RE:RE:RE:RE:RE:RE:RE:Concordia Going Forwardryehigh, I am not an accountant. Do numbers say they likely reduce guidance?
ryehigh2014 wrote: Hi Lumber,
To be very honest I would avoid EBITDA and examine FCF and Levered FCF very closely and intently. The shorts were spot on PRIOR to the debt issuance. Concordia had severe liquidity issues which they have now managed.
I also do not like Adj Ebitda - its a non GAAP and non traditional number.
In terms of EBITDA (less Impairment) I come out to 451MM for the year and 112MM for Q3. For Q3 FCF is 109MM while Cash added is 324MM.
For Q4 FCF is 68MM while Cash is reduced by 265MM mainly driven by the contingent payout as well as 73MM interest payment. EBITDA for Q4 is 106MM.