Exhibit 99.1

 

 

 

Clarus Reports Record Second Quarter 2021 Results and Raises Full-Year Outlook

 

- Sales in the Second Quarter of 2021 Increased 144% Year-Over-Year to a Record $73.3 Million -

 

- Raises Full-Year Outlook: Expects 2021 Sales and Adjusted EBITDA to Grow Approximately 56% and 132% Year-Over-Year to $350 Million and $52 million, Respectively -

 

SALT LAKE CITY, Utah – August 2, 2021

– Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, reported financial results for the second quarter ended June 30, 2021.

 

Second Quarter 2021 Financial Highlights vs. Same Year-Ago Quarter

 

·Sales increased 144% to a record $73.3 million.
·Gross margin improved 280 basis points to 38.2%.
·Net income improved to $1.8 million, or $0.06 per diluted share, compared to a net loss of $(2.7) million, or $(0.09) per diluted share.
·Adjusted net income before non-cash items increased significantly to $6.8 million, or $0.20 per diluted share, compared to an adjusted net loss of $(1.2) million, or $(0.04) per diluted share.
·Adjusted EBITDA increased significantly to a record $11.7 million compared to $(1.3) million.
·Free cash flow (net cash provided by operating activities less capital expenditures) was $1.0 million compared to $10.2 million.

 

Rhino-Rack Acquisition

 

On June 1, 2021, Clarus announced the entry into a definitive agreement to acquire Rhino-Rack, a leading manufacturer of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, and accessories. Clarus acquired Rhino-Rack for $AUD 194 million (approximately $USD 145 million) in cash, subject to a post-closing working capital adjustment, and approximately 2.3 million shares of Clarus common stock for a total purchase price of $AUD 273 million or approximately $USD 205 million based upon the AUD/USD exchange rate and market value of the stock price at closing. The acquisition closed on July 1, 2021. Rhino-Rack will continue to operate independently as a wholly-owned indirect subsidiary of Clarus and will constitute a third reporting segment.

 

Management Commentary

 

“We had another outstanding quarter driven by continued growth across our portfolio of ‘Super Fan’ brands and favorable trends in the overall outdoor industry,” said Clarus President John Walbrecht. “Our ability to report record sales and Adjusted EBITDA performance while continuing to increase gross margin is a testament to our brand value, operational excellence, and strong supplier partnerships.

 

“At Black Diamond, favorable consumer trends in the outdoor market and inventory normalization at retail drove our strong performance. We have also realized success from a community-centric approach to consumer engagement. This includes brand awareness and product education in mecca mountain towns across the world. We believe that this level of engagement not only drives sales, particularly in key categories where we can maximize product availability, but builds lasting relationships with our consumers.

 

 

 

 

 

 

“In our Sierra segment, we continue to experience unprecedented demand for both our Sierra and Barnes brands. In addition to underlying market tailwinds, we are experiencing success by treating each business as a discrete brand. This allows for rapid alignment with our retail partners and promotes an ‘ease of doing business with’ mentality that is driving our market share gains. We have also used our strong balance sheet to take more control over our supply chain, which has allowed us to have less constraints on product availability, particularly in our core categories.

 

“During the second quarter, we entered into a definitive agreement to acquire Rhino-Rack, a premier aftermarket automotive roof rack and accessories Super Fan brand. After owning the business for just over a month, we are even more compelled by the opportunities to expand its existing network of key distributors, develop incremental sales channels, and expand its product offering.

  

“Given our recent financial momentum, our strategic and disciplined approach to capital allocation will remain paramount to both our organic and M&A growth strategies. We are well-positioned to continue to execute our growth plan and are raising our full-year financial outlook as a result.”

 

Second Quarter 2021 Financial Results

 

Sales in the second quarter increased 144% to a record $73.3 million compared to $30.0 million in the same year-ago quarter. The increase includes revenue contribution of approximately $11.7 million from Barnes, an acquisition Clarus completed on October 2, 2020. Excluding Barnes, the Company’s second quarter sales increased 105% on an organic basis compared to the same year-ago quarter.

 

Black Diamond sales were up 122% and Sierra sales were up 190%, or 71% excluding Barnes. The increase across both segments is attributed to continued strong consumer demand and the recovery from the COVID-19 pandemic. On a constant currency basis, total sales were up 141% compared to the same year-ago quarter.

 

Gross margin in the second quarter improved 280 basis points to 38.2% compared to 35.4% in the year-ago quarter. Improvements in channel and product mix, as well as foreign exchange benefits more than offset unfavorable impacts on the Company’s supply chain and logistics due to COVID-19.

 

Selling, general and administrative expenses in the second quarter were $20.7 million compared to $14.5 million in the same year-ago quarter, primarily due to the significant increase in sales, the inclusion of Barnes, which contributed $1.5 million, and an increase in stock-based compensation of $1.2 million due to the increase in the Company’s share price.

 

Net income in the second quarter improved to $1.8 million, or $0.06 per diluted share, compared to a net loss of $(2.7) million or $(0.09) per diluted share, in the same year-ago quarter.

 

Adjusted net income in the second quarter, which excludes non-cash items and transaction costs, increased to $6.8 million, or $0.20 per diluted share, compared to an adjusted net loss of $(1.2) million, or $(0.04) per diluted share, in the same year-ago quarter.

 

 

 

 

 

 

Adjusted EBITDA in the second quarter increased to a record $11.7 million compared to $(1.3) million in the same year-ago quarter.

 

Net cash provided by operating activities for the three months ended June 30, 2021 was $2.9 million compared to $10.9 million in the prior year. Capital expenditures in the second quarter were $1.9 million compared to $0.7 million in the same year-ago quarter. Free cash flow, defined as net cash provided by operating activities less capital expenditures, for the quarter ended June 30, 2021 was $1.0 million compared to $10.2 million in the same year-ago period.

 

Liquidity at June 30, 2021 vs. December 31, 2020

 

·Cash and cash equivalents totaled $6.8 million compared to $17.8 million.
·Total debt of $27.1 million compared to $34.6 million.
·Remaining access to $49.9 million on the Company’s revolving line of credit.
·Net debt leverage ratio 0.5x compared to 0.6x at the end of 2020.

 

Increased 2021 Outlook

 

Clarus now anticipates fiscal year 2021 sales to grow approximately 56% to $350 million ($295 million prior) compared to 2020. By brand, the Company now expects sales for Black Diamond to increase 26% to $215 million ($205 million prior) and Sierra and Barnes combined to increase 80% to $95 million ($90 million prior) compared to 2020. The Company expects sales for Rhino-Rack to be $40 million for the second half of 2021.

 

The Company now expects adjusted EBITDA in 2021 to increase approximately 132% to $52 million ($38 million prior) compared to 2020. Included in this assumption is the expectation for Rhino-Rack to contribute approximately $6 million in adjusted EBITDA for the second half of 2021. Capital expenditures are expected to be approximately $8.5 million ($7.5 million prior) in 2021.

 

Net Operating Loss (NOL)

 

The Company estimates that it has available NOL carryforwards for U.S. federal income tax purposes of approximately $120 million. The Company’s common stock is subject to a rights agreement dated February 7, 2008 that is intended to limit the number of 5% or more owners and therefore reduce the risk of a possible change of ownership under Section 382 of the Internal Revenue Code of 1986, as amended. Any such change of ownership under these rules would limit or eliminate the ability of the Company to use its existing NOLs for federal income tax purposes. However, there is no guaranty that the rights agreement will achieve the objective of preserving the value of the NOLs.

 

Conference Call

 

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its second quarter 2021 results.

 

Date: Monday, August 2, 2021

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

Toll-free dial-in number: 1-877-511-3707

International dial-in number: 1-786-815-8672

Conference ID: 4378127

 

 

 

 

 

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

 

The conference call will be broadcast live and available for replay here and on the Company’s website at www.claruscorp.com.

 

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through August 16, 2021.

 

Toll-free replay number: 1-855-859-2056

International replay number: 1-404-537-3406

Replay ID: 4378127

 

About Clarus Corporation

 

Headquartered in Salt Lake City, Utah, Clarus Corporation is a leading developer, manufacturer and distributor of best-in class outdoor equipment and lifestyle products focused on the climb, ski, mountain, and sport markets. With a strong reputation for innovation, style, quality, design, safety and durability, Clarus’ portfolio of iconic brands includes Black Diamond®, Sierra®, Barnes®, PIEPS®, SKINourishment® and Rhino-Rack® sold through specialty and online retailers, distributors and original equipment manufacturers throughout the U.S. and internationally. For additional information, please visit www.claruscorp.com or the brand websites at www.blackdiamondequipment.com, www.sierrabullets.com, www.barnesbullets.com, www.pieps.com, or www.rhinorack.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) net income before non-cash items and related income per diluted share, and adjusted net income before non-cash items and related income per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), and adjusted EBITDA, and (iv) free cash flow. The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) net income before non-cash items and related income per diluted share, and adjusted net income before non-cash items and related income per diluted share, (iii) EBITDA and adjusted EBITDA, 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, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to the manufacture and sale of bullets and ammunition by our Sierra segment, and the possession and use of firearms and ammunition by our customers; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize our net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks; the Company’s ability to maintain a quarterly dividend; and any material differences in the actual financial results of the Rhino-Rack acquisition as compared with expectations, including the impact of the acquisition on the Company’s future earnings per share. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and 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 Contacts:

John C. Walbrecht

President

Tel 1-801-993-1344

john.walbrecht@claruscorp.com

 

or

Aaron J. Kuehne

Executive Vice President and Chief Financial Officer

Tel 1-801-993-1364

aaron.kuehne@claruscorp.com

 

Investor Relations Contact:

Gateway Investor Relations

Cody Slach

Tel 1-949-574-3860

CLAR@gatewayir.com

 

 

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

 

   June 30, 2021   December 31, 2020 
Assets          
Current assets          
Cash  $6,782   $17,789 
Accounts receivable, less allowance for credit losses and          
doubtful accounts of $651 and $1,433, respectively   51,235    50,475 
Inventories   82,656    68,356 
Prepaid and other current assets   13,123    5,385 
Income tax receivable   254    117 
Total current assets   154,050    142,122 
           
Property and equipment, net   27,495    26,956 
Other intangible assets, net   16,963    19,416 
Indefinite-lived intangible assets   47,415    47,523 
Goodwill   26,715    26,715 
Deferred income taxes   11,342    11,113 
Other long-term assets   10,229    6,846 
Total assets  $294,209   $280,691 
           
Liabilities and Stockholders' Equity          
Current liabilities          
Accounts payable and accrued liabilities  $42,167   $34,665 
Income tax payable   1,201    956 
Current portion of long-term debt   5,010    4,000 
Total current liabilities   48,378    39,621 
           
Long-term debt   22,112    30,621 
Deferred income taxes   1,215    1,227 
Other long-term liabilities   7,324    4,628 
Total liabilities   79,029    76,097 
           
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;          
35,496 and 35,198 issued and 31,485 and 31,228 outstanding, respectively   4    4 
Additional paid in capital   518,981    513,979 
Accumulated deficit   (280,148)   (286,100)
Treasury stock, at cost   (24,440)   (23,789)
Accumulated other comprehensive income   783    500 
Total stockholders' equity   215,180    204,594 
Total liabilities and stockholders' equity  $294,209   $280,691 

 

 

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(In thousands, except per share amounts)

 

   Three Months Ended 
   June 30, 2021   June 30, 2020 
Sales          
Domestic sales  $51,876   $20,259 
International sales   21,433    9,755 
Total sales   73,309    30,014 
           
Cost of goods sold   45,288    19,378 
Gross profit   28,021    10,636 
           
Operating expenses          
Selling, general and administrative   20,704    14,493 
Transaction costs   649    180 
           
Total operating expenses   21,353    14,673 
           
Operating income (loss)   6,668    (4,037)
           
Other (expense) income          
Interest expense, net   (212)   (257)
Other, net   (4,461)   406 
           
Total other (expense) income, net   (4,673)   149 
           
Income (loss) before income tax   1,995    (3,888)
Income tax expense (benefit)   155    (1,145)
Net income (loss)  $1,840   $(2,743)
           
Net income (loss) per share:          
Basic  $0.06   $(0.09)
Diluted   0.06    (0.09)
           
Weighted average shares outstanding:          
Basic   31,367    29,817 
Diluted   33,190    29,817 

 

 

 

 

 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

(In thousands, except per share amounts)

 

   Six Months Ended 
   June 30, 2021   June 30, 2020 
Sales          
Domestic sales  $99,449   $48,807 
International sales   49,191    34,762 
Total sales   148,640    83,569 
           
Cost of goods sold   93,569    54,421 
Gross profit   55,071    29,148 
           
Operating expenses          
Selling, general and administrative   41,589    31,863 
Transaction costs   1,125    430 
           
Total operating expenses   42,714    32,293 
           
Operating income (loss)   12,357    (3,145)
           
Other expense          
Interest expense, net   (450)   (568)
Other, net   (4,601)   (125)
           
Total other expense, net   (5,051)   (693)
           
Income (loss) before income tax   7,306    (3,838)
Income tax benefit   (211)   (1,131)
Net income (loss)  $7,517   $(2,707)
           
Net income (loss) per share:          
Basic  $0.24   $(0.09)
Diluted   0.23    (0.09)
           
Weighted average shares outstanding:          
Basic   31,325    29,789 
Diluted   32,970    29,789 

 

 

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT

AND ADJUSTED GROSS MARGIN

 

THREE MONTHS ENDED
   June 30, 2021      June 30, 2020 
Gross profit as reported  $28,021         
Plus impact of inventory fair value adjustment   -         
Adjusted gross profit  $28,021   Gross profit as reported  $10,636 
              
Gross margin as reported   38.2%        
              
Adjusted gross margin   38.2%  Gross margin as reported   35.4%
              
SIX MONTHS ENDED
    June 30, 2021       June 30, 2020 
              
Gross profit as reported  $55,071         
Plus impact of inventory fair value adjustment   361         
Adjusted gross profit  $55,432   Gross profit as reported  $29,148 
              
Gross margin as reported   37.0%        
              
Adjusted gross margin   37.3%  Gross margin as reported   34.9%

 

 

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO NET INCOME (LOSS) BEFORE NON-CASH ITEMS, ADJUSTED

NET INCOME (LOSS) BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED SHARE

(In thousands, except per share amounts)

 

   Three Months Ended 
       Per Diluted       Per Diluted 
   June 30, 2021   Share   June 30, 2020   Share 
Net income (loss)  $1,840   $0.06   $(2,743)  $(0.09)
                     
Amortization of intangibles   1,197    0.04    765    0.03 
Depreciation   1,349    0.04    1,148    0.04 
Amortization of debt issuance costs   80    0.00    77    0.00 
Stock-based compensation   1,826    0.06    616    0.02 
Income tax expense (benefit)   155    0.00    (1,145)   (0.04)
Cash paid for income taxes   (278)   (0.01)   (84)   (0.00)
                     
Net income (loss) before non-cash items  $6,169   $0.19   $(1,366)  $(0.05)
                     
Transaction costs   649    0.02    180    0.01 
State cash taxes on adjustments   (16)   (0.00)   (6)   (0.00)
                     
Adjusted net income (loss) before non-cash items  $6,802   $0.20   $(1,192)  $(0.04)

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO NET INCOME BEFORE NON-CASH ITEMS, ADJUSTED

NET INCOME BEFORE NON-CASH ITEMS AND RELATED EARNINGS PER DILUTED SHARE

(In thousands, except per share amounts)

 

   Six Months Ended 
       Per Diluted       Per Diluted 
   June 30, 2021   Share   June 30, 2020   Share 
Net income (loss)  $7,517   $0.23   $(2,707)  $(0.09)
                     
Amortization of intangibles   2,394    0.07    1,537    0.05 
Depreciation   2,705    0.08    2,265    0.08 
Amortization of debt issuance costs   162    0.00    154    0.01 
Stock-based compensation   3,350    0.10    1,229    0.04 
Inventory fair value of purchase accounting   361    0.01    -    - 
Income tax benefit   (211)   (0.01)   (1,131)   (0.04)
Cash paid for income taxes   (353)   (0.01)   (266)   (0.01)
                     
Net income before non-cash items  $15,925   $0.48   $1,081   $0.04 
                     
Transaction costs   1,125    0.03    430    0.01 
State cash taxes on adjustments   (28)   (0.00)   (13)   (0.00)
                     
Adjusted net income before non-cash items  $17,022   $0.52   $1,498   $0.05 

 

 

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), AND ADJUSTED EBITDA

(In thousands)

 

   Three Months Ended 
   June 30, 2021   June 30, 2020 
Net income (loss)  $1,840   $(2,743)
           
Income tax expense (benefit)   155    (1,145)
Other, net   4,461    (406)
Interest expense, net   212    257 
           
Operating income (loss)   6,668    (4,037)
           
Depreciation   1,349    1,148 
Amortization of intangibles   1,197    765 
           
EBITDA   9,214    (2,124)
           
Transaction costs   649    180 
Stock-based compensation   1,826    616 
           
Adjusted EBITDA  $11,689   $(1,328)

 

 

 

 

 

 

CLARUS CORPORATION

RECONCILIATION FROM NET INCOME (LOSS) TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), AND ADJUSTED EBITDA

(In thousands)

 

   Six Months Ended 
   June 30, 2021   June 30, 2020 
Net income (loss)  $7,517   $(2,707)
           
Income tax benefit   (211)   (1,131)
Other, net   4,601    125 
Interest expense, net   450    568 
           
Operating income (loss)   12,357    (3,145)
           
Depreciation   2,705    2,265 
Amortization of intangibles   2,394    1,537 
           
EBITDA   17,456    657 
           
Transaction costs   1,125    430 
Inventory fair value of purchase accounting   361    - 
Stock-based compensation   3,350    1,229 
           
Adjusted EBITDA  $22,292   $2,316 

 

 

 

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Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
Available Financial Ratios
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See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

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