Non-IFRS measures
The following is a reconciliation of EBITDA and adjusted EBITDA to net loss, as calculated in accordance with International Financial Reporting Standards (“IFRS”):
| For the Three-Month Period
Ended March 31st, | ||||
| 2022 | ||||
| (In thousands of USD) | ||||
| Operating loss | (32,919 | ) | ||
| Depreciation and amortization (*) | 3,605 | |||
| EBITDA | (29,314 | ) | ||
| Share-based payments | 10,123 | |||
| Adjusted EBITDA | (19,191 | ) |
(*) Including amortization of assets recognized in business combination and technology
EBITDA is a non-IFRS measure and is defined as operating loss excluding depreciation and amortization expenses and amortization of assets recognized in business combination. We believe that EBITDA, as described above, should be considered in evaluating the Company’s operations. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as operating loss excluding depreciation and amortization expenses and amortization of assets recognized in business combination and share based payments. We believe that Adjusted EBITDA, as described above, should also be considered in evaluating the Company’s operations. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payment expenses. Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to non-cash items, such as expenses related to share-based payments.
EBITDA and Adjusted EBITDA do not represent cash generated by operating activities in accordance with IFRS and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated statements of profit or loss and other comprehensive income. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do.
