Attached files
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8-K - FORM 8-K - NATIONAL FINANCIAL PARTNERS CORP | d548981d8k.htm |
EX-99.3 - EX-99.3 - NATIONAL FINANCIAL PARTNERS CORP | d548981dex993.htm |
EX-99.2 - EX-99.2 - NATIONAL FINANCIAL PARTNERS CORP | d548981dex992.htm |
Exhibit 99.1
SUMMARY HISTORICAL AND UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED FINANCIAL AND OTHER DATA
The following table sets forth summary historical and unaudited pro forma condensed consolidated financial and other data of our business at the dates and for the periods indicated. The summary historical condensed consolidated statements of income and condensed consolidated cash flows data for the years ended December 31, 2010, 2011 and 2012 and the summary historical condensed consolidated statements of financial condition as of December 31, 2011 and 2012 has been derived from our historical audited financial statements. The summary historical condensed consolidated statement of financial condition as of December 31, 2010 has been derived from our historical audited financial statements. The summary historical condensed consolidated statements of income and condensed consolidated cash flows data for the three months ended March 31, 2012 and 2013 and the summary historical condensed consolidated statements of financial condition at March 31, 2012 and 2013 have been derived from our historical unaudited condensed consolidated financial statements. We have derived the consolidated statements of income, statements of cash flow data and other financial data for the last twelve months ended March 31, 2013 by adding the summary financial data for the year ended December 31, 2012 and the summary financial data for the three months ended March 31, 2013 and subtracting the summary financial data for the three months ended March 31, 2012. Historical results are not necessarily indicative of the results to be expected for future periods and operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
The summary unaudited pro forma condensed consolidated statement of income information for the twelve months ended March 31, 2013 gives effect to the Transactions as if they had occurred on January 1, 2012. The summary unaudited pro forma condensed consolidated statement of financial condition as of March 31, 2013 gives effect to the Transactions as if they had occurred on March 31, 2013. The summary unaudited pro forma condensed consolidated financial data reflects adjustments required under U.S. GAAP for business combinations that are based upon preliminary estimates of fair value and certain assumptions that we believe are reasonable. Revisions to the preliminary estimates of fair value may have a significant impact on the pro forma amounts of total assets, total liabilities and shareholders equity, revenue and various operating expenses, including depreciation and amortization, interest expense and income taxes. The summary unaudited pro forma condensed consolidated financial data is for informational purposes only and does not purport to represent what our results of operation or financial condition actually would be if the Transactions had occurred at any date, nor does such data purport to project the results of operation and financial condition for any future period or date, as the case may be. Where we present pro forma financial information for the closing of the Transactions, we have assumed that all $125.0 million of the outstanding convertible senior notes are converted at a conversion rate of 81.055 shares per $1,000 of principal amount of convertible senior notes, which assumes the acquisition will close on June 30, 2013. The settlement of the convertible senior notes will occur after the closing of the acquisition. Convertible senior notes that are not surrendered for conversion or repurchase will remain outstanding.
-1-
The historical results presented below are not necessarily indicative of the results to be expected for any future period.
(Dollars in thousands) | Years Ended December 31, | Three Months Ended |
Three Months Ended |
Twelve Months Ended |
Pro forma Twelve Months Ended |
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2010 | 2011 | 2012 | March 31, 2012 |
March 31, 2013 |
March 31, 2013 |
March 31, 2013 |
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Revenue: |
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Statement of Operations Data: |
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Revenue: |
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Commissions and fees: |
$ | 981,917 | $ | 1,013,392 | $ | 1,061,738 | $ | 254,131 | $ | 263,471 | $ | 1,071,078 | $ | 1,082,838 | ||||||||||||||
Operating expenses: |
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Commissions and fees |
303,794 | 330,179 | 322,330 | 82,150 | 81,014 | 321,194 | 321,310 | |||||||||||||||||||||
Compensation expenseemployees |
256,181 | 267,528 | 293,531 | 70,948 | 79,532 | 302,115 | 306,696 | |||||||||||||||||||||
Fees to principals |
161,958 | 135,911 | 137,988 | 29,207 | 28,000 | 136,781 | 136,804 | |||||||||||||||||||||
Non-compensation expense |
156,538 | 153,357 | 162,229 | 39,702 | 42,124 | 164,651 | 166,842 | |||||||||||||||||||||
Amortization of intangibles |
33,013 | 32,478 | 33,519 | 8,275 | 8,401 | 33,645 | 55,685 | |||||||||||||||||||||
Depreciation |
12,123 | 12,553 | 12,339 | 3,146 | 2,982 | 12,175 | 12,175 | |||||||||||||||||||||
Impairment of goodwill and intangible assets |
2,901 | 11,705 | 33,015 | 3,228 | 2,571 | 32,358 | 32,358 | |||||||||||||||||||||
Gain on sale of businesses, net |
(10,295 | ) | (1,238 | ) | (4,763 | ) | (351 | ) | 89 | (4,323 | ) | (4,323 | ) | |||||||||||||||
Change in estimated acquisition earn-out payables |
| (414 | ) | 9,485 | 4,466 | 908 | 5,927 | 5,927 | ||||||||||||||||||||
Management contract buyout |
| | 17,336 | 3,355 | 6,733 | 20,714 | 20,714 | |||||||||||||||||||||
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Total operating expenses |
916,213 | 942,059 | 1,017,009 | 244,126 | 252,354 | 1,025,237 | 1,054,188 | |||||||||||||||||||||
Income (loss) from operations |
65,704 | 71,333 | 44,729 | 10,005 | 11,117 | 45,841 | 28,650 | |||||||||||||||||||||
Non-operating income and expenses |
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Interest income |
3,854 | 3,333 | 2,253 | 629 | 604 | 2,228 | 2,228 | |||||||||||||||||||||
Interest expense |
(18,533 | ) | (15,733 | ) | (16,572 | ) | (4,121 | ) | (4,206 | ) | (16,657 | ) | (68,856 | ) | ||||||||||||||
Gain on early extinguishment of debt |
9,711 | | | | | | (13,283 | ) | ||||||||||||||||||||
Other, net |
8,303 | 6,386 | 4,985 | 880 | 1,614 | 5,719 | 5,719 | |||||||||||||||||||||
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Non-operating income and expenses, net |
3,335 | (6,014 | ) | (9,334 | ) | (2,612 | ) | (1,988 | ) | (8,710 | ) | (74,192 | ) | |||||||||||||||
Income (loss) before income taxes |
69,039 | 65,319 | 35,395 | 7,393 | 9,129 | 37,131 | (45,542 | ) | ||||||||||||||||||||
Income tax expense (benefit) |
26,481 | 28,387 | 5,457 | 1,775 | 4,915 | 8,597 | (22,819 | ) | ||||||||||||||||||||
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Net income (loss) |
$ | 42,558 | $ | 36,932 | $ | 29,938 | $ | 5,618 | $ | 4,214 | $ | 28,534 | $ | (22,723 | ) | |||||||||||||
Net income (non-controlling interest) |
| | | | (63 | ) | (63 | ) | (266 | ) | ||||||||||||||||||
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Net income (controlling interest) |
$ | 42,558 | $ | 36,932 | $ | 29,938 | $ | 5,618 | $ | 4,151 | $ | 28,471 | $ | (22,989 | ) | |||||||||||||
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-2-
Statements of Financial Condition (at end of period): |
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Cash and cash equivalents |
$ | 128,830 | $ | 135,239 | $ | 88,500 | $ | 85,598 | $ | 92,090 | $ | 92,090 | $ | 50,189 | ||||||||||||||
Commissions, fees, and premiums receivable, net |
120,572 | 119,945 | 137,310 | 102,482 | 116,335 | 116,335 | 116,335 | |||||||||||||||||||||
Total current assets |
377,465 | 368,134 | 351,033 | 306,419 | 338,944 | 338,944 | 316,644 | |||||||||||||||||||||
Total assets |
893,063 | 894,167 | 899,859 | 855,678 | 889,335 | 889,335 | 1,661,195 | |||||||||||||||||||||
Total current liabilities |
224,883 | 229,015 | 215,519 | 177,676 | 183,339 | 183,339 | 190,500 | |||||||||||||||||||||
Total liabilities |
484,851 | 488,217 | 487,836 | 455,040 | 470,335 | 470,335 | 1,455,919 | |||||||||||||||||||||
Total equity |
408,212 | 405,950 | 412,023 | 400,638 | 416,746 | 416,746 | 203,022 | |||||||||||||||||||||
Statement of Cash Flow Data: |
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Net cash provided from (used in) |
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Operating Activities |
$ | 119,432 | $ | 116,177 | $ | 53,076 | $ | (14,585 | ) | $ | 21,174 | $ | 88,835 | |||||||||||||||
Investing Activities |
(9,703 | ) | (53,922 | ) | (83,802 | ) | (34,526 | ) | (10,259 | ) | (59,535 | ) | ||||||||||||||||
Financing Activities |
(36,893 | ) | (55,846 | ) | (15,941 | ) | (530 | ) | (7,300 | ) | (22,711 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents |
| | (72 | ) | | (25 | ) | (97 | ) | |||||||||||||||||||
Other Financial Data: |
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Transaction Adjusted EBITDA(1) |
$ | 146,985 | $ | 144,187 | $ | 160,335 | $ | 35,965 | $ | 38,215 | $ | 162,585 | $ | 166,953 | ||||||||||||||
Pro Forma Transaction Adjusted EBITDA(1) |
$ | 170,251 | ||||||||||||||||||||||||||
Pro forma total debt(2) |
$ | 1,053,125 | ||||||||||||||||||||||||||
Pro forma interest expense(3) |
$ | 68,856 | ||||||||||||||||||||||||||
Pro forma net debt(4) |
$ | 1,025,540 | ||||||||||||||||||||||||||
Ratio of pro forma total debt to Pro Forma Transaction Adjusted EBITDA |
6.2x | |||||||||||||||||||||||||||
Ratio of Pro Forma Transaction Adjusted EBITDA to pro forma interest expense |
2.5x |
(1) | We report our financial results in accordance with U.S. GAAP, however, management believes that the evaluation of our ongoing operating results may be enhanced by a presentation of Adjusted EBITDA, Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA which are non-GAAP financial measures. We have historically presented Adjusted EBITDA in the periodic reports and registration statements we file with the SEC. As set forth below, Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA differ in many respects from Adjusted EBITDA. Adjusted EBITDA is defined as net income excluding interest income; interest expense; income tax expense; depreciation; amortization of intangibles; other, net; gain on early extinguishment of debt; the expense related to management contract buyouts; any change in estimated acquisition earn-out payables recorded in accordance with purchase accounting that have been subsequently adjusted and recorded in the consolidated statements of income; (gain) loss on sale of businesses, net; impairment of goodwill and intangible assets; the accelerated vesting of, or reversal of previously-recognized expenses related to, certain Restricted Stock Units (RSUs); and minority interest (income) loss. We use Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA to further enhance an investors evaluation of our ongoing operating performance. Transaction Adjusted EBITDA is defined as Adjusted EBITDA excluding stock-based compensation; non-cash bad debt expense; certain reserves incurred in 2011 and 2012 in connection with a legal settlement; public company cost savings; interest income on certain cash; and other items. Pro Forma Transaction Adjusted EBITDA is defined as Transaction Adjusted EBITDA adjusted to include run rate adjustments for acquisitions and management contract buyouts completed after March 31, 2013 assuming such acquisitions and management contract buyouts occurred at the beginning of the period presented, as well as the effect of acquisitions, dispositions and management contract buyouts completed during the twelve months ended March 31, 2013. |
We have included Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA because we believe it provides investors with additional information to measure our performance and evaluate our ability to service our debt. Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA are not presentations made in accordance with GAAP, and our computations of Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA should not be considered to be an alternative to net income, as a measure of operating performance or cash flow or as a measure of liquidity. Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP.
-3-
A reconciliation of Adjusted EBITDA, Transaction Adjusted EBITDA and Pro Forma Transaction Adjusted EBITDA to net income for the periods presented is set forth below:
(Dollars in thousands) | Years Ended December 31, | Three Months Ended |
Three Months Ended |
Twelve Months Ended |
Pro forma Twelve Months Ended |
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2010 | 2011 | 2012 | March 31, 2012 |
March 31, 2013 |
March 31, 2013 |
March 31, 2013 |
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Net income (loss) (GAAP) |
$ | 42,558 | $ | 36,932 | $ | 29,938 | $ | 5,618 | $ | 4,214 | $ | 28,534 | $ | (22,723 | ) | |||||||||||||
Income tax on expense (benefit) |
26,481 | 28,387 | 5,457 | 1,775 | 4,915 | 8,597 | (22,819 | ) | ||||||||||||||||||||
Interest income |
(3,854 | ) | (3,333 | ) | (2,253 | ) | (629 | ) | (604 | ) | (2,228 | ) | (2,228 | ) | ||||||||||||||
Interest expense |
18,533 | 15,733 | 16,572 | 4,121 | 4,206 | 16,657 | 68,856 | |||||||||||||||||||||
Gain on early extinguishment of debt |
(9,711 | ) | | | | | | 13,283 | ||||||||||||||||||||
Other, net |
(8,303 | ) | (6,386 | ) | (4,985 | ) | (880 | ) | (1,614 | ) | (5,719 | ) | (5,719 | ) | ||||||||||||||
Amortization of intangibles |
33,013 | 32,478 | 33,519 | 8,275 | 8,401 | 33,645 | 55,685 | |||||||||||||||||||||
Depreciation |
12,123 | 12,553 | 12,339 | 3,146 | 2,982 | 12,175 | 12,175 | |||||||||||||||||||||
Impairment of goodwill and intangible assets |
2,901 | 11,705 | 33,015 | 3,228 | 2,571 | 32,358 | 32,358 | |||||||||||||||||||||
Gain (loss) on sale of businesses, net |
(10,295 | ) | (1,238 | ) | (4,763 | ) | (351 | ) | 89 | (4,323 | ) | (4,323 | ) | |||||||||||||||
Accelerated vesting/(reversal) of certain RSUs |
13,395 | | (4,673 | ) | | | (4,673 | ) | (4,673 | ) | ||||||||||||||||||
Change in estimated acquisition earn-out payables |
| (414 | ) | 9,485 | 4,466 | 908 | 5,927 | 5,927 | ||||||||||||||||||||
Management contract buyout |
| | 17,336 | 3,355 | 6,733 | 20,714 | 20,714 | |||||||||||||||||||||
Minority interest (income) loss |
| | | | (93 | ) | (93 | ) | (574 | ) | ||||||||||||||||||
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Adjusted EBITDA |
116,841 | 126,417 | 140,987 | 32,124 | 32,708 | 141,571 | 145,939 | |||||||||||||||||||||
Other, net addback (a) |
6,522 | 5,816 | 4,205 | 911 | 1,614 | 4,908 | 4,908 | |||||||||||||||||||||
Stock-based compensation |
11,337 | 5,462 | 5,381 | 1,364 | 1,408 | 5,425 | 5,425 | |||||||||||||||||||||
Legal settlements (b) |
| 2,500 | 2,750 | 500 | | 2,250 | 2,250 | |||||||||||||||||||||
Bad debt expense (non-cash) (c) |
4,902 | 1,405 | 1,351 | 70 | 101 | 1,382 | 1,382 | |||||||||||||||||||||
Interest income on cash (d) |
344 | 264 | 232 | 51 | 41 | 222 | 222 | |||||||||||||||||||||
Public company cost saves (e) |
6,869 | 7,027 | 7,200 | 1,800 | 1,800 | 7,200 | 7,200 | |||||||||||||||||||||
Other (f) |
170 | (4,704 | ) | (1,771 | ) | (855 | ) | 543 | (373 | ) | (373 | ) | ||||||||||||||||
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Transaction Adjusted EBITDA |
$ | 146,985 | $ | 144,187 | $ | 160,335 | $ | 35,965 | $ | 38,215 | $ | 162,585 | $ | 166,953 | ||||||||||||||
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Completed Dispositions (g) |
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(2,828 | ) | |||||||||||||||||||||||||
Completed Management Contract Buyouts (g) |
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2,440 | ||||||||||||||||||||||||||
Run Rate Acquisitions (h) |
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1,924 | ||||||||||||||||||||||||||
Run Rate Management Contract Buyouts (h) |
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1,762 | ||||||||||||||||||||||||||
Pro Forma Transaction Adjusted EBITDA |
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$ | 170,251 | |||||||||||||||||||||||||
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(a) | Relates substantially to office space that the Company no longer occupies and has subleased; the rent associated with the Companys lease is recognized in non-compensation expense while the sublease income is recognized as income in other, net. | |||
(b) | Relates to reserves made in connection with one legal settlement. | |||
(c) | In connection with dispositions, the Company may receive promissory notes as a form of compensation; this adjustment relates to reserves taken on these promissory notes, as well as reserves taken in connection with over-advanced management fees. | |||
(d) | Relates to interest income earned on funds held in a fiduciary capacity. | |||
(e) | Relates to compensation expense savings from certain departing employees with public company related responsibilities, the voluntary resignation of the Companys former CEO, as well as non-compensation expense savings related to certain public company costs, such as Board of Director fees, shareholder communications and insurance. | |||
(f) | Relates to the amortization of prepaid management fee expense offset by the amortization of deferred reduction in management fee liability. | |||
(g) | Represents the aggregate Transaction Adjusted EBITDA of the management contract buyouts and dispositions that were completed during the twelve months ended March 31, 2013 and have been presented to give effect thereto as if such transactions had occurred at the beginning of the period presented. The financial results for such management contract buyouts and dispositions are derived from the books and records of the Company, which have not been reviewed or audited by any outside accountants. Therefore, you should not place undue reliance on such financial information. | |||
(h) | Represents the aggregate Transaction Adjusted EBITDA of the acquisitions and management contract buyouts that were completed after March 31, 2013 and have been presented to give effect thereto as if such transactions had occurred at the beginning of the period presented. The financial results for such acquisitions and management contract buyouts are derived from the books and records of the Company, which have not been reviewed or audited by any outside accountants. Therefore, you should not place undue reliance on such financial information. |
(2) | Upon consummation of the Transactions, pro forma total debt is expected to be comprised of the term loan and the notes. | |||
(3) | Pro forma interest expense is based on assumed interest rates on the term loan and the notes, the amortization of debt costs related to the Transactions as well as the write-off of debt costs on the existing credit facility and senior convertible notes, and is calculated using historical financial data as adjusted to give effect to the Transactions, as if they occurred on January 1, 2012 (the first day of the fiscal year ended December 31, 2012) or April 1, 2012 (the first day of the twelve months ended March 31, 2013), as applicable. | |||
(4) | Net debt is defined as total debt less cash and cash equivalents. The Company paid approximately $22.6 million in cash on April 1, 2013 relating to these acquisitions and management contract buyouts. |
Other Financial Data by Business Segment:
CCG Adjusted EBITDA and Transaction Adjusted EBITDA Reconciliation |
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Income (loss) from operations |
$ | 43,046 | $ | 48,169 | $ | 32,035 | $ | 6,648 | $ | 7,380 | $ | 32,767 | ||||||||||||||
Amortization of intangibles |
21,398 | 21,553 | 24,195 | 5,909 | 6,230 | 24,516 | ||||||||||||||||||||
Depreciation |
6,298 | 6,107 | 5,618 | 1,427 | 1,420 | 5,611 | ||||||||||||||||||||
Impairment of goodwill and intangible assets |
1,931 | 1,246 | 7,754 | 2,680 | 2,571 | 7,645 | ||||||||||||||||||||
(Gain) loss on sale of businesses, net |
(8,058 | ) | (103 | ) | 46 | 46 | | | ||||||||||||||||||
Accelerated vesting/(reversal) of certain RSUs |
7,394 | | (2,484 | ) | | | (2,484 | ) | ||||||||||||||||||
Change in estimated acquisition earn-out payables |
| (414 | ) | 9,305 | 4,466 | 708 | 5,547 | |||||||||||||||||||
Management contract buyout |
| | 17,336 | 3,355 | 6,733 | 20,714 | ||||||||||||||||||||
Minority interest (income) loss |
| | | | (54 | ) | (54 | ) | ||||||||||||||||||
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Adjusted EBITDA |
72,009 | 76,558 | 93,805 | 24,531 | 24,988 | 94,262 | ||||||||||||||||||||
Other, net addback |
3,470 | 3,094 | 2,237 | 485 | 859 | 2,611 | ||||||||||||||||||||
Stock-based compensation |
6,031 | 2,906 | 2,863 | 726 | 749 | 2,886 | ||||||||||||||||||||
Legal settlements |
| 1,330 | 1,463 | 266 | | 1,197 | ||||||||||||||||||||
Bad debt expense (noncash) |
2,608 | 747 | 719 | 38 | 54 | 735 | ||||||||||||||||||||
Interest income on cash |
183 | 140 | 124 | 27 | 21 | 118 | ||||||||||||||||||||
Public company cost saves |
3,654 | 3,738 | 3,830 | 958 | 958 | 3,830 | ||||||||||||||||||||
Other |
90 | (2,503 | ) | (942 | ) | (455 | ) | 289 | (198 | ) | ||||||||||||||||
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Transaction Adjusted EBITDA |
$ | 88,045 | $ | 86,010 | $ | 104,099 | $ | 26,576 | $ | 27,918 | $ | 105,441 | ||||||||||||||
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-4-
ICG Adjusted EBITDA and Transaction Adjusted EBITDA Reconciliation |
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Income (loss) from operations |
$ | 15,202 | $ | 14,167 | $ | 3,457 | $ | 1,182 | $ | 774 | $ | 3,049 | ||||||||||||||
Amortization of intangibles |
11,615 | 10,925 | 8,892 | 2,366 | 1,955 | 8,481 | ||||||||||||||||||||
Depreciation |
4,458 | 4,275 | 4,014 | 1,012 | 964 | 3,966 | ||||||||||||||||||||
Impairment of goodwill and intangible assets |
970 | 10,459 | 25,261 | 548 | | 24,713 | ||||||||||||||||||||
(Gain) loss on sale of businesses, net |
(2,237 | ) | (1,135 | ) | (4,809 | ) | (397 | ) | 89 | (4,323 | ) | |||||||||||||||
Accelerated vesting/(reversal) of certain RSUs |
6,001 | | (2,098 | ) | | | (2,098 | ) | ||||||||||||||||||
Change in estimated acquisition earn-out payables |
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Management contract buyout |
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Minority interest (income) loss |
| | | | (39 | ) | (39 | ) | ||||||||||||||||||
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Adjusted EBITDA |
36,009 | 38,691 | 34,717 | 4,711 | 3,743 | 33,749 | ||||||||||||||||||||
Other, net addback |
2,928 | 2,611 | 1,888 | 409 | 725 | 2,204 | ||||||||||||||||||||
Stock-based compensation |
5,090 | 2,452 | 2,416 | 612 | 632 | 2,436 | ||||||||||||||||||||
Legal settlements |
| 1,123 | 1,235 | 225 | | 1,010 | ||||||||||||||||||||
Bad debt expense (noncash) |
2,201 | 631 | 607 | 30 | 45 | 621 | ||||||||||||||||||||
Interest income on cash |
154 | 119 | 104 | 23 | 19 | 100 | ||||||||||||||||||||
Public company cost saves |
3,084 | 3,155 | 3,233 | 808 | 808 | 3,233 | ||||||||||||||||||||
Other |
76 | (2,112 | ) | (795 | ) | (384 | ) | 244 | (167 | ) | ||||||||||||||||
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Transaction Adjusted EBITDA |
$ | 49,542 | $ | 46,670 | $ | 43,404 | $ | 6,434 | $ | 6,216 | $ | 43,186 | ||||||||||||||
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ASG Adjusted EBITDA and Transaction Adjusted EBITDA Reconciliation |
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Income (loss) from operations |
$ | 7,456 | $ | 8,997 | $ | 9,237 | $ | 2,175 | $ | 2,963 | $ | 10,025 | ||||||||||||||
Amortization of intangibles |
| | 432 | | 216 | 648 | ||||||||||||||||||||
Depreciation |
1,367 | 2,171 | 2,707 | 707 | 598 | 2,598 | ||||||||||||||||||||
Impairment of goodwill and intangible assets |
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(Gain) loss on sale of businesses, net |
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Accelerated vesting/(reversal) of certain RSUs |
| | (91 | ) | | | (91 | ) | ||||||||||||||||||
Change in estimated acquisition earn-out payables |
| | 180 | | 200 | 380 | ||||||||||||||||||||
Management contract buyout |
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Adjusted EBITDA |
8,823 | 11,168 | 12,465 | 2,882 | 3,977 | 13,560 | ||||||||||||||||||||
Other, net addback |
124 | 111 | 80 | 17 | 30 | 93 | ||||||||||||||||||||
Stock-based compensation |
216 | 104 | 102 | 26 | 27 | 103 | ||||||||||||||||||||
Legal settlements |
| 47 | 52 | 9 | | 43 | ||||||||||||||||||||
Bad debt expense (noncash) |
93 | 27 | 26 | 2 | 2 | 26 | ||||||||||||||||||||
Interest income on cash |
7 | 5 | 4 | 1 | 1 | 4 | ||||||||||||||||||||
Public company cost saves |
131 | 134 | 137 | 34 | 34 | 137 | ||||||||||||||||||||
Other |
4 | (89 | ) | (34 | ) | (16 | ) | 10 | (8 | ) | ||||||||||||||||
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Transaction Adjusted EBITDA |
$ | 9,398 | $ | 11,507 | $ | 12,832 | $ | 2,955 | $ | 4,081 | $ | 13,958 | ||||||||||||||
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