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
second quarter ended June 30, 2023.
Second Quarter 2023 Financial Summary vs. Same
Year‐Ago Quarter
- Sales of $83.7 million compared to $114.9 million.
- Gross margin of 36.7% compared to 38.0%.
- Net loss of $2.1 million, or $(0.06) per diluted share,
compared to net income of $3.8 million, or $0.09 per diluted
share.
- Adjusted net income before non‐cash items of $4.2 million, or
$0.11 per diluted share, compared to $13.1 million, or $0.33 per
diluted share.
- Adjusted EBITDA of $7.3 million with an adjusted EBITDA margin
of 8.7% compared to $17.6 million with an adjusted EBITDA margin of
15.3%.
Management Commentary
“Our second quarter results were impacted by the
continued challenging macroeconomic environment and related
headwinds,” said Warren Kanders, Clarus’ Executive Chairman.
“Specifically, a more promotional retail environment and inventory
de-stocking headwinds impacted our sales velocity and our ability
to protect margins. Despite these challenging market conditions,
each segment generated positive free cash flow during the second
quarter.
"By segment, Outdoor was impacted by lower
consumer demand given the inflationary environment and continued
lower open-to-buys as retail partners right-size their inventory.
Somewhat offsetting this weakness was a 28% increase in our
direct-to-consumer channels, which we believe shows the strength of
the Black Diamond brand despite the broader retail environment.
“In Precision Sports, we experienced lower sales
as competitors and channel partners liquidated inventory through
promotional and discounting activities, particularly in ammunition.
We expect this promotional environment to recover later this year
and anticipate solid demand for the upcoming hunt season.
“In Adventure, we continued to experience sales
improvement each month. In our brands’ home market of Australia,
inventory levels have improved with our retail partners, and in
North America, we continue to right-size our sales channels and
began to experience the early signs of recovery that we
expected.
“Looking ahead, we will continue to focus on
stabilizing revenue, gross margin and EBITDA, while implementing
certain cost-out strategies as we prioritize our growth objectives
and seek to drive shareholder value through cash flow generation
and debt paydown.”
Second Quarter 2023 Financial
Results
Sales in the second quarter were $83.7 million
compared to $114.9 million in the same year‐ago quarter. Foreign
currency exchange was unfavorable to sales by $1.5 million in the
second quarter as the U.S. dollar continued to strengthen against
the Euro and Australian dollar.
Sales in the Outdoor segment were $40.1 million,
or $40.6 million on a constant currency basis, compared to $52.6
million in the year ago quarter. The decrease was due to declines
in the Company’s North American and European sales regions,
partially offset by strength in the direct-to-consumer channels.
Precision Sport sales were $25.8 million compared to $35.2 million
in the year-ago quarter due to a more promotional retail
environment, particularly in the ammunition product line. Sales in
the Adventure segment were $17.9 million compared to $27.1 million
in the year-ago quarter, reflecting lower consumer demand given the
challenging market conditions and the difficult macro-environment
in both Australia and North America.
Gross margin in the second quarter was 36.7%
compared to 38.0% in the year‐ago quarter primarily driven by
discounting of ammunition in the Precision Sport segment given the
more promotional environment. Easing freight costs positively
impacted gross margin by 140 basis points, which was more than
offset by unfavorable channel and product mix of 160 basis points
and a 110 basis point negative impact from foreign currency
exchange.
Selling, general and administrative expenses in
the second quarter declined 15% to $30.2 million compared to $35.4
million in the same year‐ago quarter. The decline was driven by
expense reduction initiatives in the Outdoor, Adventure, and
Precision Sport segments, as well as lower non-cash stock-based
compensation expense for performance awards at corporate.
Net loss in the second quarter was $2.1 million,
or $(0.06) per diluted share, compared to net income of $3.8
million, or $0.09 per diluted share, in the prior year’s second
quarter.
Adjusted net income before non-cash items in the
second quarter, which excludes non‐cash items and transaction
costs, was $4.2 million, or $0.11 per diluted share, compared to
$13.1 million, or $0.33 per diluted share, in the same year‐ago
quarter.
Adjusted EBITDA in the second quarter was $7.3
million, or an adjusted EBITDA margin of 8.7%, compared to $17.6
million, or an adjusted EBITDA margin of 15.3%, in the same
year‐ago quarter. The decline in adjusted EBITDA was driven by
lower sales volumes, unfavorable channel and product mix, and a
$1.5 million consolidated foreign currency exchange headwind due to
the strength of the U.S. dollar. These impacts were partially
offset by improvements in SG&A in the quarter.
Net cash provided by operating activities for
the three months ended June 30, 2023, was $14.1 million compared to
$4.5 million in the prior year quarter. Capital expenditures in the
second quarter of 2023 were $1.8 million compared to $2.2 million
in the prior year quarter. Free cash flow for the second quarter of
2023 was $12.3 million compared to $2.3 million in the prior year
quarter, mainly driven by the collection of outstanding accounts
receivables.
Liquidity at June 30, 2023 vs. December 31,
2022
- Cash and cash equivalents totaled $11.3 million compared to
$12.1 million.
- Total debt of $127.2 million compared to $139.0 million.
- The Company’s credit facility matures in April of 2027 and
bears interest at a variable rate that was approximately 7.5% at
June 30, 2023.
- Remaining access to approximately $32 million on the Company’s
revolving line of credit.
- Net debt leverage ratio of 2.7x compared to 2.0x
2023 Outlook
The Company now expects fiscal year 2023 sales
of $385 million to $400 million and adjusted EBITDA of $42 million
to $50 million. In addition, capital expenditures are now expected
to range between $6.5 - $7.5 million and free cash flow is now
expected to range between $30 - $35 million for the full year
2023.
Net Operating Loss (NOL)
The Company estimates that it has available net
operating loss (the “NOLs”) carryforwards for U.S. federal income
tax purposes of approximately $17.7 million, which includes $1.8
million of U.S. federal NOL carryforwards that expire on December
31, 2023. 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 Company will be able fully
utilize the NOLs to offset current and future earnings or 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 second quarter 2023
results.
Date: Monday, August 7, 2023Time: 5:00 p.m. Eastern time (3:00
p.m. Mountain time) Registration Link:
https://register.vevent.com/register/BI995e0186e1244cad9cd3b2a26775f491
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 August 7, 2024.
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 EBITDA 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:
Aaron J. KuehneExecutive Vice President and Chief Operating
OfficerTel 1‐801‐993‐1364Aaron.kuehne@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@gateway-grp.com
CLARUS CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
$ |
11,315 |
|
|
$ |
12,061 |
|
Accounts receivable, less allowance for |
|
|
|
|
|
credit losses of $1,694 and $1,211 |
|
53,445 |
|
|
|
66,553 |
|
Inventories |
|
148,963 |
|
|
|
147,072 |
|
Prepaid and other current assets |
|
8,544 |
|
|
|
9,899 |
|
Income tax receivable |
|
2,993 |
|
|
|
3,034 |
|
Total current assets |
|
225,260 |
|
|
|
238,619 |
|
|
|
|
|
|
|
Property and equipment, net |
|
41,919 |
|
|
|
43,010 |
|
Other intangible assets, net |
|
47,792 |
|
|
|
55,255 |
|
Indefinite-lived intangible assets |
|
81,976 |
|
|
|
82,901 |
|
Goodwill |
|
62,437 |
|
|
|
62,993 |
|
Deferred income taxes |
|
19,556 |
|
|
|
17,912 |
|
Other long-term assets |
|
19,056 |
|
|
|
17,455 |
|
Total assets |
$ |
497,996 |
|
|
$ |
518,145 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
24,639 |
|
|
$ |
27,052 |
|
Accrued liabilities |
|
20,322 |
|
|
|
25,170 |
|
Income tax payable |
|
386 |
|
|
|
421 |
|
Current portion of long-term debt |
|
12,543 |
|
|
|
11,952 |
|
Total current liabilities |
|
57,890 |
|
|
|
64,595 |
|
|
|
|
|
|
|
Long-term debt, net |
|
114,685 |
|
|
|
127,082 |
|
Deferred income taxes |
|
17,946 |
|
|
|
18,506 |
|
Other long-term liabilities |
|
17,502 |
|
|
|
15,854 |
|
Total liabilities |
|
208,023 |
|
|
|
226,037 |
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
Preferred stock, $0.0001 par value per share; 5,000 shares
authorized; none issued |
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value per share; 100,000 shares
authorized; 41,833 and 41,637 issued and 37,221 and 37,048
outstanding, respectively |
|
4 |
|
|
|
4 |
|
Additional paid in capital |
|
682,243 |
|
|
|
679,339 |
|
Accumulated deficit |
|
(339,196 |
) |
|
|
(336,843 |
) |
Treasury stock, at cost |
|
(32,929 |
) |
|
|
(32,707 |
) |
Accumulated other comprehensive loss |
|
(20,149 |
) |
|
|
(17,685 |
) |
Total stockholders’ equity |
|
289,973 |
|
|
|
292,108 |
|
Total liabilities and stockholders’ equity |
$ |
497,996 |
|
|
$ |
518,145 |
|
|
|
|
|
|
|
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)
INCOME |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
Sales |
|
|
|
|
|
Domestic sales |
$ |
46,656 |
|
|
$ |
64,073 |
|
International sales |
|
37,072 |
|
|
|
50,860 |
|
Total sales |
|
83,728 |
|
|
|
114,933 |
|
|
|
|
|
|
|
Cost of goods sold |
|
52,974 |
|
|
|
71,251 |
|
Gross profit |
|
30,754 |
|
|
|
43,682 |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Selling, general and administrative |
|
30,200 |
|
|
|
35,444 |
|
Restructuring charges |
|
736 |
|
|
|
- |
|
Transaction costs |
|
59 |
|
|
|
821 |
|
Contingent consideration benefit |
|
- |
|
|
|
(374 |
) |
|
|
|
|
|
|
Total operating expenses |
|
30,995 |
|
|
|
35,891 |
|
|
|
|
|
|
|
Operating (loss) income |
|
(241 |
) |
|
|
7,791 |
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
Interest expense, net |
|
(2,857 |
) |
|
|
(1,728 |
) |
Other, net |
|
224 |
|
|
|
(1,343 |
) |
|
|
|
|
|
|
Total other expense, net |
|
(2,633 |
) |
|
|
(3,071 |
) |
|
|
|
|
|
|
(Loss) income before income tax |
|
(2,874 |
) |
|
|
4,720 |
|
Income tax (benefit) expense |
|
(783 |
) |
|
|
956 |
|
Net (loss) income |
$ |
(2,091 |
) |
|
$ |
3,764 |
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.10 |
|
Diluted |
|
(0.06 |
) |
|
|
0.09 |
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
37,192 |
|
|
|
37,235 |
|
Diluted |
|
37,192 |
|
|
|
39,697 |
|
|
|
|
|
|
|
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)
INCOME |
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
Sales |
|
|
|
|
|
Domestic sales |
$ |
91,572 |
|
|
$ |
126,380 |
|
International sales |
|
89,540 |
|
|
|
101,829 |
|
Total sales |
|
181,112 |
|
|
|
228,209 |
|
|
|
|
|
|
|
Cost of goods sold |
|
114,337 |
|
|
|
140,275 |
|
Gross profit |
|
66,775 |
|
|
|
87,934 |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Selling, general and administrative |
|
63,019 |
|
|
|
69,619 |
|
Restructuring charges |
|
736 |
|
|
|
- |
|
Transaction costs |
|
133 |
|
|
|
2,022 |
|
Contingent consideration (benefit) expense |
|
(1,565 |
) |
|
|
389 |
|
|
|
|
|
|
|
Total operating expenses |
|
62,323 |
|
|
|
72,030 |
|
|
|
|
|
|
|
Operating income |
|
4,452 |
|
|
|
15,904 |
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
Interest expense, net |
|
(5,603 |
) |
|
|
(2,844 |
) |
Other, net |
|
309 |
|
|
|
(1,410 |
) |
|
|
|
|
|
|
Total other expense, net |
|
(5,294 |
) |
|
|
(4,254 |
) |
|
|
|
|
|
|
(Loss) income before income tax |
|
(842 |
) |
|
|
11,650 |
|
Income tax (benefit) expense |
|
(349 |
) |
|
|
2,577 |
|
Net (loss) income |
$ |
(493 |
) |
|
$ |
9,073 |
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.24 |
|
Diluted |
|
(0.01 |
) |
|
|
0.23 |
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
37,164 |
|
|
|
37,199 |
|
Diluted |
|
37,164 |
|
|
|
39,751 |
|
|
|
|
|
|
|
CLARUS CORPORATION |
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS
PROFIT |
AND ADJUSTED GROSS MARGIN |
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED |
|
|
|
|
|
|
June 30, 2023 |
|
|
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
Gross profit as reported |
|
$ |
30,754 |
|
|
Gross profit as reported |
$ |
|
43,682 |
|
|
|
|
|
|
|
|
|
|
Gross margin as reported |
|
|
36.7 |
% |
|
Gross margin as reported |
|
|
38.0 |
% |
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
Gross profit as reported |
|
$ |
66,775 |
|
|
Gross profit as reported |
|
$ |
87,934 |
|
Plus impact of inventory fair value adjustment |
|
|
- |
|
|
Plus impact of inventory fair value adjustment |
|
|
269 |
|
Adjusted gross profit |
|
$ |
66,775 |
|
|
Adjusted gross profit |
|
$ |
88,203 |
|
|
|
|
|
|
|
|
|
|
Gross margin as reported |
|
|
36.9 |
% |
|
Gross margin as reported |
|
|
38.5 |
% |
|
|
|
|
|
|
|
|
|
Adjusted gross margin |
|
|
36.9 |
% |
|
Adjusted gross margin |
|
|
38.7 |
% |
|
|
|
|
|
|
|
|
|
CLARUS CORPORATION |
RECONCILIATION FROM NET (LOSS) INCOME TO NET INCOME BEFORE
NON-CASH ITEMS, ADJUSTED |
NET INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER
DILUTED SHARE |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
Per Diluted |
|
|
|
|
Per Diluted |
|
June 30, 2023 |
|
Share |
|
June 30, 2022 |
|
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(2,091 |
) |
|
$ |
(0.06 |
) |
|
$ |
3,764 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
3,223 |
|
|
|
0.09 |
|
|
|
3,937 |
|
|
|
0.10 |
|
Depreciation |
|
1,941 |
|
|
|
0.05 |
|
|
|
1,877 |
|
|
|
0.05 |
|
Amortization of debt issuance costs |
|
232 |
|
|
|
0.01 |
|
|
|
191 |
|
|
|
0.00 |
|
Stock-based compensation |
|
1,535 |
|
|
|
0.04 |
|
|
|
3,555 |
|
|
|
0.09 |
|
Income tax (benefit) expense |
|
(783 |
) |
|
|
(0.02 |
) |
|
|
956 |
|
|
|
0.02 |
|
Cash paid for income taxes |
|
(660 |
) |
|
|
(0.02 |
) |
|
|
(1,648 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income before non-cash items |
$ |
3,397 |
|
|
$ |
0.09 |
|
|
$ |
12,632 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
736 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
- |
|
Transaction costs |
|
59 |
|
|
|
0.00 |
|
|
|
821 |
|
|
|
0.02 |
|
Contingent consideration benefit |
|
- |
|
|
|
- |
|
|
|
(374 |
) |
|
|
(0.01 |
) |
State cash taxes on adjustments |
|
(15 |
) |
|
|
(0.00 |
) |
|
|
(10 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income before non-cash items |
$ |
4,177 |
|
|
$ |
0.11 |
|
|
$ |
13,069 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS CORPORATION |
RECONCILIATION FROM NET (LOSS) INCOME TO NET INCOME BEFORE
NON-CASH ITEMS, ADJUSTED |
NET INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER
DILUTED SHARE |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
Per Diluted |
|
|
|
|
Per Diluted |
|
June 30, 2023 |
|
Share |
|
June 30, 2022 |
|
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(493 |
) |
|
$ |
(0.01 |
) |
|
$ |
9,073 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
6,499 |
|
|
|
0.17 |
|
|
|
8,057 |
|
|
|
0.20 |
|
Depreciation |
|
3,732 |
|
|
|
0.10 |
|
|
|
3,709 |
|
|
|
0.09 |
|
Amortization of debt issuance costs |
|
464 |
|
|
|
0.01 |
|
|
|
361 |
|
|
|
0.01 |
|
Stock-based compensation |
|
2,869 |
|
|
|
0.08 |
|
|
|
6,922 |
|
|
|
0.17 |
|
Inventory fair value of purchase accounting |
|
- |
|
|
|
- |
|
|
|
269 |
|
|
|
0.01 |
|
Income tax (benefit) expense |
|
(349 |
) |
|
|
(0.01 |
) |
|
|
2,577 |
|
|
|
0.06 |
|
Cash paid for income taxes |
|
(1,010 |
) |
|
|
(0.03 |
) |
|
|
(5,492 |
) |
|
|
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income before non-cash items |
$ |
11,712 |
|
|
$ |
0.32 |
|
|
$ |
25,476 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
736 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
- |
|
Transaction costs |
|
133 |
|
|
|
0.00 |
|
|
|
2,022 |
|
|
|
0.05 |
|
Contingent consideration (benefit) expense |
|
(1,565 |
) |
|
|
(0.04 |
) |
|
|
389 |
|
|
|
0.01 |
|
State cash taxes on adjustments |
|
13 |
|
|
|
0.00 |
|
|
|
(53 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income before non-cash items |
$ |
11,029 |
|
|
$ |
0.30 |
|
|
$ |
27,834 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS CORPORATION |
RECONCILIATION FROM NET (LOSS) INCOME TO EARNINGS BEFORE
INTEREST, TAXES, DEPRECIATION, AND |
AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND
ADJUSTED EBITDA MARGIN |
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(2,091 |
) |
|
$ |
3,764 |
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
(783 |
) |
|
|
956 |
|
Other, net |
|
(224 |
) |
|
|
1,343 |
|
Interest expense, net |
|
2,857 |
|
|
|
1,728 |
|
|
|
|
|
|
|
Operating (loss) income |
|
(241 |
) |
|
|
7,791 |
|
|
|
|
|
|
|
Depreciation |
|
1,941 |
|
|
|
1,877 |
|
Amortization of intangibles |
|
3,223 |
|
|
|
3,937 |
|
|
|
|
|
|
|
EBITDA |
|
4,923 |
|
|
|
13,605 |
|
|
|
|
|
|
|
Restructuring charges |
|
736 |
|
|
|
- |
|
Transaction costs |
|
59 |
|
|
|
821 |
|
Contingent consideration benefit |
|
- |
|
|
|
(374 |
) |
Stock-based compensation |
|
1,535 |
|
|
|
3,555 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
7,253 |
|
|
$ |
17,607 |
|
|
|
|
|
|
|
Sales |
$ |
83,728 |
|
|
$ |
114,933 |
|
|
|
|
|
|
|
EBITDA margin |
|
5.9 |
% |
|
|
11.8 |
% |
Adjusted EBITDA margin |
|
8.7 |
% |
|
|
15.3 |
% |
|
|
|
|
|
|
CLARUS CORPORATION |
RECONCILIATION FROM NET (LOSS) INCOME TO EARNINGS BEFORE
INTEREST, TAXES, DEPRECIATION, AND |
AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED
EBITDA, AND ADJUSTED EBITDA MARGIN |
(In thousands) |
|
|
|
|
|
|
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(493 |
) |
|
$ |
9,073 |
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
(349 |
) |
|
|
2,577 |
|
Other, net |
|
(309 |
) |
|
|
1,410 |
|
Interest expense, net |
|
5,603 |
|
|
|
2,844 |
|
|
|
|
|
|
|
Operating income |
|
4,452 |
|
|
|
15,904 |
|
|
|
|
|
|
|
Depreciation |
|
3,732 |
|
|
|
3,709 |
|
Amortization of intangibles |
|
6,499 |
|
|
|
8,057 |
|
|
|
|
|
|
|
EBITDA |
|
14,683 |
|
|
|
27,670 |
|
|
|
|
|
|
|
Restructuring charges |
|
736 |
|
|
|
- |
|
Transaction costs |
|
133 |
|
|
|
2,022 |
|
Contingent consideration (benefit) expense |
|
(1,565 |
) |
|
|
389 |
|
Inventory fair value of purchase accounting |
|
- |
|
|
|
269 |
|
Stock-based compensation |
|
2,869 |
|
|
|
6,922 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
16,856 |
|
|
$ |
37,272 |
|
|
|
|
|
|
|
Sales |
$ |
181,112 |
|
|
$ |
228,209 |
|
|
|
|
|
|
|
EBITDA margin |
|
8.1 |
% |
|
|
12.1 |
% |
Adjusted EBITDA margin |
|
9.3 |
% |
|
|
16.3 |
% |
|
|
|
|
|
|
Clarus (NASDAQ:CLAR)
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