Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. Luckily, Zacks has develope ...

Investors might want to bet on LSI (LYTS) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. The power of a changing ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on ke ...

Commission File No. 0-13375 LSI Industries Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Ohio 31-0888951 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 10000 Alliance Road, Cincinnati, Ohio 45242 (Address of principal executive offices) (Zip Code) (513) 793-3200 Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of ...

LSI (LYTS) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this lighting and LED display company would post earnings of $0.07 per share when it actually produced earnings of $0.20, delivering a surprise of 185.71%.Over the last four quarters ...

Exhibit 99.1 LSI INDUSTRIES REPORTS FISCAL 2024 THIRD QUARTER RESULTS AND DECLARES QUARTERLY CASH DIVIDEND CINCINNATI, April 25, 2024 – LSI Industries Inc. (Nasdaq: LYTS, "LSI" or the "Company") a leading U.S. based manufacturer of commercial lighting and display solutions, today reported financial results for the fiscal 2024 third quarter ended March 31, 2024. FISCAL 2024 THIRD QUARTER RESULTS LSI continued to execute on its commercial expansion and operational excellence initiatives during the third quart ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for LSI Industries Inc. for the period ended December 31, 2023, including key financial statements and notes [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Net sales decreased for both three and six-month periods ended December 31, 2023, while six-month net income increased to $13,934 thousand Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $109,005 | $128,804 | $232,446 | $255,873 | | **Gross Profit** | $31,536 | $34,140 | $68,125 | $68,878 | | **Operating Income** | $7,819 | $9,038 | $18,847 | $19,059 | | **Net Income** | $5,906 | $6,417 | $13,934 | $12,678 | | **Diluted EPS** | $0.20 | $0.22 | $0.47 | $0.44 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets decreased to $287,548 thousand as of December 31, 2023, primarily due to reductions in receivables and inventory, while shareholders' equity increased Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 | June 30, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $141,393 | $149,876 | | Inventories | $60,154 | $63,718 | | Goodwill | $45,030 | $45,030 | | **Total Assets** | **$287,548** | **$296,149** | | **Total Current Liabilities** | $65,554 | $76,562 | | Long-term Debt | $17,950 | $31,629 | | **Total Liabilities** | $94,614 | $118,571 | | **Total Shareholders' Equity** | **$192,934** | **$177,578** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Operating cash flow remained stable at $19,868 thousand for the six months ended December 31, 2023, with decreased cash used in financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$19,868** | **$20,062** | | Net cash used in investing activities | ($3,323) | ($994) | | Net cash used in financing activities | ($15,728) | ($18,779) | | **Increase in cash and cash equivalents** | **$832** | **$303** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section details accounting policies, segment reporting, debt structure, and equity compensation, providing context for the financial statements - Revenue is disaggregated by timing (point in time vs. over time) and by segment. For the six months ended Dec 31, 2023, **$181,500 thousand** of revenue was recognized at a point in time, while **$50,900 thousand** was recognized over time[36](index=36&type=chunk) - The company operates two reportable segments: **Lighting** and **Display Solutions**. Corporate activities are reported separately[38](index=38&type=chunk) - As of December 31, 2023, the company was in compliance with all loan covenants associated with its credit facility[53](index=53&type=chunk) - In January 2024, the Board of Directors declared a quarterly cash dividend of **$0.05 per share**, indicating an annual rate of **$0.20 per share**[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20(MD%26A)) Management discusses financial results, highlighting a 15% Q2 net sales decrease due to project delays, improved gross margin, strong operating cash flow, and reduced net debt - Q2 FY2024 net sales decreased **15% YoY** to **$109,005 thousand**, primarily due to a temporary delay in project demand in the grocery market affecting the Display Solutions Segment[71](index=71&type=chunk) - Despite a **9% sales decline** for the six-month period, adjusted operating income remained flat at **$21,400 thousand**, demonstrating effective cost management and improved manufacturing productivity[74](index=74&type=chunk) - The company significantly improved its leverage, with the Net Debt to Trailing 12-Month Adjusted EBITDA ratio decreasing to **0.4x** at December 31, 2023, from **1.3x** a year prior[78](index=78&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) The Lighting segment's operating income grew 31% despite a sales dip, while Display Solutions saw a 29% sales decline and 57% operating income drop due to a temporary pause Segment Performance - Three Months Ended Dec 31, 2023 vs 2022 (in thousands) | Segment | Net Sales 2023 | Net Sales 2022 | % Change | Operating Income 2023 | Operating Income 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Lighting** | $64,795 | $66,833 | -3% | $8,856 | $6,754 | +31% | | **Display Solutions** | $44,210 | $61,971 | -29% | $3,302 | $7,762 | -57% | Segment Performance - Six Months Ended Dec 31, 2023 vs 2022 (in thousands) | Segment | Net Sales 2023 | Net Sales 2022 | % Change | Operating Income 2023 | Operating Income 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Lighting** | $132,436 | $134,366 | -1% | $17,609 | $15,912 | +11% | | **Display Solutions** | $100,010 | $121,507 | -18% | $10,521 | $14,258 | -26% | - Lighting segment gross margin improved to **35.0%** in Q2 FY2024 from **30.6%** in Q2 FY2023, attributed to stable pricing, higher-value sales mix, favorable material costs, and improved productivity[80](index=80&type=chunk) - The decline in Display Solutions sales was unfavorably impacted by a temporary pause in demand within the grocery market vertical related to a pending merger of two large grocery chains[83](index=83&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with working capital increasing to $75,800 thousand and a current ratio of 2.2 to 1, supported by $19,900 thousand in operating cash flow - Working capital was **$75,800 thousand** at Dec 31, 2023, up from **$73,300 thousand** at June 30, 2023. The current ratio improved to **2.2 to 1** from **2.0 to 1**[106](index=106&type=chunk) - Net inventories decreased by **$3,500 thousand** from June 30, 2023, to **$60,200 thousand** at December 31, 2023, reflecting improved inventory management[107](index=107&type=chunk) - The company generated **$19,900 thousand** of cash from operating activities in the first six months of fiscal 2024, demonstrating continued strong cash flow generation[109](index=109&type=chunk) - As of December 31, 2023, **$70,700 thousand** was available for borrowing under the **$75,000 thousand** revolving line of credit, and the company was in compliance with all loan covenants[108](index=108&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes in its market risk exposure since June 30, 2022, referring to its Annual Report on Form 10-K - There have been no material changes in the company's exposure to market risk since June 30, 2022[116](index=116&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2023, with no material changes in internal control over financial reporting - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[118](index=118&type=chunk) - No changes occurred in the company's internal control over financial reporting during the second quarter ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, these controls[119](index=119&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes other required disclosures and exhibits [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) There is no other information to report for the period - None[122](index=122&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer - Exhibits filed include CEO and CFO certifications (**31.1, 31.2, 32.1, 32.2**) and various Inline XBRL documents for financial reporting (**101 series**)[123](index=123&type=chunk) [Signatures](index=34&type=section&id=SIGNATURES) This section contains the official signatures certifying the report's accuracy [Signatures](index=34&type=section&id=Signatures) The report is duly signed on February 6, 2024, by James A. Clark, Chief Executive Officer and President, and James E. Galeese, Executive Vice President and Chief Financial Officer - The report was signed on **February 6, 2024**, by James A. Clark (CEO) and James E. Galeese (CFO)[127](index=127&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Commission File No. 0-13375 LSI Industries Inc. (Exact name of registrant as specified in its charter) Ohio 31-0888951 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 10000 Alliance Road, Cincinnati, Ohio 45242 (Address of principal executive offices) (Zip Code) (513) 793-3200 Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of ...

LSI Industries Inc. (NASDAQ:LYTS) Q1 2024 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Jim Galeese - Chief Financial Officer Jim Clark - President and Chief Executive Officer Conference Call Participants Aaron Spychalla - Craig Hallum Capital Group Amit Dayal - H.C. Wainwright George Gianarikas - Canaccord Genuity Richard Fearon - Accretive Capital Partners Operator Greetings, and welcome to LSI Industries' Fiscal First Quarter 2024 Results Conference Call. At this time, all pa ...

Part I [Business](index=5&type=section&id=ITEM%201.%20BUSINESS) LSI Industries Inc. is a leading producer of non-residential lighting and retail display solutions, organized into Lighting and Display Solutions segments, primarily serving the U.S. market - LSI is a leading producer of non-residential lighting and retail display solutions, with a focus on high-performance, American-made products[16](index=16&type=chunk) - The company operates out of **eleven manufacturing facilities** located in six U.S. states and one province in Ontario, Canada[25](index=25&type=chunk) - Research and development costs totaled **$3.4 million** in fiscal 2023 and **$3.6 million** in fiscal 2022[28](index=28&type=chunk) - As of June 30, 2023, the company had **1,540 full-time employees** and **87 agency employees**[33](index=33&type=chunk) Net Sales by Business Segment (in thousands) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Lighting Segment | $272,451 | $233,449 | | Display Solutions Segment | $224,528 | $221,671 | | **Total Net Sales** | **$496,979** | **$455,120** | [Lighting Segment](index=5&type=section&id=Lighting%20Segment) The Lighting Segment, representing 55% of fiscal 2023 net sales, manufactures and sells outdoor and indoor LED lighting fixtures and control solutions for various commercial markets - The Lighting Segment serves vertical markets such as refueling/convenience stores, parking lots/garages, quick-service restaurants, retail, grocery, automotive dealerships, sports courts, and warehouses[18](index=18&type=chunk) - Products include a variety of lighting fixtures, poles, and accessories, with a focus on energy-efficient LED light sources and advanced control options like sensors and wireless technologies[19](index=19&type=chunk) [Display Solutions Segment](index=5&type=section&id=Display%20Solutions%20Segment) The Display Solutions Segment, accounting for 45% of fiscal 2023 net sales, provides visual image and display elements, including digital signage and refrigerated displays, with project management services - Major products include signage, canopy graphics, digital signage, menu board systems, and refrigerated/non-refrigerated merchandising displays[20](index=20&type=chunk) - The segment provides comprehensive project management services, including installation, site surveys, permitting, and content management, to support large rollout programs for customers[20](index=20&type=chunk) [Risk Factors](index=8&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces strategic, operational, legal/regulatory, and financial risks, including economic downturns, competitive pressures, supply chain disruptions, and cybersecurity threats - **Strategic Risks** include potential negative impacts from lower economic activity in key end markets (refueling, grocery, etc.), inability to execute business strategies, intense competition affecting prices, and concentration of sales in the refueling/convenience store and grocery markets[43](index=43&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) - **Operational Risks** include supply chain vulnerabilities such as price increases and shortages of raw materials (steel, aluminum, LEDs), cybersecurity threats to IT systems, labor shortages, potential product recalls or warranty claims, and reliance on independent sales representatives[54](index=54&type=chunk)[55](index=55&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - **Legal and Regulatory Risks**: Potential changes in U.S. trade policies, such as import tariffs, could increase costs for components sourced from foreign countries and adversely affect the business[68](index=68&type=chunk)[69](index=69&type=chunk) - **Financial Risks** include stock price volatility affecting capital raising, adverse effects from inflation and interest rate increases, and anti-takeover provisions in organizational documents and Ohio law that could deter a change in control[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Unresolved Staff Comments](index=15&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved written comments from the Securities and Exchange Commission staff issued 180 days or more before the end of fiscal year 2023 - There are no unresolved staff comments[77](index=77&type=chunk) [Properties](index=15&type=section&id=ITEM%202.%20PROPERTIES) The company operates owned and leased properties for corporate headquarters, manufacturing, and office functions, with key facilities in Ohio, Kentucky, Maine, Texas, North Carolina, and Ontario - The company owns its corporate headquarters and several manufacturing facilities in Cincinnati, OH, Independence, KY, and Columbus, OH[78](index=78&type=chunk) - Key leased manufacturing facilities are located in Houston, TX; Burlington, NC; and Collingwood, ON, Canada[78](index=78&type=chunk) [Legal Proceedings](index=15&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) Information regarding legal proceedings is detailed in Note 13 of the Consolidated Financial Statements, with the company believing their ultimate disposition will not have a material adverse effect - For information on legal proceedings, refer to Note 13 – Contingencies of the Notes to the Consolidated Financial Statements[78](index=78&type=chunk) [Mine Safety Disclosures](index=15&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[79](index=79&type=chunk) Part II [Market for Common Equity, Stockholder Matters, and Issuer Purchases](index=16&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) LSI's common stock trades on NASDAQ under 'LYTS', with an indicated annual dividend of $0.20 per share, and no shares repurchased in fiscal 2023 under its program - The company's common stock is traded on the NASDAQ Global Select Market under the symbol **"LYTS"**[81](index=81&type=chunk) - The indicated annual cash dividend rate at the end of fiscal 2023 was **$0.20 per share**[82](index=82&type=chunk) - The company did not repurchase any shares during the fiscal year ended June 30, 2023, under its **$15 million** share repurchase program[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In fiscal 2023, LSI's net sales increased 9.2% to $497.0 million, with operating income rising significantly to $37.0 million, driven by strong operating cash flow of $49.6 million used to reduce debt Fiscal 2023 vs. 2022 Consolidated Results (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Total Net Sales | $496,979 | $455,120 | +9.2% | | Total Operating Income | $37,028 | $21,201 | +74.7% | | Adjusted Operating Income (Non-GAAP) | $41,956 | $24,973 | +68.0% | | Net Income | $25,762 | $15,032 | +71.4% | | Diluted EPS | $0.88 | $0.54 | +63.0% | - The company generated **$49.6 million** of cash from operating activities in fiscal 2023, a significant turnaround from a **$3.8 million** use of cash in fiscal 2022, primarily due to effective working capital management and higher earnings[146](index=146&type=chunk) - Net Debt to Adjusted EBITDA ratio improved significantly from **2.20** at the end of fiscal 2022 to **0.65** at the end of fiscal 2023[125](index=125&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) The Lighting Segment's net sales grew 16.7% to $272.5 million, with operating income up 51.1%, while Display Solutions sales increased 1.3% to $224.5 million, with operating income up 41.7%, both driven by improved margins and mix Lighting Segment Performance (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $272,451 | $233,449 | +16.7% | | Gross Profit | $86,761 | $70,120 | +23.7% | | Operating Income | $31,633 | $20,942 | +51.1% | Display Solutions Segment Performance (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $224,528 | $221,671 | +1.3% | | Gross Profit | $50,179 | $39,076 | +28.4% | | Operating Income | $24,920 | $17,589 | +41.7% | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved in fiscal 2023, with working capital decreasing to $73.3 million due to inventory reduction, and $49.6 million cash from operations used to pay down debt - Working capital decreased by **$8.5 million** to **$73.3 million** at June 30, 2023, mainly driven by a **$10.7 million** decrease in inventory[141](index=141&type=chunk)[144](index=144&type=chunk) - Cash from operations was **$49.6 million** in FY2023, compared to a use of cash of **$3.8 million** in FY2022[146](index=146&type=chunk) - The company used cash from operations and financing activities to pay down its line of credit, reducing total debt from **$79.6 million** to **$35.2 million** year-over-year[148](index=148&type=chunk)[240](index=240&type=chunk) [Critical Accounting Policies and Use of Estimates](index=28&type=section&id=Critical%20Accounting%20Policies%20and%20Use%20of%20Estimates) The warranty reserve is a critical accounting policy requiring significant judgment, with the liability increasing to $6.5 million at the end of fiscal 2023 from $4.5 million in the prior year - The most critical accounting policy is the warranty reserve, which involves estimating future costs for repair or replacement of defective products[151](index=151&type=chunk)[152](index=152&type=chunk) Product Warranty Liability Changes (in thousands) | | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Beginning Balance | $4,491 | $5,295 | | Additions charged to expense | $6,626 | $2,960 | | Deductions for repairs | ($4,616) | ($3,764) | | **Ending Balance** | **$6,501** | **$4,491** | [Quantitative and Qualitative Disclosures About Market Risk](index=16&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to market risks from interest rate fluctuations on variable-rate debt, raw material price volatility, and minimal foreign currency risk, without using derivative instruments for hedging - The company is exposed to interest rate risk due to its variable-rate **$75 million** revolving line of credit and **$25 million** term loan[86](index=86&type=chunk)[87](index=87&type=chunk) - The company faces raw material price risk for commodities like steel, aluminum, and LEDs; in fiscal 2023, the raw material component of cost of goods sold subject to this risk was approximately **$226.3 million**[88](index=88&type=chunk) - Foreign currency risk is minimal, as sales from Mexican and Canadian subsidiaries represent only about **4%** of consolidated net sales[90](index=90&type=chunk) [Financial Statements and Supplementary Data](index=17&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section includes the company's consolidated financial statements for fiscal years 2023 and 2022, along with management's report on internal control and the independent auditor's unqualified opinions - The independent auditor, Grant Thornton LLP, issued an unqualified opinion on both the consolidated financial statements and the effectiveness of the company's internal control over financial reporting as of June 30, 2023[161](index=161&type=chunk)[168](index=168&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Total Current Assets | $149,876 | $158,917 | | Total Assets | $296,149 | $311,080 | | Total Current Liabilities | $76,562 | $77,082 | | Total Long-Term Debt | $31,629 | $76,025 | | Total Shareholders' Equity | $177,578 | $147,769 | Consolidated Cash Flow Highlights (in thousands) | | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from Operating Activities | $49,588 | ($3,863) | | Net cash from Investing Activities | ($3,203) | ($1,573) | | Net cash from Financing Activities | ($47,149) | $5,633 | [Changes in and Disagreements with Accountants](index=17&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) This item is not applicable - Not applicable[91](index=91&type=chunk) [Controls and Procedures](index=18&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal control over financial reporting during the fourth fiscal quarter - The Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2023, the company's disclosure controls and procedures were effective[94](index=94&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2023, that materially affected, or are reasonably likely to materially affect, the company's internal control[96](index=96&type=chunk) [Other Information](index=18&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) No directors or officers reported the adoption or termination of Rule 10b5-1 trading arrangements during the fourth quarter of fiscal 2023 - No directors or officers reported the adoption or termination of Rule 10b5-1 trading arrangements in the fourth quarter[97](index=97&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=18&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding directors, executive officers, the Audit Committee, and the company's code of ethics is incorporated by reference from the 2023 Proxy Statement - Information required for this item is incorporated by reference from the Proxy Statement for the Annual Meeting of Shareholders to be held November 1, 2023[100](index=100&type=chunk) [Executive Compensation](index=19&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information regarding director and executive compensation, including the Compensation Discussion and Analysis, is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is incorporated by reference from the 2023 Proxy Statement[103](index=103&type=chunk) [Security Ownership and Related Stockholder Matters](index=19&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information regarding security ownership of certain beneficial owners and management, as well as equity compensation plan information, is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is incorporated by reference from the 2023 Proxy Statement[103](index=103&type=chunk) [Certain Relationships, Related Transactions, and Director Independence](index=19&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information regarding related person transactions and director independence is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is incorporated by reference from the 2023 Proxy Statement[104](index=104&type=chunk) [Principal Accountant Fees and Services](index=19&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information concerning fees and services provided by the principal accountant, Grant Thornton LLP, is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is incorporated by reference from the 2023 Proxy Statement[105](index=105&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=19&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists documents filed as part of the Form 10-K, including consolidated financial statements, various exhibits, and certifications from principal executive and financial officers - The report includes consolidated financial statements, exhibits, and certifications as part of the filing[108](index=108&type=chunk) - Key exhibits filed include loan agreements, employment agreements, and equity incentive plans[108](index=108&type=chunk)[109](index=109&type=chunk) - Financial Statement Schedule II – Valuation and Qualifying Accounts is provided on page 61[90](index=90&type=chunk)[288](index=288&type=chunk) [Form 10-K Summary](index=21&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) This item is not included in the report - Not included[112](index=112&type=chunk)