EPS of $0.16 beat estimates of $0.101 and sales of $364.6M missed estimates of $373.89M. Sales grew 56% driven by organic growth and acquisitions. Management reaffirmed its previously provided guidance for annual revenue between $1.4B and $1.45B, and performance was especially strong in its Canadian businesses. Its reaffirmed guidance calls for 52% to 58% annual growth, and overall we think these results were pretty solid. The name is holding up fairly well on an otherwise tough day for growth stocks, and we think it looks OK here, but its recent momentum is not overly enticing and the market is still discounting its high sales growth rates with a cheap valuation of 13X forward earnings. We think its growth is solid, but its debt levels continue to be fairly elevated (5.0X net debt/EBITDA) and interest expenses are cutting into potential profits. We think it may take even stronger results to really the move the needle on this name.
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