HELIOS TECHNOLOGIES, INC. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>HELIOS TECHNOLOGIES, INC. filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing financial instruments and credit facilities.</b>

AI Summary

HELIOS TECHNOLOGIES, INC. (HLIO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. HELIOS TECHNOLOGIES, INC. filed a 10-Q for the period ending March 30, 2024. The filing includes data related to various financial instruments such as interest rate swaps and foreign exchange contracts. Details on credit facilities, including a revolving credit facility and a term loan, are present. The company's fiscal year ends on December 30th. The filing references specific dates for agreements and financial reporting periods, such as May 31, 2023, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking HELIOS TECHNOLOGIES, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Helios Technologies' financial health and operational status as of Q1 2024. The inclusion of details on financial instruments like interest rate swaps and foreign exchange contracts offers insight into the company's risk management strategies.

Risk Assessment

Risk Level: medium — HELIOS TECHNOLOGIES, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but doesn't contain forward-looking statements that would indicate immediate high risk. However, the complexity of financial instruments mentioned suggests potential for market-related volatility.

Analyst Insight

Review the specific details of the credit facilities and financial instruments to understand the company's leverage and hedging strategies.

Key Numbers

• 2024-03-30 — Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 1230 — Fiscal Year End (Fiscal year end)
• 34243 — ZIP Code (Business address ZIP)
• 9413621200 — Business Phone (Business phone number)

Key Players & Entities

• HELIOS TECHNOLOGIES, INC. (company) — Filer name
• 2024-03-30 (date) — Period of report
• 2024-05-09 (date) — Filed as of date
• 0000950170-24-056684 (filing_id) — Accession number
• SUN HYDRAULICS CORP (company) — Former company name
• Citibank (company) — Mentioned in relation to credit facilities
• PNC Bank National Association (company) — Mentioned as an administrative agent and lender party
• FL (location) — State of incorporation

FAQ

Risk Factors

• Financial Instruments [medium — financial]: The company utilizes various financial instruments, including interest rate swaps and foreign exchange contracts, which are subject to market fluctuations and valuation risks.
• Credit Facilities [medium — financial]: The company has revolving credit facilities and term loans, the terms and availability of which are subject to covenants and market conditions.

Key Dates

• 2024-03-30: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Filing Documents

• hlio-20240330.htm (10-Q) — 1881KB
• hlio-ex31_1.htm (EX-31.1) — 14KB
• hlio-ex31_2.htm (EX-31.2) — 12KB
• hlio-ex32_1.htm (EX-32.1) — 7KB
• hlio-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-056684.txt (&nbsp;) — 9101KB
• hlio-20240330.xsd (EX-101.SCH) — 1340KB
• hlio-20240330_htm.xml (XML) — 1803KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of March 30, 2024 (unaudited) and December 30, 2023 3 Consolidated Statements of Operations (unaudited) for the Three Months Ended March 30, 2024 and April 1, 2023 4 Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 30, 2024 and April 1, 2023 5 Consolidated Statements of Shareholders' Equity (unaudited) for the Three Months Ended March 30, 2024 and April 1, 2023 6 Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 30, 2024 and April 1, 2023 7 Condensed Notes to the Consolidated, Unaudited Financial Statements 8 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 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32 2

: FINANCI AL INFORMATION

PART I: FINANCI AL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS. Helios Technologies, Inc. Consolidated B alance Sheets (in millions, except per share data) March 30, 2024 December 30, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 37.3 $ 32.4 Accounts receivable, net of allowance for credit losses of $ 2.3 and $ 2.1 126.5 114.8 Inventories, net 213.9 215.1 Income taxes receivable 9.6 11.3 Other current assets 22.0 23.1 Total current assets 409.3 396.7 Property, plant and equipment, net 224.4 227.9 Deferred income taxes 1.5 1.7 Goodwill 507.9 514.0 Other intangible assets, net 414.2 426.4 Other assets 26.3 23.7 Total assets $ 1,583.6 $ 1,590.4 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 67.7 $ 70.3 Accrued compensation and benefits 19.3 19.4 Other accrued expenses and current liabilities 26.3 27.0 Current portion of long-term non-revolving debt, net 23.2 23.2 Dividends payable 3.0 3.0 Income taxes payable 5.3 2.0 Total current liabilities 144.8 144.9 Revolving lines of credit 202.1 199.8 Long-term non-revolving debt, net 292.7 298.3 Deferred income taxes 53.0 57.1 Other noncurrent liabilities 34.4 35.7 Total liabilities 727.0 735.8 Commitments and contingencies Shareholders' equity: Preferred stock, par value $ 0.001 , 2.0 shares authorized, no shares issued or outstanding — — Common stock, par value $ 0.001 , 100.0 shares authorized, 33.2 and 33.1 shares issued and outstanding — — Capital in excess of par value 437.3 434.4 Retained earnings 481.8 475.6 Accumulated other comprehensive loss ( 62.5 ) ( 55.4 ) Total shareholders' equity 856.6 854.6 Total liabilities and shareholders' equity $ 1,583.6 $ 1,590.4 The accompanying Condensed Notes to the Consolidated, Unaudited Financial Statements are an integral part of thes

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