| (1) | The Company uses a non-GAAP effective tax rate of 26%. |
| (2) | The year ending December 31, 2023, includes $8.0 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $3.1 million currency gains on acquisition-related intercompany loans. |
The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:
| (Unaudited) | |||||||||||||||
|
Three Months Ending
September 30, 2023 |
Year Ending
December 31, 2023 | ||||||||||||||
| (in thousands) | Low | High | Low | High | |||||||||||
| Net loss | $ | (22,800 | ) | $ | (20,900 | ) | $ | (15,300 | ) | $ | (5,600 | ) | |||
| Income tax expense | 400 | 500 | 17,500 | 17,800 | |||||||||||
| Stock-based compensation expense | 18,200 | 18,200 | 82,200 | 82,200 | |||||||||||
| Interest (income) expense | (2,500 | ) | (2,500 | ) | (9,000 | ) | (9,000 | ) | |||||||
| Depreciation and amortization | 9,700 | 9,700 | 38,700 | 38,700 | |||||||||||
| Special adjustments and other(1) | — | — | 4,900 | 4,900 | |||||||||||
| Adjusted EBITDA | $ | 3,000 | $ | 5,000 | $ | 119,000 | $ | 129,000 | |||||||
