Homeowners Insurance Market Opportunity
Adjusted EBITDA - Non-GAAP Reconciliation
$ in Millions
FY2020A1
(Unaudited)
(141.5)
Net Income (Loss)
Adjustments:
Less: Benefit from Income Taxes
Less: Capitalization of Software Development costs
Add: Depreciation and Amortization
Add: Stock Based Compensation
Add: Fair Value Adjustments²
Add: Non-Cash Interest Expense³
Add: Contingent Consideration Charge4
Add: Other One-off Transactions
Non-GAAP Operating Income
Less: Net Investment Income
Adjusted EBITDA
(1.8)
(9.4)
6.7
17.7
22.4
3.5
3.4
0.8
(98.1)
(1.1)
(99.2)5
1. Preliminary actual results, subject to change
12345
Change in FV of preferred stock warrant liabilities and derivative on convertible note
Amortization of the discount of the convertible note
Change in FV of the estimated future payments for earnout
This does not include $3.5 million of Spinnaker deferred ceding commission income (net of DAC) as it was part of opening balance sheet adjustments as
required under US GAAP
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