BGSF, Inc. Reports Full Year and Fourth Quarter 2023 Financial Results
Record Full Year Revenues of
Generated
New Credit Facility Closed
Note: Fiscal 2023 financial results are on a 52-week year ended
Full Year 2023 Highlights from Continuing Operations2,3:
-
Revenues were
$313.2 million , up 4.9% from 2022. Property Management revenues grew organically by 3.3% versus the prior year. Professional revenues grew by 6.1% from prior year, withArroyo Consulting acquisition contributing$14.8 million in new revenues, partially offset by a decline in the existing Professional business. -
Gross profit was
$111.8 million , up 8.0% from 2022. Gross profit margins increased 100 basis points to 35.7%. -
Operating loss in 2023 includes a non-cash impairment of
$22.5 million related to trade name intangible assets from the rebranding toBGSF for all entities. The after-tax impact was$17.5 million or$1.63 per diluted share, using the year-to-date effective tax rate. -
Net loss from continuing operations was
$10.2 million , or$0.95 per diluted share, vs. net income from continuing operations of$11.3 million , or$1.07 per diluted share in 2022, primarily due to the trade name impairment and increased acquisition amortization and interest expense. -
Adjusted EBITDA1 from continuing operations was
$25.1 million (8.0% of revenues), up from$21.7 million (7.3% of revenues) in 2022, an increase of 15.9% year over year. -
Adjusted EPS1 from continuing operations was
$1.19 in 2023, vs.$1.26 in 2022.
Fiscal 2023 Same Day Revenue(1), Same
Note: Fourth quarter 2023 financial results are on a 13-week period ended
Q4 2023 Highlights from Continuing Operations2,3:
-
Revenues were
$73.6 million , vs.$77.3 million in 2022. -
Gross profit was
$25.4 million , compared to$27.1 million in 2022. -
Operating income was
$3.2 million in 2023, up from$2.8 million in 2022. -
Net income from continuing operations was
$1.0 million , or$0.11 per diluted share, vs. net income from continuing operations of$1.4 million , or$0.14 per diluted share in 2022, primarily due to increased acquisition amortization and interest expense. -
Adjusted EBITDA1 from continuing operations was
$5.5 million (7.5% of revenues), vs.$4.3 million (5.6% of revenues) in 2022, an increase of 27.6% over prior year. -
Adjusted EPS1 from continuing operations was
$0.21 for 2023 up from$0.19 in 2022.
Fourth quarter 2023 Same Day Revenue(1), Same
1Non-GAAP financial measure. See reconciliation below for details. |
22022 includes three weeks of operating results from the Horn Solutions acquisition. |
3 2023 includes 39 weeks of |
On
Conference Call
About
Forward-Looking Statements
The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding our future financial performance and the expectations and objectives of our board or management. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various other risks and uncertainties, including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the
GAAP FINANCIAL MEASURES
Portions of the following tables have been derived from our unaudited consolidated financial statements and summarize key components of our statements of operations for the periods indicated, as well as a reconciliation of revenue and operating income (loss) from continuing operations by reportable segment to consolidated results for the periods indicated.
CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) |
||||||||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
|
Accounts receivable (net of allowance for credit losses of |
|
$ |
56,776 |
|
$ |
66,285 |
|
|
Prepaid expenses |
|
|
2,963 |
|
|
2,418 |
|
|
Other current assets |
|
|
7,172 |
|
|
7,459 |
|
|
|
Total current assets |
|
|
66,911 |
|
|
76,162 |
Property and equipment, net |
|
|
1,217 |
|
|
2,081 |
||
Other assets |
|
|
|
|
||||
|
Deposits |
|
|
2,699 |
|
|
2,616 |
|
|
Other, net |
|
|
5,026 |
|
|
4,411 |
|
|
Deferred income taxes, net |
|
|
7,271 |
|
|
2,196 |
|
|
Right-of-use asset - operating leases |
|
|
5,435 |
|
|
4,462 |
|
|
Intangible assets, net |
|
|
30,370 |
|
|
47,552 |
|
|
|
|
|
59,588 |
|
|
55,193 |
|
|
|
Total other assets |
|
|
110,389 |
|
|
116,430 |
|
Total assets |
|
$ |
178,517 |
|
$ |
194,673 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
|
Accounts payable |
|
$ |
95 |
|
$ |
587 |
|
|
Accrued payroll and expenses |
|
|
14,902 |
|
|
19,171 |
|
|
Line of credit (net of debt issuance costs of |
|
|
24,746 |
|
|
— |
|
|
Long-term debt, current portion |
|
|
34,000 |
|
|
4,000 |
|
|
Accrued interest |
|
|
438 |
|
|
273 |
|
|
Income taxes payable |
|
|
282 |
|
|
253 |
|
|
Contingent consideration, current portion |
|
|
4,208 |
|
|
1,081 |
|
|
Convertible Note |
|
|
4,368 |
|
|
— |
|
|
Other current liabilities |
|
|
— |
|
|
1,000 |
|
|
Lease liabilities, current portion |
|
|
2,016 |
|
|
1,842 |
|
|
|
Total current liabilities |
|
|
85,055 |
|
|
28,207 |
Line of credit (net of debt issuance costs of |
|
|
— |
|
|
22,303 |
||
Long-term debt, less current portion |
|
|
— |
|
|
36,000 |
||
Contingent consideration, less current portion |
|
|
4,112 |
|
|
— |
||
Convertible note |
|
|
— |
|
|
4,368 |
||
Lease liabilities, less current portion |
|
|
3,814 |
|
|
3,049 |
||
Other long-term liabilities |
|
|
— |
|
|
10 |
||
|
|
Total liabilities |
|
|
92,981 |
|
|
93,937 |
Commitments and contingencies |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
— |
||
Common stock, |
|
|
52 |
|
|
70 |
||
Additional paid in capital |
|
|
68,551 |
|
|
67,003 |
||
Retained earnings |
|
|
16,933 |
|
|
33,663 |
||
|
|
Total stockholders’ equity |
|
|
85,536 |
|
|
100,736 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
178,517 |
|
$ |
194,673 |
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share amounts) |
|||||||||||||||||
|
|
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
(unaudited) |
|
|
|
|
||||||||||
Revenues |
|
$ |
73,567 |
|
|
$ |
77,283 |
|
|
$ |
313,167 |
|
|
$ |
298,422 |
|
|
Cost of services |
|
|
48,120 |
|
|
|
50,225 |
|
|
|
201,383 |
|
|
|
194,874 |
|
|
|
Gross profit |
|
|
25,447 |
|
|
|
27,058 |
|
|
|
111,784 |
|
|
|
103,548 |
|
Selling, general and administrative expenses |
|
|
20,175 |
|
|
|
23,210 |
|
|
|
88,650 |
|
|
|
83,211 |
|
|
Impairment losses |
|
|
— |
|
|
|
— |
|
|
|
22,545 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
2,045 |
|
|
|
1,087 |
|
|
|
7,774 |
|
|
|
4,054 |
|
|
|
Operating income (loss) |
|
|
3,227 |
|
|
|
2,761 |
|
|
|
(7,185 |
) |
|
|
16,283 |
|
Interest expense, net |
|
|
(1,601 |
) |
|
|
(644 |
) |
|
|
(5,976 |
) |
|
|
(1,363 |
) |
|
|
Income (loss) from continuing operations before income taxes |
|
|
1,626 |
|
|
|
2,117 |
|
|
|
(13,161 |
) |
|
|
14,920 |
|
Income tax benefit (expense) from continuing operations |
|
|
(627 |
) |
|
|
(699 |
) |
|
|
2,938 |
|
|
|
(3,659 |
) |
|
|
Income (loss) from continuing operations |
|
|
999 |
|
|
|
1,418 |
|
|
|
(10,223 |
) |
|
|
11,261 |
|
Income from discontinued operations: |
|
|
|
|
|
|
|
|
|||||||||
|
Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,235 |
|
|
Gain on sale |
|
|
— |
|
|
|
409 |
|
|
|
— |
|
|
|
17,675 |
|
|
Income tax expense |
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
4,810 |
|
|
Net income (loss) |
|
$ |
999 |
|
|
$ |
1,732 |
|
|
$ |
(10,223 |
) |
|
$ |
25,361 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share - diluted |
|
|
|
|
|
|
|
|
|||||||||
|
Net (loss) income from continuing operations |
|
$ |
0.11 |
|
|
$ |
0.14 |
|
|
$ |
(0.95 |
) |
|
$ |
1.07 |
|
|
Net income from discontinued operations: |
|
|
|
|
|
|
|
|
||||||||
|
Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.12 |
|
|
Gain on sale |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
1.69 |
|
|
Income tax expense |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.46 |
) |
|
Net income (loss) per share - diluted |
|
$ |
0.11 |
|
|
$ |
0.16 |
|
|
$ |
(0.95 |
) |
|
$ |
2.42 |
|
BUSINESS SEGMENTS (dollars in thousands) |
|||||||||||||||||||||||||
|
|
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
(unaudited) |
|
|
|
|
|
|
||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Property Management |
|
$ |
29,624 |
|
40 |
% |
|
$ |
31,956 |
|
41 |
% |
|
$ |
125,077 |
|
40 |
% |
|
$ |
121,093 |
|
41 |
% |
|
Professional |
|
|
43,943 |
|
60 |
% |
|
|
45,327 |
|
59 |
% |
|
|
188,090 |
|
60 |
% |
|
|
177,329 |
|
59 |
% |
|
Total |
|
$ |
73,567 |
|
100 |
% |
|
$ |
77,283 |
|
100 |
% |
|
$ |
313,167 |
|
100 |
% |
|
$ |
298,422 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Property Management |
|
$ |
11,589 |
|
46 |
% |
|
$ |
12,602 |
|
47 |
% |
|
$ |
49,785 |
|
45 |
% |
|
$ |
47,695 |
|
46 |
% |
|
Professional |
|
|
13,858 |
|
54 |
% |
|
|
14,456 |
|
53 |
% |
|
|
61,999 |
|
55 |
% |
|
|
55,853 |
|
54 |
% |
|
Total |
|
$ |
25,447 |
|
100 |
% |
|
$ |
27,058 |
|
100 |
% |
|
$ |
111,784 |
|
100 |
% |
|
$ |
103,548 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Property Management |
|
$ |
5,479 |
|
|
|
$ |
4,803 |
|
|
|
$ |
23,155 |
|
|
|
$ |
19,803 |
|
|
||||
|
Professional -without impairment losses |
|
|
2,626 |
|
|
|
|
3,146 |
|
|
|
|
12,292 |
|
|
|
|
15,604 |
|
|
||||
|
Professional - impairment losses |
|
|
— |
|
|
|
|
— |
|
|
|
|
(22,545 |
) |
|
|
|
— |
|
|
||||
|
Home office |
|
|
(4,878 |
) |
|
|
|
(5,188 |
) |
|
|
|
(20,087 |
) |
|
|
|
(19,124 |
) |
|
||||
|
Total |
|
$ |
3,227 |
|
|
|
$ |
2,761 |
|
|
|
$ |
(7,185 |
) |
|
|
$ |
16,283 |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Years ended |
|||||||||||||||
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|||||||||
|
Net (loss) income |
|
$ |
(10,223 |
) |
|
$ |
25,361 |
|
|
$ |
14,109 |
|
||
|
|
(Income) from discontinued operations |
|
|
— |
|
|
|
(1,235 |
) |
|
|
(4,570 |
) |
|
|
|
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|||||||
|
|
Depreciation |
|
|
446 |
|
|
|
597 |
|
|
|
685 |
|
|
|
|
Amortization |
|
|
7,328 |
|
|
|
3,457 |
|
|
|
3,013 |
|
|
|
|
Gain on sale of discontinued operations |
|
|
— |
|
|
|
(17,675 |
) |
|
|
— |
|
|
|
|
Impairment losses |
|
|
22,545 |
|
|
|
— |
|
|
|
— |
|
|
|
|
CARES Act credit |
|
|
— |
|
|
|
— |
|
|
|
(2,368 |
) |
|
|
|
Loss on disposal of property and equipment |
|
|
17 |
|
|
|
6 |
|
|
|
8 |
|
|
|
|
Contingent consideration adjustment |
|
|
— |
|
|
|
— |
|
|
|
(2,403 |
) |
|
|
|
Amortization of debt issuance costs |
|
|
199 |
|
|
|
172 |
|
|
|
75 |
|
|
|
|
Interest expense on contingent consideration payable |
|
|
740 |
|
|
|
128 |
|
|
|
252 |
|
|
|
|
Provision for credit losses |
|
|
798 |
|
|
|
315 |
|
|
|
221 |
|
|
|
|
Share-based compensation |
|
|
1,029 |
|
|
|
1,085 |
|
|
|
1,058 |
|
|
|
|
Deferred income taxes, net of acquired deferred tax liability |
|
|
(5,075 |
) |
|
|
2,353 |
|
|
|
1,279 |
|
|
|
|
Net changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
|
|
|
|||||||
|
|
|
Accounts receivable |
|
|
12,163 |
|
|
|
(14,793 |
) |
|
|
(15,178 |
) |
|
|
|
Prepaid expenses and other current assets |
|
|
(2,159 |
) |
|
|
(866 |
) |
|
|
(200 |
) |
|
|
|
Deposits |
|
|
(83 |
) |
|
|
1,503 |
|
|
|
(126 |
) |
|
|
|
Other assets |
|
|
720 |
|
|
|
660 |
|
|
|
319 |
|
|
|
|
Accounts payable |
|
|
(492 |
) |
|
|
(228 |
) |
|
|
156 |
|
|
|
|
Accrued payroll and expenses |
|
|
(7,426 |
) |
|
|
1,633 |
|
|
|
5,730 |
|
|
|
|
Accrued interest |
|
|
165 |
|
|
|
171 |
|
|
|
24 |
|
|
|
|
Income taxes receivable and payable |
|
|
729 |
|
|
|
(1,202 |
) |
|
|
(560 |
) |
|
|
|
Other current liabilities |
|
|
(1,000 |
) |
|
|
(4,551 |
) |
|
|
19 |
|
|
|
|
Operating leases |
|
|
(35 |
) |
|
|
(127 |
) |
|
|
(107 |
) |
|
|
|
Other long-term liabilities |
|
|
— |
|
|
|
(64 |
) |
|
|
(78 |
) |
|
|
Net cash provided by (used in) continuing operating activities |
|
|
20,386 |
|
|
|
(3,300 |
) |
|
|
1,358 |
|
|
|
|
Net cash (used in) provided by discontinued operating activities |
|
|
— |
|
|
|
(3,822 |
) |
|
|
5,305 |
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
20,386 |
|
|
|
(7,122 |
) |
|
|
6,663 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from investing activities |
|
|
|
|
|
|
|||||||||
|
Businesses acquired, net of cash acquired |
|
|
(6,917 |
) |
|
|
(33,940 |
) |
|
|
(3,791 |
) |
||
|
Businesses sold |
|
|
— |
|
|
|
30,722 |
|
|
|
— |
|
||
|
Capital expenditures |
|
|
(2,597 |
) |
|
|
(5,680 |
) |
|
|
(3,204 |
) |
||
|
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
||
|
|
Net cash used in continuing investing activities |
|
|
(9,514 |
) |
|
|
(8,898 |
) |
|
|
(6,990 |
) |
|
|
|
Net cash used in discontinued investing activities |
|
|
— |
|
|
|
(26 |
) |
|
|
(34 |
) |
|
|
|
Net cash used in investing activities |
|
|
(9,514 |
) |
|
|
(8,924 |
) |
|
|
(7,024 |
) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (in thousands)
Years ended |
|||||||||||||||
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from financing activities |
|
|
|
|
|
|
|||||||||
|
Net borrowings under line of credit |
|
|
2,312 |
|
|
|
9,781 |
|
|
|
6,804 |
|
||
|
Proceeds from issuance of long-term debt |
|
|
— |
|
|
|
40,000 |
|
|
|
— |
|
||
|
Principal payments on long-term debt |
|
|
(6,000 |
) |
|
|
(26,863 |
) |
|
|
(2,063 |
) |
||
|
Payments of dividends |
|
|
(6,507 |
) |
|
|
(6,290 |
) |
|
|
(4,567 |
) |
||
|
Issuance of ESPP shares |
|
|
512 |
|
|
|
653 |
|
|
|
340 |
|
||
|
Issuance of shares under the 2013 Long-Term Incentive Plan and Form S-3 registration statement costs, net of exercises |
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(41 |
) |
||
|
Contingent consideration paid |
|
|
(1,110 |
) |
|
|
(1,110 |
) |
|
|
— |
|
||
|
Debt issuance costs |
|
|
(69 |
) |
|
|
(236 |
) |
|
|
— |
|
||
|
|
Net cash (used in) provided by continuing financing activities |
|
|
(10,872 |
) |
|
|
15,934 |
|
|
|
473 |
|
|
Net change in cash and cash equivalents |
|
|
— |
|
|
|
(112 |
) |
|
|
112 |
|
|||
Cash and cash equivalents, beginning of year |
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|||
Cash and cash equivalents, end of year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
112 |
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow information: |
|
|
|
|
|
|
|||||||||
|
Cash paid for interest, net |
|
$ |
4,668 |
|
|
$ |
641 |
|
|
$ |
879 |
|
||
|
Cash paid for taxes, net of refunds |
|
$ |
1,378 |
|
|
$ |
7,562 |
|
|
$ |
3,676 |
|
NON-GAAP FINANCIAL MEASURES
The financial results of
A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows of a company. Adjusted EBITDA, Same Day EBITDA, Adjusted EPS, Same Day Adjusted EPS, Same Day Revenue, and Same
We define “Adjusted EBITDA" as earnings before interest expense, income taxes, depreciation and amortization expense, transaction fees and certain non-cash expenses such as share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance. We define “Same Day EBITDA” as Adjusted EBITDA on a fifty-two week fiscal year. We define “Same Day Revenue” and “Same Day Gross Profit” as revenue and gross profit on a fifty-two week fiscal year. We define “Adjusted EPS” as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, transaction fees, and certain non-cash expenses such as impairment losses, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED AND SAME DAY EBITDA (dollars in thousands) |
||||||||||||||||
|
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations |
|
$ |
999 |
|
|
$ |
1,417 |
|
|
$ |
(10,223 |
) |
|
$ |
11,261 |
|
Income tax expense (benefit) from continuing operations |
|
|
626 |
|
|
|
699 |
|
|
|
(2,938 |
) |
|
|
3,659 |
|
Interest expense, net |
|
|
1,601 |
|
|
|
644 |
|
|
|
5,976 |
|
|
|
1,363 |
|
Operating income (loss) |
|
|
3,226 |
|
|
|
2,760 |
|
|
|
(7,185 |
) |
|
|
16,283 |
|
Depreciation and amortization |
|
|
2,045 |
|
|
|
1,087 |
|
|
|
7,774 |
|
|
|
4,054 |
|
Impairment losses |
|
|
— |
|
|
|
— |
|
|
|
22,545 |
|
|
|
— |
|
Share-based compensation |
|
|
184 |
|
|
|
220 |
|
|
|
1,029 |
|
|
|
1,085 |
|
Transaction fees |
|
|
73 |
|
|
|
265 |
|
|
|
974 |
|
|
|
271 |
|
Adjusted EBITDA from continuing operations |
|
|
5,528 |
|
|
|
4,332 |
|
|
|
25,137 |
|
|
|
21,693 |
|
Adjusted EBITDA Margin (% of revenue) |
|
|
7.5 |
% |
|
|
5.6 |
% |
|
|
8.0 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA from continuing operations |
|
$ |
5,528 |
|
|
$ |
4,332 |
|
|
$ |
25,137 |
|
|
$ |
21,693 |
|
Same day adjustment |
|
|
— |
|
|
|
(332 |
) |
|
|
— |
|
|
|
(410 |
) |
Same Day EBITDA from continuing operations |
|
$ |
5,528 |
|
|
$ |
4,000 |
|
|
$ |
25,137 |
|
|
$ |
21,283 |
|
RECONCILIATION OF ADJUSTED EPS AND SAME DAY ADJUSTED EPS |
||||||||||||||||
|
|
Fiscal Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations per diluted share |
|
$ |
0.11 |
|
|
$ |
0.14 |
|
|
$ |
(0.95 |
) |
|
$ |
1.07 |
|
Acquisition amortization |
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.57 |
|
|
|
0.22 |
|
Impairment losses |
|
|
— |
|
|
|
— |
|
|
|
2.09 |
|
|
|
— |
|
Transaction fees |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.03 |
|
Income tax expense adjustment |
|
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
(0.61 |
) |
|
|
(0.06 |
) |
Adjusted EPS from continuing operations |
|
$ |
0.21 |
|
|
$ |
0.19 |
|
|
$ |
1.19 |
|
|
$ |
1.26 |
|
Same day adjustment |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.03 |
) |
Same Day Adjusted EPS from continuing operations |
|
$ |
0.21 |
|
|
$ |
0.17 |
|
|
$ |
1.19 |
|
|
$ |
1.23 |
|
RECONCILIATION OF SAME DAY REVENUES AND SAME (dollars in thousands) |
|||||||||
|
|
||||||||
|
|
|
Revenues |
|
Gross Profit |
||||
Fourteen Weeks (65 revenue days) - GAAP |
$ |
77,283 |
|
|
$ |
27,058 |
|
||
Five Days |
|
(5,916 |
) |
|
|
(2,068 |
) |
||
Thirteen Weeks (60 revenue days) - Same Day |
$ |
71,367 |
|
|
$ |
24,990 |
|
||
|
|
|
|
||||||
Fifty-three Weeks (254 revenue days) - GAAP |
$ |
298,422 |
|
|
$ |
103,548 |
|
||
Five Days |
|
(5,916 |
) |
|
|
(2,068 |
) |
||
Fifty-two Weeks (249 revenue days) - Same Day |
$ |
292,506 |
|
|
$ |
101,480 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313226666/en/
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