Fourth Quarter Fiscal Year 2020 Summary vs. Fourth Quarter of Fiscal Year 2019 (where applicable)
● | Revenue declined to | |
● | Gross margin was 44.8% compared to 46.3%. | |
● | Net loss available to common shareholders was | |
● | Adjusted EBITDA1 increased to | |
● | Amounts outstanding under debt agreements was |
Fiscal Year 2020 Financial Summary
● | Revenue increased 8% to | |
● | Gross margin improved 80 basis points to 45.1% compared to 44.3%. | |
● | Net loss available to common shareholders was | |
● | Adjusted EBITDA improved 12% to | |
● | Net debt was reduced by |
Management Commentary
“Our fourth quarter and fiscal year 2020 results demonstrate the continued resiliency and strength of our business model,” said
“We ended the fiscal year with a significantly strengthened balance sheet. During the fourth quarter, we reduced net debt by
“As we enter fiscal year 2021, we are committed first and foremost to employee health and safety and to further accelerating our momentum and capitalizing on the benefits of our diversified business. We expect concrete waste management and residential construction to remain areas of strength, and we will continue monitoring recovery trends in certain areas of our business experiencing COVID-19 impacts. With our solid financial foundation, we believe that we are well-positioned to pursue opportunities that would increase our penetration in existing markets and allow us to expand into new ones. We are grateful for the hard work of our team and the support of our shareholders as we aim to deliver on our long-term growth strategy.”
Fourth Quarter Fiscal Year 2020 Financial Results
Revenue in the fourth quarter of fiscal year 2020 was
Gross profit in the fourth quarter of fiscal year 2020 was
General and administrative expenses in the fourth quarter of fiscal year 2020 were
Net loss attributable to common shareholders in the fourth quarter of fiscal year 2020 was
Adjusted EBITDA in the fourth quarter of fiscal year 2020 increased to
Fiscal Year 2020 Financial Results
Revenue in fiscal year 2020 improved 8% to
Gross profit in fiscal year 2020 improved 10% to
General and administrative expenses in fiscal year 2020 were
Net loss available to common shareholders in fiscal year 2020 was
Adjusted EBITDA in fiscal year 2020 increased 12% to
Liquidity
On
Segment Results
Revenue in fiscal year 2020 increased 13% to
Revenue in fiscal year 2020 was
Revenue in fiscal year 2020 increased 18% to
Fiscal Year 2021 Outlook
CPH will continue to closely monitor the pace of recovery across its markets but believes it is currently well-positioned to navigate the current COVID-19 environment. As such, the Company is reinstating its full-year outlook and expects fiscal year 2021 revenue to range between
________________
1 Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in
2 Net debt is a non-GAAP financial measure. See Non-GAAP Financial Measures below for a discussion of the definition of net debt and a reconciliation to its most comparable GAAP measure.
3 Free cash flow is defined as Adjusted EBITDA less net 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: 13714431
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 here 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: 13714431
About
Presentation of Predecessor and Successor Financial Results
As a result of the business combination between our predecessor,
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 2021 outlook. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the 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 impacts of the COVID-19 pandemic and related economic conditions on the Company; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably and retain its key employees, and realize the expected benefits from the acquisition of Capital Pumping; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the
Non-GAAP Financial Measures
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. Adjusted EBITDA is not pro forma for acquisitions. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
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 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 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
As the underlying business and financial results of the Successor and Predecessor entities are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination, management has combined the fiscal year 2019 results of the Predecessor and Successor periods for comparability in certain tables below. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, the tables below present the non-GAAP combined results for the fiscal year 2019.
Contact:
Company: Chief Financial Officer 1-303-289-7497 | Investor Relations: Gateway Investor Relations 1-949-574-3860 BBCP@gatewayir.com |
Consolidated Balance Sheets |
Successor | Successor | ||||||
(in thousands, except per share amounts) | 2020 | 2019 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 6,736 | $ | 7,473 | |||
Trade receivables, net | 44,343 | 45,957 | |||||
Inventory | 4,630 | 5,254 | |||||
Income taxes receivable | 1,602 | 697 | |||||
Prepaid expenses and other current assets | 2,694 | 3,378 | |||||
Total current assets | 60,005 | 62,759 | |||||
Property, plant and equipment, net | 304,254 | 307,415 | |||||
Intangible assets, net | 183,839 | 222,293 | |||||
223,154 | 276,088 | ||||||
Other non-current assets | 1,753 | 1,813 | |||||
Deferred financing costs | 753 | 997 | |||||
Total assets | $ | 773,758 | $ | 871,365 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Revolving loan | $ | 1,741 | $ | 23,555 | |||
Term loans, current portion | 20,888 | 20,888 | |||||
Current portion of capital lease obligations | 97 | 91 | |||||
Accounts payable | 6,587 | 7,408 | |||||
Accrued payroll and payroll expenses | 13,065 | 9,177 | |||||
Accrued expenses and other current liabilities | 18,879 | 28,106 | |||||
Income taxes payable | 1,055 | 1,153 | |||||
Deferred consideration | - | 1,708 | |||||
Total current liabilities | 62,312 | 92,086 | |||||
Long term debt, net of discount for deferred financing costs | 343,906 | 360,938 | |||||
Capital lease obligations, less current portion | 380 | 477 | |||||
Deferred income taxes | 68,019 | 69,049 | |||||
Total liabilities | 474,617 | 522,550 | |||||
Zero-dividend convertible perpetual preferred stock, | 25,000 | 25,000 | |||||
Stockholders' equity | |||||||
Common stock, | 6 | 6 | |||||
Additional paid-in capital | 361,943 | 350,489 | |||||
(131 | ) | - | |||||
Accumulated other comprehensive loss | (606 | ) | (599 | ) | |||
Accumulated deficit | (87,071 | ) | (26,081 | ) | |||
Total stockholders' equity | 274,141 | 323,815 | |||||
Total liabilities and stockholders' equity | $ | 773,758 | $ | 871,365 | |||
Consolidated Statements of Operations |
S/P Combined | |||||||||||||||||||||||
Successor | Predecessor | (non-GAAP) | |||||||||||||||||||||
(in thousands, except share and per share amounts) | Three Months Ended | Three months Ended | Year Ended | through 2019 | through 2018 | Year Ended | |||||||||||||||||
Revenue | $ | 79,190 | $ | 83,952 | $ | 304,301 | $ | 258,565 | $ | 24,396 | $ | 282,961 | |||||||||||
Cost of operations | 43,703 | 45,116 | 166,998 | 143,512 | 14,027 | 157,539 | |||||||||||||||||
Gross profit | 35,487 | 38,836 | 137,303 | 115,053 | 10,369 | 125,422 | |||||||||||||||||
Gross margin | 44.8 | % | 46.3 | % | 45.1 | % | 44.5 | % | 42.5 | % | 44.3 | % | |||||||||||
General and administrative expenses | 31,145 | 28,221 | 111,087 | 91,914 | 4,936 | 96,850 | |||||||||||||||||
- | 63 | 57,944 | 1,521 | 14,167 | 15,688 | ||||||||||||||||||
Transaction costs | - | - | |||||||||||||||||||||
Income (loss) from operations | 4,342 | 10,552 | (31,728 | ) | 21,618 | (8,734 | ) | 12,884 | |||||||||||||||
Interest expense, net | (7,777 | ) | (10,127 | ) | (34,408 | ) | (34,880 | ) | (1,644 | ) | (36,524 | ) | |||||||||||
Loss on extinguishment of debt | - | - | - | - | (16,395 | ) | (16,395 | ) | |||||||||||||||
Other income, net | 31 | (12 | ) | 169 | 47 | 6 | 53 | ||||||||||||||||
Income (loss) before income taxes | (3,404 | ) | 413 | (65,967 | ) | (13,215 | ) | (26,767 | ) | (39,982 | ) | ||||||||||||
Income tax expense (benefit) | (1,147 | ) | (188 | ) | (4,977 | ) | (3,303 | ) | (4,192 | ) | (7,495 | ) | |||||||||||
Net Income (loss) | (2,257 | ) | 601 | (60,990 | ) | (9,912 | ) | (22,575 | ) | (32,487 | ) | ||||||||||||
Less preferred shares dividends | (498 | ) | (464 | ) | (1,930 | ) | (1,623 | ) | (126 | ) | (1,749 | ) | |||||||||||
Less undistributed earnings allocated to preferred shares | - | - | - | - | - | - | |||||||||||||||||
Income (loss) available to common shareholders | $ | (2,755 | ) | $ | 137 | $ | (62,920 | ) | (11,535 | ) | $ | (22,701 | ) | $ | (34,236 | ) | |||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | 52,782,663 | 52,497,761 | 52,752,884 | 41,445,508 | 7,576,289 | ||||||||||||||||||
Diluted | 52,782,663 | 55,629,929 | 52,752,884 | 41,445,508 | 7,576,289 | ||||||||||||||||||
Net (loss) income per common share | |||||||||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.00 | $ | (1.19 | ) | $ | (0.28 | ) | $ | (3.00 | ) | |||||||||
Diluted | $ | (0.05 | ) | $ | 0.00 | $ | (1.19 | ) | $ | (0.28 | ) | $ | (3.00 | ) | |||||||||
Consolidated Statements of Cash Flows |
Successor | Predecessor | ||||||||||
(in thousands, except per share amounts) | Year Ended | 2018 through 2019 | 2018 through | ||||||||
Net income (loss) | $ | (60,990 | ) | $ | (9,912 | ) | $ | (22,575 | ) | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
57,944 | - | ||||||||||
Depreciation | 28,264 | 20,279 | 2,060 | ||||||||
Deferred income taxes | (1,029 | ) | (2,446 | ) | (4,355 | ) | |||||
Amortization of deferred financing costs | 4,100 | 3,664 | 152 | ||||||||
Write off deferred debt issuance costs | - | - | 3,390 | ||||||||
Amortization of debt premium | - | - | (11 | ) | |||||||
Amortization of intangible assets | 33,392 | 32,366 | 653 | ||||||||
Stock-based compensation expense | 11,454 | 3,619 | 27 | ||||||||
Prepayment penalty on early extinguishment of debt | - | - | 13,004 | ||||||||
(Gain)/loss on the sale of property, plant and equipment | (1,508 | ) | (611 | ) | (166 | ) | |||||
Payment of contingent consideration in excess of amounts established in purchase accounting | (526 | ) | 207 | - | |||||||
Net changes in operating assets and liabilities (net of acquisitions): | |||||||||||
Trade receivables, net | 1,597 | (5,861 | ) | 485 | |||||||
Inventory | 624 | (466 | ) | (294 | ) | ||||||
Prepaid expenses and other current assets | 1,651 | (1,001 | ) | (1,283 | ) | ||||||
Income taxes payable, net | (998 | ) | (1,428 | ) | 203 | ||||||
Accounts payable | (796 | ) | (7,303 | ) | (654 | ) | |||||
Accrued payroll, accrued expenses and other current liabilities | 5,791 | (8,330 | ) | 17,280 | |||||||
Net cash (used in) provided by operating activities | 78,970 | 22,777 | 7,916 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (39,339 | ) | (35,736 | ) | (503 | ) | |||||
Proceeds from sale of property, plant and equipment | 3,486 | 3,073 | 364 | ||||||||
Cash withdrawn from Industrea Trust Account | - | 238,474 | - | ||||||||
Acquisition of net assets, net of cash acquired - CPH acquisition | - | (449,436 | ) | - | |||||||
Acquisition of net assets, net of cash acquired - Capital acquisition | (129,218 | ) | |||||||||
Acquisition of net assets, net of cash acquired - Other business combinations | - | (2,257 | ) | - | |||||||
Net cash (used in) investing activities | (35,853 | ) | (375,100 | ) | (139 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds on long term debt | - | 417,000 | - | ||||||||
Payments on long term debt | (20,888 | ) | (14,906 | ) | - | ||||||
Proceeds on revolving loan | 285,861 | 222,213 | 4,693 | ||||||||
Payments on revolving loan | (307,518 | ) | (198,863 | ) | (20,056 | ) | |||||
Redemption of common shares | - | (231,415 | ) | - | |||||||
Payment of debt issuance costs | - | (24,929 | ) | - | |||||||
Payments on capital lease obligations | (91 | ) | (78 | ) | (7 | ) | |||||
Issuance of common stock related to stock plans | - | - | - | ||||||||
Purchase of treasury stock | (131 | ) | - | - | |||||||
Issuance of preferred shares | - | 25,000 | - | ||||||||
Payment of underwriting fees | - | (8,050 | ) | - | |||||||
Issuance of common shares - | - | 96,900 | - | ||||||||
Issuance of common shares - | 77,387 | ||||||||||
Payment of contingent consideration established in purchase accounting | (1,161 | ) | - | - | |||||||
Proceeds on exercise of rollover incentive options | - | 1,370 | - | ||||||||
Net cash provided by (used in) financing activities | (43,928 | ) | 361,629 | (15,370 | ) | ||||||
Effect of foreign currency exchange rate on cash | 74 | (1,837 | ) | (70 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (737 | ) | 7,469 | (7,663 | ) | ||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 7,473 | 4 | 8,621 | ||||||||
End of period | $ | 6,736 | $ | 7,473 | $ | 958 |
Segment Revenue |
Successor | Change | ||||||||||||
(in thousands) | Three Months Ended | Three Months Ended | $ | % | |||||||||
Revenue | |||||||||||||
$ | 58,529 | $ | 62,062 | $ | (3,533 | ) | -5.7 | % | |||||
10,852 | 13,025 | (2,173 | ) | -16.7 | % | ||||||||
9,912 | 8,973 | 939 | 10.5 | % | |||||||||
Corporate | 625 | 624 | 1 | 0.2 | % | ||||||||
Intersegment | (728 | ) | (732 | ) | 4 | -0.5 | % | ||||||
$ | 79,190 | $ | 83,952 | $ | (4,762 | ) | -5.7 | % |
S/P Combined | ||||||||||||||||||
Successor | Predecessor | (non-GAAP) | Change | |||||||||||||||
(in thousands) | Year Ended | Year Ended | $ | % | ||||||||||||||
Revenue | ||||||||||||||||||
$ | 229,740 | $ | 187,031 | $ | 16,659 | $ | 203,690 | $ | 26,050 | 12.8 | % | |||||||
39,145 | 44,021 | 5,143 | 49,164 | (10,019 | ) | -20.4 | % | |||||||||||
35,890 | 27,779 | 2,628 | 30,407 | 5,483 | 18.0 | % | ||||||||||||
Corporate | 2,500 | 2,258 | 242 | 2,500 | - | 0.0 | % | |||||||||||
Intersegment | (2,974 | ) | (2,524 | ) | (276 | ) | (2,800 | ) | (174 | ) | 6.2 | % | ||||||
$ | 304,301 | $ | 258,565 | $ | 24,396 | $ | 282,961 | $ | 21,340 | 7.5 | % | |||||||
Segment Adjusted EBITDA |
Net Income | Adjusted EBITDA | ||||||||||||||||
(in thousands) | Three Months Ended | S/P Combined Year Ended | Three Months Ended | Three months ended | $ Change | % Change | |||||||||||
$ | (4,213 | ) | $ | 501 | $ | 20,550 | $ | 19,362 | $ | 1,188 | 6.1 | % | |||||
247 | 893 | 3,704 | 4,328 | (624 | ) | -14.4 | % | ||||||||||
1,500 | (1,455 | ) | 5,035 | 4,869 | 166 | 3.4 | % | ||||||||||
Corporate | 210 | 662 | 625 | 992 | (367 | ) | -37.0 | % | |||||||||
$ | (2,256 | ) | $ | 601 | $ | 29,914 | $ | 29,551 | $ | 363 | 1.2 | % |
Net Income | Adjusted EBITDA | ||||||||||||||||
(in thousands) | Year Ended | S/P Combined Year Ended | Year Ended | S/P Combined Year Ended | $ Change | % Change | |||||||||||
$ | (50,140 | ) | $ | (36,283 | ) | $ | 74,886 | $ | 62,821 | $ | 12,065 | 19.2 | % | ||||
(16,620 | ) | 1,281 | 12,228 | 15,694 | (3,466 | ) | -22.1 | % | |||||||||
4,404 | 489 | 17,686 | 14,177 | 3,509 | 24.8 | % | |||||||||||
Corporate | 1,366 | 2,026 | 2,501 | 2,802 | (301 | ) | -10.7 | % | |||||||||
$ | (60,990 | ) | $ | (32,487 | ) | $ | 107,301 | $ | 95,494 | $ | 11,807 | 12.4 | % | ||||
Quarterly Financial Performance |
(dollars in millions) | Revenue | Net Income (loss) | Adjusted EBITDA1 | Capital Expenditures | Adjusted EBITDA less Capital Expenditures | ||||||||||
Q1 2017 | $ | 46 | $ | (6 | ) | $ | 14 | $ | 4 | $ | 9 | ||||
Q2 2017 | $ | 51 | $ | 3 | $ | 16 | $ | 3 | $ | 13 | |||||
Q3 2017 | $ | 55 | $ | 4 | $ | 18 | $ | 1 | $ | 18 | |||||
Q4 2017 | $ | 60 | $ | 1 | $ | 20 | $ | 14 | $ | 6 | |||||
Q1 2018 | $ | 53 | $ | 18 | $ | 16 | $ | 7 | $ | 9 | |||||
Q2 2018 | $ | 56 | $ | 5 | $ | 18 | $ | 1 | $ | 17 | |||||
Q3 2018 | $ | 66 | $ | 5 | $ | 22 | $ | 11 | $ | 11 | |||||
Q4 2018 | $ | 68 | $ | 1 | $ | 22 | $ | 9 | $ | 13 | |||||
Q1 2019 | $ | 58 | $ | (26 | ) | $ | 17 | $ | 11 | $ | 6 | ||||
Q2 2019 | $ | 62 | $ | (10 | ) | $ | 18 | $ | 13 | $ | 5 | ||||
Q3 2019 | $ | 79 | $ | 3 | $ | 31 | $ | 4 | $ | 27 | |||||
Q4 2019 | $ | 84 | $ | 1 | $ | 30 | $ | 5 | $ | 25 | |||||
Q1 2020 | $ | 74 | $ | (3 | ) | $ | 24 | $ | 20 | $ | 4 | ||||
Q2 2020 | $ | 74 | $ | (59 | ) | $ | 24 | $ | 4 | $ | 20 | ||||
Q3 2020 | $ | 77 | $ | 3 | $ | 30 | $ | 6 | $ | 24 | |||||
Q4 2020 | $ | 79 | $ | (2 | ) | $ | 30 | $ | 6 | $ | 24 |
¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA |
Predecessor | |||||||||||||||||||||||||||
(dollars in thousands) | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | |||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||
Net income (loss) | $ | (6,296 | ) | $ | 2,556 | $ | 3,923 | $ | 730 | $ | 17,558 | $ | 4,610 | $ | 4,825 | $ | 1,389 | $ | (22,575 | ) | |||||||
Interest expense, net | 6,386 | 6,095 | 5,456 | 4,811 | 5,087 | 5,126 | 5,477 | 5,735 | 1,644 | ||||||||||||||||||
Income tax expense (benefit) | 646 | 592 | 1,822 | 697 | (13,544 | ) | 1,211 | 1,701 | 848 | (4,192 | ) | ||||||||||||||||
Depreciation and amortization | 6,229 | 5,919 | 6,390 | 8,616 | 6,110 | 6,293 | 6,150 | 7,070 | 2,713 | ||||||||||||||||||
EBITDA | 6,965 | 15,162 | 17,591 | 14,854 | 15,211 | 17,240 | 18,153 | 15,042 | (22,410 | ) | |||||||||||||||||
Transaction expenses | 5,304 | - | (465 | ) | (349 | ) | 8 | 1,117 | 1,395 | 5,070 | 14,167 | ||||||||||||||||
Loss on debt extinguishment | - | 213 | 279 | 4,669 | - | - | - | - | 16,395 | ||||||||||||||||||
Stock based compensation | - | - | - | - | 93 | 94 | 94 | - | - | ||||||||||||||||||
Other expense (income) | (39 | ) | (32 | ) | (19 | ) | (84 | ) | (12 | ) | (8 | ) | (14 | ) | (21 | ) | (6 | ) | |||||||||
- | - | - | - | - | - | - | - | - | |||||||||||||||||||
Other adjustments | 1,172 | 1,108 | 1,051 | 985 | 1,324 | (471 | ) | 2,674 | 2,161 | 1,442 | |||||||||||||||||
Adjusted EBITDA | $ | 13,402 | $ | 16,451 | $ | 18,437 | $ | 20,075 | $ | 16,624 | $ | 17,972 | $ | 22,302 | $ | 22,252 | $ | 9,588 |
Successor | S&P Combined (non-GAAP) | Successor | Predecessor | S&P Combined (non-GAAP) | Successor | ||||||||||||||||||||||||||||
(dollars in thousands) | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | YTD 2018 | YTD 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (9,912 | ) | $ | (26,205 | ) | $ | (9,645 | ) | $ | 2,762 | $ | 601 | $ | 28,382 | $ | (32,487 | ) | $ | (2,746 | ) | $ | (58,968 | ) | $ | 2,981 | $ | (2,257 | ) | ||||
Interest expense, net | 34,880 | 7,236 | 9,318 | 9,843 | 10,127 | 21,425 | 36,524 | 9,503 | 8,765 | 8,364 | 7,777 | ||||||||||||||||||||||
Income tax expense (benefit) | (3,303 | ) | (6,957 | ) | 1,572 | (1,922 | ) | (188 | ) | (9,784 | ) | (7,495 | ) | (1,147 | ) | (2,221 | ) | (462 | ) | (1,147 | ) | ||||||||||||
Depreciation and amortization | 52,652 | 11,087 | 12,132 | 16,477 | 15,669 | 25,623 | 55,365 | 15,085 | 15,076 | 14,665 | 16,827 | ||||||||||||||||||||||
EBITDA | 74,317 | (14,839 | ) | 13,377 | 27,160 | 26,209 | 65,646 | 51,907 | 20,695 | (37,348 | ) | 25,548 | 21,200 | ||||||||||||||||||||
Transaction expenses | 1,521 | 14,167 | 1,282 | 176 | 63 | 7,590 | 15,688 | - | - | - | - | ||||||||||||||||||||||
Loss on debt extinguishment | - | 16,395 | - | - | - | - | 16,395 | - | - | - | - | ||||||||||||||||||||||
Stock based compensation | 3,619 | - | 361 | 1,625 | 1,633 | 281 | 3,619 | 1,467 | 1,383 | 1,357 | 7,247 | ||||||||||||||||||||||
Other expense (income) | (47 | ) | (17 | ) | (20 | ) | (28 | ) | 12 | (55 | ) | (53 | ) | (69 | ) | (33 | ) | (36 | ) | (31 | ) | ||||||||||||
- | - | - | - | - | - | - | - | 57,944 | - | - | |||||||||||||||||||||||
Other adjustments | 6,496 | 1,442 | 3,234 | 1,627 | 1,635 | 5,688 | 7,938 | 1,741 | 1,569 | 3,169 | 1,498 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 85,906 | $ | 17,148 | $ | 18,234 | $ | 30,560 | $ | 29,552 | $ | 79,150 | $ | 95,494 | $ | 23,834 | $ | 23,515 | $ | 30,038 | $ | 29,914 | |||||||||||
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA |
S/P Combined | |||||||||||||||||||
Successor | Predecessor | (non-GAAP) | |||||||||||||||||
(dollars in thousands) | Three Months Ended | Three months ended | Year Ended | Year ended | |||||||||||||||
Consolidated | |||||||||||||||||||
Net income (loss) | $ | (2,257 | ) | $ | 601 | $ | (60,990 | ) | $ | (9,912 | ) | $ | (22,575 | ) | $ | (32,487 | ) | ||
Interest expense, net | 7,777 | 10,127 | 34,408 | 34,880 | 1,644 | 36,524 | |||||||||||||
Income tax expense (benefit) | (1,147 | ) | (188 | ) | (4,977 | ) | (3,303 | ) | (4,192 | ) | (7,495 | ) | |||||||
Depreciation and amortization | 16,827 | 15,668 | 61,655 | 52,652 | 2,713 | 55,365 | |||||||||||||
EBITDA | 21,200 | 26,208 | 30,096 | 74,317 | (22,410 | ) | 51,907 | ||||||||||||
Transaction expenses | - | 63 | - | 1,521 | 14,167 | 15,688 | |||||||||||||
Loss on debt extinguishment | - | - | - | - | 16,395 | 16,395 | |||||||||||||
Stock based compensation | 7,247 | 1,633 | 11,455 | 3,619 | - | 3,619 | |||||||||||||
Other expense (income) | (31 | ) | 12 | (169 | ) | (47 | ) | (6 | ) | (53 | ) | ||||||||
- | - | 57,944 | - | - | - | ||||||||||||||
Other adjustments | 1,498 | 1,635 | 7,975 | 6,496 | 1,442 | 7,938 | |||||||||||||
Adjusted EBITDA | $ | 29,914 | $ | 29,551 | $ | 107,301 | $ | 85,906 | $ | 9,588 | $ | 95,494 | |||||||
Net income (loss) | $ | (4,211 | ) | $ | 501 | $ | (50,140 | ) | $ | (11,031 | ) | $ | (25,252 | ) | $ | (36,283 | ) | ||
Interest expense, net | 7,005 | 9,415 | 31,452 | 32,173 | 1,154 | 33,327 | |||||||||||||
Income tax expense (benefit) | (1,451 | ) | (3,244 | ) | (5,955 | ) | (6,658 | ) | (2,102 | ) | (8,760 | ) | |||||||
Depreciation and amortization | 11,824 | 10,774 | 41,717 | 32,245 | 1,635 | 33,880 | |||||||||||||
EBITDA | 13,167 | 17,446 | 17,074 | 46,729 | (24,565 | ) | 22,164 | ||||||||||||
Transaction expenses | - | 63 | - | 1,521 | 14,167 | 15,688 | |||||||||||||
Loss on debt extinguishment | - | - | - | - | 16,395 | 16,395 | |||||||||||||
Stock based compensation | 7,247 | 1,633 | 11,455 | 3,619 | - | 3,619 | |||||||||||||
Other expense (income) | (22 | ) | 12 | (37 | ) | (45 | ) | (6 | ) | (51 | ) | ||||||||
- | - | 43,500 | - | - | - | ||||||||||||||
Other adjustments | 160 | 208 | 2,894 | 4,245 | 761 | 5,006 | |||||||||||||
Adjusted EBITDA | $ | 20,552 | $ | 19,362 | $ | 74,886 | $ | 56,069 | $ | 6,752 | $ | 62,821 | |||||||
Net income (loss) | $ | 247 | $ | 893 | $ | (16,620 | ) | $ | 1,123 | $ | 158 | $ | 1,281 | ||||||
Interest expense, net | 771 | 711 | 2,955 | 2,705 | 490 | 3,195 | |||||||||||||
Income tax expense (benefit) | (252 | ) | 478 | 80 | 538 | 49 | 587 | ||||||||||||
Depreciation and amortization | 2,109 | 1,646 | 8,422 | 8,807 | 890 | 9,697 | |||||||||||||
EBITDA | 2,875 | 3,728 | (5,163 | ) | 13,173 | 1,587 | 14,760 | ||||||||||||
Transaction expenses | - | - | - | - | - | - | |||||||||||||
Loss on debt extinguishment | - | - | - | - | - | - | |||||||||||||
Stock based compensation | - | - | - | - | - | - | |||||||||||||
Other expense (income) | (9 | ) | - | (132 | ) | - | - | - | |||||||||||
- | - | 14,444 | - | - | - | ||||||||||||||
Other adjustments | 838 | 600 | 3,079 | 861 | 73 | 934 | |||||||||||||
Adjusted EBITDA | $ | 3,704 | $ | 4,328 | $ | 12,228 | $ | 14,034 | $ | 1,660 | $ | 15,694 | |||||||
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA (continued) |
S/P Combined | |||||||||||||||||||
Successor | Predecessor | (non-GAAP) | |||||||||||||||||
(dollars in thousands) | Three Months Ended | Three months ended | Year Ended | Year ended | |||||||||||||||
Net income (loss) | $ | 1,497 | $ | (1,455 | ) | $ | 4,404 | $ | (1,520 | ) | $ | 2,009 | $ | 489 | |||||
Interest expense, net | - | 1 | - | 2 | - | 2 | |||||||||||||
Income tax expense (benefit) | 349 | 2,505 | 593 | 2,485 | (1,784 | ) | 701 | ||||||||||||
Depreciation and amortization | 2,687 | 3,039 | 10,687 | 10,871 | 163 | 11,034 | |||||||||||||
EBITDA | 4,533 | 4,090 | 15,684 | 11,838 | 388 | 12,226 | |||||||||||||
Transaction expenses | - | - | - | - | - | - | |||||||||||||
Loss on debt extinguishment | - | - | - | - | - | - | |||||||||||||
Stock based compensation | - | - | - | - | - | - | |||||||||||||
Other expense (income) | - | - | - | (2 | ) | - | (2 | ) | |||||||||||
- | - | - | - | - | - | ||||||||||||||
Other adjustments | 500 | 779 | 2,002 | 1,342 | 611 | 1,953 | |||||||||||||
Adjusted EBITDA | $ | 5,033 | $ | 4,869 | $ | 17,686 | $ | 13,178 | $ | 999 | $ | 14,177 | |||||||
Corporate | |||||||||||||||||||
Net income (loss) | $ | 210 | $ | 662 | $ | 1,366 | $ | 1,516 | $ | 510 | $ | 2,026 | |||||||
Interest expense, net | 1 | - | 1 | - | - | - | |||||||||||||
Income tax expense (benefit) | 207 | 73 | 305 | 332 | (355 | ) | (23 | ) | |||||||||||
Depreciation and amortization | 207 | 209 | 829 | 729 | 25 | 754 | |||||||||||||
EBITDA | 625 | 944 | 2,501 | 2,577 | 180 | 2,757 | |||||||||||||
Transaction expenses | - | - | - | - | - | - | |||||||||||||
Loss on debt extinguishment | - | - | - | - | - | - | |||||||||||||
Stock based compensation | - | - | - | - | - | - | |||||||||||||
Other expense (income) | - | - | - | - | - | - | |||||||||||||
- | - | - | - | - | - | ||||||||||||||
Other adjustments | - | 48 | - | 48 | (3 | ) | 45 | ||||||||||||
Adjusted EBITDA | $ | 625 | $ | 992 | $ | 2,501 | $ | 2,625 | $ | 177 | $ | 2,802 | |||||||
Reconciliation of Net Debt |
Change in Net | ||||||||||
(in thousands) | 2020 | 2020 | 2020 | 2020 | Debt Q3 to Q4 | |||||
Term loan outstanding | 396,871 | 391,650 | 386,427 | 381,205 | (5,222 | ) | ||||
Revolving loan draws outstanding | 38,661 | 39,211 | 12,990 | 1,741 | (11,249 | ) | ||||
Less: Cash | (2,636 | ) | (18,048 | ) | (4,131 | ) | (6,736 | ) | (2,605 | ) |
Net debt | 432,896 | 412,813 | 395,286 | 376,210 | (19,076 | ) |
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