Thoughtworks Results Presentation Deck
Reconciliation of Non-GAAP financial measures
(in thousands, except percentages, number of shares and earnings per share)
Net (loss) income
Income tax expense
Interest expense
Other (income)/expense, net
Unrealized foreign exchange (gains) losses
Stock-based compensation
Depreciation and amortization
Acquisition costs (a)
Certain professional fees (b)
Non-recurring tender offer compensation expense (c)
Business rationalization (d)
IPO-related costs (e)
Employer payroll tax on employee equity incentive plans (f)
Adjusted EBITDA
Net (loss) income margin
Adjusted EBITDA Margin
2022 Thoughtworks
Three Months Ended March 31,
2021
Year Ended December 31,
2021
(59,904) $
18,585 $
(23,623) $
301
4,623
10,148
4,647
6,194
25,456
(88)
(61)
1,671
(5,847)
3,929
5,024
120,736
1,874
157,946
11
8,582
6,884
29,528
20
6,403
8,524
803
1,648
1,991
2,714
2,715
1,043
2,713
1,154
53,836 $ 223,247
72,872 $
(18.7)%
7.8 %
22.7%
22.7%
$
$
2022
3,622
(2.2)%
20.9 %
2020
79,283
23,164
25,767
(185)
(5,351)
1,667
26,528
633
56
-
1,316
315
153,193
9.9 %
19.1 %
(a) Reflects costs for certain professional fees and
retention wage expenses related to certain
acquisitions.
(b) Adjusts for certain transaction expenses,
non-recurring legal expenses, and one-time
professional fees.
(c) Adjusts for the additional compensation expense
related to the tender offer completed in the first
quarter of 2021.
(d) Adjusts for business rationalization revenues and
costs related to closing Thoughtworks Studios, which
ceased operations as of December 31, 2020.
(e) Adjusts for IPO-readiness costs and expenses that
do not qualify as equity issuance costs.
(f) We exclude employer payroll tax expense on equity
incentive plans as these expenses are tied to the
exercise or vesting of underlying equity awards and
the price of our common stock at the time of vesting
or exercise. As a result, these taxes may vary in any
particular period independent of the financial and
operating performance of our business.
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