2024 Q3 Form 10-Q Financial Statement

#000095017024089272 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $205.1M $220.2M
YoY Change 3.67% 5.65%
Cost Of Revenue $139.9M $144.7M
YoY Change 3.34% 3.56%
Gross Profit $65.13M $75.52M
YoY Change 4.41% 9.91%
Gross Profit Margin 31.76% 34.29%
Selling, General & Admin $47.69M $51.66M
YoY Change 9.13% -1.32%
% of Gross Profit 73.22% 68.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.20M $10.07M
YoY Change 82.07% 77.33%
% of Gross Profit 15.65% 13.33%
Operating Expenses $47.69M $51.66M
YoY Change 9.13% -1.32%
Operating Profit -$4.764M $23.73M
YoY Change -125.47% 45.05%
Interest Expense -$8.091M -$9.006M
YoY Change 425.73% 403.13%
% of Operating Profit -37.96%
Other Income/Expense, Net
YoY Change
Pretax Income -$12.86M $14.72M
YoY Change -174.9% 2.58%
Income Tax -$1.977M $4.443M
% Of Pretax Income 30.18%
Net Earnings -$10.88M $10.28M
YoY Change -185.34% -3.07%
Net Earnings / Revenue -5.3% 4.67%
Basic Earnings Per Share -$0.29 $0.28
Diluted Earnings Per Share -$0.29 $0.28
COMMON SHARES
Basic Shares Outstanding 37.22M 37.18M
Diluted Shares Outstanding 37.22M 37.31M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.71M $37.35M
YoY Change 19.8% 21.68%
Cash & Equivalents $29.71M $37.35M
Short-Term Investments
Other Short-Term Assets $9.215M $13.04M
YoY Change 1.26% 20.35%
Inventory $105.1M $105.8M
Prepaid Expenses
Receivables $122.7M $129.8M
Other Receivables $8.495M $9.582M
Total Short-Term Assets $275.2M $295.5M
YoY Change 11.25% 15.17%
LONG-TERM ASSETS
Property, Plant & Equipment $134.6M $135.3M
YoY Change 25.91% 0.82%
Goodwill $280.9M $310.0M
YoY Change 195.24% 225.03%
Intangibles $170.1M $164.6M
YoY Change 263.6% 239.89%
Long-Term Investments
YoY Change
Other Assets $13.39M $14.19M
YoY Change 82.18% 75.08%
Total Long-Term Assets $629.8M $656.1M
YoY Change 121.97% 129.33%
TOTAL ASSETS
Total Short-Term Assets $275.2M $295.5M
Total Long-Term Assets $629.8M $656.1M
Total Assets $905.0M $951.6M
YoY Change 70.39% 75.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.28M $93.10M
YoY Change -1.83% 13.89%
Accrued Expenses $31.52M $32.90M
YoY Change -8.11% -3.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.62M $19.60M
YoY Change -24.51% -26.09%
Total Short-Term Liabilities $153.3M $163.7M
YoY Change -6.44% -0.39%
LONG-TERM LIABILITIES
Long-Term Debt $367.9M $380.5M
YoY Change 982.34% 517.3%
Other Long-Term Liabilities $19.08M $17.54M
YoY Change 85.52% -47.47%
Total Long-Term Liabilities $386.9M $398.0M
YoY Change 774.01% 318.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.3M $163.7M
Total Long-Term Liabilities $386.9M $398.0M
Total Liabilities $629.4M $657.1M
YoY Change 152.86% 144.92%
SHAREHOLDERS EQUITY
Retained Earnings -$47.67M -$31.79M
YoY Change 10.82% -37.32%
Common Stock $346.9M $346.5M
YoY Change 1.09% 1.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $275.6M $294.6M
YoY Change
Total Liabilities & Shareholders Equity $905.0M $951.6M
YoY Change 70.39% 75.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$10.88M $10.28M
YoY Change -185.34% -3.07%
Depreciation, Depletion And Amortization $10.20M $10.07M
YoY Change 82.07% 77.33%
Cash From Operating Activities $17.33M $14.35M
YoY Change -21.7% -37.22%
INVESTING ACTIVITIES
Capital Expenditures $7.178M $4.417M
YoY Change 76.36% -27.89%
Acquisitions
YoY Change
Other Investing Activities $28.00K $587.0K
YoY Change 438.53%
Cash From Investing Activities -$7.150M -$3.830M
YoY Change 75.25% -36.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.93M -5.921M
YoY Change -24.52% -59.3%
NET CHANGE
Cash From Operating Activities 17.33M 14.35M
Cash From Investing Activities -7.150M -3.830M
Cash From Financing Activities -17.93M -5.921M
Net Change In Cash -7.756M 4.596M
YoY Change 35.83% 100.87%
FREE CASH FLOW
Cash From Operating Activities $17.33M $14.35M
Capital Expenditures $7.178M $4.417M
Free Cash Flow $10.15M $9.930M
YoY Change -43.8% -40.63%

Facts In Submission

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 mye Loan Agreement Amendment Description
LoanAgreementAmendmentDescription
On February 8, 2024, the Company entered into Amendment No. 1 to the Seventh Amended and Restated Loan Agreement (“Amendment No. 1”), which amended the Seventh Amended and Restated Loan Agreement (the "Loan Agreement”) dated September 29, 2022 (collectively, the “Amended Loan Agreement”). Amendment No. 1, among other things, permitted the acquisition of Signature Systems and provided a new 5-year $400 million term loan facility
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mye Loan Agreement Amendment Description
LoanAgreementAmendmentDescription
On September 29, 2022, the Company entered into a Seventh Amended and Restated Loan Agreement (the “Seventh Amendment”), which amended the Sixth Amended and Restated Loan Agreement (the "Sixth Amendment"), dated March 12, 2021. The Seventh Amendment, among other things, extended the maturity date to September 2027 from March 2024.
mye Loan Maturity Period
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2027-09
us-gaap Line Of Credit Facility Interest Rate Description
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Borrowings under the Amended Loan Agreement bear interest at the Term SOFR, RFR, SONIA, EURIBOR and CORRA-based borrowing rates. Amounts borrowed under the credit facility are secured by pledges to all of the Company's assets (except with respect to certain assets that are customarily excluded for the incurrence of such liens).
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us-gaap Effective Income Tax Rate Continuing Operations
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0.261
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company and its subsidiaries file U.S. Federal, state and local, and non-U.S. income tax returns. As of June 30, 2024, the Company is no longer subject to U.S. Federal examination by tax authorities for tax years before 2020.
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
Certain of these leases include options to extend the lease for up to five years, and some include options to terminate the lease early.
CY2024Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31751000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27989000
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8298000
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8668000
CY2024Q2 mye Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
40049000
CY2023Q4 mye Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
36657000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6223000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5943000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
25003000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
22352000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
31226000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
28295000
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
609000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
593000
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
8306000
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
8615000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
8915000
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
9208000
CY2024Q2 mye Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
40141000
CY2023Q4 mye Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
37503000
CY2024Q2 us-gaap Lease Cost
LeaseCost
4852000
CY2023Q2 us-gaap Lease Cost
LeaseCost
2654000
us-gaap Lease Cost
LeaseCost
7816000
us-gaap Lease Cost
LeaseCost
5315000
us-gaap Operating Lease Payments
OperatingLeasePayments
4129000
us-gaap Operating Lease Payments
OperatingLeasePayments
3785000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
165000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
162000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
292000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
258000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4761000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1956000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M1D
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P11Y5M26D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P11Y11M26D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3931000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
462000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due Next Twelve Months
OperatingAndFinanceLeaseLiabilityPaymentsDueNextTwelveMonths
4393000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7821000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
924000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due Year Two
OperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
8745000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7266000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
924000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
8190000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6418000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
945000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due Year Four
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
7363000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4510000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
950000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
5460000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6025000
CY2024Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
6708000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due After Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
12733000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35971000
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
10913000
CY2024Q2 mye Operating And Finance Lease Liability Payments Due
OperatingAndFinanceLeaseLiabilityPaymentsDue
46884000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4745000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1998000
CY2024Q2 mye Operating And Finance Lease Liability Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
6743000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
31226000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
8915000

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