Financial Performance and Strategic Outlook
Non-GAAP Reconciliation
Important Disclosure Regarding Non-GAAP Measures
EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by
management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDA as net income excluding net
interest, income tax and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding severance expenses, revaluation of tax receivable agreement, (gain) loss on debt
extinguishment, stock-based compensation, and equity offering expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue.
Our management believes EBITDA and Adjusted EBITDA are useful, because they allow management to more effectively evaluate our operating performance and compare the results of our
operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and
Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computations of
EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We present EBITDA and Adjusted EBITDA because we believe they provide
useful information regarding the factors and trends affecting our business.
Year Ended
($ in thousands)
Net income (loss)
Interest (income) expense, net
Income tax expense
December 31,
2021
2020
2019
2018
2017
2016
2015
Annualized
Three Months Ended
December 31,
2021
Three Months Ended
December 31,
2021
$67,470
$59,215
$156,303
$150,281
774
(701)
(879)
3,595
$66,547
20,767
7,675
10,970
32,020
19,520
1,549
($8,176)
20,233
809
$21,224
21,837
$81,532
568
$20,383
142
EBIT
75,919
69,484
187,444
173,396
88,863
12,866
784
43,845
28,356
7,089
110,456
27,614
Depreciation and amortization
36,308
40,520
38,854
30,153
23,271
21,241
20,580
35,312
8,828
EBITDA
$112,227
$110,004
$226,298
$203,549
$112,134
$34,107
$64,425
$145,768
$36,442
Severance expenses
Revaluation of tax receivable agreement liability.
Secondary offering related expenses
(898)
406
1,864
555
(5,336)
1,042
(7,608)
(1,902)
(Gain) loss on debt extinguishment
Stock-based compensation
8,620
Adjusted EBITDA
$120,355
8,599
$121,022
6,995
$228,999
4,305
4,704
$212,558
$112,134
(2,251)
361
$32,217
(1,640)
359
$63,144
8,296
$146,456
2,074
$36,614
Revenue
Net income (loss) margin
Adjusted EBITDA margin
$438,589
15.4%
27.4%
$348,566
17.0%
34.7%
$628,414
24.9%
36.4%
$544,135
27.6%
39.1%
$341,191
19.5%
32.9%
$155,048
(5.3%)
20.8%
$221,395
9.6%
28.5%
$519,664
15.7%
28.2%
$129,916
15.7%
28.2%
29
29
*For the year ended December 31, 2014, we had EBITDA of $88.8 million, representing net income of $59.1 million, excluding net interest expense of $11.2 million, income tax expense of $0.3 million and depreciation
and amortization of $18.2 million. There was no early extinguishment of debt in 2014. Stock-based compensation was $1.3 million in 2014. Adjusted EBITDA was equal to $90.1 million. Revenue was $259.5 million, Net
Income margin was 22.8% and Adjusted EBITDA margin was 34.7%.View entire presentation