- Two-Year Compounded Sales Growth of more than 118%
- Gross Margin of 39.6%
- EPS of $0.65/Share and EBITDAS Margin of 29.2%
- 2.8 Million Shares Repurchased
- $107 million of Cash on Hand
SPRINGFIELD, Mass., March 3, 2022 /PRNewswire/ -- Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the third quarter of fiscal 2022, ended January 31, 2022. Unless otherwise indicated, any reference to income statement items refers to results from continuing operations.
Third Quarter Fiscal 2022 Financial Highlights
Mark Smith, President and Chief Executive Officer, commented, "I am very proud of our team for demonstrating Smith & Wesson's ability to deliver meaningful profitability no matter the overall market conditions. Although the firearms market remains elevated and healthy with new entrants, it has cooled significantly from the height of the pandemic surge and seems to now be following pre-pandemic historical demand patterns. This macro demand pattern is very familiar to us, and is exactly what our business model is designed to accommodate. Our ability to ramp production aggressively to meet surging demand over the past couple of years fueled significant market share gains for Smith & Wesson and provided a demonstrable proof point for our flexible manufacturing strategy. Our manufacturing team increased throughput by over 82% during the surge, which has enabled us to not only gain impressive market share, but also to set a very solid business foundation for long-term success. Since the demand surge began in March of 2020, we have paid down $160 million of debt and are now debt-free, bought back $200 million of stock, which reduced our outstanding shares by nearly 20%, paid nearly $20 million in dividends, invested nearly $40 million into our business, and today have a strong and healthy balance sheet with over $107 million in cash. Our long-term commitment is to continue to return value to stockholders through regular fixed dividends and share repurchases and, as a result of these accomplishments, we are well positioned to do so."
Deana McPherson, Executive Vice President and Chief Financial Officer, commented "Looking back to where we were during the same quarter in fiscal 2020, you can see how our response to the surge in demand over the last two years has strengthened our foundation, creating an agile business model that optimizes profitability to drive long-term value. Revenue for our third quarter grew from $127.4 million in fiscal 2020 to $257.6 million in fiscal 2021, or a 202.6% increase, and is now at $177.7 million in fiscal 2022. While this represents a 31% decrease from the historic levels recorded last year, it is truly remarkable that we were able to achieve a $50.3 million increase in revenue this quarter versus two years ago on nearly the same number of units shipped. Further, gross margin was 39.6% in the third quarter, which was 300 basis points below the 42.6% realized in the prior year comparable quarter, but 1,160 basis points above the 28% realized in the third quarter of fiscal 2020. Our Board of Directors has again authorized our $0.08 per share quarterly dividend, which will be paid to stockholders of record on March 17, 2022 with payment to be made on March 31, 2022."
Conference Call and WebcastThe company will host a conference call and webcast on March 3, 2022, to discuss its third quarter fiscal 2022 financial and operational results. Speakers on the conference call will include Mark Smith, President and Chief Executive Officer, and Deana McPherson, Executive Vice President and Chief Financial Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Those interested in listening to the conference call via telephone may call directly at (844) 309-6568 and reference conference identification number 2710778. No RSVP is necessary. The conference call audio webcast can also be accessed live on the company's website at www.smith-wesson.com, under the Investor Relations section.
Reconciliation of U.S. GAAP to Non-GAAP Financial MeasuresIn this press release, certain non-GAAP financial measures, including "non-GAAP net income," "Adjusted EBITDAS," and "free cash flow" are presented. From time-to-time, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. We believe it is useful for us and the reader to review, as applicable, both (1) GAAP measures that include (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) COVID-19 expenses, (vi) transition costs, (vii) amortization of acquired intangible assets, (viii) spin related stock compensation, (ix) Relocation expense, and (x) the tax effect of non-GAAP adjustments; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP measures. The principal limitations of these measures are that they do not reflect our actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis.
About Smith & Wesson Brands, Inc.Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith & Wesson®, M&P®, and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (800) 331-0852 or visit www.smith-wesson.com.
Safe Harbor Statement Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, among others, our belief that (i) the firearms market seems to now be following pre-pandemic historical demand patterns; (ii) the macro demand pattern is exactly what our business model is designed to accommodate; (iii) we have set a very solid business foundation for long-term success; (iv) that our long-term commitment is to continue to return value to stockholders through regular fixed dividends and share repurchases and, as a result of certain accomplishments, we are well positioned to do so; and (v) our response to the surge in demand over the last two years has strengthened our foundation, creating an agile business model that optimizes profitability to drive long-term value. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, economic, social, political, legislative, and regulatory factors; the potential for increased regulation of firearms and firearm-related products; actions of social activists that could have an adverse effect on our business; the impact of lawsuits; the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability, and costs of raw materials and components; our anticipated growth and growth opportunities; our strategies; our ability to maintain and enhance brand recognition and reputation; our ability to effectively manage and execute the planned relocation of our headquarters and certain of our operations to Tennessee; our ability to introduce new products; the success of new products; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 and our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2021.
Contact: [email protected](413) 747-3448
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(Unaudited) |
||||
As of: |
||||
January 31, 2022 |
April 30, 2021 |
|||
(In thousands, except par value and share data) |
||||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 107,268 |
$ 113,017 |
||
Accounts receivable, net of allowances for credit losses of $25 on January 31, 2022 and $107 on April 30, 2021 |
49,386 |
67,442 |
||
Inventories |
134,268 |
78,477 |
||
Prepaid expenses and other current assets |
7,521 |
8,408 |
||
Income tax receivable |
2,233 |
909 |
||
Total current assets |
300,676 |
268,253 |
||
Property, plant, and equipment, net |
134,540 |
141,612 |
||
Intangibles, net |
4,257 |
4,417 |
||
Goodwill |
19,024 |
19,024 |
||
Other assets |
10,808 |
13,082 |
||
Total assets |
469,305 |
446,388 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Accounts payable |
$ 36,060 |
$ 57,337 |
||
Accrued expenses and deferred revenue |
26,857 |
33,136 |
||
Accrued payroll and incentives |
16,223 |
17,381 |
||
Accrued income taxes |
362 |
1,157 |
||
Accrued profit sharing |
11,502 |
14,445 |
||
Accrued warranty |
2,040 |
2,199 |
||
Total current liabilities |
93,044 |
125,655 |
||
Deferred income taxes |
904 |
904 |
||
Finance lease payable, net of current portion |
37,930 |
38,786 |
||
Other non-current liabilities |
11,118 |
14,659 |
||
Total liabilities |
142,996 |
180,004 |
||
Commitments and contingencies |
||||
Stockholders' equity: |
||||
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding |
— |
— |
||
Common stock, $.001 par value, 100,000,000 shares authorized, 74,550,885 issued and 45,510,515 shares outstanding on January 31, 2022 and 4,222,127 shares |
75 |
74 |
||
Additional paid-in capital |
276,389 |
273,431 |
||
Retained earnings |
472,147 |
325,181 |
||
Accumulated other comprehensive income |
73 |
73 |
||
Treasury stock, at cost (29,040,370 shares on January 31, 2022 and 24,284,798 on April 30, 2021) |
(422,375) |
(332,375) |
||
Total stockholders' equity |
326,309 |
266,384 |
||
Total liabilities and stockholders' equity |
$ 469,305 |
$ 446,388 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended January 31, |
For the Nine Months Ended January 31, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
(In thousands, except per share data) |
||||||||
Net sales |
$ 177,738 |
$ 257,634 |
$ 682,826 |
$ 736,247 |
||||
Cost of sales |
107,339 |
147,955 |
380,490 |
433,073 |
||||
Gross profit |
70,399 |
109,679 |
302,336 |
303,174 |
||||
Operating expenses: |
||||||||
Research and development |
1,716 |
1,757 |
5,269 |
5,518 |
||||
Selling, marketing, and distribution |
11,518 |
10,487 |
33,575 |
32,095 |
||||
General and administrative |
17,443 |
17,054 |
58,491 |
62,061 |
||||
Total operating expenses |
30,677 |
29,298 |
97,335 |
99,674 |
||||
Operating income from continuing operations |
39,722 |
80,381 |
205,001 |
203,500 |
||||
Other income/(expense), net: |
||||||||
Other income/(expense), net |
751 |
952 |
2,244 |
1,711 |
||||
Interest expense, net |
(594) |
(550) |
(1,605) |
(3,356) |
||||
Total other income/(expense), net |
157 |
402 |
639 |
(1,645) |
||||
Income from operations before income taxes |
39,879 |
80,783 |
205,640 |
201,855 |
||||
Income tax expense |
9,337 |
18,520 |
47,281 |
47,176 |
||||
Income from continuing operations |
$ 30,542 |
$ 62,263 |
$ 158,359 |
$ 154,679 |
||||
Discontinued operations: |
||||||||
Income from discontinued operations, net of tax |
— |
127 |
— |
8,334 |
||||
Net income |
$ 30,542 |
$ 62,390 |
$ 158,359 |
$ 163,013 |
||||
Net income per share: |
||||||||
Basic - continuing operations |
$ 0.65 |
$ 1.13 |
$ 3.32 |
$ 2.79 |
||||
Basic - net income |
$ 0.65 |
$ 1.13 |
$ 3.32 |
$ 2.94 |
||||
Diluted - continuing operations |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.75 |
||||
Diluted - net income |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.90 |
||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
46,763 |
55,137 |
47,769 |
55,515 |
||||
Diluted |
47,175 |
55,702 |
48,307 |
56,258 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(Unaudited) |
||||
For the Nine Months Ended |
||||
January 31, 2022 |
January 31, 2021 |
|||
(In thousands) |
||||
Cash flows from operating activities: |
||||
Income from continuing operations |
$ 158,359 |
$ 154,679 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
22,413 |
24,133 |
||
Loss on sale/disposition of assets |
31 |
148 |
||
Provision for losses/(recoveries) on notes and accounts receivable |
678 |
(693) |
||
Impairment of long-lived tangible assets |
86 |
— |
||
Deferred income taxes |
— |
316 |
||
Stock-based compensation expense |
3,565 |
3,392 |
||
Changes in operating assets and liabilities: |
||||
Accounts receivable |
17,378 |
8 |
||
Inventories |
(55,791) |
19,295 |
||
Prepaid expenses and other current assets |
887 |
(1,018) |
||
Income taxes |
(2,119) |
(12,831) |
||
Accounts payable |
(21,209) |
17,299 |
||
Accrued payroll and incentives |
(1,158) |
2,040 |
||
Accrued profit sharing |
(2,943) |
8,663 |
||
Accrued expenses and deferred revenue |
(6,322) |
(19,950) |
||
Accrued warranty |
(159) |
421 |
||
Other assets |
2,188 |
1,226 |
||
Other non-current liabilities |
(3,609) |
1,309 |
||
Cash provided by operating activities - continuing operations |
112,275 |
198,437 |
||
Cash used in operating activities - discontinued operations |
— |
(2,129) |
||
Net cash provided by operating activities |
112,275 |
196,308 |
||
Cash flows from investing activities: |
||||
Refunds on machinery and equipment |
— |
310 |
||
Payments to acquire patents and software |
(218) |
(502) |
||
Proceeds from sale of property and equipment |
97 |
— |
||
Payments to acquire property and equipment |
(15,090) |
(18,378) |
||
Cash used in investing activities - continuing operations |
(15,211) |
(18,570) |
||
Cash used in investing activities - discontinued operations |
— |
(1,143) |
||
Net cash used in investing activities |
(15,211) |
(19,713) |
||
Cash flows from financing activities: |
||||
Proceeds from loans and notes payable |
— |
25,000 |
||
Cash paid for debt issuance costs |
— |
(450) |
||
Payments on finance lease obligation |
(813) |
(736) |
||
Payments on notes and loans payable |
— |
(185,000) |
||
Distribution to AOUT |
— |
(25,000) |
||
Payments to acquire treasury stock |
(90,000) |
(50,000) |
||
Dividend distribution |
(11,393) |
(5,594) |
||
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan |
846 |
2,217 |
||
Payment of employee withholding tax related to restricted stock units |
(1,453) |
(2,201) |
||
Cash used in by financial activities - continuing operations |
(102,813) |
(241,764) |
||
Cash used in financial activities - discontinued operations |
— |
(166) |
||
Net cash used inprovided by financing activities |
(102,813) |
(241,930) |
||
Net decrease in cash and cash equivalents |
(5,749) |
(65,335) |
||
Cash and cash equivalents, beginning of period |
113,017 |
125,011 |
||
Cash and cash equivalents, end of period |
$ 107,268 |
$ 59,676 |
||
Supplemental disclosure of cash flow information |
||||
Cash paid for: |
||||
Interest |
$ 1,670 |
$ 2,745 |
||
Income taxes |
$ 49,402 |
$ 63,525 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||||||||||
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
|||||||||
GAAP gross profit |
$ 70,399 |
39.6% |
$ 109,679 |
42.6% |
$ 302,336 |
44.3% |
$ 303,174 |
41.2% |
||||||||
Relocation expenses |
1,243 |
0.7% |
— |
— |
2,330 |
0.3% |
— |
— |
||||||||
COVID-19 |
1 |
0.0% |
22 |
0.0% |
32 |
0.0% |
517 |
0.1% |
||||||||
Non-GAAP gross profit |
$ 71,643 |
40.3% |
$ 109,701 |
42.6% |
$ 304,698 |
44.6% |
$ 303,691 |
41.2% |
||||||||
GAAP operating expenses |
$ 30,677 |
17.3% |
$ 29,298 |
11.4% |
$ 97,335 |
14.3% |
$ 99,674 |
13.5% |
||||||||
Amortization of acquired intangible assets |
(72) |
0.0% |
(83) |
0.0% |
(214) |
0.0% |
(248) |
0.0% |
||||||||
Transition costs |
— |
— |
(20) |
0.0% |
80 |
0.0% |
(7,953) |
-1.1% |
||||||||
COVID-19 |
(37) |
0.0% |
(58) |
0.0% |
(137) |
0.0% |
(617) |
-0.1% |
||||||||
Spin related stock-based compensation |
(43) |
0.0% |
— |
— |
(104) |
0.0% |
(442) |
-0.1% |
||||||||
Relocation expenses |
(1,737) |
-1.0% |
— |
— |
(6,198) |
-0.9% |
— |
— |
||||||||
Non-GAAP operating expenses |
$ 28,788 |
16.2% |
$ 29,137 |
11.3% |
$ 90,762 |
13.3% |
$ 90,414 |
12.3% |
||||||||
GAAP operating income |
$ 39,722 |
22.3% |
$ 80,381 |
31.2% |
$ 205,001 |
30.0% |
$ 203,500 |
27.6% |
||||||||
Amortization of acquired intangible assets |
72 |
0.0% |
83 |
0.0% |
214 |
0.0% |
248 |
0.0% |
||||||||
Transition costs |
— |
— |
20 |
0.0% |
(80) |
0.0% |
7,953 |
1.1% |
||||||||
COVID-19 |
38 |
0.0% |
80 |
0.0% |
169 |
0.0% |
1,134 |
0.2% |
||||||||
Spin related stock-based compensation |
43 |
0.0% |
— |
— |
104 |
0.0% |
442 |
0.1% |
||||||||
Relocation expenses |
2,980 |
1.7% |
— |
— |
8,528 |
1.2% |
— |
— |
||||||||
Non-GAAP operating income |
$ 42,855 |
24.1% |
$ 80,564 |
31.3% |
$ 213,936 |
31.3% |
$ 213,277 |
29.0% |
||||||||
GAAP income from continuing operations |
$ 30,542 |
17.2% |
$ 62,263 |
24.2% |
$ 158,359 |
23.2% |
$ 154,679 |
21.0% |
||||||||
Amortization of acquired intangible assets |
72 |
0.0% |
83 |
0.0% |
214 |
0.0% |
248 |
0.0% |
||||||||
Transition costs |
— |
0.0% |
20 |
0.0% |
(80) |
0.0% |
7,953 |
1.1% |
||||||||
COVID-19 |
38 |
0.0% |
80 |
0.0% |
169 |
0.0% |
1,134 |
0.2% |
||||||||
Spin related stock-based compensation |
43 |
0.0% |
— |
— |
104 |
0.0% |
442 |
0.1% |
||||||||
Relocation expenses |
2,980 |
1.7% |
— |
— |
8,528 |
1.2% |
— |
— |
||||||||
Tax effect of non-GAAP adjustments |
(733) |
-0.4% |
(46) |
0.0% |
(2,054) |
-0.3% |
(2,444) |
-0.3% |
||||||||
Non-GAAP income from continuing operations |
$ 32,942 |
18.5% |
$ 62,400 |
24.2% |
$ 165,240 |
24.2% |
$ 162,012 |
22.0% |
||||||||
GAAP income from continuing operations per share - diluted |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.75 |
||||||||||||
Amortization of acquired intangible assets |
— |
— |
— |
— |
||||||||||||
Transition costs |
— |
— |
— |
0.14 |
||||||||||||
COVID-19 |
— |
— |
— |
0.02 |
||||||||||||
Spin related stock-based compensation |
— |
— |
— |
0.01 |
||||||||||||
Relocation expenses |
0.06 |
— |
0.18 |
— |
||||||||||||
Tax effect of non-GAAP adjustments |
(0.02) |
— |
(0.04) |
(0.04) |
||||||||||||
Non-GAAP income from continuing operations per share - diluted |
$ 0.69 |
$ 1.12 |
$ 3.42 |
$ 2.88 |
||||||||||||
(a) Non-GAAP net income per share does not foot due to rounding. |
||||||||||||||||
Net Sales |
177,738 |
257,634 |
682,826 |
736,247 |
||||||||||||
- |
- |
|||||||||||||||
Weighted average number of common shares outstanding - diluted |
47,175 |
55,702 |
48,307 |
56,258 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDAS |
||||||||
(in thousands) |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||
GAAP income from continuing operations |
$ 30,542 |
$ 62,263 |
$ 158,359 |
$ 154,679 |
||||
Interest expense |
639 |
592 |
1,740 |
3,471 |
||||
Income tax expense |
9,337 |
18,520 |
47,281 |
47,176 |
||||
Depreciation and amortization |
7,179 |
7,017 |
22,346 |
23,264 |
||||
Stock-based compensation expense |
1,199 |
1,317 |
3,565 |
3,392 |
||||
COVID-19 |
38 |
80 |
169 |
1,134 |
||||
Transition costs |
— |
20 |
(80) |
7,953 |
||||
Relocation expense |
2,980 |
— |
8,528 |
— |
||||
Non-GAAP Adjusted EBITDAS |
$ 51,914 |
$ 89,809 |
$ 241,908 |
$ 241,069 |
||||
29.2% |
34.9% |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF OPERATING CASH FLOW FROM CONTINUING OPERATIONS TO FREE CASH FLOW |
||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||
Net cash (used in)/provided by operating activities |
$ 6,911 |
$ 60,349 |
$ 112,275 |
$ 198,437 |
||||
Net cash used in investing activities |
(5,012) |
(3,256) |
(15,211) |
(18,570) |
||||
Free cash flow |
$ 1,899 |
$ 57,093 |
$ 97,064 |
$ 179,867 |
SOURCE Smith & Wesson Brands, Inc.
- Совокупный рост продаж за два года составил более 118%
- Валовая прибыль в размере 39,6%
- Прибыль на акцию в размере 0,65 доллара США на акцию и рентабельность по EBITDA в размере 29,2%
- Выкуплено 2,8 Миллиона Акций
- 107 миллионов долларов наличными на руках
СПРИНГФИЛД, штат Массачусетс, 3 марта 2022 года /PRNewswire/ -- Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), американский лидер в области производства и дизайна огнестрельного оружия, сегодня объявил финансовые результаты за третий квартал 2022 финансового года, закончившийся 31 января 2022 года. Если не указано иное, любая ссылка на статьи отчета о прибылях и убытках относится к результатам продолжающейся деятельности.
Основные финансовые показатели Третьего квартала 2022 финансового года
Марк Смит, президент и главный исполнительный директор, прокомментировал: "Я очень горжусь нашей командой за то, что она продемонстрировала способность Smith & Wesson обеспечивать значительную прибыльность независимо от общих рыночных условий. Несмотря на то, что рынок огнестрельного оружия остается высоким и здоровым благодаря новым участникам, он значительно снизился с пика пандемического всплеска и, похоже, в настоящее время соответствует историческим моделям спроса, существовавшим до пандемии. Эта модель макропотребления нам хорошо знакома, и это именно то, на что рассчитана наша бизнес-модель. Наша способность активно наращивать производство для удовлетворения растущего спроса за последние пару лет способствовала значительному увеличению доли рынка для Smith & Wesson и стала наглядным доказательством нашей гибкой производственной стратегии. Наша производственная команда увеличила пропускную способность более чем на 82% во время всплеска, что позволило нам не только завоевать впечатляющую долю рынка, но и заложить очень прочную бизнес-основу для долгосрочного успеха. С тех пор, как в марте 2020 года начался всплеск спроса, мы погасили задолженность в размере 160 миллионов долларов и теперь свободны от долгов, выкупили акции на 200 миллионов долларов, что сократило наши акции в обращении почти на 20%, выплатили дивиденды почти на 20 миллионов долларов, инвестировали почти 40 миллионов долларов в наш бизнес и сегодня имеем сильный и здоровый баланс с более чем 107 миллионами долларов наличными. Наше долгосрочное обязательство состоит в том, чтобы продолжать приносить прибыль акционерам за счет регулярных фиксированных дивидендов и выкупа акций, и в результате этих достижений у нас есть все возможности для этого".
Дина Макферсон, исполнительный вице-президент и финансовый директор, прокомментировала: "Оглядываясь назад на то, где мы были в том же квартале 2020 финансового года, вы можете увидеть, как наша реакция на рост спроса за последние два года укрепила наш фундамент, создав гибкую бизнес-модель, которая оптимизирует прибыльность для повышения долгосрочной стоимости. Выручка за наш третий квартал выросла с 127,4 миллиона долларов в 2020 финансовом году до 257,6 миллиона долларов в 2021 финансовом году, или на 202,6% больше, и сейчас составляет 177,7 миллиона долларов в 2022 финансовом году. Хотя это на 31% меньше по сравнению с историческими уровнями, зафиксированными в прошлом году, поистине замечательно, что в этом квартале мы смогли увеличить выручку на 50,3 миллиона долларов по сравнению с двумя годами назад при почти таком же количестве отгруженных единиц. Кроме того, валовая прибыль в третьем квартале составила 39,6%, что на 300 базисных пунктов ниже 42,6%, реализованных в сопоставимом квартале предыдущего года, но на 1160 базисных пунктов выше 28%, реализованных в третьем квартале 2020 финансового года. Наш Совет директоров вновь утвердил наши ежеквартальные дивиденды в размере 0,08 доллара на акцию, которые будут выплачены акционерам record 17 марта 2022 года с выплатой 31 марта 2022 года".
Конференц-связь и веб-трансляция Компания проведет телефонную конференцию и веб-трансляцию 3 марта 2022 года, чтобы обсудить финансовые и операционные результаты за третий квартал 2022 финансового года. На телефонной конференции выступят Марк Смит, президент и главный исполнительный директор, и Дина Макферсон, исполнительный вице-президент и финансовый директор. Конференц-связь может включать заявления о перспективах. Конференц-связь и веб-трансляция начнутся в 17:00 по восточному времени (14:00 по тихоокеанскому времени). Те, кто заинтересован в прослушивании телефонной конференции, могут позвонить напрямую по телефону (844) 309-6568 и указать идентификационный номер конференции 2710778. Никакого приглашения не требуется. Доступ к аудиотрансляции конференц-связи также можно получить в прямом эфире на веб-сайте компании по адресу www.smith-wesson.com , в разделе по связям с инвесторами.
Сверка ОПБУ США с финансовыми показателями, не относящимися к ОПБУ В этом пресс-релизе представлены некоторые финансовые показатели, не относящиеся к ОПБУ, включая "чистую прибыль, не относящуюся к ОПБУ", "Скорректированные показатели EBITDA" и "свободный денежный поток". Время от времени мы рассматриваем и используем эти дополнительные показатели операционной эффективности, чтобы предоставить читателю лучшее понимание основных тенденций производительности. Мы считаем, что нам и читателю полезно рассмотреть, в зависимости от обстоятельств, как (1) показатели GAAP, которые включают (i) процентные расходы, (ii) расходы по налогу на прибыль, (iii) износ и амортизацию, (iv) расходы на компенсацию на основе акций, (v) расходы на COVID-19, (vi) затраты на переход, (vii) амортизация приобретенных нематериальных активов, (viii) компенсация акций, связанных с spin, (ix) Расходы на перемещение и (x) налоговый эффект корректировок, не относящихся к GAAP; и (2) меры, не относящиеся к GAAP, которые исключают такую информацию. Мы представляем эти показатели, не относящиеся к GAAP, потому что считаем их важным дополнительным показателем нашей деятельности. Наше определение этих скорректированных финансовых показателей может отличаться от аналогичных показателей, используемых другими. Мы считаем, что эти меры облегчают сравнение операционных показателей от периода к периоду, устраняя потенциальные различия, вызванные наличием и сроками определенных статей расходов, которые в противном случае не были бы очевидны на основе GAAP. Эти показатели, не относящиеся к GAAP, имеют ограничения в качестве аналитического инструмента и не должны рассматриваться изолированно или в качестве замены наших показателей GAAP. Основные ограничения этих показателей заключаются в том, что они не отражают наши фактические расходы и, таким образом, могут привести к завышению финансовых показателей на основе GAAP.
О компании Smith & Wesson Brands, Inc.Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI) - американский лидер в области производства и дизайна огнестрельного оружия, предоставляющий широкий ассортимент качественных пистолетов, длинноствольных пистолетов и глушителей на мировые потребительские и профессиональные рынки под знаковыми брендами Smith & Wesson®, M&P® и Gemtech®. Компания также предоставляет производственные услуги, включая ковку, механическую обработку и услуги по прецизионному литью пластмасс под давлением. Для получения дополнительной информации позвоните по телефону (800) 331-0852 или посетите www.smith-wesson.com .
Заявление о безопасной гавани Некоторые заявления, содержащиеся в этом пресс-релизе, могут рассматриваться как заявления прогнозного характера в соответствии с федеральными законами о ценных бумагах, и мы намерены, чтобы такие заявления прогнозного характера подпадали под созданную таким образом безопасную гавань. Такие заявления о перспективах включают, среди прочего, наше убеждение в том, что (i) рынок огнестрельного оружия, похоже, в настоящее время соответствует историческим моделям спроса, существовавшим до пандемии; (ii) модель макроэкономического спроса - это именно то, для чего предназначена наша бизнес-модель; (iii) мы заложили очень прочную основу для долгосрочного успеха; (iv) наше долгосрочное обязательство заключается в том, чтобы продолжать приносить акционерам прибыль за счет регулярных фиксированных дивидендов и выкупа акций, и, в результате определенных достижений, у нас хорошие возможности для этого; и (v) наш ответ на всплеск спроса за последние два года укрепили наш фундамент, создав гибкую бизнес-модель, которая оптимизирует прибыльность для создания долгосрочной ценности. Мы предупреждаем, что эти заявления обусловлены важными рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые отражены в таких прогнозных заявлениях. Такие факторы включают, среди прочего, экономические, социальные, политические, законодательные и нормативные факторы; потенциал усиления регулирования огнестрельного оружия и продуктов, связанных с огнестрельным оружием; действия общественных активистов, которые могут оказать негативное влияние на наш бизнес; влияние судебных процессов; спрос на нашу продукцию; состояние экономики США в целом и индустрии огнестрельного оружия в частности; общие экономические условия и структура потребительских расходов; наша конкурентная среда; предложение, доступность и стоимость сырья и компонентов; наш ожидаемый рост и возможности роста; наши стратегии; наша способность поддерживать и повышать узнаваемость бренда и репутацию; наша способность эффективно управлять и выполнить запланированный перенос нашей штаб-квартиры и некоторых наших операций в Теннесси; наша способность внедрять новые продукты; успех новых продуктов; возможность отмены заказов из нашего списка невыполненных заказов; и другие риски, время от времени подробно описываемые в наших отчетах, поданных в Комиссию по ценным бумагам и биржам, включая наш Годовой отчет по форме 10-K за финансовый год, закончившийся 30 апреля 2021 года, и наш Квартальный отчет по форме 10-Q за финансовый квартал, закончившийся 31 октября 2021 года.
Контакты: [email protected](413) 747-3448
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(Unaudited) |
||||
As of: |
||||
January 31, 2022 |
April 30, 2021 |
|||
(In thousands, except par value and share data) |
||||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 107,268 |
$ 113,017 |
||
Accounts receivable, net of allowances for credit losses of $25 on January 31, 2022 and $107 on April 30, 2021 |
49,386 |
67,442 |
||
Inventories |
134,268 |
78,477 |
||
Prepaid expenses and other current assets |
7,521 |
8,408 |
||
Income tax receivable |
2,233 |
909 |
||
Total current assets |
300,676 |
268,253 |
||
Property, plant, and equipment, net |
134,540 |
141,612 |
||
Intangibles, net |
4,257 |
4,417 |
||
Goodwill |
19,024 |
19,024 |
||
Other assets |
10,808 |
13,082 |
||
Total assets |
469,305 |
446,388 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Accounts payable |
$ 36,060 |
$ 57,337 |
||
Accrued expenses and deferred revenue |
26,857 |
33,136 |
||
Accrued payroll and incentives |
16,223 |
17,381 |
||
Accrued income taxes |
362 |
1,157 |
||
Accrued profit sharing |
11,502 |
14,445 |
||
Accrued warranty |
2,040 |
2,199 |
||
Total current liabilities |
93,044 |
125,655 |
||
Deferred income taxes |
904 |
904 |
||
Finance lease payable, net of current portion |
37,930 |
38,786 |
||
Other non-current liabilities |
11,118 |
14,659 |
||
Total liabilities |
142,996 |
180,004 |
||
Commitments and contingencies |
||||
Stockholders' equity: |
||||
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding |
— |
— |
||
Common stock, $.001 par value, 100,000,000 shares authorized, 74,550,885 issued and 45,510,515 shares outstanding on January 31, 2022 and 4,222,127 shares |
75 |
74 |
||
Additional paid-in capital |
276,389 |
273,431 |
||
Retained earnings |
472,147 |
325,181 |
||
Accumulated other comprehensive income |
73 |
73 |
||
Treasury stock, at cost (29,040,370 shares on January 31, 2022 and 24,284,798 on April 30, 2021) |
(422,375) |
(332,375) |
||
Total stockholders' equity |
326,309 |
266,384 |
||
Total liabilities and stockholders' equity |
$ 469,305 |
$ 446,388 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended January 31, |
For the Nine Months Ended January 31, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
(In thousands, except per share data) |
||||||||
Net sales |
$ 177,738 |
$ 257,634 |
$ 682,826 |
$ 736,247 |
||||
Cost of sales |
107,339 |
147,955 |
380,490 |
433,073 |
||||
Gross profit |
70,399 |
109,679 |
302,336 |
303,174 |
||||
Operating expenses: |
||||||||
Research and development |
1,716 |
1,757 |
5,269 |
5,518 |
||||
Selling, marketing, and distribution |
11,518 |
10,487 |
33,575 |
32,095 |
||||
General and administrative |
17,443 |
17,054 |
58,491 |
62,061 |
||||
Total operating expenses |
30,677 |
29,298 |
97,335 |
99,674 |
||||
Operating income from continuing operations |
39,722 |
80,381 |
205,001 |
203,500 |
||||
Other income/(expense), net: |
||||||||
Other income/(expense), net |
751 |
952 |
2,244 |
1,711 |
||||
Interest expense, net |
(594) |
(550) |
(1,605) |
(3,356) |
||||
Total other income/(expense), net |
157 |
402 |
639 |
(1,645) |
||||
Income from operations before income taxes |
39,879 |
80,783 |
205,640 |
201,855 |
||||
Income tax expense |
9,337 |
18,520 |
47,281 |
47,176 |
||||
Income from continuing operations |
$ 30,542 |
$ 62,263 |
$ 158,359 |
$ 154,679 |
||||
Discontinued operations: |
||||||||
Income from discontinued operations, net of tax |
— |
127 |
— |
8,334 |
||||
Net income |
$ 30,542 |
$ 62,390 |
$ 158,359 |
$ 163,013 |
||||
Net income per share: |
||||||||
Basic - continuing operations |
$ 0.65 |
$ 1.13 |
$ 3.32 |
$ 2.79 |
||||
Basic - net income |
$ 0.65 |
$ 1.13 |
$ 3.32 |
$ 2.94 |
||||
Diluted - continuing operations |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.75 |
||||
Diluted - net income |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.90 |
||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
46,763 |
55,137 |
47,769 |
55,515 |
||||
Diluted |
47,175 |
55,702 |
48,307 |
56,258 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(Unaudited) |
||||
For the Nine Months Ended |
||||
January 31, 2022 |
January 31, 2021 |
|||
(In thousands) |
||||
Cash flows from operating activities: |
||||
Income from continuing operations |
$ 158,359 |
$ 154,679 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
22,413 |
24,133 |
||
Loss on sale/disposition of assets |
31 |
148 |
||
Provision for losses/(recoveries) on notes and accounts receivable |
678 |
(693) |
||
Impairment of long-lived tangible assets |
86 |
— |
||
Deferred income taxes |
— |
316 |
||
Stock-based compensation expense |
3,565 |
3,392 |
||
Changes in operating assets and liabilities: |
||||
Accounts receivable |
17,378 |
8 |
||
Inventories |
(55,791) |
19,295 |
||
Prepaid expenses and other current assets |
887 |
(1,018) |
||
Income taxes |
(2,119) |
(12,831) |
||
Accounts payable |
(21,209) |
17,299 |
||
Accrued payroll and incentives |
(1,158) |
2,040 |
||
Accrued profit sharing |
(2,943) |
8,663 |
||
Accrued expenses and deferred revenue |
(6,322) |
(19,950) |
||
Accrued warranty |
(159) |
421 |
||
Other assets |
2,188 |
1,226 |
||
Other non-current liabilities |
(3,609) |
1,309 |
||
Cash provided by operating activities - continuing operations |
112,275 |
198,437 |
||
Cash used in operating activities - discontinued operations |
— |
(2,129) |
||
Net cash provided by operating activities |
112,275 |
196,308 |
||
Cash flows from investing activities: |
||||
Refunds on machinery and equipment |
— |
310 |
||
Payments to acquire patents and software |
(218) |
(502) |
||
Proceeds from sale of property and equipment |
97 |
— |
||
Payments to acquire property and equipment |
(15,090) |
(18,378) |
||
Cash used in investing activities - continuing operations |
(15,211) |
(18,570) |
||
Cash used in investing activities - discontinued operations |
— |
(1,143) |
||
Net cash used in investing activities |
(15,211) |
(19,713) |
||
Cash flows from financing activities: |
||||
Proceeds from loans and notes payable |
— |
25,000 |
||
Cash paid for debt issuance costs |
— |
(450) |
||
Payments on finance lease obligation |
(813) |
(736) |
||
Payments on notes and loans payable |
— |
(185,000) |
||
Distribution to AOUT |
— |
(25,000) |
||
Payments to acquire treasury stock |
(90,000) |
(50,000) |
||
Dividend distribution |
(11,393) |
(5,594) |
||
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan |
846 |
2,217 |
||
Payment of employee withholding tax related to restricted stock units |
(1,453) |
(2,201) |
||
Cash used in by financial activities - continuing operations |
(102,813) |
(241,764) |
||
Cash used in financial activities - discontinued operations |
— |
(166) |
||
Net cash used inprovided by financing activities |
(102,813) |
(241,930) |
||
Net decrease in cash and cash equivalents |
(5,749) |
(65,335) |
||
Cash and cash equivalents, beginning of period |
113,017 |
125,011 |
||
Cash and cash equivalents, end of period |
$ 107,268 |
$ 59,676 |
||
Supplemental disclosure of cash flow information |
||||
Cash paid for: |
||||
Interest |
$ 1,670 |
$ 2,745 |
||
Income taxes |
$ 49,402 |
$ 63,525 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||||||||||
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
$ |
% of Sales |
|||||||||
GAAP gross profit |
$ 70,399 |
39.6% |
$ 109,679 |
42.6% |
$ 302,336 |
44.3% |
$ 303,174 |
41.2% |
||||||||
Relocation expenses |
1,243 |
0.7% |
— |
— |
2,330 |
0.3% |
— |
— |
||||||||
COVID-19 |
1 |
0.0% |
22 |
0.0% |
32 |
0.0% |
517 |
0.1% |
||||||||
Non-GAAP gross profit |
$ 71,643 |
40.3% |
$ 109,701 |
42.6% |
$ 304,698 |
44.6% |
$ 303,691 |
41.2% |
||||||||
GAAP operating expenses |
$ 30,677 |
17.3% |
$ 29,298 |
11.4% |
$ 97,335 |
14.3% |
$ 99,674 |
13.5% |
||||||||
Amortization of acquired intangible assets |
(72) |
0.0% |
(83) |
0.0% |
(214) |
0.0% |
(248) |
0.0% |
||||||||
Transition costs |
— |
— |
(20) |
0.0% |
80 |
0.0% |
(7,953) |
-1.1% |
||||||||
COVID-19 |
(37) |
0.0% |
(58) |
0.0% |
(137) |
0.0% |
(617) |
-0.1% |
||||||||
Spin related stock-based compensation |
(43) |
0.0% |
— |
— |
(104) |
0.0% |
(442) |
-0.1% |
||||||||
Relocation expenses |
(1,737) |
-1.0% |
— |
— |
(6,198) |
-0.9% |
— |
— |
||||||||
Non-GAAP operating expenses |
$ 28,788 |
16.2% |
$ 29,137 |
11.3% |
$ 90,762 |
13.3% |
$ 90,414 |
12.3% |
||||||||
GAAP operating income |
$ 39,722 |
22.3% |
$ 80,381 |
31.2% |
$ 205,001 |
30.0% |
$ 203,500 |
27.6% |
||||||||
Amortization of acquired intangible assets |
72 |
0.0% |
83 |
0.0% |
214 |
0.0% |
248 |
0.0% |
||||||||
Transition costs |
— |
— |
20 |
0.0% |
(80) |
0.0% |
7,953 |
1.1% |
||||||||
COVID-19 |
38 |
0.0% |
80 |
0.0% |
169 |
0.0% |
1,134 |
0.2% |
||||||||
Spin related stock-based compensation |
43 |
0.0% |
— |
— |
104 |
0.0% |
442 |
0.1% |
||||||||
Relocation expenses |
2,980 |
1.7% |
— |
— |
8,528 |
1.2% |
— |
— |
||||||||
Non-GAAP operating income |
$ 42,855 |
24.1% |
$ 80,564 |
31.3% |
$ 213,936 |
31.3% |
$ 213,277 |
29.0% |
||||||||
GAAP income from continuing operations |
$ 30,542 |
17.2% |
$ 62,263 |
24.2% |
$ 158,359 |
23.2% |
$ 154,679 |
21.0% |
||||||||
Amortization of acquired intangible assets |
72 |
0.0% |
83 |
0.0% |
214 |
0.0% |
248 |
0.0% |
||||||||
Transition costs |
— |
0.0% |
20 |
0.0% |
(80) |
0.0% |
7,953 |
1.1% |
||||||||
COVID-19 |
38 |
0.0% |
80 |
0.0% |
169 |
0.0% |
1,134 |
0.2% |
||||||||
Spin related stock-based compensation |
43 |
0.0% |
— |
— |
104 |
0.0% |
442 |
0.1% |
||||||||
Relocation expenses |
2,980 |
1.7% |
— |
— |
8,528 |
1.2% |
— |
— |
||||||||
Tax effect of non-GAAP adjustments |
(733) |
-0.4% |
(46) |
0.0% |
(2,054) |
-0.3% |
(2,444) |
-0.3% |
||||||||
Non-GAAP income from continuing operations |
$ 32,942 |
18.5% |
$ 62,400 |
24.2% |
$ 165,240 |
24.2% |
$ 162,012 |
22.0% |
||||||||
GAAP income from continuing operations per share - diluted |
$ 0.65 |
$ 1.12 |
$ 3.28 |
$ 2.75 |
||||||||||||
Amortization of acquired intangible assets |
— |
— |
— |
— |
||||||||||||
Transition costs |
— |
— |
— |
0.14 |
||||||||||||
COVID-19 |
— |
— |
— |
0.02 |
||||||||||||
Spin related stock-based compensation |
— |
— |
— |
0.01 |
||||||||||||
Relocation expenses |
0.06 |
— |
0.18 |
— |
||||||||||||
Tax effect of non-GAAP adjustments |
(0.02) |
— |
(0.04) |
(0.04) |
||||||||||||
Non-GAAP income from continuing operations per share - diluted |
$ 0.69 |
$ 1.12 |
$ 3.42 |
$ 2.88 |
||||||||||||
(a) Non-GAAP net income per share does not foot due to rounding. |
||||||||||||||||
Net Sales |
177,738 |
257,634 |
682,826 |
736,247 |
||||||||||||
- |
- |
|||||||||||||||
Weighted average number of common shares outstanding - diluted |
47,175 |
55,702 |
48,307 |
56,258 |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDAS |
||||||||
(in thousands) |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||
GAAP income from continuing operations |
$ 30,542 |
$ 62,263 |
$ 158,359 |
$ 154,679 |
||||
Interest expense |
639 |
592 |
1,740 |
3,471 |
||||
Income tax expense |
9,337 |
18,520 |
47,281 |
47,176 |
||||
Depreciation and amortization |
7,179 |
7,017 |
22,346 |
23,264 |
||||
Stock-based compensation expense |
1,199 |
1,317 |
3,565 |
3,392 |
||||
COVID-19 |
38 |
80 |
169 |
1,134 |
||||
Transition costs |
— |
20 |
(80) |
7,953 |
||||
Relocation expense |
2,980 |
— |
8,528 |
— |
||||
Non-GAAP Adjusted EBITDAS |
$ 51,914 |
$ 89,809 |
$ 241,908 |
$ 241,069 |
||||
29.2% |
34.9% |
SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF OPERATING CASH FLOW FROM CONTINUING OPERATIONS TO FREE CASH FLOW |
||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||
January 31, 2022 |
January 31, 2021 |
January 31, 2022 |
January 31, 2021 |
|||||
Net cash (used in)/provided by operating activities |
$ 6,911 |
$ 60,349 |
$ 112,275 |
$ 198,437 |
||||
Net cash used in investing activities |
(5,012) |
(3,256) |
(15,211) |
(18,570) |
||||
Free cash flow |
$ 1,899 |
$ 57,093 |
$ 97,064 |
$ 179,867 |
ИСТОЧНИК Smith & Wesson Brands, Inc.
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