Third Quarter Fiscal Year 2023 Highlights vs. Third Quarter of Fiscal Year 2022 (where applicable)
● | Revenue increased 16% to | |||
● | Gross profit increased 18% to | |||
● | Income from operations increased 38% to | |||
● | Net income was | |||
● | Net income attributable to common shareholders was | |||
● | Net income included a | |||
● | Adjusted EBITDA1 increased 16% to | |||
● | Amounts outstanding under debt agreements were | |||
● | Leverage ratio2 at quarter end was 3.2x. | |||
Management Commentary
“The growth we experienced in the first half of the year accelerated in our record-setting third quarter, driven by double-digit revenue growth in every segment of our business,” said CPH CEO
“Given the momentum in our business, we are well-positioned to deliver a record-setting year in fiscal 2023. So far this year we have continued to prioritize deleveraging, and we are also on track to reduce our leverage ratio to 3.0x by fiscal year end, which is ahead of our expectation. We believe the combination of our diversified and resilient revenue mix, high value service offering, and our opportunistic, accretive M&A strategy, while strategically balancing our leverage, is the most optimal path to continued shareholder value creation.
_____________________________
1 Adjusted EBITDA, Adjusted EBITDA margin and net debt are financial measures that are not calculated in accordance with accounting principles generally accepted in
2 Leverage ratio defined as net debt divided by Adjusted EBITDA over the trailing four quarters.
Third Quarter Fiscal Year 2023 Financial Results
Revenue in the third quarter of fiscal year 2023 increased 16% to
Gross profit in the third quarter of fiscal year 2023 increased 18% to
General and administrative expenses in the third quarter were
During the three-month periods ended
Net income in the third quarter of fiscal year 2023 was
Adjusted EBITDA in the third quarter of fiscal year 2023 increased 16% to
Liquidity
On
On
Segment Results
Fiscal Year 2023 Outlook
The Company now expects fiscal year 2023 revenue of approximately
_____________________
3 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: 13739666
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 at https://viavid.webcasts.com/starthere.jsp?ei=1622741&tp_key=80f2847994 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: 13739666
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 and the ongoing war in
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.
Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in
Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense, income taxes, depreciation, amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, and other adjustments. Other adjustments includes the adjustment for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, we have 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 nine months ended
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.
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 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.
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 | $ | 11,532 | $ | 7,482 | |||
Trade receivables, net | 67,201 | 62,882 | |||||
Inventory, net | 6,672 | 5,532 | |||||
Income taxes receivable | - | 485 | |||||
Prepaid expenses and other current assets | 12,496 | 5,175 | |||||
Total current assets | 97,901 | 81,556 | |||||
Property, plant and equipment, net | 427,084 | 419,377 | |||||
Intangible assets, net | 125,363 | 137,754 | |||||
222,998 | 220,245 | ||||||
Right-of-use operating lease assets | 25,487 | 24,833 | |||||
Other non-current assets | 13,295 | 2,026 | |||||
Deferred financing costs | 1,878 | 1,698 | |||||
Total assets | $ | 914,006 | $ | 887,489 | |||
Current liabilities: | |||||||
Revolving loan | $ | 35,699 | $ | 52,133 | |||
Operating lease obligations, current portion | 4,649 | 4,001 | |||||
Finance lease obligations, current portion | 114 | 109 | |||||
Accounts payable | 7,247 | 8,362 | |||||
Accrued payroll and payroll expenses | 15,190 | 13,341 | |||||
Accrued expenses and other current liabilities | 36,254 | 32,156 | |||||
Income taxes payable | 737 | 178 | |||||
Warrant liability, current portion | 391 | - | |||||
Total current liabilities | 100,281 | 110,280 | |||||
Long term debt, net of discount for deferred financing costs | 371,520 | 370,476 | |||||
Operating lease obligations, non-current | 21,177 | 20,984 | |||||
Finance lease obligations, non-current | 82 | 169 | |||||
Deferred income taxes | 79,360 | 74,223 | |||||
Other liabilities, non-current | 12,836 | - | |||||
Warrant liability, non-current | - | 7,030 | |||||
Total liabilities | 585,256 | 583,162 | |||||
Zero-dividend convertible perpetual preferred stock, | 25,000 | 25,000 | |||||
Stockholders' equity | |||||||
Common stock, | 6 | 6 | |||||
Additional paid-in capital | 382,533 | 379,395 | |||||
(14,288 | ) | (4,609 | ) | ||||
Accumulated other comprehensive loss | (663 | ) | (9,228 | ) | |||
Accumulated deficit | (63,838 | ) | (86,237 | ) | |||
Total stockholders' equity | 303,750 | 279,327 | |||||
Total liabilities and stockholders' equity | $ | 914,006 | $ | 887,489 | |||
Consolidated Statements of Operations |
Three Months Ended | Nine Months Ended | ||||||||||||||
(in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 120,671 | $ | 104,469 | $ | 322,037 | $ | 286,398 | |||||||
Cost of operations | 71,187 | 62,535 | 192,625 | 171,400 | |||||||||||
Gross profit | 49,484 | 41,934 | 129,412 | 114,998 | |||||||||||
Gross margin | 41.0 | % | 40.1 | % | 40.2 | % | 40.2 | % | |||||||
General and administrative expenses | 29,937 | 27,847 | 87,236 | 83,156 | |||||||||||
Income from operations | 19,547 | 14,087 | 42,176 | 31,842 | |||||||||||
Interest expense, net | (7,066 | ) | (6,517 | ) | (21,285 | ) | (19,126 | ) | |||||||
Change in fair value of warrant liabilities | 911 | 7,420 | 6,639 | 9,894 | |||||||||||
Other income, net | 262 | 16 | 296 | 69 | |||||||||||
Income before income taxes | 13,654 | 15,006 | 27,826 | 22,679 | |||||||||||
Income tax expense | 3,318 | 2,030 | 5,427 | 2,535 | |||||||||||
Net income | 10,336 | 12,976 | 22,399 | 20,144 | |||||||||||
Less preferred shares dividends | (441 | ) | (441 | ) | (1,309 | ) | (1,309 | ) | |||||||
Income available to common shareholders | $ | 9,895 | $ | 12,535 | $ | 21,090 | $ | 18,835 | |||||||
Weighted average common shares outstanding | |||||||||||||||
Basic | 53,198,637 | 54,012,404 | 53,377,157 | 53,859,874 | |||||||||||
Diluted | 54,104,738 | 57,286,563 | 54,262,940 | 54,772,441 | |||||||||||
Net income per common share | |||||||||||||||
Basic | $ | 0.18 | $ | 0.22 | $ | 0.38 | $ | 0.33 | |||||||
Diluted | $ | 0.18 | $ | 0.22 | $ | 0.38 | $ | 0.33 | |||||||
Consolidated Statements of Cash Flows |
For the Nine Months Ended | |||||||
(in thousands, except per share amounts) | 2023 | 2022 | |||||
Net income | $ | 22,399 | $ | 20,144 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Non-cash operating lease expense | 3,526 | 1,786 | |||||
Foreign currency adjustments | (1,421 | ) | - | ||||
Depreciation | 29,541 | 25,547 | |||||
Deferred income taxes | 4,140 | 2,210 | |||||
Amortization of deferred financing costs | 1,414 | 1,374 | |||||
Amortization of intangible assets | 14,336 | 16,958 | |||||
Stock-based compensation expense | 3,138 | 4,164 | |||||
Change in fair value of warrant liabilities | (6,639 | ) | (9,894 | ) | |||
Net gain on the sale of property, plant and equipment | (1,472 | ) | (1,460 | ) | |||
Provision for bad debt | (93 | ) | 239 | ||||
Net changes in operating assets and liabilities: | |||||||
Trade receivables, net | (3,199 | ) | (11,024 | ) | |||
Inventory | (970 | ) | (265 | ) | |||
Prepaid expenses and other assets | (875 | ) | (1,239 | ) | |||
Accounts payable | (2,050 | ) | (2,311 | ) | |||
Accrued payroll, accrued expenses and other liabilities | 4,457 | 7,498 | |||||
Net cash provided by operating activities | 66,232 | 53,727 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (43,166 | ) | (80,967 | ) | |||
Proceeds from sale of property, plant and equipment | 8,043 | 6,197 | |||||
Purchases of intangible assets | (800 | ) | (1,450 | ) | |||
Net cash used in investing activities | (35,923 | ) | (76,220 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds on revolving loan | 239,911 | 252,925 | |||||
Payments on revolving loan | (256,345 | ) | (236,856 | ) | |||
Payment of debt issuance costs | (550 | ) | (290 | ) | |||
Purchase of treasury stock | (9,679 | ) | (1,394 | ) | |||
Other financing activities | (81 | ) | (31 | ) | |||
Net cash provided by (used in) financing activities | (26,744 | ) | 14,354 | ||||
Effect of foreign currency exchange rate changes on cash | 485 | 1,286 | |||||
Net increase (decrease) in cash and cash equivalents | 4,050 | (6,853 | ) | ||||
Cash and cash equivalents: | |||||||
Beginning of period | 7,482 | 9,298 | |||||
End of period | $ | 11,532 | $ | 2,445 | |||
Segment Revenue |
Three Months Ended | Change | ||||||||||||||
(in thousands) | 2023 | 2022 | $ | % | |||||||||||
87,323 | $ | 77,352 | $ | 9,971 | 12.9 | % | |||||||||
17,260 | 14,417 | 2,843 | 19.7 | % | |||||||||||
16,505 | 12,813 | 3,692 | 28.8 | % | |||||||||||
Corporate | 625 | 625 | - | 0.0 | % | ||||||||||
Intersegment | (1,042 | ) | (738 | ) | (304 | ) | 41.2 | % | |||||||
Total Revenue | $ | 120,671 | $ | 104,469 | $ | 16,202 | 15.5 | % | |||||||
Nine Months Ended | Change | ||||||||||||||
(in thousands) | 2023 | 2022 | $ | % | |||||||||||
$ | 232,896 | $ | 212,189 | $ | 20,707 | 9.8 | % | ||||||||
45,207 | 39,980 | 5,227 | 13.1 | % | |||||||||||
44,445 | 34,551 | 9,894 | 28.6 | % | |||||||||||
Corporate | 1,875 | 1,875 | - | 0.0 | % | ||||||||||
Intersegment | (2,386 | ) | (2,197 | ) | (189 | ) | 8.6 | % | |||||||
Total Revenue | $ | 322,037 | $ | 286,398 | $ | 35,639 | 12.4 | % | |||||||
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 | |||||||||||||||||
$ | 3,517 | $ | 2,812 | $ | 20,535 | $ | 19,776 | $ | 759 | 3.8 | % | ||||||||||||
1,616 | 441 | 5,566 | 3,955 | 1,611 | 40.7 | % | |||||||||||||||||
3,986 | 2,010 | 8,190 | 5,681 | 2,509 | 44.2 | % | |||||||||||||||||
Corporate | 1,217 | 7,713 | 625 | 625 | - | 0.0 | % | ||||||||||||||||
Total | $ | 10,336 | $ | 12,976 | $ | 34,916 | $ | 30,037 | $ | 4,879 | 16.2 | % | |||||||||||
Net Income | Adjusted EBITDA | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in thousands, except percentages) | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | |||||||||||||||||
$ | 2,867 | $ | 3,772 | $ | 52,363 | $ | 52,285 | $ | 78 | 0.1 | % | ||||||||||||
2,449 | 358 | 13,349 | 11,017 | 2,332 | 21.2 | % | |||||||||||||||||
9,526 | 5,205 | 21,208 | 15,233 | 5,975 | 39.2 | % | |||||||||||||||||
Corporate | 7,557 | 10,809 | 1,875 | 1,875 | - | 0.0 | % | ||||||||||||||||
Total | $ | 22,399 | $ | 20,144 | $ | 88,795 | $ | 80,410 | $ | 8,385 | 10.4 | % | |||||||||||
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 |
1 Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in
2 Information on M&A or growth investments included in 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
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA |
Three Months Ended | Nine Months Ended | ||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Consolidated | |||||||||||||||
Net income | $ | 10,336 | $ | 12,976 | $ | 22,399 | $ | 20,144 | |||||||
Interest expense, net | 7,066 | 6,517 | 21,285 | 19,126 | |||||||||||
Income tax expense | 3,318 | 2,030 | 5,427 | 2,535 | |||||||||||
Depreciation and amortization | 14,707 | 14,190 | 43,877 | 42,505 | |||||||||||
EBITDA | 35,427 | 35,713 | 92,988 | 84,310 | |||||||||||
Transaction expenses | 5 | 20 | 32 | 59 | |||||||||||
Stock based compensation | 934 | 1,333 | 3,138 | 4,164 | |||||||||||
Change in fair value of warrant liabilities | (911 | ) | (7,420 | ) | (6,639 | ) | (9,894 | ) | |||||||
Other income, net | (262 | ) | (16 | ) | (296 | ) | (69 | ) | |||||||
Other adjustments(1) | (277 | ) | 407 | (428 | ) | 1,840 | |||||||||
Adjusted EBITDA | $ | 34,916 | $ | 30,037 | $ | 88,795 | $ | 80,410 | |||||||
Net income | $ | 3,517 | $ | 2,812 | $ | 2,867 | $ | 3,772 | |||||||
Interest expense, net | 6,337 | 5,795 | 19,163 | 16,879 | |||||||||||
Income tax expense | 1,318 | 961 | 1,026 | 258 | |||||||||||
Depreciation and amortization | 10,498 | 9,927 | 31,464 | 29,615 | |||||||||||
EBITDA | 21,670 | 19,495 | 54,520 | 50,524 | |||||||||||
Transaction expenses | 5 | 20 | 32 | 59 | |||||||||||
Stock based compensation | 934 | 1,333 | 3,138 | 4,164 | |||||||||||
Other income, net | (257 | ) | (6 | ) | (273 | ) | (43 | ) | |||||||
Other adjustments(1) | (1,817 | ) | (1,066 | ) | (5,054 | ) | (2,419 | ) | |||||||
Adjusted EBITDA | $ | 20,535 | $ | 19,776 | $ | 52,363 | $ | 52,285 | |||||||
Net income | $ | 1,616 | $ | 441 | $ | 2,449 | $ | 358 | |||||||
Interest expense, net | 729 | 722 | 2,122 | 2,247 | |||||||||||
Income tax expense | 545 | 153 | 831 | 122 | |||||||||||
Depreciation and amortization | 1,879 | 1,881 | 5,555 | 5,892 | |||||||||||
EBITDA | 4,769 | 3,197 | 10,957 | 8,619 | |||||||||||
Other income, net | (6 | ) | (5 | ) | (23 | ) | (11 | ) | |||||||
Other adjustments | 803 | 763 | 2,415 | 2,409 | |||||||||||
Adjusted EBITDA | $ | 5,566 | $ | 3,955 | $ | 13,349 | $ | 11,017 | |||||||
(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 have 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 nine months ended
Three Months Ended | Nine Months Ended | ||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net income | $ | 3,986 | $ | 2,010 | $ | 9,526 | $ | 5,205 | |||||||
Income tax expense | 1,352 | 796 | 3,257 | 1,832 | |||||||||||
Depreciation and amortization | 2,114 | 2,170 | 6,214 | 6,361 | |||||||||||
EBITDA | 7,452 | 4,976 | 18,997 | 13,398 | |||||||||||
Other income, net | 1 | (5 | ) | - | (15 | ) | |||||||||
Other adjustments | 737 | 710 | 2,211 | 1,850 | |||||||||||
Adjusted EBITDA | $ | 8,190 | $ | 5,681 | $ | 21,208 | $ | 15,233 | |||||||
Corporate | |||||||||||||||
Net income | $ | 1,217 | $ | 7,713 | $ | 7,557 | $ | 10,809 | |||||||
Income tax expense | 103 | 120 | 313 | 323 | |||||||||||
Depreciation and amortization | 216 | 212 | 644 | 637 | |||||||||||
EBITDA | 1,536 | 8,045 | 8,514 | 11,769 | |||||||||||
Change in fair value of warrant liabilities | (911 | ) | (7,420 | ) | (6,639 | ) | (9,894 | ) | |||||||
Adjusted EBITDA | $ | 625 | $ | 625 | $ | 1,875 | $ | 1,875 |
Reconciliation of Net Debt |
(in thousands) | 2022 | 2022 | 2023 | 2023 | 2023 | ||||||||||||||
Senior Notes | 375,000 | 375,000 | 375,000 | 375,000 | 375,000 | ||||||||||||||
Revolving loan draws outstanding | 16,884 | 52,133 | 50,247 | 60,947 | 35,699 | ||||||||||||||
Less: Cash | (2,445 | ) | (7,482 | ) | (4,049 | ) | (6,643 | ) | (11,532 | ) | |||||||||
Net debt | $ | 389,439 | $ | 419,650 | $ | 421,198 | $ | 429,304 | $ | 399,167 |
Reconciliation of Historical Adjusted EBITDA |
(dollars in thousands) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | ||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||
Net income | $ | 1,183 | $ | 5,985 | $ | 12,976 | $ | 8,532 | $ | 6,475 | $ | 5,588 | $ | 10,336 | |||||||||||||
Interest expense, net | 6,261 | 6,346 | 6,517 | 6,765 | 6,871 | 7,348 | 7,066 | ||||||||||||||||||||
Income tax expense (benefit) | (22 | ) | 527 | 2,030 | 2,991 | 644 | 1,465 | 3,318 | |||||||||||||||||||
Depreciation and amortization | 14,080 | 14,236 | 14,190 | 14,957 | 14,449 | 14,721 | 14,707 | ||||||||||||||||||||
EBITDA | 21,502 | 27,094 | 35,713 | 33,245 | 28,439 | 29,122 | 35,427 | ||||||||||||||||||||
Transaction expenses | 21 | 20 | 20 | 259 | 3 | 24 | 5 | ||||||||||||||||||||
Stock based compensation | 1,480 | 1,351 | 1,333 | 870 | 1,140 | 1,064 | 934 | ||||||||||||||||||||
Change in fair value of warrant liabilities | - | (2,474 | ) | (7,420 | ) | - | (4,556 | ) | (1,172 | ) | (911 | ) | |||||||||||||||
Other income, net | (37 | ) | (13 | ) | (16 | ) | (19 | ) | (21 | ) | (13 | ) | (262 | ) | |||||||||||||
Other adjustments (1) | 353 | 1,080 | 407 | 1,292 | 41 | (192 | ) | (277 | ) | ||||||||||||||||||
Adjusted EBITDA | $ | 23,319 | $ | 27,058 | $ | 30,037 | $ | 35,647 | $ | 25,046 | $ | 28,833 | $ | 34,916 |
(1) See note above.
Source:
2023 GlobeNewswire, Inc., source