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Clarus Reports Third Quarter 2024 Results

Continues to Advance Strategic Plan to Capitalize on Long-Term Growth Opportunities

SALT LAKE CITY, Nov. 07, 2024 (GLOBE NEWSWIRE) — Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, reported financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Summary vs. Same YearAgo Quarter (adjusted to reflect the reclassification of the Precision Sport segment as discontinued operations)

  • Sales of $67.1 million compared to $81.3 million.
  • Gross margin was 35.0% compared to 33.6%; adjusted gross margin of 37.8% compared to 33.6%.
  • Net loss, which includes the impact of discontinued operations, of $3.2 million, or $(0.08) per diluted share, compared to net loss of $1.3 million, or $(0.03) per diluted share.
  • Loss from continuing operations of $3.2 million, or $(0.08) per diluted share, compared to loss from continuing operations of $2.2 million, or $(0.06) per diluted share.
  • Adjusted EBITDA from continuing operations of $2.4 million with an adjusted EBITDA margin of 3.6% compared to $3.6 million with an adjusted EBITDA margin of 4.5%.

Management Commentary
“While macroeconomic headwinds have continued to limit consumer demand in the near-term, our focus in the third quarter was on advancing our strategic plan to position Clarus for long-term profitable growth,” said Warren Kanders, Clarus’ Executive Chairman. “Specifically, in the Outdoor segment we continued to improve the quality and composition of our inventory to focus on the best and most profitable styles across categories. In line with our stated strategic objective, inventory was down 4% year-over-year. Our Adventure business performed in line with expectations for the first two months of the quarter, but results were ultimately affected by market softness in September in both North America and Australia/New Zealand.”

Mr. Kanders added, “There remains significant work outstanding to execute our multi-year growth initiatives, but we believe we are on track at Outdoor as we continue to simplify the business operationally and drive SKU rationalization, despite the challenging global market conditions. Our objective to scale the Adventure segment to a global footprint has not yet come to fruition. We have established a strategic roadmap that we are executing on and remain confident that the significant investments we have made in 2024 will enable our Adventure businesses to accelerate traction, particularly in the US and international markets, and strengthen our global OEM initiatives. All of this is supported by a debt-free balance sheet, to take the next steps in our turnaround.”

Third Quarter 2024 Financial Results
Sales in the third quarter were $67.1 million compared to $81.3 million in the same year‐ago quarter. This decrease was primarily driven by softness across all selling channels in Outdoor, as well as the effect from the product line simplification strategy. The decrease was further driven by lower Adventure segment sales, specifically in the OEM channel and challenging wholesale markets globally, partially offset by the benefit from the TRED Outdoors acquisition.

Sales in the Outdoor segment were $49.3 million, compared to $61.1 million in the year-ago quarter. Sales in the Adventure segment decreased 11.9% to $17.8 million, or $17.5 million on a constant currency basis, compared to $20.2 million in the year-ago quarter. Gross margin in the third quarter was 35.0% compared to 33.6% in the year‐ago quarter. The increase in gross margin was primarily due to favorable product mix at the Outdoor segment as a result of product simplification and SKU rationalization efforts, as well as a favorable channel mix due to lower OEM sales and higher MAXTRAX revenue at the Adventure segment. This was partially offset by an increase in polyfluoroalkyl substances (“PFAS”) related inventory reserve expenses at the Outdoor segment, as well as sales return reserve and rebate expenses at the Adventure segment. Adjusted gross margin reflecting the PFAS related inventory reserve was 37.8% for the quarter.

Selling, general and administrative expenses in the third quarter were $27.9 million compared to $28.4 million in the same year‐ago quarter. The decrease was primarily a result of lower retail expenses due to store closures and other expense reduction initiatives to manage costs at the Outdoor segment. These decreases were partially offset by investments in global marketing and e-commerce initiatives to accelerate growth at the Adventure segment and incremental SG&A from the TRED Outdoors acquisition.

The loss from continuing operations in the third quarter of 2024 was $3.2 million, or $(0.08) per diluted share, compared to loss from continuing operations of $2.2 million, or $(0.06) per diluted share in the year-ago quarter. Loss from continuing operations in the third quarter included $0.4 million of charges relating to legal cost and regulatory matter expenses and $1.9 million of PFAS inventory reserves.

Adjusted income from continuing operations in the third quarter of 2024 was $1.9 million, or $0.05 per diluted share, compared to adjusted income from continuing operations of $1.8 million, or $0.05 per diluted share, in the year-ago quarter. Adjusted income from continuing operations excludes legal cost and regulatory matters expenses, PFAS inventory reserves, restructuring charges and transaction costs, as well as non-cash items for intangible amortization and stock-based compensation.

Adjusted EBITDA from continuing operations in the third quarter was $2.4 million, or an adjusted EBITDA margin of 3.6%, compared to adjusted EBITDA from continuing operations of $3.6 million, or an adjusted EBITDA margin of 4.5%, in the same year‐ago quarter.

Net cash used in operating activities for the three months ended September 30, 2024, was $8.3 million compared to net cash provided by operating activities of $0.1 million in the prior year quarter. Capital expenditures in the third quarter of 2024 were $1.1 million compared to $1.2 million in the prior year quarter. Free cash flow for the third quarter of 2024 was an outflow of $9.4 million compared to an outflow of $1.1 million in the prior year quarter.

Liquidity at September 30, 2024 vs. December 31, 2023

  • Cash and cash equivalents totaled $36.4 million compared to $11.3 million.
  • Total debt of $0.0 million compared to $119.8 million.

2024 Outlook
The Company now expects fiscal year 2024 sales to range between $260 million to $266 million. Due to softer global revenue and the continued investments in the Adventure segment to scale the business, the Company now expects adjusted EBITDA of approximately $7 million to $9 million, or an adjusted EBITDA margin of 3.0% at the mid-point of revenue and adjusted EBITDA. In addition, the Company now expects capital expenditures to range between $5.0 million to $6.0 million, of which $0.9 million related to Precision Sport prior to disposal, and free cash flow to range between $(6) million to $(8) million for the full year 2024, which includes approximately $7.0 of cash outflow related to the Precision Sport disposal.

Net Operating Loss (NOL)
The Company has net operating loss carryforwards (“NOLs”) for U.S. federal income tax purposes of $7.7 million which we expect to fully utilize in 2024.

Conference Call
The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2024 results.

Date: Thursday, November 7, 2024
Time: 5:00 pm ET
Registration Link: https://register.vevent.com/register/BI55fc3dd7523c4a8e885ce228015f2987

To access the call by phone, please register via the live call registration link above and you will be provided with dial-in instructions and details. The conference call will be broadcast live and available for replay here and on the Company’s website at www.claruscorp.com.

About Clarus Corporation
 Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers.

Use of Non‐GAAP Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share , (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measures Adjusted EBITDA and/or Adjusted EBITDA Margin for the fiscal year 2024 to net income for the fiscal year 2024, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not Adjusted EBITDA and/or Adjusted EBITDA Margin. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

Forward-Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.

Company Contact:
Michael J. Yates
Chief Financial Officer
mike.yates@claruscorp.com

Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
lberman@igbir.com / mberkowitz@igbir.com

CLARUS CORPORATION      
CONDENSED CONSOLIDATED BALANCE SHEETS      
(Unaudited)      
(In thousands, except per share amounts)      
             
  September 30, 2024   December 31, 2023      
Assets                
Current assets                
Cash $ 36,399     $ 11,324        
Accounts receivable, less allowance for                
credit losses of $1,569 and $1,412   54,337       53,971        
Inventories   93,147       91,409        
Prepaid and other current assets   6,707       4,865        
Income tax receivable   983       892        
Assets held for sale         137,284        
Total current assets   191,573       299,745        
                 
Property and equipment, net   17,171       16,587        
Other intangible assets, net   34,366       41,466        
Indefinite-lived intangible assets   59,040       58,527        
Goodwill   39,632       39,320        
Deferred income taxes   19,192       22,869        
Other long-term assets   14,364       16,824        
Total assets $ 375,338     $ 495,338        
                 
Liabilities and Stockholders’ Equity                
Current liabilities                
Accounts payable $ 12,677     $ 20,015        
Accrued liabilities   23,325       24,580        
Income tax payable         805        
Current portion of long-term debt         119,790        
Liabilities held for sale         5,744        
Total current liabilities   36,002       170,934        
                 
Deferred income taxes   18,221       18,124        
Other long-term liabilities   12,641       14,160        
Total liabilities   66,864       203,218        
                 
Stockholders’ Equity                
Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued                
Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,004 and 42,761 issued and 38,362 and 38,149 outstanding, respectively   4       4        
Additional paid in capital   696,021       691,198        
Accumulated deficit   (340,377 )     (350,739 )      
Treasury stock, at cost   (33,114 )     (32,929 )      
Accumulated other comprehensive loss   (14,060 )     (15,414 )      
Total stockholders’ equity   308,474       292,120        
Total liabilities and stockholders’ equity $ 375,338     $ 495,338        
                 
CLARUS CORPORATION    
CONDENSED CONSOLIDATED STATEMENTS OF LOSS    
(Unaudited)    
(In thousands, except per share amounts)    
               
  Three Months Ended    
  September 30, 2024   September 30, 2023    
               
Sales              
Domestic sales $ 24,365     $ 30,423      
International sales   42,750       50,879      
Total sales   67,115       81,302      
               
Cost of goods sold   43,618       54,018      
Gross profit   23,497       27,284      
               
Operating expenses              
Selling, general and administrative   27,880       28,404      
Restructuring charges   478       1,076      
Transaction costs   103       400      
Legal costs and regulatory matter expenses   394       579      
               
Total operating expenses   28,855       30,459      
               
Operating loss   (5,358 )     (3,175 )    
               
Other income (expense)              
Interest income, net   373       19      
Other, net   1,164       (445 )    
               
Total other income (expense), net   1,537       (426 )    
               
Loss before income tax   (3,821 )     (3,601 )    
Income tax benefit   (664 )     (1,395 )    
Loss from continuing operations   (3,157 )     (2,206 )    
               
Discontinued operations, net of tax         942      
               
Net loss $ (3,157 )   $ (1,264 )    
               
Loss from continuing operations per share:              
Basic $ (0.08 )   $ (0.06 )    
Diluted   (0.08 )     (0.06 )    
               
Net loss per share:              
Basic $ (0.08 )   $ (0.03 )    
Diluted   (0.08 )     (0.03 )    
               
Weighted average shares outstanding:              
Basic   38,352       37,470      
Diluted   38,352       37,470      
               
CLARUS CORPORATION    
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)    
(Unaudited)    
(In thousands, except per share amounts)    
               
  Nine Months Ended    
  September 30, 2024   September 30, 2023    
               
Sales              
Domestic sales $ 75,583     $ 80,545      
International sales   117,327       128,972      
Total sales   192,910       209,517      
               
Cost of goods sold   124,156       134,148      
Gross profit   68,754       75,369      
               
Operating expenses              
Selling, general and administrative   84,176       84,640      
Restructuring charges   1,009       1,812      
Transaction costs   168       459      
Contingent consideration benefit   (125 )     (1,565 )    
Legal costs and regulatory matter expenses   3,795       1,062      
               
Total operating expenses   89,023       86,408      
               
Operating loss   (20,269 )     (11,039 )    
               
Other income (expense)              
Interest income, net   1,198       32      
Other, net   669       (143 )    
               
Total other income (expense), net   1,867       (111 )    
               
Loss before income tax   (18,402 )     (11,150 )    
Income tax benefit   (3,290 )     (2,591 )    
Loss from continuing operations   (15,112 )     (8,559 )    
               
Discontinued operations, net of tax   28,346       6,802      
               
Net income (loss) $ 13,234     $ (1,757 )    
               
Loss from continuing operations per share:              
Basic $ (0.39 )   $ (0.23 )    
Diluted   (0.39 )     (0.23 )    
               
Net income (loss) per share:              
Basic $ 0.35     $ (0.05 )    
Diluted   0.35       (0.05 )    
               
Weighted average shares outstanding:              
Basic   38,286       37,267      
Diluted   38,286       37,267      
               
                   
                   
                   
CLARUS CORPORATION  
RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT  
AND ADJUSTED GROSS MARGIN  
                   
THREE MONTHS ENDED  
         
    September 30, 2024       September 30, 2023  
                   
Sales   $ 67,115     Sales   $ 81,302    
                   
Gross profit as reported   $ 23,497     Gross profit as reported   $ 27,284    
Plus impact of PFAS inventory reserve     1,878     Plus impact of PFAS inventory reserve        
Adjusted gross profit   $ 25,375     Adjusted gross profit   $ 27,284    
                   
Gross margin as reported     35.0 %   Gross margin as reported     33.6 %  
                   
Adjusted gross margin     37.8 %   Adjusted gross margin     33.6 %  
                   
NINE MONTHS ENDED  
                   
    September 30, 2024       September 30, 2023  
                   
Sales   $ 192,910     Sales   $ 209,517    
                   
Gross profit as reported   $ 68,754     Gross profit as reported   $ 75,369    
Plus impact of PFAS inventory reserve     3,323     Plus impact of PFAS inventory reserve        
Adjusted gross profit   $ 72,077     Adjusted gross profit   $ 75,369    
                   
Gross margin as reported     35.6 %   Gross margin as reported     36.0 %  
                   
Adjusted gross margin     37.4 %   Adjusted gross margin     36.0 %  
                   
                   
                                           
CLARUS CORPORATION  
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE  
 
(In thousands, except per share amounts)  
                                           
                                           
  Three Months Ended September 30, 2024  
  Total   Gross   Operating   Income tax   Tax   (Loss) income from   Diluted  
  sales   profit   expenses   (benefit) expense   rate   continuing operations   EPS (1)  
                                           
                                           
As reported $ 67,115   $ 23,497   $ 28,855     $ (664 )   (17.4 ) % $ (3,157 )   $ (0.08 )  
                                           
Amortization of intangibles           (2,416 )     629             1,787          
Restructuring charges           (478 )     112             366          
Transaction costs           (103 )     23             80          
PFAS inventory reserve       1,878           427             1,451          
Legal costs and regulatory matter expenses           (394 )     171             223          
Stock-based compensation           (1,547 )     392             1,155          
                                           
As adjusted $ 67,115   $ 25,375   $ 23,917     $ 1,102     36.8   % $ 1,893     $ 0.05    
                                           
(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,352 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,455 diluted shares of common stock.  
                                           
  Three Months Ended September 30, 2023  
  Total   Gross   Operating   Income tax   Tax   (Loss) income from   Diluted  
  sales   profit   expenses   (benefit) expense   rate   continuing operations   EPS (1)  
                                           
                                           
As reported $ 81,302   $ 27,284   $ 30,459     $ (1,395 )   (38.7 ) % $ (2,206 )   $ (0.06 )  
                                           
Amortization of intangibles           (2,553 )     866             1,687          
Restructuring charges           (1,076 )     334             742          
Transaction costs           (400 )     92             308          
Legal costs and regulatory matter expenses           (579 )     155             424          
Stock-based compensation           (1,151 )     284             867          
                                           
As adjusted $ 81,302   $ 27,284   $ 24,700     $ 336     15.6   % $ 1,822     $ 0.05    
                                           
(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 37,470 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 37,871 diluted shares of common stock.  
                                           
                                           
CLARUS CORPORATION  
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE  
 
(In thousands, except per share amounts)  
                                           
                                           
  Nine Months Ended September 30, 2024  
  Total   Gross   Operating   Income tax   Tax   (Loss) income from   Diluted  
  sales   profit   expenses   (benefit) expense   rate   continuing operations   EPS (1)  
                                           
                                           
As reported $ 192,910   $ 68,754   $ 89,023     $ (3,290 )   (17.9 ) % $ (15,112 )   $ (0.39 )  
                                           
Amortization of intangibles           (7,316 )     1,511             5,805          
Restructuring charges           (1,009 )     208             801          
Transaction costs           (168 )     35             133          
Contingent consideration benefit           125       (26 )           (99 )        
PFAS inventory reserve       3,323           687             2,636          
Legal costs and regulatory matter expenses           (3,795 )     784             3,011          
Stock-based compensation           (4,253 )     879             3,374          
                                           
As adjusted $ 192,910   $ 72,077   $ 72,607     $ 788     58.9   % $ 549     $ 0.01    
                                           
(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,286 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,426 diluted shares of common stock.  
                                           
  Nine Months Ended September 30, 2023  
  Total   Gross   Operating   Income tax   Tax   (Loss) income from   Diluted  
  sales   profit   expenses   (benefit) expense   rate   continuing operations   EPS (1)  
                                           
                                           
As reported $ 209,517   $ 75,369   $ 86,408     $ (2,591 )   (23.2 ) % $ (8,559 )   $ (0.23 )  
                                           
Amortization of intangibles           (8,035 )     1,757             6,278          
Restructuring charges           (1,812 )     408             1,404          
Transaction costs           (459 )     100             359          
Contingent consideration benefit           1,565       (335 )           (1,230 )        
Legal costs and regulatory matter expenses           (1,062 )     226             836          
Stock-based compensation           (3,923 )     856             3,067          
                                           
As adjusted $ 209,517   $ 75,369   $ 72,682     $ 421     16.3   % $ 2,155     $ 0.06    
                                           
(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 37,267 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,015 diluted shares of common stock.  
                                           
CLARUS CORPORATION    
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN    
   
(In thousands)    
               
  Three Months Ended    
  September 30, 2024   September 30, 2023    
               
               
Loss from continuing operations $ (3,157 )   $ (2,206 )    
               
Income tax benefit   (664 )     (1,395 )    
Other, net   (1,164 )     445      
Interest income, net   (373 )     (19 )    
               
Operating loss   (5,358 )     (3,175 )    
               
Depreciation   980       1,045      
Amortization of intangibles   2,416       2,553      
               
EBITDA   (1,962 )     423      
               
Restructuring charges   478       1,076      
Transaction costs   103       400      
PFAS inventory reserve   1,878            
Legal costs and regulatory matter expenses   394       579      
Stock-based compensation   1,547       1,151      
               
Adjusted EBITDA $ 2,438     $ 3,629      
               
Sales $ 67,115     $ 81,302      
               
EBITDA margin   -2.9 %     0.5 %    
Adjusted EBITDA margin   3.6 %     4.5 %    
               
CLARUS CORPORATION      
RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN      
     
(In thousands)      
                 
  Nine Months Ended      
  September 30, 2024   September 30, 2023      
                 
                 
Loss from continuing operations $ (15,112 )   $ (8,559 )      
                 
Income tax benefit   (3,290 )     (2,591 )      
Other, net   (669 )     143        
Interest income, net   (1,198 )     (32 )      
                 
Operating loss   (20,269 )     (11,039 )      
                 
Depreciation   3,051       3,064        
Amortization of intangibles   7,316       8,035        
                 
EBITDA   (9,902 )     60        
                 
Restructuring charges   1,009       1,812        
Transaction costs   168       459        
Contingent consideration benefit   (125 )     (1,565 )      
PFAS inventory reserve   3,323              
Legal costs and regulatory matter expenses   3,795       1,062        
Stock-based compensation   4,253       3,923        
                 
Adjusted EBITDA $ 2,521     $ 5,751        
                 
Sales $ 192,910     $ 209,517        
                 
EBITDA margin   -5.1 %     0.0 %      
Adjusted EBITDA margin   1.3 %     2.7 %      
                 

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