Adjusted EBITDA - is a calculation that adds depreciation expense to our adjusted income from operations. Adjusted EBITDA is a measure that management reviews and utilizes for operational analysis purposes. We believe competitors and others in the financial industry utilize this non-GAAP measure for analysis purposes.
Free Cash Flow - is a calculation that starts with GAAP cash flow from operating activities, reduces this amount by our capital expenditures in the applicable period. Free Cash Flow is a measure that management reviews and utilizes for cash flow analysis purposes. We believe competitors and others in the financial industry utilize this non-GAAP measure for analyzing a company's cash flow.
Incremental Shares - is the number of potential shares of common stock issuable upon the exercise of stock options, restricted stock, restricted stock units and warrants which were not included in the calculation of our GAAP diluted shares. We believe competitors and others in the financial industry utilize this non-GAAP measure for analysis purposes.
MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data) |
||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
|
September 27,
|
|
June 28, 2019 |
|
September 28,
|
|
September 27,
|
|
September 28,
|
|||||
|
|
|
|
|
||||||||||
Revenue |
$ |
112,248 |
|
$ |
108,306 |
|
$ |
151,188 |
|
$ |
499,708 |
|
$ |
570,398 |
Cost of revenue |
59,323 |
|
74,478 |
|
80,206 |
|
279,000 |
|
324,692 |
|||||
Gross profit |
52,925 |
|
33,828 |
|
70,982 |
|
220,708 |
|
245,706 |
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||||
Research and development |
34,875 |
|
42,708 |
|
46,226 |
|
163,469 |
|
177,713 |
|||||
Selling, general and administrative |
26,849 |
|
41,920 |
|
42,280 |
|
153,286 |
|
161,673 |
|||||
| Impairment charges |
700 |
|
264,086 |
|
— |
|
264,786 |
|
6,575 |
|||||
| Restructuring charges |
2,496 |
|
8,887 |
|
(36) |
|
19,543 |
|
6,265 |
|||||
| Total operating expenses |
64,920 |
|
357,601 |
|
88,470 |
|
601,084 |
|
352,226 |
|||||
| Loss from operations |
(11,995) |
|
(323,773) |
|
(17,488) |
|
(380,376) |
|
(106,520) |
|||||
| Other (expense) income: |
|
|
|
|
|
|
|
|
|
|||||
| Warrant liability (expense) gain |
(5,023) |
|
1,927 |
|
2,750 |
|
765 |
|
27,646 |
|||||
| Interest expense, net |
(8,661) |
|
(8,967) |
|
(8,089) |
|
(35,803) |
|
(31,338) |
|||||
| Other (expense) income, net |
(3,507) |
|
4,777 |
|
(3,609) |
|
(7,739) |
|
(45,023) |
|||||
| Total other expense |
(17,191) |
|
(2,263) |
|
(8,948) |
|
(42,777) |
|
(48,715) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
| Loss before income taxes |
(29,186) |
|
(326,036) |
|
(26,436) |
|
(423,153) |
|
(155,235) |
|||||
| Income tax benefit |
(37,297) |
|
(1,322) |
|
(10,320) |
|
(36,950) |
|
(21,473) |
|||||
| Income (loss) from continuing operations |
8,111 |
|
(324,714) |
|
(16,116) |
|
(386,203) |
|
(133,762) |
|||||
| Loss from discontinued operations |
— |
|
— |
|
(378) |
|
— |
|
(6,215) |
|||||
| Net income (loss) |
$ |
8,111 |
|
$ |
(324,714) |
|
$ |
(16,494) |
|
$ |
(386,203) |
|
$ |
(139,977) |
|
|
|
|
|
|
|
|
|
|
|
|||||
| Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|||||
| Basic: |
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from continuing operations |
$ |
0.12 |
|
$ |
(4.93) |
|
$ |
(0.25) |
|
$ |
(5.88) |
|
$ |
(2.07) |
| Loss from discontinued operations |
— |
|
— |
|
(0.01) |
|
— |
|
(0.10) |
|||||
| Income (loss) per share - basic |
$ |
0.12 |
|
$ |
(4.93) |
|
$ |
(0.25) |
|
$ |
(5.88) |
|
$ |
(2.16) |
|
|
|
|
|
|
|
|
|
|
|
|||||
| Diluted: |
|
|
|
|
|
|
|
|
|
|||||
| Income (loss) from continuing operations |
$ |
0.12 |
|
$ |
(4.95) |
|
$ |
(0.29) |
|
$ |
(5.88) |
|
$ |
(2.47) |
| Loss from discontinued operations |
— |
|
— |
|
(0.01) |
|
— |
|
(0.10) |
|||||
| Income (loss) per share - diluted |
$ |
0.12 |
|
$ |
(4.95) |
|
$ |
(0.29) |
|
$ |
(5.88) |
|
$ |
(2.57) |
|
|
|
|
|
|
|
|
|
|
|
|||||
| Shares - Basic |
66,077 |
|
65,858 |
|
65,170 |
|
65,686 |
|
64,741 |
|||||
| Shares - Diluted |
66,378 |
|
65,945 |
|
65,648 |
|
65,686 |
|
65,311 |
|||||
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except per share data) |
||||||
|
|
September 27, 2019 |
|
September 28, 2018 |
|||
|
|
|
|
||||
| ASSETS |
|
|
|
|
||
| Current assets: |
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
75,519 |
|
$ |
94,676 |
| Short term investments |
|
101,226 |
|
98,221 |
||
| Accounts receivable, net |
|
69,790 |
|
97,375 |
||
| Inventories |
|
107,880 |
|
122,837 |
||
| Income tax receivable |
|
16,661 |
|
17,601 |
||
| Assets held for sale, current |
|
— |
|
4,840 |
||
| Prepaids and other current assets |
|
27,506 |
|
23,311 |
||
| Total current assets |
|
398,582 |
|
458,861 |
||
| Property and equipment, net |
|
132,647 |
|
149,923 |
||
| Goodwill and intangible assets, net |
|
495,955 |
|
826,861 |
||
| Deferred income taxes |
|
41,407 |
|
2,272 |
||
| Other investments |
|
23,613 |
|
31,094 |
||
| Other long-term assets |
|
10,965 |
|
13,484 |
||
| TOTAL ASSETS |
|
$ |
1,103,169 |
|
$ |
1,482,495 |
|
|
|
|
|
|
||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
| Current liabilities: |
|
|
|
|
||
| Current portion of lease payable |
|
$ |
1,084 |
|
$ |
467 |
| Current portion of long-term debt |
|
6,885 |
|
6,885 |
||
| Accounts payable |
|
24,822 |
|
41,951 |
||
| Accrued liabilities |
|
39,908 |
|
49,945 |
||
| Deferred revenue |
|
2,137 |
|
7,757 |
||
| Total current liabilities |
|
74,836 |
|
107,005 |
||
| Lease payable, less current portion |
|
29,506 |
|
29,023 |
||
| Long-term debt obligations, less current portion |
|
655,272 |
|
658,372 |
||
| Common stock warrant liability |
|
12,364 |
|
13,129 |
||
| Deferred income taxes |
|
632 |
|
389 |
||
| Other long-term liabilities |
|
19,068 |
|
5,902 |
||
| Total liabilities |
|
791,678 |
|
813,820 |
||
| Stockholders' equity |
|
311,491 |
|
668,675 |
||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
1,103,169 |
|
$ |
1,482,495 |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) |
||||||
|
|
|
Twelve Months Ended |
||||
|
|
|
September 27,
|
|
September 28,
|
||
|
|
|
|
||||
|
|
|
|
|
|
||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||
| Net loss |
|
$ |
(386,203) |
|
$ |
(139,977) |
| Depreciation and amortization |
|
104,418 |
|
112,383 |
||
| Share based compensation |
|
23,792 |
|
31,937 |
||
| Warrant liability gain |
|
(765) |
|
(27,646) |
||
| Acquired inventory step-up amortization |
|
— |
|
224 |
||
| Loss on disposition of business |
|
— |
|
34,343 |
||
| Deferred income taxes |
|
(38,893) |
|
(16,528) |
||
| Loss on minority equity investment |
|
7,481 |
|
10,406 |
||
| Restructuring and impairment related charges |
|
273,572 |
|
9,143 |
||
| Other adjustments to reconcile loss to net operating cash |
|
4,255 |
|
(594) |
||
| Inventories |
|
14,964 |
|
(2,166) |
||
| Accounts receivable |
|
27,585 |
|
38,679 |
||
| Change in other operating assets and liabilities |
|
(9,506) |
|
(13,911) |
||
| Net cash provided by operating activities |
|
20,700 |
|
36,293 |
||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||
| Acquisition of businesses, net |
|
(375) |
|
(1,000) |
||
| Sales, purchases and maturities of investments |
|
(1,094) |
|
(14,086) |
||
| Purchases of other investments |
|
— |
|
(5,000) |
||
| Proceeds associated with discontinued operations |
|
— |
|
4,737 |
||
| Sale of businesses and assets |
|
5,541 |
|
1,274 |
||
| Purchases of property and equipment |
|
(37,963) |
|
(53,044) |
||
| Net cash used in investing activities |
|
(33,891) |
|
(67,119) |
||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||
| Payments of financing costs |
|
— |
|
(505) |
||
| Proceeds from corporate facility financing obligation |
|
— |
|
4,000 |
||
| Payments of notes payable and assumed debt |
|
(8,306) |
|
(7,598) |
||
| Proceeds from stock option exercises and employee stock purchases |
|
7,193 |
|
6,957 |
||
| Repurchase of common stock - tax withholding on equity awards |
|
(4,137) |
|
(6,828) |
||
| Other adjustments |
|
(578) |
|
(477) |
||
| Net cash used in financing activities |
|
(5,828) |
|
(4,451) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
(138) |
|
(151) |
||
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(19,157) |
|
(35,428) |
||
| CASH AND CASH EQUIVALENTS — Beginning of period |
|
94,676 |
|
130,104 |
||
| CASH AND CASH EQUIVALENTS — End of period |
|
$ |
75,519 |
|
$ |
94,676 |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS (unaudited and in thousands, except per share data) |
|||||||||||||||
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
|||||
| Gross profit - GAAP |
$ |
52,925 |
47.2 |
$ |
33,828 |
31.2 |
$ |
70,982 |
46.9 |
$ |
220,708 |
44.2 |
$ |
245,706 |
43.1 |
| Amortization expense |
5,773 |
5.1 |
8,149 |
7.5 |
8,515 |
5.6 |
29,847 |
6.0 |
33,428 |
5.9 |
|||||
| Share-based and non-cash compensation |
836 |
0.7 |
662 |
0.6 |
1,115 |
0.7 |
2,973 |
0.6 |
4,053 |
0.7 |
|||||
| Impairment related charges |
— |
— |
— |
— |
— |
— |
(991) |
(0.2) |
2,568 |
0.5 |
|||||
| Acquisition, integration and restructuring related costs |
— |
— |
— |
— |
1,176 |
0.8 |
547 |
0.1 |
1,966 |
0.3 |
|||||
| Production and product line exits |
— |
— |
— |
— |
1,000 |
0.7 |
— |
— |
17,165 |
3.0 |
|||||
| Adjusted gross profit (Non-GAAP) |
$ |
59,534 |
53.0 |
$ |
42,639 |
39.4 |
$ |
82,788 |
54.8 |
$ |
253,084 |
50.6 |
$ |
304,886 |
53.5 |
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
|||||
| Operating expenses - GAAP |
$ |
64,920 |
57.8 |
$ |
357,601 |
330.2 |
$ |
88,470 |
58.5 |
$ |
601,084 |
120.3 |
$ |
352,226 |
61.8 |
| Amortization expense |
(6,757) |
(6.0) |
(13,713) |
(12.7) |
(12,438) |
(8.2) |
(44,872) |
(9.0) |
(48,266) |
(8.5) |
|||||
| Share-based and non-cash compensation |
(3,551) |
(3.2) |
(2,383) |
(2.2) |
(6,984) |
(4.6) |
(22,742) |
(4.6) |
(27,614) |
(4.8) |
|||||
| Impairment and restructuring charges |
(3,196) |
(2.8) |
(272,973) |
(252.0) |
36 |
— |
(284,329) |
(56.9) |
(12,840) |
(2.3) |
|||||
| Litigation costs |
— |
— |
— |
— |
(982) |
(0.6) |
(167) |
— |
(3,507) |
(0.6) |
|||||
| Acquisition, integration and restructuring related costs |
(366) |
(0.3) |
(3,612) |
(3.3) |
(3,117) |
(2.1) |
(6,799) |
(1.4) |
(9,948) |
(1.7) |
|||||
| Production and product line exits |
— |
— |
— |
— |
(857) |
(0.6) |
— |
— |
(2,445) |
(0.4) |
|||||
| Adjusted operating expenses (Non-GAAP) |
$ |
51,050 |
45.5 |
$ |
64,920 |
59.9 |
$ |
64,128 |
42.4 |
$ |
242,175 |
48.5 |
$ |
247,606 |
43.4 |
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
|||||
| Loss from operations - GAAP |
$ |
(11,995) |
(10.7) |
$ |
(323,773) |
(298.9) |
$ |
(17,488) |
(11.6) |
$ |
(380,376) |
(76.1) |
$ |
(106,520) |
(18.7) |
| Amortization expense |
12,530 |
11.2 |
21,862 |
20.2 |
20,953 |
13.9 |
74,719 |
15.0 |
81,694 |
14.3 |
|||||
| Share-based and non-cash compensation |
4,387 |
3.9 |
3,045 |
2.8 |
8,099 |
5.4 |
25,684 |
5.1 |
31,666 |
5.6 |
|||||
| Impairment and restructuring charges |
3,196 |
2.8 |
272,973 |
252.0 |
(36) |
— |
283,338 |
56.7 |
15,408 |
2.7 |
|||||
| Litigation costs |
— |
— |
— |
— |
982 |
0.6 |
167 |
— |
3,507 |
0.6 |
|||||
| Acquisition, integration and restructuring related costs |
366 |
0.3 |
3,612 |
3.3 |
4,293 |
2.8 |
7,377 |
1.5 |
11,914 |
2.1 |
|||||
| Production and product line exits |
— |
— |
— |
— |
1,857 |
1.2 |
— |
— |
19,610 |
3.4 |
|||||
| Adjusted income (loss) from operations (Non-GAAP) |
$ |
8,484 |
7.6 |
$ |
(22,281) |
(20.6) |
$ |
18,660 |
12.3 |
$ |
10,909 |
2.2 |
$ |
57,279 |
10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Depreciation expense |
7,276 |
6.5 |
7,272 |
6.7 |
7,416 |
4.9 |
29,699 |
5.9 |
30,099 |
5.3 |
|||||
| Adjusted EBITDA (Non-GAAP) |
$ |
15,760 |
14.0 |
$ |
(15,009) |
(13.9) |
$ |
26,076 |
17.2 |
$ |
40,608 |
8.1 |
$ |
87,378 |
15.3 |
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
|||||
| Net income (loss) - GAAP |
$ |
8,111 |
7.2 |
$ |
(324,714) |
(299.8) |
$ |
(16,494) |
(10.9) |
$ |
(386,203) |
(77.3) |
$ |
(139,977) |
(24.5) |
| Amortization expense |
12,530 |
11.2 |
21,862 |
20.2 |
20,953 |
13.9 |
74,719 |
15.0 |
81,694 |
14.3 |
|||||
| Share-based and non-cash compensation |
4,387 |
3.9 |
3,075 |
2.8 |
8,099 |
5.4 |
25,715 |
5.1 |
31,666 |
5.6 |
|||||
| Impairment and restructuring charges |
3,196 |
2.8 |
272,973 |
252.0 |
(36) |
— |
283,338 |
56.7 |
15,408 |
2.7 |
|||||
| Warrant liability expense (gain) |
5,023 |
4.5 |
(1,927) |
(1.8) |
(2,750) |
(1.8) |
(765) |
(0.2) |
(27,646) |
(4.8) |
|||||
| Non-cash interest, net |
1,015 |
0.9 |
1,015 |
0.9 |
1,015 |
0.7 |
4,061 |
0.8 |
4,587 |
0.8 |
|||||
| Litigation costs |
— |
— |
— |
— |
982 |
0.6 |
167 |
— |
3,507 |
0.6 |
|||||
| Acquisition, integration and restructuring related costs |
366 |
0.3 |
3,582 |
3.3 |
4,293 |
2.8 |
7,346 |
1.5 |
11,914 |
2.1 |
|||||
| Production and product line exits |
— |
— |
— |
— |
1,857 |
1.2 |
— |
— |
19,610 |
3.4 |
|||||
| Discontinued operations |
— |
— |
— |
— |
378 |
0.3 |
— |
— |
6,215 |
1.1 |
|||||
| Equity investment and sale of business (gains) losses |
3,545 |
3.2 |
(4,705) |
(4.3) |
3,462 |
2.3 |
7,700 |
1.5 |
44,749 |
7.8 |
|||||
| Other |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|||||
| Tax effect of non-GAAP adjustments |
(37,367) |
(33.3) |
1,091 |
1.0 |
(11,235) |
(7.4) |
(35,281) |
(7.1) |
(23,893) |
(4.2) |
|||||
| Adjusted net income (loss) (Non-GAAP) |
$ |
806 |
0.7 |
$ |
(27,748) |
(25.6) |
$ |
10,524 |
7.0 |
$ |
(19,203) |
(3.8) |
$ |
27,834 |
4.9 |
|
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
|||||||||||||||
|
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
||||||||||
| Net income (loss) - GAAP |
$ |
8,111 |
|
$ |
(324,714) |
|
$ |
(16,494) |
|
$ |
(386,203) |
|
$ |
(139,977) |
|
|||||
| Warrant liability gain |
— |
|
(1,927) |
|
(2,750) |
|
— |
|
(27,646) |
|
||||||||||
| Net income (loss) - diluted |
$ |
8,111 |
$ |
0.12 |
$ |
(326,641) |
$ |
(4.95) |
$ |
(19,244) |
$ |
(0.29) |
$ |
(386,203) |
$ |
(5.88) |
$ |
(167,623) |
$ |
(2.57) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Adjusted net income (loss) (Non-GAAP) |
$ |
806 |
$ |
0.01 |
$ |
(27,748) |
$ |
(0.42) |
$ |
10,524 |
$ |
0.16 |
$ |
(19,203) |
$ |
(0.29) |
$ |
27,834 |
$ |
0.42 |
|
|
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
|||||
|
|
Shares |
|
Shares |
|
Shares |
|
Shares |
|
Shares |
|
| Diluted shares - GAAP |
66,378 |
|
65,945 |
|
65,648 |
|
65,686 |
|
65,311 |
|
| Incremental shares |
358 |
|
80 |
|
236 |
|
387 |
|
376 |
|
| Adjusted diluted shares (Non-GAAP) |
66,736 |
|
66,025 |
|
65,884 |
|
66,073 |
|
65,687 |
|
|
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
|||||
| Interest expense, net - GAAP |
$ |
8,661 |
7.7 |
$ |
8,967 |
8.3 |
$ |
8,089 |
5.4 |
$ |
35,803 |
7.2 |
$ |
31,338 |
5.5 |
| Non-cash interest expense |
(1,015) |
(0.9) |
(1,015) |
(0.9) |
(1,015) |
(0.7) |
(4,061) |
(0.8) |
(4,588) |
(0.8) |
|||||
| Adjusted Interest Expense (Non-GAAP) |
$ |
7,646 |
6.8 |
$ |
7,952 |
7.3 |
$ |
7,074 |
4.7 |
$ |
31,742 |
6.4 |
$ |
26,750 |
4.7 |
|
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
|
September 27, 2019 |
June 28, 2019 |
September 28, 2018 |
September 27, 2019 |
September 28, 2018 |
|||||||||||||||
|
|
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
Amount |
% Revenue |
||||||||||
| Cash flow from operations - GAAP |
$ |
(7,578) |
(6.8) |
$ |
1,439 |
1.3 |
$ |
25,076 |
16.6 |
$ |
20,700 |
4.1 |
$ |
36,293 |
6.4 |
|||||
| Capital expenditures |
(6,058) |
(5.4) |
(9,305) |
(8.6) |
(13,601) |
(9.0) |
(37,963) |
(7.6) |
(53,044) |
(9.3) |
||||||||||
| Free cash flow (Non-GAAP) |
$ |
(13,636) |
(12.1) |
$ |
(7,866) |
(7.3) |
$ |
11,475 |
7.6 |
$ |
(17,263) |
(3.5) |
$ |
(16,751) |
(2.9) |
|||||
| Free cash flow as a percentage of Adjusted net income |
(1,692) |
% |
|
(28) |
% |
|
109 |
% |
|
(90) |
% |
|
(60) |
% |
|
|||||
