Embark Investor Presentation Deck
NON-GAAP RECONCILIATION: ADJUSTED EBITDA
Embark Trucks, Inc.
Reconciliation of Adjusted EBITDA
(in thousands, except share and per share data)
Net loss
Interest income and expense, net
Depreciation and amortization
EBITDA
Stock-based compensation expense (¹)
(2)
Change in fair value of warrant liabilities
Change in fair value of derivative liability (3
One time transaction related cost (4)
Adjusted EBITDA
$
EMBARK
Three Months Ended
December 31,
2021
(76,388) $
4,413
318
(71,657)
44,171
2020
(6,544) $
(124)
262
(6,406)
272
8,206
(1,460)
413
(20,327) $ (6,134) $
Years Ended
December 31,
2021
(124,213) $
8,065
1,074
(115,074)
47,607
8,206
4,323
1,413
(53,525) $
2020
(21,531)
(788)
822
(21,497)
842
(20,655)
(1) Reflects, for the years ended December 31, 2021 and 2020, stock-based compensation expense related to the issuance of
equity awards to certain Embark employees, the issuance of our Class B shares to the Embark Founders, and issuance
of equity awards for non-employee services.
(2) Reflects the increase in the fair values of the Company's private, public, FPA and working capital warrants.
(3) Reflects the change in the fair value of the embedded conversion and redemption features, which are presented as a
derivative liability, related to the convertible note payable.
(4) Represents one time transaction related costs, which are not expected to recur in the future
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