GSE Systems, Inc. (GVP) Financial Statements (2024 and earlier)

Company Profile

Business Address 6940 COLUMBIA GATEWAY DRIVE, SUITE 470
COLUMBIA, MD 21046-3308
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 7372 - Prepackaged Software (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,7893,5506,70211,69112,12319,111
Cash and cash equivalents2,7893,5506,70211,69112,12319,111
Restricted cash and investments1,052    960
Receivables10,14211,38610,63017,44421,07714,415
Inventory, net of allowances, customer advances and progress billings     139755
Inventory     139755
Prepaid expense 947933883861556549
Other current assets 1124,2005357827951,073
Other undisclosed current assets1,028   310 
Total current assets:16,07020,06918,75030,77835,00036,863
Noncurrent Assets
Operating lease, right-of-use asset5061,2001,5622,215
Property, plant and equipment7728396169391,0651,063
Intangible assets, net (including goodwill)7,98616,35917,57323,81819,25011,035
Goodwill6,29913,33913,33913,33913,1708,431
Intangible assets, net (excluding goodwill)1,6873,0204,23410,4796,0802,604
Restricted cash and investments535     
Deferred costs574532630641615690
Deferred income tax assets    57
Other noncurrent assets535259614937
Deferred tax assets, net5,4617,167
Total noncurrent assets:10,42618,98220,44027,73126,44019,992
TOTAL ASSETS:26,49639,05139,19058,50961,44056,855
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,3465,6434,9936,1858,7786,393
Taxes payable1,6541,6211,3411,176 
Employee-related liabilities1,4521,5051,8763,6492,866
Accounts payable1,2621,1795701,0971,3071,251
Accrued liabilities2,0841,3581,2971,8712,6462,276
Deferred revenue4,1635,0295,2857,613
Debt3,0381,8173,00618,4811,902 
Derivative instruments and hedges, liabilities603     
Billings in excess of cost14,543
Contract with customer, liability10,609
Other liabilities1,2861,8832,4981,234601,182
Other undisclosed current liabilities3,2156675,6999219813,134
Total current liabilities:15,65115,03921,48134,43422,33025,252
Noncurrent Liabilities
Long-term debt and lease obligation3107906,8653,0006,610 
Long-term debt, excluding current maturities310 5,034 6,610 
Liabilities, other than long-term debt3041793399561,3711,931
Other liabilities1441793399561,3711,931
Operating lease, liability1607901,8313,000
Total noncurrent liabilities:6149697,2043,9567,9811,931
Total liabilities:16,26516,00828,68538,39030,31127,183
Equity
Equity, attributable to parent10,23123,04310,50520,11931,12929,672
Common stock240225222218214210
Treasury stock, value(2,999)(2,999)(2,999)(2,999)(2,999)(2,999)
Additional paid in capital82,91180,50579,68779,40078,11876,802
Accumulated other comprehensive income (loss)6(104)(1,214)(1,846)(1,635)(1,471)
Accumulated deficit(69,927)(54,584)(65,191)(54,654)(42,569)(42,870)
Total equity:10,23123,04310,50520,11931,12929,672
TOTAL LIABILITIES AND EQUITY:26,49639,05139,19058,50961,44056,855

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues47,73455,18357,62082,97592,24970,880
Cost of revenue(35,824)(43,325)(42,835)(62,677)(69,119)(52,336)
Cost of goods and services sold(35,824)(43,325)(42,835)(62,677)(69,119) 
Gross profit:11,91011,85814,78520,29823,13018,544
Operating expenses(26,316)(17,832)(24,323)(27,717)(21,764)(18,315)
Operating income (loss):(14,406)(5,974)(9,538)(7,419)1,366229
Nonoperating income (expense)(91)16,903(21)2,055(321)95
Investment income, nonoperating 19(17)(13)(350)99
Other nonoperating income (expense)(91)16,884(4)2,06829(4)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes   (623)(988)(268)80
Income (loss) from continuing operations before equity method investments, income taxes:(14,497)10,929(10,182)(6,352)777404
Other undisclosed loss from continuing operations before income taxes(795)(159)    
Income (loss) from continuing operations before income taxes:(15,292)10,770(10,182)(6,352)777404
Income tax expense (benefit)(51)(163)(355)(5,733)(1,131)4,980
Income (loss) from continuing operations:(15,343)10,607(10,537)(12,085)(354)5,384
Income (loss) before gain (loss) on sale of properties:10,607(10,537)(12,085)(354)5,384
Net income (loss) available to common stockholders, diluted:(15,343)10,607(10,537)(12,085)(354)5,384

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):(15,343)10,607(10,537)(12,085)(354)5,384
Comprehensive income (loss):(15,343)10,607(10,537)(12,085)(354)5,384
Other undisclosed comprehensive income (loss), net of tax, attributable to parent1101,110632(211)(164)306
Comprehensive income (loss), net of tax, attributable to parent:(15,233)11,717(9,905)(12,296)(518)5,690

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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