Table 1
ENERGYSOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except per share data)
For the Quarter For the Year
Ended December 31, Ended December 31,
2007 (1) 2006 (2) 2007 (1) 2006 (2)
----------- ----------- ----------- -----------
Revenues $ 427,860 $ 132,798 $ 1,092,613 $ 427,103
Cost of revenues 366,212 78,972 898,339 235,867
----------- ----------- ----------- -----------
Gross profit 61,648 53,826 194,274 191,236
Selling, general and
administrative
expenses 42,005 33,102 122,438 101,262
----------- ----------- ----------- -----------
Income from
operations 19,643 20,724 71,836 89,974
Interest expense (20,903) (15,291) (72,689) (68,566)
Other income, net 4,767 333 3,364 3,113
----------- ----------- ----------- -----------
Income before
minority interests
and income taxes 3,507 5,766 2,511 24,521
Minority interests (92) - (92) -
Income tax (expense)
benefit (8,184) 3,765 (11,318) 2,342
----------- ----------- ----------- -----------
Net income (loss) $ (4,769) $ 9,531 $ (8,899) $ 26,863
=========== =========== =========== ===========
Net income (loss) per
share:
Basic $ (0.11) $ (0.79)
Diluted $ (0.11) $ (0.79)
Number of shares used
in per share
calculations (in
thousands):
Basic 44,730 11,274
Diluted 44,730 11,274
(1) Includes the results of operations of Parallax, Inc., Reactor Sites
Management Company Limited and its subsidiaries, NUKEM Corporation and
Monserco Limited from the dates of their acquisitions in January 2007,
June 2007, July 2007 and December 2007, respectively.
(2) Includes the results of operations of BNG America, LLC and its
subsidiaries, Duratek, Inc. and its subsidiaries and Safeguard
International Solutions, Ltd. from the dates of their acquisitions in
February 2006, June 2006 and December 2006, respectively.
Table 2
ENERGYSOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
December 31, December 31,
2007 2006
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 36,366 $ 4,641
Accounts receivable, net of allowance for
doubtful accounts 366,083 82,965
Other current assets 103,233 100,229
------------- -------------
Total current assets 505,682 187,835
Property, plant and equipment, net 110,688 128,845
Goodwill 526,040 462,389
Other intangible assets, net 383,812 296,226
Other noncurrent assets 98,728 81,910
------------- -------------
Total assets $ 1,624,950 $ 1,157,205
============= =============
Liabilities and Shareholders' / Member's Equity
Current liabilities:
Current portion of long-term debt $ 1,557 $ 11,565
Accounts payable 155,663 23,357
Accrued expenses and other current
liabilities 233,588 67,872
Other current liabilities 45,135 52,905
------------- -------------
Total current liabilities 435,943 155,699
Long-term debt, less current portion 605,410 749,602
Other noncurrent liabilities 178,206 102,924
------------- -------------
Total liabilities 1,219,559 1,008,225
------------- -------------
Minority interest 68 -
Shareholders' / member's equity 405,323 148,980
------------- -------------
Total liabilities and shareholders' /
member's equity $ 1,624,950 $ 1,157,205
============= =============
Table 3
ENERGYSOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
For the Quarter For the Year
Ended December 31, Ended December 31,
2007 2006 2007 2006
--------- --------- --------- ---------
Cash Provided by Operating
Activities $ 39,958 $ 14,700 $ 152,796 $ 69,756
--------- --------- --------- ---------
Investing Activities
Purchases of businesses, net
of cash acquired (2,705) (12,993) (199,105) (447,912)
Purchases of property, plant
and equipment (7,670) (5,082) (13,312) (23,910)
Proceeds from disposition of
property, plant and
equipment 579 55 579 58
--------- --------- --------- ---------
Cash Used in Investing
Activities (9,796) (18,020) (211,838) (471,764)
--------- --------- --------- ---------
Financing Activities
Net borrowings (repayments)
of long-term debt (270,200) (1,908) (154,200) 211,167
Member's capital
contributions - - - 175,000
Proceeds from issuance of
common stock, net of
issuance costs 271,142 - 271,142 -
Other items (5,470) 2,854 (25,008) (14,316)
--------- --------- --------- ---------
Cash Provided by (Used in)
Financing Activities (4,528) 946 91,934 371,851
--------- --------- --------- ---------
Effect of Exchange Rate on
Cash (380) - (1,167) -
--------- --------- --------- ---------
Increase (Decrease) in Cash
and Cash Equivalents $ 25,254 $ (2,374) $ 31,725 $ (30,157)
========= ========= ========= =========
Amortization of Intangible
Assets $ 7,027 $ 4,822 $ 24,147 $ 16,589
========= ========= ========= =========
Depreciation $ 4,571 $ 4,685 $ 19,083 $ 12,039
========= ========= ========= =========
Table 4
ENERGYSOLUTIONS, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except per share data)
For the Quarter For the Year
Ended Ended
December 31, December 31,
2007 2007
------------- -------------
Revenues $ 427,860 $ 1,804,626
Cost of revenues 366,334 1,554,849
------------- -------------
Gross profit 61,526 249,777
Selling, general and administrative expenses 32,564 114,107
------------- -------------
Income from operations 28,962 135,670
Interest expense (12,304) (53,379)
Other income, net 171 1,361
------------- -------------
Income before minority interests and income
taxes 16,829 83,652
Minority interests (92) (92)
Income tax expense (6,386) (26,599)
------------- -------------
Net income 10,351 56,961
Amortization of intangible assets 7,027 28,728
Income tax expense (2,453) (10,000)
------------- -------------
Net income before the impact of
amortization of intangible assets $ 14,925 $ 75,689
============= =============
EBITDA $ 40,639 $ 184,750
============= =============
Net income per share:
Basic $ 0.12 $ 0.65
Diluted $ 0.12 $ 0.64
Net income before the impact of amortization
of intangible assets per share:
Basic $ 0.17 $ 0.86
Diluted $ 0.17 $ 0.85
Number of shares used in per share calculations
(in thousands):
Basic 88,306 88,306
Diluted 88,720 88,720
Table 4 (Continued)
The unaudited pro forma financial information set forth above is derived
from the Company's historical financial information, as adjusted to give
pro forma effect to the following transactions as if each had occurred as
of January 1, 2007:
-- the Company's acquisition of RSMC
-- the reorganization of the Company from a limited liability company to a
"C" corporation
-- the Company's sale of 13,153,500 shares of common stock at the initial
public offering price of $23.00 per share and the use of the net
proceeds to acquire RSMC, pay down debt and make payments to certain
executives for termination of certain bonus payments in accordance with
their employment agreements
-- the elimination of the advisory fees that the Company had paid to its
equity sponsors under advisory services agreements that have been
terminated following the Company's initial public offering;
-- the elimination of non-cash compensation expense related to stock
options granted to employees on the date of the Company's initial
public offering;
The pro forma financial information has been prepared based upon available
information and assumptions that the Company believes are reasonable.
However, the pro forma financial information is presented for
illustrative and informational purposes only and does not purport to
represent what the Company's results of operations or financial condition
would have been if the pro forma transactions had occurred on the
assumed dates nor are they necessarily indicative of the Company's
future performance.
Table 5
ENERGYSOLUTIONS, INC.
RECONCILIATION OF GAAP TO PRO FORMA CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except per share data)
For the Quarter Ended December 31, 2007
-------------------------------------------
GAAP Adjustments Pro Forma
----------- ----------- -----------
Revenues $ 427,860 $ - $ 427,860
Cost of revenues 366,212 122 (1) 366,334
----------- ----------- -----------
Gross profit 61,648 (122) 61,526
Selling, general and
administrative expenses 42,005 (9,441) (2) 32,564
----------- ----------- -----------
Income from operations 19,643 9,319 28,962
Interest expense (20,903) 8,599 (3) (12,304)
Other income, net 4,767 (4,596) (4) 171
----------- ----------- -----------
Income before minority
interests and income taxes 3,507 13,322 16,829
Minority interests (92) - (92)
Income tax (expense) benefit (8,184) 1,798 (5) (6,386)
----------- ----------- -----------
Net income (loss) $ (4,769) $ 15,120 $ 10,351
=========== =========== ===========
Reconciliation of net income
(loss) to EBITDA:
Net income (loss) $ (4,769) $ 10,351
Interest expense 20,903 12,304
Income tax expense 8,184 6,386
Depreciation expense 4,571 4,571
Amortization of intangible
assets 7,027 7,027
----------- -----------
EBITDA $ 35,916 $ 40,639
=========== ===========
Reconciliation of net income
(loss) to Net income (loss)
before the impact of
amortization of
intangible assets:
Net income (loss) $ (4,769) $ 10,351
Amortization of intangible
assets 7,027 7,027
Income tax expense related to
the reconciling items (2,453) (2,453)
----------- -----------
Net income (loss) before the
impact of amortization of
intangible assets $ (195) $ 14,925
=========== ===========
Net income (loss) per share:
Basic $ (0.11) $ 0.12
Diluted $ (0.11) $ 0.12
Net income before the impact
of amortization of
intangible assets per share:
Basic $ (0.00) $ 0.17
Diluted $ (0.00) $ 0.17
Number of shares used in per
share calculations (in
thousands):
Basic 44,730 88,306
Diluted 45,145 88,720
For the Year Ended December 31, 2007
-------------------------------------------
GAAP Adjustments Pro Forma
----------- ----------- -----------
Revenues $ 1,092,613 $ 712,013 (6) $ 1,804,626
Cost of revenues 898,339 656,510 (7) 1,554,849
----------- ----------- -----------
Gross profit 194,274 55,503 249,777
Selling, general and
administrative expenses 122,438 (8,331) (8) 114,107
----------- ----------- -----------
Income from operations 71,836 63,834 135,670
Interest expense (72,689) 19,310 (3) (53,379)
Other income, net 3,364 (2,003) (4) 1,361
----------- ----------- -----------
Income before minority
interests and income taxes 2,511 81,141 83,652
Minority interests (92) - (92)
Income tax (expense) benefit (11,318) (15,281) (5) (26,599)
----------- ----------- -----------
Net income (loss) $ (8,899) $ 65,860 $ 56,961
=========== =========== ===========
Reconciliation of net income
(loss) to EBITDA:
Net income (loss) $ (8,899) $ 56,961
Interest expense 72,689 53,379
Income tax expense 11,318 26,599
Depreciation expense 19,083 19,083
Amortization of intangible
assets 24,147 28,728
----------- -----------
EBITDA $ 118,338 $ 184,750
=========== ===========
Reconciliation of net income
(loss) to Net income (loss)
before the impact of
amortization of
intangible assets:
Net income (loss) $ (8,899) $ 56,961
Amortization of intangible
assets 24,147 28,728
Income tax expense related to
the reconciling items (8,718) (10,000)
----------- -----------
Net income (loss) before the
impact of amortization of
intangible assets $ 6,530 $ 75,689
=========== ===========
Net income (loss) per share:
Basic $ (0.79) $ 0.65
Diluted $ (0.79) $ 0.64
Net income before the impact
of amortization of
intangible assets per share:
Basic $ 0.58 $ 0.86
Diluted $ 0.56 $ 0.85
Number of shares used in per
share calculations (in
thousands):
Basic 11,274 88,306
Diluted 11,689 88,720
(1) Pro forma adjustment due to the following:
Non-cash accretion income of decontamination and
decommissioning liabilities $ 494
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering (372)
-----------
$ 122
===========
(2) Pro forma adjustment due to the following:
Advisory fees to equity sponsors prior to termination of
advisory services agreements in connection with the Company's
initial public offering $ (639)
Non-cash equity compensation related to profit interests (596)
Compensation paid to certain executives in connection with the
Company's initial public offering to terminate certain bonus
arrangements in accordance with their employment agreements (6,945)
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering (1,261)
-----------
$ (9,441)
===========
(3) Pro forma adjustment to reflect reduction of interest
expense as a result of paydown of debt from use of proceeds
from the Company's initial public offering as if paydown
occurred on January 1, 2007 and increase in interest expense
for amortization of deferred loan costs related to costs
incurred to obtain an amendment to the debt agreement related
to the initial public offering as if the amendment occurred
on January 1, 2007.
(4) Pro forma adjustment to eliminate interest and investment
income (balance represents joint venture income only).
(5) Adjustment to reflect non-GAAP pro forma income tax
expense using an assumed income tax rate of 38% and 28% of
U.S. and UK pre-tax income, respectively, as a result of the
reorganization of the Company from a limited liability
company to a "C" corporation from January 1, 2007.
(6) Represents revenues of RSMC from January 1, 2007 to the
acquisition on June 26, 2007.
(7) Pro forma adjustment due to the following:
Cost of revenues of RSMC from January 1, 2007 to the
acquisition on June 26, 2007 $ 666,272
To eliminate overhead charges allocated to RSMC from its
former parent prior to acquisition on June 26, 2007 (8,000)
Non-cash accretion expense of decontamination and
decommissioning liabilities (1,390)
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering (372)
-----------
$ 656,510
===========
(8) Pro forma adjustment due to the following:
Selling, general and administrative expenses of RSMC from
January 1, 2007 to the acquisition on June 26, 2007 $ 5,070
Advisory fees to equity sponsors prior to termination of
advisory services agreements in connection with the Company's
initial public offering (2,477)
Non-cash equity compensation related to profit interests (2,718)
Compensation paid to certain executives in connection with the
Company's initial public offering to terminate certain bonus
arrangements in accordance with their employment agreements (6,945)
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering (1,261)
-----------
$ (8,331)
===========
Table 5 (Continued)
The Company defines EBITDA as earnings before interest expense, income
taxes, depreciation and amortization. The Company uses EBITDA to
facilitate a comparison of its operating performance on a consistent
basis from period to period that, when viewed with its GAAP results and
the above reconciliation, management believes it provides a more complete
understanding of factors and trends affecting its business than GAAP
measures alone. EBITDA assists management in comparing its operating
performance on a consistent basis because it removes the impact of its
capital structure (primarily interest charges), asset base (primarily
depreciation and amortization) and items outside the control of its
management team (taxes) from its results of operations. EBITDA should not
be considered as a substitute for net income or income from operations,
as determined in accordance with GAAP. EBITDA is not defined by GAAP,
and you should not consider it in isolation or as a substitute for
analyzing the Company's results as reported under GAAP.
The Company defines net income before the impact of amortization of
intangible assets as net income plus amortization expense of intangible
assets, net of the related income tax expense. Net income before the
impact of amortization of intangible assets and net income before the
impact of amortization of intangible assets per share are not computed
in accordance with GAAP. These non-GAAP measures may be useful to
investors seeking to compare the operating performance on a consistent
basis from period to period that, when viewed with its GAAP results
and the above reconciliation, management believes provides a more
complete understanding of factors and trends affecting the Company's
business than GAAP measures alone. Net income before the impact of
amortization of intangible assets and net income before the impact
of amortization of intangible assets per share should not be
considered as a substitute for net income or net income per share,
as determined in accordance with GAAP. Net income before the impact
of amortization of intangible assets and net income before the impact
of amortization of intangible assets per share are not defined by
GAAP, and you should not consider them in isolation or as a substitute
for analyzing the Company's results as reported under GAAP.
Table 6
ENERGYSOLUTIONS, INC.
REPORTING SEGMENT INFORMATION (UNAUDITED)
(Dollars in thousands)
GAAP PRO FORMA
---------------------------------- -----------------
For the Quarter
For the Quarter Ended
Ended December 31, December
2007 2006 31, 2007
----------- --------- -----------
Revenues
Federal Services $ 40,101 $ 28,542 $ 40,101
Commercial Services 39,862 22,976 39,862
LP&D 75,619 81,280 75,619
International 272,278 - 272,278
----------- --------- -----------
Total Revenues $ 427,860 $ 132,798 $ 427,860
=========== ========= ===========
Gross Profit and
Margin
Federal Services $ 8,769 21.9% $ 8,052 28.2% $ 8,769 21.9%
Commercial Services 8,122 20.4% 7,373 32.1% 8,213 20.6%
LP&D 36,526 48.3% 38,401 47.2% 36,072 47.7%
International
Operations 8,231 3.0% - 8,472 3.1%
----------- --------- -----------
Total Gross Profit $ 61,648 14.4% $ 53,826 40.5% $ 61,526 14.4%
=========== ========= ===========
Income from
Operations and
Margin
Federal Services $ 6,376 15.9% $ 5,783 20.3% $ 6,518 16.3%
Commercial Services 8,704 21.8% 3,327 14.5% 8,838 22.2%
LP&D 34,270 45.3% 35,159 43.3% 33,826 44.7%
International (194) -0.1% - 88 0.0%
----------- --------- -----------
Total Income from
Operations before
corporate
unallocated items 49,156 11.5% 44,269 33.3% 49,270 11.5%
Corporate
unallocated items (29,513) (23,545) (20,308)
----------- --------- -----------
Total Income from
Operations $ 19,643 $ 20,724 $ 28,962
=========== ========= ===========
GAAP PRO FORMA
---------------------------------- -----------------
For the Year
For the Year Ended
Ended December 31, December
2007 2006 31, 2007
----------- --------- -----------
Revenues
Federal Services $ 151,355 $ 79,941 $ 151,355
Commercial Services 137,378 54,137 137,378
LP&D 262,801 293,025 262,801
International 541,079 - 1,253,092
----------- --------- -----------
Total Revenues $ 1,092,613 $ 427,103 $ 1,804,626
=========== ========= ===========
Gross Profit and
Margin
Federal Services $ 42,383 28.0% $ 24,820 31.0% $ 42,383 28.0%
Commercial Services 27,812 20.2% 14,558 26.9% 27,903 20.3%
LP&D 106,510 40.5% 151,858 51.8% 107,940 41.1%
International
Operations 17,569 3.2% - 71,551 5.7%
----------- --------- -----------
Total Gross Profit $ 194,274 17.8% $ 191,236 44.8% $ 249,777 13.8%
=========== ========= ===========
Income from
Operations and
Margin
Federal Services $ 31,077 20.5% $ 20,634 25.8% $ 31,219 20.6%
Commercial Services 20,082 14.6% 7,092 13.1% 20,216 14.7%
LP&D 97,991 37.3% 144,251 49.2% 99,431 37.8%
International 2,930 0.5% - 51,884 4.1%
----------- --------- -----------
Total Income from
Operations before
corporate
unallocated items 152,080 13.9% 171,977 40.3% 202,750 11.2%
Corporate
unallocated items (80,244) (82,003) (67,080)
----------- --------- -----------
Total Income from
Operations $ 71,836 $ 89,974 $ 135,670
=========== ========= ===========
Table 7
ENERGYSOLUTIONS, INC.
RECONCILIATION OF GAAP TO PRO FORMA REPORTING SEGMENT INFORMATION
(UNAUDITED)
(Dollars in thousands)
For the Quarter Ended December 31, 2007
-------------------------------------------
GAAP Adjustments Pro Forma
----------- ----------- -----------
Revenues
Federal Services $ 40,101 $ - $ 40,101
Commercial Services 39,862 - 39,862
LP&D 75,619 - 75,619
International 272,278 - 272,278
----------- ----------- -----------
Total Revenues $ 427,860 $ - $ 427,860
=========== =========== ===========
Gross Profit and Margin
Federal Services $ 8,769 $ - $ 8,769
Commercial Services 8,122 91 (1) 8,213
LP&D 36,526 (454) (2) 36,072
International Operations 8,231 241 (1) 8,472
----------- ----------- -----------
Total Gross Profit $ 61,648 $ (122) $ 61,526
=========== =========== ===========
Income from Operations and
Margin
Federal Services $ 6,376 $ 142 (1) $ 6,518
Commercial Services 8,704 134 (1) 8,838
LP&D 34,270 (444) (3) 33,826
International (194) 282 (1) 88
----------- ----------- -----------
Total Income from Operations
before corporate unallocated
items 49,156 114 49,270
Corporate unallocated items (29,513) 9,205 (4) (20,308)
----------- ----------- -----------
Total Income from Operations $ 19,643 $ 9,319 $ 28,962
=========== =========== ===========
For the Year Ended December 31, 2007
-------------------------------------------
GAAP Adjustments Pro Forma
----------- ------------ -----------
Revenues
Federal Services $ 151,355 $ - $ 151,355
Commercial Services 137,378 - 137,378
LP&D 262,801 - 262,801
International 541,079 712,013 (5) 1,253,092
----------- ------------ -----------
Total Revenues $ 1,092,613 $ 712,013 $ 1,804,626
=========== ============ ===========
Gross Profit and Margin
Federal Services $ 42,383 $ - $ 42,383
Commercial Services 27,812 91 (1) 27,903
LP&D 106,510 1,430 (6) 107,940
International Operations 17,569 53,982 (7) 71,551
----------- ------------ -----------
Total Gross Profit $ 194,274 $ 55,503 $ 249,777
=========== ============ ===========
Income from Operations and
Margin
Federal Services $ 31,077 $ 142 (1) $ 31,219
Commercial Services 20,082 134 (1) 20,216
LP&D 97,991 1,440 (8) 99,431
International 2,930 48,954 (9) 51,884
----------- ------------ -----------
Total Income from Operations
before corporate unallocated
items 152,080 50,670 202,750
Corporate unallocated items (80,244) 13,164 (10) (67,080)
----------- ------------ -----------
Total Income from Operations $ 71,836 $ 63,834 $ 135,670
=========== ============ ===========
(1) Pro forma adjustment reflects the add back of non-cash
compensation expense related to stock options granted to
employees on the date of the Company's initial public
offering.
(2) Pro forma adjustment due to the following:
Non-cash accretion income of decontamination and
decommissioning liabilities $ (494)
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 40
-----------
$ (454)
===========
(3) Pro forma adjustment due to the following:
Non-cash accretion income of decontamination and
decommissioning liabilities $ (494)
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 50
-----------
$ (444)
===========
(4) Pro forma adjustment due to the following:
Advisory fees to equity sponsors prior to termination of
advisory services agreements in connection with the Company's
initial public offering $ 639
Non-cash equity compensation related to profit interests 597
Compensation paid to certain executives in connection with the
Company's initial public offering to terminate certain bonus
arrangements in accordance with their employment agreements 6,945
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 1,024
-----------
$ 9,205
===========
(5) Represents revenues of RSMC from January 1, 2007 to the
acquisition on June 26, 2007.
(6) Pro forma adjustment due to the following:
Non-cash accretion expense of decontamination and
decommissioning liabilities $ 1,390
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 40
-----------
$ 1,430
===========
(7) Pro forma adjustment due to the following:
Gross profit of RSMC from January 1, 2007 to the acquisition
on June 26, 2007 $ 45,741
To eliminate overhead charges allocated to RSMC from its
former parent prior to acquisition on June 26, 2007 8,000
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 241
-----------
$ 53,982
===========
(8) Pro forma adjustment due to the following:
Non-cash accretion expense of decontamination and
decommissioning liabilities $ 1,390
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 50
-----------
$ 1,440
===========
(9) Pro forma adjustment due to the following:
Income of operations of RSMC from January 1, 2007 to the
acquisition on June 26, 2007 $ 40,672
To eliminate overhead charges allocated to RSMC from its
former parent prior to acquisition on June 26, 2007 8,000
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 282
-----------
$ 48,954
===========
(10) Pro forma adjustment due to the following:
Advisory fees to equity sponsors prior to termination of
advisory services agreements in connection with the Company's
initial public offering $ 2,477
Non-cash equity compensation related to profit interests 2,718
Compensation paid to certain executives in connection with the
Company's initial public offering to terminate certain bonus
arrangements in accordance with their employment agreements 6,945
Non-cash compensation expense related to stock options granted
to employees on the date of the Company's initial public
offering 1,024
-----------
$ 13,164
===========
Contact Information: Contact: For more information, please contact: Tim Barney (801) 649-2233