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Capital expenditures are expected to be approximately $8.5 million in 2021. Included in this assumption is the continued expectation for Rhino-Rack to contribute approximately $6 million in adjusted EBITDA for the second half of 2021. The Company now expects adjusted EBITDA in 2021 to increase approximately 155% to $57 million ($52 million prior) compared to 2020. The Company continues to expect sales for Rhino-Rack to be $40 million for the second half of 2021. By brand, the Company now expects sales for Black Diamond to increase 27% to $217.5 million ($215 million prior) and Sierra and Barnes combined to increase 99% to $105 million ($95 million prior) compared to 2020.

#RHINO 5 UPGRADE FULL#

The Company expects to report its full third quarter 2021 results in early November.Д¬larus now anticipates fiscal year 2021 sales to grow approximately 62% to $362.5 million ($350 million prior) compared to 2020. Accordingly, Deloitte & Touche LLP does not express an opinion or any other form of assurance with respect thereto. Deloitte & Touche LLP has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial results. These estimates are not a comprehensive statement of the CompanyвЂ™s financial results for this period and should not be viewed as a substitute for full interim financial statements prepared in accordance with U.S. As a result, actual results for the quarter may vary materially from these preliminary estimates. This financial information does not represent a comprehensive statement of the CompanyвЂ™s financial results for the quarter and remains subject to the completion of financial closing procedures and internal reviews. The CompanyвЂ™s preliminary financial results for the quarter ended Septemare based solely on information currently available to management and are unaudited. As a result, the Company believes it is relevant to provide the following GAAP financial measures for the third quarter of 2021: stock-based compensation of $3.1 million, depreciation and amortization of $5.2 million, the sale of Rhino-Rack inventory that was recorded at its fair value in purchase accounting of $3.1 million, and transaction and integration costs of $8.1 million. We look forward to reporting third quarter results soon and continuing to deliver on our long-term growth strategy.вЂќД«ecause the Company is in the early stages of its quarter end closing process, it does not have sufficient information to provide within this press release a reconciliation of the non-GAAP measure adjusted EBITDA to a comparable GAAP financial measure such as net income. We also anticipate that Rhino-Rack can serve as a valuable beachhead as we seek to further scale in the Overlanding and Vehicle Accessory category, whether that be through organic growth or other complementary acquisitions. After owning the business for the past few months and working as one unified team, we are even more compelled by these opportunities. вЂњWe continue to believe that North America can become the largest geographical region for Rhino-Rack based on the favorable conversations we have had with our existing network of key distributors and dealers. We are experiencing a smooth integration and remain excited by the opportunities to seek to develop incremental sales channels and partnerships while endeavoring to expand Rhino-RackвЂ™s product offering through our вЂInnovate and AccelerateвЂ™ strategy. вЂњDuring the quarter we saw momentum across our brands, including our newest Super Fan brand Rhino-Rack, an acquisition we closed on the first day of the third quarter. вЂњWe believe that our strong preliminary results reflect the continued resiliency of our вЂSuper FanвЂ™ brand strategy,вЂќ said Clarus President John Walbrecht. As of September 30, 2021, cash and cash equivalents are expected to be approximately $10.9 million and total debt is expected to be approximately $190 million (net debt of $179.1 million) with approximately $35 million of remaining access on the CompanyвЂ™s revolving line of credit. The Company also expects adjusted EBITDA for the third quarter of 2021 to range between $18.5-$18.8 million, an estimated 103%-106% increase compared to $9.1 million in the third quarter of 2020. Rhino-Rack sales are expected to be around $19.5 million for the third quarter of 2021. Black Diamond sales are expected to increase approximately 19% and Sierra sales are expected to increase approximately 100%, both compared to the third quarter of 2020. Based on preliminary unaudited information, Clarus expects sales for the third quarter of 2021 to range between $107-$108 million, which is an anticipated 66%-67% year-over-year increase compared to $64.5 million in the third quarter of 2020.

Rhino 5 upgrade