Exhibit 99.1
Crexendo Announces Second Quarter 2020 Results
PHOENIX,
AZ—(Marketwired – August 10, 2020)
Crexendo,
Inc. (NASDAQ: CXDO), an award-winning premier provider of cloud
communications, UCaaS (Unified Communications as a Service), call
center, collaboration services, and other cloud business services
that are designed to provide enterprise-class cloud services to any
size business at affordable monthly rates, today reported financial
results for the second quarter ended June 30, 2020.
Second Quarter Financial highlights:
●
UCaaS service
revenue increased 16% year-over-year to $3.5 million.
●
GAAP net income of
$508,000 improved 50% year over year.
●
Non-GAAP net income
of $660,000 improved 48% year over year.
Financial Results for the Second Quarter of 2020
Consolidated
total revenue for the second quarter of 2020 increased 12% to $4.1
million compared to $3.6 million for the second quarter of
2019.
Consolidated
service revenue for the second quarter of 2020 increased 15% to
$3.6 million compared to $3.1 million for the second quarter of
2019.
●
Web Services
Segment service revenue for the second quarter of 2020 decreased
18% to $136,000, compared to $165,000 for the second quarter of
2019.
Consolidated
product revenue for the second quarter of 2020 decreased 4% to
$449,000 compared to $467,000 for the second quarter of
2019.
Consolidated
operating expenses for the second quarter of 2020 increased 8% to
$3.5 million compared to $3.3 million for the second quarter of
2019.
The
Company reported net income of $508,000 for the second quarter of
2020, or $0.03 per basic and diluted common share, compared to
$338,000 or $0.02 per basic and diluted common share for the second
quarter of 2019, an increase of 50% year over year.
Non-GAAP
net income of $660,000 for the second quarter of 2020, or $0.04 per
basic and diluted common share, compared to a non-GAAP net income
of $447,000 or $0.03 per basic and diluted common share for the
second quarter of 2019, an increase of 48% year over
year.
EBITDA
for the second quarter of 2020 increased to $568,000, compared to
$362,000 for the second quarter of 2019. Adjusted EBITDA for the
second quarter of 2020 increased to $704,000, compared to $457,000
for the second quarter of 2019.
Financial Results for the six months ended June 30,
2020
Consolidated
total revenue for the six months ended June 30, 2020 increased 11%
to $7.9 million compared to $7.1 million for the six months ended
June 30, 2019.
Consolidated
service revenue for the six months ended June 30, 2020 increased
15% to $7.1 million compared to $6.2 million for the six months
ended June 30, 2019.
●
Cloud
Telecommunications Segment UCaaS service revenue for the six months
ended June 30, 2020 increased 17% to $6.8 million compared to $5.8
million for the six months ended June 30, 2019.
●
Web Services
Segment service revenue for the six months ended June 30, 2020
decreased 15% to $292,000, compared to $343,000 for the six months
ended June 30, 2019.
Consolidated
product revenue for the six months ended June 30, 2020 decreased
13% to $828,000 compared to $951,000 for the six months ended June
30, 2019.
Consolidated
operating expenses for the six months ended June 30, 2020 increased
10% to $7.2 million compared to $6.5 million for the six months
ended June 30, 2019.
The
Company reported net income of $648,000 for the six months ended
June 30, 2020, or $0.04 per basic and diluted common share,
compared to $577,000 or $0.04 per basic and diluted common share
for the six months ended June 30, 2019, an increase of 12% year
over year.
Non-GAAP
net income was $935,000 for the six months ended June 30, 2020, or
$0.06 per basic and diluted common share, compared to a non-GAAP
net income of $790,000 or $0.05 per basic and diluted common share
for the six months ended June 30, 2019, an increase of 18% year
over year.
EBITDA
for the six months ended June 30, 2020 was $852,000 compared to
$625,000 for the six months ended June 30, 2019. Adjusted EBITDA
for the six months ended June 30, 2020 was $1.1 million compared to
$811,000 for the six months ended June 30, 2019.
Total
cash, cash equivalents, and restricted cash at June 30, 2020 was
$5.1 million compared to $4.3 million at December 31,
2019.
Cash
provided by operating activities for the six months ended June 30,
2020 of $91,000 compared to $495,000 for the six months ended June
30, 2019. Cash used for investing activities for six months ended
June 30, 2020 of $704,000 compared to $42,000 for the six months
ended June 30, 2019. Cash provided by financing activities for the
six months ended June 30, 2020 of $1.4 million compared to $206,000
for the six months ended June 30, 2019.
Steven
G. Mihaylo, Chief Executive Officer commented, “These are
very strong results, and I am extremely proud of our entire team
who worked very hard to achieve this. I am particularly pleased
that with the current uncertainty, we managed to increase UCaaS
service revenue for the second quarter 16% compared to the second
quarter of 2019. Our GAAP net income improving 50% year over year
with our GAAP profit of $0.03 per basic and diluted common share is
also highly impressive. Our products and services, which I am
convinced are the best in the industry, were built to make moving
communication patterns to alternate locations seamless, the current
world situation shows that we built the Company the right way. We
have built Crexendo to take advantage of the digital transformation
that is now occurring. I believe the need for our services has
never been greater and that we should benefit from the additional
demand created by the pandemic for our products and services. We
have methodically managed the business in steps, we first worked to
build the best products and services; we then made sure we managed
costs; we then worked to achieve Non-GAAP profitability followed by
GAAP profitability. Those actions led to our being able to
organically list on the Nasdaq exchange.”
Mihaylo
added, "While we still face the headwinds of COVID-19, I believe
they have been less of a factor this quarter than in the first
quarter. We believe we have seen a decrease in Q2 from COVID
related customer downgrades and business closures. Furthermore, we
believe that the effect of our taking the “keep America
Connected Pledge” is beginning to be less of a factor. We
believe that most of our customers now have experience in swiftly
relocating their service from an office to a remote location which
has reduced customer service demand. While we are pleased with
these results and metrics, we carefully monitor the COVID-19
situation and we are prepared to respond as necessary as well as
adapt our offering to meet demands. I am convinced we will grow the
business, and we have the ability to be on the forefront of the new
digital transformation as customers adapt. We now believe that our
stock is poised to enable us to add to our growth with accretive
acquisitions. We will also continue to work to grow the business
organically. Our entire team works every day to increase
shareholder value.”
Doug
Gaylor, President and Chief Operating Officer, stated, “I
agree with Steve that these results are a testament to our team and
our process. We are continuing to upgrade our marketing efforts,
sales processes, and sales teams. These investments we trust will
continue to fuel our results. The COVID-19 situation has shown how
important and necessary the Crexendo Ride the Cloud® services
are, and how important it is for legacy phone systems to move to
the Cloud. Our system is the perfect solution for today’s
world as shown by our recently being awarded the TMC Communications
Solutions product of the year award. Our job is to capitalize on
customer needs, and I am convinced we will continue to do that. We
are running some very substantial promotions for new customers, and
we can show you how moving to the Crexendo Cloud will improve your
ability to communicate with your customers, add functionality and
in most cases save a substantial amount of
money.”
Conference Call The Company is hosting a conference call
today, August 10, 2020 at 4:30 PM EST. The dial-in number for
domestic participants is 844-369-8770 and 862-298-0840 for
international participants. Please dial in five to ten minutes
prior to the beginning of the call at 4:30 PM EST and reference
Crexendo. A replay of the call will be available until August 17,
2020 by dialing toll-free at 877-481-4010 or 919-882-2331 for
international callers. The replay passcode is 35625.
About Crexendo
Crexendo,
Inc. is an award-winning premier provider of cloud communications,
UCaaS (Unified Communications as a Service), call center,
collaboration services, and other cloud business services that are
designed to provide enterprise-class cloud services to any size
business at affordable monthly rates.
Safe Harbor Statement
This press release contains forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides a "safe harbor"
for such forward-looking statements. The words "believe," "expect,"
"anticipate," "estimate," "will" and other similar statements of
expectation identify forward-looking statements. Specific
forward-looking statements in this press release include
information about Crexendo (i) having very strong results and being
extremely proud of the entire team; (ii) GAAP net income and GAAP
profit of $0.03 per basic and diluted common share being highly
impressive; (iii) products and services being the best in the
industry and being built to make moving communication patterns to
alternate locations seamless; (iv) having built the Company the
right way;(v) built the Company
to take advantage of the digital transformation that is now
occurring (vi) belief the need for its services has never been
greater; (vii) expecting that it should benefit from the additional
demand created by the pandemic for its products and services;
(viii) have methodically managing the business in steps and those
actions having let to it organically listing on the Nasdaq
exchange; (ix) still facing the headwinds of COVID-19 but believing
they have been less of a factor this quarter than in the first
quarter; (x) believing that it has seen a decrease in Q2 from COVID
related customer downgrades and business closures; (xi) believing
that the effect of the “keep America Connected Pledge”
is beginning to be less of a factor; (xii) believing that most of
its customers now have experience in swiftly relocating their
service from an office to a remote location which has reduced
customer service demand; (xiii) carefully monitoring the COVID-19
situation and being prepared to respond as necessary as well as
adapt offering to meet demands; (xiv) being convinced it will grow
the business;(xv) has the
ability to be on the forefront of the new digital transformation as
customers adapt (xvi) believing that its stock is poised to enable
it to add to its growth with accretive acquisitions; (xvii)
continuing to work to grow the business organically with its entire
team working every day to increase shareholder value; (xviii)
continuing to upgrade its marketing efforts, sales processes, and
sales teams which will continue to fuel results; (ixx) believing
that the Crexendo Ride the Cloud® services are necessary and
it is important for legacy phone systems to move to the Cloud; (xx)
system being the perfect solution for today’s world and
(xxii) job is to capitalize on customer needs and being convinced
it will continue to do that.
For a
more detailed discussion of risk factors that may affect
Crexendo’s operations and results, please refer to the
company's Form 10-K for the year ended December 31, 2019, and
quarterly Form 10-Qs as filed with the SEC. These forward-looking
statements speak only as of the date on which such statements are
made, and the company undertakes no obligation to update such
forward-looking statements, except as required by law.
|
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except par value and share data)
|
|
|
June 30,
2020
|
December 31,
2019
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$4,989
|
$4,180
|
|
Restricted
cash
|
100
|
100
|
|
Trade
receivables, net of allowance for doubtful accounts of
$43
|
|
|
|
as
of June 30, 2020 and $14 as of December 31, 2019
|
567
|
380
|
|
Contract
assets
|
46
|
22
|
|
Inventories
|
448
|
382
|
|
Equipment
financing receivables
|
211
|
143
|
|
Contract
costs
|
397
|
379
|
|
Prepaid
expenses
|
322
|
141
|
|
Income
tax receivable
|
-
|
4
|
|
Total
current assets
|
7,080
|
5,731
|
|
|
|
|
|
Long-term
trade receivables, net of allowance for doubtful
accounts
|
|
|
|
of
$0 as of June 30, 2020 and December 31, 2019
|
2
|
6
|
|
Long-term
equipment financing receivables, net
|
748
|
561
|
|
Property
and equipment, net
|
2,589
|
155
|
|
Operating
lease right-of-use assets
|
1
|
51
|
|
Intangible
assets, net
|
298
|
465
|
|
Goodwill
|
272
|
272
|
|
Contract
costs, net of current portion
|
479
|
436
|
|
Other
long-term assets
|
157
|
106
|
|
Total
Assets
|
$11,626
|
$7,783
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$133
|
$86
|
|
Accrued
expenses
|
1,387
|
1,754
|
|
Finance
leases
|
31
|
30
|
|
Notes
payable
|
1,070
|
-
|
|
Operating
lease liabilities
|
-
|
50
|
|
Income
tax payable
|
2
|
-
|
|
Contigent
consideration
|
13
|
175
|
|
Contract
liabilities
|
786
|
791
|
|
Total
current liabilities
|
3,422
|
2,886
|
|
|
|
|
|
Contract
liabilities, net of current portion
|
449
|
423
|
|
Finance
leases, net of current portion
|
71
|
86
|
|
Notes
payable, net of current portion
|
1,909
|
-
|
|
Operating
lease liabilities, net of current portion
|
1
|
1
|
|
Total
liabilities
|
5,852
|
3,396
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred
stock, par value $0.001 per share - authorized 5,000,000 shares;
none issued
|
—
|
—
|
|
Common
stock, par value $0.001 per share - authorized 25,000,000 shares,
15,100,264
|
|
|
|
shares
issued and outstanding as of June 30, 2020 and 14,884,755 shares
issued
|
|
|
|
and
outstanding as of December 31, 2019
|
15
|
15
|
|
Additional
paid-in capital
|
63,139
|
62,400
|
|
Accumulated
deficit
|
(57,380)
|
(58,028)
|
|
Total
stockholders' equity
|
5,774
|
4,387
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
$11,626
|
$7,783
|
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share and share data)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
|
2020
|
2019
|
2020
|
2019
|
|
Service
revenue
|
$3,605
|
$3,147
|
$7,093
|
$6,155
|
|
Product
revenue
|
449
|
467
|
828
|
951
|
|
Total
revenue
|
4,054
|
3,614
|
7,921
|
7,106
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Cost
of service revenue
|
908
|
874
|
1,878
|
1,751
|
|
Cost
of product revenue
|
263
|
243
|
483
|
492
|
|
Selling
and marketing
|
1,062
|
963
|
2,100
|
1,862
|
|
General
and administrative
|
1,046
|
997
|
2,234
|
2,011
|
|
Research
and development
|
244
|
197
|
514
|
409
|
|
Total
operating expenses
|
3,523
|
3,274
|
7,209
|
6,525
|
|
|
|
|
|
|
|
Income
from operations
|
531
|
340
|
712
|
581
|
|
|
|
|
|
|
|
Other
income/(expense):
|
|
|
|
|
|
Interest
income
|
1
|
2
|
2
|
3
|
|
Interest
expense
|
(22)
|
(3)
|
(31)
|
(8)
|
|
Other
income/(expense), net
|
1
|
3
|
(29)
|
8
|
|
Total
other income/(expense), net
|
(20)
|
2
|
(58)
|
3
|
|
|
|
|
|
|
|
Income
before income tax
|
511
|
342
|
654
|
584
|
|
|
|
|
|
|
|
Income
tax provision
|
(3)
|
(4)
|
(6)
|
(7)
|
|
|
|
|
|
|
|
Net
income
|
$508
|
$338
|
$648
|
$577
|
|
|
|
|
|
|
|
Earnings
per common share:
|
|
|
|
|
|
Basic
|
$0.03
|
$0.02
|
$0.04
|
$0.04
|
|
Diluted
|
$0.03
|
$0.02
|
$0.04
|
$0.04
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
Basic
|
15,023,929
|
14,462,722
|
14,964,138
|
14,428,694
|
|
Diluted
|
16,671,848
|
15,508,570
|
16,485,754
|
15,339,404
|
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
|
|
Six Months
Ended June 30,
|
|
|
|
2020
|
2019
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
Net
income
|
$648
|
$577
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation
and amortization
|
140
|
44
|
|
Share-based
compensation
|
241
|
186
|
|
Changes
in assets and liabilities:
|
|
|
|
Trade
receivables
|
(183)
|
(95)
|
|
Contract
assets
|
(24)
|
(6)
|
|
Equipment
financing receivables
|
(255)
|
(206)
|
|
Inventories
|
(66)
|
(16)
|
|
Contract
costs
|
(61)
|
(46)
|
|
Prepaid
expenses
|
(181)
|
(77)
|
|
Income
tax receivable
|
4
|
(6)
|
|
Other
assets
|
(51)
|
14
|
|
Accounts
payable and accrued expenses
|
(144)
|
10
|
|
Income
tax payable
|
2
|
-
|
|
Contract
liabilities
|
21
|
116
|
|
Net
cash provided by operating activities
|
91
|
495
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
Purchase
of property and equipment
|
(528)
|
(42)
|
|
Acquisition
of customer relationship assets
|
(176)
|
-
|
|
Net
cash used for investing activities
|
(704)
|
(42)
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
Payment
of contingent consideration
|
(41)
|
-
|
|
Repayments
made on finance leases
|
(14)
|
(17)
|
|
Proceeds
from notes payable
|
1,001
|
-
|
|
Repayments
made on notes payable
|
(22)
|
(49)
|
|
Proceeds
from exercise of options
|
498
|
272
|
|
Net
cash provided by financing activities
|
1,422
|
206
|
|
|
|
|
|
NET
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH
|
809
|
659
|
|
|
|
|
|
CASH,
CASH EQUIVALENTS, AND RESTRICTED CASH AT THE BEGINNING OF THE
PERIOD
|
4,280
|
1,949
|
|
|
|
|
|
CASH,
CASH EQUIVALENTS, AND RESTRICTED CASH AT THE END OF THE
PERIOD
|
$5,089
|
$2,608
|
|
|
|
|
|
Cash
used during the year for:
|
|
|
|
Income
taxes, net
|
$-
|
$(12)
|
|
Interest
expense
|
$(31)
|
$(8)
|
|
Supplemental
disclosure of non-cash investing and financing
information:
|
|
|
|
Purchase
of property and equipment with a note payable
|
$2,000
|
$-
|
|
Adjustment
to intangible assets and contingent consideration of customer
relationship asset acquisition
|
$(121)
|
$-
|
CREXENDO, INC. AND SUBSIDIARIES
Supplemental Segment Financial Data
(In thousands)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
|
2020
|
2019
|
2020
|
2019
|
|
Revenue:
|
|
|
|
|
|
Cloud
telecommunications
|
$3,918
|
$3,449
|
$7,629
|
$6,763
|
|
Web
services
|
136
|
165
|
292
|
343
|
|
Consolidated
revenue
|
4,054
|
3,614
|
7,921
|
7,106
|
|
|
|
|
|
|
|
Income
from operations:
|
|
|
|
|
|
Cloud
telecommunications
|
486
|
253
|
615
|
416
|
|
Web
services
|
45
|
87
|
97
|
165
|
|
Total
operating income
|
531
|
340
|
712
|
581
|
|
Other
income/(expense), net:
|
|
|
|
|
|
Cloud
telecommunications
|
(21)
|
(1)
|
(27)
|
(4)
|
|
Web
services
|
1
|
3
|
(31)
|
7
|
|
Total
other income/(expense), net
|
(20)
|
2
|
(58)
|
3
|
|
Income
before income tax provision:
|
|
|
|
|
|
Cloud
telecommunications
|
465
|
252
|
588
|
412
|
|
Web
services
|
46
|
90
|
66
|
172
|
|
Income
before income tax provision
|
$511
|
$342
|
$654
|
$584
|
Use of Non-GAAP Financial Measures
To
evaluate our business, we consider and use non-generally accepted
accounting principles (Non-GAAP) net income and Adjusted EBITDA as
a supplemental measure of operating performance. These measures
include the same adjustments that management takes into account
when it reviews and assesses operating performance on a
period-to-period basis. We consider Non-GAAP net income to be an
important indicator of overall business performance because it
allows us to evaluate results without the effects of share-based
compensation and amortization of intangibles. We define EBITDA as
U.S. GAAP net income before interest income, interest expense,
other income and expense, provision for income taxes, and
depreciation and amortization. We believe EBITDA provides a useful
metric to investors to compare us with other companies within our
industry and across industries. We define Adjusted EBITDA as EBITDA
adjusted for share-based compensation. We use Adjusted EBITDA as a
supplemental measure to review and assess operating performance. We
also believe use of Adjusted EBITDA facilitates investors’
use of operating performance comparisons from period to period, as
well as across companies.
In our
August 10, 2020 earnings press release, as furnished on Form 8-K,
we included Non-GAAP net income, EBITDA and Adjusted EBITDA. The
terms Non-GAAP net income, EBITDA, and Adjusted EBITDA are not
defined under U.S. GAAP, and are not measures of operating income,
operating performance or liquidity presented in analytical tools,
and when assessing our operating performance, Non-GAAP net income,
EBITDA, and Adjusted EBITDA should not be considered in isolation,
or as a substitute for net income or other consolidated income
statement data prepared in accordance with U.S. GAAP. Some of these
limitations include, but are not limited to:
●
EBITDA and Adjusted
EBITDA do not reflect our cash expenditures or future requirements
for capital expenditures or contractual commitments;
●
they do not reflect
changes in, or cash requirements for, our working capital
needs;
●
they do not reflect
the interest expense, or the cash requirements necessary to service
interest or principal payments, on our debt that we may
incur;
●
they do not reflect
income taxes or the cash requirements for any tax
payments;
●
although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will be replaced sometime in the
future, and EBITDA and Adjusted EBITDA do not reflect any cash
requirements for such replacements;
●
while share-based
compensation is a component of operating expense, the impact on our
financial statements compared to other companies can vary
significantly due to such factors as the assumed life of the
options and the assumed volatility of our common stock;
and
●
other companies may
calculate EBITDA and Adjusted EBITDA differently than we do,
limiting their usefulness as comparative measures.
We
compensate for these limitations by relying primarily on our U.S.
GAAP results and using Non-GAAP net income, EBITDA, and Adjusted
EBITDA only as supplemental support for management’s analysis
of business performance. Non-GAAP net income, EBITDA and Adjusted
EBITDA are calculated as follows for the periods
presented.
Reconciliation of Non-GAAP Financial Measures
In
accordance with the requirements of Regulation G issued by the SEC,
we are presenting the most directly comparable U.S. GAAP financial
measures and reconciling the unaudited Non-GAAP financial metrics
to the comparable U.S. GAAP measures.
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net
Income
(Unaudited)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
|
2020
|
2019
|
2020
|
2019
|
|
|
(In
thousands)
|
(In
thousands)
|
||
|
U.S.
GAAP net income
|
$508
|
|
$648
|
$577
|
|
Share-based
compensation
|
136
|
95
|
241
|
186
|
|
Amortization
of intangible assets
|
16
|
14
|
46
|
27
|
|
Non-GAAP
net income
|
$660
|
$447
|
$935
|
$790
|
|
|
|
|
|
|
|
Non-GAAP
earnings per common share:
|
|
|
|
|
|
Basic
|
$0.04
|
$0.03
|
$0.06
|
$0.05
|
|
Diluted
|
$0.04
|
$0.03
|
$0.06
|
$0.05
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
Basic
|
15,023,929
|
14,462,722
|
14,964,138
|
14,428,694
|
|
Diluted
|
16,671,848
|
15,508,570
|
16,485,754
|
15,339,404
|
Reconciliation of U.S. GAAP Net Income to EBITDA to Adjusted
EBITDA
(Unaudited)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
|
2020
|
2019
|
2020
|
2019
|
|
|
(In
thousands)
|
(In
thousands)
|
||
|
U.S.
GAAP net income
|
$508
|
$338
|
$648
|
$577
|
|
Depreciation
and amortization
|
37
|
22
|
140
|
44
|
|
Interest
expense
|
22
|
3
|
31
|
8
|
|
Interest
and other expense/(income)
|
(2)
|
(5)
|
27
|
(11)
|
|
Income
tax provision
|
3
|
4
|
6
|
7
|
|
EBITDA
|
568
|
362
|
852
|
625
|
|
Share-based
compensation
|
136
|
95
|
241
|
186
|
|
Adjusted
EBITDA
|
$704
|
$457
|
$1,093
|
$811
|