Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2018 Financial Results and Establishes 2019 Guidance

TORONTO--(BUSINESS WIRE)--Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported financial results for its fourth quarter and twelve months ended December 31, 2018. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures. See “Non-IFRS Financial Measures” below.

Highlights of Fourth Quarter 2018 Results versus Fourth Quarter 2017 Results

• Revenue increased 18% to $99.1 million (see note on “IFRS 15 – Revenue Recognition” below);
• Revenue increased 22% to $102.8 million excluding the new revenue recognition accounting impact;
• Adjusted EBITDA increased 22% to $22.9 million;
• Net Income was $10.0 million and Adjusted Net Income increased 25% to $12.2 million;
• Earnings per Diluted Share were $0.25, and Adjusted Earnings per Diluted Share increased 24% to $0.31.

Highlights of Full Year 2018 Results versus Full Year 2017 Results

• Revenue increased 6% to $319.8 million (see note on “IFRS 15 – Revenue Recognition” below);
• Revenue increased 11% to $333.1 million excluding the new revenue recognition accounting impact;
• Adjusted EBITDA increased 10% to $67.6 million;
• Net income was $26.7 million and Adjusted Net Income increased 22% to $33.7 million;
• Earnings per Diluted Share were $0.67, and Adjusted Earnings per Diluted Share increased 21% to $0.85;
• Achieved full year 2018 guidance for revenue, Adjusted EBITDA and Adjusted Earnings per Share.

IFRS 15 – Revenue Recognition: Results for the fourth quarter and fiscal year 2018 reflect the impact of the application of IFRS 15. As a result, certain items previously included in costs of sales are now classified as a reduction of revenue. Application of this accounting policy reduced fourth quarter 2018 revenue by $3.6 million and reduced fiscal year 2018 revenue by $13.3 million. As the Company’s 2018 Guidance did not reflect the impact of this classification change, revenue is presented excluding the new revenue recognition accounting impact to improve comparability with Guidance and prior period results. The Company has provided a table which details the impact this classification change has had on revenue by quarter throughout 2018 (refer to “Summary of Consolidated Quarterly Results” below and within the MD&A). There is no impact on earnings from operations, Adjusted EBITDA or net income as a result of the application of IFRS 15. Results for the year ended December 31, 2018 are presented under the new guidance, while prior year results have not been adjusted and continue to be reported in accordance with historical accounting guidance.

“We finished 2018 on a strong note with a record level of performance, reporting 22% revenue growth during the fourth quarter excluding the IFRS 15 revenue recognition impact and met each of our 2018 guidance metrics. During the quarter and full year, we saw tremendous strength in our core Jamieson brand, both domestically and internationally, and robust growth in the Strategic Partners segment of the business,” said Mark Hornick, President and Chief Executive Officer of Jamieson Wellness. “During the fourth quarter, revenue in the branded segment was 12% higher than the previous year driven by a very strong 16% growth in the Jamieson brand domestically and 26% growth internationally. We have now implemented new leadership and structural improvements in our Specialty Brands division to improve performance. We expect Specialty Brands sales to return to growth in the second half of 2019. As we enter a new year, we remain confident in our Company-wide growth strategies and ability to achieve our strategic goals.”

Declaration of Fourth Quarter Dividend

On February 26, 2019, the board of directors declared a cash dividend for the fourth quarter of 2018 of $0.09 per common share, or approximately $3.4 million in the aggregate. The dividend will be paid on March 15, 2019 to all common shareholders of record at the close of business on March 7, 2019. The Company has designated this dividend as an “eligible dividend” for the purposes of the Income Tax Act (Canada).

Fourth Quarter 2018 Results

Revenue increased 18%, or $14.8 million, to $99.1 million in Q4 2018 and grew 22% to $102.8 million excluding the impact of the new revenue recognition accounting change. Jamieson Brands revenues increased by $7.8 million or 12% excluding the new revenue recognition accounting impact of $3.6 million and Strategic Partners revenues increased by $10.7 million or by 57%, all compared to the prior year period.

On a normalized basis, revenue growth in the Jamieson Brands segment was driven by higher domestic Jamieson sales of $7.3 million and international growth of $1.9 million, partially offset by lower volumes on Specialty Brands (formerly referred to as “Health Foods” including Body Plus and LVHS) of $1.4 million. Domestic Jamieson sales were 16% higher driven by increased volumes from consumer demand, the February price increase, innovations, and timing. International sales increased by 26% versus the fourth quarter of 2017, led by growth in Asia, Europe and the Middle East, while Specialty Brands volumes decreased by 11%. In the fourth quarter of 2018 the Company implemented improvement initiatives for its Specialty Brands division surrounding culture, customer and consumer. As the quarter progressed these initiatives began to take effect and revenue has improved on a month-over-month basis. Specialty Brands represent 15% of consolidated revenues and is expected to deliver approximately 1% of total Company long-term annual growth.

The Strategic Partners revenue increase was primarily driven by new contracts and increased shipments due to strong demand for customers’ branded products. Fourth quarter revenue was also impacted by the raw material delays from the third quarter of 2018, which led to a shift in production and delivery into the fourth quarter of 2018.

Gross profit increased 14%, or $4.3 million, to $35.2 million during the fourth quarter of 2018. Gross margin decreased to 35.5% from 36.6%, primarily reflecting the higher proportion of Strategic Partners revenue during the quarter compared to the prior year and the new revenue recognition accounting impact.

SG&A expenses increased by 18%, or $2.6 million, to $16.9 million during the fourth quarter of 2018. Excluding the $2.1 million in non-recurring costs related mainly to business integration, new international and e-commerce developments and other non-recurring costs, SG&A expenses were $0.5 million higher than the prior year period reflecting the reclassification of $0.4 million in fixed fee trade costs from Cost of Goods sold.

Earnings from operations increased 15%, or $2.2 million, to $17.1 million and operating margin decreased 50 basis points to 17.2% in the fourth quarter of 2018. On a normalized basis, adjusting for the non-recurring costs noted above, as well as the impact of share-based compensation related to the accelerated vesting in the prior year period, operating margin would have been 19.4% compared to 18.9% in the prior year period.

Interest expense and other financing costs increased by $0.3 million to $2.4 million in the fourth quarter of 2018 due to recent increases in benchmark interest rates.

Net income for the fourth quarter of 2018 was $10.0 million compared to $3.7 million in the fourth quarter of 2017. Adjusted Net Income, which excludes non-operating expenses, increased 25% to $12.2 million, or $0.31 per fully diluted shares, in the fourth quarter of 2018 from $9.7 million, or $0.25 per fully diluted share, in the fourth quarter of 2017.

Adjusted Net Income for the fourth quarter of 2018 excludes costs primarily related to the integration of the LVHS business with Body Plus, including the closure of two west coast distribution facilities and the consolidation of supply chain activities, international market expansion costs, other non-recurring items and the related tax effects. Adjusted Net Income for the fourth quarter of 2017 excludes costs associated with public offerings, acquisitions, restructuring activities, foreign exchange losses and the related tax effects. A detailed reconciliation of reported net income to non-IFRS Adjusted Net Income is included in the tables accompanying this release under the heading Non-IFRS Financial Measures.

Adjusted EBITDA increased 22% to $22.9 million in the fourth quarter of 2018 and Adjusted EBITDA margin increased to 23.1% from 22.4% in 2017.

Balance Sheet & Cash Flow

The Company generated $22.2 million of cash from operations during the fourth quarter of 2018 compared to $17.2 million for the same period in the prior year. The Company’s cash at December 31, 2018 was $12.4 million compared to $4.8 million on December 31, 2017. On November 20, 2018, the Company declared a quarterly dividend of $0.09 per common share to holders of record as of November 30, 2018 and paid such dividend on December 14, 2018. The dividend payment was approximately $3.4 million in the aggregate.

	Three months ended
	December 31
($ in 000's, except as otherwise noted)	2018		2017		$ Change		% Change
Cash, beginning of period	2,815		1,196		1,619		135.4	%
Cash flows from (used in):
Operating activities	22,233		17,194		5,039		29.3	%
Investing activities	(4,611	)	(2,056	)	(2,555	)	(124.3	%)
Financing activities	(7,992	)	(11,501	)	3,509		30.5	%
Cash, end of period	12,445		4,833		7,612		157.5	%

Initial 2019 Outlook

The Company is establishing its initial outlook for fiscal 2019 and anticipates generating net revenue in a range of $336.0 to $348.0 million, representing growth of 5% to 9% over $319.8 million. Excluding the new revenue recognition accounting impact, the Company’s net revenue expectation would have been in a range of $350.0 million - $362.0 million. The Company anticipates Adjusted EBITDA in a range of $73.0 to $76.0 million and Adjusted Diluted Earnings per Share in a range of $0.90 to $0.95.

This outlook reflects IFRS 15 revenue recognition accounting and the following assumptions:

• Jamieson Brands segment growth of 5%-9%, including:
  • 3% to 5% growth of the Jamieson brand domestically
  • 25% to 35% international growth and
  • Specialty Brands growth of 1% to 5%
• Strategic Partners segment growth of 5% to 8%
• Normalized SG&A increases of 11% to 15% to support international market growth and e-commerce initiatives, among other costs
• Increased depreciation expense reflecting higher capital expenditures to support capacity expansions and the capitalization of operating leases with the implementation of IFRS 16
• A forecasted CAD/USD exchange rate of $1.33
• Interest expense of $9.0 million to $9.5 million, based on interest rates ranging between 4.5% to 5.5%
• Income tax rate of approximately 28%
• A fully diluted share count of approximately 40.0 million shares.

Consolidated Financial Statements and Management’s Discussion and Analysis

The Company’s audited consolidated annual financial statements and accompanying notes as at and for the three and twelve months ended December 31, 2018 and related management’s discussion and analysis of financial condition and results of operations (“MD&A”) are available under the Company’s profile on SEDAR at www.sedar.com and on the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com.

Conference Call

Management will host a conference call to discuss the Company’s fourth quarter and full year 2018 results at 5:00 p.m. ET on February 27, 2019. The call can be accessed live over the telephone by dialing 1-877-425-9470 from Canada and the U.S. or 1-201-389-0878 from international locations. A replay will be available shortly after the call and can be accessed by dialing 1-844-512-2921 from Canada and the U.S. or 1-412-317-6671 from international locations. The passcode for the replay is 13686518 and it will be available until Wednesday, March 13, 2019.

Interested parties may listen to a simultaneous webcast of the conference call by logging on via the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com or directly at http://public.viavid.com/index.php?id=132840. A replay of the webcast will be available for approximately 30 days following the call.

About Jamieson Wellness

Jamieson Wellness is dedicated to improving the world’s health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company’s heritage brand and Canada’s #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets products by Lorna Vanderhaeghe Health Solutions (LVHS), the #1 women’s natural health focused brand in Canada. For more information please visit jamiesonwellness.com.

Jamieson Wellness’ head office is located at 1 Adelaide Street East, Toronto, Ontario, Canada.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s anticipated growth opportunities and its outlook for its 2019 revenue, Adjusted EBITDA and Adjusted Diluted Earnings per Share. Words such as “expect,” “anticipate,” “intend,” “attempt,” “may,” “plan,” “will”, “can”, “believe,” “seek,” “estimate,” and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s final prospectus (“Prospectus”) dated June 29, 2017 in respect of its initial public offering, as modified by the disclosure under the “Risk Factors” section in the Company’s MD&A filed February 27, 2019. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Outlook” in the Company’s MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Jamieson Wellness Inc.
Consolidated Statements of Operations
In thousands of Canadian dollars, except share and per share amounts
	Three months ended				For the year ended
	December 31				December 31
	2018		2017		2018		2017
Revenue	99,145		84,318		319,776		300,619
Cost of sales	63,906		53,421		204,358		195,770
Gross profit	35,239		30,897		115,418		104,849
Gross profit margin	35.5	%	36.6	%	36.1	%	34.9	%
Selling, general and administrative expenses	16,859		14,252		62,261		53,589
Share-based compensation	1,278		1,712		3,067		6,325
Earnings from operations	17,102		14,933		50,090		44,935
Operating margin	17.2	%	17.7	%	15.7	%	14.9	%
Foreign exchange loss	89		116		608		331
Termination benefits and related costs	129		1,633		2,933		4,132
Public offering costs	-		1,200		-		10,720
Acquisition costs	-		-		-		2,444
Other expenses	64		2,981		298		9,410
Preferred share accretion	-		-		-		28,796
Interest expense and other financing costs	2,390		2,140		9,000		4,733
Income (loss) before income taxes	14,430		6,863		37,251		(15,631	)
Provision for income taxes	4,384		3,130		10,578		8,156
Net income (loss)	10,046		3,733		26,673		(23,787	)
Adjusted net income	12,217		9,749		33,733		27,582
EBITDA	19,220		11,194		55,297		26,400
Adjusted EBITDA	22,933		18,848		67,628		61,477
Adjusted EBITDA margin	23.1	%	22.4	%	21.1	%	20.5	%
Weighted average number of shares
Basic	38,166,594		37,729,359		38,009,443		18,669,758
Diluted	39,707,979		39,639,122		39,531,078		18,669,758
Adjusted Diluted	39,707,979		39,639,122		39,707,979		39,639,122
Earnings per share attributable to common shareholders:
Basic, earnings (loss) per share	0.26		0.10		0.70		(1.79	)
Diluted, earnings (loss) per share	0.25		0.09		0.67		(1.79	)
Adjusted Diluted, earnings per share	0.31		0.25		0.85		0.70

Jamieson Wellness Inc.
Consolidated Statements of Financial Position
In thousands of Canadian dollars
	December 31, 2018		December 31, 2017
Assets
Current assets
Cash	12,445		4,833
Accounts receivable	82,227		71,996
Inventories	72,079		59,080
Derivatives	3,124		-
Prepaid expenses and other current assets	2,163		1,507
	172,038		137,416
Non-current assets
Property, plant and equipment	50,234		45,173
Goodwill	122,975		122,975
Intangible assets	201,371		204,264
Deferred income tax	2,403		2,727
Total assets	549,021		512,555
Liabilities
Current liabilities
Accounts payable and accrued liabilities	83,481		66,621
Income taxes payable	4,454		4,267
Derivatives	-		1,081
Current portion of long-term debt	14,625		9,750
	102,560		81,719
Long-term liabilities
Long-term debt	151,287		153,459
Post-retirement benefits	2,923		4,856
Deferred income tax	51,529		51,697
Total liabilities	308,299		291,731
Shareholders' equity
Share capital	239,404		234,908
Contributed surplus	9,037		7,437
Deficit	(10,670	)	(19,486	)
Accumulated other comprehensive income (loss)	2,951		(2,035	)
Total shareholders' equity	240,722		220,824
Total liabilities and shareholders' equity	549,021		512,555

Jamieson Wellness Inc.
Segment Information
In thousands of Canadian dollars, except as otherwise noted
Jamieson Brands
		Three months ended December 31
		2018	2017	$ Change	% Change
	Revenue	69,715	65,545	4,170	6.4%
	Gross profit	31,079	27,107	3,972	14.7%
	Gross profit margin	44.6%	41.4%	-	3.2%
	Selling, general and administrative expenses	15,324	12,663	2,661	21.0%
	Share-based compensation	1,278	1,712	(434)	(25.4%)
	Earnings from operations	14,477	12,732	1,745	13.7%
	Operating margin	20.8%	19.4%	-	1.4%
	Adjusted EBITDA	19,742	16,308	3,434	21.1%
	Adjusted EBITDA margin	28.3%	24.9%	-	3.4%
Strategic Partners
		Three months ended December 31
		2018	2017	$ Change	% Change
	Revenue	29,430	18,773	10,657	56.8%
	Gross profit	4,160	3,790	370	9.8%
	Gross profit margin	14.1%	20.2%	-	(6.1%)
	Selling, general and administrative expenses	1,535	1,589	(54)	(3.4%)
	Earnings from operations	2,625	2,201	424	19.3%
	Operating margin	8.9%	11.7%	-	(2.8%)
	Adjusted EBITDA	3,191	2,540	651	25.6%
	Adjusted EBITDA margin	10.8%	13.5%	-	(2.7%)

Jamieson Wellness Inc.
Segment Information
In thousands of Canadian dollars, except as otherwise noted
Jamieson Brands
		For the year ended December 31
		2018	2017	$ Change	% Change
	Revenue	243,772	237,001	6,771	2.9%
	Gross profit	104,115	91,559	12,556	13.7%
	Gross profit margin	42.7%	38.6%	-	4.1%
	Selling, general and administrative expenses	55,877	47,639	8,238	17.3%
	Share-based compensation	3,067	6,325	(3,258)	(51.5%)
	Earnings from operations	45,171	37,595	7,576	20.2%
	Operating margin	18.5%	15.9%	-	2.6%
	Adjusted EBITDA	60,173	52,834	7,339	13.9%
	Adjusted EBITDA margin	24.7%	22.3%	-	2.4%
Strategic Partners
		For the year ended December 31
		2018	2017	$ Change	% Change
	Revenue	76,004	63,618	12,386	19.5%
	Gross profit	11,303	13,290	(1,987)	(15.0%)
	Gross profit margin	14.9%	20.9%	-	(6.0%)
	Selling, general and administrative expenses	6,384	5,950	434	7.3%
	Earnings from operations	4,919	7,340	(2,421)	(33.0%)
	Operating margin	6.5%	11.5%	-	(5.0%)
	Adjusted EBITDA	7,455	8,643	(1,188)	(13.7%)
	Adjusted EBITDA margin	9.8%	13.6%	-	(3.8%)

Summary of Consolidated Quarterly Results

The following is a summary of selected consolidated financial information for each of the eight most recently completed quarters prepared in accordance with IFRS. As of January 1, 2018, the Company has adopted IFRS 15 using the modified retrospective method. The adoption of IFRS 15 resulted in a reclassification in the presentation of certain consideration paid to customers, which was made to the annual consolidated financial statements for the year ended December 31, 2018. Management has revised all prior quarters in 2018 for this reclassification in the below summary.

	2018				2017
($ in 000's, except per share amounts)	Q4	Q3 *	Q2 *	Q1 *	Q4	Q3		Q2		Q1
Revenue by segment
Jamieson Brands	69,715	61,787	55,701	56,569	65,545	61,889		56,647		52,920
Strategic Partners	29,430	17,872	18,492	10,210	18,773	18,256		14,608		11,981
Total revenue	99,145	79,659	74,193	66,779	84,318	80,145		71,255		64,901
Earnings from operations	17,102	12,690	10,172	10,126	14,933	11,281		10,699		8,022
Net income (loss)	10,046	7,213	4,788	4,626	3,733	1,089		(6,958	)	(21,651	)
Adjusted net income	12,217	8,853	6,903	5,760	9,749	7,793		7,870		2,170
EBITDA	19,220	14,771	10,967	10,339	11,194	8,346		3,255		3,605
Adjusted EBITDA	22,933	17,856	14,153	12,686	18,848	16,134		15,071		11,424
Basic, earnings (loss) per share	0.26	0.19	0.13	0.12	0.10	(0.24	)	(13.37	)	(41.62	)
Diluted, earnings (loss) per share	0.25	0.18	0.12	0.12	0.09	(0.24	)	(13.37	)	(41.62	)
Adjusted Diluted, earnings per share	0.31	0.22	0.17	0.15	0.25	0.20		0.20		0.05

* Revised based on IFRS 15 revenue reclassification

Results for the year ended December 31, 2018 are presented under the new guidance, while prior year results have not been adjusted and continue to be reported in accordance with historical accounting guidance. If the IFRS 15 revenue recognition impact was applied retrospectively to 2017, total revenue for the year would have been $286.1 million compared to total revenue in 2018 of $319.8 million, representing year-over-year growth of 11.8%.

Non-IFRS Financial Measures

This press release makes reference to certain non-IFRS measures. Management uses these non-IFRS financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company’s business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. We use non-IFRS measures, including “gross profit”, “gross profit margin”, “operating margin” “EBITDA”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Net Income” and “Adjusted Diluted Earnings per Share” to provide supplemental measures of the Company’s operating performance and thus highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS measures in order to prepare annual operating budgets and to determine components of management compensation. Definitions of non-IFRS measures can be found in our MD&A.

Reconciliation of Adjusted Net Income
	Three months ended				For the year ended
($ in 000's)	December 31				December 31
	2018		2017		2018		2017
Net income (loss)	10,046		3,733		26,673		(23,787	)
Adjustments to net income (loss):
Share-based compensation	383		978		535		4,171
Amortization of fair value adjustments	-		-		-		1,694
Amortization of deferred financing fee	-		-		-		3,078
Foreign exchange loss	89		116		608		331
Termination benefits and related costs	129		1,633		2,933		4,132
Acquisition costs	-		-		-		2,444
Purchase consideration accounted for as compensation expense	-		2,521		(1,066	)	8,427
Public offering costs	-		1,200		-		10,720
Net interest forgiveness	-		-		-		(11,001	)
Preferred share accretion	-		-		-		28,796
International market expansion	669		-		929		-
Non-recurring business integration	844		-		4,142		-
Other	704		472		1,718		1,004
Related tax effects	(647	)	(904	)	(2,739	)	(2,427	)
Adjusted net income	12,217		9,749		33,733		27,582

Reconciliation of EBITDA and Adjusted EBITDA
	Three months ended		For the year ended
	December 31		December 31
	2018	2017	2018		2017
Net income (loss)	10,046	3,733	26,673		(23,787	)
Add:
Provision for income taxes	4,384	3,130	10,578		8,156
Interest expense and other financing costs	2,390	2,140	9,000		4,733
Preferred share accretion	-	-	-		28,796
Depreciation of property, plant, and equipment	1,532	1,336	5,551		5,106
Amortization of intangible assets	868	855	3,495		3,396
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	19,220	11,194	55,297		26,400
Add EBITDA adjustments:
Share-based compensation	1,278	1,712	3,067		6,325
Amortization of fair value adjustments	-	-	-		1,694
Foreign exchange loss	89	116	608		331
Termination benefits and related costs	129	1,633	2,933		4,132
Acquisition costs	-	-	-		2,444
Purchase consideration accounted for as compensation expense	-	2,521	(1,066	)	8,427
Public offering costs	-	1,200	-		10,720
International market expansion	669	-	929		-
Non-recurring business integration	844	-	4,142		-
Other	704	472	1,718		1,004
Adjusted EBITDA	22,933	18,848	67,628		61,477