• FY23 Net Sales
$191.2 Million
• FY23
Gross Margin 46.1%
• FY23 e-Commerce Sales
$87.2 Million – Traditional Sales
$104.0 Million
• FY23 Operating Cash Flow of
$30.7 Million
COLUMBIA, Mo., June 28,
2023 /PRNewswire/ -- American Outdoor Brands,
Inc. (NASDAQ Global Select: AOUT), an industry leading provider
of products and accessories for rugged outdoor enthusiasts, today
announced financial results for the fourth quarter and full year
fiscal 2023 ended April 30, 2023.
Full Year Fiscal 2023 Financial Highlights
- Full year net sales were $191.2
million, a decrease of $56.3
million, or 22.8%, compared with net sales of $247.5 million for the prior year. Compared with
pre-COVID levels in fiscal 2020, total net sales grew 14.2%, while
e-commerce sales grew 60.6% and traditional channel net sales
declined by 8.0%.
- Full year gross margin was 46.1%, a decrease of 10 basis
points, from gross margin of 46.2% for the prior year.
- Full year GAAP net loss was $12.0
million, or $0.90 per diluted
share, compared with a GAAP net loss of $64.9 million, or $4.66 per diluted share, last year. The net loss
last year included a $67.8 million
non-cash goodwill impairment charge.
- Full year non-GAAP net income was $6.6
million, or $0.48 per diluted
share, compared with non-GAAP net income of $24.7 million, or $1.77 per diluted share, for the prior year. GAAP
to non-GAAP adjustments for net income exclude a non-cash
impairment of goodwill, acquired intangible amortization, stock
compensation, and other costs. For a detailed reconciliation, see
the schedules that follow in this release.
- Full year Adjusted EBITDAS was $12.8
million, or 6.7% of net sales, compared with Adjusted
EBITDAS of $35.0 million, or 14.2% of
net sales, for the prior year. For a detailed reconciliation, see
the schedules that follow in this release.
Fourth Quarter Fiscal 2023 Financial Highlights
- Quarterly net sales were $42.2
million, a decrease of $3.7
million, or 8.0%, compared with net sales of $45.9 million for the comparable quarter last
year. Compared with pre-COVID levels in fiscal 2020, quarterly net
sales declined 2.0%, while e-commerce sales grew 0.7% and
traditional channel net sales declined by 4.3%.
- Quarterly gross margin was 45.2%, an increase of 140 basis
points, compared with quarterly gross margin of 43.8% for the
comparable quarter last year.
- Quarterly GAAP net loss was $3.8
million, or $0.29 per diluted
share, compared with a GAAP net loss of $76.7 million, or $5.71 per diluted share, for the comparable
quarter last year. The quarterly net loss last year included a
$67.8 million non-cash goodwill
impairment charge.
- Quarterly non-GAAP net income was $793,000, or $0.06
per diluted share, compared with non-GAAP net income of
$1.9 million, or $0.14 per diluted share, for the comparable
quarter last year. GAAP to non-GAAP adjustments for net income
exclude a non-cash impairment of goodwill, acquired intangible
amortization, stock compensation, and other costs. For a detailed
reconciliation, see the schedules that follow in this release.
- Quarterly Adjusted EBITDAS was $1.8
million, or 4.3% of net sales, compared with $3.2 million, or 7.0% of net sales, for the
comparable quarter last year. For a detailed reconciliation, see
the schedules that follow in this release.
Brian Murphy, President and Chief
Executive Officer, said, "Fiscal 2023 marked our second full year
as an independent public company dedicated to building authentic,
lifestyle brands that help consumers make the most out of the
moments that matter. I am proud of the achievements we made
in fiscal 2023, especially given the uncertain macroeconomic
environment that the year presented. On a three-year basis, we
delivered net sales growth of more than 14% over our pre-pandemic
levels, reflecting strength in our e-commerce channel, and driven
primarily by growth of almost 34% in our outdoor lifestyle
category, which consists of products related to hunting, fishing,
camping, and rugged outdoor activities."
"Innovation is our core strength and a key element in our
long-term growth strategy. We believe our innovation machine
is robust, and new products launched in the past two years
generated over 25% of our full year net sales, which is consistent
with prior years. Our Dock & Unlock™ process fuels that
innovation, and we unveiled a host of new products across our brand
portfolio during the year. Several of those products have won
industry awards; many incorporate features that are 'cross
pollinated' from across our brand lanes; most incorporate
proprietary features; and all of them, taken together, advance our
strategy to enter new product categories and expand our product
lines and distribution channels. An example of this 'cross
pollination' is our new BUBBA tournament-grade Pro Series Smart
Fish Scale (SFS) and accompanying app, our first entry into the
large, underserved, 'catch and release' market, and a product that,
we believe, has the ability to reinvent the way anglers pursue
their sport."
"In fiscal 2023, we completed several strategic objectives,
including the implementation of a new ERP system with the
successful go-live of Microsoft D365; the establishment of a new
analytics platform with the launch of Microsoft Power BI; the
consolidation of our facilities in Oregon, Texas, and Michigan into our Missouri facility; and the finalization of a
full lease takeover at our Missouri facility slated for January 2024, which will provide increased
distribution capacity for long-term organic and inorganic
growth. By maintaining a clear focus on our long-term
objectives and making several meaningful strategic investments, we
believe we have positioned our company well for the future."
Andrew Fulmer, Chief Financial
Officer, said, "In Fiscal 2023, we strengthened our balance sheet,
generated significant operating cash flow, remained disciplined
with cost control, invested in our long-term growth, and
demonstrated effective capital deployment, all while navigating
market challenges with consumer demand and cautious retailer
inventory management. With robust operating cash flow
in the year of $30.7 million,
including an inventory reduction of $21.9
million, we paid down $20.0
million on our line of credit and repurchased over
$3.5 million of our stock. We
ended the year with a cash balance of $22.0
million and only $5.0 million
outstanding on our line of credit, yielding a net negative debt
position and up to $92.0 million in
available capital."
"Turning to our outlook, we believe that our brands remain well
positioned to capitalize on positive, long-term consumer outdoor
participation trends. As a result, we believe that our net sales
for fiscal 2024 could exceed fiscal 2023 net sales by as much as
3.5%. We also believe our solid financial position enables us to
continue executing on our long-term strategic plan as we invest in
our business, return capital to stockholders, and address the
exciting growth opportunities we have identified for our company,"
concluded Fulmer.
Conference Call and Webcast
The Company will host a
conference call and webcast today, June 28,
2023, to discuss its fourth quarter and full year fiscal
2023 financial and operational results. Speakers on the conference
call will include Brian Murphy,
President and Chief Executive Officer, and Andrew Fulmer, Chief Financial Officer.
The conference call may include forward-looking statements and a
discussion of non-GAAP financial measures. The conference call and
webcast will begin at 5:00 p.m. Eastern
Time (2:00 p.m. Pacific Time).
Those interested in listening to the conference call via telephone
may call directly at (833) 630-1956 and ask to join the American
Outdoor Brands call. No RSVP is necessary. The
conference call audio webcast can also be accessed live on the
Company's website at www.aob.com, under the Investor Relations
section.
Reconciliation of U.S. GAAP to Non-GAAP Financial
Measures
In this press release, certain non-GAAP financial
measures, including "non-GAAP net income and "Adjusted EBITDAS" are
presented. A reconciliation of these and other non-GAAP financial
measures are contained at the end of this press release. From
time-to-time, the Company considers and uses these non-GAAP
financial measures as supplemental measures of operating
performance in order to provide the reader with an improved
understanding of underlying performance trends. The Company
believes it is useful for itself and the reader to review, as
applicable, both (1) GAAP measures that include (i) amortization of
acquired intangible assets, (ii) goodwill impairment, (iii) stock
compensation, (iv) facility consolidation costs, (v) technology
implementation, (vi) acquisition costs, (vii) stockholder
cooperation agreement costs, (viii) fair value inventory step-up,
(ix) amortization of acquired intangible assets, (x) income tax
adjustments, (xi) interest expense, (xii) income tax
benefit/expense, and (xiii) depreciation and amortization; and (2)
the non-GAAP measures that exclude such information. The Company
presents these non-GAAP measures because it considers them an
important supplemental measure of its performance and believes the
disclosure of such measures provides useful information to
investors regarding the Company's financial condition and results
of operations. The Company's definition of these adjusted financial
measures may differ from similarly named measures used by others.
The Company believes these measures facilitate operating
performance comparisons from period to period by eliminating
potential differences caused by the existence and timing of certain
expense items that would not otherwise be apparent on a GAAP
basis. These non-GAAP measures have limitations as an
analytical tool and should not be considered in isolation or as a
substitute for the Company's GAAP measures. The principal
limitations of these measures are that they do not reflect the
Company's actual expenses and may thus have the effect of inflating
its financial measures on a GAAP basis.
About American Outdoor Brands, Inc.
American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT) is an
industry leading provider of outdoor products and accessories,
including hunting, fishing, camping, shooting, outdoor cooking, and
personal security and defense products, for rugged outdoor
enthusiasts. The Company produces innovative, top quality
products under its brands BOG®; BUBBA®; Caldwell®; Crimson Trace®;
Frankford Arsenal®; Grilla Grills®; Hooyman®; Imperial®;
LaserLyte®; Lockdown®; MEAT!; Old Timer®; Schrade®; Tipton®; Uncle
Henry®; ust®; and Wheeler®. For more information about all
the brands and products from American Outdoor Brands, Inc., visit
www.aob.com.
Safe Harbor Statement
Certain statements contained in
this press release may be deemed to be forward-looking statements
under federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. All statements other than statements of historical facts
contained or incorporated herein by reference in this press
release, including statements regarding our future operating
results, future financial position, business strategy, objectives,
goals, plans, prospects, markets, and plans and objectives for
future operations, are forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as
"anticipates," "believes," "estimates," "expects," "intends,"
"targets," "contemplates," "projects," "predicts," "may," "might,"
"plan," "would," "should," "could," "may," "can," "potential,"
"continue," "objective," or the negative of those terms, or similar
expressions intended to identify forward-looking statements.
However, not all forward-looking statements contain these
identifying words. Specific forward-looking statements in this
press release include our belief that innovation is our core
strength and the key element in our long-term growth strategy; our
belief that our innovation machine is robust; our belief that our
Dock & Unlock process fuels our innovation; our strategy to
enter new product categories and expand our product lines and
distribution channels; our belief that the Pro Series Smart Fish
Scale has the ability to reinvent the way anglers pursue their
sport; our belief that the full lease takeover at our Missouri headquarter will provide capacity for
long-term organic and inorganic growth; our belief that by
maintaining a clear focus on our long-term objectives and making
several meaningful strategic investments, we have positioned our
company well for the future; our belief that our brands remain
well-positioned to capitalize on positive, long-term consumer
outdoor participation trends; our belief that our net sales for
fiscal 2024 could exceed pre-pandemic fiscal 2020 net sales by as
much as 20%; and our belief that our solid financial position
enables us to continue executing on our long-term strategic plan as
we invest in our business, return capital to stockholders, and
address the exciting growth opportunities we have identified for
our company. We caution that these statements are qualified by
important risks, uncertainties, and other factors that could cause
actual results to differ materially from those reflected by such
forward-looking statements. Such factors include, among others,
potential disruptions in our ability to source the materials
necessary for the production of our products, disruptions and
delays in the manufacture of our products, and difficulties
encountered by retailers and other components of the distribution
channel for our products; economic, social, political, legislative,
and regulatory factors; lawsuits and their effect on us; inventory
levels, both internally and in the distribution channel, in excess
of demand; natural disasters, pandemics, seasonality, news events,
political events, and consumer tastes; future investments for
capital expenditures; future products and product development; the
features, quality, and performance of our products; the success of
our strategies and marketing programs; our market share and factors
that affect our market share; liquidity and anticipated cash needs
and availability; the supply, availability, and costs of materials
and components and related tariffs; our ability to maintain and
enhance brand recognition and reputation; risks associated with the
distribution of our products and overall availability of labor;
and, other factors detailed from time to time in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the fiscal year ended April 30, 2023.
Contact:
Liz Sharp, VP, Investor
Relations
lsharp@aob.com
(573) 303-4620
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
As of:
|
|
April 30,
2023
|
|
April 30,
2022
|
|
(In thousands, except
par value and share data)
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
21,950
|
|
$
19,521
|
Accounts receivable,
net of allowance for credit losses of $125
on April 30, 2023 and $129 on April 30,
2022
|
26,846
|
|
28,879
|
Inventories
|
99,734
|
|
121,683
|
Prepaid expenses and
other current assets
|
7,839
|
|
8,491
|
Income tax
receivable
|
1,251
|
|
1,231
|
Total current
assets
|
157,620
|
|
179,805
|
Property, plant, and
equipment, net
|
9,488
|
|
10,621
|
Intangible assets,
net
|
52,021
|
|
63,194
|
Right-of-use
assets
|
24,198
|
|
23,884
|
Other assets
|
260
|
|
336
|
Total
assets
|
$
243,587
|
|
$
277,840
|
LIABILITIES AND
EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
11,544
|
|
$
13,563
|
Accrued
expenses
|
8,741
|
|
7,853
|
Accrued payroll,
incentives, and profit sharing
|
1,813
|
|
3,786
|
Lease liabilities,
current
|
904
|
|
1,803
|
Total current
liabilities
|
23,002
|
|
27,005
|
Notes and loans
payable
|
4,623
|
|
24,697
|
Lease liabilities, net
of current portion
|
24,064
|
|
23,076
|
Other non-current
liabilities
|
34
|
|
31
|
Total
liabilities
|
51,723
|
|
74,809
|
Equity:
|
|
|
|
Preferred stock,
$0.001 par value, 20,000,000 shares authorized, no
shares issued or outstanding
|
—
|
|
—
|
Common stock,
$0.001 par value, 100,000,000 shares authorized,
14,447,149 shares issued and 13,233,151 shares
outstanding on
April 30, 2023 and 14,240,290 shares issued and
13,403,326
outstanding on April 30, 2022
|
14
|
|
14
|
Additional paid in
capital
|
272,784
|
|
268,393
|
Retained
deficit
|
(62,375)
|
|
(50,351)
|
Treasury stock, at cost
(1,213,998 shares on April 30, 2023
and 836,964 shares on April 30, 2022)
|
(18,559)
|
|
(15,025)
|
Total
equity
|
191,864
|
|
203,031
|
Total liabilities and
equity
|
$
243,587
|
|
$
277,840
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended April 30,
|
|
For the Years Ended
April 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
|
Net
sales
|
|
$
42,203
|
|
$
45,893
|
|
$
191,209
|
|
$
247,526
|
Cost of
sales
|
|
23,129
|
|
25,769
|
|
103,145
|
|
133,287
|
Gross profit
|
|
19,074
|
|
20,124
|
|
88,064
|
|
114,239
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
1,474
|
|
1,147
|
|
6,361
|
|
5,501
|
Selling, marketing, and
distribution
|
|
11,565
|
|
11,677
|
|
51,791
|
|
56,168
|
General and
administrative
|
|
10,038
|
|
10,224
|
|
42,612
|
|
41,244
|
Goodwill
impairment
|
|
—
|
|
67,849
|
|
—
|
|
67,849
|
Total operating
expenses
|
|
23,077
|
|
90,897
|
|
100,764
|
|
170,762
|
Operating
loss
|
|
(4,003)
|
|
(70,773)
|
|
(12,700)
|
|
(56,523)
|
Other income,
net:
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
136
|
|
306
|
|
1,188
|
|
1,311
|
Interest expense,
net
|
|
(120)
|
|
(157)
|
|
(761)
|
|
(324)
|
Total other income,
net
|
|
16
|
|
149
|
|
427
|
|
987
|
Loss from operations
before income taxes
|
|
(3,987)
|
|
(70,624)
|
|
(12,273)
|
|
(55,536)
|
Income tax
(benefit)/expense
|
|
(151)
|
|
6,062
|
|
(249)
|
|
9,344
|
Net loss
|
|
$
(3,836)
|
|
$
(76,686)
|
|
$
(12,024)
|
|
$
(64,880)
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.29)
|
|
$
(5.71)
|
|
$
(0.90)
|
|
$
(4.66)
|
Diluted
|
|
$
(0.29)
|
|
$
(5.71)
|
|
$
(0.90)
|
|
$
(4.66)
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
13,240
|
|
13,433
|
|
13,372
|
|
13,930
|
Diluted
|
|
13,240
|
|
13,433
|
|
13,372
|
|
13,930
|
|
|
|
|
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS
OF CASH FLOWS
|
|
|
|
|
|
For the Years Ended
April 30,
|
|
2023
|
|
2022
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(12,024)
|
|
$
(64,880)
|
Adjustments to
reconcile net income to net cash provided by/
(used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
16,511
|
|
16,967
|
Loss on
sale/disposition of assets
|
94
|
|
161
|
(Benefit
from)/provision for credit losses on accounts receivable
|
(11)
|
|
17
|
Goodwill
impairment
|
—
|
|
67,849
|
Deferred income
taxes
|
—
|
|
6,683
|
Stock-based
compensation expense
|
4,050
|
|
2,812
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
2,044
|
|
8,591
|
Inventories
|
21,949
|
|
(41,431)
|
Accounts
payable
|
(1,308)
|
|
(4,521)
|
Accrued
liabilities
|
(1,085)
|
|
(7,061)
|
Other
|
486
|
|
(3,140)
|
Net cash provided by/(used
in) operating activities
|
30,706
|
|
(17,953)
|
Cash flows from
investing activities:
|
|
|
|
Acquisition of
business
|
—
|
|
(27,000)
|
Payments to acquire
patents and software
|
(3,555)
|
|
(3,191)
|
Proceeds from sale of
property and equipment
|
30
|
|
—
|
Payments to acquire
property and equipment
|
(1,301)
|
|
(3,397)
|
Net cash used in investing
activities
|
(4,826)
|
|
(33,588)
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from loans and
notes payable
|
—
|
|
25,170
|
Payments on notes and
loans payable
|
(20,170)
|
|
—
|
Payments to acquire
treasury stock
|
(3,534)
|
|
(15,025)
|
Cash paid for debt
issuance costs
|
(88)
|
|
(103)
|
Proceeds from exercise
of options to acquire common stock,
including employee stock purchase plan
|
656
|
|
875
|
Payment of employee
withholding tax related to restricted stock units
|
(315)
|
|
(656)
|
Net cash (used in)/provided
by financing activities
|
(23,451)
|
|
10,261
|
Net increase/(decrease)
in cash and cash equivalents
|
2,429
|
|
(41,280)
|
Cash and cash
equivalents, beginning of period
|
19,521
|
|
60,801
|
Cash and cash
equivalents, end of period
|
$
21,950
|
|
$
19,521
|
Supplemental disclosure
of cash flow information
|
|
|
|
Cash paid
for:
|
|
|
|
Interest
|
$
761
|
|
$
125
|
Income taxes (net of
refunds)
|
$
(73)
|
|
$
3,819
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES
(In thousands, except per share data)
(Unaudited)
|
|
For the Three Months
Ended April 30,
|
|
For the Years Ended
April 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
GAAP gross
profit
|
$
19,074
|
|
$
20,124
|
|
$
88,064
|
|
$
114,239
|
|
Facility consolidation
costs
|
—
|
|
—
|
|
356
|
|
—
|
|
Fair value inventory
step-up
|
—
|
|
27
|
|
—
|
|
27
|
|
Non-GAAP gross
profit
|
$
19,074
|
|
$
20,151
|
|
$
88,420
|
|
$
114,266
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
23,077
|
|
$
90,897
|
|
$
100,764
|
|
$
170,762
|
|
Amortization of
acquired intangible assets
|
(3,074)
|
|
(3,473)
|
|
(12,298)
|
|
(13,757)
|
|
Goodwill
impairment
|
—
|
|
(67,849)
|
|
—
|
|
(67,849)
|
|
Stock
compensation
|
(1,150)
|
|
(476)
|
|
(4,050)
|
|
(2,812)
|
|
Facility consolidation
costs
|
(26)
|
|
—
|
|
(510)
|
|
—
|
|
Technology
implementation
|
(553)
|
|
(329)
|
|
(2,138)
|
|
(1,948)
|
|
Acquisition
costs
|
—
|
|
(599)
|
|
(47)
|
|
(599)
|
|
Stockholder cooperation
agreement costs
|
—
|
|
—
|
|
(1,177)
|
|
—
|
|
Other
|
—
|
|
—
|
|
—
|
|
(40)
|
|
Non-GAAP operating
expenses
|
$
18,274
|
|
$
18,171
|
|
$
80,544
|
|
$
83,757
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(4,003)
|
|
$
(70,773)
|
|
$
(12,700)
|
|
$
(56,523)
|
|
Fair value inventory
step-up
|
—
|
|
27
|
|
—
|
|
27
|
|
Amortization of
acquired intangible assets
|
3,074
|
|
3,473
|
|
12,298
|
|
13,757
|
|
Goodwill
impairment
|
—
|
|
67,849
|
|
—
|
|
67,849
|
|
Stock
compensation
|
1,150
|
|
476
|
|
4,050
|
|
2,812
|
|
Facility consolidation
costs
|
26
|
|
—
|
|
866
|
|
—
|
|
Technology
implementation
|
553
|
|
329
|
|
2,138
|
|
1,948
|
|
Acquisition
costs
|
—
|
|
599
|
|
47
|
|
599
|
|
Stockholder cooperation
agreement costs
|
—
|
|
—
|
|
1,177
|
|
—
|
|
Other
|
—
|
|
—
|
|
—
|
|
40
|
|
Non-GAAP operating
income
|
$
800
|
|
$
1,980
|
|
$
7,876
|
|
$
30,509
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(3,836)
|
|
$
(76,686)
|
|
$
(12,024)
|
|
$
(64,880)
|
|
Fair value inventory
step-up
|
-
|
|
27
|
|
-
|
|
27
|
|
Amortization of
acquired intangible assets
|
3,074
|
|
3,473
|
|
12,298
|
|
13,757
|
|
Goodwill
impairment
|
-
|
|
67,849
|
|
-
|
|
67,849
|
|
Stock
compensation
|
1,150
|
|
476
|
|
4,050
|
|
2,812
|
|
Facility consolidation
costs
|
26
|
|
—
|
|
866
|
|
—
|
|
Technology
implementation
|
553
|
|
329
|
|
2,138
|
|
1,948
|
|
Acquisition
costs
|
-
|
|
599
|
|
47
|
|
599
|
|
Stockholder cooperation
agreement costs
|
-
|
|
—
|
|
1,177
|
|
—
|
|
Other
|
-
|
|
—
|
|
-
|
|
40
|
|
Income tax
adjustments
|
(174)
|
|
5,805
|
|
(1,993)
|
|
2,520
|
|
Non-GAAP net
income
|
$
793
|
|
$
1,872
|
|
$
6,559
|
|
$
24,672
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share
- diluted
|
$
(0.29)
|
|
$
(5.71)
|
|
$
(0.90)
|
|
$
(4.66)
|
|
Fair value inventory
step-up
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of
acquired intangible assets
|
0.23
|
|
0.26
|
|
0.92
|
|
0.99
|
|
Goodwill
impairment
|
—
|
|
5.05
|
|
—
|
|
4.87
|
|
Stock
compensation
|
0.09
|
|
0.04
|
|
0.30
|
|
0.20
|
|
Facility consolidation
costs
|
—
|
|
—
|
|
0.06
|
|
—
|
|
Technology
implementation
|
0.04
|
|
0.02
|
|
0.16
|
|
0.14
|
|
Acquisition
costs
|
—
|
|
0.04
|
|
—
|
|
0.04
|
|
Stockholder cooperation
agreement costs
|
—
|
|
—
|
|
0.09
|
|
—
|
|
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
Income tax
adjustments
|
(0.01)
|
|
0.43
|
|
(0.15)
|
|
0.18
|
|
Non-GAAP net income per
share - diluted
|
$
0.06
|
|
$
0.14
|
(a)
|
$
0.48
|
|
$
1.77
|
(a)
|
|
|
|
|
|
|
|
|
|
(a) Non-GAAP net income
per share does not foot due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN OUTDOOR
BRANDS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP
NET LOSS TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended April 30,
|
|
|
For the Years Ended
April 30,
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
|
2022
|
GAAP net
loss
|
$
|
(3,836)
|
|
$
|
(76,686)
|
|
|
$
(12,024)
|
|
|
$
(64,880)
|
Interest
expense
|
|
120
|
|
|
157
|
|
|
761
|
|
|
324
|
Income tax
(benefit)/expense
|
|
(151)
|
|
|
6,062
|
|
|
(249)
|
|
|
9,344
|
Depreciation and
amortization
|
|
3,933
|
|
|
4,417
|
|
|
16,048
|
|
|
16,967
|
Stock
compensation
|
|
1,150
|
|
|
476
|
|
|
4,050
|
|
|
2,812
|
Goodwill
impairment
|
|
—
|
|
|
67,849
|
|
|
—
|
|
|
67,849
|
Technology
implementation
|
|
553
|
|
|
329
|
|
|
2,138
|
|
|
1,948
|
Fair value inventory
step-up
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
Acquisition
costs
|
|
—
|
|
|
599
|
|
|
47
|
|
|
599
|
Facility consolidation
costs
|
|
26
|
|
|
—
|
|
|
866
|
|
|
—
|
Stockholder cooperation
agreement costs
|
|
—
|
|
|
—
|
|
|
1,177
|
|
|
—
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
Non-GAAP Adjusted
EBITDAS
|
$
|
1,795
|
|
$
|
3,230
|
|
|
$
12,814
|
|
|
$
35,030
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE American Outdoor Brands, Inc.