Investor Presentaiton
APPENDIX
Non-GAAP measures reconciliation 1,2
Below is a bridge from GAAP net loss to Adjusted EBITDA for 2019 and 2020. For future periods, Adjusted EBITDA excludes stock-based
compensation expense.
2019
2020
Net Loss (GAAP)³
($263M)
($140M)
Plus: Net Interest Expense
+ $32M
+ $53M
Plus: Depreciation and Amortization
+ $13M
Less: Tax Benefit
EBITDA
($8M)
($226M)
Plus: Stock-based Compensation
+ $95M
Plus: Severance
Plus: Other Adjustments4
+ $2M
+ $127M
Plus/Less: Loss/(Gain) on Sale
Adjusted EBITDA
+ $1M
($1M)5
+ $20M
($2M)
($69M)
+ $35M
+ $5M
+ $51M
($4M)
$18M
1. See "Forward-Looking Statements" disclaimer on pages 3-4. 2. See "Non-GAAP Measures, Reconciliation, and Discussion" disclaimer on page 5. 3. 2019 and 2020 net loss figures are not from a PCAOB audit and thus are subject to change, 4. 2019 other
adjustments include -$79M early settlement of contingent consideration, -$11M of litigation and transaction fees, and $36M of EBITDA generated in Massachusetts in 2019 prior to acquisitions closing. 2020 Other Adjustments include -$23M of non-recurring
impairment charges, $18M loss on extinguishment of loan, -$4M of inventory writedowns, and -$6M of other adjustments. 5. 2019 Adjusted EBITDA is pro forma as if Massachusetts acquisitions closed on December 31, 2018.
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