e8vk
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 4, 2010
H&E Equipment Services, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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000-51759
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81-0553291 |
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer |
of incorporation)
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File Number)
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Identification No.) |
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11100 Mead Road, Suite 200, Baton |
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Rouge, Louisiana
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70816 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (225) 298-5200
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2010, we issued a press release announcing our financial results for the three
months ended September 30, 2010. A copy of the press release is attached as Exhibit 99.1.
The information in this Form 8-K and the attached exhibit shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to
the liabilities of that section, nor shall it be deemed incorporated by reference into any filing
under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
Item 8.01 Other Events.
We define EBITDA as net income (loss) before interest expense, income taxes, depreciation and
amortization. We use EBITDA in our business operations to, among other things, evaluate the
performance of our business, develop budgets and measure our performance against those budgets. We
also believe that analysts and investors use EBITDA as a supplemental measure to evaluate a
companys overall operating performance. However, EBITDA has material limitations as an analytical
tool and you should not consider EBITDA in isolation, or as a substitute for analysis of our
results as reported under GAAP. We consider EBITDA a useful tool to assist us in evaluating
performance because it eliminates items related to capital structure, taxes and non-cash charges.
The items that we have eliminated in determining EBITDA for the periods presented are interest
expense, income taxes, depreciation of fixed assets (which includes rental equipment and property
and equipment), and amortization of intangible assets. However, some of these eliminated items are
significant to our business. For example, (i) interest expense is a necessary element of our costs
and ability to generate revenue because we incur a significant amount of interest expense related
to our outstanding indebtedness; (ii) payment of income taxes is a necessary element of our costs;
and (iii) depreciation is a necessary element of our costs and ability to generate revenue because
rental equipment is the single largest component of our total assets and we recognize a significant
amount of depreciation expense over the estimated useful life of this equipment. Any measure that
eliminates components of our capital structure and costs associated with carrying significant
amounts of fixed assets on our consolidated balance sheet has material limitations as a performance
measure. In light of the foregoing limitations, we do not rely solely on EBITDA as a performance
measure and also consider our GAAP results. EBITDA is not a measurement of our financial
performance under GAAP and should not be considered as an alternative to net income (loss),
operating income (loss) or any other measures derived in accordance with GAAP. Because EBITDA is
not calculated in the same manner by all companies, it may not be comparable to other similarly
titled measures used by other companies.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release, dated November 4, 2010, announcing financial results for the three months ended
September 30, 2010.
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.
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H&E Equipment Services, Inc.
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November 4, 2010 |
By: |
/s/ Leslie S. Magee
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Name: |
Leslie S. Magee |
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Title: |
Chief Financial Officer |
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Exhibit Index
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Exhibit No. |
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Description |
99.1
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Press Release, dated November 4, 2010, announcing
financial results for the three months ended September
30, 2010. |
exv99w1
Exhibit 99.1
News Release
Contacts:
Leslie S. Magee
Chief Financial Officer
225-298-5261
lmagee@he-equipment.com
Kevin S. Inda
Corporate Communications, Inc.
407-566-1180
kevin.inda@cci-ir.com
H&E Equipment Services Reports Third Quarter 2010 Results
BATON ROUGE, Louisiana (November 4, 2010) H&E Equipment Services, Inc. (NASDAQ: HEES)
today announced results for the third quarter ended September 30, 2010. Total revenue was $153.8
million, compared with $175.6 million for the same period last year. Gross profit was $37.9
million, compared with $40.0 million a year ago. Operating income was $1.5 million, compared with
$5.2 million for the same period last year. Net loss was $3.8 million, or ($0.11) per diluted
share, compared to a net loss of $2.3 million, or ($0.07) per diluted share, a year ago. EBITDA
for the third quarter was $24.5 million, compared to $29.3 million, a year ago.
THIRD QUARTER 2010 HIGHLIGHTS
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Total revenues increased 17.4% from the second quarter. |
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Rental revenues increased 7.0% from a year ago and 15.8% from the second
quarter. The third quarter delivered positive year over year results in rental segment
for the first time since late 2008. |
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New equipment sales increased 64.7% from the second quarter and were near
year ago levels. |
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Gross margins increased to 24.6%. Sequentially, gross margins were
consistent with the second quarter. Sequential EBITDA growth was 31.3%, resulting in
higher margins as a percentage of revenues. |
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Rental gross margins increased to 37.5% in the third quarter reflecting a
significant improvement on both a year over year and on a sequential basis. |
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Increased average time utilization (based on units available for rent) to
62.3%, compared to 54.9% in the second quarter and 54.3% a year ago. Increased average
time utilization (based on original equipment cost) to 65.9%, compared to 57.9% in the
second quarter and 57.1% a year ago. |
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Rental rates improved 1.8% sequentially from the second quarter, the first
quarter of positive sequential gains in rental rates since the second half of 2008. |
- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 2
November 4, 2010
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Dollar utilization was 29.2% in the third quarter, an increase of
approximately 400 basis points on both a year over year and on a sequential basis. |
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Continued to reinvest in rental capital expenditures with improving market
conditions. Net rental capital expenditures (including inventory transfers) were $21.8
million. |
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Rental fleet age at September 30, 2010, was 43.0 months compared to an
industry average near 52 months. |
Market conditions continued to improve during the third quarter and as a result, areas of our
business delivered solid sequential gains, said John Engquist, H&E Equipment Services president
and chief executive officer. Total revenue increased 17.4% sequentially from the second quarter,
driven by continued growth in our rental business and increased new equipment sales. Due to
improving rental demand, we increased both our overall rental capacity and the physical utilization
of our fleet. We were also very pleased to achieve sequential rental rate improvement of 1.8%. As
a result, rental revenue increased 15.8% from the second quarter and 7.0% from a year ago. Our
third quarter results also reflected significant increases in rental gross profit and margins on
both a sequential and on a year over year basis.
All of these factors indicate our environment is improving and we are positioned to take advantage
of continuing improvements in our end markets, Engquist concluded. In October, our rental
business performed at levels we have not experienced since early in 2009, at which time we were
maintaining $100 million more in rental assets. However, while we are very encouraged by the
current activity, we remain cautious regarding the balance of this year due to potential
seasonality issues and ongoing economic challenges in several of our markets. We hope to see
continued improvement throughout 2011.
FINANCIAL DISCUSSION FOR THIRD QUARTER 2010:
Our operating results for the three and nine months ended September 30, 2009 and the related
period-to-period comparisons below were impacted by the sale of a substantial portion of our Yale
lift truck assets. On July 31, 2009, the Company sold certain Yale rental fleet, new and used
equipment inventories and parts inventories for total cash proceeds of approximately $15.7 million.
In connection with the transaction, we also recognized approximately $0.9 million in deferred
service revenues from the termination of maintenance contracts associated with the Yale rental
fleet assets sold. Our results for the prior periods included approximately $1.6 million of gross
profit related to the sale of these assets.
Revenue
Total revenues decreased 12.4% to $153.8 million from $175.6 million in the third quarter of 2009.
Equipment rental revenues increased 7.0% to $48.3 million compared with $45.1 million in the third
quarter of 2009. New equipment sales decreased 2.1% to $47.7 million from $48.7 million in the
third quarter of 2009. Used equipment sales decreased 55.0% to $14.7 million compared to $32.7
million in the third quarter of 2009. Parts sales decreased 12.4% to $22.6 million from $25.8
million in the third quarter of 2009. Service revenues decreased 18.5% to $12.4 million compared
to $15.2 million a year ago. The sale of the Yale lift truck assets included in the prior period
amounts above had the effect of increasing our current period comparative revenue declines,
particularly in used equipment sales.
- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 3
November 4, 2010
Gross Profit
Gross profit decreased 5.1% to $37.9 million from $40.0 million in the third quarter of 2009.
Gross margin was 24.6% for the quarter ended September 30, 2010 compared to 22.8% for the quarter
ended September 30, 2009. The sale of the Yale life truck assets contributed a gross margin of
9.6% for the three month period ended September 30, 2009, reducing total gross margin a year ago.
On a segment basis, third quarter 2010 gross margin on rentals was 37.5% compared to 30.6% in the
third quarter of 2009. On average, rental rates declined 5.9% as compared to the third quarter of
2009 but increased 1.8% from the second quarter. Time utilization (based on units available for
rent) was 62.3% in the third quarter of 2010, 54.9% in the second quarter of 2010 and 54.3% a year
ago.
Gross margin on new equipment sales was 9.9% as compared to 10.5% in the third quarter a year ago.
Gross margin on used equipment sales was 24.6% which was up from 17.2% a year ago. Gross margin on
parts sales decreased to 26.1% from 26.5%. Gross margin on service revenues decreased to 58.3%
from 62.9% in the prior year.
Rental Fleet
At the end of the third quarter of 2010, the original acquisition cost of the Companys rental
fleet was $665.5 million, down $28.6 million from $694.1 million at the end of the third quarter of
2009 and down $9.6 million from $675.1 million at the end of 2009. Dollar utilization was 29.2%
compared to 25.5% for the third quarter of 2009. Dollar returns increased reflecting higher
year-over-year average physical utilization.
Selling, General and Administrative Expenses
SG&A expenses for the third quarter of 2010 were $36.6 million compared with $35.1 million last
year, a $1.5 million, or 4.3%, increase. The net increase was primarily attributable to higher
depreciation and employee salaries, wages and related expenses. For the third quarter of 2010,
SG&A expenses as a percentage of total revenues were 23.8% as compared to 20.0% a year ago.
Income from Operations
Income from operations for the third quarter of 2010 was $1.5 million, or 0.9% of revenues,
compared with income from operations of $5.2 million, or 3.0% of revenues, a year ago.
Interest Expense
Interest expense for the third quarter of 2010 decreased $0.5 million to $7.3 million from $7.8
million a year ago due primarily to lower average interest rates, debt under the senior secured
credit facility and floor plan payables.
Net Income (Loss)
Net loss was $3.8 million, or ($0.11) per diluted share, compared to net loss of $2.3 million, or
($0.07) per diluted share, a year ago. The effective income tax rate was 35.1% compared to 10.3% a
year ago.
EBITDA
EBITDA for the third quarter of 2010 decreased $4.8 million to $24.5 million compared to $29.3
million a year ago. EBITDA, as a percentage of revenues, was 15.9% compared to 16.7% a year ago.
- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 4
November 4, 2010
Non-GAAP Financial Measures
This press release contains certain Non-GAAP measures (EBITDA). Please refer to our Current Report
on Form 8-K for a description of our use of these measures. EBITDA, as calculated by the Company,
is not necessarily comparable to similarly titled measures reported by other companies.
Additionally, these Non-GAAP measures are not measurements of financial performance or liquidity
under GAAP and should not be considered as alternatives to the Companys other financial
information determined under GAAP.
Conference Call
The Companys management will hold a conference call to discuss third quarter results today,
November 4, 2010, at 10:00 a.m. (Eastern Time). To listen to the call, participants should dial
913-312-0721 approximately 10 minutes prior to the start of the call. A telephonic replay will
become available after 1:00 p.m. (Eastern Time) on November 4, 2010, and will continue through
November 12, 2010, by dialing 719-457-0820 and entering confirmation code 1332743.
The live broadcast of the Companys quarterly conference call will be available online at
www.he-equipment.com or www.earnings.com on November 4, 2010, beginning at 10:00 a.m. (Eastern
Time) and will continue to be available for 30 days. Related presentation materials will be posted
to the Investor Relations section of the Companys web site at www.he-equipment.com prior to the
call. The presentation materials will be in Adobe Acrobat format.
About H&E Equipment Services, Inc.
The Company is one of the largest integrated equipment services companies in the United States with
68 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast,
Mid-Atlantic and Southeast regions of the United States. The Company is focused on heavy
construction and industrial equipment and rents, sells and provides parts and service support for
four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2)
cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing equipment rental,
sales, and on-site parts, repair and maintenance functions under one roof, the Company is a
one-stop provider for its customers varied equipment needs. This full service approach provides
the Company with multiple points of customer contact, enabling it to maintain a high quality rental
fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling
opportunities among its new and used equipment sales, rental, parts sales and service operations.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the
federal securities laws. Statements about our beliefs and expectations and statements containing
the words may, could, would, should, believe, expect, anticipate, plan, estimate,
target, project, intend and similar expressions constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties, which could cause
actual results that differ materially from those contained in any forward-looking statement. Such
factors include, but are not limited to, the following: (1) general economic conditions and
construction activity in the markets where we operate in North America as well as the impact of the
recent macroeconomic downturn and current conditions of the global credit markets and its effect on
construction activity and the economy in general; (2) relationships with new equipment suppliers;
(3) increased maintenance and repair costs as we age our fleet and decreases in our equipments
residual value; (4) our indebtedness; (5) the risks associated with the expansion of our business;
(6) our possible inability to integrate any businesses we acquire; (7) competitive pressures; (8)
compliance with laws and regulations, including those relating to environmental matters; and (9)
other factors discussed in our public filings, including the risk factors included in the Companys
most recent Annual Report on Form
- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 5
November 4, 2010
10-K and Quarterly Report on Form 10-Q. Investors, potential investors and other readers are urged
to consider these factors carefully in evaluating the forward-looking statements and are cautioned
not to place undue reliance on such forward-looking statements. Except as required by applicable
law, including the securities laws of the United States and the rules and regulations of the SEC,
we are under no obligation to publicly update or revise any forward-looking statements after the
date of this release.
- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 6
November 4, 2010
H&E EQUIPMENT SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(Amounts in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2010 |
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2009 |
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2010 |
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2009 |
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Revenues: |
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Equipment rentals |
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$ |
48,272 |
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$ |
45,108 |
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$ |
126,400 |
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$ |
150,669 |
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New equipment sales |
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47,697 |
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48,685 |
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103,952 |
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172,010 |
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Used equipment sales |
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14,700 |
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32,698 |
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46,062 |
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69,254 |
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Parts sales |
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22,599 |
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25,786 |
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65,013 |
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78,144 |
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Service revenues |
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12,412 |
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15,225 |
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36,466 |
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46,164 |
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Other |
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8,164 |
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8,126 |
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21,643 |
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25,824 |
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Total revenues |
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153,844 |
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175,628 |
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399,536 |
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542,065 |
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Cost of revenues: |
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Rental depreciation |
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19,628 |
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21,105 |
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58,260 |
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67,789 |
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Rental expense |
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10,552 |
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10,209 |
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29,171 |
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32,441 |
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New equipment sales |
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42,979 |
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43,549 |
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93,992 |
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150,519 |
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Used equipment sales |
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11,083 |
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27,069 |
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35,690 |
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56,482 |
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Parts sales |
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16,710 |
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18,952 |
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47,804 |
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56,339 |
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Service revenues |
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5,177 |
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5,646 |
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13,805 |
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17,059 |
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Other |
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9,795 |
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9,131 |
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26,630 |
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26,683 |
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Total cost of revenues |
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115,924 |
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135,661 |
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305,352 |
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407,312 |
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Gross profit |
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37,920 |
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39,967 |
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94,184 |
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134,753 |
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Selling, general, and
administrative expenses |
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36,594 |
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35,073 |
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109,233 |
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110,342 |
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Gain on sales of property and
equipment |
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125 |
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289 |
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324 |
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472 |
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Income (loss) from operations |
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1,451 |
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5,183 |
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(14,725 |
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24,883 |
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Interest expense |
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(7,287 |
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(7,847 |
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(21,781 |
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(24,039 |
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Other income, net |
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10 |
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123 |
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166 |
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518 |
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Income (loss) before provision (benefit)
for income taxes |
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(5,826 |
) |
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(2,541 |
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(36,340 |
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1,362 |
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Provision (benefit) for income taxes |
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(2,046 |
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(261 |
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(13,389 |
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1,201 |
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Net income (loss) |
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$ |
(3,780 |
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$ |
(2,280 |
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$ |
(22,951 |
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$ |
161 |
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NET INCOME (LOSS) PER SHARE |
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Basic Net income (loss) per share |
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$ |
(0.11 |
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$ |
(0.07 |
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$ |
(0.66 |
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$ |
0.00 |
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Basic Weighted average number of
common shares outstanding |
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34,700 |
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34,625 |
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34,656 |
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34,601 |
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Diluted Net income (loss) per share |
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$ |
(0.11 |
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$ |
(0.07 |
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$ |
(0.66 |
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$ |
0.00 |
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Diluted Weighted average number of
common shares outstanding |
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34,700 |
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34,625 |
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34,656 |
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34,638 |
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- MORE -
H&E Equipment Services Reports Third Quarter 2010 Results
Page 7
November 4, 2010
H&E EQUIPMENT SERVICES, INC.
SELECTED BALANCE SHEET DATA
(unaudited)
(Amounts in thousands)
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September 30, |
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December 31, |
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2010 |
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2009 |
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Cash |
|
$ |
26,856 |
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|
$ |
45,336 |
|
Rental equipment, net |
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|
412,126 |
|
|
|
437,407 |
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Total assets |
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|
739,618 |
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|
763,084 |
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Total debt (1) |
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|
252,790 |
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|
254,110 |
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Total liabilities |
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|
483,157 |
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|
484,202 |
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Stockholders equity |
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|
256,461 |
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|
|
278,882 |
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Total liabilities and stockholders equity |
|
$ |
739,618 |
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$ |
763,084 |
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(1) |
|
Total debt consists of the aggregate amounts outstanding on the senior unsecured
notes, capital lease obligation and notes payable obligations. |
H&E EQUIPMENT SERVICES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2010 |
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2009 |
|
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2010 |
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2009 |
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Net income (loss) |
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$ |
(3,780 |
) |
|
$ |
(2,280 |
) |
|
$ |
(22,951 |
) |
|
$ |
161 |
|
Interest expense |
|
|
7,287 |
|
|
|
7,847 |
|
|
|
21,781 |
|
|
|
24,039 |
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Provision (benefit) for income taxes |
|
|
(2,046 |
) |
|
|
(261 |
) |
|
|
(13,389 |
) |
|
|
1,201 |
|
Depreciation |
|
|
22,867 |
|
|
|
23,804 |
|
|
|
68,206 |
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|
|
76,039 |
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Amortization of intangibles |
|
|
140 |
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|
|
148 |
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|
|
435 |
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|
|
444 |
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EBITDA |
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$ |
24,468 |
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$ |
29,258 |
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$ |
54,082 |
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$ |
101,884 |
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