Thoughtworks Results Presentation Deck
Reconciliation of Non-GAAP financial measures
(in thousands, except percentages, number of shares and earnings per share)
Net (loss) income allocated to common shareholders
Earnings allocated to Preferred Stock
Net (loss) income
Unrealized foreign exchange (gains) losses
Stock-based compensation
Amortization of acquisition-related intangibles
Acquisition costs (a)
Certain professional fees (b)
Non-recurring tender offer compensation expense (c)
IPO-related costs (d)
Employer payroll tax on employee equity incentive plans (e)
Income tax effects of adjustments (f)
Adjusted Net Income
GAAP diluted weighted average common shares outstanding
Employee stock options and RSUS
Adjusted diluted weighted average common shares outstanding
GAAP diluted earnings per common share
Adjusted Diluted EPS
Gross profit, GAAP
Stock-based compensation
Employer payroll tax on employee equity incentive plans (e)
Depreciation expense
Adjusted Gross Profit
Gross margin, GAAP
Adjusted Gross Margin
$
$
$
$
Three Months Ended March 31,
2022
2021
(59,904)
(59,904)
(5,847)
120,736
2,992
20
803
3,622
(18,430)
43,992
306,189,816
24,555,214
330,745,030
$
57,591
83,493
2,376
2,736
146,196
17.9 %
45.6 %
$
(0.20) $
0.13 $
$
$
15,174
3,411
18,585
3,929
1,874
2,981
6,403
1,648
2,714
1,043
(4,098)
35,079
249,125,028
249,125,028
0.06
0.14
102,871
782
2,538
106,191
43.3%
44.7%
(a) Reflects costs for certain professional fees and
retention wage expenses related to certain
acquisitions.
(b) Adjusts for certain transaction expenses,
non-recurring legal expenses, and one-time
professional fees.
(c) Adjusts for the additional compensation expense
related to the tender offer completed in the first
quarter of 2021.
(d) Adjusts for IPO-readiness costs and expenses that
do not qualify as equity issuance costs.
(e) We exclude employer payroll tax expense on equity
incentive plans as these expenses are tied to the
exercise or vesting of underlying equity awards and
the price of our common stock at the time of vesting
or exercise. As a result, these taxes may vary in any
particular period independent of the financial and
operating performance of our business.
(f) Adjusts for the income tax effects of the foregoing
adjusted items.
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