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Section 1: 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
May 10, 2018


(Exact name of registrant as specified in its charter)
 
Nevada
000-18590
84-1133368
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

141 Union Boulevard, #400, Lakewood, CO 80228
(Address of principal executive offices including zip code)

Registrant’s telephone number, including area code: (303) 384-1400

Not applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
  

 

 
Item 2.02          Results of Operations and Financial Condition.
 
On May 10, 2018 Good Times Restaurants Inc. issued a press release announcing earnings and other financial results for its fiscal quarter ended March 27, 2018 and that management would review these results in a conference call on Thursday, May 10, 2018 at 5:00 p.m. (ET).
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.  The following exhibits are filed as part of this report.
 
Exhibit Number
Description
99.1
 
2

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
GOOD TIMES RESTAURANTS INC.
 
     
     
Date: May10, 2018
By:
   
   
Boyd E. Hoback
 
   
President and Chief Executive Officer
 
 
3

 
EXHIBIT INDEX
 
The following exhibits are furnished as part of this report:
 
Exhibit Number
Description
99.1

 
 
 
4
(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1
 
FOR IMMEDIATE RELEASE
May 10, 2018
Nasdaq Capital Markets - GTIM
 
GOOD TIMES RESTAURANTS REPORTS Q2 RESULTS
Total Revenues increased 29% to $23.5 million in Q2
Net Loss for the Quarter Narrows by $280,000 to $431,000 ($.03 per share)

Conference Call Thursday, May 10, 2018, at 3:00 p.m. MST/5:00 p.m. EST
 
(DENVER, CO) Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Good Times Burgers & Frozen Custard, a regional quick service restaurant chain focused on fresh, high quality, all-natural products and Bad Daddy’s Burger Bar, a full-service, upscale concept today announced its preliminary unaudited financial results for the fiscal quarter ended March 27, 2018.
 
Key highlights of the Company’s financial results include:
 
·
Same store sales for company-owned Good Times restaurants increased 7.1% for the quarter
 
·
Same store sales for company-owned Bad Daddy’s restaurants increased 0.2% for the quarter on top of last year’s increase of 3.2%
 
·
Total revenues increased 29% to $23,509,000 for the quarter from the prior year
 
·
The Company opened one new Bad Daddy’s restaurant during the quarter, the fourth of the year
 
·
Restaurant Sales for the Bad Daddy’s restaurants for the quarter increased 42.6% to $15,953,000 from the prior year with Bad Daddy’s Restaurant Level Operating Profit* (a non-GAAP measure) increasing to 16.9% of sales for the quarter
 
·
Adjusted EBITDA* (a non-GAAP measure) for the quarter increased 88.5% to $1,167,000 from $619,000 for the same quarter last year and increased 89.8% year to date over the prior year
 
·
The Company ended the quarter with $3.9 million in cash and $5.1 million drawn against its senior credit facility, with approximately $6.9MM of availability on the facility
 
Boyd Hoback, President & CEO said “Good Times’ sales were quite impressive during the quarter as we continue to see a general overall increase due to the better burger initiatives implemented a year ago.  We were only on television media for 3 weeks out of the quarter and we had comparable weather to last year, so we believe there is a renewed underlying strength in the brand as we are seeing traffic growth along with taking price increases.”  Regarding Bad Daddy’s, Hoback added “We saw some near-term cannibalization of a couple of existing stores in Charlotte and one in Raleigh from the opening of new, very high-volume stores earlier this year in each market, which impacted the same store sales percentage growth on our very small base of stores in the index, but even with that we posted our twelfth consecutive quarter of same store sales growth.  What is particularly gratifying is the continued sales performance of our class of 2017 and 2018 new stores versus our system average.  We opened our Chattanooga store during the quarter and are opening our second Atlanta store in early June with two additional North Carolina stores, one South Carolina store and the third Atlanta store to open this summer.”
 
Commenting on the Company’s guidance for fiscal 2018, Ryan Zink, Chief Financial Officer, stated “Strong same-store sales at our Good Times brand and our recently-opened Bad Daddy’s restaurants, coupled with easing of commodity costs and improving controls around labor scheduling have enabled us to generally reaffirm our guidance for fiscal 2018, despite being slightly under our guidance for Bad Daddy’s same-store sales for the second quarter.  We continue to project 2018 revenues of approximately $100 million, and are slightly raising the lower end of our Adjusted EBITDA guidance, which is now between $5.2 and $5.5 million.  We are maintaining our comparable sales guidance for Good Times at approximately 3.0% - 3.5% and 0.5% - 1.0% for Bad Daddy’s through the end of fiscal 2018. We anticipate an annualized Adjusted EBITDA run rate as of the end of the fiscal year of approximately $7 million.”
 

 
Fiscal 2018 Outlook:
 
The Company updated its guidance for fiscal 2018:
 
·
Total revenues of approximately $99 million to $101 million with a year-end revenue run rate of approximately $108 million to $110 million
 
·
Total revenue estimates assume same store sales of approximately +3.5% for Good Times for the balance of the year, and approximately 5.0% for FY2018 in total.  We expect same store sales of 0.5% - 1.0% in the remaining two quarters of the year for Bad Daddy’s, excluding the impact of the two and a half weeks closure of the original Bad Daddy’s for building renovations.
 
·
General and administrative expenses of approximately $7.7 million to $7.9 million, including approximately $600,000 of non-cash equity compensation expense
 
·
The opening of 6 new Bad Daddy’s restaurants during Q3 and Q4 (one being a joint venture unit)
 
·
Total Adjusted EBITDA* of approximately $5.2 million to $5.5 million
 
·
Restaurant pre-opening expenses of approximately $2.6 – $2.7 million
 
·
Capital expenditures (net of tenant improvement allowances) of approximately $9.0 – $9.5 million including approximately $1.2 million related to fiscal 2019 development
 
·
Fiscal year end long term debt of approximately $10.0 to $10.5 million
 
*For a reconciliation of restaurant level operating profit and Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why the Company considers them useful, see the financial information schedules accompanying this release.
 
Conference Call: Management will host a conference call to discuss its second quarter 2018 financial results on Thursday, May 10th at 3:00 p.m. MST/5:00 p.m. EST.  Hosting the call will be Boyd Hoback, President and Chief Executive Officer, and Ryan Zink, Chief Financial Officer.
 
The conference call can be accessed live over the phone by dialing (888) 339-0806 and requesting the Good Times Restaurants (GTIM) call.  The conference call will also be webcast live from the Company's corporate website www.goodtimesburgers.com under the Investor section.  An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.
 
About Good Times Restaurants Inc.: Good Times Restaurants Inc. (GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of quick service restaurants located primarily in Colorado, in its wholly-owned subsidiary, Good Times Drive Thru Inc.  Good Times provides a menu of high quality all-natural hamburgers, 100% all-natural chicken tenderloins, fresh frozen custard, natural cut fries, fresh lemonades and other unique offerings.  Good Times currently operates and franchises a total of 36 restaurants.
 
GTIM owns, operates, franchises and licenses 28 Bad Daddy’s Burger Bar restaurants through its wholly-owned subsidiaries.  Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant concept featuring a chef driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft microbrew beers in a high energy atmosphere that appeals to a broad consumer base.
 
Good Times Forward Looking Statements: This press release contains forward looking statements within the meaning of federal securities laws.  The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward looking statements.  These statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from results expressed or implied by the forward-looking statements.  These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the “Risk Factors” section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 26, 2017 filed with the SEC.  Although Good Times may from time to time voluntarily update its forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
 
GOOD TIMES RESTAURANTS INC INVESTOR RELATIONS CONTACTS:
Boyd E. Hoback, President and CEO, (303) 384-1411
Ryan Zink, Chief Financial Officer (303) 384-1432
Christi Pennington (303) 384-1440
 

 
Good Times Restaurants Inc.
Unaudited Supplemental Information
(In thousands, except per share amounts)

   
13-Weeks Ended
    26-Weeks Ended  
Statement of Operations
 
Mar 27, 2018
   
Mar 28, 2017
   
Mar 27, 2018
   
Mar 28, 2017
 
Net revenues:
                       
Restaurant sales
 
$
23,342
   
$
18,077
   
$
45,939
   
$
34,463
 
Franchise revenues
   
167
     
162
     
330
     
331
 
Total net revenues
   
23,509
     
18,239
     
46,269
     
34,794
 
                                 
Restaurant Operating Costs:
                               
Food and packaging costs
   
7,118
     
5,614
     
14,321
     
10,769
 
Payroll and other employee benefit costs
   
8,642
     
6,675
     
16,921
     
12,670
 
Restaurant occupancy costs
   
1,788
     
1,429
     
3,428
     
2,723
 
Other restaurant operating costs
   
2,137
     
1,579
     
4,253
     
3,107
 
Preopening costs
   
496
     
567
     
1,073
     
918
 
Depreciation and amortization
   
882
     
703
     
1,728
     
1,333
 
Total restaurant operating costs
   
21,063
     
16,567
     
41,724
     
31,520
 
                                 
General and administrative costs
   
1,898
     
1,746
     
3,815
     
3,391
 
Advertising costs
   
515
     
431
     
1,022
     
843
 
Franchise costs
   
11
     
28
     
21
     
52
 
Asset impairment charge
   
72
     
0
     
72
     
0
 
Gain on disposal of restaurants and equipment
   
(9
)
   
(5
)
   
(17
)
   
(11
)
Loss from operations
   
(41
)
   
(528
)
   
(368
)
   
(1,001
)
                                 
Other income (expense):
                               
Interest income (expense), net
   
(91
)
   
(36
)
   
(174
)
   
(56
)
Total other income (expense), net
   
(91
)
   
(36
)
   
(174
)
   
(56
)
Net loss
   
(132
)
   
(564
)
   
(542
)
   
(1,057
)
Income attributable to non-controlling interests
   
(299
)
   
(147
)
   
(472
)
   
(287
)
Net loss attributable to common shareholders
 
$
(431
)
 
$
(711
)
 
$
(1,014
)
 
$
(1,344
)
                                 
Basic and diluted loss per share
 
$
(0.03
)
 
$
(0.06
)
 
$
(0.08
)
 
$
(0.11
)
                                 
Basic and diluted weighted average common shares outstanding
   
12,468
     
12,297
     
12,456
     
12,293
 
 

 
Good Times Restaurants Inc.
Unaudited Supplemental Information
(In thousands)
 
   
Mar 27, 2018
   
Sept 26, 2017
 
Balance Sheet Data
           
Cash & cash equivalents
 
$
3,875
   
$
4,337
 
Current assets
   
5,633
     
6,066
 
Property and Equipment, net
   
30,372
     
29,690
 
Other assets
   
19,344
     
19,397
 
Total assets
 
$
55,349
   
$
55,153
 
                 
Current liabilities, including capital lease obligations and long-term
debt due within one year
 
$
7,236
   
$
6,916
 
Long-term debt due after one year
   
5,131
     
5,339
 
Other liabilities
   
6,506
     
5,614
 
Total liabilities
   
18,873
     
17,869
 
Stockholders’ equity
 
$
36,476
   
$
37,284
 
 
Supplemental Information:
 
   
Good Times Burgers & Frozen Custard
   
Bad Daddy’s Burger Bar
 
   
13-Weeks Ended
   
26-Weeks Ended
   
13-Weeks Ended
   
26-Weeks Ended
 
   
2018
   
2017
   
2018
   
2017
   
2018
   
2017
   
2018
   
2017
 
Restaurant Sales (in thousands)
 
$
7,388
   
$
6,890
   
$
14,998
   
$
13,765
   
$
15,954
   
$
11,187
   
$
30,941
   
$
20,698
 
Restaurants opened during period
   
0
     
1
     
1
     
1
     
1
     
1
     
3
     
2
 
Restaurants closed during period
   
1
     
0
     
1
     
0
     
0
     
0
     
0
     
0
 
Restaurants open at period end
   
27
     
28
     
27
     
28
     
25
     
18
     
25
     
18
 
                                                                 
Restaurant operating weeks
   
356.0
     
353.3
     
720.0
     
704.3
     
323.3
     
231.3
     
632.9
     
441.3
 
                                                                 
Average weekly sales per
  restaurant (in thousands)
 
$
20.8
   
$
19.5
   
$
20.8
   
$
19.5
   
$
49.3
   
$
48.4
   
$
48.9
   
$
46.9
 
 

 
Reconciliation of Non-GAAP Measurements to US GAAP Results

Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations
(In thousands, except percentage data)
 
   
Good Times Burgers & Frozen Custard
   
Bad Daddy’s Burger Bar
   
Good Times
Restaurants Inc.
 
   
---------------------------------------------------------------------Thirteen Weeks Ended-------------------------------------------------------------------
 
   
Mar 27, 2018
   
Mar 28, 2017
   
Mar 27, 2018
   
Mar 28, 2017
   
Mar 27,
2018
   
Mar 28,
2017
 
Restaurant Sales
 
$
7,389
     
100.0
%
 
$
6,890
     
100.0
%
 
$
15,953
     
100.0
%
 
$
11,187
     
100.0
%
 
$
23,342
   
$
18,077
 
Restaurant Operating Costs (exclusive of
depreciation and amortization shown
separately below):
                                                                               
Food and packaging costs
   
2,391
     
32.4
%
   
2,187
     
31.7
%
   
4,727
     
29.6
%
   
3,427
     
30.6
%
   
7,118
     
5,614
 
Payroll and other employee benefit costs
   
2,673
     
36.2
%
   
2,462
     
35.7
%
   
5,969
     
37.4
%
   
4,213
     
37.7
%
   
8,642
     
6,675
 
Restaurant occupancy costs
   
770
     
10.4
%
   
716
     
10.4
%
   
1,018
     
6.4
%
   
713
     
6.4
%
   
1,788
     
1,429
 
Other restaurant operating costs
   
596
     
8.1
%
   
548
     
8.0
%
   
1,541
     
9.7
%
   
1,031
     
9.2
%
   
2,137
     
1,579
 
Restaurant-level operating profit
 
$
959
     
13.0
%
 
$
977
     
14.2
%
 
$
2,698
     
16.9
%
 
$
1,803
     
16.1
%
   
3,657
     
2,780
 
                                                                                 
Franchise royalty income, net
                                                                   
167
     
162
 
Deduct - Other operating:
                                                                               
Depreciation and amortization
                                                                   
882
     
703
 
General and administrative
                                                                   
1,898
     
1,746
 
Advertising costs
                                                                   
515
     
431
 
Franchise costs
                                                                   
11
     
28
 
Gain on restaurant asset sale
                                                                   
(9
)
   
(5
)
Asset impairment charge
                                                                   
72
     
0
 
Preopening costs
                                                                   
496
     
567
 
Total other operating
                                                                   
3,865
     
3,470
 
                                                                                 
Loss from Operations
                                                                 
$
(41
)
 
$
(528
)

Certain percentage amounts in the table above do not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues).
 

 
Reconciliation of Non-GAAP Measurements to US GAAP Results

Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income from Operations
(In thousands, except percentage data)

   
Good Times Burgers & Frozen Custard
   
Bad Daddy’s Burger Bar
   
Good Times
Restaurants Inc.
 
   
---------------------------------------------------------------------Twenty-Six Weeks Ended-------------------------------------------------------------------
 
   
Mar 27, 2018
   
Mar 28, 2017
   
Mar 27, 2018
   
Mar 28, 2017
   
Mar 27,
2018
   
Mar 28,
2017
 
                                                             
Restaurant Sales
 
$
14,998
     
100.0
%
 
$
13,764
     
100.0
%
 
$
30,941
     
100.0
%
 
$
20,699
     
100.0
%
 
$
45,939
   
$
34,463
 
                                                                                 
Restaurant Operating Costs (exclusive of
depreciation and amortization shown
separately below):
                                                                               
Food and packaging costs
   
4,961
     
33.1
%
   
4,398
     
32.0
%
   
9,360
     
30.2
%
   
6,371
     
30.8
%
   
14,321
     
10.769
 
Payroll and other employee benefit costs
   
5,358
     
35.7
%
   
4,860
     
35.3
%
   
11,563
     
37.4
%
   
7,810
     
37.7
%
   
16,921
     
12,670
 
Restaurant occupancy costs
   
1,470
     
9.8
%
   
1,382
     
10.0
%
   
1,958
     
6.3
%
   
1,341
     
6.5
%
   
3,428
     
2,723
 
Other restaurant operating costs
   
1,245
     
8.3
%
   
1,153
     
8.4
%
   
3,008
     
9.7
%
   
1,954
     
9.4
%
   
4,253
     
3,107
 
Restaurant-level operating profit
 
$
1,964
     
13.1
%
 
$
1,971
     
14.3
%
 
$
5,052
     
16.3
%
 
$
3,223
     
15.6
%
   
7,016
     
5,194
 
                                                                                 
Franchise royalty income, net
                                                                   
330
     
331
 
Deduct -  Other operating:
                                                                               
Depreciation and amortization
                                                                   
1,728
     
1,333
 
General and administrative
                                                                   
3,815
     
3,391
 
Advertising costs
                                                                   
1,022
     
843
 
Franchise costs
                                                                   
21
     
52
 
Gain on restaurant asset sale
                                                                   
(17
)
   
(11
)
Asset impairment charge
                                                                   
72
     
0
 
Preopening costs
                                                                   
1,073
     
918
 
Total other operating
                                                                   
7.714
     
6,526
 
                                                                                 
Loss from Operations
                                                                 
$
(368
)
 
$
(1,001
)
 
Certain percentage amounts in the table above do not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues (as opposed to total revenues).
 

 
The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation.  The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because, similar to depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The tables above set forth certain unaudited information for the fiscal first quarters for fiscal 2018 and fiscal 2017, expressed as a percentage of total revenues, except for the components of restaurant operating costs, which are expressed as a percentage of restaurant revenues.
 
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(In thousands)
 
Good Times Restaurants Inc.

   
Thirteen-Weeks Ended
   
Twenty-Six Weeks Ended
 
   
Mar 27,
2018
   
Mar 28,
2017
   
Mar 27,
2018
   
Mar 28,
2017
 
Net loss as reported
 
$
(431
)
 
$
(711
)
 
$
(1,014
)
 
$
(1,344
)
                                 
Adjustments to net loss:
                               
Depreciation and amortization
   
845
     
672
     
1,653
     
1,274
 
Interest expense
   
91
     
37
     
175
     
57
 
EBITDA
 
$
505
   
$
(2
)
 
$
814
   
$
(13
)
Preopening costs
   
491
     
431
     
976
     
713
 
Non-cash stock based compensation
   
97
     
205
     
215
     
404
 
GAAP rent in excess of cash rent
   
11
     
(11
)
   
(16
)
   
(16
)
Non-cash disposal of assets
   
(9
)
   
(4
)
   
(17
)
   
(11
)
Asset impairment charge
   
72
     
0
     
72
     
0
 
Adjusted EBITDA
 
$
1,167
   
$
619
   
$
2,044
   
$
1,077
 
 
Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by GAAP, and our calculation thereof may not be comparable to that reported by other companies. This measure is presented because we believe that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations.
 
Adjusted EBITDA is calculated as net income before interest expense, provision for income taxes and depreciation and amortization and further adjustments to reflect the additions and eliminations presented in the table above.
 

 
Adjusted EBITDA is presented because: (i) we believe it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, closure costs and restaurant impairments and (ii) we use adjusted EBITDA internally as a benchmark for certain of our cash incentive plans and to evaluate our operating performance or compare our performance to that of our competitors. The use of adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. Companies within our industry exhibit significant variations with respect to capital structures and cost of capital (which affect interest expense and income tax rates) and differences in book depreciation of property, plant and equipment (which affect relative depreciation expense), including significant differences in the depreciable lives of similar assets among various companies. Our management believes that adjusted EBITDA facilitates company-to-company comparisons within our industry by eliminating some of these foregoing variations. Adjusted EBITDA as presented may not be comparable to other similarly-titled measures of other companies, and our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by excluded or unusual items.
 
 
 

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