0001193125-20-309503.txt : 20201203 0001193125-20-309503.hdr.sgml : 20201203 20201203160554 ACCESSION NUMBER: 0001193125-20-309503 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20201203 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201203 DATE AS OF CHANGE: 20201203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITH & WESSON BRANDS, INC. CENTRAL INDEX KEY: 0001092796 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] IRS NUMBER: 870543688 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31552 FILM NUMBER: 201366968 BUSINESS ADDRESS: STREET 1: 2100 ROOSEVELT AVENUE CITY: SPRINGFIELD STATE: MA ZIP: 01104 BUSINESS PHONE: 844-363-5386 MAIL ADDRESS: STREET 1: 2100 ROOSEVELT AVENUE CITY: SPRINGFIELD STATE: MA ZIP: 01104 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN OUTDOOR BRANDS CORP DATE OF NAME CHANGE: 20170118 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN OUTDOOR BRANDS CORPORATON DATE OF NAME CHANGE: 20170103 FORMER COMPANY: FORMER CONFORMED NAME: SMITH & WESSON HOLDING CORP DATE OF NAME CHANGE: 20020315 8-K 1 d40645d8k.htm 8-K 8-K
false 0001092796 0001092796 2020-12-03 2020-12-03

 

 

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): December 3, 2020

 

 

Smith & Wesson Brands, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Nevada   001-31552   87-0543688

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

2100 Roosevelt Avenue

Springfield, Massachusetts 01104

(Address of principal executive offices) (Zip Code)

(800) 331-0852

(Registrant’s telephone number, including area code)

 

 

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 (see General Instruction A.2. below):

 

☐

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))

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, Par Value $0.001 per Share   SWBI   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 §CRF 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.

We are furnishing the disclosure in this Item 2.02 in connection with the disclosure of information in the form of the textual information from a press release issued on December 3, 2020.

The information in this Item 2.02 (including Exhibit 99.1) is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

The text included with this Current Report on Form 8-K is available on our website at www.smith-wesson.com, although we reserve the right to discontinue that availability at any time.

 

Item 9.01.

Financial Statements and Exhibits.

(d)    Exhibits.

 

Exhibit

Number

   

Exhibits

99.1    Press release from Smith & Wesson Brands, Inc., dated December 3, 2020, entitled “Smith & Wesson Brands, Inc. Reports Second Quarter Fiscal 2021 Financial Results”
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.

 

    SMITH & WESSON BRANDS, INC.
Date: December 3, 2020     By:  

/s/ Robert J. Cicero

      Robert J. Cicero
     

Senior Vice President, General Counsel,

Chief Compliance Officer, and Secretary

 EX-99.1 2 d40645dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Contact:

investorrelations@smith-wesson.com

(413) 747-3448    

Smith & Wesson Brands, Inc. Reports

Second Quarter Fiscal 2021 Financial Results

 

  -

Record Quarterly Revenue of $249 Million

  -

GAAP EPS of $0.87/Share, non-GAAP EPS of $0.93/Share

  -

$0.05 per Share Dividend

SPRINGFIELD, Mass., December 3, 2020 – Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the second quarter of fiscal year 2021, ended October 31, 2020. On August 24, 2020, the company completed the previously announced spin-off of its outdoor products and accessories business. Therefore, beginning with this quarter, all historical financial information for that business is reported as discontinued operations. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations.

Second Quarter Fiscal 2021 Consolidated Financial Highlights

 

  •  

Quarterly net sales were $248.7 million compared with $113.7 million for the comparable quarter last year, an increase of 118.7%.

 

  •  

Gross margin for the quarter was 40.6% compared with 28.4% for the comparable quarter last year.

 

  •  

Quarterly GAAP income was $49.1 million, or $0.87 per diluted share, compared with $343,000, or $0.01 per diluted share, for the comparable quarter last year.

 

  •  

Quarterly non-GAAP income was $52.8 million, or $0.93 per diluted share, compared with $472,000, or $0.01 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the spin-off of the outdoor products and accessories business, COVID-19 related expenses, and other costs. For a detailed reconciliation, see the schedules that follow in this release.

 

  •  

Quarterly non-GAAP Adjusted EBITDAS was $78.9 million, or 31.7% of net sales, compared with $13.4 million, or 11.8% of net sales, for the comparable quarter last year.

Mark Smith, President and Chief Executive Officer, commented, “Today, I am pleased to report a second consecutive record-breaking quarter for our 168 year old company. These results are a testament to Smith & Wesson’s devoted team of employees, and their ability to deliver strong performance in the face of any challenge. Because of the hard work of our employees, who have been diligently following our safety protocols, we have been able to continue safely operating our business and, during these extremely difficult times when so many of our fellow Americans are out of work, we successfully created and filled 287 new jobs during our second quarter. Along with our existing employees, our new team members played a critical role in achieving these record-breaking numbers.”

 

Page 1 of 8

Deana McPherson, Executive Vice President and Chief Financial Officer, commented, “Smith & Wesson’s record-breaking financial performance enabled us to generate $49.1 million in net income, seed the outdoor products and accessories business with $25 million of cash at the spin date, repay the final $25 million on our revolving loan, and left us with $55.5 million of cash on hand, and zero bank debt, significantly sooner than our prior internal targets. Additionally, our Board again authorized a $0.05 per share dividend to shareholders of record as of December 17, 2020, with payment to be made on January 5, 2021.”

Conference Call and Webcast

The company will host a conference call and webcast today, December 3, 2020 to discuss its second quarter fiscal 2021 financial and operational results. Speakers on the conference call will include Mark Smith, President and Chief Executive Officer, and Deana McPherson, Executive Vice President and Chief Financial Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Those interested in listening to the conference call via telephone may call directly at (844) 309-6568 and reference conference identification number 8990013. No RSVP is necessary. The conference call audio webcast can also be accessed live on the company’s website at www.smith-wesson.com, under the Investor Relations section.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

In this press release, certain non-GAAP financial measures, including “non-GAAP net income,” “Adjusted EBITDAS,” and “free cash flow” are presented. From time-to-time, the company considers and uses these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. The company believes it is useful for itself and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) transition costs, (iii) the tax effect of non-GAAP adjustments, (iv) COVID-19 expenses, (v) net cash used in investing activities, (vi) interest expense, (vii) income tax expense, (viii) depreciation and amortization, and (ix) stock-based compensation expenses; and (2) the non-GAAP measures that exclude such information. The company presents these non-GAAP measures because it considers them an important supplemental measure of its performance. The company’s definition of these adjusted financial measures may differ from similarly named measures used by others. The company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the company’s GAAP measures. The principal limitations of these measures are that they do not reflect the company’s actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis.

About Smith & Wesson Brands, Inc.

Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith & Wesson®, M&P®, Thompson/Center Arms™, and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (844) 363-5386 or visit www.smith-wesson.com.

 

Page 2 of 8

Safe Harbor Statement

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, among others, our ability to deliver strong performance in the face of any challenge. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, economic, social, political, legislative, and regulatory factors; the potential for increased regulation of firearms and firearm-related products; actions of social activists that could have an adverse effect on our business; the impact of lawsuits; the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability, and costs of raw materials and components; speculation surrounding fears of terrorism and crime; our anticipated growth and growth opportunities; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; our penetration rates in new and existing markets; our strategies; our ability to maintain and enhance brand recognition and reputation; our ability to introduce new products; the success of new products; our ability to expand our markets; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2020.

 

Page 3 of 8

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

     As of:  
     October 31, 2020     April 30, 2020  
     (In thousands, except par value and share data)  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 55,549     $ 125,011  

Accounts receivable, net of allowances for credit losses of $1,067 on October 31, 2020 and $1,038 on April 30, 2020

      68,637       60,879  

Inventories

      78,889       103,741  

Prepaid expenses and other current assets

      7,599       7,556  

Current assets of discontinued operations

      —         94,673  

Income tax receivable

      4,713       1,595  
  

 

 

    

 

 

  

Total current assets

      215,387       393,455  
  

 

 

    

 

 

  

Property, plant, and equipment, net

      147,907       147,739  

Intangibles, net

      4,458       4,375  

Goodwill

      19,024       19,024  

Other assets of discontinued operations

      —         148,485  

Other assets

      14,309       16,437  
  

 

 

    

 

 

  
     401,085       729,515  
  

 

 

    

 

 

  

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

    $ 60,985     $ 31,476  

Accrued expenses and deferred revenue

      41,254       57,678  

Accrued payroll and incentives

      11,405       12,448  

Accrued income taxes

      337       5,503  

Accrued profit sharing

      6,810       2,197  

Accrued warranty

      4,352       3,297  

Current liabilties of discontinued operations

      —         17,372  
  

 

 

    

 

 

  

Total current liabilities

      125,143       129,971  

Deferred income taxes

      457       457  

Notes and loans payable, net of current portion

      —         159,171  

Finance lease payable, net of current portion

      39,343       39,610  

Other non-current liabilities of discontinued operations

      —         2,299  

Other non-current liabilities

      9,264       10,889  
  

 

 

    

 

 

  

Total liabilities

      174,207       342,397  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity:

     

Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding

      —         —    

Common stock, $.001 par value, 100,000,000 shares authorized, 74,122,674 issued and 55,955,812 shares outstanding on October 31, 2020 and 73,526,790 shares issued and 55,359,928 shares outstanding on April 30, 2020

      74       74  

Additional paid-in capital

      269,911       267,630  

Retained earnings

      179,195       341,716  

Accumulated other comprehensive income

      73       73  

Treasury stock, at cost (18,166,862 shares on October 31, 2020 and April 30, 2020)

      (222,375 )      (222,375 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      226,878       387,118  
  

 

 

    

 

 

  
   $ 401,085     $ 729,515  
  

 

 

    

 

 

  

 

Page 4 of 8

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Unaudited)

 

     For the Three Months Ended October 31,     For the Six Months Ended October 31,  
     2020     2019     2020     2019  
     (In thousands, except per share data)  

Net sales

    $ 248,729     $ 113,717     $ 478,614     $ 209,153  

Cost of sales

      147,656       81,405       285,117       141,254  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      101,073       32,312       193,497       67,899  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses:

         

Research and development

      1,855       1,795       3,761       3,692  

Selling, marketing, and distribution

      11,614       10,841       21,609       20,374  

General and administrative

      23,224       16,103       45,007       33,312  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      36,693       28,739       70,377       57,378  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income from continuing operations

      64,380       3,573       123,120       10,521  
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income/(expense), net:

         

Other income/(expense), net

      693       83       760       90  

Interest expense, net

      (1,490 )      (3,046 )      (2,806 )      (5,687 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other (expense)/income, net

      (797 )      (2,963 )      (2,046 )      (5,597 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations before income taxes

      63,583       610       121,074       4,924  

Income tax expense

      14,465       267       28,657       2,396  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from continuing operations

    $ 49,118     $ 343     $ 92,417     $ 2,528  

Discontinued operations:

         

Income/(loss) from discontinued operations

      3,123       950       8,209       (3,343 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss)

    $ 52,241     $ 1,293     $ 100,626     $ (815 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income/(loss) per share:

         

Basic - continuing operations

    $ 0.88     $ 0.01     $ 1.66     $ 0.05  
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic - net income/(loss)

    $ 0.93     $ 0.02     $ 1.81     $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted - continuing operations

    $ 0.87     $ 0.01     $ 1.64     $ 0.05  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted - net income/(loss)

    $ 0.92     $ 0.02     $ 1.78     $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding:

         

Basic

      55,914       54,912       55,691       54,847  

Diluted

      56,531       55,424       56,475       54,847  

 

Page 5 of 8

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     For the Six Months Ended  
     October 31, 2020     October 31, 2019  
     (In thousands)  

Cash flows from operating activities:

     

Income from continuing operations

    $ 92,417     $ 2,528  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation and amortization

      17,129       16,483  

Loss on sale/disposition of assets

      3       15  

Provision for losses on notes and accounts receivable

      29       (219 ) 

Change in fair value of contingent consideration

      —         100  

Stock-based compensation expense

      2,075       2,826  

Changes in operating assets and liabilities:

     

Accounts receivable

      (7,787 )      (5,585 ) 

Inventories

      24,852       (29,260 ) 

Prepaid expenses and other current assets

      (43 )      (2,979 ) 

Income taxes

      (8,267 )      (2,932 ) 

Accounts payable

      28,331       3,486  

Accrued payroll and incentives

      (1,043 )      (9,510 ) 

Accrued profit sharing

      4,613       (1,462 ) 

Accrued expenses and deferred revenue

      (16,212 )      (1,134 ) 

Accrued warranty

      1,055       (436 ) 

Other assets

      2,561       753  

Other non-current liabilities

      (1,625 )      (1,358 ) 
  

 

 

    

 

 

  

Cash provided by/(used in) operating activities - continuing operations

      138,088       (28,684 ) 

Cash used in operating activities - discontinued operations

      (2,225 )      (6,187 ) 
  

 

 

    

 

 

  

Net cash provided by/(used in) operating activities

      135,863       (34,871 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Payments to acquire patents and software

      (350 )      (279 ) 

Payments to acquire property and equipment

      (14,964 )      (8,249 ) 
  

 

 

    

 

 

  

Cash used by investing activities - continuing operations

      (15,314 )      (8,528 ) 

Cash used by investing activities - discontinued operations

      (1,143 )      (840 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (16,457 )      (9,368 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Proceeds from loans and notes payable

      25,000       75,000  

Cash paid for debt issuance costs

      (450 )      —    

Payments on finance lease obligation

      (479 )      (431 ) 

Payments on notes and loans payable

      (185,000 )      (28,150 ) 

Distribution to AOUT

      (25,000 )      —    

Dividend distribution

      (2,795 )      —  

Proceeds from exercise of options to acquire common stock

      2,195       936  

Payment of employee withholding tax related to restricted stock units

      (2,173 )      (550 ) 
  

 

 

    

 

 

  

Cash used in/(provided by) financial activities - continuing operations

      (188,702 )      46,805  

Cash used in financial activities - discontinued operations

      (166 )      —    
  

 

 

    

 

 

  

Net cash (used in)/provided by financing activities

      (188,868 )      46,805  
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (69,462 )      2,566  

Cash and cash equivalents, beginning of period

      125,011       40,853  
  

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $ 55,549     $ 43,419  
  

 

 

    

 

 

  

Supplemental disclosure of cash flow information

     

Cash paid for:

     

Interest

    $ 2,188     $ 5,767  

Income taxes

    $ 40,888     $ 4,184  

 

Page 6 of 8

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share data)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2020     October 31, 2019     October 31, 2020     October 31, 2019  
     $     % of Sales     $     % of Sales     $     % of Sales     $     % of Sales  

GAAP gross profit

    $  101,073       40.6 %    $  32,312       28.4 %    $  193,497       40.4 %    $  67,899       32.5 % 

COVID-19

      10       0.0 %      —         —         896       0.2 %      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross profit

    $ 101,083       40.6 %    $ 32,312       28.4 %    $ 194,393       40.6 %    $ 67,899       32.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP operating expenses

    $ 36,693       14.8 %    $ 28,739       25.3 %    $ 70,377       14.7 %    $ 57,378       27.4 % 

Amortization of acquired intangible assets

      (83 )      0.0 %      (113 )      -0.1 %      (166 )      0.0 %      (222 )      -0.1 % 

Transition costs

      (4,338 )      -1.7 %      (164 )      -0.1 %      (7,933 )      -1.7 %      (164 )      -0.1 % 

COVID-19

      (92 )      0.0 %      —         —         (159 )      0.0 %      —         —    

Spin related stock-based compensation

      (442 )      -0.2 %      —         —         (442 )      -0.1 %      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating expenses

    $ 31,738       12.8 %    $ 28,462       25.0 %    $ 61,677       12.9 %    $ 56,992       27.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP operating income

    $ 64,380       25.9 %    $ 3,573       3.1 %    $ 123,120       25.7 %    $ 10,521       5.0 % 

Amortization of acquired intangible assets

      83       0.0 %      113       0.1 %      166       0.0 %      222       0.1 % 

Transition costs

      4,338       1.7 %      164       0.1 %      7,933       1.7 %      164       0.1 % 

COVID-19

      102       0.0 %      —         —         1,055       0.2 %      —         —    

Spin related stock-based compensation

      442       0.2 %      —         —         442       0.1 %      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating income

    $ 69,345       27.9 %    $ 3,850       3.4 %    $ 132,716       27.7 %    $ 10,907       5.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP income from continuing operations

    $ 49,118       19.7 %    $ 343       0.3 %    $ 92,417       19.3 %    $ 2,528       1.2 % 

Amortization of acquired intangible assets

      83       0.0 %      113       0.1 %      166       0.0 %      222       0.1 % 

Transition costs

      4,338       1.7 %      164       0.1 %      7,933       1.7 %      164       0.1 % 

COVID-19

      102       0.0 %      —         —         1,055       0.2 %      —         —    

Change in contingent consideration

      —         —         (100 )      -0.1 %      —         —         (100 )      0.0 % 

Spin related stock-based compensation

      442       0.0 %      —         —         442       0.0 %      —         —    

Tax effect of non-GAAP adjustments

      (1,241 )      -0.5 %      (48 )      0.0 %      (2,399 )      -0.5 %      (77 )      0.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP income from continuing operations

    $ 52,842       21.2 %    $ 472       0.4 %    $ 99,614       20.8 %    $ 2,737       1.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP income from continuing operations per share - diluted

    $ 0.87       $ 0.01       $ 1.64       $ 0.05    

Amortization of acquired intangible assets

      —           —           —           —      

Transition costs

      0.08         —           0.14         —      

COVID-19

      —           —           0.02         —      

Change in contingent consideration

      —           —           —           —      

Spin related stock-based compensation

      0.01         —           0.01         —      

Tax effect of non-GAAP adjustments

      (0.02 )        —           (0.04 )        —      
  

 

 

      

 

 

      

 

 

      

 

 

    

Non-GAAP income from continuing operations per share - diluted

    $ 0.93       (a)     $ 0.01       $ 1.76       (a)     $ 0.05    
  

 

 

      

 

 

      

 

 

      

 

 

    

 

(a)

Non-GAAP net income per share does not foot due to rounding.     

 

Page 7 of 8

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF OPERATING CASH FLOW FROM CONTINUING OPERATIONS TO FREE CASH FLOW

(In thousands)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2020     October 31, 2019     October 31, 2020     October 31, 2019  

Net cash provided by/(used in) operating activities

    $ 55,265     $ (3,544 )    $ 138,088     $ (28,684 ) 

Net cash used in investing activities

      (8,674 )      (5,326 )      (15,314 )      (8,528 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow

    $ 46,591     $ (8,870 )    $ 121,988     $ (35,514 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDAS

(In thousands)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2020      October 31, 2019     October 31, 2020      October 31, 2019  

GAAP income from continuing operations

    $ 49,118      $ 343     $ 92,417      $ 2,528  

Interest expense

      1,517        3,266       2,879        6,029  

Income tax expense

      14,465        267       28,657        2,396  

Depreciation and amortization

      8,145        8,137       16,282        16,267  

Stock-based compensation expense

      1,191        1,295       2,075        2,820  

Change in contingent consideration

      —          (100 )      —          (100 ) 

COVID-19

      102        —         1,055        —    

Transition costs

      4,338        164       7,933        164  
  

 

 

     

 

 

    

 

 

     

 

 

  

Non-GAAP Adjusted EBITDAS

    $ 78,876      $ 13,372     $ 151,298      $ 30,104  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

Page 8 of 8

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Document and Entity Information
Dec. 03, 2020
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001092796
Document Type 8-K
Document Period End Date Dec. 03, 2020
Entity Registrant Name Smith & Wesson Brands, Inc.
Entity Incorporation State Country Code NV
Entity File Number 001-31552
Entity Tax Identification Number 87-0543688
Entity Address, Address Line One 2100 Roosevelt Avenue
Entity Address, City or Town Springfield
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01104
City Area Code (800)
Local Phone Number 331-0852
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, Par Value $0.001 per Share
Trading Symbol SWBI
Security Exchange Name NASDAQ
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