NIC Reports Third Quarter 2019 Results

NIC Reports Third Quarter 2019 Results

Company Continues Momentum In Securing Key Contract Renewals and Driving Strong Organic Revenue Growth
OLATHE, Kan.–(BUSINESS WIRE)–NIC Inc. (Nasdaq: EGOV), the leading provider of digital government services, announced results for the third quarter of 2019 that ended September 30, 2019, as compared to the third quarter of 2018.

Total revenues of $90.4 million, a 4% increase.

Operating income of $18.0 million, an 8% decrease, mainly reflecting lower revenues and profitability from the new Texas payment processing contract compared to revenues from the legacy Texas contract.

Net income of $14.5 million, a 9% decrease.

Diluted earnings per share of 21 cents, a 13% decrease. Diluted earnings per share was positively impacted by 1 cent due to the release of reserves for unrecognized income tax benefits resulting from the expiration of certain statutes of limitations for certain tax years, partially offset by a decrease in the previously estimated research and development tax credit for the 2018 and 2019 tax years upon filing of the Company’s 2018 federal tax return during the current quarter. Certain similar discrete items increased earnings per share in the prior year quarter by approximately 2 cents.

Adjusted EBITDA of $23.0 million, a 3% decrease.

Additional Financial Highlights:

Same state revenues of $73.0 million, a 12% increase.

Same state transaction-based revenues from Interactive Government Services (IGS) increased 17%.

Same state transaction-based revenues from Driver History Records (DHR) increased 2%.

Same state revenues from other services (development services & fixed fee management services) increased 9%.

Revenues from the Company’s operations in the state of Texas and Illinois were excluded from same state revenues in the current quarter because they did not generate comparable revenues for two full comparable periods.

State enterprise revenues in the third quarter of 2019 included $7.8 million from the new Texas payment processing contract compared to $2.0 million in the prior year quarter. The prior year quarter also included $13.3 million in state enterprise revenues from the legacy Texas contract.

Software & Services revenues of $9.3 million, a 51% increase, driven mainly by the new federal Recreation.gov service, which launched on October 1, 2018, as well as higher transaction-based revenues from the federal Pre-Employment Screening Program, in addition to revenues from the recently-acquired RxGov® and NIC Licensing Solutions businesses.

On October 28, 2019, the Company’s Board of Directors declared a regular quarterly cash dividend of 8 cents per share, payable to stockholders of record as of December 4, 2019. The dividend, which is expected to total approximately $5.4 million based on the current number of shares outstanding, will be paid on December 18, 2019 out of the Company’s available cash.

“This is an exciting time for everyone at NIC. The momentum we have with regard to the renewals of our long-term government partnerships speaks to the excellent work of NIC’s teams and their commitment to our state partners,” said Harry Herington, NIC’s Chief Executive Officer and Chairman of the Board. “We believe the strength in organic growth and the increasing contribution of our vertical solutions show that we are just beginning to hit our stride.”

Operational Highlights:

Several of the Company’s long-term government partners recently extended their relationships with the Company:

Following a competitive rebid process, the state of Vermont selected the Company as its state digital government services provider. The three-year contract with the state includes one three-year renewal term, which can be exercised at the state’s option, for a possible total of six years.

The Company signed a new two-year contract with the state of Idaho, which includes one two-year renewal term, which can be exercised at the state’s option, for a possible total of four years.

The Company signed a new one-year contract with the state of Maryland, which includes a one-year renewal term, which can be exercised at the state’s option, for a possible total of two years.

As previously announced, after a competitive bid process, the Commonwealth of Virginia awarded the Company a new enterprise services contract to provide state digital government solutions. The multi-vendor award is for five years and includes three one-year renewal terms, which can be exercised at the state’s option for a possible total of eight years.

Third Quarter Earnings Call and Webcast Details

On October 30, 2019, the Company will host a call to discuss its 2019 third quarter financial and operational results and to answer questions from the investment community. The call may also include a discussion of Company developments, and forward-looking and other material information about business and financial matters.

Dial-In Information

Wednesday, October 30, 2019 at 4:30 p.m. (EDT)

Call bridge:

800-353-6461 (U.S. callers) or 334-323-0501 (international callers)

Conference ID:

9605573

Call leaders:

Harry Herington, Chief Executive Officer and Chairman of the Board

 

Steve Kovzan, Chief Financial Officer

Webcast Information

To sign in and listen: The Webcast system is available at http://www.egov.com/investor-relations

A replay of NIC’s third quarter earnings call will be available by visiting http://www.egov.com/investor-relations.

About NIC

NIC Inc. (Nasdaq: EGOV) launched the digital government industry in 1992, and continues to lead it, providing a secure payment platform and thousands of digital government solutions across a network of more than 6,000 federal, state, and local government agencies. In addition, NIC is a leading provider of outdoor recreation solutions, with 1 out of 6 hunting and fishing licenses in the United States sold using an NIC service. The Company launched the nation’s first personal assistant for government and comprehensive mobile device platform, Gov2Go®, as well as the innovative, data-driven prescription drug monitoring platform, RxGov®. More information is available at www.egov.com.

Non-GAAP Measures

In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin. Adjusted EBITDA is defined as net income excluding interest, income tax expense, depreciation & amortization, stock-based compensation and other significant non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA margin is defined as adjusted EBITDA divided by total revenues. These measures should be used in addition to, and not as a substitute for, revenues, operating income, operating income margin, net income, earnings per share or other measures of profitability, liquidity or other performance measures computed in accordance with U.S. GAAP. We believe the presentation of adjusted EBITDA and adjusted EBITDA margin is useful to investors and other users as these measures represent key supplemental information to compare and evaluate our core underlying business results over time and with other companies. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedule provides a full reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures. Adjusted EBITDA and adjusted EBITDA margin represent performance measures and are not intended to represent liquidity measures.

Cautionary Statement Regarding Forward-Looking Information

Any statements made in this release that do not relate to historical or current facts constitute forward-looking statements. These statements often address the Company’s potential financial performance for the 2019 fiscal year or future fiscal years, estimates, projections, the expected length of contract terms, statements relating to the Company’s business plans, objectives and expected operating results, statements relating to potential new contracts or renewals, statements relating to the Company’s expected effective tax rate, statements relating to possible future dividends and share repurchases, and other possible future events, including potential acquisitions, and the assumptions upon which those statements are based. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. These risks include regional or national business, political, economic, competitive, social and market conditions, including various termination rights of the Company and its partners, the ability of the Company to renew existing contracts – in whole or in part, and to sign contracts with new federal, state, and local government agencies, the impact of potential information technology, cybersecurity or data security breaches or incidents, and the Company’s ability to identify and acquire suitable acquisition candidates and to successfully integrate any acquired businesses. You should not rely on any forward-looking statement as a prediction or guarantee about the future. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the sections titled “Risk Factors” and Cautions About Forward-Looking Statements” of the Company’s most recent Forms 10-K and 10-Q filed with the SEC. These filings are available at the SEC’s website at www.sec.gov. Any forward-looking statements included in this release speak only as of the date of this release. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

NIC INC.

CONSOLIDATED STATEMENTS OF INCOME AND FINANCIAL SUMMARY

(In thousands, except per share amounts and percentages)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

 

State enterprise revenues

 

$

81,084

 

 

$

80,884

 

 

$

241,169

 

 

$

248,230

 

Software & services revenues

 

9,301

 

 

6,144

 

 

25,963

 

 

18,021

 

Total revenues

 

90,385

 

 

87,028

 

 

267,132

 

 

266,251

 

Operating expenses:

 

 

 

 

 

 

 

 

State enterprise cost of revenues, exclusive of depreciation & amortization

 

50,408

 

 

48,224

 

 

151,340

 

 

148,577

 

Software & services cost of revenues, exclusive of depreciation & amortization

 

3,586

 

 

2,226

 

 

9,635

 

 

6,689

 

Selling & administrative

 

8,153

 

 

8,514

 

 

26,473

 

 

24,285

 

Enterprise technology & product support

 

6,743

 

 

6,176

 

 

19,933

 

 

17,559

 

Depreciation & amortization

 

3,524

 

 

2,441

 

 

9,075

 

 

6,651

 

Total operating expenses

 

72,414

 

 

67,581

 

 

216,456

 

 

203,761

 

Operating income

 

17,971

 

 

19,447

 

 

50,676

 

 

62,490

 

Other income:

 

 

 

 

 

 

 

 

Interest income

 

729

 

 

153

 

 

1,910

 

 

212

 

Income before income taxes

 

18,700

 

 

19,600

 

 

52,586

 

 

62,702

 

Income tax provision

 

4,190

 

 

3,698

 

 

12,113

 

 

14,280

 

Net income

 

$

14,510

 

 

$

15,902

 

 

$

40,473

 

 

$

48,422

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.21

 

 

$

0.24

 

 

$

0.60

 

 

$

0.72

 

Diluted net income per share

 

$

0.21

 

 

$

0.24

 

 

$

0.60

 

 

$

0.72

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

66,960

 

 

66,562

 

 

66,858

 

 

66,476

 

Diluted

 

66,960

 

 

66,598

 

 

66,858

 

 

66,507

 

 

 

 

 

 

 

 

 

 

Key financial metrics:

 

 

 

 

 

 

 

 

Total revenue growth

 

4

%

 

3

%

 

%

 

5

%

Recurring revenues as a % of total revenues

 

97

%

 

97

%

 

97

%

 

97

%

State enterprise revenue growth

 

%

 

6

%

 

(3

)%

 

7

%

Same state revenue growth

 

12

%

 

9

%

 

11

%

 

9

%

Gross profit % – state enterprise

 

38

%

 

40

%

 

37

%

 

40

%

Software & services revenue growth

 

51

%

 

(24

)%

 

44

%

 

(10

)%

Gross profit % – software & services

 

61

%

 

64

%

 

63

%

 

63

%

Selling & administrative as a % of total revenues

 

9

%

 

10

%

 

10

%

 

9

%

Enterprise technology & product support as a % of total revenues

 

7

%

 

7

%

 

7

%

 

7

%

Operating income as a % of total revenue (“operating margin”)

 

20

%

 

22

%

 

19

%

 

23

%

State enterprise revenue analysis:

 

 

 

 

 

 

 

 

IGS

 

$

54,308

 

 

$

51,085

 

 

$

160,015

 

 

$

156,463

 

DHR

 

23,076

 

 

25,555

 

 

70,158

 

 

79,439

 

Development services

 

2,462

 

 

3,006

 

 

7,283

 

 

8,615

 

Fixed-fee management services

 

1,238

 

 

1,238

 

 

3,713

 

 

3,713

 

Total state enterprise revenues

 

$

81,084

 

 

$

80,884

 

 

$

241,169

 

 

$

248,230

 

NIC INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value amount)

(Unaudited)

 

 

September 30, 2019

 

December 31, 2018

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash

 

$

209,277

 

 

$

191,700

 

Trade accounts receivable, net

 

106,081

 

 

80,904

 

Prepaid expenses & other current assets

 

12,972

 

 

13,730

 

Total current assets

 

328,330

 

 

286,334

 

Property and equipment, net

 

10,506

 

 

10,256

 

Right of use lease assets, net

 

11,667

 

 

 

Intangible assets, net

 

22,844

 

 

13,604

 

Goodwill

 

5,965

 

 

 

Other assets

 

355

 

 

332

 

Total assets

 

$

379,667

 

 

$

310,526

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

84,792

 

 

$

60,092

 

Accrued expenses

 

25,706

 

 

24,150

 

Lease liabilities

 

3,996

 

 

 

Other current liabilities

 

7,856

 

 

4,883

 

Total current liabilities

 

122,350

 

 

89,125

 

 

 

 

 

 

Deferred income taxes, net

 

2,245

 

 

781

 

Lease liabilities

 

8,062

 

 

 

Other long-term liabilities

 

7,099

 

 

8,931

 

Total liabilities

 

139,756

 

 

98,837

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.0001 par, 200,000 shares authorized, 66,961 and 66,569 shares issued and outstanding

 

7

 

 

7

 

Additional paid-in capital

 

121,706

 

 

117,763

 

Retained earnings

 

118,198

 

 

93,919

 

Total stockholders’ equity

 

239,911

 

 

211,689

 

Total liabilities and stockholders’ equity

 

$

379,667

 

 

$

310,526

 

NIC INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

September 30, 2019

 

 

Common Stock

 

Additional
Paid-in
Capital

 

Retained
Earnings

 

 

 

 

Shares

 

Amount

 

 

 

Total

Balance, January 1, 2019

 

66,569

 

 

$

7

 

 

$

117,763

 

 

$

93,919

 

 

$

211,689

 

Net income

 

 

 

 

 

 

 

11,502

 

 

11,502

 

Dividends declared

 

 

 

 

 

 

 

(5,402

)

 

(5,402

)

Dividend equivalents on unvested performance-based restricted stock awards

 

 

 

 

 

27

 

 

(27

)

 

 

Dividend equivalents cancelled upon forfeiture of performance-based restricted stock awards

 

 

 

 

 

(122

)

 

122

 

 

 

Restricted stock vestings

 

364

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(153

)

 

 

 

(2,609

)

 

 

 

(2,609

)

Stock-based compensation

 

 

 

 

 

2,272

 

 

 

 

2,272

 

Shares issuable in lieu of dividend payments on unvested performance-based restricted stock awards

 

3

 

 

 

 

 

 

 

 

 

Issuance of common stock under employee stock purchase plan

 

128

 

 

 

 

1,443

 

 

 

 

1,443

 

Balance, March 31, 2019

 

66,911

 

 

7

 

 

118,774

 

 

100,114

 

 

218,895

 

Net income

 

 

 

 

 

 

 

14,460

 

 

14,460

 

Dividends declared

 

 

 

 

 

 

 

(5,416

)

 

(5,416

)

Dividend equivalents on unvested performance-based restricted stock awards

 

 

 

 

 

27

 

 

(27

)

 

 

Restricted stock vestings

 

47

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(2

)

 

 

 

(28

)

 

 

 

(28

)

Stock-based compensation

 

 

 

 

 

1,431

 

 

 

 

1,431

 

Balance, June 30, 2019

 

66,956

 

 

7

 

 

120,204

 

 

109,131

 

 

229,342

 

Net income

 

 

 

 

 

 

 

14,510

 

 

14,510

 

Dividends declared

 

 

 

 

 

 

 

(5,416

)

 

(5,416

)

Dividend equivalents on unvested performance-based restricted stock awards

 

 

 

 

 

27

 

 

(27

)

 

 

Restricted stock vestings

 

8

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(3

)

 

 

 

(49

)

 

 

 

(49

)

Stock-based compensation

 

 

 

 

 

1,524

 

 

 

 

1,524

 

Balance, September 30, 2019

 

66,961

 

 

$

7

 

 

$

121,706

 

 

$

118,198

 

 

$

239,911

 

NIC INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

September 30, 2018

 

 

Common Stock

 

Additional
Paid-in
Capital

 

Retained
Earnings

 

 

 

 

Shares

 

Amount

 

 

 

Total

Balance, January 1, 2018

 

66,271

 

 

$

7

 

 

$

111,275

 

 

$

56,960

 

 

$

168,242

 

Cumulative effect of adoption of new accounting standard

 

 

 

 

 

 

 

208

 

 

208

 

Net income

 

 

 

 

 

 

 

15,508

 

 

15,508

 

Dividends declared

 

 

 

 

 

 

 

(5,370

)

 

(5,370

)

Dividend equivalents on unvested performance-based restricted stock awards

 

 

 

 

 

34

 

 

(34

)

 

 

Dividend equivalents canceled upon forfeiture of performance-based restricted stock awards

 

 

 

 

 

(140

)

 

140

 

 

 

Restricted stock vestings

 

202

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(81

)

 

 

 

(1,132

)

 

 

 

(1,132

)

Stock-based compensation

 

 

 

 

 

1,511

 

 

 

 

1,511

 

Issuance of common stock under employee stock purchase plan

 

122

 

 

 

 

1,382

 

 

 

 

1,382

 

Balance, March 31, 2018

 

66,514

 

 

7

 

 

112,930

 

 

67,412

 

 

180,349

 

Net income

 

 

 

 

 

 

 

17,011

 

 

17,011

 

Dividends declared

 

 

 

 

 

 

 

(5,385

)

 

(5,385

)

Dividend equivalents on unvested performance-based restricted stock awards

 

 

 

 

 

33

 

 

(33

)

 

 

Restricted stock vestings

 

44

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(2

)

 

 

 

(32

)

 

 

 

(32

)

Stock-based compensation

 

 

 

 

 

1,576

 

 

 

 

1,576

 

Balance, June 30, 2018

 

66,556

 

 

7

 

 

114,507

 

 

79,005

 

 

193,519

 

Net income

 

 

 

 

 

 

 

15,902

 

 

15,902

 

Dividends declared

 

 

 

 

 

 

 

(5,383

)

 

(5,383

)

Restricted stock vestings

 

14

 

 

 

 

 

 

 

 

 

Shares surrendered and canceled upon vesting of restricted stock to satisfy tax withholdings

 

(3

)

 

 

 

(43

)

 

 

 

(43

)

Stock-based compensation

 

 

 

 

 

1,877

 

 

 

 

1,877

 

Balance, September 30, 2018

 

66,567

 

 

$

7

 

 

$

116,341

 

 

$

89,524

 

 

$

205,872

 

NIC INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended
September 30,

 

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

Net income

 

$

40,473

 

 

$

48,422

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation & amortization

 

9,075

 

 

6,651

 

Stock-based compensation expense

 

5,227

 

 

4,965

 

Deferred income taxes

 

1,464

 

 

1,043

 

Provision for losses on accounts receivable

 

409

 

 

350

 

Changes in operating assets and liabilities:

 

 

 

 

Trade accounts receivable, net

 

(25,135

)

 

4,688

 

Prepaid expenses & other current assets

 

761

 

 

(1,018

)

Other assets

 

3,333

 

 

226

 

Accounts payable

 

24,700

 

 

(12,983

)

Accrued expenses

 

1,554

 

 

(3,032

)

Other current liabilities

 

2,052

 

 

92

 

Other long-term liabilities

 

(5,211

)

 

151

 

Net cash provided by operating activities

 

58,702

 

 

49,555

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

(3,483

)

 

(4,000

)

Business combination

 

(10,000

)

 

 

Asset acquisition

 

(3,486

)

 

(3,555

)

Capitalized software development costs

 

(6,679

)

 

(5,783

)

Net cash used in investing activities

 

(23,648

)

 

(13,338

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Cash dividends on common stock

 

(16,234

)

 

(16,138

)

Proceeds from employee common stock purchases

 

1,443

 

 

1,382

 

Tax withholdings related to stock-based compensation awards

 

(2,686

)

 

(1,209

)

Net cash used in financing activities

 

(17,477

)

 

(15,965

)

 

 

 

 

 

Net increase in cash

 

17,577

 

 

20,252

 

Cash, beginning of period

 

191,700

 

 

160,777

 

Cash, end of period

 

209,277

 

 

181,029

 

 

 

 

 

 

Other cash flow information:

 

 

 

 

Non-cash investing activities:

 

 

 

 

Contingent consideration – business combination

 

$

960

 

 

$

 

Cash payments:

 

 

 

 

Income taxes paid, net

 

$

12,283

 

 

$

13,206

 

NIC INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

Reconciliation of net income to Adjusted EBITDA

 

2019

 

2018

 

2019

 

2018

Net income

 

$

14,510

 

 

$

15,902

 

 

$

40,473

 

 

$

48,422

 

Add: Income tax expense

 

4,190

 

 

3,698

 

 

12,113

 

 

14,280

 

Less: Interest income

 

729

 

 

153

 

 

1,910

 

 

212

 

Operating income

 

17,971

 

 

19,447

 

 

50,676

 

 

62,490

 

Add: Depreciation & amortization expense

 

3,524

 

 

2,441

 

 

9,075

 

 

6,651

 

Add: Stock-based compensation expense, inclusive of executive severance (1)

 

1,524

 

 

1,877

 

 

5,227

 

 

4,965

 

Add: Executive severance payments (1)

 

 

 

 

 

1,526

 

 

 

Adjusted EBITDA

 

$

23,019

 

 

$

23,765

 

 

$

66,504

 

 

$

74,106

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$

90,385

 

 

$

87,028

 

 

$

267,132

 

 

$

266,251

 

 

 

 

 

 

 

 

 

 

Net income as a % of total revenues (“net profit margin”)

 

16

%

 

18

%

 

15

%

 

18

%

Adjusted EBITDA as a % of total revenues (“Adjusted EBITDA margin”)

 

25

%

 

27

%

 

25

%

 

28

%

 

 

 

 

 

 

 

 

 

Detail of stock-based compensation expense

 

 

 

 

 

 

 

 

State enterprise cost of revenues, exclusive of depreciation & amortization

 

$

370

 

 

$

361

 

 

$

1,127

 

 

$

1,166

 

Software & services cost of revenues, exclusive of depreciation & amortization

 

19

 

 

36

 

 

75

 

 

112

 

Selling & administrative

 

951

 

 

1,324

 

 

3,523

 

 

3,183

 

Enterprise technology & product support

 

184

 

 

156

 

 

502

 

 

504

 

Stock-based compensation expense

 

$

1,524

 

 

$

1,877

 

 

$

5,227

 

 

$

4,965

 

 

 

 

 

 

 

 

 

 

Executive severance expense of $2.6 million related to the departure of the Company’s former Chief Operating Officer is included in selling & administrative expense in the consolidated statements of income and financial summary for the nine months ended September 30, 2019. These costs consisted of a one-time cash payment of $1.5 million and $1.1 million of stock-based compensation expense associated with the accelerated vesting of certain restricted stock awards. These costs were excluded from Adjusted EBITDA because the Company does not regard these costs as reflective of normal recurring costs to operate its business.

 
Contacts
Steve Kovzan
Chief Financial Officer
(913) 754-7007
[email protected]

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