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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | During the first quarter of fiscal 2023, we committed to a plan to sell our Sunoptics prismatic skylights business. We completed the sale of the business on November 10, 2022, and we transferred assets with a total carrying value of $15.1 million, which primarily consisted of intangibles with definite lives, inventories, and allocated goodwill from the ABL segment. We recognized a pre-tax loss on the sale of $11.2 million within | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We used quoted market prices to determine the fair value of Level 1 assets and liabilities. Our cash and cash equivalents (Level 1), which are required to be carried at fair value and measured on a recurring basis, were $284.1 million and $223.2 million as of November 30, 2022 and August 31, 2022, respectively. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We hold a small number of strategic investments totaling $12.0 million and $11.9 million as of November 30, 2022 and August 31, 2022, respectively. These investments are primarily equity instruments in privately-held entities over which we do not exercise significant influence or control. We generally account for these investments at fair value on a recurring basis; however, these investments do not have readily determinable fair value. We have elected the practical expedient in ASC Topic 321, | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | Fair value for our outstanding debt obligations is estimated based on discounted future cash flows using rates currently available for debt of similar terms and maturity (Level 2). Our senior unsecured public notes are carried at the outstanding balance, net of unamortized bond discount and deferred costs, as of the end of the reporting period. The estimated fair value of our senior unsecured public notes was $388.4 million and $399.2 million as of November 30, 2022 and August 31, 2022, respectively. The decrease in fair value is due to increases in market bond yields since the end of fiscal 2022. We had no short-term borrowings and $18.0 million of short-term borrowings outstanding under our revolving credit facility as of November 30, 2022 and August 31, 2022, respectively. These borrowings are variable-rate instruments that reset on a frequent short-term basis; therefore, we estimate that any outstanding carrying values, which are equal to the face amounts, of these instruments approximate their fair values. See | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We recorded amortization expense for definite-lived intangible assets of $13.6 million and $10.3 million during the three months ended November 30, 2022 and 2021, respectively. Amortization expense is generally recorded on a straight-line basis and is expected to be approximately $41.5 million in fiscal 2023, $36.9 million in fiscal 2024, $29.4 million in fiscal 2025, $26.7 million in fiscal 2026, and $25.2 million in fiscal 2027. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | On November 10, 2020, Acuity Brands Lighting, Inc. issued $500.0 million aggregate principal amount of 2.150% senior unsecured notes due December 15, 2030 (the “Unsecured Notes”). The Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by Acuity Brands, Inc. and ABL IP Holding LLC, a wholly-owned subsidiary of Acuity Brands, Inc. The Unsecured Notes bear interest at a rate of 2.150% per annum and were issued at a price equal to 99.737% of their face value. Interest on the Unsecured Notes is paid semi-annually in arrears on June 15 and December 15 of each year. The Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by Acuity Brands, Inc. and ABL IP Holding LLC, a wholly-owned subsidiary of Acuity Brands, Inc. Additionally, we recorded $4.8 million of deferred issuance costs related to the Unsecured Notes as a direct deduction from the face amount of the Unsecured Notes. These issuance costs are amortized over the 10-year term of the Unsecured Notes. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | On June 30, 2022, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks that provides us with a $600.0 million five-year unsecured revolving credit facility (the “Revolving Credit Facility”) with the ability to request an additional $400.0 million of borrowing capacity. We had no short-term borrowings at November 30, 2022 and $18.0 million in short-term borrowings at August 31, 2022 outstanding under the Revolving Credit Facility. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | The Revolving Credit Facility uses the Secured Overnight Financing Rate (“SOFR”) as the applicable benchmark for U.S. Dollar borrowings and an applicable benchmark rate for non-U.S. Dollar borrowings as defined in the Credit Agreement. The applicable margin pricing grid mechanics are based on the better of our public credit ratings or our net leverage ratio and range from 0.80% to 1.20% for base rate borrowings and from 0.00% to 0.20% for floating rate advances. We are also required to pay certain fees in connection with the Credit Agreement, including administrative service fees and annual facility fees, which range from 0.075% to 0.175% of the aggregate $600.0 million remaining commitment of the lenders under the Credit Agreement. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | The Credit Agreement contains a leverage ratio covenant (“Maximum Leverage Ratio”) of total indebtedness to earnings before interest, tax, depreciation, and amortization (“EBITDA”), as such terms are defined in the Credit Agreement. These ratios are computed at the end of each fiscal quarter for the most recent 12-month period. The Credit Agreement generally allows for a Maximum Leverage Ratio of 3.75 (subject to a temporary increase to 4.25 in the event of a significant acquisition) and allows netting of all unrestricted cash and cash equivalents against debt. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We were in compliance with all financial covenants under the Credit Agreement as of November 30, 2022. At November 30, 2022, we had additional borrowing capacity under the Credit Agreement of $595.9 million under the most restrictive covenant in effect at the time, which represents the full amount of the Revolving Credit Facility less outstanding letters of credit of $4.1 million issued under the Revolving Credit Facility, primarily for securing collateral requirements under our casualty insurance programs. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | As previously disclosed, on October 1, 2021, certain alleged shareholders of the Company filed a putative derivative complaint in the United States District Court for the Northern District of Georgia asserting claims against three former executives for breach of fiduciary duty and certain other claims (the “Derivative Complaint”). The Company is named as a nominal defendant, and the plaintiffs seek on behalf of the Company unspecified damages from the | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | . These services are expected to be performed within one year. Revenue recognized from beginning balances of contract liabilities during the three months ended November 30, 2022 totaled $3.9 million. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We recognized excess tax benefits of $1.3 million and $4.2 million related to share-based payment awards during the three months ended November 30, 2022 and 2021, respectively. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | primarily for impairments of operating lease right-of-use assets for $4.3 million associated with our previously owned Sunoptics prismatic skylights business that were not transferred in connection with the sale. We additionally recognized associate severance and other costs totaling $2.6 million primarily in connection with the Sunoptics divestiture. | [
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10-Q | 0001144215-23-000008 | 20230109073134 | 20221130 | ACUITY BRANDS INC | We report our financial results of operations in two reportable segments, ABL and ISG, consistent with how our chief operating decision maker currently evaluates operating results, assesses performance, and allocates resources within the Company. | [
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company incurred losses of $4.07 million and $3.23 million during the six months ended December 31, 2022 and 2021, respectively. These
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
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million (excluding an additional $2 million held in escrow for potential future Sector 5 Digital, LLC (“S5D”) acquisition
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at all. If the Company is unable to obtain adequate financing or financing on terms satisfactory to it when required, the Company’s
ability to continue to support its business growth, scale its infrastructure, develop product enhancements and to respond to business
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Two
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Two
customers accounted for approximately 45% (24% and 21%, respectively) of the Company’s accounts receivable at December 31, 2022.
One of these customers and a different customer accounted for approximately 59% (37% and 22%, respectively) of the Company’s accounts
receivable at June 30, 2022. | [
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Unfulfilled
performance obligations represent amounts expected to be earned by the Company on executed contracts. As of December 31, 2022, the Company
had approximately $2.83 million in unfulfilled performance obligations. | [
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"Start date for period": "2022-12-31",
"Value": 2830000
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | As
of July 1, 2022, the Company recorded right-of-use assets of $0.75 million, lease liabilities, current portion of $0.32 million and lease
liabilities, net of current portion of $0.43 million. With the purchase of Brightline Interactive, LLC (“BLI”), on August
1, 2022, the Company added right-of-use assets of $0.41 million, lease liabilities, current portion of $0.12 million and lease liabilities,
net of current portion of $0.29 million. | [
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"Start date for period": "2022-08-01",
"Value": 290000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
accordance with GAAP, the fair value of the contingent consideration was remeasured at December 31, 2022, based on market conditions
as of that date. The remeasurement resulted in a fair value amount at December 31, 2022 of $4.56 million, a decrease of approximately
$1.58 million since Closing. The decrease in fair value of the contingent consideration is driven by revisions to BLI’s revenue
projections and a decrease in the Company’s common stock price between the measurement dates. This decrease is recorded as a gain
in operating expenses on the consolidated statement of operations (see Note 6). | [
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"Value": 4560000
},
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"Label": "us-gaap:AssetsFairValueAdjustment",
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"Start date for period": "2022-07-01",
"Value": 1580000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
pro forma net loss was adjusted to exclude approximately $0.27 million of acquisition-related costs incurred in 2022. The 2022 pro forma
net loss includes a gain of approximately $1.58 million for contingent consideration fair value adjustments. | [
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"Value": 270000
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"Start date for period": "2022-07-01",
"Value": 1580000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Costs
related to the acquisition, which include legal, accounting and valuation fees, in the amount of approximately $0.27 million have been
charged directly to operations and are included in general and administrative expenses on the consolidated statement of operations for
the six months ended December 31, 2022. | [
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"Value": 270000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company recognized approximately $2.55 million in revenue and $0.50 million (inclusive of contingent consideration fair value adjustment
gain of $1.58 million) of net income related to BLI since the acquisition Closing date of August 1, 2022 through December 31, 2022 in
the consolidated statement of operations. | [
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"Start date for period": "2022-08-01",
"Value": 2550000
},
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"Label": "us-gaap:NetIncomeLoss",
"Start character": 67,
"Start date for period": "2022-08-01",
"Value": 500000
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"Label": "VRAR:InclusiveOfContingentConsiderationFairValueAdjustmentGain",
"Start character": 150,
"Start date for period": "2022-08-01",
"Value": 1580000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Intangible
asset amortization expense for the three and six months ended December 31, 2022 was approximately $0.54 and $ 0.99 million, respectively. | [
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"Start character": 110,
"Start date for period": "2022-10-01",
"Value": 540000
},
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"Value": 990000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Intangible
asset amortization expense for the three and six months ended December 31, 2021 was approximately $0.07 and $ 0.09 million, respectively. | [
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"Start date for period": "2021-07-01",
"Value": 90000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
change in fair value of contingent consideration for the three and six months ended December 31, 2022 was a gain of approximately $5.43
and $2.82 million, respectively, included as change in fair value of acquisition contingent consideration in the consolidated statements
of operations. This was driven by a decrease in the Company’s common stock price between the measurement dates and revisions to
revenue projections. | [
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"Value": 5430000
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"Start date for period": "2022-07-01",
"Value": 2820000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company sold approximately 1.91 million shares of common stock and realized net proceeds (after underwriting, professional fees and listing
expenses) of $11.82 million. | [
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"Value": 11820000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
connection with the IPO, and for services rendered, the underwriter was issued a warrant to purchase 87,500 shares of common stock at
$7.00 per share. The warrant could not be exercised prior to December 30, 2021 and expires in June 2026. The warrant was valued at approximately
$0.52 million based on the Black-Scholes options pricing model method with the following assumptions: 5 year expected term, 129% expected
volatility, 0.87% risk-free rate and 0% expected dividend yield. | [
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"Start date for period": "2021-07-01",
"Value": 520000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
conjunction with the IPO, outstanding convertible promissory notes totaling approximately $1.43 million were satisfied in full through
the issuance of 324,150 shares of common stock. A loss of approximately $0.28 million was recorded on this conversion at the time of
the IPO. | [
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"Label": "us-gaap:DebtConversionConvertedInstrumentAmount1",
"Start character": 94,
"Start date for period": "2021-07-01",
"Value": 1430000
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"Label": "VRAR:LossOnConversionOfConvertibleNotes",
"Start character": 211,
"Start date for period": "2021-07-01",
"Value": 280000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
November 2021, the Company sold $15.0 million worth of its common stock and warrants to certain institutional investors in a private
placement pursuant to a SPA. The Company realized net proceeds (after underwriting, professional fees and listing expenses) of $13.58
million. | [
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"Start date for period": "2021-11-01",
"Value": 15000000
},
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"Label": "us-gaap:ProceedsFromIssuanceOfCommonStock",
"Start character": 264,
"Start date for period": "2021-11-01",
"Value": 13580000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Under
the terms of the SPA, the Company sold 1.50 million shares of its common stock and warrants to purchase 0.75 million shares of common
stock. The purchase price for one share of common stock and half a corresponding warrant was $10.00. The warrants have an exercise price
of $14.63 per share. Warrants to purchase 0.56 million shares can be exercised immediately and expire five years from the date of the
SPA. Warrants to purchase 0.19 million shares were not exercisable prior to May 2, 2022 and expire five years after. The warrants are
valued at approximately $8.80 million based on the Black-Scholes options pricing model method with the following assumptions: 5 year
expected term, 146% expected volatility, 1.22% risk-free rate and 0% expected dividend yield. | [
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"Start character": 45,
"Start date for period": "2021-11-01",
"Value": 1500000
},
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"End date for period": "2021-11-30",
"Label": "us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights",
"Start character": 110,
"Start date for period": "2021-11-30",
"Value": 750000
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"Label": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised",
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"Start date for period": "2021-11-01",
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"End date for period": "2021-11-30",
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"Start date for period": "2021-11-01",
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"Label": "us-gaap:FairValueAdjustmentOfWarrants",
"Start character": 570,
"Start date for period": "2021-11-01",
"Value": 8800000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2022, the Company issued approximately: 714,000 shares of common stock, valued at $2.85 million, as
consideration for the acquisition of BLI (see Note 4); 214,000 shares of common stock, valued at $0.73 million as consideration for the
acquisition of PulpoAR; and 71,000 shares of common stock, valued at $0.33 million, per the assignment agreement with inciteVR. | [
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"Start date for period": "2022-07-01",
"Value": 2850000
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"Value": 730000
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"Start character": 347,
"Start date for period": "2022-07-01",
"Value": 330000
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10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2021 the Company issued approximately 111,000 shares of common stock, valued at $1.05 million, as consideration
for the acquisition of AUGGD and XR Terra. In addition, the Company issued approximately 277,000 shares of common stock, valued at $4.0
million, as consideration for the acquisition of S5D. | [
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"Start date for period": "2021-07-01",
"Value": 1050000
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"Start character": 285,
"Start date for period": "2021-07-01",
"Value": 4000000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2022 the Company issued approximately 107,000 shares of common stock, with a fair value of approximately
$0.32 million, to satisfy a contingent acquisition obligation of approximately $0.57 million less the repayment of a secured promissory
note of $0.25 million (see Note 10), related to the acquisition of AUGGD (see Note 11). In addition, the Company issued approximately
36,000 shares of common stock, valued at $0.20 million, for the achievement of a revenue performance milestone by XR Terra. | [
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"Value": 320000
},
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"End date for period": "2022-12-31",
"Label": "VRAR:LeagacyAcquisitionObligation",
"Start character": 226,
"Start date for period": "2022-07-01",
"Value": 570000
},
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"End date for period": "2022-12-31",
"Label": "us-gaap:RepaymentsOfNotesPayable",
"Start character": 291,
"Start date for period": "2022-07-01",
"Value": 250000
},
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"Start character": 458,
"Start date for period": "2022-07-01",
"Value": 200000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2021 the Company issued 395,000 shares of common stock to satisfy pre-IPO legacy acquisition obligations
of $0.79 million. | [
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"Start character": 150,
"Start date for period": "2021-07-01",
"Value": 790000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2022 and 2021, the Company issued approximately 27,000 and 357,000 shares of common stock in cash and
cashless transactions, respectively, upon exercise of the respective option grants and realized cash proceeds of approximately $0.04
million and $0.61 million, respectively. | [
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"Start character": 271,
"Start date for period": "2022-07-01",
"Value": 40000
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"End character": 293,
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"Start character": 289,
"Start date for period": "2021-07-01",
"Value": 610000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | During
the six months ended December 31, 2021, the Company issued approximately 13,000 shares of common stock, to various vendors for services
performed and recorded share-based compensation of approximately $0.15 million. | [
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"Label": "us-gaap:StockIssuedDuringPeriodValueIssuedForServices",
"Start character": 209,
"Start date for period": "2021-07-01",
"Value": 150000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company’s 2016 Equity Incentive Plan (the “Plan”), as amended, has approximately 10.6 million common shares reserved
for issuance. As of December 31, 2022, there were approximately 5.0 million shares available for issuance under the Plan. | [
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"End date for period": "2022-12-31",
"Label": "us-gaap:CommonStockCapitalSharesReservedForFutureIssuance",
"Start character": 85,
"Start date for period": "2022-12-31",
"Value": 10600000
},
{
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"End character": 188,
"End date for period": "2022-12-31",
"Label": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant",
"Start character": 185,
"Start date for period": "2022-12-31",
"Value": 5000000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
grant date fair value, for options granted during the six months ended December 31, 2022 and 2021 was approximately $1.57 million and
$1.29 million, respectively. | [
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"End date for period": "2022-12-31",
"Label": "us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1",
"Start character": 121,
"Start date for period": "2022-07-01",
"Value": 1570000
},
{
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"End date for period": "2021-12-31",
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"Start character": 139,
"Start date for period": "2021-07-01",
"Value": 1290000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | At
December 31, 2022 total unrecognized compensation expense to employees, board members and vendors related to stock options was approximately
$7.44 million, and is expected to be recognized over a weighted average period of 2.18 years. | [
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"End date for period": "2022-12-31",
"Label": "us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized",
"Start character": 145,
"Start date for period": "2022-12-31",
"Value": 7440000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
March 2022, the Company lent to ARI, the entity from which the assets of AUGGD (see Note 11) were bought, $0.25 million pursuant to a
secured promissory note due March 31, 2024. The two owners of ARI are currently an employee and a non-employee advisor to the Company. | [
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"End character": 114,
"End date for period": "2022-03-31",
"Label": "us-gaap:DueToRelatedPartiesCurrentAndNoncurrent",
"Start character": 110,
"Start date for period": "2022-03-31",
"Value": 250000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
note bore interest at the rate of 1% per annum and was secured by the borrower’s common shares of the Company. Any sales of said
shares shall be used to prepay the note, unless otherwise agreed to by the Company. | [
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"End date for period": "2022-03-31",
"Label": "us-gaap:EquityMethodInvestmentOwnershipPercentage",
"Start character": 38,
"Start date for period": "2022-03-31",
"Value": 0.01
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company made cash payments for all operating leases for the six months ended December 31, 2022, of approximately $0.28 million, which
was included in cash flows from operating activities within the consolidated statements of cash flows. As of December 31, 2022, the Company’s
operating leases have a weighted average remaining lease term of 1.8 years and weighted average discount rate of 7.9%. | [
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"End date for period": "2022-12-31",
"Label": "us-gaap:PaymentsForRent",
"Start character": 118,
"Start date for period": "2022-07-01",
"Value": 280000
},
{
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"End character": 396,
"End date for period": "2022-12-31",
"Label": "us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent",
"Start character": 393,
"Start date for period": "2022-12-31",
"Value": 0.079
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
Company made cash payments for all operating leases for the six months ended December 31, 2021, of approximately $0.18 million, which
was included in cash flows from operating activities within the consolidated statements of cash flows. | [
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"Label": "us-gaap:PaymentsForRent",
"Start character": 118,
"Start date for period": "2021-07-01",
"Value": 180000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
total rent expense for all operating leases for the three and six months ended December 31, 2022, was approximately $0.14 million and
$0.27 million, respectively, with short-term leases making up an immaterial portion of such expenses. | [
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"End character": 125,
"End date for period": "2022-12-31",
"Label": "us-gaap:OperatingLeasesRentExpenseNet",
"Start character": 121,
"Start date for period": "2022-10-01",
"Value": 140000
},
{
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"End character": 143,
"End date for period": "2022-12-31",
"Label": "us-gaap:OperatingLeasesRentExpenseNet",
"Start character": 139,
"Start date for period": "2022-07-01",
"Value": 270000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | The
total rent expense for all operating leases for the three and six months ended December 31, 2021, was approximately $0.09 million and
$0.18 million, respectively, with short-term leases making up an immaterial portion of such expenses. | [
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"Label": "us-gaap:OperatingLeasesRentExpenseNet",
"Start character": 121,
"Start date for period": "2021-10-01",
"Value": 90000
},
{
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"End character": 143,
"End date for period": "2021-12-31",
"Label": "us-gaap:OperatingLeasesRentExpenseNet",
"Start character": 139,
"Start date for period": "2021-07-01",
"Value": 180000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | In
June 2022, AUGGD achieved its initial revenue threshold as defined in the asset acquisition agreement, and was issued shares of Company
stock in July 2022 reflecting the payment of additional asset acquisition consideration. The share issuance was done inclusive of netting
the outstanding balance of a $0.25 million note receivable due the Company by ARI (see Note 10). This additional consideration of approximately
$0.57 million was included in contingent consideration for acquisitions, current portion, in the consolidated balance sheet at June 30,
2022. As of December 31, 2022, it is not anticipated that AUGGD will meet any future consideration thresholds as defined in the asset
acquisition agreement. | [
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"End date for period": "2022-06-30",
"Label": "us-gaap:DueToRelatedPartiesCurrentAndNoncurrent",
"Start character": 307,
"Start date for period": "2022-06-30",
"Value": 250000
},
{
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"End character": 426,
"End date for period": "2022-06-30",
"Label": "us-gaap:PaymentsToAcquireProductiveAssets",
"Start character": 422,
"Start date for period": "2022-06-01",
"Value": 570000
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | Upon
a divestiture or sale of a subsidiary company, the Company is contractually obligated to distribute up to 10% of the net proceeds from
such divestiture or sale to the senior management team of the divested subsidiary company. Currently, there were no active discussions
pertaining to a potential divestiture or sale of any of the Company’s subsidiaries. | [
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"End character": 113,
"End date for period": "2022-12-31",
"Label": "VRAR:MaximumDistributionPercentageOfNetProceedsFromDivestiture",
"Start character": 111,
"Start date for period": "2022-07-01",
"Value": 0.1
}
] |
10-Q | 0001493152-23-004872 | 20230214160647 | 20221231 | Glimpse Group, Inc. | On February 8, 2023, the Company’s
Board of Directors and Compensation Committee authorized the Company to issue an aggregate of 2.2 million stock options, at a strike
price of $7.00 per share, to three executive founders of the Company, the vesting of which shall occur over four years from issuance
and is primarily based upon the achievement of significant annual revenue and stock price growth targets. These stock options have
not been issued as of the date of this report, and will be detailed in an 8K upon issuance. | [
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"End character": 132,
"End date for period": "2023-02-08",
"Label": "VRAR:IssuanceOfStockOptions",
"Start character": 129,
"Start date for period": "2023-02-07",
"Value": 2200000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | As of February 21, 2023, there were 97,708,000 shares of Common Stock of the registrant issued and outstanding. | [
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"End character": 46,
"End date for period": "2023-02-21",
"Label": "dei:EntityCommonStockSharesOutstanding",
"Start character": 36,
"Start date for period": "2023-02-21",
"Value": 97708000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Comprehensive income is computed as net income including certain other items that are recorded directly to stockholders’ equity. Significant items included in comprehensive income are foreign currency translation adjustments and the effective portion of cash flow hedges, net of tax. Foreign currency translation adjustments do not include a provision for income tax because earnings from foreign operations are considered to be indefinitely reinvested outside the U.S. The income tax expense related to cash flow hedges was $80 and $80 for the three months ended January 28, 2023 and January 29, 2022, respectively and $241 and $241 for the nine months ended January 28, 2023 and January 29, 2022, respectively. | [
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"End character": 528,
"End date for period": "2023-01-28",
"Label": "us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax",
"Start character": 526,
"Start date for period": "2022-10-30",
"Value": 80000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 536,
"End date for period": "2023-01-28",
"Label": "us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax",
"Start character": 534,
"Start date for period": "2022-10-30",
"Value": 80000
},
{
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"End character": 624,
"End date for period": "2023-01-28",
"Label": "us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax",
"Start character": 621,
"Start date for period": "2022-05-01",
"Value": 241000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 633,
"End date for period": "2023-01-28",
"Label": "us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax",
"Start character": 630,
"Start date for period": "2022-05-01",
"Value": 241000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Potentially dilutive securities representing 900 shares and 954 shares for the three and nine months ended January 28, 2023 and 828 shares and 758 shares for the three and nine months ended January 29, 2022 were excluded from the calculation of diluted EPS because their effects were anti-dilutive using the treasury stock method. | [
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"End character": 48,
"End date for period": "2023-01-28",
"Label": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount",
"Start character": 45,
"Start date for period": "2022-10-30",
"Value": 900000
},
{
"Currency / Unit": "xbrli:shares",
"End character": 63,
"End date for period": "2023-01-28",
"Label": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount",
"Start character": 60,
"Start date for period": "2022-05-01",
"Value": 954000
},
{
"Currency / Unit": "xbrli:shares",
"End character": 131,
"End date for period": "2022-01-29",
"Label": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount",
"Start character": 128,
"Start date for period": "2021-10-31",
"Value": 828000
},
{
"Currency / Unit": "xbrli:shares",
"End character": 146,
"End date for period": "2022-01-29",
"Label": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount",
"Start character": 143,
"Start date for period": "2021-04-25",
"Value": 758000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Contract asset balances as of January 28, 2023 and April 30, 2022 were $2,679 and $134, respectively. Our contract liabilities primarily relate to advance payments from customers, upfront payments for software and support provided over time, and options that provide a material right to customers, such as our customer loyalty programs. At January 28, 2023 and April 30, 2022, contract liabilities of $42,803 and $38,581 were reported in other accrued liabilities, respectively. During the nine months ended January 28, 2023, we recognized $32,968 of the amount previously deferred at April 30, 2022. | [
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"End character": 77,
"End date for period": "2023-01-28",
"Label": "us-gaap:ContractWithCustomerAssetNetCurrent",
"Start character": 72,
"Start date for period": "2023-01-28",
"Value": 2679000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 86,
"End date for period": "2022-04-30",
"Label": "us-gaap:ContractWithCustomerAssetNetCurrent",
"Start character": 83,
"Start date for period": "2022-04-30",
"Value": 134000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 408,
"End date for period": "2023-01-28",
"Label": "us-gaap:ContractWithCustomerLiability",
"Start character": 402,
"Start date for period": "2023-01-28",
"Value": 42803000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 420,
"End date for period": "2022-04-30",
"Label": "us-gaap:ContractWithCustomerLiability",
"Start character": 414,
"Start date for period": "2022-04-30",
"Value": 38581000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 547,
"End date for period": "2023-01-28",
"Label": "us-gaap:ContractWithCustomerLiabilityRevenueRecognized",
"Start character": 541,
"Start date for period": "2022-05-01",
"Value": 32968000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | The total purchase price for these acquisitions is $37,573, which includes holdbacks of $4,255 that will be paid on the 24 month anniversary of the closing dates and estimated working capital adjustments of $61. As of January 28, 2023, we have recorded $17,300 of identifiable intangibles, $16,040 of goodwill, which is deductible for income tax purposes, and net tangible assets of $4,233 in our condensed consolidated balance sheets related to these acquisitions. Goodwill was recorded within the Animal Health segment and represents the expected benefit of integrating these value-added platforms with our existing operations. We have included their results of operations in our financial statements since the date of acquisition within the Animal Health segment. The accounting for these acquisitions is not complete because certain information and analysis that may impact our initial valuations are still being obtained or reviewed. The acquisitions did not materially impact our financial statements, and therefore pro forma results are not provided. | [
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"End character": 58,
"End date for period": "2023-01-28",
"Label": "us-gaap:PaymentsToAcquireBusinessesGross",
"Start character": 52,
"Start date for period": "2022-10-30",
"Value": 37573000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 94,
"End date for period": "2023-01-28",
"Label": "us-gaap:BusinessCombinationContingentConsiderationLiability",
"Start character": 89,
"Start date for period": "2023-01-28",
"Value": 4255000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 210,
"End date for period": "2023-01-28",
"Label": "pdco:BusinessAcquisitionWorkingCapitalAdjustments",
"Start character": 208,
"Start date for period": "2022-10-30",
"Value": 61000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 260,
"End date for period": "2023-01-28",
"Label": "us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill",
"Start character": 254,
"Start date for period": "2023-01-28",
"Value": 17300000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 297,
"End date for period": "2023-01-28",
"Label": "us-gaap:Goodwill",
"Start character": 291,
"Start date for period": "2023-01-28",
"Value": 16040000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 389,
"End date for period": "2023-01-28",
"Label": "us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment",
"Start character": 384,
"Start date for period": "2023-01-28",
"Value": 4233000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | The proceeds from the sale of these Receivables comprise a combination of cash and a deferred purchase price (“DPP”) receivable. The DPP receivable is ultimately realized by Patterson following the collection of the underlying Receivables sold to the Purchasers. The amount available under the Receivables Purchase Agreements fluctuates over time based on the total amount of eligible Receivables generated during the normal course of business, with maximum availability of $200,000 as of January 28, 2023, of which $200,000 was utilized. | [
{
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"End character": 482,
"End date for period": "2023-01-28",
"Label": "pdco:AccountsReceivableSecuritizationEligibleReceivablesMaximumAvailableUnderPurchaseAgreement",
"Start character": 475,
"Start date for period": "2023-01-28",
"Value": 200000000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 524,
"End date for period": "2023-01-28",
"Label": "pdco:AccountsReceivableSecuritizationEligibleReceivablesMaximumAvailableUnderPurchaseAgreement",
"Start character": 517,
"Start date for period": "2023-01-28",
"Value": 200000000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | We have no retained interests in the transferred Receivables, other than our right to the DPP receivable and collection and administrative service fees. We consider the fees received adequate compensation for services rendered, and accordingly have recorded no servicing asset or liability. As of January 28, 2023 and April 30, 2022, the fair value of outstanding trade receivables transferred to the Purchasers under the facility and derecognized from the condensed consolidated balance sheets were $401,649 and $396,443, respectively. Sales of trade receivables under this facility were $2,729,673 and $2,731,755, and cash collections from customers on receivables sold were $2,723,952 and $2,748,173 during the nine months ended January 28, 2023 and January 29, 2022, respectively. | [
{
"Currency / Unit": "iso4217:USD",
"End character": 508,
"End date for period": "2023-01-28",
"Label": "pdco:TradeReceivablesSoldFairValue",
"Start character": 501,
"Start date for period": "2023-01-28",
"Value": 401649000
},
{
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"End character": 521,
"End date for period": "2022-04-30",
"Label": "pdco:TradeReceivablesSoldFairValue",
"Start character": 514,
"Start date for period": "2022-04-30",
"Value": 396443000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 599,
"End date for period": "2023-01-28",
"Label": "pdco:TradeAccountsReceivableSoldToThirdParty",
"Start character": 590,
"Start date for period": "2022-05-01",
"Value": 2729673000
},
{
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"End character": 614,
"End date for period": "2022-01-29",
"Label": "pdco:TradeAccountsReceivableSoldToThirdParty",
"Start character": 605,
"Start date for period": "2021-04-25",
"Value": 2731755000
},
{
"Currency / Unit": "iso4217:USD",
"End character": 687,
"End date for period": "2023-01-28",
"Label": "us-gaap:ProceedsFromAccountsReceivableSecuritization",
"Start character": 678,
"Start date for period": "2022-05-01",
"Value": 2723952000
},
{
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"End character": 702,
"End date for period": "2022-01-29",
"Label": "us-gaap:ProceedsFromAccountsReceivableSecuritization",
"Start character": 693,
"Start date for period": "2021-04-25",
"Value": 2748173000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | condensed consolidated statements of operations and other comprehensive income, we recorded losses of $3,254 and $663 during the three months ended January 28, 2023 and January 29, 2022, respectively, and $7,900 and $2,278 during the nine months ended January 28, 2023 and January 29, 2022, respectively, related to the Receivables. | [
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"Label": "us-gaap:SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale",
"Start character": 103,
"Start date for period": "2022-10-30",
"Value": -3254000
},
{
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"End character": 117,
"End date for period": "2022-01-29",
"Label": "us-gaap:SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale",
"Start character": 114,
"Start date for period": "2021-10-31",
"Value": -663000
},
{
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"End character": 211,
"End date for period": "2023-01-28",
"Label": "us-gaap:SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale",
"Start character": 206,
"Start date for period": "2022-05-01",
"Value": -7900000
},
{
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"End character": 222,
"End date for period": "2022-01-29",
"Label": "us-gaap:SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale",
"Start character": 217,
"Start date for period": "2021-04-25",
"Value": -2278000
}
] |
10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | As a convenience to our customers, we offer several different financing alternatives, including a third party program and a Patterson-sponsored program. For the third party program, we act as a facilitator between the customer and the third party financing entity with no on-going involvement in the financing transaction. Under the Patterson-sponsored program, equipment purchased by creditworthy customers may be financed up to a maximum of $1,000. We generally sell our customers’ financing contracts to outside financial institutions in the normal course of our business. These financing arrangements are accounted for as a sale of assets under the provisions of ASC 860, Transfers and Servicing. We currently have two arrangements under which we sell these contracts. We use a monthly unit of account for these financing contracts. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | First, we operate under an agreement to sell a portion of our equipment finance contracts to commercial paper conduits with MUFG serving as the agent. We utilize PDC Funding to fulfill a requirement of participating in the commercial paper conduit. We receive the proceeds of the contracts upon sale to MUFG. At least 15.0% of the proceeds are held by the conduit as security against eventual performance of the portfolio. This percentage can be greater and is based upon certain ratios defined in the agreement with MUFG. The capacity under the agreement with MUFG at January 28, 2023 was $525,000. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Second, we maintain an agreement with Fifth Third Bank ("Fifth Third") whereby Fifth Third purchases customers’ financing contracts. PDC Funding II sells its financing contracts to Fifth Third. We receive the proceeds of the contracts upon sale to Fifth Third. At least 15.0% of the proceeds are held by the conduit as security against eventual performance of the portfolio. This percentage can be greater and is based upon certain ratios defined in the agreement with Fifth Third. The capacity under the agreement with Fifth Third at January 28, 2023 was $100,000. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | During the nine months ended January 28, 2023 and January 29, 2022, we sold $205,140 and $225,300 of contracts under these arrangements, respectively. In net sales in the condensed consolidated statements of operations and other comprehensive income, we recorded a gain of $2,417 and a loss of $5,143 during the three months ended January 28, 2023 and January 29, 2022, respectively, related to these contracts sold. In net sales in the condensed consolidated statements of operations and other comprehensive income, we recorded a loss of $5,051 and $8,433 during the nine months ended January 28, 2023 and January 29, 2022, respectively, related to | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | these contracts sold. Cash collections on financed receivables sold were $238,091 and $327,205 during the nine months ended January 28, 2023 and January 29, 2022, respectively. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Included in cash and cash equivalents in the condensed consolidated balance sheets are $30,846 and $39,106 as of January 28, 2023 and April 30, 2022, respectively, which represent cash collected from previously sold customer financing contracts that have not yet been settled. Included in current receivables in the condensed consolidated balance sheets are $36,454 and $58,190 as of January 28, 2023 and April 30, 2022, respectively, of finance contracts we have not yet sold. A total of $562,325 of finance contracts receivable sold under the arrangements was outstanding at January 28, 2023. Since the internal financing program began in 1994, bad debt write-offs have amounted to less than 1% of the loans originated. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | The interest rate cap agreements are canceled and new agreements are entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of January 28, 2023, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $525,000 and a maturity date of August 2030. We sold an identical interest rate cap to the same bank. As of January 28, 2023, PDC Funding II had purchased an interest rate cap from a bank with a notional amount of $100,000 and a maturity date of September 2029. We sold an identical interest rate cap to the same bank. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | In January 2014, we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for it as a cash flow hedge, in order to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015. These notes were repaid on March 25, 2015 and replaced with new $250,000 3.48% senior notes due March 24, 2025. A cash payment of $29,003 was made in March 2015 to settle the interest rate swap. This amount is recorded in other comprehensive income (loss), net of tax, and is recognized as interest expense over the life of the related debt. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | As of April 30, 2022, the remaining notional amount for interest rate swap agreements was $574,144, with the latest maturity date in fiscal 2029. During the nine months ended January 28, 2023, we entered into forward interest rate swap agreements with a notional amount of $162,023. As of January 28, 2023, the remaining notional amount for interest rate swap agreements was $564,369, with the latest maturity date in fiscal 2030. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Net cash receipts of $3,687 were received and net cash payments of $5,551 were made during the nine months ended January 28, 2023 and January 29, 2022, respectively, to settle a portion of our liabilities related to interest rate swap agreements. These payments and receipts are reflected as cash flows in the condensed consolidated statements of cash flows within net cash used in operating activities. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | During the three months ended July 31, 2021, we sold a portion of our investment in Vetsource, a commercial partner and leading home delivery provider for veterinarians, with a carrying value of $25,814 for $56,849. We recorded a pre-tax gain of $31,035 in gains on investments in our condensed consolidated statements of operations and other comprehensive income as a result of this sale in the first quarter of fiscal 2022. The cash received of $56,849 is reported within investing activities in our condensed consolidated statements of cash flows. During the three months ended July 31, 2021, we also recorded a pre-tax non-cash gain of $31,035 to reflect the increase in | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | the carrying value of the remaining portion of our investment in Vetsource, which was based on the selling price of the portion of the investment we sold for $56,849. This gain was recorded in gains on investments in our condensed consolidated statements of operations and other comprehensive income. The carrying value of the investment we owned following this sale was $56,849 and $56,849 as of January 28, 2023 and April 30, 2022, respectively. Concurrent with the sale completed in the first quarter of fiscal 2022, we obtained rights that will allow us, under certain circumstances, to require another shareholder of Vetsource to purchase our remaining shares. We recorded a pre-tax non-cash gain of $25,757 in gains on investments in our condensed consolidated statements of operations and other comprehensive income as a result of this transaction. The carrying value of this put option, which is subject to a floor, as of January 28, 2023 is $25,757, and is reported within investments in our condensed consolidated balance sheets. The aggregate gains on investments of $87,827 are reported within operating activities in our condensed consolidated statements of cash flows. Concurrent with obtaining this put option, we also granted rights to the same Vetsource shareholder that would allow such shareholder, under certain circumstances, to require us to sell our remaining shares at fair value. There were no fair value adjustments to such assets during the nine months ended January 28, 2023. | [
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10-Q | 0000891024-23-000003 | 20230302134406 | 20230128 | PATTERSON COMPANIES, INC. | Our debt is not measured at fair value in the condensed consolidated balance sheets. The estimated fair value of our debt as of January 28, 2023 and April 30, 2022 was $483,606 and $489,777, respectively, as compared to a carrying value of $487,910 and $488,554 at January 28, 2023 and April 30, 2022, respectively. The fair value of debt was measured using a discounted cash flow analysis based on expected market based yields (i.e., Level 2 inputs). | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | COVID-19") pandemic on businesses operating in Canada. Our Canadian legal entities qualified for and applied for these CEWS cash benefits to partially offset the impacts of revenue reductions and on-going staffing costs. The $26.0 million total received was initially recorded in "Other current liabilities" until all potential amendments to the qualification criteria, including some that were proposed with retroactive application, were finalized in fiscal 2022. As there are no further contingencies, beginning in fiscal 2023, the amounts received will be distributed to all Canadian employees. We expect to distribute approximately $9 million in the next twelve months. Accordingly, this amount was reclassified from "Other current liabilities" to "Accrued compensation" on our consolidated balance sheet at October 2, 2022. The remaining $17.0 million, which we expect to distribute beyond one year, was reclassified to "Other non-current liabilities". We do not expect there will be any related impact to our operating income, and we have no outstanding applications for further government assistance. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | , we recognized revenue of approximately $81 million and $63 million, respectively, from amounts included in the contract liability balances at the end of fiscal | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | favorable revenue and operating income adjustments of $3.5 million and $2.8 million in the first quarters of fiscal 2023 and 2022, respectively. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | ly in earnings. At January 1, 2023 and October 2, 2022, our consolidated balance sheets included liabilities for anticipated losses of $7.6 million and $10.0 million, respectively. The estimated cost to complete these related contracts at January 1, 2023 and October 2, 2022 was approximately $55 million and $80 million, respectively. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | Claims are amounts in excess of agreed contract prices that we seek to collect from our clients or other third parties for delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price, or other causes of unanticipated additional costs. There were no claims included in our total accounts receivable at January 1, 2023 and October 2, 2022. We regularly evaluate all unsettled claim amounts and record appropriate adjustments to revenue when it is probable that the claim will result in a different contract value than the amount previously estimated. In the first quarters of fiscal 2023 and 2022, we recorded no gains or losses related to claims. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | ad $3.8 billion of RUPO at January 1, 2023. RUPO increases with awards from new contracts or additions on existing contracts and decreases as work is performed and revenue is recognized on existing contracts. RUPO may also decrease when projects are canceled or modified in scope. We include a contract within our RUPO when the contract is awarded and an agreement on contract terms has been reached. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | n January 3, 2023, we acquired Amyx, Inc. (“Amyx”), an enterprise technology services, cybersecurity and management consulting firm. Based in Reston, Virginia, Amyx, with over 500 employees, provides application modernization, cybersecurity, systems engineering, financial management, and program management support on over 30 Federal Government programs. Amyx will be included in our GSG segment. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | 3. The total purchase price including assumed debt and transactions costs was approximately GBP 714 million. RPS employs approximately 5,000 associates in the United Kingdom, Europe, Asia Pacific and North America, delivering high-end solutions, especially in energy transformation, water and program management for government and commercial clients. Substantially all of RPS will be included in our CIG segment. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | TIGA is based in Spring, Texas and is an industry leader in process automation and system integration solutions, including customized software and platform (SaaS/PaaS) applications, advanced data analytics, cloud data integration and platform virtualization. PAE is based in Vancouver, British Columbia and is a global leader in sustainable natural resource analytics including hydrologic numerical modeling and dewatering system design. PAE is part of our CIG segment, and TIGA and other immaterial acquisitions are part of our GSG segment. The total fair value of the purchase price for all four acquisitions was $88.3 million. This amount is comprised of $44.0 million in initial cash payments made to the sellers, $2.5 million of receivables (net) related to estimated post-closing adjustments for the net assets acquired, $15.5 million payable in a promissory note issued to the sellers along with related transaction expenses of the sellers (which were subsequently paid in July 2022), and $31.3 million for the estimated fair value of contingent earn-out obligations, with a maximum of $47.0 million, based upon the achievement of specified operating income targets in each of the three to five years following the acquisitions. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | At January 1, 2023, there was a total potential maximum of $120.9 million of outstanding contingent consideration related to acquisitions. Of this amount, $69.0 million was estimated as the fair value and accrued on our consolidated balance sheet. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | for GSG were $539.6 million and $536.8 million at January 1, 2023 and October 2, 2022, respectively, excluding accumulated impairment of $17.7 million at each date. The gross amounts of goodwill for CIG were $732.9 million and $712.8 million at January 1, 2023 and October 2, 2022, respectively, excluding accumulated impairment of $121.5 million at each date. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our most recent annual review at July 4, 2022 (i.e. the first day of our fourth quarter in fiscal 2022) indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in excess of their carrying values, including goodwill. At July 4, 2022, and after the reallocation of goodwill on the first day of fiscal 2022, we had no reporting units that had estimated fair values that exceeded their carrying values by less than 165%. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | On October 5, 2021, our Board of Directors authorized a new stock repurchase program under which we could repurchase up to $400 million of our common stock | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | . We did not repurchase any shares of our common stock in the first quarter of fiscal 2023. At January 1, 2023, we had a remaining balance of $347.8 million under our stock repurchase program. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | e the fair value of our stock-based awards as compensation expense on a straight-line basis over the requisite service period in which the award vests. Stock-based compensation expense for the three months ended January 1, 2023 was $7.2 million, compared to $5.8 million for the same period last year. Most of these amounts were included in selling, general and administrative expenses on our consolidated statements of income. In the first quarter of fiscal 2023, we awarded 55,708 performance share units (“PSUs”) to our non-employee directors and executive officers at an estimated fair value of $204.00 per share on the award date. All PSUs are performance-based and vest, if at all, after the conclusion of the three-year performance period. The number of PSUs that ultimately vest is based 50% on the growth in our diluted earnings per share and 50% on our relative total shareholder return over the vesting period. Additionally, we awarded 98,305 restricted stock units | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | The effective tax rates for the first three months of fiscal 2023 and 2022 were 24.5% and 18.8%, respectively. Income tax expense was reduced by $1.7 million and $4.5 million of excess tax benefits on share-based payments in the first quarters of fiscal 2023 and 2022, respectively. Excluding the impact of the excess tax benefits on share-based payments, our effective tax rates in the first quarters of fiscal 2023 and 2022 were | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | and $10.6 million, respectively. These uncertain tax positions substantially relate to ongoing examinations. It is reasonably p | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | We manage our operations under two reportable segments. Our GSG reportable segment primarily includes activities with U.S. government clients (federal, state and local) and all activities with development agencies worldwide. Our CIG reportable segment primarily includes activities with U.S. commercial clients and international clients other than development agencies. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | s of $240.6 million outstanding under our Amended Credit Agreement, which were used to fund business acquisitions, work | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | On October 26, 2022, we entered into a Third Amended and Restated Credit Agreement that provides for an additional $500 million senior secured term loan facility (the "New Term Loan Facility") increasing our total borrowing capacity to $1.55 billion. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | On February 18, 2022, we entered into Amendment No. 2 to Second Amended and Restated Credit Agreement (“Amended Credit Agreement”) with a total borrowing capacity of $1.05 billion that will mature in February 2027. The Amended Credit Agreement is a $750 million senior secured, five-year facility that provides for a $250 million term loan facility (the “Amended Term Loan Facility”) and a $500 million revolving credit facility (the “Amended Revolving Credit Facility”). In addition, the Amended Credit Agreement includes a $300 million accordion feature that allows us to increase the Amended Credit Agreement to $1.05 billion subject to lender approval. The Amended Credit Agreement provides for, among other things, (i) refinance indebtedness under our Credit Agreement dated at July 30, 2018; (ii) finance open market repurchases of common stock, acquisitions, and cash dividends and distributions; and (iii) utilize the proceeds for working capital, capital expenditures and other general corporate purposes. The Amended Credit Agreement provides for a reduction in the interest grid for meeting certain sustainability targets related to the (i) reduction of greenhouse gas emissions through the Company’s projects and operational sustainability initiatives and (ii) improvement of peoples’ lives as a result of | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | the Company’s projects that provide environmental, social and governance benefits. The Amended Revolving Credit Facility includes a $100 million sublimit for the issuance of standby letters of credit, a $20 million sublimit for swingline loans, and a $300 million sublimit for multicurrency borrowings and letters of credit. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | The entire Amended Term Loan Facility was drawn on February 18, 2022. The Amended Term Loan Facility is subject to quarterly amortization of principal at 5% annually commencing June 30, 2022. We may borrow on the Amended Revolving Credit Facility, at our option, at either (a) a benchmark rate plus a margin that ranges from 1.000% to 1.875% per annum, or (b) a base rate for loans in U.S. dollars (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank’s prime rate or the Secured Overnight Financing Rate ("SOFR") rate plus 1.00%, plus a margin that ranges from 0% to 0.875% per annum. In each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly. The Amended Term Loan Facility is subject to the same interest rate provisions. The Amended Credit Agreement expires on February 18, 2027, or earlier at our discretion upon payment in full of loans and other obligations. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | The Amended Credit Agreement contains certain affirmative and restrictive covenants, and customary events of default. The financial covenants provide for a maximum Consolidated Leverage Ratio of 3.25 to 1.00 (total funded debt/EBITDA, as defined in the Amended Credit Agreement) and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00 (EBITDA/Consolidated Interest Charges, as defined in the Amended Credit Agreement). Our obligations under the Amended Credit Agreement are guaranteed by certain of our domestic subsidiaries and are secured by first priority liens on (i) the equity interests of certain of our subsidiaries, including those subsidiaries that are guarantors or borrowers under the Amended Credit Agreement, and (ii) the accounts receivable, general intangibles and intercompany loans, and those of our subsidiaries that are guarantors or borrowers. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | We entered into a forward contract in the fourth quarter of fiscal 2022 to acquire GBP 714.0 million at a rate of 1.0852 for a total of USD 774.8 million that was integrated with our planned acquisition of RPS. This contract matured on December 30, 2022. On December 28, 2022, we entered into | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | act to acquire GBP 714.0 million at a rate of 1.086 for a total of USD 775.4 million, extending the maturity date to January 23, 2023, the closing date of the RPS | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | zed in earnings each period. The intrinsic value of the forward contract was immaterial at inception as the GBP/USD spot and forward exchange rates were essentially the same. The fair value of the forward contract at October 2, 2022 was $19.9 million, and an unrealized gain of the same amount was recognized in the fourth quarter of fiscal 2022 results. The fair value of the forward contract at January 1, 2023 was $87.9 million, which is reported in the "Prepaid expenses and other current assets" on our consolidated balance sheet at January 1, 2023. This resulted in an unrealized gain of $68.0 million in the first quarter of fiscal 2023, which was recognized in earnings and reported in the “Other non-operating income" on our consolidated income statement. The forward contract was settled on January 23, 2023, with a cumulative gain of approximately $109 million. | [
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10-Q | 0000831641-23-000011 | 20230203161342 | 20230101 | TETRA TECH INC | d into five interest rate swap agreements that we designated as cash flow hedges to fix the interest rate on the borrowings under our term loan facility. At January 1, 2023, the notional principal of our outstanding interest swap agreements was $196.9 million ($39.4 million each.) The interest rate swaps have a fixed interest rate of 2.79% and expire in July 2023 for all five agreements. At January 1, 2023 and October 2, 2022, the fair values of the effective portion of our interest rate swap agreements designated as cash flow hedges before tax effect were unrealized gains of $2.3 million and $2.4 million, respectively, which were reported in "Other non-current assets" on our consolidated balance sheets. Additionally, the related loss of $0.1 million for the three months ended January 1, 2023, compared to the related gain of $2.7 million for the prior-year period, were recognized and reported on our consolidated statements of comprehensive income. We expect to reclassify a credit of $2.2 million from accumulated other comprehensive loss to interest expense within the next twelve months. There were no other derivative instruments designated as hedging instruments for the first quarter of fiscal 2023. | [
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Subsets and Splits