Fortegra Financial Corporation (the "Company") (NYSE: FRF) an
insurance services company providing distribution and
administration services and insurance-related products, today
reported results for the fourth quarter and fiscal year ended
December 31, 2010.
"Our fourth quarter and full year 2010 results reflect solid
operational performance across all business lines coupled with
organic growth and the successful integration of our 2010
acquisitions. With our recent IPO we have improved our financial
strength and flexibility and have multiple points of access to
capital to allow us to both grow our existing businesses and pursue
accretive acquisitions," said Richard S. Kahlbaugh, Chairman and
CEO of Fortegra.
Fourth Quarter 2010 Results
Gross revenues increased 5.4% to $50.1 million for the fourth
quarter of 2010 compared to $47.6 million for the fourth quarter of
2009. Net revenues, (revenues net of losses, loss adjustments, and
commission expenses), decreased 2.9% to $23.8 million for the
fourth quarter of 2010 compared to $24.5 million for the fourth
quarter of 2009. Net income was $4.5 million, or $0.25 per diluted
share, for the quarter ended December 31, 2010 compared to $5.0
million, or $0.29, for the quarter ended December 31, 2009.
Adjusted EBITDA decreased 5.6% to $10.2 million for the fourth
quarter of 2010 compared to $10.8 million for the fourth quarter of
2009.
Net earned premium revenues increased 10.2% to $28.4 million
from $25.8 million for the comparable quarter last year, driven by
growth in net written premium from new customers distributing
Fortegra's credit insurance and warranty products.
Wholesale brokerage commission and fee revenues increased 4.8%
to $5.5 million compared to $5.2 million for the fourth
quarter of 2009.
Ceding commission revenue earned under coinsurance agreements
increased 8.6% to $6.3 million from $5.8 million for
comparable quarter last year, driven principally by increased
credit insurance premium production, favorable loss experience
across the lines reinsured and realized gains on the sale of
investment portfolio assets.
Net investment income increased to $1.3 million for the fourth
quarter of 2010 compared to $1.1 million for the fourth quarter of
2009, due to an increase in invested assets.
Service and administrative fee revenues decreased 5.7% to $8.1
million for the quarter ended December 31, 2010 from $8.6 million
for the comparable quarter last year, primarily due to (i) lower
volumes of new credit cards issued and higher credit card
cancellations during the fourth quarter 2010 and (ii) processing a
large volume of claims due to the initiation of claims handling for
an existing program during the fourth quarter 2009 resulting in
lower level of processing fees in the corresponding quarter of
2010. These decreases were offset, in part, by increased revenue
from three acquisitions completed over the past year.
Fiscal Year 2010 Results
Gross revenues increased 9.8% to $204.3 million for the year
ended December 31, 2010 compared to $186.1 million for the year
ended December 31, 2009. Net revenues, (revenues, net of losses,
loss adjustments, and commission expenses), increased 17.0% to
$97.3 million compared to $83.1 million in 2009. Net income was
$16.2 million, or $0.94 per diluted share, for the full year 2010
compared to $11.6 million, or $0.69, for the full year 2009.
Adjusted EBITDA increased 27.4% to $40.1 million compared to $31.5
million for the year ended December 31, 2009.
Service and administrative fees increased 7.3% to $34.1 million
from $31.8 million in 2009. Wholesale brokerage commission and fee
income increased 51.0% to $24.6 million compared to $16.3 million
last year. Ceding commissions increased 19.5% to $28.8 million from
$24.1 million in 2009. Net investment income for the full year 2010
decreased 14.4% to $4.1 million compared to $4.8 million in 2009.
Net earned premiums increased 3.4% to $111.8 million for the full
year 2010 from $108.1 million for 2009.
Segment Results
Payment Protection
Revenues for the Payment Protection segment increased 11.9% to
$14.1 million in the fourth quarter of 2010 compared to $12.6
million for the fourth quarter of 2009. The increase was driven
principally by the acquisitions of Continental Car Club and United
Motor Club during 2010, which contributed $1.8 million in revenues
during the fourth quarter. Income before taxes for the Payment
Protection segment decreased 5.0% to $5.3 million for the fourth
quarter of 2010 compared to $5.6 million for the fourth quarter of
2009 due to increased commission expense and an increase in loss
experience in our warranty channel in the fourth quarter of
2010.
For the full year ended December 31, 2010, revenues in the
Payment Protection segment increased 18.7% to $50.8 million and
income before taxes increased 69.1% to $17.7 million.
BPO
Revenues for the BPO segment decreased 37.8% to $4.1 million for
the fourth quarter of 2010 compared to $6.5 million for the fourth
quarter of 2009, primarily due to lower volumes of new credit cards
issued and higher credit card cancellations and to processing a
large volume of claims due to the initiation of claims handling for
an existing program during the fourth quarter 2009 resulting in
lower level of processing fees in the corresponding quarter in
2010. Income before taxes for the BPO segment decreased 50.5% to
$1.3 million for the fourth quarter of 2010 compared to $2.6
million for the fourth quarter of 2009.
For the full year ended December 31, 2010, revenues in the BPO
segment decreased 11.0% to $20.9 million and total income before
taxes decreased 28.9% to $6.2 million.
Wholesale Brokerage
Revenues for the Wholesale Brokerage segment increased 4.1% to
$5.7 million for the fourth quarter of 2010 compared to $5.4
million in the fourth quarter of 2009. The increase was driven by
premium revenue production during the fourth quarter and the
acquisition of South Bay Acceptance Corporation in February 2010.
Loss before taxes for the Wholesale Brokerage segment was $0.1
million for the fourth quarter of 2010 compared to operating income
of $0.5 million for the fourth quarter of 2009.
For the full year ended December 31, 2010, revenues in the
Wholesale Brokerage segment increased 51.6% to $25.5 million and
income before taxes increased 45.5% to $3.1 million.
Capital Markets Activities
On December 16, 2010, Fortegra completed its initial public
offering raising $43.6 million net of underwriting fees. Proceeds
of the offering were used to retire $20.0 million of subordinated
debt plus accrued interest of $0.6 million, pay $14.1 million in
conversion costs to holders of class A common shares, and pay down
the revolving line of credit by $8.9 million.
Balance Sheet
Total invested assets and cash were $148.0 million as of
December 31, 2010 compared to $132.4 million as of December 31,
2009. Cash and cash equivalents increased $13.4 million to $43.4
million from $29.9 million as of the comparable period last year.
Unearned premiums were $210.4 million compared to $215.7 million as
of December 31, 2009. Stockholder's equity increased by $43.1
million to $123.9 million as of December 31, 2010 compared to $80.8
million as of December 31, 2009.
Outlook
Based on management's operating assumptions and including the
two acquisitions announced to date in 2011, Fortegra is providing
the following outlook for the fiscal year ending December 31,
2011:
- Net revenues in the range of $106 to
$111 million
- Diluted earnings per share in the range
of $0.88 to $0.97 based on a weighted fully diluted share count of
21.6 million shares
- Adjusted EBITDA in the range of $47 to
$50 million
Subsequent Events
As previously announced, Fortegra completed the acquisition of
Auto Knight Motor Club, Inc. on January 1, 2011, further deepening
Fortegra's market share in the car club business and expanding its
reach into Canada.
As previously announced, Alex Halikias joined Fortegra Financial
as the new Executive Vice President of Fortegra and President of
Consecta, Fortegra's business process outsourcing business,
effective January 4, 2011. Robert Fullington, prior Executive Vice
President of Fortegra and President of Consecta, was appointed to
the new role of Executive Vice President, Strategic Initiatives
& Acquisitions.
As previously announced, on February 7, 2011, South Bay
Acceptance Corporation ("South Bay"), an indirect wholly-owned
subsidiary of Fortegra, terminated the Forty Million Dollar Loan
and Security Agreement, dated as of June 10, 2010 (the “Loan
Agreement”), by and between South Bay, as borrower, and Wells Fargo
Capital Finance, LLC ("Wells Fargo"), as lender. The Loan Agreement
was not drawn upon at the time of termination.
As previously announced, on March 1, 2011, Wells Fargo Bank,
N.A., entered into a joinder agreement to Fortegra's revolving
credit facility with SunTrust and became a new lender under the
revolving credit facility with a revolving commitment of $30.0
million, which increased the size of the revolving credit facility
to $85.0 million.
On March 3, 2011, Fortegra agreed to acquire eReinsure.com, Inc.
("eReinsure") for a cash purchase price of $37 million. eReinsure
develops web-hosted applications for the reinsurance market by
leveraging new Internet technologies in application architecture,
network communication and information delivery.
Conference Call Information
Fortegra's executive management will host a conference call to
discuss its fourth quarter and full year 2010 results on Friday,
March 4, 2011 at 8:30 a.m. Eastern Time. Analysts, media and
individual investors are invited to participate in the conference
call by calling 877-407-9039 and referencing passcode 366339. A
simultaneous Webcast of the conference call audio will be available
online via the “Investor Relations” section of Fortegra's website,
www.fortegra.com. Participants are encouraged to call or sign in at
least 15 minutes prior to the scheduled conference call time to
ensure participation and, if required, to download and install the
necessary software. A replay of the call will be available shortly
after the call until March 11, 2011, by dialing (877) 870-5176, or
for international callers, (858) 384-5517. The passcode for the
replay is 366339. A replay of the call will be available on
Fortegra's website in the “Investor Relations” section.
About Fortegra
Fortegra Financial Corporation is an insurance services company
that provides distribution and administration services and
insurance-related products to insurance companies, insurance
brokers and agents and other financial services companies in the
United States. It sells services and products directly to
businesses rather than directly to consumers. Fortegra's brands
include Life of the South, Consecta and Bliss & Glennon.
Use of Non-GAAP Financial Information
Fortegra presents certain additional financial measures related
to its Business Segments that are "Non-GAAP measures" within the
meaning of Regulation G under the Securities Act of 1934. Fortegra
presents these Non-GAAP measures to provide investors with
additional information to analyze Fortegra's performance from
period to period. Management also uses these measures to
assess performance for Fortegra's segments and to allocate
resources in managing Fortegra's businesses. However, investors
should not consider these Non-GAAP measures as a substitute for the
financial information that Fortegra reports in accordance with
GAAP. These Non-GAAP measures reflect subjective determinations by
management, and may differ from similarly titled Non-GAAP measures
presented by other companies.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Act of 1995. Such
statements are subject to risks and uncertainties. All statements
other than statements of historical fact included in this press
release are forward-looking statements. Forward-looking statements
give our current expectations and projections relating to our
financial condition, results of operations, plans, objectives,
future performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as "anticipate," "estimate," "expect," "project,'' "plan,"
"intend," "believe," "may," "should," "can have," "likely" and
other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events.
The forward-looking statements contained in this press release
are based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances. As you read this
press release, you should understand that these statements are not
guarantees of performance or results. They involve risks,
uncertainties (some of which are beyond our control) and
assumptions. Although we believe that these forward-looking
statements are based on reasonable assumptions, you should be aware
that many factors could affect our actual financial results and
cause them to differ materially from those anticipated in the
forward-looking statements. We believe these factors include, but
are not limited to, those described under Item 1A. - "Risk Factors"
in Fortegra's Registration Statement on Form S-1, as amended,
originally filed with the Securities and Exchange Commission,
("SEC") on September 23, 2010, (File No. 333-16955). Should one or
more of these risks or uncertainties materialize, or should any of
these assumptions prove incorrect, our actual results may vary in
material respects from those projected in these forward-looking
statements.
Any forward-looking statement made by us in this press release
speaks only as of the date on which we make it. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Further information concerning Fortegra and its business,
including factors that potentially could materially affect
Fortegra's financial results, is contained in Fortegra's filings
with the SEC, which are available free of charges at the SEC's
website at http://www.sec.gov and or
from Fortegra's website in the "Investor Relations" section under
"SEC Filings" at http://www.fortegra.com.
FORTEGRA FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (All
Amounts in Thousands Except Share and Per Share Amounts)
For the Quarter Ended December
31,
Years Ended December 31,
2010 2009 2010 2009
Revenues: Service and administrative fees $ 8,097 $ 8,584 $
34,145 $ 31,829 Wholesale brokerage commissions and fees 5,452
5,203 24,620 16,309 Ceding commission 6,299 5,799 28,767 24,075 Net
investment income 1,275 1,107 4,073 4,759 Net realized gains 494
841 650 54 Net earned premium 28,387 25,766 111,805 108,116 Other
income 110 260 230 971 Total Revenues 50,114
47,560 204,290 186,113 Net losses and
loss adjustment expenses 8,949 7,556 36,035 32,566 Commissions
17,371 15,511 71,003 70,449 Net Revenues
23,794 24,493 97,252 83,098 Personnel costs 8,422 8,755
36,361 31,365 Other operating expenses 5,346 5,324 22,873 22,291
Depreciation and amortization of intangibles 1,292 987 4,628 3,507
Interest expense 2,342 1,948 8,464 7,800
Income before income taxes and non-controlling interest 6,392 7,479
24,926 18,135 Income Taxes 1,831 2,520 8,703
6,551 Income before non-controlling interest 4,561 4,959 16,223
11,584 Less: net income (loss) attributable to non-controlling
interest 51 (20 ) 20 26
Net income $
4,510 $ 4,979 $
16,203 $ 11,558 Earnings per
share: Basic $ 0.28 $ 0.32 $ 1.02 $ 0.75 Diluted $ 0.25 $ 0.29
0.94 0.69
Weighted average common shares outstanding Basic
16,483,626 15,728,126 15,929,181 15,388,706 Diluted 17,703,334
16,985,348 17,220,029 16,645,928
FORTEGRA FINANCIAL CORPORATION CONSOLIDATED BALANCE
SHEETS (Unaudited) (All Amounts in Thousands Except Share
Amounts) December 31, 2010
2009 Assets: Investments Fixed maturity securities
available-for-sale at fair value (amortized cost of $82,124 in 2010
and $78,548 in 2009) $ 85,786 $ 80,948 Equity securities
available-for-sale at fair value (cost of $1,955 in 2010 and $2,155
in 2009) 1,935 2,210 Short-term investments 1,170 1,220
Total investments 88,891 84,378 Cash and cash equivalents
43,389 29,940 Restricted cash 15,722 18,090 Accrued investment
income 880 910 Notes receivable 1,485 2,138 Other receivables
25,473 28,116 Reinsurance receivables 169,382 173,798 Deferred
acquisition costs 65,142 41,083 Property and equipment, net 11,996
4,140 Goodwill 84,387 63,561 Other intangibles, net 29,283 29,997
Other assets 5,505 2,475
Total assets $
541,535 $ 478,626
Liabilities: Unpaid claims $ 32,693 $ 36,152 Unearned
premiums 210,430 215,652 Accrued expenses and accounts payable
41,844 45,117 Commissions payable — 2,157 Deferred revenue 25,611 —
Notes payable 36,713 31,487 Preferred trust securities 35,000
35,000 Redeemable preferred stock 11,040 11,540 Deferred income
taxes 24,317 20,728 Total liabilities 417,648
397,833
Stockholders’ Equity:
Preferred stock, par value $0.01; 10,000,000 shares authorized;
none issued $ — $ — Common stock, par value $0.01; 150,000,000
shares authorized; 20,256,735 and 15,786,913 shares issued in 2010
and 2009, respectively 203 1,002 Treasury stock (44,578 shares in
2010 and 2009, respectively) (176 ) (176 ) Additional paid-in
capital 95,556 53,675 Accumulated other comprehensive income, net
of tax (expense) of $(1,235) and $(865), in 2010 and 2009,
respectively 2,293 1,607 Retained earnings 25,308 23,210
Stockholders’ equity before non-controlling interest 123,184
79,318 Non-controlling interest 703 1,475 Total
stockholders’ equity 123,887 80,793
Total
liabilities and stockholders’ equity $ 541,535
$ 478,626
FORTEGRA FINANCIAL CORPORATION CONSOLIDATED
STATEMENTS OF INCOME- Segments (Unaudited) (All Amounts in
Thousands) Quarter Ended December 31, Years
Ended December 31, 2010 2009 2010
2009 Segment Net Revenue Payment Protection Service
and administrative Fees $ 3,887 $ 2,075 $ 12,459 $ 8,355 Ceding
commission 6,299 5,800 28,767 24,075 Net investment income 1,234
1,107 4,033 4,759 Net realized gains (losses) 494 841 650 54 Other
income 87 54 151 462 Net earned premium 28,387 25,767 111,805
108,116 Net losses and loss adjustment expenses (8,949 ) (7,556 )
(36,035 ) (32,566 ) Commissions (17,371 ) (15,511 ) (71,003 )
(70,449 ) Payment Protection 14,068 12,577 50,827 42,806 BPO 4,054
6,518 20,935 23,521 Wholesale Brokerage 5,672 5,447 25,490 16,820
Corporate — (49 ) — (49 ) Total 23,794 24,493
97,252 83,098 Operating Expenses
Payment Protection 5,854 4,822 23,573 23,814 BPO 2,767 3,767 13,620
13,753 Wholesale Brokerage 5,079 4,338 19,911 12,890 Corporate 68
1,152 2,130 3,199 Total 13,768
14,079 59,234 53,656 EBITDA Payment
Protection 8,214 7,755 27,254 18,992 BPO 1,287 2,751 7,315 9,768
Wholesale Brokerage 593 1,109 5,579 3,930 Corporate (68 ) (1,201 )
(2,130 ) (3,248 ) Total 10,026 10,414 38,018
29,442 Depreciation and amortization Payment
Protection 970 535 2,352 1,815 BPO (99 ) 61 646 566 Wholesale
Brokerage 421 391 1,630 1,126 Corporate — — —
— Total 1,292 987 4,628 3,507
Interest Payment Protection 1,959 1,659 7,197 6,709 BPO 109
108 433 428 Wholesale Brokerage 274 181 834 663 Corporate —
— — — Total 2,342 1,948 8,464
7,800 Income before income taxes and
non-controlling interest Payment Protection 5,285 5,561 17,705
10,468 BPO 1,277 2,582 6,236 8,774 Wholesale Brokerage (102 ) 537
3,115 2,141 Corporate (68 ) (1,201 ) (2,130 ) (3,248 ) Total income
before income taxes and non-controlling interest 6,392 7,479
24,926 18,135 Income taxes 1,831 2,520 8,703
6,551 Less: net income (loss) attributable to non-controlling
interest 51 (20 ) 20 26
Net income
$ 4,510 $ 4,979 $
16,203 $ 11,558
ORTEGRA FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME- Segments (Unaudited)
(All Amounts in Thousands) Reconciliation of
Segment Net Revenue and EBITDA to Total Revenue and Net Income
Quarter Ended December 31, Years Ended December
31, 2010 2009 2010
2009 Revenue Payment Protection $ 14,068 $ 12,577 $ 50,827 $
42,806 BPO 4,054 6,518 20,935 23,521 Wholesale Brokerage 5,672
5,447 25,490 16,820 Corporate — (49 ) — (49 ) Segment
revenue 23,794 24,493 97,252 83,098 Net losses and loss adjustment
expenses 8,949 7,556 36,035 32,566 Commissions 17,371 15,511
71,003 70,449 Total revenue 50,114
47,560 204,290 186,113 Operating
Expenses Payment Protection 5,854 4,822 23,573 23,814 BPO 2,767
3,767 13,620 13,753 Wholesale Brokerage 5,079 4,338 19,911 12,890
Corporate 68 1,152 2,130 3,199 Total
Operating Expenses 13,768 14,079 59,234 53,656 Net losses and loss
adjustment expenses 8,949 7,556 36,035 32,566 Commissions 17,371
15,511 71,003 70,449 Total expenses
before depreciation, amortization and interest 40,088 37,146
166,272 156,671 EBITDA Payment Protection
8,214 7,755 27,254 18,992 BPO 1,287 2,751 7,315 9,768 Wholesale
Brokerage 593 1,109 5,579 3,930 Corporate (68 ) (1,201 ) (2,130 )
(3,248 ) Total 10,026 10,414 38,018 29,442
Depreciation and amortization Payment Protection 970
535 2,352 1,815 BPO (99 ) 61 646 566 Wholesale Brokerage 421 391
1,630 1,126 Corporate — — — — Total
1,292 987 4,628 3,507 Interest
Payment Protection 1,959 1,659 7,197 6,709 BPO 109 108 433 428
Wholesale Brokerage 274 181 834 663 Corporate — — —
— Total 2,342 1,948 8,464 7,800
Income before income taxes and non-controlling interest
Payment Protection 5,285 5,561 17,705 10,468 BPO 1,277 2,582 6,236
8,774 Wholesale Brokerage (102 ) 537 3,115 2,141 Corporate (68 )
(1,201 ) (2,130 ) (3,248 ) Total income before income taxes and
non-controlling interest 6,392 7,479 24,926
18,135 Income taxes 1,831 2,520 8,703 6,551 Less: net
income(loss) attributable to non-controlling interest 51 (20
) 20 26
Net income $ 4,510
$ 4,979 $ 16,203
$ 11,558
We present EBITDA and Adjusted EBITDA in this Earning Release to
provide investors with a supplemental measure of our operating
performance and, in the case of Adjusted EBITDA, information
utilized in the calculation of the financial covenants under our
revolving credit facility and in the determination of compensation.
EBITDA, as used in this Earnings Release is defined as net income
before interest expense, income taxes, non-controlling interest and
depreciation and amortization. Adjusted EBITDA differs from the
term "EBITDA" as it is commonly used. Adjusted EBITDA, as used in
this Earnings Release, means "Consolidated Adjusted EBITDA" as that
term is defined under our revolving credit facility, which is
generally consolidated net income before consolidated interest
expense, consolidated amortization expense, consolidated
depreciation expense and consolidated tax expense, in each case as
defined more fully in the agreement governing our revolving credit
facility. The other items excluded in this calculation include, but
are not limited to, specified acquisition costs and unusual or
non-recurring charges. The calculation below does not give effect
to certain additional adjustments that are permitted under our
revolving credit facility which, if included, would increase the
amount reflected in this table.
We believe EBITDA and Adjusted EBITDA are frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies in industries similar to ours. Adjusted
EBITDA is also used by management to measure operating performance
and by investors to measure a company's ability to service its debt
and other cash needs. Management believes the inclusion of the
adjustments to EBITDA and Adjusted EBITDA are appropriate to
provide additional information to investors about certain material
non-cash items and about unusual items that we do not expect to
continue at the same level in the future.
EBITDA and Adjusted EBITDA are not recognized terms under
accounting principles generally accepted in the United States, or
U.S. GAAP. Accordingly, they should not be used as an indicator of,
or alternative to, net income as a measure of operating
performance. Although we use EBITDA and Adjusted EBITDA as measures
to assess the operating performance of our business, EBITDA and
Adjusted EBITDA have significant limitations as analytical tools
because they exclude certain material costs. For example, they do
not include interest expense, which has been a necessary element of
our costs. Since we use capital assets, depreciation expense is a
necessary element of our costs and ability to generate service
revenues. In addition, the omission of the substantial amortization
expense associated with our intangible assets further limits the
usefulness of this measure. EBITDA and Adjusted EBITDA also do not
include the payment of taxes, which is also a necessary element of
our operations. Because EBITDA and Adjusted EBITDA do not account
for these expenses, its utility as a measure of our operating
performance has material limitations. Due to these limitations,
management does not view EBITDA and Adjusted EBITDA in isolation or
as a primary performance measure and also uses other measures, such
as net income. Because the definitions of EBITDA and Adjusted
EBITDA (or similar measures) may vary among companies and
industries, they may not be comparable to other similarly titled
measures used by other companies.
The following table presents a reconciliation of net income to
EBITDA and Adjusted EBITDA for each of the periods presented:
(Unaudited, all amounts in
thousands) Quarter Ended December 31, Years Ended
December 31, 2010 2009 2010
2009 Net income $ 4,510 $ 4,979 $ 16,203 $ 11,558
Depreciation and amortization of intangibles 1,292 987 4,628 3,507
Interest expense 2,342 1,948 8,464 7,800 Income taxes 1,831 2,520
8,703 6,551 Less: net income (loss) attributable to non-controlling
interest 51 (20 ) 20 26 EBITDA 10,026 10,414 38,018
29,442 Transaction costs (a) 97 427 486 2,077 Re-audit expenses 116
— 1,644 — Adjusted EBITDA $ 10,239 $ 10,841
$ 40,148 $ 31,519 (a) Represents transaction
costs associated with acquisitions.
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