
Clarus Reports Second Quarter 2024 Results
CLARUS CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
June 30, 2024 | December 31, 2023 | ||||||
Assets | |||||||
Current assets | |||||||
Cash | $ | 46,221 | $ | 11,324 | |||
Accounts receivable, less allowance for | |||||||
credit losses of $1,566 and $1,412 | 43,721 | 53,971 | |||||
Inventories | 91,456 | 91,409 | |||||
Prepaid and other current assets | 6,018 | 4,865 | |||||
Income tax receivable | 1,371 | 892 | |||||
Assets held for sale | - | 137,284 | |||||
Total current assets | 188,787 | 299,745 | |||||
Property and equipment, net | 17,029 | 16,587 | |||||
Other intangible assets, net | 35,779 | 41,466 | |||||
Indefinite-lived intangible assets | 57,694 | 58,527 | |||||
Goodwill | 38,834 | 39,320 | |||||
Deferred income taxes | 17,199 | 22,869 | |||||
Other long-term assets | 14,078 | 16,824 | |||||
Total assets | $ | 369,400 | $ | 495,338 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 9,533 | $ | 20,015 | |||
Accrued liabilities | 23,358 | 24,580 | |||||
Income tax payable | - | 805 | |||||
Current portion of long-term debt | - | 119,790 | |||||
Liabilities held for sale | - | 5,744 | |||||
Total current liabilities | 32,891 | 170,934 | |||||
Deferred income taxes | 16,697 | 18,124 | |||||
Other long-term liabilities | 12,529 | 14,160 | |||||
Total liabilities | 62,117 | 203,218 | |||||
Stockholders' Equity | |||||||
Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued | - | - | |||||
Common stock, $0.0001 par value per share; 100,000 shares authorized; 42,940 and 42,761 issued and 38,298 and 38,149 outstanding, respectively | 4 | 4 | |||||
Additional paid in capital | 694,194 | 691,198 | |||||
Accumulated deficit | (336,261 | ) | (350,739 | ) | |||
Treasury stock, at cost | (33,114 | ) | (32,929 | ) | |||
Accumulated other comprehensive loss | (17,540 | ) | (15,414 | ) | |||
Total stockholders' equity | 307,283 | 292,120 | |||||
Total liabilities and stockholders' equity | $ | 369,400 | $ | 495,338 | |||
CLARUS CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF LOSS | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
Three Months Ended | |||||||
June 30, 2024 | June 30, 2023 | ||||||
Sales | |||||||
Domestic sales | $ | 22,934 | $ | 25,925 | |||
International sales | 33,550 | 32,012 | |||||
Total sales | 56,484 | 57,937 | |||||
Cost of goods sold | 36,078 | 35,360 | |||||
Gross profit | 20,406 | 22,577 | |||||
Operating expenses | |||||||
Selling, general and administrative | 28,081 | 26,882 | |||||
Restructuring charges | 161 | 736 | |||||
Transaction costs | 27 | 22 | |||||
Contingent consideration benefit | (125 | ) | - | ||||
Legal costs and regulatory matter expenses | 399 | 355 | |||||
Total operating expenses | 28,543 | 27,995 | |||||
Operating loss | (8,137 | ) | (5,418 | ) | |||
Other income | |||||||
Interest income, net | 455 | 8 | |||||
Other, net | 414 | 226 | |||||
Total other income, net | 869 | 234 | |||||
Loss before income tax | (7,268 | ) | (5,184 | ) | |||
Income tax benefit | (1,775 | ) | (862 | ) | |||
Loss from continuing operations | (5,493 | ) | (4,322 | ) | |||
Discontinued operations, net of tax | - | 2,231 | |||||
Net loss | $ | (5,493 | ) | $ | (2,091 | ) | |
Loss from continuing operations per share: | |||||||
Basic | $ | (0.14 | ) | $ | (0.12 | ) | |
Diluted | (0.14 | ) | (0.12 | ) | |||
Net loss per share: | |||||||
Basic | $ | (0.14 | ) | $ | (0.06 | ) | |
Diluted | (0.14 | ) | (0.06 | ) | |||
Weighted average shares outstanding: | |||||||
Basic | 38,297 | 37,192 | |||||
Diluted | 38,297 | 37,192 | |||||
CLARUS CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | |||||||
Six Months Ended | |||||||
June 30, 2024 | June 30, 2023 | ||||||
Sales | |||||||
Domestic sales | $ | 51,218 | $ | 50,122 | |||
International sales | 74,577 | 78,093 | |||||
Total sales | 125,795 | 128,215 | |||||
Cost of goods sold | 80,538 | 80,130 | |||||
Gross profit | 45,257 | 48,085 | |||||
Operating expenses | |||||||
Selling, general and administrative | 56,296 | 56,236 | |||||
Restructuring charges | 531 | 736 | |||||
Transaction costs | 65 | 59 | |||||
Contingent consideration benefit | (125 | ) | (1,565 | ) | |||
Legal costs and regulatory matter expenses | 3,401 | 483 | |||||
Total operating expenses | 60,168 | 55,949 | |||||
Operating loss | (14,911 | ) | (7,864 | ) | |||
Other (expense) income | |||||||
Interest income, net | 825 | 13 | |||||
Other, net | (495 | ) | 302 | ||||
Total other income, net | 330 | 315 | |||||
Loss before income tax | (14,581 | ) | (7,549 | ) | |||
Income tax benefit | (2,626 | ) | (1,196 | ) | |||
Loss from continuing operations | (11,955 | ) | (6,353 | ) | |||
Discontinued operations, net of tax | 28,346 | 5,860 | |||||
Net income (loss) | $ | 16,391 | $ | (493 | ) | ||
Loss from continuing operations per share: | |||||||
Basic | $ | (0.31 | ) | $ | (0.17 | ) | |
Diluted | (0.31 | ) | (0.17 | ) | |||
Net income (loss) per share: | |||||||
Basic | $ | 0.43 | $ | (0.01 | ) | ||
Diluted | 0.43 | (0.01 | ) | ||||
Weighted average shares outstanding: | |||||||
Basic | 38,253 | 37,164 | |||||
Diluted | 38,253 | 37,164 | |||||
CLARUS CORPORATION | ||||||||||
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT | ||||||||||
AND ADJUSTED GROSS MARGIN | ||||||||||
THREE MONTHS ENDED | ||||||||||
June 30, 2024 | June 30, 2023 | |||||||||
Sales | $ | 56,484 | Sales | $ | 57,937 | |||||
Gross profit as reported | $ | 20,406 | Gross profit as reported | $ | 22,577 | |||||
Plus impact of PFAS inventory reserve | 716 | Plus impact of PFAS inventory reserve | - | |||||||
Adjusted gross profit | $ | 21,122 | Adjusted gross profit | $ | 22,577 | |||||
Gross margin as reported | 36.1 | % | Gross margin as reported | 39.0 | % | |||||
Adjusted gross margin | 37.4 | % | Adjusted gross margin | 39.0 | % | |||||
SIX MONTHS ENDED | ||||||||||
June 30, 2024 | June 30, 2023 | |||||||||
Sales | $ | 125,795 | Sales | $ | 128,215 | |||||
Gross profit as reported | $ | 45,257 | Gross profit as reported | $ | 48,085 | |||||
Plus impact of PFAS inventory reserve | 1,445 | Plus impact of PFAS inventory reserve | - | |||||||
Adjusted gross profit | $ | 46,702 | Adjusted gross profit | $ | 48,085 | |||||
Gross margin as reported | 36.0 | % | Gross margin as reported | 37.5 | % | |||||
Adjusted gross margin | 37.1 | % | Adjusted gross margin | 37.5 | % | |||||
CLARUS CORPORATION | ||||||||||||||||||||||||||
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED LOSS FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE (In thousands, except per share amounts) | ||||||||||||||||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||
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 | % | ||||


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