Transformed Business Model and Cost Structure
Structurally improved business model
Financial Results & Key Metrics
Back at pre-pandemic revenue levels with a record annual Adjusted EBITDA margin
$1.16B-$1.18B
Net Revenue
Adjusted EBITDA
Margin (%)
$943M
19%
$1.01B
21%
$873M
16%
$1.03B
24%
23-24%²
2018
2019
2020
2021
2022E
'See Appendix for how we define Adjusted EBITDA margin and a reconciliation of Net income (loss) margin to Adjusted EBITDA margin. FY 2018 Net income margin was 6%. FY 2019 Net income margin was 4%. FY 2020 Net loss margin was (2%). FY 2021 Net income margin was 4%.
We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for Net income (loss) due to the uncertainty and potential variability of Other income, net and Provision for (benefit from) income taxes, which are reconciling items
between Adjusted EBITDA and Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook would to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such
items could have a significant impact on the calculation of Net income (loss). For more information on Adjusted EBITDA and Adjusted EBITDA margin, see Appendix.
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