We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, capital expenditures and non-cash items (i.e., depreciation, embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.
We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2023, 2022 and 2021.
We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for merger-related transaction costs and other income (expense). Other income (expense) consists of foreign currency gains and losses, changes in the fair value of financial instruments, loss on extinguishment of debt and stock-based compensation.
The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.
|
Year Ended December 31, |
||||||||||
(in thousands of U.S. dollars) |
2023 |
|
2022 |
|
2021 |
||||||
Net loss |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
Plus interest expense |
|
51 |
|
|
|
1,596 |
|
|
|
8,729 |
|
Plus income tax expense (benefit) |
|
9,082 |
|
|
|
4,573 |
|
|
|
(232 |
) |
Plus depreciation |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
Non-GAAP EBITDA |
$ |
(34,629 |
) |
|
$ |
(16,146 |
) |
|
$ |
(77,080 |
) |
| Plus Merger transaction costs |
|
— |
|
|
|
11,188 |
|
|
|
16,236 |
|
| Less other income, net (1) |
|
(9,271 |
) |
|
|
(1,140 |
) |
|
|
(1,069 |
) |
| Less change in fair value of financial instruments |
|
(6,474 |
) |
|
|
(58,311 |
) |
|
|
(17,983 |
) |
| Plus loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
37,216 |
|
| Plus stock-based compensation |
|
6,299 |
|
|
|
8,368 |
|
|
|
10,881 |
|
| Non-GAAP Adjusted EBITDA |
$ |
(44,075 |
) |
|
$ |
(56,041 |
) |
|
$ |
(31,799 |
) |
