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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2021

Commission File No. 001-39366

 

American Outdoor Brands, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

84-4630928

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

1800 North Route Z, Suite A

Columbia, Missouri

 

65202

(Address of principal executive offices)

 

(Zip Code)

(800338-9585

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each Class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.001 per share

AOUT

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

☐  

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

☒  

  

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The registrant had 14,184,946 shares of common stock, par value $0.001, outstanding as of December 2, 2021.  

 


 

AMERICAN OUTDOOR BRANDS, INC.

Quarterly Report on Form 10-Q

For the Three and Six Months Ended October 31, 2021 and 2020

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

  

 

 

Item 1. Financial Statements (Unaudited)

  

5

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

22

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

30

 

Item 4. Controls and Procedures

  

30

 

 

 

 

PART II - OTHER INFORMATION

  

 

 

Item 1. Legal Proceedings

  

31

 

Item 1A. Risk Factors

  

31

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

31

 

Item 6. Exhibits

  

31

Signatures

  

32

 

Accumax®, BOG®, Bubba®, Caldwell®, Deadshot®, Deathgrip®, Delta Series®, E-MAX®, F.A.T. Wrench®, Fieldpod®, Frankford Arsenal®, Golden Rod®, Hooyman®, Imperial®, Intellidropper®, Lead Sled®, Lockdown®, Mag Charger®, Old Timer®, Schrade®, Sharpfinger®, Tipton®, Uncle Henry®, ust®, Wheeler®, XLA Bipod®, Crimson Trace®, Lasergrips®, Laserguard®, Laserlyte®, Lasersaddle®, Lightguard®, and Rail Master®, are some of the registered U.S. trademarks of our company or one of our subsidiaries. AOB Products Company™, Dock and Unlock ™, Don’t Be Outdoorsy – Be Outdoors™, Engineered for the Unknown™, From Niche to Known™, Lockdown Puck™, MEAT!™, MEAT Your Maker!™, Secure Your Lifestyle™, The Ultimate Lifestyle™, Unmatched Accuracy at the Bench and in the Field™, Water to Plate™, and Your Land. Your Legacy™, are some of the unregistered trademarks of our company or one of our subsidiaries. Trademarks licensed to us by Smith & Wesson Brands, Inc. in connection with the manufacture, distribution, marketing, advertising, promotion, merchandising, shipping, and sale of certain licensed accessory product categories include M&P®, Performance Center®, Smith & Wesson®, T/C®, and Thompson/Center Arms™, among others. This report also may contain trademarks and trade names of other companies.

 

 


 

Statement Regarding Forward-Looking Information

 

The statements contained in this Quarterly Report on Form 10-Q that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained or incorporated herein by reference in this Quarterly Report on Form 10-Q, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “suggests,” “targets,” “contemplates,” “projects,” “predicts,” “may,” “might,” “plan,” “would,” “should,” “could,” “may,” “can,” “potential,” “continue,” “objective,” or the negative of those terms, or similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this Quarterly Report on Form 10-Q include statements regarding:

 

future lease payments for all our operating leases for the remainder of fiscal 2022 and for succeeding fiscal years;

 

future expected amortization expense for the remainder of fiscal 2022 and for succeeding fiscal years;

 

our expectation that the unrecognized compensation expense related to unvested RSUs and PSUs will be recognized over a weighted average remaining contractual term of 1.7 years;

 

our expectation of spending approximately $7.5 million to $8.5 million for capital expenditures in fiscal 2022;

 

our future capital requirements dependency on many factors, including net sales, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products and enhancements to existing products, the capital needed to operate as an independent publicly traded company, including the establishment of our independent information technology infrastructure and enterprise resource planning systems, any acquisitions or strategic investments that we may determine to make, and our ability to navigate through the many negative business impacts from the COVID-19 pandemic;

 

the possibility that further equity or debt financing may not be available to us on acceptable terms or at all;

 

the possibility that our ability to take advantage of unexpected business opportunities or to respond to competitive pressures could be limited or severely constrained if sufficient funds are not available or are not available on acceptable terms;

 

our expectation to continue to utilize our cash flows to invest in our business, including research and development for new product initiatives; hire additional employees; fund growth strategies, including any potential acquisitions; repay of any indebtedness we may incur over time; and develop our independent information technology infrastructure, including the implementation of our enterprise resource planning systems;

 

our estimation that our information technology infrastructure will cost a total of approximately $8.0 million over a period that spans fiscal 2022 and fiscal 2023;

 

our expectation for capital expenditures of approximately $3.5 million and one-time operating expenses of approximately $1.6 million in fiscal 2022;

 

our expectation to record approximately $1.2 million of duplicative expenses, in fiscal 2022, as we operate both our existing and our new information technology and enterprise resource planning platforms in parallel during the system changeover period;

 

our expectation for capital expenditures of approximately $2.0 million and one-time operating expense of approximately $1.0 million in fiscal 2023;

 

the possibility that worsening of conditions or increased fears of the COVID-19 pandemic could have a renewed and prolonged effect on manufacturing or employment in Asia, travel to and from Asia, or other restrictions on imports, all of which could have a longer-term effect on our sales and profitability in future periods;

 

the possibility that increased demand for sourced products in various industries could cause further delays at various U.S. ports, which could delay the timing of receipts of our products; and

 

our expectation that our inventory will decrease in our second half of fiscal 2022 because of seasonality in our business that has historically generated increased demand during the holiday shopping season and the anticipation of new product introductions over the remainder of our fiscal year.

A number of factors could cause our actual results to differ materially from those indicated by the forward-looking statements. Such factors include, among others, the following:

 

the effects of the COVID-19 pandemic and related aftermath, including potential disruptions in our suppliers’ ability to source the raw materials necessary for the production of our products, disruptions and delays in the manufacture of our products, and difficulties encountered by retailers and other components of the distribution channel for our products including delivery of product stemming from port congestion and related transportation challenges;

 

lower levels of consumer spending in general and specific to our products or product categories;

 

our ability to introduce new products that are successful in the marketplace;

 

interruptions of our arrangements with third-party contract manufacturers and freight carriers that disrupt our ability to fill our customers’ orders;

 

increases in costs or decreases in availability of finished products, product components, and raw materials;


 

 

our ability to maintain or strengthen our brand recognition and reputation;

 

the ability to forecast demand for our products accurately;

 

our ability to continue to expand our e-commerce business;

 

our ability to compete in a highly competitive market;

 

our dependence on large customers;

 

our ability to attract and retain talent;

 

an increase of emphasis on private label products by our customers;

 

pricing pressures by our customers;

 

our ability to collect our accounts receivable;

 

the potential for product recalls, product liability, and other claims or lawsuits against us;

 

our ability to protect our intellectual property;

 

inventory levels, both internally and in the distribution channel, in excess of demand;

 

our ability to identify acquisition candidates, to complete acquisitions of potential acquisition candidates, to integrate acquired businesses with our business, to achieve success with acquired companies, and to realize the benefits of acquisitions in a manner consistent with our expectations;

 

the performance and security of our information systems;

 

our ability to comply with any applicable foreign laws or regulations and the effect of increased protective tariffs;

 

economic, social, political, legislative, and regulatory factors;

 

the potential for increased regulation of firearms and firearms- related products;

 

the effect of political pressures on firearm laws and regulations;

 

the potential impact on our business and operations from the results of U.S. Presidential, Congressional, state, and local elections and the policies that may be implemented as a result thereof;

 

our ability to realize the anticipated benefits of being a separate, public company;

 

future investments for capital expenditures, liquidity and anticipated cash needs and availability;

 

the potential for impairment charges;

 

estimated amortization expense of intangible assets for future periods;

 

actions of social activists that could, directly or indirectly, have an adverse effect on our business;

 

disruptions caused by social unrest, including related protests or disturbances;

 

our assessment of factors relating to the valuation of assets acquired and liabilities assumed in acquisitions, the timing for such evaluations, and the potential adjustment in such evaluations; and

 

other factors detailed from time to time in our reports filed with the Securities and Exchange Commission, or the SEC, including information contained herein.

All forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. The forward-looking statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q reflect our views as of the date of this Quarterly Report on Form 10-Q about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance, or achievements.

We are subject to the informational requirements of the Exchange Act, and we file or furnish reports, proxy statements, and other information with the SEC. Such reports and other information we file with the SEC are available free of charge at https://ir.aob.com/financial-information/sec-filings as soon as practicable after such reports are available on the SEC’s website at www.sec.gov. The SEC’s website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

 

 

 


 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

As of:

 

 

 

October 31, 2021

(Unaudited)

 

 

April 30, 2021

 

 

 

(In thousands, except par value and share data)

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,603

 

 

$

60,801

 

Accounts receivable, net of allowance for credit losses of $98 on October 31, 2021

   and $119 on April 30, 2021

 

 

49,644

 

 

 

37,487

 

Inventories

 

 

104,973

 

 

 

74,296

 

Prepaid expenses and other current assets

 

 

11,191

 

 

 

7,098

 

Income tax receivable

 

 

121

 

 

 

149

 

Total current assets

 

 

198,532

 

 

 

179,831

 

Property, plant, and equipment, net

 

 

12,447

 

 

 

10,992

 

Intangible assets, net

 

 

46,978

 

 

 

53,643

 

Goodwill

 

 

64,315

 

 

 

64,315

 

Right-of-use assets

 

 

24,722

 

 

 

25,375

 

Deferred income taxes

 

 

7,086

 

 

 

6,683

 

Other assets

 

 

358

 

 

 

424

 

Total assets

 

$

354,438

 

 

$

341,263

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

20,081

 

 

$

16,021

 

Accrued expenses

 

 

14,480

 

 

 

9,843

 

Accrued payroll and incentives

 

 

3,808

 

 

 

6,774

 

Lease liabilities, current

 

 

1,888

 

 

 

1,771

 

Accrued profit sharing

 

 

922

 

 

 

1,933

 

Total current liabilities

 

 

41,179

 

 

 

36,342

 

Lease liabilities, net of current portion

 

 

23,931

 

 

 

24,780

 

Other non-current liabilities

 

 

59

 

 

 

236

 

Total liabilities

 

 

65,169

 

 

 

61,358

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares

   issued or outstanding

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 14,182,730 shares

   issued and outstanding on October 31, 2021 and 14,059,440 shares issued and

   outstanding on April 30, 2021

 

 

14

 

 

 

14

 

Additional paid in capital

 

 

266,686

 

 

 

265,362

 

Retained earnings

 

 

22,569

 

 

 

14,529

 

Total equity

 

 

289,269

 

 

 

279,905

 

Total liabilities and equity

 

$

354,438

 

 

$

341,263

 

See accompanying notes to unaudited consolidated and combined financial statements.

5


 

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

 

 

For the Three Months ended October 31,

 

 

For the Six Months ended October 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

(In thousands, except per share data)

 

Net sales (including $882,000 and $2.4 million of

   related party sales for the one month and four

   months of our fiscal year 2021, respectively,

   prior to the Separation)

$

70,760

 

 

$

79,098

 

 

$

131,528

 

 

$

129,565

 

Cost of sales

 

37,723

 

 

 

42,025

 

 

 

69,508

 

 

 

68,762

 

Gross profit

 

33,037

 

 

 

37,073

 

 

 

62,020

 

 

 

60,803

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

1,457

 

 

 

1,932

 

 

 

2,977

 

 

 

3,162

 

Selling, marketing, and distribution

 

15,664

 

 

 

15,679

 

 

 

28,864

 

 

 

26,305

 

General and administrative

 

10,615

 

 

 

9,898

 

 

 

20,654

 

 

 

19,308

 

Total operating expenses

 

27,736

 

 

 

27,509

 

 

 

52,495

 

 

 

48,775

 

Operating income

 

5,301

 

 

 

9,564

 

 

 

9,525

 

 

 

12,028

 

Other income/(expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

619

 

 

 

127

 

 

 

747

 

 

 

211

 

Interest (expense)/income, net

 

(53

)

 

 

56

 

 

 

(99

)

 

 

392

 

Total other income, net

 

566

 

 

 

183

 

 

 

648

 

 

 

603

 

Income from operations before income taxes

 

5,867

 

 

 

9,747

 

 

 

10,173

 

 

 

12,631

 

Income tax expense

 

1,284

 

 

 

2,408

 

 

 

2,133

 

 

 

3,503

 

Net income/comprehensive income

$

4,583

 

 

$

7,339

 

 

$

8,040

 

 

$

9,128

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.32

 

 

$

0.52

 

 

$

0.57

 

 

$

0.65

 

Diluted

$

0.32

 

 

$

0.52

 

 

$

0.56

 

 

$

0.65

 

Weighted average number of common shares

   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

14,135

 

 

 

13,981

 

 

 

14,109

 

 

 

13,978

 

Diluted

 

14,348

 

 

 

14,155

 

 

 

14,369

 

 

 

14,125

 

See accompanying notes to unaudited consolidated and combined financial statements.

6


 

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Former Net Parent

 

 

Additional

 

 

 

 

 

 

 

 

 

For the three months ended October 31, 2021 and 2020

 

Shares

 

 

Amount

 

 

Company

Investment

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

Equity

 

Balance at July 31, 2020

 

 

 

 

$

 

 

$

227,342

 

 

$

 

 

$

 

 

$

227,342

 

Net Income

 

 

 

 

 

 

 

 

2,087

 

 

 

 

 

 

5,252

 

 

 

7,339

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

776

 

 

 

 

 

 

776

 

Issuance of common stock under

   restricted stock unit awards

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net transfers from former Parent

 

 

 

 

 

 

 

 

33,328

 

 

 

 

 

 

 

 

 

33,328

 

Issuance of common stock and

   reclassification of former

   net parent company investment

 

 

13,975

 

 

 

14

 

 

 

(262,757

)

 

 

262,743

 

 

 

 

 

 

 

Balance at October 31, 2020

 

 

13,992

 

 

$

14

 

 

$

 

 

$

263,519

 

 

$

5,252

 

 

$

268,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 31, 2021

 

 

14,100

 

 

$

14

 

 

$

 

 

$

265,807

 

 

$

17,986

 

 

$

283,807

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,583

 

 

 

4,583

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

664

 

 

 

 

 

 

664

 

Shares issued under employee stock

   purchase plan

 

 

35

 

 

 

 

 

 

 

 

 

408

 

 

 

 

 

 

408

 

Issuance of common stock under

   restricted stock unit awards, net of tax

 

 

48

 

 

 

 

 

 

 

 

 

(193

)

 

 

 

 

 

(193

)

Balance at October 31, 2021

 

 

14,183

 

 

$

14

 

 

$

 

 

$

266,686

 

 

$

22,569

 

 

$

289,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Former Net Parent

 

 

Additional

 

 

 

 

 

 

 

 

 

For the six months ended October 31, 2021 and 2020

 

Shares

 

 

Amount

 

 

Company

Investment

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

Equity

 

Balance at April 30, 2020

 

 

 

 

$

 

 

$

224,098

 

 

$

 

 

$

 

 

$

224,098

 

Net Income

 

 

 

 

 

 

 

 

3,876

 

 

 

 

 

 

5,252

 

 

 

9,128

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

776

 

 

 

 

 

 

776

 

Issuance of common stock under

   restricted stock unit awards

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net transfers from former Parent

 

 

 

 

 

 

 

 

34,783

 

 

 

 

 

 

 

 

 

34,783

 

Issuance of common stock and

   reclassification of former

   net parent company investment

 

 

13,975

 

 

 

14

 

 

 

(262,757

)

 

 

262,743

 

 

 

 

 

 

 

Balance at October 31, 2020

 

 

13,992

 

 

$

14

 

 

$

 

 

$

263,519

 

 

$

5,252

 

 

$

268,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 30, 2021

 

 

14,059

 

 

$

14

 

 

$

 

 

$

265,362

 

 

$

14,529

 

 

$

279,905

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,040

 

 

 

8,040

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

1,416

 

 

 

 

 

 

1,416

 

Shares issued under employee stock

   purchase plan

 

 

35

 

 

 

 

 

 

 

 

 

408

 

 

 

 

 

 

408

 

Proceeds from exercise of stock options

 

 

3

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Issuance of common stock under

   restricted stock unit awards, net of tax

 

 

86

 

 

 

 

 

 

 

 

 

(505

)

 

 

 

 

 

(505

)

Balance at October 31, 2021

 

 

14,183

 

 

$

14

 

 

$

 

 

$

266,686

 

 

$

22,569

 

 

$

289,269

 

 

See accompanying notes to unaudited consolidated and combined financial statements.

7


 

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Six Months Ended October 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

8,040

 

 

$

9,128

 

Adjustments to reconcile net income to net cash provided

   by/(used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

8,386

 

 

 

10,459

 

Loss on sale/disposition of assets

 

 

127

 

 

 

 

Provision for credit losses on accounts receivable

 

 

38

 

 

 

174

 

Deferred income taxes

 

 

(403

)

 

 

(780

)

Stock-based compensation expense

 

 

1,416

 

 

 

1,196

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(12,195

)

 

 

(21,955

)

Inventories

 

 

(30,677

)

 

 

(13,576

)

Prepaid expenses and other current assets

 

 

(4,093

)

 

 

(2,654

)

Income taxes

 

 

28

 

 

 

2,546

 

Accounts payable

 

 

3,632

 

 

 

11,716

 

Accrued payroll and incentives

 

 

(2,966

)

 

 

2,421

 

Right of use assets

 

 

812

 

 

 

586

 

Accrued profit sharing

 

 

(1,011

)

 

 

86

 

Accrued expenses

 

 

4,637

 

 

 

5,690

 

Other assets

 

 

23

 

 

 

(451

)

Lease liabilities

 

 

(891

)

 

 

(728

)

Other non-current liabilities

 

 

(177

)

 

 

598

 

Net cash (used in)/provided by operating activities

 

 

(25,274

)

 

 

4,456

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Payments to acquire patents and software

 

 

(292

)

 

 

(378

)

Payments to acquire property and equipment

 

 

(2,540

)

 

 

(1,728

)

Net cash used in investing activities

 

 

(2,832

)

 

 

(2,106

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net transfers from former Parent