$GVP
GSE Systems Inc

2019 Q2 Form 10-Q Financial Statement

#000094448019000069 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $23.46M $24.70M $22.90M
YoY Change -5.02% 44.22% 40.15%
Cost Of Revenue $17.59M $18.36M $18.00M
YoY Change -4.18% 51.59% 47.3%
Gross Profit $5.867M $6.340M $4.900M
YoY Change -7.46% 26.29% 18.93%
Gross Profit Margin 25.01% 25.67% 21.4%
Selling, General & Admin $4.343M $4.793M $4.530M
YoY Change -9.39% 27.14% 26.18%
% of Gross Profit 74.02% 75.6% 92.45%
Research & Development $156.0K $189.0K $330.0K
YoY Change -17.46% -46.0% -17.5%
% of Gross Profit 2.66% 2.98% 6.73%
Depreciation & Amortization $102.0K $176.0K $370.0K
YoY Change -42.05% -29.6% 42.31%
% of Gross Profit 1.74% 2.78% 7.55%
Operating Expenses $5.241M $5.660M $5.100M
YoY Change -7.4% 33.18% 23.49%
Operating Profit $626.0K $680.0K -$200.0K
YoY Change -7.94% -11.69% 1900.0%
Interest Expense -$420.0K -$150.0K -$130.0K
YoY Change 180.0% -145.45% 0.0%
% of Operating Profit -67.09% -22.06%
Other Income/Expense, Net -$19.00K $4.000K $30.00K
YoY Change -575.0% -113.33%
Pretax Income $190.0K $532.0K -$1.240M
YoY Change -64.29% -49.81% 552.63%
Income Tax $406.0K -$449.0K $260.0K
% Of Pretax Income 213.68% -84.4%
Net Earnings -$216.0K $981.0K -$1.500M
YoY Change -122.02% 18.19% 455.56%
Net Earnings / Revenue -0.92% 3.97% -6.55%
Basic Earnings Per Share -$0.01 $0.05
Diluted Earnings Per Share -$0.01 $0.05 -$76.88K
COMMON SHARES
Basic Shares Outstanding 20.01M 19.65M
Diluted Shares Outstanding 20.01M 20.03M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.670M $9.960M $11.76M
YoY Change -2.91% -57.67% -45.63%
Cash & Equivalents $9.672M $10.48M $11.76M
Short-Term Investments
Other Short-Term Assets $2.210M $2.570M $3.330M
YoY Change -14.01% -37.01% -35.47%
Inventory
Prepaid Expenses
Receivables $19.07M $19.22M $18.76M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.95M $31.75M $33.85M
YoY Change -2.53% -23.93% -16.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.103M $1.270M $1.270M
YoY Change -13.15% 13.39% 5.83%
Goodwill $13.34M
YoY Change
Intangibles $11.67M
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.00K $6.420M $6.370M
YoY Change -99.0% 2957.14% 9000.0%
Total Long-Term Assets $37.90M $28.03M $19.21M
YoY Change 35.2% 244.35% 135.13%
TOTAL ASSETS
Total Short-Term Assets $30.95M $31.75M $33.85M
Total Long-Term Assets $37.90M $28.03M $19.21M
Total Assets $68.84M $59.78M $53.06M
YoY Change 15.16% 19.85% 8.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.879M $830.0K $560.0K
YoY Change 126.39% 43.1% -5.08%
Accrued Expenses $1.145M $7.030M $7.680M
YoY Change -83.71% 17.17% 36.9%
Deferred Revenue $6.165M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.770M $1.900M
YoY Change 151.05%
Total Short-Term Liabilities $20.40M $20.39M $22.24M
YoY Change 0.05% -22.47% -16.55%
LONG-TERM LIABILITIES
Long-Term Debt $16.16M $7.570M $0.00
YoY Change 113.49%
Other Long-Term Liabilities $1.375M $1.420M $1.450M
YoY Change -3.17% 6.77% 15.08%
Total Long-Term Liabilities $17.54M $8.990M $1.450M
YoY Change 95.06% 575.94% 15.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.40M $20.39M $22.24M
Total Long-Term Liabilities $17.54M $8.990M $1.450M
Total Liabilities $41.38M $29.38M $23.70M
YoY Change 40.83% 6.37% -15.08%
SHAREHOLDERS EQUITY
Retained Earnings -$47.08M
YoY Change
Common Stock $217.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.999M
YoY Change
Treasury Stock Shares $1.599M
Shareholders Equity $27.47M $30.40M $29.36M
YoY Change
Total Liabilities & Shareholders Equity $68.84M $59.78M $53.06M
YoY Change 15.16% 19.85% 8.6%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income -$216.0K $981.0K -$1.500M
YoY Change -122.02% 18.19% 455.56%
Depreciation, Depletion And Amortization $102.0K $176.0K $370.0K
YoY Change -42.05% -29.6% 42.31%
Cash From Operating Activities -$320.0K -$810.0K -$5.530M
YoY Change -60.49% -152.6% -512.69%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$340.0K -$420.0K
YoY Change -64.71% 385.71% 500.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$9.790M
YoY Change -100.1%
Cash From Investing Activities -$110.0K -$10.13M -$420.0K
YoY Change -98.91% 14371.43% 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.210M 9.330M -1.720M
YoY Change -112.97% 10266.67% 17.81%
NET CHANGE
Cash From Operating Activities -320.0K -810.0K -5.530M
Cash From Investing Activities -110.0K -10.13M -420.0K
Cash From Financing Activities -1.210M 9.330M -1.720M
Net Change In Cash -1.640M -1.610M -7.670M
YoY Change 1.86% -203.21% 3936.84%
FREE CASH FLOW
Cash From Operating Activities -$320.0K -$810.0K -$5.530M
Capital Expenditures -$120.0K -$340.0K -$420.0K
Free Cash Flow -$200.0K -$470.0K -$5.110M
YoY Change -57.45% -129.19% -462.41%

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><div style="text-align: justify;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">6.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingent Consideration</div></td></tr></table></div></div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Acquisitions may include contingent consideration payments based on future financial measures of an acquired company. Under ASC 805, <font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Business Combinations</font>, contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. At each reporting date, the contingent consideration obligation is revalued to estimated fair value and changes in fair value subsequent to the acquisition are reflected in income or expense in the consolidated statements of operations and could cause a material impact to our operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the acquisition of DP Engineering on February 15, 2019, the Company recognized the estimated fair value of contingent consideration for $1.2 million. During the six months ended June 30, 2019, as a result of the triggering event described in Note 8, an impairment test was conducted on DP Engineering's goodwill and definite-lived intangible assets and the Company determined the $1.2 million of contingent consideration recognized upon acquisition of DP Engineering has reduced to zero since the related earn-out payment is no longer expected to be paid. We have recorded this reduction as an offset to selling, general and administrative expenses in unaudited consolidated statements of operations. There was no contingent liability as of June 30, 2019.</div><div><br /></div></div></div>
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MinimumProbabilityOfUncertainTaxPositionToBeRecognized
0.5
gvp Acquisition Of Businesses Net Of Cash Acquired
AcquisitionOfBusinessesNetOfCashAcquired
9791000
gvp Acquisition Of Businesses Net Of Cash Acquired
AcquisitionOfBusinessesNetOfCashAcquired
0
CY2019Q2 gvp Aggregate Fair Value For Performance Based Rs Us
AggregateFairValueForPerformanceBasedRSUs
0
CY2019Q2 gvp Leverage Ratio
LeverageRatio
2.75
CY2019Q2 gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-7000
gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-72000
CY2018Q2 gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-34000
gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
10000
CY2019Q2 gvp Fair Value Of Liability Classified Share Based Comp
FairValueOfLiabilityClassifiedShareBasedComp
112000
gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
1200000
CY2019Q2 gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
CY2018Q2 gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
gvp Shares Withheld To Pay Taxes
SharesWithheldToPayTaxes
231000
gvp Shares Withheld To Pay Taxes
SharesWithheldToPayTaxes
250000
gvp Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
117000
gvp Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-239000
gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
272000
gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
212000
gvp Contract Receivable Period Maximum
ContractReceivablePeriodMaximum
P12M
gvp Warranty Terms For Sdb Contracts
WarrantyTermsForSDBContracts
P1Y
CY2019Q2 gvp Letter Of Credit And Surety Bonds Contingent Consideration
LetterOfCreditAndSuretyBondsContingentConsideration
900000
CY2019Q2 gvp Number Of Letters Of Credit
NumberOfLettersOfCredit
3
CY2018Q4 gvp Fair Value Of Liability Classified Share Based Comp
FairValueOfLiabilityClassifiedShareBasedComp
118000
gvp Number Of Contracts
NumberOfContracts
3

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