Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the
“Company”), a global company focused on the outdoor enthusiast
markets, reported financial results for the second quarter ended
June 30, 2024.
Second Quarter
2024 Financial
Summary vs. Same
Year‐Ago Quarter
(adjusted to reflect the reclassification of the Precision Sport
segment as discontinued operations)
- Sales of $56.5 million compared to $57.9 million.
- Gross margin was 36.1% compared to 39.0%; adjusted gross margin
of 37.4% compared to 39.0%.
- Net loss, which includes the impact of discontinued operations,
of $5.5 million, or $(0.14) per diluted share, compared to net loss
of $2.1 million, or $(0.06) per diluted share.
- Loss from continuing operations of $5.5 million, or $(0.14) per
diluted share, compared to loss from continuing operations of $4.3
million, or $(0.12) per diluted share.
- Adjusted EBITDA from continuing operations of $(1.9) million
with an adjusted EBITDA margin of (3.4)% compared to $1.0 million
with an adjusted EBITDA margin of 1.7%.
Management Commentary“Against
a backdrop of constrained consumers in the outdoor space, we made
incremental progress in the second quarter executing Clarus’
strategic initiatives to seek to create long-term value,” said
Warren Kanders, Clarus’ Executive Chairman. “We are pleased to see
continued improvement in the Outdoor segment, particularly related
to simplification and the rationalization of product lines,
combined with continued evidence of stabilizing trends in the North
American wholesale market, as we focus on our core products and
categories. In the Adventure segment, while revenue increased
year-over-year for the fourth consecutive quarter, the level of
sales growth was affected by constrained consumer demand in the
North American market compared to our expectations, and overall
profitability was impacted by increased investment aimed at
accelerating long-term growth.”
Mr. Kanders added, “Looking forward, we are confident that
Clarus is well positioned to drive sustainable and profitable
growth as a pure-play, ESG-friendly outdoor business, supported by
outstanding leadership and a debt-free balance sheet. We remain in
the early stages of our multi-year strategic plan but believe the
investments we have made to date strengthening our teams, enhancing
business processes, and ensuring we offer in-demand, premium
product across our key categories will deliver significant
long-term benefit. Based on our results through the first half of
the year, we are pleased to reaffirm our full-year revenue
guidance. Reflective of market headwinds, as well as our strategic
decision to aggressively invest in the business, we have revised
our 2024 adjusted EBITDA expectations.”
Second Quarter
2024 Financial
ResultsSales in the second quarter were $56.5
million compared to $57.9 million in the same year‐ago quarter.
This decrease was primarily driven by softness in the European
wholesale and North American direct-to-consumer markets at Outdoor,
partially offset by a year-over-year increase in Adventure segment
sales, specifically the OEM channel.
Sales in the Adventure segment increased 13.6% to $20.3 million,
or $20.5 million on a constant currency basis, compared to $17.9
million in the year-ago quarter, reflecting higher demand from OEM
customers and an increase from the TRED Outdoors acquisition. Sales
in the Outdoor segment were $36.2 million, compared to $40.1
million in the year-ago quarter. The decline primarily reflects
weakness in our North American direct-to-consumer markets and
softness in our European markets.
Gross margin in the second quarter was 36.1% compared to 39.0%
in the year‐ago quarter. The decrease in gross margin was primarily
due to an increase in PFAS (Per-and Polyfluoroalkyl Substances)
related inventory reserve expenses, unfavorable product mix due to
increased discontinued merchandise sales at the Outdoor segment, as
well as higher inventory and sales return reserve expenses at the
Adventure segment. Adjusted gross margin reflecting the PFAS
related inventory reserve was 37.4% for the quarter.
Selling, general and administrative expenses in the second
quarter were $28.1 million compared to $26.9 million in the same
year‐ago quarter. The increase was primarily due to an increase in
higher investment in marketing initiatives in the Adventure
segment, as well as higher employee-related expenses across the
Company. These increases were partially offset by expense reduction
initiatives in the Outdoor segment to manage costs, as well as
lower intangible amortization.
The loss from continuing operations in the second quarter of
2024 was $5.5 million, or $(0.14) per diluted share, compared to
loss from continuing operations of $4.3 million, or $(0.12) per
diluted share in the year-ago quarter. Loss from continuing
operations in the second quarter included $0.4 million of charges
relating to legal cost and regulatory matter expenses and $0.7
million of PFAS inventory reserve.
Adjusted loss from continuing operations in the second quarter
of 2024 was $1.2 million, or $(0.03) per diluted share, compared to
adjusted loss from continuing operations of $0.1 million, or
$(0.00) per diluted share, in the year-ago quarter. Adjusted loss
from continuing operations excludes legal cost and regulatory
matters expenses, PFAS inventory reserves, contingent consideration
benefits, restructuring charges and transaction costs, as well as
non-cash items for intangible amortization and stock-based
compensation.
Adjusted EBITDA from continuing operations in the second quarter
was $(1.9) million, or an adjusted EBITDA margin of (3.4)%,
compared to adjusted EBITDA from continuing operations of $1.0
million, or an adjusted EBITDA margin of 1.7%, in the same year‐ago
quarter.
Net cash generated in operating activities for the three months
ended June 30, 2024, was $0.8 million compared to net cash
generated of $14.1 million in the prior year quarter. Capital
expenditures in the second quarter of 2024 were $1.6 million
compared to $1.8 million in the prior year quarter. Free cash flow
for the second quarter of 2024 was an outflow of $0.7 million.
Liquidity at
June 30, 2024
vs. December 31,
2023
- Cash and cash equivalents totaled $46.2 million compared to
$11.3 million.
- Total debt of $0.0 million compared to $119.8 million.
Appoints Three Veteran Operating and Sales Executives to
Support Adventure SegmentIn July, the Company announced
three important strategic hires to seek to accelerate international
growth and global OEM initiatives. Adventure appointed Tripp
Wyckoff to the role of General Manager of the Americas, David Cook
as Global Head of OEM and Daniel Bruntsch as Head of EMEA
Sales.
Strategic Review of PIEPSThe Company has
initiated a review and evaluation of strategic options for its
PIEPS snow safety brand, with the intention of soliciting interest
from potential acquirors. This strategic initiative is aligned with
Clarus’ prioritization of simplifying the business and
rationalizing our product categories. The Company’s Board of
Directors has not set a timetable to complete this review and
evaluation of strategic options nor have any decisions been made
relating to strategic options at this time. There can be no
assurance that the review process will result in any transaction
that will be consummated. The Company and the Company’s Board of
Directors do not intend to comment further about this strategic
review unless and until they deem further disclosure is
appropriate.
2024 OutlookThe Company
continues to expect fiscal year 2024 sales to range between $270
million to $280 million. Due to investments seeking to scale the
Adventure segment, particularly in North America, Europe and
through direct marketing initiatives, the Company now expects
adjusted EBITDA of approximately $11 million to $14 million, or an
adjusted EBITDA margin of 4.5% at the mid-point of revenue and
adjusted EBITDA. In addition, the Company now expects capital
expenditures to range between $6 million to $7 million, of which
$0.9 million related to Precision Sport prior to disposal, and
adjusted free cash flow to range between $7 million to $9 million
for the full year 2024, excluding $2.0 million of cash outflow
related to Precision Sport prior to disposal.
Net Operating
Loss (NOL)The Company has net
operating loss carryforwards (“NOLs”) for U.S. federal income tax
purposes of $7.7 million. None of the NOLs expire until December
31, 2029.
Conference CallThe Company
will hold a conference call today at 5:00 p.m. Eastern time to
discuss its second quarter 2024 results. To access the call by
phone, please dial (833)-630-1956 (domestic) or (412)-317-1837
(international) and ask to be joined into the Clarus Corporation
call. The conference call will be broadcast live and available for
replay here and on the Company’s website at www.claruscorp.com.
About Clarus CorporationHeadquartered in Salt
Lake City, Utah, Clarus Corporation is a global leader in the
design and development of best-in-class equipment and lifestyle
products for outdoor enthusiasts. Driven by our rich history of
engineering and innovation, our objective is to provide safe,
simple, effective and beautiful products so that our customers can
maximize their outdoor pursuits and adventures. 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®, TRED
Outdoors® brand names through outdoor specialty and online
retailers, our own websites, distributors, and original equipment
manufacturers.
Use of Non‐GAAP MeasuresThe 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) adjusted (loss) income from continuing operations and
related earnings (loss) 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) adjusted (loss) income from continuing operations and
related earnings (loss) 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. We do not provide a
reconciliation of the non-GAAP guidance measures Adjusted EBITDA
and/or Adjusted EBITDA Margin for the fiscal year 2024 to net
income for the fiscal year 2024, the most comparable GAAP financial
measure, due to the inherent difficulty of forecasting certain
types of expenses and gains, without unreasonable effort, which
affect net income but not Adjusted EBITDA and/or Adjusted EBITDA
Margin. 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
StatementsPlease 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 press
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 Contact:Michael J.
YatesChief Financial Officermike.yates@claruscorp.com
Investor Relations:The IGB
GroupLeon Berman / Matt BerkowitzTel 1-212-477-8438 /
1-212-227-7098lberman@igbir.com / mberkowitz@igbir.com
CLARUS
CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(In
thousands, except per share amounts) |
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash |
$ |
46,221 |
|
|
$ |
11,324 |
|
Accounts receivable, less allowance for |
|
|
|
|
|
credit losses of $1,566 and $1,412 |
|
43,721 |
|
|
|
53,971 |
|
Inventories |
|
91,456 |
|
|
|
91,409 |
|
Prepaid and other current assets |
|
6,018 |
|
|
|
4,865 |
|
Income tax receivable |
|
1,371 |
|
|
|
892 |
|
Assets held for sale |
|
- |
|
|
|
137,284 |
|
Total current assets |
|
188,787 |
|
|
|
299,745 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
17,029 |
|
|
|
16,587 |
|
Other
intangible assets, net |
|
35,779 |
|
|
|
41,466 |
|
Indefinite-lived intangible assets |
|
57,694 |
|
|
|
58,527 |
|
Goodwill |
|
38,834 |
|
|
|
39,320 |
|
Deferred
income taxes |
|
17,199 |
|
|
|
22,869 |
|
Other
long-term assets |
|
14,078 |
|
|
|
16,824 |
|
Total assets |
$ |
369,400 |
|
|
$ |
495,338 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable |
$ |
9,533 |
|
|
$ |
20,015 |
|
Accrued liabilities |
|
23,358 |
|
|
|
24,580 |
|
Income tax payable |
|
- |
|
|
|
805 |
|
Current portion of long-term debt |
|
- |
|
|
|
119,790 |
|
Liabilities held for sale |
|
- |
|
|
|
5,744 |
|
Total current liabilities |
|
32,891 |
|
|
|
170,934 |
|
|
|
|
|
|
|
Deferred
income taxes |
|
16,697 |
|
|
|
18,124 |
|
Other
long-term liabilities |
|
12,529 |
|
|
|
14,160 |
|
Total liabilities |
|
62,117 |
|
|
|
203,218 |
|
|
|
|
|
|
|
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;
42,940 and 42,761 issued and 38,298 and 38,149 outstanding,
respectively |
|
4 |
|
|
|
4 |
|
Additional
paid in capital |
|
694,194 |
|
|
|
691,198 |
|
Accumulated
deficit |
|
(336,261 |
) |
|
|
(350,739 |
) |
Treasury
stock, at cost |
|
(33,114 |
) |
|
|
(32,929 |
) |
Accumulated
other comprehensive loss |
|
(17,540 |
) |
|
|
(15,414 |
) |
Total stockholders’ equity |
|
307,283 |
|
|
|
292,120 |
|
Total liabilities and stockholders’ equity |
$ |
369,400 |
|
|
$ |
495,338 |
|
|
|
|
|
|
|
CLARUS
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF LOSS |
(Unaudited) |
(In
thousands, except per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
Sales |
|
|
|
|
|
Domestic sales |
$ |
22,934 |
|
|
$ |
25,925 |
|
International sales |
|
33,550 |
|
|
|
32,012 |
|
Total sales |
|
56,484 |
|
|
|
57,937 |
|
|
|
|
|
|
|
Cost of
goods sold |
|
36,078 |
|
|
|
35,360 |
|
Gross profit |
|
20,406 |
|
|
|
22,577 |
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Selling, general and administrative |
|
28,081 |
|
|
|
26,882 |
|
Restructuring charges |
|
161 |
|
|
|
736 |
|
Transaction costs |
|
27 |
|
|
|
22 |
|
Contingent consideration benefit |
|
(125 |
) |
|
|
- |
|
Legal costs and regulatory matter expenses |
|
399 |
|
|
|
355 |
|
|
|
|
|
|
|
Total operating expenses |
|
28,543 |
|
|
|
27,995 |
|
|
|
|
|
|
|
Operating
loss |
|
(8,137 |
) |
|
|
(5,418 |
) |
|
|
|
|
|
|
Other
income |
|
|
|
|
|
Interest income, net |
|
455 |
|
|
|
8 |
|
Other, net |
|
414 |
|
|
|
226 |
|
|
|
|
|
|
|
Total other income, net |
|
869 |
|
|
|
234 |
|
|
|
|
|
|
|
Loss before
income tax |
|
(7,268 |
) |
|
|
(5,184 |
) |
Income tax
benefit |
|
(1,775 |
) |
|
|
(862 |
) |
Loss from
continuing operations |
|
(5,493 |
) |
|
|
(4,322 |
) |
|
|
|
|
|
|
Discontinued
operations, net of tax |
|
- |
|
|
|
2,231 |
|
|
|
|
|
|
|
Net
loss |
$ |
(5,493 |
) |
|
$ |
(2,091 |
) |
|
|
|
|
|
|
Loss from
continuing operations per share: |
|
|
|
|
|
Basic |
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
Diluted |
|
(0.14 |
) |
|
|
(0.12 |
) |
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
Basic |
$ |
(0.14 |
) |
|
$ |
(0.06 |
) |
Diluted |
|
(0.14 |
) |
|
|
(0.06 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
38,297 |
|
|
|
37,192 |
|
Diluted |
|
38,297 |
|
|
|
37,192 |
|
|
|
|
|
|
|
CLARUS
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
(Unaudited) |
(In
thousands, except per share amounts) |
|
|
|
|
|
|
|
Six Months Ended |
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
Sales |
|
|
|
|
|
Domestic sales |
$ |
51,218 |
|
|
$ |
50,122 |
|
International sales |
|
74,577 |
|
|
|
78,093 |
|
Total sales |
|
125,795 |
|
|
|
128,215 |
|
|
|
|
|
|
|
Cost of
goods sold |
|
80,538 |
|
|
|
80,130 |
|
Gross profit |
|
45,257 |
|
|
|
48,085 |
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Selling, general and administrative |
|
56,296 |
|
|
|
56,236 |
|
Restructuring charges |
|
531 |
|
|
|
736 |
|
Transaction costs |
|
65 |
|
|
|
59 |
|
Contingent consideration benefit |
|
(125 |
) |
|
|
(1,565 |
) |
Legal costs and regulatory matter expenses |
|
3,401 |
|
|
|
483 |
|
|
|
|
|
|
|
Total operating expenses |
|
60,168 |
|
|
|
55,949 |
|
|
|
|
|
|
|
Operating
loss |
|
(14,911 |
) |
|
|
(7,864 |
) |
|
|
|
|
|
|
Other
(expense) income |
|
|
|
|
|
Interest income, net |
|
825 |
|
|
|
13 |
|
Other, net |
|
(495 |
) |
|
|
302 |
|
|
|
|
|
|
|
Total other income, net |
|
330 |
|
|
|
315 |
|
|
|
|
|
|
|
Loss before
income tax |
|
(14,581 |
) |
|
|
(7,549 |
) |
Income tax
benefit |
|
(2,626 |
) |
|
|
(1,196 |
) |
Loss from
continuing operations |
|
(11,955 |
) |
|
|
(6,353 |
) |
|
|
|
|
|
|
Discontinued
operations, net of tax |
|
28,346 |
|
|
|
5,860 |
|
|
|
|
|
|
|
Net income
(loss) |
$ |
16,391 |
|
|
$ |
(493 |
) |
|
|
|
|
|
|
Loss from
continuing operations per share: |
|
|
|
|
|
Basic |
$ |
(0.31 |
) |
|
$ |
(0.17 |
) |
Diluted |
|
(0.31 |
) |
|
|
(0.17 |
) |
|
|
|
|
|
|
Net income
(loss) per share: |
|
|
|
|
|
Basic |
$ |
0.43 |
|
|
$ |
(0.01 |
) |
Diluted |
|
0.43 |
|
|
|
(0.01 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
38,253 |
|
|
|
37,164 |
|
Diluted |
|
38,253 |
|
|
|
37,164 |
|
|
|
|
|
|
|
CLARUS
CORPORATION |
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS
PROFIT |
AND ADJUSTED
GROSS MARGIN |
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED |
|
|
|
|
|
|
June 30, 2024 |
|
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
56,484 |
|
|
Sales |
|
$ |
57,937 |
|
|
|
|
|
|
|
|
|
|
Gross profit
as reported |
|
$ |
20,406 |
|
|
Gross profit
as reported |
|
$ |
22,577 |
|
Plus impact
of PFAS inventory reserve |
|
|
716 |
|
|
Plus impact
of PFAS inventory reserve |
|
|
- |
|
Adjusted
gross profit |
|
$ |
21,122 |
|
|
Adjusted
gross profit |
|
$ |
22,577 |
|
|
|
|
|
|
|
|
|
|
Gross margin
as reported |
|
|
36.1 |
% |
|
Gross margin
as reported |
|
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
Adjusted
gross margin |
|
|
37.4 |
% |
|
Adjusted
gross margin |
|
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
SIX MONTHS
ENDED |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
Sales |
|
$ |
125,795 |
|
|
Sales |
|
$ |
128,215 |
|
|
|
|
|
|
|
|
|
|
Gross profit
as reported |
|
$ |
45,257 |
|
|
Gross profit
as reported |
|
$ |
48,085 |
|
Plus impact
of PFAS inventory reserve |
|
|
1,445 |
|
|
Plus impact
of PFAS inventory reserve |
|
|
- |
|
Adjusted
gross profit |
|
$ |
46,702 |
|
|
Adjusted
gross profit |
|
$ |
48,085 |
|
|
|
|
|
|
|
|
|
|
Gross margin
as reported |
|
|
36.0 |
% |
|
Gross margin
as reported |
|
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
Adjusted
gross margin |
|
|
37.1 |
% |
|
Adjusted
gross margin |
|
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATION |
|
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO
ADJUSTED LOSS FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER
DILUTED SHARE(In thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024 |
|
|
Totalsales |
|
Grossprofit |
|
Operatingexpenses |
|
Income tax(benefit) expense |
|
Taxrate |
|
Loss fromcontinuing operations |
|
DilutedEPS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ |
56,484 |
|
$ |
20,406 |
|
$ |
28,543 |
|
|
$ |
(1,775 |
) |
|
(24.4 |
)% |
|
|
$ |
(5,493 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangibles |
|
- |
|
|
- |
|
|
(2,451 |
) |
|
|
265 |
|
|
|
|
|
|
2,186 |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
- |
|
|
(161 |
) |
|
|
37 |
|
|
|
|
|
|
124 |
|
|
|
|
|
Transaction
costs |
|
- |
|
|
- |
|
|
(27 |
) |
|
|
6 |
|
|
|
|
|
|
21 |
|
|
|
|
|
Contingent
consideration benefit |
|
- |
|
|
- |
|
|
125 |
|
|
|
(38 |
) |
|
|
|
|
|
(87 |
) |
|
|
|
|
PFAS
inventory reserve |
|
- |
|
|
716 |
|
|
- |
|
|
|
146 |
|
|
|
|
|
|
570 |
|
|
|
|
|
Legal costs
and regulatory matter expenses |
|
- |
|
|
- |
|
|
(399 |
) |
|
|
152 |
|
|
|
|
|
|
247 |
|
|
|
|
|
Stock-based
compensation |
|
- |
|
|
- |
|
|
(1,528 |
) |
|
|
306 |
|
|
|
|
|
|
1,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
$ |
56,484 |
|
$ |
21,122 |
|
$ |
24,102 |
|
|
$ |
(901 |
) |
|
42.7 |
% |
|
|
$ |
(1,210 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Potentially
dilutive securities are excluded from the computation of diluted
earnings (loss) per share if their effect is anti-dilutive to the
loss from continuing operations. Reported loss from continuing
operations per share and adjusted loss from continuing operations
per share are both calculated based on 38,297 basic and diluted
weighted average shares of common stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2023 |
|
|
Totalsales |
|
Grossprofit |
|
Operatingexpenses |
|
Income tax(benefit) expense |
|
Taxrate |
|
Loss fromcontinuing operations |
|
DilutedEPS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported |
$ |
57,937 |
|
$ |
22,577 |
|
$ |
27,995 |
|
|
$ |
(862 |
) |
|
(16.6 |
)% |
|
|
$ |
(4,322 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangibles |
|
- |
|
|
- |
|
|
(2,714 |
) |
|
|
613 |
|
|
|
|
|
|
2,101 |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
- |
|
|
(736 |
) |
|
|
74 |
|
|
|
|
|
|
662 |
|
|
|
|
|
Transaction
costs |
|
- |
|
|
- |
|
|
(22 |
) |
|
|
2 |
|
|
|
|
|
|
20 |
|
|
|
|
|
Legal costs
and regulatory matter expenses |
|
- |
|
|
- |
|
|
(355 |
) |
|
|
69 |
|
|
|
|
|
|
286 |
|
|
|
|
|
Stock-based
compensation |
|
- |
|
|
- |
|
|
(1,486 |
) |
|
|
295 |
|
|
|
|
|
|
1,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
$ |
57,937 |
|
$ |
22,577 |
|
$ |
22,682 |
|
|
$ |
191 |
|
|
148.1 |
% |
|
|
$ |
(62 |
) |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Potentially
dilutive securities are excluded from the computation of diluted
earnings (loss) per share if their effect is anti-dilutive to the
loss from continuing operations. Reported loss from continuing
operations per share and adjusted loss from continuing operations
per share are both calculated based on 37,192 basic and diluted
weighted average shares of common stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATION |
|
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO
ADJUSTED (LOSS) INCOME FROM CONTINUING OPERATIONS AND RELATED
EARNINGS PER DILUTED SHARE(In thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
|
Totalsales |
|
Grossprofit |
|
Operatingexpenses |
|
Income tax(benefit) expense |
|
Taxrate |
|
Loss fromcontinuing operations |
|
DilutedEPS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported |
$ |
125,795 |
|
$ |
45,257 |
|
$ |
60,168 |
|
|
$ |
(2,626 |
) |
|
(18.0 |
)% |
|
$ |
(11,955 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangibles |
|
- |
|
|
- |
|
|
(4,900 |
) |
|
|
882 |
|
|
|
|
|
|
4,018 |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
- |
|
|
(531 |
) |
|
|
96 |
|
|
|
|
|
|
435 |
|
|
|
|
|
Transaction
costs |
|
- |
|
|
- |
|
|
(65 |
) |
|
|
12 |
|
|
|
|
|
|
53 |
|
|
|
|
|
Contingent
consideration benefit |
|
- |
|
|
- |
|
|
125 |
|
|
|
(38 |
) |
|
|
|
|
|
(87 |
) |
|
|
|
|
PFAS
inventory reserve |
|
- |
|
|
1,445 |
|
|
- |
|
|
|
260 |
|
|
|
|
|
|
1,185 |
|
|
|
|
|
Legal costs
and regulatory matter expenses |
|
- |
|
|
- |
|
|
(3,401 |
) |
|
|
613 |
|
|
|
|
|
|
2,788 |
|
|
|
|
|
Stock-based
compensation |
|
- |
|
|
- |
|
|
(2,706 |
) |
|
|
487 |
|
|
|
|
|
|
2,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
$ |
125,795 |
|
$ |
46,702 |
|
$ |
48,690 |
|
|
$ |
(314 |
) |
|
18.9 |
% |
|
$ |
(1,344 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Potentially
dilutive securities are excluded from the computation of diluted
earnings (loss) per share if their effect is anti-dilutive to the
loss from continuing operations. Reported loss from continuing
operations per share and adjusted loss from continuing operations
per share are both calculated based on 38,253 basic and diluted
weighted average shares of common stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 |
|
|
Totalsales |
|
Grossprofit |
|
Operatingexpenses |
|
Income tax(benefit) expense |
|
Taxrate |
|
(Loss) income fromcontinuing operations |
|
DilutedEPS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
$ |
128,215 |
|
$ |
48,085 |
|
$ |
55,949 |
|
|
$ |
(1,196 |
) |
|
(15.8 |
)% |
|
|
$ |
(6,353 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangibles |
|
- |
|
|
- |
|
|
(5,482 |
) |
|
|
891 |
|
|
|
|
|
|
4,591 |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
- |
|
|
(736 |
) |
|
|
74 |
|
|
|
|
|
|
662 |
|
|
|
|
|
Transaction
costs |
|
- |
|
|
- |
|
|
(59 |
) |
|
|
8 |
|
|
|
|
|
|
51 |
|
|
|
|
|
Contingent
consideration benefit |
|
- |
|
|
- |
|
|
1,565 |
|
|
|
(335 |
) |
|
|
|
|
|
(1,230 |
) |
|
|
|
|
Legal costs
and regulatory matter expenses |
|
- |
|
|
- |
|
|
(483 |
) |
|
|
71 |
|
|
|
|
|
|
412 |
|
|
|
|
|
Stock-based
compensation |
|
- |
|
|
- |
|
|
(2,772 |
) |
|
|
572 |
|
|
|
|
|
|
2,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
$ |
128,215 |
|
$ |
48,085 |
|
$ |
47,982 |
|
|
$ |
85 |
|
|
20.3 |
% |
|
|
$ |
333 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Potentially
dilutive securities are excluded from the computation of diluted
earnings (loss) per share if their effect is anti-dilutive to the
loss from continuing operations. Reported loss from continuing
operations per share is calculated based on 37,164 basic and
diluted weighted average shares of common stock. Adjusted income
from continuing operations per share is calculated based on 38,086
diluted shares of common stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATION |
|
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION
(EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA
MARGIN |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
$ |
(5,493 |
) |
|
$ |
(4,322 |
) |
|
|
|
|
|
|
|
|
Income tax
benefit |
|
(1,775 |
) |
|
|
(862 |
) |
|
Other,
net |
|
(414 |
) |
|
|
(226 |
) |
|
Interest
income, net |
|
(455 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
Operating
loss |
|
(8,137 |
) |
|
|
(5,418 |
) |
|
|
|
|
|
|
|
|
Depreciation |
|
1,045 |
|
|
|
1,080 |
|
|
Amortization
of intangibles |
|
2,451 |
|
|
|
2,714 |
|
|
|
|
|
|
|
|
|
EBITDA |
|
(4,641 |
) |
|
|
(1,624 |
) |
|
|
|
|
|
|
|
|
Restructuring charges |
|
161 |
|
|
|
736 |
|
|
Transaction
costs |
|
27 |
|
|
|
22 |
|
|
Contingent
consideration benefit |
|
(125 |
) |
|
|
- |
|
|
PFAS
inventory reserve |
|
716 |
|
|
|
- |
|
|
Legal costs
and regulatory matter expenses |
|
399 |
|
|
|
355 |
|
|
Stock-based
compensation |
|
1,528 |
|
|
|
1,486 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
(1,935 |
) |
|
$ |
975 |
|
|
|
|
|
|
|
|
|
Sales |
$ |
56,484 |
|
|
$ |
57,937 |
|
|
|
|
|
|
|
|
|
EBITDA
margin |
|
-8.2 |
% |
|
|
-2.8 |
% |
|
Adjusted
EBITDA margin |
|
-3.4 |
% |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
CLARUS
CORPORATION |
|
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION
(EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA
MARGIN |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
June 30, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
$ |
(11,955 |
) |
|
$ |
(6,353 |
) |
|
|
|
|
|
|
|
|
Income tax
benefit |
|
(2,626 |
) |
|
|
(1,196 |
) |
|
Other,
net |
|
495 |
|
|
|
(302 |
) |
|
Interest
income, net |
|
(825 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
Operating
loss |
|
(14,911 |
) |
|
|
(7,864 |
) |
|
|
|
|
|
|
|
|
Depreciation |
|
2,071 |
|
|
|
2,019 |
|
|
Amortization
of intangibles |
|
4,900 |
|
|
|
5,482 |
|
|
|
|
|
|
|
|
|
EBITDA |
|
(7,940 |
) |
|
|
(363 |
) |
|
|
|
|
|
|
|
|
Restructuring charges |
|
531 |
|
|
|
736 |
|
|
Transaction
costs |
|
65 |
|
|
|
59 |
|
|
Contingent
consideration benefit |
|
(125 |
) |
|
|
(1,565 |
) |
|
PFAS
inventory reserve |
|
1,445 |
|
|
|
- |
|
|
Legal costs
and regulatory matter expenses |
|
3,401 |
|
|
|
483 |
|
|
Stock-based
compensation |
|
2,706 |
|
|
|
2,772 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
83 |
|
|
$ |
2,122 |
|
|
|
|
|
|
|
|
|
Sales |
$ |
125,795 |
|
|
$ |
128,215 |
|
|
|
|
|
|
|
|
|
EBITDA
margin |
|
-6.3 |
% |
|
|
-0.3 |
% |
|
Adjusted
EBITDA margin |
|
0.1 |
% |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
Clarus (NASDAQ:CLAR)
過去 株価チャート
から 8 2024 まで 9 2024
Clarus (NASDAQ:CLAR)
過去 株価チャート
から 9 2023 まで 9 2024