Company: CTLPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023882
Chunk: 119

Company: CANTALOUPE, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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 our business and an important part of our compensation strategy. Adjusted EBITDA also does not reflect changes in, or cash requirements for, our working capital needs; interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces the cash available to us; or tax payments that 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 three and nine months ended March 31, 2025 and 2024:

Three Months Ended March 31,Nine Months Ended March 31,($ in thousands)2025202420252024Net income$49,156 $4,656 $57,702 $9,787 Less: interest income(368)(495)(1,213)(1,505)Plus: interest expense (benefit)39 (162)2,023 1,947 Plus: income tax (benefit) provision(41,904)84 (41,332)246 Plus: depreciation expense included in cost of sales for rentals533 4151,412 1,137Plus: depreciation and amortization expense in operating expenses6,367 2,493 12,405 7,976 EBITDA13,823 6,991 30,997 19,588 Plus: stock-based compensation (a)629 1,004 2,459 4,047 Plus: integration and acquisition (benefits) expenses (b)(534)907 (293)1,078 Plus: auditor transition costs (c)— — 375 — Plus: remediation expenses (d)— 1,258 — 1,755 Plus: severance expenses (e) — 26 — 26 Adjustments to EBITDA95 3,195 2,541 6,906 Adjusted EBITDA$13,918 $10,186 $33,538 $26,494 

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