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OFFON

DULUTH HOLDINGS INC.

(DLTH)
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Duluth : Investor Presentation 1Q 2021 3.3 MB

06/07/2021 | 03:51am EDT

Investor Presentation

First Quarter 2021

June 4, 2021

Disclaimer

Forward-Looking Statements

This presentation dated June 4, 2021 includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this presentation, including statements concerning Duluth Holdings Inc.'s (dba Duluth Trading Company) ("Duluth Trading" or the "Company") plans, objectives, goals, beliefs, business strategies, future events, business conditions, its results of operations, financial position and its business outlook, business trends and certain other information herein are forward-looking statements, including its ability to execute on its growth strategies. You can identify forward-looking statements by the use of words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "believe," "estimate," "project," "target," "predict," "intend," "future," "budget," "goals," "potential," "continue," "design," "objective," "would" and other similar expressions. The forward-looking statements are not historical facts, and are based upon Duluth Trading's current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond Duluth Trading's control. Duluth Trading's expectations, beliefs and projections are expressed in good faith, and Duluth Trading believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates, and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and factors set forth under Part 1, Item 1A "Risk Factors" in Duluth Trading's Annual Report on Form 10-K filed with the SEC on March 26, 2021, and other factors as may be periodically described in Duluth Trading's subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. Duluth Trading assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward- looking information except to the extent required by applicable securities laws.

Non-GAAP Measurements

Management believes that non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Within this presentation, reference is made to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and Free Cash Flow. See Appendix Table "Adjusted EBITDA," for a reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA and "Free Cash Flow" for a reconciliation of Net cash provided by operating activities to Free Cash Flow. Adjusted EBITDA is a metric used by management and frequently used by the financial community, which provides insight into an organization's operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA excludes certain items, such as stock-based compensation. Management believes Free Cash Flow is a useful measure of performance as an indication of an organization's financial strength and provides additional perspective on the ability to efficiently use capital in executing growth strategies. Free Cash Flow is used to facilitate a comparison of operating performance on a consistent basis from period-to-period and the ability to generate cash. Free Cash Flow is defined as net cash provided by operating activities less purchase of property and equipment and capital contributions towards build-to-suit stores. The Company provides this information to investors to assist in comparisons of past, present and future operating results and to assist in highlighting the results of on-going operations. While the Company's management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company's GAAP financial results and should be read in conjunction with those GAAP results.

2

June 4, 2021

Introduction to Duluth Trading Co.

Duluth Trading Co. at a Glance

  • Workwear Heritage is the Foundation of our Authentic, Everyday Lifestyle Brand
  • Long History of Product Innovation and Solution-Based Design
  • Humorous and Distinctive Marketing
  • Outstanding and Engaging Customer Experience
  • Nationwide Omnichannel Presence with Controlled Distribution

4

June 4, 2021

Investment Highlights

  • Growing lifestyle brand with well-establisheddigitally-driven Omnichannel business
  • Multiple revenue growth opportunities
    • Evolving into a Portfolio of Distinct Brands within the Duluth Trading Co. Ecosystem
    • Growing Sales in Existing Store and Non-Store Markets
    • Strengthening the Core Men's Duluth Brand
    • Growing our Women's Duluth Brand
  • Strategic investments support long-term EBITDA margin expansion
  • Generating positive cash flow with a strong balance sheet
  • Seasoned and passionate management team with meaningful equity stake

5

June 4, 2021

Disclaimer

Duluth Holdings Inc. published this content on 05 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 07:50:00 UTC.


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Financials (USD)
Sales 2022 708 M - -
Net income 2022 23,1 M - -
Net cash 2022 40,5 M - -
P/E ratio 2022 22,4x
Yield 2022 -
Capitalization 517 M 517 M -
EV / Sales 2022 0,67x
EV / Sales 2023 0,58x
Nbr of Employees 2 004
Free-Float 61,9%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 15,65 $
Average target price 21,00 $
Spread / Average Target 34,2%
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Managers and Directors
Samuel Michael Sato President, Chief Executive Officer & Director
David Loretta Chief Financial Officer, Secretary & Senior VP
Stephen L. Schlecht Non-Executive Chairman
Christopher M. Teufel SVP-Information Technology & Logistics
Francesca Maher Edwardson Independent Director
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