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): November 8, 2018
IDENTIV, INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware | 000-29440 | 77-0444317 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
2201 Walnut Avenue, Suite 100, Fremont, California |
94538 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number, Including Area Code: (949) 250-8888
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 Instructions A.2. below):
☐ | 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 as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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
The information contained in Item 2.02 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information contained in this Current Report shall not be incorporated by reference into any registration statement or other document or filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On November 8, 2018, Identiv, Inc. (the Company) issued a press release announcing financial results for its third quarter ended September 30, 2018. A copy of the Companys press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
Exhibit No. |
Description | |
99.1 | Press release dated November 8, 2018 issued by Identiv, Inc. |
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.
Identiv, Inc. | ||||||
November 8, 2018 | By: | /s/ Sandra Wallach | ||||
Sandra Wallach Chief Financial Officer |
Exhibit 99.1
IDENTIV REPORTS THIRD QUARTER 2018 RESULTS
30% Year-Over-Year Revenue Growth Driven by Growth Across all Segments;
Strengthened Federal Government Focus with Acquisition of Thursby Software
FREMONT, Calif. November 8, 2018 Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, reported financial results for the third quarter ended September 30, 2018.
Recent Financial and Operational Highlights
| 30% year-over-year revenue growth in Q3 2018 |
| Broad-based revenue growth for the third quarter with Premises segment up 58%, Credentials up 12%, and Identity up 12% over the prior year comparable quarter |
| Completed acquisition of Thursby Software Solutions, strengthening federal government and software & mobility focus |
| Awarded several physical access projects, including higher-margin and higher recurring revenue-based Identiv Global Services (IGS) projects |
| Achieved record unit sales of Hirsch controllers and uTrust TS access readers |
| Completed delivery of 5,000+ unit order of physical access reader modules to OEM partner |
Third Quarter 2018 Financial Results
Revenues for the third quarter of 2018 were $20.0 million, a sequential decrease of 1% from a record $20.3 million achieved in the second quarter of 2018. Revenues for the third quarter of 2018 increased 30% compared to $15.4 million in the third quarter of 2017.
Revenues in the Premises segment, which includes the Companys physical access control solutions on the Hirsch Velocity and Cisco ICPAM platforms, as well as the 3VR branded video and analytics solutions, grew 6% sequentially and 58% over the prior year comparable quarter. The comparative growth was driven primarily by the organic growth in Hirsch Velocity physical access control solutions, augmented by the contribution from video and analytics solutions. Revenues in the Identity segment increased 21% sequentially and increased 12% over the prior year comparable quarter. The sequential increase was mainly due to sales of smart card readers used by U.S. government customers as well as sales of reader modules for an electronic voting (e-voting) application in Asia-Pacific. Revenues in the Credentials segment declined 18% sequentially, and increased 12% over the prior year comparable quarter. The year-over-year increase mainly reflects increased sales in access cards, which declined sequentially as expected.
GAAP gross margin was 42% in the third quarter of 2018, compared to 40% in the second quarter of 2018 and 38% in the third quarter of 2017. The sequential and year-over-year gross margin improvement mainly reflects product and channel mix, with a higher portion of revenue coming from the higher-margin Premises segment. Sequentially, Premises segment margin improved from 55% to 57% in the third quarter of 2018.
GAAP operating expenses were $8.6 million in the third quarter of 2018, compared to $9.2 million in the second quarter of 2018 and $6.2 million in the third quarter of 2017, reflecting a sequential decrease of 6% and a year-over-year increase of 38%. The year-over-year increase in expenses was primarily due to the inclusion of 3VR operations following the acquisition in February 2018. The sequential decrease mainly reflects lower selling and marketing expenditures.
Non-GAAP operating expenses for the third quarter of 2018 were $7.2 million, compared to $7.8 million in the second quarter of 2018 and $5.2 million in the third quarter of 2017, reflecting a sequential decrease of 8% and a year-over-year increase of 37%. Non-GAAP operating expenses increased year-over-year mainly due to the inclusion of 3VR operations.
GAAP net loss totaled $0.3 million, or $(0.02) per share in the third quarter of 2018, compared to $2.7 million, or $(0.18) per share in the second quarter of 2018, and $1.0 million, or $(0.07) per share in the third quarter of 2017. Net loss in the third quarter of 2018 included restructuring and severance related charges totaling $0.2 million. The sequential improvement mainly reflects loss on extinguishment of debt recorded in the second quarter of 2018 as a result of the early repayment of outstanding term-debt.
Non-GAAP adjusted EBITDA for the third quarter of 2018 totaled $1.7 million, compared with $0.7 million in the second quarter of 2018 and $0.9 million in the third quarter of 2017.
Fiscal Year 2018 Guidance
For the fiscal year ending December 31, 2018, the Company expects revenue to be between $76 million and $78 million, and non-GAAP adjusted EBITDA between $4.5 million and $5.0 million, tightening its previously issued guidance of revenue between $74 million and $78 million, and non-GAAP adjusted EBITDA between $4.0 million and $5.0 million.
Management Commentary
Following very strong growth for the Company in Q2, in the third quarter our revenue strength continued, growing 30% year-over-year. Year-to-date we also grew 30%, demonstrating the sustained nature of our growth and our market share gains, as we continue to grow substantially faster than our markets, said Steven Humphreys, Identiv CEO. In addition, our year-over-year growth has been broad-based, demonstrating execution on all fronts, with Premises revenue up 58%, Identity up 12%, and Credentials up 12%. This strong growth for both the quarter and year-to-date period, coupled with our operating discipline, has resulted in sustained positive adjusted EBITDA for more than two years now.
The success were experiencing Company-wide demonstrates solid execution of our growth plan and progress towards our objectives of scaling the business, expanding margins, and driving profitability. Particularly with the strategic addition of Thursby Software Systems team, their secure mobile platform and strong business model, we believe were at the intersection of both positive industry trends and our customers increasing demand to secure critical infrastructure and information. We believe our core strategy and highly targeted inorganic moves position us to lead this disruptive market opportunity as the physical world becomes more digital, secure and convenient.
Sandra Wallach, Identiv CFO: Based on the margin improvement we have seen in the third quarter and our operational discipline, we were able to achieve the ranges for non-GAAP gross margin, non-GAAP operating expenditures, and adjusted EBITDA in our mid-term target business model during the quarter. Additionally, we have made significant progress on closing the gap to net income profitability. We expect this to continue in the fourth quarter of 2018, and have updated our annual guidance accordingly. As we look ahead to 2019, we expect that our Premises segment will see growth in the mid-teens and our combined Identity and Credentials segments, including our recent acquisition of Thursby Software, growing in the mid to high teens.
Conference Call
Identiv management will hold a conference call today (November 8, 2018) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these financial results. A question and answer session will follow managements presentation.
U.S. dial-in number: 855-327-6838
International number: 604-235-2082
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call webcast will be broadcasted live and available for replay here and via the Investor Relations section of Identivs website.
A replay of the call will be available after 8:00 p.m. Eastern time through December 8, 2018.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Conference ID: 10005808
About Identiv
Identiv, Inc. is a global provider of physical security and secure identification. Identivs products, software, systems, and services address the markets for physical and logical access control, video analytics and a wide range of RFID-enabled applications. Customers in the government, enterprise, consumer, education, healthcare, banking, retail, and transportation sectors rely on Identivs access and identification solutions. Identivs mission is to secure the connected physical world: from perimeter to desktop access, and from the world of physical things to the Internet of Everything. Identiv is a publicly traded company and its common stock is listed on the NASDAQ Capital Market in the U.S. under the symbol INVE. For more information, visit identiv.com.
Non-GAAP Financial Measures (Unaudited)
This press release includes financial information that has not been prepared in accordance with GAAP, including non-GAAP adjusted EBITDA and non-GAAP operating expenses. Identiv uses non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. The non-GAAP adjusted EBITDA discussed above exclude items that are included in GAAP net income (loss), GAAP operating expenses, and GAAP gross margin, and excludes provision (benefit) for income taxes, net income (loss) attributable to non-controlling interest, interest expense, loss (gain) on extinguishment of debt, foreign currency (gains) losses, stock-based compensation, amortization and depreciation, acquisition related transaction costs, and restructuring and severance. For historical periods, the exclusions are detailed in the reconciliation table included in this press release. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed in this press release. Identiv has not provided a reconciliation of its full-year 2018 adjusted EBITDA guidance to an expected net income (loss) guidance because certain items that are a component of net income (loss) cannot be reasonably projected. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense, income tax expense (benefit), share-based compensation, and foreign currency (gains) losses. These components of net income (loss) could significantly impact Identivs actual net income (loss).
Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations as well as the current beliefs and assumptions of the Companys management and can be identified by words such as anticipates, believes, plans, will, intends, expects, and similar references to the future. Any statement that is not a historical fact, including the statements regarding the Companys expectations regarding future operating and financial performance, including full year 2018
revenue and adjusted EBITDA guidance, the Companys beliefs regarding its ability to achieve its growth objectives, and the drivers of momentum in its business, the Companys belief that it will be able to take advantage of market opportunities as the physical world becomes more digital, the Companys progress to profitability, the Companys beliefs regarding growth in 2019, and the Companys beliefs regarding its status in the market and with customers is a forward-looking statement. Forward-looking statements are only predictions and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, actual results for fiscal 2018 and beyond, the Companys ability to continue the momentum in its business, its ability to successfully execute its business strategy, the actual benefits achieved through acquisitions, the level of customer orders, the success of its products and partnerships, industry trends and seasonality, and factors discussed in our public reports, including our Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
Investor Relations Contact:
Matt Glover and Najim Mostamand, CFA
Liolios Group, Inc.
949-574-3860
IR@identiv.com
Media Contact:
press@identiv.com
Identiv, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Net revenue |
$ | 20,022 | $ | 20,294 | $ | 15,432 | $ | 56,844 | $ | 43,664 | ||||||||||
Cost of revenue |
11,538 | 12,141 | 9,571 | 33,699 | 26,423 | |||||||||||||||
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Gross profit |
8,484 | 8,153 | 5,861 | 23,145 | 17,241 | |||||||||||||||
Operating expenses: |
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Research and development |
1,860 | 1,837 | 1,597 | 5,384 | 4,584 | |||||||||||||||
Selling and marketing |
3,915 | 4,358 | 3,448 | 12,176 | 10,142 | |||||||||||||||
General and administrative |
2,641 | 2,756 | 1,247 | 7,952 | 5,119 | |||||||||||||||
Restructuring and severance |
223 | 258 | (49 | ) | 591 | (49 | ) | |||||||||||||
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Total operating expenses |
8,639 | 9,209 | 6,243 | 26,103 | 19,796 | |||||||||||||||
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Loss from operations |
(155 | ) | (1,056 | ) | (382 | ) | (2,958 | ) | (2,555 | ) | ||||||||||
Non-operating income (expense): |
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Interest expense, net |
(291 | ) | (472 | ) | (643 | ) | (1,239 | ) | (1,995 | ) | ||||||||||
(Loss) gain on extinguishment of debt |
| (1,369 | ) | | (1,369 | ) | 977 | |||||||||||||
Foreign currency gains (losses), net |
200 | 192 | (51 | ) | 354 | (202 | ) | |||||||||||||
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Loss before income taxes and noncontrolling interest |
(246 | ) | (2,705 | ) | (1,076 | ) | (5,212 | ) | (3,775 | ) | ||||||||||
Income tax (provision) benefit |
(41 | ) | (40 | ) | 42 | (121 | ) | 161 | ||||||||||||
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Loss before noncontrolling interest |
(287 | ) | (2,745 | ) | (1,034 | ) | (5,333 | ) | (3,614 | ) | ||||||||||
Less: Income (loss) attributable to noncontrolling interest |
| | 2 | (5 | ) | (8 | ) | |||||||||||||
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Net loss attributable to Identiv, Inc. |
$ | (287 | ) | $ | (2,745 | ) | $ | (1,032 | ) | $ | (5,338 | ) | $ | (3,622 | ) | |||||
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Basic and diluted net loss per share |
$ | (0.02 | ) | $ | (0.18 | ) | $ | (0.07 | ) | $ | (0.34 | ) | $ | (0.28 | ) | |||||
Weighted average shares used to compute basic and diluted net loss per share |
15,750 | 15,584 | 14,409 | 15,484 | 12,806 | |||||||||||||||
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Identiv, Inc.
Consolidated Balance Sheets
(in thousands)
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2018 | 2018 | 2018 | 2017 | |||||||||||||
ASSETS |
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Current assets: |
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Cash |
$ | 14,240 | $ | 17,922 | $ | 16,685 | $ | 19,052 | ||||||||
Accounts receivable, net of allowances |
14,129 | 13,974 | 12,518 | 12,282 | ||||||||||||
Inventories |
11,973 | 12,751 | 11,556 | 11,126 | ||||||||||||
Prepaid expenses and other assets |
2,383 | 1,884 | 1,853 | 1,779 | ||||||||||||
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Total current assets |
42,725 | 46,531 | 42,612 | 44,239 | ||||||||||||
Property and equipment, net |
2,135 | 2,012 | 2,151 | 2,043 | ||||||||||||
Intangible assets, net |
9,155 | 9,686 | 10,217 | 4,365 | ||||||||||||
Goodwill |
5,781 | 5,781 | 5,880 | | ||||||||||||
Other assets |
1,146 | 1,039 | 1,072 | 715 | ||||||||||||
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Total assets |
$ | 60,942 | $ | 65,049 | $ | 61,932 | $ | 51,362 | ||||||||
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LIABILITIES AND STOCKHOLDERS´ EQUITY |
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Current liabilities: |
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Accounts payable |
$ | 5,584 | $ | 7,181 | $ | 7,028 | $ | 5,863 | ||||||||
Current portion - payment obligation |
989 | 953 | 919 | 888 | ||||||||||||
Current portion - financial liabilities |
11,245 | 13,586 | 12,401 | 9,829 | ||||||||||||
Current portion - notes payable |
2,000 | 2,000 | 2,000 | | ||||||||||||
Deferred revenue |
2,265 | 2,943 | 3,187 | 900 | ||||||||||||
Accrued compensation and related benefits |
1,819 | 1,804 | 1,897 | 1,515 | ||||||||||||
Other accrued expenses and liabilities |
2,997 | 2,686 | 3,202 | 2,020 | ||||||||||||
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Total current liabilities |
26,899 | 31,153 | 30,634 | 21,015 | ||||||||||||
Long-term payment obligation |
2,157 | 2,447 | 2,731 | 2,998 | ||||||||||||
Long-term deferred revenue |
1,226 | 958 | 1,140 | 190 | ||||||||||||
Long-term financial liabilities |
| | 2,622 | 2,921 | ||||||||||||
Other long-term liabilities |
625 | 438 | 387 | 385 | ||||||||||||
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Total liabilities |
30,907 | 34,996 | 37,514 | 27,509 | ||||||||||||
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Total stockholders´ equity |
30,035 | 30,053 | 24,418 | 23,853 | ||||||||||||
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Total liabilities and stockholders´ equity |
$ | 60,942 | $ | 65,049 | $ | 61,932 | $ | 51,362 | ||||||||
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Identiv, Inc.
Reconciliation of GAAP and Non-GAAP Financial Information
(in thousands)
(unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Reconciliation of GAAP gross profit margin and non-GAAP gross profit margin |
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GAAP cost of revenue |
$ | 11,538 | $ | 12,141 | $ | 9,571 | $ | 33,699 | $ | 26,423 | ||||||||||
Reconciling items included in GAAP cost of revenue: |
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Stock-based compensation |
(22 | ) | (22 | ) | (24 | ) | (64 | ) | (71 | ) | ||||||||||
Amortization and depreciation |
(320 | ) | (326 | ) | (291 | ) | (934 | ) | (851 | ) | ||||||||||
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Total reconciling items included in GAAP cost of revenue |
(342 | ) | (348 | ) | (315 | ) | (998 | ) | (922 | ) | ||||||||||
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Non-GAAP cost of revenue |
$ | 11,196 | $ | 11,793 | $ | 9,256 | $ | 32,701 | $ | 25,501 | ||||||||||
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Non-GAAP gross profit margin |
44 | % | 42 | % | 40 | % | 42 | % | 42 | % | ||||||||||
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Reconciliation of GAAP operating expenses to non-GAAP operating expenses |
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GAAP operating expenses |
$ | 8,639 | $ | 9,209 | $ | 6,243 | $ | 26,103 | $ | 19,796 | ||||||||||
Reconciling items included in GAAP operating expenses: |
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Stock-based compensation |
(681 | ) | (627 | ) | (640 | ) | (1,923 | ) | (1,845 | ) | ||||||||||
Amortization and depreciation |
(481 | ) | (495 | ) | (414 | ) | (1,428 | ) | (1,230 | ) | ||||||||||
Acquisition related transaction costs |
(84 | ) | (36 | ) | | (605 | ) | | ||||||||||||
Restructuring and severance |
(223 | ) | (258 | ) | 49 | (591 | ) | 49 | ||||||||||||
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Total reconciling items included in GAAP operating expenses |
(1,469 | ) | (1,416 | ) | (1,005 | ) | (4,547 | ) | (3,026 | ) | ||||||||||
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Non-GAAP operating expenses |
$ | 7,170 | $ | 7,793 | $ | 5,238 | $ | 21,556 | $ | 16,770 | ||||||||||
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Reconciliation of GAAP net loss to non-GAAP adjusted EBITDA |
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GAAP net loss attributable to Identiv, Inc. |
$ | (287 | ) | $ | (2,745 | ) | $ | (1,032 | ) | $ | (5,338 | ) | $ | (3,622 | ) | |||||
Reconciling items included in GAAP net loss: |
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Provision (benefit) for income taxes |
41 | 40 | (42 | ) | 121 | (161 | ) | |||||||||||||
Net income (loss) attributable to noncontrolling interest |
| | (2 | ) | 5 | 8 | ||||||||||||||
Interest expense, net |
291 | 472 | 643 | 1,239 | 1,995 | |||||||||||||||
Loss (gain) on extinguishment of debt, net |
| 1,369 | | 1,369 | (977 | ) | ||||||||||||||
Foreign currency (gains) losses, net |
(200 | ) | (192 | ) | 51 | (354 | ) | 202 | ||||||||||||
Stock-based compensation |
703 | 649 | 664 | 1,987 | 1,916 | |||||||||||||||
Amortization and depreciation |
801 | 821 | 705 | 2,362 | 2,081 | |||||||||||||||
Acquisition related transaction costs |
84 | 36 | | 605 | | |||||||||||||||
Restructuring and severance |
223 | 258 | (49 | ) | 591 | (49 | ) | |||||||||||||
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Total reconciling items included in GAAP net loss |
1,943 | 3,453 | 1,970 | 7,925 | 5,015 | |||||||||||||||
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Non-GAAP adjusted EBITDA |
$ | 1,656 | $ | 708 | $ | 938 | $ | 2,587 | $ | 1,393 | ||||||||||
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