Florists Transworld Delivery 424B3 Prospectus supplement

Filed Pursuant to Rule 424(b)(3)     

Registration No. 333-113807     

No. 333-113807-01

No. 333-113807-02

No. 333-113807-03

No. 333-113807-04

No. 333-113807-05

No. 333-113807-06

No. 333-113807-07

PROSPECTUS SUPPLEMENT NO. 1

TO

PROSPECTUS DATED APRIL 9, 2004

FTD, INC.

OFFER TO EXCHANGE

All outstanding unregistered 7.75% Series A Senior Subordinated Notes due 2014

for 7.75% Series B Senior Subordinated Notes due 2014

which have been registered under the Securities Act of 1933

The exchange offer expires at 5:00 p.m., Eastern Standard Time, on May 20, 2004, unless extended

This prospectus supplement supplements the prospectus dated April 9, 2004 of FTD, Inc. relating to the exchange offer described therein. This prospectus supplement should be read in conjunction with the prospectus and this prospectus supplement is qualified by reference to the prospectus, except to the extent that the information provided in this prospectus supplement supercedes the information contained in the prospectus. Capitalized terms used but not defined herein have the meanings assigned to them in the prospectus.

OUR BUSINESS, OPERATIONS AND FINANCIAL CONDITION ARE SUBJECT TO VARIOUS RISKS. SOME OF THESE RISKS ARE DESCRIBED BEGINNING ON PAGE 15 OF THE PROSPECTUS, AND YOU SHOULD CONSIDER CAREFULLY THE INFORMATION SET FORTH THEREIN ALONG WITH ALL OF THE OTHER INFORMATION PROVIDED TO YOU IN THIS PROSPECTUS SUPPLEMENT AND IN THE PROSPECTUS.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the prospectus, as supplemented by this prospectus supplement, is truthful or complete. Any representation to the contrary is a criminal offense.

RECENT DEVELOPMENTS

Announcement of Third Quarter Results

On May 12, 2004, we announced third quarter fiscal 2004 financial results. Due to the merger of FTD, Inc. with an affiliate of Leonard Green & Partners, L.P., completed on February 24, 2004, the third quarter fiscal 2004 financial results are being reported in two separate periods, which have been combined for discussion purposes.

Revenue for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $75.3 million and $31.0 million, respectively. Combined revenue for the third quarter of fiscal 2004 was $106.3 million, an increase of 11.1% over the $95.6 million of revenue reported in the prior year’s quarter. These combined results reflect a 14.2% increase in revenues in the Consumer Business segment and a 7.8% increase in revenues in the Florist Business segment compared to the fiscal 2003 third quarter.

Net loss for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $12.0 million and $0.7 million, respectively. Combined net loss for the third quarter of fiscal 2004 was $12.7 million compared to net income of $5.2 million reported in the same quarter of the prior fiscal year. The net losses relate primarily to $22.5 million of expenses associated with the merger transaction with Leonard Green & Partners, L.P.

We use Adjusted EBITDA as a supplemental performance measure and defines Adjusted EBITDA as EBITDA plus (i) expenses that are not reflective of our ongoing operations and (ii) management fees, because these fees are excluded in measuring our performance under the executive compensation plan, our new senior credit agreement and the indenture governing our new senior subordinated notes. Combined Adjusted EBITDA for the third quarter of fiscal 2004 was $12.4 million compared to Adjusted EBITDA of $12.2 million reported in the same quarter of the prior fiscal year. For limitations on the use of Adjusted EBITDA as an analytical measure, please see “Non-GAAP Discussion” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the prospectus.

A table reconciling GAAP basis net income (loss) to EBITDA and Adjusted EBITDA, as described above, is included with the unaudited consolidated financial statements attached as Annex A to this prospectus supplement. We believe EBITDA and Adjusted EBITDA are useful performance measures and provide a useful supplemental comparison of our operations and financial results. In addition, a reconciliation of the pre- and post-merger periods is reflected on the face of our unaudited consolidated financial statements attached as Annex A to this prospectus supplement. We believe that the combined results for the fiscal 2004 third quarter are useful to compare to the operations and financial results of the FTD business in the prior year periods.

Consumer Business Segment

The Consumer Business segment reflects the results of operations of FTD.COM, a leading Internet and telephone marketer of flowers and specialty gifts. Revenue for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $43.4 million and $13.8 million, respectively. Combined third quarter revenue for this segment was $57.2 million, representing an increase of $7.2 million from the $50.0 million reported in the prior fiscal year’s third quarter. This increase was primarily driven by an increase in order volume.

Operating income for the Consumer Business segment for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $2.2 million and

2

$0.8 million, respectively. Combined third quarter operating income for the Consumer Business segment was $3.0 million compared to $2.6 million in the same quarter of the prior fiscal year, while operating margins were 5.2% in both the fiscal 2004 and the fiscal 2003 periods. Improvements in operating income were principally driven by the increased revenues in the segment.

Florist Business Segment

The Florist Business segment primarily markets floral products and services, such as clearinghouse services, technology products and services and floral shop supplies, to FTD members and other retail locations offering floral products in the U.S. and Canada. Revenue for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $31.9 million and $17.2 million, respectively. Combined third quarter revenue for this segment was $49.1 million, up $3.5 million from the $45.6 million reported in the prior fiscal year’s third quarter. This increase was due to increased sales of our wholesale products, principally the wholesale fresh flowers program, as well as the improved penetration of our Florists Online and Flowers All Hours services during the current quarter. This segment also exhibited an increase in technology system sales and support revenue for the quarter.

Operating income for the Florist Business segment for the period from January 1, 2004 through February 23, 2004 and for the period February 24, 2004 through March 31, 2004 was $6.6 million and $4.3 million, respectively. Combined third quarter operating income for the Florist Business segment was $10.9 million, an increase of $1.3 million from the $9.6 million reported in the prior fiscal year’s third quarter. This increase was primarily due to the increase in revenues in the segment and reductions in general and administrative costs for the quarter.

FTD florist membership increased to 20,500 members as of March 31, 2004 compared to 19,700 as of December 31, 2003, resulting from targeted member-prospecting initiatives.

Balance Sheet and Other Highlights

Our debt balance as of March 31, 2004 was $275.5 million, primarily incurred to finance the transaction with Leonard Green & Partners, L.P., of which $0.9 million is current. We expect ongoing quarterly interest expense to range between $3.5 million and $5.0 million. Capital expenditures for the period were $1.2 million, and our cash balance as of March 31, 2004 was $2.9 million.

Management Changes

On May 12, 2004, we also announced that we have made a change to our senior management team. Carrie Wolfe, our former CFO, has departed. Her duties have been assumed by Jandy Tomy, our Controller.

Ms. Tomy was appointed as the Vice President and Treasurer of FTD in 2004 and has served as Controller of FTD since May 2002. From August 2000 until May 2002, Ms. Tomy served as the Controller and Manager of Finance and Accounting of FTD.COM. Prior to joining FTD.COM in August 2000, she was Regional Finance Manager and Manager of Financial Reporting at Universal Outdoor, Inc. (now Clear Channel Outdoor) and worked in the auditing group at Price Waterhouse (now PricewaterhouseCoopers LLP), an independent public accounting firm. Ms. Tomy received a Bachelor of Science in Accountancy from the University of Illinois in 1995 and is a Certified Public Accountant.

3

On May 13, 2004, we announced the appointment of Michael J. Soenen as our new President and Chief Executive Officer and the departure of Robert L. Norton, our former Chairman and Chief Executive Officer.

Mr. Soenen served as the President and Chief Operating Officer of FTD and FTDI from October 2002 until February 2004 and a director of FTD from November 2002 until February 2004. From May 1999 until October 2002, Mr. Soenen served as the President and Chief Executive Officer of FTD.COM. From January 1997 through May 1999, he served as Executive Vice President of Marketplace, Vice President-Marketing of FTDI and Director of Sales Promotion for FTDI. Mr. Soenen joined FTD in 1996. Mr. Soenen was an associate at Perry Corp. from August 1996 to December 1996. From July 1993 to July 1996, Mr. Soenen worked for Salomon Brothers Inc., an investment banking firm. Mr. Soenen received a Bachelor of Arts from Kalamazoo College in 1992.

The date of this prospectus supplement is May 13, 2004

4

Annex A

INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FTD, Inc. Unaudited Consolidated Financial Statements
Condensed Consolidated Statements of Operations	F-1
Consolidated Balance Sheets	F-3
Consolidated Statements of Cash Flows	F-4
Non-GAAP Financial Measures	F-5

FTD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands)

				Predecessor			Combined *			Predecessor
	Period from February 24, 2004 through March 31, 2004			Period from January 1, 2004 through February 23, 2004			Three Months Ended March 31, 2004			Three Months Ended March 31, 2003
Revenues:
Florist Business	$	17,212		$	31,925		$	49,137		$	45,583
Consumer Business		13,768			43,383			57,151			50,049
Total revenues		30,980			75,308			106,288			95,632
Costs of goods sold and services provided:
Florist Business		6,410			11,506			17,916			16,593
Consumer Business		10,390			32,763			43,153			37,637
Corporate		203			382			585			622
Total costs of goods sold and services provided		17,003			44,651			61,654			54,852
Gross profit:
Florist Business		10,802			20,419			31,221			28,990
Consumer Business		3,378			10,620			13,998			12,412
Corporate		(203	)		(382	)		(585	)		(622	)
Total gross profit		13,977			30,657			44,634			40,780
Advertising and selling:
Florist Business		4,723			10,088			14,811			13,571
Consumer Business		1,106			5,010			6,116			5,337
Total advertising and selling		5,829			15,098			20,927			18,908
General and administrative:
Florist Business		836			1,757			2,593			2,912
Consumer Business		1,262			2,975			4,237			3,637
Corporate		3,274			26,124			29,398			6,091
Total general and administrative		5,372			30,856			36,228			12,640
Operating income (loss) before corporate allocations:
Florist Business		5,243			8,574			13,817			12,507
Consumer Business		1,010			2,635			3,645			3,438
Corporate		(3,477	)		(26,506	)		(29,983	)		(6,713	)
Total operating income (loss) before corporate allocations		2,776			(15,297	)		(12,521	)		9,232
Corporate Allocations:
Florist Business		999			1,957			2,956			2,881
Consumer Business		242			437			679			815
Corporate		(1,241	)		(2,394	)		(3,635	)		(3,696	)
Total corporate allocations		—			—			—			—
Income (loss) from operations:
Florist Business		4,244			6,617			10,861			9,626
Consumer Business		768			2,198			2,966			2,623
Corporate		(2,236	)		(24,112	)		(26,348	)		(3,017	)
Total income (loss) from operations		2,776			(15,297	)		(12,521	)		9,232
Other income and expenses:
Interest income		(61	)		(9	)		(70	)		(17	)
Interest expense		3,959			87			4,046			301
Other expense, net		33			364			397			45
Total other income and expenses		3,931			442			4,373			329
Income (loss) before income tax		(1,155	)		(15,739	)		(16,894	)		8,903
Income tax expense (benefit)		(452	)		(3,788	)		(4,240	)		3,655
Net income (loss)	$	(703	)	$	(11,951	)	$	(12,654	)	$	5,248

* The period from February 24, 2004 through March 31, 2004 (Successor Company) and the period from January 1, 2004 through February 23, 2004 (Predecessor Company) have been combined for comparative purposes only and do not represent GAAP basis presentation.

F-1

FTD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands)

				Predecessor			Combined *			Predecessor
	Period from February 24, 2004 through March 31, 2004			Period from July 1, 2003 through February 23, 2004			Nine Months Ended March 31, 2004			Nine Months Ended March 31, 2003
Revenues:
Florist Business	$	17,212		$	117,172		$	134,384		$	131,611
Consumer Business		13,768			128,507			142,275			126,398
Total revenues		30,980			245,679			276,659			258,009
Costs of goods sold and services provided:
Florist Business		6,410			39,774			46,184			45,474
Consumer Business		10,390			96,609			106,999			96,273
Corporate		203			1,674			1,877			1,849
Total costs of goods sold and services provided		17,003			138,057			155,060			143,596
Gross profit:
Florist Business		10,802			77,398			88,200			86,137
Consumer Business		3,378			31,898			35,276			30,125
Corporate		(203	)		(1,674	)		(1,877	)		(1,849	)
Total gross profit		13,977			107,622			121,599			114,413
Advertising and selling:
Florist Business		4,723			36,426			41,149			39,049
Consumer Business		1,106			13,815			14,921			12,829
Total advertising and selling		5,829			50,241			56,070			51,878
General and administrative:
Florist Business		836			7,108			7,944			8,247
Consumer Business		1,262			9,918			11,180			9,684
Corporate		3,274			39,654			42,928			18,903
Total general and administrative		5,372			56,680			62,052			36,834
Operating income (loss) before corporate allocations:
Florist Business		5,243			33,864			39,107			38,841
Consumer Business		1,010			8,165			9,175			7,612
Corporate		(3,477	)		(41,328	)		(44,805	)		(20,752	)
Total operating income before corporate allocations		2,776			701			3,477			25,701
Corporate Allocations:
Florist Business		999			8,028			9,027			8,715
Consumer Business		242			1,880			2,122			2,351
Corporate		(1,241	)		(9,908	)		(11,149	)		(11,066	)
Total corporate allocations		—			—			—			—
Income (loss) from operations:
Florist Business		4,244			25,836			30,080			30,126
Consumer Business		768			6,285			7,053			5,261
Corporate		(2,236	)		(31,420	)		(33,656	)		(9,686	)
Total income from operations		2,776			701			3,477			25,701
Other income and expenses:
Interest income		(61	)		(22	)		(83	)		(144	)
Interest expense		3,959			532			4,491			1,378
Other expense (income), net		33			(1,105	)		(1,072	)		—
Total other income and expenses		3,931			(595	)		3,336			1,234
Income (loss) before income tax		(1,155	)		1,296			141			24,467
Income tax expense (benefit)		(452	)		2,898			2,446			10,063
Net income (loss)	$	(703	)	$	(1,602	)	$	(2,305	)	$	14,404

* The period from February 24, 2004 through March 31, 2004 (Successor Company) and the period from July 1, 2003 through February 23, 2004 (Predecessor Company) have been combined for comparative purposes only and do not represent GAAP basis presentation.

F-2

FTD, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

ASSETS	March 31, 2004			June 30, 2003
	(Unaudited)			(Predecessor)
Current assets:
Cash and cash equivalents	$	2,929		$	1,921
Restricted cash		7,261			—
Accounts receivable, less allowance for doubtful accounts of $4,996 at March 31, 2004 and $5,284 at June 30, 2003		29,932			23,398
Inventories, net		8,016			8,668
Deferred income taxes		4,556			4,740
Prepaid expenses and other		15,911			4,224
Total current assets		68,605			42,951
Property and equipment:
Land and improvements		1,380			1,600
Building and improvements		14,173			8,858
Mercury consoles		10			4,233
Furniture and equipment		4,751			19,131
Total		20,314			33,822
Less accumulated depreciation		293			20,648
Property and equipment, net		20,021			13,174
Other assets:
Other noncurrent assets, net		28,740			11,986
Customer lists, less accumulated amortization of $208 at March 31, 2004 and $1,023 at June 30, 2003		12,299			3,653
Trademark, less accumulated amortization of $2,719 at June 30, 2003		121,577			12,281
Goodwill, less accumulated amortization of $17,286 at June 30, 2003		337,054			120,326
Total other assets		499,670			148,246
Total assets	$	588,296		$	204,371
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		38,346			37,729
Customer deposits		5,619			6,095
Unearned income		2,284			1,664
Other accrued liabilities		19,696			19,655
Current maturities of long term debt		850			—
Total current liabilities		66,795			65,143
Long-term debt		274,650			6,500
Post-retirement benefits and accrued pension obligations, less current portion		4,531			4,858
Deferred income taxes		57,632			5,547
Stockholders' equity:
Predecessor Company
Preferred Stock: $0.01 par value, 5,000,000 shares authorized; no shares issued and outstanding		—			—
Common stock:
Class A, $0.01 par value, 300,000,000 shares authorized; 15,516,800 shares issued at June 30, 2003		—			155
Class B convertible, $0.0005 par value, 20,000,000 shares authorized; 2,112,502 shares issued at June 30, 2003		—			1
Successor Company
Common stock: $0.01 par value, 1,000 shares authorized; 100 shares issued and outstanding		—			—
Paid-in capital		185,390			148,840
Accumulated deficit		(703	)		(7,086	)
Accumulated other comprehensive loss		1			(621	)
Unamortized restricted stock		—			(250	)
Treasury stock (Predecessor Company) at cost, 438,196 shares of Class A and 801,250 shares of Class B convertible as of June 30, 2003		—			(18,716	)
Total stockholders' equity		184,688			122,323
Total liabilities and stockholders' equity	$	588,296		$	204,371

F-3

FTD, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

				Predecessor			Combined *			Predecessor
	Period from February 24, 2004 through March 31, 2004			Period from July 1, 2003 through February 23, 2004			Nine Months Ended March 31, 2004			Nine Months Ended March 31, 2003
Cash flows from operating activities:
Net income (loss)	$	(703	)	$	(1,602	)	$	(2,305	)	$	14,404
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		957			5,377			6,334			5,815
Deferred compensation expense		—			51			51			1,285
Amortization and write off of deferred financing costs and original issue discount		101			600			701			203
Provision for doubtful accounts		268			2,103			2,371			2,738
Deferred income taxes		—			(518	)		(518	)		2,606
Increase (decrease) in cash due to change in assets and liabilities, net of acquisitions:
Restricted cash		(7,261	)		—			(7,261	)		1,400
Accounts receivable		129			(10,728	)		(10,599	)		(8,780	)
Inventories		1,941			(1,289	)		652			1,736
Prepaid expenses and other		(3,866	)		(6,168	)		(10,034	)		(435	)
Other noncurrent assets		26			123			149			137
Accounts payable		(20,626	)		21,213			587			(5,137	)
Other accrued liabilities, unearned income, and customer deposits		3,331			(131	)		3,200			(1,826	)
Net cash provided by (used in) operating activities		(25,703	)		9,031			(16,672	)		14,146
Cash flows from investing activities:
Acquisitions		—			—			—			(12,713	)
Expenditures related to the 2002 Merger		—			—			—			(2,504	)
Capital expenditures		(446	)		(4,169	)		(4,615	)		(3,308	)
Decrease in officer notes receivable		—			—			—			248
Net cash used in investing activities		(446	)		(4,169	)		(4,615	)		(18,277	)
Cash flows from financing activities:
Net proceeds from (repayments of) revolving credit facility		15,500			(6,500	)		9,000			(26,500	)
Proceeds from issuance of long-term debt		260,000			—			260,000			—
Deferred financing costs		(10,282	)		—			(10,282	)		(224	)
Capital contribution		184,454			—			184,454			—
Merger with Nectar Merger Corporation		(420,948	)		—			(420,948	)		—
Issuance of treasury stock		—			32			32			210
Repurchase of treasury stock		—			—			—			(4,314	)
Net cash provided by (used in) financing activities		28,724			(6,468	)		22,256			(30,828	)
Effect of foreign exchange rate changes on cash		1			38			39			76
Net increase (decrease) in cash and cash equivalents		2,576			(1,568	)		1,008			(34,883	)
Cash and cash equivalents at beginning of period		353			1,921			1,921			36,410
Cash and cash equivalents at end of period	$	2,929		$	353		$	2,929		$	1,527

* The period from February 24, 2004 through March 31, 2004 (Successor Company) and the period from July 1, 2003 through February 23, 2004 (Predecessor Company) have been combined for comparative purposes only and do not represent GAAP basis presentation.

F-4

FTD, INC.

NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In thousands)

Reconciliation of certain financial measures reported in accordance with Generally Accepted Accounting Principles ("GAAP") to those presented on the basis of methodologies other than in accordance with GAAP ("non-GAAP").

The Company defines Adjusted EBITDA as EBITDA plus (i) expenses that are not considered reflective of the Company's ongoing operations and (ii) management fees, because these fees are excluded in measuring the Company's performance under the executive compensation plan, the new senior credit agreement and the indenture governing the notes. The Company defines EBITDA as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA and Adjusted EBITDA are calculated as follows for the periods presented:

	Period from February 24, 2004 through March 31, 2004			Period from January 1, 2004 through February 23, 2004			Combined Three Months Ended March 31, 2004			Three Months Ended March 31, 2003
Net Income (loss), as reported (GAAP basis)	$	(703	)	$	(11,951	)	$	(12,654	)	$	5,248
plus: Interest expense, net		3,898			78			3,976			284
plus: Depreciation and amortization		957			1,356			2,313			2,040
plus: Income tax expense (benefit)		(452	)		(3,788	)		(4,240	)		3,655
EBITDA		3,700			(14,305	)		(10,605	)		11,227
plus: Expenses related to merger transaction		—			22,510	(1)		22,510	(1)		—
plus: Deferred compensation (2)		—			16			16			441
plus: Management fees (3)		167			301			468			500
Adjusted EBITDA (4)	$	3,867		$	8,522		$	12,389		$	12,168

(1) For the period from January 1, 2004 through February 23, 2004, FTD, Inc. recorded $22.1 million as a component of Corporate general and administrative expense related to the merger with an affiliate of Leonard Green & Partners, L.P. Also during this period, the Company recorded as a component of other expense, $0.4 million related to the write-off of unamortized deferred financing fees on the then existing debt.

(2) For the period from January 1, 2004 through February 23, 2004, FTD, Inc. recorded expense related to restricted stock grants under a plan that was terminated in conjunction with the merger with an affiliate of Leonard Green & Partners, L.P.

(3) Management fees have historically been paid on an annual basis. However, under the new management services agreement with Leonard Green & Partners, L.P., in the event of a payment default under the new senior credit agreement or the indenture governing the notes, or a bankruptcy, liquidation or winding-up of FTD, the payment of all accrued and unpaid management fees will be subordinated to the prior payment in full of all amounts due and owing under the new senior credit facility and the indenture governing the notes. In addition, payment of the management fees on any monthly payment date is contingent on FTD, Inc. having had Consolidated EBITDA equal or greater than $46.8 million for any consecutive twelve-month period ended not more than twelve months prior to that payment date. In the event any portion of the management fee is not so paid, such amount will accrue and become due and payable in the next month in which payment is permitted.

(4) The Company uses Adjusted EBITDA as a supplemental measure of performance. The Company presents Adjusted EBITDA because it considers it an important supplemental measure of performance, as it is used as a performance measure under the new senior credit facility entered into in connection with the FTD merger, the indenture governing the notes and the Company's executive compensation plan. All of the adjustments made in the calculation of Adjusted EBITDA, as described above, are adjustments that would be made in calculating the Company's performance for purposes of coverage ratios under the new senior credit facility and the indenture, and the Company's executive compensation plan bases incentive compensation payments in significant part on the Company's performance measured using Adjusted EBITDA as presented above. Measures similar to Adjusted EBITDA are also widely used by the Company and by others in the Company's industry to evaluate and price potential acquisition candidates. The Company believes EBITDA and Adjusted EBITDA facilitate operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure (affecting relative interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). The Company also presents Adjusted EBITDA because it believes it is frequently used by investors and other interested parties in the evaluation of high yield issuers, many of which present EBITDA and/or Adjusted EBITDA when reporting their results. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under GAAP.

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