Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”),
a global company focused on the outdoor and consumer enthusiast
markets, reported financial results for the third quarter ended
September 30, 2022.
Third Quarter 2022 Financial Summary vs. Same
Year‐Ago Quarter
- Sales of $115.7 million increased 6.0%.
- Gross margin was 34.1% compared to 36.0%.
- Net income of $2.8 million, or $0.07 per diluted share,
compared to $4.5 million, or $0.13 per diluted share.
- Adjusted net income before non‐cash items of $10.2 million, or
$0.26 per diluted share, compared to $18.1 million, or $0.50 per
diluted share.
- Adjusted EBITDA of $15.1 million with an adjusted EBITDA margin
of 13.0% compared to $19.2 million with an adjusted EBITDA margin
of 17.7%.
Management Commentary
“Our portfolio of ‘Super Fan’ brands were largely resilient amid
a challenging consumer backdrop," said Clarus President John
Walbrecht. “Demand in both our Outdoor and Precision Sport segments
remained intact during the quarter, demonstrating market share
gains as activity-based, Super Fan consumer brands can gain market
share even when macroeconomic challenges arise.
“In our Adventure segment, limited vehicle deliveries and
higher-than-normal inventory in the channel persisted in our home
market of Australia, and we began to experience challenging
conditions in North America after a strong first half of the year.
These headwinds were further exacerbated by volatile foreign
currency markets. We believe these issues will be short-lived, and
we see more opportunity than ever to ‘Innovate and Accelerate’
these brands on a global basis as overlanding continues to expand
its addressable market.
“In total, we estimate foreign currency headwinds reduced our
sales and Adjusted EBITDA by over $3.3 million in the third
quarter. Higher freight costs also continued, lowering our
profitability by $2.3 million during the third quarter. We believe
higher freight costs to be transitory in nature as we are already
experiencing an improved supply chain. As such, we expect to remain
well-positioned to drive relative outperformance in this area given
our agile approach across our businesses.
“As we look to the remainder of the year and into 2023, we
believe we have a portfolio of brands that can continue to grow and
gain market share, even in a weaker consumer environment. This is a
key attribute of Super Fan brands, and we believe we are laying the
foundation for long-term shareholder value creation.”
Third Quarter 2022 Financial
Results
Sales in the third quarter increased 6% to $115.7 million
compared to $109.0 million in the same year‐ago quarter. The
increase includes revenue contribution of $3.7 million from
MAXTRAX, an acquisition completed on December 1, 2021. Organic
sales were up 6% in the third quarter, MAXTRAX contributed 3% and
foreign exchange was a 3% headwind. On a constant currency basis,
total sales were up 9%.
Sales in the Outdoor segment increased 7%, or 11% on a constant
currency basis, to $62.9 million compared to the same year-ago
quarter due to strong demand, slightly offset by supply chain
challenges associated with microchips that negatively impacted the
Company’s ability to deliver its snow-safety products on time and
in full. Precision Sport sales increased 13% to $34.2 million,
reflecting continued strong demand and market share gains. Sales in
the Adventure segment were $18.6 million, reflecting lower consumer
demand given the challenging economic environment and constraints
on new vehicle deliveries, which impacted new product sales both in
the Australian and North American markets.
Gross margin in the third quarter was 34.1% compared to 36.0% in
the year‐ago quarter. Improvements in channel and product mix were
more than offset by higher freight costs, as well as unfavorable
foreign exchange movements. Higher freight costs had a negative
impact on gross margin of 200 basis points, while foreign currency
had a 180 basis point impact.
Selling, general and administrative expenses in the third
quarter were $32.3 million compared to $31.3 million in the same
year‐ago quarter. The inclusion of MAXTRAX and higher go-to-market
investments in the Outdoor segment were partially offset by lower
non-cash stock-based compensation for performance awards.
Net income in the third quarter was $2.8 million, or $0.07 per
diluted share, compared to net income of $4.5 million, or $0.13 per
diluted share, in the prior year quarter.
Adjusted net income in the third quarter, which
excludes non‐cash items and transaction costs, was $10.2 million,
or $0.26 per diluted share, compared to $18.1 million, or $0.50 per
diluted share, in the same year‐ago quarter.
Adjusted EBITDA in the third quarter was $15.1
million, or an adjusted EBITDA margin of 13.0%, compared to $19.2
million, or an adjusted EBITDA margin of 17.7%, in the same
year‐ago quarter. The decline in adjusted EBITDA was driven by
lower sales in the Adventure segment, as well as heightened freight
costs and unfavorable movements in foreign exchange rates,
partially offset by lower discretionary spending.
Net cash provided by operating activities for the three months
ended September 30, 2022, was $(11.5) million compared to net cash
provided of $(17.5) million in the prior year quarter. Capital
expenditures in the third quarter of 2022 were $2.1 million
compared to $2.4 million in the prior year quarter. Free cash flow
for the third quarter of 2022 was $(13.6) million compared to
$(19.8) million in the prior year quarter due to higher working
capital, specifically accounts receivable.
Liquidity at September 30, 2022 vs. December 31,
2021
- Cash and cash equivalents totaled $10.4 million compared to
$19.5 million.
- Total debt of $167.2 million compared to $141.5 million.
- Remaining access to approximately $110 million on the Company’s
revolving line of credit.
- Net debt leverage ratio of 2.2x compared to 2.0x
Stock Repurchase Program
During the third quarter, the Company repurchased 527,277 shares
of its common stock for approximately $7.2 million, or $13.60 per
share, leaving approximately $42.8 million remaining on its $50
million stock repurchase program.
2022 Outlook
Given lower sales in the Adventure segment, as well as the
volatile foreign currency market and higher freight costs, Clarus
is revising its full-year 2022 outlook. Clarus now expects fiscal
year 2022 sales to grow approximately 19% to $445.0 million ($470.0
million prior) compared to 2021. This includes the assumption that
the strong U.S. dollar will be a $6 million sales headwind in the
fourth quarter of 2022. By segment, the Company now expects Outdoor
segment sales to increase 1% to approximately $223.0 million
($237.5 million previously). The Precision Sport segment is now
expected to increase 18% to approximately $130.0 million ($127.5
million previously) and the Adventure segment is now expected to
contribute approximately $92 million ($105 million previously).
The Company now expects adjusted EBITDA in 2022 to be
approximately $64 million ($78 million prior), or an adjusted
EBITDA margin of 14.4%. In addition, capital expenditures are now
expected to be approximately $8.0 million ($9.0 million previously)
and free cash flow is now expected to range between $0 to ($5)
million ($30.0 to $40.0 million previously) for the full year
2022.
Net Operating Loss (NOL)
The Company estimates that it has available NOL carryforwards
for U.S. federal income tax purposes of approximately $58.4
million, which includes $37.2 million of NOL carryforwards that
expire on December 31, 2022. The Company expects to fully utilize
the $37.2 million in the current year, prior to expiration. The
Company’s common stock is subject to a rights agreement dated
February 7, 2008, that is intended to limit the number of 5% or
more owners and therefore reduce the risk of a possible change of
ownership under Section 382 of the Internal Revenue Code of 1986,
as amended. Any such change of ownership under these rules would
limit or eliminate the ability of the Company to use its existing
NOLs for federal income tax purposes. However, there is no guaranty
that the rights agreement will achieve the objective of preserving
the value of the NOLs.
Conference Call
The Company will hold a conference call today at 5:00 p.m.
Eastern time to discuss its third quarter 2022 results.
Date: Monday, November 7, 2022Time: 5:00 p.m. Eastern time (3:00
p.m. Mountain time) Registration Link:
https://register.vevent.com/register/BI58988a2f2e7047f1bdd63c5e2f1a5f6b
To access the call by phone, please register via the live call
registration link above and you will be provided with dial-in
instructions and details. If you have any difficulty connecting
with the conference call, please contact Gateway Group at
1-949-574-3860.
The conference call will be broadcast live and available for
replay here and on the Company’s website at www.claruscorp.com.
A replay of the conference call will be available after 7:00
p.m. Eastern Time on the same day through November 7, 2023.
About Clarus Corporation
Headquartered in Salt Lake City, Utah, Clarus Corporation is a
global leading designer, developer, manufacturer and distributor of
best-in-class outdoor equipment and lifestyle products focused on
the outdoor and consumer enthusiast markets. Our mission is to
identify, acquire and grow outdoor “super fan” brands through our
unique “innovate and accelerate” strategy. We define a “super fan”
brand as a brand that creates the world’s pre-eminent,
performance-defining product that the best-in-class user cannot
live without. Each of our brands has a long history of continuous
product innovation for core and everyday users alike. The Company’s
products are principally sold globally under the Black Diamond®,
Rhino-Rack®, MAXTRAX®, Sierra®, and Barnes® brand names through
outdoor specialty and online retailers, our own websites,
distributors, and original equipment manufacturers. Our portfolio
of iconic brands is well-positioned for sustainable, long-term
growth underpinned by powerful industry trends across the outdoor
and adventure sport end markets. For additional information, please
visit www.claruscorp.com or the brand websites at
www.blackdiamondequipment.com, www.rhinorack.com,
www.maxtrax.com.au, www.sierrabullets.com, www.barnesbullets.com,
www.pieps.com, or www.goclimbon.com.
Use of Non‐GAAP Measures
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (“GAAP”). This press
release contains the non-GAAP measures: (i) adjusted gross margin
and adjusted gross profit, (ii) net income before non-cash items
and related income per diluted share, and adjusted net income
before non-cash items and related income per diluted share, (iii)
earnings before interest, taxes, other income or expense,
depreciation and amortization (“EBITDA”), EBITDA margin, adjusted
EBITDA, and adjusted EBTIDA margin, and (iv) free cash flow
(defined as net cash provided by operating activities less capital
expenditures). The Company believes that the presentation of
certain non-GAAP measures, i.e.: (i) adjusted gross margin and
adjusted gross profit, (ii) net income before non-cash items and
related income per diluted share, and adjusted net income before
non-cash items and related income per diluted share, (iii) EBITDA,
EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv)
free cash flow, provide useful information for the understanding of
its ongoing operations and enables investors to focus on period-
over-period operating performance, and thereby enhances the user's
overall understanding of the Company's current financial
performance relative to past performance and provides, along with
the nearest GAAP measures, a baseline for modeling future earnings
expectations. Non-GAAP measures are reconciled to comparable GAAP
financial measures within this press release. The Company cautions
that non-GAAP measures should be considered in addition to, but not
as a substitute for, the Company's reported GAAP results.
Additionally, the Company notes that there can be no assurance that
the above referenced non-GAAP financial measures are comparable to
similarly titled financial measures used by other publicly traded
companies.
Forward-Looking Statements
Please note that in this press release we may use words such as
“appears,” “anticipates,” “believes,” “plans,” “expects,”
“intends,” “future,” and similar expressions which constitute
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based on our expectations and
beliefs concerning future events impacting the Company and
therefore involve a number of risks and uncertainties. We caution
that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in
the forward-looking statements. Potential risks and uncertainties
that could cause the actual results of operations or financial
condition of the Company to differ materially from those expressed
or implied by forward-looking statements in this release, include,
but are not limited to, those risks and uncertainties more fully
described from time to time in the Company's public reports filed
with the Securities and Exchange Commission, including under the
section titled “Risk Factors” in the Company's Annual Report on
Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the
Company’s Current Reports on Form 8-K. All forward-looking
statements included in this press release are based upon
information available to the Company as of the date of this press
release and speak only as of the date hereof. We assume no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of this press release.
Company Contacts:
John C. Walbrecht PresidentTel
1‐801‐993‐1344john.walbrecht@claruscorp.com
Michael J. YatesChief Financial OfficerTel
1‐801-993‐1304mike.yates@claruscorp.com
Investor Relations
Contact:
Gateway Group, Inc. Cody SlachTel
1‐949‐574‐3860CLAR@gatewayir.com
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CLARUS CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash |
$ |
10,365 |
|
|
$ |
19,465 |
|
Accounts receivable, less allowance for |
|
|
|
|
|
|
|
credit losses of $1,200 and $811 |
|
76,468 |
|
|
|
66,180 |
|
Inventories |
|
155,206 |
|
|
|
129,354 |
|
Prepaid and other current assets |
|
14,586 |
|
|
|
11,831 |
|
Income tax receivable |
|
860 |
|
|
|
116 |
|
Total current assets |
|
257,485 |
|
|
|
226,946 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
42,140 |
|
|
|
42,826 |
|
Other intangible assets, net |
|
56,789 |
|
|
|
73,683 |
|
Indefinite-lived intangible assets |
|
119,201 |
|
|
|
128,271 |
|
Goodwill |
|
112,247 |
|
|
|
118,090 |
|
Deferred income taxes |
|
22,304 |
|
|
|
22,433 |
|
Other long-term assets |
|
17,775 |
|
|
|
19,578 |
|
Total assets |
$ |
627,941 |
|
|
$ |
631,827 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
23,640 |
|
|
$ |
31,488 |
|
Accrued liabilities |
|
26,271 |
|
|
|
27,473 |
|
Income tax payable |
|
1,109 |
|
|
|
4,437 |
|
Current portion of long-term debt |
|
10,306 |
|
|
|
9,585 |
|
Total current liabilities |
|
61,326 |
|
|
|
72,983 |
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
156,852 |
|
|
|
131,948 |
|
Deferred income taxes |
|
30,704 |
|
|
|
35,280 |
|
Other long-term liabilities |
|
15,970 |
|
|
|
21,448 |
|
Total liabilities |
|
264,852 |
|
|
|
261,659 |
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
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|
|
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|
Preferred stock, $0.0001 par value per share; 5,000 |
|
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|
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|
shares authorized; none issued |
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value per share; 100,000 shares
authorized; |
|
|
|
|
|
|
|
41,625 and 41,105 issued and 37,036 and 37,094 outstanding,
respectively |
|
4 |
|
|
|
4 |
|
Additional paid in capital |
|
677,120 |
|
|
|
662,996 |
|
Accumulated deficit |
|
(254,313 |
) |
|
|
(263,342 |
) |
Treasury stock, at cost |
|
(32,707 |
) |
|
|
(24,440 |
) |
Accumulated other comprehensive loss |
|
(27,015 |
) |
|
|
(5,050 |
) |
Total stockholders' equity |
|
363,089 |
|
|
|
370,168 |
|
Total liabilities and stockholders' equity |
$ |
627,941 |
|
|
$ |
631,827 |
|
|
|
|
|
|
|
|
|
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
Three Months Ended |
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
|
|
|
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Sales |
|
|
|
|
|
|
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Domestic sales |
$ |
55,540 |
|
|
$ |
61,259 |
|
International sales |
|
60,175 |
|
|
|
47,712 |
|
Total sales |
|
115,715 |
|
|
|
108,971 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
76,291 |
|
|
|
69,792 |
|
Gross profit |
|
39,424 |
|
|
|
39,179 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
32,340 |
|
|
|
31,314 |
|
Transaction costs |
|
858 |
|
|
|
8,147 |
|
Contingent consideration expense |
|
104 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
33,302 |
|
|
|
39,461 |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
6,122 |
|
|
|
(282 |
) |
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
Interest expense, net |
|
(2,216 |
) |
|
|
(1,476 |
) |
Other, net |
|
(1,238 |
) |
|
|
338 |
|
|
|
|
|
|
|
|
|
Total other expense, net |
|
(3,454 |
) |
|
|
(1,138 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income tax |
|
2,668 |
|
|
|
(1,420 |
) |
Income tax benefit |
|
(83 |
) |
|
|
(5,950 |
) |
Net income |
$ |
2,751 |
|
|
$ |
4,530 |
|
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Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
0.13 |
|
Diluted |
|
0.07 |
|
|
|
0.13 |
|
|
|
|
|
|
|
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|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
37,369 |
|
|
|
33,800 |
|
Diluted |
|
39,580 |
|
|
|
36,164 |
|
|
|
|
|
|
|
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|
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
Domestic sales |
$ |
181,920 |
|
|
$ |
160,708 |
|
International sales |
|
162,004 |
|
|
|
96,903 |
|
Total sales |
|
343,924 |
|
|
|
257,611 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
216,566 |
|
|
|
163,361 |
|
Gross profit |
|
127,358 |
|
|
|
94,250 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
101,959 |
|
|
|
72,903 |
|
Transaction costs |
|
2,880 |
|
|
|
9,272 |
|
Contingent consideration expense |
|
493 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
105,332 |
|
|
|
82,175 |
|
|
|
|
|
|
|
|
|
Operating income |
|
22,026 |
|
|
|
12,075 |
|
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
Interest expense, net |
|
(5,060 |
) |
|
|
(1,926 |
) |
Other, net |
|
(2,648 |
) |
|
|
(4,263 |
) |
|
|
|
|
|
|
|
|
Total other expense, net |
|
(7,708 |
) |
|
|
(6,189 |
) |
|
|
|
|
|
|
|
|
Income before income tax |
|
14,318 |
|
|
|
5,886 |
|
Income tax expense (benefit) |
|
2,494 |
|
|
|
(6,161 |
) |
Net income |
$ |
11,824 |
|
|
$ |
12,047 |
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.37 |
|
Diluted |
|
0.30 |
|
|
|
0.35 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
37,256 |
|
|
|
32,159 |
|
Diluted |
|
39,694 |
|
|
|
34,044 |
|
|
|
|
|
|
|
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|
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CLARUS CORPORATION |
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS
PROFIT |
AND ADJUSTED GROSS MARGIN |
|
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THREE MONTHS ENDED |
|
|
|
|
|
|
September 30, 2022 |
|
|
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
Gross profit as reported |
|
$ |
39,424 |
|
Gross profit as reported |
|
$ |
39,179 |
|
|
|
- |
|
Plus impact of inventory fair
value adjustment |
|
|
3,099 |
Adjusted gross profit |
|
$ |
39,424 |
|
Adjusted gross profit |
|
$ |
42,278 |
|
|
|
|
|
|
|
|
|
Gross margin as reported |
|
|
34.1% |
|
Gross margin as reported |
|
|
36.0% |
|
|
|
|
|
|
|
|
|
Adjusted gross margin |
|
|
34.1% |
|
Adjusted gross margin |
|
|
38.8% |
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
Gross profit as reported |
|
$ |
127,358 |
|
Gross profit as reported |
|
$ |
94,250 |
Plus impact of inventory fair
value adjustment |
|
|
269 |
|
Plus impact of inventory fair
value adjustment |
|
|
3,460 |
Adjusted gross profit |
|
$ |
127,627 |
|
Adjusted gross profit |
|
$ |
97,710 |
|
|
|
|
|
|
|
|
|
Gross margin as reported |
|
|
37.0% |
|
Gross margin as reported |
|
|
36.6% |
|
|
|
|
|
|
|
|
|
Adjusted gross margin |
|
|
37.1% |
|
Adjusted gross margin |
|
|
37.9% |
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATIONRECONCILIATION FROM NET (LOSS) INCOME
TO NET INCOME BEFORE NON-CASH ITEMS, ADJUSTEDNET
INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED
SHARE(In thousands, except per share
amounts)
|
Three Months Ended |
|
|
|
|
|
Per Diluted |
|
|
|
|
|
|
Per Diluted |
|
|
September 30, 2022 |
|
|
Share |
|
|
September 30, 2021 |
|
|
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,751 |
|
|
$ |
0.07 |
|
|
$ |
4,530 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
3,683 |
|
|
|
0.09 |
|
|
|
3,577 |
|
|
|
0.10 |
|
Depreciation |
|
2,091 |
|
|
|
0.05 |
|
|
|
1,631 |
|
|
|
0.05 |
|
Amortization of debt issuance costs |
|
232 |
|
|
|
0.01 |
|
|
|
173 |
|
|
|
0.00 |
|
Stock-based compensation |
|
2,220 |
|
|
|
0.06 |
|
|
|
3,064 |
|
|
|
0.08 |
|
Inventory fair value of purchase accounting |
|
- |
|
|
|
- |
|
|
|
3,099 |
|
|
|
0.09 |
|
Income tax benefit |
|
(83 |
) |
|
|
(0.00 |
) |
|
|
(5,950 |
) |
|
|
(0.16 |
) |
Cash paid for income taxes |
|
(1,663 |
) |
|
|
(0.04 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before non-cash items |
$ |
9,231 |
|
|
$ |
0.23 |
|
|
$ |
10,124 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs |
|
858 |
|
|
|
0.02 |
|
|
|
8,147 |
|
|
|
0.23 |
|
Contingent consideration
expense |
|
104 |
|
|
|
0.00 |
|
|
|
- |
|
|
|
- |
|
State cash taxes on adjustments |
|
(21 |
) |
|
|
(0.00 |
) |
|
|
(202 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income before non-cash items |
$ |
10,172 |
|
|
$ |
0.26 |
|
|
$ |
18,069 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATIONRECONCILIATION FROM NET (LOSS) INCOME
TO NET INCOME BEFORE NON-CASH ITEMS, ADJUSTEDNET
INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED
SHARE(In thousands, except per share
amounts)
|
Nine Months Ended |
|
|
|
|
|
Per Diluted |
|
|
|
|
|
|
Per Diluted |
|
|
September 30, 2022 |
|
|
Share |
|
|
September 30, 2021 |
|
|
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
11,824 |
|
|
$ |
0.30 |
|
|
$ |
12,047 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
11,740 |
|
|
|
0.30 |
|
|
|
5,971 |
|
|
|
0.18 |
|
Depreciation |
|
5,800 |
|
|
|
0.15 |
|
|
|
4,336 |
|
|
|
0.13 |
|
Amortization of debt issuance costs |
|
593 |
|
|
|
0.01 |
|
|
|
335 |
|
|
|
0.01 |
|
Stock-based compensation |
|
9,142 |
|
|
|
0.23 |
|
|
|
6,414 |
|
|
|
0.19 |
|
Inventory fair value of purchase accounting |
|
269 |
|
|
|
0.01 |
|
|
|
3,460 |
|
|
|
0.10 |
|
Income tax expense (benefit) |
|
2,494 |
|
|
|
0.06 |
|
|
|
(6,161 |
) |
|
|
(0.18 |
) |
Cash paid for income taxes |
|
(7,155 |
) |
|
|
(0.18 |
) |
|
|
(353 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before non-cash items |
$ |
34,707 |
|
|
$ |
0.87 |
|
|
$ |
26,049 |
|
|
$ |
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs |
|
2,880 |
|
|
|
0.07 |
|
|
|
9,272 |
|
|
|
0.27 |
|
Contingent consideration
expense |
|
493 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
- |
|
State cash taxes on adjustments |
|
(74 |
) |
|
|
(0.00 |
) |
|
|
(230 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income before non-cash items |
$ |
38,006 |
|
|
$ |
0.96 |
|
|
$ |
35,091 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATIONRECONCILIATION FROM NET INCOME TO
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION
(EBITDA), AND ADJUSTED EBITDA(In
thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,751 |
|
|
$ |
4,530 |
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
(83 |
) |
|
|
(5,950 |
) |
Other, net |
|
1,238 |
|
|
|
(338 |
) |
Interest expense, net |
|
2,216 |
|
|
|
1,476 |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
6,122 |
|
|
|
(282 |
) |
|
|
|
|
|
|
|
|
Depreciation |
|
2,091 |
|
|
|
1,631 |
|
Amortization of intangibles |
|
3,683 |
|
|
|
3,577 |
|
|
|
|
|
|
|
|
|
EBITDA |
|
11,896 |
|
|
|
4,926 |
|
|
|
|
|
|
|
|
|
Transaction costs |
|
858 |
|
|
|
8,147 |
|
Contingent consideration
expense |
|
104 |
|
|
|
- |
|
Inventory fair value of purchase accounting |
|
- |
|
|
|
3,099 |
|
Stock-based compensation |
|
2,220 |
|
|
|
3,064 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
15,078 |
|
|
$ |
19,236 |
|
|
|
|
|
|
|
|
|
CLARUS CORPORATIONRECONCILIATION FROM NET
INCOME TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND
AMORTIZATION (EBITDA), AND ADJUSTED EBITDA(In
thousands)
|
|
|
Nine Months Ended |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
11,824 |
|
$ |
12,047 |
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
2,494 |
|
|
(6,161 |
) |
Other, net |
|
2,648 |
|
|
4,263 |
|
Interest expense, net |
|
5,060 |
|
|
1,926 |
|
|
|
|
|
|
|
|
Operating income |
|
22,026 |
|
|
12,075 |
|
|
|
|
|
|
|
|
Depreciation |
|
5,800 |
|
|
4,336 |
|
Amortization of intangibles |
|
11,740 |
|
|
5,971 |
|
|
|
|
|
|
|
|
EBITDA |
|
39,566 |
|
|
22,382 |
|
|
|
|
|
|
|
|
Transaction costs |
|
2,880 |
|
|
9,272 |
|
Contingent consideration
expense |
|
493 |
|
|
- |
|
Inventory fair value of purchase accounting |
|
269 |
|
|
3,460 |
|
Stock-based compensation |
|
9,142 |
|
|
6,414 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
52,350 |
|
$ |
41,528 |
|
|
|
|
|
|
|
|
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