Full Year 2022 Outlook and Key Company Highlights
Adjusted EBITDA and Adjusted Net Income Reconciliation Table
($ in millions)
2017
2018
2019
2020
2021
Net Income
$3
$10
$33
$78
$90
FV adjustments
10
26
35
(8)
Debt Issuance Cost
1
1
2
2
2
Other Addback and One-Time Expenses¹
1
1
1
2
(8)
Adjusted EBT
15
37
71
74
84
Pro-Forma Taxes²
(4)
(9)
(18)
(18)
(18)
Adjusted Net Income
11
28
53
55
66
Pro-Forma Taxes²
4
9
18
18
18
Depreciation and Amortization
1
2
4
7
10
Interest Expense
6
12
21
19
22
Business (Non-income) Taxes
0
1
2
1
Adjusted EBITDA
$22
$52
$97
$101
$117
Note: Excludes transaction expenses
23
1. Includes one time implementation fees, stock compensation expenses, IPO readiness costs and management fees
2. Assumes a tax rate of 25% for the years ended December 31, 2017, December 31, 2018, December 31, 2019, and December 31, 2020 and a 21.6% tax rate after, reflecting the U.S. federal statutory rate of 21% and a
blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies.
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