Data I/O Corp 10-K, filed Mar 27, 2024

Data I/O Corp (DAIO)

10-K 2024-03-27 For: 2023-12-31

Added on April 06, 2026

About this 10-K

Data I/O Corp filed this 10-K on March 27, 2024, covering the fiscal year ended December 31, 2023.

Headline figures

Fiscal year ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $28.06M; up 15.9% from $24.22M a year earlier
Net income: $486K; compared with a net loss of $1.12M a year earlier
Diluted EPS: $0.05; compared with -$0.13 a year earlier

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	Year Ended December 31,
	2023			2022
(in thousands)
Deferred income tax assets:
Allowance for credit losses	$	14		$	22
Inventory and product return reserves		1,168			477
Compensation accruals		2,750			2,511
Accrued liabilities		65			151
Book-over-tax depreciation and amortization		18			25
Foreign net operating loss carryforwards		184			149
U.S. net operating loss carryforwards		2,899			4,399
U.S. credit carryforwards		1,557			1,560
		8,655			9,294

Valuation Allowance		(8,655	)		(9,294	)
Total Deferred Income Tax Assets	$	-		$	-

Washington		91-0864123
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		DAIO		NASDAQ

		Accelerated filer	☐
Large accelerated filer	☐	Smaller reporting company	☒
Non-accelerated filer	☐	Emerging growth company	☐

Part I

	Item 1.	Business	3

	Item 1A.	Risk Factors	11

	Item 1B.	Unresolved Staff Comments	19

	Item 1C.	Cybersecurity	19

	Item 2.	Properties	20

	Item 3.	Legal Proceedings	20

	Item 4.	Mine Safety Disclosures	20

Part II

	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21

	Item 6.	Selected Financial Data	21

	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	27

	Item 8.	Financial Statements and Supplementary Data	27

	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	49

	Item 9A.	Controls and Procedures	49

	Item 9B.	Other Information	49

	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	49

Part III

	Item 10.	Directors, Executive Officers and Corporate Governance	50

	Item 11.	Executive Compensation	50

	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	50

	Item 13.	Certain Relationships and Related Transactions and Director Independence	51

	Item 14.	Principal Accounting Fees and Services	51

Part IV

	Item 15.	Exhibits, Financial Statement Schedules	52

	Item 16.	Form 10-K Summary	56

Signatures			57

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the fiscal year ended December 31, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from _____________ to _____________

DATA I/O CORPORATION
(Exact name of registrant as specified in its charter)

Sales Percentage of Total Sales Breakdown by Type
Sales Type	2023		2022		Drivers
Equipment Sales		58%		57%	Capacity, Process improvement, Technology
Adapter Sales		29%		30%	Capacity utilization, New customer products
Software and Maintenance Sales		13%		13%	Installed base, Added capabilities
Total		100%		100%

	OEMs		EMS	Programming Centers
	Automotive Electronics	IoT, Industrial, Consumer Electronics, including Wireless	Contract Manufacturers
Notable end customers	Borg Warner, Bosch, Alps Alpine, Visteon, Kostal, JVCKenwood, Harman, Hitachi, Denso Ten, Continental, Aptiv Panasonic, Magna, Marelli, Tesla, Desay, BYD	LG, TCL, Siemens, Danfoss, Philips, Schneider, Endress+Hauser, Insta, Sony, UTEC, Nokia	Pegatron, Flex, Jabil, Wistron, Sanmina SCI, Foxconn, Salcomp, Calcomp, Plexus	Arrow, Avnet, BTV, CPS, Semitron, NOA Leading
Business drivers	Infotainment, Advanced Driver Assist (ADAS), electrification, connectivity, and security	Higher functionality driven by increasing electronic content. Shift from analog to connected intelligent devices, security	Production contract wins	Value-added services, logistics, security
Programming equipment drivers	Growing electronic content, global support, resilient supply chains, new product rollouts, growing file sizes, quality control, traceability, and security	Growing electronic content and need for IP protection. Process improvement and simplification as well as new product rollouts, memory and new technology, security	New contracts from OEMs, programming solutions specified by OEMs	Capacity utilization of their installed base of equipment, small parts handling, security
Buying criteria	Quality, throughput, reliability, configuration control, traceability, global support, IP protection, security	Quality, reliability, configuration control, traceability, global support, IP protection, security	Lowest equipment procurement cost, throughput, global support	Flexibility, lowest lifecycle cost per programmed part, low changeover time; use of multiple vendors provides negotiating leverage, device support availability
Security Deployment	End-customer focus	End-customer focus	End-customer and partner focus	Partner focus of our SentriX deployments

·	Consumers desire advanced car features requiring higher levels of sophistication, including autonomous cars, infotainment options (audio, radio, dashboard displays, navigation), ADAS, wireless connectivity and electrification
·	Proliferation of programmable microcontrollers to support the next-generation electronic car systems
·	Increasing use of high-density flash to provide memory for advanced applications
·	Increasing complexity to support autonomous vehicles
·	Increasing need for security solutions for a secure supply chain and lifecycle firmware integrity
·	Growing software size

·	Securely controlling groups of connected devices through a secure supply chain and lifecycle firmware integrity management
·	Adding intelligence and processing into devices
·	Connecting previously unconnected devices to networks and the internet (such as smart home, including intelligent thermostats and lighting)
·	Emergence of new devices and applications (such as health and wellness wearable devices and applications)

Percentage of Net Sales	2023			2022			2021

Number of customers		2			1			1

Approximate percentage of net sales		24	%		23	%		14	%

Percentage of each		13	%		23	%		14	%
Percentage of each		11	%		n/a			n/a

Percentage of Consolidated Accounts Receivable	2023			2022			2021

Number of customers		3			3			3

Approximate percentage of consolidated accounts receivable balance		47	%		39	%		36	%

Percentage of each		18	%		15	%		13	%
Percentage of each		16	%		13	%		12	%
Percentage of each		13	%		11	%		11	%

Name	Age	Position

Anthony Ambrose	62	President and Chief Executive Officer

Gerald Y. Ng	62	Vice President, Chief Financial Officer, Secretary and Treasurer

Rajeev Gulati	60	Chief Technology Officer, Vice President of Engineering

Michael Tidwell	55	Vice President of Marketing and Corporate Business Development

·	new device package types, densities, chip interfaces and technologies requiring hardware and software changes in order to be programmed by our products, particularly certain segments of the high-density flash memory markets where after placement programming is recommended by certain semiconductor manufacturers;

·	reduction in semiconductor process geometries for certain 3 Dimensional (3D), Multi Level Cell (MLC) and Triple Level Cell (TLC) NAND and eMMC FLASH memories impact the product data retention through Surface Mount Technology (SMT) reflow or X-ray inspection. Improper SMT process control can negatively impact the end customer’s ability to successfully program devices. This can cause them to change their programing methods away from pre-programming to post placement programming techniques, including ISP, ICT. Data I/O has, and continues to work with several semiconductor manufacturers to develop best practices to minimize the impact of reflow and potential concerns about X-ray induced data loss so that preprogramming remains a supported alternative;

·	changes in Flash technology speeds will eventually require us to change the architecture of our programming engines;

·	electronics equipment manufacturing practices, such as widespread use of in-circuit programming or downloading;

·	adoption of proprietary security and programming protocols and additional security capabilities and requirements;

·	customer software platform preferences different from those on which our products operate;

·	customer adoption of newer unsupported semiconductor device technologies such as NVMe memory or device interface methods, particularly if these technologies are adopted by automotive electronics, IoT or wireless customers; and/or

·	more rigid industry standards, which would decrease the value-added element of our products and support services.

·	technical problems in the development of a new programming and/or security deployment systems or the robotics for new automated handing systems;

·	inability to hire qualified personnel or turnover in existing personnel or inability to engage or retain key technology partners;

·	delays or failures to perform by us or third parties, including some smaller early stage or recently acquired companies, involved in our development projects;

·	dependence on large semiconductor companies for cooperation and support to securely provision their devices. These companies must enable us with specific technical information and support Data I/O as a qualified solution to their customers and channel partners;

·	delays or failure to develop and utilize Artificial Intelligence (“AI”) for our offerings or services, potentially falling behind competitors exploiting the use of AI;

·	development of new products or services that are not accepted by the market; and/or

·	delays in supply chain for parts needed for new products.

·	burdening management and our operating teams during the integration of the acquisition;

·	diverting management’s attention from other business concerns;

·	failing to successfully integrate, scale or monetize the acquired products or technologies;

·	lack of acceptance of the acquired products by our sales channels or customers;

·	entering markets where we have no or limited prior experience;

·	potential loss of key employees of the acquired company; and/or

·	additional burden of support for an acquired programmer architecture.

·	fluctuations in foreign currency exchange rates because 90% of our sales are to international markets, volatile exchange rates may also impact our competitiveness and margins, especially where we have subsidiary operations;

·	economic uncertainty related to the European energy cost increases;

·	China economic challenges, as this is a major market for our products and a significant production location;

·	migration of manufacturing to low cost geographies;

·	unexpected changes in regulatory requirements;

·	tariffs and taxes;

·	bi-lateral and multi-lateral trade agreements;

·	difficulties in staffing and managing foreign operations;

·	longer average payment cycles and difficulty in collecting accounts receivable;

·	compliance with applicable export licensing requirements and the Foreign Corrupt Practices Act;

·	product safety and other certification requirements;

·	difficulties in integrating foreign and outsourced operations;

·	war, civil unrest, political and economic instability, including the Russian invasion of Ukraine and the Israel – Hamas war;

·	ability to protect our intellectual property in multiple patent jurisdictions; and/or

·	ability to move cash freely from subsidiaries.

·	increased competition;

·	timing of new product announcements and timing of development expenditures;

·	product or service releases and pricing changes by us or our competitors;

·	market acceptance or delays in the introduction of new products or services;

·	production constraints, including part shortages impact on us and our supply chains;

·	quality issues;

·	labor or material constraints;

·	timing of significant orders;

·	timing of installation or customer acceptance requirements;

·	sales channel mix of direct vs. indirect distribution;

·	civil unrest, war or terrorism;

·	health issues such as the outbreak of the coronavirus or other viruses impacting workers, suppliers, customers, travel, or our facilities;

·	customers’ budgets;

·	changes in accounting rules, tax or other legislation;

·	adverse movements in exchange rates, interest rates, inflation or tax rates;

·	cyclical and seasonal nature of demand for our customers’ products;

·	general economic conditions in the countries where we sell products;

·	expenses and delays obtaining authorizations in setting up new operations or locations; and/or

·	facilities relocations.

Net sales by product line	2023			Change			2022
(in thousands)
Automated programming systems	$	22,806			20.5	%	$	18,926
Non-automated programming systems		5,258		(0.6		%)		5,291
Total programming systems	$	28,064			15.9	%	$	24,217

Net sales by location	2023			Change			2022
(in thousands)
United States	$	2,799			57.8	%	$	1,774
% of total		10.0	%					7.3	%
International	$	25,265			12.6	%	$	22,443
% of total		90.0	%					92.7	%

Net sales by type	2023			Change			2022
(in thousands)
Equipment Sales	$	16,343			18.4	%	$	13,803
Adapter Sales		8,154			11.2	%		7,336
Software and Maintenance Sales		3,567			15.9	%		3,078
Total	$	28,064			15.9	%	$	24,217

	For Year Ended December 31,
	2023			2022
(in thousands)
Net Income (loss)	$	486		$	(1,120	)
Interest (income)		(190	)		(34	)
Taxes		194			683
Depreciation and amortization		608			560
EBITDA	$	1,098		$	89

Equity compensation		1,190			1,176

Adjusted EBITDA, excluding equity compensation	$	2,288		$	1,265

DATA I/O CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

	December 31, 2023			December 31, 2022

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,341		$	11,510
Trade accounts receivable, net of allowance for credit losses of $72 and $147, respectively		5,707			4,992
Inventories		5,875			6,751
Other current assets		690			645
TOTAL CURRENT ASSETS		24,613			23,898

Property, plant and equipment – net		1,359			1,072
Other assets		1,429			2,195
TOTAL ASSETS	$	27,401		$	27,165

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,272		$	1,366
Accrued compensation	$	2,003			1,670
Deferred revenue		1,362			1,575
Other accrued liabilities		1,438			1,596
Income taxes payable		113			112
TOTAL CURRENT LIABILITIES		6,188			6,319

Operating lease liabilities		702			1,500
Long-term other payables		192			237

COMMITMENTS		-			-

STOCKHOLDERS’ EQUITY
Preferred stock - Authorized, 5,000,000 shares, including 200,000 shares of Series A Junior Participating Issued and outstanding, none		-			-
Common stock, at stated value - Authorized, 30,000,000 shares Issued and outstanding, 9,020,819 shares as of December 31, 2023 and 8,816,381 shares as of December 31, 2022		22,731			21,897
Accumulated earnings (deficit)		(2,645	)		(3,131	)
Accumulated other comprehensive income		233			343
TOTAL STOCKHOLDERS’ EQUITY		20,319			19,109
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	27,401		$	27,165

See notes to consolidated financial statements

DATA I/O CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

	For the Years Ended December 31,
	2023			2022

Net sales	$	28,064		$	24,217
Cost of goods sold		11,878			11,007
Gross margin		16,186			13,210
Operating expenses:
Research and development		6,524			6,083
Selling, general and administrative		9,214			7,876
Total operating expenses		15,738			13,959
Operating income (loss)		448			(749	)
Non-operating income (loss):
Interest income		190			34
Gain on sale of assets		-			57
Foreign currency transaction gain (loss)		42			221
Total non-operating income (loss)		232			312
Income (loss) before income taxes		680			(437	)
Income tax (expense) benefit		(194	)		(683	)
Net income (loss)	$	486		($1,120)

Basic earnings (loss) per share	$	0.05		($0.13)
Diluted earnings (loss) per share	$	0.05		($0.13)
Weighted-average basic shares		8,941			8,741
Weighted-average diluted shares		9,073			8,741

See notes to consolidated financial statements

DATA I/O CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)

	For the Years Ended December 31,
	2023			2022

Net Income (loss)	$	486		($1,120)
Other comprehensive income:
Foreign currency translation gain (loss)		(110	)		(635	)
Comprehensive income (loss)	$	376		($1,755)

See notes to consolidated financial statements

DATA I/O CORPORATION
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(in thousands, except share amounts)

									Accumulated
	Common Stock					Accumulated			and Other			Total
						Earnings			Comprehensive			Stockholders'
	Shares		Amount			(Deficit)			Income (Loss)			Equity

Balance at December 31, 2021		8,621,007	$	20,886		$	(2,011)		$	978		$	19,853

Stock awards issued, net of tax withholding		192,086		(178	)		-			-			(178	)
Issuance of stock through:
Employee Stock Purchase Plan		3,288		13			-			-			13
Share-based compensation		-		1,176			-			-			1,176
Net income (loss)		-		-			(1,120	)		-			(1,120	)
Other comprehensive income gain (loss)		-		-			-			(635	)		(635	)
Balance at December 31, 2022		8,816,381	$	21,897		$	(3,131)		$	343		$	19,109

Stock awards issued, net of tax withholding		201,172		(370	)		-			-			(370	)
Issuance of stock through:
Employee Stock Purchase Plan		3,266		14			-			-			14
Share-based compensation		-		1,190			-			-			1,190
Net income (loss)		-		-			486			-			486
Other comprehensive income gain (loss)		-		-			-			(110	)		(110	)
Balance at December 31, 2023		9,020,819		22,731			(2,645	)	$	233		$	20,319

See notes to consolidated financial statements

DATA I/O CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	For the Twelve Months Ended December 31,
	2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	486		$	(1,120	)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization		608			560
Equipment transferred to cost of goods sold		301			394
Share-based compensation		1,190			1,176
Net change in:
Trade accounts receivable		(719	)		(1,100	)
Inventories		815			(588	)
Other current assets		(48	)		61
Accounts payable and accrued liabilities		109			(428	)
Deferred revenue		(267	)		199
Other long-term liabilities		(684	)		(890	)
Deposits and other long-term assets		637			684
Net cash provided by (used in) operating activities		2,428			(1,052	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(1,195	)		(1,080	)
Cash provided by (used in) investing activities		(1,195	)		(1,080	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock, less payments for shares withheld to cover tax		(356	)		(165	)
Cash provided by (used in) financing activities		(356	)		(165	)
Increase (decrease) in cash and cash equivalents		877			(2,297	)

Effects of exchange rate changes on cash		(46	)		(383	)
Cash and cash equivalents at beginning of period		11,510			14,190
Cash and cash equivalents at end of period	$	12,341		$	11,510

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes	$	171		$	556

See notes to consolidated financial statements

	·	Revenue Recognition
	·	Allowance for Credit Losses
	·	Inventory
	·	Warranty Accruals
	·	Tax Valuation Allowances
	·	Share-based Compensation

	December 31, 2023			December 31, 2022
(in thousands)
Trade accounts receivable	$	5,779		$	5,139
Less allowance for credit losses		72			147
Trade accounts receivable, net	$	5,707		$	4,992

Changes in Data I/O’s allowance for credit losses are as follows:
	December 31, 2023			December 31, 2022
(in thousands)
Beginning balance	$	147		$	89
Credit loss (reversal)		(75	)		58
Accounts written-off		-			-
Recoveries		-			-
Ending balance	$	72		$	147

	December 31, 2023 Operating Lease Commitments
(in thousands)
2024	$	841
2025		591
2026		133
2027		48
2028 & Thereafter		-
Total	$	1,613
Less imputed interest		(113	)
Total operating lease liabilities	$	1,500

	2023						2022
	Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life in Years		Options		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life in Years

Outstanding at beginning of year		12,500	$	4.98				12,500	$	4.98
Granted		-		-				-		-
Exercised		-		-				-		-
Cancelled, Expired or
Forfeited		-		-				-		-
Outstanding at end of year		12,500	$	4.98		1.33		12,500	$	4.98		2.33

Vested or expected to vest at the end of the period		12,500	$	4.98		1.33		12,466	$	4.98		2.33
Exercisable at end of year		12,500	$	4.98		1.33		9,375	$	4.98		2.33

	2023					2022
	Awards			Weighted - Average Grant Date Fair Value		Awards			Weighted - Average Grant Date Fair Value
Outstanding at beginning of year		665,200		$	3.94		623,777		$	4.73
Granted		387,100			4.36		330,215			3.26
Vested		(284,925	)		3.93		(249,292	)		4.95
Cancelled		(38,750	)		3.96		(39,500	)		4.33
Outstanding at end of year		728,625		$	4.17		665,200		$	3.94

	December 31, 2023		December 31, 2022

Unamortized future compensation expense	$	2,317,524	$	2,029,457
Remaining weighted average amortization period in years		2.44		2.47

	(a) Number of securities to be issued upon the exercise of outstanding options, warrants and rights		(b) Weighted–average exercise price of outstanding options, warrants and rights		(c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by the security holders (1) (2)		2,381	$	3.26		753,852
Equity compensation plans not approved by the security holders (3)		12,500	$	4.98		-
Total		14,881	$	4.86		753,852

(1)	Represents shares of our Common Stock issuable pursuant to the Data I/O Corporation 2023 Omnibus Incentive Compensation Incentive Plan, 2000 Stock Compensation Incentive Plan, and 1982 Employee Stock Purchase Plan. Table excludes unvested: RSU awards of 353,525 from the 2000 Plan, RSU awards of 270,100 from the 2023 Plan, and PSU awards of 25,000 from the 2023 Plan.
(2)	Stock Appreciation Rights Plan (“SAR”) provides that directors, executive officers or holders of 10% or more of our Common Stock have an accompanying SAR with respect to each exercisable option. While the plan has been approved by the security holders, no amounts are included in columns (a), (b), or (c) relating to the SAR.
(3)	Inducement grant remaining to Michael Tidwell of non-qualified stock options, fully vested, with 12,500 remaining unexercised. Table excludes unvested inducement grants to Gerald Ng of 75,000 RSU and 5000 PSU awards.

(1)	Amended and Restated 1982 Employee Stock Purchase Plan. See Exhibit 10.5.

(2)	Data I/O Corporation Tax Deferral Retirement Plan and Trust with Empower Retirement (formerly known as Great West Financial (formerly known as Orchard Trust Company). See Exhibits 10.11, 10.12, 10.13, 10.23, 10.34 and 10.31.

(3)	Summary of Amended and Restated Management Incentive Compensation Plan. See Exhibit 10.2.

(4)	Amended and Restated 1983 Stock Appreciation Rights Plan. See Exhibit 10.1.

(5)	Amended and Restated Executive Agreements. See Exhibit 10.20, and 10.32

(6)	1996 Director Fee Plan (terminated in 2023). See Exhibit 10.4.

(7)	Data I/O Corporation 2000 Stock Compensation Incentive Plan. See Exhibit 10.6, 10.10, 10.16, 10.19, 10.29 and 10.33.

(8)	Form of Option Agreement. See Exhibit 10.7.

(9)	Form of Indemnification Agreement. See Exhibit 10.14.

(10)	Letter Agreement with Anthony Ambrose. See Exhibit 10.15.

(11)	Letter Agreement with Rajeev Gulati. See Exhibit 10.17.

(12)	Letter Agreement with Joel S. Hatlen. See Exhibit 10.21.

(13)	Form of Executive Agreement. See Exhibit 10.20 and 10.32.

(14)	Form of Restricted Stock Unit Award Agreement. See Exhibit 10.18 and 10.36.

(15)	Letter Agreement with Michael Tidwell. See Exhibit 10.28.

(16)	Data I/O Corporation 2023 Omnibus Incentive Compensation Incentive Plan. See Exhibit 10.34.

(17)	Form of Performance Stock Unit Award Agreement. See Exhibit 10.35.

(18)	Letter Agreement with Gerald Y. Ng. See Exhibit 10.37.

(a)	List of Documents Filed as a Part of This Report:		Page

	(1)	Index to Financial Statements:

		Report of Independent Registered Public Accounting Firm (PCAOB ID 248)	28

		Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022	30

		Consolidated Statements of Operations for each of the two years ended December 31, 2023 and December 31, 2022	31

		Consolidated Statements of Comprehensive Income (Loss) for each of the two years ended December 31, 2023 and December 31, 2022	32

		Consolidated Statements of Stockholders’ Equity for each of the two years ended December 31, 2023 and December 31, 2022	33

		Consolidated Statements of Cash Flows for each of the two years ended December 31, 2023 and December 31, 2022	34

		Notes to Consolidated Financial Statements	35

	(2)	Index to Financial Statement Schedules:

		Schedule II – Consolidated Valuation and Qualifying Accounts	58

		All other schedules not listed above have been omitted because the required information is included in the consolidated financial statements or the notes thereto, or is not applicable or required.