10-K Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001628280-20-006265`
Period End Date	20191231
Filing Date	20200504
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	psix-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 41 Cash Flow Statement 58 Stockholders Equity 13

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.60M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.56M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.00K	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances of $3,561 and $2,596 as of December 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$86.47M	USD	Point-in-time
Accounts receivable, net of allowances of $3,561 and $2,596 as of December 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$104.52M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$973.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.05M	USD	Point-in-time
Inventories, net	`InventoryNet`	$105.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$108.84M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.92M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.11M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$216.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$222.52M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	19.07M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	19.07M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.19M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	18.43M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.27M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	18.64M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.01M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	260,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	429,000.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.37M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.74M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$24.75M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$289.88M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$313.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$85.22M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$80.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$195.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$39.53M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$54.61M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesCurrent`	$35.10M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$66.03M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$45.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$181.59M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$647.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.10M	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`	$55.09M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$14.61M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$28.83M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$17.40M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$308.46M	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 19,067 shares issued; 22,857 and 18,638 shares outstanding at December 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 23,117 and 19,067 shares issued; 22,857 and 18,638 shares outstanding at December 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$19.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$126.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$165.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-135.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-126.91M	USD	Point-in-time
Treasury stock, at cost, 260 and 429 shares at December 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$9.85M	USD	Point-in-time
Treasury stock, at cost, 260 and 429 shares at December 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$10.14M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$-18.58M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$32.17M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY (DEFICIT)	`StockholdersEquity`	$28.50M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$289.88M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$313.67M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$546.08M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$496.04M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$446.19M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$437.27M	USD	Annual
Gross profit	`GrossProfit`	$58.77M	USD	Annual
Gross profit	`GrossProfit`	$99.89M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$28.60M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$24.93M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$59.63M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$54.11M	USD	Annual
Asset impairment charges	`AssetImpairmentCharges`	$1.00K	USD	Annual
Asset impairment charges	`AssetImpairmentCharges`	$2.23M	USD	Annual
Asset impairment charges	`AssetImpairmentCharges`	$2.23M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$3.64M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$5.01M	USD	Annual
Total operating expenses	`OperatingExpenses`	$95.47M	USD	Annual
Total operating expenses	`OperatingExpenses`	$82.69M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$17.20M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-36.70M	USD	Annual
Interest expense	`InterestExpense`	$7.63M	USD	Annual
Interest expense	`InterestExpense`	$7.87M	USD	Annual
Loss from change in value and exercise of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.35M	USD	Annual
Loss from change in value and exercise of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$-10.40M	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$176.00K	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$677.00K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-8.55M	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-17.85M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.66M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-54.56M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$409.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$169.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$8.25M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-54.73M	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	21.51M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.59M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.53M	shares	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-2.94	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.38	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.38	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-2.94	USD	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$8.25M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-54.73M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$3.64M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$5.01M	USD	Annual
Depreciation	`Depreciation`	$5.20M	USD	Annual
Depreciation	`Depreciation`	$5.16M	USD	Annual
Change in value and exercise of warrants	`FairValueAdjustmentOfWarrants`	$1.35M	USD	Annual
Change in value and exercise of warrants	`FairValueAdjustmentOfWarrants`	$10.40M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$1.25M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$2.66M	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$698.00K	USD	Annual
Amortization of financing fees	`PaidInKindInterest`	$1.50M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$457.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-56.00K	USD	Annual
Asset impairment charges	`OtherAssetImpairmentCharges`	$2.23M	USD	Annual
Asset impairment charges	`OtherAssetImpairmentCharges`	$1.00K	USD	Annual
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$2.08M	USD	Annual
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$276.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$17.89M	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$18.09M	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$3.98M	USD	Annual
Inventory, net	`IncreaseDecreaseInInventories`	$26.20M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$761.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.12M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-9.49M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$33.97M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$11.63M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$13.95M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-2.43M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$18.79M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.17M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.16M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$3.65M	USD	Annual
Capital expenditures	`PaymentsForCapitalImprovements`	$3.68M	USD	Annual
Asset acquisitions	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	-	USD	Annual
Asset acquisitions	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	$6.59M	USD	Annual
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00K	USD	Annual
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-23.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.24M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.66M	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$544.15M	USD	Annual
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$516.44M	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$498.88M	USD	Annual
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$559.23M	USD	Annual
Proceeds from Weichai Warrant exercise	`ProceedsFromWarrantExercises`	$1.62M	USD	Annual
Proceeds from Weichai Warrant exercise	`ProceedsFromWarrantExercises`	-	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.08M	USD	Annual
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.10M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.55M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.46M	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$54.00K	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-51.00K	USD	Annual
Cash and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash and restricted cash at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash and restricted cash at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$32.17M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$8.25M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-54.73M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.25M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.66M	USD	Annual
Payment of withholding taxes for net settlement of stock-based awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$400.00K	USD	Annual
Payment of withholding taxes for net settlement of stock-based awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$489.00K	USD	Annual
Issuance of common stock to Weichai	`StockIssuedDuringPeriodValueNewIssues`	$38.07M	USD	Annual
Ending balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$32.17M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$28.50M	USD	Point-in-time

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