22nd Century Group, Inc. (Nasdaq: XXII), a leading biotechnology
company focused on utilizing advanced plant technologies to improve
health and wellness with reduced nicotine tobacco, hemp/cannabis
and hops, today reported results for the Second quarter ended June
30, 2023, and provided an update on recent business highlights. The
Company will host a live audio webcast today at 8:00 a.m. ET.
“Our focus in 2023 remains 22nd Century’s
transformation from a primary emphasis on research and development
to a fully commercial enterprise providing innovative harm
reduction and consumer health and wellness products to key end
markets. We have now significantly advanced our commercialization
plan for VLN® sales across targeted states, 14 of which are now in
place and two more states scheduled in September with a new drug
store customer, a diversified hemp/cannabis ingredients and
distribution business and a robust license and distribution
business in both tobacco and hemp/cannabis,” and said John Miller,
interim Chief Executive Officer of 22nd Century Group.
“Following an initial delay in our commercial
plans earlier this year, which are common on retail launches, we
have now substantially expanded the availability of our FDA
authorized, reduced nicotine content cigarettes VLN®, a tobacco
harm reduction product unlike any other. VLN® retail outlets and
points of sale increased notably in the second quarter, then more
than doubled with the additional stores added in July with our
launch at the #1 U.S. c-store chain and others in California, Texas
and Florida. New chains continue to launch, such as our first drug
store channel placement expected to commence as a five-state launch
in September. With this improved reach and density, we have updated
and revised our sales planning to focus on maximizing our depth and
maintaining the message within these channels to demonstrate proof
of concept with the new brand marketing and retail chains
throughout the rest of this year. Our revised and updated VLN plan
will include a more focused, cost-efficient marketing and sales
effort within our footprint and a commitment to streamline our
operations relative to the first half that reflected heavier
investment in new systems and logistics for the launch.”
“Our hemp/cannabis ingredients, manufacturing
and licensing business reported another record quarter as 22nd
Century continues to consolidate and leverage its industry
leadership position. We believe the record ingredient volumes
reflected both overall industry growth and increasing customer
preference for our products over other less reliable sources.
Initial sales under our new license and distribution agreements
occurred in July, with additional scale expected in the second
half, which is expected to provide a new source of revenue and
gross profit. The return of our in-house manufacturing capabilities
is expected to mean the return of manufacturing gross profits,
helping to restore our verticalized operating profile that was
directly affected by the fire last November.”
“In addition to these commercial opportunities,
we are also implementing programs intended to reduce our operating
costs by at least $15 million on an annualized basis. Much of this
will reflect efficiencies and streamlining as we conclude a period
of substantial extra upfront investment undertaken in the first
half of 2023 to upgrade distribution, regulatory approvals,
marketing, sales and research activities in support of our VLN®
launch, which we are now aligning to the more focused ongoing needs
for the commercial launch,” concluded Mr. Miller.
Recent Key Financial and Business
Highlights
Tobacco Business
- Continued multi-state VLN® rollout
strategy, now selling in 14 targeted states for 2023.
- More than doubled VLN® store counts
in July after strong growth through the second quarter, with VLN
now available in 2,800+ stores and the three largest state markets
of Texas, California and Florida.
- Launched new VLN® educational
materials, distribution resources, retail incentives and media
programming targeting adult smoker and influencer audiences.
- Continued to scale support for
Pinnacle, a private label conventional premium cigarette brand
selling at one of the nation's top-10 gas station convenience store
chains in 20+ states.
- VLN® pilot activities continued in
international markets of Switzerland, Japan and South Korea.
- Poised to benefit from federal, state and international
regulatory interest, including the proposed FDA menthol cigarette
ban expected to be updated in August 2023, among others.
Hemp/Cannabis Business
- Shipped record cannabinoid
ingredient volumes, increased more than 188% year-over-year to more
than 76,000 kgs supplied, as the largest provider of cannabinoid
extracts and isolates in North America focused on cannabidiol (CBD)
and cannabigerol (CBG) extracted and refined at industrial scale
into distillates.
- 1H 2023 ingredient volumes in
excess of 144,000 kgs have already exceeded full-year 2022
shipments of more than 112,000 kgs.
- In July resumed production of CBD
distillate products at new GVB facilities located in Oregon, which
should facilitate gross margin improvement on GVB produced
cannabinoid products for the remainder of 2023.
- Commenced CBD crude extract
operations, providing opportunities for additional verticalization
and related gross profit improvement.
- Contracted new growing programs to
cultivate hemp biomass for extraction, designed to improve both
margin on and availability of biomass volumes sufficient to meet
rising customer demand, with harvests expected 2H 2023.
- Advanced distribution and point of
sale activity to initial shipments in July 2023 for three-year
exclusive license and distribution agreements with Cookies and Old
Pal.
- Advanced plans to restart CBD
isolate production, expected in Q1 2024, which should further
improve gross margin.
Corporate Updates
- Revised the Company’s 2023 revenue
outlook from a range of $105 million to $110 million to a range of
$80 million to $90 million to account for changes in the launch
timeline and scope of VLN® at certain key chains in 2023,
transitioning GVB volumes back to internal production and the
operating cost reduction plan.
- Announced the resignation of James
A. Mish as Chief Executive Officer, and appointed John Miller, who
leads the tobacco business unit, as interim Chief Executive
Officer.
- Regained compliance with Nasdaq
listing qualifications per a letter dated July 19, 2023.
- Added Wall Street veteran Andy Arno
as an Independent Director and member of the Board of
Directors.
- Raised an aggregate of $19.9
million in gross proceeds in June and July 2023.
Second Quarter 2023 Financial Results
- Net revenues for the second quarter
of 2023 were $23.4 million, an increase of 61.8% from the same
period in 2022.
- Revenue from tobacco-related
products was $8.1 million, reflecting the Company’s transition away
from low margin filtered cigar products to focus production and
capacity on higher margin products, such as VLN® and Pinnacle.
- Revenue from hemp/cannabis-related
products was $15.4 million, as volumes continued to ramp on share
gains.
- Approximately $0.6 million of
additional sales initially intended for the second quarter will
instead be recognized in the third quarter due to shipment cutoff
timing to accommodate the Fourth of July holiday.
- Gross profit for the second quarter
of 2023 was $(2.3) million as compared to $0.9 million in the prior
year period.
- Gross profit from tobacco-related
products was $(1.0) million, reflecting the aforementioned lower
margin product mix.
- Gross profit from
hemp/cannabis-related products was $(1.4) million, reflecting the
final quarter of primarily ingredient trading activity due to the
November 2022 plant fire; the Company is restarting production in
its own ingredients at new facilities.
- Second quarter gross profit was
negatively impacted by approximately $2.4 million related to the
plant fire.
- The Company believes these losses
are covered by its business interruption insurance coverage and has
filed litigation to enforce its claim dating to the November 2022
plant fire.
- Gross margin is expected to improve
in the second half of 2023 reflecting:
- Improving product margin mix for
tobacco products reflecting reduced filtered cigar volume
- New in-house GVB crude extraction
and distillate production capabilities as opposed to reselling
activities
- The initial harvest of
hemp/cannabis biomass expected to reduce raw material expenses in
the second half of 2023
- New CDMO+D contracts to begin
shipping product in the second half of 2023.
- Total operating expenses for the
second quarter of 2023 were $17.0 million, driven by the addition
of GVB operations, investment in the VLN® products sales and launch
and ongoing investments in back-office support.
- The Company announced a cost
reduction initiative for the second half 2023, expected to generate
at least $15 million in annualized operating cost
reductions
- Cost reductions are intended to
streamline the business, focusing operating activities on
sustaining and growing the commercial footprint, following heavier
initial investment required to support the commercial launches
during 1H 2023
- Operating loss and net loss for the
second quarter of 2023 was $19.4 million, compared to $10.5 million
in the prior year period.
- Adjusted EBITDA was a loss of $16.0
million, compared to prior year loss of $7.1 million. See the
tables included in this release for a reconciliation of Adjusted
EBITDA (a non-GAAP measure) to net loss.
Balance Sheet and Liquidity
- As of June 30, 2023, the Company
had $11.9 million in cash, cash equivalents and restricted
cash.
- Subsequently, in July 2023, the
Company raised approximately $14.6 million in additional gross
proceeds in equity transactions.
Second Quarter 2023 Conference
Call22nd Century will host a live webcast today at 8:00
a.m. E.T. to discuss its second quarter 2023 financial results and
business highlights. The live webcast, interactive Q&A, and
slide presentation will be accessible in the Events section on 22nd
Century’s Investor Relations website at
https://ir.xxiicentury.com/events-and-presentations/default.aspx.
An archived replay of the webcast will also be available shortly
after the live event has concluded.
About 22nd Century Group, Inc.22nd Century
Group, Inc. (Nasdaq: XXII) is a leading biotechnology company
focused on utilizing advanced plant technologies to improve health
and wellness through tobacco harm reduction, reduced nicotine
tobacco, hemp/cannabis and hops. With dozens of patents allowing it
to control nicotine biosynthesis in the tobacco plant, the Company
has developed proprietary reduced nicotine content (RNC) tobacco
plants and cigarettes, which have become the cornerstone of
the FDA’s Comprehensive Plan to address the widespread
death and disease caused by smoking. The Company received the first
and only FDA Modified Risk Tobacco Product (MRTP) authorization for
a combustible cigarette in December 2021. In tobacco, hemp/cannabis
and hop plants, 22nd Century uses modern plant breeding
technologies, including genetic engineering, gene-editing, and
molecular breeding to deliver solutions for the pharmaceutical and
consumer products industries by creating new, proprietary plants
with optimized alkaloid and flavonoid profiles as well as improved
yields and valuable agronomic traits.
Learn more at xxiicentury.com, on Twitter,
on LinkedIn, and on YouTube.
Learn more about
VLN® at tryvln.com.
Cautionary Note Regarding Forward-Looking
StatementsExcept for historical information, all of the
statements, expectations, and assumptions contained in this press
release are forward-looking statements, including but not limited
to our full year business outlook. Forward-looking statements
typically contain terms such as “anticipate,” “believe,”
“consider,” “continue,” “could,” “estimate,” “expect,” “explore,”
“foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,”
“potential,” “predict,” “preliminary,” “probable,” “project,”
“promising,” “seek,” “should,” “will,” “would,” and similar
expressions. Actual results might differ materially from those
explicit or implicit in forward-looking statements. Important
factors that could cause actual results to differ materially are
set forth in “Risk Factors” in the Company’s Annual Report on Form
10-K filed on March 9, 2023. All information provided in this
release is as of the date hereof, and the Company assumes no
obligation to and does not intend to update these forward-looking
statements, except as required by law.
Investor Relations & Media ContactMatt
KrepsInvestor Relations22nd Century
Groupmkreps@xxiicentury.com214-597-8200
22nd CENTURY GROUP,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(amounts in
thousands, except per-share data)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,433 |
|
|
$ |
3,020 |
|
Short-term investment securities |
|
|
— |
|
|
|
18,193 |
|
Accounts receivable, net |
|
|
8,736 |
|
|
|
5,641 |
|
Inventories |
|
|
14,318 |
|
|
|
10,008 |
|
Insurance recoveries |
|
|
3,000 |
|
|
|
5,000 |
|
Prepaid expenses and other current assets |
|
|
6,388 |
|
|
|
2,743 |
|
Total current assets |
|
|
36,875 |
|
|
|
44,605 |
|
Property, plant and equipment,
net |
|
|
14,401 |
|
|
|
13,093 |
|
Operating lease right-of-use
assets, net |
|
|
6,955 |
|
|
|
2,675 |
|
Goodwill |
|
|
33,360 |
|
|
|
33,160 |
|
Intangible assets, net |
|
|
21,526 |
|
|
|
16,853 |
|
Investments |
|
|
682 |
|
|
|
682 |
|
Restricted cash |
|
|
7,500 |
|
|
|
— |
|
Other assets |
|
|
3,681 |
|
|
|
3,583 |
|
Total
assets |
|
$ |
124,980 |
|
|
$ |
114,651 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Notes and loans payable - current |
|
$ |
1,988 |
|
|
$ |
908 |
|
Current portion of long-term debt |
|
|
1,960 |
|
|
|
— |
|
Operating lease obligations |
|
|
1,082 |
|
|
|
681 |
|
Accounts payable |
|
|
6,449 |
|
|
|
4,168 |
|
Accrued expenses |
|
|
6,842 |
|
|
|
1,428 |
|
Accrued payroll |
|
|
2,426 |
|
|
|
3,199 |
|
Accrued excise taxes and fees |
|
|
2,704 |
|
|
|
1,423 |
|
Deferred income |
|
|
214 |
|
|
|
831 |
|
Other current liabilities |
|
|
1,438 |
|
|
|
380 |
|
Total current liabilities |
|
|
25,103 |
|
|
|
13,018 |
|
Long-term
liabilities: |
|
|
|
|
|
|
Notes and loans payable |
|
|
185 |
|
|
|
3,001 |
|
Operating lease obligations |
|
|
6,118 |
|
|
|
2,141 |
|
Long-term debt |
|
|
15,326 |
|
|
|
— |
|
Other long-term liabilities |
|
|
5,656 |
|
|
|
516 |
|
Total liabilities |
|
|
52,388 |
|
|
|
18,676 |
|
Commitments and
contingencies (Note 11) |
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
Preferred stock, $.00001 par value, 10,000,000 shares
authorized |
|
|
|
|
|
|
Common stock, $.00001 par value, 33,333,334 shares authorized |
|
|
|
|
|
|
Capital stock issued and outstanding: |
|
|
|
|
|
|
15,926,803 common shares (14,349,275 at
December 31, 2022) |
|
|
|
|
|
|
Common stock, par value |
|
|
— |
|
|
|
— |
|
Capital in excess of par value |
|
|
349,206 |
|
|
|
333,900 |
|
Accumulated other comprehensive loss |
|
|
39 |
|
|
|
(111 |
) |
Accumulated deficit |
|
|
(276,653 |
) |
|
|
(237,814 |
) |
Total shareholders' equity |
|
|
72,592 |
|
|
|
95,975 |
|
Total liabilities and shareholders’ equity |
|
$ |
124,980 |
|
|
$ |
114,651 |
|
22nd CENTURY GROUP,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
LOSS(Unaudited)(amounts in
thousands, except per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues, net |
|
$ |
23,427 |
|
|
$ |
14,477 |
|
|
$ |
45,389 |
|
|
$ |
23,521 |
|
Cost of goods sold |
|
|
25,772 |
|
|
|
13,585 |
|
|
|
48,911 |
|
|
|
22,321 |
|
Gross (loss) profit |
|
|
(2,345 |
) |
|
|
892 |
|
|
|
(3,522 |
) |
|
|
1,200 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales, general and administrative |
|
|
14,540 |
|
|
|
8,684 |
|
|
|
28,771 |
|
|
|
15,946 |
|
Research and development |
|
|
1,793 |
|
|
|
1,897 |
|
|
|
3,310 |
|
|
|
3,036 |
|
Other operating expense, net |
|
|
675 |
|
|
|
787 |
|
|
|
1,573 |
|
|
|
839 |
|
Total operating expenses |
|
|
17,008 |
|
|
|
11,368 |
|
|
|
33,654 |
|
|
|
19,821 |
|
Operating loss |
|
|
(19,353 |
) |
|
|
(10,476 |
) |
|
|
(37,176 |
) |
|
|
(18,621 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments |
|
|
— |
|
|
|
(885 |
) |
|
|
— |
|
|
|
(1,702 |
) |
Realized loss on short-term investment securities |
|
|
(28 |
) |
|
|
(108 |
) |
|
|
(41 |
) |
|
|
(108 |
) |
Other income, net |
|
|
16 |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
Interest income, net |
|
|
65 |
|
|
|
48 |
|
|
|
122 |
|
|
|
98 |
|
Interest expense |
|
|
(1,193 |
) |
|
|
(77 |
) |
|
|
(1,614 |
) |
|
|
(82 |
) |
Total other expense |
|
|
(1,140 |
) |
|
|
(1,022 |
) |
|
|
(1,499 |
) |
|
|
(1,794 |
) |
Loss before income taxes |
|
|
(20,493 |
) |
|
|
(11,498 |
) |
|
|
(38,675 |
) |
|
|
(20,415 |
) |
Provision for income
taxes |
|
|
46 |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
Net loss |
|
$ |
(20,539 |
) |
|
$ |
(11,498 |
) |
|
$ |
(38,721 |
) |
|
$ |
(20,415 |
) |
Deemed dividend from trigger
of anti-dilution provision feature |
|
|
(367 |
) |
|
|
— |
|
|
|
(367 |
) |
|
|
— |
|
Net loss available to common
shareholders |
|
$ |
(20,906 |
) |
|
$ |
(11,498 |
) |
|
$ |
(39,088 |
) |
|
$ |
(20,415 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per
common share |
|
$ |
(1.40 |
) |
|
$ |
(0.95 |
) |
|
$ |
(2.67 |
) |
|
$ |
(1.77 |
) |
Weighted average common shares
outstanding - basic and diluted |
|
|
14,900 |
|
|
$ |
12,134 |
|
|
|
14,644 |
|
|
|
11,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(20,539 |
) |
|
|
(11,498 |
) |
|
$ |
(38,721 |
) |
|
$ |
(20,415 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on short-term investment securities |
|
|
10 |
|
|
|
(69 |
) |
|
|
71 |
|
|
|
(469 |
) |
Foreign currency translation |
|
|
42 |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
Reclassification of realized losses to net loss |
|
|
28 |
|
|
|
108 |
|
|
|
41 |
|
|
|
108 |
|
Other comprehensive income (loss) |
|
|
80 |
|
|
|
39 |
|
|
|
150 |
|
|
|
(361 |
) |
Comprehensive loss |
|
$ |
(20,459 |
) |
|
$ |
(11,459 |
) |
|
$ |
(38,571 |
) |
|
$ |
(20,776 |
) |
Reconciliations of Non-GAAP Measures
Below is a table containing information relating to the
Company’s Net loss, EBITDA and Adjusted EBITDA for the three and
six month periods ended June 30, 2023 and 2022, including a
reconciliation of these Non-GAAP measures for such periods.
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
June 30, |
|
|
Dollar Amounts in Thousands ($000's) |
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
$ Change |
|
|
2023 |
|
2022 |
|
|
fav / (unfav) |
Net loss |
|
$ |
(20,539 |
) |
|
$ |
(11,498 |
) |
|
$ |
(9,041 |
) |
Interest (income)/expense, net |
|
|
1,129 |
|
|
|
29 |
|
|
|
1,100 |
|
Provision for income taxes |
|
|
46 |
|
|
|
— |
|
|
|
46 |
|
Amortization and depreciation |
|
|
1,212 |
|
|
|
595 |
|
|
|
617 |
|
EBITDA |
|
$ |
(18,152 |
) |
|
$ |
(10,875 |
) |
|
$ |
(7,278 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
Equity-based employee compensation expense |
|
|
1,486 |
|
|
|
1,106 |
|
|
|
380 |
|
Needlerock Farms settlement |
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Grass Valley fire |
|
|
256 |
|
|
|
— |
|
|
|
256 |
|
Loss on change of warrant liability |
|
|
584 |
|
|
|
— |
|
|
|
584 |
|
Gain on change in contingent consideration |
|
|
(217 |
) |
|
|
— |
|
|
|
(217 |
) |
Acquisition costs |
|
|
70 |
|
|
|
787 |
|
|
|
(717 |
) |
Unrealized loss on investment |
|
|
— |
|
|
|
885 |
|
|
|
(885 |
) |
Inventory step-up |
|
|
— |
|
|
|
978 |
|
|
|
(978 |
) |
Adjusted
EBITDA |
|
$ |
(15,963 |
) |
|
$ |
(7,118 |
) |
|
$ |
(8,845 |
) |
1Fav = Favorable variance, which increases EBITDA and Adjusted
EBITDA; Unfav = unfavorable variance, which reduces EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
June 30, |
|
|
Dollar Amounts in Thousands ($000's) |
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
$ Change |
|
|
2023 |
|
2022 |
|
|
fav / (unfav) |
Net loss |
|
$ |
(38,721 |
) |
|
$ |
(20,415 |
) |
|
$ |
(18,306 |
) |
Interest (income)/expense, net |
|
|
1,492 |
|
|
|
(16 |
) |
|
|
1,508 |
|
Provision for income taxes |
|
|
46 |
|
|
|
— |
|
|
|
46 |
|
Amortization and depreciation |
|
|
2,093 |
|
|
|
924 |
|
|
|
1,169 |
|
EBITDA |
|
$ |
(35,090 |
) |
|
$ |
(19,507 |
) |
|
$ |
(15,583 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
Equity-based employee compensation expense |
|
|
2,661 |
|
|
|
2,319 |
|
|
|
342 |
|
Needlerock Farms settlement |
|
|
756 |
|
|
|
— |
|
|
|
756 |
|
Grass Valley fire |
|
|
324 |
|
|
|
— |
|
|
|
324 |
|
Loss on change of warrant liability |
|
|
723 |
|
|
|
— |
|
|
|
723 |
|
Gain on change in contingent consideration |
|
|
(195 |
) |
|
|
— |
|
|
|
(195 |
) |
Acquisition costs |
|
|
139 |
|
|
|
839 |
|
|
|
(700 |
) |
Unrealized loss on investment |
|
|
— |
|
|
|
1,702 |
|
|
|
(1,702 |
) |
Inventory step-up |
|
|
— |
|
|
|
978 |
|
|
|
(978 |
) |
Adjusted
EBITDA |
|
$ |
(30,682 |
) |
|
$ |
(13,669 |
) |
|
$ |
(17,013 |
) |
1Fav = Favorable variance, which increases EBITDA and Adjusted
EBITDA; Unfav = unfavorable variance, which reduces EBITDA and
Adjusted EBITDA
Notes regarding Non-GAAP Financial
Information
In addition to the Company’s reported results in accordance with
generally accepted accounting principles in the United States of
America (“GAAP”), the Company provides EBITDA and Adjusted
EBITDA.
In order to calculate EBITDA, the Company adjusts net (loss)
income by adding back interest expense (income), provision
(benefit) for income taxes, and depreciation and amortization
expense from intangible assets. Adjusted EBITDA consists of EBITDA
adjusted by the Company for certain non-cash and non-operating
expense, including adding back equity-based employee compensation
expense, (gain) loss on investments, acquisition costs, and any
unusual or infrequently occurring items.
The Company believes that the presentation of EBITDA and
Adjusted EBITDA are important financial measures that supplement
discussion and analysis of its financial condition and results of
operations and enhances an understanding of its operating
performance. While management considers EBITDA and Adjusted EBITDA
to be important, these financial performance measures should be
considered in addition to, but not as a substitute for or superior
to, other measures of financial performance prepared in accordance
with GAAP, such as operating (loss) income, net (loss) income and
cash flows from operations. Adjusted EBITDA is susceptible to
varying calculations and the Company’s measurement of Adjusted
EBITDA may not be comparable to those of other companies.
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