$CECO
CECO ENVIRONMENTAL CORP

2024 Q3 Form 10-Q Financial Statement

#000095017024087850 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $135.5M $137.5M
YoY Change -9.29% 6.46%
Cost Of Revenue $90.25M $88.48M
YoY Change -15.08% -0.99%
Gross Profit $45.27M $49.05M
YoY Change 4.97% 23.18%
Gross Profit Margin 33.4% 35.66%
Selling, General & Admin $34.26M $36.47M
YoY Change 12.56% 28.17%
% of Gross Profit 75.69% 74.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.563M $3.461M
YoY Change 14.24% 25.17%
% of Gross Profit 7.87% 7.06%
Operating Expenses $34.26M $36.47M
YoY Change 12.56% 28.17%
Operating Profit $7.187M $9.257M
YoY Change -8.48% 7.6%
Interest Expense $2.648M $3.254M
YoY Change -20.72% -13.23%
% of Operating Profit 36.84% 35.15%
Other Income/Expense, Net -$398.0K -$679.0K
YoY Change 84.26% -661.16%
Pretax Income $4.141M $5.324M
YoY Change -3.63% 7.04%
Income Tax $1.600M $400.0K
% Of Pretax Income 38.64% 7.51%
Net Earnings $2.086M $4.485M
YoY Change -37.36% 20.44%
Net Earnings / Revenue 1.54% 3.26%
Basic Earnings Per Share $0.06 $0.13
Diluted Earnings Per Share $0.06 $0.12
COMMON SHARES
Basic Shares Outstanding 34.96M 34.94M
Diluted Shares Outstanding 36.49M 36.30M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.70M $36.52M
YoY Change -18.7% -23.27%
Cash & Equivalents $38.70M $36.50M
Short-Term Investments
Other Short-Term Assets $27.37M $20.81M
YoY Change 69.99% 26.09%
Inventory $37.76M $38.48M
Prepaid Expenses
Receivables $100.1M $127.0M
Other Receivables $3.826M $3.215M
Total Short-Term Assets $276.3M $281.4M
YoY Change -3.2% -3.32%
LONG-TERM ASSETS
Property, Plant & Equipment $32.31M $30.29M
YoY Change 29.17% 25.2%
Goodwill $220.0M $211.1M
YoY Change 4.86% 5.71%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.079M $5.584M
YoY Change 72.66% 50.92%
Total Long-Term Assets $345.2M $316.8M
YoY Change 9.72% 8.64%
TOTAL ASSETS
Total Short-Term Assets $276.3M $281.4M
Total Long-Term Assets $345.2M $316.8M
Total Assets $621.5M $598.1M
YoY Change 3.58% 2.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.32M $90.94M
YoY Change -2.04% 12.97%
Accrued Expenses $43.76M $44.74M
YoY Change -0.89% 54.26%
Deferred Revenue $64.80M $59.85M
YoY Change 19.54% -2.47%
Short-Term Debt $1.700M $0.00
YoY Change -32.0% -100.0%
Long-Term Debt Due $10.58M $10.58M
YoY Change 123.87% 145.3%
Total Short-Term Liabilities $213.2M $207.3M
YoY Change 4.85% 10.15%
LONG-TERM LIABILITIES
Long-Term Debt $122.8M $120.2M
YoY Change -9.21% -12.44%
Other Long-Term Liabilities $10.34M $11.20M
YoY Change -29.46% -17.74%
Total Long-Term Liabilities $133.2M $131.4M
YoY Change -11.19% -12.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $213.2M $207.3M
Total Long-Term Liabilities $133.2M $131.4M
Total Liabilities $375.6M $358.3M
YoY Change 1.55% 0.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.692M -$394.0K
YoY Change -116.48% -97.1%
Common Stock $253.9M $251.9M
YoY Change -0.01% -0.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.3M $235.0M
YoY Change
Total Liabilities & Shareholders Equity $621.5M $598.1M
YoY Change 3.58% 2.66%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $2.086M $4.485M
YoY Change -37.36% 20.44%
Depreciation, Depletion And Amortization $3.563M $3.461M
YoY Change 14.24% 25.17%
Cash From Operating Activities $15.11M $6.667M
YoY Change -49.8% -41.57%
INVESTING ACTIVITIES
Capital Expenditures $4.004M $4.117M
YoY Change 151.82% 191.99%
Acquisitions
YoY Change
Other Investing Activities -$15.38M $0.00
YoY Change -35.83%
Cash From Investing Activities -$19.38M -$4.117M
YoY Change -24.15% 194.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.047M -10.04M
YoY Change -147.27% 106.52%
NET CHANGE
Cash From Operating Activities 15.11M 6.667M
Cash From Investing Activities -19.38M -4.117M
Cash From Financing Activities 2.047M -10.04M
Net Change In Cash -2.224M -7.487M
YoY Change -1110.91% -245.38%
FREE CASH FLOW
Cash From Operating Activities $15.11M $6.667M
Capital Expenditures $4.004M $4.117M
Free Cash Flow $11.11M $2.550M
YoY Change -61.05% -74.5%

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ceco Payments On Finance Leases And Financing Liability
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ceco Deferred Consideration Paid For Acquisitions
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ceco Deferred Consideration Paid For Acquisitions
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ceco Additional Payments Of Contingent Consideration Related To Acquisitions Financing Activities
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ceco Additional Payments Of Contingent Consideration Related To Acquisitions Financing Activities
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2024Q2 us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Stock Repurchased During Period Value
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CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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2200000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Defined Benefit Plan Contributions By Employer
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200000
CY2024Q2 us-gaap Defined Benefit Plan Contributions By Employer
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200000
CY2023Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
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900000
CY2024Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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4000000
CY2023Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2024Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
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200000
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2024Q2 us-gaap Income Tax Expense Benefit
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IncomeTaxExpenseBenefit
1100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.074
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EffectiveIncomeTaxRateContinuingOperations
0.198
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.131
us-gaap Effective Income Tax Rate Continuing Operations
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0.133
CY2024Q2 us-gaap Lessor Operating Lease Indemnification Payment Received
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us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Foreign
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us-gaap Revenues
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CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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ceco Cash Held Outside Domestic Territory
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28600000
CY2023 ceco Cash Held Outside Domestic Territory
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us-gaap Litigation Settlement Amount Awarded From Other Party
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6800000
CY2024Q2 ceco Average Cost Per Settled Claim
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CY2024Q2 us-gaap Loss Contingency Pending Claims Number
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313
us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.
CY2024Q1 ceco Earn Out Fair Value
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2024Q2 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2023Q2 us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
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us-gaap Segment Expenditure Addition To Long Lived Assets
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us-gaap Segment Expenditure Addition To Long Lived Assets
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3919000
CY2024Q2 us-gaap Depreciation Depletion And Amortization
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3461000
CY2023Q2 us-gaap Depreciation Depletion And Amortization
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2765000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6973000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5650000
CY2024Q2 us-gaap Assets
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CY2023Q4 us-gaap Assets
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CY2024Q2 us-gaap Goodwill
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CY2023Q4 us-gaap Goodwill
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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