2024 Q4 Form 10-K Financial Statement

#000162828024045740 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue $50.49M $45.87M $174.1M
YoY Change 22.12% 12.41% -7.92%
Cost Of Revenue $33.25M $33.21M $125.6M
YoY Change 11.33% 11.65% -8.72%
Gross Profit $17.24M $12.66M $48.49M
YoY Change 50.2% 14.47% -5.78%
Gross Profit Margin 34.14% 27.59% 27.85%
Selling, General & Admin $9.842M $10.81M $37.48M
YoY Change 11.9% 26.81% -10.74%
% of Gross Profit 57.1% 85.4% 77.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $606.0K $1.395M $1.826M
YoY Change 39.31% 205.92% -34.65%
% of Gross Profit 3.52% 11.02% 3.77%
Operating Expenses $10.74M $11.70M $41.03M
YoY Change 11.01% 24.03% -4.35%
Operating Profit $6.501M $954.0K $7.461M
YoY Change 260.17% -41.15% -12.93%
Interest Expense $3.085M $12.72M
YoY Change 1064.15% -1747.67%
% of Operating Profit 323.38% 170.49%
Other Income/Expense, Net -$3.319M $2.411M $13.50M
YoY Change -200.51% -60.67% 46.65%
Pretax Income $3.182M $6.450M $20.96M
YoY Change -37.69% -16.78% 24.44%
Income Tax $800.0K -$88.00K -$67.02M
% Of Pretax Income 25.14% -1.36% -319.81%
Net Earnings $2.365M $1.451M $87.98M
YoY Change -46.69% -82.19% 552.72%
Net Earnings / Revenue 4.68% 3.16% 50.53%
Basic Earnings Per Share $0.07 $3.30
Diluted Earnings Per Share $0.07 $0.05 $3.11
COMMON SHARES
Basic Shares Outstanding 6.336M shares 6.218M shares
Diluted Shares Outstanding 26.10M shares 28.59M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.6M $248.6M
YoY Change 104.84% 104.84%
Cash & Equivalents $233.9M $248.6M $13.39M
Short-Term Investments $235.2M
Other Short-Term Assets $2.041M $7.038M
YoY Change 3.66% -95.62%
Inventory $8.667M $6.733M $6.733M
Prepaid Expenses
Receivables $34.54M $33.44M $33.44M
Other Receivables $0.00 $0.00
Total Short-Term Assets $283.4M $295.8M $295.8M
YoY Change -10.82% -7.34% -7.34%
LONG-TERM ASSETS
Property, Plant & Equipment $5.642M $5.536M $26.28M
YoY Change 51.5% 49.7% -14.65%
Goodwill $19.70M $19.70M
YoY Change -13.53% -13.53%
Intangibles $30.14M $31.04M
YoY Change -10.59% -10.27%
Long-Term Investments $41.38M $41.38M
YoY Change
Other Assets $2.763M $3.086M $71.40M
YoY Change -12.26% -17.42% 1810.65%
Total Long-Term Assets $193.4M $189.8M $189.8M
YoY Change 108.33% 106.51% 106.51%
TOTAL ASSETS
Total Short-Term Assets $283.4M $295.8M $295.8M
Total Long-Term Assets $193.4M $189.8M $189.8M
Total Assets $476.8M $485.6M $485.6M
YoY Change 16.11% 18.11% 18.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.03M $25.22M $25.22M
YoY Change 16.64% -4.88% -4.88%
Accrued Expenses $22.20M $21.66M $28.12M
YoY Change -15.26% -19.1% -11.96%
Deferred Revenue $2.027M $2.271M
YoY Change -20.2% -11.77%
Short-Term Debt $12.90M $12.90M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.38M $75.06M $75.06M
YoY Change -14.79% 10.78% 10.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $5.048M $5.913M $18.65M
YoY Change -7.8% 8.65% -24.18%
Total Long-Term Liabilities $16.07M $18.65M $18.65M
YoY Change -31.02% -49.67% -49.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.38M $75.06M $75.06M
Total Long-Term Liabilities $16.07M $18.65M $18.65M
Total Liabilities $82.45M $93.71M $93.71M
YoY Change -18.52% -10.6% -10.6%
SHAREHOLDERS EQUITY
Retained Earnings $95.29M $93.46M
YoY Change 727.7% 1127.76%
Common Stock $65.00K $65.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.6M $154.2M $391.9M
YoY Change
Total Liabilities & Shareholders Equity $476.8M $485.6M $485.6M
YoY Change 16.11% 18.11% 18.11%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income $2.365M $1.451M $87.98M
YoY Change -46.69% -82.19% 552.72%
Depreciation, Depletion And Amortization $606.0K $1.395M $1.826M
YoY Change 39.31% 205.92% -34.65%
Cash From Operating Activities $11.99M $9.559M $21.85M
YoY Change 82.14% 12.16% 24.68%
INVESTING ACTIVITIES
Capital Expenditures $581.0K $1.054M $3.965M
YoY Change 5.25% 30.61% 87.2%
Acquisitions
YoY Change
Other Investing Activities -$26.18M $112.5M
YoY Change -148.81% 102.09%
Cash From Investing Activities -$13.38M -$27.24M $108.6M
YoY Change -108.91% -151.55% 102.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$13.48M -531.0K -$2.135M
YoY Change 2414.37% -86.12% -67.68%
NET CHANGE
Cash From Operating Activities $11.99M 9.559M $21.85M
Cash From Investing Activities -$13.38M -27.24M $108.6M
Cash From Financing Activities -$13.48M -531.0K -$2.135M
Net Change In Cash -$14.80M -18.21M $127.8M
YoY Change -109.53% -131.66% 98.14%
FREE CASH FLOW
Cash From Operating Activities $11.99M $9.559M $21.85M
Capital Expenditures $581.0K $1.054M $3.965M
Free Cash Flow $11.41M $8.505M $17.88M
YoY Change 89.17% 10.23% 16.09%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:15.34pt">NATURE OF OPERATIONS</span><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Steel Connect, Inc., (the "Company" or "Steel Connect"), is a holding company which operates through its wholly-owned subsidiary ModusLink Corporation ("ModusLink" or "Supply Chain").</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, telecommunications, computing and storage, software and content, consumer packaged goods, health and personal care products, retail and luxury, and connected devices. ModusLink designs and executes elements in its clients' global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. The Company also produces and licenses an entitlement management solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Steel Partners and Steel Connect Exchange Transaction</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On April 30, 2023, Steel Partners Holdings L.P. (“Steel Holdings”) and the Company executed a series of agreements in which Steel Holdings and certain of its affiliates (the “Steel Partners Group”) agreed to transfer certain marketable securities held by the Steel Partners Group to the Company in exchange for 3.5 million shares of Series E Convertible Preferred Stock of the Company (the “Series E Convertible Preferred Stock”, and, such transfer and related transactions, the “Exchange Transaction”). Following the approval by the Company's stockholders on June 6, 2023, pursuant to the rules of the Nasdaq Capital Market, the Series E Convertible Preferred Stock is convertible into an aggregate of 19.8 million shares of the Company's common stock, par value $0.01 per share (the “common stock” or “Common Stock”), and votes together with the Company's common stock and participate in any dividends paid on the Company's common stock, in each case on an as-converted basis. Conversion of the Series E Convertible Preferred Stock, when combined with the Steel Connect common stock, the 7.50% Convertible Senior Note (the "SPHG Note"), if converted, and the Steel Connect Series C Convertible Preferred Stock, also if converted, owned by the Steel Partners Group, would have resulted in the Steel Partners Group holding approximately 84.0% of the outstanding equity interests of the Company as of May 1, 2023. The exclusion of the if-converted shares of the SPHG Note would have resulted in the Steel Partners Group holding approximately 83.8% of the outstanding equity interests of the Company as of May 1, 2023. The Exchange Transaction closed on May 1, 2023, the date that the consideration was exchanged between the Company and Steel Holdings, and as of that date the Company became a consolidated subsidiary of Steel Holdings for financial statement purposes. In connection with the Exchange Transaction, the parties entered into a Stockholders’ Agreement (the “Stockholders’ Agreement”) governing, among other things, certain transactions between the Company and the Steel Partners Group following the closing of the Exchange Transaction. See Note 3 - "Exchange Transaction" for further information.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Predecessor/Successor Reporting</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On May 1, 2023, the Exchange Transaction resulted in Steel Holdings obtaining control of the Company for financial statement consolidation purposes. Steel Holdings does not consolidate the Company for Federal income tax purposes because the ownership in the Company is dispersed between different federal tax consolidation groups within Steel Holdings. As of May 1, 2023, the Company elected pushdown accounting in which it used Steel Holdings' basis of accounting, which reflected the fair market value of the Company’s assets and liabilities at the date of the Exchange Transaction. As a result, the Company has reflected the required pushdown accounting adjustments in its consolidated financial statements. Due to the application of pushdown accounting, the Company’s consolidated financial statements and certain footnote disclosures include a black line division between the two distinct periods to indicate the application of two different bases of accounting, which may not be comparable, between the periods presented. The pre-exchange period through April 30, 2023 is referred to as the "Predecessor" period. The post-exchange period, May 1, 2023 and onward, includes the impact of pushdown accounting and is referred to as the "Successor" period. See Note 3 - "Exchange Transaction" for further information.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As of July 31, 2024, the Steel Partners Group beneficially owned approximately 89.7% of our outstanding capital stock, including the if-converted value of the SPHG Note and shares of Series C Convertible Preferred Stock and Series E Convertible Preferred Stock that vote on an as-converted basis together with our Common Stock. The exclusion of the if-converted value of the SPHG Note would have resulted in the Steel Partners Group holding approximately 89.5% of our outstanding capital stock.</span></div>
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<div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates including those related to: (1) revenue recognition; (2) valuation allowances for trade and other receivables and inventory; (3) the valuation of goodwill, indefinite-lived intangible assets, and long-lived assets; (4) </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">contingencies, including litigation reserves; (5) restructuring charges and related severance expenses; (6) income taxes; (7) pension obligations; (8) business combinations; and (9) incremental borrowing rate to determine present value of lease payments. Accounting estimates are based on historical experience and various assumptions that are considered reasonable under the circumstances. However, because these estimates inherently involve judgments and uncertainties, actual results could differ materially from those estimated.</span></div>
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<div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Major Clients and Concentration of Credit Risk</span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments which potentially subject the Company to concentrations of credit risk are cash, cash equivalents and accounts receivable. The Company's cash equivalent portfolio is diversified and consists primarily of short-term investment grade securities placed with high credit quality financial institutions. Cash and cash equivalents are maintained at accredited financial institutions, and the balances associated with funds held for clients are at times without and in excess of federally insured limits. The Company has never experienced any losses related to these balances and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with financial institutions.</span></div>
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DefinedBenefitPlanPlanAssetsForeignCurrencyTranslationGainLoss
1255000 usd
CY2024Q3 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
17959000 usd
CY2023Q3 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
15314000 usd
CY2024Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
0 usd
CY2023Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
9000 usd
CY2024Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
3970000 usd
CY2023Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
3796000 usd
CY2024Q3 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
-3970000 usd
CY2023Q3 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
DefinedBenefitPlanAmountsRecognizedInBalanceSheet
-3805000 usd
CY2023 stcn Defined Benefit Plan Adjustment Related To Unconditional Indexation Of Benefits
DefinedBenefitPlanAdjustmentRelatedToUnconditionalIndexationOfBenefits
1100000 usd
CY2023Q3 stcn Defined Benefit Plan Adjustment Related To Offset Of Goodwill
DefinedBenefitPlanAdjustmentRelatedToOffsetOfGoodwill
-500000 usd
CY2023Q3 stcn Defined Benefit Plan Adjustment Related To Accumulated Other Comprehensive Income
DefinedBenefitPlanAdjustmentRelatedToAccumulatedOtherComprehensiveIncome
-36200 usd
CY2024Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
21929000 usd
CY2023Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Projected Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation
19119000 usd
CY2024Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
21929000 usd
CY2023Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
19119000 usd
CY2024Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
17959000 usd
CY2023Q3 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
15314000 usd
CY2024 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 usd
CY2023 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
10000 usd
CY2024 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
789000 usd
CY2023 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
679000 usd
CY2024 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
652000 usd
CY2023 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
574000 usd
CY2024 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-6000 usd
CY2023 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-9000 usd
CY2024 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
143000 usd
CY2023 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
124000 usd
CY2024Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
0.0350
CY2023Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
0.0421
CY2024Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
0
CY2023Q3 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
0
CY2024 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0350
CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0391
CY2024 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0350
CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0388
CY2024 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0
CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
357000 usd
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
381000 usd
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
405000 usd
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
468000 usd
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
558000 usd
CY2024Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
3677000 usd
CY2024 stcn Amortization Of Pension Plan Gain Or Losses Excess Of Benefit Obligation Or Market Value Percentage
AmortizationOfPensionPlanGainOrLossesExcessOfBenefitObligationOrMarketValuePercentage
0.10
CY2024 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
174109000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
40804000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148283000 usd
CY2024 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
174109000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
40804000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148283000 usd
CY2024Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
275000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
439000 usd
CY2022Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
369000 usd
CY2024Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2271000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2574000 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2705000 usd
CY2024Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
54000 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
144000 usd
CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
134000 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2325000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2718000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2839000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2718000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3073000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2839000 usd
CY2024 stcn Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
1628000 usd
CY2023Q3 stcn Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
245000 usd
stcn Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
1595000 usd
CY2024 stcn Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
2021000 usd
CY2023Q3 stcn Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
600000 usd
stcn Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1361000 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2325000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2718000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3073000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2200000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100000 usd
CY2024 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-154000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
446000 usd
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-510000 usd
CY2024 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
930000 usd
CY2023Q3 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
5242000 usd
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
4471000 usd
CY2024 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
776000 usd
CY2023Q3 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
5688000 usd
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
3961000 usd
CY2024Q3 stcn Share Based Compensation Arrangementby Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value Expected To Vest
ShareBasedCompensationArrangementbyShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueExpectedToVest
600000 usd
CY2023Q3 stcn Share Based Compensation Arrangementby Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value Expected To Vest
ShareBasedCompensationArrangementbyShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueExpectedToVest
800000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
400000 usd
CY2024 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
14460000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
9866000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2021000 usd
CY2024 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
6497000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-2115000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
7069000 usd
CY2024 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20957000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7751000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9090000 usd
CY2024 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
53000 usd
CY2023Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
72000 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
487000 usd
CY2024 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-141000 usd
CY2023Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-110000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
48000 usd
CY2024 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1535000 usd
CY2023Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-110000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1095000 usd
CY2024 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1447000 usd
CY2023Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-148000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1630000 usd
CY2024 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-62128000 usd
CY2023Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 usd
CY2024 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-6410000 usd
CY2023Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 usd
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 usd
CY2024 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
68000 usd
CY2023Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-250000 usd
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0 usd
CY2024 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-68470000 usd
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-250000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-67023000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-398000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1630000 usd
CY2024Q3 stcn Deferred Tax Assets Accruals And Reserves
DeferredTaxAssetsAccrualsAndReserves
2667000 usd
CY2023Q3 stcn Deferred Tax Assets Accruals And Reserves
DeferredTaxAssetsAccrualsAndReserves
2645000 usd
CY2024Q3 stcn Tax Basis In Excess Of Financial Basis For Intangible And Fixed Assets
TaxBasisInExcessOfFinancialBasisForIntangibleAndFixedAssets
166000 usd
CY2023Q3 stcn Tax Basis In Excess Of Financial Basis For Intangible And Fixed Assets
TaxBasisInExcessOfFinancialBasisForIntangibleAndFixedAssets
175000 usd
CY2024Q3 stcn Deferred Tax Asset Lease Liability
DeferredTaxAssetLeaseLiability
3031000 usd
CY2023Q3 stcn Deferred Tax Asset Lease Liability
DeferredTaxAssetLeaseLiability
3574000 usd
CY2024Q3 stcn Deferred Tax Asset Convertible Debt
DeferredTaxAssetConvertibleDebt
25000 usd
CY2023Q3 stcn Deferred Tax Asset Convertible Debt
DeferredTaxAssetConvertibleDebt
0 usd
CY2024Q3 stcn Deferred Tax Asset Research And Experiment
DeferredTaxAssetResearchAndExperiment
43000 usd
CY2023Q3 stcn Deferred Tax Asset Research And Experiment
DeferredTaxAssetResearchAndExperiment
0 usd
CY2024Q3 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
0 usd
CY2023Q3 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
0 usd
CY2024Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
25000 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
25000 usd
CY2024Q3 stcn Deferred Tax Assets Net Operating And Capital Loss Carryforwards
DeferredTaxAssetsNetOperatingAndCapitalLossCarryforwards
85157000 usd
CY2023Q3 stcn Deferred Tax Assets Net Operating And Capital Loss Carryforwards
DeferredTaxAssetsNetOperatingAndCapitalLossCarryforwards
95832000 usd
CY2024Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
91114000 usd
CY2023Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
102251000 usd
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12721000 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
90436000 usd
CY2024Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
78393000 usd
CY2023Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
11815000 usd
CY2024Q3 stcn Financial Basis In Excess Of Tax Basis For Intangible And Fixed Assets
FinancialBasisInExcessOfTaxBasisForIntangibleAndFixedAssets
7262000 usd
CY2023Q3 stcn Financial Basis In Excess Of Tax Basis For Intangible And Fixed Assets
FinancialBasisInExcessOfTaxBasisForIntangibleAndFixedAssets
8446000 usd
CY2024Q3 stcn Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
2838000 usd
CY2023Q3 stcn Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
3454000 usd
CY2024Q3 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
322000 usd
CY2023Q3 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
0 usd
CY2024Q3 stcn Deferred Tax Liabilities Convertible Debt
DeferredTaxLiabilitiesConvertibleDebt
0 usd
CY2023Q3 stcn Deferred Tax Liabilities Convertible Debt
DeferredTaxLiabilitiesConvertibleDebt
404000 usd
CY2024Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10422000 usd
CY2023Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
12304000 usd
CY2024Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
67971000 usd
CY2023Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
489000 usd
CY2024 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-77700000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
390700000 usd
CY2024 stcn Ownership Percentage
OwnershipPercentage
0.05
CY2024 stcn Ownership Change Testing Period
OwnershipChangeTestingPeriod
P3Y
CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
30800000 usd
CY2024 stcn Expected Income Tax Expense Benefit
ExpectedIncomeTaxExpenseBenefit
4401000 usd
CY2023Q3 stcn Expected Income Tax Expense Benefit
ExpectedIncomeTaxExpenseBenefit
1627000 usd
stcn Expected Income Tax Expense Benefit
ExpectedIncomeTaxExpenseBenefit
1909000 usd
CY2024 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-77845000 usd
CY2023Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-350469000 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-424000 usd
CY2024 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-166000 usd
CY2023Q3 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-255000 usd
us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-50000 usd
CY2024 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
29000 usd
CY2023Q3 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
459000 usd
us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
0 usd
CY2024 stcn Effective Income Tax Rate Reconciliation Net Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationNetWithholdingTaxesAmount
-157000 usd
CY2023Q3 stcn Effective Income Tax Rate Reconciliation Net Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationNetWithholdingTaxesAmount
245000 usd
stcn Effective Income Tax Rate Reconciliation Net Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationNetWithholdingTaxesAmount
147000 usd
CY2024 stcn Effective Income Tax Rate Reconciliation Foreign Other Adjustment Amount
EffectiveIncomeTaxRateReconciliationForeignOtherAdjustmentAmount
167000 usd
CY2023Q3 stcn Effective Income Tax Rate Reconciliation Foreign Other Adjustment Amount
EffectiveIncomeTaxRateReconciliationForeignOtherAdjustmentAmount
-246000 usd
stcn Effective Income Tax Rate Reconciliation Foreign Other Adjustment Amount
EffectiveIncomeTaxRateReconciliationForeignOtherAdjustmentAmount
0 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
944000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
1141000 usd
us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
0 usd
CY2024 stcn Income Tax Reconciliation Increase Decrease To Asc Seven Forty Reserve
IncomeTaxReconciliationIncreaseDecreaseToASCSevenFortyReserve
-259000 usd
CY2023Q3 stcn Income Tax Reconciliation Increase Decrease To Asc Seven Forty Reserve
IncomeTaxReconciliationIncreaseDecreaseToASCSevenFortyReserve
-430000 usd
stcn Income Tax Reconciliation Increase Decrease To Asc Seven Forty Reserve
IncomeTaxReconciliationIncreaseDecreaseToASCSevenFortyReserve
11000 usd
CY2024 stcn Effective Income Tax Rate Reconciliation Section78 Gross Up Amount
EffectiveIncomeTaxRateReconciliationSection78GrossUpAmount
270000 usd
CY2023Q3 stcn Effective Income Tax Rate Reconciliation Section78 Gross Up Amount
EffectiveIncomeTaxRateReconciliationSection78GrossUpAmount
0 usd
stcn Effective Income Tax Rate Reconciliation Section78 Gross Up Amount
EffectiveIncomeTaxRateReconciliationSection78GrossUpAmount
0 usd
CY2024 stcn Effective Income Tax Rate Reconciliation State Income Taxes Netof Federal Benefits Amount
EffectiveIncomeTaxRateReconciliationStateIncomeTaxesNetofFederalBenefitsAmount
869000 usd
CY2023Q3 stcn Effective Income Tax Rate Reconciliation State Income Taxes Netof Federal Benefits Amount
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