Investor Presentaiton
Adjusted EBITDA Reconciliation to Net Income (Loss)
(in Millions)
2016
2017
2018
2019
2020
Net Income (Loss)
$(13.5) $(18.7) $(10.8) $(45.4) $(51.2)
Depreciation and amortization expense
9.8
11.8
21.3
34.6
47.1
Interest expense, net
2.8
6.6
13.3
22.3
31.5
Other expense (income), net
0.7
(0.3)
1.8
3.2
0.1
Loss on debt extinguishment
2.3
Provision for (benefit from) income taxes
1.5
1.3
(9.8)
(6.8)
(4.2)
Stock-based compensation expense
4.3
10.0
14.1
25.8
41.7
Acquisition-related expense
5.6
15.1
18.7
39.7
27.1
Nonrecurring litigation expense
0.0
Purchase accounting deferred revenue discount
1.4
4.5
4.5
6.8
7.8
Adjusted EBITDA
$12.6
$30.3 $53.1
$82.5 $99.9
Source: Company Information
We define Adjusted EBITDA as net loss, calculated in accordance with GAAP, plus depreciation and amortization expense, interest expense, net, other expense (income), net, loss on debt extinguishment, provision (benefit) for
income taxes, stock-based compensation expense, acquisition-related expenses, and purchase accounting adjustments for deferred revenue. We believe that Adjusted EBITDA provides useful information to management,
investors and others in understanding and evaluating our operating results; however, Adjusted EBITDA should not be considered as an alternative to net loss or any other measure of financial performance calculated and
presented in accordance with GAAP and has important limitations as an analytical tool, including that other companies might calculate Adjusted EBITDA or similarly titled measures differently. Because of these limitations, you
should consider Adjusted EBITDA together with other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.
Above is a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.
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