Talkspace Results Presentation Deck
Reconciliation of Net Income to Adjusted EBITDA
Adjusted EBITDA
We calculate adjusted EBITDA as net loss adjusted to exclude (i) interest and other expenses (income), net, (ii) tax benefit and expense, (iii) depreciation and
amortization (iv) stock-based compensation expense, (v) goodwill impairment charge and (vi) certain non-recurring expenses that do not represent our on-going
operations, where applicable.
(in thousands)
Net loss
Add:
Depreciation and amortization
Financial (income), net (¹)
Taxes on income
Stock-based compensation
Impairment of goodwill
Non-recurring expenses (2)
Adjusted EBITDA
$
$
For the Three Months Ended
December 31,
2021
2022
(18,307) $
351
(2,851)
127
2,730
6,134
2,947
(8,869) $
(21,068) S
515
(7,528)
18
6,821
3,677
(17,565) $
For the Year Ended
December 31,
2021
2022
(79,672) $
1,357
(3,740)
254
12,116
6,134
4,880
(58,671) $
(62,742)
1,973
(31,228)
47
27,405
3,677
(60,868)
1) For the three months ended December 31, 2022, financial income, net, primarily consisted of $2.7 million in gains resulting from the revaluation of warrant
liabilities. For the year ended December 31, 2022, financial income, net, primarily consisted of $3.1 million in gains resulting from the revaluation of warrant
liabilities. For the three months ended December 31, 2021, financial income, net primarily consisted of $7.9 million in gains resulting from the revaluation of
warrant liabilities. For the year ended December 31, 2021, financial income, net primarily consisted of $36.0 million in gains resulting from the revaluation of
warrant liabilities, partially offset by $4.2 million in warrant issuance costs in connection with the closing of the Business Combination.
2) For the three months ended December 31, 2022, non-recurring expenses primarily consisted of a $5.5 million accrual for estimated litigation expenses,
partially offset by one-time savings related to marketing expenses. For the year ended December 31, 2022, non-recurring expenses primarily consisted of a $5.5
million accrual for estimated litigation expenses; such accrual represents our best estimate of the total cost the Company may incur for settling the outstanding
shareholder litigation claims, including federal, state and derivative actions, pursuant to binding agreements reached with the relevant parties, net of insurance
proceeds. For the three months and year ended December 31, 2021, non-recurring expenses primarily consisted of severance costs related to the separation of
Oren Frank and Roni Frank, co-founders and former executives of the Company, in November 2021.
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