4 results
10-K
2023 FY
SHIM
Shimmick Corp.
28 Mar 24
Annual report
4:05pm
December 29, | December 30, | |||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 62,939 | $ | 77,762 | ||||
Restricted cash | 971 | 4,323 | ||||||
Accounts receivable, net | 54,178 | 56,430 | ||||||
Contract assets, current | 125,943 | 80,901 | ||||||
Prepaids and other current assets | 13,427 | 14,060 | ||||||
TOTAL CURRENT ASSETS | 257,458 | 233,476 | ||||||
Property, plant and equipment, net | 46,373 | 55,208 | ||||||
Intangible assets, net | 9,244 | 12,044 | ||||||
Contract assets, non-current | 48,316 | 84,024 | ||||||
Lease right-of-use assets | 23,855 | 22,690 | ||||||
Investment in unconsolidated joint ventures | 21,283 | 17,363 | ||||||
Deferred tax assets | 17,252 | 18,851 | ||||||
Other assets | 2,871 | 3,143 | ||||||
TOTAL ASSETS | $ | 426,652 | $ | 446,799 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 81,589 | $ | 67,541 | ||||
Contract liabilities, current | 115,785 | 163,725 | ||||||
Accrued salaries, wages and benefits | 26,911 | 36,248 | ||||||
Accrued expenses | 33,897 | 60,758 | ||||||
Other current liabilities | 13,071 | 12,672 | ||||||
TOTAL CURRENT LIABILITIES | 271,253 | 340,944 | ||||||
Long-term debt, net | 29,627 | — | ||||||
Lease liabilities, non-current | 15,045 | 14,442 | ||||||
Contract liabilities, non-current | 3,215 | 1,846 | ||||||
Contingent consideration | 15,488 | 15,662 | ||||||
Deferred tax liabilities | 17,252 | 18,851 | ||||||
Other liabilities | 4,282 | 3,459 | ||||||
TOTAL LIABILITIES | 356,162 | 395,204 | ||||||
Commitments and Contingencies (Note 12) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized as of December 29, 2023 and December 30, 2022; 25,493,877 and 21,908,800 shares issued and outstanding as of December 29, 2023 and December 30, 2022, respectively | 255 | 219 | ||||||
Additional paid-in-capital | 24,445 | 3,341 | ||||||
Retained earnings | 46,537 | 49,083 | ||||||
Non-controlling interests | (747) | (1,048) | ||||||
TOTAL STOCKHOLDERS' EQUITY | 70,490 | 51,595 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 426,652 | $ | 446,799 |
10-K
2023 FY
SHIM
Shimmick Corp.
28 Mar 24
Annual report
4:05pm
Fiscal Year Ended | ||||||||
December 29, | December 30, | |||||||
2023 | 2022 | |||||||
Cash Flows From Operating Activities | ||||||||
Net (loss) income | $ | (2,286) | $ | 2,907 | ||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
Stock-based compensation | 2,062 | 2,295 | ||||||
Depreciation and amortization | 17,121 | 15,979 | ||||||
Equity in earnings of unconsolidated joint ventures | (10,354) | (52,471) | ||||||
Return on investment in unconsolidated joint ventures | 14,682 | 59,651 | ||||||
Gain on sale of assets | (31,834) | — | ||||||
Other | (47) | 9,462 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | 2,251 | 41,574 | ||||||
Due from unconsolidated joint ventures | 313 | 7,079 | ||||||
Contract assets | (9,334) | (46,736) | ||||||
Accounts payable | 13,747 | 10,436 | ||||||
Contract liabilities | (47,940) | (94,165) | ||||||
Accrued expenses | (26,861) | 31,471 | ||||||
Accrued salaries, wages and benefits | (8,975) | 4,149 | ||||||
Other assets and liabilities | (645) | 5,285 | ||||||
Net cash used in operating activities | (88,100) | (3,084) | ||||||
Cash Flows From Investing Activities | ||||||||
Net working capital settlement in association with business combination | — | 32,000 | ||||||
Purchases of property, plant and equipment | (7,042) | (10,443) | ||||||
Proceeds from sale of assets | 35,975 | 1,722 | ||||||
Unconsolidated joint venture equity contributions | (23,170) | (19,709) | ||||||
Return of investment in unconsolidated joint ventures | 16,287 | 627 | ||||||
Net cash provided by investing activities | 22,050 | 4,197 | ||||||
Cash Flows From Financing Activities | ||||||||
Payments on finance lease obligation | (303) | (303) | ||||||
Net borrowings on revolving credit facility | 29,915 | — | ||||||
Contributions from non-controlling interests | 301 | — | ||||||
Distributions to non-controlling interests | (260) | (628) | ||||||
Proceeds from IPO | 25,025 | — | ||||||
Payments of IPO costs | (5,961) | — | ||||||
Other | (842) | — | ||||||
Net cash provided by (used in) financing activities | 47,875 | (931) | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (18,175) | 182 | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 82,085 | 81,903 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 63,910 | $ | 82,085 | ||||
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets | ||||||||
Cash and cash equivalents | 62,939 | 77,762 | ||||||
Restricted cash | 971 | 4,323 | ||||||
Total cash, cash equivalents and restricted cash | $ | 63,910 | $ | 82,085 |
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