Attached files

file filename
8-K - 8-K - RADIANT LOGISTICS, INCrlgt-8k_20160926.htm

Exhibit 99.1

 

RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE FOURTH fiscal quarter and Year ENDED June 30, 2016

 

Posts record annual revenues of $782.5 million – up $279.8 million or 55.7%;

Net revenues of $186.7 million – up $63.0 million or 50.9%; and  

Adjusted EBITDA of $24.4 million – up $7.1 million or 41.3%

BELLEVUE, WA September 13, 2016 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a third party logistics and multi-modal transportation services company, today reported financial results for the three and twelve months ended June 30, 2016.

Fiscal Year Financial Highlights (Year Ended June 30, 2016)

 

·

Revenues were $782.5 million for the fiscal year ended June 30, 2016, up $279.8 million or 55.7% compared to revenues of $502.7 million for the comparable prior year period.

 

·

Net revenues increased to $186.7 million for the fiscal year ended June 30, 2016, up $63.0 million or 50.9% compared to net revenues of $123.7 million for the comparable prior year period.

 

·

Net loss attributable to common stockholders was $5.6 million, or $0.11 per basic and fully diluted share for the fiscal year ended June 30, 2016, compared to net income of $3.8 million, or $0.11 per basic and $0.10 per fully diluted share, for the comparable prior year period.

 

·

Adjusted net income attributable to common stockholders was $11.8 million for the fiscal year ended June 30, 2016, up $5.0 million or 72.8% compared to adjusted net income attributable to common stockholders of $6.8 million for the comparable prior year period. Both periods are calculated by applying a normalized tax rate of 36% and excluding other items not considered part of regular operating activities.

 

·

Adjusted EBITDA increased to $24.4 million for the fiscal year ended June 30, 2016, up $7.1 million or 41.3%, compared to adjusted EBITDA of $17.3 million for the comparable prior year period. Normalizing these results to exclude $2.4 million in non-recurring transition costs associated with the interim operation of Service By Air’s back-office operations, Adjusted EBITDA would have been $26.8 million for the fiscal year ended June 30, 2016, compared to $17.4 million for comparable prior year period.

 

·

Cash from operations increased to $21.4 million for the fiscal year ended June 30, 2016, up $19.3 million or over 900% compared to cash from operations of $2.1 million for the comparable prior year period.

CEO Comments

“We are very pleased to report record results for fiscal 2016 in what proved to be an increasingly difficult market over the course of the year”, said Bohn Crain, Founder and CEO. We posted revenues of $782.5, up $279.8 million or 55.7%; net revenues of $186.7 million, up $63.0 million or 50.9%; and adjusted EBITDA of $24.4 million, up $7.1 million or 41.3%, over the comparable prior year period. Normalizing our adjusted EBITDA to exclude $2.4 million in non-recurring transitions costs associated with redundant back-office operation of Service By Air’s back-office that are targeted for elimination later this calendar year, we would have reported adjusted EBITDA of $26.8 million, up $9.4 million or 53.9%. In addition, we also reported record cash from operations for the fiscal year ended June 30, 2016 of $21.4 million.”  

Crain continued: “For the quarter ended June 30, 2016, we posted revenues of $183.6 million, down $12.6 million or 6.4%; net revenues of $46.6 million, up $3.9 million or 9.0%; and adjusted EBITDA of $5.4 million, down $1.1 million or 17.2%, over the comparable prior year period. These quarterly results reflect the impacts of excess capacity and related margin pressures of the current market environment, particularly in our brokerage operations as well as the previously disclosed loss of a significant customer at On Time Express which is also a drag on comparable year over year results of our forwarding operations. We are responding to these market headwinds with a focus on the continuous improvement of our existing business through an accelerated investment in technology, further integration of previously acquired operations and unlocking the associated revenue and cost synergies within our current platform. While improving the financial performance of our existing platform is our top priority, we also remain committed to our long standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives. We have


low leverage on our balance sheet, strong free cash flow and continue our disciplined search for acquisition candidates that bring critical mass to our current platform with respect to geography, purchasing power and complementary service offerings.”

Fourth Quarter Ended June 30, 2016 – Financial Results

For the three months ended June 30, 2016, Radiant reported a net loss attributable to common stockholders of $0.6 million on $183.6 million of revenues, or $0.01 per basic and fully diluted share. For the three months ended June 30, 2015, Radiant reported net income attributable to common stockholders of $1.7 million on $196.2 million of revenues, or $0.04 per basic and fully diluted share.

For the three months ended June 30, 2016, Radiant reported adjusted net income attributable to common stockholders of $2.8 million. For the three months ended June 30, 2015, Radiant reported adjusted net income attributable to common stockholders of $2.1 million.

Radiant also reported adjusted EBITDA of $5.4 million for the three months ended June 30, 2016, compared to adjusted EBITDA of $6.5 million for the three months ended June 30, 2015. Normalizing these results to exclude non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, adjusted EBITDA would have been $5.9 million and $6.7 million for the three months ended June 30, 2016 and 2015, respectively.

A reconciliation of Radiant’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the three months ending June 30, 2016 and 2015 appears at the end of this release.

Year Ended June 30, 2016 – Financial Results

For the year ended June 30, 2016, Radiant reported a net loss attributable to common stockholders of $5.6 million on $782.5 million of revenues, or $0.11 per basic and fully diluted share. For the year ended June 30, 2015, Radiant reported net income attributable to common stockholders of $3.8 million on $502.7 million of revenues, or $0.11 per basic and $0.10 per fully diluted share.

For the year ended June 30, 2016, Radiant reported adjusted net income attributable to common stockholders of $11.8 million. For the year ended June 30, 2015, Radiant reported adjusted net income attributable to common stockholders of $6.8 million.

Radiant also reported adjusted EBITDA of $24.4 million for the year ended June 30, 2016, compared to adjusted EBITDA of $17.3 million for the year ended June 30, 2015. Normalizing these results to exclude non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, adjusted EBITDA would have been $26.8 million and $17.4 million for the twelve months ended June 30, 2016 and 2015, respectively.

A reconciliation of Radiant’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the year ended June 30, 2016 and 2015 appears at the end of this release.

Investor Conference Call

Radiant will host a conference call for stockholders and the investing community on Tuesday, September 13, 2016 at 4:30 pm, ET to discuss the contents of this release. The call can be accessed by dialing (877) 407-8031, or (201) 689-8031 for international participants, and is expected to last approximately 30 minutes. Callers are requested to dial in 5 minutes before the start of the call. An audio replay will be available for two weeks after the teleconference by dialing (877) 481-4010, or (919) 882-2331 for international callers, and using replay ID number 10084. This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com.

About Radiant Logistics (NYSE MKT: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) is a third party logistics and multimodal transportation services company. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.

 

 

2


This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to: trends in the domestic and global economy; our ability to attract new and retain existing agency relationships; acquisitions and integration of acquired entities; availability of capital to support our acquisition strategy; our ability to maintain and improve back office infrastructure and transportation and accounting information systems in a manner sufficient to service our revenues and network of operating locations; the ability of the Wheels operation to maintain and grow its revenues and operating margins in a manner consistent with recent operating results and trends; our ability to maintain positive relationships with our third-party transportation providers, suppliers and customers; outcomes of legal proceedings; competition; management of growth; potential fluctuations in operating results; and government regulation. More information about factors that potentially could affect our financial results is included Radiant Logistics, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

# # #

 

Investor Contact:

Stonegate, Inc.

Casey Stegman

972-850-2001

casey@stonegateinc.com

 

Media Contact:

Radiant Logistics, Inc.

Ryan McBride

(425) 943-4533

rmcbride@radiantdelivers.com

 

 

 

3


 

RADIANT LOGISTICS, INC.

Consolidated Balance Sheets

 

(In thousands, except share and per share data)

 

June 30,

 

 

 

2016

 

 

2015

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,768

 

 

$

7,268

 

Accounts receivable, net of allowance of $1,806 and $1,551 respectively

 

 

101,035

 

 

 

127,349

 

Employee and other receivables

 

 

635

 

 

 

111

 

Income tax deposit

 

 

1,525

 

 

 

2,309

 

Prepaid expenses and other current assets

 

 

5,410

 

 

 

5,671

 

Total current assets

 

 

113,373

 

 

 

142,708

 

 

 

 

 

 

 

 

 

 

Technology and equipment, net

 

 

12,453

 

 

 

13,176

 

 

 

 

 

 

 

 

 

 

Acquired intangibles, net

 

 

71,941

 

 

 

82,955

 

Goodwill

 

 

62,888

 

 

 

63,089

 

Deposits and other assets

 

 

2,814

 

 

 

3,110

 

Total long-term assets

 

 

137,643

 

 

 

149,154

 

Total assets

 

$

263,469

 

 

$

305,038

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued transportation costs

 

$

75,071

 

 

$

92,025

 

Commissions payable

 

 

8,280

 

 

 

9,449

 

Other accrued costs

 

 

5,331

 

 

 

7,732

 

Due to former shareholders of acquired operations

 

 

50

 

 

 

684

 

Current portion of notes payable

 

 

2,416

 

 

 

543

 

Current portion of contingent consideration

 

 

3,387

 

 

 

1,872

 

Current portion of transition and lease termination liability

 

 

1,838

 

 

 

283

 

Other current liabilities

 

 

138

 

 

 

298

 

Total current liabilities

 

 

96,511

 

 

 

112,886

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

28,903

 

 

 

84,202

 

Contingent consideration, net of current portion

 

 

4,098

 

 

 

5,741

 

Transition and lease termination liability, net of current portion

 

 

658

 

 

 

1

 

Deferred rent liability

 

 

851

 

 

 

1,144

 

Deferred tax liability

 

 

12,525

 

 

 

15,567

 

Other long-term liabilities

 

 

742

 

 

 

1,004

 

Total long-term liabilities

 

 

47,777

 

 

 

107,659

 

Total liabilities

 

 

144,288

 

 

 

220,545

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized; 839,200 shares issued and

   outstanding, liquidation preference of $20,980

 

 

1

 

 

 

1

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 48,857,506 and 42,563,224

   shares issued and outstanding, respectively

 

 

30

 

 

 

24

 

Additional paid-in capital

 

 

114,392

 

 

 

74,659

 

Deferred compensation

 

 

(1

)

 

 

(4

)

Retained earnings

 

 

4,581

 

 

 

10,146

 

Accumulated other comprehensive income (loss)

 

 

98

 

 

 

(395

)

Total Radiant Logistics, Inc. stockholders’ equity

 

 

119,101

 

 

 

84,431

 

Non-controlling interest

 

 

80

 

 

 

62

 

Total stockholders’ equity

 

 

119,181

 

 

 

84,493

 

Total liabilities and stockholders’ equity

 

$

263,469

 

 

$

305,038

 

 

 


4


 

RADIANT LOGISTICS, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)

 

(In thousands, except share and per share data)

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

Revenues

 

$

183,616

 

 

$

196,234

 

 

$

782,495

 

 

$

502,665

 

Cost of transportation

 

 

137,067

 

 

 

153,533

 

 

 

595,834

 

 

 

378,942

 

Net revenues

 

 

46,549

 

 

 

42,701

 

 

 

186,661

 

 

 

123,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating partner commissions

 

 

21,531

 

 

 

17,537

 

 

 

84,475

 

 

 

60,356

 

Personnel costs

 

 

13,223

 

 

 

13,467

 

 

 

54,131

 

 

 

34,225

 

Selling, general and administrative expenses

 

 

6,773

 

 

 

6,275

 

 

 

25,731

 

 

 

15,384

 

Depreciation and amortization

 

 

2,773

 

 

 

2,700

 

 

 

12,033

 

 

 

6,359

 

Transition and lease termination costs

 

 

837

 

 

 

374

 

 

 

5,945

 

 

 

770

 

Impairment of acquired intangible assets

 

 

 

 

 

 

 

 

3,680

 

 

 

 

Change in contingent consideration

 

 

375

 

 

 

(2,772

)

 

 

1,003

 

 

 

(3,921

)

Total operating expenses

 

 

45,512

 

 

 

37,581

 

 

 

186,998

 

 

 

113,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

1,037

 

 

 

5,120

 

 

 

(337

)

 

 

10,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3

 

 

 

15

 

 

 

47

 

 

 

17

 

Interest expense

 

 

(814

)

 

 

(1,544

)

 

 

(4,919

)

 

 

(1,873

)

Loss on write-off of loan fees

 

 

(1,180

)

 

 

 

 

 

(1,180

)

 

 

 

Foreign exchange gain (loss)

 

 

312

 

 

 

(787

)

 

 

700

 

 

 

(739

)

Other

 

 

247

 

 

 

(68

)

 

 

350

 

 

 

16

 

Total other expense:

 

 

(1,432

)

 

 

(2,384

)

 

 

(5,002

)

 

 

(2,579

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax expense

 

 

(395

)

 

 

2,736

 

 

 

(5,339

)

 

 

7,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense)

 

 

285

 

 

 

(539

)

 

 

1,886

 

 

 

(2,016

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

(110

)

 

 

2,197

 

 

 

(3,453

)

 

 

5,955

 

Less: Net income attributable to non-controlling interest

 

 

(12

)

 

 

(18

)

 

 

(66

)

 

 

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

 

 

(122

)

 

 

2,179

 

 

 

(3,519

)

 

 

5,875

 

Less: Preferred stock dividends

 

 

(511

)

 

 

(511

)

 

 

(2,046

)

 

 

(2,046

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(633

)

 

$

1,668

 

 

$

(5,565

)

 

$

3,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

(170

)

 

 

(395

)

 

 

493

 

 

 

(395

)

Comprehensive income (loss)

 

$

(803

)

 

$

1,273

 

 

$

(5,072

)

 

$

3,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.04

 

 

$

(0.11

)

 

$

0.11

 

Diluted

 

$

(0.01

)

 

$

0.04

 

 

$

(0.11

)

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

48,807,414

 

 

 

42,075,439

 

 

 

48,413,361

 

 

 

36,446,778

 

Diluted shares

 

 

48,807,414

 

 

 

43,621,917

 

 

 

48,413,361

 

 

 

38,021,511

 

 


5


RADIANT LOGISTICS, INC.

Reconciliation of Net Income to Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA

(unaudited)

As used in this report, Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant’s business. For Adjusted Net Income, management uses a 36% tax rate for calculating the provision for income taxes before preferred dividend requirement to normalize Radiant’s tax rate to that of its competitors and to compare Radiant’s reporting periods with different effective tax rates. In addition, in arriving at Adjusted Net Income, the Company adjusts for certain non-cash charges and significant items that are not part of regular operating activities. These adjustments include depreciation and amortization, change in contingent consideration, amortization of loan fees, write-off of loan fees, impairment of acquired intangible assets, acquisition related costs, transition costs, lease termination costs, legal costs and non-recurring costs.

Adjusted EBITDA means earnings before preferred stock dividends, interest, income taxes, depreciation and amortization, which is then further adjusted for changes in contingent consideration, expenses specifically attributable to acquisitions, lease termination costs, extraordinary items, share-based compensation expense, legal costs, non-recurring costs, write off of loan fees, impairment of acquired intangible assets and foreign exchange losses or gains. Normalized Adjusted EBITDA represents the Adjusted EBITDA but also adds back transition costs associated with the SBA back-office that is projected to be eliminated.

We believe that these non-GAAP financial measures, as presented, represent a useful method of assessing the performance of our operating activities, as they reflect our earnings trends without the impact of certain non-cash charges and other non-recurring charges. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations to allow a comparison to other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. However, these non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

Year Ended June 30,

 

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

Reconciliation of net income (loss) to adjusted net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(633

)

 

$

1,668

 

 

$

(5,565

)

 

$

3,829

 

Adjustments to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(285

)

 

 

539

 

 

 

(1,886

)

 

 

2,016

 

Depreciation and amortization

 

 

2,773

 

 

 

2,700

 

 

 

12,033

 

 

 

6,359

 

Change in contingent consideration

 

 

375

 

 

 

(2,772

)

 

 

1,003

 

 

 

(3,921

)

Lease termination costs

 

 

202

 

 

 

188

 

 

 

2,545

 

 

 

583

 

Acquisition related costs

 

 

340

 

 

 

774

 

 

 

2,446

 

 

 

2,045

 

Legal costs

 

 

107

 

 

 

239

 

 

 

1,066

 

 

 

601

 

Non-recurring costs

 

 

29

 

 

 

 

 

 

279

 

 

 

 

Amortization of loan fees

 

 

85

 

 

 

99

 

 

 

388

 

 

 

145

 

Transition costs associated with acquisitions

 

 

477

 

 

 

158

 

 

 

2,408

 

 

 

158

 

Loss on write-off of loan fees

 

 

1,180

 

 

 

 

 

 

1,180

 

 

 

 

Loss on impairment of acquired intangible assets

 

 

 

 

 

 

 

 

3,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income before income taxes

 

 

4,650

 

 

 

3,593

 

 

 

19,577

 

 

 

11,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes at 36% before preferred

     dividend requirement

 

 

(1,858

)

 

 

(1,477

)

 

 

(7,784

)

 

 

(4,990

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

2,792

 

 

$

2,116

 

 

$

11,793

 

 

$

6,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


6


 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

Reconciliation of net income (loss) to normalized adjusted EBITDA

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(633

)

 

$

1,668

 

 

$

(5,565

)

 

$

3,829

 

Preferred stock dividends

 

 

511

 

 

 

511

 

 

 

2,046

 

 

 

2,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

 

 

(122

)

 

 

2,179

 

 

 

(3,519

)

 

 

5,875

 

Income tax expense (benefit)

 

 

(285

)

 

 

539

 

 

 

(1,886

)

 

 

2,016

 

Depreciation and amortization

 

 

2,773

 

 

 

2,700

 

 

 

12,033

 

 

 

6,359

 

Net interest expense

 

 

811

 

 

 

1,529

 

 

 

4,872

 

 

 

1,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

3,177

 

 

 

6,947

 

 

 

11,500

 

 

 

16,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

322

 

 

 

383

 

 

 

1,407

 

 

 

1,115

 

Change in contingent consideration

 

 

375

 

 

 

(2,772

)

 

 

1,003

 

 

 

(3,921

)

Acquisition related costs

 

 

340

 

 

 

774

 

 

 

2,446

 

 

 

2,045

 

Legal costs

 

 

107

 

 

 

239

 

 

 

1,066

 

 

 

601

 

Non-recurring costs

 

 

29

 

 

 

 

 

 

279

 

 

 

 

Lease termination costs

 

 

202

 

 

 

188

 

 

 

2,545

 

 

 

583

 

Loss on impairment of acquired intangible assets

 

 

 

 

 

 

 

 

3,680

 

 

 

 

Loss on write-off of loan fees

 

 

1,180

 

 

 

 

 

 

1,180

 

 

 

 

Foreign exchange loss (gain)

 

 

(312

)

 

 

787

 

 

 

(700

)

 

 

739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

5,420

 

 

 

6,546

 

 

 

24,406

 

 

 

17,268

 

Transition costs

 

 

477

 

 

 

158

 

 

 

2,408

 

 

 

158

 

Normalized adjusted EBITDA

 

$

5,897

 

 

$

6,704

 

 

$

26,814

 

 

$

17,426

 

As a % of Net Revenues

 

 

12.7

%

 

 

15.7

%

 

 

14.4

%

 

 

14.1

%

 

 

 

7