Investor Presentaiton
Non-GAAP reconciliation
Combined Economic EBITDA
Year ended
Amounts in $ millions
December 31,
2020
2021
2022
Combined Adjusted Net Income, Combined Adjusted
EBITDA and Combined Economic EBITDA
Net income before taxes
46.4
82.3
5.0
Equity settled share-based payments P&L
1.2
5.5
4.2
Covid subsidies
Transaction expenses
One-time bonuses
TWMH Partner's payout right
Other one-time deal costs
Holbein compensatory earn-in
Long term incentive plan expenses
-1.0
0
0
0
15.6
28.6
2.2
0
1.0
0
0
3.7
0
0
0.6
0
0
1.9
0
0
13.2
Legal settlement
6.3
0.6
7.1
Impairment of equity method investment
0
2.4
0
Change in fair value of (gains) / losses on investments
Fair value adjustments to strategic investments
One-time fees and charges/Other one-time deal costs
0.3
0
-0.2
-7.7
-15.4
-19.5
0.2
0
0
Change in fair value of warrant liability
0
0
0
Combined adjusted income before taxes
47.9
91.0
45.6
Adjusted income tax expense
-0.1
-6.6
4.0
Combined Adjusted Net Income
47.8
84.4
49.6
Adjustments related to joint ventures and associates
7.6
3.3
2.0
Interest expense, net
3.4
4.8
10.0
Income tax expense
0.2
6.6
-4.6
Adjusted income tax expense less income tax expense
-0.1
0
0.6
Depreciation and amortization
4.2
4.5
9.6
Combined Adjusted EBITDA
63.1
103.6
67.2
Affiliate profit-share in TIG Arbitrage
-20.0
-25.1
-10.7
Combined Economic EBITDA
$43.1
$78.5
$56.5
Net income margin
23.1%
28.7%
4.2%
Combined Economic EBITDA margin
21.7%
29.6%
23.5%
AITI Tiedemann Global
Source: Historical and Combined Non-GAAP measures of TWMH, the TIG Entities and Alvarium in Form 8-K/A filed with SEC April 17, 2023
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