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8-K - CURRENT REPORT - LAKELAND INDUSTRIES INC | lake_8k.htm |
202 Pride Lane SW
Decatur, AL 35603
(256) 350-3873 - www.lakeland.com
|
Lakeland Industries,
Inc. Reports Fiscal 2021 Second Quarter Financial
Results
Second Quarter Records Set for Revenues, Operating Income, and Free
Cash Flow
Driven by COVID-19 Demand and New Industrial
Customers;
Gross Margins of 49.5% at Highest Level in Company
History;
Improved Profitability Measures and Operating
Efficiencies/Leverage Deliver 269% Increase in Operating
Income;
Visibility Raised for Sustained Improvements
Post-COVID-19;
Second Quarter Ends with Cash of $34.9 Million Up 49% from End of
First Quarter
DECATUR,
AL – September 9, 2020 -- Lakeland Industries, Inc. (NASDAQ:
LAKE) (the “Company” or “Lakeland”), a
leading global manufacturer of protective clothing for industry,
healthcare and to first responders on the federal, state and local
levels, today announced financial results for its fiscal 2021
second quarter ended July 31, 2020.
Fiscal 2021 Second Quarter Financial Results
Highlights
●
Net sales for 2Q21
of $35.0 million, up 27.5% as compared with 2Q20 of $27.5
million
●
Gross profit for
2Q21 of $17.3 million, compared with 2Q20 of $10.4
million
●
Gross margin as a
percentage of net sales in 2Q21 was 49.5%, compared to 37.9% in
2Q20
●
Operating expenses
of $7.6 million in 2Q21, down from $7.8 million in
2Q20
●
Operating profit of
$9.7 million in 2Q21, up from $2.6 million in 2Q20
●
Net income of $9.3
million or $1.17 per basic common share in 2Q21, up from $1.4
million or $0.17 per basic common share in 2Q20
●
Adjusted earnings
before interest, taxes, depreciation and amortization (EBITDA)* of
$10.5 million, compared with $2.6 million in 2Q20
●
Capital
expenditures for 2Q21 of $0.5 million, up from $0.4 million in
2Q20
●
Cash of $34.9
million at 7/31/20, up 49% from 4/30/20 and 139% from
1/31/20
●
Debt paid off as of
7/31/20, down from $1.2 million at beginning of fiscal
year
●
Stockholders’
equity of $103.4 million at 7/31/20, up $18.3 million from $85.1
million at 1/31/20
●
No shares acquired
in 2Q21 as part of $2.5 million stock repurchase program approved
on 7/19/16
*
EBITDA is a non-GAAP financial measure. Reconciliation is provided
in the tables of this press release.
Management’s Comments
Charles
D. Roberson, President and Chief Executive Officer of Lakeland
Industries, stated, “Our Company has just set a new standard
of excellence for PPE manufacturers anywhere in the world.
Following our fiscal 2021 first quarter that was extraordinary with
record setting financial results, we just exceeded that as measured
by key performance measures. Against a backdrop of very challenging
times, I am very proud of the efforts and achievements of our
global team. We are delivering for our existing and new customers
alike, our shareholders, and, perhaps most importantly, for the
health and safety of people around the world as we all contend with
the continued COVID-19 pandemic.
“For
the third consecutive quarter, we experienced increased demand for
our products relating to COVID-19. We estimate 35% of our fiscal
2021 second quarter sales were related to COVID-19 demand. Because
of our unique business structure, owning our manufacturing in
diverse geographic locations and having long-term relationships
with multiple raw material suppliers, we have avoided raw materials
shortages experienced by many of our competitors. As a result,
virtually all of these orders were booked, manufactured and
delivered within the quarter.
“Similar
to the first quarter, we continued to operate our factories that
make disposable and chemical products at near maximum capacity, a
running schedule of 6-days a week; 12 hours per day through out the
second quarter. As a result, we were able to deliver products when
our competitors – many of whom use third party contractors --
could not. This led to the establishment of 55 new customer
relationships for traditional industrial products, with several
placing container-sized orders for significant business that we
believe may be retained, in whole or in part, going
forward.
“Not
all of the impact of COVID-19 on Lakeland is positive. Automotive
manufacturing plants were closed for a significant portion of the
second quarter and this negatively impacted our sales for a few of
our product lines. The oil/gas industry has been materially
weakened given the price of oil and reduced travel, so spending
within this vertical market has been reduced. Based on our channel
checks, municipalities lack requisite funding for additional
protective garments such as turnout gear, so the California
wildfires do not appear to have contributed to our sales in the
second quarter and the utility sector is working smaller crews
resulting in a reduction or postponement of purchasing new
protective clothing.
“We
have not yet resumed production of a number of disposable and
chemical SKUs or product variations that had been curtailed or
eliminated in the first quarter but anticipate that we will begin
to slowly add additional SKUs in the coming quarters. The
reintroduction of these products to our manufacturing schedule will
be metered and managed so that we emerge from COVID-19 with a
rationalized product offering that preserves the majority of the
manufacturing efficiencies we have realized, and the resultant
impact on margins. This rationalization means we expect to offer
far fewer products than we have previously offered. This
streamlining has led to reduced customer lead-times, more
efficient, higher volume manufacturing, and stronger gross margins.
Gross margin as a percentage of net sales in the second quarter set
a record for any quarter at 49.5%, which compares to 37.9% in the
same quarter last year and 48.6% in the first quarter of this
fiscal year.
“While
gross margins in the second quarter benefited from COVID-19
manufacturing, we believe a significant amount of the increase from
the prior year period will continue given the process enhancements
and other programs implemented to strengthen our profitability.
Overall, we view this in the context of the sustainability of our
financial performance exclusive of COVID-19 contributions. Aiding
our initiatives to permanently strengthen our gross margins is the
enhanced focus on new, high growth rate, high margin, market
verticals, specifically Critical Environment and the Utilities
markets. Both of these markets have significant barriers to entry
in terms of product testing/verification and the technical
knowledge required to service the customers.
“Cash
generation and cash management continue to be a priority within our
overall mission for continuous improvement in all facets of the
company’s operations. We paid off our remaining debt in the
second quarter and earlier this year we entered into a new, lower
cost banking facility to ensure we have ample available capital to
support the investments that will be required to support our long
term growth initiatives. At this time, we see future organic
growth, market share attainment initiatives, and any requisite
expansion funded by our cash on hand and internally generated cash
flow. Cash at the end of the second quarter grew by 139% since the
beginning of the fiscal year even after eliminating our debt and
funding our capital expenditure program.
“We
plan to spend $2.0 million this year on investments in our
technology platform and manufacturing capacity increases.
Investments in technology solutions which commenced a few years ago
are delivering results with improvements in operating and factory
floor efficiencies and greater visibility into customer
requirements. Capacity increases this year will focus on
near-shoring certain manufacturing assets to bring capacity closer
to where it is needed, and increasing production for our faster
growing, higher margin products. We also will be accelerating our
build out in India, where sales and production output were
increased in part due to the COVID-19 outbreak.
“To
put our capital expenditures into context, our investments for 2019
and 2020 combined were $4.1 million and during that period we had
average quarterly revenue of nearly $26.0 million. With our
improved operating capabilities and modifications in our planning
amid heightened COVID-19 related demand, we were able to deliver an
increase in average quarterly revenue through the first half of
this year of $40.5 million for a nearly 56% improvement in
quarterly sales over the last two fiscal years. On the basis of
operating income, the average quarterly operating profit was
approximately $1.2 million during the preceeding two year period as
compared with the average quarterly operating profit through the
first half of this year of approximately $11.1 million for an
increase of nearly 367%. This demonstrates impressive scalability
and operating leverage for a global manufacturing
company.
“Based
on the progress we have made in many facets of our business, we
have been ensuring that certain of these improvements are
sustainable such that the relevant incremental growth remains well
after COVID-19 demand subsides. To this end, we are leveraging our
technology investments in centralized operating systems and
data-centric planning processes for improved outcomes and
efficiencies, and we are making the appropriate investments to
bolster the resiliency of our manufacturing operations, including
modification to our SKU portfolio to provide ample variations of
products for our customers that maximizes our production
efficiencies. Another area of achievement has been in the
management of our operating expenses. Operating expenses for the
second quarter were lower than the year ago period even though our
revenues increased 28%, again demonstrating the scalability and
leverage we have built into our operating model.
“At this time, we see COVID-19
impacting the PPE industry until the middle of calendar 2021 which
is expected to include a spending tail for global stockpiling in
the first half of the year. We are a beneficiary of this crisis,
but we also are making great strides to ensure that we emerge far
stronger when it is over. We intend for Lakeland Industries to
continue to be a player of increasing global prominence during this
period and long thereafter.”
Fiscal 2021 Second Quarter Financial Results
Net
sales were $35.0 million for the three months ended July 31, 2020,
as compared to $27.5 million for the three months ended July 31,
2019.
On a
consolidated basis for the second quarter of fiscal 2021, domestic
sales were $14.5 million or 41% of total revenues and international
sales were $20.6 million or 59% of total revenues. This compares
with domestic sales of $14.4 million or 53% of the total and
international sales of $13.0 million or 47% of the total in the
same period of fiscal 2020.
The
Company experienced significant growth in disposable and chemical
garments primarily relating to COVID-19 demand and as a result of
cultivating new industrial customers who could not procure these
products from incumbent manufacturers or their subcontractors.
Disposable and chemical garment sales increased year-over-year in
all of the Company’s geographic markets. Foreign exchange
currency translations negatively impacted sales in the UK/Europe,
Canada, and China as reported on a consolidated basis in US dollars
by approximately $0.3 million or 0.8% in the fiscal 2021 second
quarter.
Gross
profit of $17.3 million for fiscal 2021 second quarter increased
from $10.4 million for the same period of the prior year. Gross
profit as a percentage of net sales was 49.5% for the fiscal 2021
second quarter, an increase of nearly 12 percentage points from
37.9% a year ago. Gross margin in dollars also benefited from
higher volumes and overall improved factory utilization. The higher
gross margin as a percentage of sales reflects the contribution of
select price increases, manufacturing efficiencies stemming from
increased production hours and reduced product variations to
isolate higher production runs on fewer garment lines, and an
increase of new industrial customers generating larger
container-sized shipments.
Operating
expenses decreased 2.2% to $7.6 million for the three months ended
July 31, 2020 from $7.8 million for the three months ended July 31,
2019. Operating expenses as a percentage of net sales was 21.7% for
the three months ended July 31, 2020, compared to 28.3% for the
same period of the prior year. The key factors for the lower
operating expenses were the increases in shipping and sales
commissions/compensation on higher revenues which were more than
offset by operational efficiencies, ongoing expense management,
reduced severance expense, and reduced travel, advertising and
marketing due to COVID-19.
Lakeland
reported operating profit of $9.7 million for the three months
ended July 30, 2020, as compared to $12.4 million for the quarter
ended April 30, 2020 and $2.6 million for the quarter ended July
31, 2019. Operating margins were 27.8% for the three months ended
July 31, 2020, up from 27.1% for the three months ended April 30,
2020 and 9.6% for the second quarter of the prior fiscal
year.
Income
tax expense consists of federal, state and foreign income taxes.
Income tax expense was $0.4 million for the three months ended July
31, 2020, compared to $1.2 million for the three months ended July
31, 2019. The Company’s approximate NOL balance for federal
was $8.6 million and for state was $26.2 million at July 31,
2020.
The
Company reported net income of $9.3 million or $1.17 per basic and
$1.16 per diluted share for the three months ended July 31, 2020,
compared with $1.4 million or $0.17 per basic and diluted share in
the prior year period and $8.6 million or $1.08 per basic and $1.07
per diluted share for the three months ended April 30, 2020. The
improved results for three months ended July 31, 2020 as compared
to the prior year period reflects higher sales, elevated gross
margin, expense management and enhanced operating efficiencies due
in part to the ERP system and factory utilization. As compared to
the first quarter of fiscal 2021, the higher net income resulted
from incremental margin enhancement opportunities and greater
operational efficiencies.
As of
July 31, 2020, Lakeland had cash and cash equivalents of
approximately $34.9 million, as compared to $23.5 million at April
30, 2020 and $14.6 million at January 31, 2020. The elevated cash
balances is a result of increased profitability and inventory
reduction driven by the demand related to the COVID-19 response and
additional revenue growth associated with the cultivation of new
traditional industrial customers. Accounts receivable at July 31,
2020 of $20.2 million was down from $25.1 million at April 30, 2020
due to improved collections but up from $17.7 million at January
31, 2020 due to the increased level of sales. Days sales
outstanding was approximately 53 at July 31, 2020. Accounts payable
and accrued liabilities at July 31, 2020 was $16.2 million, up from
$11.9 million at April 30, 2020 and $10.9 million at January 31,
2020.
Working
capital at July 31, 2020 was $86.6 million, an increase from $77.9
million at April 30, 2020 and $66.9 million at January 31, 2020.
The Company’s $12.5 million revolving credit facility had no
borrowings as of July 31, 2020. During the second quarter, Lakeland
repaid both the short term borrowings of $0.1 million and the term
loan of $1.2 million that were outstanding at April 30,
2020.
The
Company incurred capital expenditures of approximately $0.5 million
during the second quarter of fiscal 2021, up from $0.4 million from
the prior year period. Capital expenditures were $0.7 million in
the first half of fiscal 2021, up from $0.6 million in the prior
year period. Fiscal 2021 capital expenditures are expected to be
approximately $2 million, as compared with $1.0 million for all of
fiscal 2020. A portion of the fiscal 2021 spending is allocated
toward the phased global rollout of the ERP system, but the
majority will be targeted to capacity expansion and manufacturing
efficiencies.
During
the three-month period ended July 31, 2020, no shares were
purchased as part of the Company’s $2.5 million stock buyback
program approved on July 19, 2016. To date, $1.7 million has been
spent to repurchase 152,801 shares, with $800,000 remaining
available under the buyback program.
Financial Results Conference Call
Lakeland
will host a conference call at 4:30 pm eastern time today to
discuss the Company’s fiscal 2021 second quarter financial
results. The conference call will be hosted by Charles D. Roberson,
President and CEO, and Allen E. Dillard, Chief Financial Officer.
Investors can listen to the call by dialing
844-369-8770 (Domestic)
or 862-298-0840 (International). For a replay of this call through
September 16, 2020, dial 877-481-4010, Pass Code
36926.
About Lakeland Industries, Inc.:
We
manufacture and sell a comprehensive line of industrial protective
clothing and accessories for the industrial and public protective
clothing market. Our products are sold globally by our in-house
sales teams, our customer service group, and authorized independent
sales representatives to a network of over 1,600 global safety and
industrial supply distributors. Our authorized distributors supply
end users, such as integrated oil, chemical/petrochemical,
automobile, steel, glass, construction, smelting, cleanroom,
janitorial, pharmaceutical, and high technology electronics
manufacturers, as well as scientific, medical laboratories and the
utilities industry. In addition, we supply federal, state and local
governmental agencies and departments, such as fire and law
enforcement, airport crash rescue units, the Department of Defense,
the Department of Homeland Security and the Centers for Disease
Control. Internationally, we sell to a mixture of end users
directly, and to industrial distributors depending on the
particular country and market. Sales are made to more than 50
countries, the majority of which were into the United States,
China, the European Economic Community ("EEC"), Canada, Chile,
Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India,
Uruguay and Southeast Asia.
For
more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
Contacts:
Lakeland
Industries, Inc.
|
Darrow
Associates
|
256-445-4000
|
512-551-9296
|
Allen
Dillard
|
Jordan
Darrow
|
aedillard@lakeland.com
|
jdarrow@darrowir.com
|
“Safe
Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland’s expectations of sources or uses for
capital or which express the Company’s expectation for the
future with respect to financial performance or operating
strategies can be identified as forward-looking statements. As a
result, there can be no assurance that Lakeland’s future
results will not be materially different from those described
herein as “believed,” “projected,”
“planned,” “intended,”
“anticipated,” “estimated” or
“expected,” or other words which reflect the current
view of the Company with respect to future events. We caution
readers that these forward-looking statements speak only as of the
date hereof. The Company hereby expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company’s
expectations or any change in events conditions or circumstances on
which such statement is based.
Non-GAAP Financial Measures
To
supplement its consolidated financial statements, which are
prepared and presented in accordance with Generally Accepted
Accounting Principles (GAAP), the Company uses the following
non-GAAP financial measures: EBITDA, adjusted EBITDA and Free Cash
Flow. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP. The Company uses these non-GAAP financial
measures for financial and operational decision making and as a
means to evaluate period-to-period comparisons. The Company
believes that they provide useful information about operating
results, enhance the overall understanding of past financial
performance and future prospects, and allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making. The non-GAAP financial
measures used by the Company in this press release may be different
from the methods used by other companies.
For
more information on the non-GAAP financial measures, please see the
Reconciliation of GAAP to non-GAAP Financial Measures tables in
this press release. These accompanying tables include details on
the GAAP financial measures that are most directly comparable to
non-GAAP financial measures and the related reconciliations between
these financial measures.
(tables
follow)
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
($000’s Except Share Information)
ASSETS
|
July
31,
|
January
31,
|
|
2020
|
2020
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$34,945
|
$14,606
|
Accounts
receivable, net of allowance for doubtful accounts of $759 and $497
at July 31, 2020 and January 31, 2020, respectively
|
20,243
|
17,702
|
Inventories
|
43,087
|
44,238
|
Prepaid VAT and
other taxes
|
1,220
|
1,228
|
Other current
assets
|
4,214
|
2,033
|
Total current
assets
|
103,709
|
79,807
|
Property and
equipment, net
|
9,923
|
10,113
|
Operating leases
right-of-use assets
|
2,064
|
2,244
|
Deferred tax
assets
|
4,630
|
5,939
|
Prepaid VAT and
other taxes
|
332
|
333
|
Other
assets
|
93
|
98
|
Goodwill
|
871
|
871
|
Total
assets
|
$121,622
|
$99,405
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$10,495
|
$7,204
|
Accrued
compensation and benefits
|
2,183
|
1,300
|
Other accrued
expenses
|
3,555
|
2,445
|
Current maturity of
long-term debt
|
-----
|
1,155
|
Current portion of
operating lease liabilities
|
887
|
835
|
Total current
liabilities
|
17,120
|
12,939
|
Long-term
portion of operating lease liabilities
|
1,145
|
1,414
|
Total
liabilities
|
18,265
|
14,353
|
Commitments and
contingencies
|
|
|
Stockholders’
equity
|
|
|
Preferred stock,
$0.01 par; authorized 1,500,000 shares (none issued)
|
-----
|
-----
|
Common stock, $0.01
par; authorized 20,000,000 shares
Issued 8,489,144
and 8,481,665; outstanding 7,979,902 and 7,972,423 at
July 31, 2020 and
January 31, 2020, respectively
|
85
|
85
|
Treasury stock, at
cost; 509,242 shares
|
(5,023)
|
(5,023)
|
Additional paid-in
capital
|
75,494
|
75,171
|
Retained
earnings
|
35,554
|
17,581
|
Accumulated other
comprehensive loss
|
(2,753)
|
(2,762)
|
Total stockholders'
equity
|
103,357
|
85,052
|
Total liabilities
and stockholders' equity
|
$121,622
|
$99,405
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
($000’s Except Share Information)
|
Three Months
Ended
July
31,
|
Six Months
Ended
July
31,
|
||
|
2020
|
2019
|
2020
|
2019
|
Net
sales
|
$35,021
|
$27,472
|
$80,603
|
$52,156
|
Cost of goods
sold
|
17,681
|
17,053
|
41,119
|
34,183
|
Gross
profit
|
17,340
|
10,419
|
39,484
|
17,973
|
Operating
expenses
|
7,606
|
7,781
|
17,380
|
15,650
|
Operating
profit
|
9,734
|
2,638
|
22,104
|
2,323
|
Other income
(expense), net
|
31
|
3
|
37
|
(24)
|
Interest
expense
|
(2)
|
(38)
|
(19)
|
(72)
|
Income before
taxes
|
9,763
|
2,603
|
22,122
|
2,227
|
Income tax
expense
|
424
|
1,208
|
4,149
|
1,297
|
Net
income
|
$9,339
|
$1,395
|
$17,973
|
$930
|
Net income per
common share:
|
|
|
|
|
Basic
|
$1.17
|
$0.17
|
$2.25
|
$0.12
|
Diluted
|
$1.16
|
$0.17
|
$2.23
|
$0.11
|
Weighted average
common shares outstanding:
|
|
|
|
|
Basic
|
7,976,275
|
8,012,475
|
7,974,370
|
8,013,150
|
Diluted
|
8,079,744
|
8,102,342
|
8,062,318
|
8,096,227
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
Operating Results ($000)
Reconciliation to GAAP Results
|
Three Months Ended
July 31,
|
Six Months Ended
July 31,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Net
sales
|
$35,021
|
$27,472
|
$80,603
|
$52,156
|
Year
over year growth
|
27.5%
|
7.2%
|
54.5%
|
4.4%
|
Gross
profit
|
17,340
|
10,419
|
39,484
|
17,973
|
Gross
profit %
|
49.5%
|
37.9%
|
49.0%
|
34.5%
|
Operating
expenses
|
7,606
|
7,781
|
17,380
|
15,650
|
Operating
expenses as a percentage of sales
|
21.7%
|
28.3%
|
21.6%
|
30.0%
|
Operating
profit
|
9,734
|
2,638
|
22,104
|
2,323
|
Operating
income as a percentage of sales
|
27.8%
|
9.6%
|
27.4%
|
4.5%
|
Interest
expense
|
(2)
|
(38)
|
(19)
|
(72)
|
Other
income net
|
31
|
3
|
37
|
(24)
|
Income
before taxes
|
9,763
|
2,603
|
22,122
|
2,227
|
Income
tax expense
|
424
|
1,208
|
4,149
|
1,297
|
Net income
|
$9,339
|
$1,395
|
$17,973
|
$930
|
Weighted
average shares for EPS-Basic
|
7,976
|
8,012
|
7,974
|
8,013
|
Net income per share
|
$1.17
|
$0.17
|
$2.25
|
$0.12
|
Operating
income
|
$9,734
|
$2,638
|
$22,104
|
$2,323
|
Depreciation
and amortization
|
481
|
453
|
934
|
836
|
EBITDA
|
10,215
|
3,091
|
23,038
|
3,159
|
Stock-based
compensation
|
246
|
(452)
|
409
|
(251)
|
Adjusted EBITDA
|
$10,461
|
2,639
|
$23,447
|
2,908
|
Cash
paid for taxes (foreign)
|
865
|
655
|
1,726
|
931
|
Capital
expenditures
|
546
|
417
|
740
|
585
|
Free cash flow
|
$9,050
|
$1,567
|
$20,981
|
$1,392
|
|
|
|
|
|
TTM
Adjusted EBITDA
|
$27,656
|
$1,824
|
$27,656
|
$1,824
|
TTM
cash paid for taxes (foreign)
|
2,495
|
1,373
|
2,495
|
1,373
|
TTM
capital expenditures
|
1,188
|
2,468
|
1,188
|
2,468
|
TTM
free cash flow
|
$23,972
|
$(872)
|
$23,972
|
$(872)
|
LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES
Operating Results ($000)
Reconciliation of Non-GAAP Results
|
Three Months Ended
July 31,
|
Six Months Ended
July 31,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Net
Income to EBITDA
|
|
|
|
|
Net
Income
|
$9,339
|
$1,395
|
$17,973
|
$930
|
Interest
|
2
|
38
|
19
|
72
|
Taxes
|
424
|
1,208
|
4,149
|
1,297
|
Depreciation
and amortization
|
481
|
453
|
934
|
836
|
|
|
|
|
|
Other
income (expense)
|
31
|
3
|
37
|
(24)
|
EBITDA
|
$10,215
|
$3,091
|
$23,038
|
$3,159
|
EBITDA
to Adjusted EBITDA
|
|
|
|
|
(excluding
non-cash expenses)
|
|
|
|
|
Equity
compensation
|
$246
|
$(452)
|
$409
|
$(251)
|
|
|
|
|
|
Adjusted EBITDA
|
$10,461
|
$2,639
|
$23,447
|
$2,908
|
|
|
|
|
|
Cash
paid for taxes (foreign)
|
865
|
655
|
1,726
|
931
|
Capital
expenditures
|
546
|
417
|
740
|
585
|
Free cash flow
|
$9,050
|
$1,567
|
$20,981
|
$1,392
|