For the Three and Six Months Ended June 30, 2022 and 2021
(in thousands)
(unaudited)
Reconciliation of net income to Adjusted EBITDA:
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net income |
$ |
55,673 |
|
|
$ |
45,627 |
|
|
$ |
112,061 |
|
|
$ |
102,633 |
|
Interest expense, net |
|
7,622 |
|
|
|
2,453 |
|
|
|
14,664 |
|
|
|
4,772 |
|
Benefit for income taxes |
|
(4,674 |
) |
|
|
(20,473 |
) |
|
|
(1,443 |
) |
|
|
(10,115 |
) |
Depreciation and amortization |
|
18,518 |
|
|
|
10,287 |
|
|
|
35,730 |
|
|
|
19,280 |
|
Stock-based compensation |
|
17,395 |
|
|
|
11,685 |
|
|
|
32,348 |
|
|
|
20,598 |
|
| Deferred compensation plan |
|
(12,159 |
) |
|
|
195 |
|
|
|
(17,297 |
) |
|
|
362 |
|
| Acquisition expenses |
|
3,856 |
|
|
|
13,954 |
|
|
|
17,853 |
|
|
|
23,210 |
|
| Realignment expenses |
|
3,194 |
|
|
|
— |
|
|
|
3,194 |
|
|
|
— |
|
| Other (income) expense, net |
|
(3,497 |
) |
|
|
3,777 |
|
|
|
(14,138 |
) |
|
|
(10,705 |
) |
| Loss from investment accounted for using the equity method, net of tax |
|
593 |
|
|
|
1,829 |
|
|
|
1,165 |
|
|
|
2,275 |
|
| Adjusted EBITDA |
$ |
86,521 |
|
|
$ |
69,334 |
|
|
$ |
184,137 |
|
|
$ |
152,310 |
|
