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, 2023.
“The story this quarter is simple – snowfall was
well below the 10-year average, and the location and timing of snow
and ice events missed some of our most important markets,” noted
Bob McCormick, President, and CEO. “We have implemented our low
snowfall playbook to mitigate the negative impact of low snowfall
as much as possible. The medium- to long-term outlook for our
Attachments business remains strong. While our Solutions segment
turned in a good quarter, our consolidated results came in well
below our initial expectations, hence our Mid-April release of
preliminary results and 2023 guidance update.”
Consolidated First Quarter 2023
Results
$ in millions(except Margins & EPS) |
Q1 2023 |
Q1 2022 |
Net Sales |
$82.5 |
$102.6 |
Gross Profit Margin |
13.7% |
20.5% |
|
|
|
Loss from Operations |
$(13.8) |
$(2.9) |
Net Loss |
$(13.1) |
$(3.9) |
Diluted EPS |
$(0.58) |
$(0.18) |
|
|
|
Adjusted EBITDA |
($7.4) |
$4.6 |
Adjusted EBITDA Margin |
(8.9%) |
4.5% |
Adjusted Net Loss |
$(12.5) |
$(2.3) |
Adjusted Diluted EPS |
$(0.55) |
$(0.11) |
|
|
|
- Consolidated results were lower compared to the same period
last year due to lower volumes at Work Truck Attachments, which
were only partially offset by volume and profitability improvements
at Work Truck Solutions.
- Interest expense was $2.9 million compared to $2.1 million in
the same period last year, which was primarily due to an increase
in interest expense on higher borrowings on the revolving line of
credit.
Work Truck Attachments Segment First
Quarter 2023 Results
$ in millions (except Adjusted EBITDA Margin) |
Q1 2023 |
Q1 2022 |
Net Sales |
$19.3 |
$45.8 |
Adjusted EBITDA |
($10.2) |
$3.0 |
Adjusted EBITDA Margin |
(53.2%) |
6.6% |
|
|
|
- Work Truck Attachments Net Sales, Adjusted EBITDA and Adjusted
EBITDA margin all decreased significantly versus the prior year as
East Coast core markets experienced the lowest snowfall season in
decades and higher than average dealer inventory levels impacted
reorder activity.
McCormick noted, “While the first quarter is
often unprofitable for Attachments, we believe that this year was
an anomaly given the lack of snowfall on the East Coast impacted
reorder patterns. In addition, our pre-season orders will likely be
lower, as dealers respond to season ending elevated inventory
levels.”
Work Truck Solutions Segment First
Quarter 2023 Results
$ in millions (except Adjusted EBITDA Margin) |
Q1 2023 |
Q1 2022 |
Net Sales |
$63.3 |
$56.8 |
Adjusted EBITDA |
$2.9 |
$1.6 |
Adjusted EBITDA Margin |
4.5% |
2.8% |
|
|
|
- Work Truck Solutions delivered improved performance across the
board with Net Sales increasing approximately 11.4% compared to the
same period last year related to higher volumes and improved price
realization.
- Adjusted EBITDA and Adjusted EBITDA margin increased due to
higher volumes and slightly favorable product mix over last
year.
McCormick added, “Demand remains positive
despite the mixed economic outlook, and backlog continues to sit
near record levels in the Solutions segment. While we are still
dealing with chassis and component shortages, and the impacts those
factors have on efficiency, we are learning to adapt more each day
and are focused on delivering baseline profit
improvements.”
Dividend & Liquidity
- A quarterly cash dividend of $0.295 per share of the Company’s
common stock was paid on March 31, 2023, to stockholders of record
on March 17, 2023.
- Net cash used in operating activities for the quarter was
$(56.9) million compared to $(26.0) in the first quarter 2022. The
increase was due to less favorable operating results, as well as
cash used in working capital, driven primarily by higher
inventories in Attachments due to low reorder activity and in
Solutions due to supply chain disruptions, as well as a decrease in
trade payables.
- The effective tax rates were 21.1% and 20.6% for the first
quarters of 2023 and 2022, respectively.
2023
Outlook
“As we said in mid-April, the lack of snow in
our core East Coast markets caused us to lower the top end of our
guidance ranges to account for the lower first quarter volumes and
anticipated impact on pre-season demand,” explained Sarah Lauber,
Executive Vice President and CFO. “The Solutions segment remains on
track to show continued margin improvement in 2023 versus a year
ago. As we look at the rest of the year, we are confident in our
ability to manage through the temporary impacts of low snowfall,
while focusing and delivering on our profit improvement initiatives
that are within our control. This one snow season does not change
our commitment to reach our stated target of $3.00 of earnings per
share by 2025.”
2023 financial outlook:
- Net Sales are expected to be between $620 million and $650
million.
- Adjusted EBITDA is predicted to range from $85 million to $100
million.
- Adjusted Earnings Per Share are expected to be in the range of
$1.55 per share to $2.00 per share.
- The effective tax rate is expected to be approximately 24% to
25%.
- The outlook assumes relatively stable economic conditions,
slightly improving supply of chassis and components, and that
Company’s core markets will experience average snowfall levels in
the fourth quarter of 2023.
With respect to the Company’s 2023 guidance, the
Company is not able to provide a reconciliation of the non-GAAP
financial measures to GAAP because it does not provide specific
guidance for the various extraordinary, nonrecurring, or unusual
charges and other certain items. These items have not yet occurred,
are out of the Company’s control and/or cannot be reasonably
predicted. As a result, reconciliation of the non-GAAP guidance
measures to GAAP is not available without unreasonable effort and
the Company is unable to address the probable significance of the
unavailable information.
Earnings Conference Call
Information
The Company will host a conference call on
Tuesday, May 2, 2023 at 10:00 a.m. Eastern Time (9:00 a.m. Central
Time). To join the conference call, please dial 1-833-634-5024
domestically, or 1-412-902-4205 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, impairment charges, loss on extinguishment of debt, and
incremental costs incurred in 2022 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,
impairment charges, loss on extinguishment of debt, certain charges
related to unrelated legal fees and consulting fees, incremental
costs incurred in 2022 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, our ability to manage general economic, business
and geopolitical conditions, including the impacts of natural
disasters, adverse developments affecting the banking and financial
services industries, 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, our
inability to compete effectively against competition, our inability
to achieve the projected financial performance 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,
2022 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.
|
Douglas
Dynamics, Inc. |
Consolidated
Balance Sheets |
(In
thousands) |
|
|
|
|
March
31, |
December
31, |
|
2023 |
2022 |
|
(unaudited) |
(unaudited) |
|
|
|
Assets |
|
|
Current
assets: |
|
|
Cash and cash equivalents |
$ |
2,900 |
$ |
20,670 |
Accounts receivable, net |
|
48,223 |
|
86,765 |
Inventories |
|
184,583 |
|
136,501 |
Inventories - truck chassis floor plan |
|
1,213 |
|
1,211 |
Refundable income taxes paid |
|
3,408 |
|
- |
Prepaid and other current assets |
|
7,280 |
|
7,774 |
Total
current assets |
|
247,607 |
|
252,921 |
|
|
|
Property,
plant, and equipment, net |
|
67,461 |
|
68,660 |
Goodwill |
|
113,134 |
|
113,134 |
Other
intangible assets, net |
|
128,959 |
|
131,589 |
Operating
lease - right of use asset |
|
16,414 |
|
17,432 |
Non-qualified benefit plan assets |
|
9,158 |
|
8,874 |
Other
long-term assets |
|
2,555 |
|
4,281 |
Total
assets |
$ |
585,288 |
$ |
596,891 |
|
|
|
Liabilities and stockholders’ equity |
|
|
Current
liabilities: |
|
|
Accounts payable |
$ |
23,081 |
$ |
49,252 |
Accrued expenses and other current liabilities |
|
22,086 |
|
30,484 |
Floor plan obligations |
|
1,213 |
|
1,211 |
Operating lease liability - current |
|
4,888 |
|
4,862 |
Income taxes payable |
|
- |
|
3,485 |
Short term borrowings |
|
52,000 |
|
- |
Current portion of long-term debt |
|
11,137 |
|
11,137 |
Total
current liabilities |
|
114,405 |
|
100,431 |
|
|
|
Retiree
benefits and deferred compensation |
|
15,526 |
|
14,650 |
Deferred
income taxes |
|
28,713 |
|
29,837 |
Long-term
debt, less current portion |
|
192,298 |
|
195,299 |
Operating
lease liability - noncurrent |
|
12,951 |
|
14,025 |
Other
long-term liabilities |
|
4,995 |
|
5,547 |
|
|
|
Total
stockholders’ equity |
|
216,400 |
|
237,102 |
Total
liabilities and stockholders’ equity |
$ |
585,288 |
$ |
596,891 |
|
|
|
Douglas
Dynamics, Inc. |
Consolidated
Statements of Loss |
(In
thousands, except share and per share data) |
|
|
|
|
Three Month Period Ended |
|
March 31, 2023 |
March 31, 2022 |
|
(unaudited) |
|
|
|
|
|
|
Net sales |
$ |
82,545 |
|
$ |
102,601 |
|
Cost of sales |
|
71,270 |
|
|
81,537 |
|
Gross profit |
|
11,275 |
|
|
21,064 |
|
|
|
|
Selling, general, and administrative expense |
|
22,442 |
|
|
21,373 |
|
Intangibles amortization |
|
2,630 |
|
|
2,630 |
|
|
|
|
Loss from operations |
|
(13,797 |
) |
|
(2,939 |
) |
|
|
|
Interest expense, net |
|
(2,864 |
) |
|
(2,113 |
) |
Other income, net |
|
35 |
|
|
127 |
|
Loss before taxes |
|
(16,626 |
) |
|
(4,925 |
) |
|
|
|
Income tax benefit |
|
(3,516 |
) |
|
(1,017 |
) |
|
|
|
Net loss |
$ |
(13,110 |
) |
$ |
(3,908 |
) |
|
|
|
Weighted average number of common shares outstanding: |
|
Basic |
|
22,906,845 |
|
|
22,982,538 |
|
Diluted |
|
22,906,845 |
|
|
22,982,538 |
|
|
|
|
Loss per
share: |
|
|
Basic loss per common share attributable to common
shareholders |
$ |
(0.58 |
) |
$ |
(0.18 |
) |
Loss per common share assuming dilution attributable to common
shareholders |
$ |
(0.58 |
) |
$ |
(0.18 |
) |
Cash
dividends declared and paid per share |
$ |
0.30 |
|
$ |
0.29 |
|
|
|
|
Douglas
Dynamics, Inc. |
Consolidated
Statements of Cash Flows |
(In
thousands) |
|
|
|
|
Three Month Period Ended |
|
March 31, 2023 |
March 31, 2022 |
|
(unaudited) |
|
|
|
Operating activities |
|
|
Net loss |
$ |
(13,110 |
) |
$ |
(3,908 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
Depreciation and amortization |
|
5,357 |
|
|
5,189 |
|
Gain on disposal of fixed assets |
|
(60 |
) |
|
(51 |
) |
Amortization of deferred financing costs and debt discount |
|
145 |
|
|
121 |
|
Stock-based compensation |
|
957 |
|
|
1,900 |
|
Adjustments on derivatives not designated as hedges |
|
(172 |
) |
|
(172 |
) |
Provision for losses on accounts receivable |
|
175 |
|
|
75 |
|
Deferred income taxes |
|
(1,125 |
) |
|
978 |
|
Non-cash lease expense |
|
1,018 |
|
|
1,198 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
Accounts receivable |
|
38,367 |
|
|
27,902 |
|
Inventories |
|
(48,082 |
) |
|
(39,820 |
) |
Prepaid assets, refundable income taxes paid and other assets |
|
(3,376 |
) |
|
(1,059 |
) |
Accounts payable |
|
(24,891 |
) |
|
(9,315 |
) |
Accrued expenses and other current liabilities |
|
(11,882 |
) |
|
(8,883 |
) |
Benefit obligations and other long-term liabilities |
|
(237 |
) |
|
(148 |
) |
Net cash used in operating activities |
|
(56,916 |
) |
|
(25,993 |
) |
|
|
|
Investing activities |
|
|
Capital expenditures |
|
(2,748 |
) |
|
(2,198 |
) |
Net cash used in investing activities |
|
(2,748 |
) |
|
(2,198 |
) |
|
|
|
Financing activities |
|
|
Payments of financing costs |
|
(334 |
) |
|
-- |
|
Repurchase of common stock |
|
-- |
|
|
(3,001 |
) |
Dividends paid |
|
(6,960 |
) |
|
(6,748 |
) |
Net revolver borrowings |
|
52,000 |
|
|
12,000 |
|
Repayment of long-term debt |
|
(2,812 |
) |
|
(2,812 |
) |
Net cash provided by (used) in financing activities |
|
41,894 |
|
|
(561 |
) |
Change in cash and cash equivalents |
|
(17,770 |
) |
|
(28,752 |
) |
Cash and cash equivalents at beginning of period |
|
20,670 |
|
|
36,964 |
|
Cash and cash equivalents at end of period |
$ |
2,900 |
|
$ |
8,212 |
|
|
|
|
Non-cash operating and financing activities |
|
|
Truck
chassis inventory acquired through floorplan obligations |
$ |
1,042 |
|
$ |
713 |
|
|
|
|
Douglas
Dynamics, Inc. |
Segment
Disclosures (unaudited) |
(In
thousands) |
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
Three Months EndedMarch 31, 2022 |
|
|
|
|
|
|
Work
Truck Attachments |
|
|
|
|
|
Net Sales |
$ |
19,246 |
|
|
$ |
45,776 |
|
Adjusted
EBITDA |
$ |
(10,231 |
) |
|
$ |
3,044 |
|
Adjusted
EBITDA Margin |
|
-53.2 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
Work
Truck Solutions |
|
|
|
|
|
Net
Sales |
$ |
63,299 |
|
|
$ |
56,825 |
|
Adjusted
EBITDA |
$ |
2,857 |
|
|
$ |
1,592 |
|
Adjusted
EBITDA Margin |
|
4.5 |
% |
|
|
2.8 |
% |
|
|
|
|
|
|
Douglas
Dynamics, Inc. |
Free Cash
Flow reconciliation (unaudited) |
(In
thousands) |
|
|
Three month period ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Net cash
used in operating activities |
|
$ |
(56,916 |
) |
|
$ |
(25,993 |
) |
Acquisition of property and equipment |
|
(2,748 |
) |
|
|
(2,198 |
) |
Free cash
flow |
|
$ |
(59,664 |
) |
|
$ |
(28,191 |
) |
|
Douglas
Dynamics, Inc. |
Net Loss to
Adjusted EBITDA reconciliation (unaudited) |
(In
thousands) |
|
|
Three month period ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Net
loss |
|
$ |
(13,110 |
) |
|
$ |
(3,908 |
) |
|
|
|
|
|
Interest expense - net |
|
|
2,864 |
|
|
|
2,113 |
|
Income tax benefit |
|
|
(3,516 |
) |
|
|
(1,017 |
) |
Depreciation expense |
|
|
2,727 |
|
|
|
2,559 |
|
Intangibles amortization |
|
|
2,630 |
|
|
|
2,630 |
|
EBITDA |
|
|
(8,405 |
) |
|
|
2,377 |
|
|
|
|
|
|
Stock-based compensation |
|
|
957 |
|
|
|
1,900 |
|
Other charges (1) |
|
|
74 |
|
|
|
359 |
|
Adjusted EBITDA |
|
$ |
(7,374 |
) |
|
$ |
4,636 |
|
|
|
|
|
|
(1) Reflects unrelated legal, severance, restructuring, consulting
fees, and incremental costs incurred related to the COVID-19
pandemic for the periods presented. |
|
|
|
|
|
Douglas
Dynamics, Inc. |
Reconciliation of Net Loss to Adjusted Net Loss
(unaudited) |
(In
thousands, except share and per share data) |
|
|
Three month period ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Net
loss |
|
$ |
(13,110 |
) |
|
$ |
(3,908 |
) |
Adjustments: |
|
|
|
|
Stock based compensation |
|
957 |
|
|
|
1,900 |
|
Adjustments on derivative not classified as hedge (1) |
|
(172 |
) |
|
|
(172 |
) |
Other charges (2) |
|
|
74 |
|
|
|
359 |
|
Tax effect
on adjustments |
|
|
(215 |
) |
|
|
(522 |
) |
Adjusted net loss |
|
$ |
(12,466 |
) |
|
$ |
(2,343 |
) |
|
|
|
|
|
Weighted average basic common shares outstanding |
|
22,906,845 |
|
|
|
22,982,538 |
|
Weighted average common shares outstanding assuming dilution |
|
22,906,845 |
|
|
|
22,982,538 |
|
|
|
|
|
|
Adjusted loss per common share - dilutive |
$ |
(0.55 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
GAAP diluted loss per share |
$ |
(0.58 |
) |
|
$ |
(0.18 |
) |
Adjustments net of income taxes: |
|
|
|
|
|
|
|
|
Stock based compensation |
|
0.03 |
|
|
|
0.06 |
|
Adjustments on derivative not classified as hedge (1) |
|
- |
|
|
|
- |
|
Other charges (2) |
|
|
- |
|
|
|
0.01 |
|
|
|
|
|
|
Adjusted diluted loss per share |
$ |
(0.55 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
(1) Reflects non-cash mark-to-market and amortization adjustments
on an interest rate swap not classified as a hedge for the periods
presented. |
(2) Reflects unrelated legal, severance, restructuring, consulting
fees, and incremental costs incurred related to the COVID-19
pandemic for the periods presented. |
|
|
|
|
|
For further information contact:Douglas Dynamics, Inc.Nathan
Elwell847-530-0249investorrelations@douglasdynamics.com
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