Global Industrial Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Global Industrial Co. filed its 2023 10-K, detailing its operations in wholesale industrial machinery and equipment.</b>

AI Summary

GLOBAL INDUSTRIAL Co (GIC) filed a Annual Report (10-K) with the SEC on March 12, 2024. Global Industrial Co. (GIC) filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business is wholesale of industrial machinery and equipment. GIC was formerly known as Systemax Inc. and Global Directmail Corp. The company's headquarters are located at 11 Harbor Park Drive, Port Washington, NY. The filing was made on March 12, 2024.

Why It Matters

For investors and stakeholders tracking GLOBAL INDUSTRIAL Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Global Industrial Co.'s financial performance, operational strategies, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, market position, and future outlook in the industrial machinery and equipment sector.

Risk Assessment

Risk Level: low — GLOBAL INDUSTRIAL Co shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational information without immediate significant market-moving news.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Global Industrial Co.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-12 — Filing Date (Filed as of date)
• 5166087000 — Business Phone (Company contact number)
• 1999-06-22 — Name Change Date (Date of former name change to Global Industrial Co.)
• 1995-05-09 — Name Change Date (Date of former name change to Global Directmail Corp.)

Key Players & Entities

• GLOBAL INDUSTRIAL Co (company) — Filer name
• 0000945114 (company) — Central Index Key
• SYSTEMAX INC (company) — Former company name
• GLOBAL DIRECTMAIL CORP (company) — Former company name
• 11 HARBOR PARK DRIVE (company) — Business address street
• PORT WASHINGTON (company) — Business address city
• NY (company) — Business address state
• 11050 (company) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Global Industrial Co.)

Central Index Key (CIK)

A unique identifier assigned to each entity that files with the SEC. (Helps in uniquely identifying Global Industrial Co. in SEC filings.)

Fiscal Year End

The last day of a company's fiscal year. (Indicates the period covered by the financial statements in the 10-K.)

Key Financial Figures

• $72.6 million — ons in North America, for approximately $72.6 million in cash. This acquisition expands the C

Filing Documents

• gic-20231231.htm (10-K) — 1515KB
• ex-10_2712312023.htm (EX-10.27) — 59KB
• ex-10_2812312023.htm (EX-10.28) — 52KB
• ex-10_2912312023.htm (EX-10.29) — 41KB
• ex-2112312023.htm (EX-21) — 12KB
• exhibit2312312023.htm (EX-23) — 5KB
• ex31_112312023.htm (EX-31.1) — 10KB
• ex31_212312023.htm (EX-31.2) — 10KB
• ex32_112312023.htm (EX-32.1) — 4KB
• ex32_212312023.htm (EX-32.2) — 4KB
• ex-9712312023.htm (EX-97) — 37KB
• image_0.jpg (GRAPHIC) — 15KB
• image_0a.jpg (GRAPHIC) — 25KB
• image_0b.jpg (GRAPHIC) — 25KB
• image_1.jpg (GRAPHIC) — 25KB
• 0000945114-24-000016.txt (&nbsp;) — 8966KB
• gic-20231231.xsd (EX-101.SCH) — 51KB
• gic-20231231_cal.xml (EX-101.CAL) — 101KB
• gic-20231231_def.xml (EX-101.DEF) — 263KB
• gic-20231231_lab.xml (EX-101.LAB) — 765KB
• gic-20231231_pre.xml (EX-101.PRE) — 539KB
• gic-20231231_htm.xml (XML) — 1266KB

Business

Item 1. Business 5 General 5 Products 5 Sales and Marketing 6 Customer Service, Order Fulfillment and Support 7 Suppliers 8 Competition and Other Market Factors 8 Human Capital Resources 8 Environment, Health and Safety: Government Regulations 8 Seasonality 9 Available Information 10

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 19

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

Reserved

Item 6. Reserved 22

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 32

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32

Controls and Procedures

Item 9A. Controls and Procedures 32

Other Information

Item 9B. Other Information 37

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 37

Executive Compensation

Item 11. Executive Compensation 37

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 37

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 37 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 39

Form 10-K Summary

Item 16. Form 10-K Summary 41

Signatures

Signatures 42 2 Table of Contents PART I Unless otherwise indicated, all references herein to Global Industrial Company (sometimes referred to as "Global Industrial," the "Company," or "we") include its subsidiaries.

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. Forward-looking statements may include, but are not limited to statements regarding: i) projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures; ii) fluctuations in general economic conditions, including effects of rising inflation and volatility of inflation metrics; iii) future operations, such as risks regarding strategic business initiatives, plans relating to new distribution facilities, plans for utilizing alternative sources of supply in response to government tariff and trade actions and/or due to supply chain disruptions arising from pandemics, war, geopolitical conflicts and plans for new products or services; iv) plans for acquisition or sale of businesses, including expansion or restructuring plans; v) financing needs, and compliance with financial covenants in loan agreements; vi) assessments of materiality; vii) predictions of future events and the effects of pending and possible litigation; and viii) assumptions relating to the foregoing. In addition, when used in this report, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements a

Business

Item 1. Business. General Global Industrial Company, through its operating subsidiaries, is a value-added industrial distributor of more than a million industrial and maintenance, repair and operation products in North America going to market through a system of branded e-commerce websites and relationship marketers. The Company was incorporated in Delaware in 1995. Certain predecessor businesses which now constitute the Company's operations have been in business since 1949. Our headquarters office is located at 11 Harbor Park Drive, Port Washington, New York. On May 19, 2023 the Company acquired 100% of the outstanding equity interests of Indoff LLC ("Indoff"), a business-to-business direct marketer of material handling products, commercial interiors and business products with operations in North America, for approximately $72.6 million in cash. This acquisition expands the Company's presence in the MRO market in North America. Continuing operations The Company offers hundreds of thousands of industrial and MRO products, including its own Global Industrial Exclusive Brands TM , which are marketed in North America. These industrial and MRO products are manufactured by other companies. Some products are manufactured for us and sold as a white label product, and some are manufactured to our own design and marketed as private brand products under the trademarks: Global, GlobalIndustrial.com, Nexel, Paramount, Interion and Absocold. See Note 5 to the consolidated financial statements included in Item 15 of this Form 10-K for additional financial information about our business as well as information about our geographic operations. Accelerating the Customer Experience The Company's multi-year business strategy is focused on Accelerating the Customer Experience ("ACE"). The ACE initiative, which guides our actions across the business, and specifically in our customer end-to-end purchase, service, and delivery experience, has at its core building of custome

View Full Filing

View this 10-K filing on SEC EDGAR