22 material Form 8-K filings that 21 companies we cover made with the SEC in August 2023, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
Pure Storage reported fiscal second-quarter 2024 revenue of $688.7 million, up 6.5% year-over-year, but swung to a GAAP operating loss of $6.2 million and a net loss of $7.1 million, compared with operating income of $14.4 million and net income of $10.9 million a year earlier. The company also raised its annual non-GAAP operating margin guidance to 15.5%, and expects third-quarter revenue of $760 million.
Revenue $688.7 million, up 6.5% year-over-year; subscription services revenue $288.9 million, up 24%
GAAP operating loss $6.2 million versus operating income of $14.4 million in the prior-year quarter; GAAP net loss $7.1 million, or $(0.02) per share
Non-GAAP operating income $111.8 million, a 16.2% non-GAAP operating margin
Third-quarter fiscal 2024 revenue guidance of $760 million; fiscal 2024 non-GAAP operating margin guidance of 15.5%
Innoviva, Inc. announced that Stephen Basso has been appointed Chief Financial Officer, effective August 21, 2023. Basso previously served as CFO and Chief Operating Officer at Cybrexa Therapeutics and has more than 30 years of financial services and pharmaceutical industry experience, and the filing discloses his offer terms, including a $450,000 base salary, a 40% target bonus and an initial option grant of 150,000 shares subject to board approval.
Effective date of August 21, 2023; appointment announced August 25, 2023 in an 8-K and press release
Base salary of $450,000 and annual discretionary bonus with a 40% target of base salary
Initial grant of options to purchase 150,000 shares, subject to Board or Compensation Committee approval, plus a one-time $100,000 signing bonus
If terminated without cause or for good reason, 12 months of base salary continuation and accelerated vesting of unvested options if within 12 months after a change in control
KYN and Kayne Anderson NextGen Energy & Infrastructure (KMF) reset the record date for stockholder votes on their proposed combination, which is based on an amended and restated merger agreement dated April 24, 2023. Stockholders of record as of August 21, 2023 can vote at the special meeting, but the meeting date has not been set and will appear in a definitive joint proxy statement/prospectus that the funds expect to mail after an SEC review period.
Amended and Restated Agreement and Plan of Merger is dated April 24, 2023.
Record date for voting is the close of business on August 21, 2023.
The special meeting date has not been announced; a definitive joint proxy statement/prospectus is expected to be mailed after SEC review.
Effective August 14, 2023, the sponsor of the trust, ETF Managers Capital LLC, entered into a new Marketing Agent Agreement with Foreside Fund Services, LLC, which will handle distribution and marketing functions. The prior marketing agreement with ETFMG Financial LLC was terminated as of the same date, and ETFMG Financial will no longer provide services to the trust. The filing is an administrative change in service providers and does not report any financial results.
Effective date of the new agreement and termination: August 14, 2023
Foreside assists with marketing materials review, certain regulatory compliance, and processing of creation and redemption orders
Sponsor agreed to indemnify Foreside against certain liabilities, including under the Securities Act of 1933
Prior agreement dated March 1, 2017 with ETFMG Financial LLC, which was identified as the Distributor in each Fund's Prospectus, was terminated
Life360 reported unaudited second-quarter 2023 results on August 14, 2023, with total revenue of $70.8 million, up 45% from a year earlier. The company posted a net loss of $4.4 million, down from $33.0 million in the prior-year quarter, and positive Adjusted EBITDA of $5.7 million. It raised calendar 2023 Adjusted EBITDA guidance to $9 million to $14 million while reiterating consolidated revenue guidance of $300 million to $310 million.
Total revenue of $70.8 million, up 45% year over year; core Life360 subscription revenue of $47.6 million, up 57%.
Net loss of $4.4 million versus $33.0 million in Q2 2022; Adjusted EBITDA of $5.7 million versus a loss of $18.7 million a year earlier.
CY23 Adjusted EBITDA guidance raised to $9 million to $14 million from $5 million to $10 million.
Cash, cash equivalents and restricted cash of $64.2 million at June 30, 2023, after the final Tile acquisition payment.
QuinStreet reported fiscal fourth-quarter 2023 revenue of $130.3 million, down 11% from a year earlier, and a GAAP net loss of $55.9 million, or $1.03 per diluted share, which includes a $51.9 million tax valuation allowance. Adjusted EBITDA was $1.8 million, versus $5.1 million a year earlier, and the company guided fiscal first-quarter 2024 revenue to $120 million to $125 million.
Q4 revenue $130.3 million, down 11% year over year; full fiscal 2023 revenue $580.6 million, approximately flat
GAAP net loss $55.9 million ($1.03 per diluted share) in Q4 and $68.9 million for fiscal 2023; the Q4 result includes a $51.9 million tax valuation allowance
Adjusted EBITDA $1.8 million in Q4 and $16.7 million for fiscal 2023
Company expects fiscal 2024 revenue and adjusted EBITDA to grow at double-digit rates; fiscal Q1 revenue guidance is $120 million to $125 million, with adjusted EBITDA approximately break-even
JBG SMITH reported a second-quarter 2023 net loss of $10.5 million, or $0.10 per diluted share, compared with net income of $123.3 million, or $1.02 per diluted share, a year earlier. Core FFO attributable to common shareholders rose to $39.8 million, or $0.36 per diluted share, from $37.1 million, or $0.31, and the company repurchased 9.3 million shares for $135.7 million during the quarter.
Net loss of $10.5 million ($0.10 per diluted share) for the three months ended June 30, 2023, versus net income of $123.3 million ($1.02) a year earlier
Core FFO of $39.8 million ($0.36 per diluted share), up from $37.1 million ($0.31) in the second quarter of 2022
Office portfolio 86.3% leased and 84.0% occupied as of June 30, 2023; multifamily portfolio 96.8% leased and 93.7% occupied
Quarterly dividend of $0.225 per common share declared August 3, 2023, payable August 31, 2023
Berkshire Hathaway reported second-quarter 2023 net earnings attributable to shareholders of $35.9 billion, compared with a net loss of $43.6 billion in the second quarter of 2022. Operating earnings, which exclude investment and derivative gains and losses, rose to $10.0 billion from $9.4 billion, and the company said it repurchased about $1.4 billion of its shares during the quarter.
Net earnings were $35.9 billion in Q2 2023 versus a $43.6 billion loss in Q2 2022; investment and derivative gains were $25.9 billion, compared with losses of $53.0 billion a year earlier.
Operating earnings were $10.0 billion in Q2 2023, up from $9.4 billion in Q2 2022.
Berkshire repurchased about $1.4 billion of its shares in Q2 2023, bringing the six-month total to $5.8 billion.
Insurance float was about $166 billion at June 30, 2023, up about $2 billion from year-end 2022.
Krystal Biotech disclosed that Andrew Orth, its Chief Commercial Officer, resigned and that his last day with the company was August 2, 2023. The filing does not give a reason for the departure or name a successor, and it does not describe any financial impact.
Andrew Orth, Chief Commercial Officer, resigned from his position.
Orth's last day with Krystal Biotech was August 2, 2023.
The filing does not name a replacement or state a reason for the resignation.
Krystal Biotech reported a second-quarter 2023 net loss of $33.2 million, or $(1.25) per share, up from $28.1 million, or $(1.10) per share, a year earlier. The filing reports no revenue figure; it cites 121 Patient Start Forms for VYJUVEK in the first six weeks after its May 19 FDA approval, and $505.9 million in cash, cash equivalents and investments at June 30, 2023.
Q2 2023 net loss was $33.2 million, or $(1.25) per share, versus $28.1 million, or $(1.10) per share, in Q2 2022.
General and administrative expenses rose to $25.9 million from $17.9 million, and R&D expenses rose to $12.1 million from $10.9 million.
As of June 30, the company had received 121 VYJUVEK Patient Start Forms, 30 of them for dominant dystrophic epidermolysis bullosa.
Cash, cash equivalents and investments totaled $505.9 million on June 30, 2023.
Essent Group reported second-quarter 2023 net income of $172.2 million, or $1.61 per diluted share, down from $231.8 million, or $2.16 per diluted share, a year earlier. Total revenues rose to $260.1 million from $244.4 million, and the board declared a $0.25 quarterly dividend payable September 11, 2023.
Net income $172.2 million, or $1.61 per diluted share, versus $231.8 million, or $2.16, in Q2 2022
Total revenues $260.1 million versus $244.4 million a year earlier
Quarterly dividend of $0.25 per share, payable September 11, 2023, to holders of record on September 1, 2023
Completed acquisition of Agents National Title Holding Company and Boston National Holdings LLC on July 1, 2023, for $92.6 million
Universal Display reported second quarter 2023 revenue of $146.6 million, up from $136.6 million a year earlier, and net income of $49.7 million, or $1.04 per diluted share, versus $0.87 a year earlier. The company raised the lower end of its 2023 revenue guidance to a range of $560 million to $600 million, which indicates the full-year outlook is tracking closer to prior expectations.
Q2 2023 total revenue of $146.6 million vs. $136.6 million in Q2 2022; net income of $49.7 million, or $1.04 per diluted share, vs. $0.87
2023 revenue guidance: $560 million to $600 million, with the lower end raised from the previous range
Third quarter cash dividend of $0.35 per share, payable September 29, 2023 to holders of record on September 15, 2023
International Bancshares reported net income of $202.1 million, or $3.25 diluted earnings per share, for the six months ended June 30, 2023, up 81.3% from $111.5 million, or $1.76 per share, a year earlier. The company attributed the gain mainly to higher net interest income, tied to its investment portfolio, interest earned at the Federal Reserve Bank and loan interest income. Total deposits and total assets declined from December 31, 2022, which shareholders may weigh alongside the earnings increase.
Six-month net income was $202.1 million, or $3.25 diluted EPS, versus $111.5 million, or $1.76, in the same period of 2022
Deposits were $11.9 billion at June 30, 2023, down from $12.7 billion at December 31, 2022
Total assets were $14.9 billion at June 30, 2023, down from $15.5 billion at December 31, 2022
Curtiss-Wright reported second-quarter 2023 sales of $704 million, up 16%, and diluted EPS of $2.10 versus $1.83 a year earlier, with adjusted diluted EPS of $2.15, up 18%. The company raised its full-year 2023 adjusted guidance for sales, operating income, diluted EPS and free cash flow, with adjusted diluted EPS now expected at $8.90 to $9.15 versus the prior $8.65 to $8.90.
Q2 2023 sales of $704 million, up 16%; reported operating income of $113 million, with a 16.0% operating margin
Diluted EPS of $2.10 (reported) and $2.15 (adjusted), compared with $1.83 in Q2 2022
Full-year 2023 adjusted sales growth raised to 7% to 9% from 4% to 6%; adjusted diluted EPS raised to $8.90 to $9.15 from $8.65 to $8.90
Naval & Power adjusted operating income fell 1% to $49 million, with adjusted margin down 230 basis points to 17.6%
United States Lime & Minerals reported second-quarter 2023 revenue of $74.0 million, up 22.3% from $60.5 million a year earlier, and net income of $19.7 million ($3.45 per diluted share), up 92.5%. The company also declared a regular quarterly dividend of $0.20 per share, and its CEO flagged rising production costs and softening steel demand as risks to future demand and prices.
Q2 2023 revenue $74.0 million vs. $60.5 million in Q2 2022, up 22.3%
Q2 2023 net income $19.7 million ($3.45 per diluted share) vs. $10.2 million ($1.80) a year earlier
Quarterly dividend of $0.20 per share payable September 15, 2023, to holders of record August 25, 2023
CEO cited continued pressure on energy, parts, supplies and labor costs and softer steel customer demand
Merk Investments, sponsor of the VanEck Merk Gold Trust, said the Trust will change the benchmark used to value its gold from the LBMA PM Gold Price to the Solactive Gold Spot Index effective August 7, 2023. The change was first announced in May 2023 and the date has now been finalized, with the trustee, The Bank of New York Mellon, instructed to use the new index to calculate the Trust's net asset value from that date.
Benchmark changes from the LBMA PM Gold Price to the Solactive Gold Spot Index (SOLAGOLD)
Index Change Date is August 7, 2023
Change was first announced in May 2023; the date was finalized in this August 2, 2023 release
The Bank of New York Mellon, the trustee, will use SOLAGOLD to determine net asset value from the Index Change Date
EZCORP reported results for the third fiscal quarter ended June 30, 2023. Revenue rose 19% to $255.8 million, net income rose to $18.2 million from $12.2 million, and diluted earnings per share were $0.24 versus $0.17. For the nine months, net income fell to $28.2 million from $42.8 million, and nine-month diluted EPS was $0.38 versus $0.59.
Pawn loans outstanding rose 12% to $229.4 million, which the company described as a record.
Adjusted diluted EPS was $0.20, up from $0.16 a year earlier, excluding certain items.
Nine-month net income was $28.2 million, down from $42.8 million in the prior-year period.
Management will hold an earnings conference call on August 3, 2023, at 8:00 am Central Time.
New York Mortgage Trust, Inc. (Nasdaq: NYMT) reported a second-quarter 2023 net loss attributable to common stockholders of $37.2 million, or $0.41 per share, compared with a net loss of $82.4 million, or $0.86 per share, a year earlier, and net income of $10.5 million in the first quarter of 2023. Book value per common share fell to $12.44 from $12.95 at March 31, 2023, and the common dividend was $0.30, down from $0.40 in prior quarters. The filing header lists Adamas Trust, Inc. (ADAM), but the attached press release and financial tables are for New York Mortgage Trust.
Net loss attributable to common stockholders was $37.2 million, or $0.41 per share, for the quarter ended June 30, 2023, versus $82.4 million, or $0.86 per share, for the same quarter of 2022
Total net interest income was $15.1 million, down from $39.3 million a year earlier and $17.8 million in the first quarter of 2023
Book value per common share was $12.44 at June 30, 2023, compared with $12.95 at March 31, 2023
Dividends declared per common share were $0.30, compared with $0.40 in each of the prior four quarters
Connection (PC Connection, Inc.) reported second-quarter 2023 net sales of $733.5 million, down 11.5% from a year earlier, and net income of $19.7 million, or $0.75 per diluted share, down 22.4% from $0.96. The company said gross margin rose 90 basis points to 17.4%, and its board declared a quarterly dividend of $0.08 per share.
Net sales were $733.5 million, down 11.5% year over year; gross profit was $127.8 million, down 6.7%.
Diluted EPS was $0.75 versus $0.96 a year earlier; adjusted diluted EPS was $0.80 versus $0.96.
Quarterly dividend of $0.08 per share is payable September 1, 2023, to shareholders of record as of August 15, 2023.
Cash and cash equivalents were $244.0 million at June 30, 2023, versus $94.9 million a year earlier.
Graham Holdings reported second-quarter 2023 net income attributable to common shares of $122.8 million ($25.89 per share), compared with a net loss of $67.5 million in the second quarter of 2022. Excluding certain items, net income was $61.6 million ($12.97 per share), up from $59.7 million ($12.07 per share) a year earlier. Revenue rose 18% to $1,105.0 million, and operating income increased to $58.1 million from $39.3 million.
Revenue for the quarter ended June 30, 2023 was $1,105.0 million, up 18% from $933.3 million
Operating income was $58.1 million, compared with $39.3 million in the second quarter of 2022
Net income included $78.6 million in net gains on marketable equity securities, after-tax $57.9 million
For the first six months of 2023, net income attributable to common shares was $175.1 million ($36.67 per share), versus $28.1 million a year earlier
Xenia Hotels & Resorts reported second quarter 2023 results on August 2, 2023. Net income attributable to common stockholders fell 50.1% to $13.8 million, Adjusted EBITDAre fell 15.7% to $74.7 million, and Adjusted FFO per diluted share fell to $0.47 from $0.57 a year earlier. The company updated full-year 2023 guidance, raising the low end of several ranges while lowering the high end of most measures, which shows the weaker second quarter is affecting the outlook.
Q2 2023 net income attributable to common stockholders was $13.8 million, or $0.12 per share, down from $27.6 million, or $0.24 per share, in Q2 2022
Adjusted EBITDAre was $74.7 million, down 15.7%; Same-Property RevPAR was $182.49, down 2.0%
Full-year 2023 Same-Property RevPAR change guidance is 4% to 6%, with the high end lowered by 2 percentage points; Adjusted FFO per diluted share guidance is $1.42 to $1.60
In Q2 the company repurchased 2,539,888 shares for approximately $31.9 million and retired $30 million of 6.375% Senior Notes due August 2025
Watsco reported second-quarter 2023 results on August 1, 2023, with sales down 6% to $2.0 billion and diluted EPS down 10% to $4.42 from $4.93. The company attributed part of the decline to a product transition under new efficiency regulations and to OEM production and availability delays, which it estimated reduced quarterly sales by $75 to $80 million. For the six months, sales fell 3% to $3.55 billion and EPS fell 7% to $7.25.
Second-quarter sales of $2.0 billion, down 6%; operating income of $266 million, down 7%
Second-quarter diluted EPS of $4.42, versus $4.93 a year earlier
Company estimated OEM-related delays reduced quarterly sales by $75 to $80 million ($115 to $125 million for six months)
Operating cash flow was a $89 million use of cash for the six months ended June 30, 2023; annual dividend rate is $9.80 per share
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Briefs marked “Written later” were written in November 2026 for filings that were by then more than three weeks old, so months before mid-October 2026 hold a selection: every material 8-K of the past year for the 100 largest companies we cover and the last 15 important 8-Ks of every other one. Briefs the number check holds back are not shown or counted. Also: the last 45 days, briefs by company, A–Z and the live SEC filings wire.