KVH Industries, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>KVH Industries, Inc. has filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.</b>

AI Summary

KVH INDUSTRIES INC \DE\ (KVHI) filed a Annual Report (10-K) with the SEC on March 15, 2024. KVH Industries, Inc. filed its 2023 Form 10-K on March 15, 2024. The report covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Middletown, RI. Standard Industrial Classification is 3663 (Radio & TV Broadcasting & Communications Equipment). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking KVH INDUSTRIES INC \DE\, this filing contains several important signals. This 10-K filing provides a comprehensive overview of KVH Industries' financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the report allow stakeholders to understand revenue streams, profitability, and balance sheet health, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — KVH INDUSTRIES INC \DE\ shows moderate risk based on this filing. The company's business is subject to risks inherent in the technology and manufacturing sectors, including competition, technological obsolescence, and supply chain disruptions, as detailed in the full 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand KVH Industries' performance and potential challenges in the coming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-15 — Filing Date (Date of submission)
• 3663 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• KVH INDUSTRIES INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• MIDDLETOWN (location) — Business address city
• RI (location) — Business address state
• 02842 (postal_code) — Business address zip
• 3663 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation

FAQ

Industry Context

KVH Industries operates in the Radio & TV Broadcasting & Communications Equipment sector, providing solutions for mobile connectivity and inertial navigation.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue trends, cost structures, and profitability.
2. Review the risk factors section to identify potential challenges and their impact on the company's future operations.
3. Compare the 2023 financial results with previous years to assess performance trajectory and identify any significant changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, following previous filings such as quarterly reports and prior annual reports.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value per share KVHI (Nasdaq Global
• $9.14 — ,209 based on the closing sale price of $9.14 per share as reported on the Nasdaq Glo

Filing Documents

• kvhi-20231231.htm (10-K) — 1625KB
• kvhi12312023ex42descriptio.htm (EX-4.2) — 35KB
• kvhi12312023ex106policyreg.htm (EX-10.6) — 16KB
• kvhi12312023ex1013formofin.htm (EX-10.13) — 139KB
• kvhi12312023ex211listofsub.htm (EX-21.1) — 9KB
• kvhi12312023ex231consentof.htm (EX-23.1) — 3KB
• kvhi12312023ex311.htm (EX-31.1) — 9KB
• kvhi12312023ex312.htm (EX-31.2) — 9KB
• kvhi12312023ex321.htm (EX-32.1) — 7KB
• kvhi12312023ex971kvhcompen.htm (EX-97.1) — 51KB
• 0001007587-24-000003.txt (&nbsp;) — 10268KB
• kvhi-20231231.xsd (EX-101.SCH) — 61KB
• kvhi-20231231_cal.xml (EX-101.CAL) — 129KB
• kvhi-20231231_def.xml (EX-101.DEF) — 334KB
• kvhi-20231231_lab.xml (EX-101.LAB) — 869KB
• kvhi-20231231_pre.xml (EX-101.PRE) — 624KB
• kvhi-20231231_htm.xml (XML) — 1517KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures 25

Item 4. Mine Safety Disclosures 25 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 26

R eserved

Item 6. R eserved 26

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 26

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 34

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34

Controls and Procedures

Item 9A. Controls and Procedures 34

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 Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 37 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 38

Form 10-K Summary

Item 16. Form 10-K Summary

Signatures

Signatures 40 2 Table of Contents PART I

Business

ITEM 1. Business Cautionary Statement Regarding Forward-Looking Information In addition to historical facts, this annual report contains forward-looking statements. Forward-looking statements are merely our current predictions of future events. These statements are inherently uncertain, and actual events could differ materially from our predictions. Important factors that could cause actual events to vary from our predictions include those discussed in this annual report under the headings "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Item 1A. Risk Factors." We assume no obligation to update our forward-looking statements to reflect new information or developments. We urge readers to review carefully the risk factors described in this annual report and in the other documents that we file with the Securities and Exchange Commission. Additional Information Available Our principal Internet address is www.kvh.com . Our website provides a hyperlink to a third-party website through which our annual, quarterly, and current reports, as well as amendments to those reports, are available free of charge. We believe these reports are made available as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. We do not provide any information regarding our SEC filings directly to the third-party website, and we do not check its accuracy or completeness. The SEC maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Introduction We are a leading provider of innovative and technology-driven connectivity solutions to primarily maritime customers globally. We provide global high-speed Internet and Voice over Internet Protocol (VoIP) services via satellite to mobile users at sea and on land. We are also a leading provider of commercially licensed e

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View this 10-K filing on SEC EDGAR