Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 35

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 35
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, we have disclosed here and elsewhere in                                                                                                                             
 this prospectus Adjusted EBITDA, a non-GAAP financial measure that we calculate as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of                                            
 amortization of discounts and premiums; interest income; income tax expense; stock compensation expense; certain legal expenses; realized and unrealized gains (losses), net, on available-for-sale debt securities and other investments; impairment 
 losses on strategic investments; merger termination expenses; restructuring expenses; change in fair value of                                                                                                                                         |

24

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

| convertible debt, warrant liability, and embedded derivatives; gain on sale of long-lived assets; foreign currency exchange loss; and certain transaction expenses. For additional information regarding our use and the 
 limitations of Adjusted EBITDA, see “Management’s discussion and analysis of financial condition and results of operations—Non-GAAP financial measures.”                                                                 |

| The following table reconciles Adjusted EBITDA to net income (loss) from continuing operations, the most closely comparable GAAP financial measure, for the periods indicated: |

|                                                                                              |     | Year ended December 31, 
 2024                    |     | 2023          |         |   |     | 2022 |          |   |
|:---------------------------------------------------------------------------------------------|:----|:------------------------|:----|:--------------|--------:|:--|:----|:-----|---------:|:--|
|                                                                                              |     |                         |     | -in thousands |         |   |     |      |          |   |
| Net income (loss) from continuing operations                                                 |     | $                       |     | $             | 271,549 |   |     | $    | (761,772 | ) |
| Adjusted for:                                                                                |     |                         |     |               |         |   |     |      |          |   |
| Depreciation and amortization expense                                                        |     |                         |     |               |  34,887 |   |     |      |   13,277 |   |
| Interest expense, net of amortization of discounts and premiums                              |     |                         |     |               |   1,912 |   |     |      |    2,684 |   |
| Interest income(1)