Kvh industries, inc. (KVHI)
Balance Sheet / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Dec'10
ASSETS
Current assets:
Cash and cash equivalents

18,542

18,365

9,243

15,306

14,259

15,212

32,900

34,537

37,768

34,596

35,375

30,431

29,385

26,422

25,099

24,786

28,198

22,719

23,623

20,466

18,379

25,289

25,923

13,361

12,283

9,358

9,213

9,916

6,529

8,978

8,621

8,242

5,550

7,017

5,263

7,924

7,241

Marketable securities

22,487

29,907

46,325

50,057

25

25

336

335

3,332

8,319

8,297

13,771

16,743

25,712

28,684

22,659

22,638

22,619

26,599

27,572

31,044

24,513

24,480

40,970

41,425

46,386

48,364

44,407

38,316

29,307

24,296

22,782

25,768

23,553

27,632

24,618

30,065

Accounts receivable, net of allowance for doubtful accounts of $1,722 and $1,589 as of March 31, 2020 and December 31, 2019, respectively

28,968

32,891

29,979

29,598

28,832

28,592

28,971

29,837

28,550

28,316

29,062

27,068

26,962

31,152

31,815

32,588

31,705

43,895

38,118

37,927

33,787

39,936

32,918

30,649

28,173

27,549

25,731

26,982

29,392

27,654

28,596

22,264

18,356

25,958

19,272

20,437

18,769

Inventories, net

25,555

23,465

25,317

24,216

26,062

22,942

24,676

22,912

23,327

22,732

21,650

23,412

21,755

20,745

21,139

21,700

23,154

21,589

21,193

19,577

18,648

17,424

20,591

20,111

18,704

18,255

18,133

17,355

16,918

16,203

17,842

17,159

17,522

18,614

19,586

17,294

14,765

Prepaid expenses and other current assets

3,422

3,188

3,121

3,449

4,320

2,532

3,741

3,339

4,419

3,816

5,056

4,863

4,953

4,801

7,477

5,595

5,805

4,271

5,214

4,627

4,214

2,953

4,670

3,833

4,726

3,784

3,891

4,756

4,071

3,264

2,807

2,942

2,626

2,552

2,969

2,712

2,734

Current contract assets

1,424

1,458

1,407

3,834

3,678

3,566

3,460

3,419

3,305

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Disposal Group, Including Discontinued Operation, Assets, Current

-

-

0

0

-

4,871

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current deferred income tax asset

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,787

2,787

2,790

2,772

-

-

-

3,060

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,121

3,235

3,128

-

712

817

824

1,146

410

1,033

1,392

1,281

561

762

944

Total current assets

100,398

109,274

115,392

126,460

77,176

77,740

94,084

94,379

100,701

97,779

99,440

99,545

99,798

108,832

114,214

107,328

111,500

115,093

117,534

112,956

108,862

112,887

111,703

112,159

108,439

108,392

106,044

104,233

96,050

86,552

82,572

74,422

71,214

78,977

75,283

73,747

74,520

Property and equipment, net

54,756

53,584

52,661

52,501

53,697

50,633

52,375

50,069

48,145

43,521

42,603

41,754

37,159

36,586

37,927

38,125

38,861

39,900

41,323

41,716

41,279

41,696

42,300

36,512

36,682

37,142

36,706

36,283

35,912

36,733

36,157

36,507

35,212

34,009

29,383

24,993

23,044

Intangible assets, net

4,432

4,943

4,840

5,197

9,807

5,661

11,637

12,743

14,587

15,120

16,047

16,657

17,034

17,838

20,080

21,879

24,698

26,755

-

-

30,820

33,641

36,608

14,500

14,654

14,987

15,181

14,802

1,524

1,684

1,730

1,736

1,911

1,902

2,062

2,295

2,271

Finite-Lived Intangible Assets, Net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28,734

31,184

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Goodwill

14,730

15,408

14,667

14,995

32,845

15,031

32,848

33,237

34,996

33,872

33,674

32,802

31,603

31,343

32,741

33,645

35,780

36,747

37,520

38,663

36,735

40,454

40,670

18,737

18,407

18,281

18,086

16,966

4,527

4,712

4,609

4,426

4,620

4,425

4,572

4,846

4,517

Right of use asset operating lease

5,026

6,286

6,951

8,162

9,411

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other non-current assets

6,644

6,443

6,091

5,809

7,021

5,484

6,701

6,735

6,437

5,927

5,891

5,751

5,410

5,134

4,987

4,401

3,387

3,096

3,331

4,233

4,692

4,469

4,551

4,879

4,801

5,047

4,972

5,205

4,137

4,363

4,251

4,170

3,690

3,834

4,288

6,461

5,863

Non-current contract assets

3,259

3,408

3,449

7,577

7,342

6,971

6,626

6,266

6,272

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-current deferred income tax asset

40

45

131

195

-

226

-

-

-

20

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Disposal Group, Including Discontinued Operation, Assets, Noncurrent

-

-

0

0

-

25,906

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-current deferred income tax asset

-

-

-

-

210

-

201

198

214

-

25

24

24

24

3,747

3,794

3,795

4,686

2,650

2,697

2,733

2,690

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

38

566

3,153

3,524

4,782

5,403

5,406

5,405

5,524

5,289

4,981

Total assets

189,285

199,391

204,182

220,896

197,509

187,652

204,472

203,627

211,352

196,239

197,680

196,533

191,028

199,757

213,696

209,172

218,021

226,277

231,092

231,449

225,121

235,837

235,832

186,787

182,983

183,849

181,027

178,055

145,303

137,568

134,101

126,664

122,053

128,555

121,112

117,631

115,197

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable

13,818

15,031

14,502

16,974

20,270

16,735

14,957

16,775

17,144

15,736

11,944

11,781

10,342

8,436

7,703

9,500

7,836

8,975

10,232

9,021

11,671

12,460

14,362

7,545

8,445

8,876

7,930

7,144

6,760

7,086

6,612

5,819

5,089

6,140

3,113

5,167

3,922

Accrued compensation and employee-related expenses

5,129

5,637

5,391

4,783

4,249

4,947

5,598

4,866

4,531

5,358

7,003

6,020

5,516

4,766

4,779

5,398

6,148

6,588

6,357

5,606

4,762

4,932

4,241

4,932

4,387

5,859

5,490

5,542

5,093

6,785

5,150

3,756

3,235

4,284

4,127

4,140

4,414

Accrued other

8,551

7,733

9,501

11,467

10,131

9,100

11,748

8,289

9,583

9,210

8,828

8,094

8,380

8,317

12,326

8,319

9,601

12,042

15,098

12,760

8,827

10,963

13,144

9,110

8,183

7,325

6,969

7,126

5,409

4,595

7,796

4,538

3,893

5,026

5,186

4,010

3,278

Accrued product warranty costs

2,212

2,194

2,288

2,181

2,021

1,916

2,032

2,039

2,027

2,074

2,315

2,407

2,395

2,280

2,256

2,227

2,075

1,880

1,703

1,759

1,714

1,853

1,666

1,616

1,367

1,269

1,010

970

803

814

921

924

948

933

922

795

886

Accrued professional fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

278

292

-

-

-

312

Deferred Revenue, Current

-

-

-

-

-

-

0

0

0

6,919

9,218

9,906

7,156

6,661

9,281

6,408

6,777

5,962

8,035

8,929

7,774

7,791

7,598

6,951

5,735

4,858

5,468

7,037

2,074

1,892

1,956

2,662

1,065

2,683

1,664

832

1,011

Current portion of long-term debt

-

-

0

2,000

10,585

9,928

22,691

4,990

2,484

2,482

2,479

2,477

2,475

7,900

7,890

7,472

7,055

6,638

6,219

6,209

6,198

6,188

4,959

1,293

1,282

1,272

1,044

1,109

1,098

138

136

134

133

130

129

127

123

Contract liabilities

4,933

4,443

5,701

8,119

12,211

7,647

10,770

11,051

11,973

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current operating lease liability

1,634

2,831

3,584

4,418

4,749

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liability for uncertain tax positions

532

521

686

675

1,141

893

1,316

1,444

1,631

1,570

1,538

1,356

1,293

1,283

-

-

1,350

1,474

3,197

3,240

3,401

3,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Disposal Group, Including Discontinued Operation, Liabilities, Current

-

-

0

0

-

4,844

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total current liabilities

36,809

38,390

41,653

50,617

65,357

56,010

69,112

49,454

49,373

43,349

43,325

42,041

37,557

39,643

44,235

39,324

40,842

43,559

50,841

47,524

44,347

47,687

45,970

31,447

29,399

29,459

27,911

28,928

21,237

21,310

22,571

18,111

14,655

19,199

15,141

15,071

13,949

Liability for Uncertain Tax Positions, Noncurrent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,616

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

1,138

1,292

1,445

1,599

1,752

1,920

2,060

2,213

2,414

19

26

33

41

326

1,127

1,200

1,317

1,391

1,374

1,425

1,350

1,459

1,322

296

194

204

1,121

1,312

1,309

140

132

128

138

135

8

1,379

1,262

Long-term operating lease liability

3,422

3,482

3,388

3,760

4,672

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term contract liabilities

5,221

5,476

5,194

10,056

9,634

9,070

8,771

8,374

8,301

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,000

30,000

-

30,000

30,000

7,000

7,000

7,000

7,000

7,000

9,000

6,500

-

-

Long-term debt, excluding current portion

-

-

0

0

18,749

19,437

20,252

38,575

41,701

44,572

45,193

45,815

46,435

50,153

52,132

54,109

56,083

58,054

60,019

61,578

63,135

64,687

66,238

6,443

6,770

37,094

6,407

6,671

7,009

3,414

3,450

3,485

3,519

3,552

3,586

3,619

3,683

Non-current deferred income tax liability

-

-

-

-

1,747

-

2,547

2,580

2,729

-

3,406

3,302

3,139

3,133

4,153

4,297

4,922

5,097

5,484

5,327

5,197

5,464

3,057

464

375

625

-

-

-

0

-

-

-

-

-

-

-

Non-current deferred income tax liability

818

762

835

868

-

966

-

-

-

2,634

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent

-

-

0

0

-

734

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total liabilities

47,408

49,402

52,515

66,900

101,911

88,137

102,742

101,196

104,518

90,574

91,950

91,191

87,172

93,255

101,647

98,930

103,164

108,101

117,718

115,854

114,029

119,297

120,203

68,650

66,738

67,382

65,439

66,911

36,555

31,864

33,153

28,724

25,312

31,887

25,235

20,069

18,895

Commitments and contingencies

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

0

-

-

-

0

-

-

-

0

-

-

0

0

0

0

0

Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; none issued

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Common stock, $0.01 par value. Authorized 30,000,000 shares; 19,419,121 and 19,398,699 shares issued at March 31, 2020 and December 31, 2019, respectively; and 17,986,427 and 18,001,261 shares outstanding at March 31, 2020 and December 31, 2019, respectively

194

194

194

193

191

190

190

189

188

188

188

187

187

184

182

175

175

173

173

173

172

172

171

171

171

169

169

168

168

166

165

165

164

162

162

161

158

Additional paid-in capital

145,457

144,485

143,214

141,856

140,790

139,617

138,731

137,508

136,718

134,361

133,173

132,325

131,268

129,660

126,577

125,439

124,785

124,619

123,776

122,772

121,904

121,084

120,013

119,106

117,781

117,147

115,970

114,642

112,947

111,514

109,770

108,819

107,492

106,592

105,558

104,707

102,727

Retained earnings

13,324

19,538

23,021

25,600

-21,576

-15,397

-13,575

-12,401

-11,058

-4,417

-2,732

-294

1,732

6,617

13,400

10,537

11,343

14,134

10,034

10,496

10,459

11,881

10,924

10,612

10,717

11,840

12,205

10,819

9,270

7,307

4,549

2,805

2,352

3,726

2,123

1,523

2,867

Accumulated other comprehensive loss

-5,247

-2,767

-4,598

-3,489

-13,643

-14,731

-13,452

-12,701

-8,850

-11,317

-11,749

-13,726

-16,181

-16,809

-14,960

-12,759

-8,296

-7,600

-7,459

-4,696

-8,293

-3,447

-2,329

1,398

726

461

394

-1,335

-487

-133

-386

-699

-117

-663

-200

642

19

Stockholders equity before treasury stock adjustment

153,728

161,450

161,831

164,160

105,762

109,679

111,894

112,595

116,998

118,815

118,880

118,492

117,006

119,652

125,199

123,392

128,007

131,326

126,524

128,745

124,242

129,690

-

-

-

129,617

-

-

-

118,854

-

-

-

109,818

-

-

105,773

Less: treasury stock at cost, common stock, 1,432,694 and 1,397,438 shares as of March 31, 2020 and December 31, 2019, respectively

11,851

11,461

10,164

10,164

10,164

10,164

10,164

10,164

10,164

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

13,150

11,766

9,471

9,471

Total stockholders’ equity

141,877

149,989

151,667

153,996

95,598

99,515

101,730

102,431

106,834

105,665

105,730

105,342

103,856

106,502

112,049

110,242

114,857

118,176

113,374

115,595

111,092

116,540

115,629

118,137

116,245

116,467

115,588

111,144

108,748

105,704

100,948

97,940

96,741

96,668

95,877

97,562

96,302

Total liabilities and stockholders’ equity

189,285

199,391

204,182

220,896

197,509

187,652

204,472

203,627

211,352

196,239

197,680

196,533

191,028

199,757

213,696

209,172

218,021

226,277

231,092

231,449

225,121

235,837

235,832

186,787

182,983

183,849

181,027

178,055

145,303

137,568

134,101

126,664

122,053

128,555

121,112

117,631

115,197