Investor Presentaiton
Non-GAAP Reconciliation
Important Disclosure Regarding Non-GAAP Measures
EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by
management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDA as net income excluding net
interest, income tax and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding severance expenses, revaluation of tax receivable agreement liability, (gain) loss on
debt extinguishment, stock-based compensation, remeasurement loss on earn-out liability, inventory step-up expense, and transaction (acquisition or equity offering) related expenses. We
define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue.
Our management believes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are useful, because they allow management to more effectively evaluate our operating performance and
compare the results of our operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to
period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our
computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin because we believe they provide useful information regarding the factors and trends affecting our business.
($ in thousands)
2023
Net income (loss)
Income tax expense
Interest expense (income), net
$214,840
6,480
47,536
2022
$145,122
2021
2020
(3,714)
$67,470
774
$59,215
(701)
Year Ended
December 31,
2019
$156,303
(879)
2018
2017
2016
2015
$150,281
3,595
31,430
7,675
10,970
32,020
19,520
$66,547
20,767
1,549
($8,176)
20,233
809
$21,224
21,837
784
EBIT
268.856
172,838
75,919
69,484
187,444
173,396
88,863
12,866
43,845
Depreciation and amortization
65,045
EBITDA
$333,901
34,124
$206,962
36,308
40,520
38,854
30,153
23,271
21,241
20,580
$112,227
$110,004
$226,298
$203,549
$112,134
$34,107
$64,425
Severance expenses
Revaluation of tax receivable agreement liability
(4,490)
Transaction related expenses
12,183
1,910
8,422
(898)
406
1,864
555
(5,336)
1,042
(Gain) loss on debt extinguishment
4,305
(2,251)
(1,640)
Remeasurement loss on earn-out liability
14,850
Inventory step-up expense
23,516
Stock-based compensation
18,105
Adjusted EBITDA
$398,065
10,631
$227,925
8,620
$120,355
8,599
$121,022
6,995
$228,999
4,704
$212,558
$112,134
361
$32,217
359
$63,144
Revenue
Net income (loss) margin
Adjusted EBITDA margin
$1,096,960
19.6%
36.3%
$688,369
21.1%
33.1%
$438,589
15.4%
27.4%
$348,566
17.0%
34.7%
$628,414
24.9%
$544,135
27.6%
$341,191
19.5%
$155,048
(5.3%)
$221,395
36.4%
39.1%
32.9%
20.8%
9.6%
28.5%
25
25
*For the year ended December 31, 2014, we had EBITDA of $88.8 million, representing net income of $59.1 million, excluding net interest expense of $11.2 million, income tax expense of $0.3 million and depreciation
and amortization of $18.2 million. There was no early extinguishment of debt in 2014. Stock-based compensation was $1.3 million in 2014. Adjusted EBITDA was equal to $90.1 million. Revenue was $259.5 million, Net
Income margin was 22.8% and Adjusted EBITDA margin was 34.7%.View entire presentation