Farmer Brothers (NASDAQ: FARM) today reported its second
quarter fiscal 2024 financial results for the period ended Dec. 31,
2023. The company filed its Form 10-Q and published its quarterly
shareholder letter, which contains additional details regarding the
results. Both of those documents can be found on the Investor
Relations section of the company’s website.
“As we continue to transition our company to focus solely on
what we have always done best – direct store delivery (DSD), we are
pleased to see early momentum in several of our operational and
financial metrics,” said President and Chief Executive Officer John
Moore. “We delivered meaningful improvements in gross margin and
adjusted EBITDA during the quarter, with our gross margin rising
above 40% for the first time in more than a year. Although we do
not expect our progress to be linear, we believe we will continue
to see long-term improvement and are well on our way to being free
cash flow1 positive by early fiscal 2025.”
1 Free cash flow is a non-GAAP measure defined as net cash
(used in) provided by operating activities less capital
expenditures.
Financial resultsSecond quarter fiscal 2024 net
sales increased $600,000 to $89.5 million compared to $88.9 million
in the second quarter of fiscal 2023. Overall, net sales were
positively impacted by higher pricing compared to prior periods,
but were offset by a decrease in coffee and allied products
volume.
Gross margin increased 550 basis points on a year-over-year
basis to 40.4% compared to 34.9% for the second quarter of fiscal
2023. Gross profit during the quarter increased $5.1 million to
$36.1 million, or 16% on a year-over-year basis, compared to $31
million for the second quarter of fiscal 2023. The increase in
gross margin was primarily due to improved pricing and a decrease
in underlying commodity cost compared to the prior year.
Operating expenses decreased $2.6 million from $34.3 million in
the second quarter of fiscal 2023 to $31.7 million in the second
quarter of fiscal 2024. We saw a $1.1 million increase in general
and administrative (G&A) expense and a $2.5 million increase in
selling expense, which was offset by a $6.2 million increase in net
gains from the sale of branch properties and other assets during
the quarter. The selling expense increase was primarily due to
additional costs related to healthcare benefits, rent and a
year-over-year increase in incentive compensation expense,
partially offset by a decrease in advertising-related expense. The
increase in G&A expense was also driven by an increase in
incentive compensation expense and severance-related costs,
partially offset by a decrease in IT and consulting related costs
compared to the prior year.
Net income from continuing operations was $2.7 million in the
second quarter of fiscal 2024, an increase of $11.4 million
compared to a net loss of $8.7 million during the prior year
period.
The company’s capital expenditures for the quarter were $3.3
million compared to $4.7 million in the prior year period. In
fiscal 2024, Farmer Brothers anticipates between $12 and $15
million in capital expenditures. It expects to finance these
expenditures through cash flow from operations and borrowings under
its credit facility.
Adjusted EBITDA2 for the second quarter of fiscal 2024 was $2.3
million, an increase of $4.5 million compared to a loss of $2.2
million in the second quarter of fiscal 2023.
As of Dec. 31, 2023, Farmer Brothers had $6.9 million of
unrestricted cash and cash equivalents. The company had outstanding
borrowings of $23.3 million, utilized $4.6 million of the letters
of credit sub-limit and had $24.5 million of availability under its
credit facility. The company believes it is adequately capitalized
to finance its operations in fiscal 2024 and remains confident it
is well on its way to being free cash flow positive by early fiscal
2025.
2 Adjusted EBITDA is a non-GAAP measure. Please refer to
“Non-GAAP Financial Measures” below for an explanation and
reconciliation of Adjusted EBITDA and other related non-GAAP
measures to comparable GAAP measures.
Investor Conference CallFarmer Brothers
(NASDAQ: FARM) will publish its fiscal second quarter 2024
financial results for the period ended Dec. 31, 2023, with the
filing of its 10-Q and the issuing of its quarterly shareholder
letter, both of which will be posted on the Investor Relations
section of its website after the close of market Thursday, Feb.
8.
The company will also host an audio-only investor conference
call and webcast at 5 p.m. Eastern on Thursday, Feb. 8 to provide a
review of the quarter and business update. Callers who pre-register
will be emailed dial-in details and a unique PIN to gain immediate
access to the call and bypass the live operator. An audio-only
replay of the webcast will be archived for at least 30 days on the
Investor Relations section of the company’s website and will be
available approximately two hours after the end of the live
webcast.
About Farmer BrothersFounded in 1912,
Farmer Brothers is a national coffee roaster, wholesaler, equipment
servicer and distributor of coffee, tea and culinary products. The
company’s product lines include organic, Direct Trade and
sustainably produced coffee, as well as tea, cappuccino mixes,
spices and baking/biscuit mixes.
Farmer Brothers delivers extensive beverage planning services
and culinary products to a wide variety of U.S.-based customers,
ranging from small independent restaurants and foodservice
operators to large institutional buyers, such as restaurant,
department and convenience store chains, hotels, casinos,
healthcare facilities and gourmet coffee houses, as well as grocery
chains with private brand coffee and consumer branded coffee and
tea products and foodservice distributors. The company’s primary
brands include Farmer Brothers, Boyd’s, Cain’s, China Mist and West
Coast Coffee.
Forward-looking statementsThis press release
and other documents we file with the Securities and Exchange
Commission (SEC) contains forward-looking statements that are based
on current expectations, estimates, forecasts and projections about
us, our future performance, our financial condition, our products,
our business strategy, our beliefs and our management’s
assumptions. In addition, we, or others on our behalf, may make
forward-looking statements in press releases or written statements,
or in our communications and discussions with investors and
analysts in the normal course of business through meetings,
webcasts, phone calls and conference calls. These forward-looking
statements can be identified by the use of words, such as like,
anticipates, estimates, projects, expects, plans, believes,
intends, will, could, may, assumes and other words of similar
meaning. These statements are based on management’s beliefs,
assumptions, estimates and observations of future events based on
information available to our management at the time the statements
are made and include any statements that do not relate to any
historical or current fact. These statements are not guarantees of
future performance and they involve certain risks, uncertainties
and assumptions that are difficult to predict. Actual outcomes and
results may differ materially from what is expressed, implied or
forecast by our forward-looking statements due in part to the
risks, uncertainties and assumptions set forth in this press
release and Part I, Item 1A. Risk Factors as well as Part II, Item
7. Management’s discussion and analysis of financial condition and
results of operations, of our annual report on Form 10-K for the
fiscal year ended June 30, 2023 filed with the SEC on Sept. 12,
2023, as amended by the Form 10-K/A filed with the SEC on Oct. 27,
2023 (as amended, the 2023 Form 10-K), as well as those discussed
elsewhere in this press release and other factors described from
time to time in our filings with the SEC.
Factors that could cause actual results to differ materially
from those in forward-looking statements include, but are not
limited to, severe weather, levels of consumer confidence in
national and local economic business conditions, the impact of
labor market conditions, the increase of costs due to inflation, an
economic downturn caused by any pandemic, epidemic or other disease
outbreak, comparable or similar to COVID-19, the success of our
turnaround strategy, the impact of capital improvement projects,
the adequacy and availability of capital resources to fund our
existing and planned business operations and our capital
expenditure requirements, our ability to meet financial covenant
requirements in our credit facility, which could impact, among
other things, our liquidity, the relative effectiveness of
compensation-based employee incentives in causing improvements in
our performance, the capacity to meet the demands of our large
national account customers, the extent of execution of plans for
the growth of our business and achievement of financial metrics
related to those plans, our success in retaining and/or attracting
qualified employees, our success in adapting to technology and new
commerce channels, the effect of the capital markets, as well as
other external factors on stockholder value, fluctuations in
availability and cost of green coffee, competition, organizational
changes, the effectiveness of our hedging strategies in reducing
price and interest rate risk, changes in consumer preferences, our
ability to provide sustainability in ways that do not materially
impair profitability, changes in the strength of the economy,
including any effects from inflation, business conditions in the
coffee industry and food industry in general, our continued success
in attracting new customers, variances from budgeted sales mix and
growth rates, weather and special or unusual events, as well as
other risks, uncertainties and assumptions described in the 2023
Form 10-K or otherwise described from time to time in our filings
with the SEC.
Given these risks and uncertainties, you should not rely on
forward-looking statements as a prediction of actual results. Any
or all of the forward-looking statements contained in this press
release and any other public statement made by us, including by our
management, may turn out to be incorrect. We are including this
cautionary note to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for forward-looking statements. We expressly disclaim any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise, except as required under federal
securities laws and the rules and regulations of the SEC.
Investor Relations ContactEllipsis
Investor.relations@farmerbros.com 646-776-0886
Media contactBrandi WesselDirector of
Communications405-885-5176bwessel@farmerbros.com
FARMER BROS. CO.CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands,
except share and per share data) |
|
|
Three Months Ended Dec. 31, |
|
Six Months Ended Dec. 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
89,453 |
|
|
$ |
88,919 |
|
|
$ |
171,340 |
|
|
$ |
168,746 |
|
Cost of goods sold |
|
53,344 |
|
|
|
57,896 |
|
|
|
104,444 |
|
|
|
110,704 |
|
Gross profit |
|
36,109 |
|
|
|
31,023 |
|
|
|
66,896 |
|
|
|
58,042 |
|
Selling expenses |
|
28,141 |
|
|
|
25,632 |
|
|
|
54,969 |
|
|
|
51,388 |
|
General and administrative
expenses |
|
9,655 |
|
|
|
8,587 |
|
|
|
22,486 |
|
|
|
17,815 |
|
Net (gains) losses from sale
of assets |
|
(6,138 |
) |
|
|
55 |
|
|
|
(12,922 |
) |
|
|
(7,127 |
) |
Operating expenses |
|
31,658 |
|
|
|
34,274 |
|
|
|
64,533 |
|
|
|
62,076 |
|
Income (loss) from
operations |
|
4,451 |
|
|
|
(3,251 |
) |
|
|
2,363 |
|
|
|
(4,034 |
) |
Other (expense) income: |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
(1,907 |
) |
|
|
(1,858 |
) |
|
|
(4,129 |
) |
|
|
(3,928 |
) |
Other, net |
|
324 |
|
|
|
(3,533 |
) |
|
|
3,195 |
|
|
|
(2,217 |
) |
Total other expense |
|
(1,583 |
) |
|
|
(5,391 |
) |
|
|
(934 |
) |
|
|
(6,145 |
) |
Income (loss) before taxes |
|
2,868 |
|
|
|
(8,642 |
) |
|
|
1,429 |
|
|
|
(10,179 |
) |
Income tax expense |
|
164 |
|
|
|
40 |
|
|
|
32 |
|
|
|
83 |
|
Income (loss) from continuing
operations |
|
2,704 |
|
|
|
(8,682 |
) |
|
|
1,397 |
|
|
|
(10,262 |
) |
Loss from discontinued
operations, net of income taxes |
|
— |
|
|
|
(4,926 |
) |
|
|
— |
|
|
|
(10,720 |
) |
Net income (loss) |
$ |
2,704 |
|
|
$ |
(13,608 |
) |
|
$ |
1,397 |
|
|
$ |
(20,982 |
) |
Income (loss) from continuing
operations available to common stockholders per common share, basic
and diluted |
$ |
0.13 |
|
|
$ |
(0.47 |
) |
|
$ |
0.07 |
|
|
$ |
(0.53 |
) |
Loss from discontinued operations
available to common stockholders per common share, basic and
diluted |
$ |
— |
|
|
$ |
(0.26 |
) |
|
$ |
— |
|
|
$ |
(0.56 |
) |
Net income (loss) available to
common stockholders per common share, basic and diluted |
$ |
0.13 |
|
|
$ |
(0.73 |
) |
|
$ |
0.07 |
|
|
$ |
(1.09 |
) |
Weighted average common shares
outstanding—basic |
|
20,728,699 |
|
|
|
18,723,957 |
|
|
|
20,565,492 |
|
|
|
19,243,707 |
|
Weighted average common shares
outstanding—diluted |
|
20,917,562 |
|
|
|
18,723,957 |
|
|
|
20,740,303 |
|
|
|
19,243,707 |
|
FARMER BROS. CO.CONSOLIDATED BALANCE
SHEETS (UNAUDITED)(In thousands, except share and
per share data) |
|
|
|
|
|
Dec. 31, 2023 |
|
June 30, 2023 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
6,932 |
|
|
$ |
5,244 |
|
Restricted cash |
|
175 |
|
|
|
175 |
|
Accounts receivable, net of allowance for credit losses of $710 and
$416, respectively |
|
32,850 |
|
|
|
45,129 |
|
Inventories |
|
55,469 |
|
|
|
49,276 |
|
Short-term derivative assets |
|
279 |
|
|
|
68 |
|
Prepaid expenses |
|
5,140 |
|
|
|
5,334 |
|
Assets held for sale |
|
3,573 |
|
|
|
7,770 |
|
Total current assets |
|
104,418 |
|
|
|
112,996 |
|
Property, plant
and equipment, net |
|
33,933 |
|
|
|
33,782 |
|
Intangible assets,
net |
|
12,330 |
|
|
|
13,493 |
|
Other assets |
|
2,023 |
|
|
|
2,917 |
|
Right-of-use
operating lease assets |
|
29,142 |
|
|
|
24,593 |
|
Total assets |
$ |
181,846 |
|
|
$ |
187,781 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
|
44,204 |
|
|
|
60,088 |
|
Accrued payroll expenses |
|
12,681 |
|
|
|
10,082 |
|
Right-of-use operating lease liabilities - current |
|
12,404 |
|
|
|
8,040 |
|
Short-term derivative liability |
|
498 |
|
|
|
2,636 |
|
Other current liabilities |
|
3,757 |
|
|
|
4,519 |
|
Total current liabilities |
|
73,544 |
|
|
|
85,365 |
|
Long-term
borrowings under revolving credit facility |
|
23,300 |
|
|
|
23,021 |
|
Accrued pension
liabilities |
|
19,354 |
|
|
|
19,761 |
|
Accrued
postretirement benefits |
|
785 |
|
|
|
763 |
|
Accrued workers’
compensation liabilities |
|
2,504 |
|
|
|
3,065 |
|
Right-of-use
operating lease liabilities |
|
17,346 |
|
|
|
17,157 |
|
Other long-term
liabilities |
|
1,752 |
|
|
|
537 |
|
Total liabilities |
$ |
138,585 |
|
|
$ |
149,669 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Common stock, $1.00 par value, 25,000,000 shares authorized;
20,793,956 and 20,142,973 shares issued and outstanding at Dec. 31,
2023 and June 30, 2023, respectively |
|
20,795 |
|
|
|
20,144 |
|
Additional paid-in capital |
|
79,598 |
|
|
|
77,278 |
|
Accumulated deficit |
|
(25,082 |
) |
|
|
(26,479 |
) |
Accumulated other comprehensive loss |
|
(32,050 |
) |
|
|
(32,831 |
) |
Total stockholders’ equity |
$ |
43,261 |
|
|
$ |
38,112 |
|
Total liabilities and stockholders’ equity |
$ |
181,846 |
|
|
$ |
187,781 |
|
FARMER BROS. CO. |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
(In thousands) |
|
Six Months Ended Dec. 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ |
1,397 |
|
|
$ |
(20,982 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities |
|
|
|
Depreciation and
amortization |
|
5,792 |
|
|
|
11,316 |
|
Gain on settlement related to
Boyd's acquisition |
|
— |
|
|
|
(1,917 |
) |
Net gains from sale of
assets |
|
(14,136 |
) |
|
|
(7,127 |
) |
Net losses (gains) on
derivative instruments |
|
429 |
|
|
|
2,074 |
|
401(k) and share-based
compensation expense |
|
2,970 |
|
|
|
4,665 |
|
Provision for credit
losses |
|
450 |
|
|
|
211 |
|
Change in operating assets and
liabilities: |
|
|
|
Accounts receivable, net |
|
13,044 |
|
|
|
(3,589 |
) |
Inventories |
|
(6,193 |
) |
|
|
16,081 |
|
Derivative (liabilities) assets, net |
|
(779 |
) |
|
|
(1,668 |
) |
Other assets |
|
1,146 |
|
|
|
(219 |
) |
Accounts payable |
|
(15,936 |
) |
|
|
9,877 |
|
Accrued expenses and
other |
|
949 |
|
|
|
(5,159 |
) |
Net cash (used in) provided by
operating activities |
$ |
(10,867 |
) |
|
$ |
3,563 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Sale of business |
|
(1,214 |
) |
|
|
— |
|
Purchases of property, plant
and equipment |
|
(6,853 |
) |
|
|
(7,714 |
) |
Proceeds from sales of
property, plant and equipment |
|
20,497 |
|
|
|
9,933 |
|
Net cash provided by investing
activities |
$ |
12,430 |
|
|
$ |
2,219 |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Proceeds from Credit
Facilities |
|
2,279 |
|
|
|
54,000 |
|
Repayments on Credit
Facilities |
|
(2,000 |
) |
|
|
(49,383 |
) |
Payments of finance lease
obligations |
|
(96 |
) |
|
|
(96 |
) |
Payment of financing
costs |
|
(58 |
) |
|
|
(357 |
) |
Net cash provided by financing
activities |
$ |
125 |
|
|
$ |
4,164 |
|
Net increase in cash and cash
equivalents and restricted cash |
|
1,688 |
|
|
|
9,946 |
|
Cash and cash equivalents and
restricted cash at beginning of period |
|
5,419 |
|
|
|
9,994 |
|
Cash and cash equivalents and
restricted cash at end of period |
$ |
7,107 |
|
|
$ |
19,940 |
|
Supplemental disclosure of
non-cash investing and financing activities: |
|
|
|
Right-of-use assets obtained in exchange for new operating lease
liabilities |
$ |
6,456 |
|
|
$ |
2,965 |
|
Non-cash issuance of ESOP and
401(K) common stock |
|
326 |
|
|
|
522 |
|
Non cash additions to
property, plant and equipment |
|
52 |
|
|
|
138 |
|
Non-GAAP Financial Measures
In addition to net loss determined in accordance
with U.S. generally accepted accounting principles (“GAAP”), we use
the following non-GAAP financial measures in assessing our
operating performance:
“EBITDA” is defined as net loss from continuing
operations excluding the impact of:
- income tax
expense;
- interest
expense; and
- depreciation and
amortization expense.
“EBITDA Margin” is defined as EBITDA expressed
as a percentage of net sales.
“Adjusted EBITDA” is defined as net loss from
continuing operations excluding the impact of:
- income tax
expense
- interest
expense
- depreciation and
amortization expense
- 401(k), ESOP and
share-based compensation expense
- gain on
settlement with Boyd’s sellers
- net (gains)
losses from sales of assets
- loss related to
sale of business
- severance
costs
“Adjusted EBITDA Margin” is defined as Adjusted
EBITDA expressed as a percentage of net sales.
For purposes of calculating EBITDA and EBITDA
Margin and Adjusted EBITDA and Adjusted EBITDA Margin, we have not
adjusted for the impact of interest expense on our pension and
postretirement benefit plans.
We believe these non-GAAP financial measures
provide a useful measure of the Company’s operating results, a
meaningful comparison with historical results and with the results
of other companies, and insight into the Company’s ongoing
operating performance. Further, management utilizes these measures,
in addition to GAAP measures, when evaluating and comparing the
Company’s operating performance against internal financial
forecasts and budgets.
We believe that EBITDA facilitates
operating performance comparisons from period to period by
isolating the effects of certain 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). We also
present EBITDA and EBITDA Margin because (i) we believe
that these measures are frequently used by securities analysts,
investors and other interested parties to evaluate companies in our
industry, (ii) we believe that investors will find these measures
useful in assessing our ability to service or incur indebtedness,
and (iii) we use these measures internally as benchmarks to
compare our performance to that of our competitors.
EBITDA, EBITDA Margin, Adjusted EBITDA and
Adjusted EBITDA Margin, as defined by us, may not be comparable to
similarly titled measures reported by other companies. We do not
intend for non-GAAP financial measures to be considered in
isolation or as a substitute for other measures prepared in
accordance with GAAP.
Set forth below is a reconciliation of reported net loss to
EBITDA (unaudited):
|
Three Months Ended Dec. 31, |
|
Six Months Ended Dec. 31, |
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss from continuing
operations, as reported |
$ |
2,704 |
|
|
$ |
(8,682 |
) |
|
$ |
1,397 |
|
|
$ |
(10,262 |
) |
Income tax (benefit) expense |
|
164 |
|
|
|
40 |
|
|
|
32 |
|
|
|
83 |
|
Interest expense(1) |
|
692 |
|
|
|
693 |
|
|
|
1,699 |
|
|
|
1,597 |
|
Depreciation and amortization
expense |
|
2,844 |
|
|
|
3,324 |
|
|
|
5,792 |
|
|
|
6,705 |
|
EBITDA |
$ |
6,404 |
|
|
$ |
(4,625 |
) |
|
$ |
8,920 |
|
|
$ |
(1,877 |
) |
EBITDA Margin |
|
7.2 |
% |
|
|
(5.2 |
)% |
|
|
5.2 |
% |
|
|
(1.1 |
)% |
____________
(1) Excludes interest expense related to
pension plans and postretirement benefit plan.
Set forth below is a reconciliation of reported net loss to
Adjusted EBITDA (unaudited):
|
Three Months Ended Dec. 31, |
|
Six Months Ended Dec. 31, |
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) from continuing
operations, as reported |
$ |
2,704 |
|
|
$ |
(8,682 |
) |
|
$ |
1,397 |
|
|
$ |
(10,262 |
) |
Income tax expense |
|
164 |
|
|
|
40 |
|
|
|
32 |
|
|
|
83 |
|
Interest expense(1) |
|
692 |
|
|
|
693 |
|
|
|
1,699 |
|
|
|
1,597 |
|
Depreciation and amortization
expense |
|
2,844 |
|
|
|
3,324 |
|
|
|
5,792 |
|
|
|
6,705 |
|
401(k), ESOP and share-based
compensation expense |
|
1,350 |
|
|
|
2,302 |
|
|
|
2,902 |
|
|
|
4,499 |
|
Gain on settlement with Boyd's
sellers(2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,917 |
) |
Net (gains) losses from sale of
assets |
|
(7,352 |
) |
|
|
55 |
|
|
|
(14,136 |
) |
|
|
(7,127 |
) |
Loss related to sale of
business(3) |
|
1,214 |
|
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
Severance costs |
|
695 |
|
|
|
58 |
|
|
|
2,960 |
|
|
|
292 |
|
Adjusted EBITDA(4) |
$ |
2,311 |
|
|
$ |
(2,210 |
) |
|
$ |
1,860 |
|
|
$ |
(6,130 |
) |
Adjusted EBITDA Margin |
|
2.6 |
% |
|
|
(2.5 |
)% |
|
|
1.1 |
% |
|
|
(3.6 |
)% |
________(1) Excludes interest expense related to
pension plans and postretirement benefit plans.(2) Result of the
settlement related to the acquisition of Boyd Coffee Company which
included the cancellation of shares of Series A Preferred Stock and
settlement of liabilities.(3) Result of the settlements related to
the divestiture of Direct Ship business which included gains
related to coffee hedges and settlement of
liabilities.(4) Adjusted EBITDA is a non-GAAP measure. Please
refer to “Non-GAAP Financial Measures” below for an explanation and
reconciliation of Adjusted EBITDA and other related non-GAAP
measures to comparable GAAP measures.
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