– Q4 Net Sales of $181.3 Million
– Q4 Gross Margin of 39.8%
– Q4 EPS of $0.79/Share; Q4 Adjusted EBITDAS Margin of 31.8%
– $120.7 Million of Cash on Hand
– Board of Directors Authorized 25% Increase in Quarterly Dividend
SPRINGFIELD, Mass., June 23, 2022 /PRNewswire/ — Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the fourth quarter and full fiscal year 2022, ended April 30, 2022. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations.
Fourth Quarter Fiscal 2022 Financial Highlights
- Net sales were $181.3 million, a decrease of $141.6 million, or 43.9%, from the comparable quarter last year, and $11.7 million, or 6.1%, lower than the comparable quarter in fiscal 2020.
- Gross margin was 39.8% versus 45.1% in the comparable quarter last year and 32.2% in the comparable quarter in fiscal 2020.
- GAAP net income was $36.1 million, or $0.79 per diluted share, compared with $89.2 million, or $1.70 per diluted share, for the comparable quarter last year.
- Non-GAAP net income was $37.6 million, or $0.82 per diluted share, compared with $89.6 million, or $1.71 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the planned relocation of our headquarters and certain manufacturing and distribution operations to Tennessee, the spin-off of the outdoor products and accessories business in fiscal 2021, COVID-19 related expenses, and other costs. For a detailed reconciliation, see the schedules that follow in this release.
- Non-GAAP Adjusted EBITDAS was $57.7 million, or 31.8% of net sales, compared with $125.6 million, or 38.9% of net sales, for the comparable quarter last year.
Full Year Fiscal 2022 Financial Highlights
- Net sales were $864.1 million compared with $1.1 billion for the prior year, a decrease of 18.4%.
- Gross margin was 43.3% versus 42.4% for the prior year.
- GAAP net income was $194.5 million, or $4.08 per diluted share, compared with $243.6 million, or $4.40 per diluted share, for the prior year.
- Non-GAAP net income was $202.8 million, or $4.25 per diluted share, compared with $251.5 million, or $4.54 per diluted share, for the prior 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.
- Non-GAAP Adjusted EBITDAS was $299.6 million, or 34.7% of net sales, compared with $366.6 million, or 34.6% of net sales, for the prior year.
Mark Smith, President and Chief Executive Officer, commented, “Our fourth quarter and full year results speak to the quality and dedication of our employees, the strength of our iconic brand, and the resiliency of our flexible manufacturing model. We delivered strong financial results, including gross profit and Adjusted EBITDAS margins for fiscal 2022 that exceeded prior year levels despite continued moderation in demand for firearms that led to lower net sales. Although we expect inflationary pressures to persist and for firearm market conditions to return to more normalized levels in fiscal 2023, we are confident in our flexible manufacturing model and expect to benefit from the pricing and product portfolio adjustments that we made during the surge. In summary, we believe that we remain well positioned for long-term growth with an agile business model designed to quickly adapt to changes in the marketplace and deliver strong, consistent levels of profitability and drive long-term stockholder value.”
Deana McPherson, Executive Vice President and Chief Financial Officer, commented “Our financial performance reflects tougher year-over-year comparisons due to the return to more normalized levels of demand following the surge. However, in spite of the lower demand, we are now realizing the benefits of the proactive steps we took during the surge to enhance our profitability profile. Fourth quarter gross margin was down on a year-over-year basis, as expected, but 760 basis points above the comparable quarter in fiscal 2020 despite a 6.1% decline in net sales. Our balance sheet remains strong with $120.7 million of cash and no debt, and we expect to continue generating strong cash flow for the foreseeable future. Accordingly, our Board of Directors has authorized a 25% increase in our quarterly dividend to $0.10 per share, which will be paid to stockholders of record on July 7, 2022 with payment to be made on July 21, 2022.”
Conference Call and Webcast
The company will host a conference call and webcast on June 23, 2022, to discuss its fourth quarter and full fiscal 2022 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 2371913. 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, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. We believe it is useful for us and the reader to review, as applicable, both (1) GAAP measures that include (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) COVID-19 expenses, (vi) transition costs, (vii) amortization of acquired intangible assets, (viii) spin related stock compensation, (ix) Relocation expense, and (x) the tax effect of non-GAAP adjustments; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe 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 our GAAP measures. The principal limitations of these measures are that they do not reflect our 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®, and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (800) 331-0852 or visit 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, among others, our expectation that inflationary pressures will persist and firearm market conditions will return to more normalized levels in fiscal 2023; our confidence in our flexible manufacturing model; our expectation that we will benefit from the pricing and product portfolio adjustments that we made during the surge; our belief that we remain well positioned for long-term growth with an agile business model designed to quickly adapt to changes in the marketplace and deliver strong, consistent levels of profitability and drive long-term stockholder value; and our expectation that we will continue generating strong cash flow for the foreseeable future. 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; our anticipated growth and growth opportunities; our strategies; our ability to maintain and enhance brand recognition and reputation; our ability to effectively manage and execute the planned relocation of our headquarters and certain of our operations to Tennessee; our ability to introduce new products; the success of new products; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2022.
Contact:
investorrelations@smith-wesson.com
(413) 747-3448
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
|
As of: |
||||
|
April 30, 2022 |
April 30, 2021 |
|||
|
(In thousands, except par value and share data) |
||||
|
ASSETS |
||||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ 120,728 |
$ 113,017 |
||
|
Accounts receivable, net of allowances for credit losses of $36 on April 30, 2022 and $107 on April 30, 2021 |
62,695 |
67,442 |
||
|
Inventories |
136,660 |
78,477 |
||
|
Prepaid expenses and other current assets |
5,569 |
8,408 |
||
|
Income tax receivable |
1,945 |
909 |
||
|
Total current assets |
327,597 |
268,253 |
||
|
Property, plant, and equipment, net |
135,591 |
141,612 |
||
|
Intangibles, net |
3,608 |
4,417 |
||
|
Goodwill |
19,024 |
19,024 |
||
|
Deferred income taxes |
1,221 |
— |
||
|
Other assets |
10,435 |
13,082 |
||
|
Total assets |
497,476 |
446,388 |
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||
|
Current liabilities: |
||||
|
Accounts payable |
$ 30,042 |
$ 57,337 |
||
|
Accrued expenses and deferred revenue |
23,482 |
33,136 |
||
|
Accrued payroll and incentives |
17,371 |
17,381 |
||
|
Accrued income taxes |
2,673 |
1,157 |
||
|
Accrued profit sharing |
13,543 |
14,445 |
||
|
Accrued warranty |
1,838 |
2,199 |
||
|
Total current liabilities |
88,949 |
125,655 |
||
|
Deferred income taxes |
— |
904 |
||
|
Finance lease payable, net of current portion |
37,628 |
38,786 |
||
|
Other non-current liabilities |
10,385 |
14,659 |
||
|
Total liabilities |
136,962 |
180,004 |
||
|
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, 74,641,439 issued and 45,601,069 shares outstanding on April 30, 2022 and 74,222,127 shares issued and 49,937,329 shares outstanding on April 30, 2021 |
75 |
74 |
||
|
Additional paid-in capital |
278,101 |
273,431 |
||
|
Retained earnings |
504,640 |
325,181 |
||
|
Accumulated other comprehensive income |
73 |
73 |
||
|
Treasury stock, at cost (29,040,370 shares on April 30, 2022 and 24,284,798 on April 30, 2021) |
(422,375) |
(332,375) |
||
|
Total stockholders’ equity |
360,514 |
266,384 |
||
|
Total liabilities and stockholders’ equity |
$ 497,476 |
$ 446,388 |
||
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
For the Three Months Ended April 30, |
For the Years Ended April 30, |
|||||||
|
2022 |
2021 |
2022 |
2021 |
|||||
|
(In thousands, except per share data) |
||||||||
|
Net sales |
$181,299 |
$322,947 |
$864,126 |
$1,059,195 |
||||
|
Cost of sales |
109,072 |
177,139 |
489,562 |
610,212 |
||||
|
Gross profit |
72,227 |
145,808 |
374,564 |
448,983 |
||||
|
Operating expenses: |
39.8 % |
45.1 % |
43.3 % |
42.4 % |
||||
|
Research and development |
1,994 |
1,963 |
7,262 |
7,480 |
||||
|
Selling, marketing, and distribution |
9,581 |
10,507 |
43,156 |
42,603 |
||||
|
General and administrative |
14,000 |
17,207 |
72,493 |
79,268 |
||||
|
Total operating expenses |
25,575 |
29,677 |
122,911 |
129,351 |
||||
|
Operating income from continuing operations |
46,652 |
116,131 |
251,653 |
319,632 |
||||
|
Other income/(expense), net: |
||||||||
|
Other income/(expense), net |
624 |
540 |
2,868 |
2,252 |
||||
|
Interest expense, net |
(531) |
(563) |
(2,135) |
(3,919) |
||||
|
Total other income/(expense), net |
93 |
(23) |
733 |
(1,667) |
||||
|
Income from operations before income taxes |
46,745 |
116,108 |
252,386 |
317,965 |
||||
|
Income tax expense |
10,610 |
26,929 |
57,892 |
74,394 |
||||
|
Income from continuing operations |
$ 36,135 |
$ 89,179 |
$194,494 |
$ 243,571 |
||||
|
Discontinued operations: |
||||||||
|
Income/(loss) from discontinued operations, net of tax |
— |
(144) |
— |
8,478 |
||||
|
Net income |
$ 36,135 |
$ 89,035 |
$194,494 |
$ 252,049 |
||||
|
Net income per share: |
||||||||
|
Basic – continuing operations |
$ 0.79 |
$ 1.72 |
$ 4.12 |
$ 4.46 |
||||
|
Basic – net income |
$ 0.79 |
$ 1.72 |
$ 4.12 |
$ 4.62 |
||||
|
Diluted – continuing operations |
$ 0.79 |
$ 1.70 |
$ 4.08 |
$ 4.40 |
||||
|
Diluted – net income |
$ 0.79 |
$ 1.70 |
$ 4.08 |
$ 4.55 |
||||
|
Weighted average number of common shares outstanding: |
||||||||
|
Basic |
45,547 |
51,816 |
47,227 |
54,613 |
||||
|
Diluted |
45,937 |
52,423 |
47,728 |
55,352 |
||||
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
|
For the Year Ended |
||||
|
April 30, 2022 |
April 30, 2021 |
|||
|
(In thousands) |
||||
|
Cash flows from operating activities: |
||||
|
Income from continuing operations |
$ 194,494 |
$ 243,571 |
||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
|
Depreciation and amortization |
30,073 |
31,575 |
||
|
Loss on sale/disposition of assets |
625 |
154 |
||
|
Provision for losses/(recoveries) on notes and accounts receivable |
689 |
(739) |
||
|
Impairment of long-lived tangible assets |
86 |
— |
||
|
Deferred income taxes |
(2,125) |
447 |
||
|
Stock-based compensation expense |
4,536 |
4,706 |
||
|
Changes in operating assets and liabilities: |
||||
|
Accounts receivable |
4,058 |
(5,824) |
||
|
Inventories |
(58,183) |
25,264 |
||
|
Prepaid expenses and other current assets |
2,839 |
(852) |
||
|
Income taxes |
480 |
(3,643) |
||
|
Accounts payable |
(26,957) |
25,540 |
||
|
Accrued payroll and incentives |
(10) |
4,933 |
||
|
Accrued profit sharing |
(902) |
12,248 |
||
|
Accrued expenses and deferred revenue |
(9,725) |
(24,633) |
||
|
Accrued warranty |
(361) |
(1,098) |
||
|
Other assets |
2,561 |
1,579 |
||
|
Other non-current liabilities |
(4,364) |
4,032 |
||
|
Cash provided by operating activities – continuing operations |
137,814 |
317,260 |
||
|
Cash used in operating activities – discontinued operations |
— |
(1,926) |
||
|
Net cash provided by operating activities |
137,814 |
315,334 |
||
|
Cash flows from investing activities: |
||||
|
Refunds on machinery and equipment |
— |
310 |
||
|
Payments to acquire patents and software |
(283) |
(632) |
||
|
Proceeds from sale of property and equipment |
139 |
113 |
||
|
Payments to acquire property and equipment |
(23,972) |
(22,052) |
||
|
Cash used in investing activities – continuing operations |
(24,116) |
(22,261) |
||
|
Cash used in investing activities – discontinued operations |
— |
(1,143) |
||
|
Net cash used in investing activities |
(24,116) |
(23,404) |
||
|
Cash flows from financing activities: |
||||
|
Proceeds from loans and notes payable |
— |
25,000 |
||
|
Cash paid for debt issuance costs |
— |
(450) |
||
|
Payments on finance lease obligation |
(1,087) |
(996) |
||
|
Payments on notes and loans payable |
— |
(185,000) |
||
|
Distribution to AOUT |
— |
(25,000) |
||
|
Payments to acquire treasury stock |
(90,000) |
(110,000) |
||
|
Dividend distribution |
(15,035) |
(8,223) |
||
|
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan |
1,719 |
3,154 |
||
|
Payment of employee withholding tax related to restricted stock units |
(1,584) |
(2,243) |
||
|
Cash used in by financial activities – continuing operations |
(105,987) |
(303,758) |
||
|
Cash used in financial activities – discontinued operations |
— |
(166) |
||
|
Net cash used in financing activities |
(105,987) |
(303,924) |
||
|
Net decrease in cash and cash equivalents |
7,711 |
(11,994) |
||
|
Cash and cash equivalents, beginning of period |
113,017 |
125,011 |
||
|
Cash and cash equivalents, end of period |
$ 120,728 |
$ 113,017 |
||
|
Supplemental disclosure of cash flow information |
||||
|
Cash paid for: |
||||
|
Interest |
$ 2,219 |
$ 3,306 |
||
|
Income taxes |
$ 59,183 |
$ 80,874 |
||
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||||||||||
|
For the Three Months Ended |
For the Year Ended |
|||||||||||||||
|
April 30, 2022 |
April 30, 2021 |
April 30, 2022 |
April 30, 2021 |
|||||||||||||
|
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
|||||||||
|
GAAP gross profit |
$ 72,227 |
39.8 % |
$ 145,808 |
45.1 % |
$ 374,564 |
43.3 % |
$ 448,983 |
42.4 % |
||||||||
|
Relocation expenses |
1,031 |
0.6 % |
— |
— |
3,361 |
0.4 % |
— |
— |
||||||||
|
COVID-19 |
1 |
0.0 % |
43 |
0.0 % |
33 |
0.0 % |
560 |
0.1 % |
||||||||
|
Non-GAAP gross profit |
$ 73,259 |
40.4 % |
$ 145,851 |
45.2 % |
$ 377,958 |
43.7 % |
$ 449,543 |
42.4 % |
||||||||
|
GAAP operating expenses |
$ 25,575 |
14.1 % |
$ 29,677 |
9.2 % |
$ 122,911 |
14.2 % |
$ 129,351 |
12.2 % |
||||||||
|
Amortization of acquired intangible assets |
(71) |
0.0 % |
(83) |
0.0 % |
(285) |
0.0 % |
(332) |
0.0 % |
||||||||
|
Transition costs |
— |
— |
(22) |
0.0 % |
80 |
0.0 % |
(7,975) |
-0.8 % |
||||||||
|
COVID-19 |
(71) |
0.0 % |
(67) |
0.0 % |
(207) |
0.0 % |
(685) |
-0.1 % |
||||||||
|
Spin related stock-based compensation |
(43) |
0.0 % |
(296) |
-0.1 % |
(147) |
0.0 % |
(738) |
-0.1 % |
||||||||
|
Relocation expenses |
(685) |
-0.4 % |
— |
— |
(6,884) |
-0.8 % |
— |
— |
||||||||
|
Non-GAAP operating expenses |
$ 24,705 |
13.6 % |
$ 29,209 |
9.0 % |
$ 115,468 |
13.4 % |
$ 119,621 |
11.3 % |
||||||||
|
GAAP operating income |
$ 46,652 |
25.7 % |
$ 116,131 |
36.0 % |
$ 251,653 |
29.1 % |
$ 319,632 |
30.2 % |
||||||||
|
Amortization of acquired intangible assets |
71 |
0.0 % |
83 |
0.0 % |
285 |
0.0 % |
332 |
0.0 % |
||||||||
|
Transition costs |
— |
— |
22 |
0.0 % |
(80) |
0.0 % |
7,975 |
0.8 % |
||||||||
|
COVID-19 |
72 |
0.0 % |
110 |
0.0 % |
240 |
0.0 % |
1,245 |
0.1 % |
||||||||
|
Spin related stock-based compensation |
43 |
0.0 % |
296 |
0.1 % |
147 |
0.0 % |
738 |
0.1 % |
||||||||
|
Relocation expenses |
1,716 |
0.9 % |
— |
— |
10,245 |
1.2 % |
— |
— |
||||||||
|
Non-GAAP operating income |
$ 48,554 |
26.8 % |
$ 116,642 |
36.1 % |
$ 262,490 |
30.4 % |
$ 329,922 |
31.1 % |
||||||||
|
GAAP income from operations |
$ 36,135 |
19.9 % |
$ 89,179 |
27.6 % |
$ 194,494 |
22.5 % |
$ 243,571 |
23.0 % |
||||||||
|
Amortization of acquired intangible assets |
71 |
0.0 % |
83 |
0.0 % |
285 |
0.0 % |
332 |
0.0 % |
||||||||
|
Transition costs |
— |
0.0 % |
22 |
0.0 % |
(80) |
0.0 % |
7,975 |
0.8 % |
||||||||
|
COVID-19 |
72 |
0.0 % |
110 |
0.0 % |
240 |
0.0 % |
1,245 |
0.1 % |
||||||||
|
Spin related stock-based compensation |
43 |
0.0 % |
296 |
0.1 % |
147 |
0.0 % |
738 |
0.1 % |
||||||||
|
Relocation expenses |
1,716 |
0.9 % |
— |
— |
10,245 |
1.2 % |
— |
— |
||||||||
|
Tax effect of non-GAAP adjustments |
(432) |
-0.2 % |
(119) |
0.0 % |
(2,486) |
-0.3 % |
(2,400) |
-0.2 % |
||||||||
|
Non-GAAP income from operations |
$ 37,605 |
20.7 % |
$ 89,571 |
27.7 % |
$ 202,845 |
23.5 % |
$ 251,461 |
23.7 % |
||||||||
|
GAAP income from operations per share – diluted |
$ 0.79 |
$ 1.70 |
$ 4.08 |
$ 4.40 |
||||||||||||
|
Amortization of acquired intangible assets |
— |
— |
0.01 |
0.01 |
||||||||||||
|
Transition costs |
— |
— |
— |
0.14 |
||||||||||||
|
COVID-19 |
— |
— |
0.01 |
0.02 |
||||||||||||
|
Spin related stock-based compensation |
— |
0.01 |
— |
0.01 |
||||||||||||
|
Relocation expenses |
0.04 |
— |
0.21 |
— |
||||||||||||
|
Tax effect of non-GAAP adjustments |
(0.01) |
— |
(0.05) |
(0.04) |
||||||||||||
|
Non-GAAP income from operations per share – diluted |
$ 0.82 |
$ 1.71 |
$ 4.25 |
(a) |
$ 4.54 |
|||||||||||
|
(a) Non-GAAP net income per share does not foot due to rounding. |
||||||||||||||||
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
|
RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP ADJUSTED EBITDAS |
||||||||
|
(in thousands) |
||||||||
|
(Unaudited) |
||||||||
|
For the Three Months Ended |
For the Year Ended |
|||||||
|
April 30, 2022 |
April 30, 2021 |
April 30, 2022 |
April 30, 2021 |
|||||
|
GAAP net income |
$ 36,135 |
$ 89,179 |
$ 194,494 |
$ 243,571 |
||||
|
Interest expense |
570 |
585 |
2,310 |
4,056 |
||||
|
Income tax expense |
10,610 |
26,929 |
57,892 |
74,394 |
||||
|
Depreciation and amortization |
7,636 |
7,420 |
29,982 |
30,685 |
||||
|
Stock-based compensation expense |
972 |
1,314 |
4,536 |
4,706 |
||||
|
COVID-19 |
72 |
110 |
240 |
1,245 |
||||
|
Transition costs |
— |
22 |
(80) |
7,975 |
||||
|
Relocation expense |
1,716 |
— |
10,245 |
— |
||||
|
Non-GAAP Adjusted EBITDAS |
$ 57,711 |
$ 125,559 |
$ 299,619 |
$ 366,632 |
||||
|
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
|
RECONCILIATION OF OPERATING CASH FLOW FROM OPERATIONS TO FREE CASH FLOW |
||||||||
|
For the Three Months Ended |
For the Year Ended |
|||||||
|
April 30, 2022 |
April 30, 2021 |
April 30, 2022 |
April 30, 2021 |
|||||
|
Net cash provided by operating activities |
$ 25,539 |
$ 118,823 |
$ 137,814 |
$ 317,260 |
||||
|
Net cash used in investing activities |
(8,905) |
(3,691) |
(24,116) |
(22,261) |
||||
|
Free cash flow |
$ 16,634 |
$ 115,132 |
$ 113,698 |
$ 294,999 |
||||
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SOURCE Smith & Wesson Brands, Inc.
