inōtiv Corporate Presentation June 2023
GAAP to Adjusted EBITDA Reconciliation for the three and nine months ended
June 30, 2023 and 2022
(in $ thousands)
Nine Months Ended
23 |
Three Months Ended
June 30.
June 30.
2023
2022
2023
GAAP Consolidated net income/(loss)
$
365 S
(3,556)
$
(96,196) $
2022
(93,631)
Adjustments (a):
Interest expense
10,786
8,441
31,751
20,816
Income tax (benefit) expense
(2,380)
342
(20,820)
(5,597)
Depreciation and amortization
13,864
16,001
40,117
31,867
Stock compensation expense (1)
2,029
1,987
5,856
27,057
Acquisition and integration costs (2)
506
3,682
1,594
14,575
Startup costs
1,781
1,731
5,567
4,162
Restructuring costs (3)
1,303
4,861
3,309
4,861
Unrealized foreign exchange (gain)/loss
(517)
(641)
(581)
Loss on debt extinguishment
877
Amortization of inventory step up
136
3,762
563
10,039
Loss (gain) on disposition of assets
68
4
319
(231)
Loss on fair value remeasurement of convertible
notes (4)
56,714
Other non-recurring, third party costs
Goodwill impairment loss (5)
2,584
364
Adjusted EBITDA (b)
S
30,525 S
36,978 $
3,724
66,367
42,145 $
1,310
72,238
(a)
Adjustments to certain GAAP reported measures for the three and nine months ended June 30, 2023 and 2022 include, but are not limited to, the following:
(1) For the nine months ended June 30, 2022, $23.0 million relates to post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan recognized in connection with the Envigo acquisition.
(2) For the three and nine months ended June 30, 2023 and 2022, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of
those acquisitions.
(3) For the three and nine months ended June 30, 2023 and 2022, represents costs incurred in connection with the exit of multiple sites as previously disclosed.
(4) For the nine months ended June 30, 2022, represents loss of $56.7 million resulting from the fair value remeasurement of the embedded derivative component of the convertible notes.
(5) For the nine months ended June 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment.
(b) Adjusted EBITDA - Consolidated net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, stock compensation expense, acquisition and integration costs, startup costs, restructuring
costs, unrealized foreign exchange gain/loss, loss on debt extinguishment, amortization of inventory step up, gain/loss on disposition of assets, loss on fair value remeasurement of the embedded derivative component of the convertible
notes, other non-recurring third party costs and goodwill impairment loss.
CORPORATE PRESENTATION
inōtiv
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