$SHLS
Shoals Technologies Group Inc

2024 Q2 Form 10-Q Financial Statement

#000183165124000098 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2
Revenue $99.25M
YoY Change -16.74%
Cost Of Revenue $59.25M
YoY Change -13.74%
Gross Profit $40.00M
YoY Change -20.82%
Gross Profit Margin 40.3%
Selling, General & Admin $18.92M
YoY Change 14.49%
% of Gross Profit 47.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M
YoY Change 116.67%
% of Gross Profit 3.25%
Operating Expenses $21.42M
YoY Change 13.43%
Operating Profit $18.58M
YoY Change -41.27%
Interest Expense -$3.063M
YoY Change -147.09%
% of Operating Profit -16.48%
Other Income/Expense, Net
YoY Change
Pretax Income $15.52M
YoY Change -38.25%
Income Tax $3.716M
% Of Pretax Income 23.95%
Net Earnings $11.80M
YoY Change -37.63%
Net Earnings / Revenue 11.89%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.07
COMMON SHARES
Basic Shares Outstanding 170.0M shares
Diluted Shares Outstanding 170.1M shares

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.189M
YoY Change -45.58%
Cash & Equivalents $3.189M
Short-Term Investments
Other Short-Term Assets $4.784M
YoY Change -33.37%
Inventory $60.01M
Prepaid Expenses
Receivables $92.26M
Other Receivables $0.00
Total Short-Term Assets $177.3M
YoY Change -11.42%
LONG-TERM ASSETS
Property, Plant & Equipment $26.93M
YoY Change 33.34%
Goodwill $69.90M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.757M
YoY Change 36.21%
Total Long-Term Assets $611.2M
YoY Change -1.22%
TOTAL ASSETS
Total Short-Term Assets $177.3M
Total Long-Term Assets $611.2M
Total Assets $788.4M
YoY Change -3.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.19M
YoY Change -0.32%
Accrued Expenses $9.683M
YoY Change -64.98%
Deferred Revenue $21.24M
YoY Change -32.12%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $78.26M
YoY Change 1.39%
LONG-TERM LIABILITIES
Long-Term Debt $146.8M
YoY Change -29.65%
Other Long-Term Liabilities $2.657M
YoY Change -26.58%
Total Long-Term Liabilities $149.4M
YoY Change -29.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.26M
Total Long-Term Liabilities $149.4M
Total Liabilities $243.9M
YoY Change -15.74%
SHAREHOLDERS EQUITY
Retained Earnings $91.03M
YoY Change 34.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $544.6M
YoY Change
Total Liabilities & Shareholders Equity $788.4M
YoY Change -3.71%

Cashflow Statement

Concept 2024 Q2
OPERATING ACTIVITIES
Net Income $11.80M
YoY Change -37.63%
Depreciation, Depletion And Amortization $1.300M
YoY Change 116.67%
Cash From Operating Activities $37.84M
YoY Change 35.53%
INVESTING ACTIVITIES
Capital Expenditures $2.002M
YoY Change -15.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.002M
YoY Change -15.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.89M
YoY Change 83.14%
NET CHANGE
Cash From Operating Activities 37.84M
Cash From Investing Activities -2.002M
Cash From Financing Activities -47.89M
Net Change In Cash -12.05M
YoY Change 1907.83%
FREE CASH FLOW
Cash From Operating Activities $37.84M
Capital Expenditures $2.002M
Free Cash Flow $35.84M
YoY Change 40.29%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Quarterly Report
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dei Document Transition Report
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dei Entity Registrant Name
EntityRegistrantName
Shoals Technologies Group, Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-3774438
dei Entity Address Address Line1
EntityAddressAddressLine1
1400 Shoals Way
dei Entity Address City Or Town
EntityAddressCityOrTown
Portland
dei Entity Address State Or Province
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TN
dei Entity Address Postal Zip Code
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dei City Area Code
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dei Security12b Title
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dei Trading Symbol
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Reclassifications</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Certain prior period amounts have been reclassified to conform to the current period presentation.</span></div>
us-gaap Use Of Estimates
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<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:125%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates include revenue recognition, allowance for credit losses, useful lives of property, plant and equipment and other intangible assets, impairment of long-lived assets, allowance for obsolete or slow moving inventory, valuation allowance on deferred tax assets, equity-based compensation expense and warranty liability.</span></div>
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11802000 usd
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18924000 usd
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CY2024Q2 us-gaap Dilutive Securities
DilutiveSecurities
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CY2023Q2 us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Dilutive Securities
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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11802000 usd
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16576000 usd
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33220000 usd
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169991000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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170136000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
170100000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
170241000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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170252000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
158694000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
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EarningsPerShareBasic
0.11
us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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4400000 usd
us-gaap Allocated Share Based Compensation Expense
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9100000 usd
us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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22000000.0 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2024Q2 shls Limitation On Issuance Of Class B Common Stock Ratio Of Class B Common Stock Held To Number Of Llc Interests Held Maximum
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1
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2202643 shares
CY2023Q2 us-gaap Loss Contingency Patents Allegedly Infringed Number
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2 patent
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1 patent
CY2024Q1 us-gaap Loss Contingency Patents Allegedly Infringed Number
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CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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1000000.0 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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99249000 usd
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190056000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
224294000 usd
CY2024Q2 us-gaap Billed Contract Receivables
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88565000 usd
CY2023Q4 us-gaap Billed Contract Receivables
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102232000 usd
CY2024Q2 us-gaap Retainage Deposit
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3696000 usd
CY2023Q4 us-gaap Retainage Deposit
RetainageDeposit
4886000 usd
CY2024Q2 us-gaap Unbilled Contracts Receivable
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17015000 usd
CY2023Q4 us-gaap Unbilled Contracts Receivable
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CY2022Q4 us-gaap Billed Contract Receivables
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48600000 usd
CY2022Q4 us-gaap Unbilled Contracts Receivable
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2000000 usd
CY2024Q2 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022 us-gaap Contract With Customer Liability Revenue Recognized
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23300000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18400000 usd

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