Company: SVV
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001883313-25-000013
Chunk: 104

Company: Savers Value Village, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 104
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 closing expenses, all of which were excluded under its previous definition of Adjusted EBITDA. Details of these changes and a reconciliation of the definitions prior to fiscal year 2025 to the go-forward definition is presented in the table and related footnotes below. 

A reconciliation of GAAP net income to Adjusted EBITDA is presented in the table below:

Fiscal Year(dollars in thousands)20242023Net income$29,030$53,115Interest expense, net62,44488,500Income tax expense (benefit)20,404(6,036)Depreciation and amortization69,53061,144Loss on extinguishment of debt(1)4,08816,626Stock-based compensation expense(2)61,63672,604Non-cash occupancy-related costs(3)7,9435,902Lease intangible asset expense(4)3,5314,093Pre-opening expenses(5)14,7687,536Store closing expenses(6)8741,613Executive transition costs(7)689—Transaction costs(8)2,6213,103Dividend-related bonus(9)—24,097Loss (gain) on foreign currency, net14,294(6,660)Other adjustments(10)4,312(3,260)Adjusted EBITDA, as defined through fiscal year 2024296,164322,377Non-cash occupancy-related costs(3)(7,943)(5,902)Pre-opening expenses(5)(14,768)(7,536)Store closing expenses(6)(874)(1,613)Adjusted EBITDA, as defined beginning fiscal year 2025$272,579$307,326Net income margin1.9%3.5%Adjusted EBITDA margin, as defined through fiscal year 202419.3%21.5%Adjusted EBITDA margin, as defined beginning fiscal year 202517.7%20.5%

(1)Removes the effects of the loss on debt extinguishment in relation to the repricing of outstanding borrowings under the Term Loan Facility on January 30, 2024, the partial repayment of outstanding borrowings under the Term Loan Facility on July 5, 2023 and February 6, 2023, and the partial redemption of our Senior Secured Notes on March 4, 2024 and July 3, 2023.

(2)Represents non-cash stock-based compensation