Shoals Technologies Group, Inc. (“Shoals” or the “Company”)
(Nasdaq: SHLS), a leading provider of electrical balance of system
(“EBOS”) solutions for solar, battery storage and electric vehicle
charging infrastructure, today announced results for its first
quarter ended March 31, 2022.
“Our results for the first quarter were in line
with the outlook we provided earlier in the quarter despite an
increasingly challenging environment for solar. Revenues and gross
profit grew 49% and 40% versus the prior year’s quarter,
respectively, and represented new records for the Company. More
importantly, our gross margins increased more than 550 basis points
sequentially to 38.7%, reflecting a return to our historical margin
profile as we anticipated. Adjusted EBITDA grew at a slower rate
than our revenues and gross profit as a result of continued
investment in SG&A to support our growth initiatives,” said
Jason Whitaker, Chief Executive Officer of Shoals.
Mr. Whitaker added, “We are continuing to see
strong growth across our business with our backlog and awarded
orders up 67% year-over-year. During the quarter we converted seven
additional customers to BLA, representing as much as two gigawatts
of demand and we now have six times as many BLA customers as we did
a year ago. Notably, three of the seven new customers are located
in international markets demonstrating our ability to convert
customers outside of the U.S. to BLA.”
“Demand for the new products we introduced
recently continues to grow with customer orders for our battery
storage and wire management offerings being particularly strong. We
remain on track to ship BLA 2.0 and high-capacity plug-and-play
wire harnesses later this year. The former will have a higher
average selling price per megawatt than our current product and the
latter will allow us to serve a new and fast-growing application.
Finally, our EV charging products are generating a lot of interest
from charge point operators and fleet owners and we are
anticipating significant growth in our EV order book in the
near-term,” said Mr. Whitaker.
“While our products continue to win over new
customers and we take share from our competitors, our business is
not immune to the macro environment. Continued supply chain
disruption and the recently announced Department of Commerce
investigation into whether some module manufacturers are skirting
import duties remain significant challenges for the industry and
are resulting in project delays. The outlook we provided earlier
this year reflected our expectation of continued industry headwinds
which is why we continue to be comfortable with the low end of our
revenue outlook, but the uncertainty posed by the Commerce
Department investigation in particular, has caused us to lower the
high end of our outlook,” concluded Mr. Whitaker.
First Quarter 2022 Financial
ResultsRevenue was $68.0 million, compared to $45.6
million for the prior-year period, an increase of 49%, driven by a
73% increase in Components revenue and a 40% increase in System
Solutions revenue. The growth in Components revenue was driven by
increases in shipments of battery storage products as well as
shipments of solar products to a significant number of new
customers. New customers typically purchase Components first,
before transitioning to System Solutions. The growth in System
Solutions revenue reflected strong demand for the Company’s
combine-as-you-go system. System Solutions represented 69% of
revenue in the quarter versus 73% in the prior-year period and 68%
in the prior quarter.
Gross profit increased 40% to $26.3 million,
compared to $18.8 million in the prior-year period. Gross profit as
a percentage of revenue was 38.7% compared to 41.2% in the
prior-year period, due to a higher mix of Components sales in the
quarter which carry lower margins than System Solutions as well as
higher raw material and logistics costs.
General and administrative expenses were $13.9
million, compared to $6.8 million during the same period in the
prior year. This change was primarily a result of higher non-cash
stock-based compensation, planned increases in payroll expense due
to higher headcount to support growth and new product initiatives,
and new public company costs.
Income from operations was $10.0 million,
compared to $9.9 million during the same period in the prior
year.
Net income was $4.6 million compared to a net
loss of $8.3 million during the same period in the prior year. The
change was primarily due to a loss on debt repayment in the prior
year period partially offset by higher general and administrative
expenses and higher interest expense in the current period. Basic
and diluted net income per share was $0.02 compared to basic and
diluted net loss per share of $(0.06) in the prior-year period.
Adjusted EBITDA increased 17% to $16.5 million,
compared to $14.1 million for the prior-year period.
Adjusted net income was $9.0 million, compared
to $8.8 million during the same period in the prior year. Adjusted
diluted earnings per share was $0.05 compared to $0.05 in the
prior-year period.
Backlog and Awarded OrdersThe
Company’s backlog and awarded orders on March 31, 2022 were $302.3
million, representing a new record for the Company and an increase
of 67% and 1% versus the same time last year and December 31, 2021,
respectively. The increase in backlog and awarded orders reflects
continued robust demand for the Company’s products.
Full Year 2022 OutlookBased on
current business conditions, business trends and other factors, for
the year ending December 31, 2022, the Company expects:
- Revenues to be in the range of $300
million to $325 million
- Adjusted EBITDA to be in the range
of $77 million to $86 million
- Adjusted net
income to be in the range of $45 million to $53 million
The change in the Company’s adjusted net income
outlook is larger than the change in the Adjusted EBITDA outlook as
a result of updated expectations for the 2022 book tax rate and
interest expense for the remainder of the year to support growth
and working capital requirements. A reconciliation of the Company’s
non-GAAP measures to the applicable GAAP measures are found within
this release.
Webcast and Conference Call
InformationCompany management will host a webcast and
conference call on May 16, 2022, at 5:00 p.m. Eastern Time, to
discuss the Company's financial results.
Interested investors and other parties can
listen to a webcast of the live conference call by logging onto the
Investor Relations section of the Company's website at
https://investors.shoals.com.
The conference call can be accessed live over
the phone by dialing 1-855-327-6837 (domestic) or + 1-631-891-4304
(international). A telephonic replay will be available
approximately two hours after the call by dialing 1-844-512-2921 or
for international callers, + 1-412-317-6671. The conference ID for
the live call and pin number for the replay is 10018862. The replay
will be available until 11:59 p.m. Eastern Time on May 30,
2022.
About Shoals Technologies Group,
Inc.Shoals Technologies Group, Inc. is a leading provider
of electrical balance of system (“EBOS”) solutions for solar,
battery storage and electric vehicle charging infrastructure. The
Company’s mission is to provide innovative products that reduce the
cost of installation while improving system performance,
reliability and safety. At least one Shoals product was used on
more than half of the solar energy projects installed in the U.S.
in 2020. To learn more about Shoals, please visit the Company's
website at https://www.shoals.com.
Investor Relations Contact Shoals Technologies
Group, Inc. Email: investors@shoals.com Phone: 615-323-9836
Forward-Looking Statements
This report contains forward-looking statements
that are based on our management’s beliefs and assumptions and on
information currently available to our management. Forward-looking
statements include information concerning our possible or assumed
future results of operations, business strategies, technology
developments, financing and investment plans, dividend policy,
competitive position, industry and regulatory environment,
potential growth opportunities and the effects of competition.
Forward-looking statements include statements that are not
historical facts and can be identified by terms such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” "seek," “should,”
“will,” “would” or similar expressions and the negatives of those
terms.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Given these
uncertainties, you should not place undue reliance on
forward-looking statements. Also, forward-looking statements
represent our management’s beliefs and assumptions only as of the
date of this report. You should read this report with the
understanding that our actual future results may be materially
different from what we expect.
Except as required by law, we assume no
obligation to update these forward-looking statements, or to update
the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new
information becomes available in the future.
Non-GAAP Financial Measures
(1) A reconciliation of projected adjusted
EBITDA, adjusted net income, and adjusted diluted earnings per
share, which are forward-looking measures that are not prepared in
accordance with GAAP, to the most directly comparable GAAP
financial measures, is not provided because we are unable to
provide such reconciliation without unreasonable effort. The
inability to provide a quantitative reconciliation is due to the
uncertainty and inherent difficulty in predicting the occurrence,
the financial impact and the periods in which the components of the
applicable GAAP measures and non-GAAP adjustments may be
recognized. The GAAP measures may include the impact of such items
as non-cash share-based compensation, amortization of intangible
assets and the tax effect of such items, in addition to other items
we have historically excluded from adjusted EBITDA and adjusted net
income per share. We expect to continue to exclude these items in
future disclosures of these non-GAAP measures and may also exclude
other similar items that may arise in the future (collectively,
"non-GAAP adjustments").
Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted Earnings per Share (“EPS”)We define
Adjusted EBITDA as net income (loss) plus (i) interest expense,
net, (ii) income tax expense, (iii) depreciation expense, (iv)
amortization of intangibles, (v) payable pursuant to the tax
receivable agreement adjustment, (vi) loss on debt repayment, (vii)
equity-based compensation, (viii) acquisition-related expenses,
(ix) COVID-19 expenses and (x) non-recurring and other expenses. We
define Adjusted Net Income as net income (loss) plus (i)
amortization of intangibles, (ii) payable pursuant to the tax
receivable agreement adjustment, (iii) loss on debt repayment, (iv)
amortization of deferred financing costs, (v) equity-based
compensation, (vi) acquisition-related expenses, (vii) COVID-19
expenses and (viii) non-recurring and other expenses, all net of
applicable income taxes. We define Adjusted Diluted EPS as Adjusted
Net Income divided by the diluted weighted average shares of Class
A common shares outstanding for the applicable period, which
assumes the pro forma exchange of all outstanding Class B common
shares for Class A common shares.
Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted EPS are intended as supplemental measures of
performance that are neither required by, nor presented in
accordance with, GAAP. We present Adjusted EBITDA, Adjusted Net
Income and Adjusted Diluted EPS because we believe they assist
investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
addition, we use Adjusted EBITDA, Adjusted Net Income and Adjusted
Diluted EPS: (i) as factors in evaluating management’s performance
when determining incentive compensation; (ii) to evaluate the
effectiveness of our business strategies; and (iii) because our
credit agreement uses measures similar to Adjusted EBITDA, Adjusted
Net Income and Adjusted Diluted EPS to measure our compliance with
certain covenants.
Among other limitations, Adjusted EBITDA,
Adjusted Net Income and Adjusted Diluted EPS do not reflect our
cash expenditures, or future requirements for capital expenditures
or contractual commitments; do not reflect the impact of certain
cash charges resulting from matters we consider not to be
indicative of our ongoing operations; in the case of Adjusted
EBITDA, does not reflect income tax expense or benefit for periods
prior to the reorganization; and may be calculated by other
companies in our industry differently than we do or not at all,
which may limit their usefulness as comparative measures.
Because of these limitations, Adjusted EBITDA,
Adjusted Net Income and Adjusted Diluted EPS should not be
considered in isolation or as substitutes for performance measures
calculated in accordance with GAAP. You should review the
reconciliation of net income to Adjusted EBITDA, Adjusted Net
Income and Adjusted Diluted EPS below and not rely on any single
financial measure to evaluate our business.
|
Shoals Technologies Group,
Inc.Consolidated Balance Sheets (in
thousands, except shares) |
|
|
March 31,2022 |
|
December 31,2021 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
2,534 |
|
|
$ |
5,006 |
|
Accounts receivable, net |
|
56,887 |
|
|
|
31,499 |
|
Unbilled receivables |
|
16,149 |
|
|
|
13,533 |
|
Inventory, net |
|
49,479 |
|
|
|
38,368 |
|
Other current assets |
|
12,651 |
|
|
|
5,042 |
|
Total Current Assets |
|
137,700 |
|
|
|
93,448 |
|
Property, plant and equipment,
net |
|
16,032 |
|
|
|
15,574 |
|
Goodwill |
|
69,436 |
|
|
|
69,436 |
|
Other intangible assets,
net |
|
62,966 |
|
|
|
65,236 |
|
Deferred tax assets |
|
175,539 |
|
|
|
176,958 |
|
Other assets |
|
12,799 |
|
|
|
5,762 |
|
Total
Assets |
$ |
474,472 |
|
|
$ |
426,414 |
|
|
|
|
|
Liabilities and
Stockholders' Deficit |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
17,879 |
|
|
$ |
19,985 |
|
Accrued expenses |
|
14,764 |
|
|
|
9,569 |
|
Current portion of payable pursuant to the tax receivable
agreement |
|
4,065 |
|
|
|
— |
|
Long-term debt—current portion |
|
2,000 |
|
|
|
2,000 |
|
Total Current Liabilities |
|
38,708 |
|
|
|
31,554 |
|
Revolving line of credit |
|
90,140 |
|
|
|
55,140 |
|
Long-term debt, less current
portion |
|
189,689 |
|
|
|
189,913 |
|
Payable pursuant to the tax
receivable agreement, less current portion |
|
152,309 |
|
|
|
156,374 |
|
Other long-term
liabilities |
|
5,074 |
|
|
|
931 |
|
Total Liabilities |
|
475,920 |
|
|
|
433,912 |
|
Stockholders’ Deficit |
|
|
|
Preferred stock, $0.00001 par value - 5,000,000 shares authorized;
none issued and outstanding as of March 31, 2022 and December 31,
2021 |
|
— |
|
|
|
— |
|
Class A common stock, $0.00001 par value - 1,000,000,000 shares
authorized; 112,358,397 and 112,049,981 shares issued and
outstanding as of March 31, 2022 and December 31, 2021,
respectively |
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00001 par value - 195,000,000 shares
authorized; 54,794,479 shares issued and outstanding as of March
31, 2022 and December 31, 2021 |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
98,376 |
|
|
|
95,684 |
|
Accumulated deficit |
|
(90,493 |
) |
|
|
(93,133 |
) |
Total stockholders’ equity
attributable to Shoals Technologies Group, Inc. |
|
7,885 |
|
|
|
2,553 |
|
Non-controlling interests |
|
(9,333 |
) |
|
|
(10,051 |
) |
Total stockholders'
deficit |
|
(1,448 |
) |
|
|
(7,498 |
) |
Total Liabilities and
Stockholders’ Deficit |
$ |
474,472 |
|
|
$ |
426,414 |
|
|
Shoals Technologies Group, Inc.Consolidated
Statements of Operations (in thousands, except per share
amounts) |
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
67,976 |
|
|
$ |
45,604 |
|
Cost of
revenue |
|
41,684 |
|
|
|
26,830 |
|
Gross
profit |
|
26,292 |
|
|
|
18,774 |
|
Operating
Expenses |
|
|
|
General and administrative expenses |
|
13,919 |
|
|
|
6,816 |
|
Depreciation and amortization |
|
2,366 |
|
|
|
2,068 |
|
Total Operating Expenses |
|
16,285 |
|
|
|
8,884 |
|
Income from
Operations |
|
10,007 |
|
|
|
9,890 |
|
Interest expense, net |
|
(3,836 |
) |
|
|
(3,709 |
) |
Loss on debt repayment |
|
— |
|
|
|
(15,990 |
) |
Income (loss) before
income taxes |
|
6,171 |
|
|
|
(9,809 |
) |
Income tax (expense)
benefit |
|
(1,522 |
) |
|
|
1,475 |
|
Net income
(loss) |
|
4,649 |
|
|
|
(8,334 |
) |
Less: net income (loss)
attributable to non-controlling interests |
|
2,009 |
|
|
|
(5,475 |
) |
Net income (loss)
attributable to Shoals Technologies Group, Inc. |
$ |
2,640 |
|
|
$ |
(2,859 |
) |
|
|
|
|
|
Three Months EndedMarch 31,
2022 |
|
Period fromJanuary 27, 2021to March 31,
2021 |
Earnings (loss) per
share of Class A common stock: |
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
(0.06 |
) |
Diluted |
$ |
0.02 |
|
|
$ |
(0.06 |
) |
Weighted average
shares of Class A common stock outstanding: |
|
|
|
Basic |
|
112,211 |
|
|
|
93,540 |
|
Diluted |
|
112,240 |
|
|
|
93,540 |
|
|
Shoals Technologies Group,
Inc.Consolidated Statements of Cash Flows
(in thousands) |
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Cash Flows from
Operating Activities |
|
|
|
Net income (loss) |
$ |
4,649 |
|
|
$ |
(8,334 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
2,694 |
|
|
|
2,401 |
|
Amortization/write off of deferred financing costs |
|
276 |
|
|
|
5,110 |
|
Equity-based compensation |
|
3,831 |
|
|
|
1,392 |
|
Deferred taxes |
|
1,419 |
|
|
|
557 |
|
Gain on sale of assets |
|
— |
|
|
|
61 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(25,388 |
) |
|
|
(1,134 |
) |
Unbilled receivables |
|
(2,616 |
) |
|
|
(6,201 |
) |
Inventory |
|
(11,111 |
) |
|
|
(5,971 |
) |
Other assets |
|
(3,421 |
) |
|
|
(3,465 |
) |
Accounts payable |
|
(2,106 |
) |
|
|
(1,693 |
) |
Accrued expenses |
|
5,914 |
|
|
|
(502 |
) |
Net Cash Used in
Operating Activities |
|
(25,859 |
) |
|
|
(17,779 |
) |
Cash Flows Used In
Investing Activities |
|
|
|
Purchases of property, plant and equipment |
|
(882 |
) |
|
|
(863 |
) |
Net Cash Used in
Investing Activities |
|
(882 |
) |
|
|
(863 |
) |
Cash Flows from
Financing Activities |
|
|
|
Distributions to Non-controlling interest |
|
(2,938 |
) |
|
|
— |
|
Employee withholding taxes related to net settled equity
awards |
|
(1,297 |
) |
|
|
(137 |
) |
Deferred financing costs |
|
— |
|
|
|
(94 |
) |
Payments on term loan facility |
|
(500 |
) |
|
|
(150,875 |
) |
Proceeds from revolving credit facility |
|
35,000 |
|
|
|
19,000 |
|
Proceeds from issuance of Class A common stock sold in an IPO, net
of underwriting discounts and commissions |
|
— |
|
|
|
278,833 |
|
Purchase of LLC Interests with proceeds from IPO |
|
— |
|
|
|
(124,312 |
) |
Deferred offering costs |
|
— |
|
|
|
(9,619 |
) |
Net Cash Provided By
Financing Activities |
|
30,265 |
|
|
|
12,796 |
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash |
|
3,524 |
|
|
|
(5,846 |
) |
Cash, Cash Equivalents
and Restricted Cash—Beginning of Period |
|
9,557 |
|
|
|
10,073 |
|
Cash, Cash Equivalents
and Restricted Cash—End of Period |
$ |
13,081 |
|
|
$ |
4,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoals Technologies Group,
Inc.Adjusted EBITDA and Adjusted Net Income
Reconciliation (Unaudited)(in thousands)
Reconciliation of Net Income (Loss) to Adjusted
EBITDA (in thousands):
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
Net income (loss) |
$ |
4,649 |
|
$ |
(8,334 |
) |
Interest expense, net |
|
3,836 |
|
|
3,709 |
|
Income tax (expense)
benefit |
|
1,522 |
|
|
(1,475 |
) |
Depreciation expense |
|
424 |
|
|
405 |
|
Amortization of
intangibles |
|
2,270 |
|
|
1,996 |
|
Payable pursuant to the TRA
adjustment (a) |
|
— |
|
|
— |
|
Loss on debt repayment |
|
— |
|
|
15,990 |
|
Equity-based compensation |
|
3,831 |
|
|
1,392 |
|
Acquisition-related
expenses |
|
— |
|
|
— |
|
COVID-19 expenses (b) |
|
— |
|
|
55 |
|
Non-recurring and other
expenses (c) |
|
— |
|
|
339 |
|
Adjusted EBITDA |
$ |
16,532 |
|
$ |
14,077 |
|
(a) Represents an adjustment to eliminate the
remeasurement of the payable pursuant to the TRA.
(b) Represents costs incurred as a direct impact
from the COVID-19 pandemic, disinfecting and reconfiguration of
facilities, medical professionals to conduct daily screenings of
employees, premium pay during the pandemic to hourly workers in
2020 and direct legal costs associated with the pandemic.
(c) Represents certain costs associated with
non-recurring professional services, Oaktree’s expenses and other
costs.
Reconciliation of Net Income (Loss) Attributable
to Shoals Technologies Group, Inc. to Adjusted Net Income (in
thousands):
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) attributable
to Shoals Technologies Group, Inc. |
$ |
2,640 |
|
|
$ |
(2,859 |
) |
Net income impact from pro
forma conversion of Class B common stock to Class A common stock
(a) |
|
2,009 |
|
|
|
(5,475 |
) |
Adjustment to the provision
for income tax (b) |
|
(475 |
) |
|
|
1,134 |
|
Tax effected net income |
|
4,174 |
|
|
|
(7,200 |
) |
Amortization of
intangibles |
|
2,270 |
|
|
|
1,996 |
|
Amortization of deferred
financing costs |
|
276 |
|
|
|
370 |
|
Payable pursuant to the TRA
adjustment (c) |
|
— |
|
|
|
— |
|
Loss on debt repayment |
|
— |
|
|
|
15,990 |
|
Equity-based compensation |
|
3,831 |
|
|
|
1,392 |
|
Acquisition-related
expenses |
|
— |
|
|
|
— |
|
COVID-19 expenses (d) |
|
— |
|
|
|
55 |
|
Non-recurring and other
expenses (e) |
|
— |
|
|
|
339 |
|
Tax impact of adjustments
(f) |
|
(1,508 |
) |
|
|
(4,171 |
) |
Adjusted Net Income |
$ |
9,043 |
|
|
$ |
8,771 |
|
(a) Reflects net income (loss) to
Class A common shares from pro forma exchange of corresponding
shares of our Class B common shares held by our Founder and
management.
(b) Shoals Technologies Group, Inc.
is subject to U.S. Federal income taxes, in addition to state and
local taxes with respect to its allocable share of any net taxable
income of Shoals Parent LLC. The adjustment to the provision for
income tax reflects the effective tax rates below, assuming Shoals
Technologies Group, Inc. owns 100% of the units in Shoals Parent
LLC.
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
2021 |
|
|
Statutory U.S. Federal income tax rate |
21.0 |
% |
|
21.0 |
% |
|
|
Permanent adjustments |
0.1 |
% |
|
(1.2 |
)% |
|
|
State and local taxes (net of
federal benefit) |
2.5 |
% |
|
0.9 |
% |
|
|
Effective income tax rate for
Adjusted Net Income |
23.6 |
% |
|
20.7 |
% |
|
(c) Represents an adjustment to
eliminate the remeasurement of the payable pursuant to the TRA.
(d) Represents costs incurred as a
direct impact from the COVID-19 pandemic, disinfecting and
reconfiguration of facilities, medical professionals to conduct
daily screenings of employees, premium pay during the pandemic to
hourly workers in 2020 and direct legal costs associated with the
pandemic.
(e) Represents certain costs
associated with non-recurring professional services, Oaktree’s
expenses and other costs.
(f) Represents the estimated tax
impact of all Adjusted Net Income add-backs, excluding those which
represent permanent differences between book versus tax.
Reconciliation of Diluted Weighted Average
Shares Outstanding to Adjusted Diluted Weighted Average Shares
Outstanding (in thousands, except per share):
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
Diluted weighted average
shares of Class A common shares outstanding, excluding Class B
common shares |
|
112,240 |
|
|
93,540 |
Assumed pro forma conversion
of Class B common shares to Class A common shares |
|
54,794 |
|
|
73,067 |
Adjusted diluted weighted
average shares outstanding |
|
167,034 |
|
|
166,607 |
|
|
|
|
Adjusted Net Income (a) |
$ |
9,043 |
|
$ |
8,771 |
Adjusted Diluted EPS |
$ |
0.05 |
|
$ |
0.05 |
(a) Represents Adjusted Net Income
for the full period presented.
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