$GVP
GSE Systems Inc

2019 Q4 Form 10-Q Financial Statement

#000114036119020943 Filed on November 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $17.29M $20.03M $21.80M
YoY Change -24.37% -8.12% 41.48%
Cost Of Revenue $12.27M $15.36M $16.38M
YoY Change -25.09% -6.24% 46.38%
Gross Profit $5.020M $4.673M $5.421M
YoY Change -22.41% -13.8% 28.46%
Gross Profit Margin 29.03% 23.33% 24.87%
Selling, General & Admin $3.940M $3.465M $4.366M
YoY Change 4.23% -20.64% -0.09%
% of Gross Profit 78.49% 74.15% 80.54%
Research & Development $180.0K $130.0K $247.0K
YoY Change 38.46% -47.37% -29.43%
% of Gross Profit 3.59% 2.78% 4.56%
Depreciation & Amortization $990.0K $107.0K $132.0K
YoY Change 26.92% -18.94% -45.0%
% of Gross Profit 19.72% 2.29% 2.43%
Operating Expenses $5.030M $5.038M $5.447M
YoY Change 10.55% -7.51% 12.31%
Operating Profit -$10.00K -$365.0K -$26.00K
YoY Change -100.52% 1303.85% -95.87%
Interest Expense -$120.0K -$350.0K -$170.0K
YoY Change -25.0% 105.88% -288.89%
% of Operating Profit
Other Income/Expense, Net $2.010M $59.00K -$5.000K
YoY Change 20000.0% -1280.0% -116.67%
Pretax Income $0.00 -$655.0K -$204.0K
YoY Change -100.0% 221.08% -60.0%
Income Tax $6.610M $568.0K $314.0K
% Of Pretax Income
Net Earnings -$6.600M -$1.223M -$518.0K
YoY Change -1070.59% 136.1% -15.08%
Net Earnings / Revenue -38.17% -6.11% -2.38%
Basic Earnings Per Share -$0.06 -$0.03
Diluted Earnings Per Share -$327.1K -$0.06 -$0.03
COMMON SHARES
Basic Shares Outstanding 20.01M 20.01M 19.79M
Diluted Shares Outstanding 20.01M 19.79M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.69M $8.610M $9.830M
YoY Change -3.55% -12.41% -36.7%
Cash & Equivalents $11.69M $8.606M $9.840M
Short-Term Investments
Other Short-Term Assets $782.0K $1.840M $1.630M
YoY Change -1.64% 12.88% -58.42%
Inventory $0.00
Prepaid Expenses $861.0K
Receivables $17.21M $16.57M $19.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.78M $27.01M $30.70M
YoY Change -12.06% -12.03% -19.34%
LONG-TERM ASSETS
Property, Plant & Equipment $939.0K $1.102M $1.170M
YoY Change -11.83% -5.81% 1.74%
Goodwill $13.34M $13.34M
YoY Change 1.28%
Intangibles $10.48M $11.08M
YoY Change 72.35%
Long-Term Investments
YoY Change
Other Assets $61.00K $77.00K $6.240M
YoY Change 24.49% -98.77% 2051.72%
Total Long-Term Assets $27.73M $36.60M $26.85M
YoY Change 4.88% 36.3% 106.86%
TOTAL ASSETS
Total Short-Term Assets $30.78M $27.01M $30.70M
Total Long-Term Assets $27.73M $36.60M $26.85M
Total Assets $58.51M $63.61M $57.55M
YoY Change -4.77% 10.52% 12.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.097M $1.174M $1.100M
YoY Change -16.07% 6.73% 61.76%
Accrued Expenses $1.871M $1.820M $6.960M
YoY Change -29.29% -73.85% -9.02%
Deferred Revenue $7.613M $3.870M
YoY Change -28.24%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $18.48M $4.780M $1.900M
YoY Change 872.68% 151.58%
Total Short-Term Liabilities $34.43M $18.18M $18.80M
YoY Change 54.21% -3.31% -30.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $14.97M $7.090M
YoY Change -100.0% 111.11%
Other Long-Term Liabilities $956.0K $1.070M $1.550M
YoY Change -30.27% -30.97% 1.97%
Total Long-Term Liabilities $956.0K $16.04M $8.640M
YoY Change -88.02% 85.63% 468.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.43M $18.18M $18.80M
Total Long-Term Liabilities $956.0K $16.04M $8.640M
Total Liabilities $38.39M $37.34M $27.44M
YoY Change 26.65% 36.06% -3.82%
SHAREHOLDERS EQUITY
Retained Earnings -$54.65M -$48.30M
YoY Change 28.39%
Common Stock $218.0K $218.0K
YoY Change 1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.999M $2.999M
YoY Change 0.0%
Treasury Stock Shares $1.599M $1.599M
Shareholders Equity $20.12M $26.27M $30.11M
YoY Change
Total Liabilities & Shareholders Equity $58.51M $63.61M $57.55M
YoY Change -4.77% 10.52% 12.75%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$6.600M -$1.223M -$518.0K
YoY Change -1070.59% 136.1% -15.08%
Depreciation, Depletion And Amortization $990.0K $107.0K $132.0K
YoY Change 26.92% -18.94% -45.0%
Cash From Operating Activities $4.330M $580.0K -$20.00K
YoY Change 50.35% -3000.0% -116.67%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$210.0K -$80.00K
YoY Change -36.36% 162.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $0.00 $150.0K
YoY Change -166.67% -100.0% -101.77%
Cash From Investing Activities -$80.00K -$220.0K $80.00K
YoY Change 0.0% -375.0% -100.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.280M -1.250M -610.0K
YoY Change 137.04% 104.92% -317.86%
NET CHANGE
Cash From Operating Activities 4.330M 580.0K -20.00K
Cash From Investing Activities -80.00K -220.0K 80.00K
Cash From Financing Activities -1.280M -1.250M -610.0K
Net Change In Cash 2.970M -890.0K -550.0K
YoY Change 31.42% 61.82% -93.22%
FREE CASH FLOW
Cash From Operating Activities $4.330M $580.0K -$20.00K
Capital Expenditures -$70.00K -$210.0K -$80.00K
Free Cash Flow $4.400M $790.0K $60.00K
YoY Change 47.16% 1216.67% -64.71%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><div style="text-align: justify;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; 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-size: 10pt; font-family: 'Times New Roman'; 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 nine months ended September 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 September 30, 2019.</div><div><br /></div></div></div>
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NumberOfLettersOfCredit
4
CY2019Q3 gvp Letter Of Credit And Surety Bonds Contingent Consideration
LetterOfCreditAndSuretyBondsContingentConsideration
1200000
gvp Warranty Terms For Sdb Contracts
WarrantyTermsForSDBContracts
P1Y
gvp Contract Receivable Period Maximum
ContractReceivablePeriodMaximum
P12M
gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
325000
gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
326000
gvp Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-256000
gvp Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
102000
gvp Shares Withheld To Pay Taxes
SharesWithheldToPayTaxes
331000
gvp Shares Withheld To Pay Taxes
SharesWithheldToPayTaxes
304000
gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
1200000
CY2019Q3 gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
CY2018Q3 gvp Change In Fair Value Of Contingent Consideration
ChangeInFairValueOfContingentConsideration
0
gvp Acquisition Of Businesses Net Of Cash Acquired
AcquisitionOfBusinessesNetOfCashAcquired
0
gvp Acquisition Of Businesses Net Of Cash Acquired
AcquisitionOfBusinessesNetOfCashAcquired
9635000
gvp Minimum Probability Of Uncertain Tax Position To Be Recognized
MinimumProbabilityOfUncertainTaxPositionToBeRecognized
0.5
gvp Probability Of Tax Position Realized Upon Ultimate Settlement Minimum
ProbabilityOfTaxPositionRealizedUponUltimateSettlementMinimum
0.5
CY2019Q3 gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-15000
CY2018Q3 gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-17000
gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-5000
gvp Gain Loss On Remeasurement Of Related Contract Receivables Billings In Excess Of Revenue Earned And Subcontractor Accruals
GainLossOnRemeasurementOfRelatedContractReceivablesBillingsInExcessOfRevenueEarnedAndSubcontractorAccruals
-89000
CY2019Q2 gvp Leverage Ratio
LeverageRatio
2.75
CY2019Q3 gvp Aggregate Fair Value For Performance Based Rs Us
AggregateFairValueForPerformanceBasedRSUs
0
gvp Contract Term
ContractTerm
P2Y
CY2019Q3 gvp Contingent Consideration
ContingentConsideration
0
CY2019Q3 gvp Number Of Performance Obligations
NumberOfPerformanceObligations
2
gvp Number Of Broad Revenue Streams
NumberOfBroadRevenueStreams
3
gvp Restructuring And Related Cost Expected Cost Related To Cumulative Translation Adjustment
RestructuringAndRelatedCostExpectedCostRelatedToCumulativeTranslationAdjustment
1300000
gvp Restructuring And Related Cost Expected Cost Of Tax Benefit
RestructuringAndRelatedCostExpectedCostOfTaxBenefit
1000000
CY2019Q3 gvp Number Of Offices Leases Terminated
NumberOfOfficesLeasesTerminated
1
gvp Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P4Y
gvp Sublease Square Feet April2017
SubleaseSquareFeetApril2017
3822
gvp Sublease Date April2017
SubleaseDateApril2017
2017-04-01
gvp Sublease Square Feet May2019
SubleaseSquareFeetMay2019
3650
gvp Sublease Date May2019
SubleaseDateMay2019
2019-05-01
gvp Number Of Tenants
NumberOfTenants
2

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