Company: CTLPP
Filing Date: 2025-09-08
Form Type: 10-K
Source: 0001628280-25-041775
Chunk: 98

Company: CANTALOUPE, INC.
Filing Date: 2025-09-08
Form: 10-K
Item: Item 7
Chunk 98
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 may represent a reduction in cash 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 fiscal years ended June 30, 2025 and 2024:

Year ended June 30,($ in thousands)20252024Net income$64,533 $11,993 Less: interest income(1,561)(1,969)Plus: interest expense2,769 2,934 Plus: income tax (benefit) provision(42,352)985 Plus: depreciation expense included in cost of sales for rentals1,923 1,634Plus: depreciation and amortization expense in operating expenses15,877 10,570 EBITDA41,189 26,147 Plus: stock-based compensation (a)4,008 5,109 Plus: investigation, proxy solicitation and restatement expenses, net of insurance recoveries (b) — (1,522)Plus: integration, acquisition, due diligence, and license application expenses (c)1,018 1,197 Plus: auditor transition costs525 — Plus: severance expenses (d)— 53 Plus: remediation expenses (e)— 2,976 Adjustments to EBITDA5,551 7,813 Adjusted EBITDA$46,740 $33,960 

(a) We have excluded stock-based compensation, as it does not reflect our cash-based operations.(b) We have excluded the costs and corresponding reimbursements related to the 2019 Investigation, because we believe that they represent charges that are not related to our core operations. During the year ended June 30, 2024, we received $1.5 million in insurance reimbursement for legal fees and expenses incurred in connection with the 2019 Investigation. Accordingly, Adjusted EBITDA contains a negative adjustment.

(c) We have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations. We have also excluded expenses incurred associated with the acquisition of the Company as described in Note 21 - Subsequent Events and one-time license applications fees.

(d) Consists of expenses incurred in connection with non-recurring severance charges related to work force