Las Vegas NV Blog

BRP PRESENTS ITS SECOND QUARTER RESULTS FOR FISCAL YEAR 2025


Highlights

  • Revenues of $1,841.9 million, a decrease of 33.7% compared to last year, reflecting the Company’s focus on reducing network inventory levels;
  • Net income of $7.2 million, a decrease of $331.5 million compared to last year;
  • Normalized EBITDA [1] of $198.5 million, a decrease of 58.0% compared to last year;
  • Normalized diluted earnings per share [1][2] of $0.61, a decrease of $2.60 per share, and diluted earnings per share of $0.09, a decrease of $4.17 compared to last year;
  • North American Powersports retail sales decreased by 18% compared to an industry that decreased in the high single digit %;
  • Adjusting full year-end guidance for revenues, now ranging between $7.8 and $8.0 billion, and for Normalized diluted earnings per share [1][2], now ranging between $2.75 and $3.25.

Recent events – Highlights from Club BRP 2025

  • The Company continued to push the boundaries of innovation and technology by enhancing its existing product lines, namely with the introduction of the all-new Can-Am Outlander 850 and 1000R ATVs, the Can-Am Maverick R Max SSV lineup, the Sea-Doo FishPro Apex, the Sea-Doo Switch Fish pontoon, and the 2025 Alumacraft Competitor and Trophy boat models, as well as with the launch of the brand-new Can-Am Canyon 3-wheel vehicle.
  • BRP also formally launched its Can-Am Pulse and Can-Am Origin all-electric motorcycle lineup, marking its official entry into the electric motorcycle industry.

VALCOURT, QC, Sept. 6, 2024 /PRNewswire/ – BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today reported its financial results for the three- and six-month periods ended July 31, 2024. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR+ and EDGAR as well as in the section Quarterly Reports of BRP’s website.

“Our results were in line with expectations and reflect our ongoing focus on reducing network inventory to maintain our dealer value proposition. We have made great strides on that front, but the retail environment is more challenging with the economic context pressuring consumer demand. As such, our priority is to continue to proactively manage production and inventory levels, which leads us to revise our year-end guidance,” said José Boisjoli, President and CEO of BRP.

“We are coming off a successful dealer event, during which we introduced industry-leading innovations, including our Can-Am electric motorcycles, reflecting our ongoing commitment to investing in R&D. Looking ahead, we have every confidence in our long-term strategy, and remain focused on building a strong future. We are best positioned to stay on top as we continue leveraging our solid business fundamentals,” concluded Mr. Boisjoli. 

[1]

See “Non-IFRS Measures” section of this press release.

[2]

Earnings per share is defined as “EPS”.

Financial Highlights













Three-month periods ended

Six-month periods ended


(in millions of Canadian dollars, except per share data and margin)

July 31,

2024

July 31,

2023

July 31,

2024

July 31,

2023



Revenues

$1,841.9

$2,778.0

$3,873.6

$5,207.4


Gross Profit

376.5

697.6

856.5

1,321.1


Gross Profit (%)

20.4 %

25.1 %

22.1 %

25.4 %


Normalized EBITDA [1]

198.5

473.1

445.7

850.2


Net income (loss)

7.2

338.7

(0.2)

493.2


Normalized net income [1]

46.4

255.4

118.9

447.4


Earnings (loss) per share – diluted

0.09

4.26

(0.01)

6.16


Normalized earnings per share – diluted [1]

0.61

3.21

1.57

5.59


Weighted average number of shares – basic

73,756,062

77,874,472

74,320,712

78,357,505


Weighted average number of shares – diluted

74,722,829

79,255,857

75,371,619

79,828,732


FISCAL YEAR 2025 UPDATED GUIDANCE & OUTLOOK

The FY25 guidance has been updated as follows:

Financial Metric

FY24

FY25 Guidance [4] vs FY24

Revenues



Year-Round Products

$5,339.4

Down 20% to 22%

Seasonal Products

3,410.7

Down 30% to 32%

Powersports PA&A and OEM Engines

1,184.6

Down 5% to 7%

Marine

432.3

Down 40% to 50%

Total company revenues

10,367.0

$7.8B to $8.0B

Normalized EBITDA [1]

1,699.6

$890M to $940M

Normalized earnings per share – diluted [1]

11.11

$2.75 to $3.25

Net income

744.5

$90M to $120M

Other assumptions for FY25 Guidance

• Depreciation Expenses Adjusted:           

~$430M (Compared to $382M in FY24)

• Net Financing Costs Adjusted:

~$185M (Compared to $175M in FY24)

• Effective tax rate [1] [3]

~25.0% to 25.5% (Compared to 23.6% in FY24)

• Weighted average number of shares – diluted:

~75.0M shares (Compared to 78.5M in FY24)

• Capital Expenditures:

~$475M (Compared to $586M in FY24)

FY25 Quarterly Outlook [4]

The Company expects Q3 Fiscal 2025 Normalized diluted earnings per share [1][2] to be up between high-single digit to low-teen percentage versus Q2 Fiscal 2025.



[1]

See “Non-IFRS Measures” section of this press release.

[2]

Earnings per share is defined as “EPS”.

[3]

Effective tax rate based on Normalized Earnings before Normalized Income Tax.

[4]

Please refer to the “Caution Concerning Forward-Looking Statements” and “Key assumptions” sections of this press release for a summary of important risk factors that could affect the above guidance and of the assumptions underlying this Fiscal Year 2025 guidance.

SECOND QUARTER RESULTS

As planned, the Company maintained its focus on reducing network inventory levels during the three-month period ended July 31, 2024, resulting in a decrease in the volume of shipments, consequently leading to a decline in revenues compared to the same period last year. The decrease in the volume of shipments, higher sales programs due to increased promotional intensity and decreased leverage of fixed costs as a result of reduced shipments have led to a decrease in the gross profit and gross profit margin compared to the same period last year. This decrease was partially offset by favourable product mix.

The Company’s North American quarterly retail sales for Powersport Products were down 18% for the three-month period ended July 31, 2024. The decrease is mainly explained by softer industry demand in both Seasonal and Year-Round Products.

Revenues

Revenues decreased by $936.1 million, or 33.7%, to $1,841.9 million for the three-month period ended July 31, 2024, compared to $2,778.0 million for the corresponding period ended July 31, 2023. The decrease in revenues was primarily due to a lower volume sold across all product lines, as the Company maintained its focus on reducing network inventory levels, and higher sales programs. The decrease was partially offset by favourable product mix across most product lines. The decrease includes a favourable foreign exchange rate variation of $29 million.

  • Year-Round Products [5] (54% of Q2-FY25 revenues): Revenues from Year-Round Products decreased by $476.6 million, or 32.6%, to $985.0 million for the three-month period ended July 31, 2024, compared to $1,461.6 million for the corresponding period ended July 31, 2023. The decrease in revenues from Year-Round Products was primarily attributable to a lower volume sold across all product lines, as the Company maintained its focus on reducing network inventory levels, and higher sales programs. The decrease was partially offset by favourable product mix of SSV and 3WV. The decrease includes a favourable foreign exchange rate variation of $18 million.
  • Seasonal Products [5] (29% of Q2-FY25 revenues): Revenues from Seasonal Products decreased by $355.7 million, or 39.6%, to $541.8 million for the three-month period ended July 31, 2024, compared to $897.5 million for the corresponding period ended July 31, 2023. The decrease in revenues from Seasonal Products was primarily attributable to a lower volume sold across all product lines, as the Company maintained its focus on reducing network inventory levels, and higher sales programs. The decrease was partially offset by favourable product mix across all product lines. The decrease includes a favourable foreign exchange rate variation of $8 million.
  • Powersports PA&A and OEM Engines [5] (14% of Q2-FY25 revenues): Revenues from Powersports PA&A and OEM Engines decreased by $35.9 million, or 12.2%, to $258.3 million for the three-month period ended July 31, 2024, compared to $294.2 million for the corresponding period ended July 31, 2023. The decrease in revenues from Powersports PA&A and OEM Engines was primarily attributable to a lower volume sold due to a high network inventory level in Snowmobile and decrease in retail in other product lines. The decrease also includes a favourable foreign exchange rate variation of $3 million.
  • Marine [5] (3% of Q2-FY25 revenues): Revenues from the Marine segment decreased by $67.5 million, or 53.2%, to $59.4 million for the three-month period ended July 31, 2024, compared to $126.9 million for the corresponding period ended July 31, 2023. The decrease in revenues from the Marine segment was mainly attributable to a lower volume sold due to high dealer inventory, softer consumer demand in the industry, and higher sales programs.

[5] The inter-segment transactions are included in the analysis.

North American Retail Sales

The Company’s North American retail sales for Powersports Products decreased by 18% for the three-month period ended July 31, 2024 compared to the same period last year. The decrease is mainly explained by softer industry demand in both Seasonal and Year-Round Products.

  • North American Year-Round Products retail sales decreased on a percentage basis in the low teens range compared to the three-month period ended July 31, 2023. In comparison, the Year-Round Products industry decreased on a percentage basis in the mid-single digits over the same period.
  • North American Seasonal Products retail sales decreased on a percentage basis in the high-twenties range compared to the three-month period ended July 31, 2023. The Seasonal Products industry decreased on a percentage basis in the high-teens range over the same period.

The Company’s North American retail sales for Marine Products increased by 35% compared to the three-month period ended July 31, 2023, given a low retail volume period as basis of comparison.

Gross profit
Gross profit decreased by $321.1 million, or 46.0%, to $376.5 million for the three-month period ended July 31, 2024, compared to $697.6 million for the three-month period ended July 31, 2023. Gross profit margin percentage decreased by 470 basis points to 20.4% from 25.1% for the three-month period ended July 31, 2023. The decreases in gross profit and gross profit margin percentage were the result of a lower volume sold, higher sales programs, and decreased leverage of fixed costs as a result of reduced shipments. The decrease was partially offset by favourable product mix across most product lines. The decrease in gross profit includes a favourable foreign exchange rate variation of $9 million.

Operating expenses
Operating expenses decreased by $16.7 million, or 5.2%, to $302.1 million for the three-month period ended July 31, 2024, compared to $318.8 million for the three-month period ended July 31, 2023. The decrease in operating expenses was mainly attributable to lower R&D expenses due to the recognition of R&D subsidies from prior years. The decrease was partially offset by restructuring and reorganization costs. The decrease in operating expenses includes a favourable foreign exchange rate variation of $2 million.

Normalized EBITDA [1]
Normalized EBITDA [1] decreased by $274.6 million, or 58.0%, to $198.5 million for the three-month period ended July 31, 2024, compared to $473.1 million for the three-month period ended July 31, 2023. The decrease in normalized EBITDA [1] was primarily due to lower gross margin, partially offset by lower operating expenses.

Net Income
Net income decreased by $331.5 million to $7.2 million for the three-month period ended July 31, 2024, compared to $338.7 million for the three-month period ended July 31, 2023. The decrease in net income was primarily due to a lower operating income, resulting from a lower gross margin, in addition to an increase in financing costs and an unfavourable foreign exchange rate variation on the U.S. denominated long-term debt. The decrease was partially offset by a lower income tax expense.

[5] The inter-segment transactions are included in the analysis.

SIX-MONTH PERIOD ENDED JULY 31, 2024

Revenues
Revenues decreased by $1,333.8 million, or 25.6%, to $3,873.6 million for the six-month period ended July 31, 2024, compared to $5,207.4 million for the corresponding period ended July 31, 2023. The decrease in revenues was primarily due to a lower volume sold across all product lines, as the Company maintained its focus on reducing network inventory levels, and higher sales programs. The decrease was partially offset by favourable product mix across most product lines. The decrease includes a favourable foreign exchange rate variation of $46 million.

Normalized EBITDA [1]
Normalized EBITDA [1] decreased by $404.5 million, or 47.6%, to $445.7 million for the six-month period ended July 31, 2024, compared to $850.2 million for the six-month period ended July 31, 2023. The decrease in Normalized EBITDA [1] was primarily due to a lower gross margin, slightly offset by lower operating expenses.

Net Income (Loss)
Net income (loss) decreased by $493.4 million to $(0.2) million for the six-month period ended July 31, 2024, compared to $493.2 million for the six-month period ended July 31, 2023. The decrease in net income was primarily due to lower operating income, resulting from a lower gross margin, in addition to an increase in financing costs and an unfavourable foreign exchange rate variation on the U.S. denominated long-term debt. The decrease was partially offset by a lower income tax expense.

LIQUIDITY AND CAPITAL RESOURCES

The Company generated net cash flows from operating activities totaling $253.0 million for the six-month period ended July 31, 2024 compared to net cash flows of $748.2 million for the six-month period ended July 31, 2023. The decrease was mainly due to lower profitability and unfavourable changes in working capital, partially offset by lower income taxes paid. The unfavourable changes in working capital were the result of maintaining higher provisions, which reflected the industry’s promotional intensity, and a decrease in trade payables due to a reduction in purchasing activities.

The Company invested $180.7 million of its liquidity in capital expenditures for the introduction of new products and modernization of the Company’s software infrastructure to support future growth.

During the six-month period ended July 31, 2024, the Company also returned $246.2 million to its shareholders through quarterly dividend payouts and its share repurchase programs.

Dividend
On September 5, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.21 per share for holders of its multiple voting shares and subordinate voting shares. The dividend will be paid on October 11, 2024 to shareholders of record at the close of business on September 27, 2024.

[1] See “Non-IFRS Measures” section of this press release

CONFERENCE CALL AND WEBCAST PRESENTATION

Today at 9 a.m. ET, BRP Inc. will host a conference call and webcast to discuss its FY25 second quarter results. The call will be hosted by José Boisjoli, President and CEO, and Sébastien Martel, CFO. To listen to the conference call by phone (event number 69861), please dial 1 800 717-1738 (toll-free in North America). Click here for International numbers.

The Company’s second quarter FY25 webcast presentation is posted in the Quarterly Reports section of BRP’s website.

About BRP
BRP Inc. is a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its lines of products with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Committed to growing responsibly, BRP is developing electric models for its existing product lines and exploring new low voltage and human assisted product categories. Headquartered in Quebec, Canada, BRP has annual sales of CA$10.4 billion from over 130 countries and a global workforce of close to 20,000 driven, resourceful people.

www.brp.com
@BRPNews

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements relating to the Company’s Fiscal Year 2025, including adjusted financial guidance and related assumptions of the Company (including revenues, Normalized EBITDA, Effective Tax Rate, Normalized earnings per share, net income, depreciation expense, net financing costs adjusted, weighted average of the number of shares diluted and capital expenditures), statements relating to the declaration and payment of dividends, statements about the Company’s current and future plans, and other statements about the Company’s prospects, expectations, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, including its continued focus on reducing network inventory, increasing promotional spend and proactively managing production to maintain dealer value proposition, financial position, market position, including expected market share volatility, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, including softer industry demand trends and sustained promotional intensity and pricing actions, the expected demand for the Company’s products and services and sustainable growth, the ongoing commitment to invest in research and product development activities and push the boundaries of innovation, including the expectation of regular flow of new product introductions and development of market-shaping products, including the formal launch of the new electric Can-Am motorcycles, their projected design, characteristics, capacity or performance, expected scheduled entry to market and the anticipated impact of such product introductions, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of Canadian and United States securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

Forward-looking statements are presented for the purpose of assisting readers in understanding certain key elements of the Company’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, as further described below. 

Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail under the heading “Risk Factors” of the Company’s MD&A for the fiscal year ended on January 31, 2024 and in other continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and the Securities and Exchange Commission: the impact of adverse economic conditions including in the context of easing, but still elevated interest and inflation rates; any decline in social acceptability of the Company and its products, including in connection with the broader adoption of electrical or low-emission products; high levels of indebtedness; any unavailability of additional capital; any supply problems, termination or interruption of supply arrangements or increases in the cost of materials; the inability to attract, hire and retain key employees, including members of the Company’s management team or employees who possess specialized market knowledge and technical skills; any failure of information technology systems, security breach or cyber-attack, or difficulties with the implementation of new systems, including the continued implementation of its ERP system; the Company’s reliance on international sales and operations; the Company’s inability to successfully execute its growth strategy; fluctuations in foreign currency exchange rates; unfavourable weather conditions and climate change more generally; the Company’s seasonal nature of its business and some of its products; the Company’s reliance on a network of independent dealers and distributors; any inability of dealers and distributors to secure adequate access to capital; any inability to comply with product safety, health, environmental and noise pollution laws; the Company’s large fixed cost base; any failure to compete effectively against competitors or any failure to meet consumers’ evolving expectations; any failure to maintain an effective system of internal control over financial reporting and to produce accurate and timely financial statements; any inability to maintain and enhance the Company’s reputation and brands; any significant product liability claim; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure to carry proper insurance coverage; the Company’s inability to successfully manage inventory levels; any intellectual property infringement and litigation; the Company’s inability to successfully execute its manufacturing strategy or to meet customer demand as a result of manufacturing capacity constraints; increased freight and shipping costs or disruptions in transportation and shipping infrastructure; any failure to comply with covenants in financing and other material agreements; any changes in tax laws and unanticipated tax liabilities; any impairment in the carrying value of goodwill and trademarks; any deterioration in relationships with employees; pension plan liabilities; natural disasters; volatility in the market price for the Subordinate Voting Shares; the Company’s conduct of business through subsidiaries; the significant influence of Beaudier Group and Bain Capital; and future sales of Subordinate Voting Shares by Beaudier Group, Bain Capital, directors, officers or senior management of the Company. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities regulations. In the event that the Company does update any forward-looking statements contained in this press release, no inference should be made that the Company will make additional updates with respect to that statement, related matters or any other forward-looking statement. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

KEY ASSUMPTIONS

The Company made a number of economic, market and operational assumptions in preparing and making certain forward-looking statements contained in this press release, including without limitation the following assumptions: softer industry demand in both Seasonal and Year-Round Products and an increasingly challenging macroeconomic environment; expected market share volatility; no further deterioration of the conflict in the Middle-East; no return of the mandatory inspections implemented on all cargo trucks crossing the Mexico–Texas border to an extent that would result in major business disruptions; main currencies in which the Company operates will remain at near current levels; easing, but still elevated, levels of inflation; there will be no significant changes in tax laws or free trade arrangements or treaties applicable to the Company; the Company’s margins are expected to be further pressured by lower volumes; the supply base will remain able to support product development and planned production rates on commercially acceptable terms in a timely manner; no new trade barriers will be imposed amongst jurisdictions in which the Company carries operations; the absence of unusually adverse weather conditions, especially in peak seasons. The Company cautions that its assumptions may not materialize and that the currently challenging macroeconomic and geopolitical environments in which it evolves may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company or the industry to be materially different from the outlook or any future results or performance implied by such statements.

NON-IFRS MEASURES

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS measures including the following:

Non-IFRS measures

Definition

Reason for use


Normalized EBITDA

Net income before financing costs, financing income, income tax expense (recovery), depreciation expense and normalized elements.

Assist investors in determining the financial performance of the Company’s operating activities on a consistent basis by excluding certain non-cash elements such as depreciation expense, impairment charge, foreign exchange gain or loss on the Company’s long-term debt denominated in U.S. dollars and foreign exchange gain or loss on certain of the Company’s lease liabilities. Other elements, such as restructuring and wind-down costs, non-recurring gain or loss and acquisition-related costs, may be excluded from net income in the determination of Normalized EBITDA as they are considered not being reflective of the operational performance of the Company.




Normalized net income

Net income before normalized elements adjusted to reflect the tax effect on these elements

In addition to the financial performance of operating activities, this measure considers the impact of investing activities, financing activities and income taxes on the Company’s financial results.





Normalized income tax expense

Income tax expense adjusted to reflect the tax effect on normalized elements and to normalize specific tax elements

Assist investors in determining the tax expense relating to the normalized items explained above, as they are considered not being reflective of the operational performance of the Company.





Normalized effective tax rate

Based on Normalized net income before Normalized income tax expense

Assist investors in determining the effective tax rate including the normalized items explained above, as they are considered not being reflective of the operational performance of the Company.





Normalized earnings per share – diluted

Calculated by dividing the Normalized net income by the weighted average number of shares – diluted

Assist investors in determining the normalized financial performance of the Company’s activities on a per share basis.













Free cash flow

Cash flows from operating activities less additions to PP&E and intangible assets

Assist investors in assessing the Company’s liquidity generation abilities that could be available for shareholders, debt repayment and business combination, after capital expenditure



The Company believes non-IFRS measures are important supplemental measures of financial performance because they eliminate items that have less bearing on the Company’s financial performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. Management also uses non-IFRS measures in order to facilitate financial performance comparisons from period to period, prepare annual operating budgets, assess the Company’s ability to meet its future debt service, capital expenditure and working capital requirements and also as a component in the determination of the short-term incentive compensation for the Company’s employees. Because other companies may calculate these non-IFRS measures differently than the Company does, these metrics are not comparable to similarly titled measures reported by other companies. 

The Company refers the reader to the tables below for the reconciliations of the non-IFRS measures presented by the Company to the most directly comparable IFRS measure.

Reconciliation Tables

The following tables present the reconciliation of non-IFRS measures compared to their respective IFRS measures:


Three-month periods ended

Six-month periods ended


(in millions of Canadian dollars)

July 31,

2024

July 31,

2023

July 31,

2024

July 31,

2023









Net income (loss)

$7.2

$338.7

$(0.2)

$493.2


Normalized elements






Foreign exchange (gain) loss on long-term debt and lease liabilities

11.9

(77.6)

82.6

(33.8)


(Gain) loss on NCIB

—

(3.2)

—

(3.2)


Costs related to business combinations [2]

4.3

1.7

8.1

6.6


Restructuring and related costs [3]

14.6

—

30.8

—


Other elements [4]

—

—

0.9

0.2


Income tax adjustment [1] [5]

8.4

(4.2)

(3.3)

(15.6)


Normalized net income [1]

46.4

255.4

118.9

447.4


Normalized income tax expense [1]

1.0

80.2

27.1

132.8


Financing costs adjusted [1]

50.1

47.2

98.8

91.3


Financing income adjusted [1]

(4.0)

(2.9)

(5.8)

(4.4)


Depreciation expense adjusted [1]

105.0

93.2

206.7

183.1


Normalized EBITDA [1]

$198.5

$473.1

$445.7

$850.2




[1]

See “Non-IFRS Measures” section.

[2]

Transaction costs and depreciation of intangible assets related to business combinations.

[3]

Costs associated with restructuring and reorganization activities, which are mainly composed of severance costs.

[4]

Other elements include fees associated with the secondary offering that occurred during Fiscal 2025.

[5]

Income tax adjustment is related to the income tax on Normalized elements subject to tax and for which income tax has been recognized and to the adjustment related to the impact of foreign currency translation from Mexican operations.

The following table presents the reconciliation of items as included in the Normalized net income [1] and Normalized EBITDA [1] compared to respective IFRS measures as well as the Normalized EPS – basic and diluted [1] calculation.

(in millions of Canadian dollars, except per share data)

Three-month periods ended


Six-month periods ended

July 31,

2024

July 31,

2023


July 31,

2024

July 31,

2023


Depreciation expense reconciliation






Depreciation expense

$107.0

$95.7


$210.7

$188.1

Depreciation of intangible assets related to business combinations

(2.0)

(2.5)


(4.0)

(5.0)

Depreciation expense adjusted

$105.0

$93.2


$206.7

$183.1

Income tax expense reconciliation






Income tax expense

$9.4

$76.0


$23.8

$117.2

Income tax adjustment [2]

(8.4)

4.2


3.3

15.6

Normalized income tax expense [1]

$1.0

$80.2


$27.1

$132.8

Financing costs reconciliation






Financing costs

$50.1

$47.2


$98.8

$91.5

Other

—

—


—

(0.2)

Financing costs adjusted

$50.1

$47.2


$98.8

$91.3

Financing income reconciliation






Financing income

$(4.0)

$(6.1)


$(5.8)

$(7.6)

Gain on NCIB

—

3.2


—

3.2

Financing income adjusted

$(4.0)

$(2.9)


$(5.8)

$(4.4)







Normalized EPS – basic [1] calculation






Normalized net income [1]

$46.4

$255.4


$118.9

$447.4

Non-controlling interests

(0.6)

(1.0)


(0.8)

(1.3)

Weighted average number of shares – basic

73,756,062

77,874,472


74,320,712

78,357,505

Normalized EPS – basic [1]

$0.62

$3.27


$1.59

$5.69

Normalized EPS – diluted [1] calculation






Normalized net income [1]

$46.4

$255.4


$118.9

$447.4

Non-controlling interests

(0.6)

(1.0)


(0.8)

(1.3)

Weighted average number of shares – diluted

74,722,829

79,255,857


75,371,619

79,828,732

Normalized EPS – diluted [1]

$0.61

$3.21


$1.57

$5.59



[1]

See “Non-IFRS Measures” section.

[2]

Income tax adjustment is related to the income tax on Normalized elements subject to tax and for which income tax has been recognized and to the adjustment related to the impact of foreign currency translation from Mexican operations.

The following table presents the reconciliation of net cash flows generated from operating activities to free cash flow [1].


Six-month periods ended

(in millions of Canadian dollars)

July 31,
2024

July 31,
2023

Net cash flows generated from operating activities

$253.0

$748.2

Additions to property, plant and equipment

(165.3)

(204.9)

Additions to intangible assets

(15.5)

(15.5)

Free cash flow [1]

$72.2

$527.8

[1] See “Non-IFRS Measures” section.

SOURCE BRP Inc.





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Expats savor culture, flavor in Lanxi


JINHUA, China, Sept. 6, 2024 /PRNewswire/ — A news report from chinadaily.com.cn:

Lanxi, a county-level city in Jinhua, East China’s Zhejiang province, is a commercial hub and a cultural landmark. An expat group visited Lanxi from Sept 3 to 4 to immerse themselves in its unique traditions and way of life.

Expats make their own Wuju Opera masks in Lanxi, Zhejiang province on Sept 3. [Photo provided to chinadaily.com.cn]
Expats make their own Wuju Opera masks in Lanxi, Zhejiang province on Sept 3. [Photo provided to chinadaily.com.cn]

Their journey began in Xiali village, the hometown of the renowned Chinese dramatist and drama theorist Li Yu (1611-80), often called “William Shakespeare of the East”. The visitors learned about the stories about Li and experienced Wuju Opera, an intangible cultural heritage item of Lanxi.

Mohammed Al-Zouba, a social media influencer from Yemen, expressed his admiration for Wuju Opera’s unique charm and exquisite performances. He took photos and shot videos to share the allure of Wu Opera with more international friends.

The expats explored Yongchang Ancient Street, the most well-preserved ancient street in Jinhua, where the legacy of the Ming (1368-1644) and Qing (1644-1911) dynasties meets the vibrancy of modern life. Walking these historic streets allowed them to experience the slow-paced urban life in Lanxi.

In Youbu town, visitors tasted the renowned Youbu Morning Tea. They were impressed by the variety of delicacies and the unique handmade preparation methods. This wasn’t just a culinary experience but also a fascinating cultural journey.

They also visited Zhuge town in Lanxi, a picturesque settlement where descendants of Zhuge Liang (181-234), then prime minister of the Shu Kingdom (222-263), reside.

SOURCE chinadaily.com.cn



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America’s Premiere Haunted Attractions Announce Scary Season Openings


America Haunts presents the premier haunted attractions, committed to excellence and originality in fear-based fun.


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America Haunts Lineup of Premier Haunted Attractions 2024 Season Open Dates

September 6, 2024

Niles Scream Park – Niles/Benton Harbor, MI

September 13, 2024

Beast Haunted Attraction – Kansas City, MO
Bennett’s Curse Haunted House – Baltimore, MD
Edge of Hell Haunted Attraction – Kansas City, MO
Cutting Edge Haunted House – Fort Worth, TX
Erebus Haunted Attraction – Detroit/Pontiac, MI
Headless Horseman Hayrides and Haunted Attractions – New York/Ulster Park, NY
Kersey Valley Spookywoods – Greensboro/High Point, NC
Nightmare on 13th – Salt Lake City, UT
Spooky World – Boston/Litchfield, NH
Talon Falls Screampark – Paducah/Melber, KY
The Dent Schoolhouse – Cincinnati, OH
The Factory of Terror – Canton, OH

September 20, 2024

Dead End Hayride – Minneapolis, MN
NETHERWORLD Haunted House – Atlanta, GA
The Bates Motel and Haunted Hayride – Philadelphia, PA

September 21, 2024

Thrillvania Haunted House Park – Dallas, TX

September 27, 2024

The Haunted Trail of Balboa Park – San Diego, CA
13th Gate – Baton Rouge, LA
Macabre Cinema Haunted Attraction – Kansas City, MO

These attractions take scaring seriously, prioritizing safety in their meticulously crafted experiences. Each haunt is designed to keep visitors on edge from start to finish, offering realistic and terrifying encounters that set the standard for fear. From the East Coast to the West Coast, hauntgoers will seek out the proven masters of horror.

Adventurers will get the jump on tickets to navigate the terrifying grounds and houses at Spooky World in New Hampshire, brave the gruesome pathways at the Haunted Trail of Balboa Park in San Diego, and explore the country’s best haunts from north to south like Dead End Hayride outside of Minneapolis and Cutting Edge in Fort Worth to witness masters at bone-chilling scares with special effects, or Baton Rouge’s 13th Gate, with its reputation for delivering over-the-top frights.

Graveyards, rooms full of twists and turns, and spooky specters are just the beginning at these top-tier haunts. The Beast in Kansas City and Niles Scream Park in Niles, Michigan, stand out as destinations where fear is an art form. Bennett’s Curse in Baltimore and Talon Falls Screampark in Paducah, Kentucky, exemplify how each attraction is uniquely different, with custom-made sets, props, and costumes creating a fear-filled experience.

From the immersive hayrides of the Headless Horseman Hayrides and Haunted Attractions outside New York City that push the boundaries of reality to the unforgettable terror inside The Bates Motel and on their hayride in the Philadelphia-area, these haunts dedicate acres to fright. Massive attractions are a hallmark of the best haunts, and America’s premier venues deliver with sprawling grounds like Spookywoods near Greensboro, North Carolina, Thrillvania in Dallas, and the colossal haunted complexes found at Nightmare on 13th in Salt Lake City and the Dent School House in Cincinnati. 

Drawing crowds and raving fans is a tradition at NETHERWORLD’s dark and twisted lair near Atlanta. The evil experiments at Erebus outside of Detroit and the nightmares manufactured at the Factory of Terror in Canton, Ohio, take terror to the top.

These twenty haunts across America are on every thrillseeker’s bucket list, offering the best haunted attraction experiences available. Haunt season begins soon, and tickets are on sale now, allowing visitors to select the ideal times and dates for frightfully fun nights out nationwide.

About America Haunts
America Haunts is the national association of premier haunted attractions, committed to excellence and originality in fear-based entertainment. With a collective annual attendance surpassing one million thrill-seekers, America Haunts represents the best in the industry. Its members are recognized for their longevity, professional reputations, technical expertise, and innovative approaches to creating immersive experiences. These top-tier haunt operators are known for their ability to deliver unforgettable scares, making them world-class leaders in haunted entertainment.

SOURCE America Haunts



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Vail Resorts Announces Fiscal 2024 Year-End Earnings Release Date


BROOMFIELD, Colo., Sept. 5, 2024 /PRNewswire/ — Vail Resorts, Inc. (NYSE: MTN) announced today it will release the Company’s financial results for its fiscal year ended July 31, 2024 after market close on Thursday, September 26, 2024. The Company will host a conference call at 5:00 p.m. eastern time that same day during which Company executives will review the financial results.

The call will be broadcast over the Internet at www.VailResorts.com. To listen to the call, go to the website and select the Investor Relations section. Those wishing to participate via telephone should dial (800) 579-2543 to be connected. Callers outside of the U.S. or Canada should dial +1 (785) 424-1789. The conference ID is MTNQ424.  

In addition, a replay of the call will be available two hours following the conclusion of the conference call through October 3, 2024. To access the replay, dial (800) 723-5759 (U.S. and Canada) or +1 (402) 220-2662 (international). The call also will be archived at www.VailResorts.com.

About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and pass options at www.EpicPass.com.

SOURCE Vail Resorts, Inc.



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Awaysis Capital Completes Re-Audit of its Consolidated Financial Statements and Files Form 10-K/A


MIRAMAR, Fla., Sept. 5, 2024 /PRNewswire/ — Awaysis Capital, Inc. (OTCMARKETS: AWCA), is pleased to report it has filed its amended Form 10-K/A which incorporates a re-audit of the Company’s consolidated financial statements for the years ended June 30, 2022. The 10-K/A amendment also removed the going concern qualifications as of the Report Date.

The re-auditing of its consolidated financial statements for the June 30, 2022, fiscal year was required due to the Company’s prior audit firm, BF Borgers, being sanctioned by the SEC. The re-audit was completed by the Company’s independent auditor, Moore Belize LLP in accordance with Public Company Accounting Oversight Board standards. These re-audited financial statements highlight the Company’s commitment to maintaining transparency, accuracy, and compliance in its financial reporting.

Dr. Andrew Trumbach, The Company’s Co-CEO and CFO said, “Our accounting firm Moore Belize LLP has worked diligently to complete the re-audits of our financial statements, and their thorough and swift completion reinforces the accuracy and reliability of our financial disclosures. We remain committed to upholding the highest standards of financial governance and to ensure that our financial reports accurately reflect the Company’s performance and position us for continued success.”

Awaysis Capital will continue to provide updates on the reauditing process and any related developments as they become available.

About Awaysis Capital, Inc.

Increased global trends towards “work from home” opportunities have impacted both residency and travel. We believe that more people are seeking comfortable and convenient places to travel, visit, and live for extended durations. We seek to capitalize on these trends by transforming residential/resort properties in desirable locations into convenient enclaves that facilitate this type of travel or residency. We define an enclave as a gated community that has all the amenities that will allow a person to live, work and play without having to leave the community.

To learn more, visit www.awaysiscapital.com

Forward-Looking Statements

Statements in this press release that are not historical fact may be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “would” or “continue” or the negative of these terms or other similar expressions. Although Awaysis believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and Awaysis is unable to give any assurance that its expectations will be attained. Factors or events that could cause actual results to differ may emerge, and it is not possible to predict all of them. Awaysis’ assumptions used for the purposes of the forward-looking statements represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance or our achievements, or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied by such forward-looking statements. There are a number of risks and uncertainties that could cause Awaysis’ actual results to differ materially from the forward-looking statements contained in this press release, which are set forth in certain of our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward­ looking statement, except as may be required by law.

SOURCE Awaysis Capital, Inc.



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NEW Digital Exhibit Made in Partnership with NYU


Black Cloth: Mourning Dress and Drapery at the White House

WASHINGTON, Sept. 5, 2024 /PRNewswire/ — The White House Historical Association debuts a new digital exhibit today in partnership with New York University’s Steinhardt School of Culture, Education, and Human Development. Black Cloth: Mourning Dress and Drapery at the White House, examines the dress and décor used during times of mourning at the White House from the mid-19th century to the mid-20th century during the presidencies of William Henry Harrison, Zachary Taylor, Abraham Lincoln, James Garfield, William McKinley, Warren G. Harding, Franklin D. Roosevelt, and John F. Kennedy.  

The exhibit is the result of a semester long internship offered by the Association to support the work of a NYU Costume Studies student. The 2024 internship recipient, Rachel Bellis, worked closely with the Association’s David M. Rubenstein National Center for White House History and its Digital Library team.  

Bellis’ exhibit, Black Cloth: Mourning Dress and Drapery at the White House, examines how black cloth was a powerful part of public and private displays of bereavement at the White House. The digital exhibit explores the draping of the White House façade and its interiors with black fabric for the eight presidents who died in office, and the black mourning gowns and accessories worn by their spouses. 

During her research, Bellis uncovered an 1893 appropriations act that prohibited the use of mourning drapery on federal buildings following the death of President James Garfield that would extend until First Lady Jacqueline Kennedy draped the North Door and State Floor of the White House in black cloth. Additionally, an image from the William McKinley Presidential Library and Museum in Canton, Ohio of First Lady Ida McKinley was digitized and is now available online for the first time. 

“During my research process for this exhibit, I learned so much about how mourning was conducted at the White House for the eight presidents who passed away in office. The rituals surrounding mourning were very complex in the nineteenth century— it was fascinating to learn how those rules changed over time, but black cloth continued to play an important role. Looking at the fashions and textiles that the White House used for mourning the eight presidents who died in office, it is clear to me that black fabric was a key element tying together all those historic moments of grief,” said Bellis.  

“Rachel’s dedicated research has opened a new door into the history of White House mourning traditions and has provided valuable knowledge that can be used for years to come,” said Stewart McLaurin, President of the White House Historical Association.  

Rachel Bellis is a Costume Studies MA student at New York University in the Steinhardt School of Culture, Education, and Human Development. Mourning fashion is a particular interest of hers; she researched a mourning gown at historic New Jersey home Kingsland Manor, which inspired her work on this exhibit. 

Bellis’ internship is from January through the end of August 2024. 

For more information on the White House Historical Association, please visit www.whitehousehistory.org.  

About NYU Costume Studies 

Since 1979, NYU Steinhardt’s MA Program in Costume Studies has focused on the history of dress and textiles in its broadest aesthetic and cultural context. It was the first curriculum in the U.S. to educate specialists in this field. With a core of courses on the history of fashion and textiles, the program trains students in the research and analysis of the fascinating phenomenon of dress. 

About The White House Historical Association 

First Lady Jacqueline Kennedy envisioned a restored White House that conveyed a sense of history through its decorative and fine arts. In 1961, the White House Historical Association was established to support her vision to preserve and share the Executive Mansion’s legacy for generations to come. Supported entirely by private resources, the Association’s mission is to assist in the preservation of the state and public rooms, fund acquisitions for the White House permanent collection, and educate the public on the history of the White House. Since its founding, the White House Historical Association has contributed more than $115 million in fulfillment of its mission. To learn more about the White House Historical Association, please visit www.whitehousehistory.org.

SOURCE The White House Historical Association



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Awaysis Capital Secures $1.1 Million Bridge Loan from Key Executives on Preferential Terms


MIRAMAR, Fla., Sept. 5, 2024 /PRNewswire/ — Awaysis Capital, Inc. (OTCMARKETS: AWCA), is pleased to announce that it has secured a $1.1 million bridge loan (the “Loan”) from Harthorne Capital, Inc. (“Harthorne”). Harthorne serves as a holding entity for investments in the Company by Mr. Michael Singh, the Company’s Chairman and Co-CEO, and Dr. Andrew Trumbach, the Company’s Co-CEO and CFO. Additionally, Mr. Singh, Dr. Trumbach, and Ms. Lisa-Marie Iannitelli, a director of the Company, are Executive Directors of Harthorne.

“This bridge loan demonstrates the unwavering belief our management team has in Awaysis Capital’s growth trajectory and strategic vision,” said Michael Singh, Chairman and Co-CEO of Awaysis Capital. “By investing directly into the Company, we are not only providing the financial resources needed to execute our plans but also reinforcing our commitment to delivering long-term value to our shareholders.”

The Loan will be instrumental in advancing the ongoing development and renovations of the Company’s Awaysis Casamora property, a key asset in Awaysis Capital’s real estate portfolio. The Awaysis Casamora property is undergoing significant upgrades to its rental units and the commercial buildings aimed at rebranding and enhancing its curb appeal. This will increase our rental pool and sales inventory to generate additional revenues. These renovations include state-of-the-art infrastructure improvements, modernized facilities, and aesthetic enhancements designed to attract high-caliber guests and buyers.

In addition to the property development, the Loan will provide crucial working capital, ensuring that the Company can maintain its operational momentum and meet day-to-day financial obligations. This infusion of capital will also enable Awaysis Capital to seize emerging business opportunities, strengthen its market position, and sustain its corporate growth strategy. By addressing both immediate and long-term financial needs, the Loan will support the Company’s continued expansion and the execution of its strategic initiatives.

For further details, please refer to the full text of the Note, which is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K.

About Awaysis Capital, Inc.

Increased global trends towards “work from home” opportunities have impacted both residency and travel. We believe that more people are seeking comfortable and convenient places to travel, visit, and live for extended durations. We seek to capitalize on these trends by transforming residential/resort properties in desirable locations into convenient enclaves that facilitate this type of travel or residency. We define an enclave as a gated community that has all the amenities that will allow a person to live, work and play without having to leave the community.

To learn more, visit www.awaysiscapital.com

Forward-Looking Statements

Statements in this press release that are not historical fact may be deemed forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “would” or “continue” or the negative of these terms or other similar expressions. Although Awaysis believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they involve numerous risks and uncertainties and Awaysis is unable to give any assurance that its expectations will be attained. Factors or events that could cause actual results to differ may emerge, and it is not possible to predict all of them. Awaysis’ assumptions used for the purposes of the forward-looking statements represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance or our achievements, or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied by such forward-looking statements. There are a number of risks and uncertainties that could cause Awaysis’ actual results to differ materially from the forward-looking statements contained in this press release, which are set forth in certain of our filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, except as may be required by law.

SOURCE Awaysis Capital, Inc.



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ASUR Announces Total Passenger Traffic for August 2024


Passenger traffic increased year-on-year by 16.3% in Colombia and 1.6% in Puerto Rico, and declined 10.7% in Mexico

MEXICO CITY, Sept. 5, 2024 /PRNewswire/ — Grupo Aeroportuario del Sureste, S.A.B. de C.V.  (NYSE: ASR; BMV: ASUR), ASUR, a leading international airport group with operations in Mexico, the U.S. and Colombia, today announced that passenger traffic for August 2024 reached a total of 6.0 million passengers, representing a decrease of 2.8% compared to August 2023.

Passenger traffic presented year-on-year increases of 16.3% in Colombia and 1.6% in Puerto Rico, while Mexico reported a decrease of 10.7%. Passenger traffic growth in Colombia was driven by increases of 24.8% in international traffic and 14.1% in domestic traffic. Puerto Rico reported 21.6% growth in international traffic and a decrease of 0.7% in domestic traffic. Mexico, in turn, reported declines in domestic and international traffic of 9.1% and 12.6%, respectively.

All figures in this statement reflect comparisons between the period from August 1 to August 31, 2024 and from August 1 to August 31, 2023. Passengers in transit and general aviation only for Mexico and Colombia.

Passenger Traffic Summary








August

% Chg


Year to date

% Chg

2023

2024


2023

2024

Mexico

3,752,851

3,350,590

(10.7)


29,511,348

28,586,240

(3.1)

Domestic Traffic

2,024,362

1,839,599

(9.1)


14,049,091

13,141,722

(6.5)

International Traffic

1,728,489

1,510,991

(12.6)


15,462,257

15,444,518

(0.1)

San Juan, Puerto Rico

1,116,216

1,134,323

1.6


8,497,329

9,274,541

9.1

Domestic Traffic

998,100

990,742

(0.7)


7,604,175

8,218,594

8.1

International Traffic

118,116

143,581

21.6


893,154

1,055,947

18.2

Colombia

1,291,587

1,502,187

16.3


9,832,115

10,865,979

10.5

Domestic Traffic

1,020,110

1,163,486

14.1


7,914,708

8,479,908

7.1

International Traffic

271,477

338,701

24.8


1,917,407

2,386,071

24.4

Total Traffic

6,160,654

5,987,100

(2.8)


47,840,792

48,726,760

1.9

Domestic Traffic

4,042,572

3,993,827

(1.2)


29,567,974

29,840,224

0.9

International Traffic

2,118,082

1,993,273

(5.9)


18,272,818

18,886,536

3.4

Mexico Passenger Traffic









August

% Chg


Year to date

% Chg

2023

2024


2023

2024

Domestic Traffic

2,024,362

1,839,599

(9.1)


14,049,091

13,141,722

(6.5)

CUN

Cancun

1,153,621

983,288

(14.8)


7,875,338

6,789,074

(13.8)

CZM

Cozumel

24,686

23,574

(4.5)


126,653

162,270

28.1

HUX

Huatulco

68,883

64,213

(6.8)


566,708

491,235

(13.3)

MID

Merida

297,974

305,445

2.5


2,198,787

2,191,682

(0.3)

MTT

Minatitlan

13,396

13,177

(1.6)


85,384

94,175

10.3

OAX

Oaxaca

144,337

134,031

(7.1)


956,323

1,010,265

5.6

TAP

Tapachula

50,510

50,630

0.2


347,158

403,541

16.2

VER

Veracruz

152,185

139,246

(8.5)


1,026,622

1,024,692

(0.2)

VSA

Villahermosa

118,770

125,995

6.1


866,118

974,788

12.5

International Traffic

1,728,489

1,510,991

(12.6)


15,462,257

15,444,518

(0.1)

CUN

Cancun

1,636,287

1,414,445

(13.6)


14,570,431

14,425,257

(1.0)

CZM

Cozumel

28,344

22,184

(21.7)


338,117

364,170

7.7

HUX

Huatulco

1,938

1,657

(14.5)


79,237

104,555

32.0

MID

Merida

25,778

30,373

17.8


223,317

251,222

12.5

MTT

Minatitlan

776

814

4.9


5,611

4,979

(11.3)

OAX

Oaxaca

21,367

22,581

5.7


148,172

166,679

12.5

TAP

Tapachula

1,327

1,196

(9.9)


12,252

9,297

(24.1)

VER

Veracruz

9,992

14,899

49.1


66,367

95,354

43.7

VSA

Villahermosa

2,680

2,842

6.0


18,753

23,005

22.7

Traffic Total Mexico

3,752,851

3,350,590

(10.7)


29,511,348

28,586,240

(3.1)

CUN

Cancun

2,789,908

2,397,733

(14.1)


22,445,769

21,214,331

(5.5)

CZM

Cozumel

53,030

45,758

(13.7)


464,770

526,440

13.3

HUX

Huatulco

70,821

65,870

(7.0)


645,945

595,790

(7.8)

MID

Merida

323,752

335,818

3.7


2,422,104

2,442,904

0.9

MTT

Minatitlan

14,172

13,991

(1.3)


90,995

99,154

9.0

OAX

Oaxaca

165,704

156,612

(5.5)


1,104,495

1,176,944

6.6

TAP

Tapachula

51,837

51,826

(0.0)


359,410

412,838

14.9

VER

Veracruz

162,177

154,145

(5.0)


1,092,989

1,120,046

2.5

VSA

Villahermosa

121,450

128,837

6.1


884,871

997,793

12.8

US Passenger Traffic, San Juan Airport (LMM)







August

% Chg


Year to date

% Chg

2023

2024


2023

2024

SJU Total

1,116,216

1,134,323

1.6


8,497,329

9,274,541

9.1

Domestic Traffic

998,100

990,742

(0.7)


7,604,175

8,218,594

8.1

International Traffic

118,116

143,581

21.6


893,154

1,055,947

18.2

Colombia Passenger Traffic Airplan








August

% Chg


Year to date

% Chg

2023

2024


2023

2024

Domestic Traffic

1,020,110

1,163,486

14.1


7,914,708

8,479,908

7.1

MDE

Rionegro

749,341

893,041

19.2


5,886,351

6,345,956

7.8

EOH

Medellin

118,920

105,736

(11.1)


801,054

808,857

1.0

MTR

Monteria

103,063

118,440

14.9


844,000

961,643

13.9

APO

Carepa

16,849

14,377

(14.7)


134,638

117,062

(13.1)

UIB

Quibdo

29,880

26,560

(11.1)


232,525

221,515

(4.7)

CZU

Corozal

2,057

5,332

159.2


16,140

24,875

54.1

International Traffic

271,477

338,701

24.8


1,917,407

2,386,071

24.4

MDE

Rionegro

271,477

338,701

24.8


1,917,407

2,386,071

24.4

EOH

Medellin

–

–

–


–

–

–

MTR

Monteria

–

–

–


–

–

–

APO

Carepa

–

–

–


–

–

–

UIB

Quibdo

–

–

–


–

–

–

CZU

Corozal

–

–

–


–

–

–

Traffic Total Colombia

1,291,587

1,502,187

16.3


9,832,115

10,865,979

10.5

MDE

Rionegro

1,020,818

1,231,742

20.7


7,803,758

8,732,027

11.9

EOH

Medellin

118,920

105,736

(11.1)


801,054

808,857

1.0

MTR

Monteria

103,063

118,440

14.9


844,000

961,643

13.9

APO

Carepa

16,849

14,377

(14.7)


134,638

117,062

(13.1)

UIB

Quibdo

29,880

26,560

(11.1)


232,525

221,515

(4.7)

CZU

Corozal

2,057

5,332

159.2


16,140

24,875

54.1

About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain and develop 16 airports in the Americas. This comprises nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean and Latin America, and six airports in northern Colombia, including Medellin international airport (Rio Negro), the second busiest in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan’s Airport is the island’s primary gateway for international and mainland-US destinations and was the first, and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx.

SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.



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Academy Sports + Outdoors Announces Quarterly Cash Dividend


KATY, Texas, Sept. 5, 2024 /PRNewswire/ — Academy Sports and Outdoors, Inc. (the “Company” or “Academy”) (Nasdaq: ASO) announced today that its Board of Directors approved the declaration of a quarterly cash dividend with respect to the fiscal quarter ended August 3, 2024 of $0.11 per share of the Company’s common stock. The dividend is payable on October 17, 2024, to stockholders of record as of the close of business on September 19, 2024. 

About Academy Sports + Outdoors
Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to 285 stores across 19 states. Academy’s mission is to provide “Fun for All” and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy’s product assortment focuses on key categories of outdoor, apparel, sports & recreation and footwear through both leading national brands and a portfolio of private label brands. For more information, visit www.academy.com.

Forward Looking Statements
This press release contains 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. These forward-looking statements are based on Academy’s current expectations and are not guarantees of future performance. The forward-looking statements include, among other things, statements regarding the payment of the dividend, including the timing and amount thereof, the Company’s expectations regarding its future performance, and the Company’s future financial condition to support future dividend growth and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify.  Actual results may differ materially from these expectations due to factors that are set forth in Academy’s filings with the U.S. Securities and Exchange Commission.  Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, except as may be required by any applicable securities laws.

Media inquiries: 
Allan Rojas, Communications Director
281.944.6048
[email protected]

Investor inquiries:
Matt Hodges, Vice President Investor Relations
281.646.5362
[email protected]

SOURCE Academy Sports + Outdoors



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American Outdoor Brands, Inc. Reports First Quarter Fiscal 2025 Financial Results


•   Net Sales $41.6 Million
•   GAAP Gross Margin 45.4%
•   Traditional Channel Sales $25.1 Million
•   E-Commerce Channel Sales $16.5 Million
•   International Net Sales $4.4 Million – Up 21%

COLUMBIA, Mo., Sept. 5, 2024 /PRNewswire/ — American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), an innovation company that provides product solutions for outdoor enthusiasts, today announced financial results for the first quarter of fiscal 2025 ended July 31, 2024.

First Quarter Fiscal 2025 Financial Highlights

  • Quarterly net sales were $41.6 million, a decrease of $1.8 million, or 4.1%, compared with net sales of $43.4 million for the prior year.
  • Quarterly gross margin was 45.4%, consistent with quarterly gross margin of 45.4% for the comparable quarter last year. Non-GAAP gross margin for the quarter was 46.0%. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly GAAP net loss was $2.4 million, or ($0.18) per diluted share, compared with a GAAP net loss of $4.1 million, or ($0.31) per diluted share, last year.
  • Quarterly non-GAAP net income was $748,000 or $0.06 per diluted share, compared with non-GAAP net income of $98,000, or $0.01 per diluted share, last year. GAAP to non-GAAP adjustments for net income exclude acquired intangible amortization, stock compensation, non-recurring inventory reserve costs, technology implementation, and other costs. For a detailed reconciliation, see the schedules that follow in this release.
  • Quarterly Adjusted EBITDAS was $2.0 million, or 4.8% of net sales, compared with Adjusted EBITDAS of $1.1 million, or 2.6% of net sales, for the prior year. For a detailed reconciliation, see the schedules that follow in this release.

Brian Murphy, President and Chief Executive Officer, said, “Net sales results for our first quarter came in as expected, declining slightly year-over-year, driven by a combination of order timing and recent trends in certain consumer markets.  Nevertheless, I am pleased with our performance, which included a significant increase of more than 76% in Adjusted EBITDAS, and reflected a consumer preference for innovative products from our popular brands in Outdoor Lifestyle and Shooting Sports categories.  New product innovation and expanded distribution opportunities are core to our long-term growth strategy, and both played a key role in our first quarter results. 

“Innovation allows us to forge strong relationships with our consumers and retailers and expand our access to new markets.  New products launched within the past 24 months generated 23% of our net sales in the first quarter.  In Outdoor Lifestyle, new products from our BOG and BUBBA brands, including our Smart Fish Scale, delivered strong hunting and fishing performance and helped to largely offset softness in outdoor cooking and rugged outdoor.  In Shooting Sports, new products from our Caldwell Claymore family, including our Solo and PullPup clay target throwers, drove strength in shooting accessories and helped partially offset weakness in personal protection products, which is reflective of recent trends in that market.  We believe our consumer is resilient, and with innovation as our growth engine, we are excited about the new products we have in store and the future growth they can fuel.

“Expanded distribution opportunities are also a key part of our growth strategy and during the quarter we remained focused on ensuring our brands are increasingly accessible to a broad audience of consumers, both domestically and internationally.  Accordingly, our efforts to introduce more of our brands to Canadian consumers helped deliver international net sales of $4.4 million, comprising over 10% of our net sales in the quarter and representing growth of over 21%.  These results demonstrate the tremendous potential the international market holds for our brands,” concluded Murphy.

Andrew Fulmer, Chief Financial Officer, said, “Our balance sheet remained strong in the first quarter, and we continued to demonstrate disciplined capital management.  We ended the quarter with $23.5 million in cash and no debt after replenishing our inventories in preparation for the fall hunting and holiday seasons, and after repurchasing our common stock during the quarter.  We remain excited about the opportunities that lie ahead for fiscal 2025 and beyond.   While we anticipate that headwinds in the Shooting Sports category may continue, we believe that our initiatives to drive channel expansion, combined with our robust new product pipeline, will help deliver growth in our Outdoor Lifestyle category.  Therefore, we continue to believe that we remain well positioned to deliver growth in both net sales and profitability in fiscal 2025.”

Conference Call and Webcast
The Company will host a conference call and webcast today, September 5, 2024, to discuss its first quarter fiscal 2025 financial and operational results. Speakers on the conference call will include Brian Murphy, President and Chief Executive Officer, and Andrew Fulmer, Chief Financial Officer.  The conference call may include forward-looking statements and a discussion of non-GAAP financial measures. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Those interested in listening to the conference call via telephone may call directly at (833) 630-1956 and ask to join the American Outdoor Brands call.  No RSVP is necessary.  The conference call audio webcast can also be accessed live on the Company’s website at aob.com, under the Investor Relations section. 

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
In this press release, certain non-GAAP financial measures, including “non-GAAP net income” and “Adjusted EBITDAS” are presented. A reconciliation of these and other non-GAAP financial measures are contained at the end of this press release. From time to time, the Company considers and uses these non-GAAP financial measures as supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends.  The Company believes it is useful for itself and the reader to review, as applicable, both (1) GAAP measures that include (i) amortization of acquired intangible assets, (ii) stock compensation, (iii) technology implementation, (iv) non-recurring inventory reserve adjustment, (v) emerging growth status transition costs, (vi) income tax adjustments, (vii) interest (income)/expense, (viii) income tax expense, and (xi) depreciation and amortization; and (2) the non-GAAP measures that exclude such information. The Company presents these non-GAAP measures because it considers them an important supplemental measure of its performance and believes the disclosure of such measures provides useful information to investors regarding the Company’s financial condition and results of operations. The Company’s definition of these adjusted financial measures may differ from similarly named measures used by others. The Company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis.  These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company’s GAAP measures.  The principal limitations of these measures are that they do not reflect the Company’s actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis. 

About American Outdoor Brands, Inc.
American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT) is an innovation company that provides product solutions for outdoor enthusiasts,  including hunting, fishing, camping, shooting, outdoor cooking, and personal security and personal defense products.  The Company produces innovative, high quality products under brands including BOG®; BUBBA®; Caldwell®; Crimson Trace®; Frankford Arsenal®; Grilla Grills®; Hooyman®; Imperial®; LaserLyte®; Lockdown®; MEAT!TM; Old Timer®; Schrade®; Tipton®; Uncle Henry®; ust®; and Wheeler®.  For more information about all the brands and products from American Outdoor Brands, Inc., visit aob.com.

Safe Harbor Statement
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. All statements other than statements of historical facts contained or incorporated herein by reference in this press release, 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,” “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 press release include our belief in the success of the core to our long-term growth strategy of new product innovation and expanded distribution opportunities; our belief in the resilience of consumer and the future growth in sales of our new products; our belief that our initiatives to drive channel expansion, combined with our robust new product pipeline, will deliver growth in our Outdoor Lifestyle category; and our belief that we remain well positioned to deliver growth in both net sales and profitability in fiscal 2025. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, potential disruptions in our ability to source the 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; economic, social, political, legislative, and regulatory factors; lawsuits and their effect on us; inventory levels, both internally and in the distribution channel, in excess of demand; natural disasters, pandemics, seasonality, news events, political events, and consumer tastes; future investments for capital expenditures; future products and product development; the features, quality, and performance of our products; the success of our strategies and marketing programs; our market share and factors that affect our market share; liquidity and anticipated cash needs and availability; the supply, availability, and costs of materials and components and related tariffs; our ability to maintain and enhance brand recognition and reputation; risks associated with the distribution of our products and overall availability of labor; and other factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2024.

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS



As of:


July 31, 2024
(Unaudited)


April 30, 2024


(In thousands, except par value and share data)

 ASSETS

 Current assets:




Cash and cash equivalents

$         23,463


$        29,698

Accounts receivable, net of allowance for credit losses of $114 on July 31, 2024
   and $133 on April 30, 2024

26,346


25,728

Inventories

106,710


93,315

Prepaid expenses and other current assets

5,585


6,410

Income tax receivable 

245


223

      Total current assets

162,349


155,374

Property, plant, and equipment, net

10,992


11,038

Intangible assets, net

37,930


40,217

Right-of-use assets

33,165


33,564

Other assets

354


404

      Total assets

$      244,790


$      240,597

 LIABILITIES AND EQUITY

Current liabilities:




Accounts payable

$        18,118


$        14,198

Accrued expenses

11,725


9,687

Accrued payroll and incentives

4,923


4,167

Lease liabilities, current

1,359


1,331

      Total current liabilities

36,125


29,383

Lease liabilities, net of current portion

32,951


33,289

      Total liabilities

69,076


62,672

Commitments and contingencies 




Equity:




Preferred stock, $0.001 par value, 20,000,000 shares authorized, no
   shares issued or outstanding on July 31, 2024 and April 30, 2024

—


—

Common stock, $0.001 par value, 100,000,000 shares authorized, 14,820,494 shares
   issued and 12,875,062 shares outstanding on July 31, 2024 and 14,701,280
   shares issued and 12,797,865 shares outstanding on April 30, 2024

15


15

Additional paid in capital

277,642


277,107

Retained deficit

(76,988)


(74,623)

Treasury stock, at cost (1,945,432 shares on July 31, 2024 and
   1,903,415 shares on April 30, 2024)

(24,955)


(24,574)

      Total equity

175,714


177,925

      Total liabilities and equity

$     244,790


$     240,597

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)








For the Three Months Ended July 31, 



2024


2023



(Unaudited)

Net sales 


$     41,643


$     43,445

Cost of sales


22,717


23,726

Gross profit


18,926


19,719

Operating expenses:





Research and development


1,674


1,599

Selling, marketing, and distribution


11,383


12,054

General and administrative


8,443


10,151

Total operating expenses


21,500


23,804

Operating loss


(2,574)


(4,085)

Other (expense)/income, net:





Other income, net


83


39

Interest income/(expense), net


148


(12)

Total other (expense)/income, net


231


27

Loss from operations before income taxes


(2,343)


(4,058)

Income tax expense


22


55

Net loss  


$     (2,365)


$     (4,113)

Net loss per share:





Basic


$       (0.18)


$       (0.31)

Diluted


$       (0.18)


$       (0.31)

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






For the Three Months Ended July 31, 


2024


2023


(In thousands)

Cash flows from operating activities:




Net loss

$      (2,365)


$      (4,113)

Adjustments to reconcile net loss to net cash provided by
   operating activities:




Depreciation and amortization

3,309


3,969

Provision for credit losses on accounts receivable

(19)


6

Stock-based compensation expense

932


932

Changes in operating assets and liabilities:




Accounts receivable

(599)


3,268

Inventories

(13,395)


(5,179)

Accounts payable

4,073


4,115

Accrued liabilities

2,794


2,122

Other

918


45

Net cash (used in)/provided by operating activities

(4,352)


5,165

Cash flows from investing activities:




Payments to acquire patents and software

(261)


(267)

Payments to acquire property and equipment

(844)


(569)

     Net cash used in investing activities

(1,105)


(836)

Cash flows from financing activities:




Payments on notes and loans payable

—


(5,000)

Payments to acquire treasury stock

(381)


(2,268)

Payment of employee withholding tax related to restricted stock units

(397)


(300)

     Net cash used in financing activities

(778)


(7,568)

Net increase in cash and cash equivalents

(6,235)


(3,239)

Cash and cash equivalents, beginning of period

29,698


21,950

Cash and cash equivalents, end of period

$     23,463


$     18,711

Supplemental disclosure of cash flow information




       Cash paid for:




Interest

$            42


$          117

Income taxes (net of refunds)

$            36


$            13

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)



For the Three Months Ended July 31,


2024


2023





GAAP gross profit

$     18,926


$     19,719

Non-recurring inventory reserve adjustment

221


—

Non-GAAP gross profit

$     19,147


$     19,719





GAAP operating expenses

$     21,500


$     23,804

Amortization of acquired intangible assets

(2,119)


(2,960)

Stock compensation

(932)


(932)

Technology implementation

—


(293)

Emerging growth status transition costs

(42)


—

Non-GAAP operating expenses

$     18,407


$     19,619





GAAP operating loss

$      (2,574)


$     (4,085)

Amortization of acquired intangible assets

2,119


2,960

Stock compensation

932


932

Non-recurring inventory reserve adjustment

221


—

Technology implementation

—


293

Emerging growth status transition costs

42


—

Non-GAAP operating income

$          740


$         100





GAAP net loss

$      (2,365)


$     (4,113)

Amortization of acquired intangible assets

2,119


2,960

Stock compensation

932


932

Non-recurring inventory reserve adjustment

221


—

Technology implementation

—


293

Emerging growth status transition costs

42


—

Income tax adjustments

(201)


26

Non-GAAP net income

$          748


$           98





GAAP net loss per share – diluted

$        (0.18)


$       (0.31)

Amortization of acquired intangible assets

0.16


0.22

Stock compensation

0.07


0.07

Non-recurring inventory reserve adjustment

0.02


—

Technology implementation

—


0.02

Emerging growth status transition costs

—


—

Income tax adjustments

(0.02)


—

Non-GAAP net income per share – diluted (a)

$         0.06


$        0.01





(a) Non-GAAP net income per share does not foot due to rounding. 

AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDAS
(In thousands)
(Unaudited)








For the Three Months Ended July 31, 



2024


2023

GAAP net loss

$

(2,365)


$

(4,113)

Interest (income)/expense


(148)



12

Income tax expense


22



55

Depreciation and amortization


3,284



3,945

Stock compensation


932



932

Technology implementation


—



293

Non-recurring inventory reserve adjustment


221



—

Emerging growth status transition costs


42



—

Non-GAAP Adjusted EBITDAS

$

1,988


$

1,124

Contact: 
Liz Sharp, VP, Investor Relations
[email protected]
(573) 303-4620

SOURCE American Outdoor Brands, Inc.



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