Investor Presentaiton
G
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, (gain) loss on debt
extinguishment, stock-based compensation, and equity offering expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue.
Our management believes EBITDA and Adjusted EBITDA 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 and Adjusted EBITDA because we believe they provide
useful information regarding the factors and trends affecting our business.
($ in thousands)
LTM
June 30,
2020
Year Ended
December 31,
2019
2018
2017
2016
2015
Net income (loss)
Interest (income) expense, net
Income tax (benefit) expense
$109,300
$156,303
$150,281
$66,547
(1,396)
(879)
3,595
20,767
($8,176)
20,233
$21,224
21,837
31,010
32,020
19,520
1,549
809
784
EBIT
138,914
187,444
173,396
88,863
12,866
43,845
Depreciation and amortization
42,097
38,854
30,153
23,271
21,241
20,580
EBITDA
$181,011
$226,298
$203,549
$112,134
$34,107
$64,425
Severance expenses
1,864
Revaluation of tax receivable agreement liability
(6,646)
(5,336)
Secondary offering related expenses
1,042
(Gain) loss on debt extinguishment
4,305
Stock-based compensation
7,631
Adjusted EBITDA
$183,860
6,995
$228,999
4,704
$212,558
$112,134
(2,251)
361
$32,217
(1,640)
359
$63,144
Revenue
Adjusted EBITDA Margin
$521,733
35.2%
$628,414
36.4%
$544,135
39.1%
$341,191
32.9%
$155,048
20.8%
$221,395
28.5%
28
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