Clarus Reports Third Quarter 2024 Results
Clarus (NASDAQ: CLAR) reported Q3 2024 financial results with sales of $67.1 million, down from $81.3 million in Q3 2023. The company posted a net loss of $3.2 million, or $(0.08) per share. Gross margin improved to 35.0% from 33.6%, with adjusted gross margin at 37.8%. The Outdoor segment sales were $49.3 million, while Adventure segment sales decreased 11.9% to $17.8 million. The company revised its 2024 outlook, now expecting sales between $260-266 million and adjusted EBITDA of $7-9 million.
Clarus (NASDAQ: CLAR) ha riportato i risultati finanziari del terzo trimestre 2024, con vendite di 67,1 milioni di dollari, in calo rispetto agli 81,3 milioni del terzo trimestre 2023. L'azienda ha registrato una perdita netta di 3,2 milioni di dollari, ovvero $(0,08) per azione. Il margine lordo è migliorato al 35,0% dal 33,6%, con un margine lordo rettificato al 37,8%. Le vendite del segmento Outdoor sono state di 49,3 milioni di dollari, mentre le vendite del segmento Adventure sono diminuite dell'11,9% a 17,8 milioni di dollari. L'azienda ha rivisto le previsioni per il 2024, ora aspettandosi vendite compresi tra 260 e 266 milioni di dollari e un EBITDA rettificato di 7-9 milioni di dollari.
Clarus (NASDAQ: CLAR) reportó los resultados financieros del tercer trimestre de 2024, con ventas de 67.1 millones de dólares, por debajo de los 81.3 millones en el tercer trimestre de 2023. La compañía registró una pérdida neta de 3.2 millones de dólares, o $(0.08) por acción. El margen bruto mejoró al 35.0% desde el 33.6%, con un margen bruto ajustado del 37.8%. Las ventas del segmento Outdoor fueron de 49.3 millones de dólares, mientras que las ventas del segmento Adventure disminuyeron un 11.9% a 17.8 millones de dólares. La compañía revisó sus perspectivas para 2024, esperando ahora ventas entre 260 y 266 millones de dólares y un EBITDA ajustado de 7-9 millones de dólares.
Clarus (NASDAQ: CLAR)는 2024년 3분기 재무 결과를 발표했으며, 매출은 6,710만 달러로, 2023년 3분기의 8,130만 달러에서 감소했습니다. 이 회사는 320만 달러의 순손실을 기록했으며, 주당 $(0.08)입니다. 총 마진은 33.6%에서 35.0%로 개선되었으며, 조정된 총 마진은 37.8%입니다. 아웃도어 부문의 매출은 4,930만 달러였고, 어드벤처 부문 매출은 11.9% 감소하여 1,780만 달러로 나타났습니다. 회사는 2024년 전망을 수정하여, 현재 매출을 2억 6천만 달러에서 2억 6천 6백만 달러로 예상하며 조정된 EBITDA는 700만 달러에서 900만 달러 사이로 예측하고 있습니다.
Clarus (NASDAQ: CLAR) a publié ses résultats financiers du troisième trimestre 2024, avec des ventes de 67,1 millions de dollars, en baisse par rapport à 81,3 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte nette de 3,2 millions de dollars, soit $(0,08) par action. La marge brute s'est améliorée à 35,0% contre 33,6%, avec une marge brute ajustée de 37,8%. Les ventes du segment Outdoor étaient de 49,3 millions de dollars, tandis que les ventes du segment Adventure ont diminué de 11,9% pour atteindre 17,8 millions de dollars. L'entreprise a révisé ses prévisions pour 2024, s'attendant désormais à des ventes comprises entre 260 et 266 millions de dollars et un EBITDA ajusté de 7 à 9 millions de dollars.
Clarus (NASDAQ: CLAR) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 67,1 Millionen Dollar, ein Rückgang von 81,3 Millionen Dollar im dritten Quartal 2023. Das Unternehmen verzeichnete einen Nettverlust von 3,2 Millionen Dollar oder $(0,08) pro Aktie. Die Bruttomarge verbesserte sich von 33,6% auf 35,0%, mit einer bereinigten Bruttomarge von 37,8%. Der Umsatz im Outdoor-Segment betrug 49,3 Millionen Dollar, während der Umsatz im Adventure-Segment um 11,9% auf 17,8 Millionen Dollar sank. Das Unternehmen hat seine Prognose für 2024 überarbeitet und erwartet nun einen Umsatz zwischen 260 und 266 Millionen Dollar sowie ein bereinigtes EBITDA von 7-9 Millionen Dollar.
- Gross margin improved to 35.0% from 33.6% year-over-year
- Inventory reduced by 4% year-over-year
- Company achieved debt-free status, down from $119.8 million at end of 2023
- Cash and cash equivalents increased to $36.4 million from $11.3 million
- Sales declined 17.5% to $67.1 million from $81.3 million
- Net loss increased to $3.2 million from $1.3 million year-over-year
- Adjusted EBITDA decreased to $2.4 million from $3.6 million
- Free cash flow deteriorated to -$9.4 million from -$1.1 million
- Lowered 2024 guidance for sales and adjusted EBITDA
Insights
The Q3 results reveal significant challenges with
The revised 2024 guidance suggests continued pressure, with sales forecast at
Continues to Advance Strategic Plan to Capitalize on Long-Term Growth Opportunities
SALT LAKE CITY, Nov. 07, 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 third quarter ended September 30, 2024.
Third Quarter 2024 Financial Summary vs. Same Year‐Ago Quarter (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations)
- Sales of
$67.1 million compared to$81.3 million . - Gross margin was
35.0% compared to33.6% ; adjusted gross margin of37.8% compared to33.6% . - Net loss, which includes the impact of discontinued operations, of
$3.2 million , or$(0.08) per diluted share, compared to net loss of$1.3 million , or$(0.03) per diluted share. - Loss from continuing operations of
$3.2 million , or$(0.08) per diluted share, compared to loss from continuing operations of$2.2 million , or$(0.06) per diluted share. - Adjusted EBITDA from continuing operations of
$2.4 million with an adjusted EBITDA margin of3.6% compared to$3.6 million with an adjusted EBITDA margin of4.5% .
Management Commentary
“While macroeconomic headwinds have continued to limit consumer demand in the near-term, our focus in the third quarter was on advancing our strategic plan to position Clarus for long-term profitable growth,” said Warren Kanders, Clarus’ Executive Chairman. “Specifically, in the Outdoor segment we continued to improve the quality and composition of our inventory to focus on the best and most profitable styles across categories. In line with our stated strategic objective, inventory was down
Mr. Kanders added, “There remains significant work outstanding to execute our multi-year growth initiatives, but we believe we are on track at Outdoor as we continue to simplify the business operationally and drive SKU rationalization, despite the challenging global market conditions. Our objective to scale the Adventure segment to a global footprint has not yet come to fruition. We have established a strategic roadmap that we are executing on and remain confident that the significant investments we have made in 2024 will enable our Adventure businesses to accelerate traction, particularly in the US and international markets, and strengthen our global OEM initiatives. All of this is supported by a debt-free balance sheet, to take the next steps in our turnaround.”
Third Quarter 2024 Financial Results
Sales in the third quarter were
Sales in the Outdoor segment were
Selling, general and administrative expenses in the third quarter were
The loss from continuing operations in the third quarter of 2024 was
Adjusted income from continuing operations in the third quarter of 2024 was
Adjusted EBITDA from continuing operations in the third quarter was
Net cash used in operating activities for the three months ended September 30, 2024, was
Liquidity at September 30, 2024 vs. December 31, 2023
- Cash and cash equivalents totaled
$36.4 million compared to$11.3 million . - Total debt of
$0.0 million compared to$119.8 million .
2024 Outlook
The Company now expects 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 third quarter 2024 results.
Date: Thursday, November 7, 2024
Time: 5:00 pm ET
Registration Link: https://register.vevent.com/register/BI55fc3dd7523c4a8e885ce228015f2987
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. 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) | |||||||||||
| September 30, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash | $ | 36,399 | $ | 11,324 | |||||||
| Accounts receivable, less allowance for | |||||||||||
| credit losses of | 54,337 | 53,971 | |||||||||
| Inventories | 93,147 | 91,409 | |||||||||
| Prepaid and other current assets | 6,707 | 4,865 | |||||||||
| Income tax receivable | 983 | 892 | |||||||||
| Assets held for sale | - | 137,284 | |||||||||
| Total current assets | 191,573 | 299,745 | |||||||||
| Property and equipment, net | 17,171 | 16,587 | |||||||||
| Other intangible assets, net | 34,366 | 41,466 | |||||||||
| Indefinite-lived intangible assets | 59,040 | 58,527 | |||||||||
| Goodwill | 39,632 | 39,320 | |||||||||
| Deferred income taxes | 19,192 | 22,869 | |||||||||
| Other long-term assets | 14,364 | 16,824 | |||||||||
| Total assets | $ | 375,338 | $ | 495,338 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 12,677 | $ | 20,015 | |||||||
| Accrued liabilities | 23,325 | 24,580 | |||||||||
| Income tax payable | - | 805 | |||||||||
| Current portion of long-term debt | - | 119,790 | |||||||||
| Liabilities held for sale | - | 5,744 | |||||||||
| Total current liabilities | 36,002 | 170,934 | |||||||||
| Deferred income taxes | 18,221 | 18,124 | |||||||||
| Other long-term liabilities | 12,641 | 14,160 | |||||||||
| Total liabilities | 66,864 | 203,218 | |||||||||
| Stockholders’ Equity | |||||||||||
| Preferred stock, | - | - | |||||||||
| Common stock, | 4 | 4 | |||||||||
| Additional paid in capital | 696,021 | 691,198 | |||||||||
| Accumulated deficit | (340,377 | ) | (350,739 | ) | |||||||
| Treasury stock, at cost | (33,114 | ) | (32,929 | ) | |||||||
| Accumulated other comprehensive loss | (14,060 | ) | (15,414 | ) | |||||||
| Total stockholders’ equity | 308,474 | 292,120 | |||||||||
| Total liabilities and stockholders’ equity | $ | 375,338 | $ | 495,338 | |||||||
| CLARUS CORPORATION | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF LOSS | |||||||||
| (Unaudited) | |||||||||
| (In thousands, except per share amounts) | |||||||||
| Three Months Ended | |||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Sales | |||||||||
| Domestic sales | $ | 24,365 | $ | 30,423 | |||||
| International sales | 42,750 | 50,879 | |||||||
| Total sales | 67,115 | 81,302 | |||||||
| Cost of goods sold | 43,618 | 54,018 | |||||||
| Gross profit | 23,497 | 27,284 | |||||||
| Operating expenses | |||||||||
| Selling, general and administrative | 27,880 | 28,404 | |||||||
| Restructuring charges | 478 | 1,076 | |||||||
| Transaction costs | 103 | 400 | |||||||
| Legal costs and regulatory matter expenses | 394 | 579 | |||||||
| Total operating expenses | 28,855 | 30,459 | |||||||
| Operating loss | (5,358 | ) | (3,175 | ) | |||||
| Other income (expense) | |||||||||
| Interest income, net | 373 | 19 | |||||||
| Other, net | 1,164 | (445 | ) | ||||||
| Total other income (expense), net | 1,537 | (426 | ) | ||||||
| Loss before income tax | (3,821 | ) | (3,601 | ) | |||||
| Income tax benefit | (664 | ) | (1,395 | ) | |||||
| Loss from continuing operations | (3,157 | ) | (2,206 | ) | |||||
| Discontinued operations, net of tax | - | 942 | |||||||
| Net loss | $ | (3,157 | ) | $ | (1,264 | ) | |||
| Loss from continuing operations per share: | |||||||||
| Basic | $ | (0.08 | ) | $ | (0.06 | ) | |||
| Diluted | (0.08 | ) | (0.06 | ) | |||||
| Net loss per share: | |||||||||
| Basic | $ | (0.08 | ) | $ | (0.03 | ) | |||
| Diluted | (0.08 | ) | (0.03 | ) | |||||
| Weighted average shares outstanding: | |||||||||
| Basic | 38,352 | 37,470 | |||||||
| Diluted | 38,352 | 37,470 | |||||||
| CLARUS CORPORATION | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||
| (Unaudited) | |||||||||
| (In thousands, except per share amounts) | |||||||||
| Nine Months Ended | |||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Sales | |||||||||
| Domestic sales | $ | 75,583 | $ | 80,545 | |||||
| International sales | 117,327 | 128,972 | |||||||
| Total sales | 192,910 | 209,517 | |||||||
| Cost of goods sold | 124,156 | 134,148 | |||||||
| Gross profit | 68,754 | 75,369 | |||||||
| Operating expenses | |||||||||
| Selling, general and administrative | 84,176 | 84,640 | |||||||
| Restructuring charges | 1,009 | 1,812 | |||||||
| Transaction costs | 168 | 459 | |||||||
| Contingent consideration benefit | (125 | ) | (1,565 | ) | |||||
| Legal costs and regulatory matter expenses | 3,795 | 1,062 | |||||||
| Total operating expenses | 89,023 | 86,408 | |||||||
| Operating loss | (20,269 | ) | (11,039 | ) | |||||
| Other income (expense) | |||||||||
| Interest income, net | 1,198 | 32 | |||||||
| Other, net | 669 | (143 | ) | ||||||
| Total other income (expense), net | 1,867 | (111 | ) | ||||||
| Loss before income tax | (18,402 | ) | (11,150 | ) | |||||
| Income tax benefit | (3,290 | ) | (2,591 | ) | |||||
| Loss from continuing operations | (15,112 | ) | (8,559 | ) | |||||
| Discontinued operations, net of tax | 28,346 | 6,802 | |||||||
| Net income (loss) | $ | 13,234 | $ | (1,757 | ) | ||||
| Loss from continuing operations per share: | |||||||||
| Basic | $ | (0.39 | ) | $ | (0.23 | ) | |||
| Diluted | (0.39 | ) | (0.23 | ) | |||||
| Net income (loss) per share: | |||||||||
| Basic | $ | 0.35 | $ | (0.05 | ) | ||||
| Diluted | 0.35 | (0.05 | ) | ||||||
| Weighted average shares outstanding: | |||||||||
| Basic | 38,286 | 37,267 | |||||||
| Diluted | 38,286 | 37,267 | |||||||
| CLARUS CORPORATION | |||||||||||
| RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT | |||||||||||
| AND ADJUSTED GROSS MARGIN | |||||||||||
| THREE MONTHS ENDED | |||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Sales | $ | 67,115 | Sales | $ | 81,302 | ||||||
| Gross profit as reported | $ | 23,497 | Gross profit as reported | $ | 27,284 | ||||||
| Plus impact of PFAS inventory reserve | 1,878 | Plus impact of PFAS inventory reserve | - | ||||||||
| Adjusted gross profit | $ | 25,375 | Adjusted gross profit | $ | 27,284 | ||||||
| Gross margin as reported | 35.0 | % | Gross margin as reported | 33.6 | % | ||||||
| Adjusted gross margin | 37.8 | % | Adjusted gross margin | 33.6 | % | ||||||
| NINE MONTHS ENDED | |||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||
| Sales | $ | 192,910 | Sales | $ | 209,517 | ||||||
| Gross profit as reported | $ | 68,754 | Gross profit as reported | $ | 75,369 | ||||||
| Plus impact of PFAS inventory reserve | 3,323 | Plus impact of PFAS inventory reserve | - | ||||||||
| Adjusted gross profit | $ | 72,077 | Adjusted gross profit | $ | 75,369 | ||||||
| Gross margin as reported | 35.6 | % | Gross margin as reported | 36.0 | % | ||||||
| Adjusted gross margin | 37.4 | % | Adjusted gross margin | 36.0 | % | ||||||
| CLARUS CORPORATION | ||||||||||||||||||||||||||
| RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE | ||||||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2024 | ||||||||||||||||||||||||||
| Total | Gross | Operating | Income tax | Tax | (Loss) income from | Diluted | ||||||||||||||||||||
| sales | profit | expenses | (benefit) expense | rate | continuing operations | EPS (1) | ||||||||||||||||||||
| As reported | $ | 67,115 | $ | 23,497 | $ | 28,855 | $ | (664 | ) | (17.4 | ) | % | $ | (3,157 | ) | $ | (0.08 | ) | ||||||||
| Amortization of intangibles | - | - | (2,416 | ) | 629 | 1,787 | ||||||||||||||||||||
| Restructuring charges | - | - | (478 | ) | 112 | 366 | ||||||||||||||||||||
| Transaction costs | - | - | (103 | ) | 23 | 80 | ||||||||||||||||||||
| PFAS inventory reserve | - | 1,878 | - | 427 | 1,451 | |||||||||||||||||||||
| Legal costs and regulatory matter expenses | - | - | (394 | ) | 171 | 223 | ||||||||||||||||||||
| Stock-based compensation | - | - | (1,547 | ) | 392 | 1,155 | ||||||||||||||||||||
| As adjusted | $ | 67,115 | $ | 25,375 | $ | 23,917 | $ | 1,102 | 36.8 | % | $ | 1,893 | $ | 0.05 | ||||||||||||
| (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 38,352 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,455 diluted shares of common stock. | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||
| Total | Gross | Operating | Income tax | Tax | (Loss) income from | Diluted | ||||||||||||||||||||
| sales | profit | expenses | (benefit) expense | rate | continuing operations | EPS (1) | ||||||||||||||||||||
| As reported | $ | 81,302 | $ | 27,284 | $ | 30,459 | $ | (1,395 | ) | (38.7 | ) | % | $ | (2,206 | ) | $ | (0.06 | ) | ||||||||
| Amortization of intangibles | - | - | (2,553 | ) | 866 | 1,687 | ||||||||||||||||||||
| Restructuring charges | - | - | (1,076 | ) | 334 | 742 | ||||||||||||||||||||
| Transaction costs | - | - | (400 | ) | 92 | 308 | ||||||||||||||||||||
| Legal costs and regulatory matter expenses | - | - | (579 | ) | 155 | 424 | ||||||||||||||||||||
| Stock-based compensation | - | - | (1,151 | ) | 284 | 867 | ||||||||||||||||||||
| As adjusted | $ | 81,302 | $ | 27,284 | $ | 24,700 | $ | 336 | 15.6 | % | $ | 1,822 | $ | 0.05 | ||||||||||||
| (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 37,470 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 37,871 diluted shares of common stock. | ||||||||||||||||||||||||||
| CLARUS CORPORATION | ||||||||||||||||||||||||||
| RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE | ||||||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||||
| Total | Gross | Operating | Income tax | Tax | (Loss) income from | Diluted | ||||||||||||||||||||
| sales | profit | expenses | (benefit) expense | rate | continuing operations | EPS (1) | ||||||||||||||||||||
| As reported | $ | 192,910 | $ | 68,754 | $ | 89,023 | $ | (3,290 | ) | (17.9 | ) | % | $ | (15,112 | ) | $ | (0.39 | ) | ||||||||
| Amortization of intangibles | - | - | (7,316 | ) | 1,511 | 5,805 | ||||||||||||||||||||
| Restructuring charges | - | - | (1,009 | ) | 208 | 801 | ||||||||||||||||||||
| Transaction costs | - | - | (168 | ) | 35 | 133 | ||||||||||||||||||||
| Contingent consideration benefit | - | - | 125 | (26 | ) | (99 | ) | |||||||||||||||||||
| PFAS inventory reserve | - | 3,323 | - | 687 | 2,636 | |||||||||||||||||||||
| Legal costs and regulatory matter expenses | - | - | (3,795 | ) | 784 | 3,011 | ||||||||||||||||||||
| Stock-based compensation | - | - | (4,253 | ) | 879 | 3,374 | ||||||||||||||||||||
| As adjusted | $ | 192,910 | $ | 72,077 | $ | 72,607 | $ | 788 | 58.9 | % | $ | 549 | $ | 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 38,286 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,426 diluted shares of common stock. | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||
| Total | Gross | Operating | Income tax | Tax | (Loss) income from | Diluted | ||||||||||||||||||||
| sales | profit | expenses | (benefit) expense | rate | continuing operations | EPS (1) | ||||||||||||||||||||
| As reported | $ | 209,517 | $ | 75,369 | $ | 86,408 | $ | (2,591 | ) | (23.2 | ) | % | $ | (8,559 | ) | $ | (0.23 | ) | ||||||||
| Amortization of intangibles | - | - | (8,035 | ) | 1,757 | 6,278 | ||||||||||||||||||||
| Restructuring charges | - | - | (1,812 | ) | 408 | 1,404 | ||||||||||||||||||||
| Transaction costs | - | - | (459 | ) | 100 | 359 | ||||||||||||||||||||
| Contingent consideration benefit | - | - | 1,565 | (335 | ) | (1,230 | ) | |||||||||||||||||||
| Legal costs and regulatory matter expenses | - | - | (1,062 | ) | 226 | 836 | ||||||||||||||||||||
| Stock-based compensation | - | - | (3,923 | ) | 856 | 3,067 | ||||||||||||||||||||
| As adjusted | $ | 209,517 | $ | 75,369 | $ | 72,682 | $ | 421 | 16.3 | % | $ | 2,155 | $ | 0.06 | ||||||||||||
| (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 37,267 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,015 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 | |||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Loss from continuing operations | $ | (3,157 | ) | $ | (2,206 | ) | |||
| Income tax benefit | (664 | ) | (1,395 | ) | |||||
| Other, net | (1,164 | ) | 445 | ||||||
| Interest income, net | (373 | ) | (19 | ) | |||||
| Operating loss | (5,358 | ) | (3,175 | ) | |||||
| Depreciation | 980 | 1,045 | |||||||
| Amortization of intangibles | 2,416 | 2,553 | |||||||
| EBITDA | (1,962 | ) | 423 | ||||||
| Restructuring charges | 478 | 1,076 | |||||||
| Transaction costs | 103 | 400 | |||||||
| PFAS inventory reserve | 1,878 | - | |||||||
| Legal costs and regulatory matter expenses | 394 | 579 | |||||||
| Stock-based compensation | 1,547 | 1,151 | |||||||
| Adjusted EBITDA | $ | 2,438 | $ | 3,629 | |||||
| Sales | $ | 67,115 | $ | 81,302 | |||||
| EBITDA margin | -2.9 | % | 0.5 | % | |||||
| Adjusted EBITDA margin | 3.6 | % | 4.5 | % | |||||
| 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) | ||||||||||
| Nine Months Ended | ||||||||||
| September 30, 2024 | September 30, 2023 | |||||||||
| Loss from continuing operations | $ | (15,112 | ) | $ | (8,559 | ) | ||||
| Income tax benefit | (3,290 | ) | (2,591 | ) | ||||||
| Other, net | (669 | ) | 143 | |||||||
| Interest income, net | (1,198 | ) | (32 | ) | ||||||
| Operating loss | (20,269 | ) | (11,039 | ) | ||||||
| Depreciation | 3,051 | 3,064 | ||||||||
| Amortization of intangibles | 7,316 | 8,035 | ||||||||
| EBITDA | (9,902 | ) | 60 | |||||||
| Restructuring charges | 1,009 | 1,812 | ||||||||
| Transaction costs | 168 | 459 | ||||||||
| Contingent consideration benefit | (125 | ) | (1,565 | ) | ||||||
| PFAS inventory reserve | 3,323 | - | ||||||||
| Legal costs and regulatory matter expenses | 3,795 | 1,062 | ||||||||
| Stock-based compensation | 4,253 | 3,923 | ||||||||
| Adjusted EBITDA | $ | 2,521 | $ | 5,751 | ||||||
| Sales | $ | 192,910 | $ | 209,517 | ||||||
| EBITDA margin | -5.1 | % | 0.0 | % | ||||||
| Adjusted EBITDA margin | 1.3 | % | 2.7 | % | ||||||
FAQ
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