| Reconciliation between GAAP and non-GAAP results |
A reconciliation between GAAP and non-GAAP results is presented below.
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Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA |
(in thousands) |
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Net loss |
$ |
(9,394 |
) |
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$ |
(501 |
) |
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$ |
(59,002 |
) |
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$ |
(55,743 |
) |
Adjustments: |
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Interest income |
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(527 |
) |
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(899 |
) |
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(2,777 |
) |
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(4,877 |
) |
Interest expense |
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1,350 |
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1,314 |
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5,320 |
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5,256 |
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Taxes |
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— |
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— |
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— |
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— |
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Depreciation & Amortization |
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2,808 |
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2,237 |
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10,623 |
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8,419 |
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EBITDA |
$ |
(5,763 |
) |
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$ |
2,151 |
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$ |
(45,836 |
) |
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$ |
(46,945 |
) |
Share-based compensation expense |
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7,555 |
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8,555 |
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33,823 |
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30,603 |
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Acquisition-related costs |
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— |
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— |
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— |
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1,873 |
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Restructuring costs(1) |
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352 |
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— |
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1,529 |
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|
964 |
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Customer credit loss(2) |
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— |
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— |
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— |
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2,147 |
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Litigation costs(3) |
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1,304 |
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|
399 |
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3,852 |
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399 |
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Debt extinguishment loss |
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2,737 |
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— |
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2,737 |
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— |
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Adjusted EBITDA |
$ |
6,185 |
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$ |
11,105 |
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$ |
(3,895 |
) |
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$ |
(10,959 |
) |
(1) Restructuring charges primarily relate to severance payments and other post-employment benefits from a restructuring in the second quarter of 2024 and the third and fourth quarters of 2025. (2) Customer credit loss consists of the write-off of accounts receivable due from a customer that filed for bankruptcy during the second quarter of 2024. (3) Litigation costs relate to patent infringement lawsuits.
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