10-K Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001137091-21-000002`
Period End Date	20201231
Filing Date	20210330
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	psix-20201231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 42 Cash Flow Statement 67 Stockholders Equity 13

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.56M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.00K	USD	Point-in-time
Preferred stock, par or stated value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.30M	USD	Point-in-time
Preferred stock, par or stated value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Accounts receivable, net of allowances of $3,701 and $3,561 as of December 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$60.15M	USD	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, net of allowances of $3,701 and $3,561 as of December 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$104.52M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.05M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.71M	USD	Point-in-time
Inventories, net	`InventoryNet`	$108.21M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$108.84M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.35M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.11M	USD	Point-in-time
Common stock, par or stated value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par or stated value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$222.52M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$202.69M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$20.18M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	19.07M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$23.19M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	18.64M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.37M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.32M	USD	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	22.89M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	225,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	260,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$24.75M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.95M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$313.67M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$283.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.55M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$195.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$310.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$130.00M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$39.53M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$77.62M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$66.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$181.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$239.48M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.10M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$886.00K	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$55.66M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$781.00K	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$3.18M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$33.56M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$28.83M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$277.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$285.18M	USD	Point-in-time
Preferred stock $0.001 par value. Shares authorized: 5,000. No shares issued and outstanding at all dates.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $0.001 par value. Shares authorized: 5,000. No shares issued and outstanding at all dates.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 23,117 and 23,117 shares issued; 22,892 and 22,857 shares outstanding at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 23,117 and 23,117 shares issued; 22,892 and 22,857 shares outstanding at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$157.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$156.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-149.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-126.91M	USD	Point-in-time
Treasury stock, at cost, 225 and 260 shares at December 31, 2020 and December 31, 2019, respectively	`TreasuryStockValue`	$1.29M	USD	Point-in-time
Treasury stock, at cost, 225 and 260 shares at December 31, 2020 and December 31, 2019, respectively	`TreasuryStockValue`	$1.34M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$28.50M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$6.10M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$-18.58M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$283.98M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$313.67M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$417.64M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$546.08M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$359.19M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$446.19M	USD	Annual
Gross profit	`GrossProfit`	$99.89M	USD	Annual
Gross profit	`GrossProfit`	$58.45M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$24.93M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$25.38M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$54.12M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$51.74M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$3.64M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$3.05M	USD	Annual
Total operating expenses	`OperatingExpenses`	$82.69M	USD	Annual
Total operating expenses	`OperatingExpenses`	$80.17M	USD	Annual
Operating (loss) income	`OperatingIncomeLoss`	$17.20M	USD	Annual
Operating (loss) income	`OperatingIncomeLoss`	$-21.72M	USD	Annual
Interest expense	`InterestExpense`	$5.71M	USD	Annual
Interest expense	`InterestExpense`	$7.87M	USD	Annual
Loss from change in value and exercise of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	Annual
Loss from change in value and exercise of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.35M	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$1.24M	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$677.00K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-4.97M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-8.55M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-26.70M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.66M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-3.71M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$409.00K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-22.98M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$8.25M	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.87M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.51M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.87M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.53M	shares	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.38	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-1.00	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.00	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.38	USD	Annual

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-22.98M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$8.25M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$3.05M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$3.64M	USD	Annual
Depreciation	`Depreciation`	$5.16M	USD	Annual
Depreciation	`Depreciation`	$5.15M	USD	Annual
Change in value and exercise of warrants	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in value and exercise of warrants	`FairValueAdjustmentOfWarrants`	$1.35M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$1.25M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$607.00K	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$698.00K	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$1.59M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-1.45M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$457.00K	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	1 Quarter
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$277.00K	USD	Annual
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$-209.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$18.09M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-44.61M	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$3.98M	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$382.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.96M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.12M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-9.49M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-44.16M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$13.95M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$11.11M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-2.43M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-8.98M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.59M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.16M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$3.68M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$2.40M	USD	Annual
Proceeds from corporate-owned life insurance	`ProceedsFromLifeInsurancePolicies`	-	USD	Annual
Proceeds from corporate-owned life insurance	`ProceedsFromLifeInsurancePolicies`	$930.00K	USD	Annual
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-23.00K	USD	Annual
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-60.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.41M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.66M	USD	Annual
Repayments of long-term debt and lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$55.29M	USD	Annual
Repayments of long-term debt and lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$194.00K	USD	Annual
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$650.00K	USD	Annual
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$1.97M	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$180.30M	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$544.15M	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$559.23M	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$89.83M	USD	Annual
Proceeds from Weichai Warrant exercise	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from Weichai Warrant exercise	`ProceedsFromWarrantExercises`	$1.62M	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$58.00K	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-236.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.55M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.27M	USD	Annual
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-51.00K	USD	Annual
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$24.26M	USD	Annual
Cash, cash equivalents, and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.27M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.27M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.27M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-22.98M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$8.25M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.25M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$607.00K	USD	Annual
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-25.00K	USD	Annual
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-489.00K	USD	Annual
Issuance of common stock to Weichai	`StockIssuedDuringPeriodValueNewIssues`	$38.07M	USD	Annual
Ending balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.