Shoals Technologies Group, Inc. (“Shoals” or the “Company”)
(Nasdaq: SHLS), a leading provider of electrical balance of system
(“EBOS”) solutions for solar, battery storage, and electric vehicle
charging infrastructure, today announced results for its second
quarter ended June 30, 2023.
“Shoals delivered another outstanding
performance in the second quarter, setting new Company records for
revenue and earnings. Revenue grew 62% year-over-year, while System
Solutions revenue increased 80% compared to the year-ago period, as
customers continue to partner with and use Shoals for their EBOS
needs. This was further illustrated in the quarter when we signed
our landmark 10-gigawatt master supply agreement with Blattner,”
said Jeff Tolnar, President of Shoals.
Mr. Tolnar added, “Backlog and awarded orders
increased 67% year-over-year to a Company record of
$546.1 million, reflecting continued robust demand for our
products. Demand for our combine-as-you-go solution remained
strong, with one new customer converting to our system during the
quarter, bringing our total number of Big Lead Assembly (BLA)
customers to 43. Quotes, awarded orders and backlog of BLA+
continue to grow as we roll out additional products within the
product family and customer adoption increases.”
“Finally, we are very excited to welcome Brandon
Moss as Shoals’ new CEO. His industry and leadership experience,
proven track record of executing strategic growth plans, and
commitment to culture, make him the ideal person to lead Shoals
through our next stage of growth. We look forward to working with
Brandon to continue our strong momentum and capitalize on our
significant market opportunity,” concluded Mr. Tolnar.
Second Quarter 2023
Financial ResultsRevenue grew 62%, to $119.2 million,
compared to $73.5 million for the prior-year period, driven by
higher sales volumes as a result of increased demand for solar EBOS
generally and the Company’s combine-as-you-go System Solutions
specifically. System Solutions revenue increased 80% compared to
the prior-year period, and represented 86% of revenue compared to
77% in the prior-year period.
Gross profit increased 77% to
$50.5 million, compared to $28.6 million in the
prior-year period. Gross profit as a percentage of revenue grew
more than 350 bps to 42.4% compared to 38.9% in the prior-year
period, driven primarily by a higher portion of overall revenue
coming from the Company’s combine-as-you-go System Solutions, which
carry higher margins than the Company’s other products, slightly
lower raw materials input costs, increased leverage on fixed costs,
and efficiencies gained in operations partially offset by $9.4
million in warranty expense.
General and administrative expenses were
$16.7 million, compared to $13.3 million during the same
period in the prior year. This increase was primarily the result of
higher non-cash stock-based compensation and planned increases in
payroll expense due to higher headcount supporting growth.
Income from operations was $31.6 million,
compared to $13.0 million during the same period in the prior
year.
Net income increased 159% to $18.9 million
compared to $7.3 million during the same period in the prior
year. Net income attributable to Shoals grew 330% to
$18.9 million compared to $4.4 million during the same
period in the prior year. Basic and diluted net income per share
was $0.11 compared to basic and diluted net income per share of
$0.04 in the prior-year period.
Adjusted EBITDA* increased 96% to
$38.7 million compared to $19.8 million for the
prior-year period.
Adjusted net income* grew 105% to
$24.0 million compared to $11.8 million during the same
period in the prior year. Adjusted diluted earnings per share was
$0.14 compared to $0.07 in the prior-year period.
* A reconciliation of the Company’s non-GAAP
measures to the most closely comparable U.S. generally accepted
accounting principles (“GAAP”) measures are found within this
release.
Backlog and Awarded OrdersThe
Company’s backlog and awarded orders as of June 30, 2023 were
$546.1 million, representing a 67% increase compared to the
same time last year and a 4% sequential increase from March 31,
2023. The increase in backlog and awarded orders reflects continued
robust demand for the Company’s solar products, including the
recently introduced BLA+.
Backlog represents signed purchase orders or
contractual minimum purchase commitments with take-or-pay
provisions and awarded orders are orders we are in the process of
documenting a contract but for which a contract has not yet been
signed.
Full Year 2023 OutlookBased on
current business conditions, business trends and other factors, the
Company is maintaining its outlook for the year ending December 31,
2023 as follows:
- Revenue to be in the range of $480
million to $510 million
- Adjusted EBITDA to
be in the range of $145 million to $160 million
- Adjusted net income
to be in the range of $92 million to $102 million
- Interest expense to
be in the range of $22 to $26 million
- Capital
expenditures to be in the range of $8 to $12 million
A reconciliation of Adjusted EBITDA and Adjusted
net income guidance, which are forward-looking measures that are
non-GAAP measures, to the most closely comparable GAAP measures is
not provided because we are unable to provide such reconciliation
without unreasonable effort. The inability to provide a
quantitative reconciliation is due to the uncertainty and inherent
difficulty in predicting the occurrence, the financial impact and
the periods in which the components of the applicable GAAP measures
and non-GAAP adjustments may be recognized. The GAAP measures may
include the impact of such items as non-cash share-based
compensation, amortization of intangible assets and the tax effect
of such items, in addition to other items we have historically
excluded from Adjusted EBITDA and Adjusted net income. We expect to
continue to exclude these items in future disclosures of these
non-GAAP measures and may also exclude other similar items that may
arise in the future.
Webcast and Conference Call
InformationCompany management will host a webcast and
conference call on August 1, 2023 at 5:00 p.m. Eastern Time,
to discuss the Company’s financial results.
Interested investors and other parties can
listen to a webcast of the live conference call by logging onto the
Investor Relations section of the Company’s website at
https://investors.shoals.com.
The conference call can be accessed live over
the phone by dialing 1-855-327-6837 (domestic) or +1-631-891-4304
(international). A telephonic replay will be available
approximately two hours after the call by dialing 1-844-512-2921 or
for international callers, +1-412-317-6671. The conference ID for
the live call and pin number for the replay is 10021930. The
telephonic replay will be available until 11:59 p.m. Eastern Time
on August 15, 2023.
About Shoals Technologies Group,
Inc.Shoals Technologies Group, Inc. is a leading provider
of electrical balance of systems (EBOS) solutions for solar,
storage, and electric vehicle charging infrastructure. Since its
founding in 1996, the Company has introduced innovative
technologies and systems solutions that allow its customers to
substantially increase installation efficiency and safety while
improving system performance and reliability. Shoals Technologies
Group, Inc. is a recognized leader in the renewable energy industry
whose solutions are deployed on over 62 GW of solar systems
globally. For additional information, please visit:
https://www.shoals.com.
Investor Relations Contact
Dhaval Patel Vice President, Investor RelationsEmail:
Dhaval.Patel@shoals.com
Forward-Looking StatementsThis
report contains forward-looking statements that are based on our
management’s beliefs and assumptions and on information currently
available to our management. Forward-looking statements include
information concerning our possible or assumed future results of
operations, business strategies, technology developments, financing
and investment plans, warranty, litigation and liability accruals
and estimates of loss or gains, competitive position, industry and
regulatory environment, potential growth opportunities and the
effects of competition. Forward-looking statements include
statements that are not historical facts and can be identified by
terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” "seek," “should,” “will,” “would” or similar expressions
and the negatives of those terms.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Some of the key factors that could cause actual
results to differ from our expectations include, among others,
lower than anticipated growth in demand for solar energy projects
and EV charging infrastructure; macroeconomic events, including
heightened inflation, rises in interest rates and a potential
recession; defects or performance problems in our products or their
parts, including those manufactured by third parties, and related
warranty claims; supply chain challenges, including as a result of
additional duties and charges on imports and exports; our failure
to, or incurrence of significant costs in order to, obtain,
maintain, protect, defend or enforce our intellectual property and
other proprietary rights; governmental policies and regulations,
and any subsequent changes, which may present technical, regulatory
and economic barriers; changes in the United States trade
environment; failure to integrate acquired businesses, and delays,
disruptions or quality control problems in our manufacturing
operations in part due to vendor concentration.
Other risks and uncertainties are described in
the section entitled "Item 1A. Risk Factors" of our periodic
reports filed with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended
December 31, 2022 and our most recent Quarterly Report on Form
10-Q. Given these uncertainties, you should not place undue
reliance on forward-looking statements. Also, forward-looking
statements represent our management’s beliefs and assumptions only
as of the date of this report. You should read this report with the
understanding that our actual future results may be materially
different from what we expect.
Except as required by law, we assume no
obligation to update these forward-looking statements, or to update
the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new
information becomes available in the future.
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted Earnings per Share (“EPS”)We define
Adjusted EBITDA as net income (loss) plus (i) interest expense,
net, (ii) income tax expense, (iii) depreciation expense, (iv)
amortization of intangibles, (v) equity-based compensation, and
(vi) acquisition-related expenses. We define Adjusted Net Income as
net income attributable to Shoals Technologies Group, Inc. plus (i)
net income impact from assumed exchange of Class B common stock to
Class A common stock as of the beginning of the earliest period
presented, (ii) amortization of intangibles, (iii) amortization of
deferred financing costs, (iv) equity-based compensation, and (v)
acquisition-related expenses, all net of applicable income taxes.
We define Adjusted Diluted EPS as Adjusted Net Income divided by
the diluted weighted average shares of Class A common stock
outstanding for the applicable period, which assumes the exchange
of all outstanding Class B common stock for Class A common stock as
of the beginning of the earliest period presented.
Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted EPS are intended as supplemental measures of
performance that are neither required by, nor presented in
accordance with, GAAP. We present Adjusted EBITDA, Adjusted Net
Income and Adjusted Diluted EPS because we believe they assist
investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
addition, we use Adjusted EBITDA, Adjusted Net Income and Adjusted
Diluted EPS: (i) as factors in evaluating management’s performance
when determining incentive compensation; (ii) to evaluate the
effectiveness of our business strategies; and (iii) because our
credit agreement uses measures similar to Adjusted EBITDA, Adjusted
Net Income and Adjusted Diluted EPS to measure our compliance with
certain covenants.
Among other limitations, Adjusted EBITDA,
Adjusted Net Income and Adjusted Diluted EPS do not reflect our
cash expenditures, or future requirements for capital expenditures
or contractual commitments; do not reflect the impact of certain
cash charges resulting from matters we consider not to be
indicative of our ongoing operations; and may be calculated by
other companies in our industry differently than we do or not at
all, which may limit their usefulness as comparative measures.
Because of these limitations, Adjusted EBITDA,
Adjusted Net Income and Adjusted Diluted EPS should not be
considered in isolation or as substitutes for performance measures
calculated in accordance with GAAP. You should review the
reconciliation of net income and net income attributable to Shoals
Technologies Group, Inc. to Adjusted EBITDA, Adjusted Net Income
and Adjusted Diluted EPS below and not rely on any single financial
measure to evaluate our business.
Shoals Technologies Group,
Inc.Condensed Consolidated Balance Sheets
(Unaudited)(in thousands, except shares and par value)
|
|
|
|
|
June 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
5,860 |
|
$ |
8,766 |
Accounts receivable, net |
|
97,099 |
|
|
50,575 |
Unbilled receivables |
|
21,664 |
|
|
16,713 |
Inventory, net |
|
68,312 |
|
|
72,854 |
Other current assets |
|
7,180 |
|
|
4,632 |
Total Current Assets |
|
200,115 |
|
|
153,540 |
Property, plant and equipment,
net |
|
20,198 |
|
|
16,870 |
Goodwill |
|
69,941 |
|
|
69,941 |
Other intangible assets,
net |
|
52,542 |
|
|
56,585 |
Deferred tax assets |
|
470,329 |
|
|
291,634 |
Other assets |
|
5,695 |
|
|
6,325 |
Total
Assets |
$ |
818,820 |
|
$ |
594,895 |
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
16,239 |
|
$ |
9,481 |
Accrued expenses and other |
|
27,650 |
|
|
17,882 |
Deferred revenue |
|
31,298 |
|
|
23,259 |
Long-term debt—current portion |
|
2,000 |
|
|
2,000 |
Total Current Liabilities |
|
77,187 |
|
|
52,622 |
Revolving line of credit |
|
20,000 |
|
|
48,000 |
Long-term debt, less current
portion |
|
188,609 |
|
|
189,063 |
Other long-term
liabilities |
|
3,619 |
|
|
4,221 |
Total Liabilities |
|
289,415 |
|
|
293,906 |
Commitments and
Contingencies |
|
|
|
Stockholders’ Equity |
|
|
|
Preferred stock, $0.00001 par value - 5,000,000 shares authorized;
none issued and outstanding as of June 30, 2023 and December 31,
2022 |
|
— |
|
|
— |
Class A common stock, $0.00001 par value - 1,000,000,000 shares
authorized; 169,926,094 and 137,904,663 shares issued and
outstanding as of June 30, 2023 and December 31, 2022,
respectively |
|
2 |
|
|
1 |
Class B common stock, $0.00001 par value - 195,000,000 shares
authorized; none and 31,419,913 shares issued and outstanding as of
June 30, 2023 and December 31, 2022, respectively |
|
— |
|
|
1 |
Additional paid-in capital |
|
461,705 |
|
|
256,894 |
Accumulated earnings |
|
67,698 |
|
|
34,478 |
Total stockholders’ equity
attributable to Shoals Technologies Group, Inc. |
|
529,405 |
|
|
291,374 |
Non-controlling interests |
|
— |
|
|
9,615 |
Total stockholders'
equity |
|
529,405 |
|
|
300,989 |
Total Liabilities and
Stockholders’ Equity |
$ |
818,820 |
|
$ |
594,895 |
Shoals Technologies Group,
Inc.Condensed Consolidated Statements of
Operations (Unaudited)(in thousands, except per share
amounts)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
119,208 |
|
|
$ |
73,490 |
|
|
$ |
224,294 |
|
|
$ |
141,466 |
|
Cost of
revenue |
|
68,691 |
|
|
|
44,897 |
|
|
|
125,520 |
|
|
|
86,581 |
|
Gross
profit |
|
50,517 |
|
|
|
28,593 |
|
|
|
98,774 |
|
|
|
54,885 |
|
Operating
expenses |
|
|
|
|
|
|
|
General and administrative expenses |
|
16,723 |
|
|
|
13,265 |
|
|
|
36,715 |
|
|
|
27,184 |
|
Depreciation and amortization |
|
2,158 |
|
|
|
2,344 |
|
|
|
4,323 |
|
|
|
4,710 |
|
Total operating expenses |
|
18,881 |
|
|
|
15,609 |
|
|
|
41,038 |
|
|
|
31,894 |
|
Income from
operations |
|
31,636 |
|
|
|
12,984 |
|
|
|
57,736 |
|
|
|
22,991 |
|
Interest expense, net |
|
(6,505 |
) |
|
|
(4,170 |
) |
|
|
(12,501 |
) |
|
|
(8,006 |
) |
Income before income
taxes |
|
25,131 |
|
|
|
8,814 |
|
|
|
45,235 |
|
|
|
14,985 |
|
Income tax expense |
|
(6,207 |
) |
|
|
(1,511 |
) |
|
|
(9,328 |
) |
|
|
(3,033 |
) |
Net
income |
|
18,924 |
|
|
|
7,303 |
|
|
|
35,907 |
|
|
|
11,952 |
|
Less: net income attributable
to non-controlling interests |
|
— |
|
|
|
2,901 |
|
|
|
2,687 |
|
|
|
4,910 |
|
Net income
attributable to Shoals Technologies Group, Inc. |
$ |
18,924 |
|
|
$ |
4,402 |
|
|
$ |
33,220 |
|
|
$ |
7,042 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Earnings per share of
Class A common stock: |
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
0.04 |
|
|
$ |
0.21 |
|
|
$ |
0.06 |
|
Diluted |
$ |
0.11 |
|
|
$ |
0.04 |
|
|
$ |
0.21 |
|
|
$ |
0.06 |
|
Weighted average
shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
Basic |
|
169,887 |
|
|
|
112,489 |
|
|
|
158,213 |
|
|
|
112,350 |
|
Diluted |
|
170,241 |
|
|
|
112,616 |
|
|
|
158,694 |
|
|
|
112,428 |
|
Shoals Technologies Group,
Inc.Condensed Consolidated Statements of Cash
Flows (Unaudited)(in thousands)
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash Flows from
Operating Activities |
|
|
|
Net income |
$ |
35,907 |
|
|
$ |
11,952 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
Depreciation and amortization |
|
5,092 |
|
|
|
5,402 |
|
Amortization/write off of deferred financing costs |
|
692 |
|
|
|
684 |
|
Equity-based compensation |
|
11,968 |
|
|
|
7,896 |
|
Provision for credit losses |
|
296 |
|
|
|
— |
|
Provision for obsolete or slow-moving inventory |
|
3,140 |
|
|
|
443 |
|
Provision for warranty expense |
|
9,386 |
|
|
|
— |
|
Deferred taxes |
|
8,953 |
|
|
|
2,847 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(46,820 |
) |
|
|
(26,259 |
) |
Unbilled receivables |
|
(4,951 |
) |
|
|
(1,047 |
) |
Inventory |
|
1,402 |
|
|
|
(27,404 |
) |
Other assets |
|
(2,064 |
) |
|
|
(2,059 |
) |
Accounts payable |
|
7,014 |
|
|
|
4,060 |
|
Accrued expenses and other |
|
(220 |
) |
|
|
4,713 |
|
Deferred revenue |
|
8,039 |
|
|
|
12,029 |
|
Net Cash Provided by
(Used in) Operating Activities |
|
37,834 |
|
|
|
(6,743 |
) |
Cash Flows from
Investing Activities |
|
|
|
Purchases of property, plant and equipment |
|
(4,377 |
) |
|
|
(2,149 |
) |
Net Cash Used in
Investing Activities |
|
(4,377 |
) |
|
|
(2,149 |
) |
Cash Flows from
Financing Activities |
|
|
|
Distributions to non-controlling interests |
|
(2,628 |
) |
|
|
(4,566 |
) |
Employee withholding taxes related to net settled equity
awards |
|
(3,576 |
) |
|
|
(1,297 |
) |
Payments on term loan facility |
|
(1,000 |
) |
|
|
(1,000 |
) |
Proceeds from revolving credit facility |
|
5,000 |
|
|
|
38,000 |
|
Repayments of revolving credit facility |
|
(33,000 |
) |
|
|
(8,000 |
) |
Other |
|
(1,159 |
) |
|
|
— |
|
Net Cash Provided by
(Used in) Financing Activities |
|
(36,363 |
) |
|
|
23,137 |
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash |
|
(2,906 |
) |
|
|
14,245 |
|
Cash, Cash Equivalents
and Restricted Cash—Beginning of Period |
|
8,766 |
|
|
|
9,557 |
|
Cash, Cash Equivalents
and Restricted Cash—End of Period |
$ |
5,860 |
|
|
$ |
23,802 |
|
Shoals Technologies Group,
Inc.Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted Earnings per Share (“EPS”)
(Unaudited)
Reconciliation of Net Income to Adjusted EBITDA
(in thousands):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net income |
$ |
18,924 |
|
$ |
7,303 |
|
$ |
35,907 |
|
$ |
11,952 |
Interest expense, net |
|
6,505 |
|
|
4,170 |
|
|
12,501 |
|
|
8,006 |
Income tax expense |
|
6,207 |
|
|
1,511 |
|
|
9,328 |
|
|
3,033 |
Depreciation expense |
|
565 |
|
|
470 |
|
|
1,049 |
|
|
893 |
Amortization of
intangibles |
|
2,021 |
|
|
2,238 |
|
|
4,043 |
|
|
4,509 |
Equity-based compensation |
|
4,445 |
|
|
4,063 |
|
|
11,968 |
|
|
7,896 |
Acquisition-related
expenses |
|
— |
|
|
12 |
|
|
— |
|
|
12 |
Adjusted EBITDA |
$ |
38,667 |
|
$ |
19,767 |
|
$ |
74,796 |
|
$ |
36,301 |
Reconciliation of Net Income Attributable to
Shoals Technologies Group, Inc. to Adjusted Net Income (in
thousands):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income attributable to
Shoals Technologies Group, Inc. |
$ |
18,924 |
|
|
$ |
4,402 |
|
|
$ |
33,220 |
|
|
$ |
7,042 |
|
Net income impact from assumed
exchange of Class B common stock to Class A common stock (a) |
|
— |
|
|
|
2,901 |
|
|
|
2,687 |
|
|
|
4,910 |
|
Adjustment to the provision
for income tax(b) |
|
— |
|
|
|
(686 |
) |
|
|
(653 |
) |
|
|
(1,159 |
) |
Tax effected net income |
|
18,924 |
|
|
|
6,617 |
|
|
|
35,254 |
|
— |
|
10,793 |
|
Amortization of
intangibles |
|
2,021 |
|
|
|
2,238 |
|
|
|
4,043 |
|
|
|
4,509 |
|
Amortization of deferred
financing costs |
|
342 |
|
|
|
408 |
|
|
|
692 |
|
|
|
684 |
|
Equity-based compensation |
|
4,445 |
|
|
|
4,063 |
|
|
|
11,968 |
|
|
|
7,896 |
|
Acquisition-related
expenses |
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
Tax impact of adjustments
(c) |
|
(1,688 |
) |
|
|
(1,588 |
) |
|
|
(4,092 |
) |
|
|
(3,093 |
) |
Adjusted Net Income |
$ |
24,044 |
|
|
$ |
11,750 |
|
|
$ |
47,865 |
|
|
$ |
20,801 |
|
(a) |
Reflects net income to Class A common stock from assumed exchange
of corresponding shares of our Class B common stock held by the
Founder and management. There were no shares of Class B common
stock outstanding during the three months ended June 30, 2023. |
|
|
(b) |
Shoals Technologies Group, Inc. is subject to U.S. Federal income
taxes, in addition to state and local taxes with respect to its
allocable share of any net taxable income of Shoals Parent LLC. The
adjustment to the provision for income tax reflects the effective
tax rates below, assuming Shoals Technologies Group, Inc. owned
100% of the units in Shoals Parent LLC for all periods
presented. |
|
|
Shoals Technologies Group,
Inc.Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted Earnings per Share (“EPS”)
(Unaudited)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Statutory U.S. Federal income tax rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
Permanent adjustments |
0.5 |
% |
|
0.1 |
% |
|
0.4 |
% |
|
0.1 |
% |
State and local taxes (net of
federal benefit) |
3.3 |
% |
|
2.5 |
% |
|
3.1 |
% |
|
2.5 |
% |
Effective income tax rate for
Adjusted Net Income |
24.8 |
% |
|
23.6 |
% |
|
24.5 |
% |
|
23.6 |
% |
(c) |
Represents the estimated tax impact of all Adjusted Net Income
add-backs, excluding those which represent permanent differences
between book versus tax. |
Reconciliation of Diluted Weighted Average
Shares Outstanding to Adjusted Diluted Weighted Average Shares
Outstanding (in thousands, except per share):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Diluted weighted average
shares of Class A common stock outstanding, excluding Class B
common stock |
|
170,241 |
|
|
112,616 |
|
|
158,694 |
|
|
112,428 |
Assumed exchange of Class B
common stock to Class A common stock |
|
— |
|
|
54,635 |
|
|
11,491 |
|
|
54,585 |
Adjusted diluted weighted
average shares outstanding |
|
170,241 |
|
|
167,251 |
|
|
170,185 |
|
|
167,013 |
|
|
|
|
|
|
|
|
Adjusted Net Income |
$ |
24,044 |
|
$ |
11,750 |
|
$ |
47,865 |
|
$ |
20,801 |
Adjusted Diluted EPS |
$ |
0.14 |
|
$ |
0.07 |
|
$ |
0.28 |
|
$ |
0.12 |
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