Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier
manufacturer and upfitter of work truck attachments and
equipment, today announced financial results for the first quarter
ended March 31, 2022.
“While we faced a difficult comparison this
quarter, we delivered results that were in line with our
expectations, and see positive demand trends continuing this year,”
noted Bob McCormick, President & CEO. “Like many companies
operating in the work truck sector, we continue to be impacted by
supply chain constraints that are restricting the flow of chassis
and components. Our teams are working tirelessly to alleviate the
issues wherever possible, and continue to expect the situation to
slowly start to improve in the second half of the year. Therefore,
we are reiterating our annual guidance as demand remains strong
across both segments, with the preseason sales period off to a
great start for Attachments and backlog continuing to grow at
Solutions.”
Consolidated First Quarter 2022
Results
$ in millions(except Margins & EPS) |
Q1 2022 |
Q1 2021 |
Net Sales |
$102.6 |
$103.3 |
Gross Profit Margin |
20.5% |
25.4% |
|
|
|
Income (Loss) from Operations |
$(2.9) |
$3.6 |
Net Income (Loss) |
$(3.9) |
$0.7 |
Diluted EPS |
$(0.18) |
$0.03 |
|
|
|
Adjusted EBITDA |
$4.6 |
$10.7 |
Adjusted EBITDA Margin |
4.5% |
10.3% |
Adjusted Net Income (Loss) |
$(2.3) |
$1.2 |
Adjusted Diluted EPS |
$(0.11) |
$0.04 |
- Consolidated Net Sales were
essentially flat compared to the record results for the same period
last year on lower volumes. Higher pricing at both segments offset
lower volumes in the Attachments segment due to the difficult
comparison to the robust snowfall in February 2021 and lower
production volumes in the Solutions segment stemming from chassis
and component shortages.
- Operating results were lower
compared to the first quarter of 2021, as a result of lower
production volumes and unfavorable product mix comparisons within
Attachments.
- Selling, general, and
administrative costs increased slightly compared to the first
quarter of 2021, largely due to higher labor costs, as well as a
return to more normalized marketing spending.
- Interest expense decreased $0.9
million due primarily to lower interest paid on the term loan
following the June 9, 2021 refinancing.
Work Truck Attachments Segment First
Quarter 2022 Results
$ in millions (except Adjusted EBITDA Margin) |
Q1 2022 |
Q1 2021 |
Net Sales |
$45.8 |
$42.0 |
Adjusted EBITDA |
$3.0 |
$8.2 |
Adjusted EBITDA Margin |
6.6% |
19.6% |
- Work Truck Attachment Net Sales
increased 9% over the prior year due to higher pricing on higher
input costs, which offset lower volumes in comparison to the robust
snowfall experienced in 1Q21.
- Adjusted EBITDA and Adjusted EBITDA
margin decreased compared to the record results in first quarter of
2021, driven by lower volumes and product mix impacting
profitability, as well as outsourcing costs, marketing spending
related to the NTEA Work Truck Show, and the timing of other
spending.
McCormick noted, “It is important to remember
that our first quarter is often unprofitable given it usually
accounts for approximately ten percent of sales for our Attachments
segment, but our costs are set fairly equally across the four
quarters. First quarter 2021 produced record profitability for our
Attachments segment as robust snowfall in February 2021 created
massive demand for parts and accessories, making for a tough
comparison this year. First quarter 2022 volumes met
our expectations despite the below average snowfall. I am pleased
to report that the 2022 preseason is off to a strong start
following the NTEA Work Truck Show in March, and we are seeing
significant interest in our non-truck products.”
Work Truck Solutions Segment First
Quarter 2022 Results
$ in millions (except Adjusted EBITDA Margin) |
Q1 2022 |
Q1 2021 |
Net Sales |
$56.8 |
$61.4 |
Adjusted EBITDA |
$1.6 |
$2.4 |
Adjusted EBITDA Margin |
2.8% |
3.9% |
- Work Truck Solutions Net Sales
decreased approximately 7% compared to the corresponding period of
last year due to chassis and component shortages hindering
production, somewhat offset by pricing adjustments.
- Adjusted EBITDA and Adjusted EBITDA
margin decreased as a result of the lower volumes and
inefficiencies stemming from chassis and component shortages
hindering production, plus inflationary pressures.
McCormick added, “The trends we have seen
recently continued this quarter. Demand remains strong, and backlog
continues to grow throughout our Solutions segment. When supply
chain disruption starts to subside, we’re well positioned to meet
customer expectations, drive revenue and grow earnings.”
Dividend & Liquidity
- A quarterly cash dividend of $0.29
per share of the Company's common stock was paid on March 31, 2022,
to stockholders of record on March 18, 2022.
- Net cash used in operating
activities of $(26.0) million increased by $50.1 million from the
first quarter 2021 to the first quarter 2022. The increase was due
to less favorable operating results, as well as an increase in
inventory in anticipation of inflationary price increases and
supply chain disruptions, plus the timing of supplier
payments.
- Free cash flow for first quarter
2022 was $(28.2) million compared to $22.0 million in first quarter
2021, a decrease of $50.2 million. The decrease is primarily a
result of higher cash used in operating activities as noted
above.
- The effective tax benefit was 20.6%
and 11.6% for the first quarters of 2022 and 2021, respectively.
The rate was higher in 1Q22 due to discrete tax expense, versus a
discrete tax benefit in the same period last year related to excess
tax from stock compensation.
- During the quarter, approximately
82,000 shares were repurchased at a cost of approximately $3.0
million.
Outlook
McCormick explained, “We are reiterating our
guidance given first quarter results met our expectations and the
preseason is off to a strong start in Attachments. Demand remains
strong in Solutions and, as we noted last quarter, 2022 is expected
to mirror 2021, with supply chain difficulties being prevalent in
the first half of this year, and then starting to gradually improve
in the second half of the year. Work Truck industry data indicates
2023 should produce similar conditions to 2019, which was a record
year for our company. Therefore, we remain confident in both our
2022 annual guidance and long-term targets. Demand signals remain
strong across the board, and we continue to invest in our
operations to ensure that, a) we are ready to deliver when supply
chains improve, and b) we are well positioned to drive long-term
growth.”
The 2022 financial outlook remains
unchanged:
- Net Sales are expected to be
between $570 million and $630 million.
- Adjusted EBITDA is predicted to
range from $70 million to $100 million.
- Adjusted Earnings Per Share are
expected to be in the range of $1.25 per share to $2.15 per
share.
- The effective tax rate is expected
to be approximately 25% to 26%.
- The outlook assumes relatively
stable to improving economic conditions and the Company’s core
markets will experience average snowfall levels.
Earnings Conference Call
Information
The Company will host
a conference call on Tuesday, May 3, 2022 at 10:00 a.m. Eastern
Time (9:00 a.m. Central Time). To join the conference call, please
dial (877) 369-6591 domestically, or (253) 237-1176
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 (loss)
before interest, taxes, depreciation, and amortization, as further
adjusted for certain charges consisting of unrelated legal and
consulting fees, severance, restructuring costs, stock-based
compensation, 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 (Loss) and Adjusted Earnings
(Loss) Per Share (calculated on a diluted basis) represents net
income (loss) and earnings (loss) 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 (Loss) and Adjusted Earnings (Loss) 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 (Loss) 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, 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, 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 our ability to execute repurchases
under our 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. (“Henderson”), which we acquired in 2014,
or with 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.
For further information
contact:Douglas Dynamics, Inc.Nathan
Elwell847-530-0249investorrelations@douglasdynamics.com
Financial Statements
|
|
Douglas Dynamics, Inc. |
|
Consolidated Balance Sheets |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
March 31, |
December 31, |
|
|
2022 |
2021 |
|
(unaudited) |
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
8,212 |
|
|
$ |
36,964 |
|
Accounts receivable, net |
|
43,058 |
|
|
|
71,035 |
|
Inventories |
|
143,839 |
|
|
|
104,019 |
|
Inventories - truck chassis floor plan |
|
1,469 |
|
|
|
2,655 |
|
Refundable income taxes paid |
|
1,473 |
|
|
|
1,222 |
|
Prepaid and other current assets |
|
4,830 |
|
|
|
4,536 |
|
Total current assets |
|
202,881 |
|
|
|
220,431 |
|
|
|
|
|
Property, plant, and equipment, net |
|
65,635 |
|
|
|
66,787 |
|
Goodwill |
|
113,134 |
|
|
|
113,134 |
|
Other intangible assets, net |
|
139,479 |
|
|
|
142,109 |
|
Operating lease - right of use asset |
|
17,264 |
|
|
|
18,462 |
|
Non-qualified benefit plan assets |
|
10,140 |
|
|
|
10,347 |
|
Other long-term assets |
|
1,927 |
|
|
|
1,206 |
|
Total assets |
$ |
550,460 |
|
|
$ |
572,476 |
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
17,218 |
|
|
$ |
27,375 |
|
Accrued expenses and other current liabilities |
|
27,243 |
|
|
|
36,126 |
|
Floor plan obligations |
|
1,469 |
|
|
|
2,655 |
|
Operating lease liability - current |
|
4,483 |
|
|
|
4,623 |
|
Short term borrowings |
|
12,000 |
|
|
|
- |
|
Current portion of long-term debt |
|
11,137 |
|
|
|
11,137 |
|
Total current liabilities |
|
73,550 |
|
|
|
81,916 |
|
|
|
|
|
Retiree benefits and deferred compensation |
|
17,248 |
|
|
|
17,170 |
|
Deferred income taxes |
|
30,767 |
|
|
|
29,789 |
|
Long-term debt, less current portion |
|
203,367 |
|
|
|
206,058 |
|
Operating lease liability - noncurrent |
|
14,329 |
|
|
|
15,408 |
|
Other long-term liabilities |
|
4,108 |
|
|
|
7,525 |
|
|
|
|
|
Total stockholders' equity |
|
207,091 |
|
|
|
214,610 |
|
Total liabilities and stockholders' equity |
$ |
550,460 |
|
|
$ |
572,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas Dynamics, Inc. |
Consolidated Statements of Income (Loss) |
(In thousands, except share and per share
data) |
|
|
|
|
Three Month Period Ended |
|
March 31, 2022 |
March 31, 2021 |
|
(unaudited) |
|
|
|
|
|
|
Net sales |
$ |
102,601 |
|
|
$ |
103,342 |
|
Cost of sales |
|
81,537 |
|
|
|
77,090 |
|
Gross profit |
|
21,064 |
|
|
|
26,252 |
|
|
|
|
Selling, general, and administrative expense |
|
21,373 |
|
|
|
19,899 |
|
Intangibles amortization |
|
2,630 |
|
|
|
2,705 |
|
|
|
|
Income (loss) from operations |
|
(2,939 |
) |
|
|
3,648 |
|
|
|
|
Interest expense, net |
|
(2,113 |
) |
|
|
(2,975 |
) |
Other expense, net |
|
127 |
|
|
|
(8 |
) |
Income (loss) before taxes |
|
(4,925 |
) |
|
|
665 |
|
|
|
|
Income tax benefit |
|
(1,017 |
) |
|
|
(77 |
) |
|
|
|
Net income (loss) |
$ |
(3,908 |
) |
|
$ |
742 |
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
Basic |
|
22,982,538 |
|
|
|
22,881,416 |
|
Diluted |
|
22,982,538 |
|
|
|
22,901,979 |
|
|
|
|
Earnings (loss) per share: |
|
|
Basic earnings (loss) per common share attributable to common
shareholders |
$ |
(0.18 |
) |
|
$ |
0.03 |
|
Earnings (loss) per common share assuming dilution attributable to
common shareholders |
$ |
(0.18 |
) |
|
$ |
0.03 |
|
Cash dividends declared and paid per share |
$ |
0.29 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
Douglas Dynamics, Inc. |
Consolidated Statements of Cash Flows |
(In thousands) |
|
|
|
|
Three Month Period Ended |
|
March 31, 2022 |
March 31, 2021 |
|
(unaudited) |
|
|
|
Operating activities |
|
|
Net income (loss) |
$ |
(3,908 |
) |
|
$ |
742 |
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
Depreciation and amortization |
|
5,189 |
|
|
|
5,013 |
|
Gain on disposal of fixed assets |
|
(51 |
) |
|
|
- |
|
Amortization of deferred financing costs and debt discount |
|
121 |
|
|
|
392 |
|
Stock-based compensation |
|
1,900 |
|
|
|
1,965 |
|
Adjustments on derivatives not designated as hedges |
|
(172 |
) |
|
|
(1,454 |
) |
Provision for losses on accounts receivable |
|
75 |
|
|
|
179 |
|
Deferred income taxes |
|
978 |
|
|
|
324 |
|
Non-cash lease expense |
|
1,198 |
|
|
|
1,036 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
Accounts receivable |
|
27,902 |
|
|
|
37,867 |
|
Inventories |
|
(39,820 |
) |
|
|
(20,213 |
) |
Prepaid assets, refundable income taxes paid and other assets |
|
(1,059 |
) |
|
|
(254 |
) |
Accounts payable |
|
(9,315 |
) |
|
|
3,347 |
|
Accrued expenses and other current liabilities |
|
(8,883 |
) |
|
|
(4,094 |
) |
Benefit obligations and other long-term liabilities |
|
(148 |
) |
|
|
(701 |
) |
Net cash provided by (used in) operating activities |
|
(25,993 |
) |
|
|
24,149 |
|
|
|
|
Investing activities |
|
|
Capital expenditures |
|
(2,198 |
) |
|
|
(2,177 |
) |
Net cash used in investing activities |
|
(2,198 |
) |
|
|
(2,177 |
) |
|
|
|
Financing activities |
|
|
Repurchase of common stock |
|
(3,001 |
) |
|
|
-- |
|
Dividends paid |
|
(6,748 |
) |
|
|
(6,790 |
) |
Net revolver borrowings |
|
12,000 |
|
|
|
-- |
|
Repayment of long-term debt |
|
(2,812 |
) |
|
|
(20,688 |
) |
Net cash used in financing activities |
|
(561 |
) |
|
|
(27,478 |
) |
Change in cash and cash equivalents |
|
(28,752 |
) |
|
|
(5,506 |
) |
Cash and cash equivalents at beginning of period |
|
36,964 |
|
|
|
41,030 |
|
Cash and cash equivalents at end of period |
$ |
8,212 |
|
|
$ |
35,524 |
|
|
|
|
Non-cash operating and financing activities |
|
|
Truck chassis inventory acquired through floorplan obligations |
$ |
713 |
|
|
$ |
16,225 |
|
|
|
|
|
|
|
|
|
|
|
Douglas Dynamics, Inc. |
Net Income (Loss) to Adjusted EBITDA reconciliation
(unaudited) |
(In thousands) |
|
Three month period ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net income (loss) |
$ |
(3,908 |
) |
|
$ |
742 |
|
|
|
|
|
Interest expense - net |
|
2,113 |
|
|
|
2,975 |
|
Income tax benefit |
|
(1,017 |
) |
|
|
(77 |
) |
Depreciation expense |
|
2,559 |
|
|
|
2,308 |
|
Intangibles amortization |
|
2,630 |
|
|
|
2,705 |
|
EBITDA |
|
2,377 |
|
|
|
8,653 |
|
|
|
|
|
Stock-based compensation |
|
1,900 |
|
|
|
1,965 |
|
COVID-19 (1) |
|
20 |
|
|
|
40 |
|
Other charges (2) |
|
339 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
4,636 |
|
|
$ |
10,658 |
|
|
|
|
|
(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 MonthsEnded March 31,2022 |
|
Three MonthsEnded March 31,2021 |
|
|
|
|
|
|
Work Truck Attachments |
|
|
|
|
|
Net Sales |
$ |
45,776 |
|
|
$ |
41,981 |
|
Adjusted EBITDA |
$ |
3,044 |
|
|
$ |
8,239 |
|
Adjusted EBITDA Margin |
|
6.6% |
|
|
|
19.6% |
|
|
|
|
|
|
|
Work Truck Solutions |
|
|
|
|
|
Net Sales |
$ |
56,825 |
|
|
$ |
61,361 |
|
Adjusted EBITDA |
$ |
1,592 |
|
|
$ |
2,419 |
|
Adjusted EBITDA Margin |
|
2.8% |
|
|
|
3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Douglas Dynamics, Inc. |
Reconciliation of Net Income (Loss) to Adjusted Net Income
(Loss) (unaudited) |
(In thousands, except share and per share
data) |
|
Three month period ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net income (loss) |
$ |
(3,908 |
) |
|
$ |
742 |
|
Adjustments: |
|
|
|
Stock based compensation |
|
1,900 |
|
|
|
1,965 |
|
COVID-19 (1) |
|
20 |
|
|
|
40 |
|
Adjustments on derivative not classified as hedge (2) |
|
(172 |
) |
|
|
(1,454 |
) |
Other charges (3) |
|
339 |
|
|
|
- |
|
Tax effect on adjustments |
|
(522 |
) |
|
|
(138 |
) |
Adjusted net income (loss) |
$ |
(2,343 |
) |
|
$ |
1,155 |
|
|
|
|
|
Weighted average basic common shares outstanding |
|
22,982,538 |
|
|
|
22,881,416 |
|
Weighted average common shares outstanding assuming dilution |
|
22,982,538 |
|
|
|
22,901,979 |
|
|
|
|
|
Adjusted earnings (loss) per common share - dilutive |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
|
|
|
|
GAAP diluted earnings (loss) per share |
$ |
(0.18 |
) |
|
$ |
0.03 |
|
Adjustments net of income taxes: |
|
|
|
|
|
|
|
Stock based compensation |
|
0.06 |
|
|
|
0.07 |
|
COVID-19 (1) |
|
- |
|
|
|
- |
|
Adjustments on derivative not classified as hedge (2) |
|
- |
|
|
|
(0.06 |
) |
Other charges (3) |
|
0.01 |
|
|
|
- |
|
|
|
|
|
Adjusted diluted earnings (loss) per share |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
|
|
|
|
(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. |
|
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|
Douglas Dynamics, Inc. |
Free Cash Flow reconciliation (unaudited) |
(In thousands) |
|
Three month period ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
(25,993 |
) |
|
$ |
24,149 |
|
Acquisition of property and equipment |
|
(2,198 |
) |
|
|
(2,177 |
) |
Free cash flow |
$ |
(28,191 |
) |
|
$ |
21,972 |
|
|
|
|
|
|
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