Grocery Outlet Holding Corp. (NASDAQ: GO) (“Grocery Outlet” or
the “Company”) today announced financial results for the third
quarter of fiscal 2019 ended September 28, 2019.
For the third quarter ended September
28, 2019:
- Net sales increased by 13.1% to $652.5 million from $576.8
million in the third quarter of fiscal 2018; comparable store sales
increased by 5.8% over a 4.2% increase in the same period last
year.
- The Company opened eight new stores and closed one, ending the
quarter with 337 stores in six states.
- Net income was $12.4 million, or $0.13 per diluted share,
compared to net income of $7.7 million, or $0.11 per diluted share,
in the third quarter of fiscal 2018.
- Adjusted EBITDA (1) increased 13.2% to $44.2 million compared
to $39.0 million in the third quarter of fiscal 2018.
- Adjusted net income (1) increased 58.8% to $20.6 million, or
$0.22 per diluted share, compared to $13.0 million, or $0.19 per
diluted share, in the third quarter of fiscal 2018.
Eric Lindberg, CEO of Grocery Outlet, stated, “We were pleased
with our third quarter performance, as customers continued to
respond to the unbeatable values and treasure hunt experience
delivered by local independent operators. The increase in
comparable store sales was once again attributable to broad-based
strength across product categories, regions and vintages, while new
stores continued to perform well. In addition, we made strategic
enhancements in our business to support our long-term growth
objectives.”
Mr. Lindberg continued, “We look forward to driving continued
comparable sales growth by providing our customers deep value and a
unique treasure hunt shopping experience. We remain committed to
reinvesting in our business to support our network of independent
operators, optimize and expand our supplier base, and drive brand
awareness and engagement. We are excited about the opportunities
ahead, as we maintain our focus on delivering measured and
consistent growth while building the business for long-term
success.”
For the 39 weeks ended September 28,
2019:
- Net sales increased by 11.8% to $1.9 billion from $1.7 billion
in the same period in 2018; comparable store sales increased by
5.3% over a 3.8% increase in the same period in 2018.
- Net income was $5.6 million, or $0.07 per share, compared to
net income of $20.5 million, or $0.30 per diluted share, in the
same period in 2018.
- Adjusted EBITDA (1) increased 12.3% to $128.3 million, compared
to $114.3 million in the same period in 2018.
- Adjusted net income (1) increased 20.3% to $45.0 million, or
$0.57 per diluted share, compared to $37.4 million, or $0.55 per
diluted share, last year.
Balance sheet and cash
flow:
- Cash and cash equivalents totaled $44.0 million at the end of
the third quarter of fiscal 2019 as compared to $40.9 million at
the end of the same period in 2018.
- The Company ended the third quarter of fiscal 2019 with $462.5
million in total debt, compared to $709.1 million at the end of the
same period in 2018. The decline was due to the prepayment of debt
in the second quarter of fiscal 2019.
- Net cash provided by operations during the third quarter was
$64.8 million.
- Capital expenditures for the third quarter of fiscal 2019,
excluding the impact of landlord allowances, totaled approximately
$31.6 million.
Recent Developments:
- On October 3, 2019, the Company announced pricing of its
secondary offering of 13.0 million shares at $33.75 per share.
- The Company did not sell any shares of common stock in the
offering and did not receive any of the proceeds from the
sale.
- On October 23, 2019, the Company prepaid $15.0 million of its
outstanding first lien term loan.
(1) Adjusted EBITDA, adjusted net income and
adjusted diluted earnings per share are non-GAAP financial
measures, which exclude the impact of certain special items. See
the Non-GAAP Financial Measures section of this release for
additional information about these items.
Fiscal 2019 outlook:
The Company expects the following results for
the fiscal year 2019:
|
Prior Full-Year 2019 Guidance |
Updated Full-Year 2019 Guidance |
Net sales |
$2.50 billion to $2.53 billion |
Slightly above $2.55 billion |
Unit growth (1) |
Approximately 29 stores |
30 stores |
Comparable store sales
growth |
3% to 4% |
Approximately 4.9% |
Adjusted EBITDA |
$162.0 million to $165.5 million |
$167.0 million to $168.0 million |
Adjusted diluted earnings per
share (2) |
$0.68 to $0.71 |
$0.73 to $0.74 |
Effective tax rate (3) |
Approximately 28% |
Approximately 28% |
Capital expenditures (net of
tenant improvement allowances) |
$85 million to $90 million |
$90 million to $95 million |
|
|
|
Footnotes:
- Unit growth guidance represents 33 new store openings and is
net of three expected closures.
- The estimated fourth quarter diluted share count is 94.5
million shares. This estimate does not include potential future
dilution associated with approximately 5.8 million
performance-based options issued primarily under our 2014 Stock
Incentive Plan as the ultimate vesting of these performance-based
options is uncertain. If and when vesting occurs, any vested
performance-based options will be included in the diluted share
count at that time.
- Effective tax rate does not include the potential impact of
future stock option exercises or the expense associated with
performance-based options.
Conference Call
Information:
A conference call to discuss the third quarter
fiscal 2019 financial results is scheduled for today, November 11,
2019, at 4:30 p.m. Eastern Time. Investors and analysts interested
in participating in the call are invited to dial 877-407-9208
approximately 10 minutes prior to the start of the call. A live
audio webcast of the conference call will be available online at
https://investors.groceryoutlet.com.
A taped replay of the conference call will be
available within two hours of the conclusion of the call and can be
accessed both online and by dialing 412-317-6671. The pin number to
access the telephone replay is 13694574. The replay will be
available for approximately two weeks after the call.
Non-GAAP Financial
Information:
In addition to reporting financial results in
accordance with accounting principles generally accepted in the
United States (“GAAP”), the Company uses EBITDA, adjusted EBITDA,
adjusted net income and adjusted diluted earnings per share
measures of performance to evaluate the effectiveness of its
business strategies, to make budgeting decisions and to compare its
performance against that of other peer companies using similar
measures. Management believes it is useful to investors and
analysts to evaluate these non-GAAP measures on the same basis as
management uses to evaluate our operating results.
Adjusted EBITDA is defined as net income before
interest expense, taxes, depreciation and amortization (“EBITDA”)
and other adjustments noted in table “Reconciliation of GAAP Net
Income to Adjusted EBITDA” below. Adjusted net income is defined as
net income before the adjustments noted in table “Reconciliation of
GAAP Net Income to Adjusted Net Income” below.
Adjusted EBITDA and adjusted net income are
non-GAAP measures and may not be comparable to similar measures
reported by other companies. Adjusted EBITDA and adjusted net
income have limitations as analytical tools, and you should not
consider them in isolation or as a substitute for analysis of our
results as reported under GAAP.
The Company has not reconciled the non-GAAP adjusted EBITDA and
adjusted diluted earnings per share forward-looking guidance
included in this news release to the most directly comparable GAAP
measures because this cannot be done without unreasonable effort
due to the variability and low visibility with respect to taxes and
non-recurring items, which are potential adjustments to future
earnings. We expect the variability of these items to have a
potentially unpredictable, and a potentially significant, impact on
our future GAAP financial results.
Forward-Looking Statements:
This news release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 as contained in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, which reflect management's current views
and estimates regarding the prospects of the industry and the
Company’s prospects, plans, business, results of operations,
financial position, future financial performance and business
strategy. These forward-looking statements generally can be
identified by the use of forward-looking terminology such as “may,”
“should,” “expect,” “intend,” “will,” “estimate,” “anticipate,”
“believe,” “predict,” “potential” or “continue” or the negatives of
these terms or variations of them or similar terminology. Although
the Company believes that the expectations reflected in these
forward-looking statements are reasonable, the Company cannot
provide any assurance that these expectations will prove to be
correct. The following factors are among those that may cause
actual results to differ materially from the forward-looking
statements: failure of suppliers to consistently supply us with
opportunistic products at attractive pricing; inability to
successfully identify trends and maintain a consistent level of
opportunistic products; failure to maintain or increase comparable
store sales; changes affecting the market prices of the products we
sell; failure to open, relocate or remodel stores on schedule;
risks associated with newly opened stores; risks associated with
economic conditions; competition in the retail food industry;
inability to retain the loyalty of our customers; costs and
implementation difficulties associated with marketing, advertising
and promotions; failure to maintain our reputation and the value of
our brand, including protecting our intellectual property; any
significant disruption to our distribution network, the operations
of our distributions centers and our timely receipt of inventory;
movement of consumer trends toward private labels and away from
name-brand products; inability to maintain sufficient levels of
cash flow from our operations; risks associated with leasing
substantial amounts of space; failure to maintain the security of
information we hold relating to personal information or payment
card data of our customers, employees and suppliers; failure to
participate effectively or at all in the growing online retail
marketplace; material disruption to our information technology
systems; risks associated with products we and our independent
operators (“IOs”) sell; risks associated with laws and regulations
generally applicable to retailers; legal proceedings from
customers, suppliers, employees, governments or competitors;
unexpected costs and negative effects associated with our insurance
program; inability to attract, train and retain highly qualified
employees; difficulties associated with labor relations; loss of
our key personnel or inability to hire additional qualified
personnel; changes in accounting standards and subjective
assumptions, estimates and judgments by management related to
complex accounting matters; impairment of goodwill and other
intangible assets; any significant decline in our operating profit
and taxable income; risks associated with tax matters; natural
disasters and unusual weather conditions (whether or not caused by
climate change), pandemic outbreaks, terrorist acts, global
political events and other serious catastrophic events; economic
downturns or natural or man-made disasters in geographies where our
stores are located; management’s limited experience managing a
public company; risks associated with IOs being consolidated into
our financial statements; failure of our IOs to successfully manage
their business; failure of our IOs to repay notes outstanding to
us; inability to attract and retain qualified IOs; inability of our
IOs to avoid excess inventory shrink; any loss or changeover of an
IO; legal proceedings initiated against our IOs; legal challenges
to the independent contractor business model; failure to maintain
positive relationships with our IOs; risks associated with actions
our IOs could take that could harm our business; the significant
influence of certain significant investors over us; our ability to
generate cash flow to service our substantial debt obligations; and
the other factors discussed under “Risk Factors” in the Company’s
prospectus filed with the Securities and Exchange Commission (the
“SEC”) on October 4, 2019. For a more detailed discussion of the
risks, uncertainties and other factors that could cause actual
results to differ, please refer to the “Risk Factors” the Company
previously disclosed in its prospectus filed with the SEC on
October 4, 2019, and in its Quarterly Report on Form 10-Q for the
quarterly period ended June 29, 2019, as such risk factors may be
updated from time to time in the Company’s periodic filings with
the SEC. The Company’s prospectus and periodic filings are
accessible on the SEC’s website at www.sec.gov. You should not rely
upon forward-looking statements as predictions of future events.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, the Company cannot
guarantee that the future results, levels of activity, performance
and events and circumstances reflected in the forward-looking
statements will be achieved or occur. Except as required by
applicable law, the Company undertakes no obligation to update
publicly any forward-looking statements for any reason after the
date of this news release to conform these statements to actual
results or to changes in our expectations.
About Grocery Outlet:
Based in Emeryville, California, Grocery Outlet
is a high-growth, extreme value retailer of quality, name-brand
consumables and fresh products sold through a network of
independently operated stores. Grocery Outlet has more than 300
stores in California, Washington, Oregon, Pennsylvania, Idaho and
Nevada.
INVESTOR RELATIONS CONTACT: Jean
Fontana646-277-1214Jean.Fontana@icrinc.com
MEDIA CONTACT: Layla
Kasha510-379-2176lkasha@cfgo.com
GROCERY
OUTLET HOLDING CORP. |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
Net sales |
$ |
652,540 |
|
$ |
576,844 |
|
$ |
1,904,100 |
|
$ |
1,702,460 |
Cost of
sales |
|
451,453 |
|
|
401,295 |
|
|
1,317,276 |
|
|
1,183,227 |
Gross
profit |
|
201,087 |
|
|
175,549 |
|
|
586,824 |
|
|
519,233 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
161,047 |
|
|
139,863 |
|
|
471,542 |
|
|
416,342 |
Depreciation and amortization |
|
13,200 |
|
|
11,478 |
|
|
38,090 |
|
|
33,891 |
Stock-based compensation |
|
2,892 |
|
|
121 |
|
|
25,853 |
|
|
384 |
Total operating expenses |
|
177,139 |
|
|
151,462 |
|
|
535,485 |
|
|
450,617 |
Income from
operations |
|
23,948 |
|
|
24,087 |
|
|
51,339 |
|
|
68,616 |
|
|
|
|
|
|
|
|
Other
expense: |
|
|
|
|
|
|
|
Interest expense, net |
|
7,342 |
|
|
13,526 |
|
|
39,232 |
|
|
40,412 |
Debt extinguishment and modification costs |
|
472 |
|
|
- |
|
|
5,634 |
|
|
- |
Total other
expense |
|
7,814 |
|
|
13,526 |
|
|
44,866 |
|
|
40,412 |
Income
before income taxes |
|
16,134 |
|
|
10,561 |
|
|
6,473 |
|
|
28,204 |
Income tax
expense |
|
3,689 |
|
|
2,892 |
|
|
886 |
|
|
7,724 |
Net income
and comprehensive income |
$ |
12,445 |
|
$ |
7,669 |
|
$ |
5,587 |
|
$ |
20,480 |
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.14 |
|
$ |
0.11 |
|
$ |
0.07 |
|
$ |
0.30 |
Diluted
earnings per share |
$ |
0.13 |
|
$ |
0.11 |
|
$ |
0.07 |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
88,345 |
|
|
68,477 |
|
|
75,778 |
|
|
68,473 |
Diluted |
|
93,183 |
|
|
68,521 |
|
|
78,602 |
|
|
68,503 |
|
|
|
|
|
|
|
|
GROCERY
OUTLET HOLDING CORP. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
(unaudited) |
|
|
|
|
|
September 28, 2019 |
|
December 29, 2018 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
44,020 |
|
$ |
21,063 |
Independent operator receivables and current portion of independent
operator notes, net of allowance |
|
6,594 |
|
|
5,056 |
Other accounts receivable, net of allowance |
|
3,116 |
|
|
2,069 |
Merchandise inventories |
|
206,418 |
|
|
198,304 |
Prepaid rent — related party |
|
512 |
|
|
512 |
Prepaid expenses and other current assets |
|
17,331 |
|
|
13,368 |
Total current assets |
|
277,991 |
|
|
240,372 |
Independent
operator notes, net of allowance |
|
18,268 |
|
|
13,646 |
Property and
equipment — net |
|
340,263 |
|
|
304,032 |
Operating
lease right-of-use asset |
|
680,178 |
|
|
- |
Intangible
assets — net |
|
64,091 |
|
|
68,824 |
Goodwill |
|
747,943 |
|
|
747,943 |
Other
assets |
|
6,112 |
|
|
2,045 |
Total assets |
$ |
2,134,846 |
|
$ |
1,376,862 |
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Trade accounts payable |
|
116,486 |
|
|
98,123 |
Accrued expenses |
|
33,364 |
|
|
31,194 |
Accrued compensation |
|
12,927 |
|
|
10,795 |
Current portion of long-term debt |
|
267 |
|
|
7,349 |
Current lease liability |
|
39,046 |
|
|
- |
Income and other taxes payable |
|
4,141 |
|
|
3,463 |
Total current liabilities |
|
206,231 |
|
|
150,924 |
Long-term
liabilities: |
|
|
|
Long-term debt — net |
|
462,251 |
|
|
850,019 |
Deferred income taxes |
|
15,924 |
|
|
15,135 |
Lease liability |
|
719,562 |
|
|
- |
Deferred rent |
|
- |
|
|
60,833 |
Total liabilities |
$ |
1,403,968 |
|
$ |
1,076,911 |
|
|
|
|
Stockholders’ equity: |
|
|
|
Capital stock: |
|
|
|
Common stock — voting |
$ |
88 |
|
$ |
67 |
Common stock — nonvoting |
|
- |
|
|
1 |
Series A Preferred stock |
|
- |
|
|
- |
Additional capital |
|
712,987 |
|
|
287,457 |
Retained earnings |
|
17,803 |
|
|
12,426 |
Total stockholders’ equity |
|
730,878 |
|
|
299,951 |
Total liabilities and stockholders’ equity |
$ |
2,134,846 |
|
$ |
1,376,862 |
|
|
|
|
GROCERY
OUTLET HOLDING CORP. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in
thousands) |
(unaudited) |
|
|
|
|
|
39 Weeks Ended |
|
September 28, 2019 |
|
September 29, 2018 |
Operating
activities: |
|
|
|
Net income |
$ |
5,587 |
|
|
$ |
20,480 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization of property and equipment |
|
32,307 |
|
|
|
27,196 |
|
Amortization of intangible assets |
|
7,481 |
|
|
|
7,384 |
|
Amortization of debt issuance costs and bond discounts |
|
1,962 |
|
|
|
3,275 |
|
Debt extinguishment and modification costs |
|
5,634 |
|
|
|
- |
|
Loss on disposal of assets |
|
500 |
|
|
|
23 |
|
Stock-based compensation |
|
25,853 |
|
|
|
384 |
|
Accounts receivable reserve |
|
2,373 |
|
|
|
2,242 |
|
Deferred lease liabilities |
|
- |
|
|
|
12,500 |
|
Non-cash lease expense |
|
26,178 |
|
|
|
- |
|
Deferred income taxes |
|
789 |
|
|
|
7,496 |
|
Changes in operating assets and liabilities: |
|
|
|
Independent operator and other accounts receivable |
|
2,813 |
|
|
|
(256 |
) |
Merchandise inventories |
|
(8,114 |
) |
|
|
(2,619 |
) |
Prepaid expenses and other current assets |
|
(4,271 |
) |
|
|
(2,290 |
) |
Income and other taxes payable |
|
584 |
|
|
|
(147 |
) |
Trade accounts payable |
|
20,233 |
|
|
|
895 |
|
Accrued expenses |
|
3,013 |
|
|
|
9,460 |
|
Accrued compensation |
|
2,132 |
|
|
|
(581 |
) |
Operating lease liability |
|
(20,564 |
) |
|
|
- |
|
Net cash provided by operating activities |
|
104,490 |
|
|
|
85,442 |
|
|
|
|
|
Investing
activities: |
|
|
|
Cash advances to independent operators |
|
(9,362 |
) |
|
|
(5,488 |
) |
Repayments of cash advances from independent operators |
|
3,107 |
|
|
|
2,538 |
|
Purchase of property and equipment |
|
(71,424 |
) |
|
|
(41,091 |
) |
Proceeds from sales of assets |
|
680 |
|
|
|
611 |
|
Intangible assets and licenses |
|
(2,934 |
) |
|
|
(2,802 |
) |
Net cash used in investing activities |
|
(79,933 |
) |
|
|
(46,232 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Proceeds from initial public offering, net of underwriting
discounts paid |
|
407,666 |
|
|
|
- |
|
Proceeds from issuance of shares under stock incentive plans |
|
970 |
|
|
|
29 |
|
Repurchase of shares under equity incentive plans |
|
(1,677 |
) |
|
|
- |
|
Deferred offering costs paid |
|
(7,058 |
) |
|
|
- |
|
Principal payments on 2014 loans |
|
- |
|
|
|
(3,967 |
) |
Principal payments on 2018 loans |
|
(399,813 |
) |
|
|
- |
|
Payments on other financing |
|
(619 |
) |
|
|
(70 |
) |
Dividends paid |
|
(379 |
) |
|
|
(117 |
) |
Debt issuance costs paid |
|
(690 |
) |
|
|
- |
|
Net cash used in financing activities |
|
(1,600 |
) |
|
|
(4,125 |
) |
Net increase
in cash and cash equivalents |
|
22,957 |
|
|
|
35,085 |
|
Cash and
cash equivalents—Beginning of the period |
|
21,063 |
|
|
|
5,801 |
|
Cash and
cash equivalents—End of the period |
|
44,020 |
|
|
|
40,886 |
|
|
|
|
|
GROCERY
OUTLET HOLDING CORP. |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
Net income |
$ |
12,445 |
|
$ |
7,669 |
|
|
$ |
5,587 |
|
$ |
20,480 |
Interest
expense, net |
|
7,342 |
|
|
13,526 |
|
|
|
39,232 |
|
|
40,412 |
Income tax
expense |
|
3,689 |
|
|
2,892 |
|
|
|
886 |
|
|
7,724 |
Depreciation
and amortization expenses |
|
13,782 |
|
|
11,903 |
|
|
|
39,787 |
|
|
35,100 |
EBITDA |
|
37,258 |
|
|
35,990 |
|
|
|
85,492 |
|
|
103,716 |
Stock-based
compensation expenses |
|
2,892 |
|
|
121 |
|
|
|
25,853 |
|
|
384 |
Debt
extinguishment and modification costs |
|
472 |
|
|
- |
|
|
|
5,634 |
|
|
- |
Non-cash rent |
|
1,629 |
|
|
2,201 |
|
|
|
5,307 |
|
|
5,724 |
Asset
impairment and gain or loss on disposition |
|
85 |
|
|
51 |
|
|
|
500 |
|
|
23 |
New
store pre-opening expenses |
|
294 |
|
|
337 |
|
|
|
1,036 |
|
|
1,038 |
Provision
for accounts receivable reserves |
|
309 |
|
|
(106 |
) |
|
|
2,373 |
|
|
2,242 |
Other |
|
1,237 |
|
|
432 |
|
|
|
2,111 |
|
|
1,133 |
Adjusted EBITDA |
$ |
44,176 |
|
$ |
39,026 |
|
|
$ |
128,306 |
|
$ |
114,260 |
|
|
|
|
|
|
|
|
GROCERY
OUTLET HOLDING CORP. |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET
INCOME |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
Net income |
$ |
12,445 |
|
|
$ |
7,669 |
|
|
$ |
5,587 |
|
|
$ |
20,480 |
|
Stock-based
compensation expenses |
|
2,892 |
|
|
|
121 |
|
|
|
25,853 |
|
|
|
384 |
|
Debt
extinguishment and modification costs |
|
472 |
|
|
|
- |
|
|
|
5,634 |
|
|
|
- |
|
Non-cash rent |
|
1,629 |
|
|
|
2,201 |
|
|
|
5,307 |
|
|
|
5,724 |
|
Asset
impairment and gain or loss on disposition |
|
85 |
|
|
|
51 |
|
|
|
500 |
|
|
|
23 |
|
New
store pre-opening expenses |
|
294 |
|
|
|
337 |
|
|
|
1,036 |
|
|
|
1,038 |
|
Provision
for accounts receivable reserves |
|
309 |
|
|
|
(106 |
) |
|
|
2,373 |
|
|
|
2,242 |
|
Other |
|
1,237 |
|
|
|
431 |
|
|
|
2,111 |
|
|
|
1,133 |
|
Amortization
of purchase accounting assets and deferred financing costs |
|
3,705 |
|
|
|
4,297 |
|
|
|
11,456 |
|
|
|
12,814 |
|
Tax effect
of total adjustments |
|
(2,429 |
) |
|
|
(2,008 |
) |
|
|
(14,810 |
) |
|
|
(6,396 |
) |
Adjusted net income |
$ |
20,639 |
|
|
$ |
12,993 |
|
|
$ |
45,047 |
|
|
$ |
37,442 |
|
|
|
|
|
|
|
|
|
GAAP
earnings per share |
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
Diluted |
$ |
0.13 |
|
|
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
Non-GAAP
adjusted earnings per share |
|
|
|
|
|
|
|
Basic |
$ |
0.23 |
|
|
$ |
0.19 |
|
|
$ |
0.59 |
|
|
$ |
0.55 |
|
Diluted |
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
0.57 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
GAAP
weighted average shares outstanding |
|
|
|
|
|
|
|
Basic |
|
88,345 |
|
|
|
68,477 |
|
|
|
75,778 |
|
|
|
68,473 |
|
Diluted |
|
93,183 |
|
|
|
68,521 |
|
|
|
78,602 |
|
|
|
68,503 |
|
Non-GAAP
weighted average shares outstanding |
|
|
|
|
|
|
|
Basic |
|
88,345 |
|
|
|
68,477 |
|
|
|
75,778 |
|
|
|
68,473 |
|
Diluted |
|
93,183 |
|
|
|
68,521 |
|
|
|
78,602 |
|
|
|
68,503 |
|
|
|
|
|
|
|
|
|
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