Investor Presentation March 2023
GAAP to Adjusted EBITDA Reconciliation FY 2020-2022
(in $ thousands)
Twelve Months Ended
September 30,
2022
2021
2020
GAAP Consolidated net (loss) income
S
(337,262)
S 10.895
S
(4,685)
Adjustments (a):
Interest expense
29,704
1,683
Income tax expense (benefit)
(15,187)
(4.776)
1,490
147
Depreciation and amortization
49,324
6.268
4,074
Stock compensation expense (1)
28.974
1,786
540
United Kingdom lease liability reversal benefit
(179)
(180)
Acquisition and integration costs (2)
16,119
5,377
339
Startup costs
Restructuring costs (3)
Unrealized foreign exchange gain
Loss on debt extinguishment
Amortization of inventory step up
Loss (gain) on disposition of assets
5,687
1,477
333
8.564
754
877
10.246
(234)
Loss (gain) on fair value remeasurement of convertible notes (4)
PPP loan forgiveness
56,714
(8,362)
(4,851)
Other non-recurring, third party costs
Goodwill impairment loss (5)
Adjusted EBITDA (b)
211
823
236,005
$
90,496
S
9,318
$
2,881
(a) Adjustments to certain GAAP reported measures for the fiscal years ended 2020, 2021 and 2022 include, but are not limited to, the following:
(b)
(1)
(2)
(3)
(4)
(5)
For the twelve months ended September 30, 2022, $23.0 million relates to post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan recognized in connection with the Envigo acquisition.
Represents charges for legal services, accounting services, travel, change in control charges. and other related activities in connection with completed and anticipated acquisitions. For the fiscal year ended September 20, 2022, this included
acquisitions of Envigo, ILS, OBRC, Histion, and Protypia; for the fiscal year ended September 30, 2021, this included the acquisitions of HistoTox Labs, Bolder BioPATH, Gateway Pharmacology, Envigo and Plato BioPharma, Inc., for the fiscal year
ended September 30, 2020, this included the acquisition of PreClinical Research Services.
For the fiscal year ended September 30, 2022, restructuring costs represent costs incurred in connection with the exit of our Dublin and Cumberland sites.
For the fiscal year ended September 30, 2022, represents loss resulting from the fair value remeasurement of the embedded derivative component of the convertible notes, and for the fiscal year ended September 30, 2021, represents gain
resulting from the fair value remeasurement of the embedded derivative component of the convertible notes.
For the fiscal year ended September 30, 2022, represents a non-cash goodwill impairment charge related to the RMS segment.
Adjusted EBITDA - Consolidated net (loss) income before interest expense, income tax expense (benefit), depreciation and amortization, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign
exchange loss, loss on debt extinguishment, amortization of inventory step up, gain/loss on disposition of assets, loss on fair value remeasurement of the embedded derivative component of the convertible notes, other non-recurring third party costs and
goodwill impairment loss.
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