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

TL;DR

<b>NN Inc. filed its Q1 2024 10-Q, detailing segment performance and financial positions.</b>

AI Summary

NN INC (NNBR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. NN Inc. reported financial results for the first quarter ended March 31, 2024. The filing includes detailed segment information for Mobile Solutions and Power Solutions. Key financial statement data, including common stock and additional paid-in capital, is presented for various periods. The company's fiscal year ends on December 31st. NN Inc. is incorporated in Delaware and headquartered in Charlotte, NC.

Why It Matters

For investors and stakeholders tracking NN INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and operational details of NN Inc. Understanding the segment performance (Mobile Solutions, Power Solutions) is crucial for assessing the company's revenue streams and growth prospects.

Risk Assessment

Risk Level: medium — NN INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant positive or negative developments on its own.

Analyst Insight

Review the detailed segment revenues and growth rates within the 10-Q to identify trends in the Mobile Solutions and Power Solutions businesses.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 001-39268 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• NN INC (company) — FILER
• NNBR (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE
• METALWORKING MACHINERY & EQUIPMENT (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (location) — STATE OF INCORPORATION
• CHARLOTTE (location) — CITY
• NC (location) — STATE

FAQ

Industry Context

NN Inc. operates within the Metalworking Machinery & Equipment industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Mobile Solutions, Power Solutions) for Q1 2024 and compare with Q1 2023.
2. Examine the balance sheet details for equity accounts like Common Stock and Additional Paid-In Capital as of March 31, 2024.
3. Review any disclosures related to the company's operational segments and end markets.

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, following the 2023 10-K filing.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 NNBR The Nasdaq Stock Market LLC Indi

Filing Documents

• nnbr-20240331.htm (10-Q) — 769KB
• exhibit3112024-q1.htm (EX-31.1) — 10KB
• exhibit3122024-q1.htm (EX-31.2) — 10KB
• exhibit3212024-q1.htm (EX-32.1) — 4KB
• exhibit3222024-q1.htm (EX-32.2) — 4KB
• nnbr-20240331_g1.jpg (GRAPHIC) — 10KB
• 0000918541-24-000066.txt (&nbsp;) — 6142KB
• nnbr-20240331.xsd (EX-101.SCH) — 51KB
• nnbr-20240331_cal.xml (EX-101.CAL) — 73KB
• nnbr-20240331_def.xml (EX-101.DEF) — 322KB
• nnbr-20240331_lab.xml (EX-101.LAB) — 751KB
• nnbr-20240331_pre.xml (EX-101.PRE) — 543KB
• nnbr-20240331_htm.xml (XML) — 620KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Note 1. Interim Financial Statements 7 Note 2. Segment Information 7 Note 3 . Revenue from Contracts with Customers 8 Note 4 . Inventories 9 Note 5 . Intangible Assets, Net 9 Note 6 . Investment in Joint Venture 9 Note 7. Debt 9 Note 8 . Preferred Stock 11 Note 9 . Leases 11 Note 10 . Commitments and Contingencies 11 Note 11 . Income Taxes 12 Note 12 . Net Loss Per Common Share 12 Note 13 . Share-Based Compensation 13 Note 1 4 . Accumulated Other Comprehensive Income 14 Note 15. Fair Value Measurements 14

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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

OTHER INFORMATION

PART II. OTHER INFORMATION 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NN, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Net sales $ 121,198 $ 127,088 Cost of sales (exclusive of depreciation and amortization shown separately below) 101,086 108,421 Selling, general, and administrative expense 13,348 13,165 Depreciation and amortization 12,547 11,516 Other operating expense (income), net ( 1,000 ) 1,061 Loss from operations ( 4,783 ) ( 7,075 ) Interest expense 5,366 4,288 Other expense (income), net 4,153 ( 2,208 ) Loss before provision for income taxes and share of net income from joint venture ( 14,302 ) ( 9,155 ) Provision for income taxes ( 506 ) ( 1,301 ) Share of net income from joint venture 2,271 281 Net loss $ ( 12,537 ) $ ( 10,175 ) Other comprehensive income (loss): Foreign currency translation gain (loss) $ ( 2,346 ) $ 1,840 Interest rate swap: Change in fair value, net of tax — ( 230 ) Reclassification adjustments included in net loss, net of tax ( 449 ) ( 468 ) Other comprehensive income (loss) $ ( 2,795 ) $ 1,142 Comprehensive loss $ ( 15,332 ) $ ( 9,033 ) Basic and diluted net loss per share $ ( 0.34 ) $ ( 0.29 ) Shares used to calculate basic and diluted net loss per share 47,724 45,309 See notes to condensed consolidated financial statements (unaudited). 3 Table of Contents NN, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 20,610 $ 21,903 Accounts receivable, net of allowances of $ 1,626 and $ 1,241 at March 31, 2024 and December 31, 2023 71,862 65,545 Inventories 72,718 71,563 Income tax receivable 11,952 11,885 Prepaid assets 5,957 2,464 Other current assets 10,439 9,194 Total current assets 193,538 182,554 Property, plant and equipment, net of accumulated depreciation of $ 260,34