Delaware | 001-8308 | 74-1335253 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
13111 Northwest Freeway, Suite 600 Houston, Texas 77040 | ||
(Address of principal executive offices, including zip code) |
(713) 329-6800 | ||
(Registrant's telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Luby’s Press Release dated | November 12, 2018 |
LUBY'S, INC. | |||||
(Registrant) | |||||
Date: | November 13, 2018 | By: | /s/Christopher J. Pappas | ||
Christopher J. Pappas | |||||
President and Chief Executive Officer |
Exhibit No. | Description | |
99.1 | Luby’s Press Release dated | November 12, 2018 |
For additional information contact: | ||
FOR IMMEDIATE RELEASE | Dennard-Lascar Associates | |
Rick Black / Ken Dennard | ||
Investor Relations | ||
713-529-6600 |
• | Total sales were $365.2 million, including $332.5 million in restaurant sales, compared to total sales of $376.0 million, including $350.8 million in restaurant sales, in fiscal 2017. |
• | Total same-store sales decreased 0.5%, including a 1.5% sales increase at the Luby's Cafeterias and a 3.6% sales decrease at Fuddruckers. |
• | Culinary contract services revenue increased $7.8 million, or 43.7%, to $25.8 million compared to fiscal 2017. |
• | Loss from continuing operations was $33.0 million, or $1.10 per diluted share, in fiscal 2018, compared to a loss of $22.8 million, or $0.77 per diluted share, in fiscal 2017. Excluding special items, loss from continuing operations was $19.4 million, or $0.65 per diluted share, in fiscal 2018, compared to a loss of $5.8 million, or $0.19 per diluted share, in fiscal 2017. |
• | Adjusted EBITDA was less than $0.1 million in fiscal 2018 compared to $13.3 million in fiscal 2017. |
• | The company announced an asset sales program of $25 million in April 2018 and expanded this program up to $45 million in July 2018, with the goal of reducing our debt balance. Ten owned property locations were sold in fiscal 2018 (eight after the announcement of the program) generating $14.8 million in net cash proceeds. |
• | 21 underperforming company-owned restaurants were closed in fiscal 2018 and nine were closed in fiscal 2017. These restaurants accounted for $3.3 million in pre-tax loss, or $2.4 million in after-tax |
Q1 2018(3) | Q2 2018(3) | Q3 2018(3) | Q4 2018(3) | Full Year 2018(3) | |
(16 weeks vs 16 weeks) | (12 weeks vs 12 weeks) | (12 weeks vs 12 weeks) | (12 weeks vs 12 weeks) | (52 weeks vs 52 weeks) | |
Luby's Cafeterias | 1.5% | (1.8)% | 2.4% | 3.9% | 1.5% |
Fuddruckers Restaurants | 0.6% | (6.4)% | (5.8)% | (3.9)% | (3.6)% |
Combo locations (1) | 1.3% | (5.4)% | (3.3)% | (1.5)% | (2.0)% |
Cheeseburger in Paradise | (10.5)% | (13.9)% | (11.7)% | (4.4)% | (11.0)% |
Total same-store sales (2) | 0.8% | (3.7)% | (0.9)% | 1.2% | (0.5)% |
(1) | Combo locations consist of a side-by-side Luby’s Cafeteria and Fuddruckers Restaurant at one property location. |
(2) | Luby’s includes a restaurant’s sales results into the same-store sales calculation in the quarter after that store has been open for six complete consecutive quarters. In the fourth quarter, there were 78 Luby’s Cafeterias, 53 Fuddruckers Restaurants, 6 Combo locations, and 2 Cheeseburger in Paradise locations that met the definition of same-stores. |
(3) | Q1 2018, Q2 2018, Q3 2018, Q4 2018 and Full Year 2018 same-store sales reflect the year-over-year change in restaurant sales for the locations included in the same-store grouping for each of the comparable periods. |
• | Luby’s Cafeterias same-store sales increased 3.9% in the fourth quarter. A 10.3% increase in average spend per guest was partially offset by a 5.8% decrease in guest traffic. |
• | Fuddruckers Restaurants same-store sales decreased 3.9% in the fourth quarter. A 8.3% decrease in guest traffic was partially offset by a 4.8% increase in average spend per guest. |
• | Combo location same-store sales (representing all six Combo locations) decreased 1.5% in the fourth quarter. |
• | Cheeseburger in Paradise same-store sales (representing two Cheeseburger in Paradise locations) decreased 4.4% in the fourth quarter. |
Quarter Ended | Quarter Ended | |||||||||
Restaurant Brand | August 29, 2018 | % of Total | August 30, 2017 | % of Total | ||||||
(12 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | |||||||
Luby’s Cafeterias | $ | 47,216 | 62.3 | % | $ | 46,916 | 59.3 | % | ||
Fuddruckers Restaurants | 20,142 | 26.6 | % | 22,793 | 28.8 | % | ||||
Combo locations | 4,667 | 6.2 | % | 4,739 | 6.0 | % | ||||
Cheeseburger in Paradise | 3,756 | 5.0 | % | 4,629 | 5.9 | % | ||||
Total Restaurant Sales | $ | 75,781 | 100.0 | % | $ | 79,077 | 100.0 | % |
• | Restaurant sales in the fourth quarter decreased to $75.8 million versus $79.1 million in the fourth quarter fiscal 2017. The decrease was due primarily to the closure of 21 stores, partially offset by a 1.2% increase in same-store sales. |
• | Store level profit, defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses, and occupancy costs, was $8.2 million, or 10.8% of restaurant sales, in the fourth quarter compared to $8.6 million, or 10.8% of restaurant sales, during the fourth quarter fiscal 2017. |
• | Culinary Contract Services revenues increased to $6.4 million with 28 operating locations at the end of the fourth quarter compared to $5.8 million with 25 operating locations at the end of fourth quarter fiscal 2017. |
• | Franchise revenue was approximately level at $1.6 million in the fourth quarter and in the fourth quarter fiscal 2017. We ended fiscal 2018 with a franchise network of 105 locations; during fiscal 2018 four franchise locations opened and a twelve franchise locations ceased operations. |
• | Selling, general and administrative expenses increased $1.2 million, or 13.9%, to $9.5 million in the fourth compared to fourth quarter fiscal 2017. This increase included one-time employee separation costs and higher professional and consulting fees related to our refinancing efforts. |
• | Loss from continuing operations was $1.9 million, or a loss of $0.06 per diluted share, in the fourth quarter compared to a loss of $4.1 million, or $0.14 per diluted share, in the fourth quarter fiscal 2017. Excluding special items, loss from continuing operations in the fourth quarter was $3.3 million, or $0.11 per diluted share, compared to a loss of $1.5 million, or $0.05 per diluted share, in the fourth quarter fiscal 2017. |
August 30, 2017 | Fiscal 2018 YTD Openings | Fiscal 2018 YTD Closings | August 29, 2018 | ||||||||
Luby’s Cafeterias(1) | 88 | — | (4 | ) | 84 | ||||||
Fuddruckers Restaurants(1) | 71 | — | (11 | ) | 60 | ||||||
Cheeseburger in Paradise | 8 | — | (6 | ) | 2 | ||||||
Total | 167 | — | (21 | ) | 146 |
(1) | Includes 6 restaurants that are part of Combo locations. |
Quarter Ended | Year Ended | ||||||||||||||
August 29, 2018 | August 30, 2017 | August 29, 2018 | August 30, 2017 | ||||||||||||
(12 weeks) | (12 weeks) | (52 weeks) | (52 weeks) | ||||||||||||
SALES: | |||||||||||||||
Restaurant sales | $ | 75,781 | $ | 79,077 | $ | 332,518 | $ | 350,818 | |||||||
Culinary contract services | 6,369 | 5,826 | 25,782 | 17,943 | |||||||||||
Franchise revenue | 1,634 | 1,556 | 6,365 | 6,723 | |||||||||||
Vending revenue | 119 | 130 | 531 | 547 | |||||||||||
TOTAL SALES | 83,903 | 86,589 | 365,196 | 376,031 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Cost of food | 21,049 | 22,361 | 94,238 | 98,714 | |||||||||||
Payroll and related costs | 28,448 | 28,511 | 124,478 | 125,997 | |||||||||||
Other operating expenses | 13,404 | 14,717 | 62,286 | 61,924 | |||||||||||
Occupancy costs | 4,822 | 5,067 | 20,399 | 21,787 | |||||||||||
Opening costs | 64 | 61 | 554 | 492 | |||||||||||
Cost of culinary contract services | 6,048 | 4,808 | 24,161 | 15,774 | |||||||||||
Cost of franchise operations | 330 | 355 | 1,528 | 1,733 | |||||||||||
Depreciation and amortization | 4,051 | 4,461 | 17,453 | 20,438 | |||||||||||
Selling, general and administrative expenses | 9,506 | 8,347 | 38,725 | 37,878 | |||||||||||
Provision for asset impairments and restaurant closings | 2,200 | 3,447 | 8,917 | 10,567 | |||||||||||
Gain on disposition of property and equipment | (5,529 | ) | (2,023 | ) | (5,357 | ) | (1,804 | ) | |||||||
Total costs and expenses | 84,393 | 90,112 | 387,382 | 393,500 | |||||||||||
LOSS FROM OPERATIONS | (490 | ) | (3,523 | ) | (22,186 | ) | (17,469 | ) | |||||||
Interest income | — | 2 | 12 | 8 | |||||||||||
Interest expense | (1,112 | ) | (544 | ) | (3,348 | ) | (2,443 | ) | |||||||
Other income (expense), net | (20 | ) | (142 | ) | 298 | (454 | ) | ||||||||
Loss before income taxes and discontinued operations | (1,622 | ) | (4,207 | ) | (25,224 | ) | (20,358 | ) | |||||||
Provision (benefit) for income taxes | 236 | (138 | ) | 7,730 | 2,438 | ||||||||||
Loss from continuing operations | (1,858 | ) | (4,069 | ) | (32,954 | ) | (22,796 | ) | |||||||
Loss from discontinued operations, net of income taxes | (5 | ) | (32 | ) | (614 | ) | (466 | ) | |||||||
NET LOSS | $ | (1,863 | ) | $ | (4,101 | ) | $ | (33,568 | ) | $ | (23,262 | ) | |||
Loss per share from continuing operations: | |||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.14 | ) | $ | (1.10 | ) | $ | (0.77 | ) | |||
Assuming dilution | $ | (0.06 | ) | $ | (0.14 | ) | $ | (1.10 | ) | $ | (0.77 | ) | |||
Loss per share from discontinued operations: | |||||||||||||||
Basic | $ | 0.00 | $ | 0.00 | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Assuming dilution | $ | 0.00 | $ | 0.00 | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Net loss per share: | |||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.14 | ) | $ | (1.12 | ) | $ | (0.79 | ) | |||
Assuming dilution | $ | (0.06 | ) | $ | (0.14 | ) | $ | (1.12 | ) | $ | (0.79 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic | 30,030 | 29,554 | 29,901 | 29,476 | |||||||||||
Assuming dilution | 30,030 | 29,554 | 29,901 | 29,476 |
Quarter Ended | Year Ended | ||||||||
August 29, 2018 | August 30, 2017 | August 29, 2018 | August 30, 2017 | ||||||
(12 weeks) | (12 weeks) | (52 weeks) | (52 weeks) | ||||||
Restaurant sales | 90.3 | % | 91.3 | % | 91.1 | % | 93.3 | % | |
Culinary contract services | 7.6 | % | 6.7 | % | 7.1 | % | 4.8 | % | |
Franchise revenue | 1.9 | % | 1.8 | % | 1.7 | % | 1.8 | % | |
Vending revenue | 0.1 | % | 0.2 | % | 0.1 | % | 0.1 | % | |
TOTAL SALES | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |
COSTS AND EXPENSES: | |||||||||
(As a percentage of restaurant sales) | |||||||||
Cost of food | 27.8 | % | 28.3 | % | 28.3 | % | 28.1 | % | |
Payroll and related costs | 37.5 | % | 36.1 | % | 37.4 | % | 35.9 | % | |
Other operating expenses | 17.7 | % | 18.6 | % | 18.7 | % | 17.7 | % | |
Occupancy costs | 6.4 | % | 6.4 | % | 6.1 | % | 6.2 | % | |
Vending revenue | (0.2 | )% | (0.2 | )% | (0.2 | )% | (0.2 | )% | |
Store level profit | 10.8 | % | 10.8 | % | 9.5 | % | 12.2 | % | |
(As a percentage of total sales) | |||||||||
Marketing and advertising expenses | 0.8 | % | 0.6 | % | 1.0 | % | 1.4 | % | |
General and administrative expenses | 10.5 | % | 9.0 | % | 9.6 | % | 8.7 | % | |
Selling, general and administrative expenses | 11.3 | % | 9.6 | % | 10.6 | % | 10.1 | % | |
LOSS FROM OPERATIONS | (0.6 | )% | (4.1 | )% | (6.1 | )% | (4.6 | )% |
August 29, 2018 | August 30, 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 3,721 | $ | 1,096 | |||
Trade accounts and other receivables, net | 8,787 | 8,011 | |||||
Food and supply inventories | 4,022 | 4,453 | |||||
Prepaid and other assets | 3,219 | 3,431 | |||||
Total current assets | 19,749 | 16,991 | |||||
Property held for sale | 19,469 | 3,372 | |||||
Assets related to discontinued operations | 1,813 | 2,755 | |||||
Property and equipment, net | 138,287 | 172,814 | |||||
Intangible assets, net | 18,179 | 19,640 | |||||
Goodwill | 555 | 1,068 | |||||
Deferred income taxes | — | 7,254 | |||||
Other assets | 1,937 | 2,563 | |||||
Total assets | $ | 199,989 | $ | 226,457 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 10,457 | $ | 15,937 | |||
Liabilities related to discontinued operations | 14 | 367 | |||||
Current portion of credit facility debt | 39,338 | — | |||||
Accrued expenses and other liabilities | 31,755 | 28,076 | |||||
Total current liabilities | 81,564 | 44,380 | |||||
Credit facility debt, less current portion | — | 30,698 | |||||
Liabilities related to discontinued operations | 16 | 16 | |||||
Other liabilities | 5,781 | 7,311 | |||||
Total liabilities | $ | 87,361 | $ | 82,405 | |||
Commitments and Contingencies | |||||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, $0.32 par value; 100,000,000 shares authorized; Shares issued were 30,003,642 and 29,624,083, respectively; Shares outstanding were 29,503,642 and 29,124,083, respectively | 9,602 | 9,480 | |||||
Paid-in capital | 33,872 | 31,850 | |||||
Retained earnings | 73,929 | 107,497 | |||||
Less cost of treasury stock, 500,000 shares | (4,775 | ) | (4,775 | ) | |||
Total shareholders’ equity | 112,628 | 144,052 | |||||
Total liabilities and shareholders’ equity | $ | 199,989 | $ | 226,457 |
Year Ended | |||||||
August 29, 2018 | August 30, 2017 | ||||||
(52 weeks) | (52 weeks) | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ | (33,568 | ) | $ | (23,262 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Provision for asset impairments and net loss (gain) on property dispositions | 3,619 | 8,762 | |||||
Depreciation and amortization | 17,453 | 20,438 | |||||
Amortization of debt issuance cost | 534 | 348 | |||||
Share-based compensation expense | 2,144 | 1,561 | |||||
Deferred tax provision | 8,192 | 2,792 | |||||
Cash provided (used) in operating activities before changes in operating assets and liabilities | (1,626 | ) | 10,639 | ||||
Changes in operating assets and liabilities: | |||||||
Increase in trade accounts and other receivables | (775 | ) | (2,092 | ) | |||
Decrease in food and supply inventories | 432 | 143 | |||||
Decrease in prepaid expenses and other assets | 808 | 504 | |||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (7,293 | ) | 446 | ||||
Net cash provided (used) in operating activities | (8,454 | ) | 9,640 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from disposal of assets and property held for sale | 14,191 | 9,286 | |||||
Insurance proceeds related to property and equipment | 2,070 | — | |||||
Purchases of property and equipment | (13,247 | ) | (12,502 | ) | |||
Net cash provided (used) in investing activities | 3,014 | (3,216 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Revolver borrowings | 147,600 | 107,800 | |||||
Revolver repayments | (132,000 | ) | (140,400 | ) | |||
Debt issuance costs | (386 | ) | (652 | ) | |||
Proceeds on term loan | — | 35,000 | |||||
Term loan repayments | (7,079 | ) | (8,415 | ) | |||
Tax paid on equity withheld | (70 | ) | — | ||||
Net cash provided (used) in financing activities | 8,065 | (6,667 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 2,625 | (243 | ) | ||||
Cash and cash equivalents at beginning of period | 1,096 | 1,339 | |||||
Cash and cash equivalents at end of period | $ | 3,721 | $ | 1,096 | |||
Cash paid for: | |||||||
Income taxes | $ | 426 | $ | 411 | |||
Interest | 2,499 | 1,787 |
Quarter Ended | Year Ended | ||||||||||||||
August 29, 2018 | August 30, 2017 | August 29, 2018 | August 30, 2017 | ||||||||||||
(12 weeks) | (12 weeks) | (52 weeks) | (52 weeks) | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Store level profit | $ | 8,177 | $ | 8,551 | $ | 31,648 | $ | 42,943 | |||||||
Plus: | |||||||||||||||
Sales from culinary contract services | 6,369 | 5,826 | 25,782 | 17,943 | |||||||||||
Sales from franchise operations | 1,634 | 1,556 | 6,365 | 6,723 | |||||||||||
Less: | |||||||||||||||
Opening costs | 64 | 61 | 554 | 492 | |||||||||||
Cost of culinary contract services | 6,048 | 4,808 | 24,161 | 15,774 | |||||||||||
Cost of franchise operations | 330 | 355 | 1,528 | 1,733 | |||||||||||
Depreciation and amortization | 4,051 | 4,461 | 17,453 | 20,438 | |||||||||||
Selling, general and administrative expenses(a) | 9,506 | 8,347 | 38,725 | 37,878 | |||||||||||
Provision for asset impairments and restaurant closings | 2,200 | 3,447 | 8,917 | 10,567 | |||||||||||
Gain on disposition of property and equipment | (5,529 | ) | (2,023 | ) | (5,357 | ) | (1,804 | ) | |||||||
Interest income | — | (2 | ) | (12 | ) | (8 | ) | ||||||||
Interest expense | 1,112 | 544 | 3,348 | 2,443 | |||||||||||
Other income (expense), net | 20 | 142 | (298 | ) | 454 | ||||||||||
Provision (benefit) for income taxes | 236 | (138 | ) | 7,730 | 2,438 | ||||||||||
Loss from continuing operations | $ | (1,858 | ) | $ | (4,069 | ) | $ | (32,954 | ) | $ | (22,796 | ) |
Q4 FY2018 | Q4 FY2017 | |||||||||||||||
Item | Amount ($000s) | Per Share ($) | Amount ($000s) | Per Share ($) | ||||||||||||
Loss from continuing operations | $ | (1,858 | ) | $ | (0.06 | ) | $ | (4,069 | ) | $ | (0.14 | ) | ||||
Provision for asset impairments and restaurant closings | 1,738 | 0.06 | 2,275 | 0.08 | ||||||||||||
Gain on disposition of property and equipment | (4,368 | ) | (0.15 | ) | (1,335 | ) | (0.05 | ) | ||||||||
Losses from closed stores(3) | 540 | 0.02 | 445 | 0.02 | ||||||||||||
Deferred tax asset valuation allowance | 598 | 0.02 | 1,172 | $ | 0.04 | |||||||||||
Income (loss) from continuing operations, before special items | $ | (3,350 | ) | $ | (0.11 | ) | $ | (1,512 | ) | $ | (0.05 | ) | ||||
FY2018 | FY2017 | |||||||||||||||
Amount ($000s) | Per Share ($) | Amount ($000s) | Per Share ($) | |||||||||||||
Loss from continuing operations | $ | (32,954 | ) | $ | (1.10 | ) | $ | (22,796 | ) | $ | (0.77 | ) | ||||
Provision for asset impairments and restaurant closings | 6,688 | 0.22 | 6,974 | 0.24 | ||||||||||||
Gain on disposition of property and equipment | (4,018 | ) | (0.13 | ) | (1,191 | ) | (0.04 | ) | ||||||||
Losses from closed stores(3) | 2,439 | 0.08 | 1,662 | 0.06 | ||||||||||||
Deferred tax asset valuation allowance | 8,440 | 0.28 | 9,519 | $ | 0.32 | |||||||||||
Loss from continuing operations, before special items | $ | (19,405 | ) | $ | (0.65 | ) | $ | (5,832 | ) | $ | (0.19 | ) |
(1) | We use income (loss) from continuing operations, before special items, in analyzing results, which is a non-GAAP financial measure. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. Luby’s has reconciled loss from continuing operations, before special items, to loss from continuing operations, the nearest GAAP measure in context. |
(2) | Per share amounts are per diluted share after tax. Fiscal 2018 assumes effective tax rate of 25%; fiscal 2017 assumes effective tax rate of 34% |
(3) | Losses from closed stores includes the store level profit (loss) less depreciation for stores that closed in fiscal 2018 (21 restaurants) and stores closed in fiscal 2017 (9 restaurants). |
($ thousands) | Quarter Ended | Year Ended | |||||||||||||
August 29, 2018 | August 30, 2017 | August 29, 2018 | August 30, 2017 | ||||||||||||
(12 weeks) | (12 weeks) | (52 weeks) | (52 weeks) | ||||||||||||
Loss from continuing operations | $ | (1,858 | ) | $ | (4,069 | ) | $ | (32,954 | ) | $ | (22,796 | ) | |||
Depreciation and amortization | 4,051 | 4,461 | 17,453 | 20,438 | |||||||||||
Provision (benefit) for income taxes | 236 | (138 | ) | 7,730 | 2,438 | ||||||||||
Interest expense | 1,112 | 544 | 3,348 | 2,443 | |||||||||||
Interest income | — | (2 | ) | (12 | ) | (8 | ) | ||||||||
Gain on disposition of property and equipment | (5,529 | ) | (2,023 | ) | (5,357 | ) | (1,804 | ) | |||||||
Provision for asset impairments and restaurant closings | 2,200 | 3,447 | 8,917 | 10,567 | |||||||||||
Non-cash compensation expense | 245 | 730 | 1,404 | 1,604 | |||||||||||
Franchise taxes | 41 | 42 | 213 | 187 | |||||||||||
Decrease (Increase) in fair value of derivative | — | 45 | (701 | ) | 266 | ||||||||||
Adjusted EBITDA | $ | 498 | $ | 3,037 | $ | 41 | $ | 13,335 |
39]J2&$6 MLJ=79*E05:I*JF9SJU>AEGW?Y9UA5"-:^&ZN0\8:33HB)6:X^MG2W]RJUN$0>L MJZ-=9!$XV7+>A%)N.55H"RLRK&ZVAS MJE<2A931FO*PK!MN[&F;6CC ,E9& MK5V>;E,T6U(:C+5SO=!"QRA#D.H6+[#B:F6EQC+B%M>@JH5C!ZW85M5.][HL M-9IUL JOSRO>KV;WO6Z%[.>?:]ZKRK?^H[7J_;- -KUKSR]^NVA5^ 0$ .P$! end