UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
________________________
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 11,
2019
________________________
General Finance Corporation
(Exact Name of Registrant as Specified in its Charter)
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Delaware
(State or Other Jurisdiction of Incorporation)
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001-32845
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32-0163571
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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39 East Union Street
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Pasadena, California
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91103
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(Address of Principal Executive Offices)
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(Zip Code)
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(626) 584-9722
(Registrant’s Telephone
Number, Including Area Code)
________________________
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant
under any of the following provisions (See General Instruction A.2
below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the
Act:
Title of Each
Class
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Trading Symbol
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Name of Each Exchange on Which
Registered
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Common Stock, $0.0001 par value
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GFN
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NASDAQ Global Market
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9.00% Series C Cumulative Redeemable Perpetual Preferred Stock
(Liquidation Preference $100 per share)
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GFNCP
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NASDAQ Global Market
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8.125% Senior Notes due 2021
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GFNSL
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NASDAQ Global Market
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Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of
the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of
this chapter).
Emerging growth company
☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
EXPLANATORY NOTES
Certain References
References to “we,” “us,”
“our” or the “Company” refer to General
Finance Corporation, a Delaware corporation (“GFN”),
and its consolidated subsidiaries. These subsidiaries
include GFN U.S. Australasia Holdings, Inc., a Delaware corporation
(“GFN U.S.”); GFN Insurance Corporation, an Arizona
corporation (“GFNI”); GFN North America Leasing
Corporation, a Delaware corporation (“GFNNA Leasing”);
GFN North America Corp., a Delaware corporation
(“GFNNA”); GFN Realty Company, LLC, a Delaware limited
liability company (“GFNRC”); GFN Manufacturing Corporation, a Delaware
corporation (“GFNMC”), and its subsidiary, Southern
Frac, LLC, a Texas limited liability company (collectively
“Southern Frac”); Pac-Van, Inc., an Indiana
corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation
(collectively “Pac-Van”); and Lone Star Tank Rental
Inc., a Delaware corporation (“Lone Star”); GFN
Asia Pacific Holdings Pty Ltd, an Australian corporation
(“GFNAPH”) and its Australian and New Zealand
subsidiaries (collectively, “Royal Wolf”).
TABLE OF CONTENTS
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Page
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Item 2.02
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Results of Operations and Financial Condition
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1
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Item 8.01
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Other Events
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1
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Item 9.01
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Financial Statements and Exhibits
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1
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Exhibit 99.1
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Press
Release of GFN dated September 11, 2019
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Item 2.02. Results of Operations and Financial
Condition
On
September 11, 2019 GFN announced financial results for the fourth
quarter and fiscal year ended June 30, 2019. A copy of the GFN
press release dated September 11, 2019 is attached as Exhibit 99.1
and is incorporated by reference herein.
In
accordance with general instruction B.2 to Form 8-K, information in
this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed
“filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of such section, nor shall
it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended (the “Securities
Act”), or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.
Item 8.01 Other Events
On
September 11, 2019 GFN announced financial results for the fourth
quarter and fiscal year ended June 30, 2019. A copy of the GFN
press release dated September 11, 2019 is attached as Exhibit 99.1
and is incorporated by reference herein.
Item 9.01 Financial Statements and
Exhibits
Exhibit
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Exhibit
Description
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99.1
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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GENERAL FINANCE CORPORATION
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Dated: September 11, 2019
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By:
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/s/ CHRISTOPHER A. WILSON
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Christopher A. Wilson
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General Counsel, Vice President and Secretary
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EXHIBIT INDEX
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Exhibit
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Number
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Exhibit Description
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99.1
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EXHIBIT
99.1
GENERAL FINANCE CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR
RESULTS FOR FISCAL YEAR 2019
PASADENA,
CA – September 11, 2019 – General Finance Corporation
(NASDAQ: GFN), a leading specialty rental services company offering
portable storage, modular space and liquid containment solutions in
North America and in the Asia-Pacific region of Australia and New
Zealand (the “Company”), today announced its
consolidated financial results for the fourth quarter and fiscal
year ended June 30, 2019.
Fourth Quarter 2019 Highlights
●
Total revenues were
$96.2 million, an increase of 3% over the fourth quarter of fiscal
year 2018.
●
Leasing revenues,
excluding the oil and gas sector and foreign currency exchange
rates, increased by 12% over the fourth quarter of fiscal year
2018.
●
Leasing revenues
comprised 63% of total non-manufacturing revenues for the fourth
quarter of both fiscal years 2018 and 2019.
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Adjusted EBITDA was
$26.1 million, compared to $23.0 million in the fourth quarter of
fiscal year 2018, an increase of 13%.
●
Adjusted EBITDA
margin was 27%, compared to 25% in the fourth quarter of
2018.
●
Net income
attributable to common shareholders was $4.3 million, or $0.14 per
diluted share, compared to net loss attributable to common
shareholders of $11.6 million, or $0.44 per diluted share, for the
fourth quarter of fiscal year 2018. Included in these results were
non-cash charges of $1.7 million and $11.5 million in fiscal years
2019 and 2018, respectively, for the change in valuation of
stand-alone bifurcated derivatives.
●
Average fleet unit
utilization was 77%, compared to 80% in the fourth quarter of
fiscal year 2018.
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Completed one
acquisition in North America.
Fiscal Year 2019 Highlights
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Total revenues were
$378.2 million, an increase of 9% over fiscal year
2018.
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Leasing revenues,
excluding the oil and gas sector and foreign currency exchange
rates, increased by 13% over fiscal year 2018.
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Leasing revenues
comprised 65% of total non-manufacturing revenues versus 64% for
fiscal year 2018.
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Adjusted EBITDA was
$106.9 million, compared to $87.7 million in fiscal year 2018, an
increase of 22%.
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Adjusted EBITDA
margin was 28%, compared to 25% for fiscal year 2018.
●
Net loss
attributable to common shareholders was $11.1 million, or $0.38 per
diluted share, compared to net loss attributable to common
shareholders of $12.0 million, or $0.46 per diluted share, for
fiscal year 2018. Included in these results were non-cash charges
of $24.6 million and $13.7 million in fiscal years 2019 and 2018,
respectively, for the change in valuation of stand-alone bifurcated
derivatives.
●
Average fleet unit
utilization was 80% for both fiscal years 2018 and
2019.
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Entered three new
markets with two greenfield locations in North America and one in
the Asia-Pacific region.
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Six accretive
acquisitions were completed, five in North America and one in the
Asia-Pacific during fiscal year 2019.
Management Commentary
“We
are extremely proud of our accomplishments in fiscal year 2019,
delivering record revenues and adjusted EBITDA, driven by growth
across all of our operations,” said Jody Miller, President
and Chief Executive Officer. “Our North American leasing
operations again generated record results, led by our core
container business at Pac-Van, which delivered a 16% year-over-year
increase in leasing revenues. Our liquid containment business
recorded improved results for the fiscal year despite a moderation
in leasing activity in Texas and Royal Wolf delivered a solid
performance, driven by a 9% increase in leasing revenues in local
currency, with increased activity across most
sectors.”
Mr.
Miller continued, “We executed well on our geographic
expansion strategy in fiscal year 2019, enhancing our U.S.
footprint in North America with five accretive acquisitions and two
greenfield openings in new markets and strengthening our
market-leading position in the Asia-Pacific area with the
acquisition of our largest competitor in New Zealand and one
greenfield opening in Australia.”
Charles
Barrantes, Executive Vice President and Chief Financial Officer,
added, “Our fiscal year 2019 results fell within the guidance
range we provided in conjunction with the reporting of our third
quarter results. Not only did we generate record revenues and
adjusted EBITDA for the year, our fourth quarter results mark the
tenth consecutive quarter where we have delivered year-over-year
growth in adjusted EBITDA.”
Mr.
Barrantes concluded, “We also made solid progress on lowering
our cost of financing during the year, as we successfully replaced
higher-cost debt in both geographic venues with lower-cost
borrowings on our amended and expanded credit facilities in each
region. In addition, our strong financial performance has enabled
us to end the year with a net leverage ratio of below four times,
our lowest level in five years.”
Fourth Quarter 2019 Operating Summary
North America
Revenues
from our North American leasing operations for the fourth quarter
of fiscal year 2019 totaled $61.8 million, compared to $57.4
million for the fourth quarter of fiscal year 2018, an increase of
8%. Leasing revenues increased by 6% on a year-over-year basis, as
a result of increases in the construction, commercial and retail
sectors, and were partially offset by a decrease in the oil and gas
sector. Sales revenues increased by 11%, driven mainly by increases
in the construction, mining and industrial sectors, and were
partially offset by a decrease in the oil and gas sector. Adjusted
EBITDA was $19.0 million for the fourth quarter of fiscal year
2019, compared with $17.6 million for the year-ago quarter, an
increase of 8%. Adjusted EBITDA from Pac-Van increased by 25% to
$14.7 million from $11.8 million and adjusted EBITDA from Lone Star
declined to $4.3 million from $5.8 million.
North
American manufacturing revenues for the fourth quarter of fiscal
year 2019 totaled $4.2 million and included intercompany sales of
$1.4 million from products sold to our North American leasing
operations. This compares to $3.7 million of total sales, including
intercompany sales of $0.2 million during the fourth quarter of
fiscal year 2018. On a stand-alone basis, prior to intercompany
adjustments, adjusted EBITDA was $0.6 million for the fourth
quarter, compared to $0.5 million in the fourth quarter of fiscal
year 2018.
Asia-Pacific
Revenues
from the Asia-Pacific for the fourth quarter of fiscal year 2019
totaled $31.5 million, compared to $32.9 million for the fourth
quarter of fiscal year 2018, a decrease of 4%. On a local currency
basis, total revenues increased by approximately 4%. The increase
in revenues in local dollars was driven primarily by increases in
the education and industrial sectors, largely offset by decreases
in the utilities and construction sectors. Leasing revenues were
relatively flat on a year-over-year basis and increased by
approximately 8% on a local currency basis, driven primarily by
increases in the transportation, industrial, education and retail
sectors, and partially offset by a decrease in the construction
sector. Adjusted EBITDA for the fourth quarter of 2019 was $8.8
million, compared to $7.5 million for the same quarter last year,
an increase of 17%. On a local currency basis, adjusted EBITDA
increased by 27%.
Fiscal Year 2019 Operating Summary
North America
Revenues
from our North American leasing operations for fiscal year 2019
totaled $248.0 million, compared to $206.3 million in the prior
year, an increase of 20%. Leasing revenues increased by
approximately 17% on a year-over-year basis, as a result of
increases across a majority of sectors represented in our customer
base, most notably in the oil and gas, construction and commercial
sectors. Sales revenues increased by 30% for the year, driven
mainly by increases in the industrial, commercial and construction
sectors. Adjusted EBITDA for fiscal year 2019 was $79.0 million, an
increase of 29% from the prior year. Adjusted EBITDA from Pac-Van
and Lone Star both increased to $55.8 million and $23.2 million in
fiscal year 2019 from $43.2 million and $18.0 million in fiscal
year 2018, respectively.
North
American manufacturing revenues for fiscal year 2019 totaled $14.9
million and included intercompany sales of $4.1 million from
products sold to our North American leasing operations. This
compares to $13.6 million of total sales during the fiscal year
2018, which included intercompany sales of $3.7 million. On a
stand-alone basis, prior to intercompany adjustments, adjusted
EBITDA was $1.5 million for the fiscal year, compared to $0.3
million in the prior fiscal year.
Asia-Pacific
Revenues
from the Asia-Pacific for fiscal year 2019 totaled $119.4 million,
compared to $131.1 million in the prior year, a decrease of
approximately 9%. On a local currency basis, total revenues
decreased by 1%. The slight decrease in revenues in local dollars
was mainly because FY 2018 included four large sales, one in the
transportation and three in the utilities sectors that were only
partially offset in FY 2019 by one large sale in the education
sector. Leasing revenues increased by 1% on a year-over-year basis
and by 9% on a local currency basis, driven primarily by increases
in the transportation, industrial, construction and consumer
sectors. Adjusted EBITDA for fiscal year 2019 was $32.3 million,
compared to $31.9 million in the prior year, an increase of 1%. On
a local currency basis, adjusted EBITDA increased by
10%.
Balance Sheet and Liquidity Overview
At June
30, 2019, the Company had total debt of $411.1 million and cash and
cash equivalents of $10.4 million, as compared to $427.2 million
and $21.6 million at June 30, 2018, respectively. At June 30, 2019,
our North American leasing operations had $60.2 million available
to borrow under its $260 million credit facility, and our
Asia-Pacific leasing operations had, including cash at the bank,
$20.1 million (A$28.6 million) available to borrow under its senior
credit facility.
During
fiscal year 2019, the Company generated cash from operating
activities of $52.1 million, as compared to $58.8 million for
fiscal year 2018. In fiscal year 2019, the Company invested a net
$38.5 million ($32.1 million in North America and $6.4 million in
the Asia-Pacific) in the lease fleet, as compared to $21.1 million
in net fleet investment ($19.0 million in North America and $2.1
million in the Asia-Pacific) in fiscal year 2018.
Receivables
were $56.2 million at June 30, 2019, as compared to $50.5 million
at June 30, 2018. Days sales outstanding in receivables at June 30,
2019, for our Asia-Pacific and North American leasing operations
were 34 and 46 days, respectively, as compared to 35 and 47 days,
respectively, as of June 30, 2018.
Outlook
Depending
primarily on conditions in the oil and gas sector in Texas and
assuming the Australian dollar averages 0.68 versus the U.S.
dollar, which represents an approximate 5% decrease from fiscal
year 2019, management estimates that consolidated revenues for
fiscal year 2020 will be in the range of $370 million to $390
million and that consolidated adjusted EBITDA is expected to be in
the range of plus or minus 4% in fiscal year 2020 from fiscal year
2019. This outlook does not take into account the impact of any
acquisitions that may occur during fiscal year 2020.
Conference Call Details
Management
will host a conference call today at 8:30 a.m. Pacific Time (11:30
a.m. Eastern Time) to discuss the Company's operating results. The
conference call number for U.S. participants is (866) 901-5096 and
the conference call number for participants outside the U.S. is
(706) 643-3717. The conference ID number for both conference call
numbers is 7949214. Additionally, interested parties can listen to
a live webcast of the call in the "Investor Relations" section of
the Company's website at http://www.generalfinance.com.
A
replay of the conference call may be accessed through September 25,
2019 by dialing (800) 585-8367 (U.S.) or (404) 537-3406
(international), using conference ID number 7949214.
After
the replay has expired, interested parties can listen to the
conference call via webcast in the "Investor Relations" section of
the Company's website at http://www.generalfinance.com.
About General Finance Corporation
Headquartered
in Pasadena, California, General Finance Corporation (NASDAQ: GFN,
www.generalfinance.com)
is a leading specialty rental services company offering portable
storage, modular space and liquid containment solutions.
Management’s expertise in these sectors drives disciplined
growth strategies, operational guidance, effective capital
allocation and capital markets support for the Company’s
subsidiaries. The Company’s Asia-Pacific leasing operations
in Australia and New Zealand consist of wholly-owned subsidiary
Royal Wolf (www.royalwolf.com.au),
the leading provider of portable storage solutions in those
regions. The Company’s North America leasing operations
consist of wholly-owned subsidiaries Pac-Van, Inc. (www.pacvan.com)
and Lone Star Tank Rental Inc. (www.lonestartank.com),
providers of portable storage, office and liquid storage tank
containers, mobile offices and modular buildings. The Company also
owns Southern Frac, LLC (www.southernfrac.com),
a manufacturer of portable liquid storage tank containers and,
under the trade name Southern Fabrication Specialties (www.southernfabricationspecialties.com),
other steel-related products in North America.
Cautionary Statement about Forward-Looking Statements
Statements
in this news release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements addressing
management’s views with respect to future financial and
operating results, competitive pressures, increases in interest
rates for our variable interest rate indebtedness, our ability to
raise capital or borrow additional funds, the availability of
sufficiently qualified employees to staff our businesses, changes
in the Australian, New Zealand or Canadian dollar relative to the
U.S. dollar, regulatory changes, customer defaults or insolvencies,
litigation, the acquisition of businesses that do not perform as we
expect or that are difficult for us to integrate or control, our
ability to procure adequate levels of products to meet customer
demand, our ability to procure adequate supplies for our
manufacturing operations, labor disruptions, adverse resolution of
any contract or other disputes with customers, declines in demand
for our products and services from key industries such as the
Australian resources industry or the U.S. oil and gas and
construction industries, or a write-off of all or a part of our
goodwill and intangible assets. These risks and uncertainties could
cause actual outcomes and results to differ materially from those
described in our forward-looking statements. We believe that the
expectations represented by our forward-looking statements are
reasonable, yet there can be no assurance that such expectations
will prove to be correct. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made
as of the date of the press release, and we do not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise unless required by applicable law. The
forward-looking statements contained in this press release are
expressly qualified by these cautionary statements. Readers are
cautioned that these forward-looking statements involve certain
risks and uncertainties, including those contained in filings with
the Securities and Exchange Commission.
Investor/Media Contact
Larry
Clark
Financial
Profiles, Inc.
310-622-8223
-Financial
Tables Follow-
GENERAL
FINANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
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20182019
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2018
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2019
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Revenues
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Sales:
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Lease inventories
and fleet
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$33,769
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$34,279
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$122,467
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$126,932
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Manufactured
units
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3,518
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2,843
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9,850
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10,784
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37,287
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37,122
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132,317
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137,716
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Leasing
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56,547
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59,090
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214,985
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240,490
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93,834
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96,212
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347,302
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378,206
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Costs
and expenses
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Cost of
sales:
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Lease inventories
and fleet (exclusive of the items shown separately
below)
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23,740
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24,973
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87,779
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93,183
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Manufactured
units
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2,946
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1,878
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9,212
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8,478
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Direct costs of
leasing operations
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23,511
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22,435
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89,201
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91,286
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Selling and general
expenses
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21,426
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21,655
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77,650
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81,965
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Depreciation and
amortization
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10,090
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9,752
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39,761
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41,704
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Operating
income
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12,121
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15,519
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43,699
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61,590
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Interest
income
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31
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83
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112
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191
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Interest
expense
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(9,324)
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(7,644)
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(33,991)
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(35,344)
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Change in valuation
of bifurcated derivatives in Convertible Note
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(11,498)
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(1,741)
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(13,719)
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(24,570)
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Foreign exchange
and other
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(3,202)
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(217)
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(5,887)
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(3,513)
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(23,993)
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(9,519)
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(53,485)
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(63,236)
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Loss
before provision (benefit) for income taxes
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(11,872)
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6,000
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(9,786)
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(1,646)
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Provision (benefit)
for income taxes
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(1,198)
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764
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(679)
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5,820
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Net
income (loss)
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(10,674)
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5,236
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(9,107)
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(7,466)
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Preferred stock
dividends
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(892)
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(892)
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(3,658)
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(3,658)
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Noncontrolling
interests
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—
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—
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801
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—
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Net
income (loss) attributable to common stockholders
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$(11,566)
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$4,344
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$(11,964)
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$(11,124)
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Net income (loss)
per common share:
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Basic
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$(0.44)
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$0.14
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$(0.46)
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$(0.38)
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Diluted
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(0.44)
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0.14
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(0.46)
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(0.38)
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Weighted average
shares outstanding:
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Basic
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26,418,890
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30,021,780
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26,269,931
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29,318,511
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Diluted
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26,418,890
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31,215,757
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26,269,931
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29,318,511
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GENERAL
FINANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
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Assets
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Cash
and cash equivalents
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$21,617
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$10,359
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Trade
and other receivables, net
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50,525
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56,204
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Inventories
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22,731
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29,077
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Prepaid
expenses and other
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8,023
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9,823
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Property,
plant and equipment, net
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22,310
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22,895
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Lease
fleet, net
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429,388
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456,822
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Goodwill
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109,943
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111,323
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Other
intangible assets, net
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25,150
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21,809
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Total assets
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$689,687
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$718,312
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Liabilities
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Trade
payables and accrued liabilities
|
$50,545
|
$48,460
|
Income
taxes payable
|
361
|
335
|
Unearned
revenue and advance payments
|
19,226
|
22,671
|
Senior
and other debt, net
|
427,218
|
411,141
|
Fair value of bifurcated derivatives in
Convertible Note
|
15,583
|
19,782
|
Deferred
tax liabilities
|
34,969
|
39,368
|
Total liabilities
|
547,902
|
541,757
|
|
|
|
Commitments
and contingencies
|
—
|
—
|
|
|
|
Equity
|
|
|
Cumulative
preferred stock, $.0001 par value: 1,000,000 shares authorized;
400,100 shares issued and outstanding (in series)
|
40,100
|
40,100
|
Common
stock, $.0001 par value: 100,000,000 shares authorized; 27,017,606
shares issued and outstanding at June 30, 2018 and 30,471,406 at
June 30, 2019
|
3
|
3
|
Additional
paid-in capital
|
139,547
|
183,933
|
Accumulated
other comprehensive loss
|
(17,091)
|
(18,755)
|
Accumulated
deficit
|
(21,278)
|
(29,230)
|
Total
General Finance Corporation stockholders’ equity
|
141,281
|
176,051
|
Equity
of noncontrolling interests
|
504
|
504
|
Total equity
|
141,785
|
176,555
|
Total liabilities and equity
|
$689,687
|
$718,312
|
Explanation and Use of Non-GAAP Financial Measures
Earnings
before interest, income taxes, impairment, depreciation and
amortization and other non-operating costs and income
(“EBITDA”) and adjusted EBITDA are non-U.S. GAAP
measures. We calculate adjusted EBITDA to eliminate the impact of
certain items we do not consider to be indicative of the
performance of our ongoing operations. In addition, in evaluating
adjusted EBITDA, you should be aware that in the future, we may
incur expenses similar to the expenses excluded from our
presentation of adjusted EBITDA. Our presentation of adjusted
EBITDA should not be construed as an inference that our future
results will be unaffected by unusual or non-recurring items. We
present adjusted EBITDA because we consider it to be an important
supplemental measure of our performance and because we believe it
is frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our industry,
many of which present EBITDA and a form of adjusted EBITDA when
reporting their results. Adjusted EBITDA has limitations as an
analytical tool, and should not be considered in isolation, or as a
substitute for analysis of our results as reported under U.S. GAAP.
We compensate for these limitations by relying primarily on our
U.S. GAAP results and using adjusted EBITDA only supplementally.
The following tables show our adjusted EBITDA and the
reconciliation from net loss on a consolidated basis and from
operating income (loss) for our operating segments (in
thousands):
|
|
|
|
|
|
|
|
Net income (loss
)
|
$(10,674)
|
$5,236
|
$(9,107)
|
$(7,466)
|
Add (deduct)
—
|
|
|
|
|
Provision
(benefit) for income taxes
|
(1,198)
|
764
|
(679)
|
5,820
|
Change
in valuation of bifurcated derivatives in Convertible
Note
|
11,498
|
1,741
|
13,719
|
24,570
|
Foreign
exchange and other
|
3,202
|
217
|
5,887
|
3,513
|
Interest
expense
|
9,324
|
7,644
|
33,991
|
35,344
|
Interest
income
|
(31)
|
(83)
|
(112)
|
(191)
|
Depreciation
and amortization
|
10,212
|
9,852
|
40,335
|
42,108
|
Share-based
compensation expense
|
672
|
684
|
3,658
|
2,680
|
Refinancing
costs not capitalized
|
-
|
-
|
-
|
506
|
Adjusted
EBITDA
|
$23,005
|
$26,055
|
$87,692
|
$106,884
|
|
Quarter
Ended June 30, 2018
|
Quarter
Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$3,040
|
$11,532
|
$329
|
$(2,974)
|
$4,544
|
$13,041
|
$526
|
$(2,799)
|
Add -
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,261
|
6,012
|
122
|
9
|
4,079
|
5,852
|
100
|
4
|
Share-based
compensation expense
|
192
|
77
|
9
|
394
|
183
|
107
|
8
|
386
|
Adjusted
EBITDA
|
$7,493
|
$17,621
|
$460
|
$(2,571)
|
$8,806
|
$19,000
|
$634
|
$(2,409)
|
Intercompany
adjustments
|
|
|
|
$2
|
|
|
|
$24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$13,272
|
$37,487
|
$(351)
|
$(7,278)
|
$13,521
|
$53,733
|
$1,044
|
$(7,319)
|
Add -
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
17,098
|
23,394
|
574
|
36
|
17,985
|
24,460
|
404
|
20
|
Share-based
compensation expense
|
1,513
|
350
|
46
|
1,749
|
727
|
364
|
27
|
1,562
|
Refinancing costs
not capitalized
|
----
|
----
|
----
|
----
|
58
|
448
|
----
|
----
|
Adjusted
EBITDA
|
$31,883
|
$61,231
|
$269
|
$(5,493)
|
$32,291
|
$79,005
|
$1,475
|
$(5,737)
|
Intercompany
adjustments
|
|
|
|
$(198)
|
|
|
|
$(150)
|