Quarterly Financials Review
SG&A LEVERAGE
($ in thousands)
Total revenues
Selling, general, and administrative
As a percentage of total revenue
Adjustments
2
Equity-based compensation
1
COVID-19: prepaid costs not utilized
Milestone events
Executive transitions costs
Legal Proceedings
Total adjustments
Adjusted selling, general, and administrative
As a percentage of total revenue
Compared to the prior year
1
Selling, general, and administrative includes depreciation and amortization.
2
See appendix for explanations of each non-GAAP adjustment.
11
2022
2023
Q1
$ 152,156
Q2
$186,381
Q3
$ 198,648
Q4
$201,827
Q1
Q2
$ 197,267
$ 249,879
$ 45,214
29.7 %
$ 42,342
22.7 %
$ 45,378
22.8%
$ 50,594
25.1 %
$ 45,976
$ 51,662
23.3 %
20.7%
(9,900)
(10,446) (10,649)
(1,200)
(2,434)
(10,662)
(1,105)
(9,170)
(10,149)
(691)
(150)
(225)
(1,950)
$ (13,534) $ (10,446) $ (10,649)
$ (12,458)
$ (9,320) $ (12,324)
$ 31,680 $ 31,896 $ 34,729 $ 38,136
20.8 % 17.1 %
17.5 % 18.9 %
$ 36,656 $ 39,338
18.6 %
15.7%
(2.2)%
(1.4)%View entire presentation