0001104659-24-031919.txt : 20240307 0001104659-24-031919.hdr.sgml : 20240307 20240307162642 ACCESSION NUMBER: 0001104659-24-031919 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240307 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240307 DATE AS OF CHANGE: 20240307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Clarus Corp CENTRAL INDEX KEY: 0000913277 STANDARD INDUSTRIAL CLASSIFICATION: [3949] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 581972600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34767 FILM NUMBER: 24730520 BUSINESS ADDRESS: STREET 1: 2084 EAST 3900 SOUTH CITY: SALT LAKE CITY STATE: UT ZIP: 84124 BUSINESS PHONE: 801-278-5552 MAIL ADDRESS: STREET 1: 2084 EAST 3900 SOUTH CITY: SALT LAKE CITY STATE: UT ZIP: 84124 FORMER COMPANY: FORMER CONFORMED NAME: Black Diamond, Inc. DATE OF NAME CHANGE: 20110121 FORMER COMPANY: FORMER CONFORMED NAME: CLARUS CORP DATE OF NAME CHANGE: 19980911 FORMER COMPANY: FORMER CONFORMED NAME: SQL FINANCIALS INTERNATIONAL INC /DE/ DATE OF NAME CHANGE: 19980911 8-K 1 tm248231d1_8k.htm FORM 8-K
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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): March 7, 2024

 

CLARUS CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction

of incorporation)

001-34767

(Commission File Number)

58-1972600

(IRS Employer

Identification Number)

 

2084 East 3900 South, Salt Lake City, Utah

(Address of principal executive offices)

84124

(Zip Code)

 

Registrant’s telephone number, including area code: (801) 278-5552

 

N/A

(Former name or former address, if changed since last report.)

 

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.   ¨

 

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

 

Title of each class   Trading Symbol   Name of each exchange on which
registered
Common Stock, par value $.0001 per share   CLAR   NASDAQ Global Select Market

 

 

 

 

  

Item 2.02 Results of Operations and Financial Condition

 

On March 7, 2024, Clarus Corporation (the “Company”) issued a press release announcing results for the fourth quarter and year ended December 31, 2023 (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 and incorporated herein by reference.

 

The 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 (defined as net cash provided by operating activities less capital expenditures). The Company believes the presentation of these non-GAAP measures provides 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 expectation. The non-GAAP measures are reconciled to comparable GAAP financial measures within the press release. 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.

 

The information in Item 2.02 of this Current Report on Form 8-K and the Press Release attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit Description
   
99.1  Press Release dated March 7, 2024 (furnished only).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 7, 2024

 

  CLARUS CORPORATION
     
     
  By: /s/ Michael J. Yates
  Name: Michael J. Yates
  Title:  Chief Financial Officer  

 

 

 

 

 EX-99.1 2 tm248231d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

Clarus Reports Fourth Quarter and Full Year 2023 Results

 

Adventure Segment Generates Highest Quarterly Revenue of the Year

 

Proceeds from Precision Sport Sale Used to Repay All Debt and Significantly Increased Cash Position

 

Positioning Company for Growth and Profitability in 2024 and Beyond as a Pure-Play Outdoor Business

 

SALT LAKE CITY, Mar. 7, 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 fourth quarter and full year ended December 31, 2023.

 

Fourth Quarter 2023 Financial Summary vs. Same Year-Ago Quarter (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations)

 

·Sales of $76.5 million compared to $73.8 million.
·Gross margin was 28.9% compared to 37.2%.
·Loss from continuing operations of $7.2 million, or $(0.19) per diluted share, compared to loss from continuing operations of $83.3 million, or $(2.25) per diluted share. Loss from continuing operations in Q4 2022 included a non-cash impairment charge of $92.3 million in the Adventure segment.
·Adjusted loss from continuing operations of $2.8 million, or $(0.07) per diluted share, compared to adjusted income from continuing operations of $4.4 million, or $0.11 per diluted share.
·Adjusted EBITDA of $(3.5) million with an adjusted EBITDA margin of (4.5)% compared to $3.6 million with an adjusted EBITDA margin of 4.9%.
·Precision Sport segment reported as discontinued operations due to sale announcement in December 2023.
·The sale of Precision Sport closed on February 29, 2024.

 

2023 Financial Summary vs. 2022 (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations)

 

·Sales of $286.0 million compared to $315.3 million.
·Gross margin was 34.1% compared to 34.9%; adjusted gross margin was 34.1% compared to 35.0%.
·Loss from continuing operations of $15.8 million, or $(0.42) per diluted share, compared to loss from continuing operations of $92.8 million, or $(2.49) per diluted share. Loss from continuing operations in 2022 included the $92.3 million non-cash impairment expense in the Adventure segment.
·Adjusted loss from continuing operations of $1.5 million, or $(0.04) per diluted share, compared to adjusted income from continuing operations of $9.4 million, or $0.24 per diluted share.
·Adjusted EBITDA of $1.2 million with an adjusted EBITDA margin of 0.4% compared to $17.6 million with an adjusted EBITDA margin of 5.6%.

 

 

 

 

 

 

Management Commentary

 

“Despite very challenging macroeconomic headwinds throughout 2023 that adversely impacted consumer demand, we have taken important steps to realign our brands and inventory levels to position Clarus for long-term profitable growth as a pure-play, ESG- friendly outdoor business,” said Warren Kanders, Clarus’ Executive Chairman. “After completing the sale of our Precision Sport segment, we are debt-free with over $40 million of cash on the balance sheet. We have a streamlined company focused on two operating segments poised for growth, each with strong leaders with highly capable teams focused on increasing profitability and unlocking new opportunities.”

 

Mr. Kanders added, “The monetization of our Precision Sport segment for $175 million was a highly successful outcome for Clarus. Clarus invested approximately $132 million in the Precision Sports segment since 2017. During our ownership period, the segment returned over $94 million of cash to Clarus and with the recently completed sale, it has generated nearly $270 million of returns. The operating income from Precision Sport also helped use a substantial portion of our net operating losses. With the proceeds from this sale, we retired in full all of Clarus’ outstanding debt and emerged with a debt-free balance sheet and flexibility to pursue our long-term growth initiatives at the Outdoor and Adventure segments.”

 

Mr. Kanders concluded, “We are pleased with the progress we have made at our Adventure segment, which had its best quarter of the year with 43% sales growth. With respect to Outdoor, I am excited about our potential to build long-term value. We are still in the early innings of our business turnaround. We are actively simplifying the organizational structure, our product categories and channel strategy. We have taken a careful view of inventory levels to better align with expected market demand. In 2024 we expect total company net sales in the range of $270 million to $280 million and adjusted EBITDA of $16 million to $18 million.”

 

Sale of Precision Sport / Discontinued Operations

 

On December 29, 2023, the Company announced the sale of its Precision Sport segment for $175 million. As the disposition was completed on February 29, 2024, we expect to recognize a gain on the disposition during the three months ending March 31, 2024. The activities of the Precision Sport segment have been segregated and reported as discontinued operations for all periods presented.

 

Fourth Quarter 2024 Financial Results

 

Sales in the fourth quarter were $76.5 million compared to $73.8 million in the same year- ago quarter. This was driven by strength at the Adventure segment due to success with OEM customers. This was partly offset by softness in the European region at Outdoor.

  

 

 

 

 

 

Sales in the Adventure segment increased 43% to $26.4 million, or $26.6 million on a constant currency basis, compared to $18.5 million in the year-ago quarter, reflecting increasing sales in the Australian market and the benefit of the TRED Outdoors acquisition announced during the fourth quarter of 2023. Sales in the Outdoor segment were $50.1 million, or $50.0 million on a constant currency basis, compared to $55.3 million in the year ago quarter. The decline primarily reflects continuing challenging market conditions, particularly in Europe.

 

Gross margin in the fourth quarter was 28.9% compared to 37.2% in the year-ago quarter. The decrease in gross margin was primarily due to $4.2 million of inventory reserve increases at the Outdoor segment. Adjusted gross margin in the fourth quarter was 29.0% compared to 37.2% in the year-ago quarter related to the inventory step-up as a result of the TRED Outdoors acquisition.

 

Selling, general and administrative expenses in the fourth quarter were $30.7 million compared to $29.9 million in the same year-ago quarter. The increase was attributable to the Outdoor segment with higher legal and marketing expenses compared to the prior year.

 

The loss from continuing operations in the fourth quarter of 2023 was $7.2 million, or $(0.19) per diluted share, compared to loss from continuing operations of $83.3 million, or $(2.25) per diluted share in the year-ago quarter. Loss from continuing operations in the fourth quarter included $1.5 million of one-off charges relating to restructuring and transaction costs. The loss from continuing operations in the fourth quarter of 2022 included a non-cash impairment charge of $92.3 million at the Adventure segment.

 

Adjusted loss from continuing operations in the fourth quarter of 2023 was $2.8 million, or $(0.07) per diluted share, compared to adjusted income from continuing operations of $4.3 million, or $0.11 per diluted share in the year-ago quarter. Adjusted (loss) income from continuing operations excludes restructuring charges and transaction costs, as well as non-cash items such as amortization, stock-based compensation, inventory fair value of purchase accounting and impairment charges.

 

Adjusted EBITDA in the fourth quarter was $(3.5) million, or an adjusted EBITDA margin of (4.5)%, compared to $3.6 million, or an adjusted EBITDA margin of 4.9%, in the same year- ago quarter. The decline in adjusted EBITDA was primarily driven by continuing challenging market conditions at Outdoor, an increase in inventory reserves at Outdoor and higher legal and marketing expenses.

 

Net cash provided by operating activities for the three months ended December 31, 2023, was $14.5 million compared to $32.4 million in the prior year quarter. Capital expenditures in the fourth quarter of 2023 were $1.2 million compared to $2.0 million in the prior year quarter. Free cash flow for the fourth quarter of 2023 was $13.3 million compared to $30.3 million in the prior year quarter.

 

 

 

 

 

 

Liquidity at December 31, 2023 vs. December 31, 2022

 

·Cash and cash equivalents totaled $11.3 million compared to $12.0 million.
·Total debt of $119.8 million compared to $139.0 million.
·On February 29, 2024, approximately $135.0 million of long-term debt, interest and fees were repaid and the credit agreement was subsequently terminated.

 

Full Year 2023 Financial Results

 

Sales in 2023 decreased 9.3% to $286.0 million compared to $315.3 million in 2022. The decrease in sales was primarily driven by continued softness in Outdoor wholesale markets in both North America and Europe as well as lower demand at Rhino-Rack USA compared to the prior year.

 

From a segment perspective, Outdoor sales were down 8% to $204.1 million and Adventure sales were down 12% to $82.0 million, compared to 2022.

 

Gross margin in 2023 was 34.1% compared to 34.9% in 2022 primarily due to promotional pricing and increased inventory reserves at the Outdoor segment, as well as unfavorable foreign currency exchange movement. These decreases were partially offset by favorable variances, primarily related to easing freight costs, at both the Outdoor and Adventure segments. Adjusted gross margin in 2023 was 34.1% compared to 35.0% in 2022 due to the impact of the TRED Outdoors acquisition in 2023 and Maxtrax in 2022.

 

Selling, general and administrative expenses in 2023 were $116.4 million compared to $120.8 million in 2022. The decrease was primarily due to reduced stock compensation, as well as expense reduction initiatives to offset challenging market conditions, lower intangible amortization expense, and lower sales commissions due to decreased revenue.

 

Loss from continuing operations in 2023 was $15.8 million, or $(0.42) per diluted share, compared to net loss of $92.8 million, or $(2.49) per diluted share, in the prior year. Loss from continuing operations in 2022 included a $92.3 million non-cash impairment charge in the Adventure segment.

 

Adjusted loss from continuing operations in 2023 was $1.5 million, or $(0.04) per diluted share, compared to adjusted income from continuing operations of $9.4 million, or $0.24 per diluted share in the year-ago quarter. Adjusted (loss) income from continuing operations excludes restructuring charges and transaction costs, as well as non-cash items such as amortization, stock-based compensation, inventory fair value of purchase accounting, contingent consideration and impairment charges.

 

Adjusted EBITDA in 2023 was $1.2 million, or an adjusted EBITDA margin of 0.4%, compared to $17.6 million, or an adjusted EBITDA margin of 5.6%, in 2022.

 

Net cash provided by operating activities for the year ended December 31, 2023, was $31.9 million compared to $14.6 million in 2022. Capital expenditures in 2023 were $5.7 million compared to $8.2 million in the prior year. Free cash flow for the year ended December 31, 2023, was $26.2 million compared to $6.4 million in the same year ago period. This increase is primarily due to lower inventory.

 

 

 

 

  

2024 Outlook

 

The Company expects fiscal year 2024 sales to range between $270 million to $280 million and adjusted EBITDA of approximately $16 million to $18 million, or an adjusted EBITDA margin of 6.2% at the mid-point of revenue and adjusted EBITDA. In addition, capital expenditures are expected to range between $4 million to $5 million and free cash flow is expected to range between $18 million to $20 million for the full year 2024. Clarus has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA and/or Adjusted EBITDA Margin. Therefore, we do not provide a reconciliation of Adjusted EBITDA and/or Adjusted EBITDA Margin guidance to net income guidance.

 

Net Operating Loss (NOL)

 

The Company has net operating loss carryforwards (“NOLs”) for U.S. federal income tax purposes of $7.7 million. The Company believes its U.S. Federal NOLs will substantially offset its future U.S. Federal income taxes until expiration. None of NOLs expire until December 31, 2027, which the Company expects to realize in their entirety in 2024.

 

Conference Call

 

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its fourth quarter 2023 results.

 

Date: Thursday, March 7, 2024

Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time) Registration Link:

https://register.vevent.com/register/BIae896d0fcbfe492d8c7b09d523f715d9

 

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.

 

 

 

 

 

 

2024 Investor Day

 

The Company will host an investor day on Monday, March 11, 2024, from 12:00 pm to 2:00 pm ET in New York City that will feature additional commentary on Clarus’ strategic initiatives and growth opportunities with presentations from management, including Warren Kanders, Executive Chairman; Mike Yates, Chief Financial Officer; Neil Fiske, President, Black Diamond Equipment; and Mathew Hayward, Managing Director of Clarus' Adventure segment; followed by Q&A sessions.

 

·Date: Monday, March 11, 2024
·Time: 12:00 pm to 2:00 pm ET

 

Institutional investors and analysts interested in attending the event should contact The IGB Group at Clarus@igbir.com. Virtual attendance registration and webcast details will be available on the Company’s website. For those unable to attend the Investor Day, a replay will be made available after the event.

 

About Clarus Corporation

 

Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor enthusiast markets. 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. Our portfolio of iconic brands is well-positioned for sustainable, long-term growth underpinned by powerful industry trends across the outdoor and adventure sport end markets. For additional information, please visit www.claruscorp.com or the brand websites at www.blackdiamondequipment.com, www.rhinorack.com, www.maxtrax.com.au, www.tredoutdoors.com, or www.pieps.com.

 

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. 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 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)

 

   December 31, 2023   December 31, 2022 
Assets          
Current assets          
Cash  $11,324   $11,981 
Accounts receivable, net   53,971    48,134 
Inventories   91,409    107,602 
Prepaid and other current assets   4,865    6,300 
Income tax receivable   892    3,034 
Assets held for sale   137,284    61,568 
Total current assets   299,745    238,619 
           
Property and equipment, net   16,587    17,304 
Other intangible assets, net   41,466    48,296 
Indefinite-lived intangible assets   58,527    58,401 
Goodwill   39,320    36,278 
Deferred income taxes   22,869    17,912 
Other long-term assets   16,824    17,440 
Non-current assets held for sale   -    83,895 
Total assets  $495,338   $518,145 
           
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $20,015   $24,767 
Accrued liabilities   24,580    20,553 
Income tax payable   805    421 
Current portion of long-term debt   119,790    11,904 
Liabilities held for sale   5,744    6,950 
Total current liabilities   170,934    64,595 
           
Long-term debt, net   -    127,082 
Deferred income taxes   18,124    18,506 
Other long-term liabilities   14,160    15,854 
Total liabilities   203,218    226,037 
           
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; 42,761 and 41,637 issued and 38,149 and 37,048 outstanding, respectively   4    4 
Additional paid in capital   691,198    679,339 
Accumulated deficit   (350,739)   (336,843)
Treasury stock, at cost   (32,929)   (32,707)
Accumulated other comprehensive loss   (15,414)   (17,685)
Total stockholders’ equity   292,120    292,108 
Total liabilities and stockholders’ equity  $495,338   $518,145 

  

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(Unaudited)

(In thousands, except per share amounts)

 

 

 

   Three Months Ended 
   December 31, 2023   December 31, 2022 
         
Sales          
Domestic sales  $31,840   $30,146 
International sales   44,663    43,693 
Total sales   76,503    73,839 
           
Cost of goods sold   54,361    46,392 
Gross profit   22,142    27,447 
           
Operating expenses          
Selling, general and administrative   30,665    29,869 
Restructuring charges   1,411    - 
Transaction costs   134    50 
Impairment of goodwill and indefinite-lived intangible assets   -    92,311 
           
Total operating expenses   32,210    122,230 
           
Operating loss   (10,068)   (94,783)
           
Other income          
Interest income, net   35    5 
Other, net   1,104    733 
           
Total other income, net   1,139    738 
           
Loss before income tax   (8,929)   (94,045)
Income tax benefit   (1,700)   (10,742)
Loss from continuing operations   (7,229)   (83,303)
           
Discontinued operations, net of tax   (1,160)   1,699 
           
Net loss  $(8,389)  $(81,604)
           
Loss from continuing operations per share:          
Basic  $(0.19)  $(2.25)
Diluted   (0.19)   (2.25)
           
Net loss per share:          
Basic  $(0.22)  $(2.20)
Diluted   (0.22)   (2.20)
           
Weighted average shares outstanding:          
Basic   38,312    37,039 
Diluted   38,312    37,039 

  

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(Unaudited)

(In thousands, except per share amounts)

 

   Twelve Months Ended 
   December 31, 2023   December 31, 2022 
         
Sales          
Domestic sales  $112,385   $132,818 
International sales   173,635    182,433 
Total sales   286,020    315,251 
           
Cost of goods sold   188,509    205,298 
Gross profit   97,511    109,953 
           
Operating expenses          
Selling, general and administrative   116,367    120,814 
Restructuring charges   3,223    - 
Transaction costs   593    2,818 
Contingent consideration (benefit) expense   (1,565)   493 
Impairment of goodwill and indefinite-lived intangible assets   -    92,311 
           
Total operating expenses   118,618    216,436 
           
Operating loss   (21,107)   (106,483)
           
Other income (expense)          
Interest income, net   67    - 
Other, net   961    (1,035)
           
Total other income (expense), net   1,028    (1,035)
           
Loss before income tax   (20,079)   (107,518)
Income tax benefit   (4,291)   (14,716)
Loss from continuing operations   (15,788)   (92,802)
           
Discontinued operations, net of tax   5,642    23,022 
           
Net loss  $(10,146)  $(69,780)
           
(Loss) income from continuing operations per share:          
Basic  $(0.42)  $(2.49)
Diluted   (0.42)   (2.49)
           
Net loss per share:          
Basic  $(0.27)  $(1.88)
Diluted   (0.27)   (1.88)
           
Weighted average shares outstanding:          
Basic   37,485    37,201 
Diluted   37,485    37,201 

 

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT

AND ADJUSTED GROSS MARGIN

 

THREE MONTHS ENDED 

 

   December 31, 2023      December 31, 2022 
            
Gross profit as reported  $22,142   Gross profit as reported  $27,447 
Plus impact of inventory fair value adjustment   64   Plus impact of inventory fair value adjustment   - 
Adjusted gross profit  $22,206   Adjusted gross profit  $27,447 
              
Gross margin as reported   28.9%  Gross margin as reported   37.2%
              
Adjusted gross margin   29.0%  Adjusted gross margin   37.2%

 

TWELVE MONTHS ENDED

 

   December 31, 2023      December 31, 2022 
            
Gross profit as reported  $97,511   Gross profit as reported  $109,953 
Plus impact of inventory fair value adjustment   64   Plus impact of inventory fair value adjustment   269 
Adjusted gross profit  $97,575   Adjusted gross profit  $110,222 
              
Gross margin as reported   34.1%  Gross margin as reported   34.9%
              
Adjusted gross margin   34.1%  Adjusted gross margin   35.0%

  

 

 

 

 

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)

 

   Three Months Ended December 31, 2023 
  

Total

sales

  

Gross

profit

  

Operating

expenses

  

Income tax

(benefit)
expense

  

Tax

rate

  

(Loss) income
from continuing operations

  

Diluted

EPS (1)

 
                             
As reported  $76,503   $22,142   $32,210   $(1,700)   (19.0)%  $(7,229)  $(0.19)
                                    
Amortization of intangibles   -    -    (2,680)   536         2,144      
Stock-based compensation   -    -    (1,218)   244         974      
Inventory fair value of purchase accounting   -    (64)   -    13         51      
Restructuring charges   -    -    (1,411)   282         1,129      
Transaction costs   -    -    (134)   27         107      
                                    
As adjusted  $76,503   $22,078   $26,767   $(598)   (17.5)%  $(2,824)  $(0.07)

 

(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 38,312 basic and diluted weighted average shares of common stock.

 

    Three Months Ended December 31, 2022  
    Total
sales		     Gross
profit		     Operating expenses     Income tax
(benefit)
expense		     Tax
rate		     (Loss) income
from continuing operations		     Diluted
EPS (1)		  
                                           
As reported   $ 73,839     $ 27,447     $ 122,230     $ (10,742 )     (11.4 )%   $ (83,303 )   $ (2.25 )
                                                         
Amortization of intangibles     -       -       (2,894 )     289               2,605          
Stock-based compensation     -       -       (2,170 )     217               1,953          
Impairment of goodwill and indefinite-lived intangible assets     -       -       (92,311 )     9,231               83,080          
Transaction costs     -       -       (50 )     5               45          
                                                         
As adjusted   $ 73,839     $ 27,447     $ 24,805     $ (1,000 )     (29.6 )%   $ 4,380     $ 0.11  

 

(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 37,039 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,307 diluted 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)

 

    Twelve Months Ended December 31, 2023  
    Total
sales		     Gross
profit		     Operating
 expenses		     Income tax
 (benefit)
 expense		     Tax
rate		     (Loss) income
from continuing
 operations		     Diluted
EPS (1)		  
                                           
As reported   $ 286,020     $ 97,511     $ 118,618     $ (4,291 )     (21.4 )%   $ (15,788 )   $ (0.42 )
                                                         
Amortization of intangibles     -       -       (10,715 )     2,293               8,422          
Stock-based compensation     -       -       (5,141 )     1,100               4,041          
Inventory fair value of purchase accounting     -       (64 )     -       14               50          
Restructuring charges     -       -       (3,223 )     690               2,533          
Transaction costs     -       -       (593 )     127               466          
Contingent consideration (benefit) expense     -       -       1,565       (335 )             (1,230 )        
                                                         
As adjusted   $ 286,020     $ 97,447     $ 100,511     $ (402 )     (21.1 )%   $ (1,506 )   $ (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 37,485 basic and diluted weighted average shares of common stock.

 

    Twelve Months Ended December 31, 2022  
    Total
sales		     Gross
profit		     Operating
expenses		     Income tax
(benefit)
expense		     Tax
rate		     (Loss) income
from continuing operations		     Diluted
EPS (1)		  
                                           
As reported   $ 315,251     $ 109,953     $ 216,436     $ (14,716 )     (13.7 )%   $ (92,802 )   $ (2.49 )
                                                         
Amortization of intangibles     -       -       (12,557 )     1,720               10,837          
Stock-based compensation     -       -       (11,198 )     1,534               9,664          
Inventory fair value of purchase accounting     -       (269 )     -       37               232          
Impairment of goodwill and indefinite-lived intangible assets     -       -       (92,311 )     13,650               78,661          
Transaction costs     -       -       (2,818 )     386               2,432          
Contingent consideration (benefit) expense     -       -       (493 )     68               425          
                                                         
As adjusted   $ 315,251     $ 109,684     $ 97,059     $ 2,679       22.1 %   $ 9,449     $ 0.24  

 

(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 37,201 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 39,347 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 
   December 31, 2023   December 31, 2022 
         
Loss from continuing operations  $(7,229)  $(83,303)
           
Income tax benefit   (1,700)   (10,742)
Other, net   (1,104)   (733)
Interest expense, net   (35)   (5)
           
Operating loss   (10,068)   (94,783)
           
Depreciation   1,086    999 
Amortization of intangibles   2,680    2,894 
           
EBITDA   (6,302)   (90,890)
           
Restructuring charges   1,411    - 
Transaction costs   134    50 
Inventory fair value of purchase accounting   64    - 
Impairment of goodwill and indefinite-lived intangible assets   -    92,311 
Stock-based compensation   1,218    2,170 
           
Adjusted EBITDA  $(3,475)  $3,641 
           
Sales  $76,503   $73,839 
           
EBITDA margin   -8.2%   -123.1%
Adjusted EBITDA margin   -4.5%   4.9%

 

 

 

 

 

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)

 

   Twelve Months Ended 
   December 31, 2023   December 31, 2022 
         
Loss from continuing operations  $(15,788)  $(92,802)
           
Income tax benefit   (4,291)   (14,716)
Other, net   (961)   1,035 
Interest expense, net   (67)   - 
           
Operating loss   (21,107)   (106,483)
           
Depreciation   4,150    4,388 
Amortization of intangibles   10,715    12,557 
           
EBITDA   (6,242)   (89,538)
           
Restructuring charges   3,223    - 
Transaction costs   593    2,818 
Contingent consideration (benefit) expense   (1,565)   493 
Inventory fair value of purchase accounting   64    269 
Impairment of goodwill and indefinite-lived intangible assets   -    92,311 
Stock-based compensation   5,141    11,198 
           
Adjusted EBITDA  $1,214   $17,551 
           
Sales  $286,020   $315,251 
           
EBITDA margin   -2.2%   -28.4%
Adjusted EBITDA margin   0.4%   5.6%

 

 

 

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Mar. 07, 2024
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Document Period End Date Mar. 07, 2024
Entity File Number 001-34767
Entity Registrant Name CLARUS CORPORATION
Entity Central Index Key 0000913277
Entity Tax Identification Number 58-1972600
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 2084 East 3900 South
Entity Address, City or Town Salt Lake City
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84124
City Area Code 801
Local Phone Number 278-5552
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Soliciting Material false
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.0001 per share
Trading Symbol CLAR
Security Exchange Name NASDAQ
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