(2) The three months ended December 31, 2023, includes a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $2.9 million currency gains on acquisition-related intercompany loans. The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans and a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The twelve months ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $3.2 million currency gains on acquisition-related intercompany loans. The twelve months ended December 31, 2022, includes $16.6 million expense on repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, and a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.
The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:
| (Unaudited) | |||||||||||||||
|
Three Months Ended
December 31, |
Year Ended
December 31, | ||||||||||||||
| (in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
| Net income (loss) | $ | 19,675 | $ | 12,065 | $ | (8,926 | ) | $ | (43,429 | ) | |||||
| Income tax expense | 10,176 | 208 | 21,545 | 15,216 | |||||||||||
| Stock-based compensation expense | 19,158 | 22,263 | 85,581 | 84,787 | |||||||||||
| Interest expense | 1,533 | 1,526 | 6,116 | 4,377 | |||||||||||
| Depreciation and amortization | 9,853 | 11,412 | 39,124 | 35,504 | |||||||||||
| Special adjustments, interest income and other(1) | (6,822 | ) | (8,733 | ) | (14,302 | ) | 12,145 | ||||||||
| Adjusted EBITDA | $ | 53,573 | $ | 38,741 | $ | 129,138 | $ | 108,600 | |||||||
