Clarus Reports Second Quarter 2024 Results
Clarus (NASDAQ: CLAR) reported Q2 2024 financial results, showing mixed performance. Sales decreased slightly to $56.5 million from $57.9 million year-over-year. The company faced challenges with gross margin declining to 36.1% from 39.0%. Clarus reported a net loss of $5.5 million, or $(0.14) per diluted share, compared to a net loss of $2.1 million in the same period last year. The Adventure segment saw a 13.6% increase in sales, while the Outdoor segment experienced a decline. Despite market headwinds, Clarus reaffirmed its full-year revenue guidance but revised its adjusted EBITDA expectations downward. The company also announced strategic hires for the Adventure segment and initiated a review of its PIEPS snow safety brand.
Clarus (NASDAQ: CLAR) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una performance mista. Le vendite sono diminuite leggermente a 56,5 milioni di dollari rispetto ai 57,9 milioni di dollari dello stesso periodo dell'anno precedente. L'azienda ha affrontato sfide con un margine lordo in calo al 36,1% rispetto al 39,0%. Clarus ha registrato una perdita netta di 5,5 milioni di dollari, o $(0,14) per azione diluita, rispetto a una perdita netta di 2,1 milioni di dollari nello stesso periodo dell'anno scorso. Il segmento Avventura ha visto un incremento delle vendite del 13,6%, mentre il segmento Outdoor ha subito un calo. Nonostante le difficoltà di mercato, Clarus ha confermato le previsioni di fatturato per l'intero anno ma ha rivisto al ribasso le aspettative per l'EBITDA corretto. L'azienda ha inoltre annunciato assunzioni strategiche per il segmento Avventura e ha avviato una revisione del suo marchio di sicurezza sulla neve PIEPS.
Clarus (NASDAQ: CLAR) reportó los resultados financieros del segundo trimestre de 2024, mostrando un rendimiento mixto. Las ventas disminuyeron ligeramente a 56.5 millones de dólares desde 57.9 millones de dólares en el año anterior. La compañía enfrentó desafíos con el margen bruto disminuyendo al 36.1% desde el 39.0%. Clarus reportó una pérdida neta de 5.5 millones de dólares, o $(0.14) por acción diluida, en comparación con una pérdida neta de 2.1 millones de dólares en el mismo período del año pasado. El segmento de Aventura vio un aumento del 13.6% en las ventas, mientras que el segmento de Outdoor experimentó una disminución. A pesar de los vientos en contra del mercado, Clarus reafirmó su guía de ingresos para todo el año, pero revisó a la baja sus expectativas de EBITDA ajustado. La compañía también anunció contrataciones estratégicas para el segmento de Aventura e inició una revisión de su marca de seguridad en nieve PIEPS.
클라루스(나스닥: CLAR)가 2024년 2분기 재무 결과를 발표했으며, 혼합된 실적을 보였습니다. 매출은 작년 동기 대비 57.9백만 달러에서 56.5백만 달러로 소폭 감소했습니다. 회사는 총 마진이 39.0%에서 36.1%로 감소하며 어려움을 겪었습니다. 클라루스는 희석 주당 순손실이 5.5백만 달러, 즉 $(0.14)에 달한다는 것을 보고했으며, 이는 지난해 같은 기간의 2.1백만 달러 순손실 대비 증가한 수치입니다. 어드벤처 부문은 매출이 13.6% 증가한 반면, 아웃도어 부문은 감소세를 보였습니다. 시장의 악조건에도 불구하고 클라루스는 연간 매출 전망을 유지했으나 조정된 EBITDA 기대치는 하향 조정했습니다. 이 회사는 어드벤처 부문에 대한 전략적 인력을 발표하고 PIEPS 눈 안전 브랜드에 대한 검토를 시작했습니다.
Clarus (NASDAQ: CLAR) a rapporté les résultats financiers du deuxième trimestre 2024, montrant une performance mixte. Les ventes ont légèrement diminué à 56,5 millions de dollars par rapport à 57,9 millions de dollars d'une année sur l'autre. L'entreprise a rencontré des défis avec la marge brute tombant à 36,1% contre 39,0%. Clarus a annoncé une perte nette de 5,5 millions de dollars, soit $(0,14) par action diluée, contre une perte nette de 2,1 millions de dollars au même trimestre de l'année dernière. Le segment Aventure a enregistré une augmentation de 13,6% des ventes, tandis que le segment Outdoor a connu une baisse. Malgré les vents contraires du marché, Clarus a réaffirmé ses prévisions de revenus pour l'année entière, mais a révisé à la baisse ses attentes en matière d'EBITDA ajusté. La société a également annoncé des recrutements stratégiques pour le segment Aventure et a lancé une révision de sa marque de sécurité neige PIEPS.
Clarus (NASDAQ: CLAR) hat die Finanzzahlen für das zweite Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz ist leicht auf 56,5 Millionen Dollar gesunken von 57,9 Millionen Dollar im Jahresvergleich. Das Unternehmen hatte mit einem Rückgang der Bruttomarge auf 36,1% von 39,0% zu kämpfen. Clarus berichtete von einem Nettoverlust von 5,5 Millionen Dollar, oder $(0,14) pro verwässerter Aktie, verglichen mit einem Nettoverlust von 2,1 Millionen Dollar im gleichen Zeitraum des Vorjahres. Der Abenteuer-Segment verzeichnete einen Umsatzanstieg von 13,6%, während das Outdoor-Segment rückläufig war. Trotz der Marktgegner bestätigte Clarus die Umsatzprognose für das gesamte Jahr, korrigierte jedoch die Erwartungen für das bereinigte EBITDA nach unten. Das Unternehmen kündigte auch strategische Einstellungen für das Abenteuer-Segment an und initiierte eine Überprüfung seiner PIEPS Schneesicherheitsmarke.
- Adventure segment sales increased 13.6% to $20.3 million
- Reaffirmed full-year revenue guidance of $270-280 million
- Debt-free balance sheet with $46.2 million in cash and cash equivalents
- Appointed three veteran executives to support Adventure segment growth
- Net loss increased to $5.5 million from $2.1 million year-over-year
- Gross margin declined to 36.1% from 39.0% in the same year-ago quarter
- Adjusted EBITDA from continuing operations decreased to $(1.9) million from $1.0 million
- Revised downward 2024 adjusted EBITDA expectations to $11-14 million
Insights
Clarus 's Q2 2024 results present a mixed picture, with some concerning trends but also signs of strategic progress. Sales decreased slightly to
The company's loss from continuing operations widened to
On a positive note, the Adventure segment showed growth, with sales increasing
The strategic review of the PIEPS snow safety brand and the appointment of new executives in the Adventure segment indicate a focus on portfolio optimization and growth acceleration. These moves could potentially improve long-term prospects, but near-term challenges persist.
Clarus's Q2 results reflect broader trends in the outdoor industry, with constrained consumer demand impacting sales and profitability. The company's performance diverges across segments, highlighting the importance of diversification in the current market environment.
The Outdoor segment's decline, particularly in North American direct-to-consumer and European markets, aligns with industry-wide challenges. However, the Adventure segment's
Clarus's strategic initiatives, including product line rationalization and investments in the Adventure segment, appear timely given market conditions. The focus on core products and categories in the Outdoor segment could help streamline operations and improve efficiency.
The company's decision to initiate a strategic review for the PIEPS brand reflects a trend towards portfolio optimization in the industry. This move, along with the new executive appointments, signals a proactive approach to adapting to market dynamics.
While Clarus maintains its full-year revenue guidance, the revised EBITDA expectations highlight the ongoing pressure on profitability. This adjustment underscores the challenges of balancing growth investments with near-term financial performance in a constrained consumer environment.
Makes Incremental Progress Executing Strategic Initiatives to Accelerate Long-Term Growth
Three Veteran Operating and Sales Executives Added to Adventure Team to Support U.S., International and OEM Markets
Strategic Review Initiated for PIEPS Snow Safety Brand within the Outdoor Segment
SALT LAKE CITY, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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 to39.0% ; adjusted gross margin of37.4% compared to39.0% . - 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 of1.7% .
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 Results
Sales in the second quarter were
Sales in the Adventure segment increased
Gross margin in the second quarter was
Selling, general and administrative expenses in the second quarter were
The loss from continuing operations in the second quarter of 2024 was
Adjusted loss from continuing operations in the second quarter of 2024 was
Adjusted EBITDA from continuing operations in the second quarter was
Net cash generated in operating activities for the three months ended June 30, 2024, was
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 Segment
In 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 PIEPS
The 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 Outlook
The Company continues to expect fiscal year 2024 sales to range between
Net Operating Loss (NOL)
The Company has net operating loss carryforwards (“NOLs”) for U.S. federal income tax purposes of
Conference Call
The 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 Corporation
Headquartered 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 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) 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 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 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. Yates
Chief Financial Officer
mike.yates@claruscorp.com
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
lberman@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 | 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, | - | - | |||||
| Common stock, | 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 | ||||||||||||||||||||||||||
| Total sales | Gross profit | Operating expenses | Income tax (benefit) expense | Tax rate | Loss from continuing operations | Diluted EPS (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 | ||||||||||||||||||||||||||
| Total sales | Gross profit | Operating expenses | Income tax (benefit) expense | Tax rate | Loss from continuing operations | Diluted EPS (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 | ||||||||||||||||||||||||||
| Total sales | Gross profit | Operating expenses | Income tax (benefit) expense | Tax rate | Loss from continuing operations | Diluted EPS (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 | ||||||||||||||||||||||||||
| Total sales | Gross profit | Operating expenses | Income tax (benefit) expense | Tax rate | (Loss) income from continuing operations | Diluted EPS (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 | % | ||||
FAQ
What were Clarus 's (CLAR) Q2 2024 sales?
How did Clarus (CLAR) perform in terms of net income for Q2 2024?
What is Clarus 's (CLAR) revenue guidance for 2024?
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