- Achieved All 2023 Operating and Financial Guidance Metrics
- Implemented Providers +19.4% compared to Year-End 2022
- Introduces Full-Year 2024 Guidance
- Proactive Steps to Limit Downside Risk Arrangements in Current Medicare Advantage Environment for More Favorable Contract Structures and Margin Contribution
Full-Year Performance
For the Years Ended | ||||||||||||
($ in millions, except per share amounts) | 2023 | 2022 | Change (%) | |||||||||
Total revenue | $ | 1,657.7 | $ | 1,356.7 | 22.2 | % | ||||||
Gross profit | $ | 353.8 | $ | 302.3 | 17.0 | % | ||||||
Operating income (loss) | $ | 20.6 | $ | (19.1 | ) | nm | ||||||
Net income (loss)a | $ | 23.1 | $ | (8.6 | ) | nm | ||||||
Non-GAAP adjusted net incomeb | $ | 81.5 | $ | 63.7 | 27.9 | % | ||||||
Net income (loss) per share | $ | 0.20 | $ | (0.08 | ) | nm | ||||||
Non-GAAP adjusted net income per share | $ | 0.64 | $ | 0.52 | 23.1 | % | ||||||
a. | Net income for full-year 2023 included | |||||||||||
b. | Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | |||||||||||
Highlights from 2023 include:
- Record new provider signings with Implemented Providers increasing 19.4% from year-end 2022;
- Gross provider retention of 98+%;
- Strong fee-for-service collections, value-based care performance and new markets growth offset an approximate
$110 million Practice Collections headwind due to the restructuring of a capitation contract announced in 1Q’23; - Three new market entries –
Connecticut ,South Carolina andWashington ; - Strong Platform Contribution performance helped absorb incremental new market entry costs; and
- Adjusted EBITDA growth of 18.7% compared to full-year 2022.
Key Operating and Non-GAAP Financial Metrics
For the Years Ended | |||||||||||
($ in millions) | 2023 | 2022 | Change (%) | ||||||||
Implemented Providers | 4,305 | 3,606 | 19.4 | % | |||||||
Value-Based Care Attributed Lives | 1,120,000 | 856,000 | 30.8 | % | |||||||
Practice Collections | $ | 2,839.0 | $ | 2,424.1 | 17.1 | % | |||||
Care Margin | $ | 359.2 | $ | 305.6 | 17.5 | % | |||||
Platform Contribution | $ | 173.5 | $ | 148.5 | 16.8 | % | |||||
Adjusted EBITDA | $ | 72.2 | $ | 60.9 | 18.7 | % | |||||
Full-Year 2023 Actual Performance versus Guidance
Initial FY 2023 Guidancec | Updated FY 2023 Guidance | FY 2023 | ||||||||||||
($ in millions) | Low | High | at | Actual | ||||||||||
Implemented Providers | 4,050 | 4,150 | Above High End | 4,305 | ||||||||||
Attributed Lives | 1,050,000 | 1,150,000 | Midpoint | 1,120,000 | ||||||||||
Practice Collections | $ | 2,700 | $ | 2,850 | Midpoint | $ | 2,839.0 | |||||||
GAAP Revenue | $ | 1,550 | $ | 1,650 | Mid to High End | $ | 1,657.7 | |||||||
Care Margin | $ | 350 | $ | 365 | Mid to High End | $ | 359.2 | |||||||
Platform Contribution | $ | 160 | $ | 168 | Above High End | $ | 173.5 | |||||||
Adjusted EBITDAd | $ | 70 | $ | 74 | Mid to High End | $ | 72.2 | |||||||
c. | Management had not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit and Net Income. This is because the Company could not have predicted with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions not within our control as well as certain legal or advisory costs, tax costs or other costs that have arisen. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the directly comparable GAAP measures. | |||||||||||||
d. | Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | |||||||||||||
Fourth Quarter Performance
For the Three Months Ended | ||||||||||||
($ in millions, except per share amounts) | 2023 | 2022 | Change (%) | |||||||||
Total revenue | $ | 440.8 | $ | 364.4 | 21.0 | % | ||||||
Gross profit | $ | 90.0 | $ | 79.2 | 13.6 | % | ||||||
Operating income | $ | 1.4 | $ | 2.2 | nm | |||||||
Net incomee | $ | 2.8 | $ | 17.8 | nm | |||||||
Non-GAAP adjusted net incomef | $ | 20.3 | $ | 16.1 | 26.1 | % | ||||||
Net income per share | $ | 0.02 | 0.14 | nm | ||||||||
Non-GAAP adjusted net income per share | $ | 0.15 | $ | 0.13 | 15.4 | % | ||||||
e. | Net income for the fourth quarter of 2023 included | |||||||||||
f. | Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | |||||||||||
Key Operating and Non-GAAP Financial Metrics
For the Three Months Ended | |||||||||||
($ in millions) | 2023 | 2022 | Change (%) | ||||||||
Practice Collections | $ | 756.6 | $ | 634.8 | 19.2 | % | |||||
Care Margin | $ | 91.5 | $ | 80.1 | 14.2 | % | |||||
Platform Contribution | $ | 42.3 | $ | 39.1 | 8.2 | % | |||||
Adjusted EBITDA | $ | 17.3 | $ | 14.3 | 21.1 | % | |||||
Capital Resources and Cash Flow
The Company's balance sheet at
Net cash provided by operating activities for the year ended
2024 Financial and Business Outlook g h i
Privia Health’s key actions and areas of focus in 2024 include:
- Increasing density and scale in existing geographies through organic provider growth;
- Limiting downside-risk arrangements in a challenging Medicare Advantage (MA) market;
- Renegotiating MA capitation arrangements for more favorable contract structures and margin contribution expected to reduce capitated practice collections by approximately
$198 million year-over-year due to revenue recognition rules as 19,900 attributed lives move to upside/downside risk arrangements; - Exiting Delaware ACO (~12,000 attributed lives in the Medicare Shared Savings Program), effective
January 1, 2024 ;
- Renegotiating MA capitation arrangements for more favorable contract structures and margin contribution expected to reduce capitated practice collections by approximately
- Achieving operating leverage to drive Adjusted EBITDA growth, and converting 80% of Adjusted EBITDA to Free Cash Flow (defined as net cash provided by operating activities less purchases of property and equipment); and
- Continuing to pursue business development efforts to enter new states and increase overall addressable market.
The Company’s 2024 operating and financial guidance is as follows:
FY 2023 | FY 2024 Guidanceg | Y-Y % Change from FY 2023 | |||||||||||||||
($ in millions) | Actual | Low | High | Low | High | ||||||||||||
Implemented Providers | 4,305 | 4,650 | 4,750 | 8.0 | % | 10.3 | % | ||||||||||
Attributed Lives | 1,120,000 | 1,150,000 | 1,200,000 | 2.7 | % | 7.1 | % | ||||||||||
Practice Collections | $ | 2,839.0 | $ | 2,775 | $ | 2,875 | (2.3 | )% | 1.3 | % | |||||||
GAAP Revenue | $ | 1,657.7 | $ | 1,600 | $ | 1,675 | (3.5 | )% | 1.0 | % | |||||||
Care Margin | $ | 359.2 | $ | 388 | $ | 400 | 8.0 | % | 11.4 | % | |||||||
Platform Contribution | $ | 173.5 | $ | 180 | $ | 188 | 3.8 | % | 8.4 | % | |||||||
Adjusted EBITDAh | $ | 72.2 | $ | 85 | $ | 90 | 17.7 | % | 24.6 | % | |||||||
- Practice Collections guidance includes reduction of approximately
$198 million from renegotiated Medicare Advantage capitation agreements, and assumes minimal year-over-year increase in Shared Savings accruals - Adjusted EBITDA guidance includes approximately
$10-12 million in start-up costs for new geographies announced in last 15 months - Capital expenditures are expected to be less than
$1 million in full-year 2024 - Approximately 80% of Adjusted EBITDA expected to convert to free cash flow in FY 2024
- Effective tax rate expected to be approximately 27-28%
g. | Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit and Net Income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures |
h. | See “Key Metrics and Non-GAAP Financial Measures” for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share. |
Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly financial press releases. | |
i. | Any slight variations in totals due to rounding. |
Webcast and Conference Call Information
The Company will host a conference call on
This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.
About
Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. Our platform is led by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end, cloud-based technology that reduces unnecessary healthcare costs, achieves better outcomes, and improves the health of patients and the well-being of providers. For more information, visit priviahealth.com.
Non-GAAP Financial Measures
The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in
The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.
Safe Harbor Statement
The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-K is filed with the
Factors related to these risks and uncertainties include, but are not limited to: compliance with applicable healthcare laws and government regulations in the heavily regulated industry in which the Company operates; the Company’s dependence on relationships with its medical groups, some of which the Company does not own; the Company’s growth strategy, which may not prove viable and the Company may not realize expected results; the Company’s inability to enter into a definitive agreement for its partnership in
Contact:
SVP,
IR@priviahealth.com
817.783.4841
Condensed Consolidated Statements of Operations(j) (in thousands, except share and per share data) | |||||||||||||||
For the Three Months Ended | For the Years Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 440,828 | $ | 364,424 | $ | 1,657,737 | $ | 1,356,660 | |||||||
Operating expenses: | |||||||||||||||
Provider expense | 349,378 | 284,368 | 1,298,573 | 1,051,040 | |||||||||||
Cost of platform | 52,409 | 43,343 | 197,663 | 170,838 | |||||||||||
Sales and marketing | 6,249 | 5,173 | 24,732 | 19,741 | |||||||||||
General and administrative | 29,600 | 28,156 | 109,587 | 129,592 | |||||||||||
Depreciation and amortization | 1,772 | 1,135 | 6,533 | 4,571 | |||||||||||
Total operating expenses | 439,408 | 362,175 | 1,637,088 | 1,375,782 | |||||||||||
Operating income (loss) | 1,420 | 2,249 | 20,649 | (19,122 | ) | ||||||||||
Interest (income) expense, net | (2,848 | ) | (1,152 | ) | (8,372 | ) | (542 | ) | |||||||
Income (loss) before provision for (benefit from) income taxes | 4,268 | 3,401 | 29,021 | (18,580 | ) | ||||||||||
Provision for (benefit from) income taxes | 1,944 | (13,447 | ) | 7,993 | (6,516 | ) | |||||||||
Net income (loss) | 2,324 | 16,848 | 21,028 | (12,064 | ) | ||||||||||
Less: Loss attributable to non-controlling interests | (514 | ) | (928 | ) | (2,051 | ) | (3,479 | ) | |||||||
Net income (loss) income attributable to | $ | 2,838 | $ | 17,776 | $ | 23,079 | $ | (8,585 | ) | ||||||
Net income (loss) income per share attributable to | $ | 0.02 | $ | 0.16 | $ | 0.20 | $ | (0.08 | ) | ||||||
Net income (loss) income per share attributable to | $ | 0.02 | $ | 0.14 | $ | 0.19 | $ | (0.08 | ) | ||||||
Weighted average common shares outstanding – basic | 118,109,663 | 114,364,180 | 116,731,406 | 110,695,266 | |||||||||||
Weighted average common shares outstanding – diluted | 124,831,553 | 124,142,657 | 124,686,067 | 110,695,266 |
(j) Any slight variations in totals due to rounding.
Condensed Consolidated Balance Sheets(k) (in thousands) | |||||||
Assets | (unaudited) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 389,511 | $ | 347,992 | |||
Accounts receivable | 290,768 | 189,604 | |||||
Prepaid expenses and other current assets | 20,525 | 14,366 | |||||
Total current assets | 700,804 | 551,962 | |||||
Non-current assets: | |||||||
Property and equipment, net | 2,325 | 3,386 | |||||
Right-of-use asset | 6,612 | 8,089 | |||||
Intangible assets, net | 107,630 | 57,387 | |||||
138,749 | 126,938 | ||||||
Deferred tax asset | 35,200 | 40,368 | |||||
Other non-current assets | 8,580 | 4,683 | |||||
Total non-current assets | 299,096 | 240,851 | |||||
Total assets | $ | 999,900 | $ | 792,813 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 57,831 | $ | 52,837 | |||
Provider liability | 326,078 | 208,424 | |||||
Operating lease liabilities, current | 3,043 | 3,013 | |||||
Total current liabilities | 386,952 | 264,274 | |||||
Non-current liabilities: | |||||||
Operating lease liabilities, non-current | 5,246 | 8,490 | |||||
Other non-current liabilities | 313 | 1,000 | |||||
Total non-current liabilities | 5,559 | 9,490 | |||||
Total liabilities | 392,511 | 273,764 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock | 1,182 | 1,148 | |||||
Additional paid-in capital | 753,869 | 714,639 | |||||
Accumulated deficit | (193,614 | ) | (216,693 | ) | |||
561,437 | 499,094 | ||||||
Non-controlling interest | 45,952 | 19,955 | |||||
Total stockholders’ equity | 607,389 | 519,049 | |||||
Total liabilities and stockholders’ equity | $ | 999,900 | $ | 792,813 |
(k) Any slight variations in totals are due to rounding.
Condensed Consolidated Statements of Cash Flows(l) (in thousands) | |||||||
For the Years Ended | |||||||
2023 | 2022 | ||||||
(unaudited) | |||||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 21,028 | $ | (12,064 | ) | ||
Adjustments to reconcile loss to net cash provided by operating activities: | |||||||
Depreciation | 1,174 | 1,220 | |||||
Amortization of intangibles | 5,359 | 3,351 | |||||
Amortization of debt issuance costs | — | 687 | |||||
Stock-based compensation | 37,098 | 67,359 | |||||
Deferred tax expense (benefit) | 7,465 | (7,004 | ) | ||||
Changes in asset and liabilities: | |||||||
Accounts receivable | (96,877 | ) | (72,202 | ) | |||
Prepaid expenses and other current assets | (6,159 | ) | (5,669 | ) | |||
Other non-current assets and right-of-use asset | (2,418 | ) | 1,383 | ||||
Accounts payable and accrued expenses | 4,994 | 6,852 | |||||
Provider liability | 113,367 | 67,716 | |||||
Operating lease liabilities | (3,214 | ) | (2,433 | ) | |||
Other long-term liabilities | (1,032 | ) | (2,000 | ) | |||
Net cash provided by operating activities | 80,785 | 47,196 | |||||
Cash flows from investing activities | |||||||
Purchases of property and equipment | (113 | ) | (104 | ) | |||
Business acquisitions, net of cash acquired | (42,858 | ) | — | ||||
Net cash used in investing activities | (42,971 | ) | (104 | ) | |||
Cash flows from financing activities | |||||||
Repurchase of non-controlling interest | (5,694 | ) | — | ||||
Proceeds from non-controlling interest | 659 | 125 | |||||
Repayment of note payable | — | (33,250 | ) | ||||
Proceeds from exercised stock options | 8,740 | 13,448 | |||||
Net cash provided by (used in) financing activities | 3,705 | (19,677 | ) | ||||
Net increase in cash and cash equivalents | 41,519 | 27,415 | |||||
Cash and cash equivalents at beginning of period | 347,992 | 320,577 | |||||
Cash and cash equivalents at end of period | $ | 389,511 | $ | 347,992 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 40 | $ | 713 | |||
Income taxes paid | $ | 1,040 | $ | 307 |
(l) Any slight variations in totals are due to rounding.
Additional Financial Information
Revenues disaggregated by source:
For the Three Months Ended | For the Years Ended | ||||||||||||||
(Dollars in Thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
FFS-patient care | $ | 272,343 | $ | 231,624 | $ | 976,688 | $ | 869,165 | |||||||
FFS-administrative services | 29,741 | 23,018 | 113,154 | 94,929 | |||||||||||
Capitated revenue | 85,248 | 57,687 | 338,729 | 218,463 | |||||||||||
Shared savings | 39,838 | 42,319 | 170,143 | 132,615 | |||||||||||
Care management fees (PMPM) | 10,615 | 8,023 | 50,519 | 35,541 | |||||||||||
Other revenue | 3,043 | 1,754 | 8,504 | 5,947 | |||||||||||
Total Revenue | $ | 440,828 | $ | 364,425 | $ | 1,657,737 | $ | 1,356,660 | |||||||
The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:
(Dollars in Thousands) | 2023 | 2022 | ||||||
Balance, beginning of period | $ | 28,617 | $ | — | ||||
Incurred health care costs | ||||||||
Current year | 334,383 | 218,199 | ||||||
Prior years | 2,436 | — | ||||||
Total claims incurred | $ | 336,819 | $ | 218,199 | ||||
Claims Paid | ||||||||
Current year | $ | (270,810 | ) | $ | (189,582 | ) | ||
Prior years | (27,488 | ) | — | |||||
Total claims paid | $ | (298,298 | ) | $ | (189,582 | ) | ||
Balance, end of period | $ | 67,138 | $ | 28,617 | ||||
Key Metrics and Non-GAAP Financial Measures
Key Metrics(m)
For the Three Months Ended | For the Years Ended | |||||||||||||||
(unaudited; $ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Implemented Providers(n) | 4,305 | 3,606 | 4,305 | 3,606 | ||||||||||||
Attributed Lives(o) | 1,120,000 | 856,000 | 1,120,000 | 856,000 | ||||||||||||
Practice Collections(p) | $ | 756.6 | $ | 634.8 | $ | 2,839.0 | $ | 2,424.1 | ||||||||
(m)Any slight variations in totals are due to rounding. | ||||||||||||||||
(n)Implemented Providers is defined as the total of all service professionals on Privia Health’s platform at the end of a given period who are credentialed by | ||||||||||||||||
(o)Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | ||||||||||||||||
(p)Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | ||||||||||||||||
Non-GAAP Financial Measures (q)(r)
For the Three Months Ended | For the Years Ended | |||||||||||||||
(unaudited; $ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Care Margin | $ | 91,450 | $ | 80,056 | $ | 359,164 | $ | 305,620 | ||||||||
Platform Contribution | $ | 42,282 | $ | 39,089 | $ | 173,481 | $ | 148,540 | ||||||||
Platform Contribution Margin | 46.2 | % | 48.8 | % | 48.3 | % | 48.6 | % | ||||||||
Adjusted EBITDA | $ | 17,279 | $ | 14,265 | $ | 72,228 | $ | 60,852 | ||||||||
Adjusted EBITDA Margin | 18.9 | % | 17.8 | % | 20.1 | % | 19.9 | % | ||||||||
(q)In addition to results reported in accordance with GAAP,
| ||||||||||||||||
(r)Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Care Margin(s)
For the Three Months Ended | For the Years Ended | |||||||||||||||
(unaudited; $ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 440,828 | $ | 364,424 | $ | 1,657,737 | $ | 1,356,660 | ||||||||
Provider expense | (349,378 | ) | (284,368 | ) | (1,298,573 | ) | (1,051,040 | ) | ||||||||
Amortization of intangible assets | (1,477 | ) | (842 | ) | (5,359 | ) | (3,351 | ) | ||||||||
Gross Profit | $ | 89,973 | $ | 79,214 | $ | 353,805 | $ | 302,269 | ||||||||
Amortization of intangible assets | 1,477 | 842 | 5,359 | 3,351 | ||||||||||||
Care margin | $ | 91,450 | $ | 80,056 | $ | 359,164 | $ | 305,620 | ||||||||
(s)Any slight variations in totals are due to rounding. | ||||||||||||||||
Reconciliation of Gross Profit to Platform Contribution(t)
For the Three Months Ended | For the Years Ended | |||||||||||||||
(unaudited; $ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 440,828 | $ | 364,424 | $ | 1,657,737 | $ | 1,356,660 | ||||||||
Provider expense | (349,378 | ) | (284,368 | ) | (1,298,573 | ) | (1,051,040 | ) | ||||||||
Amortization of intangible assets | (1,477 | ) | (842 | ) | (5,359 | ) | (3,351 | ) | ||||||||
Gross Profit | 89,973 | 79,214 | 353,805 | 302,269 | ||||||||||||
Amortization of intangible assets | 1,477 | 842 | 5,359 | 3,351 | ||||||||||||
Cost of platform | (52,409 | ) | (43,343 | ) | (197,663 | ) | (170,838 | ) | ||||||||
Stock-based compensation(u) | 3,241 | 2,376 | 11,980 | 13,758 | ||||||||||||
Platform Contribution | $ | 42,282 | $ | 39,089 | $ | 173,481 | $ | 148,540 | ||||||||
(t)Any slight variations in totals are due to rounding. | ||||||||||||||||
(u)Amount represents stock-based compensation expense included under Cost of Platform. | ||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA(v)
For the Three Months Ended | For the Years Ended | |||||||||||||||
(unaudited; $ in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net income (loss) | $ | 2,838 | $ | 17,776 | $ | 23,079 | $ | (8,585 | ) | |||||||
Net (loss) attributable to non-controlling interests | (514 | ) | (928 | ) | (2,051 | ) | (3,479 | ) | ||||||||
Provision for (benefit from) income taxes | 1,944 | (13,447 | ) | 7,993 | (6,516 | ) | ||||||||||
Interest expense | (2,848 | ) | (1,152 | ) | (8,372 | ) | (542 | ) | ||||||||
Depreciation and amortization | 1,772 | 1,135 | 6,533 | 4,571 | ||||||||||||
Stock-based compensation | 11,669 | 9,175 | 37,098 | 67,359 | ||||||||||||
Other expenses(w) | 2,418 | 1,706 | 7,948 | 8,044 | ||||||||||||
Adjusted EBITDA | $ | 17,279 | $ | 14,265 | $ | 72,228 | $ | 60,852 | ||||||||
(v)Any slight variations in totals are due to rounding. | ||||||||||||||||
(w)Other expenses include employer taxes on equity vesting/exercises, legal, severance and certain non-recurring costs. Employer taxes on equity vesting/exercises of | ||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Net Income Per Share(x)
For the Three Months Ended | For the Years Ended | ||||||||||||||
(unaudited; $ in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net income (loss) | $ | 2,838 | $ | 17,776 | $ | 23,079 | $ | (8,585 | ) | ||||||
Stock-based compensation | 11,669 | 9,175 | 37,098 | 67,359 | |||||||||||
Intangible amortization expense | 1,477 | 842 | 5,359 | 3,351 | |||||||||||
Provision for (benefit from) income tax | 1,944 | (13,447 | ) | 7,993 | (6,516 | ) | |||||||||
Other expenses(y) | 2,418 | 1,706 | 7,948 | 8,044 | |||||||||||
Adjusted net income attributable to | $ | 20,346 | $ | 16,052 | $ | 81,477 | $ | 63,653 | |||||||
Adjusted net income per share attributable to | $ | 0.16 | $ | 0.14 | $ | 0.69 | $ | 0.58 | |||||||
Adjusted net income per share attributable to | $ | 0.15 | $ | 0.13 | $ | 0.64 | $ | 0.52 | |||||||
Weighted average common shares outstanding – basic | 118,109,663 | 114,364,180 | 116,731,406 | 110,695,266 | |||||||||||
Weighted average common shares outstanding – diluted | 124,924,442 | 124,142,657 | 125,084,821 | 122,952,853 | |||||||||||
(x)Any slight variations in totals due to rounding. | |||||||||||||||
(y)Other expenses include employer taxes on equity vesting/exercises, legal, severance and certain non-recurring costs. Employer taxes on equity vesting/exercises of | |||||||||||||||
Source:
2024 GlobeNewswire, Inc., source