false
0000913277
0000913277
2023-11-07
2023-11-07
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2023
CLARUS CORPORATION
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction
of incorporation) |
001-34767
(Commission File Number) |
58-1972600
(IRS Employer
Identification Number) |
2084 East 3900 South, Salt Lake City, Utah
(Address of principal executive offices) |
84124
(Zip Code) |
Registrant’s telephone number, including
area code: (801) 278-5552
N/A
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
|
¨ |
Emerging growth company |
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which
registered |
Common Stock, par value $.0001 per share |
|
CLAR |
|
NASDAQ Global Select Market |
Item 2.02 Results of Operations and Financial Condition
On November 7, 2023, Clarus Corporation (the “Company”)
issued a press release announcing results for the quarter ended September 30, 2023 (the “Press Release”). A copy of the Press
Release is furnished as Exhibit 99.1 and incorporated herein by reference.
The 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.
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. The non-GAAP measures are reconciled to comparable
GAAP financial measures within the 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.
The information in Item 2.02 of this Current Report
on Form 8-K and the Press Release attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of
the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 7, 2023
|
CLARUS CORPORATION |
|
|
|
By: |
/s/ Michael J. Yates |
|
Name: |
Michael J. Yates |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
Clarus
Reports Third Quarter 2023 Results
SALT LAKE CITY, Utah – November 7, 2023 –
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, 2023.
Third Quarter 2023 Financial Summary vs. Same
Year-Ago Quarter
| · | Sales of $100.1 million compared to $115.7 million. |
| · | Gross margin improved 140 basis points to 35.5% compared to 34.1%. |
| · | Net loss of $1.3 million, or $(0.03) per diluted share, compared to net income
of $2.8 million, or $0.07 per diluted share. |
| · | Adjusted net income before non-cash items of $6.0 million, or $0.16 per diluted
share, compared to $10.2 million, or $0.26 per diluted share. |
| · | Adjusted EBITDA of $9.9 million with an adjusted EBITDA
margin of 9.9% compared to $15.1 million with an adjusted EBITDA margin of 13.0%. |
Management Commentary
"Our brands
largely experienced another challenging quarter given persistent macroeconomic headwinds that have constrained consumer demand, as well
as the continued inventory overhang at retail and distributors," said Warren Kanders, Clarus’ Executive Chairman. “However,
we made significant strides in the strategic review of our brands, developing compelling long-term growth plans, rebuilding our teams,
and taking steps to recalibrate each business to operate more efficiently in the post-COVID era.
“We also made progress on our inventory reduction initiatives.
This includes improving the aging of our inventory at Outdoor while prioritizing the investment in new products underlying potentially
compelling new business opportunities. We accomplished this all while reducing total debt in the third quarter.
“Looking towards the fourth quarter, our priorities
remain set on seeking the stabilization of sales and margins, additional organizational reshaping and cost reductions, and resetting our
brands to a new baseline as we enter 2024. We are confident in our belief that this strategy is grounded in seeking the maximization of
shareholder value creation.”
Third Quarter 2023 Financial Results
Sales in the third quarter were
$100.1 million compared to $115.7 million in the same year-ago quarter. Foreign currency exchange was unfavorable to sales by $0.4 million
in the third quarter as the U.S. dollar continued to strengthen against the Australian dollar but weakened compared to the Euro.
Sales in the Adventure segment increased
9% to $20.2 million, or $20.9 million on a constant currency basis, compared to $18.6 million in the year-ago quarter, reflecting increased
demand in Australia and continuing stabilization in North America. Sales in the Outdoor segment were $61.1
million, or $60.8 million on a constant currency basis, compared to $62.9 million in the year ago quarter. The 3% decrease at the Outdoor
segment was due to declines in the Company’s North American and European sales region, partially offset by strength in the direct-to-consumer
channels and the PIEPS brand. Precision Sport sales were $18.8 million compared to $34.2 million in the year-ago quarter. Sales in the
Precision Sport segment were down 45% compared to the year-ago quarter due to the market for bullets and ammunition significantly slowing
as a result of heightened inventory levels at retail and at key distributors, lower consumer demand given the promotional pricing environment
earlier in the year, and broader macroeconomic headwinds.
Gross margin in the third quarter
increased 140 basis points to 35.5% compared to 34.1% in the year-ago quarter, primarily driven by easing freight costs positively impacting
gross margin by 90 basis points, along with positive channel and product mix of 80 basis points. This was somewhat offset by a 30-basis
point unfavorable impact from foreign currency exchange.
Selling, general and administrative
expenses in the third quarter declined 2% to $31.8 million compared to $32.3 million in the same year-ago quarter. The decline was driven
by expense reduction initiatives, lower non-cash stock-based compensation expense for performance awards at corporate, lower sales commissions
because of the lower revenue, and lower intangible amortization expense. These decreases were partially offset by higher legal costs of
$0.4 million at corporate due to the litigation related to the Short Swing Profit trading situation from the third quarter of 2022 and
investment in e-commerce initiatives at the Outdoor segment.
Net loss in the third quarter was
$1.3 million, or $(0.03) per diluted share, compared to net income of $2.8 million, or $0.07 per diluted share, in the prior year’s
third quarter. Net loss in the third quarter included a $1.1 million restructuring charge related to cost reductions, as well as $0.8
million of transaction costs associated with the TRED® acquisition and the costs associated with the process related to the Company’s
evaluation and exploration of possible strategic alternatives in response to the non-binding indication of interest received from Mr.
Kanders, the Company’s Executive Chairman, to acquire the Company’s Precision Sport segment.
Adjusted net income before non-cash
items in the third quarter, which excludes non-cash items, restructuring charges and transaction costs, was $6.0 million, or $0.16 per
diluted share, compared to $10.2 million, or $0.26 per diluted share, in the same year-ago quarter.
Adjusted EBITDA in the third quarter
was $9.9 million, or an adjusted EBITDA margin of 9.9%, compared to $15.1 million, or an adjusted EBITDA margin of 13.0%, in the same
year-ago quarter. The decline in adjusted EBITDA was driven by lower sales volumes, and a $0.4 million consolidated foreign currency exchange
headwind due to the strength of the U.S. dollar against the Australian 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 September 30, 2023, was $0.1 million compared to $(11.5) million in the prior year quarter. Capital expenditures
in the third quarter of 2023 were $1.2 million compared to $2.1 million in the prior year quarter. Free cash flow for the third quarter
of 2023 improved to $(1.1) million compared to $(13.6) million in the prior year quarter, mainly driven by reductions to inventory.
Liquidity at September 30, 2023 vs. December 31,
2022
| · | Cash and cash equivalents totaled $8.0 million compared to $12.1 million. |
| · | Total debt of $122.6 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 7.7% at September 30, 2023. |
| · | Remaining access to approximately $17.3 million on the Company’s revolving
line of credit. |
| · | Net debt leverage ratio of 3.3x compared to 2.0x |
TRED Outdoors Acquisition
On October 9, 2023, Clarus acquired Australian-based TRED
Outdoors®, a fast-growing, outdoor adventure brand producing best-in-class, innovative products that expands the Company’s recovery
board solutions, for a combination of cash, stock, and future consideration. TRED will continue to operate independently as a wholly owned
subsidiary of Clarus and will be part of the Company’s Adventure reporting segment, which also includes Rhino-Rack and MAXTRAX.
2023 Outlook
The Company now expects fiscal year
2023 sales of $364 million to $368 million and adjusted EBITDA of $33 million to $35 million. In addition, capital expenditures are now
expected to be approximately $6 million and free cash flow is now expected to range between $20 and $22 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 $18.9 million,
which includes $3.1 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 third quarter 2023 results.
Date: Tuesday, November 7, 2023
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Registration Link: https://register.vevent.com/register/BI6ecc612fe7a34c66b78ea1e3769c1790
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, 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®, PIEPS®, Rhino-Rack®, MAXTRAX®, TRED Outdoors®, 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.tredoutdoors.com, www.sierrabullets.com, www.barnesbullets.com,
or www.pieps.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 sections titled “Risk Factors” and “Forward-Looking Statements” 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:
Michael J. Yates
Chief Financial Officer
Tel 1-801-993-1304
mike.yates@claruscorp.com
Investor Relations Contacts:
Gateway Group, Inc.
Cody Slach
Tel 1-949-574-3860
CLAR@gateway-grp.com
CLARUS CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(In thousands, except per share amounts) |
| |
| | |
| |
| |
| September 30, 2023 | | |
| December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 8,024 | | |
$ | 12,061 | |
Accounts receivable, less allowance for | |
| | | |
| | |
credit losses of $1,576 and $1,211 | |
| 72,601 | | |
| 66,553 | |
Inventories | |
| 140,460 | | |
| 147,072 | |
Prepaid and other current assets | |
| 7,155 | | |
| 9,899 | |
Income tax receivable | |
| 2,444 | | |
| 3,034 | |
Total current assets | |
| 230,684 | | |
| 238,619 | |
| |
| | | |
| | |
Property and equipment, net | |
| 41,131 | | |
| 43,010 | |
Other intangible assets, net | |
| 44,305 | | |
| 55,255 | |
Indefinite-lived intangible assets | |
| 80,936 | | |
| 82,901 | |
Goodwill | |
| 61,895 | | |
| 62,993 | |
Deferred income taxes | |
| 20,333 | | |
| 17,912 | |
Other long-term assets | |
| 17,942 | | |
| 17,455 | |
Total assets | |
$ | 497,226 | | |
$ | 518,145 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 28,864 | | |
$ | 27,052 | |
Accrued liabilities | |
| 22,435 | | |
| 25,170 | |
Income tax payable | |
| - | | |
| 421 | |
Current portion of long-term debt | |
| 12,566 | | |
| 11,952 | |
Total current liabilities | |
| 63,865 | | |
| 64,595 | |
| |
| | | |
| | |
Long-term debt, net | |
| 110,077 | | |
| 127,082 | |
Deferred income taxes | |
| 17,534 | | |
| 18,506 | |
Other long-term liabilities | |
| 14,480 | | |
| 15,854 | |
Total liabilities | |
| 205,956 | | |
| 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; 42,582 and 41,637 issued and 37,970 and 37,048 outstanding, respectively | |
| 4 | | |
| 4 | |
Additional paid in capital | |
| 688,878 | | |
| 679,339 | |
Accumulated deficit | |
| (341,396 | ) | |
| (336,843 | ) |
Treasury stock, at cost | |
| (32,929 | ) | |
| (32,707 | ) |
Accumulated other comprehensive loss | |
| (23,287 | ) | |
| (17,685 | ) |
Total stockholders’ equity | |
| 291,270 | | |
| 292,108 | |
Total liabilities and stockholders’ equity | |
$ | 497,226 | | |
$ | 518,145 | |
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME |
(Unaudited) |
(In thousands, except per share amounts) |
|
| |
Three Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Sales | |
| | | |
| | |
Domestic sales | |
$ | 44,152 | | |
$ | 55,540 | |
International sales | |
| 55,923 | | |
| 60,175 | |
Total sales | |
| 100,075 | | |
| 115,715 | |
| |
| | | |
| | |
Cost of goods sold | |
| 64,527 | | |
| 76,291 | |
Gross profit | |
| 35,548 | | |
| 39,424 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling, general and administrative | |
| 31,790 | | |
| 32,340 | |
Restructuring charges | |
| 1,099 | | |
| - | |
Transaction costs | |
| 842 | | |
| 858 | |
Contingent consideration expense | |
| - | | |
| 104 | |
| |
| | | |
| | |
Total operating expenses | |
| 33,731 | | |
| 33,302 | |
| |
| | | |
| | |
Operating income | |
| 1,817 | | |
| 6,122 | |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Interest expense, net | |
| (2,842 | ) | |
| (2,216 | ) |
Other, net | |
| (443 | ) | |
| (1,238 | ) |
| |
| | | |
| | |
Total other expense, net | |
| (3,285 | ) | |
| (3,454 | ) |
| |
| | | |
| | |
(Loss) income before income tax | |
| (1,468 | ) | |
| 2,668 | |
Income tax benefit | |
| (204 | ) | |
| (83 | ) |
Net (loss) income | |
$ | (1,264 | ) | |
$ | 2,751 | |
| |
| | | |
| | |
Net (loss) income per share: | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.07 | |
Diluted | |
| (0.03 | ) | |
| 0.07 | |
| |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | |
Basic | |
| 37,470 | | |
| 37,369 | |
Diluted | |
| 37,470 | | |
| 39,580 | |
CLARUS CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME |
(Unaudited) |
(In thousands, except per share amounts) |
| |
| | |
| |
| |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Sales | |
| | | |
| | |
Domestic sales | |
$ | 135,724 | | |
$ | 181,920 | |
International sales | |
| 145,463 | | |
| 162,004 | |
Total sales | |
| 281,187 | | |
| 343,924 | |
| |
| | | |
| | |
Cost of goods sold | |
| 178,864 | | |
| 216,566 | |
Gross profit | |
| 102,323 | | |
| 127,358 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling, general and administrative | |
| 94,809 | | |
| 101,959 | |
Restructuring charges | |
| 1,835 | | |
| - | |
Transaction costs | |
| 975 | | |
| 2,880 | |
Contingent consideration (benefit) expense | |
| (1,565 | ) | |
| 493 | |
| |
| | | |
| | |
Total operating expenses | |
| 96,054 | | |
| 105,332 | |
| |
| | | |
| | |
Operating income | |
| 6,269 | | |
| 22,026 | |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Interest expense, net | |
| (8,445 | ) | |
| (5,060 | ) |
Other, net | |
| (134 | ) | |
| (2,648 | ) |
| |
| | | |
| | |
Total other expense, net | |
| (8,579 | ) | |
| (7,708 | ) |
| |
| | | |
| | |
(Loss) income before income tax | |
| (2,310 | ) | |
| 14,318 | |
Income tax (benefit) expense | |
| (553 | ) | |
| 2,494 | |
Net (loss) income | |
$ | (1,757 | ) | |
$ | 11,824 | |
| |
| | | |
| | |
Net (loss) income per share: | |
| | | |
| | |
Basic | |
$ | (0.05 | ) | |
$ | 0.32 | |
Diluted | |
| (0.05 | ) | |
| 0.30 | |
| |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | |
Basic | |
| 37,267 | | |
| 37,256 | |
Diluted | |
| 37,267 | | |
| 39,694 | |
CLARUS CORPORATION
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT
AND ADJUSTED GROSS MARGIN
THREE MONTHS ENDED
| |
September 30, 2023 | | |
| |
September 30, 2022 | |
Gross profit as reported | |
$ | 35,548 | | |
Gross profit as reported | |
$ | 39,424 | |
| |
| | | |
| |
| | |
Gross margin as reported | |
| 35.5 | % | |
Gross margin as reported | |
| 34.1 | % |
NINE MONTHS ENDED
| |
September 30, 2023 | | |
| |
September 30, 2022 | |
Gross profit as reported | |
$ | 102,323 | | |
Gross profit as reported | |
$ | 127,358 | |
Plus impact of inventory fair value adjustment | |
| - | | |
Plus impact of inventory fair value adjustment | |
| 269 | |
Adjusted gross profit | |
$ | 102,323 | | |
Adjusted gross profit | |
$ | 127,627 | |
| |
| | | |
| |
| | |
Gross margin as reported | |
| 36.4 | % | |
Gross margin as reported | |
| 37.0 | % |
| |
| | | |
| |
| | |
Adjusted gross margin | |
| 36.4 | % | |
Adjusted gross margin | |
| 37.1 | % |
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 | |
| |
September 30,
2023 | | |
Share | | |
September 30,
2022 | | |
Share | |
Net (loss) income | |
$ | (1,264 | ) | |
$ | (0.03 | ) | |
$ | 2,751 | | |
$ | 0.07 | |
| |
| | | |
| | | |
| | | |
| | |
Amortization of intangibles | |
| 3,061 | | |
| 0.08 | | |
| 3,683 | | |
| 0.09 | |
Depreciation | |
| 1,943 | | |
| 0.05 | | |
| 2,091 | | |
| 0.05 | |
Amortization of debt issuance costs | |
| 232 | | |
| 0.01 | | |
| 232 | | |
| 0.01 | |
Stock-based compensation | |
| 1,168 | | |
| 0.03 | | |
| 2,220 | | |
| 0.06 | |
Income tax benefit | |
| (204 | ) | |
| (0.01 | ) | |
| (83 | ) | |
| (0.00 | ) |
Cash paid for income taxes | |
| (821 | ) | |
| (0.02 | ) | |
| (1,663 | ) | |
| (0.04 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income before non-cash items | |
$ | 4,115 | | |
$ | 0.11 | | |
$ | 9,231 | | |
$ | 0.23 | |
| |
| | | |
| | | |
| | | |
| | |
Restructuring charges | |
| 1,099 | | |
| 0.03 | | |
| - | | |
| - | |
Transaction costs | |
| 842 | | |
| 0.02 | | |
| 858 | | |
| 0.02 | |
Contingent consideration expense | |
| - | | |
| - | | |
| 104 | | |
| 0.00 | |
State cash taxes on adjustments | |
| (36 | ) | |
| (0.00 | ) | |
| (21 | ) | |
| (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjusted net income before non-cash items | |
$ | 6,020 | | |
$ | 0.16 | | |
$ | 10,172 | | |
$ | 0.26 | |
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) |
| |
| | |
| | |
| | |
| |
| |
Nine Months Ended | |
| |
| | |
Per Diluted | | |
| | |
Per Diluted | |
| |
September 30, 2023 | | |
Share | | |
September 30, 2022 | | |
Share | |
Net (loss) income | |
$ | (1,757 | ) | |
$ | (0.05 | ) | |
$ | 11,824 | | |
$ | 0.30 | |
| |
| | | |
| | | |
| | | |
| | |
Amortization of intangibles | |
| 9,560 | | |
| 0.26 | | |
| 11,740 | | |
| 0.30 | |
Depreciation | |
| 5,675 | | |
| 0.15 | | |
| 5,800 | | |
| 0.15 | |
Amortization of debt issuance costs | |
| 696 | | |
| 0.02 | | |
| 593 | | |
| 0.01 | |
Stock-based compensation | |
| 4,037 | | |
| 0.11 | | |
| 9,142 | | |
| 0.23 | |
Inventory fair value of purchase accounting | |
| - | | |
| - | | |
| 269 | | |
| 0.01 | |
Income tax (benefit) expense | |
| (553 | ) | |
| (0.01 | ) | |
| 2,494 | | |
| 0.06 | |
Cash paid for income taxes | |
| (1,831 | ) | |
| (0.05 | ) | |
| (7,155 | ) | |
| (0.18 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income before non-cash items | |
$ | 15,827 | | |
$ | 0.42 | | |
$ | 34,707 | | |
$ | 0.87 | |
| |
| | | |
| | | |
| | | |
| | |
Restructuring charges | |
| 1,835 | | |
| 0.05 | | |
| - | | |
| - | |
Transaction costs | |
| 975 | | |
| 0.03 | | |
| 2,880 | | |
| 0.07 | |
Contingent consideration (benefit) expense | |
| (1,565 | ) | |
| (0.04 | ) | |
| 493 | | |
| 0.01 | |
State cash taxes on adjustments | |
| (23 | ) | |
| (0.00 | ) | |
| (74 | ) | |
| (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjusted net income before non-cash items | |
$ | 17,049 | | |
$ | 0.46 | | |
$ | 38,006 | | |
$ | 0.96 | |
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 | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Net (loss) income | |
$ | (1,264 | ) | |
$ | 2,751 | |
| |
| | | |
| | |
Income tax benefit | |
| (204 | ) | |
| (83 | ) |
Other, net | |
| 443 | | |
| 1,238 | |
Interest expense, net | |
| 2,842 | | |
| 2,216 | |
| |
| | | |
| | |
Operating income | |
| 1,817 | | |
| 6,122 | |
| |
| | | |
| | |
Depreciation | |
| 1,943 | | |
| 2,091 | |
Amortization of intangibles | |
| 3,061 | | |
| 3,683 | |
| |
| | | |
| | |
EBITDA | |
| 6,821 | | |
| 11,896 | |
| |
| | | |
| | |
Restructuring charges | |
| 1,099 | | |
| - | |
Transaction costs | |
| 842 | | |
| 858 | |
Contingent consideration expense | |
| - | | |
| 104 | |
Stock-based compensation | |
| 1,168 | | |
| 2,220 | |
| |
| | | |
| | |
Adjusted EBITDA | |
$ | 9,930 | | |
$ | 15,078 | |
| |
| | | |
| | |
Sales | |
$ | 100,075 | | |
$ | 115,715 | |
| |
| | | |
| | |
EBITDA margin | |
| 6.8 | % | |
| 10.3 | % |
Adjusted EBITDA margin | |
| 9.9 | % | |
| 13.0 | % |
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) |
| |
| | |
| |
| |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Net (loss) income | |
$ | (1,757 | ) | |
$ | 11,824 | |
| |
| | | |
| | |
Income tax (benefit) expense | |
| (553 | ) | |
| 2,494 | |
Other, net | |
| 134 | | |
| 2,648 | |
Interest expense, net | |
| 8,445 | | |
| 5,060 | |
| |
| | | |
| | |
Operating income | |
| 6,269 | | |
| 22,026 | |
| |
| | | |
| | |
Depreciation | |
| 5,675 | | |
| 5,800 | |
Amortization of intangibles | |
| 9,560 | | |
| 11,740 | |
| |
| | | |
| | |
EBITDA | |
| 21,504 | | |
| 39,566 | |
| |
| | | |
| | |
Restructuring charges | |
| 1,835 | | |
| - | |
Transaction costs | |
| 975 | | |
| 2,880 | |
Contingent consideration (benefit) expense | |
| (1,565 | ) | |
| 493 | |
Inventory fair value of purchase accounting | |
| - | | |
| 269 | |
Stock-based compensation | |
| 4,037 | | |
| 9,142 | |
| |
| | | |
| | |
Adjusted EBITDA | |
$ | 26,786 | | |
$ | 52,350 | |
| |
| | | |
| | |
Sales | |
$ | 281,187 | | |
$ | 343,924 | |
| |
| | | |
| | |
EBITDA margin | |
| 7.6 | % | |
| 11.5 | % |
Adjusted EBITDA margin | |
| 9.5 | % | |
| 15.2 | % |
v3.23.3
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Clarus (NASDAQ:CLAR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clarus (NASDAQ:CLAR)
Historical Stock Chart
From Jul 2023 to Jul 2024