$ISSC
INNOVATIVE SOLUTIONS & SUPPORT INC

2022 Q4 Form 10-K Financial Statement

#000110465922127805 Filed on December 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022
Revenue $6.516M $7.263M $27.74M
YoY Change -2.68% 5.67% 20.38%
Cost Of Revenue $2.792M $2.796M $11.07M
YoY Change 2.36% -4.09% 7.83%
Gross Profit $3.724M $4.468M $16.67M
YoY Change -6.15% 12.86% 30.46%
Gross Profit Margin 57.15% 61.51% 60.11%
Selling, General & Admin $2.262M $1.528M $6.754M
YoY Change 25.17% 8.34% 7.93%
% of Gross Profit 60.74% 34.2% 40.5%
Research & Development $670.4K $642.2K $2.705M
YoY Change -8.97% -6.41% 3.13%
% of Gross Profit 18.0% 14.37% 16.22%
Depreciation & Amortization $85.41K $90.34K $368.5K
YoY Change -7.54% -7.75% -14.73%
% of Gross Profit 2.29% 2.02% 2.21%
Operating Expenses $2.932M $2.170M $9.459M
YoY Change 15.29% 3.51% 6.51%
Operating Profit $791.5K $2.297M $7.215M
YoY Change -44.43% 23.4% 84.96%
Interest Expense $115.9K $50.18K $61.05K
YoY Change 115790.0% 50080.0% 4863.41%
% of Operating Profit 14.64% 2.18% 0.85%
Other Income/Expense, Net $18.20K $15.83K $65.23K
YoY Change 12.06% -33.79% -12.91%
Pretax Income $925.6K $2.363M $7.342M
YoY Change -35.75% 25.33% 84.6%
Income Tax $226.9K $761.5K $1.818M
% Of Pretax Income 24.52% 32.22% 24.76%
Net Earnings $698.7K $1.602M $5.524M
YoY Change -38.34% 4.69% 9.06%
Net Earnings / Revenue 10.72% 22.06% 19.91%
Basic Earnings Per Share $0.04 $0.32
Diluted Earnings Per Share $0.04 $92.78K $0.32
COMMON SHARES
Basic Shares Outstanding 17.32M 17.28M 17.26M
Diluted Shares Outstanding 17.33M 17.26M

Balance Sheet

Concept 2022 Q4 2022 Q3 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.44M $17.25M $17.25M
YoY Change 100.32% 108.7% 108.7%
Cash & Equivalents $19.44M $17.25M $17.25M
Short-Term Investments
Other Short-Term Assets $247.5K $365.2K $1.142M
YoY Change 1.81% -29.09% 37.14%
Inventory $5.252M $5.349M $5.349M
Prepaid Expenses
Receivables $3.317M $4.297M $4.460M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.22M $28.20M $28.20M
YoY Change 54.5% 59.42% 59.42%
LONG-TERM ASSETS
Property, Plant & Equipment $6.239M $6.292M $6.321M
YoY Change -23.27% -22.73% -22.79%
Goodwill
YoY Change
Intangibles $60.35K $60.35K
YoY Change -3.4% -3.4%
Long-Term Investments
YoY Change
Other Assets $160.9K $164.3K $121.8K
YoY Change -11.45% -12.72% -89.38%
Total Long-Term Assets $6.732M $6.503M $6.503M
YoY Change -26.4% -30.79% -30.79%
TOTAL ASSETS
Total Short-Term Assets $29.22M $28.20M $28.20M
Total Long-Term Assets $6.732M $6.503M $6.503M
Total Assets $35.96M $34.71M $34.71M
YoY Change 28.13% 28.13% 28.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $842.3K $708.8K $708.9K
YoY Change 68.3% 13.67% 13.67%
Accrued Expenses $2.509M $2.972M $2.972M
YoY Change 74.78% 107.69% 107.69%
Deferred Revenue $91.78K $259.2K
YoY Change -72.67% -37.92%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.443M $3.940M $3.940M
YoY Change 51.55% 59.38% 59.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $421.9K $15.07K $15.07K
YoY Change 1573.43% -47.47% -47.45%
Total Long-Term Liabilities $421.9K $15.07K $15.07K
YoY Change 1573.43% -47.47% -47.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.443M $3.940M $3.940M
Total Long-Term Liabilities $421.9K $15.07K $15.07K
Total Liabilities $3.865M $3.955M $3.955M
YoY Change 68.26% 58.16% 58.16%
SHAREHOLDERS EQUITY
Retained Earnings $339.6K -$359.0K
YoY Change -107.15% -93.9%
Common Stock $53.12M $52.48M
YoY Change 2.39% 1.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.09M $30.75M $30.75M
YoY Change
Total Liabilities & Shareholders Equity $35.96M $34.71M $34.71M
YoY Change 28.13% 28.13% 28.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022
OPERATING ACTIVITIES
Net Income $698.7K $1.602M $5.524M
YoY Change -38.34% 4.69% 9.06%
Depreciation, Depletion And Amortization $85.41K $90.34K $368.5K
YoY Change -7.54% -7.75% -14.73%
Cash From Operating Activities $1.817M -$325.9K $6.094M
YoY Change 19.69% -140.77% 32.7%
INVESTING ACTIVITIES
Capital Expenditures $32.72K $0.00 $161.2K
YoY Change -57.7% -100.0% -52.67%
Acquisitions
YoY Change
Other Investing Activities $2.751M $2.751M
YoY Change
Cash From Investing Activities -$32.72K $2.751M $2.589M
YoY Change -57.7% -16620.0% -860.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 408.8K 284.0K 301.2K
YoY Change -101.52%
NET CHANGE
Cash From Operating Activities 1.817M -325.9K 6.094M
Cash From Investing Activities -32.72K 2.751M 2.589M
Cash From Financing Activities 408.8K 284.0K 301.2K
Net Change In Cash 2.193M 2.709M 8.985M
YoY Change 52.23% 246.04% -157.9%
FREE CASH FLOW
Cash From Operating Activities $1.817M -$325.9K $6.094M
Capital Expenditures $32.72K $0.00 $161.2K
Free Cash Flow $1.784M -$325.9K $5.933M
YoY Change 23.84% -139.94% 39.55%

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INNOVATIVE SOLUTIONS AND SUPPORT, INC.
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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:13.7pt;text-indent:-13.7pt;margin:0pt;"><b style="font-weight:bold;">1.  Background</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:13.5pt;text-indent:-13.5pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Innovative Solutions and Support, Inc. (the “Company,” “IS&amp;S,” “we” or “us”) was incorporated in Pennsylvania on February 12, 1988. The Company operates in one business segment as a systems integrator that designs, develops, manufactures, sells, and services air data equipment, engine display systems, standby equipment, primary flight guidance and cockpit display systems for retrofit applications and original equipment manufacturers (“OEMs”). The Company supplies integrated Flight Management Systems (“FMS”), Flat Panel Display Systems (“FPDS”), FPDS with Autothrottle, air data equipment, Integrated Standby Units (“ISU”), ISU with Autothrottle and advanced GPS receivers that enable reduced carbon footprint navigation. </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;margin:0pt;">The Company has continued to position itself as a system integrator, which provides the Company with the capability and potential to generate more substantive orders over a broader product base. This strategy, as both a manufacturer and integrator, is designed to leverage the latest technologies developed for the computer and telecommunications industries into advanced and cost-effective solutions for the general aviation, commercial air transport, DoD/governmental, and foreign military markets. This approach, combined with the Company’s industry experience, is designed to enable IS&amp;S to develop high-quality products and systems, to reduce product time to market, and to achieve cost advantages over products offered by its competitors. Customers include various OEMs, commercial air transport carriers and corporate/general aviation companies, DoD and its commercial contractors, aircraft operators, aircraft modification centers, government agencies, and foreign militaries.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></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;margin:0pt;">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for, among other items, long term contracts, allowances for doubtful accounts, inventory obsolescence, product warranty cost liabilities, income taxes, engineering and material costs on EDC programs, percentage of completion on EDC contracts, recoverability of long-lived assets and contingencies. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated statements of operations in the period they are determined.</p>
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CY2022 issc Effective Income Tax Rate Reconciliation Change In Tax Law Cares Act
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CY2021Q3 issc Deferred Tax Assets Tax Credit Carryforwards Research And Development Noncurrent
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CY2022Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q3 us-gaap Unrecognized Tax Benefits
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CY2021Q3 us-gaap Unrecognized Tax Benefits
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CY2020Q3 us-gaap Unrecognized Tax Benefits
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CY2022Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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