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8-K - CURRENT REPORT - Crexendo, Inc. | cxdo_8k.htm |
Exhibit
99.1
Crexendo Reports Financial Results for the Third Quarter of
2018
PHOENIX,
AZ—(Marketwired – November 6, 2018)
Crexendo,
Inc. (OTCQX: CXDO), a next-generation CLEC and an award-winning
leader and provider of unified communications cloud telecom
services, broadband internet services, and other cloud business
services that are designed to provide enterprise-class cloud
services to any size business at affordable monthly rates, today
reported financial results for the third quarter of
2018.
Financial highlights:
For the three months ended September 30, 2018
Consolidated
total revenue for the third quarter of 2018 increased 14% to $3.0
million compared to $2.6 million for the third quarter of
2017.
Consolidated
service revenue for the third quarter of 2018 increased 20% to $2.7
million compared to $2.3 million for the third quarter of
2017.
●
Cloud
Telecommunications Segment UCaaS service revenue for the third
quarter of 2018 increased 26% to $2.5 million compared to $2.0
million for the third quarter of 2017.
●
Web Services
Segment service revenue for the third quarter of 2018 decreased 22%
to $203,000, compared to $260,000 for the third quarter of
2017.
Consolidated
product revenue for the third quarter of 2018 decreased 18% to
$314,000 compared to $385,000 for the third quarter of
2017.
Consolidated
operating expenses for the third quarter of 2018 increased 19% to
$3.2 million compared to $2.7 million for the third quarter of
2017.
On a
GAAP basis, the Company reported net loss of $(199,000) for the
third quarter of 2018, or $(0.01) loss per diluted common share,
compared to a net loss of $(190,000) or $(0.01) loss per diluted
common share for the third quarter of 2017.
Non-GAAP
net loss was $(12,000) for the third quarter of 2018, or breakeven
per diluted common share, compared to Non-GAAP net income of
$55,000 or breakeven per diluted common share for the third quarter
of 2017.
EBITDA
for the third quarter of 2018 was a $(167,000) loss compared to a
$(28,000) loss for the third quarter of 2017. Adjusted EBITDA for
the third quarter of 2018 was $2,000 compared to $61,000 for the
third quarter of 2017.
1
For the nine months ended September 30, 2018
Consolidated
total revenue for the nine months ended September 30, 2018
increased 19% to $8.8 million compared to $7.4 million for the nine
months ended September 30, 2017.
Consolidated
service revenue for the nine months ended September 30, 2018
increased 20% to $7.7 million compared to $6.4 million for the nine
months ended September 30, 2017.
●
Cloud
Telecommunications Segment UCaaS service revenue for the nine
months ended September 30, 2018 increased 26% to $7.1 million
compared to $5.6 million for the nine months ended September 30,
2017.
●
Web Services
Segment service revenue for the nine months ended September 30,
2018 decreased 21% to $636,000, compared to $806,000 for the nine
months ended September 30, 2017.
Consolidated
product revenue for the nine months ended September 30, 2018
increased 16% to $1.1 million compared to $967,000 for the nine
months ended September 30, 2017.
Consolidated
operating expenses for the nine months ended September 30, 2018
increased 11% to $9.0 million compared to $8.1 million for the nine
months ended September 30, 2017.
On a
GAAP basis, the Company reported a $(215,000) net loss for the nine
months ended September 30, 2018, or $(0.02) loss per diluted common
share, compared to a net loss of $(961,000) or $(0.07) loss per
diluted common share for the nine months ended September 30,
2017.
Non-GAAP
net income was $183,000 for the nine months ended September 30,
2018, or $0.01 per diluted common share, compared to a Non-GAAP net
loss of $(171,000) or $(0.01) loss per diluted common share for the
nine months ended September 30, 2017.
EBITDA
for the nine months ended September 30, 2018 was a $(140,000) loss
compared to a $(674,000) loss for nine months ended September 30,
2017. Adjusted EBITDA for the nine months ended September 30, 2018
was $204,000 compared to a $(155,000) loss for the nine months
ended September 30, 2017.
Total
cash, cash equivalents, and restricted cash at September 30, 2018
was $1.9 million compared to $1.4 million at December 31,
2017.
Operating
activities provided $350,000 for the nine months ended September
30, 2018 compared to $177,000 provided for the nine months ended
September 30, 2017. We used $(136,000) for investing activities for
the nine months ended September 30, 2018 compared to $252,000
provided by investing activities for the nine months ended
September 30, 2017. Financing activities provided $300,000 for the
nine months ended September 30, 2018 compared to $159,000 provided
for the nine months ended September 30, 2017.
Steven
G. Mihaylo, Chief Executive Officer commented, “This was a
positive quarter for us. We continue to have substantial year over
year increases in our Cloud Telecommunications Segment (UCaaS)
service revenue. UCaaS service revenue increased 26% for the third
quarter of 2018 to $2.5 million compared to $2.0 million for the
third quarter of 2017. This is a very positive metric and I think
bodes well for future results. We also continue to have positive
balance sheet momentum.”
2
“We
did not reach GAAP profitability this quarter, however we believe
this was due to one-time costs including certain changes we made to
our sales team, which we believe will prove to be beneficial to our
results in the future. In addition, we made a decision to expand
channel sales and direct sales personnel, which we believe will be
positive going forward.”
Mihaylo
added, ”The actions we have taken has caused our costs to
understandably increase as we invest in the business. We continue
to do a good job of managing expenses. I believe we are on the
right track as we continue to improve the business, the sales
process and our marketing and services. I believe in
Crexendo’s business and have high expectations for our
future, particularly for 2019 and beyond.”
Conference Call
The
Company is hosting a conference call today, November 6, 2018 at
5:30 PM EST. The dial-in number for domestic participants is
877-407-8031 and 201-689-8031 for international participants.
Please dial in five to ten minutes prior to the beginning of the
call at 5:30 PM EST and reference Crexendo. A replay of the call
will be available until November 13, 2018 by dialing toll-free at
877-481-4010 or 919-882-2331 for international callers. The replay
passcode is 38073.
About Crexendo
Crexendo,
Inc. (CXDO) is a next-generation CLEC and an award-winning leader
and provider of unified communications cloud telecom services,
broadband internet services, and other cloud business services that
are designed to provide enterprise-class cloud services to any size
business at affordable monthly rates.
Safe Harbor Statement
This
press release contains forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides a "safe harbor"
for such forward-looking statements. The words "believe," "expect,"
"anticipate," "estimate," "will" and other similar statements of
expectation identify forward-looking statements. Specific
forward-looking statements in this press release include
information about Crexendo (i) having a
positive quarter including a substantial year over year increases
in UCaaS service revenue; (ii) the 26% UCaaS service revenue being
a very positive metric and bodes well for future results; (iii)
continuing to have positive balance sheet momentum; (iv) one-time
costs including certain changes we made to our sales team affecting
results, with those changes proving to be beneficial to results in
the future; (iv) the decision to expand channel sales and direct
sales personnel proving to be very positive going forward; (v)
actions causing costs to increase while continuing to do an good
job of managing expenses; (vi) continuing to be on the right track
while continuing to improve the business, the sales process, and
marketing and services and (vii) continuing to firmly believe in
the business and having high expectations for our future,
particularly for 2019 and beyond..
For a
more detailed discussion of risk factors that may affect
Crexendo’s operations and results, please refer to the
company's Form 10-K for the year ended December 31, 2017, and
quarterly Form 10-Qs as filed with the SEC. These forward-looking
statements speak only as of the date on which such statements are
made, and the company undertakes no obligation to update such
forward-looking statements, except as required by law.
3
CREXENDO, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except par value and share data)
|
|
|
|
|||
|
September 30, 2018
|
|
December 31, 2017
|
||
Assets
|
|
|
|||
Current assets:
|
|
|
|||
Cash
and cash equivalents
|
|
$1,796
|
|
$1,282
|
|
Restricted
cash
|
|
100
|
|
100
|
|
Trade
receivables, net of allowance for doubtful accounts of
$7
|
|
|
|
|
|
as
of September 30, 2018 and $19 as of December 31, 2017
|
|
363
|
|
372
|
|
Contract
assets
|
|
9
|
|
3
|
|
Inventories
|
|
293
|
|
131
|
|
Equipment
financing receivables
|
|
70
|
|
116
|
|
Contract
costs
|
|
374
|
|
379
|
|
Prepaid
expenses
|
|
253
|
|
251
|
|
Income
tax receivable
|
|
2
|
|
-
|
|
Other
current assets
|
|
-
|
|
10
|
|
Total
current assets
|
|
3,260
|
|
2,644
|
|
|
|
|
|
|
|
Long-term trade receivables, net of allowance for doubtful
accounts
|
|
|
|
|
|
of
$9 as of September 30, 2018 and $10 as of December 31,
2017
|
|
29
|
|
31
|
|
Long-term equipment financing receivables, net
|
|
128
|
|
58
|
|
Property and equipment, net
|
|
132
|
|
8
|
|
Intangible assets, net
|
|
185
|
|
239
|
|
Goodwill
|
|
272
|
|
272
|
|
Contract costs, net of current portion
|
|
351
|
|
364
|
|
Other long-term assets
|
|
107
|
|
121
|
|
Total
assets
|
|
$4,464
|
|
$3,737
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$77
|
|
$79
|
|
Accrued
expenses
|
|
1,254
|
|
961
|
|
Capital
lease obligations
|
|
27
|
|
-
|
|
Notes
payable
|
|
74
|
|
69
|
|
Contract
liabilities
|
|
585
|
|
614
|
|
Total
current liabilities
|
|
2,017
|
|
1,723
|
|
|
|
|
|
|
|
Contract liabilities, net of current portion
|
|
410
|
|
374
|
|
Capital lease obligations, net of current portion
|
|
123
|
|
-
|
|
Notes payable, net of current portion
|
|
-
|
|
10
|
|
Total
liabilities
|
|
2,550
|
|
2,107
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Preferred
stock, par value $0.001 per share - authorized 5,000,000 shares;
none issued
|
|
—
|
|
—
|
|
Common
stock, par value $0.001 per share - authorized 25,000,000 shares,
14,394,113
|
|
|
|
|
|
shares
issued and outstanding as of September 30, 2018 and 14,287,556
shares issued and
|
|
|
|
|
|
outstanding
as of December 31, 2017
|
|
14
|
|
14
|
|
Additional
paid-in capital
|
|
61,059
|
|
60,560
|
|
Accumulated
deficit
|
|
( 59,159 )
|
|
( 58,944 )
|
|
Total
stockholders' equity
|
|
1,914
|
|
1,630
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
$4,464
|
|
$3,737
|
4
CREXENDO, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share and share data)
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Service revenue
|
$2,712
|
|
$2,259
|
|
$7,694
|
|
$6,407
|
|
Product revenue
|
314
|
|
385
|
|
1,117
|
|
967
|
|
Total
revenue
|
3,026
|
|
2,644
|
|
8,811
|
|
7,374
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Cost
of service revenue
|
833
|
|
664
|
|
2,293
|
|
1,962
|
|
Cost
of product revenue
|
161
|
|
151
|
|
549
|
|
383
|
|
Selling
and marketing
|
910
|
|
735
|
|
2,506
|
|
2,081
|
|
General
and administrative
|
1,101
|
|
954
|
|
3,080
|
|
3,134
|
|
Research
and development
|
214
|
|
194
|
|
589
|
|
569
|
|
Total
operating expenses
|
3,219
|
|
2,698
|
|
9,017
|
|
8,129
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
( 193 )
|
|
( 54 )
|
|
( 206 )
|
|
( 755 )
|
|
|
|
|
|
|
|
|
|
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
1
|
|
3
|
|
5
|
|
8
|
|
Interest
expense
|
( 5 )
|
|
(135)
|
|
( 8 )
|
|
(205)
|
|
Other
income, net
|
6
|
|
4
|
|
9
|
|
7
|
|
Total
other income/(expense), net
|
2
|
|
( 128 )
|
|
6
|
|
( 190 )
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax
|
( 191 )
|
|
( 182 )
|
|
( 200 )
|
|
( 945 )
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
( 8 )
|
|
( 8 )
|
|
( 15 )
|
|
( 16 )
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$(199)
|
|
$(190)
|
|
$(215)
|
|
$(961)
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
Basic
|
$(0.01)
|
|
$(0.01)
|
|
$(0.02)
|
|
$(0.07)
|
|
Diluted
|
$(0.01)
|
|
$(0.01)
|
|
$(0.02)
|
|
$(0.07)
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
14,346,092
|
|
13,951,480
|
|
14,311,190
|
|
13,824,307
|
|
Diluted
|
14,346,092
|
|
13,951,480
|
|
14,311,190
|
|
13,824,307
|
5
CREXENDO, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
Nine Months Ended September 30,
|
||
|
2018
|
|
2017
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
Net loss
|
$(215)
|
|
$(961)
|
Adjustments to reconcile net loss to net cash used for
operating activities:
|
|
|
|
Amortization
of prepaid rent
|
-
|
|
54
|
Depreciation
and amortization
|
66
|
|
81
|
Non-cash
interest expense
|
-
|
|
198
|
Share-based
compensation
|
344
|
|
481
|
Amortization
of deferred gain
|
-
|
|
(16)
|
Changes in assets and liabilities:
|
|
|
|
Trade
receivables
|
11
|
|
(30)
|
Contract
assets
|
(6)
|
|
(1)
|
Equipment
financing receivables
|
(24)
|
|
93
|
Inventories
|
(162)
|
|
17
|
Contract
costs
|
18
|
|
1
|
Prepaid
expenses
|
(2)
|
|
191
|
Income
tax payable
|
(2)
|
|
4
|
Other
assets
|
24
|
|
14
|
Accounts
payable and accrued expenses
|
291
|
|
(114)
|
Contract
liabilities
|
7
|
|
165
|
Net
cash provided by operating activities
|
350
|
|
177
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
Purchase
of property and equipment
|
(136)
|
|
-
|
Sale
of long-term investment
|
-
|
|
252
|
Net
cash provided by/(used for) investing activities
|
(136)
|
|
252
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
Proceeds
from capital lease obligations
|
154
|
|
-
|
Repayments
made on capital lease obligations
|
( 4 )
|
|
-
|
Proceeds
from notes payable
|
113
|
|
111
|
Repayments
made on notes payable
|
( 118 )
|
|
(1,092)
|
Proceeds
from exercise of options
|
155
|
|
1,140
|
Net
cash provided by financing activities
|
300
|
|
159
|
|
|
|
|
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH
|
514
|
|
588
|
|
|
|
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT THE BEGINNING OF THE
PERIOD
|
1,382
|
|
719
|
|
|
|
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT THE END OF THE
PERIOD
|
$1,896
|
|
$1,307
|
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
Cash used during the period for:
|
|
|
|
Income
taxes, net
|
$(17)
|
|
$(12)
|
Supplemental disclosure of non-cash investing and financing
information:
|
|
|
|
Issuance
of common stock for prepayment of interest on related-party note
payable
|
-
|
|
109
|
Prepaid
assets financed through notes payable
|
122
|
|
111
|
Property
and equipment financed through capital lease
obligations
|
129
|
|
-
|
6
CREXENDO, INC. AND SUBSIDIARIES
Supplemental Segment Financial Data
(In thousands)
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
Revenue:
|
|
|
|
|
|
|
|
Cloud
telecommunications
|
$2,823
|
|
$2,384
|
|
$8,175
|
|
$6,568
|
Web
services
|
203
|
|
260
|
|
636
|
|
806
|
Consolidated revenue
|
3,026
|
|
2,644
|
|
8,811
|
|
7,374
|
|
|
|
|
|
|
|
|
Income/(loss) from operations:
|
|
|
|
|
|
|
|
Cloud
telecommunications
|
(284)
|
|
(196)
|
|
(528)
|
|
(1,132)
|
Web
services
|
91
|
|
142
|
|
322
|
|
377
|
Total operating loss
|
(193)
|
|
(54)
|
|
(206)
|
|
(755)
|
Other income/(expense), net:
|
|
|
|
|
|
|
|
Cloud
telecommunications
|
-
|
|
(122)
|
|
7
|
|
(184)
|
Web
services
|
2
|
|
(6)
|
|
(1)
|
|
(6)
|
Total other income/(expense), net
|
2
|
|
(128)
|
|
6
|
|
(190)
|
Income/(loss) before income tax provision:
|
|
|
|
|
|
|
|
Cloud
telecommunications
|
(284)
|
|
(318)
|
|
(521)
|
|
(1,316)
|
Web
services
|
93
|
|
136
|
|
321
|
|
371
|
Loss before income tax provision
|
$(191)
|
|
$(182)
|
|
$(200)
|
|
$(945)
|
7
Use of Non-GAAP Financial Measures
To
evaluate our business, we consider and use non-generally accepted
accounting principles (Non-GAAP) net income (loss) and Adjusted
EBITDA as a supplemental measure of operating performance. These
measures include the same adjustments that management takes into
account when it reviews and assesses operating performance on a
period-to-period basis. We consider Non-GAAP net income (loss) to
be an important indicator of overall business performance because
it allows us to evaluate results without the effects of share-based
compensation, rent expense paid with common stock, interest expense
paid with common stock, and amortization of intangibles. We define
EBITDA as U.S. GAAP net income (loss) before interest income,
interest expense, other income and expense, provision for income
taxes, and depreciation and amortization. We believe EBITDA
provides a useful metric to investors to compare us with other
companies within our industry and across industries. We define
Adjusted EBITDA as EBITDA adjusted for share-based compensation,
and rent expense paid with stock. We use Adjusted EBITDA as a
supplemental measure to review and assess operating performance. We
also believe use of Adjusted EBITDA facilitates investors’
use of operating performance comparisons from period to period, as
well as across companies.
In our
November 6, 2018 earnings press release, as furnished on Form 8-K,
we included Non-GAAP net loss, EBITDA and Adjusted EBITDA. The
terms Non-GAAP net loss, EBITDA, and Adjusted EBITDA are not
defined under U.S. GAAP, and are not measures of operating income,
operating performance or liquidity presented in analytical tools,
and when assessing our operating performance, Non-GAAP net loss,
EBITDA, and Adjusted EBITDA should not be considered in isolation,
or as a substitute for net loss or other consolidated income
statement data prepared in accordance with U.S. GAAP. Some of these
limitations include, but are not limited to:
●
EBITDA and Adjusted
EBITDA do not reflect our cash expenditures or future requirements
for capital expenditures or contractual commitments;
●
they do not reflect
changes in, or cash requirements for, our working capital
needs;
●
they do not reflect
the interest expense, or the cash requirements necessary to service
interest or principal payments, on our debt that we may
incur;
●
they do not reflect
income taxes or the cash requirements for any tax
payments;
●
although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will be replaced sometime in the
future, and EBITDA and Adjusted EBITDA do not reflect any cash
requirements for such replacements;
●
while share-based
compensation is a component of operating expense, the impact on our
financial statements compared to other companies can vary
significantly due to such factors as the assumed life of the
options and the assumed volatility of our common stock;
and
●
other companies may
calculate EBITDA and Adjusted EBITDA differently than we do,
limiting their usefulness as comparative measures.
We
compensate for these limitations by relying primarily on our U.S.
GAAP results and using Non-GAAP net income (loss), EBITDA, and
Adjusted EBITDA only as supplemental support for management’s
analysis of business performance. Non-GAAP net income (loss),
EBITDA and Adjusted EBITDA are calculated as follows for the
periods presented.
8
Reconciliation of Non-GAAP Financial Measures
In
accordance with the requirements of Regulation G issued by the SEC,
we are presenting the most directly comparable U.S. GAAP financial
measures and reconciling the unaudited Non-GAAP financial metrics
to the comparable U.S. GAAP measures.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net
Income/(Loss)
|
|||||||
(Unaudited)
|
|||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
|
(In thousands)
|
|
(In thousands)
|
||||
U.S. GAAP net loss
|
$(199)
|
|
$(190)
|
|
$(215)
|
|
$(961)
|
Share-based
compensation
|
169
|
|
89
|
|
344
|
|
481
|
Amortization
of rent expense paid in stock, net of deferred gain
|
-
|
|
-
|
|
-
|
|
38
|
Amortization
of intangible assets
|
18
|
|
24
|
|
54
|
|
73
|
Non-cash
interest expense
|
-
|
|
132
|
|
-
|
|
198
|
Non-GAAP net income/(loss)
|
$(12)
|
|
$55
|
|
$183
|
|
$(171)
|
|
|
|
|
|
|
|
|
Non-GAAP net income/(loss) per common share:
|
|
|
|
|
|
|
|
Basic
|
$(0.00)
|
|
$0.00
|
|
$0.01
|
|
$(0.01)
|
Diluted
|
$(0.00)
|
|
$0.00
|
|
$0.01
|
|
$(0.01)
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
14,346,092
|
|
13,951,480
|
|
14,311,190
|
|
13,824,307
|
Diluted
|
14,346,092
|
|
14,278,141
|
|
15,130,602
|
|
13,824,307
|
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted
EBITDA
|
|||||||
(Unaudited)
|
|||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
|
(In thousands)
|
|
(In thousands)
|
||||
U.S. GAAP net loss
|
$(199)
|
|
$(190)
|
|
$(215)
|
|
$(961)
|
Depreciation
and amortization
|
26
|
|
26
|
|
66
|
|
81
|
Interest
expense
|
5
|
|
135
|
|
8
|
|
205
|
Interest
and other income
|
(7)
|
|
(7)
|
|
(14)
|
|
(15)
|
Income
tax provision
|
8
|
|
8
|
|
15
|
|
16
|
EBITDA
|
(167)
|
|
(28)
|
|
(140)
|
|
(674)
|
Share-based
compensation
|
169
|
|
89
|
|
344
|
|
481
|
Amortization
of rent expense paid in stock, net of deferred gain
|
-
|
|
-
|
|
-
|
|
38
|
Adjusted EBITDA
|
$2
|
|
$61
|
|
$204
|
|
$(155)
|
9