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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 5, 2024

 

 

Smith & Wesson Brands, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Nevada   001-31552   87-0543688

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

  (IRS Employer
Identification No.)

1852 Proffitt Springs Road

Maryville, Tennessee 37801

(Address of principal executive offices) (Zip Code)

(800) 331-0852

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange

on which registered

Common Stock, Par Value $0.001 per Share   SWBI   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 §CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

We are furnishing the disclosure in this Item 2.02 in connection with the disclosure of information in the form of the textual information from a press release issued on December 5, 2024.

The information in this Item 2.02 (including Exhibit 99.1) is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

The text included with this Current Report on Form 8-K is available on our website at www.smith-wesson.com, although we reserve the right to discontinue that availability at any time.

 

Item 9.01.

Financial Statements and Exhibits.

(d)  Exhibits.

 

Exhibit
No.
    
99.1    Press release from Smith & Wesson Brands, Inc., dated December 5, 2024, entitled “Smith & Wesson Brands, Inc. Reports Second Quarter Fiscal 2025 Financial Results
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SMITH & WESSON BRANDS, INC.
Date: December 5, 2024     By:  

/s/ Deana L. McPherson

      Deana L. McPherson
      Executive Vice President, Chief Financial
Officer, Treasurer, and Assistant Secretary
EX-99.1 2 d915227dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Smith & Wesson Brands, Inc. Reports

Second Quarter Fiscal 2025 Financial Results

 

   

Q2 Net Sales of $129.7 Million; Sequential Increase of 46.8%

 

   

Q2 Gross Margin of 26.6%; Non-GAAP Gross Margin of 27.1%

 

   

Q2 EPS of $0.09/Share; Q2 Adjusted EPS of $0.11/Share

 

   

Q2 Adjusted EBITDAS Margin of 14.3%

MARYVILLE, Tenn., December 5, 2024 – Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), a U.S.-based leader in firearm manufacturing and design, today announced financial results for the second quarter of fiscal 2025, ended October 31, 2024.

Second Quarter Fiscal 2025 Financial Highlights

 

   

Net sales were $129.7 million, an increase of $4.7 million, or 3.8%, over the comparable quarter last year and $41.3 million, or 46.8%, over the prior quarter.

 

   

Gross margin was 26.6% compared with 25.4% in the comparable quarter last year.

 

   

GAAP net income was $4.1 million, or $0.09 per diluted share, compared with $2.5 million, or $0.05 per diluted share, for the comparable quarter last year.

 

   

Non-GAAP net income was $4.8 million, or $0.11 per diluted share, compared with $6.5 million, or $0.14 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for income exclude costs related to the relocation and an accrued legal settlement. For a detailed reconciliation, see the schedules that follow in this release.

 

   

Non-GAAP Adjusted EBITDAS was $18.5 million, or 14.3% of net sales, compared with $19.3 million, or 15.5% of net sales, for the comparable quarter last year.

Mark Smith, President and Chief Executive Officer, commented, “Second quarter results came in below our expectations as overall demand for firearms normalized late in the quarter. We believe that the primary driver of the demand pressure continued to be inflation. The consumer cautiousness with discretionary spend that we observed in recent quarters was more pronounced during the second quarter than we anticipated. Despite these headwinds, we continued to outperform the market and believe we gained share, led by our best-in-class innovation – with new products representing 44% of our sales in the period. We are well positioned to navigate this challenging demand environment, as we have many times before. By remaining focused on executing against our flexible manufacturing model, we expect to preserve profitability and a strong balance sheet. Additionally, we expect to maintain and gain share through innovation.”

Deana McPherson, Executive Vice President and Chief Financial Officer, commented, “Net sales for our second quarter were nearly 4% above the prior year comparable quarter on the strength of our new Bodyguard 380 pistol and lever action rifles. Based on the softer demand trends we have seen across the industry in recent months, we have reduced our expectations for the second half of fiscal 2025, and for our third quarter, we expect our top line to be approximately 10-15% lower than fiscal 2024. During the quarter, our Board authorized a new $50 million share repurchase authorization and we signed a new unsecured $175 million line of credit, which increased our total available borrowings by $75 million and extended the maturity to October 2029. Consistent with our capital allocation strategy, our board of directors has authorized a $0.13 per share quarterly dividend, which will be paid to stockholders of record on December 19, 2024 with payment to be made on January 2, 2025.”


Conference Call and Webcast

The company will host a conference call and webcast on December 5, 2024 to discuss its second quarter fiscal 2025 financial and operational results. Speakers on the conference call will include Mark Smith, President and Chief Executive Officer, and Deana McPherson, Executive Vice President and Chief Financial Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Interested parties in North America are invited to participate by dialing 1-877-704-4453. Interested parties from outside North America are invited to participate by dialing 1-201-389-0920. Participants should dial in at least 10 minutes prior to the start of the call. The conference call audio webcast can also be accessed live on the company’s website at www.smith-wesson.com, under the Investor Relations section.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

In this press release, certain non-GAAP financial measures, including “non-GAAP net income,” “Adjusted EBITDAS,” and “free cash flow” are presented. From time-to-time, we consider and use these supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends. We believe it is useful for us and the reader to review, as applicable, both (1) GAAP measures that include (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) spin related stock-based compensation, (vi) an accrued legal settlement, (vii) relocation expense, and (viii) the tax effect of non-GAAP adjustments; and (2) the non-GAAP measures that exclude such information. We present these non-GAAP measures because we consider them an important supplemental measure of our performance. Our definition of these adjusted financial measures may differ from similarly named measures used by others. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. These non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP measures. The principal limitations of these measures are that they do not reflect our actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis.

About Smith & Wesson Brands, Inc.

Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI) is a U.S.-based leader in firearm manufacturing and design, delivering a broad portfolio of quality handgun, long gun, and suppressor products to the global consumer and professional markets under the iconic Smith & Wesson® and Gemtech® brands. The company also provides manufacturing services including forging, machining, and precision plastic injection molding services. For more information call (800) 331-0852 or visit www.smith-wesson.com.

Safe Harbor Statement

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, among others, that (i) we are well positioned to navigate a challenging demand environment; (ii) by remaining focused on executing against our flexible manufacturing model, we expect to preserve profitability and a strong balance sheet; (iii) we expect to maintain and gain share through innovation; and (iv) based on the softer demand trends we have seen across the industry in recent months, we have reduced our expectations for the second half of fiscal 2025, and for our third quarter, we expect our top line to be approximately 10-15% lower than fiscal 2024. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, economic, social, political, legislative, and regulatory factors; the results of the 2024 elections; the potential for increased regulation of firearms and firearm-related products; actions of social activists that could have an adverse effect on our business; the impact of lawsuits; the demand for our products; the state of the U.S. economy in general and the firearm industry in particular; general economic conditions and consumer spending patterns; our competitive environment; the supply, availability, and costs of raw materials and components; our anticipated growth and growth opportunities; our strategies; our ability to maintain and enhance brand recognition and reputation; our ability to effectively manage and execute the Relocation; our ability to introduce new products; the success of new products; the potential for cancellation of orders from our backlog; and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2024.

Contact:

investorrelations@smith-wesson.com

(413) 747-3448


SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

     As of:  
     October 31, 2024     April 30, 2024  
     (In thousands, except par value and share data)  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 39,093     $ 60,839  

Accounts receivable, net of allowances for credit losses of $5 on October 31, 2024 and $0 on April 30, 2024

     52,707       59,071  

Inventories

     196,035       160,500  

Prepaid expenses and other current assets

     10,112       4,973  

Income tax receivable

     8,120       2,495  
  

 

 

   

 

 

 

Total current assets

     306,067       287,878  
  

 

 

   

 

 

 

Property, plant, and equipment, net

     244,452       252,633  

Intangibles, net

     2,523       2,598  

Goodwill

     19,024       19,024  

Deferred income taxes

     7,249       7,249  

Other assets

     8,128       8,614  
  

 

 

   

 

 

 

Total assets

   $ 587,443     $ 577,996  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 31,627     $ 41,831  

Accrued expenses and deferred revenue

     29,979       26,811  

Accrued payroll and incentives

     13,198       17,147  

Accrued profit sharing

     892       9,098  

Accrued warranty

     1,485       1,813  
  

 

 

   

 

 

 

Total current liabilities

     77,181       96,700  

Notes and loans payable

     98,994       39,880  

Finance lease payable, net of current portion

     34,578       35,404  

Other non-current liabilities

     7,625       7,852  
  

 

 

   

 

 

 

Total liabilities

     218,378       179,836  
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity:

    

Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding

     —        —   

Common stock, $0.001 par value, 100,000,000 shares authorized, 75,677,848 issued and 44,219,627 shares outstanding on October 31, 2024 and 75,395,490 shares issued and 45,561,569 shares outstanding on April 30, 2024

     76       75  

Additional paid-in capital

     293,362       289,994  

Retained earnings

     531,000       540,660  

Accumulated other comprehensive income

     73       73  

Treasury stock, at cost (31,458,221 shares on October 31, 2024 and 29,833,921 shares on April 30, 2024)

     (455,446     (432,642
  

 

 

   

 

 

 

Total stockholders’ equity

     369,065       398,160  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 587,443     $ 577,996  
  

 

 

   

 

 

 


SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

     For the Three Months Ended October 31,     For the Six Months Ended October 31,  
     2024     2023     2024     2023  
     (In thousands, except per share data)  

Net sales

   $ 129,679     $ 124,958     $ 218,013     $ 239,201  

Cost of sales

     95,133       93,192       159,276       177,034  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     34,546       31,766       58,737       62,167  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Research and development

     2,221       1,724       4,736       3,522  

Selling, marketing, and distribution

     9,574       10,952       19,411       20,993  

General and administrative

     15,779       15,322       29,480       29,536  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     27,574       27,998       53,627       54,051  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     6,972       3,768       5,110       8,116  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other (expense)/income, net:

        

Other (expense)/income, net

     (5     141       (11     188  

Interest expense, net

     (1,419     (646     (2,152     (492
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense, net

     (1,424     (505     (2,163     (304
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations before income taxes

     5,548       3,263       2,947       7,812  

Income tax expense

     1,414       765       921       2,196  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 4,134     $ 2,498     $ 2,026     $ 5,616  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic - net income

   $ 0.09     $ 0.05     $ 0.05     $ 0.12  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted - net income

   $ 0.09     $ 0.05     $ 0.04     $ 0.12  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares outstanding:

        

Basic

     44,523       45,977       44,922       46,042  

Diluted

     44,935       46,361       45,404       46,458  


SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     For the Six Months Ended October 31,  
     2024     2023  
     (In thousands)  

Cash flows from operating activities:

    

Net income

   $ 2,026     $ 5,616  

Adjustments to reconcile net income to net cash (used in)/provided by operating activities:

    

Depreciation and amortization

     16,261       17,327  

(Gain)/loss on sale/disposition of assets

     (139     682  

Provision for losses/(recoveries) on notes and accounts receivable

           (1

Stock-based compensation expense

     3,722       2,759  

Changes in operating assets and liabilities:

    

Accounts receivable

     6,364       (4,619

Inventories

     (35,535     13,827  

Prepaid expenses and other current assets

     (5,139     (4,953

Income taxes

     (5,625     (5,178

Accounts payable

     (10,135     14,682  

Accrued payroll and incentives

     (3,949     1,324  

Accrued profit sharing

     (8,206     (6,699

Accrued expenses and deferred revenue

     2,212       2,859  

Accrued warranty

     (328     (92

Other assets

     486       397  

Other non-current liabilities

     (227     (175
  

 

 

   

 

 

 

Net cash (used in)/provided by operating activities

     (38,212     37,756  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Payments to acquire patents and software

     (112     (125

Proceeds from sale of property and equipment

     237       45  

Payments to acquire property and equipment

     (8,004     (66,983
  

 

 

   

 

 

 

Net cash used in investing activities

     (7,879     (67,063
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from loans and notes payable

     60,000       50,000  

Cash paid for debt issuance costs

     (941      

Payments on finance lease obligation

     (89     (681

Payments on notes and loans payable

           (10,000

Payments to acquire treasury stock

     (22,620     (8,212

Dividend distribution

     (11,652     (11,080

Proceeds to acquire common stock from employee stock purchase plan

     749       722  

Payment of employee withholding tax related to restricted stock units

     (1,102     (806
  

 

 

   

 

 

 

Net cash provided by financing activities

     24,345       19,943  
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (21,746     (9,364

Cash and cash equivalents, beginning of period

     60,839       53,556  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 39,093     $ 44,192  
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information

    

Cash paid for:

    

Interest, net of amounts capitalized

   $ 2,353     $ 1,725  

Income taxes

   $ 6,785     $ 7,353  


SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share data)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2024     October 31, 2023     October 31, 2024     October 31, 2023  
     $     % of Sales     $     % of Sales     $     % of Sales     $     % of Sales  

GAAP net sales

   $ 129,679       100.0   $ 124,958       100.0   $ 218,013       100.0   $ 239,201       100.0

Relocation

     (2,554     -2.0     —        0.0     (4,213     -1.9     —        0.0

Settlement

     —        0.0     —        0.0     70       0.0     —        0.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net sales

   $ 127,125       98.0   $ 124,958       100.0   $ 213,870       98.1   $ 239,201       100.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP gross profit

   $ 34,546       26.6   $ 31,766       25.4   $ 58,737       26.9   $ 62,167       26.0

Relocation expenses

     552       0.4     409       0.3     1,734       0.8     1,312       0.5

Settlement

     70       0.0     3,200       2.6     70       0.0     3,200       1.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 35,168       27.1   $ 35,375       28.3   $ 60,541       27.8   $ 66,679       27.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP operating expenses

   $ 27,574       21.3   $ 27,998       22.4   $ 53,627       24.6   $ 54,051       22.6

Spin related stock-based compensation

     —        0.0     (3     0.0     —        0.0     (7     0.0

Relocation expenses

     (312     -0.2     (1,652     -1.3     (437     -0.2     (4,661     -1.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating expenses

   $ 27,262       21.0   $ 26,343       21.1   $ 53,190       24.4   $ 49,383       20.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP operating income

   $ 6,972       5.4   $ 3,768       3.0   $ 5,110       2.3   $ 8,116       3.4

Settlement

     70       0.0     3,200       2.6     70       0.0     3,200       1.3

Spin related stock-based compensation

     —        0.0     3       0.0     —        0.0     7       0.0

Relocation expenses

     864       0.7     2,061       1.6     2,171       1.0     5,973       2.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating income

   $ 7,906       6.1   $ 9,032       7.2   $ 7,351       3.4   $ 17,296       7.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP net income

   $ 4,134       3.2   $ 2,498       2.0   $ 2,026       0.9   $ 5,616       2.3

Settlement

     70       0.0     3,200       2.6     70       0.0     3,200       1.3

Spin related stock-based compensation

     —        0.0     3       0.0     —        0.0     7       0.0

Relocation expenses

     864       0.7     2,061       1.6     2,171       1.0     5,973       2.5

Tax effect of non-GAAP adjustments

     (238     -0.2     (1,234     -1.0     (700     -0.3     (2,580     -1.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income

   $ 4,830       3.7   $ 6,528       5.2   $ 3,567       1.6   $ 12,216       5.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

GAAP net income per share - diluted

   $ 0.09       $ 0.05       $ 0.04       $ 0.12    

Settlement

     —          0.07         —          0.07    

Spin related stock-based compensation

     —          —          —          —     

Relocation expenses

     0.02         0.04         0.05         0.13    

Tax effect of non-GAAP adjustments

     (0.01       (0.03       (0.02       (0.06  
  

 

 

     

 

 

     

 

 

     

 

 

   

Non-GAAP net income per share - diluted

   $ 0.11 (a)      $ 0.14 (a)      $ 0.08 (a)      $ 0.26    
  

 

 

     

 

 

     

 

 

     

 

 

   

 

(a)

Non-GAAP net income per share does not foot due to rounding.


SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDAS

(in thousands)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2024     October 31, 2023     October 31, 2024     October 31, 2023  

GAAP net income

   $ 4,134     $ 2,498     $ 2,026     $ 5,616  

Interest expense

     2,081       1,233       3,527       1,788  

Income tax expense

     1,414       765       921       2,196  

Depreciation and amortization

     8,181       7,972       16,206       17,203  

Stock-based compensation expense

     1,869       1,484       3,722       2,759  

Settlement

     70       3,200       70       3,200  

Relocation expense

     738       2,195       1,913       4,113  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Adjusted EBITDAS

   $ 18,487     $ 19,347     $ 28,385     $ 36,875  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Adjusted EBITDAS Margin

     14.3     15.5     13.0     15.4

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(In thousands)

(Unaudited)

 

     For the Three Months Ended     For the Six Months Ended  
     October 31, 2024     October 31, 2023     October 31, 2024     October 31, 2023  

Net cash (used in)/provided by operating activities

   $ (7,397   $ (2,874   $ (38,212   $ 37,756  

Payments to acquire property and equipment

     (3,302     (34,926     (8,004     (66,983
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ (10,699   $ (37,800   $ (46,216   $ (29,227