2023 Q1 Form 10-K Financial Statement

#000095017023007289 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $90.81M $100.2M $375.7M
YoY Change 17.88% 2.16% 7.28%
Cost Of Revenue $60.99M $70.12M $257.3M
YoY Change 21.45% 7.6% 11.91%
Gross Profit $29.83M $30.06M $118.4M
YoY Change 11.19% -8.63% -1.59%
Gross Profit Margin 32.84% 30.0% 31.5%
Selling, General & Admin $24.78M $23.42M $85.37M
YoY Change 39.67% 13.56% -5.4%
% of Gross Profit 83.08% 77.91% 72.13%
Research & Development $14.85M $16.43M $56.12M
YoY Change 25.39% 33.99% 19.28%
% of Gross Profit 49.79% 54.67% 47.42%
Depreciation & Amortization $2.465M $1.622M $3.570M
YoY Change 128.03% 62.85% -21.56%
% of Gross Profit 8.26% 5.4% 3.02%
Operating Expenses $45.06M $41.47M $145.1M
YoY Change 48.62% 24.99% -4.89%
Operating Profit -$15.23M -$11.42M -$26.71M
YoY Change 336.21% 3919.37% -17.19%
Interest Expense -$792.0K -$789.0K -$1.442M
YoY Change 780.0% -11371.43% 505.88%
% of Operating Profit
Other Income/Expense, Net $728.0K $1.010M -$1.837M
YoY Change -191.0% -264.76% -280.1%
Pretax Income -$15.30M -$14.42M -$35.43M
YoY Change 247.73% 1208.35% 12.59%
Income Tax $1.800M $141.0K $1.999M
% Of Pretax Income
Net Earnings -$17.14M -$14.56M -$37.43M
YoY Change 462.17% 537.71% 7.92%
Net Earnings / Revenue -18.87% -14.53% -9.96%
Basic Earnings Per Share -$0.55 -$1.33
Diluted Earnings Per Share -$0.55 -$0.50 -$1.33
COMMON SHARES
Basic Shares Outstanding 31.05M 27.95M 28.09M
Diluted Shares Outstanding 31.05M shares 28.09M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.89M $38.32M $38.32M
YoY Change -15.42% -17.89% -17.89%
Cash & Equivalents $28.89M $38.32M $38.32M
Short-Term Investments
Other Short-Term Assets $12.66M $8.371M $8.371M
YoY Change -34.66% -33.02% -33.02%
Inventory $69.72M $78.51M $78.51M
Prepaid Expenses
Receivables $141.6M $154.4M $154.4M
Other Receivables $21.52M $16.14M $16.14M
Total Short-Term Assets $274.4M $295.7M $295.7M
YoY Change 28.59% 37.55% 37.55%
LONG-TERM ASSETS
Property, Plant & Equipment $7.135M $22.08M $22.08M
YoY Change -30.57% 124.39% -1.77%
Goodwill $19.95M $19.95M
YoY Change 224.69% 224.69%
Intangibles $30.42M $31.74M
YoY Change 531.16% 520.57%
Long-Term Investments
YoY Change
Other Assets $17.01M $15.54M $15.54M
YoY Change 71.78% 73.59% 73.59%
Total Long-Term Assets $86.49M $89.31M $89.31M
YoY Change 101.63% 109.21% 109.21%
TOTAL ASSETS
Total Short-Term Assets $274.4M $295.7M $295.7M
Total Long-Term Assets $86.49M $89.31M $89.31M
Total Assets $360.9M $385.0M $385.0M
YoY Change 40.82% 49.42% 49.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $107.9M $121.2M $121.2M
YoY Change 69.2% 88.65% 88.65%
Accrued Expenses $34.47M $32.39M $32.39M
YoY Change 66.07% 107.46% 143.41%
Deferred Revenue $19.48M $21.78M
YoY Change 174.19% 257.53%
Short-Term Debt $16.75M $9.706M $9.706M
YoY Change
Long-Term Debt Due $23.66M $24.07M $24.07M
YoY Change
Total Short-Term Liabilities $202.3M $209.2M $209.2M
YoY Change 120.72% 131.19% 131.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.583M $33.11M $33.11M
YoY Change -30.26% 817.37% -6.16%
Total Long-Term Liabilities $2.583M $33.11M $33.11M
YoY Change -30.26% 817.37% -6.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.3M $209.2M $209.2M
Total Long-Term Liabilities $2.583M $33.11M $33.11M
Total Liabilities $233.0M $242.3M $242.3M
YoY Change 85.9% 92.65% 92.65%
SHAREHOLDERS EQUITY
Retained Earnings -$142.0M -$124.8M
YoY Change 56.96% 43.45%
Common Stock $276.3M $271.9M
YoY Change 22.16% 21.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.9M $142.7M $142.7M
YoY Change
Total Liabilities & Shareholders Equity $360.9M $385.0M $385.0M
YoY Change 40.82% 49.42% 49.42%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$17.14M -$14.56M -$37.43M
YoY Change 462.17% 537.71% 7.92%
Depreciation, Depletion And Amortization $2.465M $1.622M $3.570M
YoY Change 128.03% 62.85% -21.56%
Cash From Operating Activities -$15.01M -$13.26M -$50.90M
YoY Change 39.82% -1894.32% 255.28%
INVESTING ACTIVITIES
Capital Expenditures $775.0K $2.222M $4.532M
YoY Change -41.15% -255.71% -18.85%
Acquisitions $23.65M
YoY Change 430.32%
Other Investing Activities $1.790M -$1.250M -$23.48M
YoY Change -322.82% 502.41%
Cash From Investing Activities $1.015M -$3.472M -$28.01M
YoY Change -177.07% 300.92% 195.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $313.0K $625.0K
YoY Change
Cash From Financing Activities $6.610M 33.93M 64.77M
YoY Change -30145.45% 1442.27% 172.39%
NET CHANGE
Cash From Operating Activities -$15.01M -13.26M -50.90M
Cash From Investing Activities $1.015M -3.472M -28.01M
Cash From Financing Activities $6.610M 33.93M 64.77M
Net Change In Cash -$7.448M 17.20M -15.18M
YoY Change -42.59% 729.62% 1500.74%
FREE CASH FLOW
Cash From Operating Activities -$15.01M -$13.26M -$50.90M
Capital Expenditures $775.0K $2.222M $4.532M
Free Cash Flow -$15.78M -$15.48M -$55.43M
YoY Change 30.97% -814.77% 178.39%

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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 dzsi Other Comprehensive Income Net Gain Loss On Intra Entity Foreign Currency Transactions Arising During Period Net Of Tax
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CY2020 dzsi Other Comprehensive Income Net Gain Loss On Intra Entity Foreign Currency Transactions Arising During Period Net Of Tax
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q4 us-gaap Stockholders Equity
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CY2021 dzsi Stock Issued During Period Value Exercise Of Stock Awards And Employee Stock Purchase Plan
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CY2022 dzsi Stock Issued During Period Value Exercise Of Stock Awards And Employee Stock Purchase Plan
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CY2021 us-gaap Profit Loss
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CY2020 us-gaap Profit Loss
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CY2021 dzsi Impairment Of Long Lived Assets And Non Cash Restructuring
ImpairmentOfLongLivedAssetsAndNonCashRestructuring
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CY2020 dzsi Impairment Of Long Lived Assets And Non Cash Restructuring
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CY2020 dzsi Non Cash Extinguishment Of Debt
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CY2022 us-gaap Amortization Of Financing Costs
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CY2021 us-gaap Amortization Of Financing Costs
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CY2020 us-gaap Amortization Of Financing Costs
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Share Based Compensation
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CY2020 us-gaap Share Based Compensation
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CY2021 us-gaap Inventory Write Down
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CY2020 us-gaap Inventory Write Down
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2022 dzsi Provision For Sales Return
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CY2021 dzsi Provision For Sales Return
ProvisionForSalesReturn
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CY2020 dzsi Provision For Sales Return
ProvisionForSalesReturn
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CY2022 dzsi Provision For Warranty
ProvisionForWarranty
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CY2021 dzsi Provision For Warranty
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CY2020 dzsi Provision For Warranty
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Contract With Customer Asset
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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1031000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2215000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Proceeds From Lines Of Credit
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CY2021 dzsi Repayments Of Short Term Borrowings And Line Of Credit
RepaymentsOfShortTermBorrowingsAndLineOfCredit
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CY2020 dzsi Repayments Of Short Term Borrowings And Line Of Credit
RepaymentsOfShortTermBorrowingsAndLineOfCredit
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CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2020 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
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CY2021 dzsi Repayments Of Related Party Debt Excluding Long Term Debt
RepaymentsOfRelatedPartyDebtExcludingLongTermDebt
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2020 us-gaap Proceeds From Accounts Receivable Securitization
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11645000
CY2022 dzsi Proceeds From Exercise Of Stock Awards And Employee Stock Plan Purchases
ProceedsFromExerciseOfStockAwardsAndEmployeeStockPlanPurchases
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CY2021 dzsi Proceeds From Exercise Of Stock Awards And Employee Stock Plan Purchases
ProceedsFromExerciseOfStockAwardsAndEmployeeStockPlanPurchases
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CY2020 dzsi Proceeds From Exercise Of Stock Awards And Employee Stock Plan Purchases
ProceedsFromExerciseOfStockAwardsAndEmployeeStockPlanPurchases
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2020Q4 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Interest Paid Net
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CY2021 dzsi Interest Paid To Related Party
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CY2020 us-gaap Income Taxes Paid Net
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CY2022 dei Entity Incorporation State Country Code
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CY2022Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(e) Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Provision For Doubtful Accounts
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CY2022 dzsi Allowance For Doubtful Accounts Receivable Utilization Write Offs And Exchange Rate Differences
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CY2021 dzsi Allowance For Doubtful Accounts Receivable Utilization Write Offs And Exchange Rate Differences
AllowanceForDoubtfulAccountsReceivableUtilizationWriteOffsAndExchangeRateDifferences
126000
CY2020 dzsi Allowance For Doubtful Accounts Receivable Utilization Write Offs And Exchange Rate Differences
AllowanceForDoubtfulAccountsReceivableUtilizationWriteOffsAndExchangeRateDifferences
331000
CY2022 dzsi Allowance For Doubtful Accounts Receivable Foreign Exchange Impact
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-1606000
CY2021 dzsi Allowance For Doubtful Accounts Receivable Foreign Exchange Impact
AllowanceForDoubtfulAccountsReceivableForeignExchangeImpact
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CY2020 dzsi Allowance For Doubtful Accounts Receivable Foreign Exchange Impact
AllowanceForDoubtfulAccountsReceivableForeignExchangeImpact
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
17735000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q4 dzsi Allowance For Sale Returns Current
AllowanceForSaleReturnsCurrent
873000
CY2020Q4 dzsi Allowance For Sale Returns Current
AllowanceForSaleReturnsCurrent
390000
CY2019Q4 dzsi Allowance For Sale Returns Current
AllowanceForSaleReturnsCurrent
343000
CY2022 dzsi Allowance For Sales Returns Charged To Revenue
AllowanceForSalesReturnsChargedToRevenue
2556000
CY2021 dzsi Allowance For Sales Returns Charged To Revenue
AllowanceForSalesReturnsChargedToRevenue
1132000
CY2020 dzsi Allowance For Sales Returns Charged To Revenue
AllowanceForSalesReturnsChargedToRevenue
1303000
CY2022 dzsi Allowance For Sales Returns Utilization And Write Off
AllowanceForSalesReturnsUtilizationAndWriteOff
2279000
CY2021 dzsi Allowance For Sales Returns Utilization And Write Off
AllowanceForSalesReturnsUtilizationAndWriteOff
649000
CY2020 dzsi Allowance For Sales Returns Utilization And Write Off
AllowanceForSalesReturnsUtilizationAndWriteOff
1256000
CY2022Q4 dzsi Allowance For Sale Returns Current
AllowanceForSaleReturnsCurrent
1150000
CY2021Q4 dzsi Allowance For Sale Returns Current
AllowanceForSaleReturnsCurrent
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CY2020 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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CY2022 dzsi Income Tax Rate Reconciliation Uncertain Tax Positions
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CY2021 dzsi Income Tax Rate Reconciliation Uncertain Tax Positions
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CY2020 dzsi Effective Income Tax Rate Reconciliation Deferred State Taxes Net Of Federal Benefit
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2020 us-gaap Income Tax Reconciliation Tax Credits
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