KVH INDUSTRIES INC DE

For the period ended Dec 31, 2023. Filed Mar 15, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 15, 2024

KVHI$7.31+4.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets as of December 31, 202 and

(in thousands, except share and per share data)

	December 31,
	2023	2022 (revised)
ASSETS
Current assets:
Cash and cash equivalents	$11,294	$21,056
Marketable securities	58,477	55,680
Accounts receivable, net of allowance for credit losses of $1,168 and $1,268 as of December 31, 2023 & December 31, 2022, respectively	25,670	27,427
Inventories	19,046	22,730
Prepaid expenses and other current assets	4,331	3,067
Total current assets	118,818	129,960
Property and equipment, net	47,680	53,118
Intangible assets, net	1,194	404
Goodwill	—	5,308
Right of use assets	1,068	2,168
Other non-current assets	3,618	5,037
Deferred income tax asset	256	259
Total assets	$172,634	$196,254
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$4,780	$20,449
Accrued airtime	5,508	2,108
Accrued compensation and employee-related expenses	4,466	7,621
Accrued loss on future firm purchase commitments	3,569	—
Accrued other	2,588	2,126
Accrued product warranty costs	828	1,287
Deferred revenue	1,774	1,365
Current operating lease liability	786	1,532
Liability for uncertain tax positions	673	637
Total current liabilities	24,972	37,125
Long-term operating lease liability	289	636
Deferred income tax liability	1	55
Total liabilities	$25,262	$37,816
Commitments and contingencies (Notes 1, 5, 12 and 13)
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued	—	—
Common stock, $0.01 par value. Authorized 30,000,000 shares, 21,066,899 and 20,631,152 shares issued at December 31, 2023 and December 31, 2022, respectively; and 19,610,790 and 19,198,458 shares outstanding at December 31, 2023 and December 31, 2022, respectively	211	206
Additional paid-in capital	165,140	160,475
(Accumulated deficit) retained earnings	(1,704)	13,718
Accumulated other comprehensive loss	(4,185)	(4,110)
	159,462	170,289
Less: treasury stock at cost, common stock, 1,456,109 and 1,432,694 shares as of December 31, 2023 and December 31, 2022, respectively	(12,090)	(11,851)
Total stockholders’ equity	147,372	158,438
Total liabilities and stockholders’ equity	$172,634	$196,254

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.