Table:
|  |  | Year Ended December 31, |  |
| --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 |
| Net income | $95,973 | $127,980 | $138,668 |
| Interest expense | 23,860 | 23,584 | 7,536 |
| Tax expense (benefit) | (7,125) | 5,534 | — |
| Depreciation and amortization | 7,304 | 4,478 | 3,983 |
| Equity-based compensation expense(1) | 13,769 | 6,054 | 4,253 |
| Change in financial guarantee liability(2) | 16,215 | — | — |
| Transaction expenses(3) | 11,345 | 2,393 | 2,612 |
| Non-recurring expenses(4) | 2,804 | — | — |
| Adjusted EBITDA | $164,145 | $170,023 | $157,052 |
Paragraphs:
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)
Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include:
• It does not reflect our current contractual commitments that will have an impact on future cash flows; • It does not reflect the impact of working capital requirements or capital expenditures; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure.
Management compensates for the inherent limitations associated with using the measure of Adjusted EBITDA through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income, as presented below.
(1) Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees.
(2) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.
(3) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.
(4) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.
Question:
What was the interest expense in 2018?
Answer: 23,584