Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion
Lighting), a provider of energy-efficient LED lighting, controls
and IoT systems, including turnkey project implementation, as well
as ongoing system maintenance and program management, today
reported results for its FY 2021 third quarter ended December 31,
2020 (Q3’21). Orion will hold an investor call today at 10:00 a.m.
ET – details below.
Q3 Financial Highlights |
|
Prior Three Quarters |
$ in millions except per share
figures |
Q3’21 |
Q3'20 |
Change |
|
Q2’21 |
Q1’21 |
Q4’20 |
Revenue |
$44.3 |
$34.2 |
+$10.0 |
|
$26.3 |
$10.8 |
$25.9 |
Gross Profit |
$11.0 |
$8.3 |
+$2.7 |
|
$7.3 |
$2.6 |
$5.8 |
Gross Profit % |
24.9% |
24.2% |
+70 bps |
|
27.6% |
24.4% |
22.3% |
Net Income (Loss) |
$4.3 |
$2.3 |
+$2.0 |
|
$1.9 |
($2.2) |
($0.5) |
EPS |
$0.14 |
$0.07 |
+$0.07 |
|
$0.06 |
($0.07) |
($0.02) |
EBITDA* |
$4.9 |
$2.8 |
+$2.0 |
|
$2.3 |
($1.7) |
$0.0 |
Cash & Equivalents |
$12.3 |
$13.8 |
-$1.5 |
|
$12.1 |
$10.8 |
$28.8 |
*EBITDA reconciliation table below. |
Highlights
- Q3’21 revenue grew to $44.3M from $34.2M in Q3’20,
demonstrating a rapid rebound in major account activity, and also
exceeded Q2’21 revenue of $26.3M. The Q3’21 performance improvement
reflects a full quarter of business activity following
COVID-19-related disruptions that commenced in March 2020 and
continued primarily through August 2020.
- Q3’21 revenue included previously delayed turnkey LED lighting
retrofit activity for a major national account project that resumed
in early August, in addition to significant contribution from a
national retrofit project for a specialty retail customer.
- Q3’21 gross profit percentage increased to 24.9% from 24.2% in
Q3’20, primarily because of improvement in product margin partially
offset by increased service revenues which have lower margins, but
declined sequentially from 27.6% in Q2’21primarily because of a
change in customer mix and start-up costs related to the national
specialty retail customer project.
- Q3’21 operating expenses increased to $6.5M versus $5.8M in
Q3’20 and $5.4M in Q2’21, principally reflecting higher sales
commissions on increased revenue, incremental costs required to
support higher revenues, as well as start-up costs associated with
the Company’s new maintenance services business.
- Orion’s EBITDA improved to $4.9M in Q3’21, compared to $2.8M in
Q3’20 and $2.3M in Q2’21.
- Orion ended the quarter with $23.3M in working capital,
including $12.3M of cash and had no amounts drawn on its credit
facility. In December, Orion secured a new five-year $25.0
million revolving credit facility with Bank of America.
The facility provides a 25% increase in financing capacity and
liquidity to support the execution of the Company’s strategic
growth plans.
- Excluding any significant COVID-19 business impacts, Orion
continues to anticipate FY ’21 revenue of at least $117M and FY ’22
revenue that should at least match its record results achieved in
FY ’20.
CEO CommentaryMike Altschaefl, Orion’s CEO and
Board Chair, commented, "As anticipated, our business rebound
accelerated in Q3’21 with both existing and new customers returning
to pre-COVID-19 levels of activity, along with a growing pipeline
of opportunities. We are seeing significant opportunities in a
number of our markets, including national retailers, global online
retailers, warehousing and logistics, automotive, healthcare and
the public sector.
“Product development continues to play an important role in
Orion’s success as we are experiencing very solid demand for new
product lines introduced over the past year. Our new Starline
high-bay LED fixture line has been very well received by customers
and partners due to its efficient, cost-effective design and energy
efficiency. We are also having good success with a new exterior
lighting product line that delivers more efficient illumination
than comparable products, and we are launching some next generation
linear LED fixtures later this month. As always, Orion remains
focused on innovative product designs that deliver performance,
value and customized solutions for our customers while also
incorporating design, production and sourcing efficiencies that
provide opportunities for margin enhancement. For example, earlier
this week, Orion announced a licensing and exclusive manufacturing
agreement with Go Fan Yourself (GFY). Orion will utilize GFY’s
patented technology incorporating UVC into air movement
products. UVC has been proven effective in killing airborne
viruses, including COVID-19, as well as bacteria, fungi and
other germs. These products will join Orion’s existing line of
LED lighting fixtures, which utilize antimicrobial LED’s in the 405
nanometer wavelength to reduce surface growth of bacteria, fungi,
mold and mildew, as Orion builds on its healthy, safe and
sustainable solutions.
“A growing number of large national account customers are
recognizing the value of Orion’s unique, customized, turnkey LED
lighting capabilities and our proven track record in executing
large national installation programs with efficient, high-quality
service. Our sales team is very active in leveraging this
capability to develop new large customer prospects for our lighting
systems and services. Though the sales cycles can be longer for
such large opportunities, we feel confident in the broad array of
benefits our systems can deliver, ranging from improved
illumination, enhanced work environments and greater safety, along
with the environmental and cost benefits delivered by
state-of-the-art LED lighting and controls. Building off this value
proposition we are also excited by the potential of products
incorporating UV and violet light technologies to help our
customers address environmental safety concerns around germs,
bacteria and viruses.
“Reflecting these and other factors, we are confident in our
business outlook going forward, tempered only by the real potential
for COVID-19 concerns to impact our customers’ plans and our
operations. Although we have put in place rigorous safety protocols
to reduce the risks of COVID-19 impacts to our business, there are
many circumstances that are outside our control and so COVID-19
remains a significant risk to our future performance.”
Business OutlookOrion expects to achieve FY ’21
annual revenue of at least $117M, implying $80M of revenue will be
generated in the second half, though more weighted to the third
quarter. Orion believes it is well positioned and expects to
achieve financial results in FY ’22 that should at least match
those delivered in FY ’20. In FY ’20, Orion achieved record revenue
of $151M and net income of $12.5M, or $0.40 per diluted share.
Orion’s FY ’22 outlook, which assumes no material negative COVID-19
impacts, is supported by the following factors:
- Orion anticipates significant additional product and service
revenue from an existing large national retail customer for the
retrofit of additional locations, new construction, outdoor
lighting and other projects.
- Orion expects to generate significant revenue from
custom-designed luminaires for a global online retailer’s new
facilities.
- Orion has completed several initial facilities for a global
logistics industry customer that is expected to be a significant
source of additional revenue, on a project-by-project basis.
- Orion has been selected by another leading global logistics
provider to be their primary LED lighting supplier and project
manager in North America, also on a project basis. This
relationship is expected to be a meaningful source of new
revenue.
- Orion expects to continue the LED lighting retrofits for a
national specialty retailer.
- Orion’s existing automotive customers are likely to provide a
number of project opportunities.
- Orion is seeing significant opportunities in the healthcare
market.
- Orion anticipates continued steady demand from long-standing
public sector customers, including the U.S. Military, the Veterans
Administration and the U.S. Postal Service.
- Orion is experiencing a solid rebound in interest and business
activity within its energy service company (ESCO) and electrical
contractor distribution channels, where its new products are
resonating, and more companies appear willing to proceed with
retrofit and new construction projects.
- Companies are increasingly engaged in pursuing green, cost
saving projects that exhibit strong ROI, many of which had been on
hold due to COVID-19.
- Orion has recently launched new LED lighting products,
including outdoor fixtures and linear products that have been
designed to deliver superior quality and energy efficiency at
attractive pricing. These products are expected to support revenue
growth opportunities in FY ’22 and beyond.
Orion cautions investors that this outlook involves uncertainty
due to the COVID-19 pandemic and possible business and other
economic impacts.
Financial ResultsOrion’s Q3’21 revenue improved
to $44.3M compared to $34.2M in Q3’20 and $26.3M in Q2’21, as
business activity rebounded rapidly following COVID-19 related
impacts. During Q3’21, Orion was again fully engaged in
installations for a large national retail customer and another
national account project, with minimal COVID-19 impacts. Q3’21
product revenue increased to $31.9M from $25.9M in Q3’20 and
service revenue increased to $12.3M from $8.4M, principally
reflecting installation and services for national accounts.
Gross profit percentage increased to 24.9% in Q3’21 from 24.2%
in Q3’20, primarily because of improvement in product margin
partially offset by increased service revenues which have lower
margins, but decreased sequentially from Q2 ’21 because of a change
in customer mix and higher costs related to the start of a national
account project during the quarter.
Total operating expenses increased to $6.5M in Q3’21 from $5.8M
in Q3’20 and $5.4M in Q2’21, due primarily to the impact of sales
commissions on higher revenue, as well as start-up costs related to
the Company’s new maintenance services business.
Orion generated EBITDA of $4.9M in Q3’21 versus $2.8M in Q3’20
and $2.3M in Q2’21. Q3’21 net income improved to $4.3M, or $0.14
per diluted share, compared to net income of $2.3M, or $0.07 per
diluted share in Q3’20 and $1.9M, or $0.06 per diluted share, in
Q2’21, reflecting relatively higher revenue covering fixed
expenses.
Cash Flow & Balance SheetOrion generated
$8.5M of cash from operating activities in Q3’21 as compared to
$5.8M in Q3’20. The increase was due to higher net income adjusted
for changes in working capital.
As of December 31, 2020, Orion’s net working capital balance
increased to $23.3M, including $12.3M in cash and cash equivalents,
as compared to net working capital of $19.4M at December 31, 2019.
Orion had no balance outstanding on its revolving credit facility
and $25.0M of availability on the facility as of quarter
end.
Webcast/Call Detail
Date /
Time: |
Thursday, February 11th at 10:00
a.m. ET (9:00 a.m. CT) |
Call
Dial-In: |
(877) 754-5294 or (678) 894-3013
for international |
Webcast/Replay: |
https://edge.media-server.com/mmc/p/mzc7jnup |
Audio
Replay: |
(855) 859-2056, ID#5357316
(available shortly after the call through 2/18/21) |
About Orion Energy SystemsOrion provides
innovative LED lighting systems and turnkey project implementation
including installation and commissioning of fixtures, controls and
IoT systems, as well as ongoing system maintenance and program
management. We help our customers achieve energy savings with
healthy, safe and sustainable solutions, enabling them to reduce
their carbon footprint and digitize their business.
Non-GAAP MeasuresIn addition to the GAAP
results included in this presentation, Orion has also included the
non-GAAP measures, EBITDA (earnings before interest, taxes,
depreciation and amortization). The Company has provided these
non-GAAP measures to help investors better understand its core
operating performance, enhance comparisons of core operating
performance from period to period and allow better comparisons of
operating performance to its competitors. Among other things,
management uses EBITDA to evaluate performance of the business and
believes this measurement enables it to make better
period-to-period evaluations of the financial performance of core
business operations. The non-GAAP measurements are intended only as
a supplement to the comparable GAAP measurements and Orion
compensates for the limitations inherent in the use of non-GAAP
measurements by using GAAP measures in conjunction with the
non-GAAP measurement. As a result, investors should consider these
non-GAAP measurements in addition to, and not in substitution for
or as superior to, measurements of financial performance prepared
in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities
laws, the non-GAAP measures in this press release have been
reconciled to the nearest GAAP measures, and this reconciliation is
located under the heading “Unaudited EBITDA and Adjusted EBITDA
Reconciliation” following the Condensed Consolidated Statements of
Cash Flows included in this press release.
COVID-19 ImpactsThe COVID-19
pandemic has disrupted business, trade, commerce, financial and
credit markets, in the U.S. and globally. Orion’s business has been
materially adversely impacted by measures taken by government
entities and others to control the spread of the virus. As part of
the Company’s recent response to the impacts of the COVID-19,
management has taken a number of cost reduction and cash
conservation measures. While restrictions have begun to lessen in
certain jurisdictions, stay-at-home, face mask, and lockdown orders
remain in effect in others, with employees asked to work remotely
if possible. Many customers and projects require Orion employees to
travel to customers and project locations. Some customers and
projects are in areas where travel restrictions have been imposed,
certain customers have either closed or reduced on-site activities,
and timelines for the completion of multiple projects have been
delayed, suspended, or extended. As of the date of this release, it
is not possible to predict the overall impact the COVID-19 pandemic
will have on the Company's business, liquidity, capital resources
or financial results.
Safe Harbor
Statement Certain matters discussed in this
press release, including under the headings “Highlights”, “CEO
Commentary”, and "Business Outlook" are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may generally be identified
as such because the context of such statements will include words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "will," "would" or words of similar import. Similarly,
statements that describe our future plans, objectives or goals are
also forward-looking statements. Such forward-looking statements
are subject to certain risks and uncertainties that could cause
results to differ materially from those expected, including, but
not limited to, the following: (i) our ability to achieve our
expected revenue and other financial objectives in FY ’21 and
beyond, particularly as a result of the COVID-19 pandemic; (ii) our
recent and expected continued reliance on revenue generated from
the retrofit of a single or few national account projects; (iii)
our ability to achieve profitability and positive cash flows; (iv)
our levels of cash and our borrowing capacity under our revolving
line of credit; (v) the availability of additional debt financing
and/or equity capital; (vi) our lack of major sources of recurring
revenue, our dependence on a limited number of key customers, and
the potential consequences of the loss of one or more key customers
or suppliers, including key contacts at such customers; (vii) our
risk of potential loss related to single or focused exposure within
the current customer base and product offerings; (viii) our ability
to manage the ongoing decreases in the average selling prices of
our products as a result of competitive pressures in the evolving
LED market; (ix) our ability to differentiate our products in a
highly competitive market, expand our customer base and gain market
share; (x) our ability to manage our inventory and avoid inventory
obsolescence in a rapidly evolving LED market; (xi) our ability to
adapt to increasing convergence in the LED market; (xii) the
reduction or elimination of investments in, or incentives to adopt,
LED lighting technologies; (xiii) our increasing ongoing attempts
to sell more of our products through third party distributors and
sales agents, including our ability to attract and retain effective
third party distributors and sales agents to execute our sales
model; (xiv) our ability to develop and participate in new product
and technology offerings or applications in a cost effective and
timely manner; (xv) the potential deterioration of market
conditions, including our dependence on customers' capital budgets
for sales of products and services, and adverse impacts on costs
and the demand for our products as a result of the implementation
of tariffs; (xvi) our increasing reliance on third parties for the
manufacture and development of products and product components;
(xvii) our ability to maintain safe and secure information
technology systems; (xviii) our failure to comply with the
covenants in our revolving credit agreement; (xix) our fluctuating
quarterly results of operations; (xx) our ability to recruit, hire
and retain talented individuals in all disciplines of our company;
(xxi) our ability to balance customer demand and production
capacity; (xxii) our ability to maintain an effective system of
internal control over financial reporting; (xxiii) price
fluctuations (including as a result of tariffs), shortages or
interruptions of component supplies and raw materials used to
manufacture our products; (xxiv) our ability to defend our patent
portfolio; (xxv) a reduction in the price of electricity; (xxvi)
the cost to comply with, and the effects of, any current and future
industry and government regulations, laws and policies; (xxvii) the
sale of our corporate office building which will likely result in a
non-cash impairment charge; and (xxviii) potential warranty claims
in excess of our reserve estimates and (xxviii) the other risks
described in our filings with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com/ in the
Investor Relations section of our Website.
Twitter: @OrionLighting and
@OrionLightingIRStockTwits: @Orion_LED_IR
Investor Relations Contacts
Per Brodin, CFO |
William Jones; David Collins |
Orion Energy Systems, Inc. |
Catalyst IR |
pbrodin@oesx.com |
(212) 924-9800 or
OESX@catalyst-ir.com |
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(in thousands, except share
amounts)
|
|
December 31, 2020 |
|
|
March 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,279 |
|
|
$ |
28,751 |
|
Accounts receivable, net |
|
|
23,744 |
|
|
|
10,427 |
|
Revenue earned but not
billed |
|
|
1,519 |
|
|
|
560 |
|
Inventories, net |
|
|
18,518 |
|
|
|
14,507 |
|
Prepaid expenses and other
current assets |
|
|
607 |
|
|
|
723 |
|
Total current assets |
|
|
56,667 |
|
|
|
54,968 |
|
Property and equipment, net |
|
|
11,410 |
|
|
|
11,817 |
|
Other intangible assets, net |
|
|
2,033 |
|
|
|
2,216 |
|
Long-term accounts
receivable |
|
|
652 |
|
|
|
760 |
|
Other long-term assets |
|
|
2,906 |
|
|
|
2,802 |
|
Total assets |
|
$ |
73,668 |
|
|
$ |
72,563 |
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
19,360 |
|
|
$ |
19,834 |
|
Accrued expenses and other |
|
|
13,916 |
|
|
|
7,228 |
|
Deferred revenue, current |
|
|
126 |
|
|
|
107 |
|
Current maturities of long-term
debt |
|
|
14 |
|
|
|
35 |
|
Total current liabilities |
|
|
33,416 |
|
|
|
27,204 |
|
Revolving credit facility |
|
|
— |
|
|
|
10,013 |
|
Long-term debt, less current
maturities |
|
|
39 |
|
|
|
50 |
|
Deferred revenue, long-term |
|
|
659 |
|
|
|
715 |
|
Other long-term liabilities |
|
|
3,768 |
|
|
|
3,546 |
|
Total liabilities |
|
|
37,882 |
|
|
|
41,528 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value:
Shares authorized: 30,000,000 atDecember 31, 2020 and March 31,
2020; no shares issued and outstanding atDecember 31, 2020 and
March 31, 2020 |
|
|
— |
|
|
|
— |
|
Common stock, no par value:
Shares authorized: 200,000,000 at December 31, 2020 and March 31,
2020; shares issued: 40,227,900 at December 31, 2020 and39,729,569
at March 31, 2020; shares outstanding: 30,759,953 atDecember 31,
2020 and 30,265,997 at March 31, 2020 |
|
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
|
157,262 |
|
|
|
156,503 |
|
Treasury stock, common shares:
9,467,947 at December 31, 2020 and 9,463,572 at March 31, 2020 |
|
|
(36,181 |
) |
|
|
(36,163 |
) |
Retained deficit |
|
|
(85,295 |
) |
|
|
(89,305 |
) |
Total shareholders’ equity |
|
|
35,786 |
|
|
|
31,035 |
|
Total liabilities and shareholders’ equity |
|
$ |
73,668 |
|
|
$ |
72,563 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except
share and per share amounts)
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Product revenue |
|
$ |
31,929 |
|
|
$ |
25,867 |
|
|
$ |
61,890 |
|
|
$ |
93,778 |
|
Service revenue |
|
|
12,322 |
|
|
|
8,382 |
|
|
|
19,453 |
|
|
|
31,171 |
|
Total revenue |
|
|
44,251 |
|
|
|
34,249 |
|
|
|
81,343 |
|
|
|
124,949 |
|
Cost of product revenue |
|
|
23,203 |
|
|
|
19,075 |
|
|
|
44,834 |
|
|
|
68,778 |
|
Cost of service revenue |
|
|
10,042 |
|
|
|
6,900 |
|
|
|
15,605 |
|
|
|
24,823 |
|
Total cost of revenue |
|
|
33,245 |
|
|
|
25,975 |
|
|
|
60,439 |
|
|
|
93,601 |
|
Gross profit |
|
|
11,006 |
|
|
|
8,274 |
|
|
|
20,904 |
|
|
|
31,348 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
3,030 |
|
|
|
2,662 |
|
|
|
8,079 |
|
|
|
8,274 |
|
Sales and marketing |
|
|
3,120 |
|
|
|
2,735 |
|
|
|
7,306 |
|
|
|
8,359 |
|
Research and development |
|
|
391 |
|
|
|
439 |
|
|
|
1,230 |
|
|
|
1,240 |
|
Total operating expenses |
|
|
6,541 |
|
|
|
5,836 |
|
|
|
16,615 |
|
|
|
17,873 |
|
Income from operations |
|
|
4,465 |
|
|
|
2,438 |
|
|
|
4,289 |
|
|
|
13,475 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
12 |
|
|
|
2 |
|
|
|
56 |
|
|
|
22 |
|
Interest expense |
|
|
(1 |
) |
|
|
(38 |
) |
|
|
(51 |
) |
|
|
(261 |
) |
Amortization of debt issue
costs |
|
|
(20 |
) |
|
|
(61 |
) |
|
|
(142 |
) |
|
|
(182 |
) |
Loss on debt extinguishment |
|
|
(90 |
) |
|
|
— |
|
|
|
(90 |
) |
|
|
— |
|
Interest income |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
5 |
|
Total other expense |
|
|
(99 |
) |
|
|
(95 |
) |
|
|
(227 |
) |
|
|
(416 |
) |
Income before income tax |
|
|
4,366 |
|
|
|
2,343 |
|
|
|
4,062 |
|
|
|
13,059 |
|
Income tax expense |
|
|
51 |
|
|
|
39 |
|
|
|
52 |
|
|
|
66 |
|
Net income |
|
$ |
4,315 |
|
|
$ |
2,304 |
|
|
$ |
4,010 |
|
|
$ |
12,993 |
|
Basic net income per share
attributable to common shareholders |
|
$ |
0.14 |
|
|
$ |
0.08 |
|
|
$ |
0.13 |
|
|
$ |
0.43 |
|
Weighted-average common shares
outstanding |
|
|
30,735,722 |
|
|
|
30,243,865 |
|
|
|
30,586,196 |
|
|
|
30,053,330 |
|
Diluted net income per share |
|
$ |
0.14 |
|
|
$ |
0.07 |
|
|
$ |
0.13 |
|
|
$ |
0.42 |
|
Weighted-average common shares
and share equivalents outstanding |
|
|
31,320,427 |
|
|
|
30,824,078 |
|
|
|
31,289,359 |
|
|
|
30,862,088 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (in
thousands)
|
|
Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
Operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,010 |
|
|
$ |
12,993 |
|
Adjustments to reconcile net income to net cash (used in)
provided byoperating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
889 |
|
|
|
910 |
|
Amortization of intangible assets |
|
|
225 |
|
|
|
282 |
|
Stock-based compensation |
|
|
611 |
|
|
|
515 |
|
Amortization of debt issue costs |
|
|
142 |
|
|
|
182 |
|
Loss on debt extinguishment |
|
|
90 |
|
|
|
— |
|
Impairment of intangible assets |
|
|
— |
|
|
|
3 |
|
Loss on sale of property and equipment |
|
|
6 |
|
|
|
— |
|
Provision for inventory reserves |
|
|
185 |
|
|
|
192 |
|
Other |
|
|
9 |
|
|
|
28 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, current and long-term |
|
|
(13,208 |
) |
|
|
(420 |
) |
Revenue earned but not billed |
|
|
(959 |
) |
|
|
2,957 |
|
Inventories |
|
|
(4,196 |
) |
|
|
970 |
|
Prepaid expenses and other assets |
|
|
339 |
|
|
|
44 |
|
Accounts payable |
|
|
(304 |
) |
|
|
(2,990 |
) |
Accrued expenses and other |
|
|
6,555 |
|
|
|
(1,296 |
) |
Deferred revenue, current and long-term |
|
|
(38 |
) |
|
|
(95 |
) |
Net cash (used in) provided by operating
activities |
|
|
(5,644 |
) |
|
|
14,275 |
|
Investing
activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(658 |
) |
|
|
(582 |
) |
Additions to patents and licenses |
|
|
(43 |
) |
|
|
(73 |
) |
Net cash used in investing activities |
|
|
(701 |
) |
|
|
(655 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Payment of long-term debt |
|
|
(32 |
) |
|
|
(68 |
) |
Proceeds from revolving credit facility |
|
|
8,000 |
|
|
|
63,200 |
|
Payments of revolving credit facility |
|
|
(18,013 |
) |
|
|
(71,572 |
) |
Payments to settle employee tax withholdings on stock-based
compensation |
|
|
(22 |
) |
|
|
(76 |
) |
Deferred financing costs |
|
|
(212 |
) |
|
|
(91 |
) |
Net proceeds from employee equity exercises |
|
|
152 |
|
|
|
20 |
|
Net cash used in financing activities |
|
|
(10,127 |
) |
|
|
(8,587 |
) |
Net (decrease) increase in cash
and cash equivalents |
|
|
(16,472 |
) |
|
|
5,033 |
|
Cash and cash equivalents at
beginning of period |
|
|
28,751 |
|
|
|
8,729 |
|
Cash and cash equivalents at end
of period |
|
$ |
12,279 |
|
|
$ |
13,762 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED EBITDA
RECONCILIATION (in thousands)
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net
income |
|
$ |
4,315 |
|
|
$ |
2,304 |
|
|
$ |
4,010 |
|
|
$ |
12,993 |
|
Interest |
|
|
1 |
|
|
|
36 |
|
|
|
51 |
|
|
|
256 |
|
Taxes |
|
|
51 |
|
|
|
39 |
|
|
|
52 |
|
|
|
66 |
|
Depreciation |
|
|
302 |
|
|
|
295 |
|
|
|
889 |
|
|
|
910 |
|
Amortization of
intangible assets |
|
|
73 |
|
|
|
94 |
|
|
|
225 |
|
|
|
282 |
|
Amortization of
debt issue costs |
|
|
20 |
|
|
|
61 |
|
|
|
142 |
|
|
|
182 |
|
Loss on Debt
Extinguishment |
|
|
90 |
|
|
|
— |
|
|
|
90 |
|
|
|
— |
|
EBITDA |
|
$ |
4,852 |
|
|
$ |
2,829 |
|
|
$ |
5,459 |
|
|
$ |
14,689 |
|
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