S&W Announces Fiscal 2020 Financial Results
S&W Seed Company (NASDAQ: SANW) reported a fiscal 2020 Core Revenue of $59.9 million, marking a 58% increase from $37.9 million in 2019. Excluding contributions from recent acquisition Pasture Genetics, growth was 27%. Total revenue fell to $79.6 million from $109.7 million in the previous year. The GAAP net loss widened to $(19.7) million, or $(0.59) per share. For fiscal 2021, S&W expects Core Revenue between $73 million and $79 million, indicating growth of 22% to 32%.
- 58% increase in Core Revenue to $59.9 million vs. $37.9 million in 2019.
- Expected Core Revenue growth for fiscal 2021 projected at 22% to 32%.
- Total revenue decreased to $79.6 million from $109.7 million.
- GAAP net loss increased to $(19.7) million compared to $(9.3) million in fiscal 2019.
LONGMONT, Colo., Sept. 23, 2020 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) today announced financial results for fiscal year ended June 30, 2020.
"I am extremely pleased that we delivered Core Revenue growth of
Financial Results
Core Revenue (which we define as total revenue, excluding product revenue attributable to Pioneer) for fiscal 2020 was
As announced in May 2019, S&W entered into a termination agreement and an alfalfa license agreement with Pioneer Hi-Bred International, a subsidiary of Corteva Agriscience, to replace its prior alfalfa distribution agreement with Pioneer. Due to these agreements with Pioneer, S&W discloses Core Revenue as a metric to track performance of its business on a go-forward basis. Other than the contribution from Pasture Genetics, the increase in Core Revenue for fiscal 2020 can be attributed to an increase in alfalfa sales in Saudi Arabia and sorghum sales in the United States as well as growth in Pakistan, Europe and South Africa.
Total revenue for fiscal 2020 was
GAAP gross margins during fiscal 2020 were
GAAP operating expenses for fiscal 2020 were
GAAP net loss for fiscal 2020 was
Adjusted non-GAAP net loss (see Table A3) for fiscal 2020 was
Adjusted EBITDA (see Table B) for fiscal 2020 was
Fiscal 2021 Revenue Guidance
S&W expects Core Revenue for fiscal 2021 to be within a range of
Including contributions from Pioneer, S&W continues to expect total revenue for fiscal 2021 to be within a range of
Conference Call
S&W Seed Company has scheduled a conference call for Wednesday, September 23, 2020, at 11:00 am ET (8:00 am PT) to review these results. Interested parties can access the conference call by dialing (844) 861-5498 or (412) 317-6580 or can listen via a live Internet webcast, which is available in the Investor Relations section of the Company's website at http://www.swseedco.com/investors. A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10147935. A webcast replay will be available in the Investor Relations section of the Company's website at http://www.swseedco.com/investors for 30 days.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we have provided the following non-GAAP financial measures in this release and the accompanying tables: adjusted EBITDA; adjusted non-GAAP operating expenses; adjusted non-GAAP gross margins; adjusted non-GAAP net income (loss); and adjusted earnings (loss) per share. We use these non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of our operating performance and liquidity, and believe they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking the performance and value of our business. However, these measures are not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.
For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see Tables A and B accompanying this release.
In order to calculate these non-GAAP financial measures, we make targeted adjustments to certain GAAP financial line items found on our Consolidated Statement of Operations, backing out non-recurring or unique items or items that we believe otherwise distort the underlying results and trends of the ongoing business. We have excluded the following items from one or more of our non-GAAP financial measures for the periods presented:
Selling, general and administrative expenses; operating expenses. We exclude from operating expenses a portion of SG&A expense related to non-recurring transaction expenses related to acquisitions. Such acquisition-related expenses include non-recurring transaction fees, due diligence costs and other direct costs associated with our acquisitions. These amounts are unrelated to our core performance during any particular period and are impacted by the timing of the acquisition. We exclude acquisition-related expenses from our SG&A expense and total operating expenses to provide investors a method to compare our operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of acquisitions and the magnitude of acquisition expenses.
Goodwill impairment charges. The Goodwill impairment charge relates to the full impairment of our goodwill and was a result of the termination of the distribution agreement with Pioneer. This amount was a non-cash charge and is unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Intangible asset impairment charges. The intangible asset impairment charge was a result of the termination of the distribution agreement with Pioneer. This amount was a non-cash charge and is unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Change in estimated value of assets held for sale. The change in estimated value of assets held for sale represents our estimated change in the value of certain properties held for sale. These amounts are non-cash losses, and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Change in contingent consideration obligation. The change in contingent consideration obligation represents our estimated change in the value of contingent earn-out related to the February 2020 acquisition of Pasture Genetics. These amounts are non-cash gains, and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Loss on extinguishment of debt. Loss on extinguishment of debt represents the unamortized debt issuance costs related to our terminated KeyBank credit agreement. These amounts are non-cash losses, and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Reduction of anticipated loss on sub-lease land. The reduction of anticipated loss on sub-lease land represents a change in estimate of the reserve for the difference between our lease-obligations and our expected sub-lease income on certain land. We exclude this amount as it is a non-recurring income / charge and is unrelated to our core performance during any particular period, and therefore, we believe it is useful to exclude this amount in order to better understand our business performance and allow investors to compare our results with peer companies.
Interest expense – amortization of debt discount. Amortization of debt discount and debt issuance costs are primarily related to our working capital lines of credit and term loans. These amounts are non-cash charges and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.
Non-GAAP Tax Rate. The estimated non-GAAP effective tax rate adjusts the tax effect to quantify the tax consequences of the excluded non-GAAP items.
Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows:
Adjusted gross margins. We define adjusted gross margins as gross margins, adjusted to exclude the impact of inventory write-downs and licensing revenue from Pioneer. We believe that the use of adjusted gross margins is useful to investors and other users of our financial statements in evaluating our operating performance because it provides a method to compare our operating results to prior periods and to peer companies after making adjustments for items that are expected to be non-recurring.
Adjusted operating expenses. We define adjusted operating expenses as operating expenses, adjusted to exclude non-recurring transaction costs from SG&A. We believe that the use of adjusted operating expenses is useful to investors and other users of our financial statements in evaluating our operating performance because non-recurring transaction costs are unrelated to our core performance during any particular period and are impacted by the timing of our acquisitions. We believe this provides investors with a method to compare our operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of acquisitions and the magnitude of acquisition expenses.
Adjusted net loss and non-GAAP loss per share. We define non-GAAP net loss as net loss less non-recurring transaction charges, change in estimated value of assets held for sale, change in contingent consideration, loss on extinguishment of debt, reduction of anticipated loss on sub-lease land and interest expense - amortization of debt discount. However, in order to provide a complete picture of our recurring core business operating results, we also exclude from non-GAAP net loss the tax effects of these adjustments. We used an effective tax rate that we believe would be applied had our income approximated the non-GAAP net loss for the presented periods. We caution investors that the tax effects of these adjustments are based on management's estimates. We believe that these non-GAAP financial measures provide useful supplemental information for evaluating our operating performance.
Adjusted EBITDA. We define Adjusted EBITDA as GAAP net loss, adjusted to exclude non-recurring transaction costs, depreciation and amortization, non-cash stock-based compensation, foreign currency (gain) loss, change in estimated value of assets held for sale, change in contingent consideration, loss on extinguishment of debt, reduction of anticipated loss on sub-lease land, interest expense – amortization of debt discount, interest expense, and provision for income taxes. We believe that the use of adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We use adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. Management does not place undue reliance on adjusted EBITDA as its only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP.
About S&W Seed Company
Founded in 1980, S&W Seed Company is a global agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds, with significant research and development, production and distribution capabilities. S&W's product portfolio also includes hybrid sunflower and wheat and the company is utilizing its research and breeding expertise to develop and produce stevia, the all-natural, zero calorie sweetener for the food and beverage industry. For more information, please visit www.swseedco.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." Forward-looking statements in this release include, but are not limited to: anticipated benefits of our trait development efforts; the results of our investments in research and development and sales and marketing; anticipated revenue growth in fiscal 2021 and revenue outlook for 2021; and statements regarding the advancement of our strategic plans. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that future acquisitions may not yield the anticipated benefits; sales during the high-volume selling season may be lower than expected; the realignment of our organization across geographic lines and to benefit from a multi-crop portfolio may not meet our expectations; our strategic initiatives may not achieve the expected results; global pandemics and other health crises, such as COVID-19, may negatively impact our operations and financial results; and the risks associated with our ability to successfully optimize and commercialize our business. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2019 and in other filings subsequently made by the Company with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
Company Contact: | Investor Contact: |
Matthew Szot, Chief Financial Officer | Robert Blum |
S&W Seed Company | Lytham Partners, LLC |
Phone: (720) 506-1164 | Phone: (602) 889-9700 |
sanw@lythampartners.com | |
S&W SEED COMPANY | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(UNAUDITED) | ||||||||
Three Months Ended June 30, | Years Ended June 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Revenue | ||||||||
Product and other | $ 79,582,198 | |||||||
Licensing | - | 34,215,433 | - | 34,215,433 | ||||
Total revenue | 25,864,756 | 46,845,212 | 79,582,198 | 109,722,511 | ||||
Cost of revenue | ||||||||
Product and other | 22,620,497 | 21,071,558 | 64,647,936 | 69,014,490 | ||||
Total cost of revenue | 22,620,497 | 21,071,558 | 64,647,936 | 69,014,490 | ||||
Gross profit | 3,244,259 | 25,773,654 | 14,934,262 | 40,708,021 | ||||
Operating expenses | ||||||||
Selling, general and administrative expenses | 5,684,186 | 5,645,521 | 21,348,092 | 17,486,071 | ||||
Research and development expenses | 2,035,040 | 2,082,478 | 7,336,754 | 6,272,758 | ||||
Depreciation and amortization | 1,416,229 | 1,066,775 | 5,036,464 | 4,128,546 | ||||
(Gain) loss on disposal of property, plant and equipment | (2,505) | 7,798 | (23,299) | (86,222) | ||||
Goodwill impairment | — | 11,865,811 | — | 11,865,811 | ||||
Intangible asset impairment charges | — | 6,034,792 | — | 6,034,792 | ||||
Total operating expenses | 9,132,950 | 26,703,175 | 33,698,011 | 45,701,756 | ||||
Loss from operations | (5,888,691) | (929,521) | (18,763,749) | (4,993,735) | ||||
Other (income) expense | ||||||||
Foreign currency loss (gain) | 31,221 | (45,829) | 98,620 | (99,467) | ||||
Reduction of anticipated loss on sub-lease land | — | — | — | (141,373) | ||||
Change in estimated value of assets held for sale | — | 1,521,855 | 92,931 | 1,521,855 | ||||
Change in contingent consideration | (302,139) | — | (302,139) | — | ||||
Government grant income | (1,958,600) | — | (1,958,600) | — | ||||
Loss on extinguishment of debt | — | — | 140,638 | — | ||||
Interest expense - amortization of debt discount | 161,114 | 102,093 | 555,049 | 340,847 | ||||
Interest expense | 588,202 | 828,700 | 1,970,882 | 2,886,077 | ||||
Loss before income taxes | (4,408,489) | (3,336,340) | (19,361,130) | (9,501,674) | ||||
Provision for income taxes | 368,744 | (70,869) | 385,968 | (148,747) | ||||
Net loss | ||||||||
Net loss attributed to noncontrolling interests | 24,996 | (47,256) | (72,774) | (47,685) | ||||
Net loss attributable to S&W Seed Company | ||||||||
Net loss attributable to S&W Seed Company per common share: | ||||||||
Basic | $ (0.14) | $ (0.10) | $ (0.59) | $ (0.31) | ||||
Diluted | $ (0.14) | $ (0.10) | $ (0.59) | $ (0.31) | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 33,423,894 | 33,278,218 | 33,348,263 | 30,102,158 | ||||
Diluted | 33,423,894 | 33,278,218 | 33,348,263 | 30,102,158 | ||||
TABLE A1 | |||||||
S&W SEED COMPANY | |||||||
ITEMIZED RECONCILIATION BETWEEN GROSS PROFIT AND NON-GAAP ADJUSTED GROSS PROFIT | |||||||
(UNAUDITED) | |||||||
Three Months Ended June 30, | Years Ended June 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Gross profit | $ 3,244,259 | $ 14,934,262 | |||||
License revenue | — | (34,215,433) | — | (34,215,433) | |||
Inventory write-downs | 868,673 | 8,822,103 | 2,347,824 | 8,822,103 | |||
Non-GAAP Adjusted Gross Profit | $ 4,112,932 | $ 380,324 | $ 17,282,086 | ||||
Non-GAAP Adjusted Gross Margin | |||||||
TABLE A2 | |||||||
S&W SEED COMPANY | |||||||
ITEMIZED RECONCILIATION BETWEEN OPERATING EXPENSES AND NON-GAAP ADJUSTED OPERATING EXPENSES | |||||||
(UNAUDITED) | |||||||
Three Months Ended June 30, | Years Ended June 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Operating expenses | $ 9,132,950 | $ 33,698,011 | |||||
Non-recurring transaction costs | (207,447) | (53,823) | (792,993) | (1,196,476) | |||
Restructuring charges | — | (202,243) |
—
| (202,243) | |||
Goodwill impairment charges | — | (11,865,811) | — | (11,865,811) | |||
Intangible asset impairment charges | — | (6,034,792) | — | (6,034,792) | |||
Non-GAAP Adjusted Operating Expenses | $ 8,925,503 | $ 8,546,506 | $ 32,905,018 | ||||
TABLE A3 | |||||||
S&W SEED COMPANY | |||||||
ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED NET LOSS | |||||||
(UNAUDITED) | |||||||
Three Months Ended June 30, | Years Ended June 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Net Loss attributable to S&W Seed Company | |||||||
Non-recurring transaction costs | 207,447 | 53,823 | 792,993 | 1,196,476 | |||
Restructuring charges | - | 202,243 | - | 202,243 | |||
Goodwill impairment charges | - | 11,865,811 | - | 11,865,811 | |||
Intangible asset impairment charges | - | 6,034,792 | - | 6,034,792 | |||
Reduction of anticipated loss on sub-lease land | - | - | - | (141,373) | |||
Change in estimated value of assets held for sale | - | 1,521,855 | 92,931 | 1,521,855 | |||
Change in contingent consideration | (302,139) | - | (302,139) | - | |||
Loss on extinguishment of debt | - | - | 140,638 | - | |||
Interest expense - amortization of debt discount | 161,114 | 102,093 | 555,049 | 340,847 | |||
Non-GAAP Adjusted Net Loss | |||||||
Non-GAAP Adjusted Net loss attributable to S&W Seed Company per common share: | |||||||
Basic | $ (0.14) | $ 0.50 | $ (0.55) | $ 0.39 | |||
Diluted | $ (0.14) | $ 0.50 | $ (0.55) | $ 0.39 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 33,423,894 | 33,278,218 | 33,348,263 | 30,102,158 | |||
Diluted | 33,423,894 | 33,278,218 | 33,348,263 | 30,102,158 | |||
TABLE B | |||||||||||
S&W SEED COMPANY | |||||||||||
ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) AND NON-GAAP ADJUSTED EBITDA | |||||||||||
Three Months Ended | Years Ended | ||||||||||
June 30, | June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Net loss attributable to S&W Seed Company | $ | (4,802,229) | $ | (3,218,215) | $ | (19,674,324) | $ | (9,305,242) | |||
Non-recurring transaction costs | 207,447 | 53,823 | 792,993 | 1,196,476 | |||||||
Restructuring charges | - | 202,243 | - | 202,243 | |||||||
Non-cash stock based compensation | 373,760 | 160,976 | 1,167,951 | 694,610 | |||||||
Depreciation and amortization | 1,416,229 | 1,066,775 | 5,036,464 | 4,128,546 | |||||||
Goodwill impairment charges | — | 11,865,811 | — | 11,865,811 | |||||||
Intangible asset impairment charges | — | 6,034,792 | — | 6,034,792 | |||||||
Foreign currency loss (gain) | 31,221 | (45,829) | 98,620 | (99,467) | |||||||
Change in estimated value of assets held for sale | - | 1,521,855 | 92,931 | 1,521,855 | |||||||
Change in contingent consideration | (302,139) | - | (302,139) | - | |||||||
Loss on extinguishment of debt | - | - | 140,638 | - | |||||||
Reduction of anticipated loss on sub-lease land | - | - | - | (141,373) | |||||||
Interest expense - amortization of debt discount | 161,114 | 102,093 | 555,049 | 340,847 | |||||||
Interest expense | 588,202 | 828,700 | 1,970,882 | 2,886,077 | |||||||
Provision for income taxes | 368,744 | (70,869) | 385,968 | (148,747) | |||||||
Non-GAAP Adjusted EBITDA | $ | (1,957,651) | $ | 18,502,155 | $ | (9,734,967) | $ | 19,176,428 | |||
S&W SEED COMPANY | |||
CONSOLIDATED BALANCE SHEETS | |||
(UNAUDITED) | |||
ASSETS | June 30, 2020 | June 30, 2019 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 4,123,094 | $ 3,431,802 | |
Accounts receivable, net | 19,023,098 | 13,380,464 | |
Inventories, net | 63,882,938 | 71,295,520 | |
Prepaid expenses and other current assets | 1,374,677 | 1,687,490 | |
Assets held for sale | — | 1,850,000 | |
TOTAL CURRENT ASSETS | 88,403,807 | 91,645,276 | |
Property, plant and equipment, net | 20,494,312 | 20,634,949 | |
Intangibles, net | 38,784,058 | 32,714,484 | |
Goodwill | 1,508,675 | — | |
Other assets | 6,764,781 | 1,369,560 | |
TOTAL ASSETS | $ 155,955,633 | $ 146,364,269 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
CURRENT LIABILITIES | |||
Accounts payable | $ 8,045,694 | $ 6,930,829 | |
Deferred revenue | 6,171,904 | 9,054,549 | |
Accrued expenses and other current liabilities | 9,618,892 | 6,073,110 | |
Lines of credit, net | 26,983,264 | 10,755,548 | |
Current portion of long-term debt, net | 1,780,522 | 1,113,502 | |
TOTAL CURRENT LIABILITIES | 52,600,276 | 33,927,538 | |
Long-term debt, net, less current portion | 14,328,823 | 12,158,095 | |
Contingent consideration obligation | 4,263,503 | — | |
Other non-current liabilities | 3,427,054 | 280,424 | |
TOTAL LIABILITIES | 74,619,656 | 46,366,057 | |
STOCKHOLDERS' EQUITY | |||
Preferred stock, | — | — | |
Common stock, | 33,458 | 33,303 | |
Treasury stock, at cost, 25,000 shares | (134,196) | (134,196) | |
Additional paid-in capital | 137,809,540 | 136,751,875 | |
Accumulated deficit | (50,140,942) | (30,466,618) | |
Accumulated other comprehensive loss | (6,111,424) | (6,138,467) | |
Noncontrolling interests | (120,459) | (47,685) | |
TOTAL STOCKHOLDERS' EQUITY | 81,335,977 | 99,998,212 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 155,955,633 | $ 146,364,269 | |
S&W SEED COMPANY | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(UNAUDITED) | |||
Years Ended June 30, | |||
2020 | 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | |||
Adjustments to reconcile net loss from operating activities to net cash (used in) provided by operating activities | |||
Stock-based compensation | 1,167,951 | 694,610 | |
Change in allowance for doubtful accounts | (255,000) | 996,461 | |
Inventory write-down | 2,344,800 | 8,822,103 | |
Depreciation and amortization | 5,036,464 | 4,128,546 | |
Gain on disposal of property, plant and equipment | (23,299) | (86,222) | |
Goodwill impairment charges | — | 11,865,811 | |
Intangible asset impairment charges | — | 6,034,792 | |
Change in deferred tax provision | — | (270,083) | |
Change in foreign exchange contracts | (7,615) | (52,778) | |
Change in contingent consideration obligation | (302,139) | — | |
Change in estimated value of assets held for sale | 92,931 | 1,521,855 | |
Amortization of debt discount | 555,049 | 340,847 | |
Loss on debt extinguishment | 140,638 | — | |
Reduction of anticipated loss on sub-lease land | — | (141,373) | |
Changes in: | |||
Accounts receivable | (1,819,625) | 307,209 | |
Inventories | 11,083,296 | (13,331,376) | |
Prepaid expenses and other current assets | 412,526 | (413,751) | |
Other non-current asset | (96,398) | 203,132 | |
Accounts payable | (2,879,541) | (830,718) | |
Deferred revenue | (2,882,359) | 8,069,734 | |
Accrued expenses and other current liabilities | 2,125,503 | 3,114,523 | |
Other non-current liabilities | (709,711) | (324,564) | |
Net cash (used in) provided by operating activities | (5,763,627) | 21,295,831 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (1,972,231) | (735,316) | |
Proceeds from disposal of property, plant and equipment | 34,410 | 567,492 | |
Proceeds from sale of assets held for sale | 1,757,069 | — | |
Additions to internal use software | — | (43,000) | |
Acquisition of business, net of cash acquired | (7,472,618) | (26,354,951) | |
Acquisition of wheat assets | (2,633,000) | — | |
Net cash used in investing activities | (10,286,370) | (26,565,775) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net proceeds from sale of common stock | — | 4,927,682 | |
Net proceeds from sale of preferred stock | — | 22,373,842 | |
Taxes paid related to net share settlements of stock-based compensation awards | (110,132) | (39,314) | |
Borrowings and repayments on lines of credit, net | 16,819,564 | (21,289,159) | |
Borrowings of long-term debt | 3,865,780 | 2,359,431 | |
Debt issuance costs | (907,392) | (411,315) | |
Repayments of long-term debt | (2,618,121) | (3,290,242) | |
Net cash provided by financing activities | 17,049,699 | 4,630,925 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (308,410) | (250,073) | |
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | 691,292 | (889,092) | |
CASH AND CASH EQUIVALENTS, beginning of the period | $ 3,431,802 | $ 4,320,894 | |
CASH AND CASH EQUIVALENTS, end of period | $ 4,123,094 | $ 3,431,802 | |
View original content to download multimedia:http://www.prnewswire.com/news-releases/sw-announces-fiscal-2020-financial-results-301136177.html
SOURCE S&W Seed Company
FAQ
What was S&W Seed Company's Core Revenue for fiscal 2020?
What is the projected Core Revenue for S&W in fiscal 2021?
What was the GAAP net loss for S&W in fiscal 2020?
How much did total revenue decline for S&W in fiscal 2020?
