Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier
manufacturer and upfitter of work truck attachments and
equipment, today announced financial results for the third quarter
ended September 30, 2022.
“We are pleased with our performance this
quarter and year to date, especially in light of the ongoing
macroeconomic headwinds,” noted Bob McCormick, President & CEO.
“Both segments delivered across the board improvements compared to
the same quarter last year. While the predicted increase in chassis
and component supply has yet to materialize in any significant way,
demand for our products and services remains strong. We commend our
teams for delivering on the factors within our control and
anticipating trends with external challenges, while consistently
going above and beyond for our customers.”
Consolidated Third Quarter 2022
Results
$ in millions(except Margins & EPS) |
Q3 2022 |
Q3 2021 |
Net Sales |
$166.1 |
$127.6 |
Gross Profit Margin |
24.8% |
24.0% |
|
|
|
Income from Operations |
$19.5 |
$10.4 |
Net Income |
$13.3 |
$7.0 |
Diluted EPS |
$0.56 |
$0.30 |
|
|
|
Adjusted EBITDA |
$25.1 |
$15.5 |
Adjusted EBITDA Margin |
15.1% |
12.1% |
Adjusted Net Income |
$13.5 |
$7.0 |
Adjusted Diluted EPS |
$0.57 |
$0.29 |
- Consolidated third quarter 2022 Net
Sales increased by $38.5 million, or 30.1%, compared to the same
period last year, based on increased volumes and pricing
adjustments in both segments.
- Income from Operations, Net Income,
Diluted EPS, and Adjusted EBITDA all increased significantly
compared to 3Q21 due to higher volumes in both segments and
improved price realization somewhat offset by operational
inefficiencies due to supply chain constraints.
- Selling, general, and
administrative expenses increased by $1.6 million to $19.2 million
during the third quarter 2022, due to higher labor costs and other
discretionary spending returning to more normalized levels.
- Interest expense increased by $1.1
million to $3.3 million primarily due to higher interest on
increased revolver borrowings compared to the prior year, plus
higher interest rates on the term loan.
- The effective tax rate was 17.9%
and 14.6% for the third quarters of 2022 and 2021, respectively.
Effective tax rates for both quarters were lower than historical
averages due to a discrete tax benefit of $0.8 million in 3Q21
related to favorable state income tax audit results, versus a
discrete tax benefit of $0.9 million in 3Q22 related to favorable
state tax rate changes.
Work Truck Attachments Segment Third
Quarter 2022 Results
$ in millions(except Adjusted EBITDA Margin) |
Q3 2022 |
Q3 2021 |
Net Sales |
$108.2 |
$81.4 |
Adjusted EBITDA |
$22.9 |
$14.8 |
Adjusted EBITDA Margin |
21.2% |
18.2% |
- Work Truck Attachment Net Sales
were $108.2 million for the third quarter of 2022, an increase of
$26.9 million, or 33.0% over the prior year, due to strong
conclusion to the pre-season order period and higher pricing
compared to last year.
- Adjusted EBITDA increased 55.0%
compared to the third quarter of 2021, due to increased volume,
price realization and inflationary pressures stabilizing, which was
partly offset by increased labor costs.
Work Truck Solutions Segment Third
Quarter 2022 Results
$ in millions(except Adjusted EBITDA Margin) |
Q3 2022 |
Q3 2021 |
Net Sales |
$57.9 |
$46.3 |
Adjusted EBITDA |
$2.2 |
$0.7 |
Adjusted EBITDA Margin |
3.8% |
1.5% |
- Work Truck Solutions Net Sales
increased $11.6 million, or approximately 25.1%, compared to the
corresponding period of last year, due to higher volumes on more
predictable but still constricted supply of chassis and price
realization.
- Adjusted EBITDA improved compared
to the third quarter of 2021, although it continues to be impacted
by constricted supply of chassis and components impacting
efficiency, plus inflationary pressures on material, labor, and
freight costs.
Dividend & Liquidity
- A quarterly cash dividend of $0.29
per share of the Company's common stock was declared on September
6, 2022, and paid on September 30, 2022, to stockholders of record
as of the close of business on September 19, 2022.
- Net Cash Used in Operating
Activities for the first nine months of 2022 increased to $74.5
million from $19.5 million in the same period 2021.
- Free Cash Flow for the first nine
months of 2022 decreased to $(83.4) million from $(26.8) million
for the same period 2021, largely due to higher accounts receivable
attributable to the increase in sales, as well as higher inventory
from increased material costs and pulling forward supply.
Outlook
McCormick stated, “We are raising and narrowing
our guidance ranges today given our robust performance so far this
year, plus the positive demand trends we see and strong backlog in
our Solutions segment. The results we’ve delivered despite the
uncertain external conditions are a testament to our collaborative,
problem solving culture. While we expect that these headwinds will
persist into 2023, we believe we remain on track to deliver our
long-term financial targets.”
The 2022 financial outlook has been raised and
narrowed as follows:
- Net Sales are expected to be
between $600 million and $630 million.
- Adjusted EBITDA is predicted to
range from $80 million to $95 million.
- Adjusted Earnings Per Share are
expected to be in the range of $1.65 per share to $2.05 per
share.
- The effective tax rate is expected
to be approximately 24% - 25%.
- The outlook assumes relatively
stable economic conditions, consistent supply chain performance,
and our core markets will experience average snowfall levels in
fourth quarter 2022.
Earnings Conference Call
Information
The Company will host
a conference call on Tuesday, November 1, 2022 at 10:00 a.m.
Eastern Time (9:00 a.m. Central Time). To join the conference call,
please dial (833) 634-5024 domestically, or (412) 902-4205
internationally.
The call will also be
available via the Investor Relations section of the Company’s
website at www.douglasdynamics.com. For those who cannot listen to
the live broadcast, replays will be available for one week
following the call.
About Douglas Dynamics
Home to the most trusted brands in the industry,
Douglas Dynamics is North America’s premier manufacturer and
up-fitter of commercial work truck attachments and equipment. For
more than 75 years, the Company has been innovating products that
not only enable people to perform their jobs more efficiently and
effectively, but also enable businesses to increase profitability.
Through its proprietary Douglas Dynamics Management System (DDMS),
the Company is committed to continuous improvement aimed at
consistently producing the highest quality products, at
industry-leading levels of service and delivery that ultimately
drive shareholder value. The Douglas Dynamics portfolio of products
and services is separated into two segments: First, the Work Truck
Attachments segment, which includes commercial snow and ice control
equipment sold under the FISHER®, SNOWEX® and WESTERN® brands.
Second, the Work Truck Solutions segment, which includes the up-fit
of market leading attachments and storage solutions under the
HENDERSON® brand, and the DEJANA® brand and its related
sub-brands.
Use of Non-GAAP Financial
Measures
This press release contains financial
information calculated other than in accordance
with U.S. Generally Accepted Accounting Principles
(“GAAP”). The non-GAAP measures used in this press release
are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per
Share, and Free Cash Flow. The Company believes that these
non-GAAP measures are useful to investors and other external users
of its consolidated financial statements in evaluating the
Company’s operating performance as compared to that of other
companies. Reconciliations of these non-GAAP measures to the
nearest comparable GAAP measures can be found immediately following
the Consolidated Statements of Cash Flows included in this press
release.
Adjusted EBITDA represents net income before
interest, taxes, depreciation, and amortization, as further
adjusted for certain charges consisting of unrelated legal and
consulting fees, stock-based compensation, severance, restructuring
charges, certain purchase accounting expenses, and incremental
costs incurred related to the COVID-19 pandemic. Such COVID-19
related costs include increased expenses directly related to the
pandemic, and do not include either production related overhead
inefficiencies or lost or deferred sales. We believe these costs
are out of the ordinary, unrelated to our business and not
representative of our results. The Company uses Adjusted EBITDA in
evaluating the Company’s operating performance because it provides
the Company and its investors with additional tools to compare its
operating performance on a consistent basis by removing the impact
of certain items that management believes do not directly reflect
the Company’s core operations. The Company’s management also uses
Adjusted EBITDA for planning purposes, including the preparation of
its annual operating budget and financial projections, and to
evaluate the Company’s ability to make certain payments, including
dividends, in compliance with its senior credit facilities, which
is determined based on a calculation of “Consolidated Adjusted
EBITDA” that is substantially similar to Adjusted EBITDA.
Adjusted Net Income and Adjusted Earnings Per
Share (calculated on a diluted basis) represents net income and
earnings per share (as defined by GAAP), excluding the impact of
stock-based compensation, severance, restructuring charges,
non-cash purchase accounting adjustments, certain charges related
to unrelated legal fees and consulting fees, incremental costs
incurred related to the COVID-19 pandemic, and adjustments on
derivatives not classified as hedges, net of their income tax
impact. Such COVID-19 related costs include increased expenses
directly related to the pandemic, and do not include either
production related overhead inefficiencies or lost or deferred
sales. We believe these costs are out of the ordinary, unrelated to
our business and not representative of our results. Adjustments on
derivatives not classified as hedges are non-cash and are related
to overall financial market conditions; therefore, management
believes such costs are unrelated to our business and are not
representative of our results. Management believes that
Adjusted Net Income and Adjusted Earnings Per Share are useful in
assessing the Company’s financial performance by eliminating
expenses and income that are not reflective of the underlying
business performance.
Free Cash Flow is a non-GAAP financial measure
that we define as net cash provided by (used in) operating
activities less capital expenditures. Free Cash Flow should
be evaluated in addition to, and not considered a substitute for,
other financial measures such as Net Income and Net Cash
Provided by (Used in) Operating Activities. We believe
that free cash flow represents our ability to generate additional
cash flow from our business operations.
Forward Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include information relating to future events, future financial
performance, strategies, expectations, competitive environment,
regulation, product demand, the payment of dividends, and
availability of financial resources. These statements are often
identified by use of words such as "anticipate," "believe,"
"intend," "estimate," "expect," "continue," "should," "could,"
"may," "plan," "project," "predict," "will" and similar expressions
and include references to assumptions and relate to our future
prospects, developments, and business strategies. Such statements
involve known and unknown risks, uncertainties and other factors
that could cause our actual results, performance, or achievements
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, weather conditions,
particularly lack of or reduced levels of snowfall and the timing
of such snowfall, including as a result of global climate change,
our ability to manage general economic, business and geopolitical
conditions, including the impacts of natural disasters, pandemics
and outbreaks of contagious diseases and other adverse public
health developments, such as the COVID-19 pandemic, our inability
to maintain good relationships with our distributors, our inability
to maintain good relationships with the original equipment
manufacturers with whom we currently do significant business, lack
of available or favorable financing options for our end-users,
distributors or customers, increases in the price of steel or other
materials, including as a result of tariffs or inflationary
conditions, necessary for the production of our products that
cannot be passed on to our distributors, increases in the price of
fuel or freight, a significant decline in economic conditions,
including as a result of global health epidemics such as COVID-19,
the inability of our suppliers and original equipment manufacturer
partners to meet our volume or quality requirements, inaccuracies
in our estimates of future demand for our products, our inability
to protect or continue to build our intellectual property
portfolio, the effects of laws and regulations and their
interpretations on our business and financial condition, our
inability to develop new products or improve upon existing products
in response to end-user needs, losses due to lawsuits arising out
of personal injuries associated with our products, factors that
could impact the future declaration and payment of dividends or out
ability to execute repurchases under out stock repurchase program,
our inability to compete effectively against competition, our
inability to achieve the projected financial performance with the
business of Henderson Enterprises Group, Inc., which we acquired in
2014, or the assets of Dejana Truck & Utility Equipment
Company, Inc., which we acquired in 2016, and unexpected costs or
liabilities related to such acquisitions or any future
acquisitions, as well as those discussed in the section entitled
“Risk Factors” in our annual report on Form 10-K for the year ended
December 31, 2021 and any subsequent Form 10-Q filings. You should
not place undue reliance on these forward-looking statements. In
addition, the forward-looking statements in this release speak only
as of the date hereof and we undertake no obligation, except as
required by law, to update or release any revisions to any
forward-looking statement, even if new information becomes
available in the future.
Financial Statements
Douglas Dynamics, Inc. |
Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
September 30, |
December 31, |
|
2022 |
2021 |
|
(unaudited) |
(unaudited) |
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
2,843 |
$ |
36,964 |
Accounts receivable, net |
|
165,266 |
|
71,035 |
Inventories |
|
133,799 |
|
104,019 |
Inventories - truck chassis floor plan |
|
564 |
|
2,655 |
Refundable income taxes paid |
|
- |
|
1,222 |
Prepaid and other current assets |
|
7,491 |
|
4,536 |
Total current assets |
|
309,963 |
|
220,431 |
|
|
|
Property, plant, and equipment,
net |
|
66,938 |
|
66,787 |
Goodwill |
|
113,134 |
|
113,134 |
Other intangible assets, net |
|
134,219 |
|
142,109 |
Operating lease - right of use
asset |
|
16,980 |
|
18,462 |
Non-qualified benefit plan
assets |
|
8,340 |
|
10,347 |
Other long-term assets |
|
5,213 |
|
1,206 |
Total assets |
$ |
654,787 |
$ |
572,476 |
|
|
|
Liabilities and
stockholders' equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
26,104 |
$ |
27,375 |
Accrued expenses and other current liabilities |
|
33,660 |
|
36,126 |
Floor plan obligations |
|
564 |
|
2,655 |
Operating lease liability - current |
|
4,748 |
|
4,623 |
Income taxes payable |
|
1,579 |
|
- |
Short term borrowings |
|
84,000 |
|
- |
Current portion of long-term debt |
|
11,137 |
|
11,137 |
Total current liabilities |
|
161,792 |
|
81,916 |
|
|
|
Retiree benefits and deferred
compensation |
|
15,099 |
|
17,170 |
Deferred income taxes |
|
30,679 |
|
29,789 |
Long-term debt, less current
portion |
|
197,988 |
|
206,058 |
Operating lease liability -
noncurrent |
|
13,726 |
|
15,408 |
Other long-term liabilities |
|
5,065 |
|
7,525 |
|
|
|
Total stockholders' equity |
|
230,438 |
|
214,610 |
Total liabilities and
stockholders' equity |
$ |
654,787 |
$ |
572,476 |
Douglas Dynamics, Inc. |
Consolidated Statements of Income |
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
September 30, 2022 |
September 30, 2021 |
|
September 30, 2022 |
September 30, 2021 |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
166,100 |
|
$ |
127,636 |
|
|
$ |
456,262 |
|
$ |
388,508 |
|
Cost of sales |
|
124,831 |
|
|
97,001 |
|
|
|
342,696 |
|
|
282,823 |
|
Gross profit |
|
41,269 |
|
|
30,635 |
|
|
|
113,566 |
|
|
105,685 |
|
|
|
|
|
|
|
Selling, general, and administrative expense |
|
19,181 |
|
|
17,607 |
|
|
|
63,578 |
|
|
59,488 |
|
Intangibles amortization |
|
2,630 |
|
|
2,642 |
|
|
|
7,890 |
|
|
8,052 |
|
|
|
|
|
|
|
Income from operations |
|
19,458 |
|
|
10,386 |
|
|
|
42,098 |
|
|
38,145 |
|
|
|
|
|
|
|
Interest expense, net |
|
(3,266 |
) |
|
(2,167 |
) |
|
|
(7,852 |
) |
|
(9,514 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
(4,936 |
) |
Other income, net |
|
(17 |
) |
|
15 |
|
|
|
94 |
|
|
123 |
|
Income before taxes |
|
16,175 |
|
|
8,234 |
|
|
|
34,340 |
|
|
23,818 |
|
|
|
|
|
|
|
Income tax expense |
|
2,895 |
|
|
1,204 |
|
|
|
7,243 |
|
|
1,943 |
|
|
|
|
|
|
|
Net income |
$ |
13,280 |
|
$ |
7,030 |
|
|
$ |
27,097 |
|
$ |
21,875 |
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
Basic |
|
22,886,793 |
|
|
22,980,951 |
|
|
|
22,925,231 |
|
|
22,945,617 |
|
Diluted |
|
22,886,793 |
|
|
22,992,793 |
|
|
|
22,926,943 |
|
|
22,960,334 |
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic earnings per common share attributable to common
shareholders |
$ |
0.57 |
|
$ |
0.30 |
|
|
$ |
1.16 |
|
$ |
0.94 |
|
Earnings per common share assuming dilution attributable to common
shareholders |
$ |
0.56 |
|
$ |
0.30 |
|
|
$ |
1.14 |
|
$ |
0.92 |
|
Cash dividends declared and
paid per share |
$ |
0.29 |
|
$ |
0.29 |
|
|
$ |
0.87 |
|
$ |
0.86 |
|
Douglas Dynamics, Inc. |
Consolidated Statements of Cash Flows |
(In thousands) |
|
|
|
|
Nine Month Period Ended |
|
September 30,2022 |
September 30,2021 |
|
(unaudited) |
|
|
|
Operating activities |
|
|
Net income |
$ |
27,097 |
|
$ |
21,875 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
Depreciation and amortization |
|
15,626 |
|
|
15,235 |
|
Loss (Gain) on disposal of fixed asset |
|
130 |
|
|
(165 |
) |
Loss on extinguishment of debt |
|
-- |
|
|
4,936 |
|
Amortization of deferred financing costs and debt discount |
|
367 |
|
|
770 |
|
Stock-based compensation |
|
5,563 |
|
|
6,025 |
|
Adjustments on derivatives not designated as hedges |
|
(516 |
) |
|
(1,020 |
) |
Provision (credit) for losses on accounts receivable |
|
(175 |
) |
|
519 |
|
Deferred income taxes |
|
890 |
|
|
872 |
|
Non-cash lease expense |
|
1,481 |
|
|
2,360 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
Accounts receivable |
|
(94,056 |
) |
|
(41,459 |
) |
Inventories |
|
(29,781 |
) |
|
(20,391 |
) |
Prepaid assets, refundable income taxes paid and other assets |
|
(3,732 |
) |
|
(3,545 |
) |
Accounts payable |
|
(365 |
) |
|
538 |
|
Accrued expenses and other current liabilities |
|
(888 |
) |
|
(3,433 |
) |
Benefit obligations and other long-term liabilities |
|
3,873 |
|
|
(2,598 |
) |
Net cash used in operating activities |
|
(74,486 |
) |
|
(19,481 |
) |
|
|
|
Investing activities |
|
|
Capital expenditures |
|
(8,924 |
) |
|
(7,271 |
) |
Net cash used in investing activities |
|
(8,924 |
) |
|
(7,271 |
) |
|
|
|
Financing activities |
|
|
Repurchase of common stock |
|
(6,001 |
) |
|
-- |
|
Payments of financing costs |
|
-- |
|
|
(1,371 |
) |
Borrowings on long-term debt |
|
-- |
|
|
224,438 |
|
Dividends paid |
|
(20,273 |
) |
|
(19,880 |
) |
Net revolver borrowings |
|
84,000 |
|
|
37,000 |
|
Repayment of long-term debt |
|
(8,437 |
) |
|
(247,125 |
) |
Net cash provided by (used in) financing activities |
|
49,289 |
|
|
(6,938 |
) |
Change in cash and cash equivalents |
|
(34,121 |
) |
|
(33,690 |
) |
Cash and cash equivalents at beginning of period |
|
36,964 |
|
|
41,030 |
|
Cash and cash equivalents at end of period |
$ |
2,843 |
|
$ |
7,340 |
|
|
|
|
Non-cash operating and financing activities |
|
|
Truck chassis inventory acquired through floorplan obligations |
$ |
2,215 |
|
$ |
28,012 |
|
Douglas Dynamics, Inc. |
Net Income to Adjusted EBITDA reconciliation
(unaudited) |
(In thousands) |
|
|
|
Three month period ended September 30, |
|
Nine month period ended September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,280 |
|
|
$ |
7,030 |
|
$ |
27,097 |
|
$ |
21,875 |
|
|
|
|
|
|
|
|
|
Interest expense - net |
|
|
3,266 |
|
|
|
2,167 |
|
|
7,852 |
|
|
9,514 |
Income tax expense |
|
|
2,895 |
|
|
|
1,204 |
|
|
7,243 |
|
|
1,943 |
Depreciation expense |
|
|
2,603 |
|
|
|
2,380 |
|
|
7,736 |
|
|
7,183 |
Intangibles amortization |
|
|
2,630 |
|
|
|
2,642 |
|
|
7,890 |
|
|
8,052 |
EBITDA |
|
|
24,674 |
|
|
|
15,423 |
|
|
57,818 |
|
|
48,567 |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
510 |
|
|
|
5 |
|
|
5,563 |
|
|
6,025 |
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
- |
|
|
4,936 |
COVID-19 (1) |
|
|
7 |
|
|
|
12 |
|
|
39 |
|
|
67 |
Other charges (2) |
|
|
(60 |
) |
|
|
50 |
|
|
449 |
|
|
44 |
Adjusted
EBITDA |
|
$ |
25,131 |
|
|
$ |
15,490 |
|
$ |
63,869 |
|
$ |
59,639 |
|
|
|
|
|
|
|
|
|
(1) Reflects incremental costs incurred related to the
COVID-19 pandemic for the periods presented. |
(2) Reflects unrelated legal, severance, restructuring and
consulting fees for the periods presented. |
Douglas Dynamics, Inc. |
Segment Disclosures (unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
Three Months Ended September 30, 2021 |
|
Nine Months Ended September 30, 2022 |
|
Nine Months Ended September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Work Truck Attachments |
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
108,235 |
|
|
$ |
81,373 |
|
|
$ |
284,375 |
|
|
$ |
227,992 |
|
Adjusted EBITDA |
$ |
22,929 |
|
|
$ |
14,790 |
|
|
$ |
59,562 |
|
|
$ |
55,206 |
|
Adjusted EBITDA Margin |
|
21.2% |
|
|
|
18.2% |
|
|
|
20.9% |
|
|
|
24.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Work Truck Solutions |
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
57,865 |
|
|
$ |
46,263 |
|
|
$ |
171,887 |
|
|
$ |
160,516 |
|
Adjusted EBITDA |
$ |
2,202 |
|
|
$ |
700 |
|
|
$ |
4,307 |
|
|
$ |
4,433 |
|
Adjusted EBITDA Margin |
|
3.8% |
|
|
|
1.5% |
|
|
|
2.5% |
|
|
|
2.8% |
|
Douglas Dynamics, Inc. |
Reconciliation of Net Income to Adjusted Net Income
(unaudited) |
(In thousands, except share and per share
data) |
|
|
|
Three month period ended September 30, |
|
|
Nine month period ended September 30, |
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,280 |
|
|
$ |
7,030 |
|
|
|
$ |
27,097 |
|
|
$ |
21,875 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
510 |
|
|
|
5 |
|
|
|
|
5,563 |
|
|
|
6,025 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
4,936 |
|
COVID-19 (1) |
|
|
7 |
|
|
|
12 |
|
|
|
|
39 |
|
|
|
67 |
|
Adjustments on derivative not classified as hedge (2) |
|
(172 |
) |
|
|
(171 |
) |
|
|
|
(516 |
) |
|
|
(1,020 |
) |
Other charges (3) |
|
|
(60 |
) |
|
|
50 |
|
|
|
|
449 |
|
|
|
44 |
|
Tax effect on adjustments |
|
|
(72 |
) |
|
|
26 |
|
|
|
|
(1,384 |
) |
|
|
(2,513 |
) |
Adjusted net
income |
|
$ |
13,493 |
|
|
$ |
6,952 |
|
|
|
$ |
31,248 |
|
|
$ |
29,414 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic common shares outstanding |
|
22,886,793 |
|
|
|
22,980,951 |
|
|
|
|
22,925,231 |
|
|
|
22,945,617 |
|
Weighted average
common shares outstanding assuming dilution |
|
22,886,793 |
|
|
|
22,992,793 |
|
|
|
|
22,926,943 |
|
|
|
22,960,334 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
per common share - dilutive |
$ |
0.57 |
|
|
$ |
0.29 |
|
|
|
$ |
1.32 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
GAAP
diluted earnings per share |
$ |
0.56 |
|
|
$ |
0.30 |
|
|
|
$ |
1.14 |
|
|
$ |
0.92 |
|
Adjustments net of income
taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
0.02 |
|
|
|
- |
|
|
|
|
0.18 |
|
|
|
0.20 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
0.16 |
|
COVID-19 (1) |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Adjustments on derivative not classified as hedge (2) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
Other charges (3) |
|
|
- |
|
|
|
- |
|
|
|
|
0.02 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings pershare |
|
$ |
0.57 |
|
|
$ |
0.29 |
|
|
|
$ |
1.32 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects incremental costs incurred related to the
COVID-19 pandemic for the periods presented. |
|
(2) Reflects non-cash mark-to-market and amortization
adjustments on an interest rate swap not classified as a hedge for
the periods presented. |
|
(3) Reflects unrelated legal, severance, restructuring and
consulting fees for the periods presented. |
|
Douglas Dynamics, Inc. |
Free Cash Flow reconciliation (unaudited) |
(In thousands) |
|
|
|
Three month period ended September 30, |
|
Nine month period ended September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities |
$ |
(16,282 |
) |
|
$ |
(32,622 |
) |
|
$ |
(74,486 |
) |
|
$ |
(19,481 |
) |
Acquisition of
property and equipment |
|
(3,344 |
) |
|
|
(2,685 |
) |
|
|
(8,924 |
) |
|
|
(7,271 |
) |
Free cash flow |
|
$ |
(19,626 |
) |
|
$ |
(35,307 |
) |
|
$ |
(83,410 |
) |
|
$ |
(26,752 |
) |
|
For further information contact:Douglas
Dynamics, Inc.Nathan
Elwell847-530-0249investorrelations@douglasdynamics.com
Douglas Dynamics (NYSE:PLOW)
Historical Stock Chart
From Apr 2024 to May 2024
Douglas Dynamics (NYSE:PLOW)
Historical Stock Chart
From May 2023 to May 2024