(NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED
lighting, maintenance services and electric vehicle (EV) charging
station solutions, today reported results for its fiscal 2023
fourth quarter (Q4’23) and full year (FY 2023) ended March 31,
2023. Orion will hold an investor call today at 10:00 a.m. ET –
details below.
Q4 Financial Summary |
|
FY 2023 Financial Summary |
$ in millions except per share figures |
Q4’23 |
Q4’22 |
Change |
|
FY 2023 |
FY 2022 |
Change |
Revenue |
$21.6 |
$22.1 |
($0.5) |
|
$77.4 |
$124.4 |
($47.0) |
Gross profit |
$4.7 |
$5.3 |
($0.6) |
|
$17.5 |
$33.9 |
($16.4) |
Gross profit % |
21.9% |
23.8% |
(190 bps) |
|
22.6% |
27.3% |
(470 bps) |
Net (loss) (1)(2) |
($5.1) |
($1.2) |
($3.9) |
|
($34.3) |
$6.1 |
($40.3) |
Net (loss) per share (1)(2) |
($0.16) |
($0.04) |
($0.12) |
|
($1.08) |
$0.19 |
($1.27) |
Adjusted EBITDA (3) |
($1.6) |
($0.4) |
($1.2) |
|
($7.6) |
$9.7 |
($17.3) |
Cash & cash equivalents |
$16.0 |
$14.5 |
$1.5 |
|
$16.0 |
$14.5 |
$1.5 |
(1) Q4’23 Net Loss and net loss per share reflect a $2.5M Voltrek
earnout accrual.(2) FY 2023 Net Loss and net loss per share reflect
a $17.8M non-cash charge to record a valuation allowance against
Deferred Tax Assets and a $4.0M Voltrek earnout accrual.(3) See
Adjusted EBITDA reconciliation below. |
Financial Highlights
- As expected, FY 2023 revenue of $77.4M declined from $124.4M in
FY 2022, due primarily to lower revenue from the company’s largest
customer and a global online retailer, as well as from delays in
the start of certain large LED retrofit projects, some of which
commenced in Q4’23 and Q1’24.
- Orion grew FY 2023 revenue outside of its largest customer and
a global online retailer by approximately 11% versus FY 2022. This
performance reflected progress in diversifying Orion’s customer
base and revenues across its LED Lighting, electrical maintenance,
and EV charging solutions businesses.
- Maintenance services revenue rose 152% to $14.6M in FY 2023
versus $5.8M in FY 2022.
- EV charging solutions contributed initial revenue of $6.3M in
Orion’s FY 2023 second half, reflecting the Voltrek acquisition in
the first week of Q3’23.
- Orion’s FY 2023 net loss of ($34.3M), or ($1.08) per share,
included a $17.8M non-cash tax charge to record a valuation
allowance against Deferred Tax Assets and a $4.0M accrual for the
earnout associated with the Voltrek acquisition.
- Orion closed FY 2023 with $23.2M of financial liquidity,
comprised of $16.0M of cash and cash equivalents and $7.2M
available on its credit facility.
CEO CommentaryOrion CEO Mike Jenkins commented,
“Orion finished FY 2023 with our strongest quarter of the year and
as our FY 2024 outlook suggests, we believe our business is poised
for solid growth in the coming quarters.
“We believe Orion is now well positioned with a more diversified
base of solutions and customers. Demand is being driven by the
substantial cost savings and environmental benefits we deliver, as
well as our deep expertise and proven ability to deliver complex
turnkey product and service solutions to enterprises with hundreds
or even thousands of locations.
“Our customers are increasingly challenged by the growing
complexity of integrating LED lighting, controls and Internet of
Things solutions, pressing new demands for EV charging
infrastructure, and the technical expertise required to integrate
and maintain these electrical systems.
“Building off our core expertise in lighting and controls, over
the last two years Orion has diversified its business to include
electrical maintenance solutions – both preventative and reactive –
and also expanded into the rapidly growing market for commercial EV
charging solutions. We are working to build out the national
capabilities of these new businesses, both of which we expect to
play an important role in our growth in FY 2024 and years to
come.
“Orion’s maintenance services are an ideal complement to our LED
lighting and EV charging businesses that should provide a growing
base of annual recurring service revenue, as we build out our
customer and service network. Demand for EV charging solutions is
growing rapidly as enterprises of all types work to assess their
current and future needs. Our Voltrek acquisition is off to a very
strong start as the business delivered revenue of $6.3M in the
second half of FY 2023, easily outpacing our goal of $3-$5M. We
anticipate very substantial growth at Voltrek over the next several
years and are working to leverage Orion’s national service and
project management capabilities and reach in order to provide
turnkey EV charging solutions across the country. We are already in
dialogue with a growing base of large national accounts and expect
to see the initial benefit of our investments in the second half of
FY 2024.
“In summary, Orion’s mission is to help our customers achieve
their energy efficiency and environmental goals. We approach this
mission with a customer for life commitment, rooted in the highest
levels of product and service quality available in the markets we
serve. Our now diverse business portfolio of LED lighting, lighting
and electrical maintenance, and EV charging solutions positions us
as a trusted solution provider to our customers.”
Business Outlook
- Orion continues to expect FY 2024 revenue growth of 30% or more
to approximately $100M, with a greater proportion of revenue
expected in the second half.
- Orion’s FY 2024 revenue guidance is based on approximately $34M
in aggregate revenue expected from maintenance services and EV
charging solutions and the balance from LED lighting products and
solutions, including national account projects, ESCO partners and
distribution channel sales.
Financial ResultsOrion’s Q4’23 revenue was
$21.6M compared to $22.1M in Q4’22 and $20.3M in Q3’23, in line
with expected year-end project activity. FY 2023 revenue decreased
to $77.4M versus $124.4M in FY 2022, due primarily to the expected
year-over-year decrease in activity with Orion’s largest customer
and a global online retailer, as well as delays in the activation
of certain large LED lighting projects. Excluding Orion’s largest
customer and a global online retailer, Orion was able to grow FY
2023 revenues from new and existing customers by $6.5M or 11% over
FY 2022.
Gross profit was $4.7M in Q4’23, compared to $5.3M in Q4’22, and
gross profit percentage was 21.9% in Q4’23 vs. 23.8% in Q4’22,
principally due to changes in the product and services mix. FY 2023
Gross profit was $17.5M compared to $33.9M in FY 2022, primarily
due to lower revenue and the impact of certain fixed costs on the
gross profit percentage.
Total operating expenses increased to $9.6M in Q4’23 vs. $6.6M
in Q4’22, primarily due to acquisition-related costs of $2.5M for
earnout accrual and increased G&A expenses of $0.9M, reflecting
the addition of Voltrek operations since Q3’22. Operating expenses
were $33.5M in FY 2023, as compared to $25.5M in FY 2022,
reflecting Voltrek acquisition costs of $4.8M, as well as higher
G&A expenses (of $3.8M) related to Voltrek and Stay-Lite
Lighting, which was acquired in Q4’22.
Orion reported a Q4’23 net loss of ($5.1M), or ($0.16) per share
versus a Q4’22 net loss of ($1.2M), or ($0.04) per share, primarily
reflecting higher operating expenses as discussed above. Orion
reported a FY 2023 net loss of ($34.2M), or ($1.08) per share,
versus FY 2022 net income of $6.1M, or $0.19 per share, reflecting
a $17.8M non-cash valuation allowance charge against Deferred Tax
Assets, as well as lower revenue and higher operating costs in FY
2023.
Balance Sheet and Cash FlowOrion ended FY 2023
with $25.9M of working capital, including $16.0M of cash and cash
equivalents and $18.2M of inventory. Orion’s year-end liquidity was
$23.2M, including cash and $7.2M of availability on its credit
facility. Orion had $10M of borrowings outstanding on its credit
facility at year-end FY 2023.
Orion used cash of $2.3M in operating activities in FY 2023 with
positive cash provided from operating activities in Q4’23, due to
the timing of certain projects and strong cash receipts near fiscal
year end. Orion plans to reduce LED lighting inventory by
approximately [$5M] in the first half of FY 2024, reflecting a
return to more normal supply chain conditions. Orion believes it is
in good position to fund its operations and growth objectives
across its business segments through FY 2024.
Webcast/Call Detail |
Date / Time: |
|
Tuesday, June 6th at 10:00 a.m. ET |
|
|
|
Live Call Registration: |
|
https://register.vevent.com/register/BIf70dbe2ab051455c9b10d19c39218029Live
call participants must pre-register using the URL above to receive
the dial-in information. Simply re-register if you lose the dial-in
or PIN. |
|
|
|
Webcast / Replay: |
|
https://edge.media-server.com/mmc/p/zt4f6z4k |
|
|
|
About Orion Energy SystemsOrion provides energy
efficiency and clean tech solutions, including LED lighting and
controls, maintenance services and electrical vehicle (EV) charging
solutions. Orion specializes in turnkey design-through-installation
solutions for large national customers, with a commitment to
helping customers achieve their business and environmental goals
with healthy, safe and sustainable solutions that reduce their
carbon footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas
of our organization. Learn more about our ESG priorities, goals and
progress here or visit our website at www.orionlighting.com.
Non-GAAP MeasuresIn addition to the GAAP
results included in this presentation, Orion has also included the
non-GAAP measures, EBITDA (earnings before interest, taxes,
depreciation and amortization), and Adjusted EBITDA (EBITDA
adjusted for stock-based compensation, payroll tax credit, and
acquisition expenses). The Company has provided these non-GAAP
measures to help investors better understand its core operating
performance, enhance comparisons of core operating performance from
period to period and allow better comparisons of operating
performance to its competitors. Among other things, management uses
these non-GAAP measures to evaluate performance of the business and
believes these measurements enable it to make better
period-to-period evaluations of the financial performance of core
business operations. The non-GAAP measurements are intended only as
a supplement to the comparable GAAP measurements and Orion
compensates for the limitations inherent in the use of non-GAAP
measurements by using GAAP measures in conjunction with the
non-GAAP measurements. As a result, investors should consider these
non-GAAP measurements in addition to, and not in substitution for
or as superior to, measurements of financial performance prepared
in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities
laws, the non-GAAP measures in this press release have been
reconciled to the nearest GAAP measures, and this reconciliation is
located under the heading “Unaudited EBITDA Reconciliation”
following the Unaudited Condensed Consolidated Statements of Cash
Flows included in this press release.
Safe Harbor Statement
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
generally be identified as such because the context of such
statements will include words such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "will," "would" or
words of similar import. Similarly, statements that describe our
future outlook, plans, expectations, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause results
to differ materially from those expected, including, but not
limited to, the following: (i) our ability to realize the
anticipated benefits of the Voltrek acquisition; (ii) we may
encounter substantial difficulties, costs and delays involved in
integrating our operations with Voltrek’s business; (iii)
disruption of management’s attention from ongoing business
operations due to the Voltrek acquisition; (iv) our ability to
manage general economic, business and geopolitical conditions,
including the impacts of natural disasters, pandemics and outbreaks
of contagious diseases and other adverse public health
developments, such as the COVID-19 pandemic; (v) the deterioration
of market conditions, including our dependence on customers'
capital budgets for sales of products and services, and adverse
impacts on costs and the demand for our products as a result of
factors such as the COVID-19 pandemic and the implementation of
tariffs; (vi) our ability to adapt and respond to supply chain
challenges, especially related to shipping and logistics issues,
component availability, rising input costs, and a tight labor
market; (vii) our ability to recruit, hire and retain talented
individuals in all disciplines of our company; (viii) our ability
to successfully launch, manage and maintain our refocused business
strategy to successfully bring to market new and innovative product
and service offerings; (ix) potential asset impairment charges
and/or increases on our deferred tax asset reserve; (x) our
dependence on a limited number of key customers, and the potential
consequences of the loss of one or more key customers or suppliers,
including key contacts at such customers; (xi) our ability to
identify and successfully complete transactions with suitable
acquisition candidates in the future as part of our growth
strategy; (xii) the availability of additional debt financing
and/or equity capital to pursue our evolving strategy and sustain
our growth initiatives; (xiii) our risk of potential loss related
to single or focused exposure within the current customer base and
product offerings; (xiv) our ability to achieve and sustain
profitability and positive cash flows; (xv) our ability to
differentiate our products in a highly competitive and converging
market, expand our customer base and gain market share; (xvi) our
ability to manage and mitigate downward pressure on the average
selling prices of our products as a result of competitive pressures
in the LED market; (xvii) our ability to manage our inventory and
avoid inventory obsolescence in a rapidly evolving LED market;
(xviii) our increasing reliance on third parties for the
manufacture and development of products, product components, as
well as the provision of certain services; (xix) our increasing
emphasis on selling more of our products through third party
distributors and sales agents, including our ability to attract and
retain effective third party distributors and sales agents to
execute our sales model; (xx) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (xxi) our ability to
maintain safe and secure information technology systems; (xxii) our
failure to comply with the covenants in our credit agreement;
(xxiii) our ability to balance customer demand and production
capacity; (xxiv) our ability to maintain an effective system of
internal control over financial reporting; (xxv) price fluctuations
(including as a result of tariffs), shortages or interruptions of
component supplies and raw materials used to manufacture our
products; (xxvi) our ability to defend our patent portfolio and
license technology from third parties; (xxvii) a reduction in the
price of electricity; (xxviii) the reduction or elimination of
investments in, or incentives to adopt, LED lighting or the
elimination of, or changes in, policies, incentives or rebates in
certain states or countries that encourage the use of LEDs over
some traditional lighting technologies; (xxix) the cost to comply
with, and the effects of, any current and future industry and
government regulations, laws and policies; (xxx) potential warranty
claims in excess of our reserve estimates; and (xxxi) the other
risks described in our filings with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com in the
Investor Relations section of our Website.
Twitter: @OrionLighting
and @OrionLightingIRStockTwits:
@Orion_LED_IR
Investor Relations Contacts |
Per Brodin, CFO |
William Jones; David Collins |
Orion Energy Systems, Inc. |
Catalyst IR |
pbrodin@oesx.com |
(212) 924-9800 or OESX@catalyst-ir.com |
|
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(in
thousands, except share amounts) |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,992 |
|
|
$ |
14,466 |
|
Accounts receivable, net |
|
|
13,728 |
|
|
|
11,899 |
|
Revenue earned but not
billed |
|
|
1,320 |
|
|
|
2,421 |
|
Inventories, net |
|
|
18,205 |
|
|
|
19,832 |
|
Prepaid expenses and other
current assets |
|
|
1,116 |
|
|
|
2,631 |
|
Total current assets |
|
|
50,361 |
|
|
|
51,249 |
|
Property and equipment,
net |
|
|
10,470 |
|
|
|
11,466 |
|
Goodwill |
|
|
1,484 |
|
|
|
350 |
|
Other intangible assets,
net |
|
|
6,004 |
|
|
|
2,404 |
|
Deferred tax assets |
|
|
— |
|
|
|
17,805 |
|
Other long-term assets |
|
|
3,260 |
|
|
|
3,543 |
|
Total assets |
|
$ |
71,579 |
|
|
$ |
86,817 |
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
Accounts payable |
|
$ |
13,405 |
|
|
$ |
9,855 |
|
Accrued expenses and
other |
|
|
10,552 |
|
|
|
8,427 |
|
Deferred revenue, current |
|
|
480 |
|
|
|
76 |
|
Current maturities of
long-term debt |
|
|
17 |
|
|
|
16 |
|
Total current liabilities |
|
|
24,454 |
|
|
|
18,374 |
|
Revolving credit facility |
|
|
10,000 |
|
|
|
— |
|
Long-term debt, less current
maturities |
|
|
3 |
|
|
|
19 |
|
Deferred revenue,
long-term |
|
|
489 |
|
|
|
564 |
|
Other long-term
liabilities |
|
|
3,384 |
|
|
|
2,760 |
|
Total liabilities |
|
|
38,330 |
|
|
|
21,717 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par
value: Shares authorized: 30,000,000 shares at March 31, 2023 and
2022; no shares issued and outstanding at March 31, 2023 and
2022 |
|
|
— |
|
|
|
— |
|
Common stock, no par value:
Shares authorized: 200,000,000 at March 31, 2023 and 2022; shares
issued: 41,767,092 and 40,570,909 at March 31, 2023 and 2022;
shares outstanding: 32,295,408 and 31,097,872 at March 31, 2023 and
2022 |
|
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
|
160,907 |
|
|
|
158,419 |
|
Treasury stock: 9,471,684 and
9,473,037 common shares at March 31, 2023 and 2022 |
|
|
(36,237 |
) |
|
|
(36,239 |
) |
Retained deficit |
|
|
(91,421 |
) |
|
|
(57,080 |
) |
Total shareholders’ equity |
|
|
33,249 |
|
|
|
65,100 |
|
Total liabilities and shareholders’ equity |
|
$ |
71,579 |
|
|
$ |
86,817 |
|
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except share and per share amounts) |
|
|
|
Three Months Ended March 31, |
|
|
Twelve Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product revenue |
|
$ |
15,495 |
|
|
$ |
13,629 |
|
|
$ |
57,210 |
|
|
$ |
91,889 |
|
Service revenue |
|
|
6,134 |
|
|
|
8,429 |
|
|
|
20,173 |
|
|
|
32,494 |
|
Total revenue |
|
|
21,629 |
|
|
|
22,058 |
|
|
|
77,383 |
|
|
|
124,383 |
|
Cost of product revenue |
|
|
11,827 |
|
|
|
10,525 |
|
|
|
42,979 |
|
|
|
65,249 |
|
Cost of service revenue |
|
|
5,061 |
|
|
|
6,280 |
|
|
|
16,893 |
|
|
|
25,222 |
|
Total cost of revenue |
|
|
16,888 |
|
|
|
16,805 |
|
|
|
59,872 |
|
|
|
90,471 |
|
Gross profit |
|
|
4,741 |
|
|
|
5,253 |
|
|
|
17,511 |
|
|
|
33,912 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
3,804 |
|
|
|
2,943 |
|
|
|
15,487 |
|
|
|
11,680 |
|
Acquisition related costs |
|
|
2,425 |
|
|
|
334 |
|
|
|
4,765 |
|
|
|
512 |
|
Sales and marketing |
|
|
2,871 |
|
|
|
2,834 |
|
|
|
11,392 |
|
|
|
11,628 |
|
Research and development |
|
|
478 |
|
|
|
532 |
|
|
|
1,852 |
|
|
|
1,701 |
|
Total operating expenses |
|
|
9,578 |
|
|
|
6,643 |
|
|
|
33,496 |
|
|
|
25,521 |
|
(Loss) income from
operations |
|
|
(4,837 |
) |
|
|
(1,390 |
) |
|
|
(15,985 |
) |
|
|
8,391 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Interest expense |
|
|
(242 |
) |
|
|
(21 |
) |
|
|
(339 |
) |
|
|
(80 |
) |
Amortization of debt issue
costs |
|
|
(26 |
) |
|
|
(16 |
) |
|
|
(73 |
) |
|
|
(62 |
) |
Interest income |
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
Total other expense |
|
|
(234 |
) |
|
|
(37 |
) |
|
|
(378 |
) |
|
|
(141 |
) |
(Loss) income before income
tax |
|
|
(5,071 |
) |
|
|
(1,427 |
) |
|
|
(16,363 |
) |
|
|
8,250 |
|
Income tax expense
(benefit) |
|
|
45 |
|
|
|
(247 |
) |
|
|
17,978 |
|
|
|
2,159 |
|
Net (loss) income |
|
$ |
(5,116 |
) |
|
$ |
(1,180 |
) |
|
$ |
(34,341 |
) |
|
$ |
6,091 |
|
Basic net (loss) income per
share attributable to common shareholders |
|
$ |
(0.16 |
) |
|
$ |
(0.04 |
) |
|
$ |
(1.08 |
) |
|
$ |
0.20 |
|
Weighted-average common shares
outstanding |
|
|
32,293,937 |
|
|
|
31,084,710 |
|
|
|
31,703,712 |
|
|
|
31,018,356 |
|
Diluted net (loss)
income per share |
|
$ |
(0.16 |
) |
|
$ |
(0.04 |
) |
|
$ |
(1.08 |
) |
|
$ |
0.19 |
|
Weighted-average common shares
and share equivalents outstanding |
|
|
32,293,937 |
|
|
|
31,234,925 |
|
|
|
31,703,712 |
|
|
|
31,294,573 |
|
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) |
|
|
|
Fiscal Year Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Operating
activities |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(34,341 |
) |
|
$ |
6,091 |
|
Adjustments to reconcile net income to net cash (used in) |
|
|
|
|
|
|
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
1,369 |
|
|
|
1,327 |
|
Amortization of intangible assets |
|
|
653 |
|
|
|
227 |
|
Stock-based compensation |
|
|
1,612 |
|
|
|
813 |
|
Amortization of debt issue costs |
|
|
73 |
|
|
|
62 |
|
Deferred income tax benefit |
|
|
17,805 |
|
|
|
1,980 |
|
Loss (gain) on sale of property and equipment |
|
|
27 |
|
|
|
(77 |
) |
Provision for inventory reserves |
|
|
628 |
|
|
|
623 |
|
Provision for bad debts |
|
|
65 |
|
|
|
10 |
|
Other |
|
|
96 |
|
|
|
26 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
Accounts receivable |
|
|
(586 |
) |
|
|
4,407 |
|
Revenue earned but not billed |
|
|
1,426 |
|
|
|
851 |
|
Inventories |
|
|
1,879 |
|
|
|
(420 |
) |
Prepaid expenses and other assets |
|
|
2,017 |
|
|
|
(888 |
) |
Accounts payable |
|
|
2,372 |
|
|
|
(8,125 |
) |
Accrued expenses and other liabilities |
|
|
2,285 |
|
|
|
(6,933 |
) |
Deferred revenue, current and long-term |
|
|
329 |
|
|
|
(87 |
) |
Net cash (used in) operating activities |
|
|
(2,291 |
) |
|
|
(113 |
) |
Investing
activities |
|
|
|
|
|
|
Cash to fund acquisitions, net of cash received |
|
|
(5,600 |
) |
|
|
(4,012 |
) |
Cash paid for investment |
|
|
— |
|
|
|
(500 |
) |
Purchase of property and equipment |
|
|
(586 |
) |
|
|
(518 |
) |
Additions to patents and licenses |
|
|
(9 |
) |
|
|
(10 |
) |
Proceeds from sales of property, plant and equipment |
|
|
— |
|
|
|
122 |
|
Net cash used in investing activities |
|
|
(6,195 |
) |
|
|
(4,918 |
) |
Financing
activities |
|
|
|
|
|
|
Payment of long-term debt |
|
|
(15 |
) |
|
|
(14 |
) |
Proceeds from revolving credit facility |
|
|
10,000 |
|
|
|
— |
|
Payment of revolving credit facility |
|
|
— |
|
|
|
— |
|
Payments to settle employee tax withholdings on stock-based
compensation |
|
|
(2 |
) |
|
|
(5 |
) |
Debt issue costs |
|
|
(29 |
) |
|
|
(4 |
) |
Net proceeds from employee equity exercises |
|
|
58 |
|
|
|
127 |
|
Net cash provided by (used in) financing
activities |
|
|
10,012 |
|
|
|
104 |
|
Net increase (decrease) in
cash and cash equivalents |
|
|
1,526 |
|
|
|
(4,927 |
) |
|
|
|
|
|
|
|
|
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED EBITDA
RECONCILIATION (in thousands) |
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
March 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
March 31, 2022 |
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
Net (loss) income |
|
$ |
(5,116 |
) |
|
$ |
(24,059 |
) |
|
$ |
(1,180 |
) |
|
$ |
(34,341 |
) |
|
$ |
6,091 |
|
Interest |
|
|
208 |
|
|
|
64 |
|
|
|
21 |
|
|
|
305 |
|
|
|
80 |
|
Taxes |
|
|
45 |
|
|
|
19,391 |
|
|
|
(247 |
) |
|
|
17,978 |
|
|
|
2,159 |
|
Depreciation |
|
|
395 |
|
|
|
311 |
|
|
|
391 |
|
|
|
1,369 |
|
|
|
1,327 |
|
Amortization of intangible
assets |
|
|
280 |
|
|
|
269 |
|
|
|
69 |
|
|
|
653 |
|
|
|
227 |
|
Amortization of debt issue
costs |
|
|
26 |
|
|
|
16 |
|
|
|
16 |
|
|
|
73 |
|
|
|
62 |
|
EBITDA |
|
$ |
(4,162 |
) |
|
$ |
(4,008 |
) |
|
$ |
(930 |
) |
|
$ |
(13,963 |
) |
|
$ |
9,946 |
|
Stock-based compensation |
|
|
177 |
|
|
|
448 |
|
|
|
222 |
|
|
|
1,612 |
|
|
|
813 |
|
Payroll tax credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,587 |
) |
Acquisition related
expenses |
|
|
2,425 |
|
|
|
1,993 |
|
|
|
334 |
|
|
|
4,765 |
|
|
|
512 |
|
Adjusted
EBITDA |
|
$ |
(1,560 |
) |
|
$ |
(1,567 |
) |
|
$ |
(374 |
) |
|
$ |
(7,586 |
) |
|
$ |
9,684 |
|
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