FreightCar America, Inc. Reports Fourth Quarter and Full Year 2021 Results
FreightCar America (NASDAQ: RAIL) reported a significant increase in fiscal year 2021 revenue, rising 87% to $203.1 million. The fourth quarter alone saw a 23.8% year-over-year revenue growth to $75.0 million, driven by 604 railcar deliveries. The company has raised its 2022 delivery outlook to between 2,600 and 2,900 railcars. Despite a consolidated operating loss of $22.8 million for 2021, improvements in gross margin and operating income were noted for the fifth and third consecutive quarters, respectively. FreightCar aims to double production capacity to 4,000-5,000 railcars by 2023.
- Fiscal year 2021 revenue increased by 87% to $203.1 million.
- Fourth quarter revenue rose to $75.0 million, up 23.8% year-over-year.
- Net income in Q4 2021 was $1.2 million, versus a net loss of $14.4 million in Q4 2020.
- Gross margin achieved positive results for the fifth consecutive quarter.
- Consolidated operating loss for 2021 was ($22.8) million.
- Year-end net loss attributable to FCA was ($41.4) million, an improvement from ($84.4) million in 2020 but still a loss.
Fiscal Year 2021 revenue up
Company expects continued strong progress in 2022 with sequential improvement in gross margin and is raising full year delivery guidance
CHICAGO, March 22, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (“FCA” or the “Company”) (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today reported results for the fourth quarter and full year ended December 31, 2021.
Business Highlights
- Fourth quarter 2021 revenue of
$75.0 million , up23.8% year-over-year, on deliveries of 604 railcars - Gross margin of
$6.6 million , positive for the fifth consecutive quarter - Manufacturing operating income of
$4.9 million , positive for the third consecutive quarter - Fourth quarter 2021 net income of
$1.2 million , or$0.06 per share - Fourth quarter 2021 Adjusted EBITDA of
$1.2 million - Quarter-end backlog totaled 2,323 railcars with an aggregate value of approximately
$240.2 million - 2022 delivery outlook raised from between 2,350 and 2,650 railcars to between 2,600 and 2,900 railcars, versus 1,731 deliveries in fiscal 2021
“2021 was a year of many accomplishments for FreightCar America, most notably building a strong foundation for the future with the successful transition of our manufacturing footprint to Castaños, Mexico,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “We have already begun to see the benefits of the transition, as evidenced by positive gross margin for the fifth consecutive quarter and manufacturing operating income for the third consecutive quarter, despite persistent supply chain challenges and inflationary pressures.”
Meyer concluded, “The Company is on track to double its annual railcar production capacity to between 4,000 to 5,000 railcars during 2023, which we expect to be well timed with an increase in the railcar demand cycle. FreightCar America is now extremely well positioned for growth, and we are anticipating solid performance, starting in the first quarter of 2022. We believe that our performance in 2022 will demonstrate the true potential for the business.”
Fourth Quarter Results
- Consolidated revenues were
$75.0 million in the fourth quarter of 2021, compared to$58.3 million in the third quarter of 2021 and$60.6 million in the fourth quarter of 2020. The Company delivered 604 railcars in the fourth quarter of 2021, compared to 505 railcars in the third quarter of 2021 and 477 railcars in the fourth quarter of 2020. - Consolidated operating income for the fourth quarter of 2021 was
$63 thousand , compared to operating loss of ($4.2) million in the third quarter of 2021 and operating loss of ($9.2) million in the fourth quarter of 2020. - Net income attributable to FCA in the fourth quarter of 2021 was
$1.2 million , or$0.06 per share, compared to net income of$0.7 million , or$0.03 per share, in the third quarter of 2021, and net loss of ($14.4) million , or ($0.87) per share, in the fourth quarter of 2020. - Adjusted EBITDA for the fourth quarter of 2021 was
$1.2 million , compared to Adjusted EBITDA loss of ($3.5) million for the third quarter of 2021 and$1.7 million for the fourth quarter of 2020. Adjusted EBITDA excludes the non-cash items summarized in the reconciliation table below.
Full Year 2021 Results
- Consolidated revenues were
$203.1 million for the fiscal year 2021, compared to$108.4 million for the fiscal year 2020. - The Company delivered 1,731 railcars in 2021, which included 1,354 new railcars and 377 rebuilt railcars. This compares to 751 railcars in 2020, which included 600 new railcars and 151 rebuilt railcars.
- Consolidated operating loss for 2021 was (
$22.8) million , which included$6.5 million relating to restructuring and impairment charges and$0.2 million relating to impairment on leased railcars. Consolidated operating loss for 2020 was ($80.6) million , which included$18.3 million relating to restructuring and impairment charges and$19.0 million relating to impairment on leased railcars. - Net loss attributable to FCA for 2021 was (
$41.4) million , or ($2.00) per share, compared to net loss of ($84.4) million , or ($6.29) per share, in 2020. - Inventories increased to
$56.0 million from$38.8 million as of December 31, 2020, due to higher levels of production and raw material costs. - Year-end total liquidity of
$41.2 million included cash, cash equivalents, restricted cash equivalents and restricted certificates of deposit (“total cash”) of$26.2 million and$15 million available under the Deferred Draw Loan that closed in December 2021.
Strategic Priorities for Fiscal Year 2022
As announced on the Company’s Strategic Update call on February 8, 2022, the priorities for the year include:
- Achieve positive Adjusted EBITDA for the full year, based on the current market outlook
- Complete construction of a 162,000 square foot fabrication shop and expansion of the wheel and axle shop by mid-year 2022 to achieve substantial additional operational efficiencies
- Complete construction of additional production lines, doubling annual capacity to between 4,000 and 5,000 railcars by early 2023
Fourth Quarter 2021 Conference Call & Webcast Information
The Company will host a conference call and live webcast on Tuesday, March 22, 2022 at 11:00 a.m. (Eastern Time) to discuss its fourth quarter and year end 2021 financial results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available on the Company’s website at:
Event URL: https://viavid.webcasts.com/starthere.jsp?ei=1526555&tp_key=25591acd64
Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties may also participate in the call by dialing (877) 407-0789 or (201) 689-8562 and entering the passcode 13726699. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.
An audio replay of the conference call will be available beginning at 2:00 p.m. (Eastern Time) on March 22, 2022, until 12:00 a.m. (Eastern Time) on Tuesday, April 5, 2022. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13726699. An audio replay of the call will be available on the Company’s website within two days following the earnings call.
About FreightCar America
FreightCar America, Inc. is a diversified manufacturer of railroad freight cars that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars, and also specializes in the conversion of railcars for repurposed use. FreightCar America is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.
Forward-Looking Statements
This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the potential financial and operational impacts of the COVID-19 pandemic; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and other competitive factors. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
| INVESTOR & MEDIA CONTACT | Lisa Fortuna or Stephen Poe |
| RAIL@alpha-ir.com | |
| TELEPHONE | 312-445-2870 |
FreightCar America, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| December 31, 2021 | December 31, 2020 | |||||||||
| Assets | (in thousands, except for share and per share data) | |||||||||
| Current assets | ||||||||||
| Cash, cash equivalents and restricted cash equivalents | $ | 26,240 | $ | 54,047 | ||||||
| Restricted certificates of deposit | - | 182 | ||||||||
| Accounts receivable, net of allowance for doubtful accounts of | 9,571 | 9,421 | ||||||||
| VAT receivable | 31,136 | 4,462 | ||||||||
| Inventories, net | 56,012 | 38,831 | ||||||||
| Assets held for sale | - | 10,383 | ||||||||
| Related party asset | 8,680 | - | ||||||||
| Prepaid expenses | 5,087 | 3,652 | ||||||||
| Total current assets | 136,726 | 120,978 | ||||||||
| Property, plant and equipment, net | 18,236 | 19,642 | ||||||||
| Railcars available for lease, net | 20,160 | 20,933 | ||||||||
| Right of use asset | 16,669 | 18,152 | ||||||||
| Other long-term assets | 8,873 | 3,037 | ||||||||
| Total assets | $ | 200,664 | $ | 182,742 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts and contractual payables | $ | 41,185 | $ | 17,840 | ||||||
| Related party accounts payable | 8,870 | 814 | ||||||||
| Accrued payroll and other employee costs | 2,912 | 2,505 | ||||||||
| Reserve for workers' compensation | 1,563 | 2,645 | ||||||||
| Accrued warranty | 2,533 | 5,216 | ||||||||
| Customer deposits | 3,300 | 4,351 | ||||||||
| Deferred income state and local incentives, current | 1,291 | 2,219 | ||||||||
| Lease liability, current | 1,955 | 11,635 | ||||||||
| Current portion of long-term debt | - | 17,605 | ||||||||
| Other current liabilities | 5,711 | 6,319 | ||||||||
| Total current liabilities | 69,320 | 71,149 | ||||||||
| Long-term debt, net of current portion | 79,484 | 37,668 | ||||||||
| Warrant liability | 32,514 | 12,730 | ||||||||
| Accrued pension costs | 35 | 7,046 | ||||||||
| Deferred income state and local incentives, long-term | 1,216 | 2,503 | ||||||||
| Lease liability, long-term | 16,617 | 18,549 | ||||||||
| Other long-term liabilities | 3,134 | 2,600 | ||||||||
| Total liabilities | 202,320 | 152,245 | ||||||||
| Stockholders’ (deficit) equity | ||||||||||
| Preferred stock, | - | - | ||||||||
| Common stock, | 190 | 159 | ||||||||
| Additional paid in capital | 83,742 | 82,064 | ||||||||
| Treasury stock, at cost, 0 and 327,577 shares at December 31, 2021 and December 31, 2020, respectively | - | (1,344 | ) | |||||||
| Accumulated other comprehensive loss | (5,522 | ) | (11,763 | ) | ||||||
| Accumulated deficit | (80,066 | ) | (38,619 | ) | ||||||
| Total stockholders' (deficit) equity | (1,656 | ) | 30,497 | |||||||
| Total liabilities and stockholders’ equity | $ | 200,664 | $ | 182,742 | ||||||
FreightCar America, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (In thousands, except for share and per share data) | ||||||||||||||||
| Revenues | $ | 75,019 | $ | 60,590 | $ | 203,050 | $ | 108,447 | ||||||||
| Cost of sales | 68,412 | 55,066 | 191,592 | 121,949 | ||||||||||||
| Gross profit (loss) | 6,607 | 5,524 | 11,458 | (13,502 | ) | |||||||||||
| Selling, general and administrative expenses | 6,386 | 8,710 | 27,532 | 29,815 | ||||||||||||
| Impairment on leased railcars | 158 | 18,951 | 158 | 18,951 | ||||||||||||
| Restructuring and impairment charges | - | (12,925 | ) | 6,530 | 18,325 | |||||||||||
| Operating income (loss) | 63 | (9,212 | ) | (22,762 | ) | (80,593 | ) | |||||||||
| Interest expense | (4,041 | ) | (1,554 | ) | (13,317 | ) | (2,225 | ) | ||||||||
| Gain (loss) on change in fair market value of warrant liability | 4,075 | (3,657 | ) | (14,894 | ) | (3,657 | ) | |||||||||
| Gain on extinguishment of debt | (7 | ) | - | 10,122 | - | |||||||||||
| Other income | 327 | 58 | 817 | 576 | ||||||||||||
| Income (loss) before income taxes | 417 | (14,365 | ) | (40,034 | ) | (85,899 | ) | |||||||||
| Income tax provision (benefit) | (748 | ) | 277 | 1,413 | 199 | |||||||||||
| Net income (loss) | 1,165 | (14,642 | ) | (41,447 | ) | (86,098 | ) | |||||||||
| Less: Net loss attributable to noncontrolling interest in JV | - | (259 | ) | - | (1,655 | ) | ||||||||||
| Net income (loss) attributable to FreightCar America | $ | 1,165 | $ | (14,383 | ) | $ | (41,447 | ) | $ | (84,443 | ) | |||||
| Net income (loss) per common share attributable to FreightCar America- basic | $ | 0.06 | $ | (0.87 | ) | $ | (2.00 | ) | $ | (6.29 | ) | |||||
| Net income (loss) per common share attributable to FreightCar America- diluted | $ | 0.06 | $ | (0.87 | ) | $ | (2.00 | ) | $ | (6.29 | ) | |||||
| Weighted average common shares outstanding – basic | 21,786,335 | 16,508,200 | 20,766,398 | 13,432,428 | ||||||||||||
| Weighted average common shares outstanding – diluted | 23,197,856 | 16,508,200 | 20,766,398 | 13,432,428 | ||||||||||||
FreightCar America, Inc.
Segment Data
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||
| Revenues: | ||||||||||||||||||
| Manufacturing | $ | 71,731 | $ | 58,048 | $ | 192,807 | $ | 98,706 | ||||||||||
| Corporate and Other | 3,288 | 2,542 | 10,243 | 9,741 | ||||||||||||||
| Consolidated revenues | $ | 75,019 | $ | 60,590 | $ | 203,050 | $ | 108,447 | ||||||||||
| Operating income (loss): | ||||||||||||||||||
| Manufacturing | $ | 4,861 | $ | (2,097 | ) | $ | (757 | ) | $ | (59,031 | ) | |||||||
| Corporate and Other | (4,798 | ) | (7,115 | ) | (22,005 | ) | (21,562 | ) | ||||||||||
| Consolidated operating income (loss) | $ | 63 | $ | (9,212 | ) | $ | (22,762 | ) | $ | (80,593 | ) | |||||||
FreightCar America, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities | (in thousands) | |||||||
| Net loss | $ | (41,447 | ) | $ | (86,098 | ) | ||
| Adjustments to reconcile net loss to net cash flows used in operating activities: | ||||||||
| Restructuring and impairment charges | 6,530 | 18,325 | ||||||
| Depreciation and amortization | 4,304 | 9,202 | ||||||
| Non-cash lease expense on right-of-use assets | 1,483 | 7,063 | ||||||
| Recognition of deferred income from state and local incentives | (2,215 | ) | (2,219 | ) | ||||
| Loss on change in fair market value for warrant liability | 14,894 | 3,657 | ||||||
| Impairment on leased railcars | 158 | 18,951 | ||||||
| Stock-based compensation recognized | 2,977 | 1,034 | ||||||
| Non-cash interest expense | 5,502 | 1,023 | ||||||
| Gain on extinguishment of debt | (10,122 | ) | - | |||||
| Other non-cash items, net | 529 | 4,192 | ||||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||||
| Accounts receivable | (150 | ) | (2,430 | ) | ||||
| VAT receivable | (24,675 | ) | (4,462 | ) | ||||
| Inventories | (12,369 | ) | (17,942 | ) | ||||
| Other assets | (674 | ) | 1,763 | |||||
| Related party asset, net | (624 | ) | 813 | |||||
| Accounts and contractual payables | 7,878 | 3,162 | ||||||
| Accrued payroll and employee benefits | 487 | (2,027 | ) | |||||
| Income taxes payable | 349 | 1,127 | ||||||
| Accrued warranty | (2,683 | ) | (3,172 | ) | ||||
| Lease liability | (2,106 | ) | (11,553 | ) | ||||
| Customer deposits | (1,051 | ) | (772 | ) | ||||
| Other liabilities | (1,571 | ) | 1,812 | |||||
| Accrued pension costs and accrued postretirement benefits | (801 | ) | (354 | ) | ||||
| Net cash flows used in operating activities | (55,397 | ) | (58,905 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchase of restricted certificates of deposit | - | (4,219 | ) | |||||
| Maturity of restricted certificates of deposit | 182 | 7,806 | ||||||
| Purchase of property, plant and equipment | (2,290 | ) | (9,849 | ) | ||||
| Proceeds from sale of property, plant and equipment and railcars available for lease | 433 | 170 | ||||||
| Net cash flows used in investing activities | (1,675 | ) | (6,092 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of long-term debt | 16,000 | 50,000 | ||||||
| Deferred financing costs | (1,688 | ) | (3,811 | ) | ||||
| Borrowings on revolving line of credit | 48,400 | 6,874 | ||||||
| Repayments on revolving line of credit | (33,378 | ) | (95 | ) | ||||
| Cash paid to acquire JV non-controlling interest | - | (172 | ) | |||||
| Employee stock settlement | (12 | ) | (9 | ) | ||||
| Payment for stock appreciation rights exercised | (57 | ) | - | |||||
| Net cash flows provided by financing activities | 29,265 | 52,787 | ||||||
| Net decrease in cash and cash equivalents | (27,807 | ) | (12,210 | ) | ||||
| Cash, cash equivalents and restricted cash equivalents at beginning of year | 54,047 | 66,257 | ||||||
| Cash, cash equivalents and restricted cash equivalents at end of year | $ | 26,240 | $ | 54,047 | ||||
| Supplemental cash flow information | ||||||||
| Interest paid | $ | 6,537 | $ | 421 | ||||
| Income tax refunds received, net of payments | $ | 5 | $ | 938 | ||||
| Stock issued for acquisition | $ | - | $ | 3,237 | ||||
| Non-cash transactions | ||||||||
| Change in unpaid construction in process | $ | 122 | $ | (489 | ) | |||
| Accrued PIK interest paid through issuance of PIK Note | $ | 1,278 | $ | - | ||||
| Issuance of warrants | $ | 4,891 | $ | 9,073 | ||||
FreightCar America, Inc.
Reconciliation of income before taxes to EBITDA(1) and Adjusted EBITDA(2)
(Unaudited)
| Three Months Ended December 31, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2021 | 2020 | |||||||||||||
| Income (loss) before income taxes | $ | 417 | $ | (14,365 | ) | $ | 2,256 | $ | (40,034 | ) | $ | (85,899 | ) | ||||
| Depreciation & Amortization | 1,000 | 1,248 | 1,108 | 4,304 | 9,202 | ||||||||||||
| Interest Expense, net | 4,041 | 1,554 | 3,562 | 13,317 | 2,225 | ||||||||||||
| EBITDA | 5,458 | (11,563 | ) | 6,926 | (22,413 | ) | (74,472 | ) | |||||||||
| Change in Fair Value of Warrant (a) | (4,075 | ) | 3,657 | 293 | 14,894 | 3,657 | |||||||||||
| Restructuring and impairment (b) charges (b) | - | (12,925 | ) | - | - | 6,530 | 18,325 | ||||||||||
| Impairment of leased railcars (c) | 158 | 18,951 | - | 158 | 18,951 | ||||||||||||
| Loss/(Gain) on extinguishment of debt (d) | 7 | - | (10,129 | ) | (10,122 | ) | - | ||||||||||
| Alabama Grant Amortization (e) | (551 | ) | (555 | ) | (555 | ) | (2,216 | ) | (2,219 | ) | |||||||
| Transaction Costs (f) | - | 322 | 196 | 491 | 465 | ||||||||||||
| Consulting Costs (g) | 129 | - | - | 129 | - | ||||||||||||
| Retention & Success Bonuses (h) | - | 2,211 | - | - | 3,130 | ||||||||||||
| Legal Reserve (i) | 256 | - | - | 756 | - | ||||||||||||
| Plant Transition Costs (j) | - | 1,252 | - | 2,386 | 2,239 | ||||||||||||
| Stock Based Compensation | 148 | 455 | (133 | ) | 2,977 | 1,034 | |||||||||||
| Other, net | (327 | ) | (58 | ) | (145 | ) | (817 | ) | (576 | ) | |||||||
| Adjusted EBITDA | $ | 1,203 | $ | 1,747 | $ | (3,547 | ) | $ | (7,247 | ) | $ | (29,466 | ) | ||||
(1) EBITDA represents earnings before interest, taxes, depreciation and amortization. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall performance of the company’s business. EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of EBITDA is not necessarily comparable to that of other similar titled measures reported by other companies.
(2) Adjusted EBITDA represents EBITDA before the following charges:
a) This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
b) The Company incurred certain restructuring costs related to severance and other costs related to its shut-down of the Shoals and Roanoke facilities.
c) During the fourth quarters of 2020 and 2021, the Company recorded a non-cash impairment charge on its leased railcar fleet.
d) The Company recorded a non-cash gain on extinguishment of debt in 2021.
e) The Company amortizes deferred grant income to cost of goods sold that represents a non-cash reduction to its gross margin (loss).
f) The Company incurred certain costs during 2021 for nonrecurring professional services associated with its financing arrangements.
g) The Company incurred certain non-recurring consulting costs during the fourth quarter of 2021.
h) During 2020, the Company incurred costs related to retention and success bonus programs for certain employees during its restructuring.
i) During the first and fourth quarters of 2021, the Company recognized charges related to a legal dispute.
j) During 2020, the Company implemented a program to shift production originally planned for its U.S. plants to its Castaños facility. This adjustment represents non-recurring costs associated with moving inventory and equipment to its Castaños facility.
We believe that Adjusted EBITDA is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.
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