ClearOne (CLRO) Financials

$49 M

Mkt cap, 25-May-2018

$41.8 M

Revenue FY, 2017
Gross profit (FY, 2017)24 M
Gross profit margin (FY, 2017), %57.4%
Net income (FY, 2017)-14.2 M
EBIT (FY, 2017)-16.2 M
Cash, 31-Dec-20175.6 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

49.6 m57.9 m57.8 m48.6 m41.8 m

Revenue growth, %

17%0%(16%)

Cost of goods sold

19.7 m22.6 m21.1 m19.2 m17.8 m

Gross profit

29.9 m35.3 m36.7 m29.5 m24 m

Gross profit Margin, %

60%61%64%61%57%

Sales and marketing expense

11 m

R&D expense

9.3 m

General and administrative expense

7.2 m

Operating expense total

40.2 m

EBIT

7.6 m8 m10.3 m3.6 m(16.2 m)

EBIT margin, %

15%14%18%7%(39%)

Pre tax profit

7.8 m8.2 m10.6 m3.9 m(15.9 m)

Income tax expense

(2.6 m)(2.6 m)(3.8 m)(1.4 m)

Net Income

5.2 m5.6 m6.8 m2.4 m(14.2 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

12.4 m12.7 m14.1 m15.7 m13.6 m14 m15.9 m13 m12 m12.9 m11.7 m10.3 m10.6 m

Cost of goods sold

4.9 m5 m6 m6.1 m5.1 m5 m5.7 m4.6 m4.3 m5.2 m5 m4.2 m4.1 m

Gross profit

7.4 m7.7 m8.1 m9.6 m8.5 m9 m10.2 m8.5 m7.7 m7.7 m6.7 m6.1 m6.5 m

Gross profit Margin, %

60%61%57%61%62%64%64%65%64%59%57%59%62%

Sales and marketing expense

2.2 m2.7 m3 m2.8 m2.6 m2.8 m2.8 m2.6 m2.7 m2.4 m2.7 m2.6 m3 m

General and administrative expense

1.4 m2 m1.6 m1.5 m2 m1.9 m1.8 m1.6 m1.6 m1.7 m2.1 m2.2 m1.3 m

Operating expense total

5.1 m6.9 m6.9 m6.6 m6.6 m6.7 m6.7 m6.5 m6.3 m6.2 m7.2 m7.2 m20 m

Depreciation and amortization

1.2 m

EBIT

2.3 m761 k1.1 m3 m1.9 m2.3 m3.5 m2 m1.3 m1.4 m(526 k)(1.1 m)(13.5 m)

EBIT margin, %

19%6%8%19%14%16%22%15%11%11%(5%)(11%)(128%)

Pre tax profit

2.4 m842 k1.2 m3.1 m2 m2.4 m3.6 m2 m1.4 m1.5 m(424 k)(1 m)(13.4 m)

Income tax expense

726 k352 k259 k1.5 m731 k863 k1.1 m615 k449 k315 k44 k(205 k)(4.2 m)

Net Income

1.7 m490 k934 k1.6 m1.3 m1.5 m2.4 m1.4 m955 k1.2 m(468 k)(820 k)(9.3 m)

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

17.2 m7.4 m13.4 m12.1 m5.6 m

Accounts Receivable

Inventories

12.3 m12.8 m13.4 m11.4 m14.4 m

Current Assets

48.1 m44.8 m46.1 m40.1 m33.9 m

PP&E

1.8 m2 m1.6 m1.5 m1.5 m

Goodwill

3.5 m12.7 m12.7 m12.7 m

Total Assets

81.1 m88.9 m93.5 m88.1 m67.9 m

Accounts Payable

2.7 m3.1 m2.8 m3.5 m4.1 m

Short-term debt

Current Liabilities

8.6 m10.8 m9.6 m9.3 m10.6 m

Long-term debt

Total Liabilities

10.7 m11.3 m

Additional Paid-in Capital

41.3 m44.9 m46.3 m46.7 m47.5 m

Retained Earnings

29 m31.1 m36.4 m31 m9.2 m

Total Equity

70.3 m76 m82.6 m77.4 m56.6 m

Financial Leverage

1.2 x1.2 x1.1 x1.1 x1.2 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

18.2 m7.6 m6.3 m8.9 m10.9 m10.9 m12.5 m13.9 m9.5 m12.3 m8.6 m3.4 m3 m

Inventories

12.4 m12.6 m13.9 m14.3 m14.2 m14.5 m12.7 m12 m14.4 m17.1 m19.7 m

Current Assets

45.9 m44.2 m40.7 m44.3 m47.3 m48.2 m49.5 m46.3 m42.4 m43.6 m40.7 m38.6 m38.3 m

PP&E

2 m2.2 m2.2 m2.1 m1.9 m1.8 m1.5 m1.5 m1.5 m1.4 m1.5 m1.6 m1.6 m

Goodwill

3.5 m9.9 m12.5 m12.6 m12.7 m12.7 m12.7 m12.7 m12.7 m12.7 m12.7 m12.7 m

Total Assets

81 m86.4 m87.1 m89.8 m89.7 m90.8 m93.1 m94.4 m90.3 m91.3 m88.1 m84.7 m74.4 m

Accounts Payable

3.6 m3.3 m2.6 m2.9 m3.9 m3 m2.5 m4.2 m2.1 m3.6 m4.9 m5 m5.8 m

Current Liabilities

10 m10.1 m10.4 m12.3 m11 m10.7 m10.3 m10.5 m9.1 m9.9 m10.8 m11 m11.5 m

Total Liabilities

12.4 m12.7 m13.2 m14.9 m12.6 m12.1 m11.7 m11.8 m10.6 m11.3 m12.2 m12.3 m12.8 m

Additional Paid-in Capital

39 m44.2 m44.5 m44.6 m45.2 m45.5 m45.8 m45.6 m46 m46.5 m46.9 m47.1 m47.3 m

Retained Earnings

29.7 m29.5 m29.2 m30.1 m32 m33.2 m35.6 m36.9 m33.7 m33.5 m29.1 m25.4 m14.3 m

Total Equity

68.6 m73.8 m73.9 m74.9 m77.1 m78.7 m81.4 m82.5 m79.8 m80 m75.9 m72.4 m61.6 m

Financial Leverage

1.2 x1.2 x1.2 x1.2 x1.2 x1.2 x1.1 x1.1 x1.1 x1.1 x1.2 x1.2 x1.2 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

5.2 m5.6 m6.8 m2.4 m(14.2 m)

Depreciation and Amortization

1.4 m2 m2.1 m1.9 m1.5 m

Accounts Receivable

(526 k)

Inventories

(998 k)(2.6 m)(2.2 m)1.9 m(10.8 m)

Accounts Payable

428 k(84 k)(242 k)733 k572 k

Cash From Operating Activities

(10 m)6.7 m7.6 m7.8 m

Purchases of PP&E

(1 m)(642 k)(359 k)(730 k)(638 k)

Cash From Investing Activities

(26.5 m)(14.4 m)(648 k)(922 k)

Dividends Paid

(914 k)(1.4 m)(1.8 m)(2.2 m)

Cash From Financing Activities

(1.8 m)(913 k)(8.2 m)(7.5 m)

Interest Paid

3 k

Income Taxes Paid

18 m3 m3.7 m1.2 m1.2 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

3.4 m490 k934 k1.6 m1.3 m2.8 m5.2 m1.4 m955 k1.2 m(468 k)

Depreciation and Amortization

979 k319 k783 k1.3 m521 k1 m1.6 m483 k

Inventories

(1.3 m)40 k(749 k)(1.1 m)(806 k)(1.4 m)(1.5 m)(964 k)12.7 m14.4 m

Accounts Payable

1.2 m178 k(570 k)(298 k)820 k(19 k)(553 k)1.4 m2.1 m3.6 m4.9 m

Cash From Operating Activities

(9.5 m)3.6 m2.8 m5.8 m2.8 m2.9 m6.4 m2.1 m

Purchases of PP&E

(723 k)(249 k)(371 k)(496 k)(76 k)(182 k)(98 k)(139 k)

Cash From Investing Activities

(26.1 m)(14.2 m)(13.9 m)(13.5 m)688 k811 k(983 k)110 k

Dividends Paid

(639 k)(459 k)

Cash From Financing Activities

1.1 m131 k(593 k)27 k(200 k)(316 k)(1.7 m)

Income Taxes Paid

17 m29 k657 k1.7 m881 k2.3 m2.3 m537 k

Ratios

USDY, 2017

Revenue/Employee

268.5 k

Financial Leverage

1.2 x
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Operating Metrics

FY, 2014FY, 2015FY, 2016

Resellers

562 461 341
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