Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”)
(Nasdaq: HYFM), a leading independent manufacturer and distributor
of branded hydroponics equipment and supplies for controlled
environment agriculture, today announced financial results for its
first quarter ended March 31, 2024.
First Quarter
2024 Highlights vs. Prior Year
Period:
- Net sales decreased to $54.2
million compared to $62.2 million.
- Gross Profit Margin increased to
20.2% of net sales compared to 18.3%.
- Adjusted Gross Profit Margin(1)
increased to 23.4% of net sales compared to 22.6%.
- Net loss improved to
$12.6 million compared to $16.8 million.
- Adjusted EBITDA(1) increased to
$0.3 million compared to $(2.1) million.
- Cash used in operating activities
and Free Cash Flow(1) improved $6.7 million and
$6.9 million, respectively.
(1) Adjusted Gross Profit (Loss), Adjusted Gross
Profit Margin, Adjusted SG&A, Adjusted SG&A as a percent of
net sales, Adjusted EBITDA, and Free Cash Flow are non-GAAP
measures. For reconciliations of non-GAAP to GAAP measures see the
“Reconciliation of Non-GAAP Measures” accompanying the release.
Bill Toler, Chairman and Chief Executive Officer
of Hydrofarm, said, “We are pleased with our first quarter results,
as we delivered Adjusted Gross Profit Margin(1) expansion for the
fifth consecutive quarter driven by elevated operational
productivity. We also recognized year-over-year improvements in our
Net Loss and Free Cash Flow(1) and we achieved positive Adjusted
EBITDA(1) as we further benefited from our restructuring actions
and related cost saving initiatives. As we have mentioned the last
several quarters, many of our restructuring actions have focused on
rightsizing the elements of our business associated with durable
products. These efforts have led to our decision to sell assets
related to the production of certain durable equipment products,
which we expect to result in improved profitability on the sale of
our IGE branded products. Our restructuring plan has been effective
so far, and we still expect to realize further cost savings in
2024. As a result of our accomplishments, we are reiterating our
2024 guidance of positive Adjusted EBITDA(1) and positive Free Cash
Flow(1). We are also encouraged by potential demand tailwinds,
including recent U.S. regulatory developments surrounding the
rescheduling of cannabis. Our focus remains on selling higher
margin products, and despite industry softness, we are confident in
the fundamentals of our business and are optimistic about our
opportunity for growth.”
First Quarter
2024 Financial Results
Net sales in the first quarter of 2024 decreased
to $54.2 million compared to $62.2 million in the first quarter of
2023, mainly due to a 13% decline in volume/mix of products sold.
The decrease in volume/mix was primarily related to an oversupply
in the cannabis industry.
Gross profit decreased to $10.9 million, or
20.2% of net sales, during the first quarter of 2024, compared to
$11.4 million, or 18.3% of net sales, in the prior year
period. The decrease in gross profit was due to lower sales levels.
Adjusted Gross Profit(1) decreased to $12.7 million, or 23.4%
of net sales, compared to $14.1 million, or 22.6% of net
sales, in the prior year period. Gross Profit Margin and Adjusted
Gross Profit Margin(1) increased primarily as a result of the
Company's restructuring actions and related cost saving initiatives
which drove improved productivity in manufacturing facilities.
Selling, general and administrative (“SG&A”)
expense was $19.6 million, compared to $24.4 million in
the prior year period and Adjusted SG&A(1) expense was
$12.3 million compared to $16.2 million in the prior year
period. The decrease in SG&A and Adjusted SG&A(1) expense
was primarily due to a reduction in facilities cost, professional
fees, insurance cost, and compensation costs from headcount, which
were aided by the Company's restructuring actions and related cost
saving initiatives.
Net loss improved to $12.6 million, or
$(0.28) per diluted share, compared to a net loss of
$16.8 million, or $(0.37) per diluted share, in the prior year
period. The improvement was primarily due to lower SG&A
expenses.
Adjusted EBITDA(1) increased to
$0.3 million, compared to $(2.1) million in the prior
year period. The improvement related to lower Adjusted SG&A(1)
expense and higher Adjusted Gross Profit Margin(1).
Balance Sheet, Liquidity and Cash
Flow
As of March 31, 2024, the Company had
$24.2 million in cash and approximately $25 million of
available borrowing capacity on its Revolving Credit Facility. The
Company ended the first quarter with $120.5 million in principal
balance on its Term Loan outstanding, $9.4 million in finance
leases, and $0.1 million in other debt outstanding. During the
first quarter of 2024, the Company maintained a zero balance on its
Revolving Credit Facility and was in compliance with debt covenants
as of March 31, 2024.
The Company had net cash used in operating
activities of $2.3 million and invested $1.4 million in capital
expenditures, yielding Free Cash Flow(1) of $(3.7) million during
the three months ended March 31, 2024. Free Cash Flow(1),
which is typically seasonally low during the first quarter,
improved by approximately $6.9 million from the same period
last year.
Recent Action to Improve Profitability
of Proprietary Branded IGE Products
On May 10, 2024, in connection with the
Company’s restructuring of its durable manufacturing operations,
the Company entered into an agreement with CM Fabrication, LLC,
(“Buyer”) to sell assets relating to the production of certain
durable equipment products for approximately $8.7 million (the
“Asset Sale”). The Asset Sale is expected to close in the second
quarter of 2024, subject to customary closing conditions. The
Company is also entering into an exclusive supply agreement with
the Buyer to provide for contract manufacturing going forward for
the Company's proprietary branded Innovative Growers Equipment,
Inc. ("IGE") products.
The Company will continue to sell its
proprietary branded IGE products, and as a result of the
transaction, the Company expects improved profitability on future
IGE branded product sales due to an anticipated decrease in fixed
costs. The Company estimates it will record a loss on the
disposition of the tangible and intangible assets of approximately
$12 million in the second quarter of 2024, upon closing of the
Asset Sale. The Company plans to reinvest the net proceeds from the
Asset Sale into certain permitted investments, such as capital
expenditures, and/or make an offer to prepay the corresponding
amount of Term Loan principal. Reaffirms Full Year 2024
Outlook
The Company is reaffirming its full year 2024
outlook:
- Net sales to decrease
low to high teens in percentage terms.
- Adjusted EBITDA(1)
that is positive.
- Free Cash Flow(1)
that is positive.
Hydrofarm’s 2024 outlook also reaffirms the
following assumptions, consistent with previous expectations:
- Improved year-over-year Adjusted
Gross Profit Margin(1) resulting primarily from (i) cost savings
associated with restructuring actions and related productivity
initiatives and (ii) an expectation of minimal non-restructuring
inventory reserves or related charges.
- Reduced year-over-year Adjusted
SG&A(1) expense resulting primarily from (i) full year benefit
of headcount reductions completed in 2023 and (ii) reductions in
professional fees, facilities and insurance expenses.
- Reduction in inventory and net
working capital helping to generate positive Free Cash Flow(1) for
the full year.
- Capital expenditures of
approximately $4.0 million to $5.0 million.
(1) Adjusted Gross Profit (Loss), Adjusted Gross
Profit Margin, Adjusted SG&A, Adjusted SG&A as a percent of
net sales, Adjusted EBITDA, and Free Cash Flow are non-GAAP
measures. For reconciliations of non-GAAP to GAAP measures see the
“Reconciliation of Non-GAAP Measures” accompanying the release.
Conference Call and
Presentation
The Company will host a conference call to
discuss financial results for the first quarter 2024 today at 8:30
a.m. Eastern Time. Bill Toler, Chairman and Chief Executive
Officer, and John Lindeman, Chief Financial Officer, will host the
call. An investor presentation is also available for reference on
the Hydrofarm investor relations website.
The conference call can be accessed live over the
phone by dialing 1-877-451-6152. The conference call will also be
webcast live and archived on the Company's investor relations
website at https://investors.hydrofarm.com/ under the “News &
Events” section.
About Hydrofarm Holdings Group,
Inc.
Hydrofarm is a leading independent manufacturer
and distributor of branded hydroponics equipment and supplies for
controlled environment agriculture, including grow lights, climate
control solutions, growing media and nutrients, as well as a broad
portfolio of innovative and proprietary branded products. For over
40 years, Hydrofarm has helped growers make growing easier and more
productive. The Company’s mission is to empower growers, farmers
and cultivators with products that enable greater quality,
efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding
Forward-Looking Statements
Statements contained in this press release,
other than statements of historical fact, which address activities,
events and developments that the Company expects or anticipates
will or may occur in the future, including, but not limited to,
information regarding the future economic performance and financial
condition of the Company, the plans and objectives of the Company’s
management, and the Company’s assumptions regarding such
performance and plans are “forward-looking statements” within the
meaning of the U.S. federal securities laws that are subject to
risks and uncertainties. These forward-looking statements generally
can be identified as statements that include phrases such as
“guidance,” “outlook,” “projected,” “believe,” “target,” “predict,”
“estimate,” “forecast,” “strategy,” “may,” “goal,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,”
“should” or other similar words or phrases. Actual results could
differ materially from the forward-looking information in this
release due to a variety of factors, including, but not limited
to:
The market in which we operate has been
substantially adversely impacted by industry conditions, including
oversupply and decreasing prices of the products the Company's end
customers sell, which, in turn, have materially adversely impacted
the Company's sales and other results of operations and which may
continue to do so in the future; If industry conditions worsen or
are sustained for a lengthy period, we could be forced to take
additional impairment charges and/or inventory and accounts
receivable reserves, which could be substantial, and, ultimately,
we may face liquidity challenges; Although equity financing may be
available, the Company's current stock prices are at depressed
levels and any such financing would be dilutive; Interruptions in
the Company's supply chain could adversely impact expected sales
growth and operations; We may be unable to meet the continued
listing standards of Nasdaq; Our restructuring activities may
increase our expenses and cash expenditures, and may not have the
intended cost saving effects; The highly competitive nature of the
Company’s markets could adversely affect its ability to maintain or
grow revenues; Certain of the Company’s products may be purchased
for use in new or emerging industries or segments, including the
cannabis industry, and/or be subject to varying, inconsistent, and
rapidly changing laws, regulations, administrative and enforcement
approaches, and consumer perceptions and, among other things, such
laws, regulations, approaches and perceptions may adversely impact
the market for the Company’s products; The market for the Company’s
products has been impacted by conditions impacting its customers,
including related crop prices and other factors impacting growers;
Compliance with environmental and other public health regulations
or changes in such regulations or regulatory enforcement priorities
could increase the Company’s costs of doing business or limit the
Company’s ability to market all of its products; Damage to the
Company’s reputation or the reputation of its products or products
it markets on behalf of third parties could have an adverse effect
on its business; If the Company is unable to effectively execute
its e-commerce business, its reputation and operating results may
be harmed; The Company’s operations may be impaired if its
information technology systems fail to perform adequately or if it
is the subject of a data breach or cyber-attack; The Company may
not be able to adequately protect its intellectual property and
other proprietary rights that are material to the Company’s
business; Acquisitions, other strategic alliances and investments
could result in operating and integration difficulties, dilution
and other harmful consequences that may adversely impact the
Company’s business and results of operations. Additional detailed
information concerning a number of the important factors that could
cause actual results to differ materially from the forward-looking
information contained in this release is readily available in the
Company’s annual, quarterly and other reports. The Company
disclaims any obligation to update developments of these risk
factors or to announce publicly any revision to any of the
forward-looking statements contained in this release, or to make
corrections to reflect future events or developments.
Contacts:Investor
ContactAnna Kate Heller / ICRir@hydrofarm.com
Hydrofarm Holdings Group, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)(In thousands, except share and per
share amounts) |
|
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
54,172 |
|
|
$ |
62,178 |
|
Cost of goods sold |
|
|
43,247 |
|
|
|
50,797 |
|
Gross profit |
|
|
10,925 |
|
|
|
11,381 |
|
Operating expenses: |
|
|
|
|
Selling, general and administrative |
|
|
19,621 |
|
|
|
24,431 |
|
Loss from operations |
|
|
(8,696 |
) |
|
|
(13,050 |
) |
Interest expense |
|
|
(3,931 |
) |
|
|
(3,692 |
) |
Other income, net |
|
|
215 |
|
|
|
40 |
|
Loss before tax |
|
|
(12,412 |
) |
|
|
(16,702 |
) |
Income tax expense |
|
|
(196 |
) |
|
|
(147 |
) |
Net loss |
|
$ |
(12,608 |
) |
|
$ |
(16,849 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
Basic |
|
$ |
(0.28 |
) |
|
$ |
(0.37 |
) |
Diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.37 |
) |
Weighted-average shares of common stock outstanding: |
|
|
|
|
Basic |
|
|
45,813,729 |
|
|
|
45,263,822 |
|
Diluted |
|
|
45,813,729 |
|
|
|
45,263,822 |
|
Hydrofarm Holdings Group, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In
thousands, except share and per share amounts) |
|
|
|
March 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
24,152 |
|
|
$ |
30,312 |
|
Accounts receivable, net |
|
|
22,468 |
|
|
|
16,890 |
|
Inventories |
|
|
72,315 |
|
|
|
75,354 |
|
Prepaid expenses and other current assets |
|
|
5,039 |
|
|
|
5,510 |
|
Total current assets |
|
|
123,974 |
|
|
|
128,066 |
|
Property, plant and equipment, net |
|
|
46,612 |
|
|
|
47,360 |
|
Operating lease right-of-use assets |
|
|
51,886 |
|
|
|
54,494 |
|
Intangible assets, net |
|
|
269,794 |
|
|
|
275,881 |
|
Other assets |
|
|
1,750 |
|
|
|
1,842 |
|
Total assets |
|
$ |
494,016 |
|
|
$ |
507,643 |
|
Liabilities and stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
15,437 |
|
|
$ |
12,613 |
|
Accrued expenses and other current liabilities |
|
|
10,477 |
|
|
|
9,529 |
|
Deferred revenue |
|
|
2,841 |
|
|
|
3,231 |
|
Current portion of operating lease liabilities |
|
|
8,362 |
|
|
|
8,336 |
|
Current portion of finance lease liabilities |
|
|
929 |
|
|
|
954 |
|
Current portion of long-term debt |
|
|
1,278 |
|
|
|
2,989 |
|
Total current liabilities |
|
|
39,324 |
|
|
|
37,652 |
|
Long-term operating lease liabilities |
|
|
45,161 |
|
|
|
47,506 |
|
Long-term finance lease liabilities |
|
|
8,498 |
|
|
|
8,734 |
|
Long-term debt |
|
|
115,390 |
|
|
|
115,412 |
|
Deferred tax liabilities |
|
|
3,232 |
|
|
|
3,232 |
|
Other long-term liabilities |
|
|
4,382 |
|
|
|
4,497 |
|
Total liabilities |
|
|
215,987 |
|
|
|
217,033 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common stock ($0.0001 par value; 300,000,000 shares authorized;
45,977,935 and 45,789,890 shares issued and outstanding at
March 31, 2024, and December 31, 2023, respectively) |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
788,602 |
|
|
|
787,846 |
|
Accumulated other comprehensive loss |
|
|
(7,226 |
) |
|
|
(6,497 |
) |
Accumulated deficit |
|
|
(503,352 |
) |
|
|
(490,744 |
) |
Total stockholders’ equity |
|
|
278,029 |
|
|
|
290,610 |
|
Total liabilities and stockholders’ equity |
|
$ |
494,016 |
|
|
$ |
507,643 |
|
Hydrofarm Holdings Group,
Inc.RECONCILIATION OF NON-GAAP
MEASURES(In thousands, except share and per share
amounts) (Unaudited) |
|
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Adjusted Gross Profit: |
|
|
|
|
Gross Profit (GAAP) |
|
$ |
10,925 |
|
|
$ |
11,381 |
|
Depreciation, depletion and amortization |
|
|
1,649 |
|
|
|
1,455 |
|
Restructuring expenses1 |
|
|
91 |
|
|
|
1,237 |
|
Adjusted Gross Profit (Non-GAAP) |
|
$ |
12,665 |
|
|
$ |
14,073 |
|
|
|
|
|
|
As a percent of net sales: |
|
|
|
|
Gross Profit Margin (GAAP) |
|
|
20.2 |
% |
|
|
18.3 |
% |
Adjusted Gross Profit Margin (Non-GAAP) |
|
|
23.4 |
% |
|
|
22.6 |
% |
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Adjusted SG&A: |
|
|
|
|
Selling, general and administrative (GAAP) |
|
$ |
19,621 |
|
|
$ |
24,431 |
|
Depreciation, depletion and amortization |
|
|
6,236 |
|
|
|
6,552 |
|
Restructuring expenses1 |
|
|
47 |
|
|
|
174 |
|
Stock-based compensation2 |
|
|
868 |
|
|
|
1,207 |
|
Severance and other4 |
|
|
134 |
|
|
|
295 |
|
Adjusted SG&A (Non-GAAP) |
|
$ |
12,336 |
|
|
$ |
16,203 |
|
|
|
|
|
|
As a percent of net sales: |
|
|
|
|
SG&A (GAAP) |
|
|
36.2 |
% |
|
|
39.3 |
% |
Adjusted SG&A (Non-GAAP) |
|
|
22.8 |
% |
|
|
26.1 |
% |
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
Net loss (GAAP) |
|
$ |
(12,608 |
) |
|
$ |
(16,849 |
) |
Interest expense |
|
|
3,931 |
|
|
|
3,692 |
|
Income tax expense |
|
|
196 |
|
|
|
147 |
|
Depreciation, depletion and amortization |
|
|
7,885 |
|
|
|
8,007 |
|
Restructuring expenses1 |
|
|
138 |
|
|
|
1,411 |
|
Stock-based compensation2 |
|
|
868 |
|
|
|
1,207 |
|
Other income, net3 |
|
|
(215 |
) |
|
|
(40 |
) |
Severance and other4 |
|
|
134 |
|
|
|
295 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
329 |
|
|
$ |
(2,130 |
) |
|
|
|
|
|
As a percent of net sales: |
|
|
|
|
Net loss (GAAP) |
|
(23.3 |
)% |
|
(27.1 |
)% |
Adjusted EBITDA (Non-GAAP) |
|
|
0.6 |
% |
|
(3.4 |
)% |
|
|
Three months ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of Free Cash
Flow5: |
|
|
|
|
Net cash used in operating activities
(GAAP)5: |
|
$ |
(2,297 |
) |
|
$ |
(8,950 |
) |
Capital expenditures of Property, Plant and Equipment (GAAP) |
|
|
(1,442 |
) |
|
|
(1,653 |
) |
Free Cash Flow
(Non-GAAP)5: |
|
$ |
(3,739 |
) |
|
$ |
(10,603 |
) |
|
Notes to GAAP to Non-GAAP
reconciliations presented above (Adjusted Gross Profit, Adjusted
SG&A, Adjusted EBITDA, and Free Cash Flow):
- For the three
months ended March 31, 2024, restructuring expenses related
primarily to manufacturing facility consolidations, and the charges
incurred to relocate and terminate certain facilities. For the
three months ended March 31, 2023, restructuring expenses related
primarily to the relocation and termination of certain facilities
in Canada and the closure of the Company's supply chain management
office in China.
- Includes
stock-based compensation and related employer payroll taxes on
stock-based compensation for the periods presented.
- Other income, net
related primarily to foreign currency exchange rate gains and
losses and other non-operating income and expenses.
- For the three
months ended March 31, 2024, Severance and other charges
primarily related to estimated legal costs related to certain
litigation. For the three months ended March 31, 2023, the
charges included the sale-leaseback transaction.
- Gross proceeds of
$8.6 million received during the first quarter of 2023 from a
sale-leaseback of real estate located in Eugene, Oregon, was
classified as a financing activity and is not reflected in cash
flows from operating activities or Free Cash Flow.
Non-GAAP Financial Measures
We report our financial results in accordance
with generally accepted accounting principles in the U.S. (“GAAP”).
Management believes that certain non-GAAP financial measures
provide investors with additional useful information in evaluating
our performance and that excluding certain items that may vary
substantially in frequency and magnitude period-to-period from net
loss provides useful supplemental measures that assist in
evaluating our ability to generate earnings and to more readily
compare these metrics between past and future periods. These
non-GAAP financial measures may be different than similarly titled
measures used by other companies.
To supplement our condensed consolidated
financial statements which are prepared in accordance with GAAP, we
use "Adjusted EBITDA", "Adjusted Gross Profit", "Adjusted
SG&A", "Free Cash Flow", "Net Debt", and "Liquidity" which are
non-GAAP financial measures. We also present certain of these
non-GAAP metrics as a percentage of net sales. Our non-GAAP
financial measures should not be considered in isolation from, or
as substitutes for, financial information prepared in accordance
with GAAP. There are several limitations related to the use of our
non-GAAP financial measures as compared to the closest comparable
GAAP measures.
We define Adjusted EBITDA
(non-GAAP) as net loss (GAAP) excluding interest expense, income
taxes, depreciation, depletion and amortization, stock-based
compensation including employer payroll taxes on stock-based
compensation, restructuring charges which represent fundamental
changes to our operations, and other non-cash, unusual and/or
infrequent costs (i.e., impairments, severance, acquisition and
integration expenses, distribution center exit costs, and other
income/expense, net), which we do not consider in our evaluation of
ongoing operating performance.
We define Adjusted EBITDA
(non-GAAP) as a percent of net sales as adjusted
EBITDA (as defined above) divided by net sales realized in the
respective period.
We define Adjusted Gross Profit
(non-GAAP) as gross profit (GAAP) excluding depreciation,
depletion, and amortization, restructuring charges, and other
non-cash, unusual and/or infrequent costs (i.e., severance and
other expenses, and acquisition and integration expenses), which we
do not consider in our evaluation of ongoing operating
performance.
We define Adjusted Gross Profit
Margin (non-GAAP) as a percent of net
sales as Adjusted Gross Profit (as defined above) divided
by net sales realized in the respective period.
We define Adjusted SG&A
(non-GAAP) as SG&A (GAAP) excluding depreciation, depletion,
and amortization, stock-based compensation including employer
payroll taxes on stock-based compensation, restructuring charges,
and other non-cash, unusual and/or infrequent costs (i.e.,
severance and other expenses, acquisition and integration expenses,
and distribution center exit costs), which we do not consider in
our evaluation of ongoing operating performance.
We define Adjusted SG&A
(non-GAAP) as a percent of net sales as Adjusted
SG&A (as defined above) divided by net sales realized in the
respective period.
We define Free Cash Flow
(non-GAAP) as Net cash from (used in) operating activities less
capital expenditures for property, plant and equipment. We believe
this provides additional insight into the Company's ability to
generate cash and maintain liquidity. However, Free Cash Flow does
not represent funds available for investment or other discretionary
uses since it does not deduct cash used to service our debt or
other cash flows from financing activities. The disclosed year over
year improvement in Free Cash Flow represents the current period
Free Cash Flow balance less the prior period Free Cash Flow
balance.
We define Liquidity as total
cash, cash equivalents and restricted cash, if applicable, plus
available borrowing capacity on our Revolving Credit Facility.
We define Net Debt as total
debt principal outstanding plus finance lease liabilities, less
cash, cash equivalents and restricted cash, if applicable.
Hydrofarm (NASDAQ:HYFM)
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