| (1) | For the three and six months ended June 30, 2024, the Company used a non-GAAP effective tax rate of 25%. For the three and six months ended June 30, 2023, the Company used a non-GAAP effective tax rate of 26%. | |
| (2) | The three months ended June 30, 2024, includes $0.1 million of currency losses on acquisition-related intercompany loans. The three months ended June 30, 2023, includes a $1.0 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $1.3 million of currency gains on acquisition-related intercompany loans. The six months ended June 30, 2024, includes $0.9 million of currency losses on acquisition-related intercompany loans, and a $0.2 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The six months ended June 30, 2023, includes an $8.0 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $3.1 million currency gains on acquisition-related intercompany loans. |
The following table provides a reconciliation of Adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income | $ | (5,147 | ) | $ | (22,280 | ) | $ | 11,400 | $ | (24,239 | ) | |||||
| Income tax (benefit) expense | (610 | ) | 8,678 | 6,159 | 17,910 | |||||||||||
| Stock-based compensation expense | 17,355 | 23,736 | 33,354 | 45,897 | ||||||||||||
| Interest expense | 1,604 | 1,528 | 3,180 | 3,054 | ||||||||||||
| Depreciation and amortization | 9,938 | 9,738 | 19,557 | 19,488 | ||||||||||||
| Special adjustments, interest income and other (1) | (5,792 | ) | (4,344 | ) | (10,484 | ) | (1,999 | ) | ||||||||
| Adjusted EBITDA | $ | 17,348 | $ | 17,056 | $ | 63,166 | $ | 60,111 | ||||||||
