$GIC
GLOBAL INDUSTRIAL Co

2023 Q2 Form 10-Q Financial Statement

#000094511423000051 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $325.8M $273.8M
YoY Change 2.29% -5.13%
Cost Of Revenue $212.9M $175.4M
YoY Change 3.6% -2.99%
Gross Profit $112.9M $98.40M
YoY Change -0.09% -8.72%
Gross Profit Margin 34.65% 35.94%
Selling, General & Admin $83.80M $80.60M
YoY Change 1.58% 2.94%
% of Gross Profit 74.22% 81.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $1.100M
YoY Change 66.67% 22.22%
% of Gross Profit 1.33% 1.12%
Operating Expenses $83.80M $80.60M
YoY Change 1.58% 2.94%
Operating Profit $29.10M $17.80M
YoY Change -4.59% -39.66%
Interest Expense -$300.0K -$200.0K
YoY Change 0.0% -50.0%
% of Operating Profit -1.03% -1.12%
Other Income/Expense, Net
YoY Change
Pretax Income $28.80M $17.60M
YoY Change -4.64% -39.52%
Income Tax $7.300M $4.300M
% Of Pretax Income 25.35% 24.43%
Net Earnings $21.50M $13.20M
YoY Change -5.7% -40.0%
Net Earnings / Revenue 6.6% 4.82%
Basic Earnings Per Share $0.56 $0.35
Diluted Earnings Per Share $0.56 $0.35
COMMON SHARES
Basic Shares Outstanding 38.02M shares 37.97M shares
Diluted Shares Outstanding 38.20M shares 38.20M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.90M $48.20M
YoY Change 91.06% 230.14%
Cash & Equivalents $44.90M $48.20M
Short-Term Investments
Other Short-Term Assets $9.700M $7.400M
YoY Change 24.36% 4.23%
Inventory $164.3M $166.1M
Prepaid Expenses
Receivables $140.5M $113.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $359.4M $335.4M
YoY Change -3.41% -2.78%
LONG-TERM ASSETS
Property, Plant & Equipment $111.3M $20.80M
YoY Change 562.5% 24.55%
Goodwill $40.60M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.80M $9.800M
YoY Change 12.38% -4.85%
Total Long-Term Assets $194.6M $126.2M
YoY Change 45.99% 24.46%
TOTAL ASSETS
Total Short-Term Assets $359.4M $335.4M
Total Long-Term Assets $194.6M $126.2M
Total Assets $554.0M $461.6M
YoY Change 9.62% 3.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.8M $103.6M
YoY Change -7.69% -15.77%
Accrued Expenses $72.20M $40.00M
YoY Change 47.95% -17.7%
Deferred Revenue
YoY Change
Short-Term Debt $40.30M $0.00
YoY Change 34.33% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $231.3M $155.8M
YoY Change 5.42% -24.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $90.90M $2.600M
YoY Change 3687.5% -3.7%
Total Long-Term Liabilities $90.90M $2.600M
YoY Change 3687.5% -3.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.3M $155.8M
Total Long-Term Liabilities $90.90M $2.600M
Total Liabilities $322.2M $244.6M
YoY Change 1.42% -11.25%
SHAREHOLDERS EQUITY
Retained Earnings $45.30M $31.40M
YoY Change 708.93% -404.85%
Common Stock $400.0K $400.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $231.8M $217.0M
YoY Change
Total Liabilities & Shareholders Equity $554.0M $461.6M
YoY Change 9.62% 3.41%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $21.50M $13.20M
YoY Change -5.7% -40.0%
Depreciation, Depletion And Amortization $1.500M $1.100M
YoY Change 66.67% 22.22%
Cash From Operating Activities $37.00M $28.30M
YoY Change 208.33% -300.71%
INVESTING ACTIVITIES
Capital Expenditures $700.0K $700.0K
YoY Change -170.0% -36.36%
Acquisitions
YoY Change
Other Investing Activities -$72.30M
YoY Change
Cash From Investing Activities -$73.00M -$700.0K
YoY Change 7200.0% -36.36%
FINANCING ACTIVITIES
Cash Dividend Paid $7.700M
YoY Change 10.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.80M -$7.900M
YoY Change -1826.32% -154.86%
NET CHANGE
Cash From Operating Activities 37.00M $28.30M
Cash From Investing Activities -73.00M -$700.0K
Cash From Financing Activities 32.80M -$7.900M
Net Change In Cash -3.200M $19.70M
YoY Change -135.16% -2562.5%
FREE CASH FLOW
Cash From Operating Activities $37.00M $28.30M
Capital Expenditures $700.0K $700.0K
Free Cash Flow $36.30M $27.60M
YoY Change 179.23% -281.58%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19700000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-800000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28500000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15400000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48200000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14600000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
210400000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
600000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0.0 usd
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
400000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
100000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
700000 usd
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
7700000 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
100000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
13200000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
217000000.0 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
153600000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1000000.0 usd
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0.0 usd
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
400000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
700000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
600000 usd
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
6800000 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
100000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
22000000.0 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
170800000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
500000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
500000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
273800000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
288600000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2300000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2300000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2500000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
1600000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1800000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2300000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
13300000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
21800000 usd
CY2023Q1 us-gaap Distributed Earnings
DistributedEarnings
100000 usd
CY2022Q1 us-gaap Distributed Earnings
DistributedEarnings
-0.0 usd
CY2023Q1 us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
-0.0 usd
CY2022Q1 us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
100000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13200000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21700000 usd
CY2023Q1 us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
0.0 usd
CY2022Q1 us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
100000 usd
CY2023Q1 gic Undistributed Continuing Operation Earnings Loss Reallocation To Participating Securities Diluted
UndistributedContinuingOperationEarningsLossReallocationToParticipatingSecuritiesDiluted
-0.0 usd
CY2022Q1 gic Undistributed Continuing Operation Earnings Loss Reallocation To Participating Securities Diluted
UndistributedContinuingOperationEarningsLossReallocationToParticipatingSecuritiesDiluted
100000 usd
CY2023Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
13200000 usd
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
21700000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38100000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37900000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38200000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38100000 shares
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.35
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.57
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.35
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.57
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.00
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.01
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.00
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.01
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2023Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit

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