Attached files
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| 8-K - FORM 8-K - SMITH & WESSON BRANDS, INC. | d238838d8k.htm |
Exhibit 99.1
Contact: Liz Sharp, VP Investor Relations
Smith & Wesson Holding Corp.
(413) 747-6284
lsharp@smith-wesson.com
Smith & Wesson Holding Corporation Reports
First Quarter Fiscal 2017 Financial Results
- Net Sales of $207.0 Million for First Quarter, up 40.1% Year-Over-Year
- First Quarter GAAP Net Income Per Diluted Share of $0.57
- First Quarter Non-GAAP Net Income Per Diluted Share of $0.62
- Company Increases Full Year Fiscal 2017 Financial Guidance
SPRINGFIELD, Mass., September 1, 2016 — Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC), a leader in firearm manufacturing and design, today announced financial results for the fiscal first quarter 2017, ended July 31, 2016.
First Quarter Fiscal 2017 Financial Highlights
| • | Quarterly net sales were $207.0 million compared with $147.8 million for the first quarter last year, an increase of 40.1%. |
| • | Gross margin for the quarter was 42.3% compared with 39.8% for the first quarter last year. |
| • | Quarterly GAAP net income was $32.6 million, or $0.57 per diluted share, as compared with $14.4 million, or $0.26 per diluted share, for the comparable quarter last year. |
| • | Quarterly non-GAAP net income was $35.1 million, or $0.62 per diluted share compared with $17.7 million, or $0.32 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments in net income exclude amortization for acquisitions as well as one-time, acquisition-related transaction costs. For a detailed reconciliation, see the schedules that follow in this release. |
| • | Quarterly non-GAAP Adjusted EBITDAS was $65.8 million, or 31.8% of net sales. |
James Debney, Smith & Wesson Holding Corporation President and Chief Executive Officer, said, “We are very pleased with our first quarter results, which exceeded our financial guidance. We believe that higher revenue was driven by strong consumer demand as reflected in adjusted background checks from the National Instant Criminal Background Check System (NICS) as well as our own market share gains. During the quarter, we announced the acquisition of Taylor Brands and Crimson Trace, two accretive acquisitions, making strong in-roads on our strategy to become a leader in the market for shooting, hunting, and rugged outdoor enthusiasts. These acquisitions, which further expand our presence in the markets for outdoor products and accessories, were completed early in the second quarter. Based upon that timing, as well as our performance for the first quarter and our revised outlook for the remainder of fiscal 2017, we are raising our full year revenue and net income guidance.”
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Crimson Trace Corporation Acquisition
| • | The industry leader in laser sighting systems and tactical lighting for firearms |
| • | Trailing twelve months revenue of approximately $44.7 million (including $10.8 million sales to Smith & Wesson) |
| • | Key supplier to Smith & Wesson |
| • | Organic 10-year compound annual revenue growth rate of over 10% |
| • | Will form the foundation for Smith & Wesson’s new Electro-Optics Division |
| • | $95.0 million purchase price, utilizing cash on hand |
| • | http://ir.smith-wesson.com/phoenix.zhtml?c=90977&p=irol-newsArticle&ID=2188000 |
Taylor Brands, LLC Acquisition
| • | Industry leading provider of high quality knives and specialty tools |
| • | Trailing twelve months revenue of approximately $41.0 million |
| • | Organic 5-year compound annual revenue growth rate of over 12% |
| • | Long-standing licensee of Smith & Wesson |
| • | Other owned brands: Schrade, Uncle Henry, Old Timer, and Imperial |
| • | Tuck-in to accessories division; expands presence in hunting and rugged outdoor market |
| • | $85.0 million purchase price, utilizing cash on hand |
| • | http://ir.smith-wesson.com/phoenix.zhtml?c=90977&p=irol-newsArticle&ID=2186082 |
Jeffrey D. Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative Officer, said, “In line with our expanding presence in the market for rugged outdoors products, we have made the decision to position our accessories division and our new electro-optics division under a segment named Outdoor Products & Accessories, in order to better reflect the large and growing addressable market for those offerings. As a result, effective with the fiscal first quarter, we are now reporting results in the following two segments: Firearms and Outdoor Products & Accessories.”
Buchanan continued, “Strong gross margins in the quarter were driven by several factors, including increased production volumes in the firearms segment. Operating cash flow was positive at $38.1 million despite our seasonal inventory build as we prepare for the upcoming fall hunting and holiday shopping seasons. As a result, cash during the quarter increased to $215.0 million, providing liquidity to fund the $180.0 million in strategic acquisitions that we closed early in the second quarter. We ended the first quarter with total debt of $173.7 million and no borrowings on our $175.0 million revolving line of credit, thus affording us ample liquidity for any future acquisitions we may consider.”
Financial Outlook
SMITH & WESSON HOLDING CORPORATION
NET SALES AND EARNINGS PER SHARE GUIDANCE, INCLUDING GAAP TO NON-GAAP RECONCILIATION (Unaudited)
| Range for the Three Months Ending October 31, 2016 |
Range for the Year Ending April 30, 2017 |
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| Net sales (in thousands) |
$ | 220,000 | $ | 230,000 | $ | 900,000 | $ | 920,000 | ||||||||
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| GAAP income per share - diluted |
$ | 0.44 | $ | 0.48 | $ | 2.09 | $ | 2.19 | ||||||||
| Acquisition costs |
0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
| Amortization of acquired intangible assets |
0.08 | 0.08 | 0.33 | 0.33 | ||||||||||||
| Fair value inventory step-up and backlog expense |
0.03 | 0.03 | 0.07 | 0.07 | ||||||||||||
| Tax effect of non-GAAP adjustments |
(0.03 | ) | (0.03 | ) | (0.14 | ) | (0.14 | ) | ||||||||
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| Non-GAAP income per share - diluted |
$ | 0.53 | $ | 0.57 | $ | 2.38 | $ | 2.48 | ||||||||
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Conference Call and Webcast
The company will host a conference call and webcast today, September 1, 2016, to discuss its first quarter fiscal 2017 financial and operational results. Speakers on the conference call will include James Debney, President and Chief Executive Officer, and Jeffrey D. Buchanan, Executive Vice President, Chief Financial Officer, and Chief Administrative 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 code 59745084. No RSVP is necessary. The conference call audio webcast can also be accessed live and for replay on the company’s website at www.smith-wesson.com, under the Investor Relations section. The company will maintain an audio replay of this conference call on its website for a period of time after the call. No other audio replay will be available.
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) TCA accessories transition costs, (iii) discontinued operations, (iv) DOJ and SEC costs including insurance recovery costs, (v) acquisition-related costs, (vi) bond premium paid, (vii) debt extinguishment costs, (viii) the tax effect of non-GAAP adjustments, (ix) net cash provided by operating activities, (x) net cash used in investing activities, (xi) receipts from note receivable, (xii) interest expense (xiii) income tax expense, (xiv) depreciation and amortization, and (xv) stock-based compensation expense; 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
Smith & Wesson Holding Corporation (NASDAQ Global Select: SWHC) is a provider of quality products for shooting, hunting, and rugged outdoor enthusiasts in the global consumer and professional markets. The company reports two segments: Firearms and Outdoor Products & Accessories. Firearms manufactures handgun and long gun products sold under the Smith & Wesson®, M&P®, and Thompson/Center Arms™ brands as well as providing forging, machining, and precision plastic injection molding services. Outdoor Products & Accessories provides shooting, hunting, and outdoor accessories, including reloading, gunsmithing, and gun cleaning supplies, tree saws, vault accessories, knives, laser sighting systems, and tactical lighting products. Brands in Outdoor Products & Accessories include Smith & Wesson®, M&P®, Thompson/Center Arms™, Crimson Trace, Caldwell® Shooting Supplies, Wheeler® Engineering, Tipton® Gun Cleaning Supplies, Frankford Arsenal® Reloading Tools, Lockdown® Vault Accessories, Hooyman® Premium Tree Saws, BOG POD®, and Golden Rod® Moisture Control as well as knives and specialty tools under Schrade, Old Timer, Uncle Henry, and Imperial. For more information on Smith & Wesson, call (800) 331-0852 or log on to www.smith-wesson.com.
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 our belief that higher revenue was driven by strong consumer demand as
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reflected in adjusted background checks from the NICS system as well as our own market share gains; our belief that the Taylor Brands and Crimson Trace acquisitions are accretive, making strong in-roads on our strategy to become a leader in the market for shooting, hunting, and rugged outdoor enthusiasts; our expanding presence in the markets for outdoor products and accessories; and our expectations for net sales, GAAP income per diluted share, acquisition costs, amortization of acquired intangible assets, fair value inventory step-up and backlog expense, tax effect of non-GAAP adjustments, and non-GAAP income per diluted share for the second quarter of fiscal 2017 and for fiscal 2017. We caution that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the demand for our products; the costs and ultimate conclusion of certain legal matters; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; the potential for increased regulation of firearms and firearm-related products; speculation surrounding fears of terrorism and crime; our growth opportunities; our anticipated growth; our ability to increase demand for our products in various markets, including consumer, law enforcement, and military channels, domestically and internationally; the position of our hunting products in the consumer discretionary marketplace and distribution channel; our penetration rates in new and existing markets; our strategies; our ability to introduce new products; the success of new products; our ability to expand our markets; our ability to integrate acquired businesses in a successful manner; the general growth of our outdoor products and accessories business; 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, 2016.
SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| For the Three Months Ended | ||||||||
| July 31, 2016 | July 31, 2015 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales |
$ | 206,951 | $ | 147,763 | ||||
| Cost of sales |
119,382 | 88,893 | ||||||
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| Gross profit |
87,569 | 58,870 | ||||||
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| Operating expenses: |
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| Research and development |
2,152 | 2,396 | ||||||
| Selling and marketing |
9,195 | 9,219 | ||||||
| General and administrative |
23,698 | 17,438 | ||||||
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| Total operating expenses |
35,045 | 29,053 | ||||||
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| Operating income |
52,524 | 29,817 | ||||||
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| Other (expense)/income: |
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| Other (expense)/income, net |
— | (6 | ) | |||||
| Interest (expense)/income |
(2,012 | ) | (7,200 | ) | ||||
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| Total other (expense)/income, net |
(2,012 | ) | (7,206 | ) | ||||
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| Income from operations before income taxes |
50,512 | 22,611 | ||||||
| Income tax expense |
17,896 | 8,199 | ||||||
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| Net income |
32,616 | 14,412 | ||||||
| Net income per share: |
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| Basic |
$ | 0.58 | $ | 0.27 | ||||
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| Diluted |
$ | 0.57 | $ | 0.26 | ||||
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| Weighted average number of common shares outstanding: |
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| Basic |
56,049 | 54,218 | ||||||
| Diluted |
56,883 | 55,477 | ||||||
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SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| As of | ||||||||
| July 31, 2016 | April 30, 2016 | |||||||
| (In thousands, except par value and share data) | ||||||||
| ASSETS | ||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 215,012 | $ | 191,279 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $606 on July 31, 2016 and $680 on April 30, 2016 |
55,711 | 57,792 | ||||||
| Inventories |
87,649 | 77,789 | ||||||
| Prepaid expenses and other current assets |
6,119 | 4,307 | ||||||
| Income tax receivable |
1,298 | 2,064 | ||||||
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| Total current assets |
365,789 | 333,231 | ||||||
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| Property, plant, and equipment, net |
145,254 | 135,405 | ||||||
| Intangibles, net |
60,346 | 62,924 | ||||||
| Goodwill |
76,357 | 76,357 | ||||||
| Other assets |
6,937 | 11,586 | ||||||
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| $ | 654,683 | $ | 619,503 | |||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Accounts payable |
$ | 46,753 | $ | 45,513 | ||||
| Accrued expenses |
30,252 | 28,447 | ||||||
| Accrued payroll and incentives |
9,180 | 18,784 | ||||||
| Accrued income taxes |
12,995 | 5,960 | ||||||
| Accrued profit sharing |
15,018 | 11,459 | ||||||
| Accrued warranty |
5,968 | 6,129 | ||||||
| Current portion of notes payable |
6,300 | 6,300 | ||||||
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| Total current liabilities |
126,466 | 122,592 | ||||||
| Deferred income taxes |
12,010 | 12,161 | ||||||
| Notes payable, net of current portion |
165,205 | 166,564 | ||||||
| Other non-current liabilities |
10,641 | 10,370 | ||||||
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| Total liabilities |
314,322 | 311,687 | ||||||
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| Commitments and contingencies |
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| Stockholders’ equity: |
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| 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, 71,714,635 shares issued and 56,152,013 shares outstanding on July 31, 2016 and 71,558,633 shares issued and 55,996,011 shares outstanding on April 30, 2016 |
72 | 72 | ||||||
| Additional paid-in capital |
239,691 | 239,505 | ||||||
| Retained earnings |
273,926 | 241,310 | ||||||
| Accumulated other comprehensive loss |
(1,005 | ) | (748 | ) | ||||
| Treasury stock, at cost (15,562,622 shares on July 31, 2016 and April 30, 2016) |
(172,323 | ) | (172,323 | ) | ||||
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| Total stockholders’ equity |
340,361 | 307,816 | ||||||
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| $ | 654,683 | $ | 619,503 | |||||
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SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Three Months Ended | ||||||||
| July 31, 2016 | July 31, 2015 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: |
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| Net income |
$ | 32,616 | $ | 14,412 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
10,320 | 11,030 | ||||||
| Loss on sale/disposition of assets |
14 | 63 | ||||||
| Provision for losses on notes and accounts receivable |
37 | 15 | ||||||
| Stock-based compensation expense |
1,792 | 1,545 | ||||||
| Changes in operating assets and liabilities: |
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| Accounts receivable |
2,044 | 3,730 | ||||||
| Inventories |
(9,860 | ) | (13,191 | ) | ||||
| Prepaid expenses and other current assets |
(1,913 | ) | (3,509 | ) | ||||
| Income taxes |
7,801 | 669 | ||||||
| Accounts payable |
(240 | ) | 2,592 | |||||
| Accrued payroll and incentives |
(9,604 | ) | 1,810 | |||||
| Accrued profit sharing |
3,559 | 1,747 | ||||||
| Accrued expenses |
1,805 | (4,820 | ) | |||||
| Accrued warranty |
(161 | ) | (246 | ) | ||||
| Other assets |
(145 | ) | 698 | |||||
| Other non-current liabilities |
12 | 80 | ||||||
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| Net cash provided by operating activities |
38,077 | 16,625 | ||||||
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| Cash flows from investing activities: |
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| Refunds on machinery and equipment |
4,773 | 835 | ||||||
| Receipts from note receivable |
21 | 21 | ||||||
| Payments to acquire patents and software |
(133 | ) | (66 | ) | ||||
| Payments to acquire property and equipment |
(15,776 | ) | (7,940 | ) | ||||
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| Net cash used in investing activities |
(11,115 | ) | (7,150 | ) | ||||
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| Cash flows from financing activities: |
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| Proceeds from loans and notes payable |
— | 105,000 | ||||||
| Cash paid for debt issuance costs |
— | (918 | ) | |||||
| Payments on capital lease obligation |
(149 | ) | (149 | ) | ||||
| Payments on notes payable |
(1,575 | ) | (100,000 | ) | ||||
| Proceeds from Economic Development Incentive Program |
101 | — | ||||||
| Proceeds from exercise of options to acquire common stock |
— | 634 | ||||||
| Payment of employee withholding tax related to restricted stock units |
(4,139 | ) | (1,661 | ) | ||||
| Excess tax benefit of stock-based compensation |
2,533 | 814 | ||||||
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| Net cash (used in)/provided by financing activities |
(3,229 | ) | 3,720 | |||||
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| Net increase in cash and cash equivalents |
23,733 | 13,195 | ||||||
| Cash and cash equivalents, beginning of period |
191,279 | 42,222 | ||||||
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| Cash and cash equivalents, end of period |
$ | 215,012 | $ | 55,417 | ||||
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| Supplemental disclosure of cash flow information |
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| Cash paid for: |
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| Interest |
$ | 2,755 | $ | 8,253 | ||||
| Income taxes |
7,685 | 6,816 | ||||||
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RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share data)
(Unaudited)
| For the Three Months Ended | ||||||||||||||||
| July 31, 2016 | July 31, 2015 | |||||||||||||||
| $ | % of Sales | $ | % of Sales | |||||||||||||
| GAAP gross profit |
$ | 87,569 | 42.3 | % | $ | 58,870 | 39.8 | % | ||||||||
| Discontinued operations |
— | — | 52 | 0.1 | % | |||||||||||
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| Non-GAAP gross profit |
$ | 87,569 | 42.3 | % | $ | 58,922 | 39.9 | % | ||||||||
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| GAAP operating expenses |
$ | 35,045 | 16.9 | % | $ | 29,053 | 19.7 | % | ||||||||
| Amortization of acquired intangible assets |
(2,544 | ) | -1.2 | % | (2,073 | ) | -1.4 | % | ||||||||
| TCA accessories transition costs |
— | — | (82 | ) | -0.1 | % | ||||||||||
| Discontinued operations |
(21 | ) | 0.0 | % | (20 | ) | 0.0 | % | ||||||||
| DOJ/SEC costs including insurance recovery costs |
— | — | 1,772 | 1.2 | % | |||||||||||
| Acquisition-related costs |
(1,333 | ) | -0.6 | % | — | 0.0 | % | |||||||||
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| Non-GAAP operating expenses |
$ | 31,147 | 15.1 | % | $ | 28,650 | 19.4 | % | ||||||||
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| GAAP operating income |
$ | 52,524 | 25.4 | % | $ | 29,817 | 20.2 | % | ||||||||
| Amortization of acquired intangible assets |
2,544 | 1.2 | % | 2,073 | 1.4 | % | ||||||||||
| TCA accessories transition costs |
— | — | 82 | 0.1 | % | |||||||||||
| Discontinued operations |
21 | 0.0 | % | 72 | 0.0 | % | ||||||||||
| DOJ/SEC costs including insurance recovery costs |
— | — | (1,772 | ) | -1.2 | % | ||||||||||
| Acquisition-related costs |
1,333 | 0.6 | % | — | — | |||||||||||
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| Non-GAAP operating income |
$ | 56,422 | 27.3 | % | $ | 30,272 | 20.5 | % | ||||||||
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| GAAP net income |
$ | 32,616 | 15.8 | % | $ | 14,412 | 9.8 | % | ||||||||
| Bond premium paid |
— | — | 2,938 | 2.0 | % | |||||||||||
| Amortization of acquired intangible assets |
2,544 | 1.2 | % | 2,073 | 1.4 | % | ||||||||||
| Debt extinguishment costs |
— | — | 1,723 | 1.2 | % | |||||||||||
| TCA accessories transition costs |
— | — | 82 | 0.1 | % | |||||||||||
| Discontinued operations |
21 | 0.0 | % | 72 | 0.0 | % | ||||||||||
| DOJ/SEC costs including insurance recovery costs |
— | — | (1,772 | ) | -1.2 | % | ||||||||||
| Acquisition-related costs |
1,333 | 0.6 | % | — | — | |||||||||||
| Tax effect of non-GAAP adjustments |
(1,380 | ) | -0.7 | % | (1,857 | ) | -1.3 | % | ||||||||
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| Non-GAAP net income |
$ | 35,134 | 17.0 | % | $ | 17,671 | 12.0 | % | ||||||||
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| GAAP net income per share - diluted |
$ | 0.57 | $ | 0.26 | ||||||||||||
| Bond premium paid |
— | 0.05 | ||||||||||||||
| Amortization of acquired intangible assets |
0.04 | 0.04 | ||||||||||||||
| Debt extinguishment costs |
— | 0.03 | ||||||||||||||
| TCA accessories transition costs |
— | 0.00 | ||||||||||||||
| Discontinued operations |
0.00 | 0.00 | ||||||||||||||
| DOJ/SEC costs including insurance recovery costs |
— | (0.03 | ) | |||||||||||||
| Acquisition-related costs |
0.02 | — | ||||||||||||||
| Tax effect of non-GAAP adjustments |
(0.02 | ) | (0.03 | ) | ||||||||||||
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| Non-GAAP net income per share - diluted |
$ | 0.62 | (a) | $ | 0.32 | |||||||||||
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| (a) | Non-GAAP net income per share does not foot due to rounding. |
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SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET OPERATING CASH FLOW TO FREE CASH FLOW
(In thousands)
(Unaudited)
| For the Three Months Ended | ||||||||
| July 31, 2016 | July 31, 2015 | |||||||
| Net cash provided by operating activities |
$ | 38,077 | $ | 16,625 | ||||
| Net cash used in investing activities |
(11,115 | ) | (7,150 | ) | ||||
| Receipts from note receivable |
(21 | ) | (21 | ) | ||||
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| Free cash flow |
$ | 26,941 | $ | 9,454 | ||||
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SMITH & WESSON HOLDING CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)
| For the Three Months Ended | ||||||||
| July 31, 2016 | July 31, 2015 | |||||||
| GAAP net income |
$ | 32,616 | $ | 14,412 | ||||
| Interest expense |
2,054 | 7,200 | ||||||
| Income tax expense |
17,897 | 8,199 | ||||||
| Depreciation and amortization |
10,104 | 8,999 | ||||||
| Stock-based compensation expense |
1,792 | 1,545 | ||||||
| Acquisition-related costs |
1,333 | — | ||||||
| Discontinued operations |
21 | 72 | ||||||
| TCA accessories transition costs |
— | 82 | ||||||
| DOJ/SEC costs, including insurance recovery costs |
— | (1,642 | ) | |||||
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| Non-GAAP Adjusted EBITDAS |
$ | 65,817 | $ | 38,867 | ||||
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