Li-Cycle Financials and Strategic Update
Reconciliation of IFRS and Non-IFRS Results
Adjusted EBITDA
Net Gain (Loss)
Income Tax
Depreciation
(U.S. dollar amounts in thousands)
Six months ended April 30,
2022
2021
$7,896
5
$(14,693)
3,821
1,133
5,646
494
$17,368
$(13,066)
Interest Expense (Income)
EBITDA (Loss)
Foreign Exchange Loss (Gain)
-
Fair Value (Gain) Loss on Financial Instruments (1)
(53,733)
1,924
Forfeited SPAC Transaction Cost
2,000
Share-Based Compensation (2)
Adjusted EBITDA Loss
$(36,365)
$(9,142)
Year ended October 31,
2021
2020
$(226,559)
$(9,276)
2,899
1,095
2,970
495
$(220,690)
$(7,686)
758
(38,254)
(446)
84
2,000
1,588
$(25,370)
$(8,047)
1) Fair value gain on financial instruments relates to warrants, which were redeemed and no longer outstanding as of April 30, 2022, and convertible debt.
2) Share-based compensation relates to accelerated vesting of existing stock options upon completion of the Business Combination.
Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards ("IFRS"). The Company makes references to certain non-IFRS
measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore
unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS
measures by providing a further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in
isolation nor as a substitute for the analysis of the Company's financial information reported under IFRS. Li-Cycle defines Adjusted EBITDA as earnings before depreciation
and amortization, interest expense (income), income tax expense (recovery), foreign exchange (gain) loss, fair value (gain) loss on financial instruments, and non-recurring
expenses such as forfeited SPAC transaction cost, listing fee, and accelerated vesting of share-based compensation related to the Business Combination.
Li-Cycle 27View entire presentation