KVH Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>KVH Industries Inc. filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

KVH INDUSTRIES INC \DE\ (KVHI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. KVH Industries Inc. 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 31. KVH Industries Inc. is incorporated in Delaware. The company's principal business is in Radio & TV Broadcasting & Communications Equipment.

Why It Matters

For investors and stakeholders tracking KVH INDUSTRIES INC \DE\, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's financial health and operational status through this report is crucial for evaluating its future prospects and potential risks.

Risk Assessment

Risk Level: medium — KVH INDUSTRIES INC \DE\ shows moderate risk based on this filing. The company operates in the Radio & TV Broadcasting & Communications Equipment sector, which can be subject to rapid technological changes and competitive pressures, impacting its market position and financial performance.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and profitability trends for KVH Industries Inc.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 3663 — Standard Industrial Classification (SIC Code for industry)
• 001-35843 — SEC File Number (SEC Filing Information)

Key Players & Entities

• KVH INDUSTRIES INC (company) — FILER
• DE (company) — STATE OF INCORPORATION
• 3663 (dollar_amount) — STANDARD INDUSTRIAL CLASSIFICATION
• 0001007587-24-000005 (company) — ACCESSION NUMBER
• 20240331 (company) — CONFORMED PERIOD OF REPORT
• 20240506 (company) — FILED AS OF DATE
• MIDDLETOWN (company) — CITY
• RI (company) — STATE

FAQ

Industry Context

KVH Industries Inc. operates within the Radio & TV Broadcasting & Communications Equipment industry, a sector characterized by technological innovation and global demand for connectivity solutions.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Product vs. Service) for Q1 2024.
2. Examine any disclosed changes in equity accounts (Common Stock, Paid-In Capital, Retained Earnings) from the previous quarter.
3. Review the company's business address and incorporation state for basic corporate information.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for KVH Industries Inc. in fiscal year 2024, providing updated financial and operational data compared to the previous fiscal year's filings.

Key Financial Figures

• $0.01 — ck Market LLC Common Stock, par value $0.01 per share KVHI (Nasdaq Global Select Ma

Filing Documents

• kvhi-20240331.htm (10-Q) — 757KB
• kvhi331202410qex311.htm (EX-31.1) — 11KB
• kvhi331202410qex312.htm (EX-31.2) — 11KB
• kvhi331202410qex321.htm (EX-32.1) — 7KB
• 0001007587-24-000005.txt (&nbsp;) — 5126KB
• kvhi-20240331.xsd (EX-101.SCH) — 38KB
• kvhi-20240331_cal.xml (EX-101.CAL) — 75KB
• kvhi-20240331_def.xml (EX-101.DEF) — 165KB
• kvhi-20240331_lab.xml (EX-101.LAB) — 478KB
• kvhi-20240331_pre.xml (EX-101.PRE) — 329KB
• kvhi-20240331_htm.xml (XML) — 664KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

INTERIM FINANCIAL STATEMENTS

ITEM 1. INTERIM FINANCIAL STATEMENTS Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensiv e (Loss) Income f or the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8

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 21

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 25

OTHER INFORMATION

PART II. OTHER INFORMATION

EXHIBITS

ITEM 6. EXHIBITS 27 SIGNATURE 28 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements KVH INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 11,441 $ 11,294 Marketable securities 55,196 58,477 Accounts receivable, net of allowance for credit losses of $ 1,138 and $ 1,168 as of March 31, 2024 and December 31, 2023, respectively 25,965 25,670 Inventories 19,089 19,046 Prepaid expenses and other current assets 4,224 4,331 Total current assets 115,915 118,818 Property and equipment, net 46,230 47,680 Intangible assets, net 1,105 1,194 Right of use assets 1,621 1,068 Other non-current assets 3,270 3,618 Deferred income tax asset 221 256 Total assets $ 168,362 $ 172,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,945 $ 4,780 Accrued airtime 1,105 5,508 Accrued compensation and employee-related expenses 4,567 4,466 Accrued loss on future firm purchase commitments 3,569 3,569 Accrued other 1,912 2,588 Accrued product warranty costs 726 828 Deferred revenue 2,167 1,774 Current operating lease liability 1,211 786 Liability for uncertain tax positions 693 673 Total current liabilities 22,895 24,972 Long-term operating lease liability 398 289 Deferred income tax liability 2 1 Total liabilities $ 23,295 $ 25,262 Commitments and contingencies (Notes 2, 10, and 15) Stockholders' equity: Preferred stock, $ 0.01 par value. Authorized 1,000,000 shares; none issued — — Common stock, $ 0.01 par value. Authorized 30,000,000 shares; 21,205,364 and 21,066,899 shares issued at March 31, 2024 and December 31, 2023, respectively; and 19,749,255 and 19,610,790 shares outstanding at March 31, 2024 and December 31, 2023, respectively 212 211 Additional paid-in capital 165,768 165,140 Accumulated deficit ( 4,867 ) ( 1,704 ) Accumulated other comprehensive loss ( 3,956 ) ( 4,185 ) 157,157 159,462 Less: tre

View Full Filing

View this 10-Q filing on SEC EDGAR