Cantaloupe, Inc. Reports Record Revenue for the Fourth Quarter and Fiscal Year 2022
Cantaloupe, Inc. (NASDAQ: CTLP) reported record fourth quarter revenue of $58 million, an 18% year-over-year increase. For the full fiscal year, revenue grew 23% to $205 million. Transaction fees rose by 23% to $30 million, while subscription fees increased by 7%. However, the company experienced a GAAP net loss of $2.1 million in Q4 compared to a profit in the same period last year. Looking forward, Cantaloupe expects FY 2023 revenue between $225 million and $235 million.
- Fourth quarter revenue increased 18% year-over-year to $58 million.
- Fiscal Year 2022 revenue reached $205 million, up 23% year-over-year.
- Transaction fees for Q4 rose 23% to $30 million, marking strong growth.
- Adjusted EBITDA for FY 2022 increased to $9.9 million compared to $7.6 million in the prior year.
- Guidance for FY 2023 includes projected revenue of $225 million to $235 million.
- GAAP net loss of $2.1 million in Q4 compared to a profit of $2.7 million in Q4 2021.
- Gross margin decreased to 29.5% from 30.2% in the prior year quarter.
Fourth Quarter Revenue Increased
Fiscal Year 2022 Revenue Increased
The Company reported an all-time high for total quarterly revenue of
Fourth Quarter 2022 Financial Highlights:
-
Record revenue of
, an increase of$58.0 million 18% year over year. The increase was led by a fifth consecutive quarter of record transaction revenue-
Transaction fees of
, an increase of$30.0 million 23% year over year -
Subscription fees of
, an increase of$14.9 million 7% year over year -
Equipment sales of
, an increase of$13.1 million 22% year over year
-
Transaction fees of
-
Total Dollar Volumes of Transactions in the fourth quarter were
, an increase of$616.1 million 20% year over year -
Gross margin of
29.5% compared with30.2% in the prior year quarter-
Subscription and transaction fees margins of
39.5% compared to39.3% in the prior year quarter - Equipment sales margins of (4.6)% compared to (2.3)% in the prior year quarter
-
Subscription and transaction fees margins of
-
GAAP Net loss applicable to common shares of
, or$2.1 million per share, compared to Net income applicable to common shares of$(0.03) , or$2.7 million per share, in the prior year period$0.04 -
Adjusted EBITDA1 of
compared to$2.0 million in the prior year period. Prior year benefited from a$5.0 million adjustment to a sales tax reserve due to a state law change$2.9 million
Fiscal Year 2022 Financial Highlights:
-
Record revenue of
, an increase of$205.2 million 23% year over year-
Transaction fees of
, an increase of$110.7 million 29% year over year -
Subscription fees of
, an increase of$58.1 million 8% year over year -
Equipment sales of
, an increase of$36.4 million 31% year over year
-
Transaction fees of
-
Total Dollar Volumes of Transactions in the fiscal year were
, an increase of$2.3 billion 30.2% year over year -
Gross margin of
31.3% compared with32.4% in the prior year-
Subscription and transaction fees margins of
38.8% compared to39.9% in the prior year - Equipment sales margins of (3.5)% compared to (5.8)% in the prior year
-
Subscription and transaction fees margins of
-
GAAP Net loss applicable to common shares of
, or$2.4 million per share, compared to Net loss applicable to common shares of$0.03 , or$9.4 million per share, in the prior year$0.14 -
Adjusted EBITDA1 of
compared to$9.9 million in the prior year$7.6 million
“We are pleased to report a record fourth quarter and year,” said
Recent Business Highlights:
-
Active Customers totaled 23,991 at the end of the fourth quarter of 2022 compared to 19,834 at the end of the fourth quarter of 2021, an increase of
21% -
Active Devices totaled 1.14 million at the end of the fourth quarter of 2022 compared to 1.09 million at the end of the fourth quarter of 2021, an increase of
4% - Successfully launched a bundled subscription model, the Cantaloupe ONE Platform
- Shipped 43,000 of newly launched Engage interactive devices in fiscal year 2022
Management Changes:
-
Ravi Venkatesan appointed chief executive officer, effectiveOctober 1, 2022 . Venkatesan, who currently serves as Cantaloupe’s COO, will succeedSean Feeney , who will retire from Cantaloupe as ofSeptember 30, 2022 -
Gaurav Singal appointed chief technology officer, effectiveSeptember 12, 2022
Fiscal Year 2023 Outlook:
For full fiscal year 2023, the Company expects the following:
-
Revenue to be between
and$225 million $235 million -
U.S. GAAP Net income to be between and$1 million $5 million -
Adjusted EBITDA2 to be between
and$12 million $17 million -
Total Operating Cash Flow to be between
and$10 million $15 million
Webcast and Conference Call:
Cantaloupe will host a live webcast at
Please note that there is a new system to access the live call in order to ask questions. To join the live call, please register here. A dial in and unique PIN will be provided to join the conference call.
A replay of the conference call will also be available in the Investor Relations section of the Company’s website.
About
Discussion of Non-GAAP Financial Measures:
This press release contains discussion of Adjusted EBITDA, a non-GAAP financial measure which is not required or defined under
We use Adjusted EBITDA for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides useful information about our operating results, enhances the overall understanding of past financial performance and future prospects and allows for greater transparency with respect to metrics used by our management in its financial and operational decision making. The presentation of this financial measure is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including our net income or net loss or net cash used in operating activities. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with our net income or net loss as determined in accordance with GAAP, and are not a substitute for or a measure of our profitability or net earnings. Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance. Additionally, we utilize Adjusted EBITDA as a metric in our executive officer and management incentive compensation plans.
We define Adjusted EBITDA as
Unaudited Results:
As the audit of the 2022 Form 10-K is yet to be finalized, the Company’s results presented herein are unaudited and represent the most current information available to the Company’s management. The unaudited results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public accounting firm has not yet expressed an opinion or any other form of assurance with respect to these financial results. The Company’s actual results may differ from the results presented in this release due to the completion of the year-end financial closing procedures, review and audit and final adjustments and other developments that may arise between the date of this press release and the time that the Company files its fiscal year Form 10-K with the
Forward-looking Statements:
All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the incurrence by Cantaloupe of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on Cantaloupe’s operations, financial condition and the demand for Cantaloupe’s products and services; the ability of Cantaloupe to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of Cantaloupe to retain key customers from whom a significant portion of its revenues is derived; the ability of Cantaloupe to compete with its competitors to obtain market share; the ability of Cantaloupe to make available and successfully upgrade current customers to new standards and protocols; whether Cantaloupe's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by Cantaloupe; the ability of Cantaloupe to execute on mergers, acquisitions and/or strategic alliances, including the timing and closing of acquisitions and our ability to integrate and operate such acquisitions consistent with our forecasts; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; geopolitical conflicts, such as the ongoing conflict between
__________________________ |
1 Adjusted earnings before income taxes, depreciation, and amortization, stock-based compensation expense, and certain other significant infrequent or unusual losses and gains that are not indicative of our core operations (“Adjusted EBITDA”) is a non-GAAP financial measure which is not required by or defined under GAAP. We use this non-GAAP financial measure for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. See Reconciliations of Non-GAAP Measures for a reconciliation |
-F--CTLP
|
|||||||
Consolidated Balance Sheets |
|||||||
|
As of |
||||||
($ in thousands, except per share data) |
2022
|
|
|
2021 |
|
||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
68,125 |
|
|
$ |
88,136 |
|
Accounts receivable, net |
|
37,695 |
|
|
|
27,470 |
|
Finance receivables, net |
|
6,721 |
|
|
|
7,967 |
|
Inventory, net |
|
19,754 |
|
|
|
5,292 |
|
Prepaid expenses and other current assets |
|
4,285 |
|
|
|
2,414 |
|
Total current assets |
|
136,580 |
|
|
|
131,279 |
|
|
|
|
|
||||
Non-current assets: |
|
|
|
||||
Finance receivables due after one year, net |
|
14,727 |
|
|
|
11,632 |
|
Property and equipment, net |
|
12,784 |
|
|
|
5,570 |
|
Operating lease assets |
|
2,370 |
|
|
|
3,049 |
|
Intangibles, net |
|
17,947 |
|
|
|
19,992 |
|
|
|
66,656 |
|
|
|
63,945 |
|
Other assets |
|
4,568 |
|
|
|
2,205 |
|
Total non-current assets |
|
119,052 |
|
|
|
106,393 |
|
|
|
|
|
||||
Total assets |
$ |
255,632 |
|
|
$ |
237,672 |
|
|
|
|
|
||||
Liabilities, convertible preferred stock and shareholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
48,440 |
|
|
$ |
36,775 |
|
Accrued expenses |
|
28,154 |
|
|
|
26,460 |
|
Current obligations under long-term debt |
|
692 |
|
|
|
675 |
|
Deferred revenue |
|
1,893 |
|
|
|
1,763 |
|
Total current liabilities |
|
79,179 |
|
|
|
65,673 |
|
|
|
|
|
||||
Long-term liabilities: |
|
|
|
||||
Deferred income taxes |
|
186 |
|
|
|
179 |
|
Long-term debt, less current portion |
|
13,930 |
|
|
|
13,644 |
|
Operating lease liabilities, non-current |
|
2,366 |
|
|
|
3,645 |
|
Total long-term liabilities |
|
16,482 |
|
|
|
17,468 |
|
|
|
|
|
||||
Total liabilities |
$ |
95,661 |
|
|
$ |
83,141 |
|
Commitments and contingencies |
|
|
|
||||
Convertible preferred stock: |
|
|
|
||||
Series A convertible preferred stock, 900,000 shares authorized, 445,063 issued and outstanding, with liquidation preferences of |
|
3,138 |
|
|
|
3,138 |
|
Shareholders’ equity: |
|
|
|
||||
Preferred stock, no par value, 1,800,000 shares authorized |
|
— |
|
|
|
— |
|
Common stock, no par value, 640,000,000 shares authorized, 71,188,053 and 71,258,047 shares issued and outstanding at |
|
469,918 |
|
|
|
462,775 |
|
Accumulated deficit |
|
(313,085 |
) |
|
|
(311,382 |
) |
Total shareholders’ equity |
|
156,833 |
|
|
|
151,393 |
|
Total liabilities, convertible preferred stock and shareholders’ equity |
$ |
255,632 |
|
|
$ |
237,672 |
|
|
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
|
Three months ended |
Year ended |
|||||||||||||
|
|
|
|||||||||||||
($ in thousands, except per share data) |
2022
|
2021
|
2022
|
2021 |
|||||||||||
Revenues: |
|||||||||||||||
Subscription and transaction fees |
$ |
44,895 |
|
$ |
38,234 |
|
$ |
168,850 |
|
$ |
139,242 |
|
|||
Equipment sales |
|
13,136 |
|
|
10,784 |
|
|
36,352 |
|
|
27,697 |
|
|||
Total revenue |
|
58,031 |
|
|
49,018 |
|
|
205,202 |
|
|
166,939 |
|
|||
|
|
|
|
|
|||||||||||
Cost of sales: |
|
|
|
|
|||||||||||
Cost of subscription and transaction fees |
|
27,158 |
|
|
23,202 |
|
|
103,392 |
|
|
83,617 |
|
|||
Cost of equipment sales |
|
13,743 |
|
|
11,034 |
|
|
37,615 |
|
|
29,296 |
|
|||
Total cost of sales |
|
40,901 |
|
|
34,236 |
|
|
141,007 |
|
|
112,913 |
|
|||
|
|
|
|
|
|||||||||||
Gross profit |
|
17,130 |
|
|
14,782 |
|
|
64,195 |
|
|
54,026 |
|
|||
|
|
|
|
|
|||||||||||
Operating expenses: |
|
|
|
|
|||||||||||
Sales and marketing |
|
2,887 |
|
|
2,062 |
|
|
8,908 |
|
|
6,935 |
|
|||
Technology and product development |
|
5,174 |
|
|
4,513 |
|
|
21,877 |
15,935 |
|
|||||
General and administrative |
|
8,796 |
|
|
7,677 |
|
|
30,519 |
|
35,754 |
|
||||
Investigation, proxy solicitation and restatement expenses |
|
1,196 |
|
|
— |
|
|
1,196 |
|
|
— |
|
|||
Depreciation and amortization |
|
1,156 |
|
|
996 |
|
|
4,352 |
|
|
4,107 |
|
|||
Total operating expenses |
|
19,209 |
|
|
15,249 |
|
|
66,852 |
|
|
62,731 |
|
|||
|
|
|
|
|
|||||||||||
Operating loss |
|
(2,079 |
) |
|
(467 |
) |
|
(2,657 |
) |
|
(8,705 |
) |
|||
|
|
|
|
|
|||||||||||
Other income (expense): |
|
|
|
|
|||||||||||
Interest income |
|
521 |
|
|
181 |
|
|
1,884 |
|
|
1,159 |
|
|||
Interest expense |
|
(424 |
) |
|
(43 |
) |
|
(524 |
) |
|
(4,013 |
) |
|||
Other (loss) income |
|
(137 |
) |
|
3,224 |
|
|
(220 |
) |
|
3,224 |
|
|||
Total other income (expense), net |
|
(40 |
) |
|
3,362 |
|
|
1,140 |
|
|
370 |
|
|||
|
|
|
|
|
|||||||||||
(Loss) gain before income taxes |
|
(2,119 |
) |
|
2,895 |
|
|
(1,517 |
) |
|
(8,335 |
) |
|||
Provision (benefit) for income taxes |
|
40 |
|
|
(237 |
) |
|
(186 |
) |
|
(370 |
) |
|||
|
|
|
|
|
|||||||||||
Net (loss) income |
|
(2,079 |
) |
|
2,658 |
|
|
(1,703 |
) |
|
(8,705 |
) |
|||
Preferred dividends |
|
— |
|
|
— |
|
|
(668 |
) |
|
(668 |
) |
|||
Net (loss) income applicable to common shares |
$ |
(2,079 |
) |
$ |
2,658 |
|
$ |
(2,371 |
) |
$ |
9,373 |
) |
|||
Net (loss) income per common share |
|
|
|
|
|||||||||||
Basic and diluted |
$ |
(0.03 |
) |
$ |
0.04 |
|
$ |
(0.03 |
) |
$ |
(0.14 |
) |
|||
|
|||||||||||
Consolidated Statements of Cash Flows |
|||||||||||
|
Year ended |
||||||||||
($ in thousands) |
2022
|
|
|
2021 |
|
|
|
2020 |
|
||
|
|
|
|
|
|
||||||
Cash flows from operating activities: |
|
|
|
|
|
||||||
Net loss |
$ |
(1,703 |
) |
|
$ |
(8,705 |
) |
|
$ |
(40,595 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
||||||
Stock-based compensation |
|
6,248 |
|
|
|
9,075 |
|
|
|
3,029 |
|
Amortization of debt issuance costs and discounts |
|
148 |
|
|
|
2,735 |
|
|
|
1,283 |
|
Reimbursement of shareholder proxy solicitation costs |
|
— |
|
|
|
— |
|
|
|
4,500 |
|
Provision for expected losses |
|
3,471 |
|
|
|
1,236 |
|
|
|
2,958 |
|
Provision for inventory reserve |
|
(397 |
) |
|
|
693 |
|
|
|
681 |
|
Depreciation and amortization included in operating expenses |
|
4,352 |
|
|
|
4,107 |
|
|
|
4,307 |
|
Depreciation included in cost of sales for rental equipment |
|
973 |
|
|
|
1,405 |
|
|
|
2,710 |
|
Property and equipment write-off |
|
— |
|
|
|
1,658 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(3,065 |
) |
|
|
— |
|
Operating lease right-of-use asset impairment |
|
— |
|
|
|
1,578 |
|
|
|
— |
|
Other |
|
686 |
|
|
|
1,104 |
|
|
|
2,103 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
Accounts receivable |
|
(13,649 |
) |
|
|
(10,126 |
) |
|
|
1,818 |
|
Finance receivables |
|
(1,884 |
) |
|
|
(1,877 |
) |
|
|
547 |
|
Inventory |
|
(14,064 |
) |
|
|
3,142 |
|
|
|
1,463 |
|
Prepaid expenses and other assets |
|
(4,262 |
) |
|
|
(847 |
) |
|
|
(563 |
) |
Accounts payable and accrued expenses |
|
12,153 |
|
|
|
7,013 |
|
|
|
2,988 |
|
Operating lease liabilities |
|
(907 |
) |
|
|
(1,014 |
) |
|
|
(1,384 |
) |
Deferred revenue |
|
130 |
|
|
|
65 |
|
|
|
16 |
|
Net cash (used in) provided by operating activities |
|
(8,705 |
) |
|
|
8,177 |
|
|
|
(14,139 |
) |
|
|
|
|
|
|
||||||
Cash flows from investing activities: |
|
|
|
|
|
||||||
Purchase of property and equipment |
|
(9,260 |
) |
|
|
(1,838 |
) |
|
|
(2,538 |
) |
Cash paid for acquisition |
|
(2,966 |
) |
|
|
— |
|
— |
|
— |
|
Proceeds from sale of property and equipment |
|
— |
|
|
|
10 |
|
|
|
44 |
|
Net cash used in investing activities |
|
(12,226 |
) |
|
|
(1,828 |
) |
|
|
(2,494 |
) |
|
|
|
|
|
|
||||||
Cash flows from financing activities: |
|
|
|
|
|
||||||
Proceeds from long-term debt issuance by Antara, net of issuance costs paid to Antara |
|
— |
|
|
|
— |
|
|
|
14,248 |
|
Proceeds from equity issuance by Antara, net of issuance costs paid to Antara |
|
— |
|
|
|
— |
|
|
|
17,879 |
|
Proceeds from PPP Loan |
|
— |
|
|
|
— |
|
|
|
3,065 |
|
Payment of third-party debt issuance costs |
|
(107 |
) |
|
|
— |
|
|
|
(1,980 |
) |
Proceeds from long-term debt issuance by |
|
738 |
|
|
|
14,550 |
|
|
|
— |
|
Repayment of long-term debt |
|
(605 |
) |
|
|
(15,744 |
) |
|
|
(2,522 |
) |
Proceeds from (repayments of) Revolving Credit Facility |
|
— |
|
|
|
— |
|
|
|
(10,000 |
) |
Proceeds from private placement |
|
— |
|
|
|
55,008 |
|
|
|
— |
|
Payment of equity issuance costs |
|
— |
|
|
|
(2,618 |
) |
|
|
— |
|
Payment of Antara prepayment penalty and commitment termination fee |
|
— |
|
|
|
(1,200 |
) |
|
|
— |
|
Proceeds from exercise of common stock options |
|
894 |
|
|
|
78 |
|
|
|
192 |
|
Net cash provided by financing activities |
|
920 |
|
|
|
50,074 |
|
|
|
20,882 |
|
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents |
|
(20,011 |
) |
|
|
56,423 |
|
|
|
4,249 |
|
Cash and cash equivalents at beginning of year |
|
88,136 |
|
|
|
31,713 |
|
|
|
27,464 |
|
Cash and cash equivalents at end of year |
$ |
68,125 |
|
|
$ |
88,136 |
|
|
$ |
31,713 |
|
|
|
|
|
|
|
||||||
Supplemental disclosures of cash flow information: |
|
|
|
|
|
||||||
Interest paid in cash |
$ |
755 |
|
|
$ |
1,055 |
|
|
$ |
1,314 |
|
|
|||||||
Reconciliation of |
|||||||
(Unaudited) |
|||||||
|
Year ended |
||||||
($ in thousands) |
2022 |
2021 |
|||||
|
|
|
|||||
Net loss |
$ |
(1,703 |
) |
$ |
(8,705 |
) |
|
Less: interest income |
|
(1,884 |
) |
|
(1,159 |
) |
|
Plus: interest expense |
|
524 |
|
|
4,013 |
|
|
Plus: income tax provision |
|
186 |
|
|
370 |
|
|
Plus: depreciation expense included in cost of sales for rentals |
|
973 |
|
|
1,404 |
|
|
Plus: depreciation and amortization expense in operating expenses |
|
4,352 |
|
|
4,107 |
|
|
EBITDA |
|
2,448 |
|
|
30 |
|
|
Plus: stock-based compensation (a) |
|
6,248 |
|
|
9,075 |
|
|
Plus: investigation, proxy solicitation and restatement expenses (b) |
|
1,196 |
|
|
— |
|
|
Plus: asset impairment charge (c) |
|
— |
|
|
1,578 |
|
|
Less: gain on extinguishment of debt (d) |
|
— |
|
|
(3,065 |
) |
|
Adjusted EBITDA |
$ |
9,892 |
|
$ |
7,618 |
|
(a) |
As an adjustment to EBITDA, we have excluded stock-based compensation, as it does not reflect our cash-based operations. |
|
(b) |
As an adjustment to EBITDA, we have excluded the fees incurred in connection with the costs and expenses related to the 2019 Investigation, financial statement restatement activities, and proxy solicitation costs because we believe that they represent charges that are not related to our core operations. |
|
(c) |
As an adjustment to EBITDA, we have excluded the non-cash impairment charges related to long-lived operating lease right-of-use assets because we believe that these do not represent charges that are related to our core operations. |
|
(d) |
As an adjustment to EBITDA, we have excluded the one-time gain related to the forgiveness of our PPP loan. |
|
Three months ended |
||||||
($ in thousands) |
2022 |
2021 |
|||||
|
|
|
|||||
|
$ |
(2,079 |
) |
$ |
2,658 |
|
|
Less: interest income |
|
(521 |
) |
|
(181 |
) |
|
Plus: interest expense |
|
424 |
|
|
43 |
|
|
Plus: income tax provision |
|
(40 |
) |
|
237 |
|
|
Plus: depreciation expense included in cost of sales for rentals |
|
235 |
|
|
349 |
|
|
Plus: depreciation and amortization expense in operating expenses |
|
1,156 |
|
|
996 |
|
|
EBITDA |
|
(825 |
) |
|
4,102 |
|
|
Plus: stock-based compensation (a) |
|
1,623 |
|
|
2,709 |
|
|
Plus: investigation, proxy solicitation and restatement expenses (b) |
|
1,196 |
|
|
— |
|
|
Plus: asset impairment charge (c) |
|
— |
|
|
1,245 |
|
|
Less: gain on extinguishment of debt (d) |
|
— |
|
|
(3,065 |
) |
|
Adjusted EBITDA |
$ |
1,994 |
|
$ |
4,991 |
|
(a) |
As an adjustment to EBITDA, we have excluded stock-based compensation, as it does not reflect our cash-based operations. |
|
(b) |
As an adjustment to EBITDA, we have excluded the fees incurred in connection with the costs and expenses related to the 2019 Investigation, financial statement restatement activities, and proxy solicitation costs because we believe that they represent charges that are not related to our core operations. |
|
(c) |
As an adjustment to EBITDA, we have excluded the non-cash impairment charges related to long-lived operating lease right-of-use assets because we believe that these do not represent charges that are related to our core operations. |
|
(d) |
As an adjustment to EBITDA, we have excluded the one-time gain related to the forgiveness of our PPP loan. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220908005958/en/
Media and Investor Relations Contacts for
stoomey@rhstrategic.com
Investor Relations:
CantaloupeIR@icrinc.com
Source:
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