Babylon SPAC Presentation Deck
Adjusted EBITDA Reconciliation
$ in millions
Net Loss
1 (+) Depreciation & Amortization
2 (+) Net Finance Costs
3 (+) Tax
EBITDA
4 (+) Impairment
5 (+) Share Based Payments
6 (+) Exchange Rate (Gains) / Losses
Adjusted EBITDA
2019A
(140.3)
2.5
0.1
(5.6)
(143.2)
8.0
(17.1)
(152.4)
2020A
(188.0)
14.5
3.9
4.6
(165.0)
6.4
1
2
(146.2)
3
Commentary
Increased amortization of capitalized technology costs as a result of new software
licence contracts
Primarily the reversal of previously recognized tax benefits related to U.K. tax credits
for qualifying R&D activities, which will be amortized over the useful life of the related
capitalized development costs as a reduction to R&D technology expense
4 Impairment of technology development costs
2.8 6
Finance costs relate primarily to lease obligations and the accounting for certain
Licensing services when upfront payments are received from customers
9.6 5 Share based compensation relating to employees
Exchange rate loss primarily due to fluctuation between USD and GBP (majority of
Babylon revenue received in USD, majority of expenses paid in GBP); exchange rate
gain in 2019 results from majority of business operating in GBP despite the functional
currency being USD
Source: Management reporting.
Notes: We have not reconciled the non-IFRS measures for the future periods to their corresponding IFRS measures because certain reconciling items such as share-based payments and exchange rate gains and losses depend on factors such as the share price at the time of
award of future grants and foreign exchange rates and thus cannot be reasonably predicted. Accordingly, reconciliation to the non-IFRS projected measures are not available without unreasonable effort.
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