Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA |
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($ in thousands) |
|
Three Months Ended |
|
|
Nine Months Ended |
|
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|
|
September 30, 2022 |
|
|
|
September 30, 2021 |
|
|
September 30, 2022 |
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|
|
September 30, 2021 |
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Net loss |
|
$ |
(1,046,107) |
|
|
|
$ |
(3,476) |
|
|
$ |
(994,295) |
|
|
|
$ |
(8,058) |
|
Depreciation and amortization |
|
|
6,335 |
|
|
|
|
4,381 |
|
|
|
18,539 |
|
|
|
|
12,006 |
|
Interest expense, net |
|
|
2,406 |
|
|
|
|
4,376 |
|
|
|
5,738 |
|
|
|
|
8,800 |
|
Income tax expense |
|
|
88 |
|
|
|
|
729 |
|
|
|
167 |
|
|
|
|
807 |
|
| Acquisition expenses (1) |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
4,045 |
|
| Inventory step-up amortization |
|
|
- |
|
|
|
|
(277) |
|
|
|
3,241 |
|
|
|
|
- |
|
| Stock compensation |
|
|
1,762 |
|
|
|
|
- |
|
|
|
5,687 |
|
|
|
|
- |
|
| Goodwill impairment |
|
|
1,066,564 |
|
|
|
|
- |
|
|
|
1,066,564 |
|
|
|
|
- |
|
| Restructuring |
|
|
996 |
|
|
|
|
- |
|
|
|
996 |
|
|
|
|
- |
|
| Change in fair value of warrant liability (2) |
|
|
(7,400) |
|
|
|
|
- |
|
|
|
(28,000) |
|
|
|
|
- |
|
| Change in fair value of earnout shares liability (2) |
|
|
(18,080) |
|
|
|
|
- |
|
|
|
(59,980) |
|
|
|
|
- |
|
| Change in fair value of tax receivable agreement (2) |
|
|
- |
|
|
|
|
- |
|
|
|
(200) |
|
|
|
|
- |
|
| Contingent consideration (3) |
|
|
- |
|
|
|
|
235 |
|
|
|
- |
|
|
|
|
(1,120) |
|
| Loss on extinguishment of debt (4) |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
2,031 |
|
| Integration, non-recurring, non-operating, cash, and non-cash costs (5) |
|
|
492 |
|
|
|
|
2,679 |
|
|
|
3,443 |
|
|
|
|
5,309 |
|
| Adjusted EBITDA |
|
$ |
7,056 |
|
|
|
$ |
8,647 |
|
|
$ |
21,900 |
|
|
|
$ |
23,820 |
|
|
Fathom Digital Manufacturing Reports Third Quarter 2022 Financial Results
1 Represents expenses incurred related to business acquisitions; 2 Represents the impacts from the change in fair value related to both the earnout shares liability, the warrant liability and the tax receivable agreement associated with the business combination completed on December 23, 2021; 3 Represents adjustments for other integration, non-recurring, non-operating, cash, and non-cash costs related primarily to integration costs for new acquisitions, severance, and management fees paid to our principal owner.
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