Strong Global Entertainment, Inc. (NYSE American:
SGE) (the “Company” or “Strong Global Entertainment”) today
announced operating results for the fourth quarter and full year
ended December 31, 2023.
Operational Highlights - Fourth Quarter
and Full Year 2023
- Revenue increased 9.4% to $42.6
million for the year and decreased 2.1% to $10.3 million for the
quarter.
- Upgrades to laser projection continue to drive customer
demand.
- Services revenue grew 26.6% during the fourth quarter of 2023,
and 34.0% for the full year, with increased market share, new
service offerings, and contribution from the Innovative Cinema
Solutions (“ICS”) acquisition adding to revenues in late 2023.
- Screen systems revenue increased 5.3% during the fourth quarter
of 2023, and grew 7.2% for the full year, largely related to
marketplace momentum around laser screen replacements and expansion
into Europe. This growth was partially offset by the timing of
immersive screen projects.
- The Company expanded its
installation, project management, content delivery and other
service offerings to address customer demand and expand market
share.
- Strengthened European presence with
quick ship programs and local finishing operations.
- Expanded immersive product
solutions and installed the Company’s first Seismos immersive
flooring project.
- Completed the acquisition of
certain assets of Innovative Cinema Solutions LLC ("ICS"), adding
additional scale to the Strong Technical Services operations during
the fourth quarter.
Mark Roberson, Chief Executive Officer,
commented, “We delivered solid results for full year 2023,
achieving revenue growth and improved gross margins as demand for
laser projection and customer upgrade initiatives increased as the
year progressed. The Company also completed the acquisition of ICS
assets in the fourth quarter, increasing the scale and scope of our
services business. As part of our annual planning process, we
evaluated the performance of all our lines of business and
initiated a plan to exit the content business, as we strategically
focus the Company’s resources on driving cash flow from our core
entertainment products and services lines.”
Select Financial Highlights
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● |
Revenue increased 9.4% to $42.6 million in 2023 from $39.0 million
in 2022 due to increased sales of projection screens and equipment,
as well as increased demand for installation and maintenance
services. For the fourth quarter, total revenue decreased despite
growth in both services and projection screens due to the timing of
a large distribution sale in the prior year. The increase in demand
from cinema customers was due to a combination of increased sales
efforts, expanded market share and a rebound in the rate of
investment by exhibitors for the upgrade of their auditoriums,
particularly related to the pace of laser projection upgrades.
Strong Global Entertainment expects the upgrade activity to be a
multi-year catalyst in the industry. |
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|
|
|
● |
Gross profit increased to $10.6 million or 24.8% of revenues in
2023 compared to $9.5 million or 24.3% in 2022. The increase
resulted primarily from increased demand for large format
projection cinema screens and installation and maintenance
services. |
|
|
|
|
● |
Income from operations was $0.6 million in 2023 compared to $2.4
million during 2022. As increased gross profit was offset by higher
selling, general and administrative expenses, including costs of
operating as a stand-alone public company. |
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|
|
|
● |
Net income from continuing operations was $3.0 million as compared
to $2.3 million in 2023. |
|
|
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|
● |
Adjusted EBITDA decreased to $2.6 million as compared to $3.2
million in the prior year, as increased profitability from products
and services from continuing operations was offset by the increased
general and administrative costs primarily related to expenses
associated with operating as a stand-alone public company. |
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|
About Strong Global Entertainment, Inc.
Strong Global Entertainment, Inc. a majority
owned subsidiary of Fundamental Global Inc (NASDAQ: FGF) is a
leader in the entertainment industry, providing mission critical
products and services to cinema exhibitors and entertainment venues
for over 90 years. The Company manufactures and distributes premium
large format projection screens, provides comprehensive managed
services, technical support and related products and services
primarily to cinema exhibitors, theme parks, educational
institutions, and similar venues. In addition to traditional
projection screens, the Company manufactures and distributes its
Eclipse curvilinear screens, which are specially designed for theme
parks, immersive exhibitions, as well as simulation applications.
It also provides maintenance, repair, installation, network support
services and other services to cinema operators, primarily in the
United States.
About Fundamental Global Inc.
Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and
its subsidiaries engage in diverse business activities including
reinsurance, asset management, merchant banking, manufacturing and
managed services.
The FG® logo and Fundamental Global® are registered trademarks
of Fundamental Global LLC.
Use of Non-GAAP Measures
Strong Global Entertainment, Inc. prepares its
consolidated financial statements in accordance with United States
generally accepted accounting principles (“GAAP”). In addition to
disclosing financial results prepared in accordance with GAAP, the
Company discloses information regarding Adjusted EBITDA (“Adjusted
EBITDA”), which differs from the commonly used EBITDA (“EBITDA”).
Adjusted EBITDA both adjusts net income (loss) to exclude income
taxes, interest, and depreciation and amortization, and excludes
share-based compensation, impairment charges, severance, foreign
currency transaction gains (losses), transactional gains and
expenses, gains on insurance recoveries, and other cash and
non-cash charges and gains.
EBITDA and Adjusted EBITDA are not measures of
performance defined in accordance with GAAP. However, Adjusted
results EBITDA is used internally in planning and evaluating the
Company’s operating performance. Accordingly, management believes
that disclosure of these metrics offers investors, bankers and
other stakeholders an additional view of the Company’s operations
that, when coupled with the GAAP results, provides a more complete
understanding of the Company’s financial.
EBITDA and Adjusted EBITDA should not be
considered as an alternative to net income (loss) or to net cash
from operating activities as measures of operating results or
liquidity. The Company’s calculation of EBITDA and Adjusted EBITDA
may not be comparable to similarly titled measures used by other
companies, and the measures exclude financial information that some
may consider important in evaluating the Company’s performance.
EBITDA and Adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or
as substitutes for analysis of the Company’s results as reported
under GAAP. Some of these limitations are: (i) they do not reflect
the Company’s cash expenditures, or future requirements for capital
expenditures or contractual commitments, (ii) they do not reflect
changes in, or cash requirements for, the Company’s working capital
needs, (iii) EBITDA and Adjusted EBITDA do not reflect interest
expense, or the cash requirements necessary to service interest or
principal payments, on the Company’s debt, (iv) although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in
the future, and EBITDA and Adjusted EBITDA do not reflect any cash
requirements for such replacements, (v) they do not adjust for all
non-cash income or expense items that are reflected in the
Company’s statements of cash flows, (vi) they do not reflect the
impact of earnings or charges resulting from matters management
considers not to be indicative of the Company’s ongoing operations,
and (vii) other companies in the Company’s industry may calculate
these measures differently than the Company does, limiting their
usefulness as comparative measures.
Management believes EBITDA and Adjusted EBITDA
facilitate operating performance comparisons from period to period
by isolating the effects of some items that vary from period to
period without any correlation to core operating performance or
that vary widely among similar companies. These potential
differences may be caused by variations in capital structures
(affecting interest expense), tax positions (such as the impact on
periods or companies of changes in effective tax rates or net
operating losses) and the age and book depreciation of facilities
and equipment (affecting relative depreciation expense). The
Company also presents EBITDA and Adjusted EBITDA because (i)
management believes these measures are frequently used by
securities analysts, investors and other interested parties to
evaluate companies in the Company’s industry, (ii) management
believes investors will find these measures useful in assessing the
Company’s ability to service or incur indebtedness, and (iii)
management uses EBITDA and Adjusted EBITDA internally as benchmarks
to evaluate the Company’s operating performance or compare the
Company’s performance to that of its competitors.
Forward-Looking Statements
In addition to the historical information
included herein, this press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” “will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in the final
prospectus related to the public offering filed with the SEC.
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Investor Relations
Contacts:
Mark RobersonStrong Global Entertainment, Inc. -
Chief Executive Officer(704)
471-6784IR@strong-entertainment.com
Strong Global Entertainment, Inc. and
SubsidiariesConsolidated Balance
Sheets(In
thousands)(Unaudited)
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,470 |
|
|
$ |
3,615 |
|
Accounts receivable, net |
|
|
6,476 |
|
|
|
6,148 |
|
Inventories, net |
|
|
4,079 |
|
|
|
3,389 |
|
Assets of discontinued operations |
|
|
940 |
|
|
|
3,167 |
|
Other current assets |
|
|
1,062 |
|
|
|
2,881 |
|
Total current assets |
|
|
18,027 |
|
|
|
19,200 |
|
Property, plant and equipment, net |
|
|
1,592 |
|
|
|
4,607 |
|
Operating lease right-of-use assets |
|
|
4,793 |
|
|
|
237 |
|
Finance lease right-of-use asset |
|
|
1,201 |
|
|
|
606 |
|
Film and television programming rights, net |
|
|
- |
|
|
|
- |
|
Goodwill |
|
|
903 |
|
|
|
882 |
|
Other long-term assets |
|
|
10 |
|
|
|
6 |
|
Total assets |
|
$ |
26,526 |
|
|
$ |
25,538 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,544 |
|
|
$ |
4,102 |
|
Accrued expenses |
|
|
3,112 |
|
|
|
2,685 |
|
Payable to FG Group Holdings Inc. |
|
|
129 |
|
|
|
1,861 |
|
Short-term debt |
|
|
2,456 |
|
|
|
2,510 |
|
Current portion of long-term debt |
|
|
270 |
|
|
|
36 |
|
Current portion of operating lease obligations |
|
|
397 |
|
|
|
64 |
|
Current portion of finance lease obligations |
|
|
253 |
|
|
|
105 |
|
Deferred revenue and customer deposits |
|
|
1,318 |
|
|
|
1,769 |
|
Liabilities of discontinued operations |
|
|
1,392 |
|
|
|
1,805 |
|
Total current liabilities |
|
|
12,871 |
|
|
|
14,937 |
|
Operating lease obligations, net of current portion |
|
|
4,460 |
|
|
|
234 |
|
Finance lease obligations, net of current portion |
|
|
971 |
|
|
|
502 |
|
Long-term debt, net of current portion |
|
|
301 |
|
|
|
126 |
|
Deferred income taxes |
|
|
125 |
|
|
|
529 |
|
Other long-term liabilities |
|
|
4 |
|
|
|
6 |
|
Total liabilities |
|
|
18,732 |
|
|
|
16,334 |
|
|
|
|
|
|
|
|
|
|
Commitments, contingencies and
concentrations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Preferred shares |
|
|
- |
|
|
|
- |
|
Class A common stock |
|
|
- |
|
|
|
- |
|
Class B common stock |
|
|
- |
|
|
|
- |
|
Additional paid-in-capital |
|
|
15,740 |
|
|
|
- |
|
Accumulated deficit |
|
|
(2,712 |
) |
|
|
- |
|
Accumulated other comprehensive loss |
|
|
(5,234 |
) |
|
|
(5,024 |
) |
Net parent investment |
|
|
- |
|
|
|
14,228 |
|
Total equity |
|
|
7,794 |
|
|
|
9,204 |
|
Total liabilities and equity |
|
$ |
26,526 |
|
|
$ |
25,538 |
|
Strong Global Entertainment, Inc. and
SubsidiariesConsolidated Statements of
Operations(In thousands, except per share
data)(Unaudited)
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net product sales |
|
$ |
7,167 |
|
|
$ |
8,043 |
|
|
$ |
30,776 |
|
|
$ |
30,119 |
|
Net service revenues |
|
|
3,119 |
|
|
|
2,463 |
|
|
|
11,840 |
|
|
|
8,834 |
|
Total net revenues |
|
|
10,286 |
|
|
|
10,506 |
|
|
|
42,616 |
|
|
|
38,953 |
|
Total cost of products |
|
|
5,292 |
|
|
|
5,812 |
|
|
|
22,871 |
|
|
|
22,729 |
|
Total cost of services |
|
|
2,373 |
|
|
|
1,907 |
|
|
|
9,168 |
|
|
|
6,762 |
|
Total cost of revenues |
|
|
7,665 |
|
|
|
7,719 |
|
|
|
32,039 |
|
|
|
29,491 |
|
Gross profit |
|
|
2,621 |
|
|
|
2,787 |
|
|
|
10,577 |
|
|
|
9,462 |
|
Selling and administrative
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
564 |
|
|
|
538 |
|
|
|
2,210 |
|
|
|
2,252 |
|
Administrative |
|
|
1,828 |
|
|
|
1,143 |
|
|
|
7,757 |
|
|
|
4,836 |
|
Total selling and administrative expenses |
|
|
2,392 |
|
|
|
1,681 |
|
|
|
9,967 |
|
|
|
7,088 |
|
Income from operations |
|
|
229 |
|
|
|
1,106 |
|
|
|
610 |
|
|
|
2,374 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(51 |
) |
|
|
(52 |
) |
|
|
(256 |
) |
|
|
(134 |
) |
Foreign currency transaction (loss) gain |
|
|
(222 |
) |
|
|
(118 |
) |
|
|
(406 |
) |
|
|
528 |
|
Other income, net |
|
|
3,463 |
|
|
|
7 |
|
|
|
3,479 |
|
|
|
22 |
|
Total other income (expense) |
|
|
3,190 |
|
|
|
(163 |
) |
|
|
2,817 |
|
|
|
416 |
|
Income from continuing operations before income taxes |
|
|
3,419 |
|
|
|
943 |
|
|
|
3,427 |
|
|
|
2,790 |
|
Income tax expense |
|
|
(126 |
) |
|
|
(118 |
) |
|
|
(477 |
) |
|
|
(535 |
) |
Net income from continuing operations |
|
|
3,293 |
|
|
|
825 |
|
|
|
2,950 |
|
|
|
2,255 |
|
Net loss from discontinued operations |
|
|
(5,198 |
) |
|
|
(100 |
) |
|
|
(4,860 |
) |
|
|
(555 |
) |
Net (loss) income |
|
$ |
(1,905 |
) |
|
$ |
725 |
|
|
$ |
(1,910 |
) |
|
$ |
1,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.42 |
|
|
$ |
0.14 |
|
|
$ |
0.42 |
|
|
$ |
0.37 |
|
Discontinued operations |
|
|
(0.66 |
) |
|
|
(0.02 |
) |
|
|
(0.70 |
) |
|
|
(0.09 |
) |
Basic net (loss) income per
share |
|
$ |
(0.24 |
) |
|
$ |
0.12 |
|
|
$ |
(0.28 |
) |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.42 |
|
|
$ |
0.14 |
|
|
$ |
0.42 |
|
|
$ |
0.37 |
|
Discontinued operations |
|
|
(0.66 |
) |
|
|
(0.02 |
) |
|
|
(0.69 |
) |
|
|
(0.09 |
) |
Diluted net (loss) income per
share |
|
$ |
(0.24 |
) |
|
$ |
0.12 |
|
|
$ |
(0.27 |
) |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used
in computing net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,838 |
|
|
|
6,000 |
|
|
|
6,922 |
|
|
|
6,000 |
|
Diluted |
|
|
7,838 |
|
|
|
6,000 |
|
|
|
6,978 |
|
|
|
6,000 |
|
Strong Global Entertainment, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(In
thousands)(Unaudited)
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
$ |
2,950 |
|
|
$ |
2,255 |
|
Adjustments to reconcile net income from continuing operations to
net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Recovery of doubtful accounts |
|
|
(62 |
) |
|
|
(30 |
) |
(Benefit from) provision for obsolete inventory |
|
|
(35 |
) |
|
|
49 |
|
Provision for warranty |
|
|
347 |
|
|
|
299 |
|
Depreciation and amortization |
|
|
596 |
|
|
|
697 |
|
Gain on acquisition of ICS assets |
|
|
(1,012 |
) |
|
|
- |
|
Amortization and accretion of operating leases |
|
|
236 |
|
|
|
68 |
|
Deferred income taxes |
|
|
(331 |
) |
|
|
(84 |
) |
Stock-based compensation expense |
|
|
955 |
|
|
|
123 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2,150 |
|
|
|
(1,595 |
) |
Inventories |
|
|
39 |
|
|
|
(309 |
) |
Current income taxes |
|
|
315 |
|
|
|
500 |
|
Other assets |
|
|
538 |
|
|
|
919 |
|
Accounts payable and accrued expenses |
|
|
(2,158 |
) |
|
|
(373 |
) |
Deferred revenue and customer deposits |
|
|
(797 |
) |
|
|
(758 |
) |
Operating lease obligations |
|
|
(239 |
) |
|
|
(69 |
) |
Net cash provided by operating activities from continuing
operations |
|
|
3,492 |
|
|
|
1,692 |
|
Net cash used in operating activities from discontinued
operations |
|
|
(1,748 |
) |
|
|
(1,535 |
) |
Net cash provided by operating activities |
|
|
1,744 |
|
|
|
157 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(429 |
) |
|
|
(253 |
) |
Acquisition of ICS assets, net of cash acquired |
|
|
58 |
|
|
|
- |
|
Net cash used in investing activities from continuing
operations |
|
|
(371 |
) |
|
|
(253 |
) |
Net cash used in investing activities from discontinued
operations |
|
|
(503 |
) |
|
|
(459 |
) |
Net cash used in investing activities |
|
|
(874 |
) |
|
|
(712 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Principal payments on short-term debt |
|
|
(423 |
) |
|
|
(305 |
) |
Principal payments on long-term debt |
|
|
(55 |
) |
|
|
(28 |
) |
Borrowings under credit facility |
|
|
9,604 |
|
|
|
- |
|
Repayments under credit facility |
|
|
(7,179 |
) |
|
|
- |
|
Payments on finance lease obligations |
|
|
(145 |
) |
|
|
(28 |
) |
Proceeds from initial public offering |
|
|
2,411 |
|
|
|
- |
|
Payments of withholding taxes for net share settlement of equity
awards |
|
|
(116 |
) |
|
|
- |
|
Net cash transferred (to) from parent |
|
|
(3,045 |
) |
|
|
(33 |
) |
Net cash provided by (used in) financing activities from continuing
operations |
|
|
1,052 |
|
|
|
(394 |
) |
Net cash provided by financing activities from discontinued
operations |
|
|
- |
|
|
|
- |
|
Net cash provided by (used in) financing activities |
|
|
1,052 |
|
|
|
(394 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(67 |
) |
|
|
70 |
|
Net increase in cash and cash
equivalents from continuing operations |
|
|
4,106 |
|
|
|
1,115 |
|
Net decrease in cash and cash
equivalents from discontinued operations |
|
|
(2,251 |
) |
|
|
(1,994 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
|
1,855 |
|
|
|
(879 |
) |
Cash and cash equivalents at
beginning of year |
|
|
3,615 |
|
|
|
4,494 |
|
Cash and cash equivalents at
end of year |
|
$ |
5,470 |
|
|
$ |
3,615 |
|
Strong Global Entertainment, Inc. and
SubsidiariesReconciliation of Net Income (Loss) to
Adjusted EBITDA(In
thousands)(Unaudited)
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,905 |
) |
|
$ |
725 |
|
|
$ |
(1,910 |
) |
|
$ |
1,700 |
|
Net loss from discontinued
operations |
|
|
5,198 |
|
|
|
100 |
|
|
|
4,860 |
|
|
|
555 |
|
Net income from continuing
operations |
|
|
3,293 |
|
|
|
825 |
|
|
|
2,950 |
|
|
|
2,255 |
|
Interest expense, net |
|
|
51 |
|
|
|
52 |
|
|
|
256 |
|
|
|
134 |
|
Income tax expense |
|
|
126 |
|
|
|
118 |
|
|
|
477 |
|
|
|
535 |
|
Depreciation and
amortization |
|
|
138 |
|
|
|
176 |
|
|
|
596 |
|
|
|
697 |
|
EBITDA |
|
|
3,608 |
|
|
|
1,171 |
|
|
|
4,279 |
|
|
|
3,621 |
|
Stock-based compensation
expense |
|
|
65 |
|
|
|
26 |
|
|
|
955 |
|
|
|
123 |
|
IPO related expenses |
|
|
- |
|
|
|
- |
|
|
|
475 |
|
|
|
- |
|
Gain on insurance
proceeds |
|
|
(2,485 |
) |
|
|
- |
|
|
|
(2,485 |
) |
|
|
- |
|
Gain on purchase of ICS, net
of acquisition expenses |
|
|
(1,012 |
) |
|
|
- |
|
|
|
(1,012 |
) |
|
|
- |
|
Foreign currency transaction
loss (gain) |
|
|
222 |
|
|
|
118 |
|
|
|
406 |
|
|
|
(528 |
) |
Severance and other |
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
398 |
|
|
$ |
1,315 |
|
|
$ |
2,625 |
|
|
$ |
3,216 |
|
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