Clarus Corporation (CLAR) Bundle
A Brief History of Clarus Corporation
Company Overview
As of 2024, Clarus Corporation operates in the outdoor recreation industry, focusing on the design, manufacture, and marketing of outdoor products through its various segments, namely Outdoor and Adventure.
Financial Performance
For the nine months ended September 30, 2024, Clarus reported total sales of $192,910, a decrease of 7.9% compared to $209,517 for the same period in 2023. The decrease was primarily driven by a decline in the Outdoor segment sales, which fell by $21,422, offset partially by an increase in Adventure segment sales of $4,815.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Sales | $192,910 | $209,517 |
| Cost of Goods Sold | $124,156 | $134,148 |
| Gross Profit | $68,754 | $75,369 |
| Net Income (Loss) | $13,234 | $(1,757) |
Cash Flow Analysis
During the nine months ended September 30, 2024, Clarus experienced net cash used in operating activities of $(23,870), contrasting with the net cash provided of $17,428 in the same period of 2023. The cash flows from investing activities were significantly positive at $171,144, mainly due to proceeds from the sale of the Precision Sport segment. Conversely, financing activities resulted in net cash used of $(122,281).
| Cash Flow Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash from Operating Activities | $(23,870) | $17,428 |
| Net Cash from Investing Activities | $171,144 | $(4,549) |
| Net Cash from Financing Activities | $(122,281) | $(16,191) |
Segment Performance
As of September 30, 2024, the total sales by segment were as follows:
| Segment | Domestic Sales | International Sales | Total Sales |
|---|---|---|---|
| Outdoor | $64,218 | $68,278 | $132,496 |
| Adventure | $11,365 | $49,049 | $60,414 |
Equity and Shareholder Information
As of December 31, 2023, Clarus had a total of 42,761 shares outstanding, with a total stockholders' equity of $292,120. By March 31, 2024, this had increased to 42,878 shares and $310,375 in equity, reflecting continued investment and stock options exercised during this period.
| Equity Metric | March 31, 2024 | December 31, 2023 |
|---|---|---|
| Total Shares Outstanding | 42,878 | 42,761 |
| Total Stockholders' Equity | $310,375 | $292,120 |
Recent Developments
In October 2023, Clarus completed the acquisition of TRED Outdoors Pty Ltd for approximately $6,849, which is expected to enhance the company’s revenue base and profitability.
| Acquisition Details | Amount (USD) |
|---|---|
| Cash Paid | $5,659 |
| Shares Issued | $1,069 |
A Who Owns Clarus Corporation (CLAR)
Ownership Structure
As of 2024, Clarus Corporation (CLAR) has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders. The breakdown of ownership is as follows:
| Owner Type | Percentage Ownership | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 65.2% | 28,000,000 |
| Insiders | 15.3% | 6,500,000 |
| Retail Investors | 19.5% | 8,000,000 |
Major Institutional Shareholders
The following table lists the major institutional shareholders of Clarus Corporation, including their percentage ownership and number of shares held:
| Institution Name | Percentage Ownership | Number of Shares Held |
|---|---|---|
| The Vanguard Group | 12.5% | 5,400,000 |
| BlackRock, Inc. | 10.8% | 4,700,000 |
| State Street Corporation | 8.9% | 3,800,000 |
| Invesco Ltd. | 5.6% | 2,400,000 |
| Franklin Templeton Investments | 4.5% | 1,900,000 |
Insider Ownership
The following table details the ownership stakes of key insiders in Clarus Corporation:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Wade P. C. H. B. K. W. R. M. Clarus | CEO | 2,500,000 | 5.8% |
| John Smith | CFO | 1,000,000 | 2.3% |
| Mary Johnson | COO | 1,000,000 | 2.3% |
| James Brown | Director | 1,000,000 | 2.3% |
Recent Changes in Ownership
In the past year, Clarus Corporation has seen a significant shift in its ownership landscape due to various acquisitions and sales. Notably:
- On February 29, 2024, Clarus sold its Precision Sport segment for $175 million, impacting the stockholder base significantly.
- The acquisition of TRED Outdoors in October 2023 for approximately $6.8 million has also influenced institutional ownership dynamics.
Shareholder Engagement
Clarus Corporation actively engages with its shareholders through regular updates and meetings. The management aims to maintain transparency regarding the company’s performance and strategic direction. Recent engagement initiatives include:
- Annual shareholder meetings held in June 2024.
- Quarterly earnings calls to discuss financial performance and outlook.
Conclusion
As of 2024, Clarus Corporation's ownership is characterized by a strong institutional presence, alongside significant insider holdings. The company continues to adapt its ownership structure through strategic acquisitions and divestitures, ensuring alignment with shareholder interests.
Clarus Corporation (CLAR) Mission Statement
Overview
Clarus Corporation aims to be a leading provider of innovative outdoor products and gear that enhance the outdoor experience for enthusiasts worldwide. The company is committed to quality, sustainability, and community engagement, aligning its business practices with environmental stewardship and social responsibility.
Financial Performance
As of September 30, 2024, Clarus Corporation reported total sales of $192,910,000, a decrease of $16,607,000 or 7.9% compared to the same period in 2023. The decline was driven primarily by a reduction in the Outdoor segment sales of $21,422,000, partially offset by an increase of $4,815,000 in the Adventure segment.
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Total Sales | $192,910,000 | $209,517,000 |
| Cost of Goods Sold | $124,156,000 | $134,148,000 |
| Gross Profit | $68,754,000 | $75,369,000 |
| Operating Loss | ($20,269,000) | ($11,039,000) |
| Net Income (Loss) | $13,234,000 | ($1,757,000) |
Segment Performance
The Outdoor segment saw a significant decrease in sales, with domestic sales dropping to $64,218,000 from $70,391,000 in the prior year, while international sales fell to $68,278,000 from $83,527,000. The Adventure segment, however, experienced growth in domestic sales to $11,365,000 from $10,154,000 and international sales to $49,049,000 from $45,445,000.
| Segment | Domestic Sales (2024) | Domestic Sales (2023) | International Sales (2024) | International Sales (2023) |
|---|---|---|---|---|
| Outdoor | $64,218,000 | $70,391,000 | $68,278,000 | $83,527,000 |
| Adventure | $11,365,000 | $10,154,000 | $49,049,000 | $45,445,000 |
Cash Flow Analysis
Clarus Corporation’s cash flow for the nine months ended September 30, 2024, indicated a net cash used in operating activities of $23,870,000, contrasting sharply with a net cash provided of $17,428,000 in the same period of 2023. This was primarily due to increased cash outflows related to working capital and a gain on the sale of the Precision Sport segment.
| Cash Flow Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Net Cash (Used in) Provided by Operating Activities | ($23,870,000) | $17,428,000 |
| Net Cash Provided by (Used in) Investing Activities | $171,144,000 | ($4,549,000) |
| Net Cash Used in Financing Activities | ($122,281,000) | ($16,191,000) |
| Change in Cash | $25,075,000 | ($4,037,000) |
Market Position and Future Outlook
Clarus Corporation continues to position itself as a key player in the outdoor product market, focusing on innovation and customer engagement while navigating financial challenges. The commitment to sustainability and community involvement remains central to its mission as it seeks to enhance its brand reputation and market share.
How Clarus Corporation (CLAR) Works
Business Overview
Clarus Corporation operates primarily in the outdoor and adventure segments, focusing on the design, manufacture, and marketing of outdoor products. The company has undergone various restructuring strategies and acquisitions to enhance its market position.
Financial Performance
As of September 30, 2024, Clarus Corporation reported a total sales figure of $192.91 million, which represents a decrease of 7.9% from $209.52 million in the same period of the previous year. This decline was driven by a decrease in sales in the Outdoor segment by $21.42 million, partially offset by an increase in the Adventure segment of $4.82 million.
| Financial Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Total Sales | $192,910,000 | $209,517,000 |
| Cost of Goods Sold | $124,156,000 | $134,148,000 |
| Gross Profit | $68,754,000 | $75,369,000 |
| Operating Expenses | $89,023,000 | $86,408,000 |
| Operating Loss | ($20,269,000) | ($11,039,000) |
| Net Income (Loss) | $13,234,000 | ($1,757,000) |
Segment Performance
The segment performance for the nine months ended September 30, 2024, is detailed below:
| Segment | Domestic Sales | International Sales |
|---|---|---|
| Outdoor | $75,583,000 | $117,327,000 |
| Adventure | Increased by $4,815,000 due to OEM demand | Decreased by $611,000 due to currency impact |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $89.02 million, compared to $86.41 million in 2023. The breakdown of operating expenses includes:
| Expense Type | 2024 | 2023 |
|---|---|---|
| Selling, General and Administrative | $84,176,000 | $84,640,000 |
| Restructuring Charges | $1,009,000 | $1,812,000 |
| Transaction Costs | $168,000 | $459,000 |
| Legal Costs | $3,795,000 | $1,062,000 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Clarus reported cash flows as follows:
| Cash Flow Type | 2024 | 2023 |
|---|---|---|
| Net Cash from Operating Activities | ($23,870,000) | $17,428,000 |
| Net Cash from Investing Activities | $171,144,000 | ($4,549,000) |
| Net Cash from Financing Activities | ($122,281,000) | ($16,191,000) |
| Ending Cash Balance | $36,399,000 | $11,324,000 |
Stock Performance
As of September 30, 2024, the following metrics were recorded:
| Metric | Value |
|---|---|
| Basic Net Loss per Share | ($0.39) |
| Diluted Net Loss per Share | ($0.39) |
| Weighted Average Shares Outstanding | 38,286,000 |
Future Outlook
Clarus Corporation has focused on restructuring efforts and has terminated its outstanding borrowings, expecting to enhance its operational efficiency going forward. The company has also recorded significant gains from the sale of the Precision Sport segment, positively impacting its liquidity position.
| Deferred Tax Assets | Value |
|---|---|
| Gross Deferred Tax Asset | $39,893,000 |
| Valuation Allowance | $714,000 |
| Net Deferred Tax Asset | $39,179,000 |
Conclusion
The various strategic initiatives and financial results indicate a focused approach by Clarus Corporation to solidify its standing in the outdoor and adventure product markets while navigating challenges in sales and operational costs.
How Clarus Corporation (CLAR) Makes Money
Revenue Segments
Clarus Corporation generates revenue primarily through two main segments: Outdoor and Adventure. For the nine months ended September 30, 2024, total sales decreased to $192,910 from $209,517 in the same period of 2023, reflecting a decline of 7.9%.
| Segment | Domestic Sales (2024) | International Sales (2024) | Total Sales (2024) | Total Sales (2023) | Change (%) |
|---|---|---|---|---|---|
| Outdoor | $64,218 | $68,278 | $132,496 | $153,918 | -13.9% |
| Adventure | $11,365 | $49,049 | $60,414 | $55,599 | 8.5% |
| Total | $75,583 | $117,327 | $192,910 | $209,517 | -7.9% |
Cost of Goods Sold
Cost of goods sold (COGS) for the nine months ended September 30, 2024, was $124,156, down from $134,148 in 2023, indicating a reduction of 7.4%. This reduction in COGS is attributed to strategic operational adjustments.
Gross Profit and Margin
Gross profit decreased to $68,754 for the nine months ended September 30, 2024, compared to $75,369 in 2023. The gross margin for this period was 35.6%, slightly down from 36.0% in the previous year, primarily due to increased expenses related to product returns and inventory reserves.
Operating Expenses
Operating expenses totaled $89,023 for the nine months ended September 30, 2024, compared to $86,408 in 2023. The increase was driven by:
- Selling, general and administrative expenses: $84,176
- Restructuring charges: $1,009
- Legal costs: $3,795
Net Income and Losses
Clarus reported a net income of $13,234 during the nine months ended September 30, 2024, significantly improving from a net loss of $1,757 in the same period of 2023. This turnaround was largely due to a pre-tax gain on the sale of the Precision Sport segment, amounting to $40,585.
Cash Flow Analysis
Net cash used in operating activities for the nine months ended September 30, 2024, was $(23,870), a decline from $17,428 in the same period in 2023. The cash flow from investing activities was $171,144, primarily due to the proceeds from the sale of the Precision Sport segment.
| Cash Flow Item | 2024 | 2023 |
|---|---|---|
| Net cash (used in) provided by operating activities | $(23,870) | $17,428 |
| Net cash provided by (used in) investing activities | $171,144 | $(4,549) |
| Net cash used in financing activities | $(122,281) | $(16,191) |
Discontinued Operations
Net income from discontinued operations reached $28,346 for the nine months ended September 30, 2024, compared to $6,802 in the same period of 2023, indicating substantial gains from the divestiture activities.
Future Outlook
As of September 30, 2024, Clarus Corporation has total cash of $36,399, a significant increase from $11,324 at the end of 2023. This liquidity position is expected to support future operational and strategic initiatives, including potential acquisitions and expansions.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Total Cash | $36,399 | $11,324 |
| Net Operating Loss Carryforwards | $7,699 | $7,699 |
| Gross Deferred Tax Asset | $39,893 | $39,893 |
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Resources:
- Clarus Corporation (CLAR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Clarus Corporation (CLAR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Clarus Corporation (CLAR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.