Distribution Solutions Group, Inc. 10-Q Filing

Ticker: DSGR · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 703604

Distribution Solutions Group, Inc. 10-Q Filing Summary
FieldDetail
CompanyDistribution Solutions Group, Inc. (DSGR)
Form Type10-Q
Filed DateAug 1, 2024
Pages15
Reading Time19 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Distribution Solutions Group, Inc. (ticker: DSGR) to the SEC on Aug 1, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $1.00 (ange on which registered Common stock, $1.00 par value DSGR NASDAQ Global Select Mar).

How long is this filing?

Distribution Solutions Group, Inc.'s 10-Q filing is 15 pages with approximately 4,638 words. Estimated reading time is 19 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,638 words · 19 min read · ~15 pages · Grade level 20 · Accepted 2024-08-01 07:40:23

Key Financial Figures

  • $1.00 — ange on which registered Common stock, $1.00 par value DSGR NASDAQ Global Select Mar

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Stockholders ' Equity for the Three and Six Months Ended June 3 0 , 2024 and 20 23 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 20 23 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 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 29 Item 3. Quantitative and Qualitative Disclosure s About Market Risk 47 Item 4 .

Controls and Procedures

Controls and Procedures 47

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 5. Other Information 48 Item 6 . Exhibits 49

SIGNATURES

SIGNATURES 50 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of the federal securities laws that involve risks and uncertainties. Terms such as "aim," "anticipate," "believe," "contemplates," "continues," "could," "ensure," "estimate," "expect," "forecasts," "if," "intend," "likely," "may," "might," "objective," "outlook," "plan," "positioned," "potential," "predict," "probable," "project," "shall," "should," "strategy," "will," "would," and variations of them and other words and terms of similar meaning and expression (and the negatives of such words and terms) are intended to identify forward-looking statements. Forward-looking statements can also be identified by the fact that they do not relate strictly to historical or current facts. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management's current expectations, intentions or beliefs as of the date they are made and are subject to a number of factors, assumptions and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact our business, financial condition and results of operations include: inventory obsolescence; work stoppages and other disruptions at transportation centers or shipping ports; the reliance of TestEquity Acquisition, LLC ("TestEquity") on a significant supplier for a significant amount of its product inventory; changes in our customers, product mix and pricing strategy; disruptions of our information and communication systems; cyber-attacks, other information security incidents or IT system outages; the inability to successfully recruit, integrate and retain productive sales

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS Distribution Solutions Group, Inc. Condensed Consolidated Balance Sheets (Dollars in thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 46,786 $ 83,931 Restricted cash 10,125 15,695 Accounts receivable, less allowances of $ 1,959 and $ 2,120 , respectively 235,802 213,448 Inventories 320,748 315,984 Prepaid expenses and other current assets 43,306 28,272 Assets held for sale 3,589 — Total current assets 660,356 657,330 Property, plant and equipment, net 108,709 113,811 Rental equipment, net 23,062 24,575 Goodwill 428,308 399,925 Deferred tax asset, net 84 95 Intangible assets, net 276,896 253,834 Cash value of life insurance 19,312 18,493 Right of use operating lease assets 84,878 76,340 Other assets 5,947 5,928 Total assets $ 1,607,552 $ 1,550,331 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 108,184 $ 98,674 Current portion of long-term debt 31,367 32,551 Current portion of lease liabilities 16,877 13,549 Accrued expenses and other current liabilities 108,116 97,241 Total current liabilities 264,544 242,015 Long-term debt, less current portion, net 573,654 535,881 Lease liabilities 73,480 67,065 Deferred tax liability, net 16,774 18,326 Other liabilities 25,796 25,443 Total liabilities 954,248 888,730 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock, $ 1 par value: Authorized - 500,000 shares, issued and outstanding — None — — Common stock, $ 1 par value: Authorized - 70,000,000 shares Issued - 47,636,856 and 47,535,618 shares, respectively Outstanding - 46,787,160 and 46,758,359 shares, respectively 46,786 46,758 Capital in excess of par value 674,074 671,154 Retained deficit ( 38,035 ) ( 34,707 ) Treasury stock – 849,696 and 777,259 shares, respectively ( 18,655 ) ( 16,434 ) Accumulated other comprehensive income (loss) ( 10,866 ) ( 5,170 ) To

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