Crexendo, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Crexendo, Inc. filed its Q1 2024 10-Q report</b>, detailing its financial performance and operational status for the quarter ending March 31, 2024.

AI Summary

Crexendo, Inc. (CXDO) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Crexendo, Inc. reported financial results for the first quarter ended March 31, 2024. The company's fiscal year ends on December 31st. The filing is a 10-Q, indicating a quarterly report. Crexendo, Inc. is incorporated in Delaware. The company's primary business is in Telephone Communications.

Why It Matters

For investors and stakeholders tracking Crexendo, Inc., this filing contains several important signals. This filing provides investors with an update on Crexendo's financial health and business activities for the first quarter of 2024, allowing for assessment of recent performance. As a 10-Q filing, it contains unaudited financial statements and management's discussion and analysis, offering timely insights into the company's trajectory.

Risk Assessment

Risk Level: low — Crexendo, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Crexendo's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 0001075736 — Central Index Key (Filer's Central Index Key)
• 4813 — Standard Industrial Classification (SIC code for Telephone Communications)
• 001-32277 — SEC File Number (SEC file number)

Key Players & Entities

• Crexendo, Inc. (company) — Filer
• IMERGENT INC (company) — Former company name
• NETGATEWAY INC (company) — Former company name
• DE (jurisdiction) — State of incorporation
• AZ (state) — Business address state
• 85281 (postal_code) — Business address zip
• 8012270004 (phone_number) — Business phone
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Crexendo, Inc. operates within the Telephone Communications industry, providing services related to telecommunications.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, specifically the 10-Q form for quarterly reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Read the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Note any disclosures regarding legal proceedings, risks, or significant business developments.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report.

Filing Documents

• cxdo_10q.htm (10-Q) — 1170KB
• cxdo_ex311.htm (EX-31.1) — 9KB
• cxdo_ex312.htm (EX-31.2) — 9KB
• cxdo_ex321.htm (EX-32.1) — 3KB
• cxdo_ex322.htm (EX-32.2) — 3KB
• cxdo_10qimg67.jpg (GRAPHIC) — 7KB
• 0001654954-24-005696.txt (&nbsp;) — 6431KB
• cxdo-20240331.xsd (EX-101.SCH) — 72KB
• cxdo-20240331_lab.xml (EX-101.LAB) — 380KB
• cxdo-20240331_cal.xml (EX-101.CAL) — 64KB
• cxdo-20240331_pre.xml (EX-101.PRE) — 318KB
• cxdo-20240331_def.xml (EX-101.DEF) — 137KB
• cxdo_10q_htm.xml (XML) — 1110KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 6. Exhibits 41

Signatures

Signatures 42 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Crexendo, Inc. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value and share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 11,041 $ 10,347 Trade receivables, net of allowance of $ 125 and $ 116 , respectively 4,216 3,476 Inventories 381 382 Equipment financing receivables, net of allowance of $ 58 and $ 56 , respectively 884 856 Contract costs 1,601 1,345 Prepaid expenses 899 508 Other current assets 23 35 Total current assets 19,045 16,949 Contract assets, net of allowance of $ 82 and $ 85 , respectively 320 342 Long-term equipment financing receivables, net of allowance of $ 122 and $ 115 , respectively 1,869 1,768 Property and equipment, net 590 670 Operating lease right-of-use assets 860 1,009 Intangible assets, net 22,796 23,556 Goodwill 9,454 9,454 Contract costs, net of current portion 2,396 2,273 Other long-term assets 137 139 Total Assets $ 57,467 $ 56,160 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 619 $ 769 Accrued expenses 5,002 5,951 Finance leases 76 75 Notes payable 462 457 Operating lease liabilities 476 566 Income tax payable 80 53 Contract liabilities 2,898 2,390 Total current liabilities 9,613 10,261 Contract liabilities, net of current portion 198 198 Finance leases, net of current portion 4 23 Notes payable, net of current portion 475 592 Operating lease liabilities, net of current portion 412 473 Total liabilities 10,702 11,547 Stockholders' equity: Preferred stock, par value $ 0.001 per share - authorized 5,000,000 shares; none issued — — Common stock, par value $ 0.001 per share - authorized 50,000,000 shares, 26,628,022 shares issued and outstanding as of March 31, 2024 and 26,130,218 shares issued and outstanding as o

View Full Filing

View this 10-Q filing on SEC EDGAR