Reed’s Inc. (Nasdaq:REED), (“Reed’s or the “Company”) owner of the
nation’s leading portfolio of handcrafted, all-natural beverages,
today announced financial results for the fiscal second quarter
ended June 30, 2021.
Highlights for the Second Quarter of
2021
- Net sales increased 4% to $11.3
million in the second quarter compared to $10.9 million in the
prior year. The increase compared to the prior year reflects
continued volume growth of both the Reed’s® and Virgil’s®
brands;
- Core brand gross sales increased 2%
versus prior year period primarily driven by 5% volume growth of
the Reed’s® brand and 13% growth of the Virgil’s® brand;
- Gross profit increased 9% to $3.3
million compared to $3.0 million in the prior year period. Gross
margin increased to 29% from 28% for the second quarter;
- Operating loss was $3.7 million
compared to $1.4 million in the second quarter of 2020;
- Net loss was $3.1 million, or $0.03
per share, compared to $1.8 million, or $0.03 per share, in the
prior year period; and
- Non-GAAP Modified EBITDA loss was
$3.1 million in the second quarter of 2021 compared to a loss of
$1.4 million in the prior year.
Management Commentary; Reed’s Reaffirms
Financial Guidance for 2021 Net Sales Growth
“Demand remained strong across our portfolio
during the second quarter reflecting positive underlying consumer
trends related to our new products and broader availability. Growth
remains exceptional in our Reed’s Real Ginger Ale, both full sugar
and zero sugar varieties, and we continued to see solid gains in
Reed’s Extra and Zero Extra cans,” said Norman E. Snyder, Chief
Executive Officer of Reed’s, Inc. “We had great response to
several promotions at key customers during the quarter and our
pipeline of new distribution opportunities remains robust. We also
made significant progress reducing delivery and handling expenses
compared to the first quarter although these costs remain elevated
in comparison to historic trends. Unfortunately, supply chain
headwinds created delays and shortages, particularly in cans,
pushing some expected deliveries from the second quarter to the
third. The 4% increase in net sales to $11.3 million was less than
we anticipated; however, we were still able to drive a 150 basis
point improvement in our gross margin, reflecting cost reduction
initiatives and reduced discounts as a percent of sales. We are
reaffirming our financial guidance for 2021 net sales growth,
expecting most of the top-line shortfall in the second quarter to
be captured in the third. The Reed’s brand and product portfolio
remain well positioned strategically and competitively, giving us a
high degree of confidence in our long-term growth
outlook.”
Financial Overview for the Second
Quarter of 2021 Compared to the Second Quarter of 2020
During the second quarter of 2021, net sales
increased 4% to $11.3 million compared with $10.9 million in the
prior year. Core brand gross sales increased 2% compared to the
same period in 2020, driven by 9% volume growth as the Reed’s®
brand increased 5% and the Virgil’s® brand was up 13%. The shift to
lower priced, higher margin products resulted in a 6% decline in
average core brand pricing, partially offsetting our volume
gains.
Gross profit during the second quarter of 2021
increased 9% to $3.3 million compared to the same period in 2020.
The increase in gross profit reflects a decrease in discounts as a
percentage of sales as well as an 8% reduction in cost of goods
sold per case to $11.27. Gross margin increased approximately 150
basis points to 29% versus the 28% in the second quarter of
2020.
Delivery and handling costs increased 70% to
$2.5 million during the second quarter of 2021 compared to the same
period in 2020. The year-over-year increase reflects volume growth,
ecommerce fulfillment costs and higher freight rates. Delivery and
handling costs were 22% of net sales and $3.53 per case, compared
to 14% of net sales and $2.27 per case during the same period last
year.
Selling and marketing costs increased 66% to
$2.6 million during the second quarter of 2021. The increase was
driven by headcount growth in sales and higher stock
compensation.
General and administrative expenses (G&A)
increased to $1.8 million during the second quarter of 2021
compared to $1.4 million in the prior year period. The increase was
driven higher employee costs and stock compensation.
Operating loss during the second quarter of 2021
was $3.7 million from $1.4 million in the prior year period.
Interest expense of $0.2 million during the
second quarter of 2021 compared to $0.3 million in the second
quarter of 2020.
Net loss during the second quarter of 2021 was
$3.1 million, or $0.03 per share, compared to net loss of $1.8
million, or $0.03 per share in the second quarter of 2020.
Modified EBITDA loss was $3.1 million in the
second quarter of 2021 compared to a loss of $1.4 million in the
second quarter of 2020.
Liquidity and Cash Flow
During the first six months of 2021, the Company
used $10.3 million of cash in operating activities compared to $5.0
million of cash used in operating activities in the prior year
period. The increase in cash used in operating activities during
the first six months of 2021 compared to the prior year period
relates primarily to building inventory. As of June 30, 2021, the
Company had $0.7 million of cash and $4.3 million available on its
revolving line of credit after a planned inventory build. The total
facility has a borrowing capacity of $13.0 million.
Full Year 2021 Financial
Guidance
The Company is reaffirming its financial
guidance for fiscal 2021 net sales growth. The Company continues to
expect to generate net revenue growth in the range of 14% to 16%
during the full year 2021 given the potential uncertainty arising
from the current economic environment. The Company is reducing its
gross margin range to 31% to 32% for the full year 2021. Fiscal
2021 guidance reflects year-to-date business trends, including the
ongoing operating environment related to COVID-19. The COVID-19
pandemic and its related impacts create many incremental potential
business risks, including potential impacts to the Company’s
ability to access raw materials, production, transportation and/or
other logistics needs, as well as potential inflation related to
all aspects of supply chain and logistics, which cannot be
reasonably estimated and are not factored into current fiscal 2021
guidance.
Second Quarter 2021 Earnings Call
Details
The Company will conduct a conference call at
4:30 pm Eastern Time today, August 12, 2021, to discuss its second
quarter 2021 results. This conference call can be accessed via a
link on Reed's investor website at https://investor.reedsinc.com/
under the "Events & Presentations" section or directly at
http://public.viavid.com/index.php?id=145676. To listen to the live
call over the Internet, please go to Reed's website at least
fifteen minutes early to register, download and install any
necessary audio software. Additionally, the call may be accessed
with the toll-free dial-in number, (877) 300-8521 (U.S.) or (412)
317-6026 (International). Please dial in at least fifteen minutes
before the start of the conference call due to increased demand for
conference calls.
A replay of the webcast will be archived on the
Company’s website at https://investor.reedsinc.com under the
"Events & Presentations" section for approximately 90 days.
About Reed's, Inc.®
Reed’s Inc.® 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 Inc.® 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 40,000 stores nationwide.
Reed’s® is known as America's #1 name in
all-natural, ginger-based beverages. Crafted using real ginger and
premium ingredients, the Reed’s® portfolio includes ginger beers,
ginger ales, ready-to-drink ginger mules, ginger shots, and ginger
candies. The brand has recently successfully expanded into the
zero-sugar segment with its proprietary, all-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 afficionados, Flying Cauldron™ is made with
all-natural ingredients and no artificial flavors, sweeteners,
preservatives, gluten, caffeine or GMOs.
For more information, visit drinkreeds.com,
virgils.com and flyingcauldron.com.
Cautionary Note Regarding Forward
Looking Statements and Financial Guidance
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations and
include our expectations with respect to cash flow from operations,
revenue, and non-GAAP modified EBITDA for the fiscal year ending
December 31, 2021. The achievement or success of the matters
covered by such forward-looking statements, including future
financial guidance, involves risks, uncertainties and assumptions,
many of which involve factors or circumstances that are beyond our
control. Fiscal 2021 guidance reflects year-to-date business
trends, including the ongoing operating environment related to
COVID-19. The COVID-19 pandemic and its related impacts create many
incremental potential business risks, including potential impacts
to Reed’s ability to access raw materials, production,
transportation and/or other logistics needs, as well as potential
inflation related to all aspects of supply chain and logistics,
which cannot be reasonably estimated and are not factored into
current fiscal 2021 guidance. 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, 2021.
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; 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 ability to develop and expand strategic and
third party distribution channels; our dependence on third party
suppliers, brewers and distributors 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
war, 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 filed on March 30, 2021 and subsequent reports
filed with the Securities and Exchange Commission, 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.
CONTACTS:
Investor RelationsReed Anderson, ICR(800)
997-3337 Ext 2Or (646) 277-1260Email:
ir@reedsinc.comwww.reedsinc.com
REED’S, INC.CONDENSED
STATEMENTS OF OPERATIONSFor the Three and Six
Months Ended June 30, 2021 and
2020(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net Sales |
$ |
11,270 |
|
|
$ |
10,853 |
|
|
$ |
23,416 |
|
|
$ |
20,376 |
|
Cost of goods sold |
|
8,001 |
|
|
|
7,865 |
|
|
|
16,294 |
|
|
|
14,518 |
|
Gross
profit |
|
3,269 |
|
|
|
2,988 |
|
|
|
7,122 |
|
|
|
5,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery and handling
expense |
|
2,508 |
|
|
|
1,480 |
|
|
|
5,795 |
|
|
|
2,743 |
|
Selling and marketing
expense |
|
2,634 |
|
|
|
1,585 |
|
|
|
4,849 |
|
|
|
3,510 |
|
General and administrative
expense |
|
1,836 |
|
|
|
1,357 |
|
|
|
4,439 |
|
|
|
3,289 |
|
Total operating
expenses |
|
6,978 |
|
|
|
4,422 |
|
|
|
15,083 |
|
|
|
9,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(3,709 |
) |
|
|
(1,434 |
) |
|
|
(7,961 |
) |
|
|
(3,684 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(202 |
) |
|
|
(303 |
) |
|
|
(458 |
) |
|
|
(639 |
) |
Gain on extinguishment of
debt |
|
770 |
|
|
|
|
|
|
|
770 |
|
|
|
|
|
Change in fair value of
warrant liability |
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(3,141 |
) |
|
|
(1,750 |
) |
|
|
(7,649 |
) |
|
|
(4,330 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock |
|
(5 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable
to Common Stockholders |
$ |
(3,146 |
) |
|
$ |
(1,755 |
) |
|
$ |
(7,654 |
) |
|
$ |
(4,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share – basic
and diluted |
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
90,801,842 |
|
|
|
59,514,620 |
|
|
|
88,751,896 |
|
|
|
53,554,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REED’S INC.CONDENSED
BALANCE SHEETS(Amounts in thousands, except share
amounts)
|
|
|
|
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash |
$ |
654 |
|
|
$ |
595 |
|
Accounts receivable, net of
allowance for doubtful accounts and returns and discounts of $152
and $234, respectively |
|
4,543 |
|
|
|
4,718 |
|
Receivable from related
party |
|
740 |
|
|
|
682 |
|
Inventory, net of reserve for
obsolescence of $164 and $194, respectively |
|
13,701 |
|
|
|
11,119 |
|
Prepaid expenses and other
current assets |
|
1,987 |
|
|
|
1,341 |
|
Total current assets |
|
21,625 |
|
|
|
18,455 |
|
|
|
|
|
|
|
|
|
Property and equipment, net of
accumulated depreciation of $435 and $361, respectively |
|
886 |
|
|
|
920 |
|
Equipment held for sale, net
of impairment reserves of $96 and $96, respectively |
|
67 |
|
|
|
67 |
|
Intangible assets |
|
621 |
|
|
|
615 |
|
Total
assets |
$ |
23,199 |
|
|
$ |
20,057 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
6,545 |
|
|
$ |
6,746 |
|
Payable to related party |
|
799 |
|
|
|
557 |
|
Accrued expenses |
|
723 |
|
|
|
895 |
|
Revolving line of credit |
|
2,939 |
|
|
|
- |
|
Current portion of note
payable |
|
- |
|
|
|
599 |
|
Current portion of leases
payable |
|
149 |
|
|
|
130 |
|
Total current liabilities |
|
11,155 |
|
|
|
8,927 |
|
|
|
|
|
|
|
|
|
Leases payable, less current
portion |
|
478 |
|
|
|
555 |
|
Note payable, less current
portion |
|
- |
|
|
|
171 |
|
Warrant liability |
|
- |
|
|
|
- |
|
Total
liabilities |
|
11,633 |
|
|
|
9,653 |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
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, 120,000,000 shares authorized, 93,601,380 and 86,317,096
shares issued and outstanding, respectively |
|
9 |
|
|
|
9 |
|
Additional paid in
capital |
|
105,847 |
|
|
|
97,031 |
|
Accumulated deficit |
|
(94,384 |
) |
|
|
(86,730 |
) |
Total stockholders’
equity |
|
11,566 |
|
|
|
10,404 |
|
Total liabilities and
stockholders’ equity |
$ |
23,199 |
|
|
$ |
20,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REED’S, INC.CONDENSED
STATEMENTS OF CASH FLOWSFor the Six months Ended
June 30, 2021 and
2020(Unaudited)(Amounts in
thousands)
|
|
|
|
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(7,649 |
) |
|
$ |
(4,330 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
69 |
|
|
|
24 |
|
Gain on termination of leases |
|
(2 |
) |
|
|
(6 |
) |
Gain on forgiveness of debt |
|
(770 |
) |
|
|
- |
|
Amortization of debt discount |
|
162 |
|
|
|
193 |
|
Amortization of prepaid financing costs |
|
147 |
|
|
|
- |
|
Amortization of right of use assets |
|
48 |
|
|
|
62 |
|
Fair value of vested options |
|
828 |
|
|
|
459 |
|
Fair value of vested restricted shares granted to officers |
|
169 |
|
|
|
285 |
|
Common stock issued for services |
|
- |
|
|
|
- |
|
Decrease in allowance for doubtful accounts |
|
(83 |
) |
|
|
(116 |
) |
Decrease (increase) in inventory reserve |
|
(30 |
) |
|
|
(209 |
) |
Change in fair value of warrant liability |
|
- |
|
|
|
7 |
|
Accrual of interest on convertible note to a related party |
|
- |
|
|
|
288 |
|
Lease liability |
|
(43 |
) |
|
|
(13 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
258 |
|
|
|
(3,080 |
) |
Inventory |
|
(2,552 |
) |
|
|
2,306 |
|
Prepaid expenses and other assets |
|
(483 |
) |
|
|
(393 |
) |
Accounts payable |
|
(200 |
) |
|
|
(410 |
) |
Accrued expenses |
|
(178 |
) |
|
|
(95 |
) |
Net cash used in
operating activities |
|
(10,309 |
) |
|
|
(5,028 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Trademark costs |
|
(6 |
) |
|
|
(14 |
) |
Proceeds from sale of property and equipment |
|
- |
|
|
|
- |
|
Purchase of property and equipment |
|
(95 |
) |
|
|
(102 |
) |
Net cash used in
investing activities |
|
(101 |
) |
|
|
(116 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Borrowings on line of credit |
|
33,798 |
|
|
|
21,780 |
|
Repayments of line of credit |
|
(30,859 |
) |
|
|
(22,512 |
) |
Proceeds from note payable |
|
- |
|
|
|
770 |
|
Repayment of amounts due to/from officers |
|
184 |
|
|
|
- |
|
Principal repayments on capital lease obligation |
|
(2 |
) |
|
|
(5 |
) |
Proceeds from exercise of stock options |
|
29 |
|
|
|
- |
|
Repurchase of common stock |
|
(15 |
) |
|
|
- |
|
Proceeds from sale of common stock |
|
7,334 |
|
|
|
5,310 |
|
Net cash provided by
financing activities |
|
10,469 |
|
|
|
5,343 |
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
59 |
|
|
|
199 |
|
Cash at beginning of
period |
|
595 |
|
|
|
913 |
|
Cash at end of period |
$ |
654 |
|
|
$ |
1,112 |
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
Cash paid for interest |
$ |
149 |
|
|
$ |
157 |
|
Non Cash Investing and
Financing Activities |
|
|
|
|
|
|
|
Dividends on Series A Convertible Preferred Stock |
$ |
5 |
|
|
$ |
5 |
|
|
|
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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 months ended June 30, 2021 and
2020 (unaudited; in thousands):
|
|
|
|
Three Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Net loss |
$ |
(3,141 |
) |
|
$ |
(1,750 |
) |
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|
Modified EBITDA
adjustments: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
61 |
|
|
|
37 |
|
Interest expense |
|
202 |
|
|
|
303 |
|
Stock option and other noncash
compensation |
|
599 |
|
|
|
(36 |
) |
Change in fair value of
warrant liability |
|
- |
|
|
|
13 |
|
Gain on forgiveness of
debt |
|
(770 |
) |
|
|
- |
|
Legal settlements |
|
(8 |
) |
|
|
- |
|
Total EBITDA adjustments |
$ |
84 |
|
|
$ |
317 |
|
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|
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|
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|
Modified EBITDA |
$ |
(3,057 |
) |
|
$ |
(1,433 |
) |
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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.
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