Beyond Meat, Inc. (NASDAQ:BYND) (“Beyond Meat” or “the Company”), a
leader in plant-based meat, today reported financial results for
its third quarter and nine months ended September 28, 2019.
Third Quarter 2019 Financial Highlights Compared to
Prior Year Period
- Net revenues were $92.0 million, an increase of 250.0%;
- Gross profit was $32.8 million, or 35.6% of net revenues,
compared to gross profit of $5.0 million, or 19.2% of net revenues,
in the year-ago period;
- Net income was $4.1 million, or $0.06 per diluted common share,
compared to net loss of $9.3 million, or $1.45 per common
share in the year-ago period; and
- Adjusted EBITDA, which is a non-GAAP financial measure, was
$11.0 million compared to an Adjusted EBITDA loss of
$5.7 million in the year-ago period.
See “Non-GAAP Financial Measures” below for how Beyond Meat
defines Adjusted EBITDA and the financial table that accompanies
this release for a reconciliation of this measure to the closest
comparable GAAP measure.
“We are very pleased with our third quarter results which
reflect continued momentum across our business and mark an
important milestone as we achieved our first ever quarter of net
income,” said Ethan Brown, Beyond Meat’s President and Chief
Executive Officer. “We remain focused on expanding our distribution
footprint, both domestically and abroad, building our brand,
introducing new innovative products into the marketplace, and
bolstering our infrastructure and internal capabilities to fuel our
future growth.”
Third Quarter 2019
Net revenues increased 250% to $92.0 million in the third
quarter of 2019 compared to $26.3 million in the third quarter
of 2018. Growth in net revenues in the third quarter of 2019 was
primarily due to an increase in sales volumes of products in Beyond
Meat’s fresh platform across retail, restaurant and foodservice
channels, driven by expansion in the number of points of
distribution, including new strategic customers, international
customers, and greater demand from existing customers.
|
|
Three Months Ended |
|
Change |
|
Nine Months Ended |
|
Change |
(in
thousands) |
|
September 28, 2019 |
|
September 29, 2018 |
|
Amount |
|
% |
|
September 28, 2019 |
|
September 29, 2018 |
|
Amount |
|
% |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Fresh Platform |
|
$ |
97,995 |
|
|
$ |
26,815 |
|
|
$ |
71,180 |
|
|
265.4 |
% |
|
$ |
204,523 |
|
|
$ |
51,530 |
|
|
$ |
152,993 |
|
|
296.9 |
% |
Gross Frozen Platform |
|
4,007 |
|
|
2,295 |
|
|
1,712 |
|
|
74.6 |
% |
|
14,158 |
|
|
11,549 |
|
|
2,609 |
|
|
22.6 |
% |
Less: Discounts |
|
(10,041 |
) |
|
(2,833 |
) |
|
(7,208 |
) |
|
254.4 |
% |
|
(19,263 |
) |
|
(6,659 |
) |
|
(12,604 |
) |
|
189.3 |
% |
Net revenues |
|
$ |
91,961 |
|
|
$ |
26,277 |
|
|
$ |
65,684 |
|
|
250.0 |
% |
|
$ |
199,418 |
|
|
$ |
56,420 |
|
|
$ |
142,998 |
|
|
253.5 |
% |
|
|
Three Months Ended |
|
Change |
|
Nine Months Ended |
|
Change |
(in
thousands) |
|
September 28, 2019 |
|
September 29, 2018 |
|
Amount |
|
% |
|
September 28, 2019 |
|
September 29, 2018 |
|
Amount |
|
% |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
50,465 |
|
|
$ |
16,201 |
|
|
$ |
34,264 |
|
|
211.5 |
% |
|
$ |
104,164 |
|
|
$ |
37,173 |
|
|
$ |
66,991 |
|
|
180.2 |
% |
Restaurant and Foodservice |
|
41,496 |
|
|
10,076 |
|
|
31,420 |
|
|
311.8 |
% |
|
95,254 |
|
|
19,247 |
|
|
76,007 |
|
|
394.9 |
% |
Net revenues |
|
$ |
91,961 |
|
|
$ |
26,277 |
|
|
$ |
65,684 |
|
|
250.0 |
% |
|
$ |
199,418 |
|
|
$ |
56,420 |
|
|
$ |
142,998 |
|
|
253.5 |
% |
Gross profit was $32.8 million, or 35.6% of net revenues, in the
third quarter of 2019, compared to $5.0 million, or 19.2% of
net revenues, in the year-ago period. The increase in gross profit
and gross margin was primarily due to an increase in the volume of
products sold, resulting in operating leverage and production
efficiency improvements. A greater proportion of gross revenues
from the Company's fresh platform also contributed to the
improvement in gross margin.
Income from operations in the third quarter of 2019 was
$3.6 million compared to a loss from operations of
$8.0 million in the third quarter of the prior year. This
improvement was driven entirely by the year-over-year increase in
net revenues and the resulting increase in gross profit, partially
offset by higher operating expenses primarily to support the
Company’s expanded manufacturing and supply chain operations,
higher administrative costs associated with being a public company,
higher restructuring expense, and continued investment in
innovation and marketing capabilities.
Net income was $4.1 million in the third quarter of 2019
compared to a net loss of $9.3 million in the prior-year period.
The improvement in net income was primarily the result of the
increase in net revenues and gross profit compared to the third
quarter of 2018.
Adjusted EBITDA was $11.0 million, or 12.0% of net
revenues, in the third quarter of 2019 compared to an Adjusted
EBITDA loss of $5.7 million in the third quarter of 2018. Adjusted
EBITDA is a non-GAAP financial measure defined under “Non-GAAP
Financial Measures,” and is reconciled to net income (loss), the
closest comparable GAAP measure, at the end of this release.
Chief Financial Officer and Treasurer, Mark Nelson commented,
“We remain pleased with our continued strong sales growth
trajectory and are equally pleased with our sequential improvement
in profitability in the third quarter. Our 35.6% gross margin in
the quarter is a validation of our team’s ongoing efforts to
improve our operating efficiency and is a critical enabler of
greater strategic flexibility in the future.”
Balance Sheet and Cash Flow Highlights
The Company’s cash and cash equivalents balance was $312.5
million as of September 28, 2019 and total outstanding debt was
$30.5 million. Net cash used in operating activities was $18.3
million for the nine months ended September 28, 2019, compared to
$24.4 million for the prior-year period. Capital expenditures
totaled $16.9 million for the nine months ended September 28, 2019
compared to $18.3 million for the prior-year period.
2019 Outlook
For the full year 2019, the Company is raising its guidance and
now expects the following:
- Net revenues in the range of $265 million to $275 million,
updated from its prior expectation of net revenues to exceed $240
million; and
- Adjusted EBITDA to approximate $20 million.
The Company does not provide guidance for net income, the most
directly comparable GAAP measure, and similarly cannot provide a
reconciliation between its forecasted Adjusted EBITDA and net
income metrics without unreasonable effort due to the
unavailability of reliable estimates for certain items. These items
are not within the Company’s control and may vary greatly between
periods and could significantly impact future financial
results.
Conference Call and Webcast
The Company will host a conference call and webcast with an
accompanying presentation to discuss these results with additional
comments and details today at 4:30 p.m. Eastern, 1:30 p.m. Pacific.
The conference call webcast will be available live over the
Internet through the “Investors” section of the Company’s website
at www.beyondmeat.com. To participate on the live call, dial
866-221-1171 from the U.S. or 270-215-9602 from international
locations. A telephone replay will be available approximately two
hours after the call concludes through Monday, November
11, 2019, by dialing 855-859-2056 from the U.S., or
404-537-3406 from international locations, and entering
confirmation code 2265157.
About Beyond Meat
Beyond Meat is one of the fastest growing food companies in the
United States, offering a portfolio of revolutionary plant-based
meats. Founded in 2009, Beyond Meat has a mission of building meat
directly from plants, an innovation that enables consumers to
experience the taste, texture and other sensory attributes of
popular animal-based meat products while enjoying the nutritional
and environmental benefits of eating its plant-based meat
products. Beyond Meat’s brand commitment, “Eat What You Love,”
represents a strong belief that by eating its portfolio of
plant-based meats, consumers can enjoy more, not less, of their
favorite meals, and by doing so, help address concerns related to
human health, climate change, resource conservation and animal
welfare. Beyond Meat’s portfolio of fresh and frozen plant-based
proteins are currently sold at approximately 58,000 retail and
foodservice outlets worldwide.
Forward-Looking Statements
Certain statements in this release constitute “forward-looking
statements." These statements are based on management's current
opinions, expectations, beliefs, plans, objectives, assumptions or
projections regarding future events or future results. These
forward-looking statements are only predictions, not historical
fact, and involve certain risks and uncertainties, as well as
assumptions. Actual results, levels of activity, performance,
achievements and events could differ materially from those stated,
anticipated or implied by such forward-looking statements. While
Beyond Meat believes that its assumptions are reasonable, it is
very difficult to predict the impact of known factors, and, of
course, it is impossible to anticipate all factors that could
affect actual results. There are many risks and uncertainties that
could cause actual results to differ materially from
forward-looking statements made herein including, most prominently,
the risks discussed under the heading “Risk Factors” in the
Company’s Form 10-Q for the quarter ended June 29, 2019 filed with
the Securities and Exchange Commission ("SEC") on July 29, 2019, as
well as other factors described from time to time in the Company's
filings with the SEC. Such forward-looking statements are made only
as of the date of this release. Beyond Meat undertakes no
obligation to publicly update or revise any forward-looking
statement because of new information, future events or otherwise,
except as otherwise required by law. If we do update one or more
forward-looking statements, no inference should be made that we
will make additional updates with respect to those or other
forward-looking statements.
Contacts
Media:Shira Zackai917-715-8522szackai@beyondmeat.com
Investors:Katie Turner646-277-1228Katie.turner@icrinc.com
BEYOND MEAT,
INC.Condensed Statements of
Operations(In thousands, except share and per
share data)(unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
Net revenues |
|
$ |
91,961 |
|
|
$ |
26,277 |
|
|
$ |
199,418 |
|
|
$ |
56,420 |
|
Cost of goods sold |
|
59,178 |
|
|
21,235 |
|
|
133,123 |
|
|
46,709 |
|
Gross profit |
|
32,783 |
|
|
5,042 |
|
|
66,295 |
|
|
9,711 |
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
5,951 |
|
|
2,165 |
|
|
14,661 |
|
|
6,267 |
|
Selling, general and
administrative expenses |
|
20,944 |
|
|
10,353 |
|
|
47,636 |
|
|
23,133 |
|
Restructuring expenses |
|
2,319 |
|
|
528 |
|
|
3,560 |
|
|
1,170 |
|
Total operating expenses |
|
29,214 |
|
|
13,046 |
|
|
65,857 |
|
|
30,570 |
|
Income (loss) from
operations |
|
3,569 |
|
|
(8,004 |
) |
|
438 |
|
|
(20,859 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
Interest expense |
|
(855 |
) |
|
(313 |
) |
|
(2,329 |
) |
|
(388 |
) |
Remeasurement of warrant
liability |
|
— |
|
|
(994 |
) |
|
(12,503 |
) |
|
(1,253 |
) |
Other income (expense),
net |
|
1,385 |
|
|
(31 |
) |
|
2,424 |
|
|
66 |
|
Total other income (expense),
net |
|
530 |
|
|
(1,338 |
) |
|
(12,408 |
) |
|
(1,575 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes |
|
4,099 |
|
|
(9,342 |
) |
|
(11,970 |
) |
|
(22,434 |
) |
Income tax expense |
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
Net income (loss) |
|
$ |
4,099 |
|
|
$ |
(9,342 |
) |
|
$ |
(11,991 |
) |
|
$ |
(22,434 |
) |
Net income (loss) per share
available to common stockholders—basic |
|
$ |
0.07 |
|
|
$ |
(1.45 |
) |
|
$ |
(0.33 |
) |
|
$ |
(3.68 |
) |
Weighted average common shares
outstanding—basic |
|
60,415,866 |
|
|
6,441,838 |
|
|
35,806,520 |
|
|
6,103,756 |
|
Net income (loss) per
share available to common stockholders—diluted |
|
$ |
0.06 |
|
|
$ |
(1.45 |
) |
|
$ |
(0.33 |
) |
|
$ |
(3.68 |
) |
Weighted average common shares
outstanding—diluted |
|
66,026,490 |
|
|
6,441,838 |
|
|
35,806,520 |
|
|
6,103,756 |
|
BEYOND MEAT,
INC.Condensed Balance Sheets(In
thousands, except share and per share
data)(unaudited)
|
September 28, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
312,451 |
|
|
$ |
54,271 |
|
Accounts receivable |
34,482 |
|
|
12,626 |
|
Inventory |
60,270 |
|
|
30,257 |
|
Prepaid expenses and other current assets |
11,742 |
|
|
5,672 |
|
Total current assets |
418,945 |
|
|
102,826 |
|
Property, plant, and
equipment, net |
35,050 |
|
|
30,527 |
|
Other non-current assets,
net |
846 |
|
|
396 |
|
Total assets |
$ |
454,841 |
|
|
$ |
133,749 |
|
Liabilities, Convertible
Preferred Stock and Stockholders’ Equity (Deficit): |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
38,348 |
|
|
$ |
17,247 |
|
Wages payable |
1,433 |
|
|
1,255 |
|
Accrued bonus |
3,181 |
|
|
2,312 |
|
Accrued expenses and other current liabilities |
4,113 |
|
|
2,391 |
|
Short-term borrowings under revolving credit line and bank term
loan |
9,087 |
|
|
— |
|
Short-term capital lease liabilities |
30 |
|
|
44 |
|
Stock warrant liability |
— |
|
|
1,918 |
|
Total current liabilities |
$ |
56,192 |
|
|
$ |
25,167 |
|
Long-term liabilities: |
|
|
|
Revolving credit line |
$ |
— |
|
|
$ |
6,000 |
|
Long-term portion of bank term loan, net |
16,503 |
|
|
19,388 |
|
Equipment loan, net |
4,922 |
|
|
5,000 |
|
Capital lease obligations and other long-term liabilities |
396 |
|
|
404 |
|
Total long-term liabilities |
$ |
21,821 |
|
|
$ |
30,792 |
|
Commitments and
Contingencies |
|
|
|
Convertible preferred
stock |
$ |
— |
|
|
$ |
199,540 |
|
Stockholders’ equity
(deficit): |
|
|
|
Preferred stock, par value
$0.0001 per share—500,000 shares authorized, none issued and
outstanding |
— |
|
|
— |
|
Common stock, par value
$0.0001 per share—500,000,000 shares and 58,669,600 shares
authorized at September 28, 2019 and December 31, 2018,
respectively; 60,565,840 and 6,951,350 shares issued and
outstanding at September 28, 2019 and December 31, 2018,
respectively |
6 |
|
|
1 |
|
Additional paid-in
capital |
518,485 |
|
|
7,921 |
|
Accumulated deficit |
(141,663 |
) |
|
(129,672 |
) |
Total stockholders’ equity (deficit) |
$ |
376,828 |
|
|
$ |
(121,750 |
) |
Total liabilities, convertible preferred stock and stockholders’
equity (deficit) |
$ |
454,841 |
|
|
$ |
133,749 |
|
|
|
|
|
BEYOND MEAT,
INC.Condensed Statements of Cash
Flows(In
thousands)(unaudited)
|
|
Nine Months Ended |
|
|
September 28, 2019 |
|
September 29, 2018 |
Cash flows from operating
activities: |
|
|
|
|
Net loss |
|
$ |
(11,991 |
) |
|
$ |
(22,434 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
5,980 |
|
|
3,046 |
|
Share-based compensation expense |
|
5,807 |
|
|
1,090 |
|
Loss on sale of fixed assets |
|
— |
|
|
76 |
|
Amortization of debt issuance costs |
|
124 |
|
|
51 |
|
Change in preferred and common stock warrant liabilities |
|
12,503 |
|
|
1,253 |
|
|
|
|
|
|
Net change in operating assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
(21,856 |
) |
|
(8,499 |
) |
Inventories |
|
(30,013 |
) |
|
(9,627 |
) |
Prepaid expenses and other assets |
|
(1,878 |
) |
|
(615 |
) |
Accounts payable |
|
20,206 |
|
|
7,670 |
|
Accrued expenses and other current liabilities |
|
2,768 |
|
|
3,573 |
|
Long-term liabilities |
|
11 |
|
|
39 |
|
Net cash used in operating activities |
|
$ |
(18,339 |
) |
|
$ |
(24,377 |
) |
|
|
|
|
|
Cash flows used in
investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
|
$ |
(9,515 |
) |
|
$ |
(18,250 |
) |
Proceeds from sale of fixed assets |
|
307 |
|
|
104 |
|
Purchases of property, plant and equipment held for sale |
|
(7,403 |
) |
|
— |
|
Payment of security deposits |
|
(542 |
) |
|
(59 |
) |
Net cash used in investing activities |
|
$ |
(17,153 |
) |
|
$ |
(18,205 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from issuance of common stock pursuant to the initial
public offering, net of issuance costs |
|
$ |
254,742 |
|
|
$ |
— |
|
Proceeds from issuance of common stock pursuant to the secondary
public offering, net of issuance costs |
|
38,063 |
|
|
— |
|
Proceeds from advance deposit for Series H preferred stock
offering |
|
— |
|
|
25,000 |
|
Proceeds from Series G preferred stock offering, net of offering
costs |
|
— |
|
|
1,347 |
|
Proceeds from bank term loan borrowing |
|
— |
|
|
20,000 |
|
Repayments on revolving credit line |
|
— |
|
|
(2,500 |
) |
Repayment on term loan |
|
— |
|
|
(1,000 |
) |
Proceeds from payoff of notes receivable for restricted stock
purchase |
|
— |
|
|
951 |
|
Proceeds from revolving credit line |
|
— |
|
|
6,000 |
|
Proceeds from equipment loan borrowing |
|
— |
|
|
5,000 |
|
Repayment of Missouri Note |
|
— |
|
|
(1,450 |
) |
Payments of capital lease obligations |
|
(31 |
) |
|
(143 |
) |
Proceeds from exercise of stock options |
|
898 |
|
|
1,128 |
|
Payments of deferred offering costs |
|
— |
|
|
(492 |
) |
Payment for repurchase of common stock |
|
— |
|
|
(514 |
) |
Net cash provided by financing activities |
|
$ |
293,672 |
|
|
$ |
53,327 |
|
Net increase in cash and cash
equivalents |
|
$ |
258,180 |
|
|
$ |
10,745 |
|
Cash and cash equivalents at
the beginning of the period |
|
54,271 |
|
|
39,035 |
|
Cash and cash equivalents at
the end of the period |
|
$ |
312,451 |
|
|
$ |
49,780 |
|
|
|
|
|
|
Supplemental disclosures
of cash flow information: |
|
|
|
|
Cash paid during the period for: |
|
|
|
|
Interest |
|
$ |
2,261 |
|
|
$ |
356 |
|
Taxes |
|
$ |
21 |
|
|
$ |
3 |
|
Non-cash investing and financing activities: |
|
|
|
|
Capital lease obligations for the purchase of property, plant and
equipment |
|
$ |
— |
|
|
$ |
85 |
|
Issuance of convertible preferred stock warrants in connection with
debt |
|
$ |
— |
|
|
$ |
248 |
|
Non-cash additions to property, plant and equipment |
|
$ |
1,280 |
|
|
$ |
730 |
|
Offering costs, accrued not yet paid |
|
$ |
487 |
|
|
$ |
1,301 |
|
Non-cash additions to property, plant and equipment held for
sale |
|
$ |
1,019 |
|
|
$ |
— |
|
Reclassification of warrant liability to additional paid-in capital
in connection with the initial public offering |
|
$ |
14,421 |
|
|
$ |
— |
|
Conversion of convertible preferred stock to common stock upon
initial public offering |
|
$ |
199,540 |
|
|
$ |
— |
|
Non-GAAP Financial Measures
Beyond Meat uses the following non-GAAP financial measures in
assessing its operating performance and in its financial
communications:
“Adjusted EBITDA” is defined as net income (loss) adjusted to
exclude, when applicable, income tax expense, interest expense,
depreciation and amortization expense, restructuring expenses,
share-based compensation expense, inventory losses from termination
of an exclusive supply agreement with a co-manufacturer, costs of
termination of an exclusive supply agreement with the same
co-manufacturer, and expenses primarily associated with the
conversion of our convertible notes and remeasurement of our
preferred stock warrant liability and common stock warrant
liability.
“Adjusted EBITDA as a % of net revenues” is defined as Adjusted
EBITDA divided by net revenues.
We use Adjusted EBITDA and Adjusted EBITDA as a % of net
revenues because they are important measures upon which our
management assesses our operating performance. We use Adjusted
EBITDA and Adjusted EBITDA as a % of net revenues as key
performance measures because we believe these measures facilitate
operating performance comparison from period-to-period by excluding
potential differences primarily caused by the impact of
restructuring, asset depreciation and amortization, non-cash
share-based compensation and non-operational charges including the
impact to cost of goods sold and selling, general and
administrative expenses related to the termination of an exclusive
co-manufacturing agreement, early extinguishment of convertible
notes and remeasurement of warrant liability. Because Adjusted
EBITDA and Adjusted EBITDA as a % of net revenues facilitate
internal comparisons of our historical operating performance on a
more consistent basis, we also use these measures for our business
planning purposes. In addition, we believe Adjusted EBITDA and
Adjusted EBITDA as a % of net revenues are widely used by
investors, securities analysts, ratings agencies and other parties
in evaluating companies in our industry as a measure of our
operational performance.
There are a number of limitations related to the use of Adjusted
EBITDA rather than net income (loss), which is the most directly
comparable GAAP measure. Some of these limitations are:
- Adjusted EBITDA excludes depreciation and amortization expense
and, although these are non-cash expenses, the assets being
depreciated may have to be replaced in the future increasing our
cash requirements;
- Adjusted EBITDA does not reflect interest expense, or the cash
required to service our debt, which reduces cash available to
us;
- Adjusted EBITDA does not reflect income tax payments that
reduce cash available to us;
- Adjusted EBITDA does not reflect restructuring expenses that
reduce cash available to us;
- Adjusted EBITDA does not reflect share-based compensation
expenses and therefore does not include all of our compensation
costs;
- Adjusted EBITDA does not reflect other income (expense) that
may increase or decrease cash available to us; and
- other companies, including companies in our industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness
as a comparative measure.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for financial information provided in
accordance with GAAP. These non-GAAP financial measures may not be
computed in the same manner as similarly titled measures used by
other companies.
The following table presents the reconciliation of Adjusted
EBITDA to its most comparable GAAP measure, net income (loss), as
reported (unaudited):
|
|
Three Months Ended |
|
Nine Months Ended |
(in
thousands) |
|
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
Net income (loss), as reported |
|
$ |
4,099 |
|
|
$ |
(9,342 |
) |
|
$ |
(11,991 |
) |
|
$ |
(22,434 |
) |
Income tax expense |
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
Interest expense |
|
855 |
|
|
313 |
|
|
2,329 |
|
|
388 |
|
Depreciation and amortization
expense |
|
2,023 |
|
|
1,426 |
|
|
5,980 |
|
|
3,046 |
|
Restructuring expenses(1) |
|
2,319 |
|
|
528 |
|
|
3,560 |
|
|
1,170 |
|
Share-based compensation
expense |
|
3,129 |
|
|
380 |
|
|
5,807 |
|
|
1,090 |
|
Remeasurement of warrant
liability |
|
— |
|
|
994 |
|
|
12,503 |
|
|
1,253 |
|
Other (income) expense,
net |
|
(1,385 |
) |
|
31 |
|
|
(2,424 |
) |
|
(66 |
) |
Adjusted EBITDA |
|
$ |
11,040 |
|
|
$ |
(5,670 |
) |
|
$ |
15,785 |
|
|
$ |
(15,553 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) as a % of
net revenues |
|
4.5 |
% |
|
(35.6 |
)% |
|
(6.0 |
)% |
|
(39.8 |
)% |
Adjusted EBITDA as a % of net
revenues |
|
12.0 |
% |
|
(21.6 |
)% |
|
7.9 |
% |
|
(27.6 |
)% |
_____________
(1 |
) |
Primarily comprised of legal and
other expenses associated with the dispute with a co-manufacturer
with whom an exclusive supply agreement was terminated in May
2017. |
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