(5) 212 -- 786 --
Impairment of
cost method
investment 2,796 -- 4,086 --
Loss (gain)
on equity
method
investment 621 -- 621 --
Gains on sale
and
leaseback
transactions (3,755) -- (3,755) --
Write off of
lease
liabilities (74) 240 (74) 240
Financing
costs (6) 13 2 28 151
Income tax
(benefit)
provision (18) 171 (22) 232
------ ------ ------ ------
Non-GAAP adjusted
net income
(loss) from
continuing
operations $ (915) $ 204 $(3,234) $ (190)
====== ====== ====== ======
Net income (loss)
from continuing
operations per
diluted share $ (0.61) $ (0.75) $ (2.52) $ (1.18)
Acquired
intangible
amortization 0.22 0.14 0.55 0.41
Unrealized
loss (gain)
on equity
securities
(1) 0.07 0.31 0.09 0.01
Unrealized
loss (gain)
on lumber
derivatives
(2) -- 0.04 0.01 --
Litigation
costs 0.03 -- 0.05 --
Transaction
costs
related to
sale (3) -- 0.04 0.03 0.41
Transaction
costs
related to
mergers and
acquisitions
(4) 0.07 0.01 0.24 0.01
Purchase
accounting
adjustment
(5) 0.07 -- 0.25 --
Impairment of
cost method
investment 0.87 -- 1.29 --
Loss (gain)
on equity
method
investment 0.19 -- 0.20 --
Gains on sale
and
leaseback
transactions (1.16) -- (1.18) --
Write off of
lease
liabilities (0.02) 0.08 (0.02) 0.08
Financing
costs (6) -- -- 0.01 0.05
Income tax
(benefit)
provision (0.01) 0.05 (0.01) 0.07
------ ------ ------ ------
Non-GAAP adjusted
net income
(loss) from
continuing
operations per
basic and
diluted share
(7) $ (0.29) $ 0.07 $ (1.03) $ (0.06)
====== ====== ====== ======
(1) Reflects adjustments for any unrealized gains
or losses in equity securities.
(2) Reflects adjustments for any unrealized gains
or losses in lumber derivatives value.
(3) Reflects transaction costs related to the sale
of the Healthcare Division.
(4) Reflects transaction costs related to potential
mergers and acquisitions.
(5) Reflects the purchase accounting adjustments related
to the fair value of inventory and earn-out that
impacted net income.
(6) Reflects financing costs from our credit facilities.
(7) Per share amounts are computed independently for
each discrete item presented. Therefore, the sum of
the quarterly per share amounts will not necessarily
equal the total for the year, and the sum of individual
items may not equal the total.
Star Equity Holdings, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited) (In thousands)
For The Three
Months Ended
September 30, Building Star Equity
2024 Solutions Investments Corporate Total
------------- ------------- -------------- ----------
Net income
(loss) from
continuing
operations $ (627) $ 569 $ (1,912) $(1,970)
Depreciation
and
amortization 997 29 9 1,035
Interest
(income)
expense 164 (175) (30) (41)
Income tax
(benefit)
provision -- -- (18) (18)
---- --- --- ------- ------ ------
EBITDA from
continuing
operations 534 423 (1,951) (994)
Unrealized
loss (gain)
on equity
securities
(1) -- 221 -- 221
Interest
income((3) -- 264 -- 264
Litigation
costs -- -- 96 96
Stock-based
compensation 5 -- 53 58
Transaction
costs
related to
sale (4) -- -- 1 1
Transaction
costs
related to
mergers and
acquisitions
(5) -- -- 218 218
Purchase
accounting
adjustment
(6) 212 -- -- 212
Impairment of
cost method
investment -- 2,796 -- 2,796
Loss (gain)
on equity
method
investment -- 621 -- 621
Gains on sale
and
leaseback
transactions -- (3,755) -- (3,755)
Write off of
Lease
liabilities (74) -- -- (74)
Financing
costs (7) 7 -- 6 13
---- --- --- ------- ------ ------
Non-GAAP
adjusted
EBITDA from
continuing
operations $ 684 $ 570 $ (1,577) $ (323)
==== === === ======= ====== ======
For The Three
Months Ended
September 30, Building Star Equity
2023 Solutions Investments Corporate Total
------------- --------------- ----------- ----------
Net income
(loss) from
continuing
operations (108) (763) (1,494) $(2,365)
Depreciation
and
amortization 515 45 9 569
Interest
(income)
expense 7 (193) (247) (433)
Income tax
(benefit)
provision 1 -- 170 171
----- --- ------ ------ ------
EBITDA from
continuing
operations 415 (911) (1,562) (2,058)
Unrealized
loss (gain)
on equity
securities
(1) -- 971 -- 971
Unrealized
loss (gain)
on lumber
derivatives
(2) 137 -- -- 137
Interest
income((3) -- 440 -- 440
Litigation
costs -- -- -- --
Stock-based
compensation 9 -- 67 76
Transaction
costs related
to sale (4) -- -- 123 123
Transaction
costs related
to mergers
and
acquisitions -- -- 17 17
(Gain) Loss on
sale of
buildings 0 38 -- 38
Write off of
lease
liabilities 240 -- -- 240
Financing
costs (7) $ 2 -- -- 2
----- --- ------ ------ ------
Non-GAAP
adjusted
EBITDA from
continuing
operations $ 803 $ 538 $ (1,355) $ (14)
===== === ====== ====== ======
(1) Reflects adjustments for any unrealized gains
or losses on equity securities.
(2) Reflects adjustments for any unrealized gains
or losses in lumber derivatives value.
(3) We allocate all corporate interest income to the
Investments Division.
(4) Reflects transaction costs related to the sale
of the Healthcare Division.
(5) Reflects transaction costs related to potential
mergers and acquisitions
(6) Reflects the purchase accounting adjustments related
to the fair value of inventory and earn-out that impacted
net income.
(7) Reflects financing costs from our credit facilities.
For The Nine
Months Ended
September 30, Building Star Equity
2024 Solutions Investments Corporate Total
----------- ------------- ----------- ----------
Net income
(loss) from
continuing
operations $(2,667) $ (233) $(5,081) $(7,981)
Depreciation
and
amortization 2,338 146 34 2,518
Interest
(income)
expense 338 (565) (409) (636)
Income tax
(benefit)
provision -- -- (22) (22)
------ --- ------- ------ ------
EBITDA 9 (652) (5,478) (6,121)
Unrealized
loss (gain)
on equity
securities
(1) -- 296 -- 296
Unrealized
loss (gain)
on lumber
derivatives
(2) 19 -- -- 19
Interest
income (3) -- 1,034 -- 1,034
Litigation
costs (3) -- -- 151 151
Stock-based
compensation 29 -- 157 186
Gain on
disposal of
Healthcare
Division (3) -- -- -- --
Transaction
costs
related to
sale (4) -- -- 93 93
Transaction
costs
related to
mergers and
acquisitions
(5) -- -- 762 762
Purchase
accounting
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