$HNNA
HENNESSY ADVISORS INC

2024 Q2 Form 10-Q Financial Statement

#000143774924015367 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $7.784M $6.940M
YoY Change 36.54% 17.31%
Cost Of Revenue $1.081M $1.046M
YoY Change 20.38% 12.47%
Gross Profit $6.703M $5.894M
YoY Change 39.56% 18.21%
Gross Profit Margin 86.11% 84.93%
Selling, General & Admin $4.059M $3.918M
YoY Change 20.73% 17.38%
% of Gross Profit 60.55% 66.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.00K $57.00K
YoY Change 0.0% 1.79%
% of Gross Profit 0.88% 0.97%
Operating Expenses $5.199M $5.021M
YoY Change 20.38% 16.12%
Operating Profit $2.585M $1.919M
YoY Change 87.05% 20.54%
Interest Expense $569.0K $568.0K
YoY Change 0.71% 1.07%
% of Operating Profit 22.01% 29.6%
Other Income/Expense, Net
YoY Change
Pretax Income $2.788M $2.122M
YoY Change 82.46% 31.8%
Income Tax $759.0K $582.0K
% Of Pretax Income 27.22% 27.43%
Net Earnings $2.029M $1.540M
YoY Change 81.81% 28.87%
Net Earnings / Revenue 26.07% 22.19%
Basic Earnings Per Share $0.26 $0.20
Diluted Earnings Per Share $0.26 $0.20
COMMON SHARES
Basic Shares Outstanding 7.679M 7.675M
Diluted Shares Outstanding 7.732M 7.700M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.03M $59.60M
YoY Change 4.41% 2.98%
Cash & Equivalents $62.02M $59.59M
Short-Term Investments $11.00K $11.00K
Other Short-Term Assets $390.0K $732.0K
YoY Change -48.0% -16.82%
Inventory
Prepaid Expenses $390.0K $732.0K
Receivables $2.630M $2.556M
Other Receivables $294.0K $273.0K
Total Short-Term Assets $65.60M $63.43M
YoY Change 5.27% 4.07%
LONG-TERM ASSETS
Property, Plant & Equipment $333.0K $295.0K
YoY Change 4.39% -10.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.0K $182.0K
YoY Change 16.56% 15.92%
Total Long-Term Assets $83.86M $83.91M
YoY Change 2.17% 2.29%
TOTAL ASSETS
Total Short-Term Assets $65.60M $63.43M
Total Long-Term Assets $83.86M $83.91M
Total Assets $149.5M $147.3M
YoY Change 3.51% 3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $649.0K $672.0K
YoY Change 21.54% -68.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.773M $3.169M
YoY Change 8.14% 20.27%
LONG-TERM LIABILITIES
Long-Term Debt $39.40M $39.32M
YoY Change 0.79% 0.78%
Other Long-Term Liabilities $781.0K $864.0K
YoY Change 829.03%
Total Long-Term Liabilities $40.18M $40.18M
YoY Change 2.79% 2.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.773M $3.169M
Total Long-Term Liabilities $40.18M $40.18M
Total Liabilities $59.30M $58.41M
YoY Change 4.08% 4.52%
SHAREHOLDERS EQUITY
Retained Earnings $67.56M $66.58M
YoY Change 2.9% 1.53%
Common Stock $22.61M $22.34M
YoY Change 3.84% 3.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.16M $88.92M
YoY Change
Total Liabilities & Shareholders Equity $149.5M $147.3M
YoY Change 3.51% 3.05%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $2.029M $1.540M
YoY Change 81.81% 28.87%
Depreciation, Depletion And Amortization $59.00K $57.00K
YoY Change 0.0% 1.79%
Cash From Operating Activities $3.552M $1.873M
YoY Change 32.0% -5.74%
INVESTING ACTIVITIES
Capital Expenditures $93.00K $860.0K
YoY Change -32.61% 493.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$93.00K -$860.0K
YoY Change -32.61% 493.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.035M -1.025M
YoY Change 1.17% 0.2%
NET CHANGE
Cash From Operating Activities 3.552M 1.873M
Cash From Investing Activities -93.00K -860.0K
Cash From Financing Activities -1.035M -1.025M
Net Change In Cash 2.424M -12.00K
YoY Change 58.43% -101.47%
FREE CASH FLOW
Cash From Operating Activities $3.552M $1.873M
Capital Expenditures $93.00K $860.0K
Free Cash Flow $3.459M $1.013M
YoY Change 35.49% -45.01%

Facts In Submission

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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
116000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
994000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Dividends
PaymentsOfDividends
2076000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations
-883000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Disposal Group Including Discontinued Operations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
58487000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Stock Issued1
StockIssued1
34000 usd
us-gaap Stock Issued1
StockIssued1
31000 usd
hnna Management Contracts Purchased Textblock
ManagementContractsPurchasedTextblock
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(<em style="font: inherit;">2</em>)</b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Management Contracts Purchased</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Throughout its history, the Company has completed 12 purchases of the assets related to the management of 33 investment funds, some of which were reorganized into already existing Hennessy Funds. In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Company periodically reviews the carrying value of its management contracts asset to determine if any impairment has occurred. The fair value of the management contracts asset was estimated as of <em style="font: inherit;"> September </em><em style="font: inherit;">30,</em> <em style="font: inherit;">2023,</em> by applying the income approach and is based on management estimates and assumptions, including third‑party valuations that utilize appropriate valuation techniques. It was determined there was no impairment as of such date. As of <em style="font: inherit;"> March 31, 2024</em>, management performed a qualitative analysis and determined it was more likely than <em style="font: inherit;">not</em> that there continued to be no impairment.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Under Accounting Standards Codification <em style="font: inherit;">350</em> — Intangibles - Goodwill and Other, intangible assets that have indefinite useful lives are <em style="font: inherit;">not</em> amortized but are tested at least annually for impairment. The Company considered various factors, such as likelihood of continued renewal, whether there are foreseeable limits on net cash flows, and whether the Company is dependent on a limited number of investors, in determining the useful life of the management contracts. Based on analysis, the Company considers the management contract asset to be an intangible asset with an indefinite useful life and <em style="font: inherit;">no</em> impairment as of the end of the current period. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">The Company completed its most recent asset purchases on <em style="font: inherit;"> November </em><em style="font: inherit;">10,</em> <em style="font: inherit;">2023,</em> and <em style="font: inherit;"> February </em><em style="font: inherit;">23,</em> <em style="font: inherit;">2024,</em> when it purchased assets related to the management of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund (each, a “CCM Fund,” and together, the “CCM Funds”), respectively. These asset purchases added approximately $12 million and $59 million to the Company’s assets under management at the time of closing with respect to the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund, respectively. Each purchase was consummated in accordance with the terms and conditions of that certain Transaction Agreement, dated as of <em style="font: inherit;"> April 26, 2023, </em>between the Company and Community Capital Management, LLC. Upon completion of each transaction, the assets of the applicable CCM Fund were reorganized into the Hennessy Stance ESG ETF.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">In the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> March 31, 2024, </em>the Company capitalized $1.0 million in purchase price and other costs for the purchase of assets related to the management of the CCM Funds. </p>
CY2024Q1 hnna Number Of Purchases Of Assets
NumberOfPurchasesOfAssets
12 pure
CY2024Q1 hnna Number Of Investment Funds
NumberOfInvestmentFunds
33 pure
CY2023 hnna Management Contracts Purchased Impairment
ManagementContractsPurchasedImpairment
0 usd
hnna Management Contracts Purchased Impairment
ManagementContractsPurchasedImpairment
0 usd
CY2024Q1 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16 pure
CY2024Q1 hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
59391000 usd
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
59391000 usd
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
59392000 usd
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
59392000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1176000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
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289000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
864000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0615 pure
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1055000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
255000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
387000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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398000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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236000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1276000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
123000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1153000 usd
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1279000 usd
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2260000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
387000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
310000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
672000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
595000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2338000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3165000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.272 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258 pure
us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
80000.00 usd
CY2024Q1 us-gaap Other Commitment
OtherCommitment
0 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7676099
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7574360
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
24104
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
36369
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7700203
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7610729
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7674134
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7573397
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10111
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
21603
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7684245
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7595000
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.1375

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