Hagerty Investor Presentation Deck
RECONCILIATION OF NON-GAAP METRICS | 2023 OUTLOOK
Net Income (Loss) to Adjusted EBITDA
IN THOUSANDS
Net Income (Loss)
Interest and Other (Income) Expense
Income Tax (Benefit) Expense
Depreciation and Amortization
Restructuring, Impairment and Related Charges, Net
Change in Fair Value of Warrant Liabilities
Stock-based Compensation Expense
Adjusted EBITDA
2023 Low
($13,000)
(10,750)
14,300
41,700
5,535
515
16,700
$55,000
2023 High
$7,000
(10,750)
14,300
41,700
5,535
515
16,700
$75,000
Adjusted EBITDA
We define Adjusted EBITDA as consolidated Net income (loss) excluding interest and other income (expense), income tax (expense) benefit, and depreciation and amortization, adjusted to exclude (i) restructuring, impairment and related charges, net; (ii) changes in fair value of
warrant liabilities; (iii) stock-based compensation expense; (iv) when applicable, the net gain or loss from asset disposals; and (v) when applicable certain other unusual items.
We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry.
By providing this non-GAAP financial measure, together with a reconciliation to net income (loss), which is the most directly comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors
in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for net income (loss) or other financial statement data presented in our
Consolidated Financial Statements as indicators of financial performance. Hagerty's Adjusted EBITDA may be determined or calculated differently than similarly titled measures of other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure
when comparing our performance to that of other companies.
HAGERTY Q1 2023 | 16View entire presentation