10-K Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001137091-22-000007`
Period End Date	20211231
Filing Date	20220331
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	psix-20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 38 Cash Flow Statement 71 Stockholders Equity 12

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.70M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.25M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.48M	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
Preferred stock, par or stated value (in dollar per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, net of allowances of $3,420 and $3,701 as of December 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$65.11M	USD	Point-in-time
Accounts receivable, net of allowances of $3,420 and $3,701 as of December 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$60.15M	USD	Point-in-time
Preferred stock authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.71M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$4.28M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$142.19M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$108.21M	USD	Point-in-time
Common stock, par or stated value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.35M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.92M	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`	$202.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$230.23M	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
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
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$20.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$17.34M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.78M	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
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	22.93M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.32M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	191,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	225,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$15.35M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.95M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$300.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$283.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$93.26M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$254.00K	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`	$130.00M	USD	Point-in-time
Other short-term financing	`OtherShortTermBorrowings`	$25.00M	USD	Point-in-time
Other short-term financing	`OtherShortTermBorrowings`	-	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$34.80M	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`	$283.31M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$886.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.02M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$781.00K	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$25.64M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$3.33M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$3.18M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$33.56M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$29.27M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$277.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$342.56M	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; 22,926 and 22,892 shares outstanding at December 31, 2021 and December 31, 2020, 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; 22,926 and 22,892 shares outstanding at December 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$157.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$157.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-149.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-198.37M	USD	Point-in-time
Treasury stock, at cost, 191 and 225 shares at December 31, 2021 and December 31, 2020, respectively	`TreasuryStockValue`	$1.29M	USD	Point-in-time
Treasury stock, at cost, 191 and 225 shares at December 31, 2021 and December 31, 2020, respectively	`TreasuryStockValue`	$1.12M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$28.50M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$-42.02M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$6.10M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$283.98M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$300.54M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$417.64M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$456.25M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$414.98M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$359.19M	USD	Annual
Gross profit	`GrossProfit`	$41.27M	USD	Annual
Gross profit	`GrossProfit`	$58.45M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$25.38M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$22.43M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$57.87M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$51.74M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.54M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$3.05M	USD	Annual
Total operating expenses	`OperatingExpenses`	$80.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$82.84M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-41.57M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-21.72M	USD	Annual
Interest expense	`InterestExpense`	$5.71M	USD	Annual
Interest expense	`InterestExpense`	$7.31M	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on debt extinguishment and modifications	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	Annual
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$1.24M	USD	Annual
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-4.97M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-7.31M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-26.70M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-48.88M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.71M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-406.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-22.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-48.47M	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.91M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.87M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.91M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.87M	shares	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-2.12	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`	$-2.12	USD	Annual

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-22.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-48.47M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$3.05M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$2.54M	USD	Annual
Depreciation	`Depreciation`	$4.87M	USD	Annual
Depreciation	`Depreciation`	$5.15M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$607.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$394.00K	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$1.59M	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$2.82M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-1.45M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$29.00K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-497.00K	USD	Annual
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$-209.00K	USD	Annual
Other adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$941.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-44.61M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$4.95M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$34.84M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$382.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.96M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$103.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$62.10M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-44.16M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-42.76M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$11.11M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-4.05M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-8.98M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-61.48M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.59M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$2.40M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$1.97M	USD	Annual
Return of investment in joint venture	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$2.26M	USD	Annual
Return of investment in joint venture	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	-	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`	$-103.00K	USD	Annual
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-60.00K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.41M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$398.00K	USD	Annual
Repayments of long-term debt and lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$55.29M	USD	Annual
Repayments of long-term debt and lease liabilities	`RepaymentsOfDebtAndCapitalLeaseObligations`	$380.00K	USD	Annual
Proceeds from debt financings	`ProceedsFromShortTermDebt`	$51.31M	USD	Annual
Proceeds from debt financings	`ProceedsFromShortTermDebt`	-	USD	Annual
Repayment of short-term financings	`RepaymentsOfShortTermDebt`	$1.18M	USD	Annual
Repayment of short-term financings	`RepaymentsOfShortTermDebt`	-	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$180.30M	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$89.83M	USD	Annual
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$3.16M	USD	Annual
Payments of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$1.97M	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$58.00K	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-42.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.55M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.27M	USD	Annual
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$24.26M	USD	Annual
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.54M	USD	Annual
Cash, cash equivalents, and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.73M	USD	Point-in-time
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`	$24.27M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.73M	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`	$24.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.25M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.48M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.30M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.73M	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`	$24.27M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-42.02M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-22.98M	USD	Annual
Net loss	`NetIncomeLoss`	$-48.47M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$607.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$394.00K	USD	Annual
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-25.00K	USD	Annual
Common stock issued for stock-based awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-42.00K	USD	Annual
Ending balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-42.02M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$6.10M	USD	Point-in-time

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