09 Jul 2024
Test 1 - Add title here alphatest
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| Consolidated Balance Sheets | ||||||||
| (in 000's) | ||||||||
| Unaudited | ||||||||
| ASSETS | March 28, 2025 | December 27, 2024 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 173,114 |
| $ | 144,159 |
| ||
| Investments available for sale |
| 49,647 |
|
| 86,335 |
| ||
| Accounts receivable trade, net |
| 39,949 |
|
| 77,897 |
| ||
| Inventories, net |
| 48,143 |
|
| 43,305 |
| ||
| Prepayments, deposits, and other current assets |
| 15,645 |
|
| 16,244 |
| ||
| Total current assets |
| 326,498 |
|
| 367,940 |
| ||
| Property, plant, and equipment, net |
| 74,957 |
|
| 84,889 |
| ||
| Finance lease right-of-use assets, net |
| - |
|
| 37 |
| ||
| Operating lease right-of-use assets, net |
| 31,047 |
|
| 36,850 |
| ||
| Goodwill |
| 1,786 |
|
| 1,786 |
| ||
| Deferred income taxes |
| 4,002 |
|
| 788 |
| ||
| Other assets |
| 19,074 |
|
| 17,234 |
| ||
| Total assets | $ | 457,364 |
| $ | 509,524 |
| ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 11,465 |
| $ | 16,704 |
| ||
| Obligations under finance leases |
| - |
|
| 42 |
| ||
| Obligations under operating leases |
| 3,560 |
|
| 3,894 |
| ||
| Allowance for sales returns |
| 5,644 |
|
| 6,579 |
| ||
| Other current liabilities |
| 47,687 |
|
| 43,087 |
| ||
| Total current liabilities |
| 68,356 |
|
| 70,306 |
| ||
| Obligations under operating leases |
| 33,118 |
|
| 34,807 |
| ||
| Deferred income taxes |
| - |
|
| 297 |
| ||
| Asset retirement obligations |
| 43 |
|
| 42 |
| ||
| Pension liability |
| 5,875 |
|
| 6,737 |
| ||
| Total liabilities |
| 107,392 |
|
| 112,189 |
| ||
| Stockholders' equity: | ||||||||
| Common stock |
| 495 |
|
| 493 |
| ||
| Additional paid-in capital |
| 476,868 |
|
| 471,449 |
| ||
| Accumulated other comprehensive loss |
| (5,604 | ) |
| (7,031 | ) | ||
| Accumulated deficit |
| (121,787 | ) |
| (67,576 | ) | ||
| Total stockholders' equity |
| 349,972 |
|
| 397,335 |
| ||
| Total liabilities and stockholders' equity | $ | 457,364 |
| $ | 509,524 |
| ||
| Consolidated Statements of Operations | |||||||||||||||||||||
| (in 000's except for per share data) | |||||||||||||||||||||
| Unaudited | |||||||||||||||||||||
| Quarter Ended | |||||||||||||||||||||
| % of Sales | March 28, 2025 | % of Sales | March 29, 2024 | Fav (Unfav) Amount | % | ||||||||||||||||
| Net sales | 100.0 | % | $ | 42,589 |
| 100.0 | % | $ | 77,356 |
| $ | (34,767 | ) | (44.9 | )% | ||||||
| Cost of sales | 34.2 | % |
| 14,584 |
| 21.1 | % |
| 16,321 |
|
| 1,737 |
| 10.6 | % | ||||||
| Gross profit | 65.8 | % |
| 28,005 |
| 78.9 | % |
| 61,035 |
|
| (33,030 | ) | (54.1 | )% | ||||||
| Selling, general and administrative expenses: | |||||||||||||||||||||
| General and administrative | 57.4 | % |
| 24,458 |
| 30.0 | % |
| 23,228 |
|
| (1,230 | ) | (5.3 | )% | ||||||
| Selling and marketing | 57.8 | % |
| 24,621 |
| 34.5 | % |
| 26,708 |
|
| 2,087 |
| 7.8 | % | ||||||
| Research and development | 32.1 | % |
| 13,663 |
| 17.3 | % |
| 13,380 |
|
| (283 | ) | (2.1 | )% | ||||||
| Total selling, general, and administrative expenses | 147.3 | % |
| 62,742 |
| 81.8 | % |
| 63,316 |
|
| 574 |
| 0.9 | % | ||||||
| Restructuring, impairment and related charges | 53.2 | % |
| 22,664 |
| 0.0 | % |
| - |
|
| (22,664 | ) | 0.0 | % | ||||||
| Total operating expenses | 200.5 | % |
| 85,406 |
| 81.8 | % |
| 63,316 |
|
| (22,090 | ) | (34.9 | )% | ||||||
| Operating loss | (134.7 | )% |
| (57,401 | ) | (2.9 | )% |
| (2,281 | ) |
| (55,120 | ) | (2416.5 | )% | ||||||
| Other income (expense): | |||||||||||||||||||||
| Interest income, net | 3.2 | % |
| 1,366 |
| 2.0 | % |
| 1,529 |
|
| (163 | ) | (10.7 | )% | ||||||
| Gain (loss) on foreign currency transactions | 3.3 | % |
| 1,418 |
| (3.0 | )% |
| (2,297 | ) |
| 3,715 |
| 161.7 | % | ||||||
| Royalty income | 0.0 | % |
| - |
| 0.7 | % |
| 508 |
|
| (508 | ) | (100.0 | )% | ||||||
| Other income, net | 0.3 | % |
| 131 |
| 0.4 | % |
| 330 |
|
| (199 | ) | (60.3 | )% | ||||||
| Total other income, net | 6.8 | % |
| 2,915 |
| 0.1 | % |
| 70 |
|
| 2,845 |
| 4064.3 | % | ||||||
| Loss before provision for income taxes | (127.9 | )% |
| (54,486 | ) | (2.8 | )% |
| (2,211 | ) |
| (52,275 | ) | (2364.3 | )% | ||||||
| Provision (benefit) for income taxes | (0.6 | )% |
| (275 | ) | 1.5 | % |
| 1,128 |
|
| 1,403 |
| 124.4 | % | ||||||
| Net loss | (127.3 | )% |
| (54,211 | ) | (4.3 | )% |
| (3,339 | ) |
| (50,872 | ) | (1523.6 | )% | ||||||
| Net loss per share - basic |
| (1.10 | ) |
| (0.07 | ) | |||||||||||||||
| Net loss per share - diluted |
| (1.10 | ) |
| (0.07 | ) | |||||||||||||||
| Weighted average shares outstanding - basic |
| 49,344 |
|
| 48,907 |
| |||||||||||||||
| Weighted average shares outstanding - diluted |
| 49,344 |
|
| 48,907 |
| |||||||||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in 000's) | ||||||||
| Unaudited | ||||||||
| Quarter Ended | ||||||||
| March 28, 2025 | March 29, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (54,211 | ) | $ | (3,339 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation of property and equipment |
| 2,337 |
|
| 1,237 |
| ||
| Impairment of fixed assets and operating leases |
| 13,216 |
|
| - |
| ||
| Accretion/Amortization of investments available for sale |
| (129 | ) |
| (120 | ) | ||
| Deferred income taxes |
| (1,029 | ) |
| 61 |
| ||
| Change in net pension liability |
| (2,457 | ) |
| (93 | ) | ||
| Stock-based compensation expense |
| 6,015 |
|
| 6,339 |
| ||
| Provision for sales returns and bad debts |
| (910 | ) |
| 128 |
| ||
| Inventory provision |
| 2,031 |
|
| 646 |
| ||
| Changes in working capital: | ||||||||
| Accounts receivable |
| 38,170 |
|
| 29,837 |
| ||
| Inventories |
| (6,304 | ) |
| (4,002 | ) | ||
| Prepayments, deposits and other assets |
| (1,809 | ) |
| (5,485 | ) | ||
| Accounts payable |
| (5,961 | ) |
| 1,519 |
| ||
| Other current liabilities |
| 5,307 |
|
| (5,048 | ) | ||
| Net cash provided by (used in) operating activities |
| (5,734 | ) |
| 21,680 |
| ||
| Cash flows from investing activities: | ||||||||
| Acquisition of property and equipment |
| (1,468 | ) |
| (5,202 | ) | ||
| Purchase of investments available for sale |
| (14,691 | ) |
| - |
| ||
| Proceeds from sale or maturity of investments available for sale |
| 51,510 |
|
| 21,389 |
| ||
| Net provided by investing activities |
| 35,351 |
|
| 16,187 |
| ||
| Cash flows from financing activities: | ||||||||
| Repayment of finance lease obligations |
| (42 | ) |
| (40 | ) | ||
| Repurchase of employee common stock for taxes withheld |
| (1,283 | ) |
| (1,229 | ) | ||
| Proceeds from vested restricted stock and exercise of stock options |
| 377 |
|
| 5,325 |
| ||
| Net cash provided by (used in) financing activities |
| (948 | ) |
| 4,056 |
| ||
| Effect of exchange rate changes on cash and cash equivalents |
| 286 |
|
| (937 | ) | ||
| Increase in cash and cash equivalents |
| 28,955 |
|
| 40,986 |
| ||
| Cash and cash equivalents, at beginning of the period |
| 144,159 |
|
| 183,038 |
| ||
| Cash and cash equivalents, at end of the period | $ | 173,114 |
| $ | 224,024 |
| ||
| Reconciliation of Non-GAAP Financial Measure | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income to Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||
| (in 000's except for per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
| Q1-23 | Q2-23 | Q3-23 | Q4-23 |
| 2023 |
| Q1-24 | Q2-24 | Q3-24 | Q4-24 |
| 2024 |
| Q1-25 | |||||||||||||||||||||||||||||||
| Net income (loss) - (as reported) | $ | 39,665 |
| $ | 2,710 |
| $ | 6,064 |
| $ | 4,817 |
| $ | 7,756 |
| $ | 21,347 |
| $ | (3,339 | ) | $ | 7,379 |
| $ | 9,980 |
| $ | (34,228 | ) | $ | (20,208 | ) | $ | (54,211 | ) | ||||||||||||
| Provision (benefit) for income taxes |
| 5,887 |
|
| 2,009 |
|
| 2,428 |
|
| 1,929 |
|
| 5,983 |
|
| 12,349 |
|
| 1,128 |
|
| 2,955 |
|
| 3,179 |
|
| 3,894 |
|
| 11,156 |
|
| (275 | ) | ||||||||||||
| Other (income) expense, net |
| (1,750 | ) |
| (1,919 | ) |
| 105 |
|
| (451 | ) |
| (3,334 | ) |
| (5,599 | ) |
| (70 | ) |
| 1,564 |
|
| (7,477 | ) |
| 2,424 |
|
| (3,559 | ) |
| (2,915 | ) | ||||||||||||
| Depreciation |
| 4,481 |
|
| 1,113 |
|
| 1,285 |
|
| 1,345 |
|
| 1,368 |
|
| 5,111 |
|
| 1,237 |
|
| 1,522 |
|
| 1,757 |
|
| 2,375 |
|
| 6,891 |
|
| 2,337 |
| ||||||||||||
| (Gain) loss on disposal of property plant and equipment(2) |
| 65 |
|
| - |
|
| 24 |
|
| 17 |
|
| 32 |
|
| 73 |
|
| - |
|
| 26 |
|
| 1,642 |
|
| 26 |
|
| 1,694 |
|
| - |
| ||||||||||||
| Restructuring, impairment and related charges(3) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 22,664 |
| ||||||||||||
| Amortization of intangible assets |
| 28 |
|
| 7 |
|
| 10 |
|
| (2 | ) |
| (2 | ) |
| 13 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
| ||||||||||||
| Stock-based compensation |
| 20,371 |
|
| 6,065 |
|
| 8,423 |
|
| 8,846 |
|
| 182 |
|
| 23,516 |
|
| 6,339 |
|
| 9,042 |
|
| 7,160 |
|
| 4,669 |
|
| 27,210 |
|
| 6,015 |
| ||||||||||||
| Adjusted EBITDA | $ | 68,747 |
| $ | 9,985 |
| $ | 18,339 |
| $ | 16,501 |
| $ | 11,985 |
| $ | 56,810 |
| $ | 5,295 |
| $ | 22,488 |
| $ | 16,241 |
| $ | (20,840 | ) | $ | 23,184 |
| $ | (26,385 | ) | ||||||||||||
| Adjusted EBITDA as a % of Revenue |
| 24.2 | % |
| 13.6 | % |
| 19.9 | % |
| 20.6 | % |
| 15.7 | % |
| 17.6 | % |
| 6.8 | % |
| 22.7 | % |
| 18.3 | % |
| (42.6 | )% |
| 7.4 | % |
| (62.0 | )% | ||||||||||||
| Net income (loss) per share, diluted - (as reported) | $ | 0.80 |
| $ | 0.05 |
| $ | 0.12 |
| $ | 0.10 |
| $ | 0.16 |
| $ | 0.43 |
| $ | (0.07 | ) | $ | 0.15 |
| $ | 0.20 |
| $ | (0.69 | ) | $ | (0.41 | ) | $ | (1.10 | ) | ||||||||||||
| Provision (benefit) for income taxes |
| 0.12 |
|
| 0.04 |
|
| 0.05 |
|
| 0.04 |
|
| 0.12 |
|
| 0.25 |
|
| 0.02 |
|
| 0.06 |
|
| 0.06 |
|
| 0.08 |
|
| 0.22 |
|
| (0.01 | ) | ||||||||||||
| Other (income) expense, net |
| (0.04 | ) |
| (0.04 | ) |
| - |
|
| (0.01 | ) |
| (0.07 | ) |
| (0.11 | ) |
| - |
|
| 0.03 |
|
| (0.15 | ) |
| 0.05 |
|
| (0.07 | ) |
| (0.06 | ) | ||||||||||||
| Depreciation |
| 0.09 |
|
| 0.02 |
|
| 0.03 |
|
| 0.03 |
|
| 0.03 |
|
| 0.10 |
|
| 0.03 |
|
| 0.03 |
|
| 0.04 |
|
| 0.05 |
|
| 0.14 |
|
| 0.05 |
| ||||||||||||
| (Gain) loss on disposal of property plant and equipment |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 0.03 |
|
| - |
|
| 0.03 |
|
| - |
| ||||||||||||
| Restructuring, impairment and related charges |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 0.46 |
| ||||||||||||
| Amortization of intangible assets |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
| ||||||||||||
| Stock-based compensation |
| 0.41 |
|
| 0.12 |
|
| 0.17 |
|
| 0.18 |
|
| - |
|
| 0.48 |
|
| 0.13 |
|
| 0.18 |
|
| 0.14 |
|
| 0.09 |
|
| 0.55 |
|
| 0.12 |
| ||||||||||||
| Adjusted EBITDA per share, diluted(1) | $ | 1.39 |
| $ | 0.20 |
| $ | 0.37 |
| $ | 0.33 |
| $ | 0.24 |
| $ | 1.15 |
| $ | 0.11 |
| $ | 0.45 |
| $ | 0.33 |
| $ | (0.42 | ) | $ | 0.47 |
| $ | (0.53 | ) | ||||||||||||
| Weighted average shares outstanding - Diluted |
| 49,380 |
|
| 49,500 |
|
| 49,516 |
|
| 49,370 |
|
| 49,242 |
|
| 49,427 |
|
| 48,907 |
|
| 49,811 |
|
| 49,731 |
|
| 49,266 |
|
| 49,597 |
|
| 49,344 |
| ||||||||||||
| (1) Adjusted EBITDA per diluted share may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||||
| (2) The Q3-2024 non cash write-off of | ||||||||||||||||||||||||||||||||||||||||||||||||
| (3) This was related to severance, consulting expenses and impairment on operating leases, machinery and equipment, leasehold improvements and internally developed software | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sales by Geography | ||||||||||||||||||||||||
| (in 000's) | ||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| Fiscal Year | Three Months Ended | |||||||||||||||||||||||
| Sales by Region |
| 2022 |
| 2023 |
| 2024 | March 29, 2024 | June 28, 2024 | September 27, 2024 | December 27, 2024 | March 28, 2025 | |||||||||||||
$ | 19,798 | $ | 22,315 | $ | 25,229 | $ | 6,157 | $ | 6,656 | $ | 6,029 | $ | 6,387 | $ | 6,739 | |||||||||
| EMEA(2) |
| 40,733 |
| 39,488 |
| 44,073 |
| 11,202 |
| 10,235 |
| 9,760 |
| 12,876 |
| 12,331 | ||||||||
| APAC(3) |
| 223,860 |
| 260,612 |
| 244,599 |
| 59,997 |
| 82,114 |
| 72,801 |
| 29,687 |
| 23,519 | ||||||||
| Global Sales | $ | 284,391 | $ | 322,415 | $ | 313,901 | $ | 77,356 | $ | 99,005 | $ | 88,590 | $ | 48,950 | $ | 42,589 | ||||||||
| Global Sales Growth |
| 23% |
| 13% |
| (3)% |
| 5% |
| 7% |
| 10% |
| (36)% |
| (45)% | ||||||||
| Americas Sales Growth |
| 33% |
| 13% |
| 13% |
| 8% |
| 15% |
| 9% |
| 20% |
| 9% | ||||||||
| EMEA Sales Growth |
| (2)% |
| (3)% |
| 12% |
| 1% |
| 13% |
| 19% |
| 16% |
| 10% | ||||||||
| APAC Sales Growth |
| 29% |
| 16% |
| (6)% |
| 6% |
| 6% |
| 9% |
| (50)% |
| (61)% | ||||||||
| Global ICL Unit Growth |
| 33% |
| 19% |
| (6)% |
| 2% |
| 3% |
| 6% |
| (39)% |
| (48)% | ||||||||
| Fiscal Year | Three Months Ended | |||||||||||||||||||||||
| Sales by Country(4) |
| 2022 |
| 2023 |
| 2024 | March 29, 2024 | June 28, 2024 | September 27, 2024 | December 27, 2024 | March 28, 2025 | |||||||||||||
$ | 148,167 | $ | 185,554 | $ | 161,321 | $ | 38,549 | $ | 63,395 | $ | 51,830 | $ | 7,547 | $ | 389 | |||||||||
| Growth |
| 38% |
| 25% |
| (13)% |
| 10% |
| 3% |
| 7% |
| (82)% |
| (99)% | ||||||||
$ | 43,093 | $ | 38,472 | $ | 41,836 | $ | 10,456 | $ | 9,885 | $ | 10,534 | $ | 10,961 | $ | 11,391 | |||||||||
| Growth |
| 5% |
| (11)% |
| 9% |
| (4)% |
| 17% |
| 15% |
| 10% |
| 9% | ||||||||
$ | 17,948 | $ | 19,861 | $ | 21,853 | $ | 6,727 | $ | 3,976 | $ | 5,435 | $ | 5,715 | $ | 7,334 | |||||||||
| Growth |
| 18% |
| 11% |
| 10% |
| 1% |
| 20% |
| 11% |
| 14% |
| 9% | ||||||||
$ | 14,679 | $ | 17,221 | $ | 19,896 | $ | 4,935 | $ | 5,399 | $ | 4,681 | $ | 4,881 | $ | 5,459 | |||||||||
| Growth |
| 45% |
| 17% |
| 16% |
| 8% |
| 24% |
| 12% |
| 17% |
| 11% | ||||||||
| Global Sales Ex China | $ | 136,224 | $ | 136,861 | $ | 152,580 | $ | 38,807 | $ | 35,610 | $ | 36,760 | $ | 41,403 | $ | 42,200 | ||||||||
| Growth |
| 10% |
| 0% |
| 11% |
| 1% |
| 15% |
| 15% |
| 17% |
| 9% | ||||||||
| Notes: | ||||||||||||||||||||||||
| (1) | ||||||||||||||||||||||||
| (2) EMEA includes | ||||||||||||||||||||||||
| (3) APAC includes | ||||||||||||||||||||||||
| (4) Sales by country includes countries representing more than 5% of total sales in the most recently completed fiscal year | ||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measure | |||||||||||||||||||||||||||
| Constant Currency Sales | |||||||||||||||||||||||||||
| (in 000's) | |||||||||||||||||||||||||||
| Unaudited | |||||||||||||||||||||||||||
| Quarter Ended | As Reported | Constant Currency | |||||||||||||||||||||||||
| Sales | March 28, 2025 | Effect of Currency | Constant Currency | March 29, 2024 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
| ICL | $ | 41,498 | $ | 592 |
| $ | 42,090 | $ | 77,151 | $ | (35,653 | ) | (46.2 | )% | $ | (35,061 | ) | (45.4 | )% | ||||||||
| Other |
| 1,091 |
| (86 | ) |
| 1,005 |
| 205 |
| 886 |
| 432.2 | % |
| 800 |
| 390.2 | % | ||||||||
| Total Sales | $ | 42,589 | $ | 506 |
| $ | 43,095 | $ | 77,356 | $ | (34,767 | ) | (44.9 | )% | $ | (34,261 | ) | (44.3 | )% | ||||||||
Investors & Media
Abcde Fghijkl
Vice President, Investor Relations and Corporate Development
(626) 303-9999, Ext. 9099
[email protected]