$THR
Thermon Group Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000148909623000147 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $136.4M $123.7M
YoY Change 11.72% 22.97%
Cost Of Revenue $79.02M $69.20M
YoY Change 10.27% 26.67%
Gross Profit $57.41M $54.46M
YoY Change 13.8% 18.58%
Gross Profit Margin 42.08% 44.04%
Selling, General & Admin $31.85M $30.49M
YoY Change 3.12% 9.86%
% of Gross Profit 55.48% 55.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.152M $2.136M
YoY Change -7.96% -15.2%
% of Gross Profit 3.75% 3.92%
Operating Expenses $31.85M $30.49M
YoY Change 3.12% 9.86%
Operating Profit $21.45M $21.68M
YoY Change 52.53% 35.2%
Interest Expense $1.754M $1.925M
YoY Change -6.55% 36.72%
% of Operating Profit 8.18% 8.88%
Other Income/Expense, Net $653.0K -$267.0K
YoY Change -0.91% -20.3%
Pretax Income $20.35M $19.49M
YoY Change 58.42% 36.36%
Income Tax $4.511M $4.762M
% Of Pretax Income 22.17% 24.43%
Net Earnings $15.84M $14.73M
YoY Change 87.98% 34.1%
Net Earnings / Revenue 11.61% 11.91%
Basic Earnings Per Share $0.47 $0.44
Diluted Earnings Per Share $0.46 $0.43
COMMON SHARES
Basic Shares Outstanding 33.70M shares 33.69M shares
Diluted Shares Outstanding 34.20M shares 34.13M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.40M $30.50M
YoY Change 56.65% -4.29%
Cash & Equivalents $55.40M $30.53M
Short-Term Investments
Other Short-Term Assets $16.36M $44.10M
YoY Change -49.77% 56.52%
Inventory $96.30M $92.55M
Prepaid Expenses
Receivables $120.6M $101.6M
Other Receivables $1.648M $1.100M
Total Short-Term Assets $309.7M $269.9M
YoY Change 22.32% 4.63%
LONG-TERM ASSETS
Property, Plant & Equipment $67.93M $64.79M
YoY Change 11.29% 4.85%
Goodwill $268.5M $218.9M
YoY Change 21.4% 0.26%
Intangibles $133.2M $88.02M
YoY Change 38.57% -9.44%
Long-Term Investments
YoY Change
Other Assets $10.09M $9.146M
YoY Change 37.54% 21.01%
Total Long-Term Assets $495.4M $393.8M
YoY Change 24.81% -0.63%
TOTAL ASSETS
Total Short-Term Assets $309.7M $269.9M
Total Long-Term Assets $495.4M $393.8M
Total Assets $805.1M $663.7M
YoY Change 23.84% 1.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.61M $34.60M
YoY Change -11.31% -15.8%
Accrued Expenses $40.39M $30.59M
YoY Change 43.06% 26.85%
Deferred Revenue $15.41M $7.261M
YoY Change 57.61% -40.61%
Short-Term Debt $32.50M $27.50M
YoY Change 32.65% -5.17%
Long-Term Debt Due $15.95M $10.20M
YoY Change 56.03% 9.43%
Total Short-Term Liabilities $139.7M $117.9M
YoY Change 27.25% -2.52%
LONG-TERM LIABILITIES
Long-Term Debt $164.0M $72.60M
YoY Change 68.03% -30.65%
Other Long-Term Liabilities $9.767M $9.063M
YoY Change 8.14% 6.35%
Total Long-Term Liabilities $9.767M $9.063M
YoY Change 8.14% 6.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.7M $117.9M
Total Long-Term Liabilities $9.767M $9.063M
Total Liabilities $337.7M $221.4M
YoY Change 41.52% -14.35%
SHAREHOLDERS EQUITY
Retained Earnings $278.7M $262.9M
YoY Change 21.44% 18.91%
Common Stock $242.1M $240.9M
YoY Change 1.56% 1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $467.4M $442.3M
YoY Change
Total Liabilities & Shareholders Equity $805.1M $663.7M
YoY Change 23.84% 1.44%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $15.84M $14.73M
YoY Change 87.98% 34.1%
Depreciation, Depletion And Amortization $2.152M $2.136M
YoY Change -7.96% -15.2%
Cash From Operating Activities $24.27M $3.290M
YoY Change 27.23% 390.31%
INVESTING ACTIVITIES
Capital Expenditures $2.272M $2.807M
YoY Change 45.73% 40.56%
Acquisitions
YoY Change
Other Investing Activities -$100.4M $20.00K
YoY Change -167478.33% -75.0%
Cash From Investing Activities -$102.7M -$2.780M
YoY Change 6751.83% 45.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 102.1M -2.750M
YoY Change -1010.81% -42.95%
NET CHANGE
Cash From Operating Activities 24.27M 3.290M
Cash From Investing Activities -102.7M -2.780M
Cash From Financing Activities 102.1M -2.750M
Net Change In Cash 23.70M -2.240M
YoY Change 272.52% -63.07%
FREE CASH FLOW
Cash From Operating Activities $24.27M $3.290M
Capital Expenditures $2.272M $2.807M
Free Cash Flow $22.00M $483.0K
YoY Change 25.58% -136.43%

Facts In Submission

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CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
34478000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
29511000 usd
CY2023Q3 us-gaap Inventory Gross
InventoryGross
98761000 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
88694000 usd
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
6211000 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
6562000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
92550000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
82132000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
219612000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-748000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
218864000 usd
CY2023Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
237014000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-148996000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
88018000 usd
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
238829000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-144859000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
93970000 usd
CY2023Q3 thr Employeerelated Liabilities Excluding Compensation Relatedto Acquisition Current
EmployeerelatedLiabilitiesExcludingCompensationRelatedtoAcquisitionCurrent
13012000 usd
CY2023Q1 thr Employeerelated Liabilities Excluding Compensation Relatedto Acquisition Current
EmployeerelatedLiabilitiesExcludingCompensationRelatedtoAcquisitionCurrent
17709000 usd
CY2023Q3 thr Employeerelated Liabilities Acquisition Related Expense Current
EmployeerelatedLiabilitiesAcquisitionRelatedExpenseCurrent
72000 usd
CY2023Q1 thr Employeerelated Liabilities Acquisition Related Expense Current
EmployeerelatedLiabilitiesAcquisitionRelatedExpenseCurrent
414000 usd
CY2023Q3 thr Contract With Customer Liability Current Customer Prepayment
ContractWithCustomerLiabilityCurrentCustomerPrepayment
82000 usd
CY2023Q1 thr Contract With Customer Liability Current Customer Prepayment
ContractWithCustomerLiabilityCurrentCustomerPrepayment
89000 usd
CY2023Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1053000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
758000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2197000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2696000 usd
CY2023Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3802000 usd
CY2023Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
4301000 usd
CY2023Q3 thr Accrued Litigation Payable Current
AccruedLitigationPayableCurrent
4187000 usd
CY2023Q1 thr Accrued Litigation Payable Current
AccruedLitigationPayableCurrent
5880000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6180000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7517000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30585000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
39364000 usd
CY2023Q3 thr Restructuring Reserve Current Non Cash Foreign Currency Translation
RestructuringReserveCurrentNonCashForeignCurrencyTranslation
3384000 usd
CY2023Q3 us-gaap Secured Debt Current
SecuredDebtCurrent
10226000 usd
CY2023Q1 us-gaap Secured Debt Current
SecuredDebtCurrent
10222000 usd
CY2023Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
72599000 usd
CY2023Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
87710000 usd
CY2023Q3 thr Debt Instrument Covenant Leverage Ratio Maximum
DebtInstrumentCovenantLeverageRatioMaximum
0.50
CY2023Q3 thr Line Of Credit Facility Fixed Charge Coverage Ratio
LineOfCreditFacilityFixedChargeCoverageRatio
1.25
CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2401000 usd
CY2023Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
17948000 usd
CY2023Q3 thr Guarantee Obligations Secured By Cash Deposits
GuaranteeObligationsSecuredByCashDeposits
1284000 usd
CY2023Q3 thr Guarantee Obligations Represented By Reduction Of Available Amount Of Lines Of Credit
GuaranteeObligationsRepresentedByReductionOfAvailableAmountOfLinesOfCredit
2401000 usd
CY2023Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
17948000 usd
CY2023Q3 thr Indian Custom Bonds Outstanding
IndianCustomBondsOutstanding
4423000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
123659000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
100557000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
230548000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
195999000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
166869000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
13988000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
27259000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
16272000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7261000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8483000 usd
thr Income Taxes Discrete Tax Expense Benefit
IncomeTaxesDiscreteTaxExpenseBenefit
-197000 usd
thr Income Taxes Discrete Tax Expense Benefit
IncomeTaxesDiscreteTaxExpenseBenefit
343000 usd
CY2023Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1001000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 geographic_region
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q3 us-gaap Depreciation
Depreciation
2136000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
2519000 usd
us-gaap Depreciation
Depreciation
4188000 usd
us-gaap Depreciation
Depreciation
5147000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2227000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2437000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4614000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4705000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
21684000 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
16038000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
37098000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
27252000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
64794000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
63288000 usd
CY2023Q3 us-gaap Assets
Assets
663723000 usd
CY2023Q1 us-gaap Assets
Assets
649629000 usd
CY2023Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2807000 usd
CY2022Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1997000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5608000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3614000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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