Full Press Release Details
National Vision Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Fiscal Year Ended December 29, 2019 (Audited), the Three Months Ended December 29, 2018, September 29, 2018, June 30, 2018 and March 31, 2018 (Unaudited)
| Fiscal Year 2018 | Fourth Quarter Ended December 29, 2018 | Third Quarter Ended September 29, 2018 | Second Quarter Ended June 30, 2018 | First Quarter Ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||||||||||||||
| Net product sales | $ | 1,269,612 | $ | 292,115 | $ | 319,312 | $ | - | $ | 319,312 | $ | 319,408 | $ | - | $ | 319,408 | $ | 338,777 | $ | - | $ | 338,777 | ||||||||||||||||||||||
| Net sales of services and plans | 267,242 | 63,807 | 68,113 | - | 68,113 | 66,124 | - | 66,124 | 69,198 | - | 69,198 | |||||||||||||||||||||||||||||||||
| Total net revenue | 1,536,854 | 355,922 | 387,425 | - | 387,425 | 385,532 | - | 385,532 | 407,975 | 407,975 | ||||||||||||||||||||||||||||||||||
| Cost applicable to revenue | ||||||||||||||||||||||||||||||||||||||||||||
| Products | 511,406 | 121,846 | 130,951 | - | 130,951 | 127,731 | - | 127,731 | 130,878 | - | 130,878 | |||||||||||||||||||||||||||||||||
| Services and plans | 202,165 | 51,624 | 51,637 | - | 51,637 | 49,328 | - | 49,328 | 49,576 | - | 49,576 | |||||||||||||||||||||||||||||||||
| Total cost applicable to revenue | 713,571 | 173,470 | 182,588 | - | 182,588 | 177,059 | - | 177,059 | 180,454 | 180,454 | ||||||||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 687,476 | 166,132 | 184,424 | 604 | 185,028 | 165,038 | 589 | 165,627 | 170,102 | 587 | 170,689 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 74,339 | 19,556 | 19,080 | 264 | 19,344 | 17,346 | 231 | 17,577 | 17,654 | 208 | 17,862 | |||||||||||||||||||||||||||||||||
| Asset impairment | 17,630 | 15,493 | 2,137 | - | 2,137 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Other expenses, net | 1,487 | 658 | 411 | - | 411 | 296 | - | 296 | 122 | - | 122 | |||||||||||||||||||||||||||||||||
| Total operating expenses | 780,932 | 201,839 | 206,052 | 206,920 | 182,680 | 820 | 183,500 | 187,878 | 795 | 188,673 | ||||||||||||||||||||||||||||||||||
| Income (loss) from operations | 42,351 | (19,387 | ) | (1,215 | ) | (868 | ) | (2,083 | ) | 25,793 | (820 | ) | 24,973 | 39,643 | (795 | ) | 38,848 | |||||||||||||||||||||||||||
| Interest expense, net | 37,283 | 9,139 | 9,407 | - | 9,407 | 9,424 | - | 9,424 | 9,313 | - | 9,313 | |||||||||||||||||||||||||||||||||
| Debt issuance costs | 200 | 200 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | 4,868 | (28,726 | ) | (10,622 | ) | (868 | ) | (11,490 | ) | 16,369 | (820 | ) | 15,549 | 30,330 | (795 | ) | 29,535 | |||||||||||||||||||||||||||
| Income tax provision (benefit) | (18,785 | ) | (10,286 | ) | (16,438 | ) | (223 | ) | (16,661 | ) | 3,292 | (210 | ) | 3,082 | 5,283 | (203 | ) | 5,080 | ||||||||||||||||||||||||||
| Net income (loss): | $ | 23,653 | $ | (18,440 | ) | $ | 5,816 | $ | (645 | ) | $ | 5,171 | $ | 13,077 | $ | (610 | ) | $ | 12,467 | $ | 25,047 | $ | (592 | ) | $ | 24,455 | ||||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.31 | $ | (0.24 | ) | $ | 0.08 | $ | (0.01 | ) | $ | 0.07 | $ | 0.17 | $ | - | $ | 0.17 | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | |||||||||||||||||||
| Diluted | $ | 0.30 | $ | (0.24 | ) | $ | 0.07 | $ | (0.01 | ) | $ | 0.06 | $ | 0.17 | $ | (0.01 | ) | $ | 0.16 | $ | 0.32 | $ | (0.01 | ) | $ | 0.31 | ||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | 75,899 | 77,526 | 76,118 | - | 76,118 | 75,249 | - | 75,249 | 74,714 | - | 74,714 | |||||||||||||||||||||||||||||||||
| Diluted | 79,041 | 77,526 | 79,710 | - | 79,710 | 77,858 | - | 77,858 | 77,837 | - | 77,837 |
(a) As reported in Exhibit 99.1 of Form 8-K filed on February 27, 2019
National Vision Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Fiscal Year Ended December 30, 2017 (Audited), the Three Months Ended December 30, 2017, September 30, 2017, July 1, 2017 and April 1, 2017 (Unaudited)
| Fiscal Year 2017 | Fourth Quarter Ended December30, 2017 | Third Quarter Ended September 30, 2017 | Second Quarter Ended July 1, 2017 | First Quarter Ended April 1, 2017 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||||||||||||||
| Net product sales | $ | 1,129,313 | $ | 262,121 | $ | 283,648 | $ | - | $ | 283,648 | $ | 276,960 | $ | - | $ | 276,960 | $ | 306,584 | $ | - | $ | 306,584 | ||||||||||||||||||||||
| Net sales of services and plans | 245,995 | 59,698 | 62,441 | - | 62,441 | 60,581 | - | 60,581 | 63,275 | - | 63,275 | |||||||||||||||||||||||||||||||||
| Total net revenue | 1,375,308 | 321,819 | 346,089 | - | 346,089 | 337,541 | - | 337,541 | 369,859 | - | 369,859 | |||||||||||||||||||||||||||||||||
| Cost applicable to revenue | ||||||||||||||||||||||||||||||||||||||||||||
| Products | 456,078 | 106,979 | 115,752 | - | 115,752 | 112,314 | - | 112,314 | 121,033 | - | 121,033 | |||||||||||||||||||||||||||||||||
| Services and plans | 180,888 | 45,413 | 46,606 | - | 46,606 | 44,094 | - | 44,094 | 44,775 | - | 44,775 | |||||||||||||||||||||||||||||||||
| Total cost applicable to revenue | 636,966 | 152,392 | 162,358 | - | 162,358 | 156,408 | - | 156,408 | 165,808 | - | 165,808 | |||||||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 600,010 | 152,760 | 151,251 | 525 | 151,776 | 144,655 | 508 | 145,163 | 149,804 | 507 | 150,311 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 61,974 | 16,953 | 15,352 | 219 | 15,571 | 14,629 | 205 | 14,834 | 14,423 | 193 | 14,616 | |||||||||||||||||||||||||||||||||
| Asset impairment | 4,117 | 3,117 | - | - | - | 1,000 | - | 1,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Litigation settlement | 7,000 | - | - | - | - | 7,000 | - | 7,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Other expenses, net | 950 | 203 | 568 | - | 568 | 77 | - | 77 | 102 | - | 102 | |||||||||||||||||||||||||||||||||
| Total operating expenses | 674,051 | 173,033 | 167,171 | 744 | 167,915 | 167,361 | 713 | 168,074 | 164,329 | 700 | 165,029 | |||||||||||||||||||||||||||||||||
| Income (loss) from operations | 64,291 | (3,606 | ) | 16,560 | (744 | ) | 15,816 | 13,772 | (713 | ) | 13,059 | 39,722 | (700 | ) | 39,022 | |||||||||||||||||||||||||||||
| Interest expense, net | 55,536 | 14,571 | 14,851 | - | 14,851 | 14,622 | - | 14,622 | 11,492 | - | 11,492 | |||||||||||||||||||||||||||||||||
| Debt issuance costs | 4,527 | 1,825 | - | - | - | - | - | - | 2,702 | - | 2,702 | |||||||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | 4,228 | (20,002 | ) | 1,709 | (744 | ) | 965 | (850 | ) | (713 | ) | (1,563 | ) | 25,528 | (700 | ) | 24,828 | |||||||||||||||||||||||||||
| Income tax provision (benefit) | (38,910 | ) | (47,343 | ) | 163 | (287 | ) | (124 | ) | 646 | (276 | ) | 370 | 8,458 | (271 | ) | 8,187 | |||||||||||||||||||||||||||
| Net income (loss): | $ | 43,138 | $ | 27,341 | $ | 1,546 | $ | (457 | ) | $ | 1,089 | $ | (1,496 | ) | $ | (437 | ) | $ | (1,933 | ) | $ | 17,070 | $ | (429 | ) | $ | 16,641 | |||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.72 | $ | 0.39 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | $ | (0.03 | ) | $ | - | $ | (0.03 | ) | $ | 0.30 | $ | - | $ | 0.30 | |||||||||||||||||||
| Diluted | $ | 0.70 | $ | 0.37 | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | $ | (0.03 | ) | $ | - | $ | (0.03 | ) | $ | 0.29 | $ | - | $ | 0.29 | |||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | 59,895 | 70,454 | 56,414 | - | 56,414 | 56,414 | - | 56,414 | 56,261 | - | 56,261 | |||||||||||||||||||||||||||||||||
| Diluted | 62,035 | 73,256 | 58,459 | - | 58,459 | 56,414 | - | 56,414 | 57,934 | - | 57,934 |
(a) As reported in Exhibit 99.1 of Form 8-K filed on February 27, 2019
The following tables reconcile our net income to EBITDA, Adjusted EBITDA, and Adjusted Net Income for the periods presented (Unaudited):
| Fiscal Year 2018 | Fourth Quarter Ended December 29, 2018 | Third Quarter Ended September 29, 2018 | Second Quarter Ended June 30, 2018 | First Quarter Ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 23,653 | $ | (18,440 | ) | $ | 5,816 | $ | (645 | ) | $ | 5,171 | $ | 13,077 | $ | (610 | ) | $ | 12,467 | $ | 25,047 | $ | (592 | ) | $ | 24,455 | ||||||||||||||||||
| Interest expense | 37,283 | 9,139 | 9,407 | - | 9,407 | 9,424 | - | 9,424 | 9,313 | - | 9,313 | |||||||||||||||||||||||||||||||||
| Income tax provision (benefit) | (18,785 | ) | (10,286 | ) | (16,438 | ) | (223 | ) | (16,661 | ) | 3,292 | (210 | ) | 3,082 | 5,283 | (203 | ) | 5,080 | ||||||||||||||||||||||||||
| Depreciation and amortization | 74,339 | 19,556 | 19,080 | 264 | 19,344 | 17,346 | 231 | 17,577 | 17,654 | 208 | 17,862 | |||||||||||||||||||||||||||||||||
| EBITDA | 116,490 | (31 | ) | 17,865 | (604 | ) | 17,261 | 43,139 | (589 | ) | 42,550 | 57,297 | (587 | ) | 56,710 | |||||||||||||||||||||||||||||
| Stock compensation expense (b) | 20,939 | 7,190 | 10,629 | - | 10,629 | 1,524 | - | 1,524 | 1,596 | - | 1,596 | |||||||||||||||||||||||||||||||||
| Debt issuance costs (c) | 200 | 200 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Asset impairment (d) | 17,630 | 15,493 | 2,137 | - | 2,137 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| New store pre-opening expense (e) | 2,229 | 487 | 512 | - | 512 | 756 | - | 756 | 474 | - | 474 | |||||||||||||||||||||||||||||||||
| Non-cash rent (f) | 2,801 | 867 | 420 | 241 | 661 | 508 | 237 | 745 | 300 | 228 | 528 | |||||||||||||||||||||||||||||||||
| Secondary offering expenses (g) | 2,451 | 609 | 702 | - | 702 | 177 | - | 177 | 1,191 | (228 | ) | 963 | ||||||||||||||||||||||||||||||||
| Long-term incentive plan (h) | 7,040 | 2,429 | 4,611 | - | 4,611 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Other (i) | 4,585 | 1,473 | 1,927 | - | 1,927 | 726 | - | 726 | 231 | 228 | 459 | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 174,365 | $ | 28,717 | $ | 38,803 | $ | (363 | ) | $ | 38,440 | $ | 46,830 | $ | (352 | ) | $ | 46,478 | $ | 61,089 | $ | (359 | ) | $ | 60,730 |
| Fiscal Year 2018 | Fourth Quarter Ended December 29, 2018 | Third Quarter Ended September 29, 2018 | Second Quarter Ended June 30, 2018 | First Quarter Ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 23,653 | $ | (18,440 | ) | $ | 5,816 | $ | (645 | ) | $ | 5,171 | $ | 13,077 | $ | (610 | ) | $ | 12,467 | $ | 25,047 | $ | (592 | ) | $ | 24,455 | ||||||||||||||||||
| Stock compensation expense (b) | 20,939 | 7,190 | 10,629 | - | 10,629 | 1,524 | - | 1,524 | 1,596 | - | 1,596 | |||||||||||||||||||||||||||||||||
| Debt issuance costs (c) | 200 | 200 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Asset impairment (d) | 17,630 | 15,493 | 2,137 | - | 2,137 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| New store pre-opening expense (e) | 2,229 | 487 | 512 | - | 512 | 756 | - | 756 | 474 | - | 474 | |||||||||||||||||||||||||||||||||
| Non-cash rent (f) | 2,801 | 867 | 420 | 241 | 661 | 508 | 237 | 745 | 300 | 228 | 528 | |||||||||||||||||||||||||||||||||
| Secondary offering expenses (g) | 2,451 | 609 | 702 | - | 702 | 177 | - | 177 | 1,191 | (228 | ) | 963 | ||||||||||||||||||||||||||||||||
| Long-term incentive plan (h) | 7,040 | 2,429 | 4,611 | - | 4,611 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
| Other (i) | 4,585 | 1,473 | 1,927 | - | 1,927 | 726 | - | 726 | 231 | 228 | 459 | |||||||||||||||||||||||||||||||||
| Amortization of acquisition intangibles and deferred financing costs (j) | 9,253 | 2,412 | 2,279 | - | 2,279 | 2,281 | - | 2,281 | 2,281 | - | 2,281 | |||||||||||||||||||||||||||||||||
| Tax benefit of stock option exercises (k) | (25,544 | ) | (7,578 | ) | (13,900 | ) | - | (13,900 | ) | (1,371 | ) | - | (1,371 | ) | (2,695 | ) | - | (2,695 | ) | |||||||||||||||||||||||||
| Tax effect of total adjustments (l) | (13,309 | ) | (4,102 | ) | (5,943 | ) | (62 | ) | (6,005 | ) | (1,528 | ) | (61 | ) | (1,589 | ) | (1,555 | ) | (58 | ) | (1,613 | ) | ||||||||||||||||||||||
| Adjusted Net Income | $ | 51,928 | $ | 1,040 | $ | 9,190 | $ | (466 | ) | $ | 8,724 | $ | 16,150 | $ | (434 | ) | $ | 15,716 | $ | 26,870 | $ | (422 | ) | $ | 26,448 |
The following tables reconcile our net income to EBITDA, Adjusted EBITDA, and Adjusted Net Income for the periods presented (Unaudited):
| Fiscal Year 2017 | Fourth Quarter Ended December 30, 2017 | Third Quarter Ended September 30, 2017 | Second Quarter Ended July 1, 2017 | First Quarter Ended April 1, 2017 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 43,138 | $ | 27,341 | $ | 1,546 | $ | (457 | ) | $ | 1,089 | $ | (1,496 | ) | $ | (437 | ) | $ | (1,933 | ) | $ | 17,070 | $ | (429 | ) | $ | 16,641 | |||||||||||||||||
| Interest expense | 55,536 | 14,571 | 14,851 | - | 14,851 | 14,622 | - | 14,622 | 11,492 | - | 11,492 | |||||||||||||||||||||||||||||||||
| Income tax provision (benefit) | (38,910 | ) | (47,343 | ) | 163 | (287 | ) | (124 | ) | 646 | (276 | ) | 370 | 8,458 | (271 | ) | 8,187 | |||||||||||||||||||||||||||
| Depreciation and amortization | 61,974 | 16,953 | 15,352 | 219 | 15,571 | 14,629 | 205 | 14,834 | 14,423 | 193 | 14,616 | |||||||||||||||||||||||||||||||||
| EBITDA | 121,738 | 11,522 | 31,912 | (525 | ) | 31,387 | 28,401 | (508 | ) | 27,893 | 51,443 | (507 | ) | 50,936 | ||||||||||||||||||||||||||||||
| Stock compensation expense (a) | 5,152 | 2,012 | 1,151 | - | 1,151 | 885 | - | 885 | 1,104 | - | 1,104 | |||||||||||||||||||||||||||||||||
| Debt issuance costs (b) | 4,527 | 1,825 | - | - | - | - | - | - | 2,702 | - | 2,702 | |||||||||||||||||||||||||||||||||
| Asset impairment (c) | 4,117 | 3,117 | - | - | - | 1,000 | - | 1,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Non-cash inventory write-offs (d) | 2,271 | - | - | - | - | 256 | - | 256 | 2,015 | - | 2,015 | |||||||||||||||||||||||||||||||||
| Management fees (e) | 5,263 | 4,418 | 271 | - | 271 | 290 | - | 290 | 284 | - | 284 | |||||||||||||||||||||||||||||||||
| New store pre-opening expense (f) | 2,531 | 635 | 618 | - | 618 | 660 | - | 660 | 618 | - | 618 | |||||||||||||||||||||||||||||||||
| Non-cash rent (g) | 1,919 | 289 | 381 | 205 | 586 | 296 | 199 | 495 | 358 | 191 | 549 | |||||||||||||||||||||||||||||||||
| Litigation settlement (h) | 7,000 | - | - | - | - | 7,000 | - | 7,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Other (i) | 3,924 | 883 | 1,828 | - | 1,828 | 831 | - | 831 | 382 | - | 382 | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 158,442 | $ | 24,701 | $ | 36,161 | $ | (320 | ) | $ | 35,841 | $ | 39,619 | $ | (309 | ) | $ | 39,310 | $ | 58,906 | $ | (316 | ) | $ | 58,590 |
| Fiscal Year 2017 | Fourth Quarter Ended December 30, 2017 | Third Quarter Ended September 30, 2017 | Second Quarter Ended July 1, 2017 | First Quarter Ended April 1, 2017 | ||||||||||||||||||||||||||||||||||||||||
| As reported | As reported (a) | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | As previously reported | Adjustments | As corrected | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 43,138 | $ | 27,341 | $ | 1,546 | $ | (457 | ) | $ | 1,089 | $ | (1,496 | ) | $ | (437 | ) | $ | (1,933 | ) | $ | 17,070 | $ | (429 | ) | $ | 16,641 | |||||||||||||||||
| Stock compensation expense (b) | 5,152 | 2,012 | 1,151 | - | 1,151 | 885 | - | 885 | 1,104 | - | 1,104 | |||||||||||||||||||||||||||||||||
| Debt issuance costs (c) | 4,527 | 1,825 | - | - | - | - | - | - | 2,702 | - | 2,702 | |||||||||||||||||||||||||||||||||
| Asset impairment (d) | 4,117 | 3,117 | - | - | - | 1,000 | - | 1,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Non-cash inventory write-offs (e) | 2,271 | - | - | - | - | 256 | - | 256 | 2,015 | - | 2,015 | |||||||||||||||||||||||||||||||||
| Management fees (f) | 5,263 | 4,418 | 271 | - | 271 | 290 | - | 290 | 284 | - | 284 | |||||||||||||||||||||||||||||||||
| New store pre-opening expenses (g) | 2,531 | 635 | 618 | - | 618 | 660 | - | 660 | 618 | - | 618 | |||||||||||||||||||||||||||||||||
| Non-cash rent (h) | 1,919 | 289 | 381 | 205 | 586 | 296 | 199 | 495 | 358 | 191 | 549 | |||||||||||||||||||||||||||||||||
| Litigation settlement (i) | 7,000 | - | - | - | - | 7,000 | - | 7,000 | - | - | - | |||||||||||||||||||||||||||||||||
| Other (j) | 3,924 | 883 | 1,828 | - | 1,828 | 831 | - | 831 | 382 | - | 382 | |||||||||||||||||||||||||||||||||
| Amortization of acquisition intangibles and deferred financing costs (k) | 14,481 | 5,853 | 2,884 | - | 2,884 | 2,885 | - | 2,885 | 2,859 | - | 2,859 | |||||||||||||||||||||||||||||||||
| Tax legislation adjustment (l) | (42,089 | ) | (42,089 | ) | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| Tax effect of total adjustments (m) | (20,475 | ) | (7,613 | ) | (2,853 | ) | (82 | ) | (2,935 | ) | (5,641 | ) | (80 | ) | (5,721 | ) | (4,129 | ) | (77 | ) | (4,206 | ) | ||||||||||||||||||||||
| Adjusted Net Income (loss) | $ | 31,759 | $ | (3,329 | ) | $ | 5,826 | $ | (334 | ) | $ | 5,492 | $ | 6,966 | $ | (318 | ) | $ | 6,648 | $ | 23,263 | $ | (315 | ) | $ | 22,948 |