$VOXX
VOXX International Corp

2022 Q2 Form 10-Q Financial Statement

#000095017022012593 Filed on July 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q2
Revenue $128.7M $163.9M $137.1M
YoY Change -6.08% 0.84% 90.4%
Cost Of Revenue $95.49M $120.0M $100.4M
YoY Change -4.85% -0.18% 92.97%
Gross Profit $33.24M $43.89M $36.70M
YoY Change -9.42% 3.6% 83.7%
Gross Profit Margin 25.82% 26.78% 26.77%
Selling, General & Admin $31.42M $32.68M $30.14M
YoY Change 4.22% 2.14% 29.05%
% of Gross Profit 94.51% 74.46% 82.14%
Research & Development $2.569M $7.716M $2.321M
YoY Change 10.69% 28.6% 25.12%
% of Gross Profit 7.73% 17.58% 6.33%
Depreciation & Amortization $3.117M $3.420M $2.807M
YoY Change 11.04% 22.14% 10.38%
% of Gross Profit 9.38% 7.79% 7.65%
Operating Expenses $39.94M $40.40M $37.05M
YoY Change 7.8% 6.6% 32.1%
Operating Profit -$6.701M $3.493M -$356.0K
YoY Change 1782.3% -21.82% -95.59%
Interest Expense $5.000K -$128.0K $7.000K
YoY Change -28.57% -107.11% -91.86%
% of Operating Profit -3.66%
Other Income/Expense, Net -$2.110M $10.00K $442.0K
YoY Change -577.38% -99.09% -35.47%
Pretax Income -$8.939M $3.102M $2.281M
YoY Change -491.89% -48.3% -131.14%
Income Tax -$1.092M $2.000M $484.0K
% Of Pretax Income 64.47% 21.22%
Net Earnings -$6.527M $2.761M $2.716M
YoY Change -340.32% -70.78% -132.83%
Net Earnings / Revenue -5.07% 1.68% 1.98%
Basic Earnings Per Share -$0.27 $0.11
Diluted Earnings Per Share -$0.27 $113.6K $0.11
COMMON SHARES
Basic Shares Outstanding 24.41M 24.27M
Diluted Shares Outstanding 24.41M 24.93M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.733M $27.79M $36.71M
YoY Change -84.38% -53.22% -46.8%
Cash & Equivalents $5.733M $27.79M $36.71M
Short-Term Investments
Other Short-Term Assets $19.60M $21.34M $26.86M
YoY Change -27.03% -4.3% 139.86%
Inventory $181.2M $174.9M $137.7M
Prepaid Expenses
Receivables $82.65M $105.6M $95.50M
Other Receivables $966.0K $1.097M $797.0K
Total Short-Term Assets $290.1M $330.8M $297.6M
YoY Change -2.51% 3.58% 23.28%
LONG-TERM ASSETS
Property, Plant & Equipment $49.81M $49.79M $56.22M
YoY Change -11.39% -4.29% 4.3%
Goodwill $72.51M $74.32M $57.41M
YoY Change 26.3% 27.45%
Intangibles $97.54M $101.5M $88.70M
YoY Change 9.97% 12.59%
Long-Term Investments $22.01M $21.35M $24.83M
YoY Change -11.36% -8.25% 7.96%
Other Assets $3.577M $3.245M $1.091M
YoY Change 227.86% 145.28% -31.81%
Total Long-Term Assets $251.0M $255.9M $228.2M
YoY Change 9.95% 10.55% 3.42%
TOTAL ASSETS
Total Short-Term Assets $290.1M $330.8M $297.6M
Total Long-Term Assets $251.0M $255.9M $228.2M
Total Assets $541.1M $586.7M $525.8M
YoY Change 2.9% 6.51% 13.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.11M $76.67M $46.32M
YoY Change 16.82% 24.0% 44.3%
Accrued Expenses $67.16M $78.41M $68.56M
YoY Change -2.04% 0.15% 56.52%
Deferred Revenue $4.218M $4.373M
YoY Change 4.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $2.406M $500.0K
YoY Change 0.0% 381.2% -70.59%
Total Short-Term Liabilities $168.2M $204.0M $121.6M
YoY Change 38.27% 38.98% 52.4%
LONG-TERM LIABILITIES
Long-Term Debt $15.84M $10.83M $6.489M
YoY Change 144.14% 63.77% -75.96%
Other Long-Term Liabilities $3.279M $3.508M $10.73M
YoY Change -69.43% -33.24% 23.29%
Total Long-Term Liabilities $19.12M $14.34M $6.489M
YoY Change 194.67% 20.82% -75.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.2M $204.0M $121.6M
Total Long-Term Liabilities $19.12M $14.34M $6.489M
Total Liabilities $204.6M $236.5M $115.8M
YoY Change 76.65% 37.91% 23.58%
SHAREHOLDERS EQUITY
Retained Earnings $120.0M $126.6M
YoY Change -15.0%
Common Stock $296.2M $300.5M
YoY Change 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.14M $25.14M
YoY Change 5.1%
Treasury Stock Shares $2.862M $2.862M $2.749M
Shareholders Equity $369.0M $381.1M $410.0M
YoY Change
Total Liabilities & Shareholders Equity $541.1M $586.7M $525.8M
YoY Change 2.9% 6.51% 13.8%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q2
OPERATING ACTIVITIES
Net Income -$6.527M $2.761M $2.716M
YoY Change -340.32% -70.78% -132.83%
Depreciation, Depletion And Amortization $3.117M $3.420M $2.807M
YoY Change 11.04% 22.14% 10.38%
Cash From Operating Activities -$22.27M $7.048M -$17.04M
YoY Change 30.65% -82.02% -238.73%
INVESTING ACTIVITIES
Capital Expenditures $1.383M -$856.0K $927.0K
YoY Change 49.19% -242.67% 58.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$3.000M
YoY Change -100.0%
Cash From Investing Activities -$1.383M -$856.0K -$3.927M
YoY Change -64.78% -242.67% 570.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -838.0K 125.0K -1.755M
YoY Change -52.25% -162.5% -108.91%
NET CHANGE
Cash From Operating Activities -22.27M 7.048M -17.04M
Cash From Investing Activities -1.383M -856.0K -3.927M
Cash From Financing Activities -838.0K 125.0K -1.755M
Net Change In Cash -22.06M 6.317M -22.69M
YoY Change -2.82% -84.05% -171.78%
FREE CASH FLOW
Cash From Operating Activities -$22.27M $7.048M -$17.04M
Capital Expenditures $1.383M -$856.0K $927.0K
Free Cash Flow -$23.65M $7.904M -$17.97M
YoY Change 31.61% -79.52% -253.6%

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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24412462
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24925974
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3117000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
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2807000
CY2021Q2 voxx Net Income Loss Excluding Redeemable Noncontrolling Interest Equity
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1797000
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q2 us-gaap Amortization Of Debt Discount Premium
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63000
CY2021Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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CY2021Q2 voxx Adjustments To Additional Paid In Capital Of Common Stock Upon Vesting Of Stock Awards Net Of Withholding Taxes
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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270000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
346102000
CY2022Q2 voxx Net Income Loss Excluding Redeemable Noncontrolling Interest Equity
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-7234000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q2 voxx Percentage Of Cash Settlement Of Market Stock Units Upon Vesting Of Award
PercentageOfCashSettlementOfMarketStockUnitsUponVestingOfAward
0.80
CY2022Q2 voxx Adjustments To Additional Paid In Capital Cash Settlement Of Market Stock Units Upon Vesting Of Award
AdjustmentsToAdditionalPaidInCapitalCashSettlementOfMarketStockUnitsUponVestingOfAward
-4000000
CY2022Q2 voxx Adjustments To Additional Paid In Capital Net Settlement Of Common Stock Upon Vesting Of Stock Awards Net Of Withholding Taxes
AdjustmentsToAdditionalPaidInCapitalNetSettlementOfCommonStockUponVestingOfStockAwardsNetOfWithholdingTaxes
-403000
CY2022Q2 voxx Reclassification Of Stockholders Equity To Redeemable Equity
ReclassificationOfStockholdersEquityToRedeemableEquity
33000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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259000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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377772000
CY2022Q2 us-gaap Profit Loss
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CY2021Q2 us-gaap Profit Loss
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1797000
CY2022Q2 us-gaap Provision For Doubtful Accounts
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CY2021Q2 us-gaap Provision For Doubtful Accounts
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19000
CY2022Q2 voxx Reduction In Carrying Amount Of Right Of Use Asset
ReductionInCarryingAmountOfRightOfUseAsset
395000
CY2021Q2 voxx Reduction In Carrying Amount Of Right Of Use Asset
ReductionInCarryingAmountOfRightOfUseAsset
341000
CY2022Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
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63000
CY2021Q2 us-gaap Gain Loss On Oil And Gas Hedging Activity
GainLossOnOilAndGasHedgingActivity
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CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1588000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2723000
CY2022Q2 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
926000
CY2021Q2 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2845000
CY2022Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-935000
CY2021Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
318000
CY2022Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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-9000
CY2021Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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-92000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
126000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
236000
CY2022Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-22105000
CY2021Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2022Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7543000
CY2021Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5827000
CY2022Q2 voxx Increase Decrease In Non Traded Receivables From Vendors Current
IncreaseDecreaseInNonTradedReceivablesFromVendorsCurrent
-145000
CY2021Q2 voxx Increase Decrease In Non Traded Receivables From Vendors Current
IncreaseDecreaseInNonTradedReceivablesFromVendorsCurrent
80000
CY2022Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1254000
CY2021Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1223000
CY2022Q2 us-gaap Increase Decrease In Trading Securities
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-9000
CY2021Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
856000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
927000
CY2021Q2 voxx Payment Of Promissory Notes
PaymentOfPromissoryNotes
3000000
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1383000
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q2 us-gaap Increase Decrease In Trading Securities
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CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-26777000
CY2022Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
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-1260000
CY2021Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
164000
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22267000
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1383000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
73000
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
114000
CY2022Q2 us-gaap Repayments Of Bank Debt
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24499000
CY2021Q2 us-gaap Repayments Of Bank Debt
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125000
CY2022Q2 us-gaap Proceeds From Bank Debt
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28138000
CY2021Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
660000
CY2022Q2 voxx Settlement Of Market Stock Unit Awards
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-4000000
CY2022Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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404000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2433000
CY2021Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
31000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22055000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
27788000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
59404000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5733000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36710000
CY2022Q2 us-gaap Number Of Reportable Segments
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3
CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
0
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
659732
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24412462
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24412462
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24266242
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24925974
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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368826
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1222000
CY2022Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1222000
CY2022Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1231000
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1231000
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
5733000
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
15000
CY2022Q2 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
5675000
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
27788000
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
188000
CY2022Q1 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
6435000
CY2015Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0348
CY2022Q2 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
-15000
CY2022Q1 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
CashFlowHedgesDerivativeInstrumentsAtFairValueNet
-188000
CY2022Q2 voxx Foreign Currency Contracts Settlement Date
ForeignCurrencyContractsSettlementDate
2022-02-28
CY2022Q2 us-gaap Gain Loss From Components Excluded From Assessment Of Cash Flow Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfCashFlowHedgeEffectivenessNet
0
CY2022Q2 voxx Foreign Currency Contracts Terminated
ForeignCurrencyContractsTerminated
0
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
20000
CY2022Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0
CY2022Q2 voxx Recording Of Redeemable Equity
RecordingOfRedeemableEquity
-133000
CY2021Q2 voxx Recording Of Redeemable Equity
RecordingOfRedeemableEquity
-34000
CY2022Q2 voxx Reclassification Of Stockholders Equity To Redeemable Equity
ReclassificationOfStockholdersEquityToRedeemableEquity
33000
CY2021Q2 voxx Reclassification Of Stockholders Equity To Redeemable Equity
ReclassificationOfStockholdersEquityToRedeemableEquity
0
CY2022Q2 us-gaap Stock Issued1
StockIssued1
1000
CY2021Q2 us-gaap Stock Issued1
StockIssued1
1000
CY2022Q2 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0
CY2021Q2 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-903000
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
295000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
380000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
341000
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000
CY2021Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
73000
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
114000
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
238000
CY2021Q2 us-gaap Interest Paid Net
InterestPaidNet
128000
CY2022Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
1038000
CY2021Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
1553000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000
CY2021Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
39347
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000
CY2022Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
38663
CY2022Q2 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
20639000
CY2021Q2 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
12201000
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2569000
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2321000
CY2022Q2 us-gaap Goodwill
Goodwill
72507000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
99501000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
64794000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34707000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
97541000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
101709000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
63293000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38416000
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
101450000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1925000
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1411000
CY2022Q2 us-gaap Debt Longterm And Shortterm Combined Amount
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16342000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
6194000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
5887000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
5642000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
5020000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
3250000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1588000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2723000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1092000
CY2022Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
164000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
484000
CY2021Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
74000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.122
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8939000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.212
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2281000
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
23545000
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
23904000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1322000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1519000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
156320000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
149499000
CY2022Q2 us-gaap Inventory Net
InventoryNet
181187000
CY2022Q1 us-gaap Inventory Net
InventoryNet
174922000
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5622000
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5290000
CY2022Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1998000
CY2021Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
700000
CY2022Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1352000
CY2021Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
600000
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6268000
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5390000
CY2022Q1 us-gaap Debt Longterm And Shortterm Combined Amount
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13238000
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
500000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2406000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15842000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10832000
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
984000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1046000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
14858000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
9786000
CY2022Q2 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
Provided that the Company is in a Compliance Period (the period commencing on that day in which Excess Availability is less than 15% of the Maximum Revolver Amount and ending on a day in which Excess Availability is equal to or greater than 15% for any consecutive 30-day period thereafter)
CY2022Q2 voxx Percentage Of Maximum Revolver Amount
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0.15
CY2022Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
206000
CY2021Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
133000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
667000
CY2022Q2 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2026-04-19
CY2015Q3 us-gaap Longterm Construction Loan Current And Noncurrent
LongtermConstructionLoanCurrentAndNoncurrent
9995000
CY2022Q2 srt Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.70
CY2022Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
332000
CY2015Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0348
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-2366000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
116000
CY2022Q2 us-gaap Interest Income Expense Nonoperating Net
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3000
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4315000
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229000
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1.50
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3692000
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528000
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CY2022Q2 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:-7.143%;padding-left:6.667%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">(24) </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Contingencies</span></p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is currently, and has in the past, been a party to various routine legal proceedings incident to the ordinary course of business. If management determines, based on the underlying facts and circumstances of each matter, that it is probable a loss will result from a litigation contingency and the amount of the loss can be reasonably estimated, the estimated loss is accrued for.</span></p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The products the Company sells are continually changing as a result of improved technology. As a result, although the Company and its suppliers attempt to avoid infringing known proprietary rights, the Company may be subject to legal proceedings and claims for alleged infringement by patent, trademark, or other intellectual property owners. Any claims relating to the infringement of third-party proprietary rights, even if not meritorious, could result in costly litigation, divert management’s attention and resources, or require the Company to either enter into royalty or license agreements that are not advantageous to the Company, or pay material amounts of damages.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In March 2007, the Company entered into a contract with Seaguard Electronics, LLC (“Seaguard”) relating to the Company’s purchase from Seaguard of a stolen vehicle recovery product and back-end services. In August 2018, Seaguard filed a demand for arbitration against the Company with the American Arbitration Association (“AAA”) alleging claims for breach of contract and patent infringement. Seaguard originally sought damages of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> and on the seventh day of an eight-day fact witness portion of the arbitration in June 2021, amended its damages demand to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">40,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, which was effected by the service of Claimant’s notice dated July 14, 2021.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">On November 29, 2021, the Arbitrator issued an interim award (the “Interim Award”) with Seaguard prevailing on its breach of contract claim. The Company’s affirmative defenses relating to those claims, however, were denied in their entirety. Seaguard was awarded damages in the amount of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39,444</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> against the Company. On March 3, 2022, the Arbitrator issued a Partial Final Award on Bifurcated Issue in the amount of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39,444</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, plus $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">798</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> for its attorneys’ fees and costs. On March 11, 2022, the Arbitrator fixed the schedule of the patent portion of the bifurcated arbitration, with a trial date set for October 16, 2023. The Company has put its suppliers on notice of its indemnification rights with respect to the alleged infringing products.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">On March 14, 2022, Seaguard filed a Petition in the United States District Court, Central District of California, Western Division, to confirm the Partial Final Award. On April 25, 2022, the Company filed its opposition to Seaguard’s Petition to Confirm and a Counter-Petition to Vacate the Partial Final Award. On May 31, 2022, the Court ordered the matter taken under submission for decision without oral hearing.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">During Fiscal 2022, the Company recorded an accrual for the interim arbitration award in the amount of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39,444</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. During the three months ended May 31, 2022, the Company accrued an additional charge of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">986</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> representing interest due on the award when paid. At May 31, 2022, the Company has a total accrued balance of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">40,431</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> on the accompanying Consolidated Balance Sheet related to the interim arbitration award. The Company made its accrual determination in accordance with reports and evaluations from its damages expert, as well as from the guidance and opinion letters received from the Company’s trial attorneys.</span></p>
CY2022Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
39444000
CY2022Q1 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
798000
CY2022Q1 voxx Interim Arbitration Award Payable Current
InterimArbitrationAwardPayableCurrent
39444000
CY2022Q2 voxx Loss Contingency Additional Charge Accrued
LossContingencyAdditionalChargeAccrued
986000
CY2022Q2 voxx Interim Arbitration Award Payable Current
InterimArbitrationAwardPayableCurrent
40431000

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