Reiterates Full Year 2019 Outlook; Updates
Four Key Strategic Initiatives
IPIC® Entertainment Inc. (“IPIC” or the “Company”) (NASDAQ: IPIC),
creators of America’s coveted IPIC® luxury theater-and-restaurant
destinations, today reported financial results for the fourth
quarter and full year ended December 31, 2018. The Company also
reiterated its full year 2019 outlook for the full year ended
December 31, 2019 and updated its four key strategic initiatives
designed to create long-term value for stockholders.
Hamid Hashemi, Founder & Chief Executive
Officer of IPIC® Entertainment, commented, “Our fourth quarter
marked an improvement in our key profitability metrics compared to
the year-ago period, an achievement we intend to build upon in
2019. Significant growth in our social and experiential revenue
enabled us to achieve topline growth of 2.8% in 2018 despite losing
considerable screen capacity during the conversion of five theaters
to Generation III auditoriums. Coupled with newly implemented cost
control measures, we were able to grow Store-level EBITDA by 3.4%
despite headwinds from minimum wage increases and losses of
screens.”
Hashemi added, “This year, we are forging ahead
with executing the four key strategic initiatives that we believe
are critical to creating long-term value for stockholders. Through
comparable-store sales leverage and effective cost control efforts,
we intend to improve the profitability at existing locations,
leading to a substantial increase in Store-level EBITDA and a
narrowing of our Adjusted EBITDA loss. We will continue to build on
the success of our sponsorship and membership program to drive
high-margin revenue in 2019 and beyond. We opened our newest IPIC
location in Delray Beach, FL last week which is already garnering
rave reviews and will be opening another IPIC location in Irvine,
CA during the fourth quarter. We have a robust pipeline of domestic
sites with up to four scheduled openings for 2020. Finally, we are
also pursuing international growth opportunities and eagerly await
our operating license for Saudi Arabia.“
Fourth Quarter 2018 Financial Results
Compared to Prior Year
- Total revenue of $37.8 million compared to $38.9 million.
- Comparable-store sales decrease of 0.6%.
- Net loss of $(14.3) million, inclusive of $4.4 million in
property and equipment impairment charges, compared to $(10.6)
million.
- Store-level EBITDA* of $5.3 million compared to $4.9 million;
an increase of 9.1% despite lower revenues in the comparable
period.
- EBITDA* loss of $(5.3) million, inclusive of $4.4 million in
property and equipment impairment charges, compared to $(1.2)
million.
- Adjusted EBITDA* of $1.0 million compared to $0.7 million.
Full Year 2018 Financial Results Compared to Prior
Year
- Total revenue of $148.3 million compared to $144.3 million,
despite significant screen closures due to remodeling five of our
sites.
- Comparable-store sales growth of 1.4%. Excluding our remodel
sites, comparable-store sales growth of 6.7%.
- Net loss of $(56.8) million, inclusive of $9.4 million in
equity-based compensation expense, $4.4 million in impairment of
property and equipment, and $1.8 million in loss on abandonment of
lease, compared to $(44.5) million.
- Store-level EBITDA* of $15.1 million compared to $14.6 million;
an increase of 3.4%.
- EBITDA* loss of $(21.4) million, inclusive of $9.4 million in
equity-based compensation expense, $4.4 million in impairment of
property and equipment, and $1.8 million in loss on abandonment of
lease, compared to $(8.7) million.
- Adjusted EBITDA* of $(2.9) million compared to $(0.7)
million.
* Store-level EBITDA, EBITDA, and Adjusted
EBITDA are non-GAAP measures. Reconciliations of store-level
EBITDA, EBITDA and adjusted EBITDA to net income (loss), the most
directly comparable financial measures presented in accordance with
GAAP, are set forth in the schedules accompanying this release. See
"Non-GAAP Financial Measures."
Full Year 2019 Financial
Outlook
- Total revenue of $153 million to $158 million.
- Comparable-store sales growth of low-to-mid single digits.
- Store-level EBITDA* of $19 million to $21 million.
- Adjusted EBITDA* of $(3.0) million to $(1.0) million.
- Two domestic openings: Delray Beach, FL in the first quarter
and Irvine, CA in the fourth quarter.
- Capital expenditures of $17 million to $19 million, net of
tenant improvement dollars, marking a substantial decrease from
2018.
Key Strategic Initiatives
- Improving Profitability at Existing Locations:
- IPIC intends to realize greater cost efficiencies, which
combined with comparable-store sales growth, should yield higher
profitability at the Store-level. Under the current cost structure,
the Company generally estimates that roughly 30% of any
comparable-store sales growth that exceeds the cost of inflation in
that store would flow through to Adjusted EBITDA.
- IPIC implemented a new labor scheduling technology in January
2019 across all locations which is expected to increase labor
productivity by up to 100 basis points this year despite continuing
increases in minimum wage rates affecting certain locations and the
tight labor market overall.
- Increasing Alternative Revenue Streams:
- IPIC launched a new Access Membership Rewards™ program that
offers exciting new benefits and plans to its affluent customer
base. The Company will continue leveraging its growing membership
network as the brand expands and increases its market
presence.
- IPIC projects membership and sponsorship revenues to grow at a
faster pace than other revenue streams for the foreseeable future.
- Opening New IPIC Locations Domestically:
- IPIC currently operates 123 screens at 16 locations in
nine.
- The Company opened its newest location in Delray Beach, FL on
March 7th, and will open another location in Irvine, CA in the
fourth quarter. The Company expects to open up to four new domestic
units in 2020 and thereafter.
- There are currently three locations under construction and a
pipeline of an additional 12 sites that either have a signed lease
or are in lease negotiations.
- Pursuing International Growth Opportunities:
- The Company is actively exploring the potential to expand the
IPIC® brand internationally through licensed and/or asset-light
partnerships.
- IPIC has already been cleared to receive its license to operate
theaters in The Kingdom of Saudi Arabia and should receive its
license once required final documents are processed. The first
one-of-a-kind, world-class luxurious IPIC® theater-and-restaurant
location in Saudi Arabia will be in Riyadh, the county’s capital
and main financial hub.
- The Company believes the market in Saudi Arabia is large enough
to support 25 to 30 IPIC® locations within the next ten years and
over time expects to expand to all parts of the country.
Recent Events
- Ms. Carla D'Alessandro was appointed as IPIC’s Chief Marketing
Officer on February 19, 2019. In this role, she will lead and
oversee all marketing efforts across the entire IPIC brand
portfolio including theaters, restaurants, experiential content,
membership and partnership strategies. D'Alessandro joins IPIC
after building out digital capabilities and leading innovative
marketing programs for Fortune 500 brands at Zimmerman Advertising
by creating a best in class digital experience, customer
acquisition and database loyalty programs to grow market share and
revenue.
- IPIC revealed a new brand identity on February 28, 2019 that
was introduced through a variety of media and physical applications
including the launch of the new website. The new brand identity
will further enhance IPIC’s on-site activations and strategic brand
partnerships.
- The IPIC Delray Beach located in the new 4th & 5th Delray
shopping plaza opened on March 6, 2019. The 429-seat luxury theater
showcases IPIC’s patent-pending Premium Plus seating Pods, arriving
with courtesy personal pillows and blankets and complimentary
popcorn throughout the film. The location also marks a milestone
for the city’s downtown as its first movie theater to open in over
40 years.
- On March 12, 2019 IPIC received a letter from The Nasdaq
Capital Market regarding its Listing Rule 5550(b)(2) (the "Rule").
Since the market value of the Company's listed securities has
exceeded minimum requirements for the last 10 consecutive business
days, February 26th to March 11th, IPIC has regained compliance
with the Rule and the matter is now closed.
Conference Call
IPIC will host a conference call today at 5:00
p.m. ET. The conference call can be accessed live over the phone by
dialing (201) 389-0878. A replay will be available after the call
and can be accessed by dialing (412) 317-6671; the passcode is
13687968. The replay will be available until April 12, 2019.
The conference call will also be webcast live
from the Company's Investor Relations website at
investors.ipictheaters.com. An archive of the webcast will be
available at the same location on the website shortly after the
call has concluded.
Key Financial Definitions
New store openings – Our ability to expand our
business and reach new guests is influenced by the opening of
additional IPIC locations in both new and existing markets. The
success of our new IPIC locations is indicative of our brand appeal
and the efficacy of our site selection and operating models.
Comparable-store sales – Comparable-store sales
are a year-over-year comparison of sales at IPIC locations open at
the end of the period which have been open for at least 12 months
prior to the start of such quarterly period. It is a key
performance indicator used within the industry and is indicative of
acceptance of our initiatives as well as local economic and
consumer trends. Our comparable IPICs consisted of 14 and 15 IPICs
as of the end of the fourth quarter of 2017 and 2018, respectively.
From period to period, comparable-store sales are generally
impacted by attendance and average spend per person. Spend per
person is, in turn, composed of pricing and sales-mix changes.
Store-level EBITDA – A non-GAAP measure,
Store-level EBITDA consists of total revenues less Store-level
expenses that include food-and beverage cost-of-goods sold,
box-office-and-other-income costs-of-goods-sold, labor costs,
occupancy expenses and other-operating expenses.
EBITDA – A non-GAAP measure, is defined as net
income before net interest, taxes, depreciation and
amortization.
Adjusted EBITDA – A non-GAAP measure, is defined
as net income before net interest, taxes, depreciation and
amortization, and which also excludes equity-based compensation
expense, losses on the disposal of property and equipment, as well
as certain non-recurring items that the Company does not believe
directly reflect its core operations.
About IPIC® Entertainment
Inc.
Established in 2010 and headquartered in
Boca Raton, FL, IPIC® Entertainment is America’s premier
luxury restaurant-and-theater brand. A pioneer of the dine-in
theater concept, IPIC® Entertainment’s mission is to provide
visionary entertainment escapes, presenting high-quality,
chef-driven culinary and mixology in architecturally unique
destinations that include premium movie theaters and restaurants.
IPIC® Theaters offers guests two tiers of luxury leather seating,
Premium Chaise lounge and Premium Plus pod or reclining seating
options. IPIC® Theaters currently operates 16 locations with
123 screens in Arizona, California, Florida, Illinois, Maryland,
New Jersey, New York, Texas, and Washington and new locations
planned for Georgia, Texas, California and Connecticut. For more
information, visit www.ipic.com.
Forward-Looking Statements
This press release includes ''forward-looking
statements'' within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding our financial outlook for the full
year 2019; our expectations with respect to the opening of
new locations in the near and long term; our expectations with
respect to capital expenditures and improvements to existing
locations; our expectations with respect to international growth;
and our ability to grow our membership network. Such
forward-looking statements can be identified by the use of words
such as ''should,'' ''may,'' ''intends,'' ''anticipates,''
''believes,'' ''estimates,'' ''projects,'' ''forecasts,''
''expects,'' ''plans,'' and ''proposes'' or other variation of
these or similar words, or by discussions of future events,
strategies or risks and uncertainties. Such forward looking
statements are inherently subject to risks, uncertainties and
assumptions about us, including risks related to the following: our
inability to successfully identify and secure appropriate sites and
timely develop and expand our operations in existing and new
markets, including international markets; our inability to optimize
our theater circuit through new construction and transforming our
existing theaters; competition from other theater chains and
restaurants; our inability to operate profitably; our dependence on
a small number of suppliers for motion picture products; our
inability to manage fluctuations in attendance in the motion
picture exhibition industry; our inability to address the increased
use of alternative film delivery methods or other forms of
entertainment; our ability to serve menu items that appeal to our
guests and to avoid food safety problems; our inability to obtain
sufficient capital to open up new units, to renovate existing units
and to deploy strategic initiatives; our ability to address
issues associated with entering into long-term non-cancelable
leases; our inability to protect against security breaches of
confidential guest information; our inability to manage our growth;
our inability to maintain sufficient levels of cash flow, or access
to capital, to meet growth expectations; our inability to manage
our substantial level of outstanding debt; our ability to continue
as a going concern; our failure to meet any operational and
financial performance guidance we provide to the public; our
ability to compete and succeed in a highly competitive and evolving
industry; we have identified a material weakness in our internal
control over financial reporting which may result in our financial
statements containing material misstatements or cause us to fail to
meet our periodic reporting obligations and other factors described
in our Annual Report on Form 10-K, our Quarterly Reports on Form
10-Q and our Current Reports on Form 8-K, each as filed with the
Securities and Exchange Commission.
Although the forward-looking statements in this
press release are based on our beliefs, assumptions and
expectations, taking into account all information currently
available to us, we cannot guarantee future transactions, results,
performance, achievements or outcomes. No assurance can be made
that the expectations reflected in our forward-looking statements
will be attained. Should one or more of the risks or uncertainties
referred to above materialize or should any of our assumptions
prove to be incorrect, our actual results may vary in material and
adverse respects from those projected in these forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as may be required under
applicable securities laws.
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iPic Entertainment, Inc.
Consolidated Statements of Operations (unaudited,
in thousands) |
|
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|
Twelve Months
Ended |
|
Three Months
Ended |
|
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|
December
31, |
|
December
31, |
|
December
31, |
|
December
31, |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage |
$ |
76,139 |
|
|
$ |
75,731 |
|
|
$ |
19,095 |
|
|
$ |
20,460 |
|
|
|
|
|
Theater |
|
68,760 |
|
|
|
66,891 |
|
|
$ |
17,832 |
|
|
|
17,882 |
|
|
|
|
|
Other |
|
3,446 |
|
|
|
1,720 |
|
|
|
903 |
|
|
|
575 |
|
|
|
|
|
Total revenues |
|
148,345 |
|
|
|
144,342 |
|
|
|
37,830 |
|
|
|
38,917 |
|
|
|
|
|
|
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|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Cost of
food and beverage |
|
20,198 |
|
|
|
20,407 |
|
|
|
4,923 |
|
|
|
5,252 |
|
|
|
|
|
Cost of theater |
|
28,396 |
|
|
|
28,801 |
|
|
|
6,683 |
|
|
|
7,821 |
|
|
|
|
|
Operating payroll and benefits |
|
38,942 |
|
|
|
38,592 |
|
|
|
9,688 |
|
|
|
10,017 |
|
|
|
|
|
Occupancy expenses |
|
18,625 |
|
|
|
17,896 |
|
|
|
4,658 |
|
|
|
4,453 |
|
|
|
|
|
Other operating expenses |
|
29,803 |
|
|
|
26,653 |
|
|
|
8,071 |
|
|
|
7,977 |
|
|
|
|
|
General and administrative expenses |
|
27,357 |
|
|
|
15,264 |
|
|
|
4,631 |
|
|
|
4,204 |
|
|
|
|
|
Depreciation and amortization expense |
|
18,300 |
|
|
|
19,686 |
|
|
|
4,568 |
|
|
|
5,135 |
|
|
|
|
|
Pre-opening expenses |
|
112 |
|
|
|
1,634 |
|
|
|
94 |
|
|
|
- |
|
|
|
|
|
Impairment of property and equipment |
|
4,430 |
|
|
|
3,760 |
|
|
|
4,430 |
|
|
|
428 |
|
|
|
|
|
Loss on abandonment of lease |
|
1,839 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Operating expenses |
|
188,002 |
|
|
|
172,693 |
|
|
|
47,746 |
|
|
|
45,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(39,657 |
) |
|
|
(28,351 |
) |
|
|
(9,916 |
) |
|
|
(6,370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expense |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
(17,078 |
) |
|
|
(16,091 |
) |
|
|
(4,363 |
) |
|
|
(4,173 |
) |
|
|
|
|
Other
income (expense) |
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total other income (expense) |
|
(17,078 |
) |
|
|
(16,086 |
) |
|
|
(4,363 |
) |
|
|
(4,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before income tax expense |
$ |
(56,735 |
) |
|
$ |
(44,437 |
) |
|
$ |
(14,279 |
) |
|
$ |
(10,543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense |
|
30 |
|
|
|
87 |
|
|
|
30 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(56,765 |
) |
|
|
(44,524 |
) |
|
|
(14,309 |
) |
|
|
(10,565 |
) |
|
|
|
|
Less:
Net loss attributable to non-controlling interests |
|
(33,566 |
) |
|
|
- |
|
|
|
(5,405 |
) |
|
|
- |
|
|
|
|
|
Net loss attributable to iPic Entertainment,
Inc. |
$ |
(23,199 |
) |
|
$ |
(44,524 |
) |
|
$ |
(8,904 |
) |
|
$ |
(10,565 |
) |
|
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iPic Entertainment, Inc.
Consolidated Balance Sheet Data (unaudited, in
thousands) |
|
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|
|
|
|
|
|
December 31,
2018 |
|
December 31,
2017 |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
6,026 |
|
|
$ |
10,505 |
|
|
|
|
Current
assets |
|
14,926 |
|
|
|
20,439 |
|
|
|
|
Property
and equipment, net |
|
143,539 |
|
|
|
141,166 |
|
|
|
|
Total
assets |
|
158,724 |
|
|
|
162,073 |
|
|
|
|
Current
liabilities |
|
29,607 |
|
|
|
37,497 |
|
|
|
|
Long-term
debt – related party |
|
188,261 |
|
|
|
142,603 |
|
|
|
|
Total
stockholders' / members’ deficit |
|
(140,744 |
) |
|
|
(124,225 |
) |
|
|
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|
|
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|
|
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|
Non-GAAP Financial Measures |
|
|
|
|
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended |
|
Three Months
Ended |
|
|
|
|
|
December
31, |
|
December
31, |
|
December
31, |
|
December
31, |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(56,765 |
) |
|
$ |
(44,524 |
) |
|
$ |
(14,309 |
) |
|
$ |
(10,565 |
) |
|
|
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
17,078 |
|
|
|
16,091 |
|
|
|
4,363 |
|
|
|
4,173 |
|
|
|
|
|
Income
tax expense |
|
30 |
|
|
|
87 |
|
|
|
30 |
|
|
|
22 |
|
|
|
|
|
Depreciation and amortization expense |
|
18,300 |
|
|
|
19,686 |
|
|
|
4,568 |
|
|
|
5,135 |
|
|
|
|
|
EBITDA |
|
(21,357 |
) |
|
|
(8,660 |
) |
|
|
(5,348 |
) |
|
|
(1,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expenses |
|
112 |
|
|
|
1,634 |
|
|
|
94 |
|
|
|
- |
|
|
|
|
|
Other
Income |
|
- |
|
|
|
(5 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
Equity-based compensation |
|
9,380 |
|
|
|
- |
|
|
|
272 |
|
|
|
- |
|
|
|
|
|
Impairment of property and equipment |
|
4,430 |
|
|
|
3,760 |
|
|
|
4,430 |
|
|
|
428 |
|
|
|
|
|
Loss on abandonment of lease |
|
1,839 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Non-recurring charges |
|
2,678 |
|
|
|
2,576 |
|
|
|
1,542 |
|
|
|
1,507 |
|
|
|
|
|
Adjusted EBITDA |
|
(2,918 |
) |
|
|
(695 |
) |
|
|
990 |
|
|
|
700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
General
and administrative expense, net of equity-based compensation |
|
17,977 |
|
|
|
15,264 |
|
|
|
4,359 |
|
|
|
4,204 |
|
|
|
|
|
Store-Level EBITDA |
$ |
15,059 |
|
|
$ |
14,569 |
|
|
$ |
5,349 |
|
|
$ |
4,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
Certain financial measures presented in this
press release, such as EBITDA, Adjusted EBITDA and Store-Level
EBITDA are not recognized under accounting principles generally
accepted in the United States, which we refer to as “GAAP.” We
define these terms as follows:
“EBITDA” means, for any reporting period, net
loss before interest, taxes, depreciation, and amortization.
“Adjusted EBITDA” is a supplemental measure of
our performance and is also the basis for performance evaluation
under our executive compensation programs. Adjusted EBITDA is
defined as EBITDA adjusted for the impact of certain non-cash and
other items that we do not consider in our evaluation of ongoing
operating performance. These items include, among other things,
equity-based compensation expense, pre-opening expenses, other
income and loss on disposal of property and equipment, impairment
of property and equipment as well as certain non-recurring charges.
We believe that Adjusted EBITDA is an appropriate measure of
operating performance because it eliminates the impact of expenses
that do not relate to our ongoing business performance.
“Store-Level EBITDA” is a supplemental measure
of our performance which we believe provides management and
investors with additional information to measure the performance of
our locations, individually and as an entirety. Store-Level EBITDA
is defined by us as EBITDA adjusted for pre-opening expenses, other
income, loss on disposal of property and equipment, impairment of
property and equipment, non-recurring charges, and general and
administrative expense. We use Store-Level EBITDA to measure
operating performance and returns from opening new stores. We
believe that Store-Level EBITDA is another useful measure in
evaluating our operating performance because it removes the impact
of general and administrative expenses, which are not incurred at
the store level, and the costs of opening new stores, which are
non-recurring at the store-level, and thereby enables the
comparability of the operating performance of our stores for the
periods presented. We also believe that Store-Level EBITDA is a
useful measure in evaluating our operating performance within the
entertainment and dining industry because it permits the evaluation
of store-level productivity, efficiency and performance, and we use
Store-Level EBITDA as a means of evaluating store financial
performance compared with our competitors.
You are encouraged to evaluate the adjustments
we have made to GAAP financial measures and the reasons we consider
them appropriate for supplemental analysis. In evaluating Adjusted
EBITDA and Store-Level EBITDA, you should be aware that in the
future we may incur income and expenses that are the same as or
similar to some of the adjustments used to calculate the non-GAAP
financial measures contained in this press release.
EBITDA and Adjusted EBITDA are included in this
press release because they are key metrics used by management and
our board of directors to assess our financial performance. EBITDA
and Adjusted EBITDA are frequently used by analysts, investors and
other interested parties to evaluate companies in our industry.
Store-Level EBITDA is utilized to measure the performance of our
locations, both individually and in entirety.
EBITDA, Adjusted EBITDA and Store-Level EBITDA
are not GAAP measures of our financial performance or liquidity and
should not be considered as alternatives to net income (loss) as a
measure of financial performance or cash flows from operations as
measures of liquidity, or any other performance measure derived in
accordance with GAAP. Our presentation of Adjusted EBITDA and
Store-Level EBITDA should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring
items. Additionally, EBITDA and Adjusted EBITDA are not intended to
be measures of free cash flow for management’s discretionary use,
as they do not reflect tax payments, debt service requirements,
capital expenditures, IPIC openings and certain other cash costs
that may recur in the future, including, among other things, cash
requirements for working capital needs and cash costs to replace
assets being depreciated and amortized. Management compensates for
these limitations by relying on our GAAP results in addition to
using EBITDA and Adjusted EBITDA supplementally. Our measures of
EBITDA and Adjusted EBITDA are not necessarily comparable to
similarly titled captions of other companies due to different
methods of calculation.
Investor Relations: ICRRaphael
Gross IPICIR@icrinc.com203-682-8253
Media Relations:The Gab Group
for IPIC® Entertainment Corporate Michelle
Soudrymsoudry@thegabgroup.com 561-750-3500
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