Building on our 'Empowering Americans' brand campaign, this year we introduce a story about us, 'Who We Are,' reﬂecting our shared values of responsibility, work ethic, dedication, and community through our employees - who are the foundation of our company.
We honor the trust that law abiding Americans place in us - to make and deliver products they depend on each day - to protect themselves, their communities, and their families. These are our guiding principles, and we will continue to stand for the basic right of self-protection through the 2nd Amendment for generations to come.
DEDICATED TO THE CRAFT.
From the very beginning, and every workday since,
at every shift, in every individual effort, we carry a common
purpose, a common cause. It is a duty we proudly honor.
Dedicated to your Freedom. Equality. Security.
And the promise of this great country.
S M I T H & W E S S O N A N N U A L R E P O R T 2 0 2 2 1
20% - 30% EBITDAS
32% - 42% Gross Margin
$100M+ Cash on Hand
>$75M Cash Generated
~$25M Annual Capital Spend
Reduce Share Count
Cash from operations
percentage of revenue
In recognition of these outstanding results, we have committed to share some of these proﬁts with our employees, paying:
Proﬁts shared with employees
Reduction in outstanding
Dividends paid since spin, of
shares since spin through
20% share repurchase program
$23M which $15 million was in FY22
2 A N N U A L R E P O R T 2 0 2 2 S M I T H & W E S S O N
As we reﬂect on Fiscal 2022, our team has again proved they can meet any challenge head on and deliver impressive results. As the ﬁrearms demand returned to a more normal level from the historic pandemic- related surge, our ﬂexible manufacturing model was once again put to the test, and once again we proved that no matter what - Smith & Wesson delivers proﬁtability in any environment. Even with the reduced demand, our sales and marketing teams pushed to maintain market share gains, and we were able to end our year with the second highest revenue in company history at $864.1 million. But even more impressive was the 43.3% margins we were able to achieve, which was nearly a full point above the historic levels we achieved in the prior year. Strong cost control and a commitment to quality and innovation contributed to net income of nearly $200 million and Adjusted EBITDAS of nearly $300M.
As impressive as our ﬁnancial results are, we are equally proud of the innovation our research and development team displayed. During ﬁscal 2022, we launched the CSX, an all-metal,hammer-ﬁred,single-action platform featuring a 12-round capacity and ambidextrous controls in
a micro compact size with a 3.1" barrel. We added the 10mm caliber to our M&P M2.0 line of polymer pistols and introduced our Shield EZ and Shield Plus pistols in a new caliber, the 30 Super Carry, which was a co-launch partnership with Federal Premium Ammunition. Finally, we refreshed our modern sporting riﬂe line with the introduction
of the Volunteer riﬂe series, which includes a number of custom enhancements, including handguards, adjustable stocks, hand grips, and muzzle brakes, and the ﬁrst Smith & Wesson shotgun in 20 years, the M&P 12. And the team is far from done. Stay tuned in ﬁscal 2023 for additional exciting new products to be added to our product offerings.
And of course, we also made the very difficult decision that, for the continued success and health of our iconic company, we will be relocating our headquarters and signiﬁcant portions of our operations to Maryville, Tennessee. Massachusetts has been our home for over
170 years; however, with the changing climate for ﬁrearm manufacturing in the state, preserving the future of our business required a move to a state that does not propose burdensome restrictions on our company. Construction of our new state-of-the-art facility is well underway and will continue throughout this year - and we expect to begin operations in the new building in the summer of 2023.
In closing, and as always, we appreciate the ongoing support of our employees, our customers, and our investors. Smith & Wesson is the strongest it has ever been and we have you to thank.
Mark P. Smith
Robert L. Scott
President & Chief Executive Officer
Chairman of the Board
BOARD OF DIRECTORS
Robert L. Scott, Chairman ™œMichael F. Golden, Vice Chairman ›Anita D. Britt, Director ™š›Fred M. Diaz, Director š›
John B. Furman, Director™šœ
Barry M. Monheit,Directoršœ
Mark P. Smith, President, Chief Executive Officer Denis G. Suggs, Director ™œ
Mark P. Smith
President, Chief Executive Officer
Deana L. McPherson, CPA, CGMA
Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
Kevin A. Maxwell
Senior Vice President, General Counsel,
Chief Compliance Officer, and Secretary
Susan J. Cupero
Vice President, Sales
Issuer Direct Corporation
1981 East Murray Holladay Rd., Suite 100 Salt Lake City, Utah 84117
(801) 272-9294 Ext. 711 - O
™ Audit Committee
š Compensation Committee
› ESG Committee
œ Nominations and Corporate Governance Committee
S M I T H & W E S S O N A N N U A L R E P O R T 2 0 2 2 3
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