$III
Information Services Group Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023008767 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $74.61M $78.49M
YoY Change 5.53% 8.16%
Cost Of Revenue $45.85M $49.17M
YoY Change 10.82% 11.86%
Gross Profit $28.76M $29.32M
YoY Change -1.94% 2.48%
Gross Profit Margin 38.55% 37.35%
Selling, General & Admin $22.33M $20.67M
YoY Change 6.92% 5.53%
% of Gross Profit 77.64% 70.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.569M $1.597M
YoY Change 20.88% 23.89%
% of Gross Profit 5.46% 5.45%
Operating Expenses $23.90M $20.67M
YoY Change 14.43% 5.53%
Operating Profit $4.863M $7.050M
YoY Change -31.97% -8.82%
Interest Expense -$1.154M $1.736M
YoY Change -289.18% 208.35%
% of Operating Profit -23.73% 24.62%
Other Income/Expense, Net
YoY Change
Pretax Income $3.709M $5.200M
YoY Change -44.64% -27.78%
Income Tax $1.376M $1.713M
% Of Pretax Income 37.1% 32.94%
Net Earnings $2.333M $3.491M
YoY Change -52.94% -29.19%
Net Earnings / Revenue 3.13% 4.45%
Basic Earnings Per Share $0.05 $0.07
Diluted Earnings Per Share $0.05 $0.07
COMMON SHARES
Basic Shares Outstanding 48.38M 48.41M
Diluted Shares Outstanding 50.32M 50.29M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.57M $23.72M
YoY Change -37.83% -45.67%
Cash & Equivalents $19.57M $23.72M
Short-Term Investments
Other Short-Term Assets $5.968M $5.614M
YoY Change 63.06% 53.18%
Inventory
Prepaid Expenses
Receivables $87.38M $87.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $112.9M $116.4M
YoY Change 9.08% 1.7%
LONG-TERM ASSETS
Property, Plant & Equipment $11.12M $11.92M
YoY Change 84.9% 89.03%
Goodwill $94.95M $94.97M
YoY Change 4.81% 4.58%
Intangibles $12.80M $13.59M
YoY Change 12.74% 14.3%
Long-Term Investments
YoY Change
Other Assets $6.949M $3.737M
YoY Change 187.62% -6.13%
Total Long-Term Assets $125.8M $127.2M
YoY Change 6.84% 5.94%
TOTAL ASSETS
Total Short-Term Assets $112.9M $116.4M
Total Long-Term Assets $125.8M $127.2M
Total Assets $238.7M $243.7M
YoY Change 7.89% 3.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.928M $13.53M
YoY Change -25.44% 3.14%
Accrued Expenses $23.70M $23.28M
YoY Change -5.99% -26.92%
Deferred Revenue $6.902M $6.140M
YoY Change -6.74% -18.21%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $39.53M $42.95M
YoY Change -19.13% -24.36%
LONG-TERM LIABILITIES
Long-Term Debt $79.18M $79.18M
YoY Change 17.38% 15.63%
Other Long-Term Liabilities $14.00M $10.85M
YoY Change 169.34% 79.86%
Total Long-Term Liabilities $93.18M $90.03M
YoY Change 28.25% 20.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.53M $42.95M
Total Long-Term Liabilities $93.18M $90.03M
Total Liabilities $135.3M $139.9M
YoY Change 6.44% 1.98%
SHAREHOLDERS EQUITY
Retained Earnings -$103.0M -$105.4M
YoY Change -13.12% -14.71%
Common Stock $221.1M $225.4M
YoY Change -5.11% -4.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.5M $103.8M
YoY Change
Total Liabilities & Shareholders Equity $238.7M $243.7M
YoY Change 7.89% 3.87%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $2.333M $3.491M
YoY Change -52.94% -29.19%
Depreciation, Depletion And Amortization $1.569M $1.597M
YoY Change 20.88% 23.89%
Cash From Operating Activities $2.821M -$3.374M
YoY Change 241.94% -182.07%
INVESTING ACTIVITIES
Capital Expenditures $468.0K $501.0K
YoY Change -144.23% -52.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$468.0K -$501.0K
YoY Change -55.77% -52.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.348M -3.176M
YoY Change -34.36% -50.28%
NET CHANGE
Cash From Operating Activities 2.821M -3.374M
Cash From Investing Activities -468.0K -501.0K
Cash From Financing Activities -6.348M -3.176M
Net Change In Cash -3.995M -6.864M
YoY Change -59.66% 77.87%
FREE CASH FLOW
Cash From Operating Activities $2.821M -$3.374M
Capital Expenditures $468.0K $501.0K
Free Cash Flow $2.353M -$3.875M
YoY Change 24.96% -226.43%

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CY2023Q1 iii Increase Decrease In Accounts Receivable And Contract With Customer Asset
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 iii Increase Decrease In Accrued Liabilities And Other Liabilities
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CY2022Q1 iii Increase Decrease In Accrued Liabilities And Other Liabilities
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaidNet
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CY2022Q1 iii Issuance Of Treasury Stock For Espp And Vested Restricted Stock Awards And Stock Appreciation Rights
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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NOTE 1—DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Information Services Group, Inc. (Nasdaq: III) (the “Company,” “ISG,” “we,” “us” or “our”) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the top 100 enterprises in our markets, ISG is committed to helping corporations, public sector organizations and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; technology strategy and operations design; change management; market intelligence and technology research and analysis. Based in Stamford, Connecticut, ISG employs approximately 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com. The information on or accessible through our website is not part of and is not incorporated by reference into this Quarterly Report on Form 10-Q, and the inclusion of our website address in this Quarterly Report on Form 10-Q is only for reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Our Company was founded in 2006 with the strategic vision to become a high-growth, leading provider of information-based advisory services. We continue to believe that our vision will be realized through the acquisition, integration and successful operation of market leading brands within the data, analytics and advisory industry.</p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results may differ from those estimates. The complexity of the estimation process and issues related to the assumptions, risks and uncertainties inherent in the application of the revenue recognition guidance for contracts in which control is transferred to the customer over time affect the amounts of revenues, expenses, contract assets and contract liabilities. Numerous internal and external factors can affect estimates. Estimates are also used for but not limited to: allowance for credit losses, useful lives of furniture, fixtures and equipment and definite lived intangible assets, depreciation expense, fair value </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">assumptions in evaluating goodwill for impairment, income taxes and deferred tax asset valuation and the valuation of stock-based compensation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.319
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5200000
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
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CY2023Q1 iii Business Combination Contingent Consideration Liability Accretion
BusinessCombinationContingentConsiderationLiabilityAccretion
25000
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
79800000
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DebtInstrumentFairValue
76500000
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DebtInstrumentMeasurementInput
0.065
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DebtInstrumentMeasurementInput
0.063
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.329
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
40177000
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
32249000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6140000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7058000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3500000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
132600000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
3491000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
4930000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48438000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48526000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
3491000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
4930000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48438000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48526000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1850000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2800000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50288000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51326000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7200000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78486000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
72563000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
79200000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
79200000
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
79800000
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
76500000
CY2023Q1 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
0.065
CY2022Q4 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
0.063

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