(2)Includes the gain on sale of our EFK business in December 2022.
(3) Relates to restructuring charges in Q4 2022.
(4) Reflects change to adjusted net income (loss) definition discussed in more detail elsewhere in this release.
Unaudited Reconciliation of Net Income to Adjusted EBITDA
| Three Months Ended | Year Ended | |||||||||||||||||||
| (in millions USD) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||
| Net income for the period | $ | 668 | $ | 336 | $ | 43 | $ | 1,446 | $ | (254 | ) | |||||||||
| Depreciation and amortization | 409 | 395 | 419 | 1,623 | 1,619 | |||||||||||||||
| Finance expense | 28 | 28 | 28 | 111 | 114 | |||||||||||||||
| Finance income | (26 | ) | (17 | ) | NA | (51 | ) | NA | ||||||||||||
| Income tax expense | 8 | 19 | 26 | 86 | 78 | |||||||||||||||
| Share based compensation | 43 | 32 | 55 | 182 | 228 | |||||||||||||||
| Restructuring charges (1) | 94 | — | — | 94 | — | |||||||||||||||
| Labor optimization initiatives | — | — | 5 | — | 17 | |||||||||||||||
| (Gains) on transactions, legal settlements and transaction expenses (2) | (403 | ) | — | 8 | (403 | ) | 46 | |||||||||||||
| Adjusted EBITDA (3) | $ | 821 | $ | 793 | $ | 584 | $ | 3,088 | $ | 1,848 | ||||||||||
| Adjusted EBITDA margin | 39.1 | % | 38.2 | % | 31.6 | % | 38.1 | % | 28.1 | % | ||||||||||
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