Mistras Group, Inc. (MG: NYSE), a leading "one source" global
provider of technology-enabled asset protection solutions, reported
financial results for its fourth quarter and year ended December
31, 2019.
For the full year 2019, consolidated revenues were a record
$748.6 million, as a result of growth arising from our focus on
expanding our core end markets, particularly midstream, power
generation and aerospace. For the year, consolidated gross profit
increased 4.5% to $217.3 million and the consolidated gross margin
expanded to 29.0%, improving by 100 basis points and marking the
second consecutive year of a 100-basis-point or better gross margin
expansion. This improvement is attributable to favorable
operating leverage and sales mix.
Chief Executive Officer Dennis Bertolotti stated, "I am pleased
to report another year of record revenue as well as consolidated
results that reflect the progress being achieved with our strategic
initiatives to position Mistras for further growth and improved
returns. Gross profit margins were up over last year in all
segments, with gross profit margins now up 220 basis points over
the past two years. Cash flows also significantly increased and
represent one of the recurring strengths of our business model, as
well as a key to driving further growth. Overhead spending was also
held in check, which is a key emphasis to improve operating
leverage and drive further margin expansion. Over the course of the
past year, our strategy has been to deploy cash flow to reduce debt
and to target tuck-in acquisitions that further strengthen our
capabilities in growth markets, such as midstream as well as our
digital capabilities. Our recent acquisition, New Century
Software, is being integrated with our existing PCMS offering and
Onstream’s technology solutions, to offer midstream pipeline
operators the unparalleled ability to optimize the allocation of
their asset protection resources. Additionally, the increasing
implementation of ruggedized tablets at many of our field
operations is creating productivity gains that owners tell us would
not have been otherwise available. We enter 2020 in a solid
position, given our ongoing digitization efforts to gain efficiency
within our Oil and Gas core, diversification into newer end markets
and deleveraging of our balance sheet. As such, our
technology initiatives and increasing productivity provide a solid
plan to capitalize on a growing market that is increasingly looking
for partners that can provide innovative solutions.”
Performance by segment, both during the quarter and year to
date, was as follows:
Services segment fourth quarter revenues
increased by $1.1 million or 0.8%, reflecting the slowdown in
energy markets noted last quarter. Full year 2019 revenues
increased by $20.5 million or 3.6%, which was primarily
attributable to acquisition growth. For the fourth quarter,
margins were 26.7%, down from the year-ago quarter of 27.4% due to
inefficiencies created by the fourth quarter energy market
slowdown. Gross margin for the full year improved by 140
basis points to 27.8% from 26.4% in 2018. This follows an
80-basis-point improvement in Services gross margins in fiscal
2018.
International segment fourth quarter revenues
decreased by $2.2 million or 6.0%, primarily due to the continued
runoff of the European Staff Leasing business, in addition to
unfavorable currency translation. International revenues were also
down for the full year, due to the Staff Leasing business.
Excluding Staff Leasing, full year 2019 International revenues
would have been up modestly over 2018. While revenues declined as a
result of the Staff Leasing business runoff, full year margins
benefited from the decreased volume of this inherently lower-margin
business. International segment fourth quarter gross margin was
28.7%, down slightly from the year ago quarter of 30.1%, while full
year 2019 margins rose 30 basis points to 29.9%.
Products and Systems segment revenue decreased
for both the quarter and the year. This segment was impacted by the
sale of an underperforming subsidiary in the third quarter of 2018.
The segment has been generating new sales to partially offset the
impact of the divestiture. Products and Systems segment gross
profit margins improved for both the quarter and the year, with
margins reaching a recent high of approximately 52.9% in the fourth
quarter, attributable primarily to the profitability of the new
sales.
The Company generated $59.1 million of cash flows from operating
activities in 2019, an increase of 41.9% from a year ago.
Free cash flow for the year was $36.2 million, a 76.2% increase
from $20.5 million for the full year 2018. The Company
generated net income of $6.1 million in 2019, compared with $6.8
million the prior year period. The Company generated adjusted
EBITDA of $73.5 million in 2019, a nominal increase compared with
2018. Note that the Company recorded $1.5 million of customer
charges during the fourth quarter of 2019 within SG&A expenses,
which have not been added back to year-to-date adjusted EBITDA.
The Company’s net debt (total debt less cash and cash
equivalents) was $239.7 million at December 31, 2019, compared to
$265.1 million at December 31, 2018. Gross debt decreased by
$35.9 million during 2019, from $290.6 million at the beginning of
the year to $254.7 million at the end of the year. The Company
continues to use its strong cash flow and effective working capital
management to reduce outstanding borrowings. The Company’s bank
group granted a deferral in the timing of the original leverage
step down, such that the Company’s allowable leverage will stay at
4.0X until June 30, 2020, reduce to 3.75X at September 30, 2020 and
eventually reduce to 3.5X at December 31, 2020 and periods
thereafter.
Guidance for 2020The Company experienced a
weakening Oil and Gas market coming into the fourth quarter of
2019, which was believed would continue into the first quarter of
2020. Additional macro concerns have since surfaced, most
prominently the impact of COVID-19 coronavirus (“COVID-19”), while
crude oil prices remain under intense pressure. Given the
uncertainty at this time, the Company will not provide full year
guidance.
The Company’s results have exhibited seasonal fluctuations, with
the first quarter of the year typically being the lowest level,
attributable to reduced energy industry activity and the Company
anticipates fiscal 2020 results to follow this historical
pattern. In addition, current factors such as low crude
prices and COVID-19 are further impacting the first quarter of
2020. Accordingly, the Company expects revenue for first quarter of
2020 to be down sequentially from the fourth quarter of 2019 as
well as from the first quarter of last year, by approximately
mid-teens percentage. Despite the lower anticipated revenues,
the Company expects positive adjusted EBITDA in the first quarter
of 2020.
Conference CallIn connection with this release,
MISTRAS will hold a conference call on March 26, 2020 at 9:00 a.m.
(Eastern). The call will be broadcast over the Web and can be
accessed on MISTRAS' Website, www.mistrasgroup.com. Individuals in
the U.S. wishing to participate in the conference call by phone may
dial 1-844-832-7227 and use confirmation code 9586568 when
prompted. The International dial-in number is 1-224-633-1529.
Those who wish to listen to the call later can access an archived
copy of the conference call at the MISTRAS Website.
About MISTRAS Group, Inc.MISTRAS offers one of
the broadest "one source" services and technology-enabled asset
protection solution portfolios in the industry used to evaluate the
structural integrity of energy, industrial and public
infrastructure and aerospace components. Mission critical services
and solutions are delivered globally and provide customers with the
ability to extend the useful life of their assets, improve
productivity and profitability, comply with government safety and
environmental regulations and enhance risk management operational
decisions.
MISTRAS uniquely combines its industry leading products and
technologies; mechanical integrity ("MI") and non-destructive
testing ("NDT") services; destructive testing services; and its
proprietary world class data warehousing and analysis software and
online monitoring - to provide comprehensive and competitive
products, systems and services solutions from a single source
provider.
For more information, please visit the company's website at
www.mistrasgroup.com or contact Nestor S. Makarigakis, Group
Vice President of Marketing at marcom@mistrasgroup.com.
Forward-Looking and Cautionary
StatementsCertain statements made in this press release
are "forward-looking statements" about MISTRAS' financial results
and estimates, products and services, business model, strategy,
growth opportunities, profitability and competitive position, and
other matters. These forward-looking statements generally use words
such as "future," "possible," "potential," "targeted,"
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"predict," "project," "will," "may," "should," "could," "would" and
other similar words and phrases. Such statements are not guarantees
of future performance or results, and will not necessarily be
accurate indications of the times at, or by which, such performance
or results will be achieved, if at all. These statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
these statements. A list, description and discussion of these and
other risks and uncertainties can be found in the "Risk Factors"
section of the Company's 2018 Annual Report on Form 10-K dated
March 15, 2019, as updated by our reports on Form 10-Q and Form
8-K. The forward-looking statements are made as of the date hereof,
and MISTRAS undertakes no obligation to update such statements as a
result of new information, future events or otherwise.
Use of Non-GAAP MeasuresIn addition to
financial information prepared in accordance with generally
accepted accounting principles in the U.S. (GAAP), this press
release also contains adjusted financial measures that we believe
provide investors and management with supplemental information
relating to operating performance and trends that facilitate
comparisons between periods and with respect to projected
information. The term "Adjusted EBITDA" used in this release is a
financial measurement not calculated in accordance with GAAP and is
defined as net income attributable to MISTRAS Group, Inc. plus:
interest expense, provision for income taxes, depreciation and
amortization, share-based compensation expense and certain
acquisition related costs (including transaction due diligence
costs and adjustments to the fair value of contingent
consideration), foreign exchange (gain) loss and, if applicable,
certain special items which are noted. A reconciliation of
Adjusted EBITDA to a financial measurement under GAAP is set forth
in a table attached to this press release. In the press release,
the Company also uses the term "non-GAAP Net Income", which is GAAP
net income adjusted for certain items management believes are
unusual and non-recurring. In the tables attached is a table
reconciling "Net Income (Loss) (GAAP)" to "Net Income Excluding
Special Items (non-GAAP), which reconciles the non-GAAP amount to a
GAAP measurement. In addition, the Company has also included
in the attached tables non-GAAP measurement” “Segment and Total
Company Income (Loss) Before Special Items”, reconciling these
measurements to financial measurements under GAAP. The Company uses
the term “free cash flow”, a non-GAAP measurement the Company
defines as cash provided by operating activities less capital
expenditures (which is classified as an investing activity). The
Company also uses the term “net debt”, a non-GAAP measurement
defined as the sum of the current and long-term portions of
long-term debt, less cash and cash equivalent.
Mistras Group, Inc. and
SubsidiariesUnaudited Consolidated Balance
Sheets(in thousands, except share and per
share data)
|
December 31, |
|
2019 |
|
2018 |
ASSETS |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
15,016 |
|
|
$ |
25,544 |
|
Accounts receivable, net |
135,997 |
|
|
148,324 |
|
Inventories |
13,413 |
|
|
13,053 |
|
Prepaid expenses and other current assets |
14,729 |
|
|
15,870 |
|
Total current assets |
179,155 |
|
|
202,791 |
|
Property, plant and equipment,
net |
98,607 |
|
|
93,895 |
|
Intangible assets, net |
109,537 |
|
|
111,395 |
|
Goodwill |
282,410 |
|
|
279,259 |
|
Deferred income taxes |
1,786 |
|
|
1,930 |
|
Other assets |
48,383 |
|
|
4,767 |
|
Total Assets |
$ |
719,878 |
|
|
$ |
694,037 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
15,033 |
|
|
$ |
13,863 |
|
Accrued expenses and other current liabilities |
81,389 |
|
|
73,895 |
|
Current portion of long-term debt |
6,593 |
|
|
6,833 |
|
Current portion of finance lease obligations |
4,131 |
|
|
3,922 |
|
Income taxes payable |
2,094 |
|
|
1,958 |
|
Total current liabilities |
109,240 |
|
|
100,471 |
|
Long-term debt, net of current
portion |
248,120 |
|
|
283,787 |
|
Obligations under finance
leases, net of current portion |
13,043 |
|
|
9,075 |
|
Deferred income taxes |
21,290 |
|
|
23,148 |
|
Other long-term
liabilities |
42,163 |
|
|
6,482 |
|
Total Liabilities |
$ |
433,856 |
|
|
$ |
422,963 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Equity |
|
|
|
Preferred stock, 10,000,000
shares authorized |
— |
|
|
— |
|
Common stock, $0.01 par value,
200,000,000 shares authorized, 28,945,472 and 28,562,608 shares
issued |
289 |
|
|
285 |
|
Additional paid-in capital |
229,205 |
|
|
226,616 |
|
Retained earnings |
77,613 |
|
|
71,553 |
|
Accumulated other comprehensive loss |
(21,285 |
) |
|
(27,557 |
) |
Total Mistras Group, Inc. stockholders’ equity |
285,822 |
|
|
270,897 |
|
Non-controlling interests |
200 |
|
|
177 |
|
Total Equity |
286,022 |
|
|
271,074 |
|
Total Liabilities and Equity |
$ |
719,878 |
|
|
$ |
694,037 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Consolidated Statements of
Income (Loss) (in thousands, except per share data)
|
For the quarter ended December
31, |
|
For the year ended December
31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Revenue |
$ |
178,991 |
|
|
$ |
180,762 |
|
|
$ |
748,586 |
|
|
$ |
742,354 |
|
Cost of revenue |
122,768 |
|
|
122,892 |
|
|
509,489 |
|
|
512,024 |
|
Depreciation |
5,640 |
|
|
5,555 |
|
|
21,800 |
|
|
22,456 |
|
Gross
profit |
50,583 |
|
|
52,315 |
|
|
217,297 |
|
|
207,874 |
|
Selling, general and administrative expenses |
42,607 |
|
|
43,470 |
|
|
168,621 |
|
|
165,702 |
|
Bad debt provision for troubled customers, net of recoveries |
240 |
|
|
650 |
|
|
3,038 |
|
|
650 |
|
Pension withdrawal expense |
359 |
|
|
— |
|
|
848 |
|
|
5,886 |
|
Gain on sale of subsidiary |
— |
|
|
— |
|
|
— |
|
|
(2,384 |
) |
Research and engineering |
784 |
|
|
896 |
|
|
3,045 |
|
|
3,310 |
|
Depreciation and amortization |
4,353 |
|
|
3,122 |
|
|
16,733 |
|
|
11,957 |
|
Acquisition-related expense (benefit), net |
(95 |
) |
|
1,675 |
|
|
875 |
|
|
532 |
|
Income from
operations |
2,335 |
|
|
2,502 |
|
|
24,137 |
|
|
22,221 |
|
Interest expense |
3,633 |
|
|
2,370 |
|
|
13,698 |
|
|
7,950 |
|
Income (loss) before
provision for income taxes |
(1,298 |
) |
|
132 |
|
|
10,439 |
|
|
14,271 |
|
Provision (benefit) for income taxes |
(2,134 |
) |
|
1,197 |
|
|
4,359 |
|
|
7,426 |
|
Net income
(loss) |
836 |
|
|
(1,065 |
) |
|
6,080 |
|
|
6,845 |
|
Less: net income (loss) attributable to noncontrolling interests,
net of taxes |
7 |
|
|
(4 |
) |
|
20 |
|
|
9 |
|
Net income (loss)
attributable to Mistras Group, Inc. |
$ |
829 |
|
|
$ |
(1,061 |
) |
|
$ |
6,060 |
|
|
$ |
6,836 |
|
Earnings (loss) per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.21 |
|
|
$ |
0.24 |
|
Diluted |
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.21 |
|
|
$ |
0.23 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
28,923 |
|
|
28,541 |
|
|
28,740 |
|
|
28,406 |
|
Diluted |
29,125 |
|
|
28,541 |
|
|
29,046 |
|
|
29,427 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands)
|
For the quarter ended December
31, |
|
For the year ended December
31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues |
|
|
|
|
|
|
|
Services |
$ |
141,051 |
|
|
$ |
139,966 |
|
|
$ |
595,130 |
|
|
$ |
574,619 |
|
International |
34,969 |
|
|
37,210 |
|
|
144,271 |
|
|
153,448 |
|
Products and Systems |
5,362 |
|
|
6,139 |
|
|
18,583 |
|
|
23,426 |
|
Corporate and eliminations |
(2,391 |
) |
|
(2,553 |
) |
|
(9,398 |
) |
|
(9,139 |
) |
|
$ |
178,991 |
|
|
$ |
180,762 |
|
|
$ |
748,586 |
|
|
$ |
742,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended December
31, |
|
For the year ended December
31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Gross
profit |
|
|
|
|
|
|
|
Services |
$ |
37,610 |
|
|
$ |
38,299 |
|
|
$ |
165,513 |
|
|
$ |
151,974 |
|
International |
10,032 |
|
|
11,191 |
|
|
43,145 |
|
|
45,464 |
|
Products and Systems |
2,835 |
|
|
2,854 |
|
|
8,639 |
|
|
10,560 |
|
Corporate and eliminations |
106 |
|
|
(29 |
) |
|
— |
|
|
(124 |
) |
|
$ |
50,583 |
|
|
$ |
52,315 |
|
|
$ |
217,297 |
|
|
$ |
207,874 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
ofSegment and Total Company Income from Operations
(GAAP) to Income before Special Items (non-GAAP)(in
thousands)
|
For the quarter ended December
31, |
|
For the year ended
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Services: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
8,878 |
|
|
$ |
10,234 |
|
|
$ |
49,593 |
|
|
$ |
47,126 |
|
Pension withdrawal expense |
359 |
|
|
— |
|
|
848 |
|
|
5,886 |
|
Bad debt provision for troubled customers, net of recoveries |
240 |
|
|
650 |
|
|
3,018 |
|
|
650 |
|
Reorganization and other costs |
100 |
|
|
166 |
|
|
302 |
|
|
458 |
|
Acquisition-related expense (benefit), net |
(36 |
) |
|
1,385 |
|
|
541 |
|
|
576 |
|
Income before special items (non-GAAP) |
$ |
9,541 |
|
|
$ |
12,435 |
|
|
$ |
54,302 |
|
|
$ |
54,696 |
|
|
|
|
|
|
|
|
|
International: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
701 |
|
|
$ |
1,240 |
|
|
$ |
5,856 |
|
|
$ |
3,953 |
|
Reorganization and other costs (benefit), net |
(89 |
) |
|
419 |
|
|
266 |
|
|
3,966 |
|
Acquisition-related (benefit), net |
— |
|
|
— |
|
|
— |
|
|
(409 |
) |
Bad debt provision for troubled customers, net of recoveries |
— |
|
|
|
0 |
|
|
20 |
|
|
— |
|
Income before special items (non-GAAP) |
$ |
612 |
|
|
$ |
1,659 |
|
|
$ |
6,142 |
|
|
$ |
7,510 |
|
|
|
|
|
|
|
|
|
Products and
Systems: |
|
|
|
|
|
|
|
Income (loss) from operations (GAAP) |
$ |
695 |
|
|
$ |
336 |
|
|
$ |
(529 |
) |
|
$ |
2,368 |
|
Gain on sale of subsidiary |
— |
|
|
— |
|
|
— |
|
|
(2,384 |
) |
Reorganization and other costs |
— |
|
|
— |
|
|
218 |
|
|
29 |
|
Income (loss) before special items (non-GAAP) |
$ |
695 |
|
|
$ |
336 |
|
|
$ |
(311 |
) |
|
$ |
13 |
|
|
|
|
|
|
|
|
|
Corporate and
Eliminations: |
|
|
|
|
|
|
|
Loss from operations (GAAP) |
$ |
(7,939 |
) |
|
$ |
(9,308 |
) |
|
$ |
(30,783 |
) |
|
$ |
(31,226 |
) |
Reorganization and other costs |
— |
|
|
— |
|
|
104 |
|
|
305 |
|
Acquisition-related expense (benefit), net |
(59 |
) |
|
290 |
|
|
334 |
|
|
365 |
|
Loss before special items (non-GAAP) |
$ |
(7,998 |
) |
|
$ |
(9,018 |
) |
|
$ |
(30,345 |
) |
|
$ |
(30,556 |
) |
|
|
|
|
|
|
|
|
Total
Company: |
|
|
|
|
|
|
|
Income from operations (GAAP) |
$ |
2,335 |
|
|
$ |
2,502 |
|
|
$ |
24,137 |
|
|
$ |
22,221 |
|
Pension withdrawal expense |
359 |
|
|
— |
|
|
848 |
|
|
5,886 |
|
Gain on sale of subsidiary |
— |
|
|
— |
|
|
— |
|
|
(2,384 |
) |
Bad debt provision for troubled customers, net of recoveries |
240 |
|
|
650 |
|
|
3,038 |
|
|
650 |
|
Reorganization and other costs |
11 |
|
|
585 |
|
|
890 |
|
|
4,758 |
|
Acquisition-related expense (benefit), net |
(95 |
) |
|
1,675 |
|
|
875 |
|
|
532 |
|
Income before special items (non-GAAP) |
$ |
2,850 |
|
|
$ |
5,412 |
|
|
$ |
29,788 |
|
|
$ |
31,663 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands)
|
For the quarter ended December
31, |
|
For the year ended December
31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net cash provided by (used
in): |
|
|
|
|
|
|
|
Operating activities |
$ |
18,634 |
|
|
$ |
17,480 |
|
|
$ |
59,110 |
|
|
$ |
41,664 |
|
Investing activities |
(3,652 |
) |
|
(145,619 |
) |
|
(25,280 |
) |
|
(155,450 |
) |
Financing activities |
(14,616 |
) |
|
137,874 |
|
|
(44,137 |
) |
|
113,969 |
|
Effect of exchange rate
changes on cash |
278 |
|
|
(1,264 |
) |
|
(221 |
) |
|
(2,180 |
) |
Net change in cash and cash
equivalents |
$ |
644 |
|
|
$ |
8,471 |
|
|
$ |
(10,528 |
) |
|
$ |
(1,997 |
) |
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation
of Net Cash Provided by Operating Activities
(GAAP) to Free Cash Flow (non-GAAP)(in thousands)
|
For the quarter ended December
31, |
|
For the year ended December
31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net cash provided by operating activities
(GAAP) |
$ |
18,634 |
|
|
$ |
17,480 |
|
|
$ |
59,110 |
|
|
$ |
41,664 |
|
Less: |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
(4,772 |
) |
|
(5,198 |
) |
|
(22,047 |
) |
|
(20,584 |
) |
Purchases of intangible assets |
(169 |
) |
|
(156 |
) |
|
(873 |
) |
|
(541 |
) |
Free cash flow
(non-GAAP) |
$ |
13,693 |
|
|
$ |
12,126 |
|
|
$ |
36,190 |
|
|
$ |
20,539 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of
Net Income (Loss) (GAAP) to Adjusted EBITDA
(non-GAAP)(in thousands)
|
For the quarter ended December
31, |
|
For the year ended
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
Net income (loss) (GAAP) |
$ |
836 |
|
|
$ |
(1,065 |
) |
|
$ |
6,080 |
|
|
$ |
6,845 |
|
Less: Net income (loss) attributable to noncontrolling interests,
net of taxes |
7 |
|
|
(4 |
) |
|
20 |
|
|
9 |
|
Net income (loss)
attributable to Mistras Group, Inc. |
$ |
829 |
|
|
$ |
(1,061 |
) |
|
$ |
6,060 |
|
|
$ |
6,836 |
|
Interest expense |
3,633 |
|
|
2,370 |
|
|
13,698 |
|
|
7,950 |
|
(Benefit) provision for income taxes |
(2,134 |
) |
|
1,197 |
|
|
4,359 |
|
|
7,426 |
|
Depreciation and amortization |
9,993 |
|
|
8,677 |
|
|
38,533 |
|
|
34,413 |
|
Share-based compensation expense |
1,174 |
|
|
1,347 |
|
|
5,766 |
|
|
6,107 |
|
Pension withdrawal expense |
359 |
|
|
— |
|
|
848 |
|
|
5,886 |
|
Gain on sale of subsidiary |
— |
|
|
— |
|
|
— |
|
|
(2,384 |
) |
Acquisition-related expense (benefit), net |
(95 |
) |
|
1,675 |
|
|
875 |
|
|
532 |
|
Reorganization and other costs |
11 |
|
|
585 |
|
|
890 |
|
|
4,758 |
|
Bad debt provision for troubled customers, net of recoveries |
240 |
|
|
650 |
|
|
3,038 |
|
|
650 |
|
Foreign exchange (gain) loss |
466 |
|
|
660 |
|
|
(535 |
) |
|
1,311 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
14,476 |
|
|
$ |
16,100 |
|
|
$ |
73,532 |
|
|
$ |
73,485 |
|
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