Reed’s, Inc. (OTCQX: REED) (“Reed’s” or the “Company”), owner of
the nation’s leading portfolio of handcrafted, natural ginger
beverages, is reporting financial results for the three and twelve
months ended December 31, 2022.
Q4 2022 Financial Highlights (vs. Q4 2021):
- Net sales increased 18% to $15.0 million.
- Gross profit increased 32% to $3.4 million, with gross margin
improving 250 bps to 23%.
- Delivery and handling costs declined 11% to $3.44 per
case.
- Selling, general and administrative expenses declined 9% to
$3.6 million.
- Operating loss improved to $(2.8) million compared to $(4.4)
million.
- Modified EBITDA loss improved to $(2.5) compared to $(3.9)
million.
FY 2022 Financial Highlights (vs. FY 2021):
- Net sales increased 7% to $53.0 million.
- Gross profit was $12.1 million compared to $13.6 million, with
gross margin of 23% compared to 27%.
- Delivery and handling costs declined 3% to $3.94 per case.
- Selling, general and administrative expenses declined 18% to
$14.5 million.
- Operating loss improved to $(14.0) million compared to $(16.0)
million.
- Modified EBITDA loss improved to $(12.8) million compared to
$(13.5) million.
Management Commentary
“As highlighted in our preliminary results issued in January,
during the fourth quarter we generated record net sales while
delivering a 36% improvement in Modified EBITDA,” said Norman E.
Snyder, CEO of Reed’s. “Despite contending with several
macroeconomic challenges throughout 2022, including supply chain
bottlenecks and rampant inflation, we exited the year on a strong
note.
“In Q1, we expanded our distribution footprint at Whole Foods by
adding seven new Reed’s products to its shelves. We were also
authorized at Loblaws to begin distributing our products to more
than 500 stores across Canada, which will anchor their new craft
soda department. From a personnel standpoint, we appointed Chris
Burleson to head our sales organization as the new Chief Commercial
Officer, and his leadership experience will serve as a catalyst for
our continued growth in 2023. We also promoted Damian Warshall to
Vice President of Operations.
“Looking ahead, we believe the work we have completed to right
size our cost structure and improve our supply chain will enable us
to continue generating cost savings in 2023. When combined with
double-digit net sales growth and gross margin expansion, we expect
to reach an inflection this summer as we turn Modified EBITDA
profitable, as well as cash flow positive in the second half of the
year.”
Fourth Quarter 2022 Financial Results
During the fourth quarter of 2022, net sales increased 18% to
$15.0 million compared to $12.8 million in the prior year. The
increase was primarily driven by strong demand for Reed’s Ginger
Ale as well as our seasonal swing-lid program.
Gross profit for the fourth quarter of 2022 increased 32% to
$3.5 million compared to $2.6 million in the same period in 2021.
Gross margin increased 250 bps to 22.9% compared to 20.4% in the
year-ago quarter. The increase was driven by higher net sales as
well as lower supply chain and input costs.
Delivery and handling costs were reduced by 11% to $2.7 million
during the fourth quarter of 2022 compared to $3.1 million in the
fourth quarter of 2021. The decrease was primarily driven by
renegotiated freight rates and lower fuel costs, improved
throughput, as well as initial streamlining of the company’s
distribution orbit model. Delivery and handling costs were 18% of
net sales or $3.44 per case, compared to 24% of net sales or $3.95
per case during the same period last year.
Selling, general and administrative costs declined by 9% to $3.6
million during the fourth quarter of 2022 compared to $3.9 million
in the year-ago quarter. As a percentage of net sales, selling,
general and administrative costs were reduced to 24% compared to
31%.
Operating loss during the fourth quarter of 2022 improved to
$2.8 million or $(1.19) per share, compared to $4.4 million or
$(2.33) per share in the fourth quarter of 2021.
Modified EBITDA loss improved 36% to $2.5 million in the fourth
quarter of 2022 compared to a loss of $3.9 million in the fourth
quarter of 2021.
Liquidity and Cash Flow
For the fourth quarter of 2022, the Company generated
approximately $1.1 million of cash from operating activities
compared to $2.3 million of cash used for the same period in 2021.
The increase was driven primarily by a $5.0 million reduction in
inventory.
As of December 31, 2022, the Company had approximately $0.5
million of cash and $21.5 million of total debt net of capitalized
financing fees. This includes $10.5 million from a convertible note
and $11.0 million from the Company’s revolving line of credit,
which has $1.7 million of additional borrowing capacity.
FY 2023 Financial Outlook
The Company is reiterating its previously issued guidance and
projects double-digit net revenue growth in 2023, gross margin to
surpass 30%, $6 million of operating expense reductions and
modified EBITDA to turn profitable by the second half of 2023. The
Company also expects to turn cash flow positive in the second half
of 2023.
Conference Call
The Company will conduct a conference call today, March 29,
2023, at 5:00 p.m. Eastern time to discuss its results for the
three and twelve months ended December 31, 2022.
Reed’s management will host the conference call, followed by a
question-and-answer period.
Date: Wednesday, March 29, 2023Time: 5:00 p.m.
Eastern timeToll-free dial-in number: (844) 850-0544International
dial-in number: (412) 542-4115Conference ID: 10176665Webcast:
Reed’s Q4 & FY 2022 Conference Call
Please dial into the conference call 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 the company’s investor relations team at (720)
330-2829.
The conference call will also be broadcast live and available
for replay on the investor relations section of the Company’s
website at https://investor.reedsinc.com.
About Reed's, Inc.
Reed’s is an innovative company and category leader that
provides the world with high quality, premium and naturally bold™
better-for-you beverages. Established in 1989, Reed's is a leader
in craft beverages under the Reed’s®, Virgil’s® and Flying
Cauldron® brand names. The Company’s beverages are now sold in over
45,000 stores nationwide.
Reed’s is known as America's #1 name in natural, ginger-based
beverages. Crafted using real ginger and premium ingredients,
Reed’s portfolio includes ginger beers, ginger ales, ready-to-drink
ginger mules and hard ginger ales. The brand has recently
successfully expanded into the zero-sugar segment with its
proprietary, natural sweetener system.
Virgil's® is an award-winning line of craft sodas, made with the
finest natural ingredients and without GMOs or artificial
preservatives. The brand offers an array of great tasting, bold
flavored sodas including Root Beer, Vanilla Cream, Black Cherry,
Orange Cream, and more. These flavors are also available in nine
zero sugar varieties which are naturally sweetened and certified
ketogenic.
Flying Cauldron® is a non-alcoholic butterscotch beer prized for
its creamy vanilla and butterscotch flavors. Sought after by
beverage aficionados, Flying Cauldron is made with natural
ingredients and no artificial flavors, sweeteners, preservatives,
gluten, caffeine, or GMOs.
For more information,
visit drinkreeds.com, virgils.com and flyingcauldron.com.
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are typically identified
by terms such as "estimate," “looking ahead,” "expect,” "guidance,"
"intend," "financial outlook," "potential," “to turn,” “to
surpass,” "project," "should," "will," “catalyst,” “will anchor,”
and similar expressions. These forward-looking statements are based
on current expectations and include our management’s expectations
and guidance for fiscal year 2023 under the heading “FY 2023
Financial Outlook”. The achievement or success of the matters
covered by such forward-looking statements involves risks,
uncertainties, and assumptions, many of which involve factors or
circumstances that are beyond our control. Reed‘s 2023 guidance
reflects year-to-date and expected future business trends and
includes impacts of COVID-19 on the supply chain and logistics as
of the date hereof. New supply chain challenges that may develop
and further potential inflation cannot be reasonably estimated and
are not factored into current fiscal 2023 guidance. These risks
could materially impact our ability to access raw materials,
production, transportation and/or other logistics needs.
Financial guidance should not be viewed as a substitute for full
financial statements prepared in accordance with GAAP.
If any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, Reed’s actual results could differ
materially from the results expressed or implied by the
forward-looking statements we make, including our ability to
achieve our targets for the fiscal year ending December 31, 2023.
The risks and uncertainties referred to above include, but are not
limited to: risks associated with current economic uncertainties
tied to the COVID-19 pandemic, including but not limited to its
effect on customer demand for the our products and services and the
impact of potential delays in supply of product inputs and customer
payments; risks associated with new product releases; the impacts
of further inflation; risks that customer demand may fluctuate or
decrease; risks that we are unable to collect unbilled contractual
commitments, particularly in the current economic environment; our
ability to compete successfully and manage growth; our significant
debt obligations; our ability to develop and expand strategic and
third party distribution channels; our dependence on third party
suppliers, brewers and distributors; third parties meeting
contractual commitments; risks related to our international
operations; our ability to continue to innovate; our strategy of
making investments in sales to drive growth; increasing costs of
fuel and freight, protection of intellectual property; competition;
general political or destabilizing events, including the war in
Ukraine, conflict or acts of terrorism; the effect of evolving
domestic and foreign government regulations, including those
addressing data privacy and cross-border data transfers; and other
risks detailed from time to time in Reed’s public filings,
including Reed’s annual report on Form 10-K expected to be filed on
April 17, 2023, which are available on the Securities and Exchange
Commission’s web site at www.sec.gov. These forward-looking
statements are based on current expectations and speak only as of
the date hereof. Reed’s assumes no obligation and does not intend
to update these forward-looking statements, except as required by
law.
Investor Relations Contact
Sean Mansouri, CFAElevate IRir@reedsinc.com (720) 330-2829
REED’S,
INC. |
STATEMENTS
OF OPERATIONS |
For the
Years Ended December 31, 2022 and 2021 |
(Amounts in
thousands, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
|
December 31, |
|
Year Ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net
Sales |
$ |
|
15,040 |
|
|
$ |
|
12,781 |
|
|
$ |
|
53,041 |
|
|
$ |
|
49,599 |
|
Cost of
goods sold |
|
|
11,594 |
|
|
|
|
10,177 |
|
|
|
|
40,929 |
|
|
|
|
36,001 |
|
Gross profit |
|
|
3,446 |
|
|
|
|
2,604 |
|
|
|
|
12,112 |
|
|
|
|
13,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Delivery and
handling expense |
|
|
2,710 |
|
|
|
|
3,051 |
|
|
|
|
11,603 |
|
|
|
|
11,939 |
|
Selling and
marketing expense |
|
|
1,693 |
|
|
|
|
2,172 |
|
|
|
|
7,316 |
|
|
|
|
9,665 |
|
General and
administrative expense |
|
|
1,869 |
|
|
|
|
1,738 |
|
|
|
|
7,188 |
|
|
|
|
7,965 |
|
Total operating expenses |
|
|
6,272 |
|
|
|
|
6,961 |
|
|
|
|
26,107 |
|
|
|
|
29,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(2,826 |
) |
|
|
|
(4,357 |
) |
|
|
|
(13,995 |
) |
|
|
|
(15,971 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
extinguishment of PPP note payable |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
770 |
|
Interest
expense |
|
|
(3,104 |
) |
|
|
|
(509 |
) |
|
|
|
(5,223 |
) |
|
|
|
(1,201 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
(5,930 |
) |
|
|
|
(4,866 |
) |
|
|
|
(19,218 |
) |
|
|
|
(16,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A Convertible Preferred
Stock |
|
|
- |
|
|
|
|
- |
|
|
|
|
(5 |
) |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to common stockholders |
$ |
|
(5,930 |
) |
|
$ |
|
(4,866 |
) |
|
$ |
|
(19,223 |
) |
|
$ |
|
(16,407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss
per share – basic and diluted |
$ |
|
(2.49 |
) |
|
$ |
|
(2.60 |
) |
|
$ |
|
(9.52 |
) |
|
$ |
|
(8.99 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding – basic and diluted |
|
|
2,379,786 |
|
|
|
|
1,873,701 |
|
|
|
|
2,020,074 |
|
|
|
|
1,824,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REED’S,
INC, |
BALANCE
SHEETS |
(Amounts in
thousands, except share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
2022 |
2021 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash |
|
$ |
533 |
|
|
$ |
49 |
|
Accounts
receivable, net of allowance of $252 and $215, respectively |
|
|
5,671 |
|
|
|
5,183 |
|
Inventory,
net |
|
|
16,175 |
|
|
|
17,049 |
|
Receivable
from related party |
|
|
1,412 |
|
|
|
933 |
|
Prepaid
expenses and other current assets |
|
|
1,142 |
|
|
|
1,491 |
|
Total
current assets |
|
|
24,933 |
|
|
|
24,705 |
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $786 and $561,
respectively |
|
|
766 |
|
|
|
992 |
|
Intangible
assets |
|
|
626 |
|
|
|
624 |
|
Total assets |
|
$ |
26,325 |
|
|
$ |
26,321 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
9,805 |
|
|
$ |
10,434 |
|
Accrued
expenses |
|
|
232 |
|
|
|
286 |
|
Revolving
line of credit, net of capitalized financing costs of $363 and $0,
respectively |
|
|
10,974 |
|
|
|
10,229 |
|
Payable to
related party |
|
|
2,025 |
|
|
|
614 |
|
Current
portion of convertible notes payable, net of debt discount of $414
and $0, respectively |
|
|
2,434 |
|
|
|
- |
|
Current
portion of lease liabilities |
|
|
187 |
|
|
|
161 |
|
Total
current liabilities |
|
|
25,657 |
|
|
|
21,724 |
|
Convertible
note payable, net of debt discount of $562 and $0, respectively,
less current portion |
|
|
8,092 |
|
|
|
|
Lease
liabilities, less current portion |
|
|
207 |
|
|
|
394 |
|
Total liabilities |
|
|
33,956 |
|
|
|
22,118 |
|
|
|
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
|
|
|
Series A
Convertible Preferred stock, $10 par value, 500,000 shares
authorized, 9,411 shares issued and outstanding |
|
|
94 |
|
|
|
94 |
|
Common
stock, $.0001 par value, 180,000,000 shares authorized; 2,519,485
and 1,874,866 shares issued and outstanding, respectively |
|
|
- |
|
|
|
- |
|
Additional
paid in capital |
|
|
114,635 |
|
|
|
107,246 |
|
Accumulated
deficit |
|
|
(122,360 |
) |
|
|
(103,137 |
) |
Total stockholders’ equity (deficit) |
|
|
(7,631 |
) |
|
|
4,203 |
|
Total liabilities and stockholders’ equity
(deficit) |
|
$ |
26,325 |
|
|
$ |
26,321 |
|
|
|
|
|
|
|
|
REED’S,
INC. |
STATEMENTS
OF CASH FLOWS |
For the
Years Ended December 31, 2022 and 2021 |
(Amounts in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
31-Dec-22 |
|
31-Dec-21 |
Cash flows
from operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(19,218 |
) |
|
$ |
(16,402 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation |
|
|
108 |
|
|
|
143 |
|
Loss on disposal of property & equipment |
|
|
- |
|
|
|
67 |
|
Gain on termination of leases |
|
|
- |
|
|
|
(2 |
) |
Gain on extinguishment of PPP note payable |
|
|
- |
|
|
|
(770 |
) |
Amortization of debt discount |
|
|
530 |
|
|
|
162 |
|
Amortization of prepaid financing costs |
|
|
431 |
|
|
|
295 |
|
Fair value of vested options |
|
|
701 |
|
|
|
1,684 |
|
Fair value of vested restricted shares granted to directors and
officers for services |
|
|
158 |
|
|
|
243 |
|
Common shares issued as financing costs |
|
|
37 |
|
|
|
- |
|
Change in allowance for doubtful accounts |
|
|
37 |
|
|
|
(19 |
) |
Change in inventory reserve |
|
|
344 |
|
|
|
(59 |
) |
Accrued interest on convertible note |
|
|
2,313 |
|
|
|
- |
|
Lease liability |
|
|
(161 |
) |
|
|
(115 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(525 |
) |
|
|
(446 |
) |
Inventory |
|
|
531 |
|
|
|
(5,871 |
) |
Prepaid expenses and other assets |
|
|
(149 |
) |
|
|
322 |
|
Decrease in right of use assets |
|
|
117 |
|
|
|
100 |
|
Accounts payable |
|
|
(629 |
) |
|
|
3,688 |
|
Accrued expenses |
|
|
(58 |
) |
|
|
(609 |
) |
Net
cash used in operating activities |
|
|
(15,433 |
) |
|
|
(17,589 |
) |
Cash flows
from investing activities: |
|
|
|
|
|
|
Intangible asset trademark costs |
|
|
(2 |
) |
|
|
(9 |
) |
Purchase of property and equipment |
|
|
- |
|
|
|
(326 |
) |
Net
cash used in investing activities |
|
|
(2 |
) |
|
|
(335 |
|
Cash flows
from financing activities: |
|
|
|
|
|
|
Borrowings under revolving line of credit |
|
|
54,564 |
|
|
|
66,234 |
|
Repayments of revolving line of credit |
|
|
(53,456 |
) |
|
|
(56,005 |
) |
Capitalization of financing costs |
|
|
(483 |
) |
|
|
- |
|
Proceeds from sale of common stock |
|
|
5,034 |
|
|
|
7,327 |
|
Proceeds from convertible note payable, net of expenses |
|
|
12,430 |
|
|
|
- |
|
Repayment of convertible note payable |
|
|
(3,100 |
) |
|
|
- |
|
Amounts from related party |
|
|
932 |
|
|
|
(193 |
) |
Principal repayments on finance lease obligation |
|
|
- |
|
|
|
(2 |
) |
Exercise of options |
|
|
- |
|
|
|
32 |
|
Repurchase of common stock |
|
|
(2 |
) |
|
|
(15 |
) |
Net
cash provided by financing activities |
|
|
15,919 |
|
|
|
17,378 |
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash |
|
|
484 |
|
|
|
(546 |
) |
Cash at
beginning of period |
|
|
49 |
|
|
|
595 |
|
Cash
at end of period |
|
$ |
533 |
|
|
$ |
49 |
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
1,911 |
|
|
$ |
430 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Dividends on
Series A Convertible Preferred Stock |
|
$ |
5 |
|
|
$ |
5 |
|
Fair value
of warrant recorded to prepaid expenses |
|
$ |
- |
|
|
$ |
458 |
|
Common
Shares issued for financing costs |
|
$ |
37 |
|
|
$ |
472 |
|
Common
Shares issued for principal payment |
|
$ |
200 |
|
|
$ |
- |
|
Common
Shares issued for interest payment |
|
$ |
1,261 |
|
|
$ |
- |
|
Note Payable
principal extinguished |
|
$ |
- |
|
|
$ |
770 |
|
Modified EBITDA
In addition to our GAAP results, we present Modified EBITDA as a
supplemental measure of our performance. However, Modified EBITDA
is not a recognized measurement under GAAP and should not be
considered as an alternative to net income, income from operations
or any other performance measure derived in accordance with GAAP,
or as an alternative to cash flow from operating activities as a
measure of liquidity. We define Modified EBITDA as net income
(loss), plus, interest expense, depreciation and amortization,
stock-based compensation, changes in fair value of warrant expense,
and one-time restructuring-related costs including employee
severance and asset impairment.
Management considers our core operating performance to be that
which our managers can affect in any particular period through
their management of the resources that affect our underlying
revenue and profit generating operations during that period.
Non-GAAP adjustments to our results prepared in accordance with
GAAP are itemized below. You are encouraged to evaluate these
adjustments and the reasons we consider them appropriate for
supplemental analysis. In evaluating Modified EBITDA, you should be
aware that in the future we may incur expenses that are the same as
or similar to some of the adjustments in this presentation. Our
presentation of Modified EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items.
Set forth below is a reconciliation of net loss to Modified
EBITDA for the three and twelve months ended December 31, 2022, and
2021 (unaudited; in thousands):
|
|
Year
Ended |
December 31, |
|
|
2022 |
|
|
2021 |
Net
loss |
|
$ |
(19,218 |
) |
|
|
$ |
(16,402 |
) |
|
|
|
|
|
|
|
|
Modified
EBITDA adjustments: |
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
225 |
|
|
|
|
243 |
|
Interest
Expense |
|
|
5,223 |
|
|
|
|
1,201 |
|
Severance |
|
|
66 |
|
|
|
|
- |
|
Stock option
and other noncash compensation |
|
|
859 |
|
|
|
|
1,927 |
|
Gain on
forgiveness of PPP note payable |
|
|
0 |
|
|
|
|
(770 |
) |
Legal
settlements |
|
|
0 |
|
|
|
|
292 |
|
Total EBITDA adjustments |
|
$ |
6,373 |
|
|
|
$ |
2,893 |
|
|
|
|
|
|
|
|
|
Modified
EBITDA |
|
$ |
(12,845 |
) |
|
|
$ |
(13,509 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
December 31, |
|
|
2022 |
|
|
2021 |
Net
loss |
|
$ |
(5,930 |
) |
|
|
$ |
(4,866 |
) |
|
|
|
|
|
|
|
|
Modified
EBITDA adjustments: |
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
60 |
|
|
|
|
63 |
|
Interest
Expense |
|
|
3,104 |
|
|
|
|
509 |
|
Stock option
and other noncash compensation |
|
|
274 |
|
|
|
|
429 |
|
Legal
settlements |
|
|
- |
|
|
|
|
(53 |
) |
Total EBITDA adjustments |
|
$ |
3,438 |
|
|
|
$ |
948 |
|
|
|
|
|
|
|
|
|
Modified
EBITDA |
|
$ |
(2,492 |
) |
|
|
$ |
(3,918 |
) |
|
|
|
|
|
|
|
|
We present Modified EBITDA because we believe it
assists investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
addition, we use Modified EBITDA in developing our internal
budgets, forecasts, and strategic plan; in analyzing the
effectiveness of our business strategies in evaluating potential
acquisitions; making
compensation decisions; and in communications with our board of
directors concerning our
financial performance. Modified EBITDA has limitations as an
analytical tool, which includes,
among others, the following:
- Modified EBITDA does not reflect our
cash expenditures, or future requirements, for capital expenditures
or contractual commitments;
- Modified EBITDA does not reflect
changes in, or cash requirements for, our working capital
needs;
- Modified EBITDA does not reflect
future interest expense, or the cash requirements necessary to
service interest or principal payments, on our debts; and
- Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will often have to be replaced in the future, and
Modified EBITDA does not reflect any cash requirements for such
replacements.
Reeds (NASDAQ:REED)
Gráfico Histórico do Ativo
De Jul 2024 até Ago 2024
Reeds (NASDAQ:REED)
Gráfico Histórico do Ativo
De Ago 2023 até Ago 2024