Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 49

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 available to us. The expenses and other items which are excluded from the calculation of Adjusted EBITDA may differ from the expenses and other items that other companies may exclude from Adjusted EBITDA when they report their financial results.

Below is a reconciliation of U.S. GAAP net income to Adjusted EBITDA for the three and six months ended December 31, 2024 and 2023:

Three Months Ended December 31,Six Months Ended December 31,($ in thousands)2024202320242023Net income$4,974 $3,124 8,546$5,131 Less: interest income(398)(493)(845)(1,010)Plus: interest expense993 1,002 1,984 2,109 Plus: income tax provision395 81 573 162 Plus: depreciation expense included in cost of sales for rentals345380879722Plus: depreciation and amortization expense in operating expenses3,366 2,736 6,038 5,483 EBITDA9,675 6,830 17,175 12,597 Plus: stock-based compensation (a)943 1,111 1,830 3,043 Plus: integration and acquisition expenses (b)44 93 241 171 Plus: auditor transition costs (c)6 — 369— Plus: remediation expenses (d)— 453 — 497 Adjustments to EBITDA993 1,657 2,440 3,711 Adjusted EBITDA$10,668 $8,487 $19,615 $16,308 

(a) We have excluded stock-based compensation, as it does not reflect our cash-based operations.(b) We have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations.

(c) Costs incurred as a result of former auditor consent procedures. See Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure of the Company's Annual Report.

(d) Consists of one-time project expenses incurred in connection with remediation of previously identified material weaknesses in our internal control over financial reporting which were remediated during fiscal year ended June 30, 2024. See Item 9A Section e - Remediation of Prior Material Weaknesses of the Company's Annual Report.

LIQUIDITY AND CAPITAL RESOURCES 

Sources of Funds