First Quarter Fiscal Year 2024 Summary vs. First Quarter of Fiscal Year 2023 (unless otherwise noted)
● | Revenue increased 4% to | |
● | Gross profit decreased 9% to | |
● | Income from operations decreased to | |
● | Net loss of | |
● | Net loss attributable to common shareholders of | |
● | Adjusted EBITDA1 decreased 23% to | |
● | Amounts outstanding under debt agreements was |
Management Commentary
“In our first quarter, continued double-digit growth in our Concrete Waste Management Services and
“Looking ahead, we remain optimistic about our prospects for continued growth in 2024, led by increasing infrastructure activity and added light commercial and residential projects. Underlying this expectation of growth will be the benefits we receive from our diversified end markets, the high utilization of our fleet and the mission-critical service we offer.”
___________________
1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in
First Quarter Fiscal Year 2024 Financial Results
Revenue in the first quarter of fiscal year 2024 increased 4% to
Gross profit in the first quarter of fiscal year 2024 decreased 9% to
General and administrative expenses in the first quarter were
Net loss in the first quarter of fiscal year 2024 was $3.8 million compared to net income of
Adjusted EBITDA in the first quarter of fiscal year 2024 decreased 23.0% to
Liquidity
On
Segment Results
Fiscal Year 2024 Outlook
Due to the weather impacted year-to-date start in fiscal 2024, the Company has revised its outlook and now expects fiscal year 2024 revenue to range between
2 Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.
Share Repurchase Program
In
During the first three months of fiscal year 2024, the Company repurchased 36,094 shares for a total of
"Today's announcement reflects our commitment to driving shareholder value," said
Conference Call
The Company will hold a conference call today at
Date:
Time:
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13744279
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.concretepumpingholdings.com.
A replay of the conference call will be available after
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13744279
About
Forward‐Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2024 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the
Non-GAAP Financial Measures
This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.
EBITDA is calculated by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back transaction expenses, loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other income, net, goodwill and intangibles impairment and other adjustments. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. Other adjustments include the adjustments for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses.
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.
Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable
Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the
Contact:
Company: Chief Financial Officer 1-303-289-7497 | Investor Relations: Gateway Group, Inc. 1-949-574-3860 BBCP@gateway-grp.com |
Condensed Consolidated Balance Sheets |
As of | As of | |||||||
(in thousands, except per share amounts) | 2024 | 2023 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 14,688 | $ | 15,861 | ||||
Receivables, net of allowance for doubtful accounts of | 49,466 | 62,976 | ||||||
Inventory | 6,230 | 6,732 | ||||||
Prepaid expenses and other current assets | 9,244 | 8,701 | ||||||
Total current assets | 79,628 | 94,270 | ||||||
Property, plant and equipment, net | 432,671 | 427,648 | ||||||
Intangible assets, net | 116,779 | 120,244 | ||||||
222,744 | 221,517 | |||||||
Right-of-use operating lease assets | 28,772 | 24,815 | ||||||
Other non-current assets | 12,489 | 14,250 | ||||||
Deferred financing costs | 1,684 | 1,781 | ||||||
Total assets | $ | 894,767 | $ | 904,525 | ||||
Current liabilities: | ||||||||
Revolving loan | $ | 13,021 | $ | 18,954 | ||||
Operating lease obligations, current portion | 4,903 | 4,739 | ||||||
Finance lease obligations, current portion | 39 | 125 | ||||||
Accounts payable | 5,344 | 8,906 | ||||||
Accrued payroll and payroll expenses | 9,785 | 14,524 | ||||||
Accrued expenses and other current liabilities | 36,663 | 34,750 | ||||||
Income taxes payable | 2,604 | 1,848 | ||||||
Warrant liability, current portion | - | 130 | ||||||
Total current liabilities | 72,359 | 83,976 | ||||||
Long term debt, net of discount for deferred financing costs | 372,216 | 371,868 | ||||||
Operating lease obligations, non-current | 24,255 | 20,458 | ||||||
Finance lease obligations, non-current | 15 | 50 | ||||||
Deferred income taxes | 79,432 | 80,791 | ||||||
Other liabilities, non-current | 13,550 | 14,142 | ||||||
Total liabilities | 561,827 | 571,285 | ||||||
Zero-dividend convertible perpetual preferred stock, | 25,000 | 25,000 | ||||||
Stockholders' equity | ||||||||
Common stock, | 6 | 6 | ||||||
Additional paid-in capital | 383,822 | 383,286 | ||||||
(16,212 | ) | (15,114 | ) | |||||
Accumulated other comprehensive loss | (1,403 | ) | (5,491 | ) | ||||
Accumulated deficit | (58,273 | ) | (54,447 | ) | ||||
Total stockholders' equity | 307,940 | 308,240 | ||||||
Total liabilities and stockholders' equity | $ | 894,767 | $ | 904,525 |
Condensed Consolidated Statements of Operations |
Three Months Ended | ||||||||
(in thousands, except share and per share amounts) | 2024 | 2023 | ||||||
Revenue | $ | 97,711 | $ | 93,575 | ||||
Cost of operations | 64,397 | 57,121 | ||||||
Gross profit | 33,314 | 36,454 | ||||||
Gross margin | 34.1 | % | 39.0 | % | ||||
General and administrative expenses | 31,858 | 27,041 | ||||||
Income from operations | 1,456 | 9,413 | ||||||
Interest expense and amortization of deferred financing costs | (6,463 | ) | (6,871 | ) | ||||
Change in fair value of warrant liabilities | 130 | 4,556 | ||||||
Other income (expense), net | 40 | 21 | ||||||
Income (loss) before income taxes | (4,837 | ) | 7,119 | |||||
Income tax expense (benefit) | (1,011 | ) | 644 | |||||
Net income (loss) | (3,826 | ) | 6,475 | |||||
Less preferred shares dividends | (440 | ) | (441 | ) | ||||
Income (loss) available to common shareholders | $ | (4,266 | ) | $ | 6,034 | |||
Weighted average common shares outstanding | ||||||||
Basic | 53,314,654 | 53,601,707 | ||||||
Diluted | 53,314,654 | 54,457,125 | ||||||
Net income per common share | ||||||||
Basic | $ | (0.08 | ) | $ | 0.11 | |||
Diluted | $ | (0.08 | ) | $ | 0.11 |
Condensed Consolidated Statements of Cash Flows |
For the Three Months Ended | ||||||||
(in thousands, except per share amounts) | 2024 | 2023 | ||||||
Net income (loss) | $ | (3,826 | ) | $ | 6,475 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Non-cash operating lease expense | 1,281 | 1,113 | ||||||
Foreign currency adjustments | (736 | ) | (816 | ) | ||||
Depreciation | 10,202 | 9,654 | ||||||
Deferred income taxes | (1,825 | ) | 129 | |||||
Amortization of deferred financing costs | 445 | 479 | ||||||
Amortization of intangible assets | 3,895 | 4,795 | ||||||
Stock-based compensation expense | 536 | 1,140 | ||||||
Change in fair value of warrant liabilities | (130 | ) | (4,556 | ) | ||||
Net gain on the sale of property, plant and equipment | (305 | ) | (578 | ) | ||||
Other operating activities | 46 | (67 | ) | |||||
Net changes in operating assets and liabilities: | ||||||||
Receivables | 13,894 | 10,482 | ||||||
Inventory | 616 | (957 | ) | |||||
Other operating assets | (564 | ) | (7,256 | ) | ||||
Accounts payable | (3,865 | ) | (3,997 | ) | ||||
Other operating liabilities | 635 | 1,876 | ||||||
Net cash provided by operating activities | 20,299 | 17,916 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (17,766 | ) | (17,120 | ) | ||||
Proceeds from sale of property, plant and equipment | 1,282 | 2,333 | ||||||
Net cash used in investing activities | (16,484 | ) | (14,787 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds on revolving loan | 84,173 | 83,812 | ||||||
Payments on revolving loan | (90,107 | ) | (84,980 | ) | ||||
Purchase of treasury stock | (1,098 | ) | (5,495 | ) | ||||
Other financing activities | 1,449 | (26 | ) | |||||
Net cash provided by (used in) financing activities | (5,583 | ) | (6,689 | ) | ||||
Effect of foreign currency exchange rate changes on cash | 595 | 127 | ||||||
Net increase (decrease) in cash and cash equivalents | (1,173 | ) | (3,433 | ) | ||||
Cash and cash equivalents: | ||||||||
Beginning of period | 15,861 | 7,482 | ||||||
End of period | $ | 14,688 | $ | 4,049 |
Segment Revenue |
Three Months Ended | Change | |||||||||||||||
(in thousands) | 2024 | 2023 | $ | % | ||||||||||||
66,683 | $ | 67,187 | $ | (504 | ) | -0.8 | % | |||||||||
15,408 | 12,708 | 2,700 | 21.2 | % | ||||||||||||
15,620 | 13,680 | 1,940 | 14.2 | % | ||||||||||||
100 | 92 | 8 | 8.7 | % | ||||||||||||
Intersegment eliminations | (100 | ) | (92 | ) | (8 | ) | 8.7 | % | ||||||||
Reportable segment revenue | $ | 97,711 | $ | 93,575 | $ | 4,136 | 4.4 | % |
Segment Adjusted EBITDA and Net Income |
During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses, which was previously categorized in the Company's Other activities, into the
Three Months Ended | ||||||||||||||||
(in thousands) | Pumping | Operations | Concrete Waste Management Services | Other | ||||||||||||
As Previously Reported | ||||||||||||||||
Net income (loss) | $ | (1,100 | ) | $ | (100 | ) | $ | 2,812 | $ | 4,862 | ||||||
Income tax expense (benefit) | (390 | ) | (40 | ) | 968 | 105 | ||||||||||
Depreciation and amortization | 10,374 | 1,827 | 2,035 | 213 | ||||||||||||
EBITDA | 15,063 | 2,380 | 5,815 | 5,180 | ||||||||||||
Other Adjustments | (1,505 | ) | 812 | 737 | - | |||||||||||
Adjusted EBITDA | 14,688 | 3,186 | 6,547 | 625 | ||||||||||||
Recast Adjustment | ||||||||||||||||
Net income (loss) | $ | 307 | $ | - | $ | - | $ | (307 | ) | |||||||
Income tax expense (benefit) | 105 | - | - | (105 | ) | |||||||||||
Depreciation and amortization | 213 | - | - | (213 | ) | |||||||||||
EBITDA | 625 | - | - | (625 | ) | |||||||||||
Other Adjustments | 1,511 | (774 | ) | (737 | ) | - | ||||||||||
Adjusted EBITDA | 2,136 | (774 | ) | (737 | ) | (625 | ) | |||||||||
Current Report As Adjusted | ||||||||||||||||
Net income (loss) | $ | (793 | ) | $ | (100 | ) | $ | 2,812 | $ | 4,556 | ||||||
Income tax expense (benefit) | (284 | ) | (40 | ) | 968 | |||||||||||
Depreciation and amortization | 10,587 | 1,827 | 2,035 | |||||||||||||
EBITDA | 15,688 | 2,380 | 5,815 | 4,556 | ||||||||||||
Other Adjustments | 6 | 38 | - | |||||||||||||
Adjusted EBITDA | 16,824 | 2,412 | 5,810 | - |
Segment Adjusted EBITDA and Net Income Continued |
Net Income | Adjusted EBITDA | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||
$ | (6,845 | ) | $ | (793 | ) | $ | 10,706 | $ | 16,824 | $ | (6,118 | ) | -36.4 | % | ||||||||||
484 | (100 | ) | 3,202 | 2,412 | 790 | 32.8 | % | |||||||||||||||||
2,405 | 2,812 | 5,373 | 5,810 | (437 | ) | -7.5 | % | |||||||||||||||||
Other | 130 | 4,556 | - | - | - | 0.0 | % | |||||||||||||||||
Total | $ | (3,826 | ) | $ | 6,475 | $ | 19,281 | $ | 25,046 | $ | (5,765 | ) | -23.0 | % |
Quarterly Financial Performance |
(dollars in millions) | Revenue | Net Income | Adjusted EBITDA1 | Capital Expenditures2 | Adjusted EBITDA less Capital Expenditures | Earnings Per Diluted Share | ||||||||||||||||||
Q2 2022 | $ | 96 | $ | 6 | $ | 27 | $ | 22 | $ | 5 | $ | 0.10 | ||||||||||||
Q3 2022 | $ | 105 | $ | 13 | $ | 30 | $ | 19 | $ | 11 | $ | 0.22 | ||||||||||||
Q4 2022 | $ | 115 | $ | 9 | $ | 36 | $ | 48 | $ | (12 | ) | $ | 0.14 | |||||||||||
Q1 2023 | $ | 94 | $ | 6 | $ | 25 | $ | 15 | $ | 10 | $ | 0.11 | ||||||||||||
Q2 2023 | $ | 108 | $ | 6 | $ | 29 | $ | 16 | $ | 13 | $ | 0.09 | ||||||||||||
Q3 2023 | $ | 120 | $ | 10 | $ | 35 | $ | 5 | $ | 30 | $ | 0.18 | ||||||||||||
Q4 2023 | $ | 120 | $ | 9 | $ | 36 | $ | 8 | $ | 28 | $ | 0.16 | ||||||||||||
Q1 2024 | $ | 98 | $ | (4 | ) | $ | 19 | $ | 16 | $ | 3 | $ | (0.08 | ) | ||||||||||
¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in | ||||||||||||||||||||||||
2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: | ||||||||||||||||||||||||
*Q2 2022 capex includes approximately | ||||||||||||||||||||||||
*Q3 2022 capex includes approximately | ||||||||||||||||||||||||
*Q4 2022 capex includes approximately | ||||||||||||||||||||||||
*Q1 2023 capex includes approximately | ||||||||||||||||||||||||
*Q2 2023 capex includes approximately | ||||||||||||||||||||||||
*Q3 2023 capex includes approximately | ||||||||||||||||||||||||
*Q4 2023 capex includes approximately | ||||||||||||||||||||||||
*Q1 2024 capex includes approximately |
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA |
Three Months Ended | ||||||||
(dollars in thousands) | 2024 | 2023 | ||||||
Consolidated | ||||||||
Net income (loss) | $ | (3,826 | ) | $ | 6,475 | |||
Interest expense and amortization of deferred financing costs | 6,463 | 6,871 | ||||||
Income tax expense | (1,011 | ) | 644 | |||||
Depreciation and amortization | 14,097 | 14,449 | ||||||
EBITDA | 15,723 | 28,439 | ||||||
Stock based compensation | 536 | 1,140 | ||||||
Change in fair value of warrant liabilities | (130 | ) | (4,556 | ) | ||||
Other expense (income), net | (39 | ) | (21 | ) | ||||
Other adjustments(1) | 3,191 | 44 | ||||||
Adjusted EBITDA | $ | 19,281 | $ | 25,046 | ||||
Net income (loss) | $ | (6,845 | ) | $ | (793 | ) | ||
Interest expense and amortization of deferred financing costs | 5,754 | 6,178 | ||||||
Income tax expense | (2,103 | ) | (284 | ) | ||||
Depreciation and amortization | 10,230 | 10,587 | ||||||
EBITDA | 7,036 | 15,688 | ||||||
Stock based compensation | 536 | 1,140 | ||||||
Other expense (income), net | (19 | ) | (10 | ) | ||||
Other adjustments(1) | 3,153 | 6 | ||||||
Adjusted EBITDA | $ | 10,706 | $ | 16,824 | ||||
Net income (loss) | $ | 484 | $ | (100 | ) | |||
Interest expense and amortization of deferred financing costs | 709 | 693 | ||||||
Income tax expense | 176 | (40 | ) | |||||
Depreciation and amortization | 1,808 | 1,827 | ||||||
EBITDA | 3,177 | 2,380 | ||||||
Other expense (income), net | (13 | ) | (6 | ) | ||||
Other adjustments | 38 | 38 | ||||||
Adjusted EBITDA | $ | 3,202 | $ | 2,412 |
(1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the three months ended
Three Months Ended | ||||||||
(dollars in thousands) | 2024 | 2023 | ||||||
Net income | $ | 2,405 | $ | 2,812 | ||||
Income tax expense | 916 | 968 | ||||||
Depreciation and amortization | 2,059 | 2,035 | ||||||
EBITDA | 5,380 | 5,815 | ||||||
Other expense (income), net | (7 | ) | (5 | ) | ||||
Adjusted EBITDA | $ | 5,373 | $ | 5,810 | ||||
Other | ||||||||
Net income | $ | 130 | $ | 4,556 | ||||
EBITDA | 130 | 4,556 | ||||||
Change in fair value of warrant liabilities | (130 | ) | (4,556 | ) | ||||
Adjusted EBITDA | $ | - | $ | - |
Reconciliation of Net Debt |
(in thousands) | 2023 | 2023 | 2023 | 2023 | 2024 | |||||||||||||||
Senior Notes | 375,000 | 375,000 | 375,000 | 375,000 | 375,000 | |||||||||||||||
Revolving loan draws outstanding | 50,247 | 60,947 | 35,699 | 18,954 | 13,021 | |||||||||||||||
Less: Cash | (4,049 | ) | (6,643 | ) | (11,532 | ) | (15,861 | ) | (14,688 | ) | ||||||||||
Net debt | $ | 421,198 | $ | 429,304 | $ | 399,167 | $ | 378,093 | $ | 373,333 |
Reconciliation of Historical Adjusted EBITDA |
(dollars in thousands) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |||||||||||||||
Consolidated | ||||||||||||||||||||
Net income | $ | 6,475 | $ | 5,588 | $ | 10,336 | $ | 9,391 | $ | (3,826 | ) | |||||||||
Interest expense and amortization of deferred financing costs | 6,871 | 7,348 | 7,066 | 6,834 | 6,463 | |||||||||||||||
Income tax expense (benefit) | 644 | 1,465 | 3,318 | 3,345 | (1,011 | ) | ||||||||||||||
Depreciation and amortization | 14,449 | 14,721 | 14,707 | 14,789 | 14,097 | |||||||||||||||
EBITDA | 28,439 | 29,122 | 35,427 | 34,359 | 15,723 | |||||||||||||||
Transaction expenses | 3 | 24 | 5 | 29 | - | |||||||||||||||
Stock based compensation | 1,140 | 1,064 | 934 | 709 | 536 | |||||||||||||||
Change in fair value of warrant liabilities | (4,556 | ) | (1,172 | ) | (911 | ) | (260 | ) | (130 | ) | ||||||||||
Other expense (income), net | (21 | ) | (13 | ) | (262 | ) | (34 | ) | (39 | ) | ||||||||||
Other adjustments(1) | 41 | (192 | ) | (277 | ) | 1,002 | 3,191 | |||||||||||||
Adjusted EBITDA | $ | 25,046 | $ | 28,833 | $ | 34,916 | $ | 35,805 | $ | 19,281 |
(1) See note above.
Source:
2024 GlobeNewswire, Inc., source