Grove Investor Presentation Deck
Non-GAAP Financial Measures
Some of the financial information and data contained in this presentation, such as adjusted EBITDA and adjusted EBITDA margin, have not been
prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures, and other measures
that are calculated using such non-GAAP measures, are an addition to, and not a substitute for or superior to, measures of financial
performance prepared in accordance with GAAP and should not be considered as an alternative to revenue, operating income, profit before
tax, net income or any other performance measures derived in accordance with GAAP. A reconciliation of historical adjusted EBITDA to Net
Income is provided in the appendix. The reconciliation of projected adjusted EBITDA and adjusted EBITDA Margin to the closest corresponding
GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility
with respect to the charges excluded from these non-GAAP measures, such as the impact of depreciation and amortization of fixed assets,
amortization of internal use software, the effects of net interest expense (income), other expense (income), and non-cash stock based
compensation expense. Grove believes these non-GAAP measures of financial results, including on a forward-looking basis, provide useful
information to management and investors regarding certain financial and business trends relating to Grove's financial condition and results of
operations. Grove's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. Grove believes
that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and
trends in and in comparing Grove's financial measures with other similar companies, many of which present similar non-GAAP financial measures
to investors. Management of Grove does not consider these non-GAAP measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. However, there are a number of limitations related to the use of these non-GAAP measures and their
nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate
their financial performance, and therefore Grove's non-GAAP measures may not be directly comparable to similarly titled measures of other
companies.
We calculate adjusted EBITDA as net loss, adjusted to exclude: (1) stock-based compensation expense; (2) depreciation and amortization; (3)
remeasurement of convertible preferred stock warrant liability; (4) interest expense; (5) provision for income taxes; and (6) restructuring
expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
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