v3.24.2.u1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets:      
Cash and cash equivalents $ 24,354 $ 19,022 $ 17,680
Restricted cash 85,310 310 309
Accounts receivable, net of allowance for credit losses of $2,567, $2,797, and $3,197 as of December 31, 2022, December 31, 2023, and March 31, 2024, respectively 30,333 32,440 32,647
Inventory, net 21,658 22,602 22,272
Deferred costs - current 42 83 762
Prepaid expenses and other current assets 8,091 7,568 7,536
Total current assets 169,788 82,025 81,206
Fixed assets, net 12,719 12,383 9,249
Goodwill 83,487 83,487 83,487
Intangible assets, net 19,652 20,075 22,908
Right-of-use asset 7,428 6,195 7,820
Severance payable fund 3,796 3,802 3,760
Deferred tax asset 2,781 3,206 3,308
Other assets 9,029 6,916 6,318
Total assets 308,680 218,089 218,056
Current liabilities:      
Short-term bank debt and current maturities of long-term debt 1,951 21,091 10,312
Accounts payable and accrued expenses 34,008 30,296 25,397
Deferred revenue - current 5,842 5,666 6,376
Lease liability - current 1,789 1,503 2,441
Total current liabilities 43,590 58,556 44,526
Long-term debt - less current maturities 113,810 11,403
Deferred revenue - less current portion 4,892 4,956 4,431
Lease liability - less current portion 5,921 4,908 5,628
Accrued severance payable 4,597 4,533 4,365
Deferred tax liability 4,465 4,793 4,901
Other long-term liabilities 2,496 2,422 1,788
Total liabilities 179,771 80,168 77,042
Commitments and Contingencies (note 18)
Convertible redeemable preferred stock: Series A – 100 shares authorized, $0.01 par value; 59, 60, and 60 shares issued and outstanding at December 31, 2022, December 31, 2023, and March 31, 2024, respectively, at redemption value of $90,273 at March 31, 2024 90,273 80,277 72,031
STOCKHOLDERS’ EQUITY      
Preferred stock; authorized 50,000 shares, $0.01 par value
Common stock; authorized 175,000 shares, $0.01 par value; 37,605, 38,716, and 38,709 shares issued at December 31, 2022, December 31, 2023, and March 31, 2024, respectively; shares outstanding, 36,170, 37,229, and 37,212 at December 31, 2022, December 31, 2023, and March 31, 2024, respectively 387 387 376
Additional paid-in capital 202,607 212,703 219,055
Accumulated deficit (154,796) (146,281) (140,806)
Accumulated other comprehensive loss (985) (616) (1,210)
Treasury stock; 1,435, 1,487, and 1,497 common shares at cost at December 31, 2022, December 31, 2023, and March 31, 2024, respectively (8,682) (8,651) (8,510)
Total Powerfleet, Inc. stockholders’ equity 38,531 57,542 68,905
Non-controlling interest 105 102 78
Total equity 38,636 57,644 68,983
Total liabilities, convertible redeemable preferred stock, and stockholders’ equity $ 308,680 $ 218,089 $ 218,056