Myndai Inc
For the period ended Jun 30, 2024. Filed Aug 28, 2024.
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Jun 30, 2024 · Filed Aug 28, 2024
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EX-99.2 · Adjusted EBITDA
Adjusted EBITDA
We define Adjusted EBITDA as net loss, adjusted for loss from discontinued operations, interest expense, income tax expense (benefit), depreciation and amortization, as well as, non-cash, non-operating expenses such as share-based compensation, changes in the fair value of derivative instruments and other income (expense); and one-time, unplanned and/or infrequent events we believe are outside the ordinary course of our continuing operations, including transaction-related costs, restructuring costs, litigation costs, and gain on forgiveness of debt.
Reconciliation of Adjusted EBITDA to net loss:
| Six months ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Net loss | $(47,810) | $(15,671) |
| Loss from discontinued operations | 64 | 431 |
| Interest expense | 5,518 | 2,366 |
| Interest income | (1,314) | (6) |
| Income tax expense (benefit) | 39,631 | (5,143) |
| Depreciation and amortization | 4,044 | 2,526 |
| Share-based compensation | 1,131 | — |
| Other income (expense), net | 1,066 | (1,294) |
| Gain on embedded derivative | (9,249) | — |
| Transaction related costs1 | 125 | 8,472 |
| Restructuring costs2 | 1,218 | 2,170 |
| Adjusted EBITDA | $(5,576) | $(6,149) |
(1) Transaction related costs are one-time non-recurring costs related to acquisition and disposal of businesses.
(2) Restructuring costs relate to employee severance costs, contract termination costs, facility restructuring, and business restructuring efforts undertaken by management.
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