Snap One Holdings Corp.
(Nasdaq: SNPO) (“Snap One,” the “Company,” “we,” or
“our”), a provider of smart-living products, services, and
software to professional integrators, reported financial results
for the fiscal first quarter ended March 29, 2024.
Recent DevelopmentsOn April 14, 2024, Snap One
executed a merger agreement, whereby Resideo Technologies, Inc.
(“Resideo”), a leading manufacturer and distributor of
technology-driven products and solutions, agreed to acquire Snap
One in an all-cash transaction for $10.75 per share (the “Merger”).
The transaction is expected to be completed in the second half of
2024 and is subject to customary closing conditions, including
receipt of applicable antitrust and other regulatory approvals.
Snap One will prepare an information statement for its
stockholders containing the information with respect to the Merger
specified in Schedule 14C promulgated under the Exchange Act and
describing the pending Merger. When completed, a definitive
information statement will be mailed to Snap One’s stockholders.
INVESTORS ARE URGED TO CAREFULLY READ THE INFORMATION STATEMENT
REGARDING THE PENDING MERGER AND ANY OTHER RELEVANT DOCUMENTS IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PENDING MERGER.
Snap One’s stockholders may obtain free copies of the documents
we file with the SEC through the Investor Relations portion of Snap
One’s website at investors.snapone.com under the link “Reports and
Filings” and then under the link “SEC Filings” or by contacting
Snap One’s Investor Relations Department by (a) mail at 1355 W.
Innovation Way, Suite 125, Lehi, UT 84043, (b) telephone at (949)
574-3860, or (c) e-mail at IR@snapone.com.
Fiscal First Quarter 2024 Financial
ResultsResults compare 2024 fiscal first quarter end
(March 29, 2024) to 2023 fiscal first quarter end (March 31, 2023)
unless otherwise indicated. The Company’s fiscal first quarter in
both years reflects a 13-week period. Results are presented on an
as-reported basis, unless otherwise indicated.
- Net sales decreased 2.4% to $246.1
million from $252.0 million in the comparable year-ago period.
- Selling, general, and administrative
(SG&A) expenses decreased 3.2% to $90.8 million (36.9% of net
sales) from $93.8 million (37.2% of net sales) in the comparable
year-ago period.
- Net loss increased $8.4 million to
$22.9 million (-9.3% of net sales) compared to net loss of $14.5
million (-5.8% of net sales) in the comparable year-ago
period.
- Contribution margin, a non-GAAP
measurement of operating performance reconciled below, increased
2.1% to $108.5 million (44.1% of net sales) from $106.2 million
(42.1% of net sales) in the comparable year-ago period.
- Adjusted EBITDA, a non-GAAP
measurement of operating performance reconciled below, decreased
0.8% to $22.5 million (9.1% of net sales) compared to $22.7 million
(9.0% of net sales) in the comparable year-ago period.
- Adjusted net (loss) income, a
non-GAAP measurement of operating performance reconciled below,
decreased to a loss of $10.0 million (-4.1% of net sales) from an
adjusted net income of $3.4 million (1.3% of net sales) in the
comparable year-ago period.
- Net cash provided by operating
activities totaled $6.0 million compared to net cash used in
operating activities of $2.6 million in the comparable year-ago
period.
- Free cash flow, a non-GAAP
measurement of operating performance reconciled below, totaled $3.9
million compared to $(11.8) million in the comparable year-ago
period.
- As of March 29, 2024, cash and cash equivalents were $41.3
million compared to $61.0 million at the end of fiscal year
2023.
Conference CallAs a result of the Company’s
pending acquisition by Resideo, Snap One will be foregoing its
customary quarterly conference call.
About Snap OneAs a leading distributor of
smart-living technology, Snap One empowers its vast network of
professional integrators to deliver entertainment, connectivity,
control, and security solutions to residential and commercial end
users worldwide. Snap One distributes an expansive portfolio of
proprietary and third-party products through its intuitive online
portal and local branch network, blending the benefits of
e-commerce with the convenience of same-day pickup. In addition to
products, the Company provides software, award-winning support, and
digital workflow tools to help its integrator partners build
thriving and profitable businesses. Additional information about
Snap One can be found at snapone.com.
Snap One intends to use its website as a means of disclosing
material, non-public information and for complying with its
disclosure obligations under Regulation FD. Such disclosures will
be included in the Investor Relations section of the Snap One
website at investors.snapone.com. Accordingly, investors should
monitor such portion of the website, in addition to following the
Company’s press releases, Securities and Exchange Commission
(“SEC”) filings, and public conference calls and webcasts.
Non-GAAP Financial MeasuresIn addition to the
financial measures prepared in accordance with generally accepted
accounting principles in the United States (“GAAP”), this press
release contains certain non-GAAP financial measures, including
contribution margin, adjusted EBITDA, adjusted net (loss) income,
and free cash flow. A non-GAAP financial measure is generally
defined as a numerical measure of a company’s financial or
operating performance that excludes or includes amounts so as to be
different than the most directly comparable measure calculated and
presented in accordance with GAAP. We use the following non-GAAP
measures to help us monitor the performance of our business,
identify trends affecting our business and assist us in making
strategic decisions:
Contribution margin, which is defined as net sales, less cost of
sales, exclusive of depreciation and amortization, divided by net
sales.
Adjusted EBITDA, which is defined as net loss, plus interest
expense, income tax expense (benefit), depreciation and
amortization, other expense (income), net, further adjusted to
exclude equity-based compensation, acquisition-related and
integration-related costs and certain other non-recurring,
non-core, infrequent or unusual charges as set forth in the
reconciliation in this section below.
Adjusted net (loss) income, which is defined as net loss, plus
amortization, further adjusted to exclude equity-based
compensation, acquisition-related and integration-related costs,
(income) expense related to the interest rate cap and certain
non-recurring, non-core, infrequent or unusual charges, including
the estimated tax impacts of these adjustments, as set forth in the
reconciliation in this section below.
Free cash flow, which is defined as net cash provided by (used
in) operating activities less capital expenditures, which consist
of purchases of property and equipment as well as purchases of
information technology, software development, and leasehold
improvements.
Contribution margin, adjusted EBITDA, adjusted net (loss)
income, and free cash flow are key measures used by management to
understand and evaluate our financial performance, generate future
operating plans, make strategic decisions regarding the allocation
of capital, and analyze investments in initiatives that are focused
on cultivating new markets for our products and services. We
believe contribution margin, adjusted EBITDA, adjusted net (loss)
income, and free cash flow are useful measurements for analysts,
investors, and other interested parties to evaluate companies in
our markets as they help identify underlying trends that could
otherwise be masked by certain expenses that we do not consider
indicative of our ongoing performance.
Contribution margin, adjusted EBITDA, adjusted net (loss)
income, and free cash flow have limitations as analytical tools.
These measures are not calculated in accordance with GAAP and
should not be considered in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP. In
addition, contribution margin, adjusted EBITDA, adjusted net (loss)
income, and free cash flow may not be comparable to similarly
titled metrics of other companies due to differences among the
methods of calculation.
Cautionary Statements Concerning Forward-Looking
StatementsCertain statements contained in this press
release constitute forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, as amended, which reflect our current views
with respect to, among other things, the anticipated closing of our
agreement to be acquired by Resideo. You can identify these
forward-looking statements by the use of words such as “outlook,”
“indicator,” “believes,” “project,” “forecast,” “targets,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“scheduled,” “estimates,” “anticipates” or the negative version of
these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. We believe these factors include but
are not limited to the risks related to our business and industry,
risks related to our products, risks related to our manufacturing
and supply chain, risks related to our distribution channels, risks
related to laws and regulations, risks related to cybersecurity and
privacy, risks related to intellectual property, risks related to
our international operations, risks related to our indebtedness,
risks related to interest rate and exchange rate volatility, risks
related to our financial statements, risks related to our common
stock, and other risks as described under the section entitled
“Risk Factors” in our latest Annual Report on Form 10-K filed with
the SEC, as such factors may be updated from time to time in our
periodic filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this report and in our
other periodic filings. The forward-looking statements speak only
as of the date of this report, and, except as required by law, we
undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
Contacts
Media:Danielle KarrDirector, Public Relations
& EventsDanielle.Karr@SnapOne.com
Investors:Tom Colton and Chris Adusei-PokuGateway
Group949-574-3860IR@SnapOne.com
-Financial Tables to Follow-
Snap
One Holdings Corp. and SubsidiariesCondensed
Consolidated Statements of Operations (unaudited,
in thousands, except per share amounts) |
|
|
Three Months Ended |
|
|
March
29, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
Net sales |
$ |
246,078 |
|
|
$ |
252,040 |
|
|
Costs and
expenses: |
|
|
|
|
Cost of sales, exclusive of depreciation and amortization |
|
137,611 |
|
|
|
145,813 |
|
|
Selling, general, and administrative expenses |
|
90,820 |
|
|
|
93,797 |
|
|
Depreciation and amortization |
|
15,369 |
|
|
|
15,202 |
|
|
Total costs and expenses |
|
243,800 |
|
|
|
254,812 |
|
|
Income
(loss) from operations |
|
2,278 |
|
|
|
(2,772 |
) |
|
Other
expenses (income): |
|
|
|
|
Interest expense |
|
14,237 |
|
|
|
13,949 |
|
|
Other expense (income), net |
|
(51 |
) |
|
|
827 |
|
|
Total other expenses |
|
14,186 |
|
|
|
14,776 |
|
|
Loss before
income taxes |
|
(11,908 |
) |
|
|
(17,548 |
) |
|
Income tax
expense (benefit) |
|
11,025 |
|
|
|
(3,000 |
) |
|
Net
loss |
$ |
(22,933 |
) |
|
$ |
(14,548 |
) |
|
|
|
|
|
|
Net loss per
share, basic and diluted |
$ |
(0.30 |
) |
|
$ |
(0.19 |
) |
|
Weighted
average shares outstanding, basic and diluted |
|
76,360 |
|
|
|
75,291 |
|
|
Snap
One Holdings Corp. and SubsidiariesCondensed
Consolidated Balance Sheets(unaudited, in
thousands, except par value) |
|
As of |
|
March 29, 2024 |
|
December 29, 2023 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
41,251 |
|
|
$ |
61,023 |
|
Accounts receivable, net |
|
45,340 |
|
|
|
45,879 |
|
Inventories |
|
249,241 |
|
|
|
268,793 |
|
Prepaid expenses |
|
23,403 |
|
|
|
21,067 |
|
Other current assets |
|
2,312 |
|
|
|
2,678 |
|
Total current assets |
|
361,547 |
|
|
|
399,440 |
|
Long-term
assets: |
|
|
|
Property and equipment, net |
|
44,595 |
|
|
|
45,560 |
|
Goodwill |
|
592,186 |
|
|
|
592,389 |
|
Other intangible assets, net |
|
492,693 |
|
|
|
505,077 |
|
Operating lease right-of-use assets |
|
49,752 |
|
|
|
51,851 |
|
Other assets |
|
9,042 |
|
|
|
8,611 |
|
Total
assets |
$ |
1,549,815 |
|
|
$ |
1,602,928 |
|
Liabilities and stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Current maturities of long-term debt |
$ |
3,900 |
|
|
$ |
3,900 |
|
Accounts payable |
|
59,202 |
|
|
|
67,295 |
|
Accrued liabilities |
|
58,513 |
|
|
|
62,631 |
|
Current operating lease liability |
|
11,611 |
|
|
|
11,456 |
|
Current tax receivable agreement liability |
|
12,827 |
|
|
|
21,107 |
|
Total current liabilities |
|
146,053 |
|
|
|
166,389 |
|
Long-term
liabilities: |
|
|
|
Long-term debt, net of current portion |
|
495,070 |
|
|
|
495,620 |
|
Deferred income tax liabilities, net |
|
33,809 |
|
|
|
26,975 |
|
Operating lease liability, net of current portion |
|
49,582 |
|
|
|
52,090 |
|
Tax receivable agreement liability, net of current portion |
|
67,735 |
|
|
|
80,929 |
|
Other liabilities |
|
18,997 |
|
|
|
21,068 |
|
Total liabilities |
|
811,246 |
|
|
|
843,071 |
|
Commitments
and contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value, 500,000 shares authorized; 76,472
shares issued and outstanding as of March 29, 2024 and 75,944
shares issued and outstanding at December 29, 2023 |
|
765 |
|
|
|
759 |
|
Preferred stock, $0.01 par value; 50,000 shares authorized, no
shares issued and outstanding |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
873,746 |
|
|
|
872,065 |
|
Accumulated deficit |
|
(132,347 |
) |
|
|
(109,414 |
) |
Accumulated other comprehensive loss |
|
(3,595 |
) |
|
|
(3,553 |
) |
Total stockholders’ equity |
|
738,569 |
|
|
|
759,857 |
|
Total
liabilities and stockholders’ equity |
$ |
1,549,815 |
|
|
$ |
1,602,928 |
|
|
|
|
|
|
Snap One
Holdings Corp. and SubsidiariesCondensed
Consolidated Statements of Cash Flows(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 29, 2024 |
|
March 31, 2023 |
|
Cash
flows from operating activities: |
|
|
|
|
|
Net loss |
|
$ |
(22,933 |
) |
|
$ |
(14,548 |
) |
|
Adjustments
to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
15,369 |
|
|
|
15,202 |
|
|
Amortization of debt issuance costs |
|
|
827 |
|
|
|
772 |
|
|
Deferred income taxes |
|
|
6,601 |
|
|
|
(5,869 |
) |
|
Equity-based compensation |
|
|
5,913 |
|
|
|
7,763 |
|
|
Non-cash operating lease expense |
|
|
2,518 |
|
|
|
3,310 |
|
|
Bad debt expense |
|
|
159 |
|
|
|
307 |
|
|
Non-cash compensation forfeiture |
|
|
(1,787 |
) |
|
|
— |
|
|
Interest rate cap (income) expense |
|
|
(170 |
) |
|
|
818 |
|
|
Fair value adjustment to contingent value rights |
|
|
(1,200 |
) |
|
|
600 |
|
|
Valuation adjustment to TRA liability |
|
|
(367 |
) |
|
|
144 |
|
|
Other, net |
|
|
— |
|
|
|
130 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
(173 |
) |
|
|
(2,614 |
) |
|
Inventories |
|
|
18,435 |
|
|
|
1,205 |
|
|
Prepaid expenses and other assets |
|
|
(2,261 |
) |
|
|
1,268 |
|
|
Accounts payable, accrued liabilities, and operating lease
liabilities |
|
|
(14,964 |
) |
|
|
(11,118 |
) |
|
Net cash provided by (used in) operating activities |
|
|
5,967 |
|
|
|
(2,630 |
) |
|
Cash
flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,080 |
) |
|
|
(9,164 |
) |
|
Other, net |
|
|
— |
|
|
|
39 |
|
|
Net cash used in investing activities |
|
|
(2,080 |
) |
|
|
(9,125 |
) |
|
Cash
flows from financing activities: |
|
|
|
|
|
Payments on long-term debt |
|
|
(1,300 |
) |
|
|
(1,300 |
) |
|
Proceeds from revolving credit facility |
|
|
— |
|
|
|
38,000 |
|
|
Proceeds from interest rate cap |
|
|
490 |
|
|
|
— |
|
|
Repurchase and retirement of common stock |
|
|
— |
|
|
|
(293 |
) |
|
Payment of tax withholding obligation on settlement of equity
awards |
|
|
(2,439 |
) |
|
|
(1,024 |
) |
|
Payments of tax receivable agreement |
|
|
(21,107 |
) |
|
|
(10,191 |
) |
|
Payments of contingent consideration |
|
|
— |
|
|
|
(250 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(24,356 |
) |
|
|
24,942 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
697 |
|
|
|
148 |
|
|
Net
increase (decrease) in cash and cash equivalents |
|
|
(19,772 |
) |
|
|
13,335 |
|
|
Cash
and cash equivalents at beginning of the period |
|
|
61,023 |
|
|
|
21,117 |
|
|
Cash
and cash equivalents at end of the period |
|
$ |
41,251 |
|
|
$ |
34,452 |
|
|
Supplementary cash flow information: |
|
|
|
|
|
Cash paid for interest |
|
$ |
14,341 |
|
|
$ |
14,098 |
|
|
Cash paid for taxes, net |
|
$ |
519 |
|
|
$ |
969 |
|
|
Noncash
investing and financing activities: |
|
|
|
|
|
Capital expenditure in accounts payable |
|
$ |
238 |
|
|
$ |
937 |
|
Snap One
Holdings Corp. and SubsidiariesReconciliation of
Net Loss to Adjusted EBITDA(unaudited, in
thousands) |
|
Three Months
Ended |
|
March 29, |
|
March 31, |
|
2024 |
|
|
2023 |
|
Net loss |
$ |
(22,933 |
) |
|
$ |
(14,548 |
) |
Interest expense |
|
14,237 |
|
|
|
13,949 |
|
Income tax expense (benefit) |
|
11,025 |
|
|
|
(3,000 |
) |
Depreciation and amortization |
|
15,369 |
|
|
|
15,202 |
|
Other expense (income), net |
|
(51 |
) |
|
|
827 |
|
Equity-based compensation |
|
5,913 |
|
|
|
7,763 |
|
Compensation expense for payouts in lieu of TRA
participation(a) |
|
(1,687 |
) |
|
|
279 |
|
Fair value adjustment to contingent value rights(b) |
|
(1,200 |
) |
|
|
600 |
|
IT system transition costs(c) |
|
19 |
|
|
|
133 |
|
Severance cost(d) |
|
— |
|
|
|
1,276 |
|
Deferred acquisition payments(e) |
|
— |
|
|
|
78 |
|
Other professional services costs(f) |
|
— |
|
|
|
38 |
|
Other(g) |
|
1,805 |
|
|
|
75 |
|
Adjusted
EBITDA |
$ |
22,497 |
|
|
$ |
22,672 |
|
|
|
|
|
Snap One Holdings Corp. and
SubsidiariesReconciliation of Net Loss to Adjusted
Net (Loss) Income(unaudited, in
thousands) |
|
|
Three Months
Ended |
|
|
March 29, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
Net loss |
$ |
(22,933 |
) |
|
$ |
(14,548 |
) |
|
Amortization |
|
12,145 |
|
|
|
12,437 |
|
|
Equity-based compensation |
|
5,913 |
|
|
|
7,763 |
|
|
Foreign currency loss (gain) |
|
1,090 |
|
|
|
(58 |
) |
|
Interest rate cap (income) expense |
|
(170 |
) |
|
|
818 |
|
|
Compensation expense for payouts in lieu of TRA
participation(a) |
|
(1,687 |
) |
|
|
279 |
|
|
Fair value adjustment to contingent value rights(b) |
|
(1,200 |
) |
|
|
600 |
|
|
IT system transition costs(c) |
|
19 |
|
|
|
133 |
|
|
Severance cost(d) |
|
— |
|
|
|
1,276 |
|
|
Deferred acquisition payments(e) |
|
— |
|
|
|
78 |
|
|
Other professional services costs(f) |
|
— |
|
|
|
38 |
|
|
Other(g) |
|
1,693 |
|
|
|
— |
|
|
Income tax effect of adjustments(h) |
|
(4,915 |
) |
|
|
(5,450 |
) |
|
Adjusted Net
(Loss) Income |
$ |
(10,045 |
) |
|
$ |
3,366 |
|
|
|
|
|
|
|
(a) Represents expense, net of forfeitures,
related to payments to certain pre-IPO owners in lieu of their
participation in the TRA. Management does not believe such costs
are indicative of our ongoing operations as they are one-time
awards specific to the establishment of the TRA.
(b) Represents noncash gains and losses
recorded from fair value adjustments related to CVR liabilities.
Fair value adjustments related to CVR liabilities represent
potential obligations to the prior sellers in conjunction with the
acquisition of the Company by investment funds managed by Hellman
& Friedman, LLC (“H&F”) in August 2017.
(c) Represents costs associated with the
implementation of enterprise resource planning systems, customer
resource management systems, and business intelligence systems as
part of our initiative to modernize our information technology
(“IT”) infrastructure.
(d) Severance cost associated with various
restructuring actions such as warehouse relocation, departmental
reorganization, and focused reduction in workforce.
(e) Represents expenses incurred related to
deferred payments to employees associated with historical
acquisitions. The deferred payments are cash retention awards for
key personnel from the acquired companies and were paid to
employees through 2023. Management does not believe such costs are
indicative of our ongoing operations as they are one-time awards
specific to acquisitions and are incremental to our typical
compensation costs incurred and we do not expect such costs to be
reflective of future increases in base compensation expense.
(f) Represents professional service fees
associated with management remediation of the material weakness
that was disclosed as part of our initial Registration Statement,
preparation for compliance with the Sarbanes-Oxley Act (“SOX”), the
implementation of new accounting standards, and accounting for
non-recurring transactions.
(g) Represents non-recurring expenses related
to consulting, restructuring, and other expenses, including costs
associated with the merger agreement, which management believes are
not representative of our operating performance.
(h) Represents the tax impacts with respect to
each adjustment noted above after considering the impact of
permanent differences using the statutory tax rate related to the
applicable federal and foreign jurisdictions and the blended state
tax rate.
Snap One Holdings Corp. and
SubsidiariesContribution
Margin(unaudited, in thousands) |
|
Three Months
Ended |
|
March 29, |
|
March 31, |
|
2024 |
|
|
2023 |
|
Net
sales |
$ |
246,078 |
|
|
$ |
252,040 |
|
Cost of
sales, exclusive of depreciation and amortization(a) |
|
137,611 |
|
|
|
145,813 |
|
Net sales
less cost of sales, exclusive of depreciation and amortization |
$ |
108,467 |
|
|
$ |
106,227 |
|
Contribution Margin |
|
44.1 |
% |
|
|
42.1 |
% |
(a) Cost of sales for the three months ended
March 29, 2024 and March 31, 2023 excludes depreciation and
amortization of $15.4 million and $15.2 million, respectively.
Snap One
Holdings Corp. and SubsidiariesFree Cash
Flow(unaudited, in
thousands) |
|
Three Months Ended |
|
March
29, |
|
March 31, |
|
2024 |
|
|
2023 |
|
Net cash
provided by (used in) operating activities |
$ |
5,967 |
|
|
$ |
(2,630 |
) |
Purchases of
property and equipment |
|
(2,080 |
) |
|
|
(9,164 |
) |
Free Cash Flow |
$ |
3,887 |
|
|
$ |
(11,794 |
) |
|
|
|
|
Snap One Holdings Corp. and
SubsidiariesRevenue by
Geography(unaudited, in thousands) |
|
|
Three Months Ended |
|
|
March
29, |
|
March 31, |
|
2024 |
2023(d) |
|
Domestic integrators(a) |
$ |
211,342 |
|
$ |
214,543 |
|
Domestic
other(b) |
|
5,403 |
|
|
4,176 |
|
International(c) |
|
29,333 |
|
|
33,321 |
|
Total |
$ |
246,078 |
|
$ |
252,040 |
|
|
|
|
|
|
(a) “Domestic integrators” is defined as
professional “do-it-for-me” integrators who transact with Snap One
through a traditional integrator channel in the United States.
(b) “Domestic other” is defined as revenue
generated through managed transactions with non-integrator
customers, such as national accounts.
(c) “International” consists of all integrators
and distributors who transact with Snap One outside of the United
States.
(d) Certain amounts, including ANLA, LLC
(“Access Networks”) net sales, have been reclassified to conform to
the current period presentation.
Snap One Holdings Corp. and
SubsidiariesRevenue by Product
Type(unaudited, in thousands) |
|
|
Three Months Ended |
|
|
March
29, |
|
March 31, |
|
2024 |
2023 |
|
Proprietary products(a) |
$ |
163,621 |
|
$ |
171,375 |
|
Third-party
products(b) |
|
82,457 |
|
|
80,665 |
|
Total |
$ |
246,078 |
|
$ |
252,040 |
|
|
|
|
|
|
(a) Proprietary products consist of products
and services internally developed by Snap One and sold under one of
Snap One’s proprietary brands.
(b) Third-party products consist of products
that Snap One distributes but to which Snap One does not own the
intellectual property.
Snap One (NASDAQ:SNPO)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Snap One (NASDAQ:SNPO)
Gráfica de Acción Histórica
De May 2023 a May 2024