$LOAR
Loar Holdings Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024096339 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $103.5M $97.02M $73.99M
YoY Change 25.01% 31.12%
Cost Of Revenue $50.62M $49.49M $36.52M
YoY Change 20.01% 35.52%
Gross Profit $52.90M $47.53M $37.47M
YoY Change 30.21% 26.83%
Gross Profit Margin 51.11% 48.99% 50.65%
Selling, General & Admin $30.19M $27.28M $19.50M
YoY Change 38.07% 39.86%
% of Gross Profit 57.06% 57.39% 52.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.72M $9.769M
YoY Change
% of Gross Profit 20.26% 20.56%
Operating Expenses $30.19M $27.28M $19.50M
YoY Change 40.35% 39.86%
Operating Profit $22.85M $22.19M $17.63M
YoY Change 19.47% 25.87%
Interest Expense $9.962M $10.64M $16.57M
YoY Change -158.07% -35.8%
% of Operating Profit 43.6% 47.94% 93.99%
Other Income/Expense, Net $0.00 -$1.645M
YoY Change
Pretax Income $12.89M $9.907M $1.060M
YoY Change -24413.21% 834.62%
Income Tax $4.200M $2.266M $437.0K
% Of Pretax Income 32.59% 22.87% 41.23%
Net Earnings $8.656M $7.641M $623.0K
YoY Change 203.29% 1126.48%
Net Earnings / Revenue 8.36% 7.88% 0.84%
Basic Earnings Per Share $0.10 $0.09 $3.061K
Diluted Earnings Per Share $0.09 $0.09 $3.061K
COMMON SHARES
Basic Shares Outstanding 89.70M 89.70M 204.0
Diluted Shares Outstanding 91.93K 89.24K 204.0

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.18M $73.20M
YoY Change
Cash & Equivalents $55.18M $73.20M $46.79M
Short-Term Investments
Other Short-Term Assets $12.15M $14.49M
YoY Change
Inventory $97.89M $84.94M
Prepaid Expenses
Receivables $66.33M $60.61M
Other Receivables $408.0K $336.0K
Total Short-Term Assets $232.0M $233.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $76.96M $70.75M
YoY Change
Goodwill $691.7M $472.6M
YoY Change
Intangibles $447.1M $301.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.20M $14.07M
YoY Change
Total Long-Term Assets $1.240B $866.7M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $232.0M $233.6M
Total Long-Term Assets $1.240B $866.7M
Total Assets $1.472B $1.100B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.22M $16.12M
YoY Change
Accrued Expenses $29.95M $22.70M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.028M $2.498M
YoY Change
Total Short-Term Liabilities $58.68M $48.04M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $596.1M $248.2M
YoY Change
Other Long-Term Liabilities $1.957M $1.908M
YoY Change
Total Long-Term Liabilities $598.0M $250.1M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $58.68M $48.04M
Total Long-Term Liabilities $598.0M $250.1M
Total Liabilities $702.2M $298.1M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$24.25M -$32.90M
YoY Change
Common Stock $897.0K $897.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $769.8M $758.4M
YoY Change
Total Liabilities & Shareholders Equity $1.472B $1.100B
YoY Change

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $8.656M $7.641M $623.0K
YoY Change 203.29% 1126.48%
Depreciation, Depletion And Amortization $10.72M $9.769M
YoY Change
Cash From Operating Activities $16.35M $7.082M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $1.632M $2.051M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$383.8M $611.0K
YoY Change
Cash From Investing Activities -$385.5M -$1.440M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.9M 39.40M
YoY Change
NET CHANGE
Cash From Operating Activities 16.35M 7.082M
Cash From Investing Activities -385.5M -1.440M
Cash From Financing Activities 350.9M 39.40M
Net Change In Cash -18.22M 45.04M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $16.35M $7.082M
Capital Expenditures $1.632M $2.051M
Free Cash Flow $14.72M $5.031M
YoY Change

Facts In Submission

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<p style="font-size:10pt;margin-top:4pt;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 and six months ended June 30, 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>
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