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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nautilus Inc | NYSE:NLS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8204 | 0 | 01:00:00 |
Direct Segment Net Sales of $139 Million Up 16% versus Pre-pandemic Fiscal 2020
Reaches 508K JRNY® Members During Q4 Fiscal 2023, Up 56% versus Q4 Fiscal 2022
Adjusted EBITDA Loss Reduced by 26% versus Q4 Fiscal 2022
Provides Fiscal Year 2024 Guidance; Expects to Achieve Significant Year-over-Year Improvement in Adjusted EBITDA Loss in Full Year Fiscal 2024
Bowflex Parent, Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fiscal 2023 fourth quarter and year ended March 31, 2023.
Management Comments
“We’re pleased to deliver fourth quarter and full year results that exceeded our expectations, reflecting the strength of our Direct segment and continued momentum on JRNY® as we execute on our long-term transformation under our North Star strategy,” said Jim Barr, Nautilus, Inc. Chief Executive Officer. “We took deliberate steps throughout fiscal 2023 that enabled us to exit the year with a significantly improved inventory position and streamlined cost structure. Subsequent to quarter end, we further strengthened our balance sheet and monetized the value of certain non-core assets, enhancing our ability to manage through the current environment. These actions, coupled with our asset-light, semi-variable operating model, position us well to drive future profitable growth.”
Mr. Barr continued, “The continued demand we see for our equipment in our Direct business gives us conviction in the sustainability of the shift to at-home fitness. Furthermore, we are capitalizing on consumer preferences for connected fitness thanks to our investments in our differentiated digital offering. We will continue to take the necessary actions that best position us to operate more efficiently, drive free cash flow, and return to profitability.”
Total Company Results
To gauge sales growth against more "normalized" or pre-pandemic results, in addition to showing results for periods ending March 31, 2022 and 2023, we think it is helpful to investors to provide sales results for the fourth fiscal quarter and full fiscal year ended March 31, 2023 as compared to the pre-pandemic three-month and twelve-month periods ended March 31, 2020.
Fiscal Fourth Quarter Ended March 31, 2023 Compared to Fiscal Fourth Quarter Ended March 31, 2022
1 See “Reconciliation of Non-GAAP Financial Measures” for more information
Fiscal Year Ended March 31, 2023 Compared to Fiscal Year Ended March 31, 2022
1 See “Reconciliation of Non-GAAP Financial Measures” for more information
2 We provided Adjusted EBITDA guidance, rather than net income guidance, due to the inherent unpredictability of forecasting certain types of expenses such as stock-based compensation and income tax expenses, which affect net income but not Adjusted EBITDA. We were unable to reasonably estimate the impact of such expenses, if any, on net income. The inability to project certain components of the calculation would significantly affect the accuracy of a reconciliation. Accordingly, we did not provide a reconciliation of projected net income to projected Adjusted EBITDA
JRNY® Update
Segment Results
Fiscal Fourth Quarter Ended March 31, 2023 Compared to Fiscal Fourth Quarter Ended March 31, 2022
Direct Segment
Retail Segment
Comparison of Segment Results for the Fiscal Year Ended March 31, 2023 to the Fiscal Year Ended March 31, 2022
Direct Segment
Retail Segment
Balance Sheet and Other Key Highlights as of March 31, 2023:
1 See “Reconciliation of Non-GAAP Financial Measures” for more information
Forward Looking Guidance
The following forward-looking statements reflect the Company's full fiscal year 2024 expectations as of May 23, 2023 and are subject to risks and uncertainties.
Full Year Fiscal 2024
1The Company provides Adjusted EBITDA guidance, rather than net income guidance, due to the inherent unpredictability of forecasting certain types of expenses such as stock-based compensation and income tax expenses, which affect net income but not Adjusted EBITDA. The Company is unable to reasonably estimate the impact of such expenses, if any, on net income. The inability to project certain components of the calculation would significantly affect the accuracy of a reconciliation. Accordingly, the Company does not provide a reconciliation of projected net income to projected Adjusted EBITDA
Conference Call
Nautilus will discuss our fiscal 2023 fourth quarter ended March 31, 2023 operating results during a live conference call and webcast on Tuesday, May 23, 2023 at 1:30 p.m. Pacific Time. The conference call can be accessed by calling (877) 425-9470 in North America. International callers may dial (201) 389-0878. Please note that there will be presentation slides accompanying the earnings call. The slides will be displayed live on the webcast and will be available to download via the webcast player or at http://www.nautilusinc.com/events. The webcast will be archived online within two hours after completion of the call and will be available for six months. Participants from the Company will include Jim Barr, Chief Executive Officer and Aina Konold, Chief Financial Officer.
A telephonic playback will be available from 4:30 p.m. PT, May 23, 2023 through 8:59 p.m. PT, June 6, 2023. Participants can dial (844) 512-2921 in North America and international participants can dial (412) 317-6671 to hear the playback. The passcode for the playback is 13737579.
About Nautilus, Inc.
Nautilus, Inc. (NYSE:NLS) is a global leader in digitally connected home fitness solutions. The Company’s brand family includes Bowflex®, Nautilus®, Schwinn®, and JRNY®, its digital fitness platform. With a broad selection of exercise bikes, cardio equipment, and strength training products, Nautilus, Inc. empowers healthier living through individualized connected fitness experiences and in doing so, envisions building a healthier world, one person at a time.
Headquartered in Vancouver, Washington, the Company’s products are sold direct to consumer on brand websites and through retail partners and are available throughout the U.S. and internationally. Nautilus, Inc. uses the investor relations page of its website (www.nautilusinc.com/investors) to make information available to its investors and the market.
Forward-Looking Statements
This press release includes forward-looking statements (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995, including: projected, targeted or forecasted financial, operating results and capital expenditures, including but not limited to net sales growth rates, gross margins, operating expenses, operating margins, anticipated demand for the Company's new and existing products, statements regarding the Company's prospects, resources or capabilities; planned investments, strategic initiatives and the anticipated or targeted results of such initiatives; the effects of the COVID-19 pandemic on the Company’s business; and planned operational initiatives and the anticipated cost-saving results of such initiatives. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause Nautilus, Inc.’s actual expectations to differ materially from these forward-looking statements also include: weaker than expected demand for new or existing products; our ability to timely acquire inventory that meets our quality control standards from sole source foreign manufacturers at acceptable costs; risks associated with current and potential delays, work stoppages, or supply chain disruptions, including shipping delays due to the severe shortage of shipping containers; an inability to pass along or otherwise mitigate the impact of raw material price increases and other cost pressures, including unfavorable currency exchange rates and increased shipping costs; experiencing delays and/or greater than anticipated costs in connection with launch of new products, entry into new markets, or strategic initiatives; our ability to hire and retain key management personnel; changes in consumer fitness trends; changes in the media consumption habits of our target consumers or the effectiveness of our media advertising; a decline in consumer spending due to unfavorable economic conditions; risks related to the impact on our business of the COVID-19 pandemic or similar public health crises; softness in the retail marketplace; availability and timing of capital for financing our strategic initiatives, including being able to raise capital on favorable terms or at all; changes in the financial markets, including changes in credit markets and interest rates that affect our ability to access those markets on favorable terms and the impact of any future impairment. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission, including the “Risk Factors” set forth in our Annual Report on Form 10-K, as supplemented by our quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov. You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances.
RESULTS OF OPERATIONS INFORMATION
The following summary contains information from our consolidated statements of operations for the three and twelve month periods ended March 31, 2023 and 2022 (unaudited and in thousands, except per share amounts):
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
Net sales
$
68,419
$
119,724
$
286,773
$
589,534
Cost of sales
57,740
98,741
234,819
441,077
Gross profit
10,679
20,983
51,954
148,457
Operating expenses:
Selling and marketing
12,012
23,570
51,505
99,204
General and administrative
8,157
12,428
42,474
51,783
Research and development
5,507
6,904
21,822
22,786
Goodwill and intangible impairment charge
—
—
26,965
—
Restructuring and exit charges
2,549
—
2,549
—
Total operating expenses
28,225
42,902
145,315
173,773
Operating loss
(17,546
)
(21,919
)
(93,361
)
(25,316
)
Other expense, net
(2,593
)
(984
)
(4,768
)
(2,914
)
Loss from continuing operations before income taxes
(20,139
)
(22,903
)
(98,129
)
(28,230
)
Income tax expense (benefit)
786
(4,705
)
9,359
(6,026
)
Loss from continuing operations
(20,925
)
(18,198
)
(107,488
)
(22,204
)
(Loss) income from discontinued operations, net of income taxes
(12
)
(16
)
2,089
(227
)
Net loss
$
(20,937
)
$
(18,214
)
$
(105,399
)
$
(22,431
)
Basic loss per share from continuing operations
$
(0.66
)
$
(0.58
)
$
(3.40
)
$
(0.72
)
Basic income per share from discontinued operations
—
—
0.06
—
Basic net loss per share
$
(0.66
)
$
(0.58
)
$
(3.34
)
$
(0.72
)
Diluted loss per share from continuing operations
$
(0.66
)
$
(0.58
)
$
(3.40
)
$
(0.72
)
Diluted income per share from discontinued operations
—
—
0.06
—
Diluted net loss per share
$
(0.66
)
$
(0.58
)
$
(3.34
)
$
(0.72
)
Shares used in per share calculations:
Basic
31,836
31,256
31,585
31,029
Diluted
31,836
31,256
31,585
31,029
Select Metrics:
Gross margin
15.6
%
17.5
%
18.1
%
25.2
%
Selling and marketing % of net sales
17.6
%
19.7
%
18.0
%
16.8
%
General and administrative % of net sales
11.9
%
10.4
%
14.8
%
8.8
%
Research and development % of net sales
8.0
%
5.8
%
7.6
%
3.9
%
Operating loss % of net sales
(25.6
) %
(18.3
) %
(32.6
) %
(4.3
) %
SEGMENT INFORMATION
The following table presents certain comparative information by segment and major product lines within each business segment for the three and twelve months ended March 31, 2023 and 2022 (unaudited and in thousands):
Three Months Ended March 31,
Change
2023
2022
$
%
Net sales:
Direct net sales:
Cardio products(1)
$
27,860
$
39,156
$
(11,296
)
(28.8
)%
Strength products(2)
13,743
20,616
(6,873
)
(33.3
)%
Direct
41,603
59,772
(18,169
)
(30.4
)%
Retail net sales:
Cardio products(1)
14,880
23,020
(8,140
)
(35.4
)%
Strength products(2)
11,284
35,711
(24,427
)
(68.4
)%
Retail
26,164
58,731
(32,567
)
(55.5
)%
Royalty
652
1,221
(569
)
(46.6
)%
Consolidated net sales
$
68,419
$
119,724
$
(51,305
)
(42.9
)%
Gross profit:
Direct
$
8,730
$
11,519
$
(2,789
)
(24.2
)%
Retail
1,297
8,243
(6,946
)
(84.3
)%
Royalty
652
1,221
(569
)
(46.6
)%
Consolidated gross profit
$
10,679
$
20,983
$
(10,304
)
(49.1
)%
Gross margin:
Direct
21.0
%
19.3
%
170
basis points
Retail
5.0
%
14.0
%
(900
)
basis points
Contribution:
Direct
$
(5,382
)
$
(11,655
)
$
6,273
53.8
%
Retail
(4,726
)
730
(5,456
)
(747.4
)%
Royalty
652
1,221
(569
)
(46.6
)%
Consolidated contribution
$
(9,456
)
$
(9,704
)
$
248
2.6
%
Reconciliation of consolidated contribution to loss from continuing operations:
Consolidated contribution
$
(9,456
)
$
(9,704
)
$
248
2.6
%
Amounts not directly related to segments:
Operating expenses
(8,090
)
(12,215
)
4,125
33.8
%
Other expense, net
(2,593
)
(984
)
(1,609
)
(163.5
)%
Income tax expense
(786
)
4,705
(5,491
)
(116.7
)%
Loss from continuing operations
$
(20,925
)
$
(18,198
)
$
(2,727
)
(15.0
)%
(1) Cardio products include: connected-fitness bikes, the Bowflex® C6, Bowflex® VeloCore®, Schwinn® IC4, Max Trainer®, connected-fitness treadmills, other exercise bikes, ellipticals and subscription services.
(2) Strength products include: Bowflex® Home Gyms, Bowflex® SelectTech® dumbbells, kettlebell and barbell weights, and accessories.
Twelve Months Ended March 31,
Change
2023
2022
$
%
Net sales:
Direct net sales:
Cardio products(1)
$
93,889
$
128,550
$
(34,661
)
(27.0
)%
Strength products(2)
45,400
93,176
(47,776
)
(51.3
)%
Direct
139,289
221,726
(82,437
)
(37.2
)%
Retail net sales:
Cardio products(1)
62,225
208,991
(146,766
)
(70.2
)%
Strength products(2)
81,888
155,078
(73,190
)
(47.2
)%
Retail
144,113
364,069
(219,956
)
(60.4
)%
Royalty
3,371
3,739
(368
)
(9.8
)%
Consolidated net sales
$
286,773
$
589,534
$
(302,761
)
(51.4
)%
Gross profit:
Direct
$
28,664
$
68,117
$
(39,453
)
(57.9
)%
Retail
19,919
76,601
(56,682
)
(74.0
)%
Royalty
3,371
3,739
(368
)
(9.8
)%
Consolidated gross profit
$
51,954
$
148,457
$
(96,503
)
(65.0
)%
Gross margin:
Direct
20.6
%
30.7
%
(1,010
)
basis points
Retail
13.8
%
21.0
%
(720
)
basis points
Contribution:
Direct
$
(29,626
)
$
(15,711
)
$
(13,915
)
(88.6
) %
Retail
(5,720
)
44,831
(50,551
)
(112.8
) %
Royalty
3,371
3,739
(368
)
(9.8
) %
Consolidated contribution
$
(31,975
)
$
32,859
$
(64,834
)
(197.3
) %
Reconciliation of consolidated contribution to loss from continuing operations:
Consolidated contribution
$
(31,975
)
$
32,859
$
(64,834
)
(197.3
)%
Amounts not directly related to segments:
Operating expenses
(61,386
)
(58,175
)
(3,211
)
(5.5
)%
Other expense, net
(4,768
)
(2,914
)
(1,854
)
(63.6
)%
Income tax expense
(9,359
)
6,026
(15,385
)
(255.3
)%
Loss from continuing operations
$
(107,488
)
$
(22,204
)
$
(85,284
)
(384.1
)%
(1) Cardio products include: connected-fitness bikes, the Bowflex® C6, Bowflex® VeloCore®, Schwinn® IC4, Max Trainer®, connected-fitness treadmills, other exercise bikes, ellipticals and subscription services.
(2) Strength products include: Bowflex® Home Gyms, Bowflex® SelectTech® dumbbells, kettlebell and barbell weights, and accessories.
BALANCE SHEET INFORMATION
The following summary contains information from our consolidated balance sheets as of March 31, 2023 and March 31, 2022 (unaudited and in thousands):
As of
March 31, 2023
March 31, 2022
Assets
Cash
$
17,362
$
12,872
Restricted cash
950
1,339
Trade receivables, net of allowances
21,489
61,454
Inventories
46,599
111,190
Prepaids and other current assets
8,033
14,546
Other current assets - restricted
—
3,887
Income taxes receivable
1,789
1,998
Total current assets
96,222
207,286
Property, plant and equipment, net
32,789
32,129
Operating lease right-of-use assets
19,078
23,620
Goodwill
—
24,510
Other intangible assets, net
6,787
9,304
Deferred income tax assets, non-current
554
8,760
Income taxes receivable, non-current
5,673
5,673
Other assets
2,429
2,763
Total assets
$
163,532
$
314,045
Liabilities and Shareholders' Equity
Trade payables
$
29,378
$
53,165
Accrued liabilities
15,575
29,386
Operating lease liabilities, current portion
4,427
4,494
Finance lease liabilities, current portion
122
119
Warranty obligations, current portion
2,564
4,968
Income taxes payable, current portion
328
839
Debt payable, current portion, net of unamortized debt issuance costs
1,642
2,243
Total current liabilities
54,036
95,214
Operating lease liabilities, non-current
16,380
20,926
Finance lease liabilities, non-current
282
395
Warranty obligations, non-current
703
1,248
Income taxes payable, non-current
2,316
4,029
Deferred income tax liabilities, non-current
253
—
Other non-current liabilities
1,978
1,071
Debt payable, non-current, net of unamortized debt issuance costs
26,284
27,113
Shareholders' equity
61,300
164,049
Total liabilities and shareholders' equity
$
163,532
$
314,045
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Non-GAAP Presentation
Nautilus presents non-GAAP financial measures as a complement to results provided in accordance with GAAP, and the non-GAAP financial measures should not be regarded as a substitute for GAAP.
In addition to disclosing its financial results determined in accordance with GAAP, Nautilus has presented in this release certain non-GAAP financial measures, which exclude the impact of certain items (as further described below). Management believes these measures are also useful to investors as these are the same metrics that management uses to evaluate past performance and prospects for future performance. Nautilus strongly encourages investors to review all its financial statements and publicly filed reports in their entirety and to not rely on any single financial measure to evaluate the Company’s performance.
Free Cash Flow
Free cash flow is a non-GAAP financial measure. We define free cash flow as net cash provided by (used in) operating activities minus capital expenditures. We believe that, when viewed with our GAAP results, free cash flow provides management, investors and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We believe free cash flow provides useful additional information to users of our financial information and is an important metric because it represents a measure of how much cash we have available for discretionary and non-discretionary items after the deduction of capital expenditures. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results.
Adjusted Results
In addition to disclosing the comparable GAAP results, Nautilus has presented its operating expenses and operating (loss) income on an adjusted basis to exclude certain non-recurring items, including the non-cash charge related to goodwill and intangible asset impairment(1), the legal settlement(2), acquisition and other related costs(3) and restructuring and exit charges(4). The Company believes that excluding these items, which are inconsistent in amount and frequency, supplements the GAAP information with a measure that can be used to assess the sustainability of the Company’s operating performance. Nautilus has also presented EBITDA from continuing operations on an adjusted basis, excluding the aforementioned items for similar reasons.
Adjusted EBITDA from Continuing Operations
Nautilus has also presented EBITDA from continuing operations on an adjusted basis, to exclude the non-cash charge related to goodwill and intangible asset impairment(1), the legal settlement(2), acquisition and other related costs(3), restructuring and exit charges(4), depreciation and amortization, stock-based compensation and certain other net expenses. The Company believes that EBITDA is an important measure as it allows the company to evaluate past performance and prospects for future performance. The Company believes the exclusion of stock-based compensation expense provides for a better comparison of operating results to prior periods and to peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions, and the variety of award types. The Company excludes other expenses, net that are the result of factors and can vary significantly from one period to the next. We believe that exclusion of such other expenses are useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis.
We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.
The following table reconciles free cash flow, a non-GAAP financial measure, from a GAAP financial measure for the three and twelve month periods ended March 31, 2023 and 2022 (unaudited and in thousands):
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
Net cash provided by (used in) operating activities
$
30,626
$
25,017
$
18,846
$
(66,566
)
Purchase of property, plant and equipment
(1,921
)
(3,914
)
(12,618
)
(13,050
)
Free cash flow
$
28,705
$
21,103
$
6,228
$
(79,616
)
Net loss
$
(20,937
)
$
(18,214
)
$
(105,399
)
$
(22,431
)
Free cash flow as percentage of net loss
137.1
%
115.9
%
5.9
%
(354.9
)%
The following table presents a reconciliation of operating expenses, the most directly comparable GAAP measure, to Adjusted operating expenses for the three and twelve month periods ended March 31, 2023 and 2022 (unaudited and in thousands):
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
Operating expenses
$
28,225
$
42,902
$
145,315
$
173,773
Goodwill and intangible impairment charge(1)
—
—
(26,965
)
—
Legal settlement(2)
276
—
276
(4,665
)
Acquisition and other related costs(3)
(540
)
(770
)
(2,483
)
(2,448
)
Restructuring and exit charges(4)
(2,549
)
—
(2,549
)
—
Adjusted operating expenses
$
25,412
$
42,132
$
113,594
$
166,660
The following table presents a reconciliation of operating loss, the most directly comparable GAAP measure, to Adjusted operating loss for the three and twelve month periods ended March 31, 2023 and 2022 (unaudited and in thousands):
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
Operating loss
$
(17,546
)
$
(21,919
)
$
(93,361
)
$
(25,316
)
Goodwill and intangible impairment charge(1)
—
—
26,965
—
Legal settlement(2)
(276
)
—
(276
)
4,665
Acquisition and other related costs(3)
540
770
2,483
2,448
Restructuring and exit charges(4)
2,549
—
2,549
—
Adjusted operating loss
$
(14,733
)
$
(21,149
)
$
(61,640
)
$
(18,203
)
The following table presents a reconciliation of loss from continuing operations, the most directly comparable GAAP measure, to Adjusted EBITDA from continuing operations for the three and twelve month periods ended March 31, 2023 and 2022 (unaudited and in thousands):
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
Loss from continuing operations
$
(20,925
)
$
(18,198
)
$
(107,488
)
$
(22,204
)
Other expense, net
2,593
984
4,768
2,914
Income tax expense (benefit) from continuing operations
786
(4,705
)
9,359
(6,026
)
Depreciation and amortization
3,147
2,628
11,103
8,615
Stock-based compensation expense
(964
)
1,651
3,909
6,262
Goodwill and intangible impairment charge(1)
—
—
26,965
—
Legal settlement(2)
(276
)
—
(276
)
4,665
Acquisition and other related costs(3)
540
770
2,483
2,448
Restructuring and exit charges(4)
2,549
—
2,549
—
Adjusted loss before interest, taxes, depreciation, and amortization (Adjusted EBITDA) from continuing operations
$
(12,550
)
$
(16,870
)
$
(46,628
)
$
(3,326
)
(1) Goodwill and intangible impairment charge In accordance with ASC 350 — Intangibles — Goodwill and Other, an entity is required to perform goodwill and indefinite-lived trade names impairment valuations annually, or sooner if triggering events are identified. We observed continued market volatility including significant declines in our market capitalization during the three month period ended June 30, 2022, which we identified as a triggering event. In response to the triggering event, we performed an interim evaluation and a market capitalization reconciliation during the first quarter of fiscal 2023, which resulted in non-cash goodwill and indefinite-lived intangible assets impairment charges.
(2) Legal Settlement Legal settlement is a loss contingency accrual related to a legal settlement for a class action lawsuit related to advertisement of our treadmills.
(3) Acquisition and other related costs On September 17, 2021, we acquired VAY AG ("VAY") for aggregate purchase consideration of approximately $27.0 million. We accounted for the transaction as a business combination. Acquisition and other costs are reflected in general and administrative costs and consist of acquisition related closing costs and a contingent consideration arrangement. The contingent consideration arrangement requires the Company to recognize $3.9 million compensatory expense over an 18 month service period.
(4) Restructuring and exit charges In February 2023, we restructured our cost structure to align with lower revenue. In addition to ending relationships with outsourced contractors, we executed a reduction in our workforce of approximately 15%. Restructuring and exit charges include involuntary employee termination benefits and other exit costs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230523006033/en/
Investor Relations: John Mills ICR, LLC 646-277-1254 John.mills@icrinc.com Media: John Fread Nautilus, Inc 360-859-5815 jfread@nautilus.com Robin Rootenberg Action Mary 925-464-8030 robin.rootenberg@actionmary.com
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