Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34767 | |
Entity Registrant Name | CLARUS CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 58-1972600 | |
Entity Address, Address Line One | 2084 East 3900 South | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84124 | |
City Area Code | 801 | |
Local Phone Number | 278-5552 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $.0001 per share | |
Trading Symbol | CLAR | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 37,190,302 | |
Entity Central Index Key | 0000913277 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 10,310 | $ 12,061 |
Accounts receivable, less allowance for credit losses of $1,200 and $811 | 68,230 | 66,553 |
Inventories | 145,756 | 147,072 |
Prepaid and other current assets | 9,845 | 9,899 |
Income tax receivable | 3,209 | 3,034 |
Total current assets | 237,350 | 238,619 |
Property and equipment, net | 42,197 | 43,010 |
Other intangible assets, net | 51,482 | 55,255 |
Indefinite-lived intangible assets | 82,444 | 82,901 |
Goodwill | 62,704 | 62,993 |
Deferred income taxes | 18,168 | 17,912 |
Other long-term assets | 20,414 | 17,455 |
Total assets | 514,759 | 518,145 |
Current liabilities | ||
Accounts payable | 25,252 | 27,052 |
Accrued liabilities | 22,125 | 25,170 |
Income tax payable | 684 | 421 |
Current portion of long-term debt | 12,562 | 11,952 |
Total current liabilities | 60,623 | 64,595 |
Long-term debt, net | 124,444 | 127,082 |
Deferred income taxes | 18,226 | 18,506 |
Other long-term liabilities | 18,574 | 15,854 |
Total liabilities | 221,867 | 226,037 |
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; 41,625 and 41,105 issued and 37,036 and 37,094 outstanding, respectively | 4 | 4 |
Additional paid in capital | 680,673 | 679,339 |
Accumulated deficit | (336,175) | (336,843) |
Treasury stock, at cost | (32,825) | (32,707) |
Accumulated other comprehensive income (loss) | (18,785) | (17,685) |
Total stockholders' equity | 292,892 | 292,108 |
Total liabilities and stockholders' equity | $ 514,759 | $ 518,145 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets | ||
Allowance for credit losses | $ 1,437 | $ 1,211 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 41,791,000 | 41,637,000 |
Common stock, shares outstanding | 37,190,000 | 37,048,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Sales | ||
Sales | $ 97,384 | $ 113,276 |
Cost of goods sold | 61,363 | 69,024 |
Gross profit | 36,021 | 44,252 |
Operating expenses | ||
Selling, general and administrative | 32,819 | 34,175 |
Transaction costs | 74 | 1,201 |
Contingent consideration expense | (1,565) | 763 |
Total operating expenses | 31,328 | 36,139 |
Operating income (loss) | 4,693 | 8,113 |
Other expense | ||
Interest expense, net | (2,746) | (1,116) |
Other, net | 85 | (67) |
Total other expense, net | (2,661) | (1,183) |
Income (loss) before income tax | 2,032 | 6,930 |
Income tax expense (benefit) | 434 | 1,621 |
Net income (loss) | 1,598 | 5,309 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (1,021) | 6,077 |
Unrealized gain on hedging activities | (79) | 86 |
Other comprehensive income (loss) | (1,100) | 6,163 |
Comprehensive income (loss) | $ 498 | $ 11,472 |
Net income per share: | ||
Basic | $ 0.04 | $ 0.14 |
Diluted | $ 0.04 | $ 0.13 |
Weighted average shares outstanding: | ||
Basic | 37,137 | 37,161 |
Diluted | 38,109 | 39,802 |
Domestic Sales [Member] | ||
Sales | ||
Sales | $ 44,916 | $ 62,307 |
International Sales [Member] | ||
Sales | ||
Sales | $ 52,468 | $ 50,969 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1,598 | $ 5,309 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of property and equipment | 1,791 | 1,832 |
Amortization of other intangible assets | 3,276 | 4,120 |
Amortization of debt issuance costs | 232 | 170 |
Loss (gain) on disposition of property and equipment | 5 | 9 |
Noncash lease expense | 690 | 694 |
Contingent consideration expense | (1,565) | 754 |
Stock-based compensation | 1,334 | 3,367 |
Deferred income taxes | (105) | 524 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,797) | 437 |
Inventories | 1,341 | (23,137) |
Prepaid and other assets | (153) | (856) |
Accounts payable | 90 | (2,101) |
Accrued liabilities | (2,612) | 820 |
Income taxes | 74 | (2,737) |
Net cash provided by (used in) operating activities | 3,199 | (10,795) |
Cash Flows From Investing Activities: | ||
Proceeds from disposition of property and equipment | 88 | |
Purchases of property and equipment | (1,471) | (1,900) |
Net cash provided by (used in) investing activities | (1,383) | (1,900) |
Cash Flows From Financing Activities: | ||
Proceeds from revolving credit facilities | 11,731 | 25,670 |
Repayments on revolving credit facilities | (12,153) | (13,689) |
Repayments on term loans | (1,668) | (1,613) |
Purchase of treasury stock | (118) | (1,097) |
Proceeds from exercise of stock options | 126 | |
Cash dividends paid | (930) | (930) |
Net cash provided by (used in) financing activities | (3,138) | 8,467 |
Effect of foreign exchange rates on cash | (429) | 1,214 |
Change in cash | (1,751) | (3,014) |
Cash, beginning of year | 12,061 | 19,465 |
Cash, end of period | 10,310 | 16,451 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid income taxes | 350 | 3,844 |
Cash paid for interest | 2,586 | 926 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Property and equipment purchased with accounts payable | 202 | 425 |
Lease liabilities arising from obtaining right of use assets | $ 3,941 | $ 1,164 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2021 | $ 4 | $ 662,996 | $ (263,342) | $ (24,440) | $ (5,050) | $ 370,168 |
Balance, shares at Dec. 31, 2021 | 41,105 | |||||
Balance, shares at Dec. 31, 2021 | (4,011) | |||||
Net income | 5,309 | 5,309 | ||||
Other comprehensive income (loss) | 6,163 | 6,163 | ||||
Cash dividends | (930) | (930) | ||||
Purchase of treasury stock | $ (1,097) | (1,097) | ||||
Purchase of treasury stock, shares | (51) | |||||
Stock-based compensation expense | 3,367 | 3,367 | ||||
Proceeds from exercise of options | $ 167 | 126 | 126 | |||
Balance at Mar. 31, 2022 | $ 4 | 666,489 | (258,963) | $ (25,537) | 1,113 | 383,106 |
Balance, shares at Mar. 31, 2022 | 41,272 | |||||
Balance, shares at Mar. 31, 2022 | (4,062) | |||||
Balance at Dec. 31, 2022 | $ 4 | 679,339 | (336,843) | $ (32,707) | (17,685) | 292,108 |
Balance, shares at Dec. 31, 2022 | 41,637 | |||||
Balance, shares at Dec. 31, 2022 | (4,589) | |||||
Net income | 1,598 | 1,598 | ||||
Other comprehensive income (loss) | (1,100) | (1,100) | ||||
Cash dividends | (930) | (930) | ||||
Purchase of treasury stock | $ (118) | (118) | ||||
Purchase of treasury stock, shares | (12) | |||||
Stock-based compensation expense | 1,334 | 1,334 | ||||
Proceeds from exercise of options, shares | 154 | |||||
Balance at Mar. 31, 2023 | $ 4 | $ 680,673 | $ (336,175) | $ (32,825) | $ (18,785) | $ 292,892 |
Balance, shares at Mar. 31, 2023 | 41,791 | |||||
Balance, shares at Mar. 31, 2023 | (4,601) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements Of Stockholders' Equity [Abstract] | ||
Dividends per share | $ 0.025 | $ 0.025 |
Nature Of Operations And Summar
Nature Of Operations And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations And Summary Of Significant Accounting Policies | NOT E 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of Clarus Corporation and subsidiaries (which may be referred to as the “Company,” “Clarus,” “we,” “us” or “our”) as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), instructions to the Quarterly Report on Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments, except otherwise disclosed) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be obtained for the year ending December 31 , 2023. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2023. Nature of Business Headquartered in Salt Lake City, Utah, we are a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor and consumer enthusiast markets. Our mission is to identify, acquire and grow outdoor “super fan” brands through our unique “innovate and accelerate” strategy. We define a “super fan” brand as a brand that creates the world’s pre-eminent, performance-defining product that the best-in-class user cannot live without. 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®, Sierra®, Barnes®, Rhino-Rack® and MAXTRAX® brand names through outdoor specialty and online retailers, our own websites, distributors and original equipment manufacturers. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates relate to the fair value of net assets acquired in business combinations, excess or obsolete inventory, allowance for credit losses, contingent consideration liabilities, and valuation of deferred tax assets, long-lived assets, goodwill and indefinite-lived intangible assets, and other intangible assets. We base our estimates on historical experience, projected future cash flows, and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Inventories | NOTE 2. INVENTORIES Inventories, as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Finished goods $ 107,152 $ 107,453 Work-in-process 9,822 8,719 Raw materials and supplies 28,782 30,900 $ 145,756 $ 147,072 |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property And Equipment [Abstract] | |
Property And Equipment | NOTE 3. PROPERTY AND EQUIPMENT Property and equipment, net, as of March 31, 2023, and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Land $ 4,160 $ 4,160 Building and improvements 17,369 17,357 Furniture and fixtures 7,355 7,384 Computer hardware and software 8,615 8,498 Machinery and equipment 37,701 37,054 Construction in progress 5,165 5,028 80,365 79,481 Less accumulated depreciation ( 38,168 ) ( 36,471 ) $ 42,197 $ 43,010 Depreciation expense for the three months ended March 31, 2023 and 2022 was $ 1,791 and $ 1,832 , respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 4. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table summarizes the balances in goodwill by segment: Outdoor Precision Sport Adventure Total Goodwill $ 29,507 $ 26,715 $ 88,349 $ 144,571 Accumulated goodwill impairment losses ( 29,507 ) - ( 52,071 ) ( 81,578 ) Balance at December 31, 2022 - 26,715 36,278 62,993 Impact of foreign currency exchange rates - - ( 289 ) ( 289 ) Balance at March 31, 2023 $ - $ 26,715 $ 35,989 $ 62,704 Indefinite-Lived Intangible Assets The following table summarizes the changes in indefinite-lived intangible assets: Balance at December 31, 2022 $ 82,901 Impact of foreign currency exchange rates ( 457 ) Balance at March 31, 2023 $ 82,444 Trademarks classified as indefinite-lived intangible assets by brand as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Black Diamond $ 19,600 $ 19,600 PIEPS 3,036 2,986 Sierra 18,900 18,900 Barnes 5,600 5,600 Rhino-Rack 25,379 25,744 MAXTRAX 9,929 10,071 $ 82,444 $ 82,901 Other Intangible Assets, net The following table summarizes the changes in gross other intangible assets: Gross balance at December 31, 2022 $ 100,889 Impact of foreign currency exchange rates ( 697 ) Gross balance at March 31, 2023 $ 100,192 Other intangible assets, net of amortization as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 Gross Accumulated Amortization Net Weighted Average Useful Life Intangibles subject to amortization Customer relationships $ 76,852 $ ( 36,924 ) $ 39,928 13.8 years Product technologies 21,130 ( 9,974 ) 11,156 10.2 years Tradename / trademark 1,263 ( 865 ) 398 9.4 years Core technologies 947 ( 947 ) - 10.0 years $ 100,192 $ ( 48,710 ) $ 51,482 13.0 years December 31, 2022 Gross Accumulated Amortization Net Weighted Average Useful Life Customer relationships $ 77,370 $ ( 34,653 ) $ 42,717 13.8 years Product technologies 21,309 ( 9,207 ) 12,102 10.2 years Tradename / trademark 1,263 ( 827 ) 436 9.4 years Core technologies 947 ( 947 ) - 10.0 years $ 100,889 $ ( 45,634 ) $ 55,255 13.0 years Amortization expense for the three months ended March 31, 2023 and 2022, was $ 3,276 and $ 4,120 , respectively. Future amortization expense for other intangible assets as of March 31, 2023 is as follows: Years Ending December 31, Amortization Expense 2023 (excluding the three months ended March 31, 2023) $ 9,427 2024 10,654 2025 8,622 2026 6,619 2027 4,837 2028 3,451 Thereafter 7,872 $ 51,482 |
Accrued Liabilities And Other L
Accrued Liabilities And Other Long-Term Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities And Other Long-Term Liabilities [Abstract] | |
Accrued Liabilities And Other Long-Term Liabilities | NOTE 5. ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES Accrued liabilities as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Accrued payroll and related items $ 4,626 $ 5,363 Accrued bonus 1,581 1,006 Designated forward exchange contracts 207 - Accrued warranty 1,371 1,465 Current lease liabilities 3,231 2,836 Accrued commissions 733 343 Contingent consideration liabilities - 1,595 Accrued excise tax 764 977 Other 9,612 11,585 $ 22,125 $ 25,170 Other long-term liabilities as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Long-term lease liability $ 15,629 $ 12,825 Deferred stock consideration for business acquisition 2,096 2,127 Other 849 902 $ 18,574 $ 15,854 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt as of March 31, 2023 and December 31, 2022, was as follows: March 31, 2023 December 31, 2022 Revolving credit facility (a) $ 18,538 $ 18,049 Other debt (b) 126 1,134 Term loan (c) 118,750 120,311 Debt issuance costs ( 408 ) ( 460 ) 137,006 139,034 Less current portion ( 12,562 ) ( 11,952 ) $ 124,444 $ 127,082 On April 18, 2022 (the “Effective Date”), the Company and certain of its direct and indirect subsidiaries entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto (the “Restated Credit Agreement”). The Restated Credit Agreement provides for borrowings of up to $ 300,000 under a secured revolving credit facility (the “Revolving Loans”) (including up to $ 5,000 for letters of credit), and borrowings of up to $ 125,000 under a secured term loan facility (the “Term Loans”). The Restated Credit Agreement also permits the Company, subject to certain requirements, to arrange with lenders for an aggregate of up to $ 175,000 of additional revolving and/or term loan commitments (both of which are currently uncommitted), for potential aggregate revolving and term loan commitments under the Restated Credit Agreement of up to $ 600,000 . The Restated Credit Agreement matures on April 18, 2027 (the “Maturity Date”), at which time the revolving commitments thereunder will terminate and all outstanding Revolving Loans and Term Loans, together with all accrued and unpaid interest thereon, must be repaid. All obligations under the Restated Credit Agreement are secured by our subsidiary equity interests, as well as accounts receivable, inventory, intellectual property and certain other assets owned by the Company. The Restated Credit Agreement contains restrictions on the Company’s ability to pay dividends or make distributions or other restricted payments if certain conditions in the Restated Credit Agreement are not fulfilled . The Restated Credit Agreement also includes other customary affirmative and negative covenants, including financial covenants relating to the Company’s consolidated total leverage ratio and fixed charge coverage ratio. The Company was in compliance with the debt covenants set forth in the Credit Agreement as of March 31, 2023. (a) As of March 31, 2023, the Company had drawn $ 18,538 on the revolving loan, with a maturity date of April 18, 2027 . Approximately $ 61,000 in additional funds were available to borrow on the revolving loan at March 31, 2023, while maintaining compliance with the consolidated total leverage ratio per the Restated Credit Agreement of 3.75 to 1. The Company pays interest monthly on any borrowings on the Restated Credit Agreement. As of March 31, 2023 and December 31, 2022, the rates were approximately 6.8 % and 6.3 %, respectively. (b) Foreign subsidiaries of the Company have a revolving credit facility and term debt with financial institutions which mature between April 26, 2023 and August 8, 2024 . The foreign subsidiaries pay interest monthly on any borrowings on the credit facilities as well as monthly payments on the term debt. As of March 31, 2023, the interest rates ranged between approximately 3.2 % and 4.0 % and as of December 31, 2022, the interest rates ranged between approximately 1.3 % and 4.0 %. The credit facilities are secured by certain assets of the foreign subsidiaries. The revolving credit facility was settled and closed as of March 31, 2023 and had no amounts outstanding. (c) The Company is required to repay the term loan through quarterly payments of $ 1,563 each beginning with June 30, 2022 , increasing to $ 3,125 each beginning with June 30, 2023 , and any remaining obligations will be repaid in full on the maturity date of the Restated Credit Agreement of April 18, 2027 . The Company pays interest monthly on any borrowings on the Restated Credit Agreement. As of March 31, 2023 and December 31, 2022, the rates were approximately 6.8 % and 6.3 %, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS The Company’s primary exchange rate risk management objective is to mitigate the uncertainty of anticipated cash flows attributable to changes in foreign currency exchange rates. The Company primarily focuses on mitigating changes in cash flows resulting from sales denominated in currencies other than the U.S. dollar. The Company manages this risk primarily by using currency forward and option contracts. If the anticipated transactions are deemed probable, the resulting relationships are formally designated as cash flow hedges. The Company accounts for these contracts as cash flow hedges and tests effectiveness by determining whether changes in the expected cash flow of the derivative offset, within a range, changes in the expected cash flow of the hedged item. At March 31, 2023, the Company’s derivative contracts had remaining maturities of less than one year . The counterparties to these transactions had both long-term and short-term investment grade credit ratings. The maximum net exposure of the Company’s credit risk to the counterparties is generally limited to the aggregate unrealized loss of $ 207 on all contracts as March 31, 2023. The Company’s exposure of counterparty credit risk is limited to the aggregate unrealized gain of all contracts with that counterparty. At March 31, 2023, there was no such exposure to the counterparties. The Company’s derivative counterparties have strong credit ratings and as a result, the Company does not require collateral to facilitate transactions. The Company held the following contracts designated as hedging instruments as of March 31, 2023 and December 31, 2022: March 31, 2023 Notional Latest Amount Maturity Foreign exchange contracts - Euros € 20,871 February 2024 December 31, 2022 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars $ 2,807 February 2023 Foreign exchange contracts - Euros € 20,760 February 2024 For contracts that qualify as effective hedge instruments, the effective portion of gains and losses resulting from changes in fair value of the instruments are included in accumulated other comprehensive loss and reclassified to sales in the period the underlying hedged transaction is recognized in earnings. Gains (losses) of $( 16 ) and $ 253 were reclassified to sales during the three months ended March 31, 2023 and 2022, respectively. The following table presents the balance sheet classification and fair value of derivative instruments as of March 31, 2023 and December 31, 2022: Classification March 31, 2023 December 31, 2022 Derivative instruments in asset positions: Designated forward exchange contracts Prepaid and other current assets $ - $ 357 Derivative instruments in liability positions: Designated forward exchange contracts Accrued liabilities $ 207 $ - Designated forward exchange contracts Other long-term liabilities $ - $ 6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss (“AOCI”) primarily consists of foreign currency translation adjustments and changes in our forward foreign exchange contracts. The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 2023: Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2022 $ ( 17,628 ) $ ( 57 ) $ ( 17,685 ) Other comprehensive loss before reclassifications ( 1,021 ) ( 91 ) ( 1,112 ) Amounts reclassified from other comprehensive loss - 12 12 Net current period other comprehensive loss ( 1,021 ) ( 79 ) ( 1,100 ) Balance as of March 31, 2023 $ ( 18,649 ) $ ( 136 ) $ ( 18,785 ) The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 2022: Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2021 $ ( 5,241 ) $ 191 $ ( 5,050 ) Other comprehensive income before reclassifications 6,077 280 6,357 Amounts reclassified from other comprehensive income - ( 194 ) ( 194 ) Net current period other comprehensive income 6,077 86 6,163 Balance as of March 31, 2022 $ 836 $ 277 $ 1,113 The effects on net income of amounts reclassified from unrealized gains (losses) on cash flow hedges for foreign exchange contracts for the three months ended March 31, 2023 and 2022, were as follows: Gains (losses) reclassified from AOCI to the Consolidated Statements of Comprehensive Income Affected line item in the Consolidated Three Months Ended Statements of Comprehensive Income March 31, 2023 March 31, 2022 Foreign exchange contracts: Sales $ ( 16 ) $ 253 Less: Income tax (benefit) expense ( 4 ) 59 Amount reclassified, net of tax $ ( 12 ) $ 194 Total reclassifications from AOCI $ ( 12 ) $ 194 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | NOTE 9. FAIR VALUE MEASUREMENTS We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - inputs to the valuation methodology are quoted market prices for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 - inputs to the valuation methodology are based on prices or valuation techniques that are unobservable. Items Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Level 1 Level 2 Level 3 Total Assets Designated forward exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - Liabilities Designated forward exchange contracts $ - $ 207 $ - $ 207 $ - $ 207 $ - $ 207 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Designated forward exchange contracts $ - $ 357 $ - $ 357 $ - $ 357 $ - $ 357 Liabilities Designated forward exchange contracts $ - $ 6 $ - $ 6 Contingent consideration liabilities $ - $ - $ 1,595 $ 1,595 $ - $ 6 $ 1,595 $ 1,601 Derivative financial instruments are recorded at fair value based on current market pricing models. No nonrecurring fair value measurements existed at March 31, 2023 and December 31, 2022. The Company estimated the initial fair value of the contingent consideration liabilities primarily using a series of call options. Significant unobservable inputs used in the valuation included discount rates ranging from 4.8 % to 8.0 %. Contingent consideration liabilities are subsequently remeasured at the estimated fair value at the end of each reporting period using financial projections of the acquired company, such as sales-based milestones and estimated probabilities of achievement, with the change in fair value recognized in contingent consideration benefit in the accompanying consolidated statements of comprehensive income for such period. We measure the initial liability and remeasure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements. The following table summarizes the changes in contingent consideration liabilities: MAXTRAX Balance at December 31, 2022 $ 1,595 Fair value adjustments ( 1,565 ) Contingent consideration payments - Impact of foreign currency exchange rates ( 30 ) Balance at March 31, 2023 $ - As the contingent consideration liabilities are remeasured to fair value each reporting period, significant increases or decreases in projected sales, discount rates or the time until payment is made could have resulted in a significantly lower or higher fair value measurement. Our determination of fair value of the contingent consideration liabilities could change in future periods based on our ongoing evaluation of these significant unobservable inputs. As of March 31, 2023, the net sales threshold required for the payment of the MAXTRAX contingent consideration is not expected to be met during the measurement period ended June 30, 2023. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 10. STOCKHOLDERS’ EQUITY On August 6, 2018, the Company announced that its Board of Directors approved the initiation of a quarterly cash dividend program of $ 0.025 per share of the Company’s common stock (the “Quarterly Cash Dividend”) or $ 0.10 per share on an annualized basis. The declaration and payment of future Quarterly Cash Dividends is subject to the discretion of and approval of the Company’s Board of Directors. On April 28, 2023 , the Company announced that its Board of Directors approved the payment on May 19, 2023 of the Quarterly Cash Dividend of $ 0.025 to the record holders of shares of the Company’s common stock as of the close of business on May 8, 2023 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 11. EARNINGS PER SHARE Basic earnings per share is computed by dividing earnings by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing earnings by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of dilutive outstanding stock options and unvested restricted stock grants. Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is anti-dilutive to the loss from continuing operations. The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share: Three Months Ended March 31, 2023 March 31, 2022 Weighted average shares outstanding - basic 37,137 37,161 Effect of dilutive stock awards 750 2,435 Effect of dilutive deferred stock consideration for business acquisition 222 206 Weighted average shares outstanding - diluted 38,109 39,802 Net income per share: Basic $ 0.04 $ 0.14 Diluted 0.04 0.13 For the three months ended March 31, 2023 and 2022, equity awards of 3,713 and 1,329 , respectively, were excluded from the calculation of earnings per share for these periods as they were anti-dilutive. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | NOTE 12. STOCK-BASED COMPENSATION PLAN Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”), the Company’s Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2015 Plan will continue in effect until December 2025 unless terminated sooner. During the three months ended March 31, 2023, the Company did not issue any stock options under the 2015 Plan to employees of the Company. Market Condition Restricted Shares Granted: On March 14, 2023, the Company awarded the Executive Chairman 500 restricted shares under the 2015 Plan, of which 250 and 250 shares will vest if, on or before March 14, 2033, the Fair Market Value (as defined in the Plan) of the Company’s common stock shall have equaled or exceeded $ 15.00 and $ 18.00 per share for twenty consecutive trading days, respectively. As the vesting terms of the restricted shares include a market condition, the fair value of the restricted stock was estimated as of the date of grant using the Monte-Carlo pricing model with the following assumptions: March 14, 2023 Number issued 500 Vesting period $ 15.00 - $ 18.00 stock price target Grant price (per share) $ 9.60 Dividend yield 1.04 % Expected volatility 45.2 % Risk-free interest rate 3.64 % Expected term (years) 2.56 - 3.22 Weighted average fair value (per share) $ 7.84 - $ 8.34 Using these assumptions, the grant date fair value of the restricted stock awards was approximately $ 4,046 and the expected term was between 2.56 and 3.22 years. The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended March 31, 2023 and 2022 was $ 1,334 and $ 3,367 , respectively. For the three months ended March 31, 2023 and 2022, the majority of stock-based compensation costs were classified as selling, general and administrative expenses. As of March 31, 2023, there were 587 unvested stock options and unrecognized compensation cost of $ 2,797 related to unvested stock options, as well as 1,717 unvested restricted stock awards and unrecognized compensation costs of $ 10,836 related to unvested restricted stock awards. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 13. COMMITMENTS AND CONTINGENCIES As a consumer goods manufacturer and distributor, the Company faces the risk of product liability and related lawsuits involving claims for substantial money damages, product recall actions and higher than anticipated rates of warranty returns or other returns of goods. The Company is therefore vulnerable to various personal injury and property damage lawsuits relating to its products and incidental to its business. The Company is involved in various legal disputes and other legal proceedings that arise from time to time in the ordinary course of business. Anticipated costs related to l itigation matters are accrued when it is both probable that a liability has been incurred and the amount can be reasonably estimated. Based on currently available information, the Company does not believe that it is reasonably possible that the disposition of any of the legal disputes the Company or its subsidiaries is currently involved in will have a material adverse effect upon the Company’s consolidated financial condition, results of operations or cash flows. There is a reasonable possibility of loss from contingencies in excess of the amounts accrued by the Company in the accompanying condensed consolidated balance sheets; however, the actual amounts of such possible losses cannot currently be reasonably estimated by the Company at this time. It is possible that, as additional information becomes available, the impact on the Company could have a different effect. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES The Company’s U.S. federal statutory tax rate of 21 % and its foreign operations have statutory tax rates of approximately 24 % in Austria, 28 % in New Zealand, and 30 % in Australia. The difference between the Company’s estimated effective tax rates of 21.4 % for the three months ended March 31, 2023, and the U.S. federal statutory tax rate of 21 % was primarily due to the impact of stock compensation, research and experimentation expenditures and credits, and discrete stock option windfall benefits in the first quarter of 2023. As of December 31, 2022, the Company’s gross deferred tax asset was $ 32,972 . The Company has recorded a valuation allowance of $ 3,323 , resulting in a net deferred tax asset of $ 29,649 , before deferred tax liabilities of $ 30,243 . The Company has provided a valuation allowance against a portion of the deferred tax assets as of March 31, 2023 and December 31, 2022, because the ultimate realization of those assets did not meet the more-likely-than-not criteria. The majority of the Company’s deferred tax assets consist of net operating loss carryforwards (“NOLs”) for federal tax purposes. If a change in control were to occur, these could be limited under Section 382 of the Internal Revenue Code of 1986 (“Code”), as amended. In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and net operating loss and credit carryforwards expire. The estimates and judgments associated with the Company’s valuation allowance on deferred tax assets are considered critical due to the amount of deferred tax assets recorded by the Company on its consolidated balance sheet and the judgment required in determining the Company’s future taxable income. The need for a valuation allowance is reassessed at each interim reporting period. As of December 31, 2022, the Company had NOLs and research and experimentation credit for U.S. federal income tax purposes of $ 17,663 and $ 2,651 , respectively. The Company believes its U.S. Federal NOLs will substantially offset its future U.S. Federal income taxes until expiration. NOLs available to offset taxable income, subject to compliance with Section 382 of the Code, begin to expire based upon the following schedule: Net Operating Loss Carryforward Expiration Dates December 31, 2022 Expiration Dates December 31, Net Operating Loss Amount 2023 $ 1,851 2024 3,566 2025 1,708 2026 and beyond 10,538 Total $ 17,663 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Segment Information | NOTE 15. SEGMENT INFORMATION We operate our business structure within three segments. These segments are defined based on the internal financial reporting used by our chief operating decision maker to allocate resources and assess performance . Certain significant selling and general and administrative expenses are not allocated to the segments including non-cash stock compensation expense. Each segment is described below: Our Outdoor segment, which includes Black Diamond Equipment, PIEPS, and SKINourishment, is a global leader in designing, manufacturing, and marketing innovative outdoor engineered equipment and apparel for climbing, mountaineering, trail running, backpacking, skiing, and a wide range of other year-round outdoor recreation activities. Our Outdoor segment offers a broad range of products including: high-performance, activity-based apparel (such as shells, insulation, midlayers, pants and logowear); rock-climbing footwear and equipment (such as carabiners, protection devices, harnesses, belay devices, helmets, and ice-climbing gear); technical backpacks and high-end day packs; trekking poles; headlamps and lanterns; gloves and mittens; and skincare and other sport-enhancing products. We also offer advanced skis, ski poles, ski skins, and snow safety products, including avalanche airbag systems, avalanche transceivers, shovels, and probes. Our Precision Sport segment, which includes Sierra and Barnes, includes two iconic American manufacturers of a wide range of high-performance bullets and ammunition for both rifles and pistols. These bullets are used for precision target shooting, hunting and military and law enforcement purposes. Our Adventure segment, which includes Rhino-Rack and MAXTRAX, is a manufacturer of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery boards and accessories in Australia and New Zealand and a growing presence in the United States. As noted above, the Company has a wide variety of technical outdoor equipment and lifestyle products that are sold to a variety of customers in multiple end markets. While there are multiple products sold, the terms and nature of revenue recognition policy is similar for all segments. Financial information for our segments, as well as revenue by geography, which the Company believes provides a meaningful depiction how the nature, timing and uncertainty of revenue are affected by economic factors, is as follows: Three Months Ended March 31, 2023 March 31, 2022 Sales to external customers: Outdoor Domestic sales $ 21,565 $ 25,629 International sales 31,210 25,893 Total Outdoor 52,775 51,522 Precision Sport Domestic sales 20,719 27,443 International sales 6,387 5,675 Total Precision Sport 27,106 33,118 Adventure Domestic sales 2,632 9,235 International sales 14,871 19,401 Total Adventure 17,503 28,636 Total sales to external customers 97,384 113,276 Segment operating income (loss): Outdoor 1,490 1,888 Precision Sport 7,225 11,780 Adventure ( 1,148 ) 2,124 Total segment operating income 7,567 15,792 Transaction costs ( 74 ) ( 1,201 ) Contingent consideration benefit (expense) 1,565 ( 763 ) Corporate and other expenses ( 4,280 ) ( 5,782 ) Interest expense, net ( 2,746 ) ( 1,116 ) Income before income tax $ 2,032 $ 6,930 There were no intercompany sales between the Outdoor, Precision Sport, and Adventure segments for the periods presented. Total assets by segment, as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Outdoor $ 175,390 $ 175,820 Precision Sport 143,000 144,224 Adventure 178,485 181,867 Corporate 17,884 16,234 $ 514,759 $ 518,145 Capital expenditures, depreciation and amortization by segment is as follows. Three Months Ended March 31, 2023 March 31, 2022 Capital expenditures: Outdoor $ 323 $ 1,236 Precision Sport 739 450 Adventure 409 214 Total capital expenditures $ 1,471 $ 1,900 Depreciation: Outdoor $ 673 $ 817 Precision Sport 852 781 Adventure 266 234 Total depreciation $ 1,791 $ 1,832 Amortization: Outdoor $ 258 $ 255 Precision Sport 508 692 Adventure 2,510 3,173 Total amortization $ 3,276 $ 4,120 |
Nature Of Operations And Summ_2
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Organization | The accompanying unaudited condensed consolidated financial statements of Clarus Corporation and subsidiaries (which may be referred to as the “Company,” “Clarus,” “we,” “us” or “our”) as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), instructions to the Quarterly Report on Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments, except otherwise disclosed) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be obtained for the year ending December 31 , 2023. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2023. |
Nature Of Business | Nature of Business Headquartered in Salt Lake City, Utah, we are a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor and consumer enthusiast markets. Our mission is to identify, acquire and grow outdoor “super fan” brands through our unique “innovate and accelerate” strategy. We define a “super fan” brand as a brand that creates the world’s pre-eminent, performance-defining product that the best-in-class user cannot live without. 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®, Sierra®, Barnes®, Rhino-Rack® and MAXTRAX® brand names through outdoor specialty and online retailers, our own websites, distributors and original equipment manufacturers. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates relate to the fair value of net assets acquired in business combinations, excess or obsolete inventory, allowance for credit losses, contingent consideration liabilities, and valuation of deferred tax assets, long-lived assets, goodwill and indefinite-lived intangible assets, and other intangible assets. We base our estimates on historical experience, projected future cash flows, and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Inventories | March 31, 2023 December 31, 2022 Finished goods $ 107,152 $ 107,453 Work-in-process 9,822 8,719 Raw materials and supplies 28,782 30,900 $ 145,756 $ 147,072 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property And Equipment [Abstract] | |
Property And Equipment | March 31, 2023 December 31, 2022 Land $ 4,160 $ 4,160 Building and improvements 17,369 17,357 Furniture and fixtures 7,355 7,384 Computer hardware and software 8,615 8,498 Machinery and equipment 37,701 37,054 Construction in progress 5,165 5,028 80,365 79,481 Less accumulated depreciation ( 38,168 ) ( 36,471 ) $ 42,197 $ 43,010 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Goodwill | Outdoor Precision Sport Adventure Total Goodwill $ 29,507 $ 26,715 $ 88,349 $ 144,571 Accumulated goodwill impairment losses ( 29,507 ) - ( 52,071 ) ( 81,578 ) Balance at December 31, 2022 - 26,715 36,278 62,993 Impact of foreign currency exchange rates - - ( 289 ) ( 289 ) Balance at March 31, 2023 $ - $ 26,715 $ 35,989 $ 62,704 |
Schedule Of Indefinite Lived Intangible Assets | Balance at December 31, 2022 $ 82,901 Impact of foreign currency exchange rates ( 457 ) Balance at March 31, 2023 $ 82,444 |
Schedule Of Trademarks | March 31, 2023 December 31, 2022 Black Diamond $ 19,600 $ 19,600 PIEPS 3,036 2,986 Sierra 18,900 18,900 Barnes 5,600 5,600 Rhino-Rack 25,379 25,744 MAXTRAX 9,929 10,071 $ 82,444 $ 82,901 |
Schedule Of Definite Lived Intangible Assets, Net | Gross balance at December 31, 2022 $ 100,889 Impact of foreign currency exchange rates ( 697 ) Gross balance at March 31, 2023 $ 100,192 |
Schedule Of Intangible Assets, Net Of Amortization | March 31, 2023 Gross Accumulated Amortization Net Weighted Average Useful Life Intangibles subject to amortization Customer relationships $ 76,852 $ ( 36,924 ) $ 39,928 13.8 years Product technologies 21,130 ( 9,974 ) 11,156 10.2 years Tradename / trademark 1,263 ( 865 ) 398 9.4 years Core technologies 947 ( 947 ) - 10.0 years $ 100,192 $ ( 48,710 ) $ 51,482 13.0 years December 31, 2022 Gross Accumulated Amortization Net Weighted Average Useful Life Customer relationships $ 77,370 $ ( 34,653 ) $ 42,717 13.8 years Product technologies 21,309 ( 9,207 ) 12,102 10.2 years Tradename / trademark 1,263 ( 827 ) 436 9.4 years Core technologies 947 ( 947 ) - 10.0 years $ 100,889 $ ( 45,634 ) $ 55,255 13.0 years |
Future Amortization Expense For Definite-Lived Intangible Assets | Years Ending December 31, Amortization Expense 2023 (excluding the three months ended March 31, 2023) $ 9,427 2024 10,654 2025 8,622 2026 6,619 2027 4,837 2028 3,451 Thereafter 7,872 $ 51,482 |
Accrued Liabilities And Other_2
Accrued Liabilities And Other Long-Term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities And Other Long-Term Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | March 31, 2023 December 31, 2022 Accrued payroll and related items $ 4,626 $ 5,363 Accrued bonus 1,581 1,006 Designated forward exchange contracts 207 - Accrued warranty 1,371 1,465 Current lease liabilities 3,231 2,836 Accrued commissions 733 343 Contingent consideration liabilities - 1,595 Accrued excise tax 764 977 Other 9,612 11,585 $ 22,125 $ 25,170 |
Schedule Of Other Long-Term Liabilities | March 31, 2023 December 31, 2022 Long-term lease liability $ 15,629 $ 12,825 Deferred stock consideration for business acquisition 2,096 2,127 Other 849 902 $ 18,574 $ 15,854 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt [Abstract] | |
Components Of Long-Term Debt | March 31, 2023 December 31, 2022 Revolving credit facility (a) $ 18,538 $ 18,049 Other debt (b) 126 1,134 Term loan (c) 118,750 120,311 Debt issuance costs ( 408 ) ( 460 ) 137,006 139,034 Less current portion ( 12,562 ) ( 11,952 ) $ 124,444 $ 127,082 |
Derivative Financial Instrume_2
Derivative Financial Instruments - (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Financial Instruments [Abstract] | |
Schedule Of Contracts Designated As Hedged Instruments | March 31, 2023 Notional Latest Amount Maturity Foreign exchange contracts - Euros € 20,871 February 2024 December 31, 2022 Notional Latest Amount Maturity Foreign exchange contracts - Canadian Dollars $ 2,807 February 2023 Foreign exchange contracts - Euros € 20,760 February 2024 |
Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification | Classification March 31, 2023 December 31, 2022 Derivative instruments in asset positions: Designated forward exchange contracts Prepaid and other current assets $ - $ 357 Derivative instruments in liability positions: Designated forward exchange contracts Accrued liabilities $ 207 $ - Designated forward exchange contracts Other long-term liabilities $ - $ 6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Components Of Accumulated Other Comprehensive Income | The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 2023: Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2022 $ ( 17,628 ) $ ( 57 ) $ ( 17,685 ) Other comprehensive loss before reclassifications ( 1,021 ) ( 91 ) ( 1,112 ) Amounts reclassified from other comprehensive loss - 12 12 Net current period other comprehensive loss ( 1,021 ) ( 79 ) ( 1,100 ) Balance as of March 31, 2023 $ ( 18,649 ) $ ( 136 ) $ ( 18,785 ) The following table sets forth the changes in AOCI, net of tax, for the three months ended March 31, 2022: Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2021 $ ( 5,241 ) $ 191 $ ( 5,050 ) Other comprehensive income before reclassifications 6,077 280 6,357 Amounts reclassified from other comprehensive income - ( 194 ) ( 194 ) Net current period other comprehensive income 6,077 86 6,163 Balance as of March 31, 2022 $ 836 $ 277 $ 1,113 |
Reclassification Out Of Accumulated Other Comprehensive Income | Gains (losses) reclassified from AOCI to the Consolidated Statements of Comprehensive Income Affected line item in the Consolidated Three Months Ended Statements of Comprehensive Income March 31, 2023 March 31, 2022 Foreign exchange contracts: Sales $ ( 16 ) $ 253 Less: Income tax (benefit) expense ( 4 ) 59 Amount reclassified, net of tax $ ( 12 ) $ 194 Total reclassifications from AOCI $ ( 12 ) $ 194 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured On A Recurring Basis | March 31, 2023 Level 1 Level 2 Level 3 Total Assets Designated forward exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - Liabilities Designated forward exchange contracts $ - $ 207 $ - $ 207 $ - $ 207 $ - $ 207 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Designated forward exchange contracts $ - $ 357 $ - $ 357 $ - $ 357 $ - $ 357 Liabilities Designated forward exchange contracts $ - $ 6 $ - $ 6 Contingent consideration liabilities $ - $ - $ 1,595 $ 1,595 $ - $ 6 $ 1,595 $ 1,601 |
Schedule Of Contingent Consideration Measured At Fair Value On Recurring Basis | MAXTRAX Balance at December 31, 2022 $ 1,595 Fair value adjustments ( 1,565 ) Contingent consideration payments - Impact of foreign currency exchange rates ( 30 ) Balance at March 31, 2023 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share | Three Months Ended March 31, 2023 March 31, 2022 Weighted average shares outstanding - basic 37,137 37,161 Effect of dilutive stock awards 750 2,435 Effect of dilutive deferred stock consideration for business acquisition 222 206 Weighted average shares outstanding - diluted 38,109 39,802 Net income per share: Basic $ 0.04 $ 0.14 Diluted 0.04 0.13 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation Plan [Abstract] | |
Schedule Of Share Based Payment Award Restricted Stock Valuation Assumptions | March 14, 2023 Number issued 500 Vesting period $ 15.00 - $ 18.00 stock price target Grant price (per share) $ 9.60 Dividend yield 1.04 % Expected volatility 45.2 % Risk-free interest rate 3.64 % Expected term (years) 2.56 - 3.22 Weighted average fair value (per share) $ 7.84 - $ 8.34 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Summary Of Tax Credit Carryforwards | Net Operating Loss Carryforward Expiration Dates December 31, 2022 Expiration Dates December 31, Net Operating Loss Amount 2023 $ 1,851 2024 3,566 2025 1,708 2026 and beyond 10,538 Total $ 17,663 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Financial Information for Segments | Three Months Ended March 31, 2023 March 31, 2022 Sales to external customers: Outdoor Domestic sales $ 21,565 $ 25,629 International sales 31,210 25,893 Total Outdoor 52,775 51,522 Precision Sport Domestic sales 20,719 27,443 International sales 6,387 5,675 Total Precision Sport 27,106 33,118 Adventure Domestic sales 2,632 9,235 International sales 14,871 19,401 Total Adventure 17,503 28,636 Total sales to external customers 97,384 113,276 Segment operating income (loss): Outdoor 1,490 1,888 Precision Sport 7,225 11,780 Adventure ( 1,148 ) 2,124 Total segment operating income 7,567 15,792 Transaction costs ( 74 ) ( 1,201 ) Contingent consideration benefit (expense) 1,565 ( 763 ) Corporate and other expenses ( 4,280 ) ( 5,782 ) Interest expense, net ( 2,746 ) ( 1,116 ) Income before income tax $ 2,032 $ 6,930 |
Total Assets by Segment | March 31, 2023 December 31, 2022 Outdoor $ 175,390 $ 175,820 Precision Sport 143,000 144,224 Adventure 178,485 181,867 Corporate 17,884 16,234 $ 514,759 $ 518,145 |
Capital Expenditures, Depreciation and Amortization by Segment | Three Months Ended March 31, 2023 March 31, 2022 Capital expenditures: Outdoor $ 323 $ 1,236 Precision Sport 739 450 Adventure 409 214 Total capital expenditures $ 1,471 $ 1,900 Depreciation: Outdoor $ 673 $ 817 Precision Sport 852 781 Adventure 266 234 Total depreciation $ 1,791 $ 1,832 Amortization: Outdoor $ 258 $ 255 Precision Sport 508 692 Adventure 2,510 3,173 Total amortization $ 3,276 $ 4,120 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Finished goods | $ 107,152 | $ 107,453 |
Work-in-process | 9,822 | 8,719 |
Raw materials and supplies | 28,782 | 30,900 |
Inventories | $ 145,756 | $ 147,072 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property And Equipment [Abstract] | ||
Depreciation expense | $ 1,791 | $ 1,832 |
Property And Equipment (Propert
Property And Equipment (Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 80,365 | $ 79,481 |
Less accumulated depreciation | (38,168) | (36,471) |
Property and equipment | 42,197 | 43,010 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,160 | 4,160 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,369 | 17,357 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 7,355 | 7,384 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,615 | 8,498 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 37,701 | 37,054 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,165 | $ 5,028 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accumulated goodwill impairment | $ 81,578 | ||
Amortization of Intangible Assets | $ 3,276 | $ 4,120 | |
Adventure [Member] | |||
Accumulated goodwill impairment | $ 52,071 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill | $ 144,571 | |
Accumulated goodwill impairment losses | (81,578) | |
Beginning Balance | $ 62,993 | |
Impact of foreign currency exchange rates | (289) | |
Ending Balance | 62,704 | |
Outdoor [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 29,507 | |
Accumulated goodwill impairment losses | (29,507) | |
Precision Sport [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 26,715 | |
Beginning Balance | 26,715 | |
Ending Balance | 26,715 | |
Adventure [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 88,349 | |
Accumulated goodwill impairment losses | $ (52,071) | |
Beginning Balance | 36,278 | |
Impact of foreign currency exchange rates | (289) | |
Ending Balance | $ 35,989 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Indefinite Lived Intangible Assets) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Acquisitions [Abstract] | |
Beginning balance | $ 82,901 |
Impact of foreign currency exchange rates | (457) |
Ending balance | $ 82,444 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule of Trademarks) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | $ 82,444 | $ 82,901 |
Black Diamond Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | 19,600 | 19,600 |
PIEPS Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | 3,036 | 2,986 |
Sierra Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | 18,900 | 18,900 |
Barnes Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | 5,600 | 5,600 |
Rhino-Rack Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | 25,379 | 25,744 |
MAXTRAX Trademark [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks | $ 9,929 | $ 10,071 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Schedule Of Definite Lived Intangible Assets, Net) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Acquisitions [Abstract] | |
Gross beginning balance | $ 100,889 |
Impact of foreign currency exchange rates | (697) |
Gross ending balance | $ 100,192 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Schedule Of Intangible Assets, Net Of Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 100,192 | $ 100,889 |
Accumulated amortization | (48,710) | (45,634) |
Intangible assets, net | $ 51,482 | $ 55,255 |
Weighted average useful life | 13 years | 13 years |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 76,852 | $ 77,370 |
Accumulated amortization | (36,924) | (34,653) |
Intangible assets, net | $ 39,928 | $ 42,717 |
Weighted average useful life | 13 years 9 months 18 days | 13 years 9 months 18 days |
Product Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 21,130 | $ 21,309 |
Accumulated amortization | (9,974) | (9,207) |
Intangible assets, net | $ 11,156 | $ 12,102 |
Weighted average useful life | 10 years 2 months 12 days | 10 years 2 months 12 days |
Trademarks And Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,263 | $ 1,263 |
Accumulated amortization | (865) | (827) |
Intangible assets, net | $ 398 | $ 436 |
Weighted average useful life | 9 years 4 months 24 days | 9 years 4 months 24 days |
Core Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 947 | $ 947 |
Accumulated amortization | $ (947) | $ (947) |
Weighted average useful life | 10 years | 10 years |
Goodwill And Intangible Asset_8
Goodwill And Intangible Assets (Future Amortization Expense For Definite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets [Abstract] | ||
2023 (excluding the three months ended March 31, 2023) | $ 9,427 | |
2024 | 10,654 | |
2025 | 8,622 | |
2026 | 6,619 | |
2027 | 4,837 | |
2028 | 3,451 | |
Thereafter | 7,872 | |
Intangible assets, net | $ 51,482 | $ 55,255 |
Accrued Liabilities And Other_3
Accrued Liabilities And Other Long-Term Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities And Other Long-Term Liabilities [Abstract] | ||
Accrued payroll and related items | $ 4,626 | $ 5,363 |
Accrued bonus | 1,581 | 1,006 |
Designated forward exchange contracts | 207 | |
Accrued warranty | 1,371 | 1,465 |
Current lease liabilities | 3,231 | 2,836 |
Accrued commissions | 733 | 343 |
Contingent consideration liabilities | 1,595 | |
Accrued excise tax | 764 | 977 |
Other | 9,612 | 11,585 |
Accrued liabilities | $ 22,125 | $ 25,170 |
Accrued Liabilities And Other_4
Accrued Liabilities And Other Long-Term Liabilities (Schedule Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities And Other Long-Term Liabilities [Abstract] | ||
Long-term lease liability | $ 15,629 | $ 12,825 |
Deferred stock consideration for business acquisition | 2,096 | 2,127 |
Other | 849 | 902 |
Other long-term liabilities | $ 18,574 | $ 15,854 |
Long-Term Debt, Net (Components
Long-Term Debt, Net (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Components of long-term debt | ||
Debt issuance costs | $ (408) | $ (460) |
Total carrying amount of long-term debt | 137,006 | 139,034 |
Less current portion | (12,562) | (11,952) |
Long-term debt, net | 124,444 | 127,082 |
Revolving Credit Facility [Member] | ||
Components of long-term debt | ||
Credit facility | 18,538 | 18,049 |
Amount outstanding | 18,538 | 18,049 |
Term Facility [Member] | ||
Components of long-term debt | ||
Term loan | 118,750 | 120,311 |
Foreign Credit Facility [Member] | ||
Components of long-term debt | ||
Credit facility | 126 | 1,134 |
Amount outstanding | 126 | $ 1,134 |
Restated Credit Agreement [Member] | ||
Components of long-term debt | ||
Maximum borrowing capacity | 600,000 | |
Available additional borrowing capacity | $ 175,000 | |
Maturity date | Apr. 18, 2027 | |
Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Components of long-term debt | ||
Credit facility | $ 18,538 | |
Maximum borrowing capacity | 300,000 | |
Credit facility current borrowing capacity | $ 61,000 | |
Maturity date | Apr. 18, 2027 | |
Amount outstanding | $ 18,538 | |
Interest rate at end of period | 6.80% | 6.30% |
Restated Credit Agreement [Member] | Letter Of Credit [Member] | ||
Components of long-term debt | ||
Maximum borrowing capacity | $ 5,000 | |
Restated Credit Agreement [Member] | Term Facility [Member] | ||
Components of long-term debt | ||
Maximum borrowing capacity | $ 125,000 | |
Maturity date | Apr. 18, 2027 | |
Interest rate at end of period | 6.80% | 6.30% |
Frequency of payments | quarterly | |
Restated Credit Agreement [Member] | Term Facility [Member] | Through June 30, 2023 [Member] | ||
Components of long-term debt | ||
Payment amount | $ 1,563 | |
Date of first required payment | Jun. 30, 2022 | |
Restated Credit Agreement [Member] | Term Facility [Member] | After June 30, 2023 [Member] | ||
Components of long-term debt | ||
Payment amount | $ 3,125 | |
Date of first required payment | Jun. 30, 2023 | |
Foreign Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Components of long-term debt | ||
Maturity date | Apr. 26, 2023 | |
Foreign Credit Facility [Member] | Term Facility [Member] | ||
Components of long-term debt | ||
Maturity date | Aug. 08, 2024 | |
Minimum [Member] | Foreign Credit Facility [Member] | ||
Components of long-term debt | ||
Interest rate at end of period | 3.20% | |
Minimum [Member] | Foreign Credit Facility [Member] | ||
Components of long-term debt | ||
Interest rate at end of period | 1.30% | |
Maximum [Member] | Foreign Credit Facility [Member] | ||
Components of long-term debt | ||
Interest rate at end of period | 4% | |
Maximum [Member] | Foreign Credit Facility [Member] | ||
Components of long-term debt | ||
Interest rate at end of period | 4% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (loss) on derivatives | $ (207) | |
Revenue | $ 97,384 | $ 113,276 |
Maximum [Member] | ||
Remaining maturity of derivatives | 1 year | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||
Revenue | $ (16) | $ 253 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Contracts Designated As Hedged Instruments) (Details) - Designated as Hedging Instrument [Member] € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 CAD ($) | |
Canadian Dollars [Member] | |||
Foreign Exchange Contracts [Line Items] | |||
Foreign exchange contracts, Notional Amount | $ | $ 2,807 | ||
Derivative, Maturity Date | Feb. 01, 2023 | ||
Euros [Member] | |||
Foreign Exchange Contracts [Line Items] | |||
Foreign exchange contracts, Notional Amount | € | € 20,871 | € 20,760 | |
Derivative, Maturity Date | Feb. 01, 2024 | Feb. 01, 2024 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Derivative Instruments Fair Value And Balance Sheet Classification) (Details) - Forward exchange contracts [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid And Other Current Assets [Member] | ||
Derivative instruments in asset positions, Forward exchange contracts | $ 357 | |
Accrued Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | $ 207 | |
Other Long-Term Liabilities [Member] | ||
Derivative instruments in liability positions, Forward exchange contracts | $ 6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ (17,685) | |
Other comprehensive (loss) income before reclassifications | (1,112) | $ 6,357 |
Amounts reclassified from other comprehensive (loss) income | 12 | (194) |
Net current period other comprehensive (loss) income | (1,100) | 6,163 |
Balance | (18,785) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (17,685) | (5,050) |
Balance | (18,785) | 1,113 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (17,628) | (5,241) |
Other comprehensive (loss) income before reclassifications | (1,021) | 6,077 |
Net current period other comprehensive (loss) income | (1,021) | 6,077 |
Balance | (18,649) | 836 |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (57) | 191 |
Other comprehensive (loss) income before reclassifications | (91) | 280 |
Amounts reclassified from other comprehensive (loss) income | 12 | (194) |
Net current period other comprehensive (loss) income | (79) | 86 |
Balance | $ (136) | $ 277 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Sales | $ 97,384 | $ 113,276 |
Less: Income tax (benefit) expense | 434 | 1,621 |
Total reclassifications from AOCI | (12) | 194 |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications from AOCI | (12) | 194 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications from AOCI | (12) | 194 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Sales | (16) | 253 |
Less: Income tax (benefit) expense | (4) | 59 |
Total reclassifications from AOCI | $ (12) | $ 194 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Contingent Consideration [Member] | Mar. 31, 2023 item |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 0.048 |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rate | 0.080 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Designated forward exchange contract, assets | $ 357 | |
Designated forward exchange contracts, liabilities | $ 207 | 6 |
Contingent consideration liabilities | 1,595 | |
Assets | 357 | |
Liabilities | 207 | 1,601 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Designated forward exchange contract, assets | ||
Designated forward exchange contracts, liabilities | ||
Contingent consideration liabilities | ||
Assets | ||
Liabilities | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Designated forward exchange contract, assets | 357 | |
Designated forward exchange contracts, liabilities | 207 | 6 |
Assets | 357 | |
Liabilities | 207 | 6 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Designated forward exchange contract, assets | ||
Designated forward exchange contracts, liabilities | ||
Contingent consideration liabilities | 1,595 | |
Assets | ||
Liabilities | $ 1,595 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule Of Contingent Consideration Measured At Fair Value On Recurring Basis) (Details) - Contingent Consideration [Member] - MAXTRAX [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at beginning of period | $ 1,595 |
Fair value adjustments | (1,565) |
Impact of foreign currency exchange rates | $ (30) |
Balance at end of period |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 28, 2023 | Aug. 06, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | |
Dividend per quarter | $ 0.025 | |||
Dividend annualized | $ 0.10 | |||
Cash dividends | $ 930 | $ 930 | ||
Dividends per share | $ 0.025 | $ 0.025 | ||
Subsequent Event [Member] | ||||
Dividend date declared | Apr. 28, 2023 | |||
Dividend date to be paid | May 19, 2023 | |||
Dividend date of record | May 08, 2023 | |||
Dividends per share | $ 0.025 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, number of shares | 3,713 | 1,329 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Reconciliation Of Basic And Diluted Shares Of Common Stock Outstanding Used In Calculation Of Earnings Per Share) (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding - basic | 37,137 | 37,161 |
Effect of dilutive stock awards | 750 | 2,435 |
Effect of dilutive deferred stock consideration for business acquisition | 222 | 206 |
Weighted average number of shares outstanding - diluted | 38,109 | 39,802 |
Basic net income per share | $ 0.04 | $ 0.14 |
Diluted net income per share | $ 0.04 | $ 0.13 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 14, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares of common stock that may be granted through awards to any employee in any calendar year | 500 | ||
Fair value of the restricted stock awards granted | $ 4,046 | ||
Unrecognized compensation cost related to unvested stock options | $ 2,797 | ||
Unvested restricted stock awards | 1,717 | ||
Unvested stock options | 587 | ||
Unrecognized compensation cost related to unvested restricted stock awards | $ 10,836 | ||
Total non-cash stock compensation expense | $ 1,334 | $ 3,367 | |
2015 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number issued | 500 | ||
Minimum [Member] | 2015 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 2 years 6 months 21 days | ||
Maximum [Member] | 2015 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 3 years 2 months 19 days | ||
Vesting Threshold One [Member] | 2015 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold share price | $ 15 | ||
Number issued | 250 | ||
Vesting Threshold Two [Member] | 2015 Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Threshold share price | $ 18 | ||
Number issued | 250 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan (Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards) (Details) - 2015 Plan [Member] - Restricted Stock [Member] shares in Thousands | Mar. 14, 2023 $ / shares shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number issued | shares | 500 |
Grant price | $ / shares | $ 9.60 |
Dividend yield | 1.04% |
Expected Volatility | 45.20% |
Risk-free interest rate | 3.64% |
Vesting Threshold One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number issued | shares | 250 |
Vesting Threshold Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number issued | shares | 250 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 2 years 6 months 21 days |
Weighted average fair value (per share) | $ / shares | $ 7.84 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (years) | 3 years 2 months 19 days |
Weighted average fair value (per share) | $ / shares | $ 8.34 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Statutory income tax rate | 21% | |
Estimated effective tax rate | 21.40% | |
Gross deferred tax asset | $ 32,972 | |
Valuation allowance | 3,323 | |
Net deferred tax asset | 29,649 | |
Deferred tax liabilities, gross | 30,243 | |
Net operating loss carryforwards for U.S. federal income tax purposes | 17,663 | |
Research and experimentation credit carryforwards | $ 2,651 | |
Austrian Ministry Of Finance [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign statutory tax rate, foreign operations | 24% | |
Inland Revenue Department, New Zealand [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign statutory tax rate, foreign operations | 28% | |
Australian Taxation Office [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign statutory tax rate, foreign operations | 30% |
Income Taxes (Summary Of Tax Cr
Income Taxes (Summary Of Tax Credit Carryforwards) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Tax Credit Carryforward [Line Items] | |
Total net operating loss amount | $ 17,663 |
Operating loss carryforward expiration year 2022 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 1,851 |
Operating loss carryforward expiration year 2023 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 3,566 |
Operating loss carryforward expiration year 2024 | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | 1,708 |
Operating loss carryforward expiration year 2025 and beyond [Member] | |
Tax Credit Carryforward [Line Items] | |
Net operating loss amount | $ 10,538 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Information [Abstract] | |
Number of segments | 3 |
Segment Information (Financial
Segment Information (Financial Information for Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Sales to external customers | $ 97,384 | $ 113,276 |
Operating income (expense) | 4,693 | 8,113 |
Transaction costs | (74) | (1,201) |
Contingent consideration (expense) benefit | 1,565 | (763) |
Corporate and other expenses | (4,280) | (5,782) |
Interest income (expense), net | (2,746) | (1,116) |
Income (loss) before income tax | 2,032 | 6,930 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (expense) | 7,567 | 15,792 |
Outdoor [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 52,775 | 51,522 |
Outdoor [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (expense) | 1,490 | 1,888 |
Precision Sport [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 27,106 | 33,118 |
Precision Sport [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (expense) | 7,225 | 11,780 |
Adventure [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 17,503 | 28,636 |
Adventure [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (expense) | (1,148) | 2,124 |
Domestic Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 44,916 | 62,307 |
Domestic Sales [Member] | Outdoor [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 21,565 | 25,629 |
Domestic Sales [Member] | Precision Sport [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 20,719 | 27,443 |
Domestic Sales [Member] | Adventure [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 2,632 | 9,235 |
International Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 52,468 | 50,969 |
International Sales [Member] | Outdoor [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 31,210 | 25,893 |
International Sales [Member] | Precision Sport [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | 6,387 | 5,675 |
International Sales [Member] | Adventure [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales to external customers | $ 14,871 | $ 19,401 |
Segment Information (Total Asse
Segment Information (Total Assets by Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 514,759 | $ 518,145 |
Outdoor [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 175,390 | 175,820 |
Precision Sport [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 143,000 | 144,224 |
Adventure [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 178,485 | 181,867 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 17,884 | $ 16,234 |
Segment Information (Capital Ex
Segment Information (Capital Expenditures, Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Capital expenditures | $ 1,471 | $ 1,900 |
Depreciation | 1,791 | 1,832 |
Amortization | 3,276 | 4,120 |
Outdoor [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 323 | 1,236 |
Depreciation | 673 | 817 |
Amortization | 258 | 255 |
Precision Sport [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 739 | 450 |
Depreciation | 852 | 781 |
Amortization | 508 | 692 |
Adventure [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures | 409 | 214 |
Depreciation | 266 | 234 |
Amortization | $ 2,510 | $ 3,173 |