## Table

|  |  |  | Year Ended March 31, |  |  |
|---|---|---|---|---|---|
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
|  |  |  | (in thousands) |  |  |
| Reconciliation of Adjusted EBITDA: |  |  |  |  |  |
| Net (loss) income  | $(7,001) | $(12,386) | $(5,441) | $(3,244) | $285 |
| Depreciation, amortization and disposals of long-lived assets | 29,960 | 19,141 | 11,881 | 10,527 | 11,028 |
| Rent expense related to build-to-suit facilities | (4,482) | (785) | — | — | — |
| Interest expense (income), net   | 3,425 | (712) | (242) | 616 | 641 |
| Provision for income taxes   | 2,001 | 2,705 | 2,202 | 865 | 152 |
| Share-based compensation expense   | 25,954 | 11,734 | 10,294 | 7,886 | 5,426 |
| Impairments of long-lived assets   | — | 1,712 | — | — | — |
| Restructuring   | (170) | 832 | — | — | 1,203 |
| Foreign exchange expense (income)   | 1,647 | 3,511 | (6,892) | (811) | (4,508) |
| Acquisition-related expenses (1) (3)   | 2,012 | — | 655 | — | — |
| Gain on previously held asset (2)   | (338) | — | — | — | — |
| Litigation-related expenses (4)   | 1,000 | — | — | — | — |
| Adjusted EBITDA | $54,008 | $25,752 | $12,457 | $15,839 | $14,227 |



## Text

(8) Adjusted EBITDA is a non-GAAP financial measure that we define as net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense). Adjusted EBITDA also includes rent paid in the period related to locations that are accounted for as build-to-suit facilities.


We believe that Adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations and facilitates comparisons with our peer companies, many of which use a similar non-GAAP financial measure to supplement their GAAP results.


We use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies, to communicate with our board of directors concerning our financial performance, and for establishing incentive compensation metrics for executives and other senior employees.


We do not place undue reliance on Adjusted EBITDA as a measure of operating performance. This non-GAAP measure should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. There are limitations to using a non-GAAP financial measure, including that other companies may calculate this measure differently than we do, that it does not reflect our capital expenditures or future requirements for capital expenditures and that it does not reflect changes in, or cash requirements for, our working capital.


The following table presents a reconciliation of net (loss) income to Adjusted EBITDA:


(1) Acquisition-related expenses relate to costs incurred for acquisition activity in the years ended March 31, 2019 and March 31, 2017. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information. (2) Gain on previously held asset relates to the Solebit acquisition. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information.


(3) Amounts in fiscal 2017 adjusted to conform to current year presentation. (4) Litigation-related expenses relate to amounts accrued for loss contingencies. See Note 12 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further details.