Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”)
(Nasdaq: HYFM), a leading independent manufacturer and distributor
of branded hydroponics equipment and supplies for controlled
environment agriculture, today announced financial results for its
first quarter ended March 31, 2023.
First Quarter
2023 Highlights vs. Prior Year
Period:
- Net sales decreased to $62.2
million compared to $111.4 million.
- Gross Profit decreased to
$11.4 million compared to $16.6 million. Adjusted Gross
Profit(1) was $14.1 million compared to $22.3 million.
- Gross Profit Margin increased to
18.3% of net sales compared to 14.9%. Adjusted Gross Profit
Margin(1) increased to 22.6% of net sales compared to 20.0%.
- Net loss was $(16.8) million,
or $(0.37) per diluted share, compared to net loss of
$(23.3) million, or $(0.52) per diluted share.
- Adjusted EBITDA(1) decreased to
$(2.1) million compared to $3.1 million in the prior year
period.
- Cash used in operating activities
of $(9.0) million and negative Free Cash Flow(1) of $(10.6)
million, a $2.0 million improvement compared to the first quarter
of 2022.
Reaffirms Full Year
2023 Outlook:
- Net sales of approximately $290
million to $310 million, and now expects results to be toward the
lower end of the range.
- Adjusted EBITDA(1) that is modestly
positive.
- Positive Free
Cash Flow(1).
(1) Adjusted Gross
Profit, Adjusted Gross Profit Margin, Adjusted SG&A, Adjusted
SG&A as a percent of net sales, Adjusted EBITDA, and Free Cash
Flow are non-GAAP measures. For reconciliations of GAAP to non-GAAP
measures see the “Reconciliation of Non-GAAP Measures” accompanying
the release.
Bill Toler, Chairman and Chief Executive Officer
of Hydrofarm, said, “I am proud of our team who has worked
tirelessly to execute on our restructuring and related cost savings
initiatives while navigating the challenging operating environment
as the broader industry finds its way through supply/demand
imbalances. We recently completed the consolidation of our Canadian
nutrient manufacturing facility, the closure of our regional office
in China as well as the relocation of our distribution center in
Western Canada. We have made strides by reducing our overall costs
in an effort to position ourselves to drive profitability in the
near-term by improving brand sales mix, increasing productivity and
reducing SG&A. We remain optimistic about our long-term
business fundamentals and our ability to take advantage of growth
opportunities ahead."
First Quarter
2023 Financial Results
Net sales in the first quarter of 2023 decreased
to $62.2 million compared to $111.4 million in the first quarter of
2022, driven by a 42.5% decline in volume of products sold, a 1.1%
decrease in price/mix of products sold, and a 0.6% decline from
unfavorable foreign exchange rates. The decrease in volume of
products sold was primarily related to oversupply in the cannabis
industry. The reduction in price was mainly due to the sell-through
of discounted lighting products. The decrease in foreign exchange
related to strength in the U.S. Dollar relative to the Canadian
Dollar.
Gross profit decreased to $11.4 million
during the first quarter of 2023 compared to $16.6 million in
the prior year period. The decrease was primarily related to the
decrease in net sales. Gross profit margin percentage increased to
18.3% for the three months ended March 31, 2023, from 14.9% in
the same period in 2022. Gross profit margin percentage was
negatively impacted by restructuring charges of $1.2 million in the
first quarter of 2023. Gross profit margin percentage was
negatively impacted by acquisition expenses of $3.9 million and an
increase in inventory allowances of $3.2 million in the first
quarter of 2022. Adjusted Gross Profit(1) margin increased to 22.6%
of net sales in the first quarter of 2023, compared to 20.0% of net
sales in the prior year period. The improvement includes benefits
from selling a higher proportion of proprietary brand products and
from improved productivity.
Selling, general and administrative (“SG&A”)
expense was $24.4 million in the first quarter of 2023,
compared to $40.2 million in the first quarter of 2022. The
decrease was primarily related to an $8.7 million decline in
amortization expenses and a $7.2 million decline in costs
associated with compensation, distribution center relocations,
acquisitions, and other professional fees. Adjusted SG&A(1)
decreased to $16.2 million in the first quarter of 2023,
compared to $19.2 million in the prior year period. The
decrease primarily relates to a decline in compensation costs and
other professional fees as a result of the restructuring plan and
related cost saving initiatives.
Net loss was $(16.8) million, $(0.37) per
diluted share, in the first quarter of 2023, compared to a net loss
of $(23.3) million, or $(0.52) per diluted share, in the first
quarter of 2022. The improvement was primarily due to significantly
lower SG&A expenses, partially offset by lower net sales and
gross profit in 2023, and current year tax expense compared to a
tax benefit in the prior year.
Adjusted EBITDA(1) was $(2.1) million for the
first quarter of 2023, compared to $3.1 million in the first
quarter of 2022. The decrease was primarily related to lower sales,
partially offset by higher adjusted gross profit margin and lower
adjusted SG&A.
Balance Sheet, Liquidity and Cash
Flow
As of March 31, 2023, the Company had
$18.7 million in cash and $123.4 million in principal balance
on its Term Loan outstanding. In addition, the Company had
approximately $10.4 million in finance leases and $0.2 million in
other debt outstanding. During the first quarter of 2023, the
Company maintained a zero balance on its Revolving Credit Facility.
The Company had approximately $39 million of available borrowing
capacity on its Revolving Credit Facility, and was in compliance
with debt covenants as of March 31, 2023. In addition, on
March 31, 2023, the Company entered into a fifth amendment to its
Revolving Credit Facility to extend the maturity date to June 30,
2026 and reduce the maximum commitment amount to $55 million which
reduces fees on unused availability.
In the first quarter, cash used in operating
activities was $(9.0) million and capital expenditures were $(1.7)
million, yielding negative Free Cash Flow(1) of $(10.6) million, a
$2.0 million improvement compared to 2022. The first quarter cash
usage from operating activities was due primarily to seasonality
and cash payments relating to the restructuring plan. The Company
completed the sale-leaseback of real estate located in Eugene,
Oregon and received approximately $8.6 million in gross proceeds,
which was classified per GAAP as a financing activity and was not
reflected in cash used in operating activities or Free Cash
Flow(1).
Reaffirms Full Year 2023
Outlook
The Company is reaffirming its full year 2023
outlook:
- Net sales of
approximately $290 million to $310 million, and the Company now
expects results to be toward the low end of the range.
- Adjusted EBITDA(1)
that is modestly positive for the full year, consistent with
previous expectations.
- Free Cash Flow(1)
that is positive for the full year, consistent with previous
expectations.
The Company's 2023 outlook also reaffirms the
following assumptions, consistent with previous expectations:
- Improved year-over-year Adjusted
Gross Profit(1) and Adjusted Gross Profit margin(1) resulting
primarily from (i) cost savings associated with restructuring and
related productivity initiatives and (ii) an expectation of minimal
additional inventory and accounts receivable reserves or related
charges.
- Capital expenditures of
approximately $7 million to $9 million.
- Further reduction in inventory and
net working capital helping to generate positive Free Cash
Flow(1).
(1) Adjusted Gross
Profit, Adjusted Gross Profit Margin, Adjusted SG&A, Adjusted
SG&A as a percent of net sales, Adjusted EBITDA, and Free Cash
Flow are non-GAAP measures. For reconciliations of GAAP to non-GAAP
measures see the “Reconciliation of Non-GAAP Measures” accompanying
the release.
Conference Call
The Company will host a conference call to
discuss financial results for the first quarter 2023 today at 4:30
p.m. Eastern Time. Bill Toler, Chairman and Chief Executive
Officer, and John Lindeman, Chief Financial Officer, will host the
call.
The conference call can be accessed live over the
phone by dialing 1-877-451-6152. The conference call will also be
webcast live and archived on the corporate website at
www.hydrofarm.com, under the “News & Events” section.
About Hydrofarm Holdings Group,
Inc.
Hydrofarm is a leading independent manufacturer
and distributor of branded hydroponics equipment and supplies for
controlled environment agriculture, including grow lights, climate
control solutions, growing media and nutrients, as well as a broad
portfolio of innovative and proprietary branded products. For over
40 years, Hydrofarm has helped growers make growing easier and more
productive. The Company’s mission is to empower growers, farmers
and cultivators with products that enable greater quality,
efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding
Forward-Looking Statements
Statements contained in this press release,
other than statements of historical fact, which address activities,
events and developments that the Company expects or anticipates
will or may occur in the future, including, but not limited to,
information regarding the future economic performance and financial
condition of the Company, the plans and objectives of the Company’s
management, and the Company’s assumptions regarding such
performance and plans are “forward-looking statements” within the
meaning of the U.S. federal securities laws that are subject to
risks and uncertainties. These forward-looking statements generally
can be identified as statements that include phrases such as
“guidance,” “outlook,” “projected,” “believe,” “target,” “predict,”
“estimate,” “forecast,” “strategy,” “may,” “goal,” “expect,”
“anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,”
“should” or other similar words or phrases. Actual results could
differ materially from the forward-looking information in this
release due to a variety of factors, including, but not limited
to:
The market in which we operate has been
substantially adversely impacted by industry conditions, including
oversupply and decreasing prices of the products the Company's end
customers sell, which, in turn, has materially adversely impacted
the Company's sales and other results of operations and which may
continue to do so in the future; If industry conditions worsen or
are sustained for a lengthy period, we could be forced to take
additional impairment charges and/or inventory and accounts
receivable reserves, which could be substantial, and, ultimately,
we may face liquidity challenges; Although equity financing may be
available, the current stock prices are at depressed levels and any
such financing would be dilutive. The ongoing COVID-19 pandemic
could have a material adverse effect on the Company’s business,
results of operation, financial condition and/or cash flows;
Interruptions in the Company's supply chain, whether due to
COVID-19 or otherwise could adversely impact expected sales growth
and operations; The highly competitive nature of the Company’s
markets could adversely affect its ability to maintain or grow
revenues; Certain of the Company’s products may be purchased for
use in new or emerging industries or segments, including the
cannabis industry, and/or be subject to varying, inconsistent, and
rapidly changing laws, regulations, administrative and enforcement
approaches, and consumer perceptions and, among other things, such
laws, regulations, approaches and perceptions may adversely impact
the market for the Company’s products; The market for the Company’s
products has been impacted by conditions impacting its customers,
including related crop prices and other factors impacting growers;
Compliance with environmental and other public health regulations
or changes in such regulations or regulatory enforcement priorities
could increase the Company’s costs of doing business or limit the
Company’s ability to market all of its products; Damage to the
Company’s reputation or the reputation of its products or products
it markets on behalf of third parties could have an adverse effect
on its business; If the Company is unable to effectively execute
its e-commerce business, its reputation and operating results may
be harmed; The Company’s operations may be impaired if its
information technology systems fail to perform adequately or if it
is the subject of a data breach or cyber-attack; The Company may
not be able to adequately protect its intellectual property and
other proprietary rights that are material to the Company’s
business; Acquisitions, other strategic alliances and investments
could result in operating and integration difficulties, dilution
and other harmful consequences that may adversely impact the
Company’s business and results of operations. Additional detailed
information concerning a number of the important factors that could
cause actual results to differ materially from the forward-looking
information contained in this release is readily available in the
Company’s annual, quarterly and other reports. The Company
disclaims any obligation to update developments of these risk
factors or to announce publicly any revision to any of the
forward-looking statements contained in this release, or to make
corrections to reflect future events or developments.
Contacts:Investor
ContactAnna Kate Heller / ICRir@hydrofarm.com
Hydrofarm Holdings Group, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In
thousands, except share and per share amounts) |
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
|
$ |
62,178 |
|
|
$ |
111,377 |
|
Cost of goods sold |
|
|
50,797 |
|
|
|
94,771 |
|
Gross profit |
|
|
11,381 |
|
|
|
16,606 |
|
Operating expenses: |
|
|
|
|
Selling, general and administrative |
|
|
24,431 |
|
|
|
40,247 |
|
Impairments |
|
|
— |
|
|
|
2,756 |
|
Loss from operations |
|
|
(13,050 |
) |
|
|
(26,397 |
) |
Interest expense |
|
|
(3,692 |
) |
|
|
(2,366 |
) |
Other income (expense), net |
|
|
40 |
|
|
|
(102 |
) |
Loss before tax |
|
|
(16,702 |
) |
|
|
(28,865 |
) |
Income tax (expense) benefit |
|
|
(147 |
) |
|
|
5,569 |
|
Net loss |
|
$ |
(16,849 |
) |
|
$ |
(23,296 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
Basic |
|
$ |
(0.37 |
) |
|
$ |
(0.52 |
) |
Diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.52 |
) |
Weighted-average shares of common stock outstanding: |
|
|
|
|
Basic |
|
|
45,263,822 |
|
|
|
44,718,510 |
|
Diluted |
|
|
45,263,822 |
|
|
|
44,718,510 |
|
Hydrofarm Holdings Group, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands,
except share and per share amounts) |
|
|
March 31, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
18,703 |
|
|
$ |
21,291 |
|
Accounts receivable, net |
|
|
22,601 |
|
|
|
17,227 |
|
Inventories |
|
|
103,430 |
|
|
|
111,398 |
|
Prepaid expenses and other current assets |
|
|
6,104 |
|
|
|
5,032 |
|
Total current assets |
|
|
150,838 |
|
|
|
154,948 |
|
Property, plant and equipment, net |
|
|
50,989 |
|
|
|
51,135 |
|
Operating lease right-of-use assets |
|
|
61,155 |
|
|
|
65,265 |
|
Intangible assets, net |
|
|
294,348 |
|
|
|
300,366 |
|
Other assets |
|
|
1,927 |
|
|
|
1,845 |
|
Total assets |
|
$ |
559,257 |
|
|
$ |
573,559 |
|
Liabilities and stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
13,232 |
|
|
$ |
13,633 |
|
Accrued expenses and other current liabilities |
|
|
10,116 |
|
|
|
13,208 |
|
Deferred revenue |
|
|
2,539 |
|
|
|
3,654 |
|
Current portion of operating lease liabilities |
|
|
8,967 |
|
|
|
9,099 |
|
Current portion of finance lease liabilities |
|
|
1,012 |
|
|
|
704 |
|
Current portion of long-term debt |
|
|
1,367 |
|
|
|
1,307 |
|
Total current liabilities |
|
|
37,233 |
|
|
|
41,605 |
|
Long-term operating lease liabilities |
|
|
53,879 |
|
|
|
56,299 |
|
Long-term finance lease liabilities |
|
|
9,426 |
|
|
|
1,200 |
|
Long-term debt |
|
|
117,363 |
|
|
|
117,461 |
|
Deferred tax liabilities |
|
|
2,685 |
|
|
|
2,685 |
|
Other long-term liabilities |
|
|
4,468 |
|
|
|
4,428 |
|
Total liabilities |
|
|
225,054 |
|
|
|
223,678 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common stock ($0.0001 par value; 300,000,000 shares authorized;
45,362,276 and 45,197,249 shares issued and outstanding at
March 31, 2023, and December 31, 2022, respectively) |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
784,101 |
|
|
|
783,042 |
|
Accumulated other comprehensive loss |
|
|
(7,123 |
) |
|
|
(7,235 |
) |
Accumulated deficit |
|
|
(442,780 |
) |
|
|
(425,931 |
) |
Total stockholders’ equity |
|
|
334,203 |
|
|
|
349,881 |
|
Total liabilities and stockholders’ equity |
|
$ |
559,257 |
|
|
$ |
573,559 |
|
Hydrofarm Holdings Group, Inc.RECONCILIATION OF
NON-GAAP MEASURES(In thousands, except share and per share
amounts) (Unaudited) |
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Adjusted Gross Profit: |
|
|
|
|
Gross Profit (GAAP) |
|
$ |
11,381 |
|
|
$ |
16,606 |
|
Depreciation, depletion and amortization |
|
|
1,455 |
|
|
|
1,709 |
|
Restructuring expenses1 |
|
|
1,237 |
|
|
|
— |
|
Acquisition and integration expenses5 |
|
|
— |
|
|
|
3,938 |
|
Other |
|
|
— |
|
|
|
9 |
|
Adjusted Gross Profit (Non-GAAP) |
|
$ |
14,073 |
|
|
$ |
22,262 |
|
|
|
|
|
|
As a percent of net sales: |
|
|
|
|
Gross Profit Margin (GAAP) |
|
|
18.3 |
% |
|
|
14.9 |
% |
Adjusted Gross Profit Margin (Non-GAAP) |
|
|
22.6 |
% |
|
|
20.0 |
% |
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Adjusted SG&A: |
|
|
|
Selling, general and administrative (GAAP) |
$ |
24,431 |
|
|
$ |
40,247 |
|
Depreciation, depletion and amortization |
|
6,552 |
|
|
|
15,232 |
|
Restructuring expenses1 |
|
174 |
|
|
|
— |
|
Stock-based compensation2 |
|
1,207 |
|
|
|
3,076 |
|
Acquisition and integration expenses5 |
|
— |
|
|
|
1,048 |
|
Distribution center exit costs and other6 |
|
— |
|
|
|
1,086 |
|
Other7 |
|
295 |
|
|
|
628 |
|
Adjusted SG&A (Non-GAAP) |
$ |
16,203 |
|
|
$ |
19,177 |
|
|
|
|
|
As a percent of net sales: |
|
|
|
SG&A (GAAP) |
|
39.3 |
% |
|
|
36.1 |
% |
Adjusted SG&A (Non-GAAP) |
|
26.1 |
% |
|
|
17.2 |
% |
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
Net loss (GAAP) |
|
$ |
(16,849 |
) |
|
$ |
(23,296 |
) |
Interest expense |
|
|
3,692 |
|
|
|
2,366 |
|
Income tax expense (benefit) |
|
|
147 |
|
|
|
(5,569 |
) |
Depreciation, depletion and amortization |
|
|
8,007 |
|
|
|
16,941 |
|
Restructuring expenses1 |
|
|
1,411 |
|
|
|
— |
|
Stock-based compensation2 |
|
|
1,207 |
|
|
|
3,076 |
|
Other (income) expense, net3 |
|
|
(40 |
) |
|
|
102 |
|
Impairments4 |
|
|
— |
|
|
|
2,756 |
|
Acquisition and integration expenses5 |
|
|
— |
|
|
|
4,986 |
|
Distribution center exit costs and other6 |
|
|
— |
|
|
|
1,086 |
|
Other7 |
|
|
295 |
|
|
|
637 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
(2,130 |
) |
|
$ |
3,085 |
|
|
|
|
|
|
As a percent of net sales: |
|
|
|
|
Net loss (GAAP) |
|
(27.1 |
)% |
|
(20.9 |
)% |
Adjusted EBITDA (Non-GAAP) |
|
(3.4 |
)% |
|
|
2.8 |
% |
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Free Cash
Flow8: |
|
|
|
Net cash used in operating activities
(GAAP)8: |
$ |
(8,950 |
) |
|
$ |
(10,155 |
) |
Capital expenditures of Property, Plant and Equipment (GAAP) |
|
(1,653 |
) |
|
|
(2,470 |
) |
Free Cash Flow
(non-GAAP)8: |
$ |
(10,603 |
) |
|
$ |
(12,625 |
) |
Notes to GAAP to Non-GAAP
reconciliations presented above (Adjusted Gross Profit, Adjusted
SG&A, Adjusted EBITDA, and Free Cash Flow):
- For the three
months ended March 31, 2023, restructuring expenses related
primarily to the relocation and termination of certain facilities
in Canada and the closure of the Company's supply chain management
office in China.
- Includes
stock-based compensation and related employer payroll taxes on
stock-based compensation for the periods presented.
- Other (income)
expense, net related primarily to foreign currency exchange rate
gains and losses and other non-operating income and expenses.
- For the three
months ended March 31, 2022, the Company recorded an
impairment primarily related to a charge associated with a note
receivable that originated in 2019 in connection with a third party
independent processor.
- For the three
months ended March 31, 2022, this included charges related to
acquisitions completed in 2021, including non-cash purchase
accounting inventory adjustments, transaction services and legal
fees, as well as the impact of changes in fair value of contingent
consideration.
- For the three
months ended March 31, 2022, this related to costs incurred to
exit and relocate distribution centers in California and
Pennsylvania including lease exit costs, transportation, and labor
related costs.
- For the three
months ended March 31, 2023, Other includes charges in
conjunction with the Sale-Leaseback Transaction. For the three
months ended March 31, 2022, Other included severance costs
related to workforce reductions to optimize our cost
structure.
- Gross proceeds of
$8.6 million from the sale-leaseback of real estate located in
Eugene, Oregon, was classified as a financing activity and is not
reflected in cash used in operating activities or Free Cash
Flow.
Non-GAAP Financial Measures
We report our financial results in accordance
with generally accepted accounting principles in the U.S. (“GAAP”).
Management believes that certain non-GAAP financial measures
provide investors with additional useful information in evaluating
our performance and that excluding certain items that may vary
substantially in frequency and magnitude period-to-period from net
loss provides useful supplemental measures that assist in
evaluating our ability to generate earnings and to more readily
compare these metrics between past and future periods. These
non-GAAP financial measures may be different than similarly titled
measures used by other companies.
To supplement our condensed consolidated
financial statements which are prepared in accordance with GAAP, we
use "Adjusted EBITDA", "Adjusted Gross Profit", "Adjusted
SG&A", and "Free Cash Flow" which are non-GAAP financial
measures. We also present certain of these non-GAAP metrics as a
percentage of net sales. Our non-GAAP financial measures should not
be considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP. There are several
limitations related to the use of our non-GAAP financial measures
as compared to the closest comparable GAAP measures.
We define Adjusted EBITDA
(non-GAAP) as net loss (GAAP) excluding interest expense, income
taxes, depreciation, depletion and amortization, stock-based
compensation including employer payroll taxes on stock-based
compensation, restructuring charges which represent fundamental
changes to our operations, and other non-cash, unusual and/or
infrequent costs (i.e., impairments, acquisition and integration
expenses, distribution center exit costs, and other income/expense,
net), which we do not consider in our evaluation of ongoing
operating performance.
We define Adjusted EBITDA
(non-GAAP) as a percent of net sales as adjusted
EBITDA (as defined above) divided by net sales realized in the
respective period.
We define Adjusted Gross Profit
(non-GAAP) as gross profit (GAAP) excluding depreciation,
depletion, and amortization, restructuring charges, and other
non-cash, unusual and/or infrequent costs (i.e., other expenses,
and acquisition and integration expenses), which we do not consider
in our evaluation of ongoing operating performance.
We define Adjusted Gross Profit
Margin (non-GAAP) as a percent of net
sales as Adjusted Gross Profit (as defined above) divided
by net sales realized in the respective period.
We define Adjusted SG&A
(non-GAAP) as SG&A (GAAP) excluding depreciation, depletion,
and amortization, stock-based compensation including employer
payroll taxes on stock-based compensation, restructuring charges,
and other non-cash, unusual and/or infrequent costs (i.e., other
expenses, acquisition and integration expenses, and distribution
center exit costs), which we do not consider in our evaluation of
ongoing operating performance.
We define Adjusted SG&A
(non-GAAP) as a percent of net sales as Adjusted
SG&A (as defined above) divided by net sales realized in the
respective period.
We define Free Cash Flow
(non-GAAP) as Net cash from (used in) operating activities less
capital expenditures for property, plant and equipment. We believe
this provides additional insight into the Company's ability to
generate cash and maintain liquidity. However, Free Cash Flow does
not represent funds available for investment or other discretionary
uses since it does not deduct cash used to service our debt or
other cash flows from financing activities. The Company defines
net debt as total debt principal outstanding less
cash, cash equivalents and restricted cash.
Hydrofarm (NASDAQ:HYFM)
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Hydrofarm (NASDAQ:HYFM)
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