Exhibit 99.1
 |
|
| 4300 Wildwood Parkway | |
| Atlanta, GA 30339 | |
| 1-888-502-BLUE | |
| www.BlueLinxCo.com | |
| Doug Goforth, CFO & Treasurer | Investor Relations: |
| BlueLinx Holdings Inc. | Maryon Davis, Director Finance & IR |
| (770) 953-7505 | (770) 221-2666 |
| FOR IMMEDIATE RELEASE |
BLUELINX ANNOUNCES FOURTH-QUARTER AND FULL-YEAR RESULTS
– Revenue Increases 8.7% to $1.91 Billion for the Year; Up 12.6% for the Quarter –
ATLANTA – February 13, 2013 – BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building products in North America, today reported financial results for the fourth quarter and full year ended December 29, 2012.
The Company reported revenues for the fourth quarter of $440.3 million, up 12.6% from $391.1 million for the fourth quarter of 2011. Fourth-quarter 2012 net loss of $11.4 million, or $0.19 per diluted share, compared with a net loss of $10.3 million, or $0.17 per diluted share, a year ago. Gross profit for the fourth quarter totaled $52.1 million, up 8.7% from $48.0 million in the year-ago period. Gross margins of 11.8% compared to 12.3% a year ago. Fourth-quarter operating expenses of $56.7 million were up compared to $50.5 million for the same period a year ago, and included $0.2 million, or $0.00 per diluted share, and $3.9 million, or $0.07 per diluted share, in net gains from significant special items in 2012 and 2011, respectively. Reported operating loss for the quarter was $4.5 million, compared to $2.6 million a year ago.
For the full year ended December 29, 2012, revenues totaled $1.908 billion, up 8.7% from $1.755 billion the same period a year ago. Net loss for the year ended December 29, 2012 totaled $23.0 million, or $0.38 per diluted share, compared with $38.6 million, or $0.89 per diluted share, a year ago. Gross profit for the year ended December 29, 2012 totaled $230.1 million and gross margin was 12.1%, compared with $210.1 million and 12.0% a year earlier. Total operating expenses of $224.6 million were up compared to $218.4 a year ago, and included $10.4 million, or $0.17 per diluted share, and $12.6 million, or $0.29 per diluted share, in net gains from significant special items in 2012 and 2011, respectively. Reported operating income for the year ended December 29, 2012 was $5.5 million, compared to an operating loss of $8.3 million a year ago.
“For the full year 2012, we grew total revenue 8.7% while successfully producing our highest gross profit margins on record as we focused on opportunities for profitable growth. As a result, we narrowed our comparable full year adjusted net loss by $12.2 million relative to a year ago as the housing market continued to accelerate,” said George Judd, President and Chief Executive Officer.
“As we move forward in 2013, we are confident in our ability to both increase our penetration of a growing market and maintain the operating discipline that we demonstrated over the last several years. Our outlook in 2013 is based on expectations of a significant increase in revenue from 2012,” Mr. Judd concluded.
BlueLinx 4Q ’12 Press Release
Page 2 of 8
The Company’s operating results for the 2012 and 2011 fourth quarter and full year periods, adjusted for significant special items, are shown in the following table (see accompanying financial schedules for full financial details and reconciliations of non-GAAP financial measures to their GAAP equivalents):
|
in millions, except per share amounts
(unaudited)
|
Quarters Ended
|
Years Ended
|
||||||||||||||
|
December 29,
2012
|
December 31,
2011
|
December 29,
2012
|
December 31,
2011
|
|||||||||||||
|
Pretax loss
|
($11.3 | ) | ($9.4 | ) | ($22.6 | ) | ($37.6 | ) | ||||||||
|
Gain from sale of certain properties1
|
(0.2 | ) | (3.7 | ) | (9.9 | ) | (10.6 | ) | ||||||||
|
Gain on modification of lease agreement1
|
- | - | - | (2.0 | ) | |||||||||||
|
Gain from insurance settlement1
|
- | (0.2 | ) | (0.5 | ) | (1.4 | ) | |||||||||
|
Severance related costs1
|
- | - | - | 1.4 | ||||||||||||
|
Adjusted pretax loss before the effect of special interest items
|
(11.5 | ) | (13.3 | ) | (33.0 | ) | (50.2 | ) | ||||||||
|
Changes associated with the ineffective interest rate swap
|
- | - | - | (1.7 | ) | |||||||||||
|
Adjusted pretax loss
|
(11.5 | ) | (13.3 | ) | (33.0 | ) | (51.9 | ) | ||||||||
|
Adjusted benefit from income taxes
|
(4.4 | ) | (4.3 | ) | (12.4 | ) | (19.1 | ) | ||||||||
|
Adjusted net loss
|
($7.1 | ) | ($9.0 | ) | ($20.6 | ) | ($32.8 | ) | ||||||||
|
Basic weighted average shares2
|
60.1 | 59.7 | 60.1 | 43.2 | ||||||||||||
|
Adjusted basic net loss per share applicable to common shares
|
($0.12 | ) | ($0.15 | ) | ($0.34 | ) | ($0.76 | ) | ||||||||
|
Diluted weighted average shares2
|
60.1 | 59.7 | 60.1 | 43.2 | ||||||||||||
|
Adjusted diluted net loss per share applicable to common shares
|
($0.12 | ) | ($0.15 | ) | ($0.34 | ) | ($0.76 | ) | ||||||||
|
1 Significant special items included in SG&A
|
($0.2 | ) | ($3.9 | ) | ($10.4 | ) | ($12.6 | ) | ||||||||
|
1 Dilutive EPS related to significant special items included in SG&A
|
- | ($0.07 | ) | ($0.17 | ) | ($0.29 | ) | |||||||||
|
2 The increase in basic and diluted weighted average shares primarily results from the issuance of 28.6 million shares as a result of the July 29, 2011 rights offering.
|
||||||||||||||||
For the quarter and full year periods ended December 29, 2012, the above table reflects the following events; (i) the Company recorded a gain on the sale of certain properties; and (ii) the Company recorded a gain from an insurance settlement. The adjusted benefit from income taxes reflected in the table is comprised of the Company’s effective tax rate excluding the valuation allowance related to its deferred tax assets and the tax effect of significant special items. The adjusted benefit from income taxes assumes the Company’s deferred tax assets are realizable.
For the quarter and full year periods ended December 31, 2011, the above table reflects the following events: (i) the Company recorded a gain on the sale of certain properties during the first quarter of 2011; (ii) the Company recorded a gain on the modification of a lease agreement; (iii) the Company recorded a gain from an insurance settlement; (iv) the Company recorded certain severance costs; and (v) the Company recorded the effect of a reduction in the fair value of its terminated ineffective interest rate swap partially offset by the continued amortization of the accumulated other comprehensive loss related to the ineffective interest rate swap into interest expense. The adjusted benefit from income taxes reflected in the table is comprised of the Company’s effective tax rate excluding the valuation allowance related to its deferred tax assets, a tax benefit related to our intra period income tax allocation to other comprehensive income and the tax effect of significant special items. The adjusted benefit from income taxes assumes the Company’s deferred tax assets are realizable.
BlueLinx 4Q ’12 Press Release
Page 3 of 8
2013 Item
The Company intends to amend and extend its $400 million U.S. revolving credit facility. The amendment will extend the maturity by three years from the closing date. It is expected that the maximum available credit under the U.S. revolving credit facility will be increased by $22.5 million to $422.5 million. The amended U.S. revolving credit facility is also expected to continue to have a $100 million uncommitted accordion credit facility to potentially increase the maximum available credit to $522.5 million. The amended U.S. revolving credit facility is expected to have covenants substantially similar to those in the existing U.S. credit facility.
The Company has engaged Wells Fargo Capital Finance (“Wells Fargo”) as sole lead arranger for the transaction. Wells Fargo has informed the Company that it has received commitments from several financial institutions with respect to the U.S. revolving credit facility, subject to execution of satisfactory documentation and the completion of the $40 million rights offering of common stock announced on January 10, 2013. Closing is expected to occur concurrently with the completion of the rights offering of common stock. The definitive terms of, and the obligations of BlueLinx, Wells Fargo, and/or any members of the syndicate of financial institutions to enter into such an amendment to the U.S. revolving credit facility is subject to additional discussions and negotiations among the parties, and there is no assurance that an amendment to the existing U.S. revolving credit facility will be consummated.
Conference Call
BlueLinx will host a conference call today at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation. Investors can listen to the conference call and view the accompanying slide presentation by going to the BlueLinx web site, www.BlueLinxCo.com, and selecting the conference link on the Investor Relations page. Investors will be able to access an archived recording of the conference call for one week by calling 404-537-3406, Conference ID# 93184373. The recording will be available two hours after the conference call has concluded. Investors also can access a recording of this call on the BlueLinx web site, where a replay of the webcast will be available for 90 days.
Use of Non-GAAP Measures
BlueLinx reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company also believes that presentation of certain non-GAAP measures, i.e., results excluding certain charges or other nonrecurring events, when appropriate, provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, without the impact of significant special items, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides a better baseline for modeling future earnings expectations. Any non-GAAP measures used herein are reconciled in the financial tables accompanying this news release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.
BlueLinx 4Q ’12 Press Release
Page 4 of 8
About BlueLinx Holdings Inc.
Headquartered in Atlanta, Georgia, BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. Employing approximately 1,900 people, BlueLinx offers greater than 10,000 products from over 750 suppliers to service approximately 11,500 customers nationwide, including dealers, industrial manufacturers, manufactured housing producers and home improvement retailers. The Company operates its distribution business from sales centers in Atlanta and Denver, and its network of 56 distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its Web site at www.BlueLinxCo.com.
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability and our outlook on the housing industry. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx’ control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the supply and/or demand for products that it distributes, especially as a result of conditions in the residential housing market; general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital, including the availability of residential mortgages; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; adverse weather patterns or conditions; acts of war or terrorist activities; variations in the performance of the financial markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, changes in expectation or otherwise, except as required by law.
- Tables to Follow -
BlueLinx 4Q ’12 Press Release
Page 5 of 8
|
BlueLinx Holdings Inc.
|
||||||||||||||||
|
Statements of Operations
|
||||||||||||||||
|
in thousands, except per share data
|
||||||||||||||||
| Quarters Ended | Years Ended | |||||||||||||||
|
December 29,
|
December 31,
|
December 29,
|
December 31,
|
|||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||
|
Net sales
|
$ | 440,298 | $ | 391,119 | $ | 1,907,842 | $ | 1,755,431 | ||||||||
|
Cost of sales
|
388,179 | 343,162 | 1,677,772 | 1,545,282 | ||||||||||||
|
Gross profit
|
52,119 | 47,957 | 230,070 | 210,149 | ||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Selling, general, and administrative
|
54,638 | 48,094 | 215,996 | 207,857 | ||||||||||||
|
Depreciation and amortization
|
2,012 | 2,441 | 8,565 | 10,562 | ||||||||||||
|
Total operating expenses
|
56,650 | 50,535 | 224,561 | 218,419 | ||||||||||||
|
Operating (loss) income
|
(4,531 | ) | (2,578 | ) | 5,509 | (8,270 | ) | |||||||||
|
Non-operating expenses:
|
||||||||||||||||
|
Interest expense
|
6,756 | 6,831 | 28,157 | 30,510 | ||||||||||||
|
Changes associated with the ineffective interest rate swap, net
|
- | - | - | (1,676 | ) | |||||||||||
|
Other expense (income), net
|
22 | 19 | (7 | ) | 501 | |||||||||||
|
Loss before provision for income taxes
|
(11,309 | ) | (9,428 | ) | (22,641 | ) | (37,605 | ) | ||||||||
|
Provision for income taxes
|
61 | 824 | 386 | 962 | ||||||||||||
|
Net loss
|
$ | (11,370 | ) | $ | (10,252 | ) | $ | (23,027 | ) | $ | (38,567 | ) | ||||
|
Basic weighted average number of common shares
|
||||||||||||||||
|
outstanding
|
60,118 | 59,660 | 60,080 | 43,187 | ||||||||||||
|
Basic net loss per share applicable to common
|
||||||||||||||||
|
shares
|
$ | (0.19 | ) | $ | (0.17 | ) | $ | (0.38 | ) | $ | (0.89 | ) | ||||
|
Diluted weighted average number of common shares
|
||||||||||||||||
|
outstanding
|
60,118 | 59,660 | 60,080 | 43,187 | ||||||||||||
|
Diluted net loss per share applicable to common
|
||||||||||||||||
|
shares
|
$ | (0.19 | ) | $ | (0.17 | ) | $ | (0.38 | ) | $ | (0.89 | ) | ||||
BlueLinx 4Q ’12 Press Release
Page 6 of 8
|
BlueLinx Holdings Inc.
|
||||||||
|
Balance Sheets
|
||||||||
|
in thousands
|
||||||||
|
December 29,
|
December 31,
|
|||||||
|
2012
|
2011
|
|||||||
|
(unaudited)
|
||||||||
|
Assets:
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 5,188 | $ | 4,898 | ||||
|
Receivables, net
|
157,465 | 138,872 | ||||||
|
Inventories, net
|
230,059 | 185,577 | ||||||
|
Other current assets
|
19,427 | 27,141 | ||||||
|
Total current assets
|
412,139 | 356,488 | ||||||
|
Property, plant, and equipment:
|
||||||||
|
Land and land improvements
|
43,120 | 49,562 | ||||||
|
Buildings
|
94,070 | 95,652 | ||||||
|
Machinery and equipment
|
78,674 | 75,508 | ||||||
|
Construction in progress
|
1,173 | 741 | ||||||
|
Property, plant, and equipment, at cost
|
217,037 | 221,463 | ||||||
|
Accumulated depreciation
|
(101,684 | ) | (98,335 | ) | ||||
|
Property, plant, and equipment, net
|
115,353 | 123,128 | ||||||
|
Non-current deferred income tax assets, net
|
445 | 358 | ||||||
|
Other non-current assets
|
16,799 | 23,941 | ||||||
|
Total assets
|
$ | 544,736 | $ | 503,915 | ||||
|
Liabilities:
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 77,850 | $ | 70,228 | ||||
|
Bank overdrafts
|
35,384 | 22,364 | ||||||
|
Accrued compensation
|
6,170 | 4,496 | ||||||
|
Current maturities of long-term debt
|
8,946 | 9,046 | ||||||
|
Deferred income taxes, net
|
449 | 382 | ||||||
|
Other current liabilities
|
10,937 | 16,558 | ||||||
|
Total current liabilities
|
139,736 | 123,074 | ||||||
|
Noncurrent liabilities:
|
||||||||
|
Long-term debt
|
368,446 | 328,695 | ||||||
|
Other non-current liabilities
|
57,146 | 43,772 | ||||||
|
Total liabilities
|
565,328 | 495,541 | ||||||
|
Stockholders’ (Deficit) Equity:
|
||||||||
|
Common stock
|
637 | 620 | ||||||
|
Additional paid-in capital
|
209,815 | 207,626 | ||||||
|
Accumulated other comprehensive loss
|
(30,042 | ) | (21,900 | ) | ||||
|
Accumulated deficit
|
(201,002 | ) | (177,972 | ) | ||||
|
Total stockholders’ (deficit) equity
|
(20,592 | ) | 8,374 | |||||
|
Total liabilities and stockholders’ (deficit) equity
|
$ | 544,736 | $ | 503,915 | ||||
BlueLinx 4Q ’12 Press Release
Page 7 of 8
|
BlueLinx Holdings Inc.
|
||||||||
|
Statements of Cash Flows
|
||||||||
|
in thousands
|
||||||||
|
Years Ended
|
||||||||
|
December 29,
|
December 31,
|
|||||||
|
2012
|
2011
|
|||||||
|
(unaudited)
|
||||||||
|
Cash flows from operating activities:
|
||||||||
|
Net loss
|
$ | (23,027 | ) | $ | (38,567 | ) | ||
|
Adjustments to reconcile net loss
|
||||||||
|
to cash used in operations:
|
||||||||
|
Depreciation and amortization
|
8,565 | 10,562 | ||||||
|
Amortization of debt issuance costs
|
3,746 | 2,940 | ||||||
|
Gain from sale of properties
|
(9,885 | ) | (10,604 | ) | ||||
|
Gain from property insurance settlement
|
(476 | ) | (1,230 | ) | ||||
|
Changes associated with the ineffective interest rate swap
|
- | (1,676 | ) | |||||
|
Vacant property charges, net
|
(30 | ) | (291 | ) | ||||
|
Gain on modification of lease agreement
|
- | (1,971 | ) | |||||
|
Payments on modification on lease agreement
|
(5,875 | ) | - | |||||
|
Deferred income tax benefit
|
(20 | ) | (25 | ) | ||||
|
Share-based compensation expense
|
2,797 | 1,974 | ||||||
|
Decrease in restricted cash related to the swap, insurance, and other
|
695 | 987 | ||||||
|
Changes in assets and liabilities:
|
||||||||
|
Receivables
|
(18,593 | ) | (19,670 | ) | ||||
|
Inventories
|
(44,482 | ) | 2,673 | |||||
|
Accounts payable
|
9,050 | 5,973 | ||||||
|
Changes in other working capital
|
1,722 | (375 | ) | |||||
|
Other
|
1,563 | (1,032 | ) | |||||
|
Net cash used in operating activities
|
(74,250 | ) | (50,332 | ) | ||||
|
Cash flows from investing activities:
|
||||||||
|
Property, plant and equipment investments
|
(2,826 | ) | (6,533 | ) | ||||
|
Proceeds from disposition of assets
|
19,195 | 18,355 | ||||||
|
Net cash provided by investing activities
|
16,369 | 11,822 | ||||||
|
Cash flows from financing activities:
|
||||||||
|
Repurchase of shares to satisfy employee tax withholdings
|
(526 | ) | - | |||||
|
Repayments on the revolving credit facilities
|
(473,349 | ) | (478,630 | ) | ||||
|
Borrowings from the revolving credit facilities
|
550,270 | 475,918 | ||||||
|
Principal payments on mortgage
|
(37,272 | ) | (42,416 | ) | ||||
|
Payments on capital lease obligations
|
(2,259 | ) | (1,440 | ) | ||||
|
Increase (decrease) in bank overdrafts
|
13,020 | (725 | ) | |||||
|
Decrease in restricted cash related to the mortgage
|
9,970 | 20,604 | ||||||
|
Debt financing costs
|
(1,683 | ) | (2,721 | ) | ||||
|
Proceeds from stock offering less expenses paid
|
- | 58,521 | ||||||
|
Net cash provided by financing activities
|
58,171 | 29,111 | ||||||
|
Increase (decrease) in cash
|
290 | (9,399 | ) | |||||
|
Balance, beginning of period
|
4,898 | 14,297 | ||||||
|
Balance, end of period
|
$ | 5,188 | $ | 4,898 | ||||
|
Non Cash Transactions:
|
||||||||
|
Capital leases
|
$ | 5,238 | $ | 3,131 | ||||
BlueLinx 4Q ’12 Press Release
Page 8 of 8
|
BlueLinx Holdings Inc.
|
||||||||||||||||
|
Adjusted Pre-Tax Loss
|
||||||||||||||||
|
in thousands, except for per share amounts
|
||||||||||||||||
|
Quarters Ended
|
Years Ended
|
|||||||||||||||
|
December 29,
|
December 31,
|
December 29,
|
December 31,
|
|||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
|
Pretax loss
|
$ | (11,309 | ) | $ | (9,428 | ) | $ | (22,641 | ) | $ | (37,605 | ) | ||||
|
Gain from sale of certain properties
|
(204 | ) | (3,665 | ) | (9,885 | ) | (10,604 | ) | ||||||||
|
Gain on modification of lease agreement
|
- | - | - | (1,971 | ) | |||||||||||
|
Gain from insurance settlement
|
- | (203 | ) | (476 | ) | (1,433 | ) | |||||||||
|
Severance related costs
|
- | 36 | - | 1,382 | ||||||||||||
|
Adjusted pretax loss before the effect of special interest items
|
(11,513 | ) | (13,260 | ) | (33,002 | ) | (50,231 | ) | ||||||||
|
Changes associated with the ineffective interest rate swap
|
- | - | - | (1,676 | ) | |||||||||||
|
Adjusted pretax loss
|
(11,513 | ) | (13,260 | ) | (33,002 | ) | (51,907 | ) | ||||||||
|
Adjusted benefit from income taxes
|
(4,385 | ) | (4,294 | ) | (12,351 | ) | (19,072 | ) | ||||||||
|
Adjusted net loss
|
$ | (7,128 | ) | $ | (8,966 | ) | $ | (20,651 | ) | $ | (32,835 | ) | ||||
|
Basic weighted average shares
|
60,118 | 59,660 | 60,080 | 43,187 | ||||||||||||
|
Adjusted basic net loss per share applicable to common shares
|
$ | (0.12 | ) | $ | (0.15 | ) | $ | (0.34 | ) | $ | (0.76 | ) | ||||
|
Diluted weighted average shares
|
60,118 | 59,660 | 60,080 | 43,187 | ||||||||||||
|
Adjusted diluted net loss per share applicable to common shares
|
$ | (0.12 | ) | $ | (0.15 | ) | $ | (0.34 | ) | $ | (0.76 | ) | ||||
|
BlueLinx Holdings Inc.
|
||||||||||||||||
|
Reconciliation of GAAP Net Loss to Adjusted Net Loss
|
||||||||||||||||
|
in thousands
|
||||||||||||||||
|
Quarters Ended
|
Years Ended
|
|||||||||||||||
|
December 29,
|
December 31,
|
December 29,
|
December 31,
|
|||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
|
GAAP net loss
|
$ | (11,370 | ) | $ | (10,252 | ) | $ | (23,027 | ) | $ | (38,567 | ) | ||||
|
Gain from sale of certain properties
|
(204 | ) | (3,665 | ) | (9,885 | ) | (10,604 | ) | ||||||||
|
Gain on modification of lease agreement
|
- | - | - | (1,971 | ) | |||||||||||
|
Gain from insurance settlement
|
- | (203 | ) | (476 | ) | (1,433 | ) | |||||||||
|
Severance related costs
|
- | 36 | - | 1,382 | ||||||||||||
|
Changes associated with the ineffective interest rate swap
|
- | - | - | (1,676 | ) | |||||||||||
|
Tax effect of selected charges
|
80 | 1,479 | 3,998 | 5,522 | ||||||||||||
|
Valuation allowance
|
4,366 | 3,639 | 8,739 | 14,512 | ||||||||||||
|
Adjusted net loss
|
$ | (7,128 | ) | $ | (8,966 | ) | $ | (20,651 | ) | $ | (32,835 | ) | ||||
###
