,479 | $(11,821) | -50% | | Watercraft Recreation | $15,726 | $21,872 | $(6,146) | -28% | | Diving | $22,227 | $22,201 | $26 | +0.1% | Net Sales by Segment (YoY Change - Nine Months Ended June 30, 2023) | Segment | Net Sales (Jun 30, 2023) | Net Sales (Jul 1, 2022) | Change (thousands) | Change (%) | | :------------------ | :----------------------- | :---------------------- | :----------------- | :--------- | | Fishing | $430,842 | $374,244 | $56,598 | +15% | | Camping | $36,996 | $56,780 | $(19,784) | -35% | | Watercraft Recreation | $38,274 | $59,481 | $(21,207) | -36% | | Diving | $61,594 | $56,886 | $4,708 | +8% | Net Income and Diluted EPS (Three and Nine Months Ended) | Metric / Period | June 30, 2023 (3 Months) | July 1, 2022 (3 Months) | June 30, 2023 (9 Months) | July 1, 2022 (9 Months) | | :---------------- | :----------------------- | :---------------------- | :----------------------- | :---------------------- | | Net Income | $14,801 | $14,082 | $35,541 | $34,838 | | Diluted EPS (Class A & B) | $1.44 | $1.38 | $3.47 | $3.42 | Liquidity and Financial Condition - Cash, cash equivalents, and short-term investments totaled $149,247 thousand as of June 30, 2023, with no debt outstanding[161] - Accounts receivable decreased by $8,600 thousand, and inventories decreased by $15,887 thousand, consistent with lower sales volumes[162] - Cash provided by operations significantly increased due to lower inventory purchases compared to the prior year[164] - Investing activities included $40,696 thousand in new investments and $14,990 thousand in proceeds from the sale of the Military and Commercial Tents product lines[165] - Financing activities primarily consisted of dividend payments and treasury stock purchases[166] Cash Flow Summary (Nine Months Ended) | (thousands) | June 30, 2023 | July 1, 2022 | | :-------------------------------- | :------------ | :----------- | | Cash provided by (used for) operating activities | $45,210 | $(86,413) | | Cash used for investing activities | $(45,133) | $(25,150) | | Cash used for financing activities | $(9,591) | $(9,214) | Contractual Obligations and Off Balance Sheet Arrangements - There have been no changes outside the ordinary course of business in contractual obligations during the quarter[168] - The Company utilizes letters of credit, primarily for workers' compensation insurance, totaling approximately $78,000 as of June 30, 2023[169] - The Company has no other off-balance sheet arrangements[170] Critical Accounting Policies and Estimates - There were no significant changes to the Company's critical accounting policies and estimates during the nine months ended June 30, 2023[171] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section addresses the company's exposure to market risks, noting no material changes since the last annual report - The Company is exposed to market risks related to foreign currency exchange rates, interest rates, commodity prices, and inflation[172] - There have been no significant changes to the Company's market risk profile in the nine months ended June 30, 2023, compared to its Form 10-K[172] Item 4. Controls and Procedures This section confirms the effectiveness of disclosure controls and reports no material changes in internal control over financial reporting - Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2023[173] - No changes in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[174] PART II OTHER INFORMATION This part provides supplementary information regarding legal proceedings, risk factors, and other corporate matters Item 1. Legal Proceedings The company anticipates no material adverse effects from the ultimate disposition of various legal proceedings arising in the normal course of business - The Company is involved in various legal proceedings in the normal course of business, including commercial, product liability, and intellectual property matters[175] - Management does not believe the final outcome of any pending litigation will have a material adverse effect on the Company's financial condition or operations[175] Item 1A. Risk Factors This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes to the risk factors disclosed in the Company's Form 10-K filed on December 9, 2022, have occurred[177] Item 5. Other Information This section reports that no directors or officers adopted or terminated specified trading arrangements during the quarter - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three-month period ended June 30, 2023[178] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q report, including certifications and XBRL financial data - The Exhibit Index includes the Company's Articles of Incorporation, Bylaws, CEO and CFO Certifications, and XBRL formatted financial statements[183]