Key Highlights
- Generated full year 2022 sales volumes of 15,438 barrels of oil equivalent per day (“Boe/d”)
- Year-end 2022 reserves of approximately 92.0 million barrels of oil equivalent (“MMBoe”) with a standardized measure of discounted future net cash flows of approximately
$1.5 billion - Tenth well of 2022 capital program put online in
January 2023 with one of the strongest IP30’s of the program - Strengthened hedge book – weighted average strike price on crude oil swaps of
$69.17 in 2023, a 36% increase over 2022 average - Substantial progress on acid gas treating facility with expectation of being mechanically complete in early April – anticipate significant decrease in gas treating costs in 2023
- Recently completed issuance of preferred shares for
$24.4 million of proceeds to enhance liquidity
Management Comments
“Our drilling program has underscored the prolific nature and economic viability of our Wolfcamp and Bone Spring resource, even at current oil prices. Our hedge book is healthier, and it is driving improved realized pricing. Our acid gas treating facility is expected to be mechanically complete in early April and is anticipated to become fully operational in the second quarter of 2023; this is expected to significantly reduce gas processing and treating expenses. We intend to continue our focus on improving operational efficiencies to drive meaningful improvements in our operating margins.”
“Though we have a sizable inventory of high-performance drilling locations, the vast majority of our acreage position is held by production, giving us flexibility on how and when we develop the acreage. As such, we are continuing to evaluate our development program and will not be providing a 2023 capital budget at this time.”
“As we move forward, we are prioritizing free cash flow generation and the strengthening of our balance sheet.”
Results of Operations
Average daily net production and total operating revenue during the fourth quarter 2022 were 15,696 Boe/d (51% oil) and
Lease operating and workover expense was
The Company reported a net loss to common stockholders for the fourth quarter of 2022 of
Liquidity and Balance Sheet
As of
In
2022 Proved Reserves
Battalion’s estimated total proved oil and natural gas reserves, as prepared by our independent reserve engineering firm,
Forward Looking Statements
This release contains 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. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", “projects,” "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended
About Battalion
Contact
Director, Finance & Investor Relations
(832) 538-0551
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Operating revenues: | |||||||||||||||
Oil, natural gas and natural gas liquids sales: | |||||||||||||||
Oil | $ | 60,816 | $ | 60,284 | $ | 267,690 | $ | 213,512 | |||||||
Natural gas | 6,914 | 11,409 | 46,210 | 35,248 | |||||||||||
Natural gas liquids | 8,267 | 12,588 | 43,501 | 35,394 | |||||||||||
Total oil, natural gas and natural gas liquids sales | 75,997 | 84,281 | 357,401 | 284,154 | |||||||||||
Other | 805 | 224 | 1,663 | 1,051 | |||||||||||
Total operating revenues | 76,802 | 84,505 | 359,064 | 285,205 | |||||||||||
Operating expenses: | |||||||||||||||
Production: | |||||||||||||||
Lease operating | 12,397 | 12,362 | 48,095 | 43,977 | |||||||||||
Workover and other | 1,876 | 907 | 6,683 | 3,224 | |||||||||||
Taxes other than income | 2,547 | 3,126 | 18,483 | 12,312 | |||||||||||
Gathering and other | 16,330 | 16,960 | 64,117 | 60,396 | |||||||||||
General and administrative | 3,564 | 3,165 | 17,635 | 16,514 | |||||||||||
Depletion, depreciation and accretion | 15,479 | 12,679 | 51,915 | 45,408 | |||||||||||
Total operating expenses | 52,193 | 49,199 | 206,928 | 181,831 | |||||||||||
Income (loss) from operations | 24,609 | 35,306 | 152,136 | 103,374 | |||||||||||
Other income (expenses): | |||||||||||||||
Net gain (loss) on derivative contracts | (21,872 | ) | (6,248 | ) | (110,006 | ) | (125,619 | ) | |||||||
Interest expense and other | (10,389 | ) | (3,001 | ) | (23,591 | ) | (8,018 | ) | |||||||
Gain (loss) on extinguishment of debt | — | (122 | ) | — | 1,946 | ||||||||||
Total other income (expenses) | (32,261 | ) | (9,371 | ) | (133,597 | ) | (131,691 | ) | |||||||
Income (loss) before income taxes | (7,652 | ) | 25,935 | 18,539 | (28,317 | ) | |||||||||
Income tax benefit (provision) | — | — | — | — | |||||||||||
Net income (loss) | $ | (7,652 | ) | 25,935 | $ | 18,539 | $ | (28,317 | ) | ||||||
Net income (loss) per share of common stock: | |||||||||||||||
Basic | $ | (0.47 | ) | $ | 1.59 | $ | 1.14 | $ | (1.74 | ) | |||||
Diluted | $ | (0.47 | ) | $ | 1.58 | $ | 1.12 | $ | (1.74 | ) | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 16,345 | 16,274 | 16,331 | 16,261 | |||||||||||
Diluted | 16,345 | 16,448 | 16,510 | 16,261 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share and per share amounts)
Current assets: | |||||||
Cash and cash equivalents | $ | 32,726 | $ | 46,864 | |||
Accounts receivable, net | 37,974 | 36,806 | |||||
Assets from derivative contracts | 16,244 | 1,383 | |||||
Restricted cash | 90 | 1,495 | |||||
Prepaids and other | 1,131 | 1,366 | |||||
Total current assets | 88,165 | 87,914 | |||||
Oil and natural gas properties (full cost method): | |||||||
Evaluated | 713,585 | 569,886 | |||||
Unevaluated | 62,621 | 64,305 | |||||
Gross oil and natural gas properties | 776,206 | 634,191 | |||||
Less - accumulated depletion | (390,796 | ) | (339,776 | ) | |||
Net oil and natural gas properties | 385,410 | 294,415 | |||||
Other operating property and equipment: | |||||||
Other operating property and equipment | 4,434 | 3,467 | |||||
Less - accumulated depreciation | (1,209 | ) | (1,035 | ) | |||
Net other operating property and equipment | 3,225 | 2,432 | |||||
Other noncurrent assets: | |||||||
Assets from derivative contracts | 5,379 | 2,515 | |||||
Operating lease right of use assets | 352 | 721 | |||||
Other assets | 2,827 | 2,270 | |||||
Total assets | $ | 485,358 | $ | 390,267 | |||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 100,095 | $ | 62,826 | |||
Liabilities from derivative contracts | 29,286 | 58,322 | |||||
Current portion of long-term debt | 35,067 | 85 | |||||
Operating lease liabilities | 352 | 369 | |||||
Asset retirement obligations | 225 | — | |||||
Total current liabilities | 165,025 | 121,602 | |||||
Long-term debt, net | 182,676 | 181,565 | |||||
Other noncurrent liabilities: | |||||||
Liabilities from derivative contracts | 33,649 | 7,144 | |||||
Asset retirement obligations | 15,244 | 11,896 | |||||
Operating lease liabilities | — | 352 | |||||
Other | 4,136 | 4,003 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock: 100,000,000 shares of | |||||||
16,344,815 and 16,273,913 shares issued and outstanding as of | |||||||
2 | 2 | ||||||
Additional paid-in capital | 334,571 | 332,187 | |||||
Retained earnings (accumulated deficit) | (249,945 | ) | (268,484 | ) | |||
Total stockholders' equity | 84,628 | 63,705 | |||||
Total liabilities and stockholders' equity | $ | 485,358 | $ | 390,267 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income (loss) | $ | (7,652 | ) | $ | 25,935 | $ | 18,539 | $ | (28,317 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used | |||||||||||||||
in) operating activities: | |||||||||||||||
Depletion, depreciation and accretion | 15,479 | 12,679 | 51,915 | 45,408 | |||||||||||
Stock-based compensation, net | 670 | 450 | 2,210 | 2,010 | |||||||||||
Unrealized loss (gain) on derivative contracts | 3,655 | (21,332 | ) | (20,256 | ) | 47,721 | |||||||||
Amortization/accretion of financing related costs | 2,722 | 379 | 5,448 | 379 | |||||||||||
Reorganization items, net | — | — | (744 | ) | — | ||||||||||
Loss (gain) on extinguishment of debt | — | 122 | — | (1,946 | ) | ||||||||||
Accrued settlements on derivative contracts | (3,191 | ) | 261 | 4,302 | 7,030 | ||||||||||
Change in fair value of embedded derivative liability | 1,224 | — | (1,819 | ) | — | ||||||||||
Other expense (income) | 51 | (338 | ) | (77 | ) | (567 | ) | ||||||||
Cash flow from operations before changes in working capital | 12,958 | 18,156 | 59,518 | 71,718 | |||||||||||
Changes in working capital | 12,029 | 3,284 | 19,283 | (3,146 | ) | ||||||||||
Net cash provided by (used in) operating activities | 24,987 | 21,440 | 78,801 | 68,572 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Oil and natural gas capital expenditures | (38,467 | ) | (5,353 | ) | (125,465 | ) | (52,557 | ) | |||||||
Proceeds received from sales of oil and natural gas assets | 331 | — | 332 | 947 | |||||||||||
Other operating property and equipment capital expenditures | (211 | ) | (364 | ) | (1,160 | ) | (371 | ) | |||||||
Other | (3 | ) | 52 | 163 | 68 | ||||||||||
Net cash provided by (used in) investing activities | (38,350 | ) | (5,665 | ) | (126,130 | ) | (51,913 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from borrowings | 15,078 | 229,000 | 35,200 | 374,000 | |||||||||||
Repayments of borrowings | (10 | ) | (184,064 | ) | (95 | ) | (332,085 | ) | |||||||
Payment of deferred financing costs | (2,508 | ) | (14,220 | ) | (2,887 | ) | (14,220 | ) | |||||||
Other | 60 | — | (432 | ) | (290 | ) | |||||||||
Net cash provided by (used in) financing activities | 12,620 | 30,716 | 31,786 | 27,405 | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (743 | ) | 46,491 | (15,543 | ) | 44,064 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 33,559 | 1,868 | 48,359 | 4,295 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 32,816 | $ | 48,359 | $ | 32,816 | $ | 48,359 |
SELECTED OPERATING DATA (Unaudited)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Production volumes: | |||||||||||||||
Crude oil (MBbls) | 740 | 800 | 2,837 | 3,196 | |||||||||||
Natural gas (MMcf) | 2,315 | 2,670 | 9,337 | 9,447 | |||||||||||
Natural gas liquids (MBbls) | 318 | 345 | 1,242 | 1,157 | |||||||||||
Total (MBoe) | 1,444 | 1,590 | 5,635 | 5,928 | |||||||||||
Average daily production (Boe/d) | 15,696 | 17,283 | 15,438 | 16,241 | |||||||||||
Average prices: | |||||||||||||||
Crude oil (per Bbl) | $ | 82.18 | $ | 75.36 | $ | 94.36 | $ | 66.81 | |||||||
Natural gas (per Mcf) | 2.99 | 4.27 | 4.95 | 3.73 | |||||||||||
Natural gas liquids (per Bbl) | 26.00 | 36.49 | 35.02 | 30.59 | |||||||||||
Total per Boe | 52.63 | 53.01 | 63.43 | 47.93 | |||||||||||
Cash effect of derivative contracts: | |||||||||||||||
Crude oil (per Bbl) | $ | (24.73 | ) | $ | (31.06 | ) | $ | (40.82 | ) | $ | (23.02 | ) | |||
Natural gas (per Mcf) | 0.04 | (1.02 | ) | (1.55 | ) | (0.46 | ) | ||||||||
Natural gas liquids (per Bbl) | — | — | — | — | |||||||||||
Total per Boe | (12.62 | ) | (17.35 | ) | (23.12 | ) | (13.14 | ) | |||||||
Average prices computed after cash effect of settlement of derivative contracts: | |||||||||||||||
Crude oil (per Bbl) | $ | 57.45 | $ | 44.30 | $ | 53.54 | $ | 43.79 | |||||||
Natural gas (per Mcf) | 3.03 | 3.25 | 3.40 | 3.27 | |||||||||||
Natural gas liquids (per Bbl) | 26.00 | 36.49 | 35.02 | 30.59 | |||||||||||
Total per Boe | 40.01 | 35.66 | 40.31 | 34.79 | |||||||||||
Average cost per Boe: | |||||||||||||||
Production: | |||||||||||||||
Lease operating | $ | 8.59 | $ | 7.77 | $ | 8.54 | $ | 7.42 | |||||||
Workover and other | 1.30 | 0.57 | 1.19 | 0.54 | |||||||||||
Taxes other than income | 1.76 | 1.97 | 3.28 | 2.08 | |||||||||||
Gathering and other | 11.31 | 10.67 | 11.38 | 10.19 | |||||||||||
General and administrative, as adjusted(1) | 1.87 | 2.03 | 2.52 | 2.48 | |||||||||||
Depletion | 10.49 | 7.89 | 9.05 | 7.53 | |||||||||||
(1) Represents gathering and other and general and administrative costs per Boe, adjusted for items noted in the reconciliation below: | |||||||||||||||
General and administrative: | |||||||||||||||
General and administrative, as reported | $ | 2.46 | $ | 1.99 | $ | 3.13 | $ | 2.79 | |||||||
Stock-based compensation: | |||||||||||||||
Non-cash | (0.46 | ) | (0.28 | ) | (0.39 | ) | (0.34 | ) | |||||||
Non-recurring (charges) credits and other: | |||||||||||||||
Cash | (0.13 | ) | 0.32 | (0.22 | ) | 0.03 | |||||||||
General and administrative, as adjusted(2) | $ | 1.87 | $ | 2.03 | $ | 2.52 | $ | 2.48 | |||||||
Total operating costs, as reported | $ | 25.42 | $ | 22.97 | $ | 27.52 | $ | 23.02 | |||||||
Total adjusting items | (0.59 | ) | 0.04 | (0.61 | ) | (0.31 | ) | ||||||||
Total operating costs, as adjusted(3) | $ | 24.83 | $ | 23.01 | $ | 26.91 | $ | 22.71 |
(2) | General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods. | |
(3) | Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above. |
RECONCILIATION (Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
As Reported: | |||||||||||||||
Net income (loss), as reported | $ | (7,652 | ) | $ | 25,935 | $ | 18,539 | $ | (28,317 | ) | |||||
Impact of Selected Items: | |||||||||||||||
Unrealized loss (gain) on derivatives contracts: | |||||||||||||||
Crude oil | $ | 18,156 | $ | (13,525 | ) | $ | (10,730 | ) | $ | 45,461 | |||||
Natural gas | (14,501 | ) | (7,807 | ) | (9,526 | ) | 2,260 | ||||||||
Total mark-to-market non-cash charge | 3,655 | (21,332 | ) | (20,256 | ) | 47,721 | |||||||||
Loss (gain) on extinguishment of debt | — | 122 | — | (1,946 | ) | ||||||||||
Change in fair value of embedded derivative liability | 1,224 | (213 | ) | (1,819 | ) | (213 | ) | ||||||||
Non-recurring charges (credits) | 194 | (502 | ) | 1,230 | (155 | ) | |||||||||
Selected items, before income taxes | 5,073 | (21,925 | ) | (20,845 | ) | 45,407 | |||||||||
Income tax effect of selected items | — | — | — | — | |||||||||||
Selected items, net of tax | $ | 5,073 | $ | (21,925 | ) | $ | (20,845 | ) | $ | 45,407 | |||||
As Adjusted: | |||||||||||||||
Net income (loss), as adjusted (1) | $ | (2,579 | ) | $ | 4,010 | $ | (2,306 | ) | $ | 17,090 | |||||
Diluted net income (loss) per common share, as reported | $ | (0.47 | ) | $ | 1.58 | $ | 1.12 | $ | (1.74 | ) | |||||
Impact of selected items | 0.31 | (1.34 | ) | (1.26 | ) | 2.78 | |||||||||
Diluted net income (loss) per common share, excluding selected items (1)(2) | $ | (0.16 | ) | $ | 0.24 | $ | (0.14 | ) | $ | 1.04 | |||||
Net cash provided by (used in) operating activities | $ | 24,987 | $ | 21,440 | $ | 78,801 | $ | 68,572 | |||||||
Changes in working capital | (12,029 | ) | (3,284 | ) | (19,283 | ) | 3,146 | ||||||||
Cash flow from operations before changes in working capital | 12,958 | 18,156 | 59,518 | 71,718 | |||||||||||
Cash components of selected items | 11,989 | (1,213 | ) | 6,276 | (7,635 | ) | |||||||||
Income tax effect of selected items | — | — | — | — | |||||||||||
Cash flows from operations before changes in working capital, adjusted for selected items (1)(2) | $ | 24,947 | $ | 16,943 | $ | 65,794 | $ | 64,083 |
(1) | Net income (loss) earnings per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance. | |
(2) | The impact of selected items for the three months ended |
ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income (loss), as reported | $ | (7,652 | ) | $ | 25,935 | $ | 18,539 | $ | (28,317 | ) | |||||
Impact of adjusting items: | |||||||||||||||
Interest expense | 9,378 | 3,215 | 25,725 | 8,453 | |||||||||||
Depletion, depreciation and accretion | 15,479 | 12,679 | 51,915 | 45,408 | |||||||||||
Stock-based compensation | 670 | 450 | 2,210 | 2,010 | |||||||||||
Interest income | (227 | ) | (1 | ) | (369 | ) | (213 | ) | |||||||
Loss (gain) on extinguishment of debt | — | 122 | — | (1,946 | ) | ||||||||||
Unrealized loss (gain) on derivatives contracts | 3,655 | (21,332 | ) | (20,256 | ) | 47,721 | |||||||||
Change in fair value of embedded derivative liability | 1,224 | (213 | ) | (1,819 | ) | (213 | ) | ||||||||
Non-recurring charges (credits) and other | 194 | (505 | ) | 1,061 | (173 | ) | |||||||||
Adjusted EBITDA(1) | $ | 22,721 | $ | 20,350 | $ | 77,006 | $ | 72,730 |
(1) | Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance. |
ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
Three Months Ended | Three Months Ended 2022 | Three Months Ended | Three Months Ended | ||||||||||||
Net income (loss), as reported | $ | (7,652 | ) | $ | 105,888 | $ | 13,047 | $ | (92,744 | ) | |||||
Impact of adjusting items: | |||||||||||||||
Interest expense | 9,378 | 6,232 | 5,394 | 4,721 | |||||||||||
Depletion, depreciation and accretion | 15,479 | 13,615 | 12,601 | 10,220 | |||||||||||
Stock-based compensation | 670 | 683 | 473 | 384 | |||||||||||
Interest income | (227 | ) | (141 | ) | (1 | ) | — | ||||||||
Unrealized loss (gain) on derivatives contracts | 3,655 | (102,112 | ) | (12,837 | ) | 91,038 | |||||||||
Change in fair value of embedded derivative liability | 1,224 | (449 | ) | (562 | ) | (2,032 | ) | ||||||||
Non-recurring charges (credits) and other | 194 | 597 | 53 | 217 | |||||||||||
Adjusted EBITDA(1) | $ | 22,721 | $ | 24,313 | $ | 18,168 | $ | 11,804 | |||||||
Adjusted LTM EBITDA(1) | $ | 77,006 |
(1) | Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance. |
ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
Three Months Ended | Three Months Ended 2021 | Three Months Ended | Three Months Ended | ||||||||||||
Net income (loss), as reported | $ | 25,935 | $ | 13,052 | $ | (33,929 | ) | $ | (33,375 | ) | |||||
Impact of adjusting items: | |||||||||||||||
Interest expense | 3,215 | 1,904 | 1,838 | 1,496 | |||||||||||
Depletion, depreciation and accretion | 12,679 | 10,885 | 11,249 | 10,595 | |||||||||||
Stock-based compensation | 450 | 481 | 485 | 594 | |||||||||||
Interest income | (1 | ) | (3 | ) | (84 | ) | (125 | ) | |||||||
Loss (gain) on extinguishment of debt | 122 | (2,068 | ) | — | — | ||||||||||
Unrealized loss (gain) on derivatives contracts | (21,332 | ) | (1,816 | ) | 34,817 | 36,052 | |||||||||
Change in fair value of embedded derivative liability | (213 | ) | — | — | — | ||||||||||
Non-recurring charges (credits) and other | (505 | ) | 559 | (275 | ) | 48 | |||||||||
Adjusted EBITDA(1) | $ | 20,350 | $ | 22,994 | $ | 14,101 | $ | 15,285 | |||||||
Adjusted LTM EBITDA(1) | $ | 72,730 |
(1) | Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance. |
Source:
2023 GlobeNewswire, Inc., source