Interest expense 312 453 528 882
Income tax expense 37 65 6 96
Other expense 1,542 2,631 1,176 2,201
Share-based
compensation 15,800 12,149 29,396 22,116
Warrants issued with
revenue contracts 9 14 36 28
Amortization of
non-cash payment
for research and
development -- 1,190 -- 2,380
Non-operating,
non-recurring
costs(a) 1,762 1,404 3,924 3,119
Reorganizational and
severance costs(b) 2,579 8,224 5,924 17,254
Acquisition-related
costs(c) 4,730 267 6,144 825
------- ------- ------- -------
Adjusted
EBITDA(d)(e) $ 7 $ 3,288 $ (2,717) $ 3,888
======= ======= ======= =======
(a) For the three months ended June 30, 2024, primarily
represents costs related to legal matters involving
prior acquisitions for $1.5 million and in connection
with the contractual obligation with a financially
distressed vendor of $0.2 million. For the three months
ended June 30, 2023, primarily represents costs related
to the ERP implementation of $0.5 million, contractual
obligations with a financially distressed vendor of
$0.3 million, and legal matters of $0.2 million.
For the six months ended June 30, 2024, primarily
represents costs related to legal matters involving
a prior acquisitions for $3.2 million and in connection
with the contractual obligation with a financially
distressed vendor of $0.7 million. For the six months
ended June 30, 2023, primarily represents costs related
to the ERP implementation of $0.9 million, contractual
obligations with a financially distressed vendor of
$0.7 million, and legal matters of $0.3 million.
(b) For the three months ended June 30, 2024, represents
costs related to globalizing the Company's workforce
of $1.8 million and severance of $0.8 million. For
the three months ended June 30, 2023, represents costs
related to globalizing the Company's workforce of
$7.3 million and severance of $0.9 million.
For the six months ended June 30, 2024, represents
costs related to globalizing the Company's workforce
of $4.7 million and severance of $1.2 million. For
the six months ended June 30, 2023, represents costs
related to globalizing the Company's workforce of
$15.6 million and severance of $1.7 million.
(c) For the three and six month periods ended June 30,
2024, primarily represents legal and other transactional
costs associated with the pending Merger.
(d) Includes non-cash amortization associated with contract
liabilities recorded in connection with acquired businesses.
(e) Effective September 30, 2023, we no longer exclude
costs associated with exiting a contract and lease
terminations from our computation of adjusted EBITDA.
For the three months ended June 30, 2023 these costs
totaled $0.5 million and less than $0.1 million, respectively.
For the six months ended June 30, 2023 these costs
totaled $1.2 million and $0.8 million, respectively.
SHARECARE, INC.
RECONCILIATION OF GAAP NET LOSS ATTRIBUTABLE TO SHARECARE
TO ADJUSTED NET LOSS AND ADJUSTEDLOSS PER SHARE
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
2024 2023 2024 2023
------------- ------------- ------------- ---------------
Net loss
attributable to
Sharecare, Inc. $ (42,037) $ (35,143) $ (77,124) $ (69,802)
Add:
Amortization of
acquired
intangibles(a) 1,534 1,633 3,133 3,265
Amortization of
deferred financing
fees -- -- -- 31
Change in fair value
of warrant
liability and
contingent
consideration 1,508 96 1,129 (42)
Share-based
compensation 15,800 12,149 29,396 22,116
Warrants issued with
revenue contracts 9 14 36 28
Amortization of
non-cash payment
for research and
development -- 1,190 -- 2,380
Non-operating,
non-recurring
costs(b) 1,762 1,404 3,924 3,119
Reorganizational and
severance costs(c) 2,579 8,224 5,924 17,254
Acquisition-related
costs(d) 4,730 267 6,144 825
----------- ----------- ----------- -----------
Adjusted net
loss(e)(f) $ (14,115) $ (10,166) $ (27,438) $ (20,826)
=========== =========== =========== ===========
Weighted-average
common shares
outstanding, basic
and diluted 360,401,283 354,049,808 357,315,727 353,490,234
Loss per share $ (0.12) $ (0.10) $ (0.22) $ (0.20)
=========== =========== =========== ===========
Adjusted loss per
share $ (0.04) $ (0.03) $ (0.08) $ (0.06)
=========== =========== =========== ===========
(a) Represents non-cash expenses related to the amortization
of intangibles in connection with acquired businesses.
(b) For the three months ended June 30, 2024, primarily
represents costs related to legal matters involving
prior acquisitions for $1.5 million and in connection
with the contractual obligation with a financially
distressed vendor of $0.2 million. For the three months
ended June 30, 2023, primarily represents costs related
to the ERP implementation of $0.5 million, contractual
obligations with a financially distressed vendor of
$0.3 million, and legal matters of $0.2 million.
For the six months ended June 30, 2024, primarily
represents costs related to legal matters involving
a prior acquisitions for $3.2 million and in connection
with the contractual obligation with a financially
distressed vendor of $0.7 million. For the six months
ended June 30, 2023, primarily represents costs related
to the ERP implementation of $0.9 million, contractual
obligations with a financially distressed vendor of
$0.7 million, and legal matters of $0.3 million.
(c) For the three months ended June 30, 2024, represents
costs related to globalizing the Company's workforce
of $1.8 million and severance of $0.8 million. For
the three months ended June 30, 2023, represents costs
related to globalizing the Company's workforce of
$7.3 million and severance of $0.9 million.
For the six months ended June 30, 2024, represents
costs related to globalizing the Company's workforce
of $4.7 million and severance of $1.2 million. For
the six months ended June 30, 2023, represents costs
related to globalizing the Company's workforce of
$15.6 million and severance of $1.7 million.
(d) For the three and six month periods ended June 30,
2024, primarily represents legal and other transactional
costs associated with the pending Merger.
(e) The income tax effect of the Company's non-GAAP reconciling
items are offset by valuation allowance adjustments
of the same amount given the Company is in a full
valuation allowance position.
(f) Effective September 30, 2023, we no longer exclude
costs associated with exiting a contract and lease
terminations from our computation of adjusted EBITDA.
For the three months ended June 30, 2023 these costs
totaled $0.5 million and less than $0.1 million, respectively.
For the six months ended June 30, 2023 these costs
totaled $1.2 million and $0.8 million, respectively.
(END) Dow Jones Newswires
August 09, 2024 07:00 ET (11:00 GMT)
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