$HDSN
HUDSON TECHNOLOGIES INC /NY

2024 Q2 Form 10-Q Financial Statement

#000141057824000637 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
Revenue $75.28M $65.25M $65.25M
YoY Change -16.79% -15.48% -77.42%
Cost Of Revenue $52.71M $43.83M
YoY Change -2.11% -6.49%
Gross Profit $22.57M $21.42M
YoY Change -38.38% -29.37%
Gross Profit Margin 29.98% 32.83%
Selling, General & Admin $9.013M $7.947M
YoY Change 8.94% 13.9%
% of Gross Profit 39.93% 37.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.580M $744.0K
YoY Change 126.04% -0.93%
% of Gross Profit 7.0% 3.47%
Operating Expenses $9.773M $8.645M
YoY Change 8.93% 12.64%
Operating Profit $12.80M $12.78M
YoY Change -53.72% -43.61%
Interest Expense -$152.0K $214.0K
YoY Change -92.0% -88.43%
% of Operating Profit -1.19% 1.68%
Other Income/Expense, Net
YoY Change
Pretax Income $12.65M $12.56M
YoY Change -50.9% -39.62%
Income Tax $3.061M $3.000M
% Of Pretax Income 24.21% 23.88%
Net Earnings $9.585M $9.562M
YoY Change -50.05% -38.43%
Net Earnings / Revenue 12.73% 14.65%
Basic Earnings Per Share $0.21 $0.21
Diluted Earnings Per Share $0.20 $0.20
COMMON SHARES
Basic Shares Outstanding 45.51M 45.51M
Diluted Shares Outstanding 47.28M 47.47M

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.52M $10.55M
YoY Change 167.4% -14.37%
Cash & Equivalents $30.52M $10.55M
Short-Term Investments
Other Short-Term Assets $7.461M $7.551M
YoY Change -28.1% 12.27%
Inventory $123.7M $147.8M
Prepaid Expenses
Receivables $30.35M $35.94M
Other Receivables $2.551M $1.687M
Total Short-Term Assets $194.6M $203.5M
YoY Change -5.2% 4.45%
LONG-TERM ASSETS
Property, Plant & Equipment $19.12M $19.47M
YoY Change -30.25% -3.77%
Goodwill $62.40M $47.80M
YoY Change 30.54% 0.0%
Intangibles $15.89M $14.07M
YoY Change -1.69% -16.57%
Long-Term Investments
YoY Change
Other Assets $3.172M $3.161M
YoY Change 32.94% 32.43%
Total Long-Term Assets $106.3M $90.68M
YoY Change 13.38% -4.55%
TOTAL ASSETS
Total Short-Term Assets $194.6M $203.5M
Total Long-Term Assets $106.3M $90.68M
Total Assets $300.9M $294.2M
YoY Change 0.62% 1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.940M $13.74M
YoY Change -43.46% -9.34%
Accrued Expenses $9.558M $11.70M
YoY Change -69.9% -66.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.31M $47.36M
YoY Change -21.05% -13.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.600M $4.489M
YoY Change -72.28% -25.95%
Total Long-Term Liabilities $1.600M $4.489M
YoY Change -94.81% -87.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.31M $47.36M
Total Long-Term Liabilities $1.600M $4.489M
Total Liabilities $52.25M $55.55M
YoY Change -40.36% -43.5%
SHAREHOLDERS EQUITY
Retained Earnings $129.4M $119.8M
YoY Change 39.56% 62.95%
Common Stock $455.0K $455.0K
YoY Change 0.22% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $248.7M $238.6M
YoY Change
Total Liabilities & Shareholders Equity $300.9M $294.2M
YoY Change 0.62% 1.5%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income $9.585M $9.562M
YoY Change -50.05% -38.43%
Depreciation, Depletion And Amortization $1.580M $744.0K
YoY Change 126.04% -0.93%
Cash From Operating Activities $41.77M -$933.0K
YoY Change 294.78% -108.75%
INVESTING ACTIVITIES
Capital Expenditures $1.125M $960.0K
YoY Change 164.71% 133.01%
Acquisitions
YoY Change
Other Investing Activities -$20.67M
YoY Change
Cash From Investing Activities -$21.80M -$960.0K
YoY Change 5028.24% 133.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -2.000K
YoY Change -100.0% -99.94%
NET CHANGE
Cash From Operating Activities 41.77M -933.0K
Cash From Investing Activities -21.80M -960.0K
Cash From Financing Activities 0.000 -2.000K
Net Change In Cash 19.97M -1.895M
YoY Change -2302.09% -126.97%
FREE CASH FLOW
Cash From Operating Activities $41.77M -$933.0K
Capital Expenditures $1.125M $960.0K
Free Cash Flow $40.64M -$1.893M
YoY Change 300.23% -118.46%

Facts In Submission

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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company’s trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer’s credit history before extending credit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company establishes an allowance for credit losses. In accordance with the “expected credit loss” model, the carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that it does not expect to collect. In addition to reviewing delinquent accounts receivable, the Company considers many factors in estimating its reserve, including types of customers and their credit worthiness, experience and historical data adjusted for current conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The carrying value of the Company’s accounts receivable is reduced by the established allowance for credit losses. The allowance for credit losses includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the three month period ended March 31, 2024 there was one customer accounting for greater than 10% of the Company’s revenues and at March 31, 2024 there were $11.9 million of accounts receivable from this customer. For the three month period ended March 31, 2023 there was one customer accounting for greater than 10% of the Company’s revenues and at March 31, 2023 there were $9.4 million of accounts receivable from this customer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company’s products or services by any such customer could have a material adverse effect on the Company’s operating results and financial position.</p>
CY2024Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2024Q1 hdsn Cylinder Deposit Value
CylinderDepositValue
17800000
CY2023Q4 hdsn Cylinder Deposit Value
CylinderDepositValue
17200000
CY2024 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
65250000
CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
77199000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
9562000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15531000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45509423
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45298514
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1959097
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2012513
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47468520
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47311027
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52519
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
502568
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Estimates and Risks</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the use of estimates and assumptions that affect the amounts reported in these financial statements and footnotes. The Company considers these accounting estimates to be critical in the preparation of the accompanying consolidated financial statements. The Company uses information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. Additionally, these estimates may not ultimately reflect the actual amounts of the final transactions that occur. The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Several of the Company’s accounting policies involve significant judgments, uncertainties, and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management’s judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for credit losses, inventory reserves, goodwill and commitments and contingencies. With respect to trade accounts receivable, the Company estimates the necessary allowance for credit losses based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company participates in an industry that is highly regulated, and changes in the regulations affecting its business could affect its operating results. Currently the Company purchases virgin hydrofluorocarbon (“HFC”) and hydrofluroolefin (“HFO”) refrigerants and reclaimable, primarily hydrochlorofluorocarbons (“HCFC”), HFC and chlorofluorocarbon (“CFC”), refrigerants from suppliers and its customers. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position. The process of sourcing refrigerants includes various procurement costs, such as freight, processing, insurance, and other costs, relating to the delivery of refrigerants. As a result of the recently noted global supply chain issues, the Company determined it could be exposed to incremental costs related to these refrigerant purchases. These costs represent the Company’s initial estimate that are possibly subject to finalization in future periods and are recorded in accrued expenses and other current liabilities on the consolidated balance sheet as of March 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position.</p>
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
444000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
28000
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2024Q1 us-gaap Goodwill
Goodwill
47800000
CY2023Q4 us-gaap Goodwill
Goodwill
47800000
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
32997000
CY2024Q1 us-gaap Inventory Gross
InventoryGross
153360000
CY2023Q4 us-gaap Inventory Gross
InventoryGross
159654000
CY2024Q1 us-gaap Inventory Adjustments
InventoryAdjustments
5601000
CY2023Q4 us-gaap Inventory Adjustments
InventoryAdjustments
5204000
CY2024Q1 us-gaap Inventory Net
InventoryNet
147759000
CY2023Q4 us-gaap Inventory Net
InventoryNet
154450000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
59920000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
59084000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40453000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
39709000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19467000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19375000
CY2024Q1 us-gaap Depreciation
Depreciation
700000
CY2023Q1 us-gaap Depreciation
Depreciation
800000
CY2024Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P11Y
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1933000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1668000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1500000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1043000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
656000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
823000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7623000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1365000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6258000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1769000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4489000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6258000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M3D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0829
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18925000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14072000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
32997000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18226000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14771000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Common Stock Reserved For Future Issuance
DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance
4315653
CY2024Q1 hdsn Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Non Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueNonVested
1.10
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P1Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2628905
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y7D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.31
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20100000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26900000
CY2024Q1 hdsn Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Nonvested.
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueNonvested.
0.0
CY2023Q4 hdsn Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Nonvested.
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueNonvested.
800000
CY2023Q4 hdsn Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Nonvested.
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueNonvested.
800000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11703000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12256000
CY2024Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
17807000
CY2023Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
17225000
CY2024Q1 hdsn Lease Obligations Current
LeaseObligationsCurrent
1778000
CY2023Q4 hdsn Lease Obligations Current
LeaseObligationsCurrent
1893000
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
140000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
163000
CY2024Q1 hdsn Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
31428000
CY2023Q4 hdsn Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
31537000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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