Company: CTLPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050174
Chunk: 46

Company: CANTALOUPE, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 depreciated may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new asset acquisitions. In addition, Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for 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.

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Below is a reconciliation of U.S. GAAP net income to Adjusted EBITDA for the three months ended September 30, 2025 and 2024:

3 Months Ended September 30,($ in thousands)20252024Net (loss) income$(919)$3,572 Less: interest income(350)(447)Plus: interest expense914 991 Plus: income tax provision1,932 177 Plus: depreciation expense included in cost of sales for rentals494534Plus: depreciation and amortization expense in operating expenses3,795 2,672 EBITDA5,866 7,499 Plus: stock-based compensation (a)1,009 887 Plus: Merger, acquisition and integration expenses (b)7,197 197 Plus: employee retention tax credit (c)(2,319)— Plus: auditor transition costs (d)— 369 Adjustments to EBITDA5,887 1,453 Adjusted EBITDA$11,753 $8,952 

(a) We have excluded stock-based compensation, as it does not reflect our cash-based operations.(b) We have excluded Merger, acquisition and business integration expenses as they do not represent recurring costs or charges related to our core operations.(c) We have excluded a one-time tax credit received as it does not represent recurring benefits received by our core operations.(d) 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.