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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: September 30, 2021

or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________ to _________

Commission File Number: 001-34767

CLARUS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

58-1972600

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

2084 East 3900 South

Salt Lake City, Utah

84124

(Address of principal executive offices)

(Zip code)

(801) 278-5552

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  x No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

¨

Non-accelerated filer

¨

Accelerated filer

x

Smaller reporting company

¨  

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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

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

As of November 3, 2021, there were 36,987,552 shares of common stock, par value $0.0001, outstanding.


 

INDEX

CLARUS CORPORATION

PART I

FINANCIAL INFORMATION

Page

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Comprehensive (Loss) Income – Three months ended September 30, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income (Loss) – Nine months ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Cash Flows – Nine months ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Stockholders’ Equity – Three and nine months ended September 30, 2021 and 2020

7

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

36

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 6.

Exhibits

38

Signature Page

39

 

 

 

2


 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

  

CLARUS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

September 30, 2021

December 31, 2020

Assets

Current assets

Cash

$

10,170

$

17,789

Accounts receivable, less allowance for credit losses and

doubtful accounts of $709 and $1,433, respectively

68,045

50,475

Inventories

118,706

68,356

Prepaid and other current assets

13,478

5,385

Income tax receivable

285

117

Total current assets

210,684

142,122

Property and equipment, net

32,444

26,956

Other intangible assets, net

62,672

19,416

Indefinite-lived intangible assets

116,997

47,523

Goodwill

108,174

26,715

Deferred income taxes

17,156

11,113

Other long-term assets

23,616

6,846

Total assets

$

571,743

$

280,691

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and accrued liabilities

$

54,389

$

34,665

Income tax payable

4,250

956

Current portion of long-term debt

8,990

4,000

Total current liabilities

67,629

39,621

Long-term debt

181,042

30,621

Deferred income taxes

35,025

1,227

Other long-term liabilities

19,450

4,628

Total liabilities

303,146

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;

37,811 and 35,198 issued and 33,800 and 31,228 outstanding, respectively

4

4

Additional paid in capital

577,378

513,979

Accumulated deficit

(276,463)

(286,100)

Treasury stock, at cost

(24,440)

(23,789)

Accumulated other comprehensive (loss) income

(7,882)

500

Total stockholders' equity

268,597

204,594

Total liabilities and stockholders' equity

$

571,743

$

280,691

See accompanying notes to condensed consolidated financial statements.

 


 

3


 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

September 30, 2021

September 30, 2020

Sales

Domestic sales

$

61,259

$

34,686

International sales

47,712

29,805

Total sales

108,971

64,491

Cost of goods sold

69,792

42,822

Gross profit

39,179

21,669

Operating expenses

Selling, general and administrative

31,314

18,674

Transaction costs

8,147

1,440

Total operating expenses

39,461

20,114

Operating (loss) income

(282)

1,555

Other (expense) income

Interest expense, net

(1,476)

(232)

Other, net

338

449

Total other (expense) income, net

(1,138)

217

(Loss) income before income tax

(1,420)

1,772

Income tax (benefit) expense

(5,950)

589

Net income

4,530

1,183

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustment

(8,933)

807

Unrealized gain (loss) on hedging activities

268

(600)

Other comprehensive (loss) income

(8,665)

207

Comprehensive (loss) income

$

(4,135)

$

1,390

Net income per share:

Basic

$

0.13

$

0.04

Diluted

0.13

0.04

Weighted average shares outstanding:

Basic

33,800

29,983

Diluted

36,164

30,986

See accompanying notes to condensed consolidated financial statements.


 

4


 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except per share amounts)

Nine Months Ended

September 30, 2021

September 30, 2020

Sales

Domestic sales

$

160,708

$

83,493

International sales

96,903

64,567

Total sales

257,611

148,060

Cost of goods sold

163,361

97,243

Gross profit

94,250

50,817

Operating expenses

Selling, general and administrative

72,903

50,537

Transaction costs

9,272

1,870

Total operating expenses

82,175

52,407

Operating income (loss)

12,075

(1,590)

Other expense

Interest expense, net

(1,926)

(800)

Other, net

(4,263)

324

Total other expense, net

(6,189)

(476)

Income (loss) before income tax

5,886

(2,066)

Income tax benefit

(6,161)

(542)

Net income (loss)

12,047

(1,524)

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustment

(9,654)

773

Unrealized gain (loss) on hedging activities

1,272

(336)

Other comprehensive (loss) income

(8,382)

437

Comprehensive income (loss)

$

3,665

$

(1,087)

Net income (loss) per share:

Basic

$

0.37

$

(0.05)

Diluted

0.35

(0.05)

Weighted average shares outstanding:

Basic

32,159

29,854

Diluted

34,044

29,854

See accompanying notes to condensed consolidated financial statements.

 

 

5


 

 

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended

September 30, 2021

September 30, 2020

Cash Flows From Operating Activities:

Net income (loss)

$

12,047

$

(1,524)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

Depreciation of property and equipment

4,336

3,405

Amortization of other intangible assets

5,971

2,290

Amortization of debt issuance costs

335

230

Gain on disposition of property and equipment

(2)

32

Noncash lease expense

1,507

563

Stock-based compensation

6,414

5,433

Deferred income taxes

(7,006)

(885)

Changes in operating assets and liabilities, net of acquisition:

Accounts receivable

(13,079)

(541)

Inventories

(25,181)

9,477

Prepaid and other assets

(5,912)

(971)

Accounts payable and accrued liabilities

3,558

3,530

Income taxes

(89)

9

Net cash (used in) provided by operating activities

(17,101)

21,048

Cash Flows From Investing Activities:

Purchase of business, net of cash received

(135,627)

-

Deposit for business acquisition

-

(30,500)

Proceeds from disposition of property and equipment

25

327

Purchases of property and equipment

(5,579)

(3,606)

Net cash used in investing activities

(141,181)

(33,779)

Cash Flows From Financing Activities:

Proceeds from revolving credit facilities

87,703

49,265

Repayments on revolving credit facilities

(37,871)

(50,014)

Repayments on term notes

(5,814)

(1,000)

Proceeds from issuance of term notes

109,154

20,000

Payment of debt issuance costs

(722)

(44)

Purchase of treasury stock

(651)

(1,520)

Proceeds from exercise of stock options

1,652

862

Cash dividends paid

(2,410)

(744)

Proceeds from the sale of common stock

-

11,476

Common stock issuance costs

-

(325)

Net cash provided by financing activities

151,041

27,956

Effect of foreign exchange rates on cash

(378)

99

Change in cash

(7,619)

15,324

Cash, beginning of year

17,789

1,703

Cash, end of period

$

10,170