Shoals Results Presentation Deck
RECONCILIATION OF NON-GAAP MEASURES
3 Months Ended June 30,
2022
$ 7,303
6 Months Ended June 30,
2022
2021
2021
$ 9,154
$ 11,952
8,006
4,170
1,511
470
3,620
(339)
3,033
893
411
2,238
1,996
4,509
1,664
$, thousands
Net Income (loss)
Interest expense, net
Income tax expense
Depreciation expense
Amortization of intangibles
Tax receivable agreement liability adjustment
Loss on debt repayment
Equity-based compensation
Acquisition-related expenses
COVID-19 expenses
(b)
Non-recurring and other expenses
Adjusted EBITDA
$, thousands
(c)
Net income (loss) attributable to Shoals Technologies Group,
Inc.
(b)
Net income (loss) impact from pro forma conversion of Class
(d)
B common stock to Class A common stock
(e)
Adjustment to the provision for income tax
Tax effected net income (loss)
Amortization of intangibles
Amortization of deferred financing costs
Tax receivable agreeement liability adjustment (a)
Loss on debt repayment
Equity-based compensation
Acquisition-related expenses
COVID-19 expenses
Non-recurring and other expenses
(f)
Tax impact of adjustments
Adjusted Net Income
(a)
(c)
4,063
12
$ 19,767
$ 4,402
2,901
3 Months Ended June 30,
2022
2021
(686)
6,617
2,238
408
4,063
12
(1,588)
2,780
$ 11,750
-
106
1,239
$ 20,631
$ 4,558
4,596
(942)
8,212
1,996
305
1,664
2,780
106
1,239
(1,635)
$ 14,667
7,896
12
$36,301
$ 7,042
6 Months Ended June 30,
2022
2021
4,910
(1,159)
10,793
4,509
684
7,896
12
$ 820
7,329
(1,814)
816
3,992
1,664
15,990
4,172
(3,093)
$ 20,801
161
1,578
$ 34,708
$ 1,699
(879)
192
1,012
3,992
675
1,664
15,990
4,172
161
1,578
(5,806)
$ 23,438
(a) Represents an adjustment to eliminate the remeasurement of the payable pursuant to the TRA.
(b) Represents costs incurred as a direct impact from the COVID-19 pandemic, disinfecting and reconfiguration of facilities, medical professionals to conduct daily screenings of employees, premium pay during the pandemic to hourly workers in 2020 and direct legal costs associated with the pandemic.
(c) Represents certain costs associated with non-recurring professional services, Oaktree's expenses and other costs.
(d) Reflects net income (loss) to Class A common shares from pro forma exchange of corresponding shares of our Class B common shares held by our Founder and management.
(e) Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes with respect to its allocable share of any net taxable income of Shoals Parent LLC. The adjustment to the provision for income tax reflects the effective tax rates below, assuming Shoals Technologies Group, Inc. owns 100% of the
units in Shoals Parent LLC.
(f) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.
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