0001140361-21-025698.txt : 20210727 0001140361-21-025698.hdr.sgml : 20210727 20210727103932 ACCESSION NUMBER: 0001140361-21-025698 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210727 DATE AS OF CHANGE: 20210727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Turning Point Brands, Inc. CENTRAL INDEX KEY: 0001290677 STANDARD INDUSTRIAL CLASSIFICATION: TOBACCO PRODUCTS [2100] IRS NUMBER: 133961898 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37763 FILM NUMBER: 211116346 BUSINESS ADDRESS: STREET 1: 5201 INTERCHANGE WAY CITY: LOUISVILLE STATE: KY ZIP: 40229 BUSINESS PHONE: (502) 778-4421 MAIL ADDRESS: STREET 1: 5201 INTERCHANGE WAY CITY: LOUISVILLE STATE: KY ZIP: 40229 FORMER COMPANY: FORMER CONFORMED NAME: North Atlantic Holding Company, Inc. DATE OF NAME CHANGE: 20040517 8-K 1 brhc10027284_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 27, 2021

TURNING POINT BRANDS, INC.
(Exact name of registrant as specified in its charter)

Delaware
001-37763
20-0709285
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

5201 Interchange Way, Louisville, KY
  
40229
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code: (502) 778-4421
N/A
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TPB
New York Stock Exchange

Check the appropriate box below if the Form 8–K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company   ☒
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☒

Item 2.02.
Results of Operations and Financial Condition.

On July 27, 2021, Turning Point Brands, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2021. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  Such information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 7.01.
Regulation FD Disclosure.
 
On July 27, 2021, the Company posted an investor presentation with supplemental information for the quarter ended June 30, 2021 to the investor relations section of its website at the following link https://www.turningpointbrands.com/investor-relations/events-and-presentations.
 
The information furnished under Item 7.01 of this Current Report on Form 8-K, including the referenced investor presentation, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.
Financial Statements and Exhibits.

(d)
Exhibits

  99.1
Press Release dated July 27, 2021
  104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TURNING POINT BRANDS, INC.
  
       
Dated: July 27, 2021
By:
/s/ Brittani N. Cushman
  
   
Brittani N. Cushman
  
   
Senior Vice President, General Counsel and Secretary
  


EX-99.1 2 brhc10027284_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


Turning Point Brands Announces Second Quarter 2021 Results; Increases 2021 Guidance

-Q2 2021 Net Sales Increased 16.8 Percent Year-Over-Year
-Q2 2021 Adjusted EBITDA Increased 31.7 Percent Year-Over-Year

LOUISVILLE, Ky. – July 27, 2021 – Turning Point Brands, Inc. (“TPB” or “the Company”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative smoking accessories and consumables with active ingredients, announced today financial results for the second quarter ended June 30, 2021.

Q2 2021 vs. Q2 2020

•
Net sales increased 16.8 percent to $122.6 million
•
Gross profit increased 25.1 percent to $60.0 million
•
Net income increased 49.2 percent to $15.4 million
•
Adjusted EBITDA increased 31.7 percent to $30 million (see Schedule A for a reconciliation to net income)
•
Diluted EPS of $0.73 and Adjusted Diluted EPS of $0.84 as compared to $0.49 and $0.66 in the same period one year ago, respectively (see Schedule B for a reconciliation to Diluted EPS)

“Our second quarter performance continued to demonstrate Turning Point’s positive growth momentum, led by our core market segments. Zig-Zag had an exceptional quarter with over 70 percent growth, driven principally by our strategic initiatives and aided by a favorable comparison against a COVID-related disruption in MYO cigar wraps the previous year. Stoker’s also delivered a solid quarter fueled by double-digit growth in our MST business,” said Larry Wexler, President and CEO, Turning Point Brands.

Mr. Wexler continued, “NewGen outperformed expectations, while also tackling the logistical challenge presented by the implementation of the PACT Act. We were also very active during this quarter deploying capital through opportunistic share repurchases and recently announced a key investment in Old Pal aimed at increasing our exposure to the cannabis market. Lastly, we also announced a key acquisition of assets from Unitabac to build on our competitive positioning in the large and growing cigars market.”

Zig-Zag Products Segment (39 percent of total net sales in the quarter)

For the second quarter, net sales of Zig-Zag Products increased 72.3 percent to $47.2 million. Growth was led by a doubling in sales of our TPB’s Make-Your-Own (“MYO”) cigar wraps business, which experienced a COVID-related manufacturing disruption in the prior year period and trade inventory build that pulled orders into the quarter. This growth was complemented by a double-digit advance in U.S. rolling papers and a doubling of our Canadian business due to the accounting consolidation of ReCreation Marketing in the current year quarterly period. For the second quarter, total Zig-Zag Products segment volume increased 64.6 percent, while price / mix increased 7.7 percent.

For the quarter, Zig-Zag Products segment gross profit increased 77 percent to $27.7 million. The segment’s gross margin expanded 160 basis points to 58.8 percent, driven by increased margin in MYO cigar wraps sales as a result of the Durfort transaction in June 2020.

“We are seeing strong gains from the initiatives put in place to accelerate growth in the segment as we allocate more resources to further leverage and grow the Zig-Zag brand,” added Graham Purdy, Chief Operating Officer, Turning Point Brands. “Our paper cones and Zig-Zag e-commerce businesses continued to experience accelerated growth, and our wraps business benefitted from a more streamlined supply chain following the Durfort transaction to better serve strong consumer demand as we rebounded from a COVID-related disruption during the prior year period.”

Purdy continued, “Our growth initiatives, along with a favorable environment resulting from evolving consumer perception and state legalization efforts around cannabis, provide a strong tailwind for our business going forward. With the acquisition of the Unitabac assets, we are also adding a platform to address a large market opportunity in cigars.”

Stoker’s Products Segment (27 percent of total net sales in the quarter)

For the second quarter, net sales of Stoker’s Products increased 8.3 percent to $33.4 million on double-digit growth of MST, partially offset by low single-digit decline of loose-leaf chewing tobacco. MST represented 62 percent of Stoker’s Products revenues in the quarter, up from 58 percent a year earlier. For the second quarter, the total Stoker’s Products segment volume increased 2.4 percent, and price / mix advanced 5.9 percent.

For the quarter, the Stoker’s Products segment gross profit increased 9.9 percent to $18.1 million. The segment’s gross margin expanded 80 basis points to 54.4 percent.

“Our Stoker’s MST business continues its strong growth trajectory and market share gains,” said Purdy. “Our loose-leaf chew business performed well against the previous year period, which had benefitted from a competitor being offline due to a COVID-related disruption.”

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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
NewGen Products Segment (34 percent of total net sales in the quarter)

For the second quarter, net sales of NewGen Products decreased 10.0 percent to $42.1 million. The decline was a result of a challenging comparison against the previous year period when TPB’s vape distribution business benefitted from a COVID-related disruption at a B2B competitor and strong B2C orders during state stay-at-home provisions.

For the quarter, NewGen Products gross profit decreased 10.6 percent to $14.1 million. The segment gross margin contracted 20 basis points to 33.5 percent.

“NewGen performed above our expectations as our vape distribution business was able to navigate the implementation of the PACT Act, which increased the regulatory requirements around transporting vape products,” said Purdy. “While we still expect short-term volatility in the vape distribution business around the PMTA process and PACT Act, we are encouraged by our current market positioning and potential of our business in a post-PMTA regulatory environment.”

Recent Events

Unitabac Asset Acquisition

On July 26 2021, TPB announced the acquisition of various  cigar assets of Unitabac, LLC (“Unitabac”). The acquisition is comprised of a robust portfolio of cigarillo products and all related intellectual property, including Cigarillo Non-Tip (NT) Homogenized Tobacco Leaf (HTL), Rolled Leaf and Natural Leaf Cigarillo Products. Terms of the transaction were not disclosed.

Old Pal Investment

On July 22, 2021, TPB announced an $8 million strategic investment in Old Pal Holding Company LLC (“Old Pal”), one of the most recognizable and top-selling brands in the cannabis lifestyle space. TPB invested in the form of a convertible note, which includes additional follow-on investment rights. Old Pal is a leading brand in the cannabis space that operates a non-plant touching licensing model. TPB’s investment will enable Old Pal to expand product offerings in existing states, which include California, Nevada, Michigan, Oklahoma, Ohio, Washington and Massachusetts, and will help create the infrastructure necessary to support continued territory and product expansion.

DVW Acquisition

In April 2021, TPB’s 50 percent-owned Canadian partner ReCreation Marketing acquired Westhem Ventures LTD d/b/a Direct Value Wholesale (“DVW”), a wholesale distribution company with a strong presence in British Columbia. DVW expands ReCreation Marketing’s distribution reach along with enhancing relationships with major national chains such as Canadian Tire. During the LTM period that ended March 2021, DVW had revenue of CAD $13.1 million with 17 percent gross margins.

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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Performance Measures in the Second Quarter

Second quarter consolidated selling, general and administrative (“SG&A”) expenses were $35.1 million compared to $30.8 million in 2020.

The second quarter SG&A included the following notable items:


 •
$2.8 million of stock options, restricted stock and incentive expense as compared to $0.8 million in the year-ago period

•
$0.7 million of transaction expenses principally related to M&A activity as compared to $0.3 million in the year-ago period

•
$0.6 million of FDA PMTA-related expenses as compared to $3.3 million in the year-ago period (note that $0.9 million of PMTA-related expenses incurred in the first six months of FY2021 have not been added back to Adjusted EBITDA)

•
$5.8 million in outbound freight expense as compared to $4.4 million in the year-ago period with the increase partly driven by the implementation of the PACT Act

•
$1.0 million from the accounting consolidation of ReCreation Marketing in the current year quarterly period

Total gross debt as of June 30, 2021, was $440.0 million. The corresponding net debt (total gross debt less cash) at June 30, 2021, was $282.5 million. The Company ended the quarter with total liquidity of $178.9 million, comprised of $157.5 million in cash and $21.4 million of revolving credit facility capacity.

During the quarter, the Company spent $8.4 million to repurchase 175,000 shares at an average price of $47.73 per share.

4
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
2021 Outlook

With the continued operating momentum reflected in the first half results, the Company is revising its annual guidance provided on April 27, 2021, as follows:

Absent additional acquisitions, TPB projects the following for 2021:


 •
Net sales of $447 to $462 million (up from previous guidance of $422 to $440 million), which assumes:

o
Strong double-digit sales growth for Zig-Zag Products

o
High single-digit sales growth for Stoker’s Products

o
Flat sales growth for NewGen Products (up from previous mid-to-low single-digit declines), which includes low single-digit declines for vape distribution (up from single-digit declines) offset by expected growth in Nu-X

•
Adjusted EBITDA of $108 to $113 million (up from previous guidance of $103 to $108 million)

Other projections for 2021 include:


 •
Stock compensation and non-cash incentive expense of $8 million

•
Cash interest expense of $19 million and GAAP interest expense of $22 million

•
Effective income tax rate of 23 percent to 24 percent

•
Capital expenditures of $5 to $6 million

For the third quarter of 2021, TPB projects:


 •
Net sales of $109 to $114 million
 
Earnings Conference Call

As previously disclosed, a conference call with the investment community to review TPB’s financial results has been scheduled for 10 a.m. on Tuesday, July 27, 2021. Investment community participants should dial in 10 minutes ahead of time using the toll-free number 833-350-1456 (international participants should call 647-689-6664), and follow the audio prompts after typing in the event ID: 3397945. A live listen-only webcast of the call will be available on the Events and Presentations section of the investor relations portion of the Company website (www.turningpointbrands.com). A replay of the webcast will be available on the site two hours following the call.

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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release includes certain non-GAAP financial measures including Adjusted EBITDA, Adjusted diluted EPS and Adjusted Operating Income. A reconciliation of these non-GAAP financial measures accompanies this release.

About Turning Point Brands, Inc.

Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients through its iconic core brands Zig-Zag® and Stoker’s®, and its emerging brands within the NewGen segment. TPB’s products are available in more than 210,000 retail outlets in North America in addition to sites such as www.zigzag.com, www.nu-x.com and www.solacevapor.com. For the latest news and information about TPB and its brands, please visit www.turningpointbrands.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by TPB in this press release, its reports filed with the Securities and Exchange Commission (the “SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for TPB to predict or identify all such events or how they may affect it. TPB has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included it the company’s Annual reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Contact:
 
Louie Reformina, Senior Vice President, CFO
ir@tpbi.com  (502) 774-9238

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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Financial Statements Follow:

Turning Point Brands, Inc.
Consolidated Statement of Income
(dollars in thousands except share data)
(unaudited)

   
Three Months Ended June 30,
  
   
2021
    
2020
  
             
Net sales
  
$
122,643
    
$
104,963
  
Cost of sales
    
62,670
      
57,027
  
Gross profit
    
59,973
      
47,936
  
Selling, general, and administrative expenses
    
35,094
      
30,756
  
Operating income
    
24,879
      
17,180
  
Interest expense, net
    
5,522
      
3,295
  
Investment income
    
(110
)
    
(34
)
Net periodic income, excluding service cost
    
-
      
(104
)
Income before income taxes
    
19,467
      
14,023
  
Income tax expense
    
4,424
      
3,728
  
Consolidated net income
    
15,043
      
10,295
  
Net loss attributable to non-controlling interest
    
(312
)
    
-
  
Net income attributable to Turning Point Brands, Inc.
  
$
15,355
    
$
10,295
  
                 
Basic income per common share:
                
Net income attributable to Turning Point Brands, Inc.
  
$
0.81
    
$
0.53
  
Diluted income per common share:
                
Net income attributable to Turning Point Brands, Inc.
  
$
0.73
    
$
0.49
  
Weighted average common shares outstanding:
                
Basic
    
18,975,522
      
19,507,874
  
Diluted
    
22,489,662
      
23,037,153
  
                 
Supplemental disclosures of statement of income information:
                
Excise tax expense
  
$
7,687
    
$
4,678
  
FDA fees
  
$
180
    
$
134
  

7
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Turning Point Brands, Inc.
Consolidated Balance Sheet
(dollars in thousands except share data)

ASSETS
  
(unaudited)
June 30,
2021
    
December 31,
2020
  
Current assets:
            
Cash
  
$
157,474
    
$
41,765
  
Accounts receivable, net of allowances of $143 in 2021 and $150 in 2020
    
5,814
      
9,331
  
Inventories
    
99,010
      
85,856
  
Other current assets
    
25,809
      
26,451
  
Total current assets
    
288,107
      
163,403
  
Property, plant, and equipment, net
    
16,291
      
15,524
  
Deferred income taxes
    
-
      
610
  
Right of use assets
    
16,607
      
17,918
  
Deferred financing costs, net
    
441
      
641
  
Goodwill
    
162,768
      
159,621
  
Other intangible assets, net
    
78,468
      
79,422
  
Master Settlement Agreement (MSA) escrow deposits
    
31,819
      
32,074
  
Other assets
    
34,898
      
26,836
  
Total assets
  
$
629,399
    
$
496,049
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Current liabilities:
                
Accounts payable
  
$
11,159
    
$
9,201
  
Accrued liabilities
    
37,495
      
35,225
  
Current portion of long-term debt
    
12,485
      
12,000
  
Other current liabilities
    
104
      
203
  
Total current liabilities
    
61,243
      
56,629
  
Notes payable and long-term debt
    
417,935
      
302,112
  
Deferred income taxes
    
1,165
      
-
  
Lease liabilities
    
14,788
      
16,117
  
Other long-term liabilities
    
-
      
3,704
  
Total liabilities
    
495,131
      
378,562
  
                 
Commitments and contingencies
                
                 
Stockholders' equity:
                
Preferred stock; $0.01 par value; authorized shares 40,000,000; issued and outstanding shares -0-
    
-
      
-
  
Common stock, voting, $0.01 par value; authorized shares, 190,000,000; 19,616,224 issued shares and 18,923,523 outstanding shares at June 30, 2021, and 19,532,464 issued shares and 19,133,794 outstanding shares at December 31, 2020
    
196
      
195
  
Common stock, nonvoting, $0.01 par value; authorized shares, 10,000,000; issued and outstanding shares -0-
    
-
      
-
  
Additional paid-in capital
    
105,460
      
102,423
  
Cost of repurchased common stock
                
(692,701 shares at June 30, 2021 and 398,670 shares at December 31, 2020)
    
(24,277
)
    
(10,191
)
Accumulated other comprehensive income (loss)
    
279
      
(2,635
)
Accumulated earnings
    
48,647
      
23,645
  
Non-controlling interest
    
3,963
      
4,050
  
Total stockholders' equity
    
134,268
      
117,487
  
Total liabilities and stockholders' equity
  
$
629,399
    
$
496,049
  

8
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Turning Point Brands, Inc.
Consolidated Statement of Cash Flows
(dollars in thousands)
(unaudited)

   
Six Months Ended June 30,
  
   
2021
    
2020
  
Cash flows from operating activities:
            
Consolidated net income
  
$
26,570
    
$
14,794
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Loss on extinguishment of debt
    
5,706
      
-
  
Impairment loss
    
-
      
149
  
(Gain) loss on sale of property, plant, and equipment
    
(2
)
    
12
  
Depreciation expense
    
1,546
      
1,673
  
Amortization of other intangible assets
    
954
      
827
  
Amortization of deferred financing costs
    
1,251
      
1,113
  
Deferred income taxes
    
1,027
      
2,367
  
Stock compensation expense
    
4,263
      
1,213
  
Noncash lease expense
    
(19
)
    
18
  
Gain on investments
    
(34
)
    
-
  
Changes in operating assets and liabilities:
                
Accounts receivable
    
3,955
      
1,794
  
Inventories
    
(12,007
)
    
(4,421
)
Other current assets
    
813
      
(253
)
Other assets
    
599
      
(766
)
Accounts payable
    
1,423
      
235
  
Accrued postretirement liabilities
    
-
      
(54
)
Accrued liabilities and other
    
1,370
      
(1,167
)
Net cash provided by operating activities
  
$
37,415
    
$
17,534
  
                 
Cash flows from investing activities:
                
Capital expenditures
  
$
(2,170
)
  
$
(1,956
)
Acquisitions, net of cash acquired
    
(3,419
)
    
(37,772
)
Payments for investments
    
(8,657
)
    
-
  
Restricted cash, MSA escrow deposits
    
(20,147
)
    
-
  
Proceeds on the sale of property, plant and equipment
    
2
      
-
  
Net cash used in investing activities
  
$
(34,391
)
  
$
(39,728
)
                 
Cash flows from financing activities:
                
Proceeds from Senior Secured Notes
  
$
250,000
    
$
-
  
Payments of 2018 first lien term loan
    
(130,000
)
    
(5,000
)
Settlement of interest rate swaps
    
(3,573
)
    
-
  
Payment of IVG note
    
-
      
(4,240
)
Proceeds from unsecured notes
    
-
      
7,485
  
Payment of dividends
    
(2,006
)
    
(1,872
)
Payments of financing costs
    
(6,921
)
    
(194
)
Exercise of options
    
886
      
246
  
Redemption of options
    
(2,111
)
    
-
  
Common stock repurchased
    
(14,086
)
    
(5,289
)
Net cash provided by (used in) financing activities
  
$
92,189
    
$
(8,864
)
                 
Net increase (decrease) in cash
  
$
95,213
    
$
(31,058
)
Effect of foreign currency translation on cash
  
$
315
    
$
-
  
                 
Cash, beginning of period:
                
Unrestricted
    
41,765
      
95,250
  
Restricted
    
35,074
      
32,074
  
Total cash at beginning of period
    
76,839
      
127,324
  
                 
Cash, end of period:
                
Unrestricted
    
157,474
      
64,192
  
Restricted
    
14,893
      
32,074
  
Total cash at end of period
  
$
172,367
    
$
96,266
  

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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Non-GAAP Financial Measures

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use non-U.S. GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted diluted EPS, and Adjusted Operating Income. We believe Adjusted EBITDA provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. Adjusted EBITDA, Adjusted diluted EPS, and Adjusted Operating Income are used by management to compare our performance to that of prior periods for trend analyses and planning purposes and are presented to our board of directors. We believe that EBITDA, Adjusted EBITDA, Adjusted diluted EPS and Adjusted Operating Income are appropriate measures of operating performance because they eliminate the impact of expenses that do not relate to business performance.

We define “EBITDA” as net income before interest expense, loss on extinguishment of debt, provision for income taxes, depreciation and amortization. We define “Adjusted EBITDA” as net income before interest expense, loss on extinguishment of debt, provision for income taxes, depreciation, amortization, other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define “Adjusted diluted EPS” as diluted earnings per share excluding items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define “Adjusted Operating Income” as operating income excluding depreciation, amortization, other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance.
 
Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA Adjusted diluted EPS and Adjusted Operating Income exclude significant expenses that are required by U.S. GAAP to be recorded in our financial statements and is subject to inherent limitations. In addition, other companies in our industry may calculate this non-U.S. GAAP measure differently than we do or may not calculate it at all, limiting its usefulness as a comparative measure. 

In accordance with SEC rules, we have provided, in the supplemental information attached, a reconciliation of the non-GAAP measures to the next directly comparable GAAP measures.

10
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Schedule A

Turning Point Brands, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(dollars in thousands)
(unaudited)

   
Three Months Ended
June 30,
  
   
2021
    
2020
  
Net income attributable to Turning Point Brands, Inc.
  
$
15,355
    
$
10,295
  
Add:
                
Interest expense, net
    
5,522
      
3,295
  
Income tax expense
    
4,424
      
3,728
  
Depreciation expense
    
758
      
822
  
Amortization expense
    
479
      
402
  
EBITDA
  
$
26,538
    
$
18,542
  
Components of Adjusted EBITDA
                
Other (a)
    
-
      
(104
)
Stock options, restricted stock, and incentives expense (b)
    
2,764
      
760
  
Transactional expenses (c)
    
702
      
290
  
FDA PMTA (d)
    
-
      
3,290
  
Adjusted EBITDA
  
$
30,004
    
$
22,778
  

(a)
Represents non-cash pension expense (income) and foreign exchange hedging.
(b)
Represents non-cash stock options, restricted stock, incentives expense and Solace performance stock units.
(c)
Represents the fees incurred for transaction expenses.
(d)
Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA").

11
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
Schedule B

Turning Point Brands
Reconciliation of GAAP diluted EPS to Adjusted diluted EPS
(dollars in thousands except share data)

(unaudited)
  
Three Months Ended
  
   
June 30,
  
   
2021
    
2020
  
GAAP EPS
  
$
0.73
    
$
0.49
  
Other (a)
    
-
      
(0.00
)
Stock options, restricted stock, and incentives expense (b)
    
0.09
      
0.02
  
Transactional expenses (c)
    
0.02
      
0.01
  
FDA PMTA (d)
    
-
      
0.10
  
Tax (expense) benefit (e)
    
(0.01
)
    
0.03
  
Adjusted diluted EPS (f)
  
$
0.84
    
$
0.66
  

Totals may not foot due to rounding

(a) Represents non-cash pension expense (income) and foreign exchange hedging reporting tax effected at the quarterly tax rate.
(b) Represents non-cash stock options, restricted stock, incentives expense and Solace PRSUs tax effected at the quarterly tax rate.
(c) Represents the fees incurred for transaction expenses tax effected at the quarterly tax rate.
(d) Represents costs associated with applications related to the FDA PMTA tax effected at the quarterly tax rate.
(e) Represents adjustment from quarterly tax rate to annual projected tax rate of 23% in 2021 and 2020.
(f) Diluted shares outstanding includes the full 3.2 million share dilution of debt conversion without a 1.1 million share offsetting impact from capped call transactions

Schedule C

Turning Point Brands, Inc.
Reconciliation of GAAP Operating Income to Adjusted Operating Income
(dollars in thousands)
(unaudited)

   
Consolidated
    
Zig-Zag Products
    
Stoker's Products
    
NewGen Products
  
   
2nd Quarter
2021
    
2nd Quarter
2020
    
2nd Quarter
2021
    
2nd Quarter
2020
    
2nd Quarter
2021
    
2nd Quarter
2020
    
2nd Quarter
2021
    
2nd Quarter
2020
  
                                                 
Net sales
  
$
122,643
    
$
104,963
    
$
47,202
    
$
27,403
    
$
33,369
    
$
30,822
    
$
42,072
    
$
46,738
  
                                                                 
Gross profit
  
$
59,973
    
$
47,936
    
$
27,743
    
$
15,671
    
$
18,146
    
$
16,508
    
$
14,084
    
$
15,757
  
                                                                 
Operating income
  
$
24,879
    
$
17,180
    
$
21,338
    
$
12,227
    
$
13,826
    
$
12,084
    
$
1,657
    
$
3,271
  
Adjustments:
                                                                
Transactional expenses
    
702
      
290
      
-
      
-
      
-
      
-
      
-
      
-
  
FDA PMTA
    
-
      
3,290
      
-
      
-
      
-
      
-
      
-
      
-
  
Adjusted operating income
  
$
25,581
    
$
20,760
    
$
21,338
    
$
12,227
    
$
13,826
    
$
12,084
    
$
1,657
    
$
3,271
  


12
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com | 502.774.9238
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Document and Entity Information
Jul. 27, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 27, 2021
Entity Registrant Name TURNING POINT BRANDS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-37763
Entity Tax Identification Number 20-0709285
Entity Address, Address Line One 5201 Interchange Way
Entity Address, City or Town Louisville
Entity Address, State or Province KY
Entity Address, Postal Zip Code 40229
City Area Code 502
Local Phone Number 778-4421
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Central Index Key 0001290677
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol TPB
Security Exchange Name NYSE
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