Fourth Quarter Fiscal Year 2023 Highlights vs. Fourth Quarter of Fiscal Year 2022 (where applicable)
- Revenue increased 5% to
$120.2 million compared to$114.9 million . - Gross profit increased 1% to
$48.9 million compared to$48.6 million . - Income from operations increased 5% to
$19.3 million compared to$18.3 million . - Net income increased 10% to
$9 .4 million compared to$8 .5 million. - Net income attributable to common shareholders increased 11% to
$9.0 million , compared to$8.1 million . Diluted earnings per share increased 14% to $0.16 per diluted share, compared to $0.14 per diluted share. - Adjusted EBITDA1 increased slightly to
$35.8 million compared to$35.6 million , with Adjusted EBITDA margin1 of 29.8% compared to 31.0%. - Amounts outstanding under debt agreements were
$394.0 million with net debt1 of$378.1 million . Total available liquidity at quarter end was$216.7 million . - Leverage ratio1 at quarter end was 3.0x.
- On
December 6, 2023 , CPH announced the expiration of its 13,017,677 warrants.
Fiscal Year 2023 Highlights vs. Fiscal Year 2022
- Revenue increased 10% to
$442.2 million compared to$401.3 million . - Gross profit increased 9% to
$178.3 million compared to$163.6 million . - Income from operations increased 23% to
$61.5 million compared to$50.1 million . - Net income attributable to common shareholders increased 12% to
$30.0 million , compared to$26.9 million . Diluted earnings per share increased 15% to $0.54 per diluted share, compared to $0.47 per diluted share. - Adjusted EBITDA1 increased 7% to
$124.6 million compared to$116.1 million , with Adjusted EBITDA margin1 of 28.2% compared to 28.9%.
Management Commentary
“We had a record-setting revenue and Adjusted EBITDA year in fiscal 2023 driven by the strength and diversification of our business,” said CPH CEO
“Our outstanding 2023 results, despite persistent cost inflation, underscore the resilience of our business and the diversity of our chosen geographies. We are encouraged by our ability to adapt to the challenges inherent in the current volatile macroeconomic environment and looking ahead, we believe our end market diversity and mission-critical service in the construction industry positions us well for continued growth. We expect to complement organic growth by continuing to evaluate opportunistic, accretive M&A while strategically reducing our leverage.”
_____________________
1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in
Fourth Quarter Fiscal Year 2023 Financial Results
Revenue in the fourth quarter of fiscal year 2023 increased 5% to
Gross profit in the fourth quarter of fiscal year 2023 increased 1% to
General and administrative expenses in the fourth quarter were
As of
Net income in the fourth quarter of fiscal year 2023 increased 10% to
Adjusted EBITDA in the fourth quarter of fiscal year 2023 increased slightly to
Fiscal Year 2023 Financial Results
Revenue in fiscal year 2023 increased 10% to
Gross profit in fiscal year 2023 increased 9% to
G&A expenses in fiscal year 2023 increased to
Net income attributable to common shareholders in fiscal year 2023 increased 12% to
Adjusted EBITDA in fiscal year 2023 increased 7% to
Liquidity
On
Segment Results
Revenue in fiscal year 2023 increased 7% to
Revenue in fiscal year 2023 increased 14% to
Revenue in fiscal year 2023 increased 24% to
Fiscal Year 2024 Outlook
The Company expects fiscal year 2024 revenue to range between
_____________________
2 Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.
Conference Call
The Company will hold a conference call today at
Date:
Time:
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13742421
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.concretepumpingholdings.com.
A replay of the conference call will be available after
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13742421
About
Forward‐Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2023 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the
Non-GAAP Financial Measures
This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.
EBITDA is calculated by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, goodwill and intangibles impairment and other adjustments. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. Other adjustments include the adjustments for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, the Company modified the method in which adjusted EBITDA is calculated by no longer including an add-back for director costs and public company expenses. Adjusted EBITDA for the fiscal year ended
The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.
Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable
Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the
Contact:
Company: Chief Financial Officer 1-303-289-7497 | Investor Relations: 1-949-574-3860 BBCP@gateway-grp.com |
Consolidated Balance Sheets | |||||||
As of | As of | ||||||
(in thousands, except per share amounts) | 2023 | 2022 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 15,861 | $ | 7,482 | |||
Trade receivables, net of allowance for doubtful accounts of | 62,976 | 62,882 | |||||
Inventory | 6,732 | 5,532 | |||||
Income taxes receivable | - | 485 | |||||
Prepaid expenses and other current assets | 8,701 | 5,175 | |||||
Total current assets | 94,270 | 81,556 | |||||
Property, plant and equipment, net | 427,648 | 419,377 | |||||
Intangible assets, net | 120,244 | 137,754 | |||||
221,517 | 220,245 | ||||||
Right-of-use operating lease assets | 24,815 | 24,833 | |||||
Other non-current assets | 14,250 | 2,026 | |||||
Deferred financing costs | 1,781 | 1,698 | |||||
Total assets | $ | 904,525 | $ | 887,489 | |||
Current liabilities: | |||||||
Revolving loan | $ | 18,954 | $ | 52,133 | |||
Operating lease obligations, current portion | 4,739 | 4,001 | |||||
Finance lease obligations, current portion | 125 | 109 | |||||
Accounts payable | 8,906 | 8,362 | |||||
Accrued payroll and payroll expenses | 14,524 | 13,341 | |||||
Accrued expenses and other current liabilities | 34,750 | 32,156 | |||||
Income taxes payable | 1,848 | 178 | |||||
Warrant liability, current portion | 130 | - | |||||
Total current liabilities | 83,976 | 110,280 | |||||
Long term debt, net of discount for deferred financing costs | 371,868 | 370,476 | |||||
Operating lease obligations, non-current | 20,458 | 20,984 | |||||
Finance lease obligations, non-current | 50 | 169 | |||||
Deferred income taxes | 80,791 | 74,223 | |||||
Other liabilities, non-current | 14,142 | - | |||||
Warrant liability, non-current | - | 7,030 | |||||
Total liabilities | 571,285 | 583,162 | |||||
Zero-dividend convertible perpetual preferred stock, | 25,000 | 25,000 | |||||
Stockholders' equity | |||||||
Common stock, | 6 | 6 | |||||
Additional paid-in capital | 383,286 | 379,395 | |||||
(15,114 | ) | (4,609 | ) | ||||
Accumulated other comprehensive loss | (5,491 | ) | (9,228 | ) | |||
Accumulated deficit | (54,447 | ) | (86,237 | ) | |||
Total stockholders' equity | 308,240 | 279,327 | |||||
Total liabilities and stockholders' equity | $ | 904,525 | $ | 887,489 |
Consolidated Statements of Operations | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
(in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 120,204 | $ | 114,894 | $ | 442,241 | $ | 401,292 | |||||||
Cost of operations | 71,312 | 66,282 | 263,937 | 237,682 | |||||||||||
Gross profit | 48,892 | 48,612 | 178,304 | 163,610 | |||||||||||
Gross margin | 40.7 | % | 42.3 | % | 40.3 | % | 40.8 | % | |||||||
General and administrative expenses | 29,616 | 30,343 | 116,852 | 113,499 | |||||||||||
Income from operations | 19,276 | 18,269 | 61,452 | 50,111 | |||||||||||
Interest expense, net | (6,834 | ) | (6,765 | ) | (28,119 | ) | (25,891 | ) | |||||||
Change in fair value of warrant liabilities | 260 | - | 6,899 | 9,894 | |||||||||||
Other income, net | 34 | 19 | 330 | 88 | |||||||||||
Income before income taxes | 12,736 | 11,523 | 40,562 | 34,202 | |||||||||||
Income tax expense | 3,345 | 2,991 | 8,772 | 5,526 | |||||||||||
Net income | 9,391 | 8,532 | 31,790 | 28,676 | |||||||||||
Less preferred shares dividends | (441 | ) | (441 | ) | (1,750 | ) | (1,750 | ) | |||||||
Income available to common shareholders | $ | 8,950 | $ | 8,091 | $ | 30,040 | $ | 26,926 | |||||||
Weighted average common shares outstanding | |||||||||||||||
Basic | 53,128,408 | 54,075,846 | 53,276,450 | 53,914,311 | |||||||||||
Diluted | 54,050,969 | 54,950,155 | 54,173,731 | 54,851,308 | |||||||||||
Net income per common share | |||||||||||||||
Basic | $ | 0.16 | $ | 0.14 | $ | 0.54 | $ | 0.48 | |||||||
Diluted | $ | 0.16 | $ | 0.14 | $ | 0.54 | $ | 0.47 |
Consolidated Statements of Cash Flows | |||||||
For the Year Ended | |||||||
(in thousands, except per share amounts) | 2023 | 2022 | |||||
Net income | $ | 31,790 | $ | 28,676 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Non-cash operating lease expense | 5,506 | 3,913 | |||||
Foreign currency adjustments | (566 | ) | 2,091 | ||||
Depreciation | 39,756 | 34,934 | |||||
Deferred income taxes | 6,137 | 5,205 | |||||
Amortization of deferred financing costs | 1,859 | 1,852 | |||||
Amortization of intangible assets | 18,910 | 22,528 | |||||
Stock-based compensation expense | 3,847 | 5,034 | |||||
Change in fair value of warrant liabilities | (6,899 | ) | (9,894 | ) | |||
Net gain on the sale of property, plant and equipment | (2,247 | ) | (2,759 | ) | |||
Provision for bad debt | 18 | - | |||||
Net changes in operating assets and liabilities: | |||||||
Trade receivables, net | 328 | (15,310 | ) | ||||
Inventory | (1,142 | ) | (870 | ) | |||
Prepaid expenses and other assets | 1,338 | (550 | ) | ||||
Income taxes payable, net | 2,168 | (324 | ) | ||||
Accounts payable | (464 | ) | (3,039 | ) | |||
Accrued payroll, accrued expenses and other liabilities | (3,464 | ) | 5,208 | ||||
Net cash provided by operating activities | 96,875 | 76,695 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (54,505 | ) | (101,932 | ) | |||
Proceeds from sale of property, plant and equipment | 11,147 | 10,023 | |||||
Purchases of intangible assets | (800 | ) | (1,450 | ) | |||
Acquisition of net assets - Coastal acquisition | - | (30,762 | ) | ||||
Net cash used in investing activities | (44,158 | ) | (124,121 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds on revolving loan | 317,989 | 377,375 | |||||
Payments on revolving loan | (351,167 | ) | (326,945 | ) | |||
Payment of debt issuance costs | (550 | ) | (290 | ) | |||
Purchase of treasury stock | (10,505 | ) | (4,148 | ) | |||
Other financing activities | (63 | ) | (14 | ) | |||
Net cash provided by (used in) financing activities | (44,296 | ) | 45,978 | ||||
Effect of foreign currency exchange rate changes on cash | (42 | ) | (368 | ) | |||
Net increase (decrease) in cash and cash equivalents | 8,379 | (1,816 | ) | ||||
Cash and cash equivalents: | |||||||
Beginning of period | 7,482 | 9,298 | |||||
End of period | $ | 15,861 | $ | 7,482 |
Segment Revenue | |||||||||||||||
Three Months Ended | Change | ||||||||||||||
(in thousands) | 2023 | 2022 | $ | % | |||||||||||
84,981 | $ | 84,317 | $ | 664 | 0.8 | % | |||||||||
17,381 | 14,946 | 2,435 | 16.3 | % | |||||||||||
17,960 | 15,640 | 2,320 | 14.8 | % | |||||||||||
Reportable segment revenue | 120,322 | 114,903 | 5,419 | 4.7 | % | ||||||||||
Other | 625 | 625 | - | 0.0 | % | ||||||||||
Intersegment | (743 | ) | (634 | ) | (109 | ) | 17.2 | % | |||||||
Total Revenue | $ | 120,204 | $ | 114,894 | $ | 5,310 | 4.6 | % |
Year Ended | Change | ||||||||||||||
(in thousands) | 2023 | 2022 | $ | % | |||||||||||
$ | 317,877 | $ | 296,506 | $ | 21,371 | 7.2 | % | ||||||||
62,588 | 54,926 | 7,662 | 13.9 | % | |||||||||||
62,405 | 50,191 | 12,214 | 24.3 | % | |||||||||||
Reportable segment revenue | 442,870 | 401,623 | 41,247 | 10.3 | % | ||||||||||
Other | 2,500 | 2,500 | - | 0.0 | % | ||||||||||
Intersegment | (3,129 | ) | (2,831 | ) | (298 | ) | 10.5 | % | |||||||
Total Revenue | $ | 442,241 | $ | 401,292 | $ | 40,949 | 10.2 | % |
Segment Adjusted EBITDA and Net Income | |||||||||||||||||||||||
Net Income | Adjusted EBITDA | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
(in thousands, except percentages) | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | |||||||||||||||||
$ | 2,239 | $ | 2,769 | $ | 21,220 | $ | 22,716 | $ | (1,496 | ) | -6.6 | % | |||||||||||
1,711 | 1,722 | 5,137 | 4,700 | 437 | 9.3 | % | |||||||||||||||||
4,822 | 3,693 | 8,822 | 7,605 | 1,217 | 16.0 | % | |||||||||||||||||
Other | 619 | 348 | 626 | 624 | 2 | 0.3 | % | ||||||||||||||||
Total | $ | 9,391 | $ | 8,532 | $ | 35,805 | $ | 35,645 | $ | 160 | 0.4 | % |
Net Income | Adjusted EBITDA | ||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||
(in thousands, except percentages) | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | |||||||||||||||||
$ | 5,106 | $ | 6,541 | $ | 73,583 | $ | 75,002 | $ | (1,419 | ) | -1.9 | % | |||||||||||
4,160 | 2,080 | 18,486 | 15,717 | 2,769 | 17.6 | % | |||||||||||||||||
14,348 | 8,898 | 30,030 | 22,838 | 7,192 | 31.5 | % | |||||||||||||||||
Other | 8,176 | 11,157 | 2,501 | 2,499 | 2 | 0.1 | % | ||||||||||||||||
Total | $ | 31,790 | $ | 28,676 | $ | 124,600 | $ | 116,056 | $ | 8,544 | 7.4 | % |
Quarterly Financial Performance | ||||||||||||||||||||||
(dollars in millions) | Revenue | Net Income | Adjusted EBITDA1 | Capital Expenditures2 | Adjusted EBITDA less Capital Expenditures | Earnings Per Diluted Share | ||||||||||||||||
Q1 2022 | $ | 85 | $ | 1 | $ | 23 | $ | 35 | $ | (12 | ) | $ | 0.01 | |||||||||
Q2 2022 | $ | 96 | $ | 6 | $ | 27 | $ | 22 | $ | 5 | $ | 0.10 | ||||||||||
Q3 2022 | $ | 105 | $ | 13 | $ | 30 | $ | 19 | $ | 11 | $ | 0.22 | ||||||||||
Q4 2022 | $ | 115 | $ | 9 | $ | 36 | $ | 48 | $ | (12 | ) | $ | 0.14 | |||||||||
Q1 2023 | $ | 94 | $ | 6 | $ | 25 | $ | 15 | $ | 10 | $ | 0.11 | ||||||||||
Q2 2023 | $ | 108 | $ | 6 | $ | 29 | $ | 16 | $ | 13 | $ | 0.09 | ||||||||||
Q3 2023 | $ | 120 | $ | 10 | $ | 35 | $ | 5 | $ | 30 | $ | 0.18 | ||||||||||
Q4 2023 | $ | 120 | $ | 9 | $ | 36 | $ | 8 | $ | 28 | $ | 0.16 | ||||||||||
¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in | ||||||||||||||||||||||
2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: | ||||||||||||||||||||||
*Q1 2022 capex includes approximately | ||||||||||||||||||||||
*Q2 2022 capex includes approximately | ||||||||||||||||||||||
*Q3 2022 capex includes approximately | ||||||||||||||||||||||
*Q4 2022 capex includes approximately | ||||||||||||||||||||||
*Q1 2023 capex includes approximately | ||||||||||||||||||||||
*Q2 2023 capex includes approximately | ||||||||||||||||||||||
*Q3 2023 capex includes approximately | ||||||||||||||||||||||
*Q4 2023 capex includes approximately |
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Consolidated | |||||||||||||||
Net income (loss) | $ | 9,391 | $ | 8,532 | $ | 31,790 | $ | 28,676 | |||||||
Interest expense, net | 6,834 | 6,765 | 28,119 | 25,891 | |||||||||||
Income tax expense | 3,345 | 2,991 | 8,772 | 5,526 | |||||||||||
Depreciation and amortization | 14,789 | 14,957 | 58,666 | 57,462 | |||||||||||
EBITDA | 34,359 | 33,245 | 127,347 | 117,555 | |||||||||||
Transaction expenses | 29 | 259 | 61 | 318 | |||||||||||
Stock based compensation | 709 | 870 | 3,847 | 5,034 | |||||||||||
Change in fair value of warrant liabilities | (260 | ) | - | (6,899 | ) | (9,894 | ) | ||||||||
Other income, net | (34 | ) | (19 | ) | (330 | ) | (88 | ) | |||||||
Other adjustments(1) | 1,002 | 1,290 | 574 | 3,131 | |||||||||||
Adjusted EBITDA | $ | 35,805 | $ | 35,645 | $ | 124,600 | $ | 116,056 | |||||||
Net income | $ | 2,239 | $ | 2,769 | $ | 5,106 | $ | 6,541 | |||||||
Interest expense, net | 6,131 | 6,089 | 25,294 | 22,968 | |||||||||||
Income tax expense | 2,291 | 2,207 | 3,317 | 2,465 | |||||||||||
Depreciation and amortization | 10,406 | 10,689 | 41,870 | 40,304 | |||||||||||
EBITDA | 21,067 | 21,754 | 75,587 | 72,278 | |||||||||||
Transaction expenses | 29 | 259 | 61 | 318 | |||||||||||
Stock based compensation | 709 | 870 | 3,847 | 5,034 | |||||||||||
Other income, net | (11 | ) | (6 | ) | (284 | ) | (49 | ) | |||||||
Other adjustments(1) | (574 | ) | (161 | ) | (5,628 | ) | (2,579 | ) | |||||||
Adjusted EBITDA | $ | 21,220 | $ | 22,716 | $ | 73,583 | $ | 75,002 | |||||||
Net income | $ | 1,711 | $ | 1,722 | $ | 4,160 | $ | 2,080 | |||||||
Interest expense, net | 703 | 676 | 2,825 | 2,923 | |||||||||||
Income tax expense | (79 | ) | (252 | ) | 752 | (130 | ) | ||||||||
Depreciation and amortization | 1,980 | 1,817 | 7,535 | 7,709 | |||||||||||
EBITDA | 4,315 | 3,963 | 15,272 | 12,582 | |||||||||||
Other income, net | (17 | ) | (4 | ) | (40 | ) | (15 | ) | |||||||
Other adjustments | 839 | 741 | 3,254 | 3,150 | |||||||||||
Adjusted EBITDA | $ | 5,137 | $ | 4,700 | $ | 18,486 | $ | 15,717 | |||||||
(1) Other adjustments include the adjustment for warrant liabilities revaluation, restructuring costs, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, we modified the method in which adjusted EBITDA is calculated by no longer including an add-back for director costs and public company expenses. Adjusted EBITDA in the three and twelve months ended
Three Months Ended | Year Ended | ||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net income | $ | 4,822 | $ | 3,693 | $ | 14,348 | $ | 8,898 | |||||||
Income tax expense | 1,082 | 971 | 4,339 | 2,803 | |||||||||||
Depreciation and amortization | 2,187 | 2,240 | 8,401 | 8,601 | |||||||||||
EBITDA | 8,091 | 6,904 | 27,088 | 20,302 | |||||||||||
Other income, net | (6 | ) | (9 | ) | (6 | ) | (24 | ) | |||||||
Other adjustments | 737 | 710 | 2,948 | 2,560 | |||||||||||
Adjusted EBITDA | $ | 8,822 | $ | 7,605 | $ | 30,030 | $ | 22,838 | |||||||
Other | |||||||||||||||
Net income | $ | 619 | $ | 348 | $ | 8,176 | $ | 11,157 | |||||||
Income tax expense | 51 | 65 | 364 | 388 | |||||||||||
Depreciation and amortization | 216 | 211 | 860 | 848 | |||||||||||
EBITDA | 886 | 624 | 9,400 | 12,393 | |||||||||||
Change in fair value of warrant liabilities | (260 | ) | - | (6,899 | ) | (9,894 | ) | ||||||||
Adjusted EBITDA | $ | 626 | $ | 624 | $ | 2,501 | $ | 2,499 |
Reconciliation of Net Debt | |||||||||||||||||||
(in thousands) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||
Senior Notes | 375,000 | 375,000 | 375,000 | 375,000 | 375,000 | ||||||||||||||
Revolving loan draws outstanding | 52,133 | 50,247 | 60,947 | 35,699 | 18,954 | ||||||||||||||
Less: Cash | (7,482 | ) | (4,049 | ) | (6,643 | ) | (11,532 | ) | (15,861 | ) | |||||||||
Net debt | $ | 419,650 | $ | 421,198 | $ | 429,304 | $ | 399,167 | $ | 378,093 |
Reconciliation of Historical Adjusted EBITDA | |||||||||||||||||||||||||||||||
(dollars in thousands) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||
Net income | $ | 1,183 | $ | 5,985 | $ | 12,976 | $ | 8,532 | $ | 6,475 | $ | 5,588 | $ | 10,336 | $ | 9,391 | |||||||||||||||
Interest expense, net | 6,261 | 6,346 | 6,517 | 6,765 | 6,871 | 7,348 | 7,066 | 6,834 | |||||||||||||||||||||||
Income tax expense (benefit) | (22 | ) | 527 | 2,030 | 2,991 | 644 | 1,465 | 3,318 | 3,345 | ||||||||||||||||||||||
Depreciation and amortization | 14,080 | 14,236 | 14,190 | 14,957 | 14,449 | 14,721 | 14,707 | 14,789 | |||||||||||||||||||||||
EBITDA | 21,502 | 27,094 | 35,713 | 33,245 | 28,439 | 29,122 | 35,427 | 34,359 | |||||||||||||||||||||||
Transaction expenses | 21 | 20 | 20 | 259 | 3 | 24 | 5 | 29 | |||||||||||||||||||||||
Loss on debt extinguishment | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Stock based compensation | 1,480 | 1,351 | 1,333 | 870 | 1,140 | 1,064 | 934 | 709 | |||||||||||||||||||||||
Change in fair value of warrant liabilities | - | (2,474 | ) | (7,420 | ) | - | (4,556 | ) | (1,172 | ) | (911 | ) | (260 | ) | |||||||||||||||||
Other income, net | (37 | ) | (13 | ) | (16 | ) | (19 | ) | (21 | ) | (13 | ) | (262 | ) | (34 | ) | |||||||||||||||
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other adjustments(1) | 353 | 1,080 | 407 | 1,292 | 41 | (192 | ) | (277 | ) | 1,002 | |||||||||||||||||||||
Adjusted EBITDA | $ | 23,319 | $ | 27,058 | $ | 30,037 | $ | 35,647 | $ | 25,046 | $ | 28,833 | $ | 34,916 | $ | 35,805 |
(1) See note above.
Source:
2024 GlobeNewswire, Inc., source