EX-99.1 2 v11251exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
(AMERISTAR LOGO)
CONTACT:
Tom Steinbauer
Senior Vice President of Finance, Chief Financial Officer
Ameristar Casinos, Inc.
(702) 567-7000
AMERISTAR CASINOS REPORTS RECORD SECOND QUARTER FINANCIAL RESULTS AND CONTINUED GROWTH IN ALL
KEY PERFORMANCE MEASURES
Las Vegas, Nevada, August 3, 2005–Ameristar Casinos, Inc. (Nasdaq-NMS: ASCA) today announced 2005 second quarter financial results, which set all-time second quarter records for consolidated net revenues, operating income, EBITDA, net income and earnings per share.
Second Quarter Highlights
  •   Consolidated net revenues of $238.9 million, representing an increase of $28.9 million, or 13.7%, over the second quarter of 2004.
 
  •   Consolidated operating income of $42.2 million, an increase of $3.1 million, or 8.0%, from the prior-year second quarter.
 
  •   Consolidated EBITDA (a non-GAAP financial measure that is defined and reconciled with operating income below) of $63.1 million, representing an increase of $6.2 million, or 10.9%, over the second quarter of 2004.

 

 

AMERISTAR FINANCIAL RESULTS
ADD ONE
  •   Consolidated net income of $16.7 million, up $1.6 million, or 10.9%, from the second quarter of 2004.
 
  •   Diluted earnings per share of $0.29, compared to $0.27 for the second quarter of 2004. Analysts’ latest consensus estimate for the second quarter, as reported by Thomson First Call, was $0.30. Our previously issued earnings guidance for the second quarter of 2005 indicated a range of $0.275 to $0.295 per share.
 
  •   A 2-for-1 split of our common stock resulted in a June 20, 2005 distribution of one additional share of common stock for each share held of record as of the close of business on June 6, 2005. All share and per-share information in this press release gives effect to the stock split.
 
  •   On May 2, 2005, our Board of Directors declared a quarterly cash dividend of $0.078125 per share, which was paid to stockholders of record as of June 6, 2005.
 
  •   During the second quarter of 2005, we prepaid $30.0 million of long-term debt, further improving our total debt leverage ratio (as defined in our senior credit agreement) from 3.29:1 at December 31, 2004 to 2.98:1 at June 30, 2005.
 
  •   We were the leader in market share (based on gross gaming revenues) in our St. Charles, Kansas City, Council Bluffs, Vicksburg and Jackpot markets during the second quarter of 2005, while reducing our consolidated promotional allowances as a percentage of casino revenues by 1.1 percentage points from the second quarter of 2004 to the same period in 2005.

 

 

AMERISTAR FINANCIAL RESULTS
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     Craig H. Neilsen, Chairman and CEO, stated: “Our record second quarter financial results are a testament to the strength of Ameristar’s brand and our core operating strategies. We continued to improve upon the financial successes of prior years by setting new second quarter records for net revenues, operating income, EBITDA, net income and earnings per share. Our strong financial performance positions the Company to grow further through both internal and external development opportunities. In addition, we believe our recent stock split increases the liquidity of our shares and makes them attractive to a broader range of investors.”
Financial Results
     Net Revenues
     Consolidated net revenues for the second quarter of 2005 were $238.9 million, an increase of 13.7% compared to the second quarter of 2004. All of our properties improved in net revenues, with increases of 11.3% at Ameristar Council Bluffs, 10.9% at Ameristar Vicksburg, 7.0% at Ameristar Kansas City, 5.6% at the Jackpot Properties and 3.6% at Ameristar St. Charles. Mountain High, which we acquired on December 21, 2004, contributed $13.9 million in net revenues during the second quarter of 2005.
     For the quarter, Ameristar Council Bluffs, Ameristar Kansas City and Ameristar Vicksburg improved their market leadership positions to 43.4%, 36.9% and 46.6%, respectively, with increases of 2.6, 2.1 and 0.9 percentage points, respectively, over the prior-year second quarter. Ameristar Council Bluffs benefited from construction disruption and a reduced number of available slot machines at the competing racetrack

 

 

AMERISTAR FINANCIAL RESULTS
ADD THREE
casino. Ameristar St. Charles maintained its market share leadership position with 31.6% of the market, despite a 1.1 percentage point decrease from the second quarter of 2004 mostly resulting from a major facility expansion at the property’s primary competitor that was completed in the third quarter of 2004. Ameristar St. Charles has led the St. Louis market for nine of the last 11 quarters.
     Led by a $29.2 million (15.7%) increase in slot revenues, consolidated casino revenues for the second quarter of 2005 increased $29.8 million, or 14.1%, from the second quarter of 2004. Mountain High contributed $14.3 million to casino revenues during the second quarter of 2005. We believe that the growth in slot revenues at our other properties has been driven by our complete implementation of coinless slot technology at our Ameristar-branded properties and our successful slot mix strategy, which includes the continued upgrade of popular new-generation, low-denomination slot machines. We further believe casino revenues increased in part as a result of our continued successful implementation of our targeted marketing programs, as evidenced by a 7.4% increase in rated play at our Ameristar-branded properties from the second quarter of 2004.
     Food and beverage revenues increased $2.3 million (8.2%) over the prior-year second quarter. The increase was mostly attributable to the acquisition of Mountain High, which contributed $1.9 million in additional food and beverage revenues during the second quarter of 2005.

 

 

AMERISTAR FINANCIAL RESULTS
ADD FOUR
     Room revenues decreased 7.7%, from $6.7 million in the second quarter of 2004 to $6.2 million in 2005. The $0.5 million decrease was primarily due to reduced room capacity as a result of the ongoing renovation of the hotel rooms at Ameristar Kansas City, which is expected to be completed in the third quarter of 2005, and the hotel room renovation project at Ameristar Council Bluffs, which was completed in May 2005.
     Operating Income and EBITDA
     In the second quarter of 2005, consolidated operating income increased $3.1 million, or 8.0%, to $42.2 million. Consolidated operating income margin decreased 0.9 percentage point from the prior-year second quarter, to 17.7%. Consolidated EBITDA increased 10.9% to $63.1 million compared to the second quarter of 2004. However, consolidated EBITDA margin in the second quarter of 2005 decreased from 27.1% to 26.4%.
     The growth in consolidated operating income and consolidated EBITDA was principally driven by the increase in revenues noted above and the continued concentration on cost-containment initiatives related to marketing and food and beverage operations. The factors described below should also be considered in evaluating the performance of the specified properties.
     Despite the major facility expansion by our St. Charles property’s primary competitor that has created a more competitive environment and resulted in increased promotional expenses, Ameristar St. Charles experienced only a 0.7 percentage point decrease in operating income margin compared to the prior-year second quarter.

 

 

AMERISTAR FINANCIAL RESULTS
ADD FIVE
     Ameristar Council Bluffs increased second quarter operating income by $1.7 million, or 13.0%, and second quarter EBITDA by $1.8 million, or 11.7%, compared to the prior-year period. The substantial increase in revenues at our Council Bluffs property from the prior-year period enabled the property to maintain a relatively flat EBITDA margin notwithstanding a 2.0 percentage point increase in the Iowa tax rate on gaming revenues of riverboat casinos, which became effective July 1, 2004.
     Mountain High provided $0.7 million of operating income and $2.2 million of EBITDA in the second quarter of 2005. However, significant construction disruption related to the casino expansion project currently underway negatively affected Mountain High’s operating results during the second quarter, and we expect the disruption to increase for the remainder of this year.
     Consolidated operating income, EBITDA and the related margins were negatively impacted by a $4.3 million increase in health benefit costs at our operating properties attributable primarily to greater large claim payments. Consolidated operating income was also affected by an increase in depreciation expense. Depreciation and amortization expense increased $3.1 million (17.3%) over the second quarter of 2004, primarily due to the increase in our depreciable assets resulting from the purchase of new-generation, low-denomination slot product and $1.4 million in depreciation expense relating to Mountain High.

 

 

AMERISTAR FINANCIAL RESULTS
ADD SIX
     Corporate expense increased $2.4 million compared to the prior-year second quarter. The increase in corporate expense was primarily the result of expanded development activities and the addition of corporate staff to position us for future growth. The increase in development-related costs was mostly attributable to our ongoing pursuit of a gaming license in Pennsylvania.
     Net Income and Diluted Earnings Per Share
     For the second quarter of 2005, net income increased 10.9% to $16.7 million, from $15.0 million for the second quarter of 2004. Diluted earnings per share were $0.29 in the quarter ended June 30, 2005, compared to $0.27 in the corresponding prior-year quarter. Average diluted shares outstanding increased over the prior-year quarter, in large part due to the substantial increase in our stock price that resulted in increased dilution from in-the-money stock options. The increase in average diluted shares adversely impacted diluted earnings per share by $0.01 in the second quarter of 2005. Net interest expense increased $1.4 million, or 10.3%, over the 2004 second quarter, due primarily to a 0.6 percentage point rise in our average interest rate and an increase in our long-term debt level resulting from the $115.0 million borrowed in December 2004 to acquire Mountain High. For the quarter ended June 30, 2005, other non-operating expenses included a $0.6 million loss on disposal of assets related to our Kansas City hotel renovation project.
     Our effective income tax rate for the quarter ended June 30, 2005 decreased to 37.4% from 40.0% for the quarter ended June 30, 2004, due primarily to a decrease in our effective state income tax rate.

 

 

AMERISTAR FINANCIAL RESULTS
ADD SEVEN
Liquidity and Capital Resources
     Our financial position remains strong, with approximately $83.1 million of cash and cash equivalents and $69.3 million of available borrowing capacity under our senior credit facilities as of June 30, 2005. During the second quarter of 2005, we reduced our long-term debt by approximately $30.9 million, due primarily to $26.0 million of prepayments under our senior credit facilities and a $4.0 million prepayment of debt related to Ameristar Vicksburg. At June 30, 2005, our total debt was $733.5 million, representing a decrease of $32.8 million from December 31, 2004.
     Capital expenditures for the 2005 second quarter totaled $48.6 million, which included the continued acquisition of new-generation, low-denomination slot machines, the hotel room renovations at our Council Bluffs and Kansas City properties, the capital improvement projects underway at Mountain High and the implementation of information technology solutions to enhance our operating capabilities.
     In order to fully seize the opportunities we are presented with in the Black Hawk market, we are currently considering expanding the scope of our planned capital improvements to the Mountain High property. As a result, we have not yet completed a definitive project budget or schedule for the hotel; however, we expect to begin construction of the hotel in the fourth quarter of 2005. Planned improvements to the gaming and non-gaming areas of the property are now expected to be completed in the second quarter of 2006. At that time, we plan to rebrand the property under the “Ameristar” name.

 

 

AMERISTAR FINANCIAL RESULTS
ADD EIGHT
Outlook
     Based on our preliminary results of operations for July 2005 and our outlook for the remainder of the quarter, we currently estimate operating income of $42 million to $44 million, EBITDA of $64 million to $66 million (given anticipated depreciation expense of $22 million), interest expense of $15 million and diluted earnings per share of $0.30 to $0.32 for the third quarter of 2005.
     Gaming regulatory authorities in Colorado, Iowa, Mississippi and Missouri currently publish, on a monthly basis, gross gaming revenue, market share and other financial information with respect to the gaming facilities, including Ameristar’s, that operate within their respective jurisdictions. Because various factors in addition to our gross gaming revenue (including changes in operating costs, promotional allowances and other expenses) influence our operating income, EBITDA and diluted earnings per share, such reported information, as it relates to Ameristar, may not be indicative of the results of our operations for such periods or for future periods.
Conference Call
     We will hold a conference call to discuss our second quarter results and guidance for the third quarter at 5:00 p.m. Eastern Time on August 3, 2005. The call can be accessed live by calling (800) 500-0311. It can be replayed until August 11, 2005 at 3:00 a.m. Eastern Time by calling (888) 203-1112 and using the access code number 4630394. Interested parties wanting to listen to the live conference call on the Internet may do so on our web site – www.ameristar.com – in About Ameristar/Investor Relations under the Quarterly Results Conference Calls section.

 

 

AMERISTAR FINANCIAL RESULTS
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Forward-Looking Information
     This press release contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as “believes,” “estimates,” “anticipates,” “intends,” “expects,” “plans,” “is confident that” or words of similar meaning, with reference to Ameristar or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks and uncertainties that could materially affect our future results, attention is directed to “Item 1. Business — Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2004 and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2005.
About Ameristar
     Ameristar Casinos, Inc. is a leading Las Vegas-based gaming and entertainment company known for its premier properties characterized by innovative architecture, state-of-the-art casino floors and superior dining, lodging and entertainment offerings.

 

 

AMERISTAR FINANCIAL RESULTS
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Ameristar’s focus on the total entertainment experience and the highest quality guest service has earned it a leading market share position in each of the markets in which it operates. Founded in 1954 in Jackpot, Nevada, Ameristar has been a public company since November 1993. The company has a portfolio of seven casinos in six markets: Ameristar St. Charles (greater St. Louis); Ameristar Kansas City; Ameristar Council Bluffs (Omaha, Nebraska and southwestern Iowa); Ameristar Vicksburg (Jackson, Mississippi and Monroe, Louisiana); Mountain High in Black Hawk, Colorado (Denver metropolitan area); and Cactus Petes and the Horseshu in Jackpot, Nevada (Idaho and the Pacific Northwest).
###
Visit Ameristar Casinos’ web site at www.ameristar.com
(which shall not be deemed to be incorporated in or a part of this news release).

 

 

AMERISTAR FINANCIAL RESULTS
ADD ELEVEN
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Per Share Data)
(Unaudited)
                                 
    Three Months   Six Months
    Ended June 30,   Ended June 30,
    2005   2004   2005   2004
REVENUES:
                                
Casino
   $ 241,692     $ 211,904     $ 484,059     $ 427,214  
Food and beverage
     30,509       28,198       60,796       57,246  
Rooms
     6,225       6,746       11,958       13,060  
Other
     6,348       5,756       11,938       11,415  
 
                                
 
     284,774       252,604       568,751       508,935  
Less: Promotional allowances
     45,906       42,599       89,774       84,567  
 
                                
Net revenues
     238,868       210,005       478,977       424,368  
 
                                
OPERATING EXPENSES:
                                
Casino
     108,031       94,830       213,554       190,948  
Food and beverage
     16,324       15,692       32,111       31,028  
Rooms
     1,762       1,581       3,261       3,206  
Other
     3,987       3,301       7,787       6,492  
Selling, general and administrative
     45,312       37,703       91,518       76,235  
Depreciation and amortization
     20,875       17,796       41,693       35,128  
Impairment loss on assets held for sale
     347       —       540       95  
 
                                
Total operating expenses
     196,638       170,903       390,464       343,132  
Income from operations
     42,230       39,102       88,513       81,236  
OTHER INCOME (EXPENSE):
                                
Interest income
     229       78       348       88  
Interest expense, net
     (15,210 )     (13,788 )     (30,471 )     (29,223 )
Loss on early retirement of debt
     (184 )     (224 )     (184 )     (470 )
Other
     (451 )     (140 )     (1,138 )     (97 )
 
                                
INCOME BEFORE INCOME TAX PROVISION
     26,614       25,028       57,068       51,534  
Income tax provision
     9,960       10,009       21,184       20,614  
 
                                
NET INCOME
   $ 16,654     $ 15,019     $ 35,884     $ 30,920  
 
                                
 
                                
EARNINGS PER SHARE:
                                
Basic
   $ 0.30     $ 0.28     $ 0.65     $ 0.57  
 
                                
Diluted
   $ 0.29     $ 0.27     $ 0.63     $ 0.56  
 
                                
WEIGHTED AVERAGE SHARES OUTSTANDING:
                                
Basic
     55,682       54,088       55,459       53,848  
 
                                
Diluted
     57,265       55,720       57,089       55,454  
 
                                

 

 

AMERISTAR FINANCIAL RESULTS
ADD TWELVE
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands)
(Unaudited)
                                 
    Three Months   Six Months
    Ended June 30,   Ended June 30,
    2005   2004   2005   2004
Consolidated cash flow information
                                
Net cash provided by operating activities
   $ 62,489     $ 61,126     $ 112,411     $ 96,205  
Net cash used in investing activities
     (46,303 )     (29,129 )     (79,869 )     (50,161 )
Net cash used in financing activities
     (34,048 )     (21,269 )     (35,992 )     (34,586 )
 
                                
Net revenues
                                
Ameristar St. Charles
   $ 71,517     $ 69,009     $ 144,161     $ 140,449  
Ameristar Kansas City
     61,051       57,038       123,574       114,640  
Ameristar Council Bluffs
     47,262       42,473       93,625       84,827  
Ameristar Vicksburg
     28,846       26,010       58,643       54,925  
Jackpot Properties
     16,335       15,475       30,868       29,527  
Mountain High (1)
     13,857       —       28,106       —  
 
                                
Consolidated net revenues
   $ 238,868     $ 210,005     $ 478,977     $ 424,368  
 
                                
 
                                
Operating income (loss)
                                
Ameristar St. Charles
   $ 16,449     $ 16,346     $ 34,041     $ 35,767  
Ameristar Kansas City
     11,794       10,794       26,208       21,376  
Ameristar Council Bluffs
     14,529       12,854       27,895       25,071  
Ameristar Vicksburg
     7,606       6,021       16,884       14,731  
Jackpot Properties
     2,598       2,209       4,930       3,554  
Mountain High (1)
     735       —       3,009       —  
Corporate and other
     (11,481 )     (9,122 )     (24,454 )     (19,263 )
 
                                
Consolidated operating income
   $ 42,230     $ 39,102     $ 88,513     $ 81,236  
 
                                
 
                                
EBITDA (2)
                                
Ameristar St. Charles
   $ 22,984     $ 22,240     $ 47,044     $ 47,283  
Ameristar Kansas City
     16,817       15,322       36,411       30,553  
Ameristar Council Bluffs
     17,542       15,700       33,834       30,571  
Ameristar Vicksburg
     10,620       8,847       22,822       20,303  
Jackpot Properties
     3,665       3,161       7,153       5,412  
Mountain High (1)
     2,155       —       5,800       —  
Corporate and other
     (10,678 )     (8,372 )     (22,858 )     (17,758 )
 
                                
Consolidated EBITDA
   $ 63,105     $ 56,898     $ 130,206     $ 116,364  
 
                                

 

 

AMERISTAR FINANCIAL RESULTS
ADD THIRTEEN
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED FINANCIAL DATA – CONTINUED
(Dollars in Thousands)
(Unaudited)
                                 
    Three Months   Six Months
    Ended June 30,   Ended June 30,
    2005   2004   2005   2004
Operating income margins (3)
                                
Ameristar St. Charles
     23.0 %     23.7 %     23.6 %     25.5 %
Ameristar Kansas City
     19.3 %     18.9 %     21.2 %     18.6 %
Ameristar Council Bluffs
     30.7 %     30.3 %     29.8 %     29.6 %
Ameristar Vicksburg
     26.4 %     23.1 %     28.8 %     26.8 %
Jackpot Properties
     15.9 %     14.3 %     16.0 %     12.0 %
Mountain High (1)
     5.3 %     —       10.7 %     —  
Consolidated operating income margin
     17.7 %     18.6 %     18.5 %     19.1 %
 
                                
EBITDA margins (2)
                                
Ameristar St. Charles
     32.1 %     32.2 %     32.6 %     33.7 %
Ameristar Kansas City
     27.5 %     26.9 %     29.5 %     26.7 %
Ameristar Council Bluffs
     37.1 %     37.0 %     36.1 %     36.0 %
Ameristar Vicksburg
     36.8 %     34.0 %     38.9 %     37.0 %
Jackpot Properties
     22.4 %     20.4 %     23.2 %     18.3 %
Mountain High (1)
     15.6 %     —       20.6 %     —  
Consolidated EBITDA margin
     26.4 %     27.1 %     27.2 %     27.4 %
 
(1)   We acquired Mountain High on December 21, 2004, and operating results are included only since the acquisition date.
 
(2)   EBITDA is earnings before interest, taxes, depreciation and amortization. EBITDA is presented solely as a supplemental disclosure because management believes that it is a widely used measure of operating performance in the gaming industry and a principal basis for the valuation of gaming companies. Our credit agreement also requires the use of EBITDA as a measure of compliance with our principal debt covenants. In addition, management uses property-level EBITDA (EBITDA before corporate expense) as the primary measure of our operating properties’ performance, including the evaluation of operating personnel. EBITDA margin is EBITDA as a percentage of net revenues. EBITDA should not be construed as an alternative to income from operations (as determined in accordance with GAAP) as an indicator of our operating performance, or as an alternative to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. It should also be noted that not all gaming companies that report EBITDA calculate EBITDA in the same manner as we do.
 
(3)   Operating income margin is operating income as a percentage of net revenues.

 

 

AMERISTAR FINANCIAL RESULTS
ADD FOURTEEN
RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA
(Dollars in Thousands)
(Unaudited)
The following table sets forth a reconciliation of operating income (loss), a GAAP financial measure, to EBITDA, a non-GAAP financial measure.
                                 
    Three Months   Six Months
    Ended June 30,   Ended June 30,
    2005   2004   2005   2004
Ameristar St. Charles:
                                
Operating income
   $ 16,449     $ 16,346     $ 34,041     $ 35,767  
Depreciation and amortization
     6,535       5,894       13,003       11,516  
 
                                
EBITDA
   $ 22,984     $ 22,240     $ 47,044     $ 47,283  
 
                                
 
                                
Ameristar Kansas City:
                                
Operating income
   $ 11,794     $ 10,794     $ 26,208     $ 21,376  
Depreciation and amortization
     5,023       4,528       10,203       9,177  
 
                                
EBITDA
   $ 16,817     $ 15,322     $ 36,411     $ 30,553  
 
                                
 
                                
Ameristar Council Bluffs:
                                
Operating income
   $ 14,529     $ 12,854     $ 27,895     $ 25,071  
Depreciation and amortization
     3,013       2,846       5,939       5,500  
 
                                
EBITDA
   $ 17,542     $ 15,700     $ 33,834     $ 30,571  
 
                                
 
                                
Ameristar Vicksburg:
                                
Operating income
   $ 7,606     $ 6,021     $ 16,884     $ 14,731  
Depreciation and amortization
     3,014       2,826       5,938       5,572  
 
                                
EBITDA
   $ 10,620     $ 8,847     $ 22,822     $ 20,303  
 
                                
 
                                
Jackpot Properties:
                                
Operating income
   $ 2,598     $ 2,209     $ 4,930     $ 3,554  
Depreciation and amortization
     1,067       952       2,223       1,858  
 
                                
EBITDA
   $ 3,665     $ 3,161     $ 7,153     $ 5,412  
 
                                
 
                                
Mountain High:
                                
Operating income
   $ 735     $ —     $ 3,009     $ —  
Depreciation and amortization
     1,420       —       2,791       —  
 
                                
EBITDA
   $ 2,155     $ —     $ 5,800     $ —  
 
                                
 
                                
Corporate and other:
                                
Operating loss
   $ (11,481 )   $ (9,122 )   $ (24,454 )   $ (19,263 )
Depreciation and amortization
     803       750       1,596       1,505  
 
                                
EBITDA
   $ (10,678 )   $ (8,372 )   $ (22,858 )   $ (17,758 )
 
                                
 
                                
Consolidated:
                                
Operating income
   $ 42,230     $ 39,102     $ 88,513     $ 81,236  
Depreciation and amortization
     20,875       17,796       41,693       35,128  
 
                                
EBITDA
   $ 63,105     $ 56,898     $ 130,206     $ 116,364  
 
                                
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