Boxlight Reports Fourth Quarter and Full Year 2021 Financial Results
Boxlight Corporation (Nasdaq: BOXL) reported a 38% revenue increase to $44 million for Q4 2021, and a staggering 237% increase year-over-year to $185 million. The net loss improved by $1.4 million to $(7.1 million) for Q4 and by $2.4 million to $(13.8 million) for the year. Q1 2022 revenue guidance is set at $44 million with $2 million Adjusted EBITDA. For fiscal year 2022, revenue is expected to hit $250 million with $26 million Adjusted EBITDA. The company has strong customer orders and a solid balance sheet with $53.4 million working capital.
- Revenue increased by 38% to $44 million for Q4 2021.
- Annual revenue rose by 237% to $185 million.
- Customer orders surged by 283% to $216.2 million for the year.
- Improved gross profit margin to 25.1% for the year.
- Acquisition of FrontRow expected to contribute $32 million revenue and $8 million EBITDA in 2022.
- Strong Q1 2022 revenue guidance of $44 million.
- Adjusted EBITDA loss increased by $2.4 million to $(2.0 million) for Q4 2021.
- Total operating expenses rose significantly to $14.9 million for Q4 2021.
- Supply chain issues impacted gross margins negatively by ~4%.
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Revenue increased by
38% to$44 million 237% for the year to$185 million -
Net income per common share improved by
$0.6 $(.11) for the quarter and by$.16 per common share to$(.23) for the year -
Expect Q1 2022 Revenue of
$44 million $2 million -
Expect Full Year 2022 Revenue of
$250 million $26 million
Key Financial Highlights for Q4 2021 as Compared to Q4 2020
-
Revenue increased by
38.1% to$44.0 million -
Customer orders increased by
25.0% to 41.5 million -
Gross profit margin improved by 100 basis points to
21.2% -
Net loss improved by
$1.4 million $(7.1) million -
Adjusted EBITDA loss increased by
$2.4 million $(2.0) million -
Net loss per common share improved by
$0.06 $(0.11) -
Working capital improved by
154.0% to$53.4 million -
Ended quarter with
$27.6 million $17.9 million $53.3 million
Key Financial Highlights for Full Year 2021 as Compared to Full Year 2020
-
Revenue increased by
237% to$185.2 million -
Customer orders increased by
283% to 216.2 million -
Gross profit margin was
25.1% , as adjusted for the net effect of acquisition related purchase accounting, increased by 117 basis points to26.8% -
Net loss improved by
$2.4 million $(13.8) million -
Adjusted EBITDA improved by
$13.1 million $12.1 million -
Net loss per common share improved by
$0.16 $(0.23)
Key Business Highlights for 2021
-
Received significant customer orders of
$3.1 million Denmark ),$2.6m U.S. ),$2.5 million U.S. ),$2.2 million D&H Distributing (U.S. ),$2.2 million Australia ),$1.9 million U.S. ),$1.3 million France ) and$1.1 million U.K. ). -
Completed the acquisition of FrontRow, a leading provider of classroom and campus communication solutions for the education market. We expect FrontRow to contribute
$32 million $8 million -
Secured a
$68.5 million WhiteHawk Capital Partners , providing funding to complete the FrontRow acquisition, refinance existing debt with Sallyport Commercial Finance and Lind Global Asset Management, and allow for general working capital. - We continue to innovate and release product updates and feature additions that differentiate us from the competition, including a new generation of interactive and non-interactive flat panels, enhancements to our MimioConnect blended learning platform, improved tools in our LYNX Whiteboard annotation and lesson planning software, the ability to access our Cleverstore 3 education app via a web browser, additional screen sharing tools using Clevershare 5, and the addition of sensor technologies to monitor air quality in meeting spaces.
- Clevertouch Technologies received two Tech & Learning Best of Show Awards at InfoComm for our Clevertouch IMPACT Plus interactive touchscreen and ClevertouchLive, our customizable content management platform.
Management Commentary
“We had a strong fourth quarter, delivering
“For the current year, we are experiencing stronger than expected customer orders as well as growth in our sales pipeline and have lifted our guidance for the full year to
“We concluded the year with an improved balance sheet including
“Just two years prior, we reported the full year 2019 financial results with
Financial Results for the Three Months Ended
Revenues for the three months ended
Gross profit for the three months ended
Total operating expenses for the three months ended
Other income (expense) for the three months ended
The Company reported net loss of
The net loss attributable to common shareholders was
Total comprehensive loss was
The EPS for the three months ended
EBITDA for the three months ending
Adjusted EBITDA for the three months ended
At
Financial Results for the Year Ended
Revenues for the twelve months ended
Gross profit for the twelve months ended
Total operating expenses for the twelve months ended
Other income (expense) for the twelve months ended
The Company reported a net loss of
The net loss attributable to common shareholders was
Total comprehensive loss was
The EPS loss for the twelve months ended
EBITDA for the twelve months ending
Adjusted EBITDA for the twelve months ended
Fourth Quarter 2021 Financial Results Conference Call
The conference call details are as follows:
Date: |
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Time: |
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Dial-in: |
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1-877-545-0320 (Domestic) 1-973-528-0002 (International) |
Participant Access Code: |
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901845 |
Webcast: |
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For those unable to participate during the live broadcast, a replay of the conference call will be available until
Use of Non-GAAP Financial Measures
To supplement Boxlight’s financial statements presented on a GAAP basis, Boxlight provides EBITDA and Adjusted EBITDA as supplemental measures of its performance.
To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, we supplement our consolidated financial statements presented on a basis consistent with
About
Forward Looking Statements
This press release may contain information about Boxlight’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, and competition in the industry, among other things. Boxlight encourages you to review other factors that may affect its future results and performance in Boxlight’s filings with the
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2021 |
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2020 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
17,938 |
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$ |
13,460 |
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Accounts receivable – trade, net of allowances |
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28,531 |
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20,869 |
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Inventories, net of reserves |
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51,591 |
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20,913 |
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Prepaid expenses and other current assets |
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10,486 |
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6,161 |
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Total current assets |
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108,546 |
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61,403 |
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Property and equipment, net of accumulated depreciation |
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1,073 |
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562 |
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Intangible assets, net of accumulated amortization |
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65,532 |
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55,156 |
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26,037 |
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22,742 |
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Investment in subsidiary |
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— |
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— |
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Other assets |
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248 |
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90 |
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Total assets |
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$ |
201,436 |
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$ |
139,953 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
33,638 |
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$ |
14,246 |
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Accounts payable and accrued expenses – related parties |
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— |
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1,967 |
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Short-term debt |
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9,804 |
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16,817 |
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Earn-out payable – related party |
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— |
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119 |
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Deferred revenues – short-term |
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8,264 |
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5,671 |
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Derivative liabilities |
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3,064 |
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363 |
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Other short-term liabilities |
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426 |
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1,209 |
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Total current liabilities |
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55,196 |
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40,392 |
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Deferred revenues – long-term |
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13,265 |
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10,482 |
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Long-term debt |
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42,137 |
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7,831 |
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Deferred tax liability |
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8,690 |
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7,902 |
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Other long-term liabilities |
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340 |
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2 |
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Total liabilities |
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119,628 |
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66,609 |
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Commitments and contingencies (Note 13) |
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Mezzanine equity: |
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Preferred Series B |
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16,146 |
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16,513 |
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Preferred Series C |
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12,363 |
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12,363 |
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Total mezzanine equity |
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28,509 |
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28,876 |
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Stockholders’ equity: |
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Preferred stock, |
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— |
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— |
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Common stock, |
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6 |
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6 |
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Additional paid-in capital |
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110,866 |
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86,768 |
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Accumulated deficit |
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(61,301 |
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(47,498 |
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Accumulated other comprehensive loss |
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3,728 |
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5,192 |
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Total stockholders’ equity |
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53,299 |
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44,468 |
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Total liabilities and stockholders’ equity |
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$ |
201,436 |
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$ |
139,953 |
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Year Ended |
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2021 |
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2020 |
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Revenues, net |
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$ |
185,177 |
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$ |
54,891 |
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Cost of revenues |
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138,652 |
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45,023 |
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Gross profit |
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46,525 |
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9,868 |
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Operating expense: |
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General and administrative expenses |
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47,270 |
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21,157 |
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Research and development |
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1,826 |
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1,419 |
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Total operating expense |
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49,096 |
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22,576 |
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Income (loss) from operations |
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(2,571 |
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(12,708 |
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Other income (expense): |
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Interest expense, net |
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(3,382 |
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(2,815 |
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Other income (expense), net |
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(20 |
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129 |
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Changes in fair value of derivative liabilities |
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(4,532 |
) |
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(1,363 |
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Loss from settlements of liabilities |
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13 |
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(216 |
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Total other income (expense) |
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(7,921 |
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(4,265 |
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Income (loss) before income taxes |
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(10,492 |
) |
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(16,973 |
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Income tax expense |
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(3,310 |
) |
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821 |
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Net income (loss) |
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(13,802 |
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(16,152 |
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Fixed dividends - Series B Preferred |
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(1,269 |
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(338 |
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Deemed Contribution -Series B Preferred |
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367 |
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— |
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Net loss attributable to common stockholders |
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(14,704 |
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(16,490 |
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Comprehensive loss: |
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Net income (loss) |
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(13,802 |
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(16,152 |
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Foreign currency translation (loss) gain |
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(1,464 |
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5,230 |
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Total comprehensive loss |
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$ |
(15,266 |
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$ |
(10,922 |
) |
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Net income (loss) per common share – basic |
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$ |
(0.23 |
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$ |
(0.39 |
) |
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Weighted average number of common shares outstanding – basic |
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58,849 |
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42,198 |
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Reconciliation of net loss for the three months ended
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(in thousands) |
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2021 |
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2020 |
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Net loss |
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$ |
(7,143 |
) |
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$ |
(8,566 |
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Depreciation and amortization |
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1,912 |
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1,795 |
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Interest expense |
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730 |
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1,196 |
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Income tax expense |
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(626 |
) |
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(821 |
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EBITDA |
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$ |
(5,127 |
) |
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$ |
(6,396 |
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Stock compensation expense |
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1,040 |
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762 |
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Restructuring costs |
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— |
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121 |
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Acquisition costs |
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— |
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265 |
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Change in fair value of derivative liabilities |
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(177 |
) |
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(23 |
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Purchase accounting impact of fair valuing inventory |
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15 |
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4,038 |
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Purchase accounting impact of fair valuing deferred revenue |
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668 |
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|
805 |
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Net loss on settlement of Lind debt in stock |
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378 |
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|
784 |
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Net loss on settlement of debt close out |
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1,189 |
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— |
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Adjusted EBITDA |
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$ |
(2,014 |
) |
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$ |
356 |
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Reconciliation of net loss for the twelve months ended
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(in thousands) |
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2021 |
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2020 |
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Net loss |
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$ |
(13,802 |
) |
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$ |
(16,153 |
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Depreciation and amortization |
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7,177 |
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2,555 |
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Interest expense |
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3,382 |
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2,815 |
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Income tax expense |
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3,310 |
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(821 |
) |
EBITDA |
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$ |
67 |
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$ |
(11,604 |
) |
Stock compensation expense |
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4,060 |
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1,628 |
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Restructuring costs |
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— |
|
|
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121 |
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Acquisition costs |
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— |
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|
|
438 |
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Change in fair value of derivative liabilities |
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(12 |
) |
|
|
216 |
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Purchase accounting impact of fair valuing inventory |
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60 |
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4,248 |
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Purchase accounting impact of fair valuing deferred revenue |
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2,980 |
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|
805 |
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Net loss on settlement of Lind debt in stock |
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3,751 |
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3,124 |
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Net loss on settlement of debt close out |
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1,189 |
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— |
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Adjusted EBITDA |
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$ |
12,095 |
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$ |
(1,024 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005961/en/
Media
+1 360-464-2119 x254
sunshine.nance@boxlight.com
Investor Relations
+1 360-464-4478
investor.relations@boxlight.com
Source:
FAQ
What were Boxlight's revenue results for Q4 2021?
What is Boxlight's revenue guidance for 2022?
What was Boxlight's net loss for 2021?
How much did customer orders increase for Boxlight in 2021?
What is Boxlight's expected Adjusted EBITDA for Q1 2022?
