10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001137091-21-000005`
Period End Date	20210331
Filing Date	20210512
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	psix-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 58 Stockholders Equity 14

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$816.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.40M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.70M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.30M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.30M	USD	Point-in-time
Accounts receivable, net of allowances of $3,269 and $3,701 as of March 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$60.15M	USD	Point-in-time
Accounts receivable, net of allowances of $3,269 and $3,701 as of March 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$52.53M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.71M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.71M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$109.09M	USD	Point-in-time
Inventories, net	`InventoryNet`	$108.21M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.12M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$202.69M	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
Total current assets	`AssetsCurrent`	$200.14M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$20.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$19.40M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.32M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.69M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$19.99M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.89M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.89M	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.95M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$283.98M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	225,000.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$279.05M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	225,000.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$55.15M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$310.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$292.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$130.00M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$130.00M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$66.47M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$77.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$239.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$251.91M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$886.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.25M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$695.00K	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`	$3.09M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$34.05M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$33.56M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$277.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$291.00M	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 shares issued; 22,892 shares outstanding at both March 31, 2021 and December 31, 2020	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 23,117 shares issued; 22,892 shares outstanding at both March 31, 2021 and December 31, 2020	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$157.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$157.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-149.89M	USD	Point-in-time
Treasury stock, at cost, 225 shares at both March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$1.29M	USD	Point-in-time
Treasury stock, at cost, 225 shares at both March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$1.29M	USD	Point-in-time
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	`StockholdersEquity`	$27.94M	USD	Point-in-time
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	`StockholdersEquity`	$28.50M	USD	Point-in-time
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	`StockholdersEquity`	$6.10M	USD	Point-in-time
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	`StockholdersEquity`	$-11.95M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY	`LiabilitiesAndStockholdersEquity`	$283.98M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY	`LiabilitiesAndStockholdersEquity`	$279.05M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$100.17M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$105.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$93.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$87.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.07M	USD	1 Quarter
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.75M	USD	1 Quarter
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.22M	USD	1 Quarter
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$13.89M	USD	1 Quarter
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$15.81M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$634.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$763.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.41M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$22.67M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-15.60M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.69M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.16M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.27M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$211.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	-	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-1.06M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-2.16M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.75M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-17.76M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$390.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-4.04M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-18.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.89M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.86M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.79	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.79	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-18.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$634.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$763.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.30M	USD	1 Quarter
Depreciation	`Depreciation`	$1.27M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$109.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$157.00K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$1.16M	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$116.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$369.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-390.00K	USD	1 Quarter
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$-162.00K	USD	1 Quarter
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$574.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-7.62M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-45.59M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$1.36M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$16.81M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$84.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.53M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$24.29M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-8.59M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$9.69M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-11.14M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$405.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-1.12M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.68M	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$617.00K	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$779.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-10.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-607.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-772.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$127.56M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$150.26M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$2.54M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-102.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-21.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.72M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.64M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.44M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$813.00K	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.27M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$816.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.27M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$816.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.70M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`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`	$816.00K	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.70M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$27.94M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-11.95M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-18.15M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$109.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$157.00K	USD	1 Quarter
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.00K	USD	1 Quarter
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$27.94M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-11.95M	USD	Point-in-time

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