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Clarus(CLAR) - 2024 Q3 - Quarterly Results
CLARClarus(CLAR)2024-11-07 22:35

Sales Performance - Third quarter 2024 sales were 67.1million,adecreaseof17.567.1 million, a decrease of 17.5% compared to 81.3 million in the same year-ago quarter[2] - Sales in the Outdoor segment were 49.3million,downfrom49.3 million, down from 61.1 million, while Adventure segment sales decreased 11.9% to 17.8million[5]−TotalsalesforSeptember2024were17.8 million[5] - Total sales for September 2024 were 67,115,000, a decrease of 17.4% compared to 81,302,000inSeptember2023[19]−Domesticsalesdecreasedto81,302,000 in September 2023[19] - Domestic sales decreased to 24,365,000 from 30,423,000,representingadeclineof19.930,423,000, representing a decline of 19.9% year-over-year[19] - International sales fell to 42,750,000 from 50,879,000,adecreaseof16.050,879,000, a decrease of 16.0% year-over-year[19] - Total sales for the nine months ended September 30, 2024, were 192.91 million, with a gross profit of 68.75million[25]−SalesfortheninemonthsendedSeptember30,2024,were68.75 million[25] - Sales for the nine months ended September 30, 2024, were 192,910, a decrease of 8% compared to 209,517intheprioryear[28]FinancialLosses−Netlossforthethirdquarterwas209,517 in the prior year[28] Financial Losses - Net loss for the third quarter was 3.2 million, or (0.08)perdilutedshare,comparedtoanetlossof(0.08) per diluted share, compared to a net loss of 1.3 million, or (0.03)perdilutedshareintheprioryear[2]−OperatinglossforthethreemonthsendedSeptember30,2024,was(0.03) per diluted share in the prior year[2] - Operating loss for the three months ended September 30, 2024, was (5,358,000), compared to (3,175,000)inthesameperiodlastyear[19]−NetlossforthethreemonthsendedSeptember30,2024,was(3,175,000) in the same period last year[19] - Net loss for the three months ended September 30, 2024, was (3,157,000), compared to (1,264,000)inSeptember2023[19]−ForthethreemonthsendedSeptember30,2024,ClarusCorporationreportedalossfromcontinuingoperationsof(1,264,000) in September 2023[19] - For the three months ended September 30, 2024, Clarus Corporation reported a loss from continuing operations of 3,157, compared to a loss of 2,206forthesameperiodin2023,representinganincreaseof432,206 for the same period in 2023, representing an increase of 43% in losses[27] - For the nine months ended September 30, 2024, the loss from continuing operations was 15,112, compared to 8,559forthesameperiodin2023,indicatinganincreaseof768,559 for the same period in 2023, indicating an increase of 76% in losses[28] Profitability Metrics - Gross margin improved to 35.0% from 33.6% year-over-year, with an adjusted gross margin of 37.8%[5] - Adjusted EBITDA from continuing operations was 2.4 million, with an adjusted EBITDA margin of 3.6%, down from 3.6millionand4.53.6 million and 4.5% in the year-ago quarter[9] - Adjusted EBITDA for the three months ended September 30, 2024, was 2,438, down 33% from 3,629inthesameperiodof2023[27]−TheEBITDAmarginforthethreemonthsendedSeptember30,2024,was−2.93,629 in the same period of 2023[27] - The EBITDA margin for the three months ended September 30, 2024, was -2.9%, a decline from 0.5% in the same period of 2023[27] - Adjusted EBITDA for the nine months ended September 30, 2024, was 2,521, down 56% from 5,751inthesameperiodof2023[28]−TheEBITDAmarginfortheninemonthsendedSeptember30,2024,was−5.15,751 in the same period of 2023[28] - The EBITDA margin for the nine months ended September 30, 2024, was -5.1%, compared to 0.0% in the same period of 2023[28] Cash Flow and Liquidity - Free cash flow for the third quarter was an outflow of 9.4 million, compared to an outflow of 1.1millionintheprioryearquarter[10]−Cashandcashequivalentstotaled1.1 million in the prior year quarter[10] - Cash and cash equivalents totaled 36.4 million as of September 30, 2024, compared to 11.3millionattheendof2023[11]AssetsandLiabilities−Totalassetsdecreasedto11.3 million at the end of 2023[11] Assets and Liabilities - Total assets decreased to 375,338,000 as of September 30, 2024, from 495,338,000attheendof2023[18]−Totalliabilitiesdecreasedsignificantlyto495,338,000 at the end of 2023[18] - Total liabilities decreased significantly to 66,864,000 from 203,218,000[18]−Stockholders′equityincreasedto203,218,000[18] - Stockholders' equity increased to 308,474,000 from 292,120,000,indicatingagrowthof5.6292,120,000, indicating a growth of 5.6%[18] Future Projections - The company expects fiscal year 2024 sales to range between 260 million to 266million,withadjustedEBITDAprojectedatapproximately266 million, with adjusted EBITDA projected at approximately 7 million to 9million[12]InventoryandOperationalFocus−Thecompanyisfocusedoninventoryimprovement,witha49 million[12] Inventory and Operational Focus - The company is focused on inventory improvement, with a 4% year-over-year reduction, and aims to scale the Adventure segment globally despite current market challenges[3] Tax and Amortization - The tax rate for the nine months ended September 30, 2024, was 17.9%, while for the same period in 2023, it was 23.2%[25][26] - Amortization of intangibles for the nine months ended September 30, 2024, was 7.32 million, while for the same period in 2023, it was 8.04million[25][26]LegalandRegulatoryExpenses−Legalcostsandregulatorymatterexpensestotaled8.04 million[25][26] Legal and Regulatory Expenses - Legal costs and regulatory matter expenses totaled 3.80 million for the nine months ended September 30, 2024[25] - Legal costs and regulatory matter expenses increased to 394forthethreemonthsendedSeptember30,2024,comparedto394 for the three months ended September 30, 2024, compared to 579 in the same period of 2023[27]