Hub Group, Inc. Reports Second Quarter 2023 Results
July 27 2023 - 4:05PM
Hub Group, Inc. (NASDAQ:HUBG) announced second quarter 2023 net
income of $47 million, and diluted earnings per share of
$1.44. Net income for second quarter 2022 was $103
million, or $3.03 per diluted share.
“Challenging market conditions have persisted
throughout 2023 that have impacted demand for our services. We are
seeing the benefits of our strategy to diversify and expand into
less cyclical and non-asset-based services, with our Logistics
Segment contributing nearly half of our operating income in the
quarter, which has helped offset softer profitability at our ITS
Segment. We performed well during this year’s intermodal bid season
and are providing excellent service which has positioned us to grow
as inventory levels normalize and demand increases. We returned
$100 million of capital to our shareholders through share
repurchases in the second quarter. We remain focused on managing
our costs and capital structure and supporting our customers with
great service while investing in our core business and technology
to drive success in a variety of market conditions,” said Phil
Yeager, Hub Group’s President and Chief Executive
Officer.
Second Quarter 2023 Results
Consolidated revenue for the second quarter of
2023 was $1.0 billion as compared to $1.4 billion in second quarter
2022. The decline in revenue was driven by changes in customer rate
and volumes in our ITS and Logistics Segments. Purchased
transportation and warehousing costs declined as compared to prior
year due to lower volumes, reductions in third-party carrier costs
and a higher percentage of insourced drayage, partially offset by
higher equipment and rail costs. Salaries and benefits costs
increased $12 million relative to prior year due to $30 million of
incremental expense related to growth of our driver and warehouse
employee headcount, partially offset by an $18 million reduction in
office employee compensation due to lower headcount and lower
incentive compensation expense. General and administrative expense
decreased as compared to prior year due to lower legal and
acquisition-related outside services spending. Depreciation and
amortization expense increased as compared to prior year due to
investments in our container and tractor fleets, as well as
amortization of intangible assets related to the acquisition of
TAGG Logistics, LLC (“TAGG”). Operating income for the quarter was
$62 million (6.0% of revenue) as compared to $138 million (9.8% of
revenue) in the prior year. EBITDA (non-GAAP)1 for the quarter was
$108 million.
Second quarter Intermodal and Transportation
Solutions (“ITS”) Segment revenue was $615 million. Intermodal
volume for the quarter decreased 17% as compared to prior year,
driven by elevated retailer inventory levels and soft import
activity that impacted demand for our services. Intermodal revenue
per load was impacted by changes in customer rates, fuel and mix.
ITS operating income decreased to $32 million (5.2% of revenue) as
compared to $101 million (11.5% of revenue) in the prior year due
to lower volume, lower customer rates, higher equipment costs and
lower surcharges and accessorial income. These headwinds were
partially offset by lower drayage costs as we increased the portion
of drayage handled on our own fleet to 79% in second quarter 2023
as compared to 62% in the prior year, as well as an improvement in
profitability at our Dedicated service line.
Second quarter Logistics Segment revenue was
$454 million, as compared to $549 million in the prior year. The
decline in revenue was driven by lower revenue per load in our
brokerage service line and lower managed transportation service
line revenue, partially offset by revenue from TAGG. Brokerage
volumes were down slightly as compared to the prior year but
increased relative to first quarter. Second quarter operating
income was 6.7% of revenue as compared to 6.8% last year. Operating
income was $30 million as compared to $37 million last year, as
lower revenue was partially offset by lower purchased
transportation costs and our yield management initiatives.
Capital expenditures for the second quarter of
2023 totaled $39 million. As of June 30, 2023, we had cash and cash
equivalents of $342 million.
2023 Outlook
We expect our 2023 diluted earnings per share
will range from $5.80 to $6.40. We estimate revenue will range from
$4.3 to $4.5 billion. We project our effective tax rate for the
year will be 20.0-21.0%. We expect capital expenditures for
containers, tractors, warehousing equipment and technology will
range from $140 to $150 million.
Non-GAAP Financial Measure
In this press release, we present EBITDA, a
non-GAAP financial measure of profitability defined as earnings
before interest, taxes, depreciation and amortization. As required
by the rules of the Securities and Exchange Commission (“SEC”), we
have provided herein a reconciliation of this non-GAAP financial
measure to Net Income, the most directly comparable measure under
GAAP. Management believes that EBITDA provides relevant and useful
information, which is used by our management as well as by many
analysts, investors and competitors in our industry. By providing
this non-GAAP measure, management intends to provide investors with
a meaningful, consistent comparison of the Company’s profitability
for the periods presented. EBITDA should be viewed in addition to,
and not as an alternative to or substitute for, measures determined
in accordance with GAAP, and is not necessarily comparable to
non-GAAP measures that may be presented by other companies.
CONFERENCE CALL
Hub Group, Inc. will hold a conference call at
5:00 p.m. Eastern Time on July 27, 2023 to discuss our second
quarter 2023 results.
Hosting the conference call will be Phil Yeager,
President and CEO. Also participating on the call will be Brian
Alexander, Chief Operating Officer, and Geoff DeMartino, Executive
Vice President, Chief Financial Officer and Treasurer.
This call is being webcast and can be accessed
through the Investors link on Hub Group’s web site at
www.hubgroup.com. The webcast is listen-only. Those interested in
participating in the question and answer session should follow the
telephone dial-in instructions below.
To participate in the conference call by telephone, please
pre-register at
https://register.vevent.com/register/BIc90f715b9f6743c8b6a0cc30dedd99b9
to receive the dial-in number and unique PIN. On the day of the
call, dial in approximately ten minutes prior to the scheduled call
time and enter the unique participant PIN received during
registration. The call will be limited to 60 minutes, including
questions and answers. An audio replay will be available through
the Investors link on the Company's web site at www.hubgroup.com.
This replay will be available for 30 days.
CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press
release that are not historical facts are forward-looking
statements, provided pursuant to the safe harbor established under
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future performance
and involve risks, uncertainties and other factors that might cause
the actual performance of Hub Group to differ materially from those
expressed or implied by this discussion and, therefore, should be
viewed with caution. Further information on the risks that may
affect Hub Group’s business is included in filings it makes with
the SEC from time to time, including those discussed under the
“Risk Factors” section in Hub Group’s most recently filed periodic
reports on Form 10-K and Form 10-Q and subsequent filings. Hub
Group assumes no obligation to update any such forward-looking
statements.
SOURCE: Hub Group, Inc.
CONTACT: Geoff DeMartino of Hub Group, Inc., +1-630-271-3623
|
HUB GROUP,
INC. |
CONSOLIDATED
STATEMENTS OF EARNINGS |
(in
thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
|
|
%
of |
|
|
%
of |
|
|
Amount |
Revenue |
|
Amount |
Revenue |
Operating revenue |
|
$ |
1,040,462 |
|
100.0 |
% |
|
$ |
1,401,456 |
|
100.0 |
% |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Purchased transportation and warehousing |
|
|
763,609 |
|
73.4 |
% |
|
|
1,062,983 |
|
75.9 |
% |
Salaries and benefits |
|
|
141,823 |
|
13.6 |
% |
|
|
129,499 |
|
9.2 |
% |
Depreciation and amortization |
|
|
35,386 |
|
3.4 |
% |
|
|
32,244 |
|
2.3 |
% |
Insurance and claims |
|
|
11,676 |
|
1.1 |
% |
|
|
10,645 |
|
0.8 |
% |
General and administrative |
|
|
26,757 |
|
2.6 |
% |
|
|
36,213 |
|
2.6 |
% |
Gain on sale of assets, net |
|
|
(859 |
) |
-0.1 |
% |
|
|
(7,764 |
) |
-0.6 |
% |
Total operating expenses |
|
|
978,392 |
|
94.0 |
% |
|
|
1,263,820 |
|
90.2 |
% |
|
|
|
|
|
|
|
Operating income |
|
|
62,070 |
|
6.0 |
% |
|
|
137,636 |
|
9.8 |
% |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense, net |
|
|
(3,116 |
) |
-0.3 |
% |
|
|
(1,407 |
) |
-0.1 |
% |
Interest income |
|
|
2,087 |
|
0.2 |
% |
|
|
5 |
|
0.0 |
% |
Other, net |
|
|
69 |
|
0.0 |
% |
|
|
(195 |
) |
-0.0 |
% |
Total other expense, net |
|
|
(960 |
) |
-0.1 |
% |
|
|
(1,597 |
) |
-0.1 |
% |
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
61,110 |
|
5.9 |
% |
|
|
136,039 |
|
9.7 |
% |
|
|
|
|
|
|
|
Provision for income taxes |
|
|
14,605 |
|
1.4 |
% |
|
|
33,193 |
|
2.4 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
46,505 |
|
|
|
$ |
102,846 |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
|
$ |
1.45 |
|
|
|
$ |
3.06 |
|
|
Diluted |
|
$ |
1.44 |
|
|
|
$ |
3.03 |
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares outstanding |
|
|
32,037 |
|
|
|
|
33,651 |
|
|
Diluted weighted average number of shares outstanding |
|
|
32,293 |
|
|
|
|
33,935 |
|
|
|
|
|
|
|
|
|
|
HUB GROUP,
INC. |
CONSOLIDATED
STATEMENTS OF EARNINGS |
(in
thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
%
of |
|
|
%
of |
|
|
Amount |
Revenue |
|
Amount |
Revenue |
Operating revenue |
|
$ |
2,192,727 |
|
100.0 |
% |
|
$ |
2,699,579 |
|
100.0 |
% |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Purchased transportation and warehousing |
|
|
1,630,540 |
|
74.4 |
% |
|
|
2,058,248 |
|
76.2 |
% |
Salaries and benefits |
|
|
279,254 |
|
12.7 |
% |
|
|
258,238 |
|
9.6 |
% |
Depreciation and amortization |
|
|
70,835 |
|
3.2 |
% |
|
|
63,533 |
|
2.4 |
% |
Insurance and claims |
|
|
24,359 |
|
1.1 |
% |
|
|
19,938 |
|
0.7 |
% |
General and administrative |
|
|
52,298 |
|
2.4 |
% |
|
|
59,435 |
|
2.2 |
% |
Gain on sale of assets, net |
|
|
(4,834 |
) |
-0.2 |
% |
|
|
(12,509 |
) |
-0.5 |
% |
Total operating expenses |
|
|
2,052,452 |
|
93.6 |
% |
|
|
2,446,883 |
|
90.6 |
% |
|
|
|
|
|
|
|
Operating income |
|
|
140,275 |
|
6.4 |
% |
|
|
252,696 |
|
9.4 |
% |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense, net |
|
|
(6,086 |
) |
-0.3 |
% |
|
|
(3,110 |
) |
-0.1 |
% |
Interest income |
|
|
3,463 |
|
0.2 |
% |
|
|
9 |
|
0.0 |
% |
Other, net |
|
|
108 |
|
0.0 |
% |
|
|
(63 |
) |
-0.0 |
% |
Total other expense, net |
|
|
(2,515 |
) |
-0.1 |
% |
|
|
(3,164 |
) |
-0.1 |
% |
|
|
|
|
|
|
|
Income before provision for income taxes |
|
|
137,760 |
|
6.3 |
% |
|
|
249,532 |
|
9.3 |
% |
|
|
|
|
|
|
|
Provision for income taxes |
|
|
29,475 |
|
1.3 |
% |
|
|
59,183 |
|
2.2 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
108,285 |
|
|
|
$ |
190,349 |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
|
$ |
3.35 |
|
|
|
$ |
5.66 |
|
|
Diluted |
|
$ |
3.33 |
|
|
|
$ |
5.61 |
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares outstanding |
|
|
32,293 |
|
|
|
|
33,647 |
|
|
Diluted weighted average number of shares outstanding |
|
|
32,566 |
|
|
|
|
33,950 |
|
|
|
|
|
|
|
|
|
|
HUB GROUP,
INC. |
CONSOLIDATED
BALANCE SHEETS |
(in
thousands, except share data) |
|
|
|
June
30, |
|
December
31, |
|
|
2023 |
|
2022 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
342,429 |
|
|
$ |
286,642 |
|
Accounts receivable trade, net |
|
|
612,163 |
|
|
|
716,190 |
|
Accounts receivable other |
|
|
4,612 |
|
|
|
3,967 |
|
Prepaid taxes |
|
|
15,258 |
|
|
|
16,987 |
|
Prepaid expenses and other current assets |
|
15,445 |
|
|
|
32,914 |
|
TOTAL CURRENT ASSETS |
|
|
989,907 |
|
|
|
1,056,700 |
|
|
|
|
|
|
Restricted investments |
|
|
20,262 |
|
|
|
18,065 |
|
Property and equipment, net |
|
|
783,127 |
|
|
|
783,683 |
|
Right-of-use assets - operating leases |
|
|
167,681 |
|
|
|
102,114 |
|
Right-of-use assets - financing leases |
|
|
3,744 |
|
|
|
1,194 |
|
Other intangibles, net |
|
|
183,634 |
|
|
|
197,386 |
|
Goodwill |
|
|
629,407 |
|
|
|
629,402 |
|
Other assets |
|
|
22,280 |
|
|
|
21,537 |
|
TOTAL ASSETS |
|
$ |
2,800,042 |
|
|
$ |
2,810,081 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable trade |
|
$ |
293,005 |
|
|
$ |
344,751 |
|
Accounts payable other |
|
|
12,213 |
|
|
|
15,563 |
|
Accrued payroll |
|
|
23,292 |
|
|
|
66,669 |
|
Accrued other |
|
|
128,825 |
|
|
|
132,324 |
|
Lease liability - operating leases |
|
|
35,687 |
|
|
|
29,547 |
|
Lease liability - financing leases |
|
|
2,365 |
|
|
|
1,175 |
|
Current portion of long term debt |
|
|
98,350 |
|
|
|
101,741 |
|
TOTAL CURRENT LIABILITIES |
|
593,737 |
|
|
|
691,770 |
|
|
|
|
|
|
Long term debt |
|
|
238,213 |
|
|
|
240,724 |
|
Non-current liabilities |
|
|
48,832 |
|
|
|
43,505 |
|
Lease liability - operating leases |
|
|
141,450 |
|
|
|
78,557 |
|
Lease liability - financing leases |
|
|
1,288 |
|
|
|
- |
|
Deferred taxes |
|
|
165,786 |
|
|
|
155,923 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
Preferred stock, $.01 par value; 2,000,000 shares authorized; |
|
|
|
no shares issued or outstanding in 2023 and 2022. |
|
- |
|
|
|
- |
|
Common stock |
|
|
|
|
Class A: $.01 par value; 97,337,700 shares authorized;
41,312,185 |
|
|
|
shares issued in both 2023 and 2022; 31,402,008 shares
outstanding |
|
|
|
in 2023 and 32,646,621 shares outstanding in 2022. |
|
413 |
|
|
|
413 |
|
Class B: $.01 par value; 662,300 shares authorized; |
|
|
|
574,903 shares issued and outstanding in both 2023 and 2022. |
|
6 |
|
|
|
6 |
|
|
|
|
|
|
Additional paid-in capital |
|
|
214,356 |
|
|
|
208,165 |
|
Purchase price in excess of predecessor basis, net of tax |
|
|
|
benefit of $10,306 |
|
|
(15,458 |
) |
|
|
(15,458 |
) |
Retained earnings |
|
|
1,889,867 |
|
|
|
1,781,582 |
|
Accumulated other comprehensive loss |
|
(136 |
) |
|
|
(214 |
) |
Treasury stock; at cost, 9,910,177 shares in 2023 |
|
|
|
and 8,665,564 shares in 2022 |
|
|
(478,312 |
) |
|
|
(374,892 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
1,610,736 |
|
|
|
1,599,602 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
2,800,042 |
|
|
$ |
2,810,081 |
|
|
|
|
|
|
|
HUB GROUP,
INC. |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net income |
|
$ |
108,285 |
|
|
$ |
190,349 |
|
Adjustments to reconcile net income |
|
|
|
|
to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
|
91,474 |
|
|
|
71,922 |
|
Impairment of right-of-use asset |
|
|
2,012 |
|
|
|
- |
|
Deferred taxes |
|
|
10,837 |
|
|
|
3,279 |
|
Compensation expense related to share-based compensation plans |
|
10,615 |
|
|
|
10,237 |
|
Gain on sale of assets, net |
|
|
(4,834 |
) |
|
|
(12,509 |
) |
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
Restricted investments |
|
|
(2,197 |
) |
|
|
5,200 |
|
Accounts receivable, net |
|
|
103,270 |
|
|
|
(93,767 |
) |
Prepaid taxes |
|
|
1,729 |
|
|
|
(2,166 |
) |
Prepaid expenses and other current assets |
|
17,469 |
|
|
|
9,664 |
|
Other assets |
|
|
(1,899 |
) |
|
|
(2,517 |
) |
Accounts payable |
|
|
(55,085 |
) |
|
|
3,380 |
|
Accrued expenses |
|
|
(47,700 |
) |
|
|
23,251 |
|
Non-current liabilities |
|
|
(12,595 |
) |
|
|
(5,588 |
) |
Net cash provided by operating activities |
|
221,381 |
|
|
|
200,735 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Proceeds from sale of equipment |
|
|
15,135 |
|
|
|
18,584 |
|
Purchases of property and equipment |
|
|
(65,635 |
) |
|
|
(85,942 |
) |
Acquisitions, net of cash acquired |
|
|
108 |
|
|
|
- |
|
Net cash used in investing activities |
|
(50,392 |
) |
|
|
(67,358 |
) |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Purchase of treasury stock |
|
|
(100,026 |
) |
|
|
- |
|
Repayments of long term debt |
|
|
(56,191 |
) |
|
|
(54,114 |
) |
Stock withheld for payments of withholding taxes |
|
(7,818 |
) |
|
|
(5,715 |
) |
Finance lease payments |
|
|
(1,501 |
) |
|
|
(1,059 |
) |
Proceeds from issuance of debt |
|
|
50,289 |
|
|
|
66,194 |
|
Net cash (used in) provided by financing activities |
|
(115,247 |
) |
|
|
5,306 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
45 |
|
|
|
9 |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
55,787 |
|
|
|
138,692 |
|
Cash and cash equivalents beginning of period |
|
286,642 |
|
|
|
159,784 |
|
Cash and cash equivalents end of period |
|
$ |
342,429 |
|
|
$ |
298,476 |
|
|
|
|
|
|
|
HUB GROUP,
INC. |
FINANCIAL
INFORMATION BY SEGMENT |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three
Months |
|
Six
Months |
|
Ended June 30, |
|
Ended June 30, |
Operating Revenue |
2023 |
|
2022 |
|
2023 |
|
2022 |
Intermodal and Transportation Solutions |
$ |
614,632 |
|
|
$ |
875,150 |
|
|
$ |
1,323,881 |
|
|
$ |
1,651,720 |
|
Logistics |
|
453,549 |
|
|
|
548,613 |
|
|
|
922,690 |
|
|
|
1,089,597 |
|
Inter-segment eliminations |
|
(27,719 |
) |
|
|
(22,307 |
) |
|
|
(53,844 |
) |
|
|
(41,738 |
) |
Total operating revenue |
$ |
1,040,462 |
|
|
$ |
1,401,456 |
|
|
$ |
2,192,727 |
|
|
$ |
2,699,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Six
Months |
|
Ended June 30, |
|
Ended June 30, |
Operating Income |
2023 |
|
2022 |
|
2023 |
|
2022 |
Intermodal and Transportation Solutions |
$ |
31,777 |
|
|
$ |
100,601 |
|
|
$ |
80,981 |
|
|
$ |
186,297 |
|
Logistics |
|
30,293 |
|
|
|
37,035 |
|
|
|
59,294 |
|
|
|
66,399 |
|
Total operating income |
$ |
62,070 |
|
|
$ |
137,636 |
|
|
$ |
140,275 |
|
|
$ |
252,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
Six
Months |
|
Ended June 30, |
|
Ended June 30, |
Depreciation and Amortization |
2023 |
|
2022 |
|
2023 |
|
2022 |
Intermodal and Transportation Solutions |
$ |
27,117 |
|
|
$ |
25,383 |
|
|
$ |
54,003 |
|
|
$ |
49,758 |
|
Logistics |
|
8,269 |
|
|
|
6,861 |
|
|
|
16,832 |
|
|
|
13,775 |
|
Total depreciation and amortization |
$ |
35,386 |
|
|
$ |
32,244 |
|
|
$ |
70,835 |
|
|
$ |
63,533 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME TO EBITDA (1) |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three
Months |
|
Six
Months |
|
Ended June 30, |
|
Ended June 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Net Income |
$ |
46,505 |
|
|
$ |
102,846 |
|
|
$ |
108,285 |
|
|
$ |
190,349 |
|
|
|
|
|
|
|
|
|
Interest Expense, net |
|
1,029 |
|
|
|
1,402 |
|
|
|
2,623 |
|
|
|
3,101 |
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
45,664 |
|
|
|
36,729 |
|
|
|
91,474 |
|
|
|
71,922 |
|
|
|
|
|
|
|
|
|
Provision for Income Taxes |
|
14,605 |
|
|
|
33,193 |
|
|
|
29,475 |
|
|
|
59,183 |
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
107,803 |
|
|
$ |
174,170 |
|
|
$ |
231,857 |
|
|
$ |
324,555 |
|
|
|
|
|
|
|
|
|
(1) See the “Non-GAAP Financial
Measure” section of this release for the definition of EBITDA and a
discussion of this non-GAAP financial measure.
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