$HNNA
HENNESSY ADVISORS INC

2024 Q3 Form 10-Q Financial Statement

#000143774924025553 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $7.784M
YoY Change 36.54%
Cost Of Revenue $1.081M
YoY Change 20.38%
Gross Profit $6.703M
YoY Change 39.56%
Gross Profit Margin 86.11%
Selling, General & Admin $4.059M
YoY Change 20.73%
% of Gross Profit 60.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.00K
YoY Change 0.0%
% of Gross Profit 0.88%
Operating Expenses $5.199M
YoY Change 20.38%
Operating Profit $2.585M
YoY Change 87.05%
Interest Expense $569.0K
YoY Change 0.71%
% of Operating Profit 22.01%
Other Income/Expense, Net
YoY Change
Pretax Income $2.788M
YoY Change 82.46%
Income Tax $759.0K
% Of Pretax Income 27.22%
Net Earnings $2.029M
YoY Change 81.81%
Net Earnings / Revenue 26.07%
Basic Earnings Per Share $0.26
Diluted Earnings Per Share $0.26
COMMON SHARES
Basic Shares Outstanding 7.681M 7.679M
Diluted Shares Outstanding 7.732M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.03M
YoY Change 4.41%
Cash & Equivalents $63.92M $62.02M
Short-Term Investments $11.00K
Other Short-Term Assets $390.0K
YoY Change -48.0%
Inventory
Prepaid Expenses $817.0K $390.0K
Receivables $2.630M
Other Receivables $312.0K $294.0K
Total Short-Term Assets $68.28M $65.60M
YoY Change 7.18% 5.27%
LONG-TERM ASSETS
Property, Plant & Equipment $374.0K $333.0K
YoY Change 22.62% 4.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.0K $183.0K
YoY Change 17.31% 16.56%
Total Long-Term Assets $83.82M $83.86M
YoY Change 2.2% 2.17%
TOTAL ASSETS
Total Short-Term Assets $68.28M $65.60M
Total Long-Term Assets $83.82M $83.86M
Total Assets $152.1M $149.5M
YoY Change 4.38% 3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.122M $649.0K
YoY Change 88.57% 21.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.954M $3.773M
YoY Change 18.18% 8.14%
LONG-TERM LIABILITIES
Long-Term Debt $39.40M
YoY Change 0.79%
Other Long-Term Liabilities $781.0K
YoY Change
Total Long-Term Liabilities $40.18M
YoY Change 2.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.954M $3.773M
Total Long-Term Liabilities $40.18M
Total Liabilities $60.79M $59.30M
YoY Change 4.87% 4.08%
SHAREHOLDERS EQUITY
Retained Earnings $68.72M $67.56M
YoY Change 4.2% 2.9%
Common Stock $22.59M $22.61M
YoY Change 3.63% 3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $91.31M $90.16M
YoY Change
Total Liabilities & Shareholders Equity $152.1M $149.5M
YoY Change 4.38% 3.51%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $2.029M
YoY Change 81.81%
Depreciation, Depletion And Amortization $59.00K
YoY Change 0.0%
Cash From Operating Activities $3.552M
YoY Change 32.0%
INVESTING ACTIVITIES
Capital Expenditures $93.00K
YoY Change -32.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$93.00K
YoY Change -32.61%
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
YoY Change 1.17%
NET CHANGE
Cash From Operating Activities 3.552M
Cash From Investing Activities -93.00K
Cash From Financing Activities -1.035M
Net Change In Cash 2.424M
YoY Change 58.43%
FREE CASH FLOW
Cash From Operating Activities $3.552M
Capital Expenditures $93.00K
Free Cash Flow $3.459M
YoY Change 35.49%

Facts In Submission

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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments Of Dividends
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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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
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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
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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;"> June 30, 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 contracts 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', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; 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;">nine</em> months ended <em style="font: inherit;"> June 30, 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> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;"> </p>
CY2024Q2 hnna Number Of Purchases Of Assets
NumberOfPurchasesOfAssets
12 pure
CY2024Q2 hnna Number Of Investment Funds
NumberOfInvestmentFunds
33 pure
CY2023 hnna Management Contracts Purchased Impairment
ManagementContractsPurchasedImpairment
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hnna Management Contracts Purchased Impairment
ManagementContractsPurchasedImpairment
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CY2024Q2 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
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hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
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CY2024Q2 us-gaap Assets Fair Value Disclosure
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CY2023Q3 us-gaap Assets Fair Value Disclosure
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CY2023Q3 us-gaap Assets Fair Value Disclosure
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CY2024Q2 us-gaap Notes Payable Fair Value Disclosure
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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1095000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
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293000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0615 pure
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1055000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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64000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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384000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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395000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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337000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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1180000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
106000 usd
CY2024Q2 us-gaap Operating Lease Liability
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1074000 usd
CY2024Q2 us-gaap Accrued Bonuses Current
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1992000 usd
CY2023Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2260000 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
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354000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
310000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
649000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
595000 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.272 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262 pure
us-gaap Investment Company Contractual Fee Waived
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100000 usd
CY2024Q2 us-gaap Other Commitment
OtherCommitment
0 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7679212
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7576790
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
52856
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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28899
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7732068
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7605689
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7675821
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7574528
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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23166
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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22639
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7698987
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7597167
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.1375

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