Reconciliation of Net Income (Loss) to Adjusted EBITDA(Unaudited) Continuing Operations Three Months Ended March 31, (in thousands) 2025 2024 Net loss from continuing operations $(56,130) $(50,133)Add: Interest expense, net 34,360 35,761 Provision for (benefit from) income taxes from continuing operations 7,139 (15,865)Depreciation and amortization 50,361 49,748 Changes in fair value of warrant liability 10 287 Stock-based compensation expense (a) 6,485 8,554 Equity-based compensation of Karman Topco L.P.(b) (1,524) 390 Fair value adjustments related to contingent consideration related to acquisitions (c) — 778 Acquisition and divestiture related expenses (d) 423 440 Restructuring expenses (e) 931 — Reorganization expenses (f) 12,240 35,052 Litigation expenses (g) 523 284 Costs associated with the Take 5 Matter (h) 308 240 EBITDA for economic interests in investments (i) 3,055 5,103 Adjusted EBITDA from Continuing Operations $58,181 $70,639 (a) Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan.(b) Represents expenses related to equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P.made to one of the sponsors of Advantage.(c) Represents adjustments to the estimated fair value of our contingent consideration liabilities related to our acquisitions, for the applicable periods.(d) Represents fees and costs associated with activities related to our acquisitions, divestitures, and related activities, including professional fees, due diligence, and integration activities.(e) Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes.
Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations mean net (loss) income before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) costs associated with the Take 5 Matter, (xvi) EBITDA for economic interests in investments and (xviii) other adjustments that management believes are helpful in evaluating our operating performance.
Adjusted EBITDA Margin means Adjusted EBITDA from Continuing Operations divided by total revenues. Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities from continuing and discontinued operations less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) cash paid for costs associated with the Take 5 Matter, (ix) net effect of foreign currency fluctuations on cash, and (x) other adjustments that management believes are helpful in evaluating our operating performance.
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