AMC Entertainment Holdings, Inc. Announces First Quarter 2019 Results

  • Q1 Revenue of $1.2 billion
  • Q1 Net loss of $130.2 million
  • Q1 Adjusted EBITDA of $108.2 million

LEAWOOD, Kan.–(BUSINESS WIRE)–AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”),
today reported results for the first quarter ended March 31, 2019.

“Even with the anticipated slow start to the year, we have been and
continue to be quite bullish about the full year prospects for AMC,
currently expecting 2019 Adjusted EBITDA to exceed 2018 results,
adjusted for ASC 842. While we have high expectations for 2019, due to
an extraordinary slate of movies coming, the timing of releases within
the film slate suggests that it will be a back-end loaded year. In
addition, the first quarter of 2019 faced a tough year-over-year
comparison, as Black Panther last year made the first quarter of 2018
the second highest grossing first quarter of all time. As we thought was
likely for our U.S. theatres, in our largest market by far, the U.S.
industry box office declined a healthy 16.2% this quarter. Even so, we
are comforted that AMC continued to outperform the U.S. industry box
office, notably with domestic attendance per screen declining only 10.1%
in the first quarter of 2019. This beat the industry by approximately
570 basis points. Importantly, comparing AMC to the rest of the industry
(meaning comparing AMC to the rest of the U.S. industry excluding AMC)
attendance at AMC’s U.S. theatres actually beat the competition by more
than 700 basis points. Additionally, our U.S. food and beverage capture
of $5.23 per patron set a new first quarter record for our company. This
all is largely attributable to the power of the AMC platform: stemming
from experiential initiatives and enhancements at our theatres; a
frictionless use of technology to communicate, engage and sell to our
guests; combined with the soaring popularity of our AMC Stubs loyalty
program and our AMC Stubs A-List subscription program,” said Adam Aron,
CEO and President of AMC.

Aron added, “Looking ahead, we remain enthusiastic about our progress
against our strategy and medium to long-term financial targets as
outlined during our recent Investor Day. This progress has already
kicked off in a big way with AVENGERS: ENDGAME, which shattered box
office records both domestically and internationally. Grossing well over
$2 billion globally in just its first two weeks in theatres, AVENGERS:
ENDGAME continues to validate the appeal to consumers of seeing high
quality movies, communally, in theatres, on the big screen. Accordingly,
we continue to be excited about the remainder of 2019, which we believe
might be the highest grossing 9-month period in cinema history. We are
optimistic that the full year 2019 box office will be at least as strong
as 2018, and potentially could be the first year ever that the domestic
box office breaks $12 billion.”

           

Key Financial Results (presented
in millions, except operating data)

 
Quarter Ended March 31,
        2019         2018     Change
GAAP Results
Revenue $ 1,200.4 $ 1,383.6 (13.2 )%
Net earnings (loss)* $ (130.2 ) $ 17.7 N/M
Net cash provided by operating activities $ 1.4 $ 165.4 (99.2 )%
Non-GAAP Results**
Total revenues (constant currency adjusted) $ 1,228.4 $ 1,383.6 (11.2 )%
Adjusted EBITDA $ 108.2 $ 277.9 (61.1 )%
Adjusted EBITDA (2018 Adjusted for ASC 842) $ 108.2 $ 254.2 (57.4 )%
Adjusted free cash flow $ (49.8 ) $ 113.4 N/M
Adjusted free cash flow (2018 Adjusted for ASC 842) $ (49.8 ) $ 98.8 N/M
Operating Metrics
Attendance (in thousands) 79,825 90,932 (12.2 )%
U.S. markets attendance (in thousands) 54,979 61,856 (11.1 )%
International markets attendance (in thousands) 24,846 29,076 (14.5 )%
Average screens 10,684 10,790 (1.0 )%
 
*   Please refer to our form 10-Q filed today for a discussion of items
included in GAAP net earnings (loss). N/M = Percent change is not
meaningful due to the current year net loss.
** Please refer to the tables included later in this press release for
definitions and full reconciliations of non-U.S. GAAP financial
measures.
 

Selected First-Quarter Financial Results

  • Revenue: First-quarter total revenues were $1.2 billion,
    declining 13.2% on a GAAP basis (declining 11.2% on a constant
    currency basis) from the year-ago quarter. Total revenues were lower
    in all categories, primarily driven by global industry-wide softness
    in the first quarter tied to the timing of the 2019 film slate,
    compared against a strong first quarter in 2018. These factors
    contributed to a 12.2% decrease in total attendance year-over-year,
    which was partially offset by AMC’s outperformance versus the U.S.
    industry box office (outperformed domestic attendance per screen by
    approximately 570 bps). The 4.8% decline in total average ticket price
    (2.4% decline on a constant currency basis) reflects the deliberate
    implementation of our A-List program and other promotional pricing
    initiatives, as well as declines in IMAX and 3D volumes primarily
    related to the mix of films during the period. Total food and beverage
    revenue per patron grew 3.6% (up 5.4% on a constant currency basis) as
    we continued to implement our strategic pricing actions and premium
    food and beverage initiatives.

    Given the natural
    fluctuations in the box office between quarters and within the year
    due to the timing of film releases, the Company’s management focuses
    on its full-year results and performance against its disclosed medium
    to long-term targets rather than on any particular quarter.

  • Net Earnings (Loss): Net loss was ($130.2) million, compared
    with net earnings of $17.7 million in the year-ago quarter. The
    decline in net earnings included the impact of the 12.2% decline in
    attendance and several other items, including $28.4 million of expense
    in the 2019 first quarter related to the quarterly fair-value
    remeasurement of a derivative liability and derivative asset, $24.2
    million of prior year rent benefit related to a lease modification,
    and a $10.8 million reduction in cash distributions from
    non-consolidated entities in the 2019 first quarter related to the
    sale of our National CineMedia, LLC (“NCM”) ownership.
  • Adjusted EBITDA: Total Adjusted EBITDA was $108.2 million
    (including a $22.7 million negative impact from the implementation of
    ASC 842), down 61.1% from the year-ago quarter. U.S. markets Adjusted
    EBITDA declined 62.8%, while International markets Adjusted EBITDA
    declined 55.8% (down 51.6% on a constant currency basis). The decrease
    in total Adjusted EBITDA was primarily driven by the decline in our
    revenues as a result of the timing of the 2019 film slate when
    compared to a particularly strong 2018 period in combination with the
    significant operating leverage in our business, as well as a number of
    other items, including a prior year $24.2 million benefit to rent
    expense related to a lease modification, a $22.7 million negative
    impact related to the adoption of the new lease standard ASC 842, and
    a $10.8 million reduction in cash distributions from non-consolidated
    entities in the 2019 first quarter related to the sale of AMC’s
    remaining stake in NCM.
  • Cash Flow: Net cash provided by operating activities was $1.4
    million, compared with $165.4 million in the year-ago quarter.
    Adjusted Free Cash Flow was ($49.8) million, compared with $113.4
    million in the year-ago quarter. Adjusting the first quarter of 2018
    for the recently adopted ASC 842 lease accounting standard, Adjusted
    Free Cash Flow in 2018 would have been $98.8 million. The decline in
    Adjusted Free Cash Flow is primarily related to declines in net cash
    provided by operating activities of $164.0 million due to the decline
    in industry box office which affected revenues, Adjusted EBITDA, and
    the payment of certain working capital items, in addition to the
    timing of maintenance capital expenditures.

Other Key Highlights

  • Industry Performance: In the first quarter of 2019, the U.S.
    industry box office declined 16.2% to $2.4 billion on a 14.8% decline
    in attendance. AMC outperformed the U.S. industry on attendance per
    screen by approximately 570 basis points, and after excluding AMC from
    the U.S. industry statistics, AMC outperformed the industry by more
    than 700 basis points. The decline was caused by the back-end loaded
    timing of the 2019 film slate, weaker hold-over films from the fourth
    quarter of 2018, and the tough comparison to last year’s BLACK
    PANTHER, which is the third-highest domestic grossing film ever.
    Internationally, the industry box office in countries served by Odeon
    and Nordic’s theatres experienced a 12.4% and 10.8% decline,
    respectively, on a constant currency basis. The industry box office
    across Europe was negatively affected by the same items that affected
    the U.S. box office and weak local product.

    Since the end
    of the first quarter, the box office has begun to build momentum with
    the April opening of AVENGERS: ENDGAME, which broke nearly every box
    office record both domestically and internationally and grossed over
    $2 billion globally in its first two weeks in theatres.

  • Circuit Update: As of March 31, 2019, AMC owned, operated, or
    had interests in 636 theatres in the U.S. and 365 theatres
    internationally. In the first quarter, the Company added premium
    recliner seating to seven theatres in the U.S., including two new
    build theatres, and one theatre internationally. Premium large format
    offerings continue to attract guests by delivering the best sight and
    sound experience, and the Company added four new Dolby at AMC screens,
    two new IMAX screens and one new Prime at AMC screen during the
    quarter. Furthermore, during the first quarter of 2019, 637 screens
    were converted to reserved seating. The Company is on track to convert
    all 5,700 AMC and AMC-Dine-In branded screens to reserved seating by
    the end of the second quarter.
  • AMC Stubs A-List Program: Since its launch in June 2018, the
    A-List tier of our successful AMC Stubs loyalty program has already
    attracted more than 785,000 subscribers, far in excess of initial
    internal expectations. During the quarter, AMC implemented a 10%
    membership price increase in ten states and a 20% price increase in
    five states. Based on the average frequency of our A-List members,
    their associated full-price bring-along guest attendance, their food
    and beverage spend and the price increases in the first quarter, we
    believe the A-List program resulted in incremental profitability in
    the first quarter of 2019 compared to our estimated results if the
    program had not existed.
  • New Lease Accounting Standard (ASC 842): The Company adopted
    ASC 842 on January 1, 2019. As previously disclosed, ASC 842 is an
    accounting change with no impact on AMC’s business or total cash
    flows. While this new rule introduces certain presentation changes to
    all three of AMC’s core financial statements, it does not affect
    day-to-day operations or cash generation. As a result of adopting ASC
    842, the key changes are as follows: 1) the Company’s consolidated
    balance sheet now includes operating right-of-use assets and operating
    lease liabilities of $4.8 billion and $5.4 billion, respectively, at
    March 31, 2019; 2) the Company’s income statement for the three months
    ended March 31, 2019 includes additional rent expense of $30.4
    million, a decline in depreciation and amortization of $24.0 million
    and a decline in interest expense of $6.9 million; and 3) the
    Company’s cash flows provided by operating activities for the three
    months ended March 31, 2019 is lowered by $14.0 million, offset by an
    equivalent increase in the Company’s cash flows provided by financing
    activities.
  • Cash Dividend: The Company paid approximately $21.8 million of
    dividends in the first quarter of 2019.

Conference Call / Webcast Information

The Company will host a conference call via webcast for investors and
other interested parties beginning at 7:30 a.m. CDT/8:30 a.m. EDT on
Thursday, May 9, 2019. To listen to the conference call via the
internet, please visit the investor relations section of the AMC website
at www.investor.amctheatres.com
for a link to the webcast. Investors and interested parties should go to
the website at least 15 minutes prior to the call to register, and/or
download and install any necessary audio software.

Participants may also listen to the call by dialing (877) 407-3982, or
(201) 493-6780 for international participants. An archive of the webcast
will be available on the Company’s website after the call for a limited
time.

About AMC Entertainment Holdings, Inc.

AMC is the largest movie exhibition company in the United States, the
largest in Europe and the largest throughout the world with
approximately 1,000 theatres and 11,000 screens across the globe. AMC
has propelled innovation in the exhibition industry by: deploying its
Signature power-recliner seats; delivering enhanced food and beverage
choices; generating greater guest engagement through its loyalty and
subscription programs, web site and mobile apps; offering premium large
format experiences and playing a wide variety of content including the
latest Hollywood releases and independent programming. AMC operates
among the most productive theatres in the United States’ top markets,
having the #1 or #2 market share positions in 21 of the 25 largest
metropolitan areas of the United States. AMC is also #1 or #2 in market
share in 12 of the 15 countries it serves in North America, Europe and
the Middle East. For more information, visit www.amctheatres.com.

Website Information

This press release, along with other news about AMC, is available at www.amctheatres.com.
We routinely post information that may be important to investors in the
Investor Relations section of our website, www.investor.amctheatres.com.
We use this website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under
Regulation FD, and we encourage investors to consult that section of our
website regularly for important information about AMC. The information
contained on, or that may be accessed through, our website is not
incorporated by reference into, and is not a part of, this document.
Investors interested in automatically receiving news and information
when posted to our website can also visit www.investor.amctheatres.com
to sign up for email alerts.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements may
be identified by the use of words such as “forecast,” “plan,”
“estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,”
“anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,”
“should,” “believe,” “continue,” “opportunity,” “potential,” and other
similar expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward-looking
statements are based on information available at the time the statements
are made and/or management’s good faith belief as of that time with
respect to future events, and are subject to risks, trends,
uncertainties and other facts that could cause actual performance or
results to differ materially from those expressed in or suggested by the
forward-looking statements. These risks, trends, uncertainties and facts
include, but are not limited to, risks related to: motion picture
production and performance; AMC’s lack of control over distributors of
films; intense competition in the geographic areas in which AMC
operates; AMC Stubs A-List may not meet anticipated revenue projections
which could negatively impact projected operating results; increased use
of alternative film delivery methods or other forms of entertainment;
shrinking exclusive theatrical release windows; general and
international economic, political, regulatory and other risks, including
risks related to the United Kingdom’s exit from the European Union;
risks and uncertainties relating to AMC’s significant indebtedness;
AMC’s ability to execute cost cutting and revenue enhancement
initiatives; box office performance; limitations on the availability of
capital; certain covenants in the agreements that govern AMC’s
indebtedness may limit its ability to take advantage of certain business
opportunities; risks relating to AMC’s inability to achieve the expected
benefits and performance from its recent acquisitions; AMC’s ability to
refinance its indebtedness on favorable terms; optimizing AMC’s theatre
circuit through construction and the transformation of its existing
theatres may be subject to delay and unanticipated costs; failures,
unavailability or security breaches of AMC’s information systems; risks
relating to impairment losses, including with respect to goodwill and
other intangibles, and theatre and other closure charges; AMC’s ability
to utilize net operating loss carryforwards to reduce its future tax
liability or valuation allowances taken with respect to deferred tax
assets; review by antitrust authorities in connection with acquisition
opportunities; risks relating to unexpected costs or unknown liabilities
relating to recently completed acquisitions; risks relating to the
incurrence of legal liability including costs associated with recently
filed class action lawsuits; general political, social and economic
conditions and risks, trends, uncertainties and other factors discussed
in the reports AMC has filed with the SEC. Should one or more of these
risks, trends, uncertainties or facts materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those indicated or anticipated by the forward-looking statements
contained herein. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date they are made. Forward-looking statements should not be read as a
guarantee of future performance or results and will not necessarily be
accurate indications of the times at, or by, which such performance or
results will be achieved. For a detailed discussion of risks, trends and
uncertainties facing AMC, see the section entitled “Risk Factors” in
AMC’s reports on Forms 10-K and Form 10-Q filed with the SEC, and the
risks, trends and uncertainties identified in its other public filings.
AMC does not intend, and undertakes no duty, to update any information
contained herein to reflect future events or circumstances, except as
required by applicable law.

       

AMC Entertainment Holdings, Inc.

Consolidated Statements of Operations

For the Quarters Ended March 31, 2019 and March 31, 2018

 

(dollars in millions, except share and per share data)

(unaudited)

 
Quarter Ended
March 31,
  2019     2018  
Revenues
Admissions $ 731.5 $ 875.0
Food and beverage 368.8 405.8
Other theatre   100.1     102.8  
Total revenues   1,200.4     1,383.6  
 
Operating costs and expenses
Film exhibition costs 365.3 426.5
Food and beverage costs 61.5 66.2
Operating expense, excluding depreciation and amortization below 402.8 411.9
Rent 242.0 189.7
General and administrative:
Merger, acquisition and transaction costs 3.3 4.7
Other, excluding depreciation and amortization below 46.2 44.2
Depreciation and amortization   113.0     130.5  
Operating costs and expenses   1,234.1     1,273.7  
 
Operating income (loss) (33.7 ) 109.9
Other expense (income):
Other expense 29.8 1.2
Interest expense:
Corporate borrowings 71.3 61.7
Capital and financing lease obligations 2.1 10.3
Non-cash NCM exhibitor services agreement 10.2 10.5
Equity in (earnings) loss of non-consolidated entities (6.5 ) 9.0
Investment income   (16.1 )   (5.2 )
Total other expense   90.8     87.5  
 
Earnings (loss) before income taxes (124.5 ) 22.4
Income tax provision   5.7     4.7  
Net earnings (loss) $ (130.2 ) $ 17.7  
   
Diluted earnings (loss) per share $ (1.25 ) $ 0.14  
 
Average shares outstanding diluted (in thousands)   103,783     128,046  
 
       

Consolidated Balance Sheet Data (at period end):

(dollars in millions)

(unaudited)

 
As of As of
March 31, December 31,
2019 2018
Cash and cash equivalents $ 184.6 $ 313.3
Corporate borrowings 4,752.9 4,722.9
Other long-term liabilities 188.2 963.1
Finance lease liabilities 128.6 560.3
Stockholders’ equity 1,303.5 1,397.6
Total assets 13,473.2 9,495.8
 
       

Consolidated Other Data:

(in millions, except operating data)

(unaudited)

 
Quarter Ended
March 31,
Consolidated   2019     2018  
Net cash provided by operating activities $ 1.4 $ 165.4
Net cash used in investing activities $ (98.5 ) $ (114.8 )
Net cash used in financing activities $ (33.9 ) $ (62.4 )
Adjusted free cash flow $ (49.8 ) $ 113.4
Capital expenditures $ (114.8 ) $ (107.3 )
Screen additions

21

23
Screen acquisitions 22
Screen dispositions 68 90
Construction openings, net

(49

) (53 )
Average screens 10,684 10,790
Number of screens operated 10,995 11,071
Number of theatres operated 1,001 1,008
Screens per theatre 11.0 11.0
Attendance (in thousands) 79,825 90,932
 
       

Segment Other Data:

(in millions, except per patron amounts and operating data)

(unaudited)

 
Quarter Ended
March 31,
  2019 2018
Other operating data:
Attendance (patrons, in thousands):
U.S. markets 54,979 61,856
International markets   24,846   29,076
Consolidated   79,825   90,932
 
Average ticket price (in dollars):
U.S. markets $ 9.37 $ 9.78
International markets $ 8.70 $ 9.30
Consolidated $ 9.16 $ 9.62
 
Food and beverage revenues per patron (in dollars):
U.S. markets $ 5.23 $ 5.04
International markets $ 3.27 $ 3.24
Consolidated $ 4.62 $ 4.46
 
Average Screen Count (month end average):
U.S. markets 8,000 8,096
International markets   2,684   2,694
Consolidated   10,684   10,790
 
       

Segment Information:

(unaudited, in millions)

 
Quarter Ended
March 31,
  2019 2018
Revenues
U.S. markets $ 867.2 $ 982.1
International markets   333.2   401.5
Consolidated $ 1,200.4 $ 1,383.6
 
Adjusted EBITDA
U.S. markets $ 77.5 $ 208.4
International markets   30.7   69.5
Consolidated $ 108.2 $ 277.9
 
Capital Expenditures
U.S. markets $ 75.5 $ 71.0
International markets   39.3   36.3
Consolidated $ 114.8 $ 107.3
 
       

Reconciliation of Adjusted EBITDA:

(dollars in millions)

(unaudited)

 
Quarter Ended
March 31,
    2019     2018  
Net earnings (loss) $ (130.2 ) $ 17.7
Plus:
Income tax provision 5.7 4.7
Interest expense 83.6 82.5
Depreciation and amortization 113.0 130.5
Certain operating expenses (2) 2.5 3.7
Equity in (earnings) loss of non-consolidated entities (3) (6.5 ) 9.0
Cash distributions from non-consolidated entities (4) 10.5 24.3
Attributable EBITDA (5) 0.9 2.0
Investment income (16.1 ) (5.2 )
Other expense (income) (6) 29.9 1.2
Non-cash rent – purchase accounting (7) 7.6
General and administrative expense—unallocated:
Merger, acquisition and transaction costs (8) 3.3 4.7
Stock-based compensation expense (income) (9)   4.0     2.8  
Adjusted EBITDA(1) $ 108.2   $ 277.9  

__________________________

 

1)

 

We present Adjusted EBITDA as a supplemental measure of our
performance. We define Adjusted EBITDA as net earnings (loss) plus
(i) income tax provision (benefit), (ii) interest expense and
(iii) depreciation and amortization, as further adjusted to
eliminate the impact of certain items that we do not consider
indicative of our ongoing operating performance and to include
attributable EBITDA from equity investments in theatre operations
in international markets and any cash distributions of earnings
from other equity method investees. These further adjustments are
itemized above. You are encouraged to evaluate these adjustments
and the reasons we consider them appropriate for supplemental
analysis. In evaluating Adjusted 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 Adjusted EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items. Adjusted EBITDA is a non-U.S. GAAP financial
measure commonly used in our industry and should not be construed
as an alternative to net earnings (loss) as an indicator of
operating performance (as determined in accordance with U.S.
GAAP). Adjusted EBITDA may not be comparable to similarly titled
measures reported by other companies. We have included Adjusted
EBITDA because we believe it provides management and investors
with additional information to measure our performance and
estimate our value.

 
Adjusted EBITDA has important limitations as an analytical tool, and
you should not consider it in isolation, or as a substitute for
analysis of our results as reported under U.S. GAAP. For example,
 
Adjusted EBITDA:
 

• does not reflect our capital expenditures, future requirements
for capital expenditures or contractual commitments;

 

• does not reflect changes in, or cash requirements for, our
working capital needs;

 

• does not reflect the significant interest expenses, or the cash
requirements necessary to service interest or principal payments,
on our debt;

 

• excludes income tax payments that represent a reduction in cash
available to us;

 

• does not reflect any cash requirements for the assets being
depreciated and amortized that may have to be replaced in the
future; and

 

• does not reflect the impact of divestitures that were required
in connection with recently completed acquisitions.

 

2)

Amounts represent preopening expense related to temporarily closed
screens under renovation, theatre and other closure expense for
the permanent closure of screens including the related accretion
of interest, non-cash deferred digital equipment rent expense, and
disposition of assets and other non-operating gains or losses
included in operating expenses. The Company has excluded these
items as they are non-cash in nature, include components of
interest cost for the time value of money or are non-operating in
nature.

 

3)

During the three months ended March 31, 2019, the Company recorded
$5.5 million in earnings from DCIP. During the three months ended
March 31, 2018, equity in loss of non-consolidated entities
includes a lower of carrying value or fair value impairment loss
of the held-for sale portion of our investment in NCM of $16.0
million. The impairment charge reflects recording our
held-for-sale units and shares at the publicly quoted per share
price on March 31, 2018 of $5.19. Equity in loss of
non-consolidated entities also includes loss on the surrender
(disposition) of a portion of the Company’s investment in NCM of
$1.1 million during the three months ended March 31, 2018.

 

4)

Includes U.S. non-theatre distributions from equity method
investments and International non-theatre distributions from
equity method investments to the extent received. The Company
believes including cash distributions is an appropriate reflection
of the contribution of these investments to its operations.

 

5)

Attributable EBITDA includes the EBITDA from minority equity
investments in theatre operators in certain international markets.
See below for a reconciliation of the Company’s equity (earnings)
loss of non-consolidated entities to attributable EBITDA. Because
these equity investments are in theatre operators in regions where
the Company holds a significant market share, the Company believes
attributable EBITDA is more indicative of the performance of these
equity investments and management uses this measure to monitor and
evaluate these equity investments. The Company also provides
services to these theatre operators including information
technology systems, certain on-screen advertising services and our
gift card and package ticket program. As these investments relate
only to our Nordic acquisition, the second quarter of 2017
represents the first time the Company has made this adjustment and
does not impact prior historical presentations of Adjusted EBITDA.

 

Contacts

INVESTOR RELATIONS:
John Merriwether, 866-248-3872
[email protected]

MEDIA CONTACTS:
Ryan Noonan, (913) 213-2183
[email protected]

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