Heritage Global Inc. Files Q3 2024 10-Q

TL;DR

HGBL Q3 10-Q is in. Check financials for brokerage & consolidated ops.

AI Summary

Heritage Global Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for these periods are presented, including information related to its brokerage and consolidated operations.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Heritage Global Inc., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational changes that may impact risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter and nine-month period covered by the report.)
• 2024-01-01 — Nine-Month Period Start Date (Marks the beginning of the year-to-date financial reporting period.)

Key Players & Entities

• Heritage Global Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• San Diego, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value HGBL The Nasdaq Stock Market

Filing Documents

• hgbl-20240930.htm (10-Q) — 2104KB
• hgbl-ex10_2.htm (EX-10.2) — 77KB
• hgbl-ex31_1.htm (EX-31.1) — 13KB
• hgbl-ex31_2.htm (EX-31.2) — 13KB
• hgbl-ex32_1.htm (EX-32.1) — 6KB
• hgbl-ex32_2.htm (EX-32.2) — 6KB
• img162495210_0.jpg (GRAPHIC) — 569KB
• 0000950170-24-123236.txt ( ) — 9014KB
• hgbl-20240930.xsd (EX-101.SCH) — 1050KB
• hgbl-20240930_htm.xml (XML) — 1332KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Income for the three and nine month periods ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 35 Item 6. Exhibits 36 Signature Page 37 2

– FINANC I AL INFORMATION

PART I – FINANC I AL INFORMATION

– Financ ial Statements

Item 1 – Financ ial Statements. HERITAGE GLOBAL INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands of US dollars, except share and per share amounts) September 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 26,571 $ 12,279 Accounts receivable (net of allowance for credit losses of $ 130 in 2024 and $ 132 in 2023) 877 1,910 Current portion of notes receivable (net of allowance for credit losses of $ 422 in 2024 and $ 650 in 2023) 3,959 6,581 Inventory – equipment 4,721 5,074 Other current assets 833 448 Total current assets 36,961 26,292 Non-current portion of notes receivable, net 7,337 10,890 Equity method investments 21,447 21,361 Right-of-use assets 2,381 2,539 Property and equipment, net 1,692 1,705 Intangible assets, net 3,460 3,753 Goodwill 7,446 7,446 Deferred tax assets 7,740 9,115 Other assets 64 67 Total assets $ 88,528 $ 83,168 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 6,268 $ 7,237 Payables to sellers 13,125 4,975 Current portion of third party debt 525 1,733 Current portion of lease liabilities 802 789 Total current liabilities 20,720 14,734 Non-current portion of third party debt — 5,495 Non-current portion of lease liabilities 1,681 1,859 Total liabilities 22,401 22,088 Stockholders' equity: Preferred stock, $ 10.00 par value, authorized 10,000,000 shares; issued and outstanding 563 of Series N as of September 30, 2024 and December 31, 2023; with liquidation preference over common stockholders equivalent to $ 1,000 per share 6 6 Common stock, $ 0.01 par value, authorized 300,000,000 shares; issued 37,341,185 and 37,157,616 shares as of September 30, 2024 and December 31, 2023, respectively; and outstanding 36,343,561 and 36,761,441 shares as of September 30, 2024 and

View Full Filing

View this 10-Q filing on SEC EDGAR