Investor Presentaiton
16
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$US Dollars in millions
Q1 '22 Financial Results
Three Months Ended
March 31,
Three Months
Ended
December 31,
2022
2021
Variance
2021
Revenue
$
843.5 $
706.7
19.4 % $
1,062.0
Direct operating expenses
330.5
292.8
12.9 %
385.6
SG&A expenses
384.3
342.3
12.3 %
414.3
Depreciation & amortization
114.1
107.4
6.2 %
126.0
Impairment charges
1.3
37.7
8.3
Other operating expenses
0.9
2.8
4.8
Operating income
$
12.3 $
(76.4)
$
123.0
Depreciation & amortization
114.1
107.4
126.0
Impairment charges
1.3
37.7
8.3
Other operating expenses
Share-based compensation
Restructuring expenses
Adjusted EBITDA
0.9
2.8
4.8
5.5
5.7
6.0
11.1
25.0
26.0
es
$
145.2 $
102.2
42.0 % $
294.2
Notes: In this presentation, Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and Selling, General
and Administrative expense ("SG&A") and share-based compensation expenses included within SG&A, as well as the following line items presented in our Statements of Operations: Depreciation
and amortization; Impairment charges; and Other operating expense (income), net. See reconciliations in the Appendix.
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