Exhibit 99.1
Cleansing Materials
| 1. | The Ad Hoc Group requested certain sales information, that when aggregated, differs from reported Net Sales due to various adjustments, including adjustments for certain customer allowances. For purposes herein, and specifically in items number 2 and 3 below, we refer to this adjusted sales information as Net Invoiced. The table below reconciles total Net Invoiced to Net Sales, as reported in the applicable period ($ in millions): |
| | | Year Ended December 31, | | | 9 Months Ended September 30, | | | Last 12 Months Ended | |
| | | 2015 | | | 2016 | | | 2017 | | | 2017 | | | 2018 | | | September 30, 2018 | |
| Net Invoiced | | | 755.5 | | | | 720.9 | | | | 624.6 | | | | 480.9 | | | | 452.6 | | | | 596.4 | |
| Adjustments | | | (9.8 | ) | | | (14.3 | ) | | | (11.5 | ) | | | (4.4 | ) | | | (17.1 | ) | | | (24.3 | ) |
| Net Sales as reported | | | 745.7 | | | | 706.6 | | | | 613.1 | | | | 476.5 | | | | 435.5 | | | | 572.1 | |
| 2. | The Ad Hoc Group's financial advisors worked with the Company to categorize the Net Invoiced information into two major groups, Releases and Non-Releases. The Releases group reflects Net Invoiced amounts related to major entertainment releases, such as a theatrical movie ("Movie Release") or television network program ("Network Release"). The Non-Releases group reflects the balance. The table below presents the Net Invoiced amounts for Releases and Non-Releases for the applicable period ($ in millions): |
| | | Year Ended December 31, | | | 9 Months Ended September 30, | | | Last 12 Months Ended | |
| | | 2015 | | | 2016 | | | 2017 | | | 2017 | | | 2018 | | | September 30, 2018 | |
| Releases | | | 352.9 | | | | 266.6 | | | | 224.8 | | | | 170.1 | | | | 168.9 | | | | 223.6 | |
| Non-Releases | | | 402.6 | | | | 454.3 | | | | 399.8 | | | | 310.8 | | | | 283.7 | | | | 372.8 | |
| Net Invoiced | | | 755.5 | | | | 720.9 | | | | 624.6 | | | | 480.9 | | | | 452.6 | | | | 596.4 | |
| 3. | The table below groups Releases by year of release to show the related Net Invoiced amounts by release year from 2015 to September 30, 2018 ($ in millions). |
| ($ Millions) | | LTM | |
| | | Movie Releases | | Network Releases | | 2015 | | | 2016 | | | 2017 | | | Q3 2018 | |
| 2013 | | §FROZEN | | §GI JOE | | §PAW PATROL | | §SHERIFF CALLIE | | $ | 237.6 | | | $ | 109.0 | | | $ | 61.5 | | | $ | 41.7 | |
| 2014 | | §DISNEY MALEFICENT §BIG HERO 6 §GODZILLA | | §RIO 2 §PENGUIN OF MADAGASCAR §TRANSFORMERS MOVIE 4 | | §DORA AND FRIENDS | | | | | 3.5 | | | | 2.2 | | | | 0.6 | | | | 0.5 | |
| 2015 | | §STAR WARS (in ’15, ’16, ’17, ’18) §MINIONS | | §CINDERELLA §DISNEY/PIXAR'S INSIDE OUT | | §PJ MASK-ENT ONE/UK LIM §PALACE PETS §STAR DARLINGS §MILES FROM TOMORROWLAND | | §DC SUPER HERO GIRLS §NEXO KNIGHTS §SHIMMER AND SHINE | | | 59.9 | | | | 38.2 | | | | 23.5 | | | | 16.1 | |
| 2016 | | §MOANA §BATMAN VS SUPERMAN §WARCRAFT §HARRY POTTER §FINDING DORY §DREAMWORKS TROLL | | §UNIVERSAL'S SECRET LIFE OF PET §TROLLS §PETE'S DRAGON §ZOOTOPIA §DREAMWORKS KUNG FU PANDA §CAPTAIN AMERICA | | §ELENA OF AVALOR §NINJA TURTLE §THE LION GUARD | | | | | 6.9 | | | | 66.4 | | | | 78.1 | | | | 53.9 | |
| 2017 | | §POWER RANGER §ORIGINAL POWER RANGER §HASBRO'S TRANSFORMERS §DISNEY CARS §NINJAGO MOVIE §NINJAGO MOVIE §SMURFS §MY LITTLE PONY MOVIE | | §LEGO BATMAN MOVIE §POWER RANGERS 2017 §PIRATES OF THE CARIBBEAN 5 §TRANSFORMERS MOVIE 5 §BEAUTY & THE BEAST §CAPTAIN UNDERPANTS §GUARDIANS OF THE GALAXY §THOR | | §TANGLED - THE SERIES §SUNNY DAY §POWER RANGERS SERIES §ORIGINAL POWER RANGERS | | §DISNEYS PUPPY DOG PALS §DISNEY TV SERIES §NINJAGO SERIES | | | 12.1 | | | | 19.1 | | | | 43.7 | | | | 22.2 | |
| 2018 | | §THE INCREDIBLES 2 §DISNEY - Z-O-M-B-I-E-S §TRANSFORMERS 2018-BUMBLEBEE §DISNEY/PIXAR BRAVE | | §NUTCRACKER & THE FOUR REALMS §PARAMOUNT MOVIE §DISNEY MOVIES §WRECK-IT-RALPH 2 | | §FANCY NANCY §NETFLIX ORIGINAL | | | | | 0.1 | | | | 0.1 | | | | 0.1 | | | | 75.0 | |
| 2019 | | §FROZEN 2 §LION KING LIVE ACTION §POKEMON LIVE ACTION §TOY STORY 4 §LEGO MOVIE 2 | | §GODZILLA §HOW TO TRAIN YOUR DRAGON 3 §SONIC §ALADDIN LIVE ACTION | | §DESCENDANTS 3 §MEGAMAN | | | | | | | | | | | | | | | | | | |
| Other | | All other | | | | §SOFIA THE FIRST (2012) | | §DANIEL TIGER’s (2012) | | | 32.8 | | | | 31.6 | | | | 17.3 | | | | 14.2 | |
| | | | | | | | | Total Releases: | | $ | 352.9 | | | $ | 266.6 | | | $ | 224.8 | | | $ | 223.6 | |
| 4. | The Ad Hoc Group requested information related to the borrowing base under the Company's Credit Facility with Wells Fargo. The Company is required to compute its borrowing base under the Credit Facility on a monthly basis. For the thirteen months between September 2017 and September 2018, the Company's gross borrowing base computation, before deductions for outstanding borrowings and letters of credit, ranged from $23.7 million to $63.7 million. Availability under the Credit Facility over the same time period ranged from $9.2 million to $50.9 million. During this time period, the Credit Facility was amended in June 2018 to add customer receivables of the Company's Hong Kong based subsidiaries in the borrowing base computation. |
| 5. | The Ad Hoc Group requested information related to the borrowing base associated with the Company's Term Loan with Great American Capital Partners. The Company closed the $20.0 million Term Loan in June 2018 and is required to compute its borrowing base underlying the Term Loan balance on a monthly basis. The first computation was completed for May 2018. From May 2018 through September 2018, the Company's monthly gross borrowing base computation ranged from $23.7 million to $32.7 million, and exceeded the Term Loan balance of $20.0 million in each of the applicable months. |
| 6. | The tables below include certain consolidated Balance Sheet information at the end of each month presented ($ in millions). |
| | | Jan-16 | | | Feb-16 | | | Mar-16 | | | Apr-16 | | | May-16 | | | Jun-16 | | | Jul-16 | | | Aug-16 | | | Sep-16 | | | Oct-16 | | | Nov-16 | | | Dec-16 | |
| Total Current Assets | | | 371.8 | | | | 345.9 | | | | 314.8 | | | | 311.4 | | | | 308.8 | | | | 352.5 | | | | 377.8 | | | | 397.0 | | | | 446.7 | | | | 427.6 | | | | 400.7 | | | | 353.4 | |
| Total Assets | | | 488.2 | | | | 460.3 | | | | 430.8 | | | | 427.2 | | | | 426.1 | | | | 469.9 | | | | 494.4 | | | | 513.1 | | | | 560.1 | | | | 539.6 | | | | 512.6 | | | | 464.3 | |
| Total Current Liabilities | | | 123.2 | | | | 106.1 | | | | 87.8 | | | | 99.6 | | | | 103.8 | | | | 135.9 | | | | 156.6 | | | | 160.9 | | | | 199.1 | | | | 178.7 | | | | 161.0 | | | | 116.8 | |
| Total Liabilities | | | 340.7 | | | | 323.7 | | | | 305.6 | | | | 316.5 | | | | 320.4 | | | | 353.4 | | | | 374.1 | | | | 378.6 | | | | 416.8 | | | | 390.8 | | | | 373.0 | | | | 329.1 | |
| Stockholders' Equity | | | 147.5 | | | | 136.6 | | | | 125.2 | | | | 110.6 | | | | 105.7 | | | | 116.5 | | | | 120.2 | | | | 134.5 | | | | 143.3 | | | | 148.8 | | | | 139.6 | | | | 135.2 | |
| Total Liabilities & Equity | | | 488.2 | | | | 460.3 | | | | 430.8 | | | | 427.2 | | | | 426.1 | | | | 469.9 | | | | 494.4 | | | | 513.1 | | | | 560.1 | | | | 539.6 | | | | 512.6 | | | | 464.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jan-17 | | | Feb-17 | | | Mar-17 | | | Apr-17 | | | May-17 | | | Jun-17 | | | Jul-17 | | | Aug-17 | | | Sep-17 | | | Oct-17 | | | Nov-17 | | | Dec-17 | |
| Total Current Assets | | | 338.8 | | | | 288.1 | | | | 267.6 | | | | 269.0 | | | | 267.4 | | | | 289.4 | | | | 317.5 | | | | 340.3 | | | | 371.3 | | | | 328.8 | | | | 312.2 | | | | 282.7 | |
| Total Assets | | | 448.8 | | | | 397.4 | | | | 376.3 | | | | 375.8 | | | | 374.4 | | | | 398.4 | | | | 422.1 | | | | 444.0 | | | | 453.3 | | | | 410.8 | | | | 394.5 | | | | 370.3 | |
| Total Current Liabilities | | | 113.6 | | | | 91.2 | | | | 69.3 | | | | 63.4 | | | | 67.4 | | | | 98.4 | | | | 114.8 | | | | 134.5 | | | | 189.3 | | | | 145.4 | | | | 130.8 | | | | 135.8 | |
| Total Liabilities | | | 315.7 | | | | 264.9 | | | | 243.1 | | | | 237.3 | | | | 241.3 | | | | 259.4 | | | | 275.8 | | | | 295.5 | | | | 329.4 | | | | 285.4 | | | | 270.9 | | | | 275.8 | |
| Stockholders' Equity | | | 133.2 | | | | 132.5 | | | | 133.3 | | | | 138.6 | | | | 133.1 | | | | 139.0 | | | | 146.4 | | | | 148.4 | | | | 123.9 | | | | 125.4 | | | | 123.5 | | | | 94.5 | |
| Total Liabilities & Equity | | | 448.8 | | | | 397.4 | | | | 376.3 | | | | 375.8 | | | | 374.4 | | | | 398.4 | | | | 422.1 | | | | 444.0 | | | | 453.3 | | | | 410.8 | | | | 394.5 | | | | 370.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Jan-18 | | | Feb-18 | | | Mar-18 | | | Apr-18 | | | May-18 | | | Jun-18 | | | Jul-18 | | | Aug-18 | | | Sep-18 | |
| Total Current Assets | | | | | | | | | | | | | | | 259.0 | | | | 245.2 | | | | 215.5 | | | | 190.3 | | | | 188.4 | | | | 250.1 | | | | 272.3 | | | | 308.9 | | | | 353.5 | |
| Total Assets | | | | | | | | | | | | | | | 345.5 | | | | 333.0 | | | | 313.9 | | | | 287.2 | | | | 285.9 | | | | 348.9 | | | | 371.4 | | | | 404.8 | | | | 447.6 | |
| Total Current Liabilities | | | | | | | | | | | | | | | 120.3 | | | | 114.4 | | | | 112.7 | | | | 96.2 | | | | 101.4 | | | | 165.1 | | | | 176.9 | | | | 206.9 | | | | 240.8 | |
| Total Liabilities | | | | | | | | | | | | | | | 260.4 | | | | 254.5 | | | | 253.9 | | | | 237.6 | | | | 242.8 | | | | 308.6 | | | | 328.3 | | | | 358.5 | | | | 392.0 | |
| Stockholders' Equity | | | | | | | | | | | | | | | 85.1 | | | | 78.5 | | | | 60.0 | | | | 49.6 | | | | 43.1 | | | | 40.3 | | | | 43.1 | | | | 46.3 | | | | 55.6 | |
| Total Liabilities & Equity | | | | | | | | | | | | | | | 345.5 | | | | 333.0 | | | | 313.9 | | | | 287.2 | | | | 285.9 | | | | 348.9 | | | | 371.4 | | | | 404.8 | | | | 447.6 | |
| 7. | The tables below include certain Balance Sheet information by region at the end of each month presented ($ in millions). China includes Hong Kong, and Other includes Canada, Mexico and various countries in Europe. |
| | | Oct-17 | | | Nov-17 | | | Dec-17 | |
| | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | |
| Total Current Assets | | | 135.5 | | | | 149.6 | | | | 41.5 | | | | 2.2 | | | | 328.8 | | | | 147.0 | | | | 118.8 | | | | 44.3 | | | | 2.1 | | | | 312.2 | | | | 136.8 | | | | 109.9 | | | | 43.4 | | | | (7.4 | ) | | | 282.7 | |
| Total Assets | | | 595.2 | | | | 213.4 | | | | 47.4 | | | | (445.2 | ) | | | 410.8 | | | | 606.8 | | | | 182.7 | | | | 50.4 | | | | (445.4 | ) | | | 394.5 | | | | 600.6 | | | | 173.8 | | | | 49.5 | | | | (453.6 | ) | | | 370.3 | |
| Total Current Liabilities | | | 538.5 | | | | (104.8 | ) | | | 41.0 | | | | (329.3 | ) | | | 145.4 | | | | 552.4 | | | | (136.0 | ) | | | 43.0 | | | | (328.6 | ) | | | 130.8 | | | | 568.5 | | | | (147.0 | ) | | | 42.6 | | | | (328.3 | ) | | | 135.8 | |
| Total Liabilities | | | 675.7 | | | | (104.1 | ) | | | 41.0 | | | | (327.2 | ) | | | 285.4 | | | | 689.7 | | | | (135.3 | ) | | | 43.0 | | | | (326.5 | ) | | | 270.9 | | | | 706.1 | | | | (146.4 | ) | | | 42.6 | | | | (326.5 | ) | | | 275.8 | |
| Stockholders' Equity | | | (80.5 | ) | | | 317.5 | | | | 6.4 | | | | (118.0 | ) | | | 125.4 | | | | (82.9 | ) | | | 318.0 | | | | 7.3 | | | | (118.9 | ) | | | 123.5 | | | | (105.6 | ) | | | 320.2 | | | | 6.8 | | | | (126.9 | ) | | | 94.5 | |
| Total Liabilities & Equity | | | 595.2 | | | | 213.4 | | | | 47.4 | | | | (445.2 | ) | | | 410.8 | | | | 606.8 | | | | 182.7 | | | | 50.3 | | | | (445.3 | ) | | | 394.5 | | | | 600.6 | | | | 173.8 | | | | 49.5 | | | | (453.6 | ) | | | 370.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jan-18 | | | Feb-18 | | | Mar-18 | |
| | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | |
| Total Current Assets | | | 120.2 | | | | 93.2 | | | | 46.2 | | | | (0.6 | ) | | | 259.0 | | | | 116.2 | | | | 93.3 | | | | 36.2 | | | | (0.5 | ) | | | 245.2 | | | | 98.7 | | | | 96.8 | | | | 36.3 | | | | (16.3 | ) | | | 215.5 | |
| Total Assets | | | 582.6 | | | | 157.1 | | | | 52.5 | | | | (446.7 | ) | | | 345.5 | | | | 580.4 | | | | 156.7 | | | | 42.4 | | | | (446.5 | ) | | | 333.0 | | | | 571.3 | | | | 160.2 | | | | 42.6 | | | | (460.2 | ) | | | 313.9 | |
| Total Current Liabilities | | | 559.7 | | | | (164.4 | ) | | | 46.0 | | | | (321.0 | ) | | | 120.3 | | | | 563.3 | | | | (164.7 | ) | | | 36.5 | | | | (320.7 | ) | | | 114.4 | | | | 558.4 | | | | (159.6 | ) | | | 38.6 | | | | (324.7 | ) | | | 112.7 | |
| Total Liabilities | | | 697.4 | | | | (163.7 | ) | | | 46.0 | | | | (319.3 | ) | | | 260.4 | | | | 701.0 | | | | (164.0 | ) | | | 36.5 | | | | (319.0 | ) | | | 254.5 | | | | 697.1 | | | | (159.1 | ) | | | 38.6 | | | | (322.7 | ) | | | 253.9 | |
| Stockholders' Equity | | | (114.8 | ) | | | 320.8 | | | | 6.5 | | | | (127.4 | ) | | | 85.1 | | | | (120.6 | ) | | | 320.7 | | | | 5.9 | | | | (127.5 | ) | | | 78.5 | | | | (125.9 | ) | | | 319.3 | | | | 3.9 | | | | (137.3 | ) | | | 60.0 | |
| Total Liabilities & Equity | | | 582.6 | | | | 157.1 | | | | 52.5 | | | | (446.7 | ) | | | 345.5 | | | | 580.4 | | | | 156.7 | | | | 42.4 | | | | (446.5 | ) | | | 333.0 | | | | 571.3 | | | | 160.2 | | | | 42.5 | | | | (460.1 | ) | | | 313.9 | |
| | | Apr-18 | | | May-18 | | | Jun-18 | |
| | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | |
| Total Current Assets | | | 100.5 | | | | 71.3 | | | | 34.4 | | | | (15.9 | ) | | | 190.3 | | | | 103.5 | | | | 66.8 | | | | 34.3 | | | | (16.2 | ) | | | 188.4 | | | | 123.8 | | | | 90.7 | | | | 37.0 | | | | (1.4 | ) | | | 250.1 | |
| Total Assets | | | 573.0 | | | | 134.2 | | | | 40.6 | | | | (460.6 | ) | | | 287.2 | | | | 576.8 | | | | 129.5 | | | | 40.3 | | | | (460.7 | ) | | | 285.9 | | | | 597.2 | | | | 153.5 | | | | 42.9 | | | | (444.7 | ) | | | 348.9 | |
| Total Current Liabilities | | | 568.8 | | | | (184.7 | ) | | | 36.3 | | | | (324.2 | ) | | | 96.2 | | | | 580.1 | | | | (190.3 | ) | | | 35.5 | | | | (323.9 | ) | | | 101.4 | | | | 582.6 | | | | (139.9 | ) | | | 41.1 | | | | (318.7 | ) | | | 165.1 | |
| Total Liabilities | | | 707.6 | | | | (184.1 | ) | | | 36.3 | | | | (322.2 | ) | | | 237.6 | | | | 718.9 | | | | (189.8 | ) | | | 35.5 | | | | (321.8 | ) | | | 242.8 | | | | 723.9 | | | | (139.4 | ) | | | 41.1 | | | | (317.0 | ) | | | 308.6 | |
| Stockholders' Equity | | | (134.5 | ) | | | 318.3 | | | | 4.3 | | | | (138.5 | ) | | | 49.6 | | | | (142.1 | ) | | | 319.3 | | | | 4.8 | | | | (138.9 | ) | | | 43.1 | | | | (126.8 | ) | | | 292.9 | | | | 1.8 | | | | (127.6 | ) | | | 40.3 | |
| Total Liabilities & Equity | | | 573.0 | | | | 134.2 | | | | 40.5 | | | | (460.5 | ) | | | 287.2 | | | | 576.9 | | | | 129.5 | | | | 40.3 | | | | (460.8 | ) | | | 285.9 | | | | 597.2 | | | | 153.5 | | | | 42.9 | | | | (444.7 | ) | | | 348.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Jul-18 | | | Aug-18 | | | Sep-18 | |
| | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | | | US | | | China | | | Other | | | Elim. | | | Total | |
| Total Current Assets | | | 110.7 | | | | 123.1 | | | | 39.8 | | | | (1.3 | ) | | | 272.3 | | | | 118.2 | | | | 146.8 | | | | 45.6 | | | | (1.7 | ) | | | 308.9 | | | | 153.6 | | | | 155.9 | | | | 46.2 | | | | (2.2 | ) | | | 353.5 | |
| Total Assets | | | 586.6 | | | | 185.2 | | | | 45.7 | | | | (446.1 | ) | | | 371.4 | | | | 591.0 | | | | 208.9 | | | | 51.4 | | | | (446.5 | ) | | | 404.8 | | | | 626.1 | | | | 217.9 | | | | 52.1 | | | | (448.5 | ) | | | 447.6 | |
| Total Current Liabilities | | | 560.5 | | | | (110.0 | ) | | | 44.2 | | | | (317.8 | ) | | | 176.9 | | | | 398.4 | | | | 78.6 | | | | 46.8 | | | | (316.9 | ) | | | 206.9 | | | | 426.0 | | | | 84.4 | | | | 47.4 | | | | (317.0 | ) | | | 240.8 | |
| Total Liabilities | | | 709.5 | | | | (109.4 | ) | | | 44.4 | | | | (316.2 | ) | | | 328.3 | | | | 547.6 | | | | 79.2 | | | | 47.1 | | | | (315.4 | ) | | | 358.5 | | | | 574.8 | | | | 85.1 | | | | 47.6 | | | | (315.5 | ) | | | 392.0 | |
| Stockholders' Equity | | | (123.0 | ) | | | 294.7 | | | | 1.3 | | | | (129.9 | ) | | | 43.1 | | | | 43.4 | | | | 129.7 | | | | 4.4 | | | | (131.2 | ) | | | 46.3 | | | | 51.4 | | | | 132.8 | | | | 4.5 | | | | (133.1 | ) | | | 55.6 | |
| Total Liabilities & Equity | | | 586.6 | | | | 185.2 | | | | 45.7 | | | | (446.1 | ) | | | 371.4 | | | | 591.0 | | | | 208.9 | | | | 51.4 | | | | (446.5 | ) | | | 404.8 | | | | 626.1 | | | | 218.0 | | | | 52.1 | | | | (448.6 | ) | | | 447.6 | |
| 8. | The Ad Hoc Group requested certain projected Income Statement information for the year ended December 31, 2018 and for the years ending December 31, 2019 and 2020. Note that these financial projections are based on current expectations, estimates and assumptions. These financial projections are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from these financial projections. Projected Net Sales and Adjusted EBITDA are presented in the table below for the applicable period ($ in millions). |
| | | Year Ended | | | Year Ending December 31, | |
| | | December 31, 2018 | | | 2019 | | | 2020 | |
| Projected Net Sales | | | 567.8 | | | | 597.5 | | | | 642.0 | |
| Projected Adjusted EBITDA | | | 2.3 | | | | 27.1 | | | | 45.9 | |
Adjusted EBITDA excludes (and may exclude in future years, if applicable,) stock-based compensation, restructuring and acquisition related costs, bad debt expenses and recoveries related to accounts such as Toys R Us, and certain minimum guarantee shortfall and inventory write-down charges.
| 9. | In October 2018, the Company initiated a plan to reduce our global workforce and consolidate certain of our operations and functions to significantly reduce costs. The initial high level target was to reduce annual operating costs by $24 million. The Company has currently identified approximately $16 million of annualized cost reductions, above the previously disclosed range of $10 to $15 million. |
