• PetIQ, Inc. Reports Second Quarter 2023 Financial Results

    Source: Nasdaq GlobeNewswire / 08 Aug 2023 16:05:01   America/New_York

    Record Second Quarter 2023 Net Sales Increase 25% to $314.5 Million 
    Net Sales and Adjusted EBITDA Exceeds Company's Second Quarter 2023 Guidance 
    Record Second Quarter Cash from Operations of $57.7 Million 
    Raises 2023 Annual Outlook

    EAGLE, Idaho, Aug. 08, 2023 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading pet medication and wellness company, today reported financial results for the second quarter and six months ended June 30, 2023.

    Cord Christensen, PetIQ’s Chairman & CEO commented, “We are pleased to continue the year with second-quarter sales and adjusted EBITDA significantly exceeding our guidance. The strategic investments to drive awareness and consumption across both our Products and Services segments along with our operational excellence enabled us to deliver better-than-projected results. We outperformed the broader categories we compete in and gained share across PetIQ’s strategic, manufactured brands. We had record cash generation in the quarter and substantially improved the Company’s net leverage year-over-year.   Based on these year-to-date results and our expectations for the second half of 2023, we are raising our annual outlook.”

    Second Quarter 2023 Highlights Compared to Prior Year Period

    • Record net sales of $314.5 million, an increase of 24.8%, and above the Company’s guidance for the quarter of $270.0 million to $280.0 million
    • Products segment net sales of $278.2 million compared to $219.0 million, an increase of 27.0%
    • Services segment net revenues of $36.4 million compared to $33.0 million, an increase of 10.2%
    • Gross profit was $73.9 million, an increase of 19.2%, compared to $62.0 million
    • Net income of $9.6 million, or earnings per diluted share ("EPS") of $0.32, an increase of 104.2%, compared to net income of $4.7 million, or EPS of $0.16
    • Adjusted net income of $13.4 million, or adjusted EPS of $0.46, an increase of 39.4% compared to adjusted net income of $9.8 million, or adjusted EPS of $0.33
    • EBITDA of $29.2 million, compared to $19.6 million, an increase of 49.2%
    • Record quarterly adjusted EBITDA of $32.9 million, compared to $24.1 million, an increase of 36.3% and above the Company's guidance for the quarter of $24.0 million to $26.0 million
    • Adjusted EBITDA margin increased 80 basis points to 10.4%
    • Record second quarter cash from operations of $57.7 million
    • Net leverage as measured under the Company's credit agreement was 3.6x as of June 30, 2023, compared to 5.0x

    Six Month 2023 Highlights Compared to Prior Year Period

    • Net sales of $605.0 million, an increase of 14.6%
    • Products segment net sales of $537.2 million compared to $466.8 million, an increase of 15.1%
    • Services segment net revenues of $67.9 million compared to $60.9 million, an increase of 11.3%
    • Gross profit was $136.1 million, an increase of 13.8%, compared to $119.6 million
    • Net income of $19.3 million, or EPS of $0.66, an increase of 147.6%, compared to net income of $7.8 million, or EPS of $0.26
    • Adjusted net income of $27.6 million, or adjusted EPS of $0.95, an increase of 39.7% compared to adjusted net income of $19.9 million, or adjusted EPS of $0.68
    • EBITDA of $56.0 million, compared to $37.2 million, an increase of 50.5%
    • Adjusted EBITDA of $63.6 million, compared to $48.5 million, an increase of 31.0%
    • Adjusted EBITDA margin increased 130 basis points to 10.5%

    Second Quarter 2023 Financial Results

    Net sales were $314.5 million for the second quarter of 2023, an increase of 24.8% compared to net sales of $252.0 million in the prior year period, driven by an increase in sales from both the Products and Services segments. Products segment net sales of $278.2 million increased 27.0% compared to the prior year period reflecting broad-based growth across product categories and sales channels as well as from the previously announced acquisition of Rocco & Roxie LLC ("Rocco & Roxie") completed on January 13, 2023. The Company experienced continued strength across flea and tick and health and wellness product offerings with favorable consumption trends and a significant recovery in distributed product offerings. PetIQ’s manufactured products net sales increased 21.2% (including the acquisition of Rocco & Roxie) and were 29.1% of Product segment net sales compared to 31.2% in the prior year period. Services revenue for the second quarter of 2023 increased 10.2% to $36.4 million driven by operational improvements that allowed for increases in average revenue per clinic and average dollar per pet served during the second quarter of 2023.

    Second quarter 2023 gross profit was $73.9 million, an increase of 19.2%, compared to $62.0 million in the prior year period. Gross margin decreased 110 basis points to 23.5% from 24.6% in the prior year period due to a shift in the mix of Product segment sales to more health and wellness products which carry a lower margin.

    Selling, general and administrative expenses (“SG&A”) was $55.2 million for the second quarter of 2023 compared to $50.6 million in the prior year period. As a percentage of net sales, SG&A was 17.5% for the second quarter of 2023, a decrease of 260 basis points compared to the prior year period. Adjusted SG&A was $51.5 million for the second quarter of 2023 compared to $46.1 million in the prior year period. As a percentage of net sales adjusted SG&A was 16.4%, a decrease of 190 basis points compared to the prior year period. The leverage in SG&A and adjusted SG&A was primarily due to continued leverage of costs and increased business expense efficiencies relative to the growth in sales, partially offset by increased advertising and promotional expense as compared to the second quarter of 2022.

    Second quarter 2023 net income increased 104.2% to $9.6 million and EPS was $0.32, compared to net income of $4.7 million and EPS of $0.16 in the prior year period. Adjusted net income for the second quarter of 2023 increased 36.4% to $13.4 million and adjusted EPS was $0.46, compared to adjusted net income of $9.8 million, and adjusted EPS of $0.33 in the prior year period.

    EBITDA was $29.2 million for the second quarter of 2023 compared to $19.6 million in the prior year period, an increase of 49.2%. Second quarter Adjusted EBITDA was $32.9 million, an increase of 36.3%, compared to $24.1 million in the prior year period and above the Company's guidance of $24.0 million to $26.0 million. Adjusted EBITDA margin increased 80 basis points to 10.4% compared to 9.6% in the prior year period.

    Adjusted SG&A, adjusted net income, adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide investors with additional insight into the way management views reportable segment operations. See “Non-GAAP Financial Measures” for a definition of these measures and the financial tables that accompany this release for a reconciliation to the most comparable GAAP measure.

    Cash Flow and Balance Sheet

    The Company ended the second quarter of 2023 with total cash and cash equivalents of $78.4 million. For the second quarter ended June 30, 2023, the Company generated a record $57.7 million of cash from operations which was driven by increased earnings as well as $34.2 million from working capital benefits. The Company’s total debt, which is comprised of its term loan, ABL, convertible notes and capital leases, was $449.6 million as of June 30, 2023. The Company had total liquidity, which it defines as cash on hand plus debt availability, of $203.4 million as of June 30, 2023. The Company's net leverage as measured under the Company's credit agreement was 3.6x as of June 30, 2023, down from 5.0x in the prior year period, driven by higher earnings and improved working capital. Please refer to the financial table within this press release for a calculation of the Company’s net leverage under the credit agreement.

    Outlook

    For the full year 2023 the Company is raising its outlook previously provided, and now expects:

    • Net sales of $1,010 million to $1,050 million, an increase of approximately 12.0% compared to 2022 based on the mid-point of the guidance
    • Adjusted EBITDA of $93 million to $97 million, an increase of approximately 22.0% compared to 2022 based on the mid-point of the guidance

    For the third quarter of 2023 the Company expects:

    • Net sales of $220 million to $240 million, an increase of approximately 10.0% compared to the prior year period based on the mid-point of the guidance
    • Adjusted EBITDA of $18 million to $20 million, an increase of approximately 17.0% compared to the prior year period based on the mid-point of the guidance

    The Company does not provide guidance for net income, the most directly comparable GAAP measure to Adjusted EBITDA, and similarly cannot provide a reconciliation between its forecasted adjusted EBITDA and net income without unreasonable effort due to the unavailability of reliable estimates for certain components of net income and the respective reconciliations. These forecasted items are not within the Company’s control, may vary greatly between periods and could significantly impact future financial results for the third quarter ending September 30, 2023, and full year ending December 31, 2023.

    Conference Call and Webcast

    The Company will host a conference call with members of the executive management team to discuss these results. The conference call is scheduled to begin today at 4:30 p.m. ET. To participate on the live call listeners in North America may dial 833-816-1410 and international listeners may dial 412-317-0503.

    In addition, the call will be broadcast live over the Internet hosted at the “Investors” section of the Company's website at www.PetIQ.com. A telephonic playback will be available through August 29, 2023. North American listeners may dial 844-512-2921 and international listeners may dial 412-317-6671; the passcode is 10180442.

    About PetIQ

    PetIQ is a leading pet medication and wellness company delivering a smarter way for pet parents to help their pets live their best lives through convenient access to affordable veterinary products and services. The Company engages with customers through more than 60,000 points of distribution across retail and e-commerce channels with its branded and distributed medications as well as health and wellness items, which are further supported by its world-class medications manufacturing facility in Omaha, Nebraska and health and wellness manufacturing facility in Springville, Utah. The Company’s national service platform operates in over 2,600 retail partner locations in 41 states providing cost effective and convenient veterinary wellness services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them.

    Investors: katie.turner@petiq.com or 208.513.1513

    Media: kara.schafer@petiq.com or 407.929.6727

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could” and similar expressions. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances, or achievements expressed or implied by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, general economic or market conditions, global economic slowdown, increased inflation, rising interest rates, recent and potential future bank failures and the impacts of COVID-19; our ability to successfully grow our business through acquisitions and our ability to integrate acquisitions, including Rocco & Roxie; our dependency on a limited number of customers; our ability to implement our growth strategy effectively; our ability to manage our manufacturing and supply chain effectively; disruptions in our manufacturing and distribution chains; competition from veterinarians and others in our industry; reputational damage to our brands; economic trends and spending on pets; the effectiveness of our marketing and trade promotion programs; recalls or withdrawals of our products or product liability claims; our ability to introduce new products and improve existing products; our ability to protect our intellectual property; costs associated with governmental regulation; our ability to keep and retain key employees; our ability to sustain profitability; and the risks set forth under the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022 and other reports filed time to time with the Securities and Exchange Commission. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially adversely affect our business, financial condition or operating results. The forward-looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Consequently, you should not place undue reliance on forward-looking statements.

    Non-GAAP Financial Measures

    In addition to financial results reported in accordance with U.S. GAAP, PetIQ uses the following non-GAAP financial measures: adjusted net income, adjusted earnings per share, adjusted SG&A, adjusted EBITDA, and adjusted EBITDA margin.

    Adjusted net income consists of net income adjusted for tax expense, acquisition expenses, integration costs, litigation costs, and stock-based compensation expense. Adjusted net income is utilized by management to evaluate the effectiveness of our business strategies. Non-GAAP adjusted earnings per share is defined as non-GAAP adjusted net income divided by the weighted average number of shares of common stock outstanding during the period.

    Adjusted SG&A consists of SG&A adjusted for acquisition expenses, stock-based compensation expense, integration costs, and litigation expense.

    EBITDA represents net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA plus adjustments for transactions that management does not believe are representative of our core ongoing business including acquisition costs, stock-based compensation expense, and integration costs. Adjusted EBITDA margin is adjusted EBITDA stated as a percentage of net sales.

    Adjusted EBITDA is utilized by management as a factor in evaluating the Company's performance and the effectiveness of our business strategies. The Company presents EBITDA because it is a necessary component for computing adjusted EBITDA.

    We believe that the use of these non-GAAP measures provides additional tools for investors to use in evaluating ongoing operating results and trends. In addition, you should be aware when evaluating these non-GAAP measures that in the future we may incur expenses similar to those excluded when calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. Our computation of non-GAAP measures may not be comparable to other similarly titled measures computed by other companies, because all companies do not calculate these non-GAAP measures in the same manner. Our management does not, and you should not, consider the non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. See a reconciliation of each non-GAAP measure to the most comparable GAAP measure, in the financial tables that accompany this release.

    PetIQ, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in 000’s except for per share amounts)

     


      June 30, 2023 December 31, 2022
    Current assets    
    Cash and cash equivalents $78,437  $101,265 
    Accounts receivable, net  193,570   118,004 
    Inventories  141,647   142,605 
    Other current assets  8,788   8,238 
    Total current assets  422,442   370,112 
    Property, plant and equipment, net  69,776   73,395 
    Operating lease right of use assets  15,440   18,231 
    Other non-current assets  2,426   1,373 
    Intangible assets, net  169,182   172,479 
    Goodwill  204,204   183,306 
    Total assets $883,470  $818,896 
    Liabilities and equity    
    Current liabilities    
    Accounts payable $154,141  $112,995 
    Accrued wages payable  11,826   11,512 
    Accrued interest payable  1,465   1,912 
    Other accrued expenses  9,909   7,725 
    Current portion of operating leases  6,211   6,595 
    Current portion of long-term debt and finance leases  8,152   8,751 
    Total current liabilities  191,704   149,490 
    Operating leases, less current installments  9,957   12,405 
    Long-term debt, less current installments  440,582   443,276 
    Finance leases, less current installments  837   907 
    Other non-current liabilities  4,787   1,025 
    Total non-current liabilities  456,163   457,613 
    Equity    
    Additional paid-in capital  383,020   378,709 
    Class A common stock, par value $0.001 per share, 125,000 shares authorized; 29,551 and 29,348 shares issued, respectively  29   29 
    Class B common stock, par value $0.001 per share, 8,402 shares authorized; 244 and 252 shares issued and outstanding, respectively      
    Class A treasury stock, at cost, 373 shares  (3,857)  (3,857)
    Accumulated deficit  (143,566)  (162,733)
    Accumulated other comprehensive loss  (1,990)  (2,224)
    Total stockholders' equity  233,636   209,924 
    Non-controlling interest  1,967   1,869 
    Total equity  235,603   211,793 
    Total liabilities and equity $883,470  $818,896 

    PetIQ, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in 000’s, except for per share amounts)

     


      For the Three Months Ended For the Six Months Ended
      June 30, 2023 June 30, 2022 June 30, 2023June 30, 2022
            
    Product sales $278,167  $219,014  $537,160 $466,764 
    Services revenue  36,380   33,000   67,858  60,945 
    Total net sales  314,547   252,014   605,018  527,709 
    Cost of products sold  210,428   163,568   411,330  354,419 
    Cost of services  30,240   26,472   57,549  53,681 
    Total cost of sales  240,668   190,040   468,879  408,100 
    Gross profit  73,879   61,974   136,139  119,609 
    Operating expenses       
    Selling, general and administrative expenses  55,159   50,595   98,486  98,831 
    Operating income  18,720   11,379   37,653  20,778 
    Interest expense, net  8,824   6,299   17,556  12,420 
    Other expense (income), net  151   (201)  123  (204)
    Total other expense, net  8,975   6,098   17,679  12,216 
    Pretax net income  9,745   5,281   19,974  8,562 
    Income tax expense  (192)  (603)  (640) (724)
    Net income  9,553   4,678   19,334  7,838 
    Net income attributable to non-controlling interest  85   46   167  75 
    Net income attributable to PetIQ, Inc. $9,468  $4,632  $19,167 $7,763 
    Net income per share attributable to PetIQ, Inc. Class A common stock       
    Basic $0.32  $0.16  $0.66 $0.27 
    Diluted $0.32  $0.16  $0.66 $0.26 
    Weighted Average shares of Class A common stock outstanding       
    Basic  29,136   29,283   29,083  29,223 
    Diluted  29,373   29,329   29,218  29,304 

    PetIQ, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, in 000’s)

     


      For the Six Months Ended June 30,
       2023   2022 
    Cash flows from operating activities    
    Net income $19,334  $7,838 
    Adjustments to reconcile net income to net cash provided by (used in) operating activities    
    Depreciation and amortization of intangible assets and loan fees  19,769   17,660 
    Stock based compensation expense  5,208   6,666 
    Other non-cash activity  (135)  48 
    Changes in assets and liabilities, net of business acquisition    
    Accounts receivable  (74,468)  (54,969)
    Inventories  2,901   (63,771)
    Other assets  (481)  (409)
    Accounts payable  40,320   26,481 
    Accrued wages payable  252   (2,359)
    Other accrued expenses  1,703   (2,569)
    Net cash provided by (used in) operating activities  14,403   (65,384)
    Cash flows from investing activities    
    Business acquisition (net of cash acquired)  (27,634)   
    Purchase of property, plant, and equipment  (4,128)  (8,026)
    Investment in subsidiary undertaking      
    Net cash used in investing activities  (31,762)  (8,026)
    Cash flows from financing activities    
    Proceeds from issuance of long-term debt  35,000   44,000 
    Principal payments on long-term debt  (38,800)  (42,800)
    Principal payments on finance lease obligations  (801)  (744)
    Tax withholding payments on Restricted Stock Units  (969)  (865)
    Exercise of options to purchase Class A common stock     115 
    Net cash used in financing activities  (5,570)  (294)
    Net change in cash and cash equivalents  (22,929)  (73,704)
    Effect of exchange rate changes on cash and cash equivalents  101   (306)
    Cash and cash equivalents, beginning of period  101,265   79,406 
    Cash and cash equivalents, end of period $78,437  $5,396 

    PetIQ, Inc.
    Summary Segment Results
    (Unaudited, in 000’s)

      For the Three Months Ended For the Six Months Ended
    $'s in 000's June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
    Products segment sales $278,167 $219,014 $537,160 $466,764
    Services segment revenue:        
    Same-store sales  33,633  28,264  62,161  48,989
    Non same-store sales  2,747  4,736  5,697  11,956
    Total services segment revenue $36,380 $33,000 $67,858 $60,945
    Total net sales $314,547 $252,014 $605,018 $527,709

    PetIQ, Inc.
    Reconciliation between Selling, General & Administrative (“SG&A”) and Adjusted SG&A
    (Unaudited, in 000’s)

      For the Three Months Ended For the Six Months Ended
    $'s in 000's June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
    SG&A $55,159  $50,595  $98,486  $98,831 
    % of Sales  17.5%  20.1%  16.3%  18.7%
    Less:        
    Acquisition costs(1)  297   156   835   156 
    Stock based compensation expense  2,743   2,843   5,208   6,666 
    Integration costs(2)  618   404   1,594   743 
    Litigation expenses     1,141      3,802 
    Adjusted SG&A(3) $51,501  $46,051  $90,849  $87,464 
    % of Sales  16.4%  18.3%  15.2%  17.0%

    PetIQ, Inc.
    Reconciliation between Net Income and Adjusted EBITDA
    (Unaudited, in 000’s)

      For the Three Months Ended For the Six Months Ended
    $'s in 000's June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
    Net income $9,553  $4,678  $19,334  $7,838 
    Plus:        
    Tax expense  192   603   640   724 
    Depreciation  4,164   3,515   7,685   7,197 
    Amortization  6,477   4,477   10,739   9,000 
    Interest expense, net  8,824   6,299   17,556   12,420 
    EBITDA $29,210  $19,572  $55,954  $37,179 
    Acquisition costs(1)  297   156   835   156 
    Stock based compensation expense  2,743   2,843   5,208   6,666 
    Integration costs(2)  618   404   1,594   743 
    Litigation expenses     1,141      3,802 
    Adjusted EBITDA(3) $32,868  $24,116  $63,591  $48,546 
    Adjusted EBITDA Margin  10.4%  9.6%  10.5%  9.2%

    PetIQ, Inc.
    Reconciliation between Net Income and Adjusted Net Income
    (Unaudited, in 000’s, except for per share amounts)

      For the Three Months Ended For the Six Months Ended
    $'s in 000's June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
    Net income $9,553 $4,678 $19,334 $7,838
    Plus:        
    Tax expense  192  603  640  724
    Acquisition costs(1)  297  156  835  156
    Stock based compensation expense  2,743  2,843  5,208  6,666
    Integration costs(2)  618  404  1,594  743
    Litigation expenses    1,141    3,802
    Adjusted Net income(3) $13,403 $9,825 $27,611 $19,929
             
    Non-GAAP adjusted EPS        
    Basic $0.46 $0.34 $0.95 $0.68
    Diluted $0.46 $0.33 $0.95 $0.68
    Weighted Average shares of Class A common stock outstanding used to compute non-GAAP adjusted EPS
    Basic  29,136  29,283  29,083  29,223
    Diluted  29,373  29,329  29,218  29,304

    (1) Acquisition costs include legal, accounting, banking, consulting, diligence, and other costs related to completed and contemplated acquisitions.

    (2) Integration costs represent costs related to integrating the acquired businesses including personnel costs such as severance and retention bonuses, consulting costs, contract termination costs, and IT conversion costs. The costs are primarily within the Products segment.

    (3) Effective December 31, 2022, the Company no longer includes non same-store operating results related to the Services segment wellness centers with less than six full quarters of operating results, and pre-opening expenses, as an adjustment to its calculation of its non-GAAP financial measures. As a result, the following non-GAAP measures have been recast for comparability to remove non same-store operating results for the three and six months ended June 30, 2022 as follows:

    • Adjusted SG&A - $2.0 and $4.5 million, respectively
    • Adjusted net income - $5.2 and $12.4 million, respectively
    • Adjusted EBITDA - $3.5 and $10.6 million, respectively

    PetIQ, Inc.

    Calculation of Net Leverage Ratio Under Term Loan B
    (Unaudited, in 000’s, except for multiples)

     June 30, 2023
    Total debt$447,849 
    Total Capital Leases 1,722 
    Less Cash (78,437)
    Net Debt 371,134 
    LTM Term Loan B Adjusted EBITDA(1) 102,777 
    Term Loan B net leverage3.6x

    (1) Our Term Loan B documentation defines Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization and a non-cash goodwill impairment charge, as further adjusted for acquisition costs, loss on debt extinguishment and related costs, stock based compensation expense, integration costs, litigation expenses, and non same-store net income (loss), which we refer to as “Term Loan B Adjusted EBITDA.” Term Loan B Adjusted EBITDA is not a non-GAAP measure and is presented solely for purposes of providing investors an understanding of the Company’s financial condition and liquidity and should not be relied upon for any purposes other than an understanding of the Company’s financial condition and liquidity as it relates to the Company’s Term Loan B

     


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