{"id":58323,"date":"2024-08-15T00:04:43","date_gmt":"2024-08-15T00:04:43","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/08\/15\/quipt-home-medical-reports-third-quarter-fiscal-2024-financial-results\/"},"modified":"2024-08-15T00:04:43","modified_gmt":"2024-08-15T00:04:43","slug":"quipt-home-medical-reports-third-quarter-fiscal-2024-financial-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/quipt-home-medical-reports-third-quarter-fiscal-2024-financial-results\/","title":{"rendered":"Quipt Home Medical Reports Third Quarter Fiscal 2024 Financial Results"},"content":{"rendered":"<div>\n<p align=\"justify\">CINCINNATI, Aug.  14, 2024  (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. (the \u201c<strong>Company<\/strong>\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S.-based home medical equipment provider, focused on end-to-end respiratory care, today announced its third quarter fiscal 2024 financial results and operational highlights. These results pertain to the three and nine months ended June 30, 2024, and are reported in United States dollars (&#8220;$&#8221;, &#8220;dollars&#8221; and &#8220;US$&#8221;) and have been rounded to the nearest hundred thousand.<\/p>\n<p align=\"justify\">Quipt will host its Earnings Conference Call on Thursday, August 15, 2024, at 10:00 a.m. (ET). The dial-in number is 1 (844) 763 8274 or 1 (647) 484 8814. The live audio webcast can be found on the investor section of the Company\u2019s website through the following link: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=55YPX7BOuDURhnjzNmdCW97nR7c-QiBUy6KAZ4xzc_FN6EjlpwbtB9FVOy5AQz6SP72vPF7-29Mrf_b7OjXPOBF0Oz1wEMWF8WgXhLFS9Y9Sv7beSaO_LABt6gplyFcg1I-Khk2eFkHSaV3ONiAkypJBWADET7w4KnIHWpqQOhNz1ECPPH9ramZirvfxIW1hiEHjDxh4gSHjJah2DlJnOv0P7svnn3PkuzHzFAzJXpyLVPS7OCaeuVaT145w_NzRrVSkD15q_Qna3mc3nlvxvAb2Rq96MrDbI_Q1o2WEhlLfuuZ-3Jviq9lL2LdThNDqgnQU8G0Rhu66gaYhH7_1t9dZx1mg9Geu69pAcHEas8QBZwyDj6Quq2gZLRXqfVYbZBItm8iTfuZXrIua0BIFjauyXkBhLhFoMBKTLbQYlDU=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.quipthomemedical.com\">www.quipthomemedical.com<\/a>.<\/p>\n<p align=\"justify\"><strong><u>Financial<\/u><\/strong> <strong><u>Highlights<\/u><\/strong><strong>:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Revenue for Q3 2024 was $64.0 million compared to $60.3 million for Q3 2023, representing a 6.1% increase in revenue year-over-year. Organic growth contributed approximately $1.7 million, or 3% year-over-year.\n<ul type=\"circle\">\n<li style=\"text-align:justify;\">The Company saw improved sequential revenue performance as compared to the sequential 2.1% revenue decline experienced in Q2 2024, with flat sequential organic revenue growth seen in Q3 2024. For the nine months ended June 30, 2024, the Company has absorbed the revenue impact from the expiration of the Medicare 75\/25<sup>1<\/sup> blended rate as of January 1, 2024. The Medicare 75\/25 blended rate had been providing rate relief in certain geographies. Additionally, the Company faced the impact of the Change Healthcare cyber-attack<sup>2<\/sup> as it related to eligibility determination for patients. Moreover, in certain regions, the Company experienced the withdrawal of Medicare Advantage members due to the capitated agreement engaged on with other providers in the industry<sup>3<\/sup>.\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"text-align:justify;\">Revenues for the nine months ended June 30, 2024, increased to $193.3 million, representing an increase of 21.4% from the same period in 2023. Organic growth contributed approximately $8.1 million or 5%.\n<\/li>\n<li style=\"text-align:justify;\">Recurring Revenue<sup>4<\/sup> for Q3 2024 continued to be strong, representing 82% of total revenue, driven by overall growth in new equipment set-ups.\n<\/li>\n<li style=\"text-align:justify;\">Adjusted EBITDA<sup>4<\/sup> for Q3 2024 was $14.2 million, or 22.3% of revenues, compared to Adjusted EBITDA for Q3 2023 of $13.9 million or 23.0% of revenues, representing a 2.7% increase year-over-year.\n<\/li>\n<li style=\"text-align:justify;\">Adjusted EBITDA was $44.5 million for the nine months ended June 30, 2024, a 23.7% increase from the same period in 2023. This represents 23.0% of revenue for the nine months ended June 30, 2024, an increase from 22.6% of revenue for the same period in 2023.\n<\/li>\n<li style=\"text-align:justify;\">Net income (loss) for Q3 2024 was $(1.7) million, or ($0.04) per diluted share, as compared to $(1.0) million, or $(0.03) per diluted share for the same period in 2023.\n<\/li>\n<li style=\"text-align:justify;\">Cash flow from operations was $28.6 million for the nine months ended June 30, 2024, compared to $27.3 million for the same period in 2023.\n<\/li>\n<li style=\"text-align:justify;\">For Q3 2024, as a percentage of revenue, bad debt expense increased to 5.0% from 4.0% in Q3 2023 due to the direct and indirect effects of the Change Healthcare cybersecurity incident resulting in a diversion from normal collection efforts.\n<\/li>\n<li style=\"text-align:justify;\">The Company reported cash on hand of $14.4 million as of June 30, 2024, compared to $14.6 million as of March 31, 2024. The Company has seen daily cash collections normalize in the wake of the Change Healthcare cyber-attack and continues to diligently work through the remaining backlog of claims.\n<\/li>\n<li style=\"text-align:justify;\">The Company had total credit availability of $38.1 million as of June 30, 2024, with $17.1 million available on its revolving credit facility and $21 million available pursuant to its delayed-draw term loan facility.\n<\/li>\n<li style=\"text-align:justify;\">The Company maintains a conservative balance sheet with a Net Debt to Adjusted EBITDA Leverage Ratio<sup>4<\/sup> of 1.5x.<\/li>\n<\/ul>\n<p><strong><u>Operational<\/u><\/strong> <strong><u>Highlights<\/u><\/strong><strong>:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">The Company served 270,087 unique patients in the nine months ended June 30, 2024 compared to 239,146 in the nine months ended 2023, an increase of 12.9%.\n<\/li>\n<li style=\"text-align:justify;\">Compared to 547,038 unique set-ups\/deliveries in the nine months ended June 30, 2023, the Company completed 641,786 unique set-ups\/deliveries in the nine months ended June 30, 2024, an increase of 17.3%. This includes 120,118 respiratory resupply set-ups\/deliveries in Q3 2024, compared to 108,391 in Q3 2023, an increase of 10.8%, which the Company credits to its continued use of technology and centralized intake processes.\n<\/li>\n<li style=\"text-align:justify;\">The Company continues to experience steady demand trends and referral patterns for respiratory equipment, including CPAPs, BiPAPs, oxygen concentrators, ventilators, as well as the CPAP resupply and other supplies business.\n<\/li>\n<li style=\"text-align:justify;\">The Company has approximately 350,000 unique active patients that were served at least once in the last twelve months, approximately 45,000 referring physicians, and approximately 135 locations.<\/li>\n<\/ul>\n<p><strong><u>Management<\/u><\/strong> <strong><u>Commentary<\/u><\/strong><strong>:<\/strong><\/p>\n<p align=\"justify\">\u201cWe are very proud of the progress made during the fiscal third quarter in mitigating the ongoing challenges we faced. Strength in our sleep resupply program and overall volume growth across our product mix helped us improve on our sequential revenue performance as compared to fiscal Q2. In real time, we are building momentum towards a return to historical organic growth levels. The operational team worked diligently to produce a consistent Adjusted EBITDA Margin<sup>4<\/sup> of 22.3%, and we are expecting to see consistent margin performance for the remainder of the calendar year. As we continue to experience steady growth in our resupply program, and favorable referral patterns in real time, as well as working to navigate past the Change Healthcare cyber-attack, our robust balance sheet positions us exceptionally well to allocate capital flexibly. Given the improving acquisition environment, we are focused on identifying synergistic acquisition candidates that meet our stringent criteria and utilizing our Normal Course Issuer Bid (NCIB) opportunistically. Moreover, the recent acquisition of a larger peer in our industry underscores the significant valuation gap we have in the marketplace compared to our fundamentals. Furthermore, we anticipate a potential dislocation in the marketplace based on historical developments when large M&amp;A takes place, and, if applicable, we are confident in our ability to pick up market share. On a go-forward basis, we will remain extremely disciplined, continuing to execute our strategic growth initiatives to drive organic growth, and economically build scale in attractive markets. This strategic approach not only strengthens our market position, but also highlights our commitment to creating long-term value for our shareholders,\u201d said CEO and Chairman Gregory Crawford.<\/p>\n<p align=\"justify\">\u201cOur focus on driving long-term organic growth, through our growing sales force, cross-selling of product categories and driving market penetration in continuum markets, positions us well for opportunities. With our disciplined approach to capital management, we are well-positioned to capitalize on synergistic acquisition opportunities and enhance our go-to-market strategy. Our performance demonstrates our ability to navigate the challenges faced in the first half of the year and leverage our strengths to deliver consistent results. As we move forward, we remain committed to investing in areas that drive sustainable growth and reinforce our market leadership focused on clinical respiratory care within the durable medical equipment ecosystem. Our operations are structured to allow us to effectively add revenue without the need to materially increase our cost structure which will be key in driving margin improvement as we execute on our strategy for expansion, and we are very confident in our ability to drive future growth.\u201d said CFO Hardik Mehta<\/p>\n<p align=\"justify\">The Company&#8217;s full financial statements and related management&#8217;s discussion and analysis for the three and nine months ended June 30, 2024 are available under the Company&#8217;s profile on SEDAR+ (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7tWLbmmKtEFiat2RYPSLeabJXRznyAilzXQwY1FLwQmhEbzogJskn4e1yH84zcv8O66yHnc4GDrudxOUr83ENyVUst18n6U9Nqs_j2vN6mZPRoJ0fAgADaeexnEs76lzLOXbvQucYwAa_KFnt8JPZXHFNTC5UDT60qUK5-eb22AKUyYgodB9bfCgKxUF69YgXuTvme9S3sPfpi924fVsiI0zxxccCZqZ7M_NL3D0PhyBVDZP7l2Pt2VanP0YtCFhBLQx2U9Paqng0yy69a_tL8qEpkyo9hz2paQByBcYtIpxs-v4oVkFR9gUbqZbkoo-p0hadyBuAZFiGDFjShpahqv7Ipjr7tCAubwI3N-i0NCyPPqiulN5rPTrDK5VJb4XaIsCRNEgGRs2f1Onk5sUvg==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.sedarplus.com)\">www.sedarplus.com)<\/a> and posted on the Company&#8217;s web site at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ioS3Yy7jZCWryO1Na5AISr0HaMM-LGBdf2OzZO8jwzT6YzXHEj2bXMF2jXr9zhlSfzfrZvxtkQ48CDMpTs6eoOQ-e8sj7X5L04-SABMDI3hqYP9biJyJLYJAMDN_dzJjwswLHPVUVx4RVEBA_01hSS09QPl0uuRmqz9V3z4PMx9KeXMYb5wa51bKomSZKYakX1VwjI_GZDORvW9nbcLnWPAMp2XwcigIUs2dRvHdAVTF3mRPWF5WaG8hBltbRlUEYCuEVGWrUnX3vj4DhTAjTEIX-yD3hDecEcPyboeBwi1Tb3bTrkF4OslzSm0pXx7uoM8Mzp-x-eoxfytI_iERA58FpjsrAE8n4uqS4K6_FYACi9wvteZ-QQRUV8iAJGsoalWKqn0X0AS1tlxft4kW8dvLP3UNAmVGlTiuTsNxIuvFi2X81rJSAWhdY2EciNT-\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/quipthomemedical.com\/financials<\/a><\/p>\n<p align=\"justify\"><strong>ABOUT QUIPT HOME MEDICAL CORP.<\/strong><\/p>\n<p align=\"justify\">The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company\u2019s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient\u2019s services, and making life easier for the patient.<\/p>\n<p><strong><em>Forward-Looking Statements<\/em><\/strong><\/p>\n<p align=\"justify\"><em>Certain statements contained in this press release constitute &#8220;forward-looking information&#8221; as such term is \u200e\u200e\u200e\u200e\u200edefined in applicable Canadian securities legislation. The words &#8220;may&#8221;, &#8220;would&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;potential&#8221;, \u200e\u200e\u200e\u200e\u200e\u200e&#8221;will&#8221;, &#8220;seek&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;outlook&#8221;, and similar expressions \u200e\u200e\u200e\u200eas \u200ethey relate to the Company, including: the Company anticipating a return to historical organic growth levels; the Company expecting to see consistent margin performance for the remainder of the calendar year; the Company potentially completing acquisitions; the Company utilizing its NCIB; the Company anticipating a potential dislocation in the marketplace based on historical developments and being confident in its ability to pick up market share; the Company adding revenue without the need to materially increase our cost structure; and the Company driving future growth; are intended to \u200eidentify forward-looking information. All statements \u200eother \u200ethan statements of \u200e\u200ehistorical fact may be forward-\u200elooking information. Such statements reflect the \u200eCompany&#8217;s \u200ecurrent views and \u200e\u200eintentions with respect to future \u200eevents, and current information available to the \u200eCompany, and \u200eare subject to \u200e\u200ecertain risks, uncertainties and \u200eassumptions, including: the \u200eCompany successfully identifying, \u200e\u200enegotiating and \u200ecompleting additional acquisitions; operating and other financial metrics maintaining their \u200ecurrent trajectories, the Company not being impacted by any further external and unique events like the Medicare 75\/25 rate cut and the Change Healthcare cybersecurity incident for the remainder of the calendar year; and the Company not being subject to a material change to it cost structure. Many \u200efactors could cause the actual \u200eresults, \u200eperformance or achievements that may be \u200eexpressed \u200eor implied by such \u200eforward-looking information to \u200evary from \u200ethose described herein should one or more \u200eof these \u200erisks or \u200euncertainties materialize. Examples of such \u200erisk factors \u200einclude, without limitation: risks related \u200eto credit, market \u200e\u200e\u200e(including equity, commodity, foreign exchange and interest \u200erate), \u200eliquidity, operational \u200e\u200e(including technology \u200eand \u200einfrastructure), reputational, insurance, strategic, \u200eregulatory, legal, \u200eenvironmental, and \u200ecapital adequacy; the \u200e\u200egeneral business and economic conditions in the regions \u200ein which the \u200eCompany operates; \u200ethe ability of the \u200e\u200eCompany to execute on key priorities, including the successful \u200ecompletion of \u200eacquisitions, \u200ebusiness retention, and \u200e\u200estrategic plans and to attract, develop and retain key \u200eexecutives; difficulty \u200eintegrating \u200enewly acquired businesses; \u200e\u200ethe ability to implement business strategies and \u200epursue business opportunities; low \u200eprofit \u200emarket segments; \u200e\u200edisruptions in or attacks (including cyber-attacks) on \u200ethe Company&#8217;s information <\/em><em>\u200etechnology, \u200einternet, network \u200e\u200eaccess or other voice or data communications systems or \u200eservices; the evolution of \u200evarious types \u200eof fraud or other \u200e\u200ecriminal behavior to which the Company is exposed; the \u200efailure of third parties to \u200ecomply with \u200etheir obligations to \u200e\u200ethe Company or its affiliates; the impact of new and \u200echanges to, or application of, \u200ecurrent \u200elaws and regulations; \u200e\u200edecline of reimbursement rates; dependence on few \u200epayors; possible new drug \u200ediscoveries; a \u200enovel business \u200emodel; \u200edependence on key suppliers; granting of permits \u200eand licenses in a highly \u200eregulated \u200ebusiness; legal proceedings and litigation, including as it relates to the civil \u200einvestigative demand (\u201cCID\u201d) \u200ereceived from the Department of Justice and related subpoena from the U.S. Securities \u200eand Exchange Commission; \u200eincreased competition; \u200echanges in \u200eforeign currency rates; \u200eincreased \u200efunding costs and market volatility due to \u200emarket illiquidity and \u200ecompetition for \u200efunding; the \u200eavailability of funds \u200eand resources to pursue operations; \u200ecritical accounting \u200eestimates and changes \u200eto accounting \u200estandards, policies, \u200eand methods used by the Company; \u200ethe occurrence of \u200enatural and unnatural \u200ecatastrophic \u200eevents and claims \u200eresulting from such events; and risks \u200erelated to COVID-19 \u200eincluding various \u200erecommendations, \u200eorders and \u200emeasures of governmental authorities to try \u200eto limit the pandemic, \u200eincluding travel \u200erestrictions, border \u200eclosures, \u200enon-essential business closures, quarantines, \u200eself-isolations, \u200eshelters-in-place and social distancing, \u200e\u200edisruptions \u200eto markets, economic activity, financing, \u200esupply chains and \u200esales channels, and a deterioration of \u200egeneral \u200eeconomic \u200econditions including a possible \u200enational or global \u200erecession; as well as those risk factors \u200ediscussed or \u200ereferred to \u200ein the Company\u2019s disclosure \u200edocuments filed with \u200eUnited States Securities and Exchange \u200eCommission \u200eand \u200eavailable at www.sec.gov, and with \u200ethe securities \u200eregulatory authorities in certain provinces of \u200eCanada and \u200e\u200eavailable at www.sedarplus.com. Should any \u200efactor affect \u200ethe Company in an unexpected manner, or \u200eshould \u200e\u200eassumptions underlying the forward-looking \u200einformation prove \u200eincorrect, the actual results or events may \u200ediffer \u200e\u200ematerially from the results or events predicted. \u200eAny such forward-\u200elooking information is expressly qualified \u200ein its \u200e\u200eentirety by this cautionary statement. Moreover, \u200ethe Company \u200edoes not assume responsibility for the \u200eaccuracy or \u200e\u200ecompleteness of such forward-looking \u200einformation. The \u200eforward-looking information included in this \u200epress release \u200e\u200eis made as of the date of this press \u200erelease and the \u200eCompany undertakes no obligation to publicly \u200eupdate or revise \u200e\u200eany forward-looking information, \u200eother than as \u200erequired by applicable law\u200e.\u200e<\/em><\/p>\n<p align=\"justify\"><em>There can be no assurance that any of the acquisitions by the Company will be completed and no definitive agreements have been executed. Completion of any transaction will be subject to applicable director, shareholder, and regulatory approvals.<\/em><\/p>\n<p align=\"justify\"><strong><em>Non-IFRS<\/em><\/strong> <strong><em>Measures<\/em><\/strong><\/p>\n<p align=\"justify\"><em>This press release refers to \u201cRecurring Revenue\u201d, \u201cAdjusted EBITDA\u201d, \u201cAdjusted EBITDA Margin\u201d and \u201cNet Debt to Adjusted EBITDA Leverage Ratio\u201d, which are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. The \u200eCompany\u2019s presentation of these financial measures may not be comparable to similarly titled measures used by \u200eother companies. These financial measures are intended to provide additional information to investors concerning \u200ethe Company\u2019s performance.\u200e<\/em><\/p>\n<p align=\"justify\"><em>Recurring Revenue for Q3 is calculated as rentals of medical equipment of $26.7 million plus sales of respiratory resupplies of $25.8 million for a total of $52.5 million, divided by total revenues of $64.0 million, or 82%.<\/em><\/p>\n<p align=\"justify\"><em>Adjusted EBITDA is calculated as net income (loss), and adding back depreciation and amortization, interest expense, net, provision (benefit) for income taxes, stock-based compensation, professional fees related to civil investigative demand, acquisition-related costs, share of loss of equity method investment, and loss (gain) on foreign currency transactions. The following table shows our non-IFRS measure, Adjusted EBITDA, reconciled to our net income (loss) for the \u200efollowing indicated periods\u200e (in $millions)\u200e:\u200e<\/em><\/p>\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Three<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0\u00a0\u00a0\u00a0<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Three<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0\u00a0\u00a0\u00a0<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Nine<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>\u00a0\u00a0\u00a0\u00a0<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Nine<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>months<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>months<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>months<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>months<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>ended\u00a0June<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>ended\u00a0June<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>ended\u00a0June<\/strong><\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>ended\u00a0June<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>30,\u00a02024<\/strong>\u00a0<\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>30,\u00a02023<\/strong>\u00a0<\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>30,\u00a02024<\/strong>\u00a0<\/td>\n<td style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>30,\u00a02023<\/strong>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:44%; width:44%; min-width:44%;;vertical-align: bottom ; \">Net loss<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">$<\/td>\n<td style=\"max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(1.7<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">$<\/td>\n<td style=\"max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(1.0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">$<\/td>\n<td style=\"max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(3.7<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">$<\/td>\n<td style=\"max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(1.5<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Add back:<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">12.4<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">11.7<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">36.8<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">28.1<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Interest expense, net<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1.9<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2.0<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">5.7<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">4.7<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Provision (benefit) for income taxes<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.3<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.5<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.0<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Stock-based compensation<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.5<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2.0<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2.2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">3.9<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Professional fees related to CID<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.7<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">2.2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Acquisition-related costs<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.0<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.4<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1.2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Share of loss in equity method investment<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.1<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.2<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">\u2014<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Loss (gain) on foreign currency transactions<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.1<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.5<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">0.2<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(0.4<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Adjusted EBITDA<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">14.2<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">13.9<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">44.5<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">36.0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"17\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><em>Adjusted EBITDA Margin for Q3 2024 is calculated as Adjusted EBITDA of $14.2 million divided by revenue of $64.0 million, or 22.3%. <\/em><\/p>\n<p align=\"justify\"><em>Net Debt to Adjusted EBITDA Leverage Ratio is calculated as Net Debt, divided by (Adjusted EBITDA for Q3 times four), and is reconciled as follows (in $millions):<\/em><\/p>\n<table style=\"border-collapse: collapse; width:100%; border-collapse:collapse ;\">\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \"><strong>\u00a0\u00a0\u00a0\u00a0<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>As of and for<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>the three months<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>ended\u00a0June 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:82%; width:82%; min-width:82%;;vertical-align: bottom ; \">Senior credit facility, principal<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; \">$<\/td>\n<td style=\"max-width:15%; width:15%; min-width:15%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">66.7<\/td>\n<td style=\"max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Equipment loans<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">13.4<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Lease liabilities<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">19.4<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Cash<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">(14.4<\/td>\n<td style=\"border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net Debt<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">85.1<\/td>\n<td style=\"border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Adjusted EBITDA for Q3 times four<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">$<\/td>\n<td style=\"padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">57.0<\/td>\n<td style=\"padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom ; \">Net Debt to Adjusted EBITDA Leverage Ratio<\/td>\n<td style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; \">1.5x<\/td>\n<td style=\"border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" style=\"vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>For further information please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=qCrNBTZ52R5W53oSXLy-GIa_VmWk1tBh8FGbDPLsFvkQakwN8zxEFa02A1H8lU9PtJyA8Hz8ugMdJjGKJ5t-lGOAvhrW4JM8_z_kPSDkwMjO_FE80r46x3gw8dw2kt-YB8DbUzl86dT2XNmJt5m5NOzBBf4_V1k3H-ISdZaVS9q-_kzTdlpIjGKbirKLZN9-GHUy22ea8I2QY3L61a4QrWdAR_58wIVBAmPqMo7F4fXvr2T9kwgMQvb-0peC0zBRPN4-osPTCjqeRGjiC_jk4sYb-w5mIktrGVIFbG2cjrBbqXgrKynJwaa_zp6fxr6CseUVVPg80I3nm8UAJ_Gx8ykLXigXyZl7jedcNpZ32fgmiTjZP2_zGJJmIis5mFEFHySW6G3wVgjKGQGh1Ilx1SjFbsfRUwJZRumuUwb28hA=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.Quipthomemedical.com,\">www.Quipthomemedical.com,<\/a> or contact:<\/p>\n<p>Cole Stevens<br \/>VP of Corporate Development Quipt Home Medical Corp.<br \/>859-300-6455<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Q4Ksi8uh5Kt8hzAbS3pPc0VRiKbxnUS1s-R8sw3MkdQS9IK7uP6e4F63BAFw8Hp6N3ptd9d1iWBbcYz9bJmwE79tEvuDpipTH2LdILvArdQ=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\"><u>cole.stevens@myquipt.com<\/u><\/a><\/p>\n<p>Gregory Crawford<br \/>Chief Executive Officer<br \/>Quipt Home Medical Corp.<br \/>859-300-6455<br \/><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QYvNDqFVE9iMKmHsA3m0_u1WHgU4lpvncXjBd1VmM9jbBKVpzR2JH3XMf1I9I8adaJsUEFud7mjCVVUlyMwhbZT8TSZ6ZaG-7kk2SE-6C9U=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"investorinfo@myquipt.com\">investorinfo@myquipt.com<\/a><\/u><\/p>\n<p><sup>1<\/sup> https:\/\/www.vgm.com\/services\/government-relations\/understanding-the-7525-blended-rate-and-why-we-need-\u200elegislative-action-\u200e\u200e\/#:~:text=Origins%20of%20the%2075\/25%20Blended%20Rate&amp;text=This%20legislative%20action%20was%20\u200edesigned,up%20to%20the%20CARES%20Act<br \/><sup>2<\/sup> https:\/\/www.unitedhealthgroup.com\/ns\/changehealthcare.html<br \/><sup>3<\/sup> https:\/\/press.humana.com\/news\/news-details\/2023\/Humana-to-Partner-with-Two-National-Durable-Medical-Equipment-Organizations\/default.aspx#gsc.tab=0\u00a0<br \/><sup>4<\/sup> Non-IFRS financial measure or ratio. See \u201cNon-IFRS Financial Measures\u201d.\u200e<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ODFkZjc2MWUtNjBjNy00OTdhLTgyMDQtYTg2NDYxNmM4NjkzLTEwOTk1NzM=\/tiny\/Quipt-Home-Medical-Corp-.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CINCINNATI, Aug. 14, 2024 (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. (the \u201cCompany\u201d) (NASDAQ: QIPT; TSX: QIPT), a U.S.-based home medical equipment provider, focused on end-to-end respiratory care, today announced its third quarter fiscal 2024 financial results and operational highlights. These results pertain to the three and nine months ended June 30, 2024, and are [&#8230;]\n","protected":false},"author":1,"featured_media":58324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quipt Home Medical Reports Third Quarter Fiscal 2024 Financial Results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/quipt-home-medical-reports-third-quarter-fiscal-2024-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quipt Home Medical Reports Third Quarter Fiscal 2024 Financial Results\" \/>\n<meta property=\"og:description\" content=\"CINCINNATI, Aug. 14, 2024 (GLOBE NEWSWIRE) &#8212; Quipt Home Medical Corp. 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