Reiterates 2018 Adjusted EBITDA guidance
Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle,” the
“Company” or “we”), a leading provider of media, content,
connectivity and data analytics to markets across air, sea and
land, today announced financial results for the second quarter
ended June 30, 2018. For the second quarter of 2018, Global
Eagle recorded revenue of $166 million; incurred a net loss of
$45.9 million; and generated Adjusted EBITDA* of $20.4
million.
During the second quarter, Global Eagle’s
market-leading Media & Content segment benefitted from strong
growth in revenue and gross-margin improvement. Media &
Content segment revenue grew period-over-period by 11.9%, with a
second-quarter-2018 gross margin of 30.0%. This growth was
primarily due to a ramp up in content programming for
previously-announced new customer contracts as well as expanded
content programming with several of our existing airline
partners. We continue to believe that over the long term we
can maintain gross margins similar to those generated in the second
quarter of 2018 while growing Media & Content segment revenue
by 3-5% per year on average.
Global Eagle’s Connectivity segment remains the
leading provider of satellite-based passenger connectivity for
single-aisle airliners and the leading broadcaster of live
television to the aviation and maritime markets. Our aviation
connectivity business continued to benefit from our substantial
economies of scale, which helped to generate gross margins during
the quarter in excess of our Company’s overall average gross
margin. We believe that our aviation connectivity business
continues to demonstrate the highest levels of service reliability
for our customers and elevate their passenger experience. We
expect to accelerate our aviation connectivity installations in the
second half of 2018. Our cruise business also experienced
significant growth during the second quarter of 2018.
“We continue to execute on our plan for a
healthy core business, profitable growth and transformation,”
commented Josh Marks, CEO of Global Eagle. “Our focus is on
building a profitable aviation-connectivity installation backlog
and enduring customer relationships. Our performance in the
second quarter of 2018 shows our execution in both top-line growth
and in improved Adjusted EBITDA margins.”
“Our second-quarter results demonstrate that our
commercial success is driving improved revenue growth,” said Paul
Rainey, CFO of Global Eagle. “We are also beginning to see
the benefits of our operating-expense-reduction initiatives, which
include integrating prior acquisitions and thereby lowering
operating costs. We expect the cost savings from these
initiatives to build in the second half of this year.”
Second Quarter Summary
- Total revenue for the second quarter of 2018 was $166 million,
a 6.6% increase over the prior-year period. This increase was
driven by growth in both our Media & Content and Connectivity
segments. Revenue growth in our Media & Content segment
was driven by a ramp up of new customer contracts as well as
expanded content programming for existing customers as outlined
above. In our Connectivity segment, service revenue from new
aircraft, marine-vessel and land-site installations drove revenue
growth.
- Net loss for the second quarter of 2018 was $45.9 million.
The larger net loss over the prior-year period was primarily
driven by higher interest expense in the second quarter of 2018,
and was partially offset by revenue growth and lower operating
expenses as outlined above. Higher interest expense was
driven by our issuance of new Second Lien Notes due 2023 to
Searchlight Capital Partners in March of this year. As
outlined above, our operating-expense improvement was driven by our
continued integration of our prior acquisitions, including
facilities rationalization, headcount reductions, labor insourcing
and our implementation of additional technology supporting our
business.
- Adjusted EBITDA for the second quarter of 2018 was $20.4
million, which was a 23.4% increase over the prior-year
period. Adjusted EBITDA growth was primarily driven by
both revenue growth and lower operating expenses as outlined
above.
We continue to expect a minimum of 25% Adjusted
EBITDA growth year-over-year in 2018.
Webcast
We will host a live webcast on Thursday, August
9, 2018 at 5:00 p.m. EDT (2:00 p.m. PDT). We will make the
webcast and accompanying slide presentation available on the
Investor Relations section of our website at
http://investors.geemedia.com/events-and-presentations. We
will maintain an archive of the webcast on our website for 30 days
following the event.
About Global Eagle
Global Eagle is a leading provider of media,
content, connectivity and data analytics to markets across air, sea
and land. Global Eagle offers a fully integrated suite of rich
media content and seamless connectivity solutions to airlines,
cruise lines, commercial ships, high-end yachts, ferries and land
locations worldwide. With approximately 1,400 employees and 52
offices on six continents, the Company delivers exceptional service
and rapid support to a diverse customer base. Find out more at:
www.GlobalEagle.com.
Contact:
Peter A. LopezVice President, Investor
Relations+1
310-740-8624investor.relations@geemedia.compr@geemedia.com
* About Non-GAAP Financial
MeasuresTo supplement our consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States, or
GAAP, we present Adjusted EBITDA, which is a non-GAAP financial
measure, as a measure of our performance. The presentation of
Adjusted EBITDA is not intended to be considered in isolation from,
or as a substitute for, or superior to, net income (loss) or any
other performance measures derived in accordance with GAAP or as an
alternative to net cash provided by operating activities or any
other measures of our cash flows or liquidity. Further, we note
that Adjusted EBITDA as presented herein is defined and calculated
differently than the “Consolidated EBITDA” definition in our senior
secured credit agreement and in our second lien notes, which
Consolidated EBITDA definition we use for
financial-covenant-compliance purposes and as a measure of our
liquidity. For a reconciliation of Adjusted EBITDA to its
most comparable measure under GAAP, please see the table entitled
“Reconciliation of GAAP to Non-GAAP Measure” at the end of this
press release.
Adjusted EBITDA is one of the primary measures
used by our management and Board of Directors to understand and
evaluate our financial performance and operating trends, including
period to period comparisons, to prepare and approve our annual
budget and to develop short and long term operational plans.
Additionally, Adjusted EBITDA is one of the primary measures used
by the Compensation Committee of our Board of Directors to
establish the funding targets for (and subsequent funding of) our
Annual Incentive Plan bonuses for our employees. We believe our
presentation of Adjusted EBITDA is useful to investors both because
it allows for greater transparency with respect to key metrics used
by our management in their financial and operational
decision-making and because our management frequently uses it in
discussions with investors, commercial bankers, securities analysts
and other users of our financial statements.
We define Adjusted EBITDA as net income (loss)
before (a) interest expense (income), (b) income tax expense
(benefit) and (c) depreciation and amortization (including relating
to equity-method investments) and (gain) loss on disposal and
impairment of fixed assets, and we then further adjust that result
to exclude (when applicable in the period) (1) change in fair value
of financial instruments, (2) other (income) expense, including
primarily, (gains) losses from investments and
foreign-currency-transaction (gains) losses, (3) goodwill
impairment expense, (4) stock-based compensation expense, (5)
strategic-transaction, integration and realignment expenses (as
described below), (6) auditor and third-party professional fees and
expenses related to our internal-control deficiencies (and the
remediation thereof) and complications in our audit process
relating to our control environment, (7) excess content expenses
(as described below), (8) securities class-action expenses (as
described below), (9) losses on significant customer bankruptcies
(as described below) and (10) restructuring expenses pursuant to
our September 2014 integration plan. Management does not
consider these items to be indicative of our core operating
results.
“Excess content expenses” includes the
additional purchasing costs that we incurred in 2017 to procure
movie content for our customers, notwithstanding that we could have
procured equivalent content under our (preferential-pricing) output
arrangements with major studios. We incurred these additional
costs because we could not timely identify and measure our
movie-content expenditures and procurement during the period due to
weaknesses in our control environment.
“Losses on significant customer bankruptcies”
includes (1) our provision for bad debt associated with the
bankruptcies of Air Berlin and Alitalia (two of our Media &
Content customers) in 2017, together with (2) the costs (e.g.,
content acquisition fees) that we incurred to maintain service to
those customers during their bankruptcy proceedings in order to
preserve the customer relationship.
“Securities class-action expenses” includes
third-party professional fees and expenses associated with the
securities class-action lawsuits filed against us in
2017.
“Strategic-transaction, integration and
realignment expenses” includes (1) transaction-related expenses and
costs (including third-party professional fees) attributable to
acquisition, financing, investment and other strategic-transaction
activities, (2) integration and realignment expenses and
allowances, (3) employee-severance, -retention and -relocation
expenses, (4) purchase-accounting adjustments for deferred revenue,
costs and credits associated with companies and businesses that we
have acquired through our M&A activities, (5)
service-level-agreement penalties incurred during our Eagle-1
migration and setup in its new orbital slot in 2017, and (6) claims
at companies or businesses that we acquired through our M&A
activities for underlying liabilities that pre-dated our
acquisition of those companies or businesses. In respect of
clause (6) in this definition, we include (i.e., exclude from net
income (loss)) any estimated loss contingencies and provisions for
legal settlements relating to those liabilities.
Cautionary Note Concerning
Forward-Looking StatementsCertain statements in this press
release may constitute “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, without limitation,
statements with respect to our expected Adjusted EBITDA, revenue
and margin growth in future periods, our aviation-connectivity
installations in future periods, our business and
financial-performance outlook, industry, business strategy, plans,
business and M&A integration activities, operating-expense and
cost-structure improvements and reductions, future operations,
margins, profitability, future efficiencies and other financial and
operating information. The words “anticipate,” “assume,” “believe,”
“budget,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “should,” “will,”
“future” and the negative of these or similar terms and phrases are
intended to identify forward-looking statements in this press
release.
Forward-looking statements reflect our current
expectations regarding future events, results or outcomes. These
expectations may or may not be realized. Although we believe the
expectations reflected in the forward-looking statements are
reasonable, we can give you no assurance these expectations will
prove to have been correct. Some of these expectations may be based
upon assumptions, data or judgments that prove to be incorrect.
Actual events, results and outcomes may differ materially from our
expectations due to a variety of known and unknown risks,
uncertainties and other factors. Although it is not possible to
identify all of these risks and factors, they include, among
others, the following:
- our ability to remediate material weaknesses in our internal
control over financial reporting and to complete such remediation
in a timely manner, and the effect of those weaknesses on our
ability to report and forecast our operations and financial
performance;
- our ability to maintain effective disclosure controls and
internal control over financial reporting;
- our efforts to remediate our material weaknesses in our
internal control over financial reporting may divert management’s
attention from our business, reduce our liquidity and have an
adverse effect on our financial performance;
- any future restructuring activities may prove detrimental to
our operations and sales and our ability to achieve our
operating-expense and cost-structure improvements and
reductions;
- our dependence on the travel industry;
- future acts or threats of terrorism;
- our dependence on our existing relationship and agreement with
Southwest Airlines;
- our ability to obtain new customers and renew agreements with
existing customers;
- our customers’ inability to pay us for our services;
- our ability to retain and effectively integrate and train key
members of senior management;
- our ability to recruit, train and retain highly skilled
technical employees, particularly in our finance and IT
functions;
- our ability to receive the anticipated cash distributions or
other benefits from our investment in the Wireless Maritime
Services joint venture;
- customer attrition due to direct arrangements between satellite
providers and customers;
- the effect of a variety of complex U.S. and foreign tax laws
and regimes due to the global nature of our business;
- our need to invest in and develop new broadband technologies
and advanced communications and secure networking systems, products
and services and antenna technologies as well as their market
acceptance;
- our ability to continue to be able to make claims for
investment tax credits in Canada;
- our exposure to foreign currency risks and a lack of a
formalized hedging strategy;
- increased demand by customers for greater bandwidth, speed and
performance and increased competition from new technologies and
market entrants;
- our reliance on “sole source” service providers and other third
parties for key components and services that are integral to our
product and service offerings;
- the potential need to materially increase our investments in
product development and equipment beyond our current investment
expectations;
- our ability to expand our international operations and the
risks inherent in our international operations, especially in light
of current trade and national-security disputes between the United
States and China (which may adversely impact our ability to conduct
business in that market);
- service interruptions or delays, technology failures, damage to
equipment or software defects or errors and the resulting impact on
our reputation and ability to attract, retain and serve our
customers;
- equipment failures or software defects or errors that may
damage our reputation or result in claims in excess of our
insurance or warranty coverage;
- satellite failures or degradations in satellite
performance;
- our ability to integrate businesses or technologies we have
acquired or may acquire in the future;
- increased on-board use of personal electronic devices
and content accessed and downloaded prior to travel, and our
ability to compete as a content provider against “over the top”
download services and other companies that
offer in-flight entertainment products;
- pricing pressure from suppliers and customers in our
Media & Content segment and a reduction in the aviation
industry’s use of intermediary content service providers (such as
us);
- a reduction in the volume or quality of content produced by
studios, distributors or other content providers;
- a reduction or elimination of the time between our receipt of
content and it being made available to the rental or home viewing
market (i.e., the “early release window”);
- increased competition in the in-flight entertainment and
in-flight connectivity system supply chain;
- our ability to plan expenses and forecast revenue due to the
long sales cycle of many of our Media & Content segment’s
products;
- our use of fixed-price contracts for satellite bandwidth and
potential cost differentials that may lead to losses if the market
price for our services declines relative to our committed
cost;
- our use of fixed-price contracts in our Media & Content
segment that may lead to losses in the future if the market price
for our services declines relative to our committed cost;
- our ability to develop new products or enhance those we
currently provide in our Media & Content segment;
- our ability to successfully implement a new enterprise resource
planning system;
- our ability to protect our intellectual property;
- the effect of cybersecurity attacks, data or privacy breaches,
data or privacy theft, unauthorized access to our internal systems
or connectivity or media and content systems, or phishing or
hacking, especially in light of recently publicized security
incidents affecting our industry and our systems;
- the costs to defend and/or settle current and potential future
civil intellectual property lawsuits (including relating to music
and other content infringement) and related claims for
indemnification;
- changes in regulations and our ability to obtain regulatory
approvals to provide our services or to operate our business in
particular countries or territorial waters;
- compliance with U.S. and foreign regulatory agencies, including
the Federal Aviation Administration and Federal Communications
Commission and their foreign equivalents in the jurisdictions in
which we and our customers operate;
- changes in government regulation of the Internet,
including e-commerce or online video distribution;
- our ability to comply with trade, export, anti-money laundering
and anti-bribery practices and data protection laws, especially the
U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act;
- uninsured or underinsured costs associated with stockholder
litigation and any uninsured or underinsured indemnification
obligations with respect to current and former executive officers
and directors;
- limitations on our cash flow available to make investments due
to our substantial indebtedness and our ability to generate
sufficient cash flow to make payments thereon;
- our ability to repay the principal amount of our bank debt,
Second Lien Notes and/or convertible notes at maturity, to raise
the funds necessary to settle conversions of our convertible notes
or to repurchase our convertible notes upon a fundamental change or
on specified repurchase dates or due to future indebtedness;
- the conditional conversion of our convertible notes;
- the effect on our reported financial results of the accounting
method for our convertible notes;
- the impact of the fundamental change repurchase feature and
change of control repurchase feature of the securities purchase
agreement governing our Second Lien Notes on our price or potential
as a takeover target;
- the dilution or price depression of our common stock that may
occur as a result of the conversion of our convertible notes and/or
Searchlight warrants;
- our ability to meet the continued listing requirements of The
Nasdaq Stock Market, in particular given our recent history of
delinquent periodic filings with the U.S. Securities and Exchange
Commission and the need to maintain a minimum $1.00 per share stock
price pursuant to Nasdaq rules;
- our eligibility to use Form S-3 to register the offer and sale
of securities, which Form we are not currently eligible to
use;
- conflicts between our interests and the interests of our
largest stockholders;
- volatility of the market price of our securities;
- anti-takeover provisions contained in our charter and
bylaws;
- the dilution of our common stock if we issue additional equity
or convertible debt securities; and
- other risks and factors listed under “Risk Factors” in our
Annual Report on Form 10-K for the year ended
December 31, 2017 as filed with the SEC on April 2, 2018 and
in any subsequently filed Quarterly Reports on Form 10-Q.
The forward-looking statements herein speak only
as of the date the statements are made (which is the date of this
press release). You should not put undue reliance on any
forward-looking statements. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities
laws. If we do update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements.
Financial Information
The table below presents financial results for
the three and six months ended June 30, 2018 and 2017.
|
Global Eagle Entertainment Inc. |
Condensed Consolidated Statements of
Operations |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenue: |
|
|
|
|
|
|
|
Licensing
and services |
156,428 |
|
|
146,148 |
|
|
302,954 |
|
|
289,790 |
|
Equipment |
9,534 |
|
|
9,594 |
|
|
19,505 |
|
|
18,544 |
|
Total
revenue |
165,962 |
|
|
155,742 |
|
|
322,459 |
|
|
308,334 |
|
Cost of sales: |
|
|
|
|
|
|
|
Licensing
and services |
122,304 |
|
|
108,923 |
|
|
234,795 |
|
|
211,795 |
|
Equipment |
4,427 |
|
|
9,167 |
|
|
10,415 |
|
|
16,835 |
|
Total
cost of sales |
126,731 |
|
|
118,090 |
|
|
245,210 |
|
|
228,630 |
|
Gross
margin |
39,231 |
|
|
37,652 |
|
|
77,249 |
|
|
79,704 |
|
Operating
Expenses: |
|
|
|
|
|
|
|
Sales and
marketing |
10,877 |
|
|
10,029 |
|
|
20,492 |
|
|
21,041 |
|
Product
development |
9,872 |
|
|
7,942 |
|
|
18,206 |
|
|
15,591 |
|
General
and administrative |
29,799 |
|
|
34,929 |
|
|
68,235 |
|
|
70,250 |
|
Provision
for legal settlements |
(141 |
) |
|
- |
|
|
375 |
|
|
475 |
|
Amortization of intangible assets |
10,357 |
|
|
10,860 |
|
|
20,920 |
|
|
21,868 |
|
Goodwill
impairment |
- |
|
|
- |
|
|
- |
|
|
78,000 |
|
Total
operating expenses |
60,764 |
|
|
63,760 |
|
|
128,228 |
|
|
207,225 |
|
Loss from
operations |
(21,533 |
) |
|
(26,108 |
) |
|
(50,979 |
) |
|
(127,521 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest
expense, net |
(19,755 |
) |
|
(14,807 |
) |
|
(35,352 |
) |
|
(25,697 |
) |
Loss on
extinguishment of debt |
- |
|
|
- |
|
|
- |
|
|
(14,463 |
) |
Income
from equity method investments |
428 |
|
|
601 |
|
|
1,589 |
|
|
2,140 |
|
Change in
fair value of derivatives |
(655 |
) |
|
(445 |
) |
|
(91 |
) |
|
2,475 |
|
Other
(expense) income, net |
(673 |
) |
|
653 |
|
|
(347 |
) |
|
165 |
|
Loss before income
taxes |
(42,188 |
) |
|
(40,106 |
) |
|
(85,180 |
) |
|
(162,901 |
) |
Income
tax (benefit) expense |
3,722 |
|
|
4,024 |
|
|
(987 |
) |
|
6,840 |
|
Net loss |
(45,910 |
) |
|
(44,130 |
) |
|
(84,193 |
) |
|
(169,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share –
basic and diluted |
(0.50 |
) |
|
(0.52 |
) |
|
(0.93 |
) |
|
(1.99 |
) |
Weighted average shares
outstanding – basic and diluted |
91,057 |
|
|
85,496 |
|
|
90,925 |
|
|
85,468 |
|
|
|
|
|
|
|
|
|
|
Global Eagle Entertainment Inc. |
Condensed Consolidated Balance
Sheets |
(In thousands) |
(Unaudited) |
|
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
2017 |
CURRENT ASSETS: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
37,403 |
|
|
$ |
48,260 |
|
Restricted cash |
|
|
5,390 |
|
|
|
3,608 |
|
Accounts
receivable, net |
|
|
103,415 |
|
|
|
113,545 |
|
Inventories |
|
|
32,719 |
|
|
|
28,352 |
|
Prepaid
expenses |
|
|
16,949 |
|
|
|
13,486 |
|
Other
current assets |
|
|
21,482 |
|
|
|
20,923 |
|
TOTAL CURRENT
ASSETS: |
|
|
217,358 |
|
|
|
228,174 |
|
Content
library |
|
|
8,101 |
|
|
|
8,686 |
|
Property,
plant and equipment, net |
|
|
190,716 |
|
|
|
195,029 |
|
Goodwill |
|
|
159,610 |
|
|
|
159,696 |
|
Intangible assets, net |
|
|
101,659 |
|
|
|
122,582 |
|
Equity
method investments |
|
|
135,430 |
|
|
|
137,299 |
|
Other
non-current assets |
|
|
11,603 |
|
|
|
9,118 |
|
Total Assets |
|
$ |
824,477 |
|
|
$ |
860,584 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts
payable and accrued liabilities |
|
|
188,231 |
|
|
|
205,036 |
|
Deferred
revenue |
|
|
8,472 |
|
|
|
6,508 |
|
Current
portion of long-term debt |
|
|
19,595 |
|
|
|
20,106 |
|
Other
current liabilities |
|
|
9,661 |
|
|
|
7,785 |
|
TOTAL CURRENT
LIABILITIES: |
|
|
225,959 |
|
|
|
239,435 |
|
Deferred
revenue, non-current |
|
|
1,089 |
|
|
|
1,079 |
|
Long-term
debt |
|
|
633,527 |
|
|
|
598,958 |
|
Deferred
tax liabilities |
|
|
8,590 |
|
|
|
16,247 |
|
Other
non-current liabilities |
|
|
34,455 |
|
|
|
30,340 |
|
Total
Liabilities |
|
|
903,620 |
|
|
|
886,059 |
|
Stockholders' Equity |
|
|
|
|
Common
stock |
|
|
10 |
|
|
|
10 |
|
Treasury
stock, 3,053,634 shares at March 31, 2018 and December 31,
2017 |
|
|
(30,659 |
) |
|
|
(30,659 |
) |
Additional paid-in capital |
|
|
809,369 |
|
|
|
779,565 |
|
Subscriptions receivable |
|
|
(591 |
) |
|
|
(578 |
) |
Accumulated deficit |
|
|
(857,051 |
) |
|
|
(773,791 |
) |
Accumulated other comprehensive loss |
|
|
(221 |
) |
|
|
(22 |
) |
Total Stockholder's
Deficit |
|
|
(79,143 |
) |
|
|
(25,475 |
) |
Total Liabilties and
Stockholders' Equity |
|
$ |
824,477 |
|
|
$ |
860,584 |
|
|
|
|
|
|
|
Global Eagle Entertainment Inc. |
Reconciliation of GAAP to Non-GAAP
Measure |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended June
30, |
Net loss to Adjusted EBIDTA
reconciliation |
|
2018 |
|
2017 |
Net loss |
|
(45,910 |
) |
|
(44,130 |
) |
Interest
expense, net |
|
19,755 |
|
|
14,807 |
|
Income
tax expense |
|
3,722 |
|
|
4,024 |
|
Depreciation and amortization and loss on disposal
and impairment of fixed assets |
|
29,657 |
|
|
24,456 |
|
Change in
fair value of financial instruments |
|
655 |
|
|
445 |
|
Other
(income) expense |
|
673 |
|
|
(653 |
) |
Goodwill
impairment expense |
|
- |
|
|
- |
|
Stock-based compensation expense |
|
2,230 |
|
|
992 |
|
Strategic-transaction, integration and realignment expenses |
|
5,775 |
|
|
6,588 |
|
Internal-control and delayed audit expenses |
|
3,847 |
|
|
6,650 |
|
Excess
content expenses |
|
- |
|
|
677 |
|
Securities class-action expenses |
|
- |
|
|
168 |
|
Losses on
significant customer bankruptcies |
|
- |
|
|
2,537 |
|
Restructuring expenses |
|
- |
|
|
- |
|
Adjusted
EBITDA |
|
20,404 |
|
|
16,561 |
|
|
|
|
|
|
|
|
See “About Non-GAAP Financial Measures” above,
including our definition of Adjusted EBITDA described therein.
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