Reed’s Inc. (Nasdaq:REED), (“Reed’s or the “Company”) owner of the
nation’s leading portfolio of handcrafted, all-natural beverages,
today announced financial results for the fiscal third quarter
ended September 30, 2021.
Highlights for the Third Quarter of
2021
- Net sales
increased 27% to $13.4 million in the third quarter compared to
$10.6 million in the prior year. The increase compared to the prior
year reflects continued volume growth of both the Reed’s® and
Virgil’s® brands;
- Core brand gross
billings increased 22% versus the prior year period primarily
driven by 34% volume growth of the Reed’s® brand and 16% growth of
the Virgil’s® brand;
- Gross profit
increased 14% to $3.9 million compared to $3.4 million in the prior
year period. Gross margin decreased to 29% from 32% for the third
quarter reflecting increased costs associated with post-COVID
supply chain and shipping bottlenecks;
- Operating loss
was $3.7 million compared to $2.3 million in the third quarter of
2020;
- Net loss was
$3.9 million, or $0.04 per share, compared to $2.6 million, or
$0.04 per share, in the prior year period; and
- Non-GAAP
Modified EBITDA loss was $3.1 million in the third quarter of 2021
compared to a loss of $2.0 million in the prior year.
Management Commentary
“The third quarter reflects continued strong
growth on a year over year basis demonstrating positive consumer
trends, robust demand across our portfolio, and the investment in
our brands and infrastructure. Our Reed’s Real Ginger Ale,
continued to see strong demand and we experienced solid gains in
Reed’s Extra and Zero Extra cans, Virgil’s bottles and zero sugar
cans, and sales of our Bavarian Nutmeg Root Beer have doubled,”
said Norman E. Snyder, Chief Executive Officer of Reed’s, Inc.
“We’ve continued to experience the same supply chain challenges
affecting our industry and the broader economy; however, we have
made progress mitigating several issues. Our inventory position has
improved, and we are experiencing a migration in sales from bottles
to cans and, as a result, can ship more units per truck reducing
transportation costs. Still, some adverse elements of delivery and
distribution remain and have affected results in the third quarter,
which contributed to the decline in gross margin. The Reed’s brand
and product portfolios remain well positioned strategically and
competitively, and our innovation has been well received by
consumers providing us a high degree of confidence in our long-term
growth outlook.”
Financial Overview for the Third Quarter
of 2021 Compared to the Third Quarter of 2020
During the third quarter of 2021, net sales
increased 27% to $13.4 million compared with $10.6 million in the
prior year. Core brand gross billings increased 22% compared to the
same period in 2020, driven by 25% volume growth as the Reed’s®
brand increased 34% and the Virgil’s® brand was up 16%. The shift
to lower priced, higher margin products resulted in a 2% decline in
average core brand pricing, partially offsetting our volume
gains.
Gross profit during the third quarter of 2021 increased 14% to
$3.9 million compared to the same period in 2020. The increase in
gross profit reflects a decrease in discounts more than offset by
an increase in cost of goods sold per case to $11.97. Gross margin
decreased approximately 320 basis points to 29% versus the 32% in
the third quarter of 2020 reflecting increased costs associated
with ongoing supply chain and logistical challenges.
Delivery and handling costs increased 40% to
$3.1 million during the third quarter of 2021 compared to the same
period in 2020. The year-over-year increase was driven by volume
growth, ecommerce fulfillment costs and higher freight rates.
Delivery and handling costs were 23% of net sales and $3.89 per
case, compared to 21% of net sales and $3.46 per case during the
same period last year.
Selling and marketing costs increased 41% to
$2.6 million during the third quarter of 2021 compared to $1.9
million. The increase was driven by an increase in sales force
headcount, distributor buyouts, stock compensation, and travel
expenses.
General and administrative expenses (G&A)
increased to $1.8 million during the third quarter of 2021 compared
to $1.6 million in the prior year period. The increase was driven
by higher employee costs, stock compensation, public company costs,
partially offset by lower professional fees.
Operating loss during the third quarter of 2021
was $3.7 million from $2.3 million in the prior year period.
Interest expense of $0.2 million during the
third quarter of 2021 compared to $0.3 million in the third quarter
of 2020.
Net loss during the third quarter of 2021 was
$3.9 million, or $0.04 per share, compared to net loss of $2.6
million, or $0.04 per share in the third quarter of 2020.
Modified EBITDA loss was $3.1 million in the
third quarter of 2021 compared to a loss of $2.0 million in the
third quarter of 2020.
Liquidity and Cash Flow
During the first nine months of 2021, the
Company used $15.3 million of cash in operating activities compared
to $6.8 million of cash used in operating activities in the prior
year period. The increase in cash used in operating activities
during the first nine months of 2021 compared to the prior year
reflects the increased net loss and an increased investment in
inventory. As of September 30, 2021, the Company had $0.9 million
of cash and $1.3 million available on its revolving line of credit.
The total facility has a borrowing capacity of $13.0 million with
$4.7 million in availability.
Full Year 2021 Financial
Guidance
The Company is raising its net sales guidance to
20% for the full year from the prior range of 14% to 16% and
reducing its gross margin guidance to 30% for the full year 2021
from the prior range of 31% to 32%. Fiscal 2021 guidance reflects
year-to-date business trends, including the ongoing supply chain
challenges affecting the industry and the broader economy. The
supply chain challenges create potentially incremental business
risks, including potential impacts to the Company’s ability to
access raw materials, production, transportation and/or other
logistics needs, as well as potential inflation related to all
aspects of supply chain and logistics, which cannot be reasonably
estimated and are not factored into current fiscal 2021
guidance.
Third Quarter 2021 Earnings Call
Details
The Company will conduct a conference call at
4:30 pm Eastern Time today, November 9, 2021, to discuss its third
quarter 2021 results. This conference call can be accessed via a
link on Reed's investor website at https://investor.reedsinc.com/
under the "Events & Presentations" section or directly at
https://protect-us.mimecast.com/s/gjnMCZ6wzPIAXrVZsyr4q5?domain=viavid.webcasts.com.
To listen to the live call over the Internet, please go to Reed's
website at least fifteen minutes early to register, download and
install any necessary audio software. Additionally, the call may be
accessed with the toll-free dial-in number, (877) 300-8521 (U.S.)
or (412) 317-6026 (International). Please dial in at least fifteen
minutes before the start of the conference call due to increased
demand for conference calls.
A replay of the webcast will be archived on the
Company’s website at https://investor.reedsinc.com under the
"Events & Presentations" section for approximately 90 days.
About Reed's, Inc.®
Reed’s Inc.® is an innovative company and
category leader that provides the world with high quality, premium
and naturally bold™ better-for-you beverages. Established in 1989,
Reed's Inc.® is a leader in craft beverages under the Reed’s®,
Virgil’s® and Flying Cauldron™ brand names. The Company’s beverages
are now sold in over 40,000 stores nationwide.
Reed’s® is known as America's #1 name in
all-natural, ginger-based beverages. Crafted using real ginger and
premium ingredients, the Reed’s® portfolio includes ginger beers,
ginger ales, ready-to-drink ginger mules, ginger shots, and ginger
candies. The brand has recently successfully expanded into the
zero-sugar segment with its proprietary, all-natural sweetener
system.
Virgil's® is an award-winning line of craft
sodas, made with the finest natural ingredients and without GMOs or
artificial preservatives. The brand offers an array of great
tasting, bold flavored sodas including Root Beer, Vanilla Cream,
Black Cherry, Orange Cream, and more. These flavors are also
available in nine zero sugar varieties which are naturally
sweetened and certified ketogenic.
Flying Cauldron™ is a non-alcoholic butterscotch
beer prized for its creamy vanilla and butterscotch flavors. Sought
after by beverage afficionados, Flying Cauldron™ is made with
all-natural ingredients and no artificial flavors, sweeteners,
preservatives, gluten, caffeine, or GMOs.
For more information, visit drinkreeds.com, virgils.com and
flyingcauldron.com.
Cautionary Note Regarding Forward
Looking Statements and Financial Guidance
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations and
include our expectations with respect to cash flow from operations,
revenue, and non-GAAP modified EBITDA for the fiscal year ending
December 31, 2021. The achievement or success of the matters
covered by such forward-looking statements, including future
financial guidance, involves risks, uncertainties, and assumptions,
many of which involve factors or circumstances that are beyond our
control. Fiscal 2021 guidance reflects year-to-date business
trends, including the ongoing operating environment related to
COVID-19. The COVID-19 pandemic and its related impacts could
continue to create many incremental potential business risks,
including potential impacts to Reed’s ability to access raw
materials, production, transportation and/or other logistics needs,
as well as potential inflation related to all aspects of supply
chain and logistics, which cannot be reasonably estimated and are
not factored into current fiscal 2021
guidance. Financial guidance should not be
viewed as a substitute for full financial statements prepared in
accordance with GAAP.
If any such risks or uncertainties materialize
or if any of the assumptions prove incorrect, Reed’s actual results
could differ materially from the results expressed or implied by
the forward-looking statements we make, including our ability to
achieve our targets for the fiscal year ending December 31, 2021.
The risks and uncertainties referred to above include, but are not
limited to: risks associated with current economic uncertainties
tied to the COVID-19 pandemic, including but not limited to its
effect on customer demand for the our products and services and the
impact of potential delays in supply of product inputs and customer
payments; risks associated with new product releases; risks that
customer demand may fluctuate or decrease; risks that we are unable
to collect unbilled contractual commitments, particularly in the
current economic environment; our ability to compete successfully
and manage growth; our ability to develop and expand strategic and
third party distribution channels; our dependence on third party
suppliers, brewers and distributors risks related to our
international operations; our ability to continue to innovate; our
strategy of making investments in sales to drive growth; increasing
costs of fuel and freight, protection of intellectual property;
competition; general political or destabilizing events, including
war, conflict or acts of terrorism; the effect of evolving domestic
and foreign government regulations, including those addressing data
privacy and cross-border data transfers; and other risks detailed
from time to time in Reed’s public filings, including Reed’s annual
report on Form 10-K filed on March 30, 2021 and subsequent reports
filed with the Securities and Exchange Commission, which are
available on the Securities and Exchange Commission’s web site at
www.sec.gov. These forward-looking statements are based on current
expectations and speak only as of the date hereof. Reed’s assumes
no obligation and does not intend to update these forward-looking
statements, except as required by law.
CONTACTS:
Investor RelationsReed Anderson, ICR(800) 997-3337 Ext 2Or (646)
277-1260Email: ir@reedsinc.com www.reedsinc.com
REED’S, INC.CONDENSED
STATEMENTS OF OPERATIONSFor the Three and Nine
Months Ended September 30, 2021 and
2020(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net Sales |
|
$ |
13,402 |
|
|
$ |
10,562 |
|
|
$ |
36,818 |
|
|
$ |
30,938 |
|
Cost of goods sold |
|
|
9,530 |
|
|
|
7,176 |
|
|
|
25,824 |
|
|
|
21,694 |
|
Gross
profit |
|
|
3,872 |
|
|
|
3,386 |
|
|
|
10,994 |
|
|
|
9,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery and handling
expense |
|
|
3,093 |
|
|
|
2,207 |
|
|
|
8,888 |
|
|
|
4,950 |
|
Selling and marketing
expense |
|
|
2,644 |
|
|
|
1,872 |
|
|
|
7,493 |
|
|
|
5,382 |
|
General and administrative
expense |
|
|
1,788 |
|
|
|
1,583 |
|
|
|
6,227 |
|
|
|
4,872 |
|
Total operating
expenses |
|
|
7,525 |
|
|
|
5,662 |
|
|
|
22,608 |
|
|
|
15,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(3,653 |
) |
|
|
(2,276 |
) |
|
|
(11,614 |
) |
|
|
(5,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(234 |
) |
|
|
(322 |
) |
|
|
(692 |
) |
|
|
(961 |
) |
Gain on extinguishment of PPP
note payable |
|
|
- |
|
|
|
- |
|
|
|
770 |
|
|
|
- |
|
Change in fair value of
warrant liability |
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(3,887 |
) |
|
|
(2,590 |
) |
|
|
(11,536 |
) |
|
|
(6,920 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock |
|
|
- |
|
|
|
- |
|
|
|
(5 |
) |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable
to Common Stockholders |
|
$ |
(3,887 |
) |
|
$ |
(2,590 |
) |
|
$ |
(11,541 |
) |
|
$ |
(6,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share – basic
and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
|
93,644,935 |
|
|
|
62,940,091 |
|
|
|
90,400,832 |
|
|
|
56,706,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REED’S INC.CONDENSED
BALANCE SHEETS(Amounts in thousands, except share
amounts)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
941 |
|
|
$ |
595 |
|
Accounts receivable, net of
allowance of $140 and $234, respectively |
|
|
6,945 |
|
|
|
4,718 |
|
Receivable from related
party |
|
|
826 |
|
|
|
682 |
|
Inventory, net of reserve of
$130 and $194, respectively |
|
|
15,514 |
|
|
|
11,119 |
|
Prepaid expenses and other
current assets |
|
|
1,995 |
|
|
|
1,341 |
|
Total current assets |
|
|
26,221 |
|
|
|
18,455 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of
accumulated depreciation of $498 and $361, respectively |
|
|
824 |
|
|
|
920 |
|
Equipment held for sale, net
of impairment reserves of $96 and $96, respectively |
|
|
67 |
|
|
|
67 |
|
Intangible assets |
|
|
621 |
|
|
|
615 |
|
Total
assets |
|
$ |
27,733 |
|
|
$ |
20,057 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
8,870 |
|
|
$ |
6,746 |
|
Payable to related party |
|
|
856 |
|
|
|
557 |
|
Accrued expenses |
|
|
983 |
|
|
|
895 |
|
Revolving line of credit |
|
|
8,255 |
|
|
|
- |
|
Current portion of note
payable |
|
|
- |
|
|
|
599 |
|
Current portion of lease
liabilities |
|
|
155 |
|
|
|
130 |
|
Total current liabilities |
|
|
19,119 |
|
|
|
8,927 |
|
|
|
|
|
|
|
|
|
|
Lease liabilities, less
current portion |
|
|
437 |
|
|
|
555 |
|
Note payable, less current
portion |
|
|
- |
|
|
|
171 |
|
Total
liabilities |
|
|
19,556 |
|
|
|
9,653 |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
Series A Convertible Preferred
stock, $10 par value, 500,000 shares authorized, 9,411 shares
issued and outstanding |
|
|
94 |
|
|
|
94 |
|
Common stock, $.0001 par
value, 120,000,000 shares authorized, 93,667,855 and 86,317,096
shares issued and outstanding, respectively |
|
|
9 |
|
|
|
9 |
|
Additional paid in
capital |
|
|
106,345 |
|
|
|
97,031 |
|
Accumulated deficit |
|
|
(98,271 |
) |
|
|
(86,730 |
) |
Total stockholders’
equity |
|
|
8,177 |
|
|
|
10,404 |
|
Total liabilities and
stockholders’ equity |
|
$ |
27,733 |
|
|
$ |
20,057 |
|
|
|
|
|
|
|
|
|
|
REED’S, INC.CONDENSED
STATEMENTS OF CASH FLOWSFor the Nine Months Ended
September 30, 2021 and
2020(Unaudited)(Amounts in
thousands)
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
$ |
(11,536 |
) |
|
$ |
(6,920 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
106 |
|
|
|
56 |
|
Gain on termination of leases |
|
|
|
(2 |
) |
|
|
(6 |
) |
Loss on extinguishment of debt |
|
|
|
(770 |
) |
|
|
- |
|
Amortization of debt discount |
|
|
|
162 |
|
|
|
290 |
|
Amortization of prepaid financing costs |
|
|
|
147 |
|
|
|
- |
|
Amortization of right of use assets |
|
|
|
74 |
|
|
|
89 |
|
Fair value of vested options |
|
|
|
1,264 |
|
|
|
722 |
|
Fair value of vested restricted shares granted to officers |
|
|
|
234 |
|
|
|
285 |
|
Decrease in allowance for doubtful accounts |
|
|
|
(95 |
) |
|
|
(181 |
) |
Decrease (increase) in inventory reserve |
|
|
|
(64 |
) |
|
|
(422 |
) |
Change in fair value of warrant liability |
|
|
|
- |
|
|
|
(1 |
) |
Accrual of interest on convertible note to a related party |
|
|
|
- |
|
|
|
439 |
|
Lease liability |
|
|
|
(78 |
) |
|
|
(18 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
(2,132 |
) |
|
|
(2,367 |
) |
Inventory |
|
|
|
(4,332 |
) |
|
|
1,495 |
|
Prepaid expenses and other assets |
|
|
|
(491 |
) |
|
|
(318 |
) |
Accounts payable |
|
|
|
2,126 |
|
|
|
(100 |
) |
Accrued expenses |
|
|
|
82 |
|
|
|
189 |
|
Net cash used in
operating activities |
|
|
|
(15,305 |
) |
|
|
(6,768 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
Trademark costs |
|
|
|
(6 |
) |
|
|
(37 |
) |
Purchase of property and equipment |
|
|
|
(95 |
) |
|
|
(121 |
) |
Net cash used in
investing activities |
|
|
|
(101 |
) |
|
|
(158 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
Borrowings on line of credit |
|
|
|
49,940 |
|
|
|
34,645 |
|
Repayments of line of credit |
|
|
|
(41,685 |
) |
|
|
(33,710 |
) |
Capitalization of financing costs |
|
|
|
- |
|
|
|
(130 |
) |
Proceeds from note payable |
|
|
|
- |
|
|
|
770 |
|
Repayment of amounts due to/from officers |
|
|
|
155 |
|
|
|
- |
|
Principal repayments on capital lease obligation |
|
|
|
(2 |
) |
|
|
(11 |
) |
Exercise of options |
|
|
|
32 |
|
|
|
14 |
|
Repurchase of common stock |
|
|
|
(15 |
) |
|
|
- |
|
Proceeds from sale of common stock |
|
|
|
7,327 |
|
|
|
5,310 |
|
Net cash provided by
financing activities |
|
|
|
15,752 |
|
|
|
6,888 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
|
|
346 |
|
|
|
(38 |
) |
Cash at beginning of
period |
|
|
|
595 |
|
|
|
913 |
|
Cash at end of period |
|
|
$ |
941 |
|
|
$ |
875 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
$ |
258 |
|
|
$ |
231 |
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Investing and
Financing Activities |
|
|
|
|
|
|
|
|
|
Dividends on Series A Convertible Preferred Stock |
|
|
$ |
5 |
|
|
$ |
5 |
|
|
|
|
|
|
|
|
|
|
|
Modified EBITDA
In addition to our GAAP results, we present
Modified EBITDA as a supplemental measure of our performance.
However, Modified EBITDA is not a recognized measurement under GAAP
and should not be considered as an alternative to net income,
income from operations or any other performance measure derived in
accordance with GAAP, or as an alternative to cash flow from
operating activities as a measure of liquidity. We define Modified
EBITDA as net income (loss), plus interest expense, depreciation
and amortization, stock-based compensation, changes in fair value
of warrant expense, and one-time restructuring-related costs
including employee severance and asset impairment.
Management considers our core operating
performance to be that which our managers can affect in any
particular period through their management of the resources that
affect our underlying revenue and profit generating operations
during that period. Non-GAAP adjustments to our results prepared in
accordance with GAAP are itemized below. You are encouraged to
evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified
EBITDA, you should be aware that in the future we may incur
expenses that are the same as or similar to some of the adjustments
in this presentation. Our presentation of Modified EBITDA should
not be construed as an inference that our future results will be
unaffected by unusual or non-recurring items.
Set forth below is a reconciliation of net loss
to Modified EBITDA for the three months ended September 30, 2021
and 2020 (unaudited; in thousands):
|
|
Three Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Net loss |
|
$ |
(3,887 |
) |
|
$ |
(2,590 |
) |
|
|
|
|
|
|
|
|
|
Modified EBITDA
adjustments: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
62 |
|
|
|
59 |
|
Interest expense |
|
|
234 |
|
|
|
322 |
|
Stock option and other noncash
compensation |
|
|
501 |
|
|
|
263 |
|
Change in fair value of
warrant liability |
|
|
- |
|
|
|
(8 |
) |
Total EBITDA adjustments |
|
$ |
797 |
|
|
$ |
636 |
|
|
|
|
|
|
|
|
|
|
Modified EBITDA |
|
$ |
(3,090 |
) |
|
$ |
(1,954 |
) |
|
|
|
|
|
|
|
|
|
We present Modified EBITDA because we believe it
assists investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
addition, we use Modified EBITDA in developing our internal
budgets, forecasts, and strategic plan; in analyzing the
effectiveness of our business strategies in evaluating potential
acquisitions; making compensation decisions; and in communications
with our board of directors concerning our financial performance.
Modified EBITDA has limitations as an analytical tool, which
includes, among others, the following:
|
● |
Modified EBITDA does not reflect our cash expenditures, or future
requirements, for capital expenditures or contractual
commitments; |
|
|
|
|
● |
Modified EBITDA does not reflect changes in, or cash requirements
for, our working capital needs; |
|
|
|
|
● |
Modified EBITDA does not reflect future interest expense, or the
cash requirements necessary to service interest or principal
payments, on our debts; and |
|
|
|
|
● |
Although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized will often have to be
replaced in the future, and Modified EBITDA does not reflect any
cash requirements for such replacements. |
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