Price | 1.72 | EPS | -0 | |
Shares | 20 | P/E | -6 | |
MCap | 35 | P/FCF | -105 | |
Net Debt | 6 | EBIT | -6 | |
TEV | 41 | TEV/EBIT | -7 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-16 |
10-Q | 2020-06-30 | Filed 2020-08-20 |
10-Q | 2020-03-31 | Filed 2020-07-23 |
10-K | 2019-12-31 | Filed 2020-06-11 |
10-Q | 2019-09-30 | Filed 2019-11-19 |
10-Q | 2019-06-30 | Filed 2019-08-14 |
10-Q | 2019-03-31 | Filed 2019-05-15 |
10-K | 2018-12-31 | Filed 2019-03-28 |
10-Q | 2018-09-30 | Filed 2018-11-14 |
10-Q | 2018-06-30 | Filed 2018-08-14 |
10-Q | 2018-03-31 | Filed 2018-05-15 |
10-K | 2017-12-31 | Filed 2018-03-16 |
10-Q | 2017-09-30 | Filed 2017-11-14 |
10-Q | 2017-06-30 | Filed 2017-08-14 |
10-Q | 2017-03-31 | Filed 2017-05-15 |
10-K | 2016-12-31 | Filed 2017-03-28 |
10-Q | 2016-09-30 | Filed 2016-11-14 |
10-Q | 2016-06-30 | Filed 2016-08-15 |
10-Q | 2016-03-31 | Filed 2016-05-16 |
10-K | 2015-12-31 | Filed 2016-03-25 |
10-Q | 2015-09-30 | Filed 2015-11-12 |
10-Q | 2015-06-30 | Filed 2015-08-13 |
10-Q | 2015-03-31 | Filed 2015-05-14 |
10-K | 2014-12-31 | Filed 2015-03-19 |
10-Q | 2014-09-30 | Filed 2014-11-14 |
10-Q | 2014-06-30 | Filed 2014-08-14 |
10-Q | 2014-03-31 | Filed 2014-05-15 |
10-K | 2013-12-31 | Filed 2014-03-26 |
10-Q | 2013-09-30 | Filed 2013-11-14 |
10-Q | 2013-08-09 | Filed 2013-08-14 |
10-Q | 2013-03-31 | Filed 2013-05-15 |
10-K | 2012-12-31 | Filed 2013-03-11 |
10-Q | 2012-09-30 | Filed 2012-11-14 |
10-Q | 2012-06-30 | Filed 2012-08-13 |
10-Q | 2012-05-09 | Filed 2012-05-15 |
10-K | 2012-02-21 | Filed 2012-03-08 |
10-Q | 2011-09-30 | Filed 2011-11-09 |
10-Q | 2011-06-30 | Filed 2011-08-09 |
10-Q | 2011-03-31 | Filed 2011-05-10 |
10-K | 2011-03-14 | Filed 2011-03-14 |
10-Q | 2010-11-09 | Filed 2010-11-09 |
10-Q | 2010-08-04 | Filed 2010-08-09 |
10-Q | 2010-03-31 | Filed 2010-05-10 |
10-K | 2009-12-31 | Filed 2010-03-11 |
8-K | 2020-09-30 | |
8-K | 2020-09-21 | |
8-K | 2020-08-31 | |
8-K | 2020-08-28 | |
8-K | 2020-07-23 | |
8-K | 2020-07-08 | |
8-K | 2020-06-30 | |
8-K | 2020-06-12 | |
8-K | 2020-06-01 | |
8-K | 2020-05-29 | |
8-K | 2020-05-19 | |
8-K | 2020-05-12 | |
8-K | 2020-04-29 | |
8-K | 2020-04-24 | |
8-K | 2020-04-17 | |
8-K | 2020-03-31 | |
8-K | 2020-03-30 | |
8-K | 2020-01-07 | |
8-K | 2020-01-06 | |
8-K | 2019-12-31 | |
8-K | 2019-12-17 | |
8-K | 2019-11-19 | |
8-K | 2019-09-24 | |
8-K | 2019-09-18 | |
8-K | 2019-06-30 | |
8-K | 2019-06-28 | |
8-K | 2019-06-11 | |
8-K | 2019-03-31 | |
8-K | 2019-03-18 | |
8-K | 2019-02-19 | |
8-K | 2019-01-11 | |
8-K | 2018-12-31 | |
8-K | 2018-09-30 | |
8-K | 2018-08-27 | |
8-K | 2018-08-17 | |
8-K | 2018-06-30 | |
8-K | 2018-06-12 | |
8-K | 2018-05-14 | |
8-K | 2018-04-19 | |
8-K | 2018-03-31 | |
8-K | 2018-03-23 | |
8-K | 2017-12-31 |
Part I - Financial Information |
Item 1. Financial Statements |
Note 1 - Summary of Significant Accounting Policies |
Note 2 - Recent Accounting Policies |
Note 3 - Basic and Diluted Loss per Common Share |
Note 4 - Paycheck Protection Program Loan |
Note 5 - Contract Receivables |
Note 6 - Goodwill and Intangible Assets |
Note 7 - Fair Value of Financial Instruments |
Note 8 - Derivative Instruments |
Note 9 - Stock - Based Compensation |
Note 10 - Debt |
Note 11 - Product Warranty |
Note 12 - Revenue |
Note 13 - Income Taxes |
Note 14 - Leases |
Note 15 - Segment Information |
Note 16 - Commitments and Contingencies |
Note 17 - Subsequent Events |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosure About Market Risk |
Item 4. Controls and Procedures |
Part II - Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-10.1 | exh10-1.htm |
EX-31.1 | exh31-1.htm |
EX-31.2 | exh31-2.htm |
EX-32.1 | exh32-1.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
(Mark One) | |||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2020 | ||
or | |||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____ |
Commission File Number 001-14785 |
GSE Systems, Inc. |
(Exact name of registrant as specified in its charter) |
Delaware | 52-1868008 | |
(State of incorporation) | (I.R.S. Employer Identification Number) | |
1332 Londontown Blvd., Suite 200, Sykesville MD | 21784 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (410) 970-7800 |
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☒ |
Emerging growth company ☐ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $.001 Par Value | GVP | The NASDAQ Capital Market |
Page | ||
PART I. | FINANCIAL INFORMATION | 3 |
Item 1. | Financial Statements (unaudited) | |
Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019 | 4 | |
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 | 5 | |
Unaudited Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2020 | 6 | |
Unaudited Consolidated Statement of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 | 7-8 | |
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 | 9 | |
Notes to Consolidated Financial Statements | 10 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 46 |
Item 4. | Controls and Procedures | 47 |
PART II. | OTHER INFORMATION | 49 |
Item 1. | Legal Proceedings | 49 |
Item 1A. | Risk Factors | 50 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 53 |
Item 5. | Other Information | 53 |
Item 6. | Exhibits | 54 |
Item 1. | Financial Statements |
September 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,660 | $ | 11,691 | ||||
Contract receivables, net | 11,143 | 17,207 | ||||||
Prepaid expenses and other current assets | 1,717 | 1,880 | ||||||
Total current assets | 20,520 | 30,778 | ||||||
Equipment, software and leasehold improvements, net of accumulated depreciation of $4,737 and $4,584 | 683 | 939 | ||||||
Software development costs, net | 642 | 641 | ||||||
Goodwill | 13,339 | 13,339 | ||||||
Intangible assets, net | 4,649 | 10,479 | ||||||
Deferred tax assets, net | - | 57 | ||||||
Right-of-use assets, net | 1,726 | 2,215 | ||||||
Other assets | 58 | 61 | ||||||
Total assets | $ | 41,617 | $ | 58,509 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Line of credit | $ | 3,506 | $ | - | ||||
PPP Loan, current portion | 447 | - | ||||||
Debt, net of issuance costs and discount | - | 18,481 | ||||||
Accounts payable | 482 | 1,097 | ||||||
Accrued expenses | 983 | 1,871 | ||||||
Accrued compensation | 2,240 | 1,876 | ||||||
Billings-in-excess of revenue earned | 6,362 | 7,613 | ||||||
Accrued warranty | 843 | 921 | ||||||
Income taxes payable | 1,830 | 1,341 | ||||||
Other current liabilities | 1,442 | 1,234 | ||||||
Total current liabilities | 18,135 | 34,434 | ||||||
PPP Loan, noncurrent portion | 9,597 | - | ||||||
Operating lease liabilities noncurrent | 2,100 | 3,000 | ||||||
Other noncurrent liabilities | 350 | 956 | ||||||
Total liabilities | 30,182 | 38,390 | ||||||
Commitments and contingencies (Note 16) | ||||||||
Stockholders' equity: | ||||||||
Preferred stock $0.01 par value, 2,000,000 shares authorized, no shares issued and outstanding | - | - | ||||||
Common stock $0.01 par value; 60,000,000 shares authorized, 22,220,324 shares issued, 20,621,413 shares outstanding as of September 30, 2020; 21,838,963 shares issued, 20,240,052 shares outstanding as of December 31, 2019 | 222 | 218 | ||||||
Additional paid-in capital | 79,676 | 79,400 | ||||||
Accumulated deficit | (63,722 | ) | (54,654 | ) | ||||
Accumulated other comprehensive loss | (1,742 | ) | (1,846 | ) | ||||
Treasury stock at cost, 1,598,911 shares at September 30, 2020 and December 31, 2019 | (2,999 | ) | (2,999 | ) | ||||
Total stockholders' equity | 11,435 | 20,119 | ||||||
Total liabilities and stockholders' equity | $ | 41,617 | $ | 58,509 |
Three months ended | Nine months ended | |||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
Revenue | $ | 12,922 | $ | 20,031 | $ | 44,967 | $ | 65,683 | ||||||||
Cost of revenue | 9,603 | 15,358 | 33,971 | 50,407 | ||||||||||||
Gross profit | 3,319 | 4,673 | 10,996 | 15,276 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 2,878 | 3,465 | 12,548 | 12,231 | ||||||||||||
Research and development | 137 | 130 | 526 | 526 | ||||||||||||
Restructuring charges | 185 | 740 | 195 | 742 | ||||||||||||
Loss on impairment | - | - | 4,302 | 5,464 | ||||||||||||
Depreciation | 76 | 107 | 254 | 300 | ||||||||||||
Amortization of intangible assets | 414 | 596 | 1,528 | 1,804 | ||||||||||||
Total operating expenses | 3,690 | 5,038 | 19,353 | 21,067 | ||||||||||||
Operating loss | (371 | ) | (365 | ) | (8,357 | ) | (5,791 | ) | ||||||||
Interest expense, net | (128 | ) | (288 | ) | (556 | ) | (812 | ) | ||||||||
Gain (loss) on derivative instruments, net | 31 | (61 | ) | 35 | (69 | ) | ||||||||||
Other (expense) income, net | (77 | ) | 59 | (24 | ) | 62 | ||||||||||
Loss before income taxes | (545 | ) | (655 | ) | (8,902 | ) | (6,610 | ) | ||||||||
Provision for (benefit from) income taxes | 116 | 568 | 166 | (874 | ) | |||||||||||
Net loss | $ | (661 | ) | $ | (1,223 | ) | $ | (9,068 | ) | $ | (5,736 | ) | ||||
Net loss per common share - basic and diluted | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.44 | ) | $ | (0.29 | ) | ||||
Weighted average shares outstanding used to compute net loss per share - basic and diluted | 20,563,452 | 20,007,469 | 20,438,571 | 20,021,829 |
Three months ended | Nine months ended | |||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
Net loss | $ | (661 | ) | $ | (1,223 | ) | $ | (9,068 | ) | $ | (5,736 | ) | ||||
Cumulative translation adjustment | 84 | (89 | ) | 104 | (149 | ) | ||||||||||
Comprehensive loss | $ | (577 | ) | $ | (1,312 | ) | $ | (8,964 | ) | $ | (5,885 | ) |
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Nine months ended | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Shares | Amount | Total | ||||||||||||||||||||||||
Balance at January 1, 2020 | 21,839 | $ | 218 | $ | 79,400 | $ | (54,654 | ) | $ | (1,846 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 20,119 | ||||||||||||||
Stock-based compensation | - | - | 357 | - | - | - | - | 357 | ||||||||||||||||||||||||
Common stock issued for RSUs vested | 381 | 4 | (4 | ) | - | - | - | - | ||||||||||||||||||||||||
Shares withheld to pay taxes | - | - | (77 | ) | - | - | - | (77 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | 104 | - | 104 | |||||||||||||||||||||||||
Net loss | - | - | - | (9,068 | ) | - | - | (9,068 | ) | |||||||||||||||||||||||
Balance at September 30, 2020 | 22,220 | $ | 222 | $ | 79,676 | $ | (63,722 | ) | $ | (1,742 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 11,435 | ||||||||||||||
Balance at January 1, 2019 | 21,485 | $ | 214 | $ | 78,118 | $ | (42,569 | ) | $ | (1,635 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 31,129 | ||||||||||||||
Stock-based compensation | - | - | 1,238 | - | - | - | - | 1,238 | ||||||||||||||||||||||||
Common stock issued for options exercised | 9 | 1 | 89 | - | - | - | - | 90 | ||||||||||||||||||||||||
Common stock issued for RSUs vested | 295 | 3 | (3 | ) | - | - | - | - | - | |||||||||||||||||||||||
Shares withheld to pay taxes | - | - | (304 | ) | - | - | - | - | (304 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | (149 | ) | - | - | (149 | ) | ||||||||||||||||||||||
Net loss | - | - | - | (5,736 | ) | - | - | - | (5,736 | ) | ||||||||||||||||||||||
Balance at September 30, 2019 | 21,789 | $ | 218 | $ | 79,138 | $ | (48,305 | ) | $ | (1,784 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 26,268 |
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||
Three months ended | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Shares | Amount | Total | ||||||||||||||||||||||||
Balance at July 1, 2020 | 22,150 | $ | 221 | $ | 79,676 | $ | (63,061 | ) | $ | (1,826 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 12,011 | ||||||||||||||
Stock-based compensation | - | - | 33 | - | - | - | - | 33 | ||||||||||||||||||||||||
Common stock issued for RSUs vested | 70 | 1 | (1 | ) | - | - | - | - | - | |||||||||||||||||||||||
Shares withheld to pay taxes | - | - | (32 | ) | - | - | - | - | (32 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | 84 | - | - | 84 | ||||||||||||||||||||||||
Net loss | - | - | - | (661 | ) | - | - | - | (661 | ) | ||||||||||||||||||||||
Balance at September 30, 2020 | 22,220 | $ | 222 | $ | 79,676 | $ | (63,722 | ) | $ | (1,742 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 11,435 |
Balance at July 1, 2019 | 21,699 | $ | 217 | $ | 79,028 | $ | (47,082 | ) | $ | (1,695 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 27,469 | ||||||||||||||
Stock-based compensation | - | - | 169 | - | - | - | - | 169 | ||||||||||||||||||||||||
Common stock issued for options exercised | - | - | 15 | - | - | - | - | 15 | ||||||||||||||||||||||||
Common stock issued for RSUs vested | 90 | 1 | (1 | ) | - | - | - | - | - | |||||||||||||||||||||||
Shares withheld to pay taxes | - | - | (73 | ) | - | - | - | - | (73 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | (89 | ) | - | - | (89 | ) | ||||||||||||||||||||||
Net loss | - | - | - | (1,223 | ) | - | - | - | (1,223 | ) | ||||||||||||||||||||||
Balance at September 30, 2019 | 21,789 | $ | 218 | $ | 79,138 | $ | (48,305 | ) | $ | (1,784 | ) | (1,599 | ) | $ | (2,999 | ) | $ | 26,268 |
Nine months ended | ||||||||
September 30, 2020 | September 30, 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (9,068 | ) | $ | (5,736 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Loss on impairment | 4,302 | 5,464 | ||||||
Depreciation | 254 | 300 | ||||||
Amortization of intangible assets | 1,528 | 1,804 | ||||||
Amortization of capitalized software development costs | 248 | 293 | ||||||
Amortization of deferred financing fees | 155 | - | ||||||
Change in fair value of contingent consideration | - | (1,200 | ) | |||||
Stock-based compensation expense | 357 | 1,150 | ||||||
Bad debt expense | 103 | 48 | ||||||
(Gain) loss on derivative instruments, net | (35 | ) | 69 | |||||
Deferred income taxes | 57 | (1,276 | ) | |||||
Gain on sale of assets | (5 | ) | (7 | ) | ||||
Changes in assets and liabilities: | ||||||||
Contract receivables | 6,114 | 7,314 | ||||||
Prepaid expenses and other assets | 983 | 438 | ||||||
Accounts payable, accrued compensation and accrued expenses | (1,536 | ) | (2,400 | ) | ||||
Billings-in-excess of revenue earned | (1,195 | ) | (6,777 | ) | ||||
Accrued warranty | (285 | ) | 102 | |||||
Other liabilities | (332 | ) | 82 | |||||
Cash provided by (used in) operating activities | 1,645 | (332 | ) | |||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (4 | ) | (127 | ) | ||||
Capitalized software development costs | (250 | ) | (326 | ) | ||||
Proceeds from sale of equipment | 11 | 8 | ||||||
Acquisition of DP Engineering, net of cash acquired | - | (13,521 | ) | |||||
Cash used in investing activities | (243 | ) | (13,966 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from line of credit | 4,200 | - | ||||||
Repayment of line of credit | (694 | ) | - | |||||
Proceeds from issuance of long-term debt | - | 14,263 | ||||||
Repayment of long-term debt | (18,480 | ) | (3,029 | ) | ||||
Interest rate swap | (209 | ) | - | |||||
Proceeds from Paycheck Protection Program Loan | 10,000 | - | ||||||
Proceeds from issuance of common stock | - | 90 | ||||||
Deferred financing costs | (80 | ) | - | |||||
Shares withheld to pay taxes | (77 | ) | (304 | ) | ||||
Cash (used in) provided by financing activities | (5,340 | ) | 11,020 | |||||
Effect of exchange rate changes on cash and cash equivalents | (93 | ) | (239 | ) | ||||
Net decrease in cash and cash equivalents | (4,031 | ) | (3,517 | ) | ||||
Cash and cash equivalents at the beginning of the year | 11,691 | 12,123 | ||||||
Cash and cash equivalents at the end of the period | $ | 7,660 | $ | 8,606 | ||||
(in thousands, except for share amounts) | Three months ended | Nine months ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
Numerator: | ||||||||||||||||
Net loss | $ | (661 | ) | $ | (1,223 | ) | $ | (9,068 | ) | $ | (5,736 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding for basic loss per share | 20,563,452 | 20,007,469 | 20,438,571 | 20,021,829 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock units | - | - | - | - | ||||||||||||
Adjusted weighted-average shares outstanding and assumed conversions for diluted loss per share | 20,563,452 | 20,007,469 | 20,438,571 | 20,021,829 | ||||||||||||
Shares related to dilutive securities excluded from calculation because inclusion would be anti-dilutive | 66,261 | 578,676 | 12,172 | 397,131 |
(in thousands) | September 30, 2020 | December 31, 2019 | ||||||
Billed receivables | $ | 5,319 | $ | 11,041 | ||||
Unbilled receivables | 6,239 | 6,624 | ||||||
Allowance for doubtful accounts | (415 | ) | (458 | ) | ||||
Total contract receivables, net | $ | 11,143 | $ | 17,207 |
Performance | NITC | Total | ||||||||||
Balance at January 1, 2020 | $ | 4,908 | $ | 8,431 | $ | 13,339 | ||||||
Balance at September 30, 2020 | $ | 4,908 | $ | 8,431 | $ | 13,339 |
(in thousands) | As of September 30, 2020 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Impact of Impairment | Net | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer relationships | $ | 11,730 | $ | (5,207 | ) | $ | (3,102 | ) | $ | 3,421 | ||||||
Trade names | 2,467 | (952 | ) | (778 | ) | 737 | ||||||||||
Developed technology | 471 | (471 | ) | - | - | |||||||||||
Non-contractual customer relationships | 433 | (433 | ) | - | - | |||||||||||
Noncompete agreements | 949 | (313 | ) | (422 | ) | 214 | ||||||||||
Alliance agreements | 527 | (250 | ) | - | 277 | |||||||||||
Others | 167 | (167 | ) | - | - | |||||||||||
Total | $ | 16,744 | $ | (7,793 | ) | $ | (4,302 | ) | $ | 4,649 |
(in thousands) | As of December 31, 2019 | |||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
Amortized intangible assets: | ||||||||||||
Customer relationships | $ | 11,730 | $ | (4,079 | ) | $ | 7,651 | |||||
Trade names | 2,467 | (727 | ) | 1,740 | ||||||||
Developed technology | 471 | (471 | ) | - | ||||||||
Non-contractual customer relationships | 433 | (433 | ) | - | ||||||||
Noncompete agreements | 949 | (217 | ) | 732 | ||||||||
Alliance agreements | 527 | (171 | ) | 356 | ||||||||
Others | 167 | (167 | ) | - | ||||||||
Total | $ | 16,744 | $ | (6,265 | ) | $ | 10,479 |
(in thousands) | ||||
Years ended December 31: | ||||
2020 (remainder) | $ | 415 | ||
2021 | 1,213 | |||
2022 | 911 | |||
2023 | 640 | |||
2024 | 435 | |||
and thereafter | 1,035 | |||
Total | $ | 4,649 |
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Money market funds | $ | 434 | $ | - | $ | - | $ | 434 | ||||||||
Total assets | $ | 434 | $ | - | $ | - | $ | 434 |
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Money market funds | $ | 434 | $ | - | $ | - | $ | 434 | ||||||||
Foreign exchange contracts | - | 49 | - | 49 | ||||||||||||
Total assets | $ | 434 | $ | 49 | $ | - | $ | 483 | ||||||||
Liability awards | $ | - | $ | (9 | ) | $ | - | $ | (9 | ) | ||||||
Interest rate swap contract | - | (160 | ) | - | (160 | ) | ||||||||||
Total liabilities | $ | - | $ | (169 | ) | $ | - | $ | (169 | ) |
Three months ended | Nine months ended | |||||||||||||||
(in thousands) | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
Interest rate swap | $ | 25 | $ | (1 | ) | $ | (49 | ) | $ | (89 | ) | |||||
Foreign exchange contracts | - | (45 | ) | 17 | 25 | |||||||||||
Remeasurement of related contract receivables, billings-in-excess of revenue earned, and subcontractor accruals | 6 | (15 | ) | 67 | (5 | ) | ||||||||||
Gain (loss) on derivative instruments, net | $ | 31 | $ | (61 | ) | $ | 35 | $ | (69 | ) |
(in thousands) | ||||
Balance at January 1, 2020 | $ | 1,323 | ||
Current period provision | (136 | ) | ||
Current period claims | (149 | ) | ||
Currency adjustment | 9 | |||
Balance at September 30, 2020 | $ | 1,047 |
Three months ended | Nine months ended | |||||||||||||||
(in thousands) | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
Performance segment | ||||||||||||||||
SDB | $ | 2,473 | $ | 4,435 | $ | 9,535 | $ | 16,472 | ||||||||
Software | 942 | 786 | 2,575 | 2,170 | ||||||||||||
Training and consulting | 3,842 | 6,196 | 13,130 | 17,975 | ||||||||||||
NITC segment | ||||||||||||||||
Training and consulting | 5,665 | 8,614 | 19,727 | 29,066 | ||||||||||||
Total revenue | $ | 12,922 | $ | 20,031 | $ | 44,967 | $ | 65,683 |
(in thousands) | Three months ended | Nine months ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
Revenue recognized in the period from amounts included in Billings-in-Excess of Revenue Earned at the beginning of the period | $ | 1,520 | $ | 762 | $ | 6,221 | $ | 8,615 |
(in thousands) | Three months ended | Nine months ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||
Loss before income taxes | $ | (545 | ) | $ | (655 | ) | $ | (8,902 | ) | $ | (6,610 | ) | ||||
Provision for (benefit from) income taxes |