10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001628280-20-010039`
Period End Date	20200331
Filing Date	20200630
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	psix-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.56M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$816.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.00K	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
Accounts receivable, net of allowances of $3,252 and $3,561 as of March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$58.96M	USD	Point-in-time
Accounts receivable, net of allowances of $3,252 and $3,561 as of March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$104.52M	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
Income tax receivable	`IncomeTaxesReceivable`	$3.81M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.05M	USD	Point-in-time
Inventories, net	`InventoryNet`	$125.60M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$108.84M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.11M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$222.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$201.41M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$22.71M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.19M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.61M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	23.12M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.37M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	22.86M	shares	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$23.47M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$24.75M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	260,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	259,000.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$313.67M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$290.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$67.31M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$55.16M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$195.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$16.83M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$39.53M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$75.60M	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`	$214.90M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$1.10M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$714.00K	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`	$896.00K	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$16.70M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$28.83M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$28.89M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$262.09M	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; 22,858 and 22,857 shares outstanding at March 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; 22,858 and 22,857 shares outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$165.69M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$165.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-126.91M	USD	Point-in-time
Treasury stock, at cost, 259 and 260 shares at March 31, 2020 and December 31, 2019, respectively	`TreasuryStockValue`	$10.14M	USD	Point-in-time
Treasury stock, at cost, 259 and 260 shares at March 31, 2020 and December 31, 2019, respectively	`TreasuryStockValue`	$10.15M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$27.94M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$-20.98M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$28.50M	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$-18.58M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$313.67M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$290.04M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$115.79M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$105.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$98.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$87.38M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.70M	USD	1 Quarter
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.30M	USD	1 Quarter
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$16.06M	USD	1 Quarter
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$13.89M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$763.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$910.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.41M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.27M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.57M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.69M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.27M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.11M	USD	1 Quarter
Gain from change in fair value of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$4.40M	USD	1 Quarter
Gain from change in fair value of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$211.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$106.00K	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$2.39M	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$-1.06M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.17M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.75M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.04M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-586.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.64M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.64M	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`	$-0.14	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$910.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$763.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.34M	USD	1 Quarter
Depreciation	`Depreciation`	$1.30M	USD	1 Quarter
Change in value of warrants	`FairValueAdjustmentOfWarrants`	$-4.40M	USD	1 Quarter
Change in value of warrants	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$157.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$535.00K	USD	1 Quarter
Amortization of financing fees	`PaidInKindInterest`	$116.00K	USD	1 Quarter
Amortization of financing fees	`PaidInKindInterest`	$179.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-390.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-641.00K	USD	1 Quarter
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$-162.00K	USD	1 Quarter
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$349.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-45.59M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-16.64M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$12.47M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$16.81M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.54M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.53M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-8.59M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-104.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$9.69M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$12.72M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-6.62M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-1.12M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.30M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-701.00K	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$816.00K	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`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-816.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-772.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$127.56M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$137.30M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$150.26M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$135.09M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-748.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-21.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.72M	USD	1 Quarter
Net increase (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-53.00K	USD	1 Quarter
Net increase (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$813.00K	USD	1 Quarter
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00K	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$816.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$816.00K	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`	$-20.98M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$28.50M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-712.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$535.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$157.00K	USD	1 Quarter
Payment of withholding taxes for net settlement of stock-based awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$346.00K	USD	1 Quarter
Payment of withholding taxes for net settlement of stock-based awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$27.94M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-20.98M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$28.50M	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.