Paya SPAC Presentation Deck
Adjusted EBITDA Reconciliation
($M, unless otherwise noted)
Bridge from reported to adjusted EBITDA
Net income, (loss)
Depreciation & amortization
Tax benefit
Interest and other expense
EBITDA, reported
Other adjustments
Transaction-related expenses
Stock based compensation
Restructuring costs
Discontinued service costs
Management fees and expenses
Sage carve-out expenses
Other costs
Total adjustments
Adjusted EBITDA
Adjusted 2018
34
(3.3)
18.3
(3.9)
13.5
24.7
1.0
1.3
1.6
2.2
1.2
9.5
0.8
17.6
42.2
Adjusted 2019
$
$
$
(9.0)
22.4
(2.4)
20.9
31.9
6.9 [a]
2.3 [b]
4.0 [c]
2.3 [d]
1.1 [e]
1.0 [f]
0.8 [g]
18.4
50.3
(a) Represents professional service fees related to business combinations such as legal fees, consulting fees, accounting advisory fees, and other costs.
(b) Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our
business and an important part of our compensation strategy
(c) Holdings incurred costs associated with restructuring plans designed to streamline operations and reduce costs including costs associated with the relocation of headquarters from Reston, VA to
Atlanta, GA and certain staff restructuring charges including severance
(d) Represents costs incurred to retire certain tools, applications, and services that are no longer in use.
(e) Represents advisory fees associated with the to be former control owner that we will not be required to pay after the closing of this offering. See notes to our consolidated financial statements
included in the proxy statement / prospectus relating to the business combination for more information about these related party transactions.
(f) Expenses related to carving out the enti from former Corporate owner Sage PLC including rebranding, technology implementation, consulting and transitional service agreement expenses.
(g) Represents non-operational gains or losses, non-standard project expense, non-operational legal expense and other.
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