Arhaus, Inc. (NASDAQ: ARHS; “Arhaus” or the “Company”), a rapidly
growing lifestyle brand and omni-channel retailer of premium
artisan-crafted home furnishings, reported financial results for
the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights
- Net revenue of $326 million
- Comparable Growth(1) of (2.1)%
- Net and Comprehensive Income of $20 million
- Adjusted Net Income of $20 million
- Adjusted EBITDA of $34 million
Year-to-Date 2023 Highlights, through September
30
- Net revenue of $944 million
- Comparable Growth(1) of 4.8%
- Net and Comprehensive Income of $94 million
- Adjusted Net Income of $95 million
- Adjusted EBITDA of $152 million
2023 Outlook Updated
- Net revenue of $1,265 million to $1,285 million
- Comparable Growth(1) of (1)% to 1%
- Net and Comprehensive Income of $112.5 million to $117.5
million
- Adjusted EBITDA of $192.5 million to $197.5 million
CEO Comments
John Reed, Co-Founder and Chief Executive Officer,
commented,
“We are very pleased with our third quarter financial
performance and are raising the midpoint of our full year outlook
for net revenue, net income and adjusted EBITDA. We had another
exceptional quarter of demand comparable growth(2) in the third
quarter, up 11.7%. We experienced strong demand across all regions,
products and channels. Our new product launches in September
have been incredibly well received by our clients, and these
industry-leading product designs elevated both our fall catalog and
the look and feel of our inspirational Showrooms.
“Our new Showroom expansions continue to progress this year. To
date, we have opened six new Showrooms, most recently a location in
West Hartford, Connecticut. Tomorrow, we are opening showrooms in
Coral Gables, Florida and Huntington Station, New York, followed by
three new California Showroom locations in December. We are
thrilled with the strong performance of our new Showrooms and
excited to add these great new locations to our Showroom
portfolio.
“As we close out this year and begin to look to 2024, we are
focused on continuing to expand our collections of heirloom
quality, artisan-crafted furniture, growing our Showroom footprint
with several more exciting new locations to come in 2024, and
improving our systems and making the necessary investments to
support our growth for many years into the future.”
Third Quarter 2023 Results
Net revenue increased 1.9% to $326 million, compared to $320
million in the third quarter of 2022.
Comparable growth(1) was (2.1)% and demand comparable growth(2)
was 11.7% in the third quarter of 2023.
Gross margin decreased 4.0% to $131 million, compared to $136
million in the third quarter of 2022. The gross margin
decrease was primarily driven by the sale of price-actioned
products that were receipted with higher container costs, increased
fixed Showroom costs as we expand our Showroom footprint, and
higher delivery costs.
Selling, general and administrative expenses increased 20.0% to
$107 million, compared to $89 million in the third quarter of 2022,
primarily driven by the $10 million donation to The Nature
Conservancy, higher selling expense related to new Showrooms and
strong demand, and higher corporate expenses to support the growth
of the business.
Net and comprehensive income was $20 million compared to $37
million in the third quarter of 2022. This decrease was driven by
the factors described above. Adjusted net income was $20 million in
the third quarter of 2023 compared to $38 million in the third
quarter of 2022.
Adjusted EBITDA decreased 40.6% to $34 million compared to $57
million in the third quarter of 2022. Adjusted EBITDA as a percent
of net revenue declined 740 basis points to 10.3% in the third
quarter of 2023, compared to 17.7% in the third quarter of 2022,
with 310 basis points of the decline attributable to the donation
to The Nature Conservancy and the balance due to the factors
described above.
The Company ended the quarter with 86 total Showrooms across 29
states.
Balance Sheet and Cash Flow Highlights, as of September
30, 2023
Cash and cash equivalents totaled $237 million, and the Company
had no long-term debt at September 30, 2023. Net merchandise
inventory decreased 6.1% to $269 million, compared to $286 million
as of December 31, 2022. Client deposits increased 4.8% to $212
million.
For the nine months ended September 30, 2023, net cash provided
by operating activities was $131 million, compared to $58 million
for the nine months ended September 30, 2022.
For the nine months ended September 30, 2023, net cash used in
investing activities was $42 million which includes landlord
contributions of $11 million and company-funded capital
expenditures(3) of $31 million. For the nine months ended September
30, 2022, net cash used in investing activities was $37 million,
which included landlord contributions of $11 million and
company-funded capital expenditures(3) of $26 million.
Outlook
The table below presents our updated expectations for selected
full year 2023 financial operating results and implied fourth
quarter 2023 expectations derived from the full year 2023
outlook.
|
Full Year 2023 |
Implied 4Q 2023 |
($’s in millions) |
Current Guidance |
Previous Guidance |
|
Net revenue |
$1,265 to $1,285 |
$1,250 to $1,290 |
$321 to $341 |
Comparable growth(1) |
(1)% to 1% |
(2)% to 1% |
(15)% to (9)% |
Net income(4) |
$112.5 to $117.5 |
$102.5 to $112.5 |
$18.5 to $23.5 |
Adjusted EBITDA(5) |
$192.5 to $197.5 |
$187.5 to $197.5 |
$40.3 to $45.3 |
Other estimates: |
Company-funded capital expenditures(3) |
$60 to $70 |
$70 to $80 |
|
Fully diluted shares |
Unchanged |
~141 million |
|
Effective tax rate |
Unchanged |
~ 26% |
|
_______________________(1) Comparable
growth is a key performance indicator and is defined as
the year-over-year percentage change of the dollar value of orders
delivered (based on purchase price), net of the dollar value of
returns (based on amount credited to client), from our comparable
Showrooms and eCommerce, including through our direct-mail
catalog.(2) Demand comparable growth is a key
performance indicator and is defined as the year-over-year
percentage change of demand from our comparable Showrooms and
eCommerce, including through our direct-mail catalog.(3)
Company-funded capital expenditures is defined as
total net cash used in investing activities less landlord
contributions.(4) U.S. GAAP net income.(5) We have not reconciled
guidance for Adjusted EBITDA to the corresponding GAAP financial
measure because we do not provide guidance for the various
reconciling items. These items include, but are not limited to,
future share-based compensation expense, income taxes, and interest
expense. We are unable to provide guidance for these reconciling
items because we cannot determine their probable significance, as
certain items are outside of our control and cannot be reasonably
predicted due to the fact that these items could vary significantly
from period to period. Accordingly, reconciliations to the
corresponding GAAP financial measure is not available without
unreasonable effort.
Conference Call
You are invited to listen to Arhaus’ conference call to discuss
the third quarter 2023 financial results scheduled for today,
November 2, 2023, at 8:30 a.m. Eastern Time. The call will be
available over the Internet on our website (http://ir.arhaus.com)
or by dialing (877) 407-3982 within the U.S., or 1 (201) 493-6780,
outside the U.S. The conference ID is: 13735046.
A recorded replay of the conference call will be available
within approximately three hours of the conclusion of the call and
can be accessed online at https://ir.arhaus.com for
approximately twelve months.
About Arhaus
Founded in 1986, Arhaus is a rapidly growing lifestyle brand and
omni-channel retailer of premium home furnishings. Through a
differentiated proprietary model that directly designs and sources
products from leading manufacturers and artisans around the world,
Arhaus offers an exclusive assortment of heirloom quality products
that are sustainably sourced, lovingly made, and built to last.
With more than 85 showroom and design studio locations across the
United States, a team of interior designers providing complimentary
in-home design services, and robust online and eCommerce
capabilities, Arhaus is known for innovative design, responsible
sourcing, and client-first service. For more information, please
visit www.arhaus.com.
Investor Contact:
Wendy WatsonSVP, Investor Relations(440) 439-7700
x3409invest@arhaus.com
Non-GAAP Financial Measures
In addition to the results provided in accordance with GAAP,
this press release and related tables include adjusted EBITDA,
adjusted EBITDA as a percentage of net revenue and adjusted net
income, which present operating results on an adjusted basis.
We use non-GAAP measures to help assess the performance of our
business, identify trends affecting our business, formulate
business plans and make strategic decisions. In addition to our
results determined in accordance with U.S. GAAP, we believe that
providing these non-GAAP financial measures is useful to our
investors as they present an informative supplemental view of our
results from period to period by removing the effect of
non-recurring items. However, our inclusion of these adjusted
measures should not be construed as an indication that our future
results will be unaffected by unusual or infrequent items or that
the items for which we have made adjustments are unusual or
infrequent or will not recur. These non-GAAP measures are not a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. Because not all companies use
identical calculations, the presentations of these measures may not
be comparable to other similarly titled measures of other companies
and can differ significantly from company to company. These
measures should only be read together with the corresponding GAAP
measures. Please refer to the reconciliations of adjusted EBITDA
and adjusted net income to the most directly comparable financial
measures prepared in accordance with GAAP below.
Forward-Looking StatementsCertain statements
contained herein, including statements under the headings “2023
Outlook Updated” and “Outlook” are not based on historical fact and
are “forward-looking statements” within the meaning of applicable
securities laws.
Forward-looking statements can generally be identified by the
use of forward-looking terminology, including, but not limited to,
“may,” “could,” “seek,” “guidance,” “predict,” “potential,”
“likely,” “believe,” “will,” “expect,” “anticipate,” “estimate,”
“plan,” “intend,” “forecast,” or variations of these terms and
similar expressions, or the negative of these terms or similar
expressions. Past performance is not a guarantee of future results
or returns and no representation or warranty is made regarding
future performance. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond
our control that could cause our actual results, performance or
achievements to be materially different from the expected results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to: our ability to manage and maintain the
growth rate of our business; our ability to obtain quality
merchandise in sufficient quantities; disruption in our receiving
and distribution system, including delays in the integration of our
new distribution centers and the possibility that we may not
realize the anticipated benefits of multiple distribution centers;
the possibility of cyberattacks and our ability to maintain
adequate cybersecurity systems and procedures; loss, corruption and
misappropriation of data and information relating to clients and
employees; changes in and compliance with applicable data privacy
rules and regulations; risks as a result of constraints in our
supply chain; a failure of our vendors to meet our quality
standards; declines in general economic conditions that affect
consumer confidence and consumer spending that could adversely
affect our revenue; our ability to anticipate changes in consumer
preferences; risks related to maintaining and increasing showroom
traffic and sales; our ability to compete in our market; our
ability to adequately protect our intellectual property; compliance
with applicable governmental regulations; effectively managing our
eCommerce business and digital marketing efforts; our reliance on
third-party transportation carriers and risks associated with
freight and transportation costs; the COVID-19 pandemic and its
effect on our business; and compliance with SEC rules and
regulations as a public reporting company. These factors should not
be construed as exhaustive. Furthermore, the potential impact of
the COVID-19 pandemic on our business operations and financial
results and on the world economy as a whole may heighten the risks
and uncertainties that affect our forward-looking statements
described above. Further information on potential factors that
could affect the financial results of the Company and its
forward-looking statements is included in the Company’s filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update any forward-looking statement, except as may
be required by law. These forward-looking statements speak only as
of the date of this release. All forward-looking statements are
qualified in their entirety by this cautionary statement.
|
Arhaus, Inc.
and SubsidiariesCondensed Consolidated Balance
Sheets(Unaudited, amounts in thousands, except
share and per share data) |
|
September 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
236,930 |
|
|
$ |
145,181 |
|
Restricted cash
equivalents |
|
3,465 |
|
|
|
7,346 |
|
Accounts receivable, net |
|
1,962 |
|
|
|
1,734 |
|
Merchandise inventory,
net |
|
268,960 |
|
|
|
286,419 |
|
Prepaid and other current
assets |
|
63,140 |
|
|
|
37,371 |
|
Total current assets |
|
574,457 |
|
|
|
478,051 |
|
Operating right-of-use
assets |
|
314,378 |
|
|
|
252,055 |
|
Financing right-of-use
assets |
|
39,480 |
|
|
|
38,522 |
|
Property, furniture and
equipment, net |
|
156,632 |
|
|
|
135,066 |
|
Deferred tax asset |
|
16,585 |
|
|
|
16,841 |
|
Goodwill |
|
10,961 |
|
|
|
10,961 |
|
Other noncurrent assets |
|
3,081 |
|
|
|
296 |
|
Total assets |
$ |
1,115,574 |
|
|
$ |
931,792 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
58,138 |
|
|
$ |
62,636 |
|
Accrued taxes |
|
13,134 |
|
|
|
12,256 |
|
Accrued wages |
|
12,015 |
|
|
|
20,860 |
|
Accrued other expenses |
|
47,073 |
|
|
|
35,169 |
|
Client deposits |
|
212,406 |
|
|
|
202,587 |
|
Current portion of operating
lease liabilities |
|
42,472 |
|
|
|
39,744 |
|
Current portion of financing
lease liabilities |
|
925 |
|
|
|
531 |
|
Total current liabilities |
|
386,163 |
|
|
|
373,783 |
|
Operating lease liabilities,
long-term |
|
360,708 |
|
|
|
289,871 |
|
Financing lease liabilities,
long-term |
|
54,010 |
|
|
|
51,835 |
|
Deferred rent and lease
incentives |
|
2,032 |
|
|
|
2,272 |
|
Other long-term
liabilities |
|
4,173 |
|
|
|
4,336 |
|
Total liabilities |
$ |
807,086 |
|
|
$ |
722,097 |
|
Commitments and
contingencies |
|
|
|
Stockholders' equity |
|
|
|
Class A shares, par value
$0.001 per share (600,000,000 shares authorized, 52,749,450 issued
and 52,666,334 outstanding and 51,437,348 shares issued and
outstanding as of September 30, 2023 and December 31,
2022, respectively) |
|
52 |
|
|
|
51 |
|
Class B shares, par value
$0.001 per share (100,000,000 shares authorized, 87,115,600 shares
issued and outstanding as of September 30, 2023 and
December 31, 2022) |
|
87 |
|
|
|
87 |
|
Retained Earnings |
|
114,076 |
|
|
|
20,053 |
|
Additional Paid-in
Capital |
|
194,273 |
|
|
|
189,504 |
|
Total Arhaus, Inc. stockholders' equity |
|
308,488 |
|
|
|
209,695 |
|
Total liabilities and stockholders' equity |
$ |
1,115,574 |
|
|
$ |
931,792 |
|
|
|
|
|
|
|
|
|
|
Arhaus, Inc. and SubsidiariesCondensed
Consolidated Statements of Comprehensive
Income(Unaudited, amounts in thousands, except
share and per share data) |
|
|
|
|
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net revenue |
$ |
943,696 |
|
|
$ |
872,595 |
|
|
$ |
326,229 |
|
|
$ |
320,030 |
|
Cost of goods sold |
|
544,481 |
|
|
|
505,561 |
|
|
|
195,372 |
|
|
|
183,739 |
|
Gross margin |
|
399,215 |
|
|
|
367,034 |
|
|
|
130,857 |
|
|
|
136,291 |
|
Selling, general and
administrative expenses |
|
275,890 |
|
|
|
246,767 |
|
|
|
106,977 |
|
|
|
89,145 |
|
Income from operations |
|
123,325 |
|
|
|
120,267 |
|
|
|
23,880 |
|
|
|
47,146 |
|
Interest expense (income),
net |
|
(1,731 |
) |
|
|
3,367 |
|
|
|
(1,080 |
) |
|
|
751 |
|
Other income |
|
(738 |
) |
|
|
(584 |
) |
|
|
(78 |
) |
|
|
(109 |
) |
Income before taxes |
|
125,794 |
|
|
|
117,484 |
|
|
|
25,038 |
|
|
|
46,504 |
|
Income tax expense |
|
31,771 |
|
|
|
27,851 |
|
|
|
5,297 |
|
|
|
9,568 |
|
Net and comprehensive income |
$ |
94,023 |
|
|
$ |
89,633 |
|
|
$ |
19,741 |
|
|
$ |
36,936 |
|
|
|
|
|
|
|
|
|
Net and comprehensive
income per share, basic |
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding, basic |
|
139,365,870 |
|
|
|
137,939,577 |
|
|
|
139,628,776 |
|
|
|
138,484,495 |
|
Net and comprehensive income per share, basic |
$ |
0.67 |
|
|
$ |
0.65 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
Net and comprehensive
income per share, diluted |
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding, diluted |
|
140,021,670 |
|
|
|
139,545,802 |
|
|
|
140,140,899 |
|
|
|
139,845,333 |
|
Net and comprehensive income per share, diluted |
$ |
0.67 |
|
|
$ |
0.64 |
|
|
$ |
0.14 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
Arhaus, Inc. and SubsidiariesCondensed
Consolidated Statements of Cash Flows(Unaudited,
amounts in thousands) |
|
Nine months ended September 30, |
|
2023 |
|
2022 |
Cash flows from
operating activities |
|
|
|
Net income |
$ |
94,023 |
|
|
$ |
89,633 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
Depreciation and amortization |
|
21,439 |
|
|
|
18,319 |
|
Amortization of operating lease right-of-use asset |
|
24,733 |
|
|
|
21,976 |
|
Amortization of deferred financing fees, interest on finance lease
in excess of principal paid and interest on operating leases |
|
16,037 |
|
|
|
8,731 |
|
Equity based compensation |
|
5,752 |
|
|
|
2,613 |
|
Deferred tax assets |
|
256 |
|
|
|
5,458 |
|
Amortization of cloud computing arrangements |
|
386 |
|
|
|
— |
|
Amortization and write-off of lease incentives |
|
(241 |
) |
|
|
(224 |
) |
Insurance proceeds |
|
60 |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
(228 |
) |
|
|
(1,550 |
) |
Merchandise inventory |
|
17,399 |
|
|
|
(84,228 |
) |
Prepaid and other assets |
|
(28,952 |
) |
|
|
(11,249 |
) |
Other noncurrent liabilities |
|
273 |
|
|
|
456 |
|
Accounts payable |
|
(4,093 |
) |
|
|
10,334 |
|
Accrued expenses |
|
3,502 |
|
|
|
23,682 |
|
Operating lease liabilities |
|
(28,797 |
) |
|
|
(22,586 |
) |
Client deposits |
|
9,819 |
|
|
|
(3,128 |
) |
Net cash provided by operating activities |
|
131,368 |
|
|
|
58,237 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Purchases of property,
furniture and equipment |
|
(42,306 |
) |
|
|
(36,950 |
) |
Insurance proceeds |
|
333 |
|
|
|
— |
|
Net cash used in investing activities |
|
(41,973 |
) |
|
|
(36,950 |
) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Principal payments under
finance leases |
|
(503 |
) |
|
|
(113 |
) |
Repurchase of shares for
payment of withholding taxes for equity based compensation |
|
(1,024 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(1,527 |
) |
|
|
(113 |
) |
Net increase (decrease) in cash, cash equivalents and restricted
cash equivalents |
|
87,868 |
|
|
|
21,174 |
|
|
|
|
|
Cash, cash equivalents
and restricted cash equivalents |
|
|
|
Beginning of period |
|
152,527 |
|
|
|
130,908 |
|
End of period |
$ |
240,395 |
|
|
$ |
152,082 |
|
|
|
|
|
|
|
|
|
Arhaus, Inc. and SubsidiariesCondensed
Consolidated Statements of Cash Flows
(continued)(Unaudited, amounts in
thousands) |
|
Nine months ended September 30, |
|
2023 |
|
2022 |
Supplemental
disclosure of cash flow information |
|
|
|
Interest paid in cash |
$ |
3,962 |
|
|
$ |
3,858 |
|
Interest received in cash |
|
5,395 |
|
|
|
316 |
|
Income taxes paid in cash |
|
28,856 |
|
|
|
20,579 |
|
Noncash operating
activities: |
|
|
|
Lease incentives |
|
7,313 |
|
|
|
7,532 |
|
Noncash investing
activities: |
|
|
|
Purchase of property, furniture and equipment in accounts
payable |
|
2,756 |
|
|
|
2,661 |
|
Noncash financing
activities: |
|
|
|
Adjustment to deferred tax asset impact of Reorganization from
partnership to a corporation |
|
— |
|
|
|
(1,278 |
) |
Derecognition of build-to-suit assets as a result of ASC 842
adoption |
|
— |
|
|
|
(31,017 |
) |
Capital contributions |
|
42 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
Arhaus, Inc. and
SubsidiariesReconciliation of Net Income to
Adjusted Net Income(Unaudited, amounts in
thousands, except share and per share data) |
|
|
|
|
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
$ |
94,023 |
|
|
$ |
89,633 |
|
|
$ |
19,741 |
|
|
$ |
36,936 |
|
Adjustments (pre-tax): |
|
|
|
|
|
|
|
Other expenses(1) |
|
992 |
|
|
|
6,567 |
|
|
|
555 |
|
|
|
1,909 |
|
Total non-GAAP adjustments pre-tax |
|
992 |
|
|
|
6,567 |
|
|
|
555 |
|
|
|
1,909 |
|
Less: Tax effect of
adjustments(2) |
|
257 |
|
|
|
1,556 |
|
|
|
144 |
|
|
|
395 |
|
Adjusted net income |
$ |
94,758 |
|
|
$ |
94,644 |
|
|
$ |
20,152 |
|
|
$ |
38,450 |
|
|
|
|
|
|
|
|
|
Adjusted net income
per share, basic |
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding, basic |
|
139,365,870 |
|
|
|
137,939,577 |
|
|
|
139,628,776 |
|
|
|
138,484,495 |
|
Adjusted net income per share, basic |
$ |
0.68 |
|
|
$ |
0.69 |
|
|
$ |
0.14 |
|
|
$ |
0.28 |
|
Adjusted net income
per share, diluted |
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding, diluted |
|
140,021,670 |
|
|
|
139,545,802 |
|
|
|
140,140,899 |
|
|
|
139,845,333 |
|
Adjusted net income per share, diluted |
$ |
0.68 |
|
|
$ |
0.68 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
(1) Other expenses represent costs and investments not
indicative of ongoing business performance, such as public offering
costs, third-party consulting costs, one-time project start-up
costs, severance, signing bonuses, recruiting and project-based
strategic initiatives. For the nine and three months ended
September 30, 2023, these expenses largely consisted of $0.7
million and $0.6 million of public offering costs, respectively.
For the nine and three months ended September 30, 2022, these
expenses consisted largely of $4.6 million and $1.6 million of
costs related to the opening and set-up of our Dallas distribution
center, respectively.(2) The Company applied its normalized tax
rate of 25.9% and 25.9% to the adjustment for the nine and three
months ended September 30, 2023, respectively. The Company applied
its normalized tax rate of 23.7% and 20.6% to the adjustment for
the nine and three months ended September 30, 2022,
respectively.
|
Arhaus, Inc. and
SubsidiariesReconciliation of Net Income to
Adjusted EBITDA(Unaudited, amounts in
thousands) |
|
|
|
|
|
Nine months ended September 30, |
|
Three months ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
$ |
94,023 |
|
|
$ |
89,633 |
|
|
$ |
19,741 |
|
|
$ |
36,936 |
|
Interest expense (income),
net |
|
(1,731 |
) |
|
|
3,367 |
|
|
|
(1,080 |
) |
|
|
751 |
|
Income tax expense |
|
31,771 |
|
|
|
27,851 |
|
|
|
5,297 |
|
|
|
9,568 |
|
Depreciation and
amortization |
|
21,439 |
|
|
|
18,319 |
|
|
|
7,299 |
|
|
|
6,324 |
|
EBITDA |
|
145,502 |
|
|
|
139,170 |
|
|
|
31,257 |
|
|
|
53,579 |
|
Equity based compensation |
|
5,752 |
|
|
|
2,613 |
|
|
|
1,848 |
|
|
|
1,224 |
|
Other expenses(1) |
|
992 |
|
|
|
6,567 |
|
|
|
555 |
|
|
|
1,909 |
|
Adjusted EBITDA |
$ |
152,246 |
|
|
$ |
148,350 |
|
|
$ |
33,660 |
|
|
$ |
56,712 |
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
943,696 |
|
|
$ |
872,595 |
|
|
$ |
326,229 |
|
|
$ |
320,030 |
|
Net income as a % of net
revenue |
|
10.0 |
% |
|
|
10.3 |
% |
|
|
6.1 |
% |
|
|
11.5 |
% |
Adjusted EBITDA as a % of net
revenue |
|
16.1 |
% |
|
|
17.0 |
% |
|
|
10.3 |
% |
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
(1) Other expenses represent costs and investments not
indicative of ongoing business performance, such as public offering
costs, third-party consulting costs, one-time project start-up
costs, severance, signing bonuses, recruiting and project-based
strategic initiatives. For the nine and three months ended
September 30, 2023, these expenses largely consisted of $0.7
million and $0.6 million of public offering costs, respectively.
For the nine and three months ended September 30, 2022, these
expenses consisted largely of $4.6 million and $1.6 million of
costs related to the opening and set-up of our Dallas distribution
center, respectively.
Grafico Azioni Arhaus (NASDAQ:ARHS)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Arhaus (NASDAQ:ARHS)
Storico
Da Mag 2023 a Mag 2024