Envela Reports First Quarter 2024 Financial Results
Envela Reports First Quarter 2024 Financial Results
DALLAS, TX / ACCESSWIRE / May 8, 2024 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), today reported financial results for its first quarter ended March 31, 2024. The Company reported quarterly revenue of $39.9 million and quarterly earnings per diluted share of $0.07.
德克萨斯州达拉斯/ACCESSWIRE/2024年5月8日/Envela Corporation(纽约证券交易所美国股票代码:ELA)(“Envela” 或 “公司”)今天公布了截至2024年3月31日的第一季度财务业绩。该公司公布的季度收入为3,990万美元,摊薄后每股季度收益为0.07美元。
Management Commentary
管理层评论
"I am immensely proud of our teams throughout the Company for their resourcefulness, passion, and steadfast dedication to our customers. Despite challenging economic conditions impacting consumer discretionary spending, we are well-positioned to continue executing on our strategic initiatives. The Company's capital position demonstrates the strength of our business model and allows us to not only manage a fluctuating market, but also to continue our drive toward enhancing shareholder value via our share-purchase program, future store openings, and expanding our partnerships with leading retailers and technology companies," said John Loftus, Envela's CEO.
“我为我们整个公司的团队的足智多谋、激情和对客户的坚定奉献精神感到非常自豪。尽管艰难的经济状况影响了消费者的全权支出,但我们完全有能力继续执行我们的战略计划。该公司的资本状况表明了我们商业模式的力量,使我们不仅能够管理波动的市场,还可以继续通过股票购买计划、未来的门店开业以及扩大与领先零售商和科技公司的合作伙伴关系来提高股东价值。” Envela首席执行官约翰·洛夫特斯说。
Consumer Division
消费者部
"In the first quarter of 2024, we achieved solid results despite a continued downturn in the precious-metals bullion market and a higher level of operating costs from our significant investments in expansion. Last year, we announced plans to double our store count by the end of 2024. Over the past fifteen months, we've been transforming our consumer division and setting the foundation for what we anticipate will be the most significant retail expansion in our history. During the quarter, we have continued to make considerable progress on our store-expansion strategy and remain on track to grow our footprint to 14 stores by year's end. Opening three new stores in Arizona reflects the commencement of this strategy, aimed at meeting customers' preference for visiting physical stores for personalized advice before selling their luxury pre-owned items" remarked Loftus.
“在2024年第一季度,尽管贵金属金银市场持续低迷,而且我们在扩张方面的大量投资导致运营成本上升,但我们还是取得了稳健的业绩。去年,我们宣布计划到2024年底将门店数量增加一倍。在过去的十五个月中,我们一直在改造我们的消费者部门,为我们预计将是我们历史上最重大的零售扩张奠定了基础。在本季度,我们在门店扩张战略方面继续取得长足进展,并有望在年底之前将我们的门店扩大到14家。洛夫特斯说:“在亚利桑那州开设三家新门店反映了这一战略的开始,旨在满足顾客在出售奢侈二手物品之前到实体店寻求个性化建议的偏好。”
"While aggressively investing in expansion has put some pressure on short-term results, it positions us to capitalize on long-term opportunities afforded by developing a national presence over the next several years," added Loftus.
洛夫特斯补充说:“尽管积极投资扩张给短期业绩带来了一些压力,但它使我们能够利用未来几年发展全国业务所提供的长期机遇。”
Commercial Division
商业部
"In the first quarter of 2024, we achieved a significant milestone in our enterprise-resource planning initiative, reduced operational expense, and improved liquidity, setting the stage for expansion. Our investments in people, processes, and systems will continue to enhance productivity, enhance our ability to serve and attract clients, and expand opportunities. Committed to the circular economy, we are focused on enhancing operational efficiencies and relentlessly pursuing innovative strategies to assist our client partners in prolonging products' lifespans. We're proud to contribute to tech-sector circularity and global decarbonization efforts by enabling the repurposing, reuse, and recycling of end-of-life assets and parts," added Loftus.
“在2024年第一季度,我们在企业资源规划计划中实现了一个重要的里程碑,降低了运营开支,改善了流动性,为扩张奠定了基础。我们在人员、流程和系统方面的投资将继续提高生产力,增强我们服务和吸引客户的能力,并扩大机会。我们致力于循环经济,专注于提高运营效率,坚持不懈地追求创新战略,以帮助我们的客户合作伙伴延长产品的使用寿命。我们很自豪能够通过实现报废资产和零件的再利用、再利用和回收来为科技行业的循环和全球脱碳工作做出贡献,” 洛夫特斯补充说。
"This period was marked by robust performance in the Commercial Division, driven by favorable revenue trends within the diversity of our client base that continues to drive meaningful growth opportunities. We are optimistic about underlying business trends and growth opportunities that lie ahead," concluded Loftus.
“这段时期的特点是商业部门的强劲表现,这得益于我们客户群多样性中良好的收入趋势,这些趋势继续推动有意义的增长机会。我们对未来的潜在业务趋势和增长机会持乐观态度,” 洛夫特斯总结道。
First Quarter 2024 Financial Highlights
2024 年第一季度财务亮点
Envela will report more complete earnings in its Form 10-Q.
Envela将在其10-Q表中报告更完整的收益。
First Quarter 2024 Consolidated Operating Highlights
2024 年第一季度合并运营亮点
- First quarter revenue was $39.9 million compared to $49.8 million in the first quarter of 2023.
- In spite of the decreased revenue, first quarter gross margin improved to 25.9% of quarterly revenue, compared to 22.9% in the first quarter last year.
- First quarter selling, general and administrative expenses were $7.6 million compared to $7.9 million in the first quarter last year. The company continued human capital investment in anticipation of its near-term store growth strategy in the Phoenix market, but was offset by continued expense rationalization within our Commercial Division.
- First quarter operating income decreased to $2.3 million, or 5.9% of revenue, compared to $3.2 million, or 6.3% of revenue for the first quarter of 2023.
- First quarter net income was $1.9 million, or $0.07 per basic and diluted share, compared to $2.5 million or $0.09 per basic and diluted shared in the first quarter of 2023.
- First quarter EBITDA was $2.7 million or 6.7% of revenue, compared to $3.5 million or 7.0% of revenue in the first quarter of 2023.
- Cash and cash equivalents decreased to $19.8 million at March 31, 2024, compared to $20.4 million at March 31, 2023.
- Total stockholders' equity grew to $49.3 million at March 31, 2024, compared to $45.8 million at March 31, 2023.
- 第一季度收入为3,990万美元,而2023年第一季度为4,980万美元。
- 尽管收入下降,但第一季度毛利率提高至季度收入的25.9%,而去年第一季度为22.9%。
- 第一季度的销售、一般和管理费用为760万美元,而去年第一季度为790万美元。该公司继续进行人力资本投资,以应对其在菲尼克斯市场的短期门店增长战略,但被商业部门持续的支出合理化所抵消。
- 第一季度的营业收入降至230万美元,占收入的5.9%,而2023年第一季度为320万美元,占收入的6.3%。
- 第一季度净收益为190万美元,合每股基本收益和摊薄后每股收益0.07美元,而2023年第一季度为250万美元,合每股基本收益和摊薄后每股收益0.09美元。
- 第一季度息税折旧摊销前利润为270万美元,占收入的6.7%,而2023年第一季度为350万美元,占收入的7.0%。
- 截至2024年3月31日,现金及现金等价物降至1,980万美元,而截至2023年3月31日为2,040万美元。
- 截至2024年3月31日,股东权益总额增至4,930万美元,而2023年3月31日为4,580万美元。
First Quarter Consumer Division Operating Highlights
第一季度消费者部运营亮点
- Consumer Division revenue was $28.2 million for the first quarter of 2024, a decrease of 23.1% compared to revenue of $36.7 million. Macroeconomic conditions impacting consumer discretionary spend continue challenge segment results. Despite these headwinds revenue has improved over the prior two quarters and we are anticipating further upward momentum as we relieve our inventory build that occurred in anticipation our Phoenix store openings.
- Consumer Division gross margin increased to 12.6% in the first quarter of 2024 compared to 10.9% in the prior-year quarter, reflecting product mix and a focus on higher margin sales.
- Operating expenses increased 34.1% to $3.3 million in the first quarter of 2024 compared to $2.5 million in the prior-year quarter, primarily reflecting increased personnel to support the long-term growth of the business.
- Consumer Division pre-tax operating income in the first quarter of 2024 was $204 thousand, a decrease of 86.3% compared to $1.5 million in the prior-year quarter. The resulting consumer pre-tax operating margin was 0.7% for the first quarter of 2024, decreasing from the 4.1% margin for the prior-year quarter.
- 2024年第一季度消费者部门的收入为2,820万美元,与3,670万美元的收入相比下降了23.1%。影响非必需消费支出的宏观经济状况继续对细分市场的业绩构成挑战。尽管存在这些不利因素,但收入在过去两个季度中有所改善,随着我们缓解预计菲尼克斯门店开业而出现的库存增长,我们预计会有进一步的上升势头。
- 消费者部门的毛利率在2024年第一季度增至12.6%,而去年同期为10.9%,这反映了产品组合和对更高利润销售的关注。
- 与去年同期的250万美元相比,2024年第一季度的运营支出增长了34.1%,至330万美元,这主要反映了支持业务长期增长的人员增加。
- 消费者部2024年第一季度的税前营业收入为20.4万美元,与去年同期的150万美元相比下降了86.3%。由此产生的消费者税前营业利润率在2024年第一季度为0.7%,低于上一季度的4.1%。
First Quarter Commercial Division Operating Highlights
第一季度商业部运营亮点
- Commercial Division revenue was $11.6 million for the first quarter of 2024, a decrease from revenue of $13.1 million in the prior-year quarter. Despite the shortfall in revenue compared to the prior-year quarter, revenues have been trending upwards over the prior three quarters, reflecting Envela's growing partnerships with leading technology and electronics companies, as well as a range of local businesses.
- Commercial Division gross margin increased to 58.2% in the first quarter of 2024 compared to 56.7% in the prior-year quarter.
- Operating expenses decreased 19.6% to $4.6 million in the first quarter of 2024 compared to $5.8 million in the prior-year quarter. We continue to focus on the alignment of operating expenses with margin generation.
- Commercial Division pre-tax operating income in the first quarter of 2024 was $2.1 million, an increase of 28.7% compared to $1.7 million in the prior-year quarter. The resulting pre-tax operating margin was 18.4% for the first quarter of 2024, increasing from a 12.7% margin for the prior-year quarter.
- 2024年第一季度的商业部门收入为1160万美元,较去年同期的1,310万美元收入有所下降。尽管与去年同期相比收入出现短缺,但前三个季度的收入一直呈上升趋势,这反映了Envela与领先的科技和电子公司以及一系列本地企业的合作伙伴关系不断增强。
- 商业部门的毛利率在2024年第一季度增至58.2%,而去年同期为56.7%。
- 与去年同期的580万美元相比,2024年第一季度的运营支出下降了19.6%,至460万美元。我们将继续专注于使运营费用与利润产生保持一致。
- 2024年第一季度商业部门的税前营业收入为210万美元,与去年同期的170万美元相比增长了28.7%。由此产生的2024年第一季度的税前营业利润率为18.4%,高于上一季度的12.7%。
Balance Sheet, Cash Flow and Liquidity
资产负债表、现金流和流动性
- Cash and cash equivalents increased to $19.8 million from $17.9 million at December 31, 2023
- The Company reduced its long-term debt to $14.6 million at March 31, 2024 compared to $14.9 million at December 31, 2023
- Total shareholders' equity increased to $49.3 million at March 31, 2023 compared to $48.3 million at December 31, 2023
- For the quarter ended March 31, 2024, consolidated operating cash flows totaled $3.8 million
- Working capital at March 31, 2024 increased to $49.3 million from $48.3 million at December 31, 2023
- 现金及现金等价物从2023年12月31日的1,790万美元增加到1,980万美元
- 截至2024年3月31日,该公司的长期债务从2023年12月31日的1,490万美元减少至1,460万美元
- 截至2023年3月31日,股东权益总额从2023年12月31日的4,830万美元增至4,930万美元
- 截至2024年3月31日的季度,合并运营现金流总额为380万美元
- 截至2024年3月31日,营运资金从2023年12月31日的4,830万美元增加到4,930万美元
Share Repurchase Program
股票回购计划
During the quarter ended March 31, 2024, the Company repurchased 201,340 shares of common stock at a cost of $905 thousand. Since the beginning of the share repurchase program in March of 2023, Envela has spent more than $3.1 million to purchase 617,313 shares of common stock under the 1,000,000 share repurchase program authorized through March 31, 2026.
在截至2024年3月31日的季度中,公司回购了201,340股普通股,成本为90.5万美元。自2023年3月股票回购计划启动以来,根据批准的截至2026年3月31日的100万股回购计划,Envela已花费超过310万美元购买了617,313股普通股。
About Envela
关于 Envela
Envela a leading provider of re-commerce services at the forefront of the circular economy. The company is comprised of primarily two key business segments: Consumer and Commercial. The Consumer segment operates retail stores and online sites that offer premium brands and luxury hard assets, while the Commercial segment provides personalized re-commerce solutions to meet the needs of various clients, including Fortune 500 companies. We execute with passion and meticulous attention to detail, focusing on our strengths rather than trying to be everything to everyone.
Envela 是处于循环经济前沿的领先电子商务服务提供商。该公司主要由两个关键业务部门组成:消费和商业。消费者部门经营零售商店和在线网站,提供优质品牌和奢侈硬资产,而商业部门则提供个性化的电子商务解决方案,以满足包括财富500强公司在内的各种客户的需求。我们满怀激情地执行任务,对细节一丝不苟,专注于自己的优势,而不是试图做到所有人的一切。
At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.
在Envela,我们重复使用、回收和重新构想。要了解更多信息,请访问Envela.com并在推特、Instagram、脸书和领英上关注我们的社交媒体频道。
Cautionary Statement Regarding Forward-Looking Information
关于前瞻性信息的警示声明
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995's safe harbor provisions, including statements regarding future events and developments; potential expansions, purchases and acquisitions; potential future success of business lines and strategies; and management's expectations, beliefs, plans, estimates and projections relating to the future. Words such as "believes," "anticipates," "plans," "may," "intends," "will," "should," "expects" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's then current views and assumptions and, as a result, are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
本新闻稿包含可能构成1995年《私人证券诉讼改革法》安全港条款所指的 “前瞻性陈述” 的声明,包括有关未来事件和发展;潜在扩张、收购和收购;业务领域和战略的潜在未来成功;以及管理层对未来的预期、信念、计划、估计和预测的声明。诸如 “相信”、“预期”、“计划”、“可能”、“打算”、“将”、“应该”、“期望” 等词语以及类似的表述旨在识别前瞻性陈述。前瞻性陈述基于管理层当时的观点和假设,因此存在某些风险和不确定性,这可能导致公司的实际业绩与预期存在重大差异。这些风险和不确定性包括但不限于公司10-K表年度报告第1A项(以引用方式明确纳入此处)中更全面描述的风险,以及公司在向美国证券交易委员会提交的文件中可能定期描述的其他因素。通过发表这些声明,除非法律要求,否则公司没有义务在本新闻稿发布之日之后更新这些声明以进行修订或更改。
Investor Relations Contact:
投资者关系联系人:
Andrew Stacey
ir@envelacorp.com
972-587-4030
安德鲁·斯泰西
ir@envelacorp.com
972-587-4030
SOURCE: Envela Corporation
来源:Envela 公司