Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 168

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 168
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 board of directors to monitor and evaluate the growth and performance of our business operations, facilitate internal comparisons of the historical operating performance of our business operations, facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures or operating histories, review and assess the performance of our management team and other employees, and prepare budgets and evaluate strategic planning decisions regarding future operating investments. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax (benefit) expense, interest income, interest expense, and non-routine items as these items are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

| • |     | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have                                           
 to be replaced in the future, and Adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures; |

| • |     | Adjusted EBITDA does not reflect stock-based compensation and related taxes. Stock-based compensation expense has                                 
 been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy; |

| • |     | Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital; |

| • |     | Adjusted EBITDA excludes one-time non-routine items; and |

| • |     | Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces 
 its usefulness as a comparative measure.                                                                       |

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss), and our other GAAP results. The following table reconciles Adjusted EBITDA to net income (loss) from continuing operations, the most