A supplementary investor presentation for the second quarter fiscal year 2023 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our recent acquisitions, including but not limited to Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government and related to our development of HAPS UAS; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats or the risk of unauthorized access to our, our customers’ and/or our suppliers’ information and systems; changes in the supply and/or demand and/or prices for our products and services; increased competition; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; unexpected changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; unfavorable results in legal proceedings; our ability to respond and adapt to unexpected legal, regulatory and government budgetary changes, including those resulting from the ongoing COVID-19 pandemic, such as supply chain disruptions, vaccine mandates, the threat of future variants and potential governmentally-mandated shutdowns, quarantine policies, travel restrictions and social distancing, curtailment of trade, diversion of government resources to non-defense priorities, and other business restrictions affecting our ability to manufacture and sell our products and provide our services; our ability to comply with the covenants in our loan documents; our ability to attract and retain skilled employees; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world; and the failure to establish and maintain effective internal control over financial reporting. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.
AeroVironment, Inc. Consolidated Statements of Operations (Unaudited) (In thousands except share and per share data) |
|||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
Six Months Ended |
|
|||||||||||||
|
|
October 29, |
October 30, |
October 29, |
|
October 30, |
|
||||||||||
|
|
2022 |
2021 |
2022 |
|
2021 |
|
||||||||||
|
|
(Unaudited) |
(Unaudited) |
|
|||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Product sales |
|
$ |
62,343 |
|
$ |
70,998 |
|
$ |
120,317 |
|
|
$ |
124,114 |
|
|
||
Contract services |
|
|
49,241 |
|
|
51,010 |
|
|
99,783 |
|
|
|
98,903 |
|
|
||
|
|
|
111,584 |
|
|
122,008 |
|
|
220,100 |
|
|
|
223,017 |
|
|
||
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Product sales |
|
|
39,445 |
|
|
38,937 |
|
|
72,344 |
|
|
|
71,527 |
|
|
||
Contract services |
|
|
46,249 |
|
|
40,616 |
|
|
88,152 |
|
|
|
80,312 |
|
|
||
|
|
|
85,694 |
|
|
79,553 |
|
|
160,496 |
|
|
|
151,839 |
|
|
||
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Product sales |
|
|
22,898 |
|
|
32,061 |
|
|
47,973 |
|
|
|
52,587 |
|
|
||
Contract services |
|
|
2,992 |
|
|
10,394 |
|
|
11,631 |
|
|
|
18,591 |
|
|
||
|
|
|
25,890 |
|
|
42,455 |
|
|
59,604 |
|
|
|
71,178 |
|
|
||
Selling, general and administrative |
|
|
23,613 |
|
|
24,819 |
|
|
45,556 |
|
|
|
51,947 |
|
|
||
Research and development |
|
|
16,591 |
|
|
14,297 |
|
|
31,636 |
|
|
|
28,005 |
|
|
||
(Loss) income from operations |
|
|
(14,314 |
) |
|
3,339 |
|
|
(17,588 |
) |
|
|
(8,774 |
) |
|
||
Other (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
|
(2,309 |
) |
|
(1,379 |
) |
|
(3,912 |
) |
|
|
(2,654 |
) |
|
||
Other income (expense), net |
|
|
810 |
|
|
(10,048 |
) |
|
404 |
|
|
|
(10,394 |
) |
|
||
Loss before income taxes |
|
|
(15,813 |
) |
|
(8,088 |
) |
|
(21,096 |
) |
|
|
(21,822 |
) |
|
||
Benefit from income taxes |
|
|
(10,457 |
) |
|
(9,511 |
) |
|
(7,851 |
) |
|
|
(10,468 |
) |
|
||
Equity method investment (loss) income, net of tax |
|
|
(1,273 |
) |
|
1,133 |
|
|
(1,773 |
) |
|
|
(8 |
) |
|
||
Net (loss) income |
|
|
(6,629 |
) |
|
2,556 |
|
|
(15,018 |
) |
|
|
(11,362 |
) |
|
||
Net income attributable to noncontrolling interest |
|
|
(39 |
) |
|
(31 |
) |
|
(45 |
) |
|
|
(94 |
) |
|
||
Net (loss) income attributable to AeroVironment, Inc. |
|
$ |
(6,668 |
) |
$ |
2,525 |
|
$ |
(15,063 |
) |
|
$ |
(11,456 |
) |
|
||
Net (loss) income per share attributable to AeroVironment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
(0.27 |
) |
$ |
0.10 |
|
$ |
(0.61 |
) |
|
$ |
(0.47 |
) |
|
||
Diluted |
|
$ |
(0.27 |
) |
$ |
0.10 |
|
$ |
(0.61 |
) |
|
$ |
(0.47 |
) |
|
||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
24,900,873 |
|
|
24,641,614 |
|
|
24,852,219 |
|
|
|
24,630,838 |
|
|
||
Diluted |
|
|
24,900,873 |
|
|
24,885,870 |
|
|
24,852,219 |
|
|
|
24,630,838 |
|
|
AeroVironment, Inc. Consolidated Balance Sheets (In thousands except share data) |
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|
|
|
|
|
|
|
||
|
|
October 29, |
April 30, |
|
||||
|
|
2022 |
2022 |
|
||||
|
|
(Unaudited) |
|
|
|
|||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
101,417 |
|
$ |
77,231 |
|
|
Short-term investments |
|
|
— |
|
|
24,716 |
|
|
Accounts receivable, net of allowance for doubtful accounts of $74 at October 29, 2022 and $592 at April 30, 2022 |
|
|
31,664 |
|
|
60,170 |
|
|
Unbilled receivables and retentions |
|
|
92,457 |
|
|
104,194 |
|
|
Inventories, net |
|
|
109,810 |
|
|
90,629 |
|
|
Income taxes receivable |
|
|
8,940 |
|
|
442 |
|
|
Prepaid expenses and other current assets |
|
|
13,244 |
|
|
11,527 |
|
|
Total current assets |
|
|
357,532 |
|
|
368,909 |
|
|
Long-term investments |
|
|
22,462 |
|
|
15,433 |
|
|
Property and equipment, net |
|
|
52,415 |
|
|
62,296 |
|
|
Operating lease right-of-use assets |
|
|
25,580 |
|
|
26,769 |
|
|
Deferred income taxes |
|
|
8,098 |
|
|
7,290 |
|
|
Intangibles, net |
|
|
88,660 |
|
|
97,224 |
|
|
Goodwill |
|
|
334,963 |
|
|
334,347 |
|
|
Other assets |
|
|
1,972 |
|
|
1,932 |
|
|
Total assets |
|
$ |
891,682 |
|
$ |
914,200 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
26,317 |
|
$ |
19,244 |
|
|
Wages and related accruals |
|
|
25,049 |
|
|
25,398 |
|
|
Customer advances |
|
|
7,074 |
|
|
8,968 |
|
|
Current portion of long-term debt |
|
|
10,000 |
|
|
10,000 |
|
|
Current operating lease liabilities |
|
|
7,564 |
|
|
6,819 |
|
|
Income taxes payable |
|
|
26 |
|
|
759 |
|
|
Other current liabilities |
|
|
27,824 |
|
|
30,203 |
|
|
Total current liabilities |
|
|
103,854 |
|
|
101,391 |
|
|
Long-term debt, net of current portion |
|
|
155,622 |
|
|
177,840 |
|
|
Non-current operating lease liabilities |
|
|
20,043 |
|
|
21,915 |
|
|
Other non-current liabilities |
|
|
748 |
|
|
768 |
|
|
Liability for uncertain tax positions |
|
|
1,450 |
|
|
1,450 |
|
|
Deferred income taxes |
|
|
2,482 |
|
|
2,626 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, $0.0001 par value: |
|
|
|
|
|
|
||
Authorized shares—10,000,000; none issued or outstanding at October 29, 2022 and April 30, 2022 |
|
|
— |
|
|
— |
|
|
Common stock, $0.0001 par value: |
|
|
|
|
|
|
||
Authorized shares—100,000,000 |
|
|
|
|
|
|
||
Issued and outstanding shares—25,157,618 shares at October 29, 2022 and 24,951,287 shares at April 30, 2022 |
|
|
4 |
|
|
2 |
|
|
Additional paid-in capital |
|
|
283,789 |
|
|
267,248 |
|
|
Accumulated other comprehensive loss |
|
|
(8,480 |
) |
|
(6,514 |
) |
|
Retained earnings |
|
|
332,170 |
|
|
347,233 |
|
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
607,483 |
|
|
607,969 |
|
|
Noncontrolling interest |
|
|
— |
|
|
241 |
|
|
Total equity |
|
|
607,483 |
|
|
608,210 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
891,682 |
|
$ |
914,200 |
|
|
AeroVironment, Inc. Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
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|
|
|
|
|
|
|
|
||
|
|
Six Months Ended |
|
||||||
|
|
October 29, |
|
October 30, |
|
||||
|
|
2022 |
|
2021 |
|
||||
Operating activities |
|
|
|
|
|
|
|||
Net loss |
|
$ |
(15,018 |
) |
|
$ |
(11,362 |
) |
|
Adjustments to reconcile net loss from operations to cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
32,275 |
|
|
|
30,019 |
|
|
Loss (income) from equity method investments |
|
|
1,773 |
|
|
|
(520 |
) |
|
Loss on deconsolidation of previously controlled subsidiary |
|
|
189 |
|
|
|
— |
|
|
Amortization of debt issuance costs |
|
|
422 |
|
|
|
258 |
|
|
Provision for doubtful accounts |
|
|
19 |
|
|
|
(35 |
) |
|
Other non-cash expense, net |
|
|
565 |
|
|
|
157 |
|
|
Non-cash lease expense |
|
|
3,775 |
|
|
|
3,358 |
|
|
(Gain) loss on foreign currency transactions |
|
|
(59 |
) |
|
|
30 |
|
|
Unrealized gain on available-for-sale equity securities, net |
|
|
(928 |
) |
|
|
— |
|
|
Deferred income taxes |
|
|
(808 |
) |
|
|
(840 |
) |
|
Stock-based compensation |
|
|
4,402 |
|
|
|
2,342 |
|
|
Loss on disposal of property and equipment |
|
|
825 |
|
|
|
3,036 |
|
|
Amortization of debt securities |
|
|
125 |
|
|
|
113 |
|
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
28,012 |
|
|
|
37,134 |
|
|
Unbilled receivables and retentions |
|
|
11,696 |
|
|
|
(46,619 |
) |
|
Inventories |
|
|
(23,836 |
) |
|
|
(10,075 |
) |
|
Income taxes receivable |
|
|
(8,539 |
) |
|
|
(10,667 |
) |
|
Prepaid expenses and other assets |
|
|
(1,117 |
) |
|
|
272 |
|
|
Accounts payable |
|
|
6,823 |
|
|
|
(3,587 |
) |
|
Other liabilities |
|
|
(8,664 |
) |
|
|
3,642 |
|
|
Net cash provided by (used in) operating activities |
|
|
31,932 |
|
|
|
(3,344 |
) |
|
Investing activities |
|
|
|
|
|
|
|
||
Acquisition of property and equipment |
|
|
(7,587 |
) |
|
|
(13,147 |
) |
|
Equity method investments |
|
|
(2,774 |
) |
|
|
(6,245 |
) |
|
Equity security investments |
|
|
(5,100 |
) |
|
|
— |
|
|
Business acquisitions, net of cash acquired |
|
|
(5,105 |
) |
|
|
(46,150 |
) |
|
Proceeds from deconsolidation of previously controlled subsidiary, net of cash deconsolidated |
|
|
(635 |
) |
|
|
— |
|
|
Redemptions of available-for-sale investments |
|
|
25,945 |
|
|
|
30,531 |
|
|
Purchases of available-for-sale investments |
|
|
(1,326 |
) |
|
|
— |
|
|
Other |
|
|
— |
|
|
|
224 |
|
|
Net cash provided by (used in) investing activities |
|
|
3,418 |
|
|
|
(34,787 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||
Principal payments of term loan |
|
|
(22,500 |
) |
|
|
(5,000 |
) |
|
Holdback and retention payments for business acquisition |
|
|
— |
|
|
|
(5,991 |
) |
|
Proceeds from shares issued, net of issuance costs |
|
|
11,778 |
|
|
|
— |
|
|
Tax withholding payment related to net settlement of equity awards |
|
|
(853 |
) |
|
|
(1,176 |
) |
|
Exercise of stock options |
|
|
682 |
|
|
|
119 |
|
|
Other |
|
|
(14 |
) |
|
|
(16 |
) |
|
Net cash used in financing activities |
|
|
(10,907 |
) |
|
|
(12,064 |
) |
|
Effects of currency translation on cash and cash equivalents |
|
|
(257 |
) |
|
|
(275 |
) |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
24,186 |
|
|
|
(50,470 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
77,231 |
|
|
|
157,063 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
101,417 |
|
|
$ |
106,593 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
||
Income taxes |
|
$ |
718 |
|
|
$ |
1,923 |
|
|
Interest |
|
$ |
3,398 |
|
|
$ |
2,283 |
|
|
Non-cash activities |
|
|
|
|
|
|
|
||
Unrealized (gain) loss on available-for-sale investments, net of deferred tax expense of $0 for the six months ended October 29, 2022 and October 30, 2021, respectively |
|
$ |
(26 |
) |
|
$ |
3 |
|
|
Change in foreign currency translation adjustments |
|
$ |
(1,992 |
) |
|
$ |
(2,017 |
) |
|
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
4,085 |
|
|
$ |
12,472 |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
810 |
|
|
$ |
415 |
|
|
AeroVironment, Inc. Reportable Segment Results (Unaudited) (In thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended October 29, 2022 |
||||||||||||||||||||
|
|
Small UAS |
|
TMS |
|
MUAS |
HAPS |
|
All other |
|
Total |
|||||||||||
Revenue |
|
$ |
26,681 |
|
|
$ |
31,101 |
|
$ |
27,281 |
|
$ |
9,066 |
|
$ |
17,455 |
|
|
$ |
111,584 |
|
|
Gross margin |
|
|
12,319 |
|
|
|
12,636 |
|
|
(6,884 |
) |
|
3,001 |
|
|
4,818 |
|
|
|
25,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from operations |
|
|
(2,079 |
) |
|
|
2,004 |
|
|
(15,242 |
) |
|
1,564 |
|
|
(561 |
) |
|
|
(14,314 |
) |
|
Acquisition-related expenses |
|
|
- |
|
|
|
- |
|
|
119 |
|
|
- |
|
|
450 |
|
|
|
569 |
|
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
669 |
|
|
|
- |
|
|
5,897 |
|
|
- |
|
|
1,276 |
|
|
|
7,842 |
|
|
Adjusted income (loss) from operations |
|
$ |
(1,410 |
) |
|
$ |
2,004 |
|
$ |
(9,226 |
) |
$ |
1,564 |
|
$ |
1,165 |
|
|
$ |
(5,903 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended October 30, 2021 |
||||||||||||||||||
|
|
Small UAS |
|
TMS |
|
MUAS |
HAPS |
|
All other |
|
Total |
|||||||||
Revenue |
|
$ |
54,714 |
|
$ |
18,418 |
|
$ |
26,525 |
|
$ |
10,342 |
|
$ |
12,009 |
|
|
$ |
122,008 |
|
Gross margin |
|
|
27,754 |
|
|
6,222 |
|
|
2,223 |
|
|
3,944 |
|
|
2,312 |
|
|
|
42,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) from operations |
|
|
13,377 |
|
|
47 |
|
|
(7,000 |
) |
|
2,073 |
|
|
(5,158 |
) |
|
|
3,339 |
|
Acquisition-related expenses |
|
|
297 |
|
|
163 |
|
|
108 |
|
|
58 |
|
|
222 |
|
|
|
848 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
707 |
|
|
- |
|
|
6,358 |
|
|
- |
|
|
3,257 |
|
|
|
10,322 |
|
Adjusted income (loss) from operations |
|
$ |
14,381 |
|
$ |
210 |
|
$ |
(534 |
) |
$ |
2,131 |
|
$ |
(1,679 |
) |
|
$ |
14,509 |
AeroVironment, Inc. Reconciliation of non-GAAP (Loss) Earnings per Diluted Share (Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months
|
|
Three Months
|
|
Six Months
|
|
Six Months
|
|||||||
|
|
October 29, 2022 |
|
October 30, 2021 |
|
October 29, 2022 |
|
October 30, 2021 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Loss) earnings per diluted share |
|
$ |
(0.27 |
) |
|
$ |
0.10 |
|
$ |
(0.61 |
) |
|
$ |
(0.47 |
) |
Acquisition-related expenses |
|
|
0.02 |
|
|
|
0.03 |
|
|
0.03 |
|
|
|
0.15 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.25 |
|
|
|
0.33 |
|
|
0.47 |
|
|
|
0.62 |
|
Legal accrual related to our former EES business |
|
|
— |
|
|
|
0.32 |
|
|
— |
|
|
|
0.32 |
|
Earnings (loss) per diluted share as adjusted (Non-GAAP) |
|
$ |
— |
|
|
$ |
0.78 |
|
$ |
(0.11 |
) |
|
$ |
0.62 |
|
Reconciliation of non-GAAP adjusted EBITDA (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months
|
|
Three Months
|
|
Six Months
|
|
Six Months
|
||||||||
(in millions) |
|
October 29, 2022 |
|
October 30, 2021 |
|
October 29, 2022 |
|
October 30, 2021 |
||||||||
Net (loss) income |
|
$ |
(7 |
) |
|
$ |
3 |
|
|
$ |
(15 |
) |
|
$ |
(11 |
) |
Interest expense, net |
|
|
2 |
|
|
|
1 |
|
|
|
4 |
|
|
|
3 |
|
Benefit from income taxes |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(8 |
) |
|
|
(10 |
) |
Depreciation and amortization |
|
|
19 |
|
|
|
17 |
|
|
|
32 |
|
|
|
30 |
|
EBITDA (Non-GAAP) |
|
|
4 |
|
|
|
11 |
|
|
|
13 |
|
|
|
12 |
|
Amortization of purchase accounting adjustment included in loss on disposal of property and equipment |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Stock-based compensation |
|
|
2 |
|
|
|
— |
|
|
|
4 |
|
|
|
2 |
|
Equity method and equity securities investments activity, net |
|
|
— |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
— |
|
Acquisition-related expenses |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
4 |
|
Legal accrual related to our former EES business |
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
7 |
|
|
$ |
22 |
|
|
$ |
20 |
|
|
$ |
29 |
|
Reconciliation of Forecast Earnings per Diluted Share (Unaudited)