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MediaCo Holding Inc. (Nasdaq: MDIA) grows Q2 revenue 9% but net loss widens

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MediaCo Holding Inc. reported higher revenue but widening losses for the quarter and first half ended June 30, 2026. Second quarter net revenues were $33.97 million, up 9% from $31.25 million a year earlier, while net loss increased to $8.61 million from $7.39 million, and Adjusted EBITDA declined to $0.94 million from $1.51 million. Year-to-date net revenues were $65.36 million, up 10% from $59.28 million, but year-to-date net loss widened to $17.98 million from $15.99 million and Adjusted EBITDA fell to $1.15 million from $2.92 million.

Management highlighted continued momentum in digital, with 47% of advertising revenue generated through digital channels in the quarter, and noted ongoing cost and expense reduction initiatives aimed at improving EBITDA and margins. Audience growth at EstrellaTV and broader cross-platform distribution across television, radio, digital and FAST platforms were emphasized as key drivers of reach and advertiser value.

Positive

  • Net revenues grew 10% year-to-date to $65.36 million, driven primarily by new digital revenue sales, indicating continued topline expansion.
  • Digital channels contributed 47% of advertising revenue in the second quarter, underscoring strong traction in higher-growth digital advertising.
  • Second quarter operating loss improved by 28% to $(4.89) million, reflecting some operating leverage despite higher corporate expenses.

Negative

  • Year-to-date net loss increased 12% to $(17.98) million, indicating profitability pressures despite higher revenue.
  • Adjusted EBITDA declined 61% year-to-date to $1.15 million, showing significantly reduced underlying earnings.
  • Second quarter Adjusted EBITDA fell 38% to $0.94 million, as higher operating and corporate expenses offset revenue growth.
  • Loss on disposal of assets rose to $0.99 million year-to-date from $0.14 million, contributing to the larger net loss.

Filing Explained

At June 30, cash equaled 221.6 days of the latest reported quarterly operating cash use; Adjusted EBITDA should not be read as cash funding.

The company’s August 14 Form 8-K reports the quarter ended June 30, 2026, with $1.807 million of cash and equivalents at quarter-end and $734,000 of operating cash outflow for the quarter, making the disclosed liquidity position the material structural takeaway for the company and existing common holders.

The release defines Adjusted EBITDA as a non-GAAP measure and says it is not necessarily a measure of the company’s ability to fund cash needs, so its positive figure does not replace the cash-flow and cash-balance figures when assessing liquidity.

The June 30 cash balance equals 221.6 days of the last reported quarterly operating cash use, based on the supplied comparison of $1.807 million of cash with $734,000 of quarterly operating cash outflow.

Sources and calculations
  • Cash and equivalents vs quarterly operating cash outflow, in days of cash use $1,807,000 / ($734,000 / 90) = [object Object]
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Revenues $33,969 (thousands) Three months ended June 30, 2026; up 9% from $31,245 (thousands) in 2025
Q2 2026 Net Loss $(8,613) (thousands) Three months ended June 30, 2026; 17% higher loss than $(7,390) in 2025
Q2 2026 Adjusted EBITDA $942 (thousands) Three months ended June 30, 2026; down 38% from $1,512 (thousands) in 2025
YTD 2026 Net Revenues $65,355 (thousands) Six months ended June 30, 2026; 10% growth from $59,275 (thousands)
YTD 2026 Net Loss $(17,981) (thousands) Six months ended June 30, 2026; 12% higher loss than $(15,996) (thousands)
YTD 2026 Adjusted EBITDA $1,145 (thousands) Six months ended June 30, 2026; down 61% from $2,918 (thousands)
Digital share of ad revenue 47% Portion of advertising revenue generated through digital channels in Q2 2026
YTD 2026 Total Operating Expenses $77,774 (thousands) Six months ended June 30, 2026; up from $70,743 (thousands) in 2025
Adjusted EBITDA financial
"Year-to-date Adjusted EBITDA income of $1.1 million, down $1.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net Income margin financial
"Net Income margin is Net Loss as a percentage of Net Revenue."
Net income margin measures the portion of a company’s sales that remains as profit after paying all costs, interest, and taxes, expressed as a percentage of revenue. It matters to investors because it shows how much profit a business keeps from each dollar of sales—like the slice of a pie left after all the bills are paid—helping compare profitability across companies and track whether management is improving efficiency or facing pressure on margins.
Equity loss in investments financial
"Equity loss in investments | (388) | | | —"
Change in fair value of warrant shares liability financial
"Change in fair value of warrant shares liability | — | | | 1,410"
Emerging growth company regulatory
"Emerging growth company x Item 2.02 Results of Operations"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Non-GAAP financial measures financial
"NON-GAAP FINANCIAL MEASURES RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDA"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Q2 2026 Net Revenues $33,969 (thousands) up 9% from $31,245 (thousands) in Q2 2025
Q2 2026 Net Loss $(8,613) (thousands) loss increased 17% from $(7,390) (thousands)
Q2 2026 Adjusted EBITDA $942 (thousands) down 38% from $1,512 (thousands)
YTD 2026 Net Revenues $65,355 (thousands) up 10% from $59,275 (thousands)
YTD 2026 Net Loss $(17,981) (thousands) loss increased 12% from $(15,996) (thousands)
YTD 2026 Adjusted EBITDA $1,145 (thousands) down 61% from $2,918 (thousands)

FAQ

How did MediaCo (MDIA) perform financially in Q2 2026?
MediaCo reported Q2 2026 net revenues of $33.97 million, up 9% year over year, and a net loss of $8.61 million, compared with a $7.39 million loss in Q2 2025. Adjusted EBITDA was $0.94 million versus $1.51 million.

What were MediaCo (MDIA) year-to-date results through June 30, 2026?
For the first half of 2026, MediaCo generated net revenues of $65.36 million, a 10% increase from $59.28 million, and a net loss of $17.98 million versus $15.99 million. Adjusted EBITDA declined to $1.15 million from $2.92 million.

How important is digital advertising to MediaCo (MDIA) in Q2 2026?
Digital channels were significant, providing 47% of advertising revenue in the second quarter of 2026. Management highlighted digital strength, a strong sales pipeline, and expanding cross-platform distribution as key contributors to audience reach and advertiser value.

What drove the change in MediaCo (MDIA) profitability despite revenue growth?
Profitability was pressured by higher digital expenses, loss on disposal of assets and higher net interest costs, partially offset by higher revenue and other income. This led to a larger year-to-date net loss of $17.98 million and lower Adjusted EBITDA.

How did MediaCo (MDIA) operating expenses trend in the first half of 2026?
Total operating expenses for the first half of 2026 were $77.77 million, up from $70.74 million. Operating expenses rose 9% to $70.05 million and corporate expenses increased 18% to $3.72 million, while depreciation and amortization declined.

What is MediaCo (MDIA) Adjusted EBITDA and how is it used?
MediaCo defines Adjusted EBITDA as net loss adjusted for taxes, interest, depreciation, amortization, loss on disposal of assets, other income, equity loss in investments and other adjustments. Management uses it to evaluate operating performance, plan future periods and assess compensation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
FALSE000178425400017842542025-08-112025-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 14, 2026

MediaCo Holding Inc.
(Exact Name of Registrant as Specified in Its Charter)

001-39029
(Commission File Number)
Indiana84-2427771
(State or Other Jurisdiction of Incorporation)(I.R.S. Employer Identification No.)

48 West 25th Street, Third Floor
New York, New York 10010
(Address of principal executive offices, including zip code)

(212) 447-1000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareMDIA
Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition.

On August 14, 2026, MediaCo Holding Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02 (and in the Press Release) shall not be deemed "filed" with the Securities and Exchange Commission (the "SEC") for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended (the "Securities Act").

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX

ExhibitDescription
99.1
Press Release of MediaCo Holding Inc. dated August 14, 2026
104
Cover Page Interactive Data File (formatted as Inline XBRL).







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MEDIACO HOLDING INC.
Date:August 14, 2026By: /s/ Roberto Castro
Roberto Castro
Interim Chief Financial Officer and Interim Treasurer


Exhibit 99.1
SECOND QUARTER 2026
EARNINGS RELEASE
August 14, 2026
imagea.jpg

MEDIACO REPORTS SECOND QUARTER
FINANCIAL RESULTS
MediaCo Drives Continued Momentum with $65.4 million in Revenue and Industry Leading Growth
Second quarter digital revenue stays strong at 47% of Advertising Sales
Audience Share Gains, New Content and Broader Digital Distribution Driving Growth

New York, NY –August 14, 2026– MediaCo Holding Inc. (Nasdaq: MDIA) reported financial results for the second quarter ended June 30, 2026.

Year-to-date Net Revenue was $65.4 million, up $6.1 million, or 10%, from the prior year, driven primarily by new digital revenue sales. Year-to-date Net Loss was $18.0 million, compared to a Net Loss of $16.0 million from the prior year, primarily due to the increase in digital expenses, loss on disposal of assets and higher net interest costs; partially offset by higher revenue and higher net other income.

Year-to-date Adjusted EBITDA income of $1.1 million, down $1.8 million from the prior year Adjusted EBITDA income of $2.9 million, driven by higher operating and corporate expenses. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website.
2026 Second Quarter Financial Summary
Three Months Ended June 30,Change
(Dollars in thousands)20262025%
NET REVENUES$33,969 $31,245 9 %
NET LOSS$(8,613)$(7,390)17 %
% Margin(1)
(25)%(24)%
ADJUSTED EBITDA(2)
$942 $1,512 38 %
2026 First Half Financial Summary
Six Months Ended June 30,Change
(Dollars in thousands)20262025%
NET REVENUES$65,355 $59,275 10 %
NET LOSS$(17,981)$(15,996)12 %
% Margin(1)
(28)%(27)%
ADJUSTED EBITDA(2)
$1,145 $2,918 61 %

(1)Net Income margin is Net Loss as a percentage of Net Revenue.
(2)Adjusted EBITDA is a non-GAAP measure. Please refer to the “Definitions and Disclosures Regarding Non- GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website.
“MediaCo delivered 9% revenue growth in the second quarter, outpacing much of the industry, as we continue to build on our leadership position serving multicultural audiences,” said Albert Rodriguez, MediaCo CEO. “Our cross-platform strategy is central to this performance: 47% of advertising revenue was generated through digital channels during the quarter, once again ranking us among the top performers in our industry. Combined with a strong sales pipeline, culturally authentic and high-impact programming, and an expanding distribution footprint across television, radio, digital, and FAST platforms, we are growing our audience reach and strengthening our value to advertisers.”
mediacopagenumbera.jpg1

SECOND QUARTER 2026
EARNINGS RELEASE
“As we monetize the strategic investments we’ve made in our assets and expand our revenue sources, we remain focused on streamlining operations and building efficiency across the business. At the same time, we implemented a companywide cost and expense reduction initiative to sharpen our operating discipline and drive improved EBITDA and margins. We believe the future is very bright as we position serving multicultural audiences.”
Company and Business Highlights
•EstrellaTV, one of just three broadcast networks with prime time P18-49 growth in the first 6 months of 2026, delivered another standout first quarter - posting a +38% year-over-year increase in P18-49 prime time(1). This marked the network's fourth consecutive quarter of audience growth, reinforcing EstrellaTV’s accelerating momentum and competitive strength. Year-to-date, EstrellaTV has exceeded prior-year P18-49 delivery across nearly every daypart - Weekday and Weekend Prime, Early Fringe, Weekday Daytime and Weekend Daytime, as well as Total Day. This highlights the strength and balance of its programming strategy. The fastest-growing Spanish-language broadcast network in the U.S., in March 2026, EstrellaTV was the only Spanish-language broadcast network to post P18-49 growth, increasing +22% versus the prior year.
1Source: Source: Nielsen NLTV Program Report; Updated Big Data Plus Panel National Sample, NTI Calendar (1Q26: 12/29/2025 - 03/29/2026, 1Q25: 12/30/2024 - 03/30/2025, 2Q26: 03/30/2026 - 06/28/2026, 2Q25: 03/31/2025 - 06/29/2025, Mar26: 02/23/2026 - 03/29/2026, Mar25: 02/24/2025 - 03/30/2025), P18-49 AA (units), Strict Daypart Program-Based Dayparts M-Su 7p-11p (span), Prime dayparts (7p-11p), Early Fringe (MF 4p-7p), Weekday Daytime (MF 10a-4p), Weekend Daytime (12p-7p), ETV Total Day (MF 7a-2a & SS 12p-2a & M-Sa 630a-7a)

Forward-Looking Statements
This communication includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). You can identify these forward-looking statements by our use of words such as “intend,” “plan,” “may,” “will,” “project,” “estimate,” “anticipate,” “believe,” “expect,” “continue,” “potential,” “opportunity” and similar expressions, whether in the negative or affirmative. Such forward-looking statements, which speak only as of the date hereof, are based on managements’ estimates, assumptions and beliefs regarding our future plans, intentions and expectations. We cannot guarantee that we will achieve these plans, intentions or expectations. All statements regarding our expected financial position, business, results of operations and financing plans are forward-looking statements.
Actual results or events could differ materially from the plans, intentions or expectations disclosed in the forward-looking statements we make. We have included important facts in various cautionary statements in this communication that we believe could cause our actual results to differ materially from forward-looking statements that we make. The forward-looking statements do not reflect the potential impact of any future acquisitions, mergers or dispositions. We undertake no obligation to update or revise any forward-looking statements because of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see MediaCo’s other filings with the Securities and Exchange Commission.
Definitions and Disclosures Regarding Non-GAAP Financial Information
We define Adjusted EBITDA as consolidated net loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures, non-cash items and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Equity loss in investments, Depreciation and amortization, Loss on disposal of assets, and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Equity loss in investments, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength
mediacopagenumbera.jpg2

SECOND QUARTER 2026
EARNINGS RELEASE
and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating loss or net loss as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating loss and compared with consolidated net loss, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.
For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this earnings release, please see the supplemental tables at the end of this release.


About MediaCo Holding Inc.

MediaCo Holding Inc. (Nasdaq: MDIA) is a diverse-owned, multi-platform media company serving multicultural audiences across the U.S. Through a network of iconic brands—including Hot 97, WBLS, EstrellaTV, Estrella News, Que Buena Los Angeles and the Don Cheto Radio Network—MediaCo reaches over 20 million people monthly via television, radio, digital, and streaming platforms. Its Sigma Audio Networks LLC, a groundbreaking national multicultural audio network, is modernizing how advertisers reach America’s growing multicultural audiences. The company's innovative and culturally resonant content spans music, news, and entertainment across major local and national markets. More info at www.mediacoholding.com.









Investor Contact:
Roberto Castro
Interim Chief Financial Officer and Interim Treasurer
MEDIACO HOLDING INC.
press@MediaCoHolding.com
mediacopagenumbera.jpg3


image1a.jpg APPENDIX
MEDIACO HOLDING INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended June 30,Change
(Dollars in thousands)20262025$%
NET REVENUES$33,969 $31,245 2,724 9 
OPERATING EXPENSES:
Operating expenses35,227 34,774 453 1 
Corporate expenses2,055 1,554 501 32 
Depreciation and amortization1,343 1,697 (354)(21)
Loss on disposal of assets233 5 228 4,568 
Total operating expenses38,858 38,030 828 2 
OPERATING LOSS(4,889)(6,785)1,896 (28)
OTHER INCOME (EXPENSE):
Interest expense, net(4,029)(3,855)(174)5 
Change in fair value of warrant shares liability— 1,410 (1,410)N/A
Other income, net543 2,119 (1,576)(74)
Total other expense(3,486)(326)(3,160)969 
LOSS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS(8,375)(7,111)(1,264)18 
PROVISION FOR INCOME TAXES(150)279 (429)(154)
LOSS BEFORE EQUITY LOSS IN INVESTMENTS(8,225)(7,390)(835)11 
EQUITY LOSS IN INVESTMENTS(388)— (388)N/A
NET LOSS$(8,613)$(7,390)(1,223)17 



image1a.jpg APPENDIX
MEDIACO HOLDING INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Six Months Ended June 30,Change
(Dollars in thousands)20262025$%
NET REVENUES$65,355 $59,275 6,080 10 
OPERATING EXPENSES:
Operating expenses70,049 63,986 6,063 9 
Corporate expenses3,721 3,147 574 18 
Depreciation and amortization3,019 3,466 (447)(13)
Loss on disposal of assets985 144 841 584 
Total operating expenses77,774 70,743 7,031 10 
OPERATING LOSS(12,419)(11,468)(951)8 
OTHER INCOME (EXPENSE):
Interest expense, net(7,969)(7,609)(360)5 
Change in fair value of warrant shares liability— 1,410 (1,410)N/A
Other income, net4,222 2,230 1,992 89 
Total other expense(3,747)(3,969)222 (6)
LOSS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS(16,166)(15,437)(729)5 
PROVISION FOR INCOME TAXES1,172 559 613 110 
LOSS BEFORE EQUITY LOSS IN INVESTMENTS(17,338)(15,996)(835)11 
EQUITY LOSS IN INVESTMENTS(643)— (388)N/A
NET LOSS$(17,981)$(15,996)(1,985)12 



























image1a.jpg APPENDIX
MEDIACO HOLDING INC.
NON-GAAP FINANCIAL MEASURES
RECONCILIATIONS OF NET LOSS TO ADJUSTED EBITDA (1)

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
NET REVENUES$33,969 $31,245 $65,355 $59,275 
Net Loss$(8,613)$(7,390)$(17,981)$(15,996)
Provision for income taxes(150)279 1,172 559 
Equity loss in investments388 — 643 — 
Interest expense, net4,029 3,855 7,969 7,609 
Depreciation and amortization1,343 1,697 3,019 3,466 
Loss on disposal of assets233 5 985 144 
Change in fair value of warrant shares liability— (1,410)— (1,410)
Other income, net(543)(2,119)(4,222)(2,230)
Other adjustments4,255 6,595 9,560 10,776 
Adjusted EBITDA(1)
$942 $1,512 $1,145 $2,918 
(1)
We define Adjusted EBITDA as consolidated net loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures, non-cash items and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Equity loss in investments, Depreciation and amortization, Loss on disposal of assets, and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Equity loss in investments, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors’ ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating loss or net loss as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating loss and compared with consolidated net loss, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.









Source: View Original Filing on SEC EDGAR

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