Q2 2024 Clarus Corp Earnings Call Transcript
Key Points
- Clarus Corp (CLAR) has successfully reduced its inventory levels by 17% year-over-year, improving the quality and composition of its inventory.
- The company ended the second quarter with no debt and over $46 million in cash, reflecting strong financial flexibility.
- Clarus Corp (CLAR) has made strategic hires, including a new leader for the Adventure segment in the Americas, to drive growth and expand market presence.
- The Adventure segment reported revenue growth for the fourth consecutive quarter, driven by strong demand in Australia and New Zealand.
- Clarus Corp (CLAR) is reaffirming its full-year revenue guidance of $270 million to $280 million, indicating confidence in its strategic plan and market positioning.
- Clarus Corp (CLAR) reported a second-quarter revenue of $56.5 million, which was below its guidance of $58 million to $62 million.
- The company experienced an adjusted EBITDA loss of $1.9 million in the second quarter, missing its guidance of $0 million to $0.5 million.
- The Adventure segment faced significant underperformance in the US market, impacting overall sales growth and profitability.
- Gross margins decreased to 36.1% from 39% in the year-ago quarter, primarily due to unfavorable product mix and increased inventory reserves.
- Clarus Corp (CLAR) has revised its full-year adjusted EBITDA outlook downward, citing challenges in the Adventure segment and market conditions.
Good afternoon, everyone, and thank you for participating in today's conference call to discuss Clarus Corporation's financial results for the second quarter ended June 30, 2024. Joining us today are Clarus Corporation's Executive Chairman, Warren Kanders; CFO, Mike Yates; President of Black Diamond Equipment, Neil Fiske; Management Director of Clarus' Adventure segment, Mathew Hayward; and the company's External Director of Investor Relations, Matt Berkowitz.
Following the remarks, we'll open the call for questions. Please note, this call is being recorded. Before we go further, I would like to turn the call over to Mr. Berkowitz as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Matt, please go ahead.
Thank you. Before I begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we make
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