KVH INDUSTRIES INC DE
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
KVHI$7.00+8.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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INTERIM FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $10,357 | $11,294 |
| Marketable securities | 38,903 | 58,477 |
| Accounts receivable, net of allowance for credit losses of $1,131 and $1,168 as of June 30, 2024 and December 31, 2023, respectively | 27,326 | 25,670 |
| Inventories | 22,715 | 19,046 |
| Prepaid expenses and other current assets | 19,191 | 4,331 |
| Total current assets | 118,492 | 118,818 |
| Property and equipment, net | 44,784 | 47,680 |
| Intangible assets, net | 1,014 | 1,194 |
| Right of use assets | 1,396 | 1,068 |
| Other non-current assets | 2,996 | 3,618 |
| Deferred income tax asset | 221 | 256 |
| Total assets | $168,903 | $172,634 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $9,618 | $4,780 |
| Accrued airtime | 976 | 5,508 |
| Accrued compensation and employee-related expenses | 5,052 | 4,466 |
| Accrued loss on future firm purchase commitments | 2,961 | 3,569 |
| Accrued other | 2,597 | 2,588 |
| Accrued product warranty costs | 636 | 828 |
| Deferred revenue | 1,586 | 1,774 |
| Current operating lease liability | 964 | 786 |
| Liability for uncertain tax positions | 712 | 673 |
| Total current liabilities | 25,102 | 24,972 |
| Long-term operating lease liability | 421 | 289 |
| Deferred income tax liability | 2 | 1 |
| Total liabilities | $25,525 | $25,262 |
| Commitments and contingencies (Notes 2, 11, and 16) | ||
| 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; 21,170,195 and 21,066,899 shares issued at June 30, 2024 and December 31, 2023, respectively; and 19,714,086 and 19,610,790 shares outstanding at June 30, 2024 and December 31, 2023, respectively | 212 | 211 |
| Additional paid-in capital | 166,490 | 165,140 |
| Accumulated deficit | (7,243) | (1,704) |
| Accumulated other comprehensive loss | (3,991) | (4,185) |
| 155,468 | 159,462 | |
| Less: treasury stock at cost, common stock, 1,456,109 shares as of June 30, 2024 and December 31, 2023 | (12,090) | (12,090) |
| Total stockholders’ equity | 143,378 | 147,372 |
| Total liabilities and stockholders’ equity | $168,903 | $172,634 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share amounts, unaudited)
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Sales: | ||||
| Service | $24,674 | $28,746 | $49,712 | $57,486 |
| Product | 3,999 | 4,840 | 8,228 | 10,243 |
| Net sales | 28,673 | 33,586 | 57,940 | 67,729 |
| Costs and expenses: | ||||
| Costs of service sales | 15,469 | 15,534 | 29,513 | 31,610 |
| Costs of product sales | 4,299 | 6,218 | 9,607 | 11,531 |
| Research and development | 2,326 | 2,416 | 5,364 | 4,981 |
| Sales, marketing and support | 5,334 | 5,124 | 10,718 | 10,832 |
| General and administrative | 4,134 | 4,122 | 9,425 | 8,772 |
| Total costs and expenses | 31,562 | 33,414 | 64,627 | 67,726 |
| (Loss) income from operations | (2,889) | 172 | (6,687) | 3 |
| Interest income | 876 | 885 | 1,787 | 1,663 |
| Other expense, net | (366) | (238) | (564) | (462) |
| (Loss) income before income tax (benefit) expense | (2,379) | 819 | (5,464) | 1,204 |
| Income tax (benefit) expense | (3) | 46 | 75 | 64 |
| Net (loss) income | $(2,376) | $773 | $(5,539) | $1,140 |
| Net (loss) income per common share | ||||
| Basic | $(0.12) | $0.04 | $(0.29) | $0.06 |
| Diluted | $(0.12) | $0.04 | $(0.29) | $0.06 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 19,381 | 19,153 | 19,333 | 19,018 |
| Diluted | 19,381 | 19,275 | 19,333 | 19,161 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income | $(2,376) | $773 | $(5,539) | $1,140 |
| Other comprehensive income, net of tax: | ||||
| Unrealized (loss) gain on available-for-sale securities | — | (1) | — | 12 |
| Foreign currency translation adjustment | (35) | 77 | 194 | 143 |
| Other comprehensive income, net of tax(1) | (35) | 76 | 194 | 155 |
| Total comprehensive (loss) income | $(2,411) | $849 | $(5,345) | $1,295 |
(1)Tax impact was nominal for all periods.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensiveLoss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at March 31, 2024 | 21,205 | $212 | $165,768 | $(4,867) | $(3,956) | (1,456) | $(12,090) | $145,067 |
| Net loss | — | — | — | (2,376) | — | — | — | (2,376) |
| Other comprehensive loss | — | — | — | — | (35) | — | — | (35) |
| Stock-based compensation | — | — | 722 | — | — | — | — | 722 |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | (35) | — | — | — | — | — | — | — |
| Balance at June 30, 2024 | 21,170 | $212 | $166,490 | $(7,243) | $(3,991) | (1,456) | $(12,090) | $143,378 |
| Common Stock · AdditionalPaid-inCapital · Retained Deficit · AccumulatedOtherComprehensiveLoss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at December 31, 2023 | 21,067 | $211 | $165,140 | $(1,704) | $(4,185) | (1,456) | $(12,090) | $147,372 |
| Net loss | — | — | — | (5,539) | — | — | — | (5,539) |
| Other comprehensive income | — | — | — | — | 194 | — | — | 194 |
| Stock-based compensation | — | — | 1,244 | — | — | — | — | 1,244 |
| Issuance of common stock under employee stock purchase plan | 24 | — | 95 | — | — | — | — | 95 |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 79 | 1 | 11 | — | — | — | — | 12 |
| Balance at June 30, 2024 | 21,170 | $212 | $166,490 | $(7,243) | $(3,991) | (1,456) | $(12,090) | $143,378 |
| Common Stock · AdditionalPaid-inCapital · Retained Earnings · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at March 31, 2023 | 20,826 | $208 | $161,779 | $14,085 | $(4,031) | (1,456) | $(12,090) | $159,951 |
| Net income | — | — | — | 773 | — | — | — | 773 |
| Other comprehensive income | — | — | — | — | 76 | — | — | 76 |
| Stock-based compensation | — | — | 578 | — | — | — | — | 578 |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 143 | 2 | 1,333 | — | — | — | — | 1,335 |
| Balance at June 30, 2023 | 20,969 | $210 | $163,690 | $14,858 | $(3,955) | (1,456) | $(12,090) | $162,713 |
| Common Stock · AdditionalPaid-inCapital · Retained Earnings · AccumulatedOtherComprehensive Loss · Treasury Stock · TotalStockholders’Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | ||||||||
| Balance at December 31, 2022 | 20,631 | $206 | $160,475 | $13,718 | $(4,110) | (1,433) | $(11,851) | $158,438 |
| Net income | — | — | — | 1,140 | — | — | — | 1,140 |
| Other comprehensive income | — | — | — | — | 155 | — | — | 155 |
| Stock-based compensation | — | — | 874 | — | — | — | — | 874 |
| Acquisition of treasury stock | — | — | — | — | — | (23) | (239) | (239) |
| Exercise of stock options and issuance of restricted stock awards, net of forfeitures | 338 | 4 | 2,341 | — | — | — | — | 2,345 |
| Balance at June 30, 2023 | 20,969 | $210 | $163,690 | $14,858 | $(3,955) | (1,456) | $(12,090) | $162,713 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $(5,539) | $1,140 |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Provision for credit losses | 138 | (1) |
| Depreciation and amortization | 6,985 | 6,920 |
| Deferred income taxes | 36 | 3 |
| Loss on disposals of fixed assets | 1,211 | 323 |
| Compensation expense related to stock-based awards and employee stock purchase plan | 1,244 | 874 |
| Unrealized currency translation loss | 208 | 19 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,801) | 481 |
| Inventories | (3,669) | (1,447) |
| Prepaid expenses and other current assets | (14,867) | 712 |
| Other non-current assets | 604 | 445 |
| Accounts payable | 4,841 | (8,260) |
| Deferred revenue | (182) | 203 |
| Accrued compensation, product warranty and other | (4,666) | (4,598) |
| Net cash used in operating activities | $(15,457) | $(3,186) |
| Cash flows from investing activities: | ||
| Capital expenditures | (5,105) | (4,744) |
| Cash paid for acquisition of intangible asset | (21) | (23) |
| Purchases of marketable securities | (1,426) | (16,697) |
| Maturities and sales of marketable securities | 21,000 | 15,422 |
| Net cash provided by (used in) investing activities | $14,448 | $(6,042) |
| Cash flows from financing activities: | ||
| Proceeds from stock options exercised and employee stock purchase plan | 96 | 2,367 |
| Purchase of treasury stock | — | (239) |
| Payment of finance lease | — | (22) |
| Net cash provided by financing activities | $96 | $2,106 |
| Effect of exchange rate changes on cash and cash equivalents | (24) | 74 |
| Net decrease in cash and cash equivalents | (937) | (7,048) |
| Cash and cash equivalents at beginning of period | 11,294 | 21,056 |
| Cash and cash equivalents at end of period | $10,357 | $14,008 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Changes in accrued other and accounts payable related to property and equipment additions | $21 | $47 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.