$POWL
POWELL INDUSTRIES INC

2024 Q2 Form 10-Q Financial Statement

#000008042024000030 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $288.2M $255.1M
YoY Change 49.8% 48.8%
Cost Of Revenue $206.4M $192.4M
YoY Change 37.9% 39.4%
Gross Profit $81.74M $62.72M
YoY Change 91.56% 87.58%
Gross Profit Margin 28.37% 24.59%
Selling, General & Admin $22.02M $20.95M
YoY Change 11.84% -4.0%
% of Gross Profit 26.94% 33.4%
Research & Development $2.430M $2.284M
YoY Change 70.29% 48.02%
% of Gross Profit 2.97% 3.64%
Depreciation & Amortization $1.709M $1.724M
YoY Change -21.89% -20.77%
% of Gross Profit 2.09% 2.75%
Operating Expenses $24.45M $23.23M
YoY Change 15.79% -0.56%
Operating Profit $57.29M $39.49M
YoY Change 165.81% 291.99%
Interest Expense $4.508M $4.428M
YoY Change 115.38% 392.55%
% of Operating Profit 7.87% 11.21%
Other Income/Expense, Net
YoY Change
Pretax Income $61.80M $43.92M
YoY Change 161.35% 300.23%
Income Tax $15.57M $10.43M
% Of Pretax Income 25.2% 23.75%
Net Earnings $46.22M $33.49M
YoY Change 150.48% 295.23%
Net Earnings / Revenue 16.04% 13.13%
Basic Earnings Per Share $3.85 $2.79
Diluted Earnings Per Share $3.79 $2.75
COMMON SHARES
Basic Shares Outstanding 11.99M shares 11.97M shares
Diluted Shares Outstanding 12.21M shares 12.19M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $374.0M $365.3M
YoY Change 78.31% 123.96%
Cash & Equivalents $332.0M $323.3M
Short-Term Investments $42.03M $42.08M
Other Short-Term Assets $6.704M $6.784M
YoY Change -36.5% 40.78%
Inventory $85.14M $82.08M
Prepaid Expenses $5.474M $3.362M
Receivables $173.2M $184.0M
Other Receivables $131.0K $95.00K
Total Short-Term Assets $735.7M $716.6M
YoY Change 34.43% 54.72%
LONG-TERM ASSETS
Property, Plant & Equipment $96.47M $96.66M
YoY Change -2.01% -1.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.20M $16.62M
YoY Change -29.52% 34.32%
Total Long-Term Assets $133.3M $133.0M
YoY Change 7.62% 7.33%
TOTAL ASSETS
Total Short-Term Assets $735.7M $716.6M
Total Long-Term Assets $133.3M $133.0M
Total Assets $869.0M $849.6M
YoY Change 29.49% 44.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.69M $79.77M
YoY Change 26.8% 55.77%
Accrued Expenses $32.27M $24.77M
YoY Change 14.03% 15.25%
Deferred Revenue $282.9M $315.7M
YoY Change 25.32% 77.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $418.4M $441.8M
YoY Change 24.91% 63.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.946M $2.296M
YoY Change -83.83% 30.08%
Total Long-Term Liabilities $1.946M $2.296M
YoY Change -83.83% 30.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $418.4M $441.8M
Total Long-Term Liabilities $1.946M $2.296M
Total Liabilities $432.2M $455.8M
YoY Change 24.56% 62.04%
SHAREHOLDERS EQUITY
Retained Earnings $419.4M $376.4M
YoY Change 38.85% 31.25%
Common Stock $69.31M $68.35M
YoY Change -2.27% -2.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $436.7M $393.8M
YoY Change
Total Liabilities & Shareholders Equity $869.0M $849.6M
YoY Change 29.49% 44.72%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $46.22M $33.49M
YoY Change 150.48% 295.23%
Depreciation, Depletion And Amortization $1.709M $1.724M
YoY Change -21.89% -20.77%
Cash From Operating Activities $13.76M $16.99M
YoY Change -72.37% -69.69%
INVESTING ACTIVITIES
Capital Expenditures $1.389M $903.0K
YoY Change 113.69% 43.33%
Acquisitions
YoY Change
Other Investing Activities -$339.0K -$8.860M
YoY Change -97.75% -886100.0%
Cash From Investing Activities -$1.728M -$9.763M
YoY Change -89.02% 1452.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.176M -4.899M
YoY Change 2.06% 50.05%
NET CHANGE
Cash From Operating Activities 13.76M 16.99M
Cash From Investing Activities -1.728M -9.763M
Cash From Financing Activities -3.176M -4.899M
Net Change In Cash 8.857M 2.331M
YoY Change -71.38% -95.53%
FREE CASH FLOW
Cash From Operating Activities $13.76M $16.99M
Capital Expenditures $1.389M $903.0K
Free Cash Flow $12.37M $16.09M
YoY Change -74.83% -70.97%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts, allowance for credit losses, provision for excess and obsolete inventory, warranty accruals and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable), liquidated damages and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience, forecasts and various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the basis for recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates.
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us-gaap Sublease Income
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53000 usd
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us-gaap Short Term Lease Cost
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CY2024Q1 us-gaap Lease Cost
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q1 powl Lessee Operating Lease Liability To Be Paid After Year Four
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CY2024Q1 us-gaap Operating Lease Liability
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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12587000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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