• FreightCar America, Inc. Reports Third Quarter 2022 Results

    Source: Nasdaq GlobeNewswire / 07 Nov 2022 15:15:01   America/Chicago

    Third quarter 2022 revenue up 47% year-over-year

    Company reaffirms revenue and delivery outlook for fiscal year 2022

    CHICAGO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) or (the “Company”), a diversified manufacturer of railroad freight cars, today reported results for the third quarter ended September 30, 2022.

    Third Quarter 2022 Highlights

    • Revenues of $85.7 million, up 47.1% year-over-year, with deliveries of 783 railcars, up 55% year-over-year
    • Gross margin of 5.3% with gross profit of $4.6 million, compared to gross margin of 2.6% with gross profit of $1.5 million in the third quarter of 2021
    • Manufacturing operating income of $3.1 million, compared to $163 thousand in the third quarter of 2021
    • Net loss of ($17.8) million, or ($0.69) per share and adjusted net loss of ($5.4) million, or ($0.21) per share, accounting for primarily non-cash items including an $8.1 million pre-tax pension settlement loss
    • Adjusted EBITDA of $1.6 million, compared to Adjusted EBITDA loss of ($3.5) million in the third quarter of 2021
    • Quarter-end backlog totaled 2,529 railcars with an aggregate value of approximately $276 million
    • 2022 revenue outlook reaffirmed at between $340 million and $360 million and deliveries of between 3,000 and 3,200 railcars

    Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “FreightCar America delivered another quarter of strong top-line growth while also producing another record number of railcars at the Castaños facility. That said, our financial results were muted by the combined impacts of delivering lower margin orders accepted at the bottom of the cycle and elevated freight costs. We expect margins to strengthen starting in the fourth quarter as these orders are completed.”

    Meyer continued, “While there is much more work to accomplish, we continued to make solid progress on our strategic and performance initiatives in Castaños. The new fabrication shop started operating in the third quarter and our expanded wheel mounting and axle machining facility achieved AAR certification just after the close of the quarter, both of which will bring meaningful efficiencies going forward. We continue to invest in the business and work to position ourselves as a world class manufacturer in Northern Mexico, anchored by the new purpose-built facility and an exceptional workforce.”

    Meyer concluded, “We remain confident in our direction and look forward to the future benefits of a built-out manufacturing campus combined with a healthier macroeconomic environment and more normalized supply chains.”

    Fiscal Year 2022 Outlook

    • The Company has reaffirmed its outlook for fiscal year 2022 as follows:
    Fiscal Year 2022

    Revenue

    Between $340 million and $360 million

    Railcar Deliveries

    Between 3,000 and 3,200 railcars


    Mike Riordan, Chief Financial Officer of FreightCar America, added, “With our new footprint in Mexico, we have right sized our business and improved our operating structure, which has allowed us to meaningfully reduce our cost structure. Over the past year, we have seen our production capability increase beyond our original expectation and the team in Castaños capture the operational efficiencies we envisioned. This has led to $7.2 million of Adjusted EBITDA generated during the first nine months of 2022, a $15.6 million improvement from the comparable 2021 period. As a result of this strong performance, we are reaffirming our previously stated 2022 outlook.”

    Third Quarter 2022 Conference Call & Webcast Information

    The Company will host a conference call and live webcast on Tuesday, November 8, 2022 at 11:00 a.m. (Eastern Time) to discuss its third quarter 2022 financial results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available at:

    Event URL: https://viavid.webcasts.com/starthere.jsp?ei=1576520&tp_key=59e5a87e0a

    Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties may also participate in the call by dialing (877) 407-0789 or (201) 689-8562 and entering the passcode 13733654. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.

    An audio replay of the conference call will be available beginning at 2:00 p.m. (Eastern Time) on Tuesday November 8, 2022, until 12:00 a.m. (Eastern Time) on Wednesday November 23, 2022. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13733654. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

    About FreightCar America

    FreightCar America, Inc. is a diversified manufacturer of railroad freight cars that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars, and also specializes in the conversion of railcars for repurposed use. FreightCar America is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.

    Forward-Looking Statements

    This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; potential financial and operational impacts of the COVID-19 pandemic; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and other competitive factors. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

    INVESTOR & MEDIA CONTACTLisa Fortuna or Stephen Poe
    E-MAILRAIL@alpha-ir.com
    TELEPHONE312-445-2870
      


    FreightCar America, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except for share data)
    (Unaudited)

      September 30,
    2022
      December 31,
    2021
     
    Assets   
    Current assets      
    Cash, cash equivalents and restricted cash equivalents $18,371  $26,240 
    Accounts receivable, net  12,174   9,571 
    VAT receivable  5,047   31,136 
    Inventories, net  84,218   56,012 
    Related party asset  4,017   8,680 
    Prepaid expenses  8,094   5,087 
    Total current assets  131,921   136,726 
    Property, plant and equipment, net  21,137   18,236 
    Railcars available for lease, net  19,697   20,160 
    Right of use asset  15,725   16,669 
    Other long-term assets  4,571   8,873 
    Total assets $193,051  $200,664 
             
    Liabilities and Stockholders’ Equity      
    Current liabilities      
    Accounts and contractual payables $44,428  $41,185 
    Related party accounts payable  1,944   8,870 
    Accrued payroll and other employee costs  3,448   2,912 
    Reserve for workers' compensation  1,050   1,563 
    Accrued warranty  3,129   2,533 
    Customer deposits     3,300 
    Deferred income state and local incentives, current     1,291 
    Lease liability, current  1,262   1,955 
    Other current liabilities  9,028   5,711 
    Total current liabilities  64,289   69,320 
    Long-term debt, net of current portion  91,597   79,484 
    Warrant liability  35,772   32,514 
    Accrued pension costs     35 
    Deferred income state and local incentives, long-term     1,216 
    Lease liability, long-term  15,871   16,617 
    Other long-term liabilities  4,370   3,134 
    Total liabilities  211,899   202,320 
    Stockholders’ deficit      
    Preferred stock    
    Common stock  201   190 
    Additional paid-in capital  87,704   83,742 
    Accumulated other comprehensive loss  2,427   (5,522)
    Accumulated deficit  (109,180)  (80,066)
    Total stockholders' deficit  (18,848)  (1,656)
    Total liabilities and stockholders’ deficit $193,051  $200,664 



    FreightCar America, Inc.

    Condensed Consolidated Statements of Operations
    (In thousands, except for share and per share data)
    (Unaudited)

      Three Months Ended  Nine Months Ended 
      September 30,  September 30, 
      2022  2021  2022  2021 
        
    Revenues $85,743  $58,307  $235,765  $128,031 
    Cost of sales  81,189   56,769   214,564   123,180 
    Gross profit  4,554   1,538   21,201   4,851 
    Selling, general and administrative expenses  7,112   5,701   21,878   21,146 
    Loss on pension settlement  8,105      8,105    
    Restructuring and impairment charges           6,530 
    Operating loss  (10,663)  (4,163)  (8,782)  (22,825)
    Interest expense  (6,087)  (3,562)  (17,549)  (9,276)
    Loss on change in fair market value of warrant liability  (1,274)  (293)  (3,258)  (18,969)
    Gain on extinguishment of debt     10,129      10,129 
    Other income  190   145   2,347   490 
    Income (loss) before income taxes  (17,834)  2,256   (27,242)  (40,451)
    Income tax provision (benefit)  (28)  1,525   1,872   2,161 
    Net income (loss) $(17,806) $731  $(29,114) $(42,612)
    Net income (loss) per common share- basic $(0.69) $0.03  $(1.19) $(2.11)
    Net income (loss) per common share - diluted $(0.69) $0.03  $(1.19) $(2.11)
    Weighted average common shares outstanding – basic  25,718,414   20,485,438   24,470,659   20,225,671 
    Weighted average common shares outstanding – diluted  25,718,414   22,111,824   24,470,659   20,225,671 



    FreightCar America, Inc.

    Segment Data
    (In thousands)
    (Unaudited)

      Three Months Ended   Nine Months Ended 
      September 30,   September 30, 
      2022  2021   2022  2021 
    Revenues:             
    Manufacturing $82,817  $55,898   $226,548  $121,076 
    Corporate and Other  2,926   2,409    9,217   6,955 
    Consolidated revenues $85,743  $58,307   $235,765  $128,031 
                  
    Operating income (loss):             
    Manufacturing $3,054  $163   $16,470  $(5,618)
    Corporate and Other  (13,717)  (4,326)   (25,252)  (17,207)
    Consolidated operating income (loss) $(10,663)  (4,163)   (8,782)  (22,825)



    FreightCar America, Inc.

    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine Months Ended September 30, 
      2022  2021 
    Cash flows from operating activities (in thousands) 
        
    Net loss $(29,114) $(42,612)
    Adjustments to reconcile net loss to net cash flows used in operating activities:      
    Restructuring and impairment charges     6,530 
    Depreciation and amortization  3,110   3,304 
    Non-cash lease expense on right-of-use assets  944   1,173 
    Recognition of deferred income from state and local incentives  (2,507)  (1,665)
    Loss on change in fair market value for warrant liability  3,258   18,969 
    Loss on pension settlement  8,105   - 
    Stock-based compensation recognized  2,307   2,829 
    Non-cash interest expense  11,309   3,782 
    Gain on extinguishment of debt     (10,129)
    Other non-cash items, net  (9)  314 
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable  (2,603)  1,688 
    VAT receivable  24,634   (25,622)
    Inventories  (30,110)  (4,276)
    Other assets  (3,741)  (1,682)
    Related party asset, net  (2,263)  (617)
    Accounts and contractual payables  4,386   1,502 
    Accrued payroll and employee benefits  536   (302)
    Income taxes payable  737   1,111 
    Accrued warranty  596   (2,619)
    Lease liability  (1,439)  (1,641)
    Customer deposits  (3,300)  (3,896)
    Other liabilities  1,798   (2,492)
    Accrued pension costs and accrued postretirement benefits  (219)  (607)
    Net cash flows used in operating activities  (13,585)  (56,958)
             
    Cash flows from investing activities      
    Maturity of restricted certificates of deposit     182 
    Purchase of property, plant and equipment  (3,380)  (1,983)
    Proceeds from sale of property, plant and equipment and railcars available for lease     433 
    Net cash flows used in investing activities  (3,380)  (1,368)
             
    Cash flows from financing activities      
    Proceeds from issuance of long-term debt     16,000 
    Deferred financing costs     (1,517)
    Borrowings on revolving line of credit  84,396   38,571 
    Repayments on revolving line of credit  (75,239)  (21,225)
    Employee stock settlement  (57)  (7)
    Payment for stock appreciation rights exercised  (4)  (57)
    Net cash flows provided by financing activities  9,096   31,765 
             
    Net decrease in cash and cash equivalents  (7,869)  (26,561)
    Cash, cash equivalents and restricted cash equivalents at beginning of period  26,240   54,047 
    Cash, cash equivalents and restricted cash equivalents at end of period $18,371  $27,486 
             
    Supplemental cash flow information      
    Interest paid $6,240  $4,575 
    Income tax refunds received, net of payments $  $5 
    Non-cash transactions      
    Change in unpaid construction in process $2,168  $68 
    Accrued PIK interest paid through issuance of PIK Note $1,093  $915 
    Issuance of warrants $8,560  $4,958 
    Issuance of equity fee $3,000  $1,000 



    FreightCar America, Inc.

    Reconciliation of income before taxes to EBITDA(1) and Adjusted EBITDA(2)
    (In thousands)
    (Unaudited)

      Three Months Ended
    September 30,

      Nine Months Ended
    September 30,
      2022  2021   2022  2021 
              
    Income (loss) before income taxes$(17,834)$2,256  $(27,242)$(40,451)
    Depreciation & Amortization 1,050  1,108   3,110  3,304 
    Interest Expense, net 6,087  3,562   17,549  9,276 
    EBITDA (10,697) 6,926   (6,583) (27,871)
              
    Change in Fair Value of Warrant (a) 1,274  293   3,258  18,969 
    Restructuring and impairment charges (b) -  -   -  6,530 
    Gain on Debt Extinguishment (c) -  (10,129)  -  (10,129)
    Alabama Grant Amortization (d) -  (555)  (1,857) (1,665)
    Mexican Permanent VAT (e) 908  -   908  - 
    Loss on Pension Settlement (f) 8,105  -   8,105  - 
    Transaction Costs (g) 116  196   116  491 
    Startup Costs (h) 949  -   949  - 
    Consulting Costs (i) 226  -   988  - 
    Corporate Realignment (j) 63  -   1,323  - 
    Legal Reserve (k) -  -   -  500 
    Plant Transition Costs (l) -  -   -  2,386 
    Stock Based Compensation 817  (133)  2,307  2,829 
    Other, net (190) (145)  (2,347) (490)
    Adjusted EBITDA$1,571 $(3,547) $7,167 $(8,450)


    (1) EBITDA represents earnings before interest, taxes, depreciation and amortization. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall performance of the company’s business. EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of EBITDA is not necessarily comparable to that of other similar titled measures reported by other companies.
          
    (2) Adjusted EBITDA represents EBITDA before the following charges:
          
       a) This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
       b) The Company incurred certain restructuring costs related to severance and other costs related to its shut-down of the Shoals and Roanoke facilities.
       c) The Company recorded a non-cash gain on extinguishment of its PPP Loan in the third quarter of 2021.
       d) The Company amortizes deferred grant income to cost of goods sold that represents a non-cash reduction to its gross margin (loss).
       e) The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
       f) The Company recorded a non-cash pre-tax pension settlement loss in the third quarter of 2022.
       g) The Company incurred certain costs during 2021 and 2022 for nonrecurring professional services associated with its financing arrangements.
       h) The Company incurred certain costs during 2022 related to new production lines.
       i) The Company incurred certain non-recurring consulting costs during the fourth quarter of 2021 and first quarter of 2022.
       j) The Company incurred certain non-recurring corporate realignment costs in 2022.
       k) During the first and fourth quarters of 2021, the Company recognized charges related to a legal dispute.
       l) The Company implemented a program to shift production originally planned for its U.S. plants to its Castaños facility. This adjustment represents non-recurring costs associated with moving inventory and equipment to its Castaños facility in 2021.
          

    We believe that Adjusted EBITDA is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.



    FreightCar America, Inc.

    Reconciliation of Net income (loss) and Adjusted Net income (loss)(1)
    (In thousands)
    (Unaudited)

      Three Months Ended
    September 30,

      Nine Months Ended
    September 30,
      2022  2021   2022  2021 
              
    Net income (loss)$(17,806)$731  $(29,114)$(42,612)
              
    Change in Fair Value of Warrant (a) 1,274  293   3,258  18,969 
    Restructuring and impairment charges (b) -  -   -  6,530 
    Gain on Debt Extinguishment (c) -  (10,129)  -  (10,129)
    Alabama Grant Amortization (d) -  (555)  (1,857) (1,665)
    Mexican Permanent VAT (e) 908  -   908  - 
    Loss on Pension Settlement (f) 8,105  -   8,105  - 
    Transaction Costs (g) 116  196   116  491 
    Startup Costs (h) 949  -   949  - 
    Consulting Costs (i) 226  -   988  - 
    Corporate Realignment (j) 63  -   1,323  - 
    Legal Reserve (k) -  -   -  500 
    Plant Transition Costs (l) -  -   -  2,386 
    Stock Based Compensation 817  (133)  2,307  2,829 
    Other, net (190) (145)  (2,347) (490)
    Total non-GAAP adjustments 12,268  (10,473)  13,750  19,421 
    Income tax impact on non-GAAP adjustments(m) 104  -   387  971 
    Adjusted Net loss$(5,434)$(9,742) $(14,977)$(22,220)

    (1) Adjusted net income (loss) represents net income (loss) before the following charges:
          
       a) This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
       b) The Company incurred certain restructuring costs related to severance and other costs related to its shut-down of the Shoals and Roanoke facilities.
       c) The Company recorded a non-cash gain on extinguishment of its PPP Loan in the third quarter of 2021.
       d) The Company amortizes deferred grant income to cost of goods sold that represents a non-cash reduction to its gross margin (loss).
       e) The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
       f) The Company recorded a non-cash pre-tax pension settlement loss in the third quarter of 2022.
       g) The Company incurred certain costs during 2021 and 2022 for nonrecurring professional services associated with its financing arrangements.
       h) The Company incurred certain costs during 2022 related to new production lines.
       i) The Company incurred certain non-recurring consulting costs during the fourth quarter of 2021 and first quarter of 2022.
       j) The Company incurred certain non-recurring corporate realignment costs in 2022.
       k) During the first and fourth quarters of 2021, the Company recognized charges related to a legal dispute.
       l) The Company implemented a program to shift production originally planned for its U.S. plants to its Castaños facility. This adjustment represents non-recurring costs associated with moving inventory and equipment to its Castaños facility in 2021.
       m) Income tax impact on non-GAAP adjustments per share represents the tax impact of adjustments specific to Mexico using the applicable jurisdictional tax rate. Given the Company’s US based NOLs and Valuation Allowances result in an effective tax rate of about % for the US, all US based adjustments above are not tax affected.
          

    We believe that Adjusted net income (loss) is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted net income (loss) is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted net income (loss) in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted net income (loss) is not necessarily comparable to that of other similarly titled measures reported by other companies.



    FreightCar America, Inc.

    Reconciliation of EPS and Adjusted EPS(1)
    (Unaudited)

      Three Months Ended
    September 30,

      Nine Months Ended
    September 30,
      2022  2021   2022  2021 
              
    EPS$(0.69)$0.03  $(1.19)$(2.11)
              
    Adjustments per share:         
    Change in Fair Value of Warrant (a) 0.05  0.01   0.13  0.94 
    Restructuring and impairment charges (b) -  -   -  0.32 
    Gain on Debt Extinguishment (c) -  (0.50)  -  (0.50)
    Alabama Grant Amortization (d) -  (0.03)  (0.08) (0.08)
    Mexican Permanent VAT (e) 0.04  -   0.04  - 
    Loss on Pension Settlement (f) 0.32  -   0.33  - 
    Transaction Costs (g) -  0.01   -  0.02 
    Startup Costs (h) 0.04  -   0.04  - 
    Consulting Costs (i) 0.01  -   0.04  - 
    Corporate Realignment (j) -  -   0.05  - 
    Legal Reserve (k) -  -   -  0.02 
    Plant Transition Costs (l) -  -   -  0.12 
    Stock Based Compensation 0.03  (0.01)  0.09  0.14 
    Other, net (0.01) (0.01)  (0.10) (0.02)
    Total non-GAAP adjustments pre-tax per share 0.48  (0.53)  0.54  0.96 
    Income tax impact on non-GAAP adjustments per share (m) -  -   0.02  0.05 
    Adjusted EPS$(0.21)$(0.50) $(0.63)$(1.10)


    (1) Adjusted EPS represents basic EPS before the following charges:
          
       a) This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
       b) The Company incurred certain restructuring costs related to severance and other costs related to its shut-down of the Shoals and Roanoke facilities.
       c) The Company recorded a non-cash gain on extinguishment of its PPP Loan in the third quarter of 2021.
       d) The Company amortizes deferred grant income to cost of goods sold that represents a non-cash reduction to its gross margin (loss).
       e) The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
       f) The Company recorded a non-cash pre-tax pension settlement loss in the third quarter of 2022.
       g) The Company incurred certain costs during 2021 and 2022 for nonrecurring professional services associated with its financing arrangements.
       h) The Company incurred certain costs during 2022 related to new production lines.
       i) The Company incurred certain non-recurring consulting costs during the fourth quarter of 2021 and first quarter of 2022.
       j) The Company incurred certain non-recurring corporate realignment costs in 2022.
       k) During the first and fourth quarters of 2021, the Company recognized charges related to a legal dispute.
       l) The Company implemented a program to shift production originally planned for its U.S. plants to its Castaños facility. This adjustment represents non-recurring costs associated with moving inventory and equipment to its Castaños facility in 2021.
       m) Income tax impact on non-GAAP adjustments per share represents the tax impact of adjustments specific to Mexico using the applicable jurisdictional tax rate. Given the Company’s US based NOLs and Valuation Allowances result in an effective tax rate of about % for the US, all US based adjustments above are not tax affected.
          

    We believe that Adjusted EPS is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EPS is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EPS in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EPS is not necessarily comparable to that of other similarly titled measures reported by other companies.


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