$LOAR
Loar Holdings Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059554 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $97.02M $91.84M $86.44M
YoY Change 31.12% 23.7%
Cost Of Revenue $49.49M $47.41M $46.31M
YoY Change 35.52% 24.08%
Gross Profit $47.53M $44.43M $40.13M
YoY Change 26.83% 23.31%
Gross Profit Margin 48.99% 48.38% 46.42%
Selling, General & Admin $27.28M $22.90M $21.93M
YoY Change 39.86% 21.52%
% of Gross Profit 57.39% 51.54% 54.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.769M $2.678M
YoY Change 9.48%
% of Gross Profit 20.56% 6.03%
Operating Expenses $27.28M $22.90M $21.65M
YoY Change 39.86% 21.52%
Operating Profit $22.19M $21.36M $18.47M
YoY Change 25.87% 25.22%
Interest Expense $10.64M $17.73M -$17.93M
YoY Change -35.8% 15.14%
% of Operating Profit 47.94% 83.04% -97.05%
Other Income/Expense, Net -$1.645M
YoY Change
Pretax Income $9.907M $3.623M -$223.0K
YoY Change 834.62% 119.18%
Income Tax $2.266M $1.374M $350.0K
% Of Pretax Income 22.87% 37.92%
Net Earnings $7.641M $2.249M -$573.0K
YoY Change 1126.48% -129.91%
Net Earnings / Revenue 7.88% 2.45% -0.66%
Basic Earnings Per Share $0.09 $11.02K
Diluted Earnings Per Share $0.09 $11.02K -$0.01
COMMON SHARES
Basic Shares Outstanding 89.70M 204.0
Diluted Shares Outstanding 89.24K 204.0

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.20M $28.15M
YoY Change
Cash & Equivalents $73.20M $28.15M $21.49M
Short-Term Investments
Other Short-Term Assets $14.49M $14.65M $11.83M
YoY Change
Inventory $84.94M $82.57M $77.96M
Prepaid Expenses
Receivables $60.61M $55.84M $59.00M
Other Receivables $336.0K $411.0K
Total Short-Term Assets $233.6M $181.6M $170.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $70.75M $71.56M $72.17M
YoY Change
Goodwill $472.6M $471.8M $470.9M
YoY Change
Intangibles $301.1M $308.4M $316.5M
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.07M $12.07M $11.42M
YoY Change
Total Long-Term Assets $866.7M $872.3M $879.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $233.6M $181.6M $170.7M
Total Long-Term Assets $866.7M $872.3M $879.8M
Total Assets $1.100B $1.054B $1.050B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.12M $13.88M $12.88M
YoY Change
Accrued Expenses $22.70M $29.32M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.498M $6.896M $6.896M
YoY Change
Total Short-Term Liabilities $48.04M $58.82M $51.48M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $248.2M $527.3M $528.6M
YoY Change
Other Long-Term Liabilities $1.908M $1.936M $5.109M
YoY Change
Total Long-Term Liabilities $250.1M $529.2M $533.7M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $48.04M $58.82M $51.48M
Total Long-Term Liabilities $250.1M $529.2M $533.7M
Total Liabilities $298.1M $588.1M $585.2M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$32.90M
YoY Change
Common Stock $897.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $758.4M $420.6M $418.1M
YoY Change
Total Liabilities & Shareholders Equity $1.100B $1.054B $1.050B
YoY Change

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $7.641M $2.249M -$573.0K
YoY Change 1126.48% -129.91%
Depreciation, Depletion And Amortization $9.769M $2.678M
YoY Change 9.48%
Cash From Operating Activities $7.082M $10.81M
YoY Change 249.48%
INVESTING ACTIVITIES
Capital Expenditures $2.051M $2.401M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $611.0K
YoY Change
Cash From Investing Activities -$1.440M -$2.401M
YoY Change 25.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.736M
YoY Change 36.37%
Cash From Financing Activities 39.40M -1.781M
YoY Change 36.06%
NET CHANGE
Cash From Operating Activities 7.082M 10.81M
Cash From Investing Activities -1.440M -2.401M
Cash From Financing Activities 39.40M -1.781M
Net Change In Cash 45.04M 6.663M
YoY Change -2971.98%
FREE CASH FLOW
Cash From Operating Activities $7.082M $10.81M
Capital Expenditures $2.051M $2.401M
Free Cash Flow $5.031M $8.412M
YoY Change

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CY2024Q1 us-gaap Basis Of Accounting
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<p style="font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">2. Basis of Presentation</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As used in this Quarterly Report on Form 10-Q, unless expressly stated otherwise or the context otherwise requires, the terms “Loar,” the “Company,” “we,” “us” and “our” refer to Loar Holdings Inc. and its subsidiaries, collectively.</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Principles of Consolidation</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s condensed </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">consolidated financial statements for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the year ended December 31, 2023 included in Loar Holdings Inc. Amendment No. 2 to Form S-1 filed on April 23, 2024. As disclosed therein, the Company’s annual consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (GAAP). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). The December 31, 2023 condensed consolidated balance sheet was</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> derived from Loar Holdings, LLC’s audited financial statements for the year then-ended. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Recent </span><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Accounting Pronouncements</span><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In November 2023, the FASB issued ASU 2023-07, </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, which expands disclosures about reportable segments, and provides requirements for more detailed reporting of a segment’s expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment’s profit or loss. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted, and the amendments must be applied retrospectively to all prior periods presented. The adoption of this guidance will not affect the Company’s consolidated results of operations, financial position or cash flows, and the Company is currently evaluating the standard to determine its impact on the Company’s disclosures.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In December 2023, the FASB issued ASU 2023-09, </span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, which requires a public business entity to disclose specific categories in its annual effective tax rate reconciliation and provide disaggregated information about significant reconciling items by jurisdiction and by nature. The ASU also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. The standard makes several other changes to income tax disclosure requirements. This standard is effective for annual periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. The adoption of this guidance will not affect the Company’s consolidated results of operations, financial position or cash flows, and the Company is currently evaluating the standard to determine its impact on the Company’s disclosures.</span></p></div>
CY2024Q1 ck0002000178 Original Equipment Manufacturer Revenue
OriginalEquipmentManufacturerRevenue
44486000
CY2024Q1 ck0002000178 Aftermarket Revenue
AftermarketRevenue
47358000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
91844000
CY2023Q1 ck0002000178 Original Equipment Manufacturer Revenue
OriginalEquipmentManufacturerRevenue
33453000
CY2023Q1 ck0002000178 Aftermarket Revenue
AftermarketRevenue
40793000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
74246000
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
33069000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
30834000
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
25789000
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
25394000
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
23712000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
21734000
CY2024Q1 us-gaap Inventory Net
InventoryNet
82570000
CY2023Q4 us-gaap Inventory Net
InventoryNet
77962000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
124092000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
122137000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
52532000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
49963000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
71560000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72174000
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2024Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
14611000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
12926000
CY2024Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
3130000
CY2024Q1 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
10960000
CY2023Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
11850000
CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
28701000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
24776000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
537511000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
539247000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3317000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3769000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
534194000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
535478000
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
6896000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6896000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
527298000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
528582000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
2249000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7519000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
204
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
204
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
204
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
204
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11023.54
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11023.54
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-36860.94
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-36860.94
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.379
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
5.549
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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
CY2024Q1 ck0002000178 Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 ck0002000178 Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

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