What is your opinion of Knight’s latest quarterly results. Thanks
Kenn
For the second quarter of 2023, GUD's revenues came in at $89.9 million, an increase of 19% over the same quarter of 2022, beating estimates of $80.9 million. Gross margin shrank from 51% in 2Q22 to 42% or $37.5 million in the recent quarter. Adjusted EBITDA decreased 20% year-over-year to $14.3 million, beating estimates of $12.1 million. Adjusted earnings per share of $0.02 missed estimates of $0.03. Cash outflow from operations came in at $1.5 million compared to a cash inflow from operations of $13.2 million, GUD also completed a significant share buyback at an average price of $4.78 per share. The company made 3 approval submissions and received one approval this quarter. We like the submissions activity, however, at this point it doesn't excite us too much yet. We would consider this an okay quarter with no major changes in our thesis.