UFP Technologies Q3 2024: Credit Facilities Detailed

TL;DR

UFP Technologies' Q3 2024 10-Q shows details on their credit facilities, including revolving credit and term loans.

AI Summary

UFP Technologies Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial statements indicate a focus on its credit facilities, including a revolving credit facility and a term loan, under its Third Amended and Restated Credit Agreement. Specific financial figures and performance metrics for the quarter are detailed within the filing.

Why It Matters

This filing provides insight into UFP Technologies' current financial structure and debt obligations, which can impact its operational flexibility and future investment capacity.

Risk Assessment

Risk Level: medium — The filing details credit facilities, which can indicate leverage and financial risk for the company.

Key Numbers

• 0.25 — Value (Likely related to a financial ratio or metric, context unclear without full document.)
• 0.01 — Value (Likely related to a financial ratio or metric, context unclear without full document.)

Key Players & Entities

• UFP TECHNOLOGIES INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241112 (date) — Filing Date
• 0000914156 (company) — Central Index Key
• Third Amended and Restated Credit Agreement (company) — Credit Agreement

FAQ

Key Financial Figures

• $0.01 — 63 shares of registrant's Common Stock, $0.01 par value, were outstanding as of Novem

Filing Documents

• ufpt20240930_10q.htm (10-Q) — 1371KB
• ex_742966.htm (EX-31.1) — 11KB
• ex_742965.htm (EX-31.2) — 11KB
• ex_742964.htm (EX-32.1) — 6KB
• 0001171843-24-006257.txt ( ) — 7975KB
• ufpt-20240930.xsd (EX-101.SCH) — 71KB
• ufpt-20240930_def.xml (EX-101.DEF) — 486KB
• ufpt-20240930_lab.xml (EX-101.LAB) — 441KB
• ufpt-20240930_pre.xml (EX-101.PRE) — 530KB
• ufpt-20240930_cal.xml (EX-101.CAL) — 70KB
• ufpt20240930_10q_htm.xml (XML) — 1443KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and 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 Interim Condensed Consolidated Financial Statements 7

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5.Other Information 30

Exhibits

Item 6. Exhibits 31

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS UFP Technologies, Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 16,356 $ 5,263 Receivables, net 89,151 64,449 Inventories 88,690 70,191 Prepaid expenses and other current assets 4,558 3,433 Refundable income taxes 2,252 1,297 Total current assets 201,007 144,633 Property, plant and equipment, net 70,311 62,137 Goodwill 204,732 113,263 Intangible assets, net 134,718 64,116 Non-qualified deferred compensation plan 6,162 5,323 Right of use assets 15,447 13,588 Deferred income taxes 72 607 Equity method investment 5,623 - Other assets 436 469 Total assets $ 638,508 $ 404,136 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 26,268 $ 22,286 Accrued expenses 29,649 22,085 Deferred revenue 5,798 6,616 Lease liabilities 3,979 3,222 Income taxes payable 153 - Current portion of long-term debt 12,500 4,000 Total current liabilities 78,347 58,209 Long-term debt, excluding current installments 199,500 28,000 Deferred income taxes 2,441 428 Non-qualified deferred compensation plan 6,169 5,412 Lease liabilities 11,961 10,815 Other liabilities 10,944 15,181 Total liabilities 309,362 118,045 Commitments and contingencies Stockholders' equity: Preferred stock, $ .01 par value, 1,000,000 shares authorized; no shares issued - - Common stock, $ .01 par value, 20,000,000 shares authorized; 7,703,922 and 7,674,363 shares issued and outstanding, respectively, at September 30, 2024; 7,669,339 and 7,639,780 shares issued and outstanding, respectively, at December 31, 2023 77 76 Additional paid-in capital 38,957 38,814 Retained earnings 290,126 247,520 Accumulated other comprehensive income 573 268 Treasury stock at

View Full Filing

View this 10-Q filing on SEC EDGAR