Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 121

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 121
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 define tangible equity as total equity less intangible assets, net. Management uses this metric to evaluate the Company’s capital strength exclusive of intangible assets. We believe this measure is useful to analysts, investors, and creditors as it provides additional insight into the underlying equity position of the business. Tangible equity is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.

Tangible equity provides visibility to the underlying capital position by excluding the impact of certain items that management does not believe are representative of our core equity base. Tangible equity may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our financial strength. 

The following table provides a reconciliation of net income (loss) from continuing operations to adjusted net income (loss) and adjusted EBITDA (in thousands, except for share data):

60

Reconciliation to GAAP

For the three months ended March 31, 2025For the three months ended March 31, 2024Reconciliation of net income (loss) from continuing operations to adjusted net income (loss) and adjusted EBITDANet income (loss) from continuing operations$79,750 $(15,780)Add back: Provision for income taxes(1,943)— Net income (loss) from continuing operations before income taxes81,693 (15,780)Adjustments for:Changes in fair value(1)(75,810)(8,917)Amortization or impairment of intangibles and impairment of other assets9,297 9,898 Equity-based compensation2,157 3,981 Certain non-recurring costs207 1,974 Adjusted net income (loss) before income taxes17,544 (8,844)Benefit (provision) for income taxes(4,614)2,137 Adjusted net income (loss)12,930 (6,707)Provision (benefit) for income taxes4,614 (2,137)Depreciation361 380 Interest expense on non-funding debt11,062 8,471 Adjusted EBITDA$28,967 $7 GAAP PER SHARE MEASURESNet income (loss) from continuing operations attributable to controlling interest$32,237 $(5,635)Basic weighted average shares outstanding10,177,266 9,648,558 Basic