GLOBAL INDUSTRIAL Co Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GLOBAL INDUSTRIAL Co has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

GLOBAL INDUSTRIAL Co (GIC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. GLOBAL INDUSTRIAL Co filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. GLOBAL INDUSTRIAL Co was formerly known as SYSTEMAX INC and GLOBAL DIRECTMAIL CORP. The company is incorporated in Delaware and headquartered in Port Washington, NY.

Why It Matters

For investors and stakeholders tracking GLOBAL INDUSTRIAL Co, this filing contains several important signals. This 10-Q filing provides investors with an update on GLOBAL INDUSTRIAL Co's financial health and operational status for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's performance against previous periods and its overall market position.

Risk Assessment

Risk Level: low — GLOBAL INDUSTRIAL Co shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or disclosures beyond typical business operations.

Analyst Insight

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

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Fiscal quarter start date)
• 12/31 — Fiscal Year End (Fiscal year end date)

Key Players & Entities

• GLOBAL INDUSTRIAL Co (company) — Filer name
• SYSTEMAX INC (company) — Former company name
• GLOBAL DIRECTMAIL CORP (company) — Former company name
• Port Washington, NY (location) — Business address city and state
• 11 Harbor Park Drive (location) — Business address street
• Delaware (location) — State of incorporation

FAQ

Industry Context

GLOBAL INDUSTRIAL Co operates in the wholesale - industrial machinery & equipment sector (SIC 5084). This 10-Q provides insights into its performance within this industry.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for commentary on performance drivers and trends.
3. Note any changes in risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Filing Documents

• gic-20240331.htm (10-Q) — 684KB
• ex-311q12024.htm (EX-31.1) — 10KB
• ex-312q12024.htm (EX-31.2) — 10KB
• ex-321q12024.htm (EX-32.1) — 3KB
• ex-322q12024.htm (EX-32.2) — 3KB
• 0000945114-24-000036.txt (&nbsp;) — 4016KB
• gic-20240331.xsd (EX-101.SCH) — 26KB
• gic-20240331_cal.xml (EX-101.CAL) — 74KB
• gic-20240331_def.xml (EX-101.DEF) — 92KB
• gic-20240331_lab.xml (EX-101.LAB) — 421KB
• gic-20240331_pre.xml (EX-101.PRE) — 276KB
• gic-20240331_htm.xml (XML) — 437KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23 Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 3 Tab le of Contents Available Information We maintain an internet website at https://investors.globalindustrial.com . We file reports with the Securities and Exchange Commission ("SEC") and make available free of charge on or through this website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including all amendments to those reports. These are available as soon as is reasonably practicable after they are filed with the SEC. All reports mentioned above are also available on the SEC's website ( www.sec.gov ). Unless otherwise specified, the information on our website is not part of this or any other report we file with, or furnish to, the SEC. Our Board of Directors has adopted the following corporate governance documents with respect to the Company (the "Corporate Governance Documents"), among others: Corporate Ethics Policy for officers, directors and employees Charter for the Audit Committee of the Board of Directors Charter for the Compensation Committee of the Board of Directors Charter for the Nominating/Corporate Governance Committee of the Board of Directors Corporate Governance Guidelines and Principles Conflict Minerals Disclosure In accordance with the corporate governance rules of the New York Stock Exchange, each of the Corporate Governance Documents is available on our Company website, https://investors.globalindustrial.com . 4 Tab le of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Global Industrial Company Condensed Consolidated Balance Sheets (In millions) March 31, 2024 December 31, 2023 (Unaudited) ASSETS: Current assets: Cash and cash equivalents $ 29.9 $ 34.4 Accounts receivable, net 133.9 130.7 Inventories 162.8 150.8 Prepaid expenses and other current assets 11.1 13.9 Total current assets 337.7 329.8 Property, plant and equipment, net 20.1 20.0 Operating lease right-of-use assets 81.0 84.4 Deferred income taxes 7.6 7.9 Goodwill and intangible assets 68.5 69.3 Other assets 2.5 2.0 Total assets $ 517.4 $ 513.4 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable $ 112.2 $ 111.0 Accrued expenses and other current liabilities 50.6 49.1 Operating lease liabilities 14.1 14.1 Total current liabilities 176.9 174.2 Operating lease liabilities 77.8 81.4 Other liabilities 2.5 2.6 Total liabilities 257.2 258.2 Commitments and contingencies Shareholders' equity: Preferred stock 0.0 0.0 Common stock 0.4 0.4 Additional paid-in capital 205.0 204.8 Treasury stock ( 17.2 ) ( 18.6 ) Retained earnings 69.6 66.0 Accumulated other comprehensive income 2.4 2.6 Total shareholders' equity 260.2 255.2 Total liabilities and shareholders' equity $ 517.4 $ 513.4 See Notes to Condensed Consolidated Financial Statements. 5 Tab le of Contents Global Industrial Company Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 323.4 $ 273.8 Cost of sales 212.5 175.4 Gross profit 110.9 98.4 Selling, distribution & administrative expenses 93.5 80.6 Operating income from continuing operations 17.4 17.8 Interest and other expense, net 0.2 0.2 Income from continuing operations before income taxes 17.2 17.6 Provision for income taxes 4.1 4.3 Net income from continuing operations 13.1 13.3 Net income (loss) from discontinued operations, net of tax 0.1 ( 0.1 ) N

View Full Filing

View this 10-Q filing on SEC EDGAR