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SMITH & WESSON BRANDS, INC.

(SWBI)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
10.35 USD   +0.19%
09/21SMITH & WESSON BRANDS, INC. : Ex-dividend day for
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09/13SMITH & WESSON BRANDS : Submission of Matters to a Vote of Security Holders - Form 8-K
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09/13SMITH & WESSON BRANDS, INC. : Submission of Matters to a Vote of Security Holders (form 8-K)
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Smith & Wesson Brands : 2022 Annual Report 5.1 MB

08/03/2022 | 09:29am EDT

THIS IS WHO WE ARE.

2022 ANNUAL REPORT

EMPOWERING AMERICANS™

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

OUR MODEL.

Flexible

P&L

Manufacturing

Marketing

Balance

Driven

Sheet

Efficiency

Capital

Through

Allocation

Automation

OUR PERFORMANCE.

  • 20% - 30% EBITDAS
  • 32% - 42% Gross Margin
  • $100M+ Cash on Hand
  • $0 Debt
  • >$75M Cash Generated
  • ~$25M Annual Capital Spend
  • Grow Dividend
  • Reduce Share Count

43.3%

34.7%

$137.8M

Gross Margin

EBITDAS

Cash from operations

percentage of revenue

$13.5M

In recognition of these outstanding results, we have committed to share some of these profits with our employees, paying:

Profits shared with employees

Returning Value

NEARLY

Reduction in outstanding

Dividends paid since spin, of

shares since spin through

to Investors

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 ™œ Michael F. Golden, Vice Chairman Anita D. Britt, Director ™š› Fred M. Diaz, Director š›

John B. Furman, Director ™šœ

Barry M. Monheit, Director šœ

Mark P. Smith, President, Chief Executive Officer Denis G. Suggs, Director ™œ

EXECUTIVE OFFICERS

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

INVESTOR INFORMATION

Email: investorrelations@smith-wesson.com

TRANSFER AGENT

Issuer Direct Corporation

Julie Felix

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

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Smith & Wesson Brands Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 13:28:04 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2023 587 M - -
Net income 2023 75,7 M - -
Net Debt 2023 - - -
P/E ratio 2023 6,31x
Yield 2023 -
Capitalization 474 M 474 M -
Capi. / Sales 2023 0,81x
Capi. / Sales 2024 0,78x
Nbr of Employees 1 719
Free-Float 60,1%
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Number of Analysts 3
Last Close Price 10,35 $
Average target price 21,00 $
Spread / Average Target 103%
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Managers and Directors
Mark P. Smith President, Chief Executive Officer & Director
Deana L. McPherson Chief Financial Officer, Treasurer & Executive VP
Robert L. Scott Chairman
Kevin Alden Maxwell Secretary, Chief Compliance Officer & Senior VP
John B. Furman Independent Director
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