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.
明尼苏达州明尼阿波利斯/ACCESSWIRE/2024年5月20日/Lendway, Inc.（纳斯达克股票代码：LDWY）（“Lendway” 或 “公司”）今天公布了截至2024年3月31日的第一季度（“第一季度”）财务业绩。
Strategic Business Operations Update
战略业务运营更新
The Company has strategically evolved into a specialty agricultural and finance company with an operational focus on its agricultural investments. These developments include:
该公司已从战略上发展成为一家专业的农业和金融公司，其运营重点是农业投资。这些进展包括：
- 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：公司通过聘请兰迪·乌格勒姆启动了贷款业务（“贷款业务”）。该公司正在寻求建立可扩展的非银行贷款业务，以购买现有贷款或发放和资助新贷款，所有这些贷款都将由抵押品担保。
- 2023年8月：公司完成了与公司向品牌、零售商、购物者营销机构和经纪公司提供店内广告解决方案的传统业务（“店内营销业务”）相关的某些资产和某些负债的出售。店内营销业务的业务列为已终止的业务。
- 2024年2月：公司成为Bloomia B.V. 及其附属实体（“Bloomia”）的大股东。
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5,340万美元的收购价收购了其在Bloomia () 的权益，其中包括3,490万美元的现金、1,550万美元的卖方过渡贷款和被收购业务的300万美元股权。Bloomia的主要业务是购买郁金香球茎，用球茎水培种郁金香，并将郁金香茎出售给零售商店。
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的第一季度业绩包括Bloomia从收购之日（2024年2月22日）到2024年3月31日的业绩。Bloomia的销售历来经历了可观的季节性，第一和第二日历季度是最强劲的销售季度，第一季度受益于情人节、复活节和春季的开始。第一季度还受到154.2万美元的收购相关成本以及因库存公允价值增加而产生的1,360,000美元收购相关成本摊销费用的重大影响，这些费用来自收购方法核算。
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 年第一季度的净销售额为 800 万美元。
- 2024 年第一季度来自持续经营业务的营业亏损为 150 万美元，而 2023 年第一季度为 628,000 美元。
- 2024年第一季度来自持续经营业务的净亏损为130万美元，合每股基本股和摊薄后每股亏损0.77美元，而持续经营业务的净亏损为528,000美元，合2023年第一季度基本和摊薄后每股亏损0.29美元。
- 2024年第一季度调整后的息税折旧摊销前利润为170万美元，而2023年第一季度（61.4万美元）。
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首席执行官兰迪·乌格勒姆表示：“2024年第一季度包括将Bloomia加入Lendway家族，这标志着我们向充满活力的专业农业和金融企业演变的关键时刻。我对Bloomia迄今为止的表现感到满意，也感谢新团队为整合所做的努力。”
Q1 2024 Results
2024 年第一季度业绩
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，持续经营业务收入为8,033,000美元，2023年第一季度没有此类收入。所有收入均来自Bloomia，因为为收购Bloomia分配资本的决定限制了非银行贷款业务的可用资本和管理资源。对于Bloomia而言，第一和第二日历季度通常是最强劲的销售季度，第一个日历季度受益于情人节、复活节和春季的开始。
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年第一季度的毛利为1894,000美元，占收入的23.6％，高于2023年第一季度的零。2023年第一季度的毛利受到收购方法会计产生的库存公允价值增加所产生的1360,000美元商品销售成本摊销支出的影响。此次增值已于2024年3月31日全部摊销。
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年第一季度的销售、一般和管理费用为3,388,000美元，占收入的42.2％，而2023年第一季度为628,000美元。销售、一般和管理费用增加的主要原因是与一次性收购相关的费用为1,542,000美元，以及收购Bloomia后业务的扩大。
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为22.5万美元，而2023年第一季度的利息收入为10.3万美元。利息支出来自于对Bloomia的收购融资。
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年第一季度的所得税优惠为持续经营业务税前亏损的20.6％，合34.7万美元的收益，而2023年第一季度的所得税支出为持续经营税前亏损的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.
由于上述各项，2024年第一季度的净亏损为1,264,000美元，合每股基本和摊薄后亏损0.73美元，而2023年第一季度的净收益为1,648,000美元，合每股基本和摊薄后每股亏损0.92美元。如上所述，我们预计销售将出现季节性，预计这些销售和相关毛利将在今年第一和第二季度相对强劲，这导致2024年剩余季度的预期亏损，由于一次性收购成本和摊销费用，全年将出现亏损。
Q1 2024 adjusted EBITDA from continuing operations was $1.7M, compared to ($614,000) in Q1 2023.
2024年第一季度来自持续经营业务的调整后息税折旧摊销前利润为170万美元，而2023年第一季度为（61.4万美元）。
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首席执行官拥有Bloomia18.6％的股份，他在2024年第一季度Bloomia综合亏损中的少数股权份额为22.3万美元。
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，现金及现金等价物总额为500万美元，而截至2023年12月31日为1,610万美元。下降归因于Lendway用920万美元的现金为收购Bloomia提供了资金。截至2024年3月31日，营运资金（流动资产减去流动负债）为1,110万美元，而截至2023年12月31日为1,550万美元。
About Lendway, Inc.
关于 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（纳斯达克股票代码：LDWY）是一家专业农业和金融公司，专注于在美国和国际上进行和管理农业投资。该公司是Bloomia的大股东，Bloomia是美国最大的鲜切郁金香生产商之一。该公司完全拥有并经营FarmlandCredit.com，这是一家非银行贷款企业，旨在购买现有贷款和/或在国内发放和资助新贷款。如需更多信息，请联系 (800) 874-4648，或访问我们的网站，网址为。投资者的询问可以提交至 info@lendway.com。
Cautionary Statement Regarding Forward-Looking Statements
关于前瞻性陈述的警示声明
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.
根据经修订的1995年《私人证券诉讼改革法》安全港条款的定义，本新闻稿中非历史或当前事实陈述的陈述被视为前瞻性陈述。“预期”、“继续”、“确保”、“期望”、“计划”、“保留”、“寻求”、“将” 等词语以及类似的表述用于识别前瞻性陈述。提醒读者不要过分依赖这些陈述或任何前瞻性陈述，这些陈述仅代表截至本新闻稿发布之日。例如，本新闻稿中关于收购Bloomia的短期和长期收益、潜在增长、我们业务间资本资源的分配以及未来财务报告时间等的声明均为前瞻性陈述。这些前瞻性陈述基于我们评估的最新信息，这些信息本质上是动态的，可能会发生快速甚至突然的变化。可能导致我们对未来业绩的估计和假设以及实际业绩出现重大差异的因素包括：（1）我们整合并继续成功运营新收购的Bloomia业务的能力，（2）我们的竞争能力，（3）Bloomia的历史收入集中在少数客户中，（4）利率的变化，（5）遵守信贷协议要求的能力，（6）我们的贷款业务历史有限，（7）与贷款相关的重大损失风险通常，（8）可能限制或延迟适当或理想机会的市场条件，（9）我们制定和维持与业务相关的必要流程和控制措施的能力（10）依赖每项业务中的一名或少量员工，（11）如果我们未能成功执行业务计划，可能会对我们公司进行不利分类，（12）影响公司业务的其他经济、业务、市场、金融、竞争和/或监管因素；（13) 我们高度吸引和留住的能力合格的管理, 运营和销售人员; (14) 按理想条件提供额外资本 (如果有的话).前瞻性陈述涉及已知和未知的风险、不确定性和其他因素，包括我们在截至2023年12月31日止年度的10-K表年度报告中列出的那些因素，以及我们在向美国证券交易委员会提交的10-Q表季度报告和8-K表最新报告中确定的其他风险。此类前瞻性陈述应与伦德威向美国证券交易委员会提交的文件一起阅读。除非法律要求，否则Lendway不负责更新本新闻稿中包含的前瞻性陈述，也没有责任说明实际业绩与任何此类前瞻性陈述中的预期结果不同的原因。
Lendway, Inc.
CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Lendway, Inc.
简要和合并的运营报表和综合收益（亏损）
（未经审计）
| 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 | ||||||
| 三个月已结束 | ||||||||
| 3月31日 | ||||||||
| 2024 | 2023 | |||||||
收入，净额 |
$ | 8,033,000 | $ | - | ||||
销售商品的成本 |
6,139,000 | - | ||||||
毛利 |
1,894,000 | - | ||||||
销售、一般和管理 |
3,388,000 | 628,000 | ||||||
营业亏损 |
(1,494,000) | (628,000) | ||||||
外汇差额，净额 |
(45,000) | - | ||||||
利息支出（收入），净额 |
225,000 | (103,000) | ||||||
其他费用，净额 |
9000 | - | ||||||
所得税前持续经营的亏损 |
(1,683,000) | (525,000) | ||||||
所得税（福利）支出 |
(347,000) | 3,000 | ||||||
持续经营业务的净亏损 |
(1,336,000) | (528,000) | ||||||
已终止业务的收入，扣除税款 |
72,000 | 2,176,000 | ||||||
净（亏损）收入，包括非控股权益 |
(1,264,000) | 1,648,000 | ||||||
减去：归因于非控股权益的净（亏损）收益 |
(223,000) | - | ||||||
归属于Lendway, Inc.的净（亏损）收益 |
(1,041,000) | 1,648,000 | ||||||
其他综合收益（外币折算） |
3,000 | - | ||||||
归属于Lendway, Inc.的综合（亏损）收益 |
$ | (1,044,000) | $ | 1,648,000 | ||||
每股基本和摊薄后的净（亏损）收益： |
||||||||
持续运营 |
$ | (0.77) | $ | (0.29) | ||||
已终止的业务 |
0.04 | 1.21 | ||||||
每股基本收益和摊薄（亏损）收益 |
$ | (0.73) | $ | 0.92 | ||||
用于计算每股净（亏损）收益的股份： |
||||||||
基本款和稀释版 |
1,743,000 | 1,798,000 | ||||||
Non-GAAP Reconciliation
非公认会计准则对账
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.
本新闻稿包括调整后的息税折旧摊销前利润，这是一项非公认会计准则财务指标。非公认会计准则财务指标不是根据美国公认会计原则（“GAAP”）计算或列报的，是作为补充信息提供的，也是根据公认会计原则列报的财务指标之外的。此类非公认会计准则财务指标不能替代或替代相应的GAAP财务指标，应将其与之结合考虑。提出的非公认会计准则财务指标可能与其他公司使用的类似名称的指标有所不同。
The following table reconciles net loss from continuing operations and adjusted EBITDA for the three months ended March 31, 2024 and 2023:
下表核对了截至2024年3月31日和2023年3月31日的三个月持续经营净亏损和调整后的息税折旧摊销前利润：
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.
上面包括息税折旧摊销前利润和调整后息税折旧摊销前利润与持续经营净亏损的对账，这是最直接可比的GAAP指标。我们将这些非公认会计准则绩效指标列为可比衡量标准，以消除在截至2024年3月31日的三个月内发生的非经常性交易的影响。我们认为，调整后的息税折旧摊销前利润为我们的经营业绩提供了有意义的补充信息，因为该指标不包括我们在评估业绩时未将这些金额视为核心经营业绩一部分的持续经营净亏损。调整后息税折旧摊销前利润中不包括的项目包括收购相关成本和其他成本，例如因我们收购Bloomia多数股权的收购会计而提高到公允价值的库存成本。调整后的息税折旧摊销前利润不反映我们的现金支出、置换折旧和摊销资产的现金需求或营运资金需求的变化或现金需求的变化。
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.
我们认为，这些非公认会计准则财务指标将有助于投资者将业绩与不包括一次性事件和由此产生的会计费用的前期进行比较。管理层使用息税折旧摊销前利润和调整后息税折旧摊销前利润 (a) 来评估我们历史和潜在的财务业绩和趋势，以及我们相对于竞争对手和同行的表现；(b) 持续衡量运营盈利能力；(c) 在向董事会成员提交的报告中；(d) 评估信贷协议条款和未偿票据条款下的契约和限制性活动的遵守情况，如合并财务附注所述 10-K第一部分第1项中包含的声明。
Contact:
联系人：
Lendway, Inc.
Randy Uglem, CEO
(763) 392-6200
Lendway, Inc.
首席执行官兰迪·乌格勒姆
(763) 392-6200
SOURCE: Lendway, Inc.
来源：Lendway, Inc.
译文内容由第三方软件翻译。