Lendway, Inc. Announces First Quarter 2024 Financial Results
Lendway, Inc. Announces First Quarter 2024 Financial Results
MINNEAPOLIS, MN / ACCESSWIRE / May 20, 2024 / Lendway, Inc. (Nasdaq:LDWY) ("Lendway" or the "Company") today announced financial results for the first quarter ("Q1") ended March 31, 2024.
明尼蘇達州明尼阿波利斯/ACCESSWIRE/2024年5月20日/Lendway, Inc.（納斯達克股票代碼：LDWY）（“Lendway” 或 “公司”）今天公佈了截至2024年3月31日的第一季度（“第一季度”）財務業績。
Strategic Business Operations Update
戰略業務運營更新
The Company has strategically evolved into a specialty agricultural and finance company with an operational focus on its agricultural investments. These developments include:
該公司已從戰略上發展成爲一家專業的農業和金融公司，其運營重點是農業投資。這些進展包括：
- April 2023: The Company launched its lending business (the "Lending Business") through the hiring of Randy Uglem. The Company is seeking to build a scalable non-bank lending business to purchase existing loans or originate and fund new loans, all of which will be secured by collateral.
- August 2023: The Company completed the sale of certain assets and certain liabilities relating to the Company's legacy business of providing in-store advertising solutions to brands, retailers, shopper marketing agencies and brokerages (the "In-Store Marketing Business"). The operations of the In-Store Marketing Business are presented as discontinued operations.
- February 2024: The Company became a majority owner of Bloomia B.V. and its affiliated entities ("Bloomia").
- 2023年4月：公司通過聘請蘭迪·烏格勒姆啓動了貸款業務（“貸款業務”）。該公司正在尋求建立可擴展的非銀行貸款業務，以購買現有貸款或發放和資助新貸款，所有這些貸款都將由抵押品擔保。
- 2023年8月：公司完成了與公司向品牌、零售商、購物者營銷機構和經紀公司提供店內廣告解決方案的傳統業務（“店內營銷業務”）相關的某些資產和某些負債的出售。店內營銷業務的業務列爲已終止的業務。
- 2024年2月：公司成爲Bloomia B.V. 及其附屬實體（“Bloomia”）的大股東。
Lendway acquired its interest in Bloomia (), for a purchase price of $53.4 million, comprised of $34.9 million in cash, $15.5 million of seller bridge loans and $3.0 million of equity in the acquired business. Bloomia's primary business is purchasing tulip bulbs, hydroponically growing tulips from the bulbs, and selling the tulip stems to retail stores.
Lendway以5,340萬美元的收購價收購了其在Bloomia () 的權益，其中包括3,490萬美元的現金、1,550萬美元的賣方過渡貸款和被收購業務的300萬美元股權。Bloomia的主要業務是購買鬱金香球莖，用球莖水培種鬱金香，並將鬱金香莖出售給零售商店。
Lendway's Q1 results include Bloomia's results from the acquisition date, February 22, 2024, through March 31, 2024. Bloomia's sales have historically experienced substantial seasonality, with the first and second calendar quarters being the strongest sales quarters and the first quarter benefiting from Valentine's Day, Easter season and the start of the Spring season. Q1 was also significantly impacted by $1,542,000 of acquisition-related costs, and $1,360,000 of amortization expense in costs of goods sold from the fair value step-up in inventory, resulting from acquisition method accounting.
Lendway的第一季度業績包括Bloomia從收購之日（2024年2月22日）到2024年3月31日的業績。Bloomia的銷售歷來經歷了可觀的季節性，第一和第二日曆季度是最強勁的銷售季度，第一季度受益於情人節、復活節和春季的開始。第一季度還受到154.2萬美元的收購相關成本以及因庫存公允價值增加而產生的1,360,000美元收購相關成本攤銷費用的重大影響，這些費用來自收購方法覈算。
Overview
概述
- Q1 2024 net sales were $8.0 million.
- Q1 2024 operating loss from continuing operations was $1.5 million compared to $628,000 in Q1 2023.
- Q1 2024 net loss from continuing operations was $1.3 million, or $0.77 per basic share and diluted share, compared to $528,000 of net loss from continuing operations, or $0.29 per basic and diluted share in Q1 2023.
- Q1 2024 adjusted EBITDA was $1.7M compared to ($614,000) in Q1 2023.
- 2024 年第一季度的淨銷售額爲 800 萬美元。
- 2024 年第一季度來自持續經營業務的營業虧損爲 150 萬美元，而 2023 年第一季度爲 628,000 美元。
- 2024年第一季度來自持續經營業務的淨虧損爲130萬美元，合每股基本股和攤薄後每股虧損0.77美元，而持續經營業務的淨虧損爲528,000美元，合2023年第一季度基本和攤薄後每股虧損0.29美元。
- 2024年第一季度調整後的息稅折舊攤銷前利潤爲170萬美元，而2023年第一季度（61.4萬美元）。
Lendway CEO Randy Uglem, said: "the first quarter of 2024 included the addition of Bloomia to the Lendway family, which marked a pivotal moment in our evolution into a dynamic specialty ag and finance enterprise. I'm pleased with Bloomia's performance thus far and appreciate the efforts of the new team to integrate."
Lendway首席執行官蘭迪·烏格勒姆表示：“2024年第一季度包括將Bloomia加入Lendway家族，這標誌着我們向充滿活力的專業農業和金融企業演變的關鍵時刻。我對Bloomia迄今爲止的表現感到滿意，也感謝新團隊爲整合所做的努力。”
Q1 2024 Results
2024 年第一季度業績
Revenue from continuing operations was $8,033,000 in Q1 2024, with no such revenue in Q1 2023. All revenue was from Bloomia as the decision to allocate capital to the Bloomia acquisition constrained capital and management resources available for the non-bank lending business. For Bloomia, the first and second calendar quarters are normally the strongest sales quarters, with the first calendar quarter benefiting from Valentine's Day, Easter season and the start of the Spring season.
2024年第一季度，持續經營業務收入爲8,033,000美元，2023年第一季度沒有此類收入。所有收入均來自Bloomia，因爲爲收購Bloomia分配資本的決定限制了非銀行貸款業務的可用資本和管理資源。對於Bloomia而言，第一和第二日曆季度通常是最強勁的銷售季度，第一個日曆季度受益於情人節、復活節和春季的開始。
Gross profit in Q1 2024 was $1,894,000, or 23.6% of revenue, up from zero in Q1 2023. Gross profit in Q1 2023 was impacted by $1,360,000 of amortization expense in costs of goods sold from the fair value step-up in inventory, resulting from acquisition method accounting. The step-up was fully amortized at March 31, 2024.
2024年第一季度的毛利爲1894,000美元，佔收入的23.6％，高於2023年第一季度的零。2023年第一季度的毛利受到收購方法會計產生的庫存公允價值增加所產生的1360,000美元商品銷售成本攤銷支出的影響。此次增值已於2024年3月31日全部攤銷。
Sales, general and administrative expenses in Q1 2024 were $3,388,000, or 42.2% of revenue, compared to $628,000 in Q1 2023. Increased selling, general and administrative expenses were primarily due to $1,542,000 of one-time acquisition-related expenses and expanded operations from the Bloomia acquisition.
2024年第一季度的銷售、一般和管理費用爲3,388,000美元，佔收入的42.2％，而2023年第一季度爲628,000美元。銷售、一般和管理費用增加的主要原因是與一次性收購相關的費用爲1,542,000美元，以及收購Bloomia後業務的擴大。
Interest expense for Q1 2024 was $225,000, compared to interest income of $103,000 for Q1 2023. The interest expense resulted from financing the Bloomia acquisition.
2024年第一季度的利息支出爲22.5萬美元，而2023年第一季度的利息收入爲10.3萬美元。利息支出來自於對Bloomia的收購融資。
Income tax benefit for Q1 2024 was 20.6% of pretax loss from continuing operations, or a benefit of $347,000, compared to income tax expense of 0.6% of pretax loss from continuing operations, or $3,000, in Q1 2023.
2024年第一季度的所得稅優惠爲持續經營業務稅前虧損的20.6％，合34.7萬美元的收益，而2023年第一季度的所得稅支出爲持續經營稅前虧損的0.6％，合3,000美元。
As a result of the items above, the net loss for Q1 2024 was $1,264,000, or $0.73 per basic and diluted share, compared to net income of $1,648,000, or $0.92 per basic and diluted share, in Q1 2023. As discussed above, we anticipate seasonality in sales, with those sales and related gross profit expected to be relatively stronger in the first and second quarters of the year, resulting in expected losses in the remaining quarters of 2024 and a loss for the full year because of one-time acquisition costs and amortization expense.
由於上述各項，2024年第一季度的淨虧損爲1,264,000美元，合每股基本和攤薄後虧損0.73美元，而2023年第一季度的淨收益爲1,648,000美元，合每股基本和攤薄後每股虧損0.92美元。如上所述，我們預計銷售將出現季節性，預計這些銷售和相關毛利將在今年第一和第二季度相對強勁，這導致2024年剩餘季度的預期虧損，由於一次性收購成本和攤銷費用，全年將出現虧損。
Q1 2024 adjusted EBITDA from continuing operations was $1.7M, compared to ($614,000) in Q1 2023.
2024年第一季度來自持續經營業務的調整後息稅折舊攤銷前利潤爲170萬美元，而2023年第一季度爲（61.4萬美元）。
The CEO of Bloomia owns 18.6% of Bloomia and his minority interest share of the Bloomia comprehensive loss was $223,000 for Q1 2024.
Bloomia首席執行官擁有Bloomia18.6％的股份，他在2024年第一季度Bloomia綜合虧損中的少數股權份額爲22.3萬美元。
As of March 31, 2024, cash and cash equivalents totaled $5.0 million, compared to $16.1 million as of December 31, 2023. The decrease being attributed to Lendway funding the purchase of Bloomia with $9.2 million of cash. Working capital (current assets less current liabilities) was $11.1 million at March 31, 2024, compared to $15.5 million at December 31, 2023.
截至2024年3月31日，現金及現金等價物總額爲500萬美元，而截至2023年12月31日爲1,610萬美元。下降歸因於Lendway用920萬美元的現金爲收購Bloomia提供了資金。截至2024年3月31日，營運資金（流動資產減去流動負債）爲1,110萬美元，而截至2023年12月31日爲1,550萬美元。
About Lendway, Inc.
關於 Lendway, Inc.
Lendway, Inc (Nasdaq:LDWY) is a specialty ag and finance company focused on making and managing its ag investments in the U.S. and internationally. The Company is the majority owner of Bloomia, one of the largest producers of fresh cut tulips in the United States. The Company fully owns and operates FarmlandCredit.com, a non-bank lending business that seeks to purchase existing loans and/or originate and fund new loans domestically. For additional information, contact (800) 874-4648, or visit our website at . Investor inquiries can be submitted to info@lendway.com.
Lendway, Inc（納斯達克股票代碼：LDWY）是一家專業農業和金融公司，專注於在美國和國際上進行和管理農業投資。該公司是Bloomia的大股東，Bloomia是美國最大的鮮切鬱金香生產商之一。該公司完全擁有並經營FarmlandCredit.com，這是一家非銀行貸款企業，旨在購買現有貸款和/或在國內發放和資助新貸款。如需更多信息，請聯繫 (800) 874-4648，或訪問我們的網站，網址爲。投資者的詢問可以提交至 info@lendway.com。
Cautionary Statement Regarding Forward-Looking Statements
關於前瞻性陳述的警示聲明
Statements in this press release that are not statements of historical or current facts are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words "anticipate," "continue," "ensure," "expect," "plan," "remain," "seek," "will" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these or any forward-looking statements, which speak only as of the date of this press release. Statements made in this press release regarding, for instance, the short- and long-term benefits of the Bloomia acquisition, potential growth, allocations of capital resources among our businesses, and timing of future financial reporting, are forward-looking statements. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes. Factors that could cause our estimates and assumptions as to future performance, and our actual results, to differ materially include the following: (1) our ability to integrate and continue to successfully operate the newly acquired Bloomia business, (2) our ability to compete, (3) concentration of Bloomia's historical revenue among a small number of customers, (4) changes in interest rates, (5) ability to comply with the requirements of the Credit Agreement, (6) the limited history of our Lending Business, (7) the substantial risk of loss associated with lending generally, (8) market conditions that may restrict or delay appropriate or desirable opportunities, (9) our ability to develop and maintain necessary processes and controls relating to our businesses (10) reliance on one or a small number of employees in each of our businesses, (11) potential adverse classifications of our Company if we are unsuccessful in executing our business plans, (12) other economic, business, market, financial, competitive and/or regulatory factors affecting the Company's businesses generally; (13) our ability to attract and retain highly qualified managerial, operational and sales personnel; and (14) the availability of additional capital on desirable terms, if at all. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in our Annual Report on Form 10-K for the year ended December 31, 2023 and additional risks, identified in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Such forward-looking statements should be read in conjunction with Lendway's filings with the SEC. Lendway assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.
根據經修訂的1995年《私人證券訴訟改革法》安全港條款的定義，本新聞稿中非歷史或當前事實陳述的陳述被視爲前瞻性陳述。“預期”、“繼續”、“確保”、“期望”、“計劃”、“保留”、“尋求”、“將” 等詞語以及類似的表述用於識別前瞻性陳述。提醒讀者不要過分依賴這些陳述或任何前瞻性陳述，這些陳述僅代表截至本新聞稿發佈之日。例如，本新聞稿中關於收購Bloomia的短期和長期收益、潛在增長、我們業務間資本資源的分配以及未來財務報告時間等的聲明均爲前瞻性陳述。這些前瞻性陳述基於我們評估的最新信息，這些信息本質上是動態的，可能會發生快速甚至突然的變化。可能導致我們對未來業績的估計和假設以及實際業績出現重大差異的因素包括：（1）我們整合並繼續成功運營新收購的Bloomia業務的能力，（2）我們的競爭能力，（3）Bloomia的歷史收入集中在少數客戶中，（4）利率的變化，（5）遵守信貸協議要求的能力，（6）我們的貸款業務歷史有限，（7）與貸款相關的重大損失風險通常，（8）可能限制或延遲適當或理想機會的市場條件，（9）我們制定和維持與業務相關的必要流程和控制措施的能力（10）依賴每項業務中的一名或少量員工，（11）如果我們未能成功執行業務計劃，可能會對我們公司進行不利分類，（12）影響公司業務的其他經濟、業務、市場、金融、競爭和/或監管因素；（13) 我們高度吸引和留住的能力合格的管理, 運營和銷售人員; (14) 按理想條件提供額外資本 (如果有的話).前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，包括我們在截至2023年12月31日止年度的10-K表年度報告中列出的那些因素，以及我們在向美國證券交易委員會提交的10-Q表季度報告和8-K表最新報告中確定的其他風險。此類前瞻性陳述應與倫德威向美國證券交易委員會提交的文件一起閱讀。除非法律要求，否則Lendway不負責更新本新聞稿中包含的前瞻性陳述，也沒有責任說明實際業績與任何此類前瞻性陳述中的預期結果不同的原因。
Lendway, Inc.
CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Lendway, Inc.
簡要和合並的運營報表和綜合收益（虧損）
（未經審計）
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
Revenue, net |
$ | 8,033,000 | $ | - | ||||
Cost of goods sold |
6,139,000 | - | ||||||
Gross profit |
1,894,000 | - | ||||||
Sales, general and administrative |
3,388,000 | 628,000 | ||||||
Operating loss |
(1,494,000) | (628,000) | ||||||
Foreign exchange difference, net |
(45,000) | - | ||||||
Interest expense (income), net |
225,000 | (103,000) | ||||||
Other expense, net |
9,000 | - | ||||||
Loss from continuing operations before income taxes |
(1,683,000) | (525,000) | ||||||
Income tax (benefit) expense |
(347,000) | 3,000 | ||||||
Net loss from continuing operations |
(1,336,000) | (528,000) | ||||||
Income from discontinued operations, net of tax |
72,000 | 2,176,000 | ||||||
Net (loss) income including noncontrolling interest |
(1,264,000) | 1,648,000 | ||||||
Less: Net (loss income attributable to noncontrolling interest |
(223,000) | - | ||||||
Net (loss) income attributable to Lendway, Inc. |
(1,041,000) | 1,648,000 | ||||||
Other comprehensive income (foreign currency translation) |
3,000 | - | ||||||
Comprehensive (loss) income attributable to Lendway, Inc. |
$ | (1,044,000) | $ | 1,648,000 | ||||
Net (loss) income per basic and diluted share: |
||||||||
Continuing operations |
$ | (0.77) | $ | (0.29) | ||||
Discontinued operations |
0.04 | 1.21 | ||||||
Basic and diluted (loss) earnings per share |
$ | (0.73) | $ | 0.92 | ||||
Shares used in calculation of net (loss) income per share: |
||||||||
Basic and diluted |
1,743,000 | 1,798,000 | ||||||
| 三個月已結束 | ||||||||
| 3月31日 | ||||||||
| 2024 | 2023 | |||||||
收入，淨額 |
$ | 8,033,000 | $ | - | ||||
銷售商品的成本 |
6,139,000 | - | ||||||
毛利 |
1,894,000 | - | ||||||
銷售、一般和管理 |
3,388,000 | 628,000 | ||||||
營業虧損 |
(1,494,000) | (628,000) | ||||||
外匯差額，淨額 |
(45,000) | - | ||||||
利息支出（收入），淨額 |
225,000 | (103,000) | ||||||
其他費用，淨額 |
9000 | - | ||||||
所得稅前持續經營的虧損 |
(1,683,000) | (525,000) | ||||||
所得稅（福利）支出 |
(347,000) | 3,000 | ||||||
持續經營業務的淨虧損 |
(1,336,000) | (528,000) | ||||||
已終止業務的收入，扣除稅款 |
72,000 | 2,176,000 | ||||||
淨（虧損）收入，包括非控股權益 |
(1,264,000) | 1,648,000 | ||||||
減去：歸因於非控股權益的淨（虧損）收益 |
(223,000) | - | ||||||
歸屬於Lendway, Inc.的淨（虧損）收益 |
(1,041,000) | 1,648,000 | ||||||
其他綜合收益（外幣折算） |
3,000 | - | ||||||
歸屬於Lendway, Inc.的綜合（虧損）收益 |
$ | (1,044,000) | $ | 1,648,000 | ||||
每股基本和攤薄後的淨（虧損）收益： |
||||||||
持續運營 |
$ | (0.77) | $ | (0.29) | ||||
已終止的業務 |
0.04 | 1.21 | ||||||
每股基本收益和攤薄（虧損）收益 |
$ | (0.73) | $ | 0.92 | ||||
用於計算每股淨（虧損）收益的股份： |
||||||||
基本款和稀釋版 |
1,743,000 | 1,798,000 | ||||||
Non-GAAP Reconciliation
非公認會計准則對賬
This press release includes adjusted EBITDA, which is a non-GAAP financial measure. Non-GAAP financial measures, which are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"), have been provided as information supplemental and in addition to the financial measures presented in accordance with GAAP. Such non-GAAP financial measures are not substitutes for, or as an alternative to, and should be considered in conjunction with, respective GAAP financial measures. The non-GAAP financial measures presented may differ from similarly named measures used by other companies.
本新聞稿包括調整後的息稅折舊攤銷前利潤，這是一項非公認會計准則財務指標。非公認會計准則財務指標不是根據美國公認會計原則（“GAAP”）計算或列報的，是作爲補充信息提供的，也是根據公認會計原則列報的財務指標之外的。此類非公認會計准則財務指標不能替代或替代相應的GAAP財務指標，應將其與之結合考慮。提出的非公認會計准則財務指標可能與其他公司使用的類似名稱的指標有所不同。
The following table reconciles net loss from continuing operations and adjusted EBITDA for the three months ended March 31, 2024 and 2023:
下表覈對了截至2024年3月31日和2023年3月31日的三個月持續經營淨虧損和調整後的息稅折舊攤銷前利潤：
Included above are reconciliations of EBITDA and Adjusted EBITDA to net loss from continuing operations, the most directly comparable GAAP measure. We have included these non-GAAP performance measures as a comparable measure to eliminate the effects of non-recurring transactions that occurred during the three months ended March 31, 2024. We believe Adjusted EBITDA provides meaningful supplemental information about our operating performance as this measure excludes amounts from net loss from continuing operations that we do not consider part of our core operating results when assessing our performance. Items excluded from Adjusted EBITDA consist of acquisition-related costs and other costs such as the cost of inventory that was stepped up to fair value as a result of the purchase accounting related to our acquisition of a majority interest in Bloomia. Adjusted EBITDA does not reflect our cash expenditures, the cash requirements for the replacement of depreciated and amortized assets, or changes in or cash requirements for our working capital needs.
上面包括息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤與持續經營淨虧損的對賬，這是最直接可比的GAAP指標。我們將這些非公認會計准則績效指標列爲可比衡量標準，以消除在截至2024年3月31日的三個月內發生的非經常性交易的影響。我們認爲，調整後的息稅折舊攤銷前利潤爲我們的經營業績提供了有意義的補充信息，因爲該指標不包括我們在評估業績時未將這些金額視爲核心經營業績一部分的持續經營淨虧損。調整後息稅折舊攤銷前利潤中不包括的項目包括收購相關成本和其他成本，例如因我們收購Bloomia多數股權的收購會計而提高到公允價值的庫存成本。調整後的息稅折舊攤銷前利潤不反映我們的現金支出、置換折舊和攤銷資產的現金需求或營運資金需求的變化或現金需求的變化。
We believe these non-GAAP financial measures will be useful to permit investors to compare results with prior periods that did not include the one-time events and the resulting accounting charges. Management has used EBITDA and Adjusted EBITDA (a) to evaluate our historical and prospective financial performance and trends as well as our performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors; and (d) to evaluate compliance with covenants and restricted activities under the terms of our Credit Agreement and outstanding notes, as further described in the Notes to Consolidated Financial Statements included in Item 1 of Part I of the 10-K.
我們認爲，這些非公認會計准則財務指標將有助於投資者將業績與不包括一次性事件和由此產生的會計費用的前期進行比較。管理層使用息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤 (a) 來評估我們歷史和潛在的財務業績和趨勢，以及我們相對於競爭對手和同行的表現；(b) 持續衡量運營盈利能力；(c) 在向董事會成員提交的報告中；(d) 評估信貸協議條款和未償票據條款下的契約和限制性活動的遵守情況，如合併財務附註所述 10-K第一部分第1項中包含的聲明。
Contact:
聯繫人：
Lendway, Inc.
Randy Uglem, CEO
(763) 392-6200
Lendway, Inc.
首席執行官蘭迪·烏格勒姆
(763) 392-6200
SOURCE: Lendway, Inc.
來源：Lendway, Inc.
譯文內容由第三人軟體翻譯。