Reports document annual revenues of $1.9 billion for 2021; guides continued progress for 2022 FREMONT, Calif., Feb. 08, 2022 (GLOBE NEWSWIRE) — Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a number one international supplier and innovator of high-performance gear for players and content material creators, immediately introduced monetary outcomes for the fourth quarter and full 12 months ended December 31, 2021. Full Year 2021 Highlights Net income was $1,904.1 million, a rise of 11.8% year-over-year. Gamer and creator peripherals phase internet income was $647.2 million, a rise of 20.0% year-over-year. Gaming elements and techniques phase internet income was $1,256.9 million, a rise of 8.1% year-over-year.Net revenue was $101.0 million, or $1.01 per diluted share, in comparison with internet revenue of $103.2 million in the identical interval final 12 months, or $1.14 per diluted share.Adjusted internet revenue was $144.9 million, or $1.45 per diluted share, in comparison with adjusted internet revenue of $145.0 million in the identical interval final 12 months, or $1.60 per diluted share.Adjusted EBITDA was $199.2 million, in comparison with adjusted EBITDA of $213.0 million in the identical interval final 12 months. Fourth Quarter 2021 Highlights Net income was $510.6 million, nicely above pre-pandemic fourth quarter ranges and inside 8.2% of This autumn’20’s document $556.3 million by which internet revenues elevated by 70.4%.Net revenue was $24.7 million, or $0.25 per diluted share, in comparison with internet revenue of $43.0 million, or $0.43 per diluted share, in the identical interval final 12 months.Adjusted internet revenue was $34.7 million, or $0.35 per diluted share, in comparison with adjusted internet revenue of $53.0 million, or $0.53 per diluted share, in the identical interval final 12 months.Adjusted EBITDA was $39.5 million, in comparison with adjusted EBITDA of $72.5 million in the identical interval final 12 months. Definitions of the non-GAAP monetary measures used on this press launch and reconciliations of such measures to their nearest GAAP equivalents are included beneath underneath the heading “Use and Reconciliation of Non-GAAP Financial Measures.” “After the extraordinary progress in 2020 attributable to players spending extra time at house gaming and the big progress within the creator financial system, we’re happy to see that after lockdowns and shelter at house had been lifted, our Q421 internet revenues had been inside about 8% of Q420. Despite the continued logistical and provide chain challenges impacting markets, together with the shortage of availability of fairly priced GPUs within the retail channel, we skilled wholesome progress over 2020 in each our working segments. Our gamer and creator peripherals phase grew 20% year-over-year, demonstrating the underlying secular progress developments within the total gaming, esports, content material creator and streaming {hardware} and providers market. As we mentioned throughout our latest Investor Day and with our document new product introductions of 141, together with 5 new classes, we stay targeted on increasing our presence out there and are nicely positioned to proceed to realize market share,” said Andy Paul, Chief Executive Officer of Corsair. “We are happy with our robust monetary efficiency to conclude 2021, with fourth quarter income and profitability metrics reaching the excessive finish of our expectations. We stay targeted on progress following the transformation of our debt ranges and price administration efficiencies over the previous few years. As we start 2022, we anticipate to proceed to expertise elevated freight prices and ongoing provide chain points, however we consider these circumstances will ease because the 12 months progresses. As these macroeconomic situations enhance, we anticipate to extend our money place, which ought to permit us to execute on M&A alternatives that fulfill our funding standards or additional scale back debt,” stated Michael G. Potter, Chief Financial Officer of Corsair. Financial Outlook For the total 12 months 2022 we at the moment anticipate: Net income to be within the vary of $1.9 billion to $2.1 billion.Adjusted working revenue to be within the vary of $195 million to $215 million.Adjusted EBITDA to be within the vary of $205 million to $225 million. Certain non-GAAP measures included in our monetary outlook weren’t reconciled to the comparable GAAP monetary measures as a result of the GAAP measures usually are not accessible on a forward-looking foundation. We are unable to reconcile these forward-looking non-GAAP monetary measures to probably the most straight comparable GAAP measures with out unreasonable efforts as a result of we’re at the moment unable to foretell with an affordable diploma of certainty the sort and extent of sure gadgets that may be anticipated to affect GAAP measures for these intervals however wouldn’t affect the non-GAAP measures. Such gadgets could embody stock-based compensation fees, public providing associated fees, depreciation and amortization, non-cash asset impairment fees, restructuring prices, and different gadgets. The unavailable data may have a major affect on our GAAP monetary outcomes. The foregoing forward-looking statements replicate our expectations as of immediately’s date. Given the variety of danger components, uncertainties and assumptions mentioned beneath, precise outcomes could differ materially. We don’t intend to replace our monetary outlook till our subsequent quarterly outcomes announcement. Recent Developments On January 20, 2022, Corsair hosted its 2022 Virtual Investor Day. Corsair included a dialogue on the numerous potential white house market alternative in gaming {hardware}, supplied an in depth assessment of its elements enterprise, and supplied an evidence as to why Elgato options is driving the streaming and content material creation market. Corsair additionally launched an estimated $3.5 billion internet income goal by fiscal 2026.On January 5, 2022, Corsair introduced that it acquired a 51% stake in iDisplay Technology (“iDisplay”), a pacesetter in digital growth and design specializing in show expertise. Taiwan-based iDisplay, based in 1998, is a developer of client electronics, sensible house controls, and streaming consoles. Its experience has earned iDisplay a repute as an innovator of small-form-factor shows, and it has developed a broad patent portfolio supporting its expertise.On January 5, 2022, Corsair introduced the appointment of Thi La and Sarah Mears Kim to its board of administrators, efficient as of December 29, 2021.On January 4, 2022, Corsair introduced the brand new CORSAIR ONE i300 vary of compact desktop PCs, the newest within the award-winning CORSAIR ONE lineup. This powerhouse system takes benefit of the newest twelfth Gen Intel® Core™ processors, debuting with a formidable Intel Core i9-12900K. Replete with an assortment of premium CORSAIR elements – together with VENGEANCE DDR5 reminiscence – in an unbelievably small form-factor, the CORSAIR ONE i300 is the premier selection for PC gaming, artistic purposes, and extra. The CORSAIR ONE i300 is a fully-loaded gaming PC with a novel, compact form-factor that takes up much less desk house than a laptop computer. Within its 12-liter body lies the latest-generation Core i9 processor from Intel, able to ship extraordinary pace and exceptional gaming efficiency – greater than 20% quicker than earlier generations.On December 7, 2021, Corsair, underneath its SCUF Gaming model, launched SCUF Reflex, Reflex Pro, and an inaugural first-person shooter mannequin, Reflex FPS. All three fashions of the Reflex controller are designed particularly for PlayStation 5 (PS5). SCUF Reflex encompasses all of the groundbreaking options synonymous with SCUF excellence, delivering a heightened expertise created particularly with PS5 players in thoughts. Reflex, Reflex Pro, and Reflex FPS embody the patented paddle management system that helped make SCUF controllers the premier selection of aggressive gamers in every single place – with an advanced controller design to enhance efficiency for PlayStation players.On November 23, 2021, Corsair introduced the primary shipments to prospects of its new vary of ORIGIN NEURON, MILLENNIUM, GENESIS, M-Class, and L-Class desktops, placing immediately’s strongest DDR5-equipped PCs within the arms of shoppers weeks forward of the competitors. Ideally positioned throughout the CORSAIR group to entry the newest elements and expertise, ORIGIN PC has benefitted from early entry to high-performance CORSAIR DDR5 reminiscence and the newest Intel Z690-chipset motherboards via shut cooperation with business companions corresponding to Asus and MSI.On November 9, 2021, Corsair introduced a colourful new lineup of its CORSAIR K65 RGB MINI 60% mechanical gaming keyboard: the Flavor Rush Series. These limited-edition keyboards, out there completely from the CORSAIR webstore within the United States, are decked-out in 4 distinctive colour schemes and kick off the brand new CORSAIR COLLECTIONS product line – limited-release gaming gear with distinctive colour mixtures and designs for personalizing your setup or constructing the final word PC gaming assortment. Conference Call and Webcast Information We will host a convention name to debate the fourth quarter and full-year 2021 monetary outcomes on February 8, 2022, at 2:00 p.m. PT. The convention name could be accessed dwell over the cellphone by dialing 1-877-407-0784, or for worldwide callers 1-201-689-8560. A replay might be out there from 5:00 p.m. PT on February 8, 2022 via February 15, 2022, by dialing 1-844-512-2921, or for worldwide callers 1-412-317-6671. The replay passcode is 13726356. The name may also be webcast dwell from our investor relations web site at https://ir.corsair.com. Following completion of the decision, a recorded replay of the webcast might be out there on the web site. About Corsair Gaming, Inc. Corsair Gaming, Inc. (NASDAQ:CRSR) is a number one international developer and producer of high-performance gear and expertise for players, content material creators, and PC lovers. From award-winning PC elements and peripherals to premium streaming tools, sensible ambient lighting and esports teaching providers, Corsair delivers a full ecosystem of merchandise that work collectively to allow everybody, from informal players to dedicated professionals, to carry out at their absolute best. Corsair additionally contains subsidiary manufacturers Elgato, which gives premium studio tools and equipment for content material creators, SCUF Gaming, which builds custom-designed controllers for aggressive players, ORIGIN PC, a builder of {custom} gaming and workstation desktop PCs and laptops and Gamer Sensei model, an esports teaching platform. Forward Looking Statements Except for the historic data contained herein, the issues set forth on this press launch are forward-looking statements throughout the which means of the “secure harbor” provisions of the Private Securities Litigation Reform Act of 1995, together with, however not restricted to, our expectations concerning freight prices and provide chain points, together with if and when such points could ease; whether or not demand for DIY PC builds will improve; our expectations concerning our money place; whether or not we can execute on M&A alternatives and or scale back our debt, in addition to the timing of the foregoing; and our estimated full 12 months 2022 internet income, adjusted working revenue and adjusted EBITDA; and our estimated 2026 internet income goal. Forward-looking statements are primarily based on our administration’s beliefs, in addition to assumptions made by, and data at the moment out there to them. Because such statements are primarily based on expectations as to future monetary and working outcomes and usually are not statements of reality, precise outcomes could differ materially from these projected. Factors which can trigger precise outcomes to vary materially from present expectations embody, however usually are not restricted to: the affect the COVID-19 pandemic, together with the potential finish of the pandemic and the cessation of pandemic-related restrictions, may have on demand for our merchandise in addition to its affect on our operations and the operations of our producers, retailers and different companions, and its affect on the financial system total, together with capital markets; our capacity to construct and preserve the energy of our model amongst gaming and streaming lovers and our capacity to repeatedly develop and efficiently market new gear and enhancements to present gear; the introduction and success of recent third-party high-performance laptop {hardware}, significantly graphics processing models and central processing models in addition to subtle new video video games; fluctuations in working outcomes; the chance that we’re not capable of compete with rivals and/or that the gaming business, together with streaming and esports, doesn’t develop as anticipated or declines; the loss or lack of ability to draw and retain key administration; delays or disruptions at our or third-parties’ manufacturing and distribution amenities; foreign money trade fee fluctuations or worldwide commerce disputes leading to our gear turning into comparatively dearer to our abroad prospects or leading to a rise in our manufacturing prices; the affect of the coronavirus on our enterprise; common financial situations that adversely impact, amongst different issues, the monetary markets and client confidence and spending; and the opposite components described underneath the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (“SEC”) on November 2, 2021, in our Annual Report on Form 10-Ok for the 12 months ended December 31, 2021 to be filed with the SEC and our subsequent filings with the SEC. Copies of every submitting could also be obtained from us or the SEC. All forward-looking statements replicate our beliefs and assumptions solely as of the date of this press launch. We undertake no obligation to replace forward-looking statements to replicate future occasions or circumstances. Our outcomes for the quarter and 12 months ended December 31, 2021 usually are not essentially indicative of our working outcomes for any future intervals. Use and Reconciliation of Non-GAAP Financial Measures To complement the monetary outcomes offered in accordance with GAAP, this earnings launch presents sure non-GAAP monetary data, together with adjusted working revenue, adjusted internet revenue, adjusted internet revenue per diluted share and adjusted EBITDA. These are essential monetary efficiency measures for us, however usually are not monetary measures as outlined by GAAP. The presentation of this non-GAAP monetary data shouldn’t be meant to be thought-about in isolation of or as an alternative choice to, or superior to, the monetary data ready and offered in accordance with GAAP. We use adjusted working revenue, adjusted internet revenue, adjusted internet revenue per diluted share and adjusted EBITDA to guage our working efficiency and developments and make planning choices. We consider that these non-GAAP measures assist determine underlying developments in our enterprise that might in any other case be masked by the impact of the bills and different gadgets that we exclude in such non-GAAP measures. Accordingly, we consider that adjusted working revenue, adjusted internet revenue, adjusted internet revenue per diluted share and adjusted EBITDA present helpful data to buyers and others in understanding and evaluating our working outcomes, enhancing the general understanding of our previous efficiency and future prospects, and permitting for higher transparency with respect to the important thing monetary metrics utilized by our administration in our monetary and operational decision-making. We additionally current these non-GAAP monetary efficiency measures as a result of we consider buyers, analysts and score companies take into account them helpful in measuring our capacity to satisfy our debt service obligations. Our use of those phrases could range from that of others in our business. These non-GAAP monetary measures shouldn’t be thought-about as a substitute for revenues, working revenue, internet revenue, money supplied by working actions, or every other measures derived in accordance with GAAP as measures of working efficiency or liquidity. Reconciliations of those measures to probably the most straight comparable GAAP monetary measures are offered within the hooked up schedules. We calculate these non-GAAP monetary measures as follows: Adjusted working revenue, non-GAAP, is set by including again to GAAP working revenue the acquisition accounting affect associated to recognizing acquired stock at truthful worth, change in truthful worth of contingent consideration for enterprise acquisitions, non-cash discontinued licenses stock, non-cash long-lived asset impairment, stock-based compensation, intangible asset amortization, sure acquisition-related and integration-related bills, restructuring prices, non-deferred prices related to the IPO, secondary providing prices, and debt modification prices.Adjusted internet revenue, non-GAAP, is set by including again to GAAP internet revenue the acquisition accounting affect associated to recognizing acquired stock at truthful worth, change in truthful worth of contingent consideration for enterprise acquisitions, non-cash discontinued licenses stock, non-cash long-lived asset impairment, stock-based compensation, intangible asset amortization, sure acquisition-related and integration-related bills, restructuring prices, non-deferred prices related to the IPO, secondary providing prices, debt modification prices, loss on extinguishment of debt, and the associated tax results of every of those changes.Adjusted internet revenue per diluted share, non-GAAP, is set by dividing adjusted internet revenue, non-GAAP by the respective weighted common shares excellent, inclusive of the affect of different dilutive securities.Adjusted EBITDA is set by including again to GAAP internet revenue the acquisition accounting affect associated to recognizing acquired stock at truthful worth, change in truthful worth of contingent consideration for enterprise acquisitions, non-cash discontinued licenses stock, non-cash long-lived asset impairment, stock-based compensation, sure acquisition-related and integration-related bills, restructuring prices, non-deferred prices related to the IPO, secondary providing prices, debt modification prices, intangible asset amortization, depreciation and amortization, curiosity expense (together with loss on extinguishment of debt) and tax expense. We encourage buyers and others to assessment our monetary data in its entirety, to not depend on any single monetary measure and to view these non-GAAP monetary measures at the side of the associated GAAP monetary measures. Source: Corsair Gaming, Inc. Investor Relations Contact:Ronald van [email protected] 510-578-1407 Media Contact:Adrian [email protected]+44-7989-258827 Corsair Gaming, Inc.Condensed Consolidated Statements of Operations(Unaudited, in 1000’s, besides per share quantities) Three Months EndedDecember 31, Year EndedDecember 31, 2021 2020 2021 2020 Net income$510,622 $556,339 $1,904,060 $1,702,367 Cost of income 388,809 402,540 1,390,206 1,236,938 Gross revenue 121,813 153,799 513,854 465,429 Operating bills: Sales, common and administrative 81,538 81,127 315,672 257,004 Product growth 15,138 13,779 60,288 50,064 Total working bills 96,676 94,906 375,960 307,068 Operating revenue 25,137 58,893 137,894 158,361 Other (expense) revenue: Interest expense (1,017) (6,021) (17,673) (35,137)Other expense, internet (1,659) (1,153) (5,661) (1,182)Total different expense, internet (2,676) (7,174) (23,334) (36,319)Income earlier than revenue taxes 22,461 51,719 114,560 122,042 Income tax (expense) profit 2,254 (8,676) (13,600) (18,825)Net revenue$24,715 $43,043 $100,960 $103,217 Net revenue per share: Basic$0.26 $0.47 $1.08 $1.20 Diluted$0.25 $0.43 $1.01 $1.14 Weighted-average shares used to compute internet revenue per share Basic 94,345 91,923 93,260 86,256 Diluted 99,657 99,771 100,004 90,577 Corsair Gaming, Inc.Segment Information(Unaudited, in 1000’s, besides percentages) Three Months EndedDecember 31, Year EndedDecember 31, 20212020 2021 2020 Net income: Gamer and Creator Peripherals$176,873 $191,835 $647,202 $539,366 Gaming Components and Systems 333,749 364,504 1,256,858 1,163,001 Total Net Revenue$510,622 $556,339 $1,904,060 $1,702,367 Gross Profit: Gamer and Creator Peripherals$52,840 $68,856 $224,920 $189,742 Gaming Components and Systems 68,973 84,943 288,934 275,687 Total Gross Profit$121,813 $153,799 $513,854 $465,429 Gross Margin: Gamer and Creator Peripherals 29.9% 35.9% 34.8% 35.2%Gaming Components and Systems 20.7% 23.3% 23.0% 23.7%Total Gross Margin 23.9% 27.6% 27.0% 27.3% Corsair Gaming, Inc.Condensed Consolidated Balance Sheets(Unaudited, in 1000’s) December 31,2021 December 31,2020 Assets Current belongings: Cash and restricted money$65,149 $133,338 Accounts receivable, internet 291,287 293,629 Inventories 298,315 226,007 Prepaid bills and different present belongings 51,024 37,997 Total present belongings 705,775 690,971 Restricted money, noncurrent 231 230 Property and tools, internet 16,819 16,475 Goodwill 317,054 312,760 Intangible belongings, internet 225,709 259,317 Other belongings 71,808 34,362 TOTAL ASSETS$1,337,396 $1,314,115 Liabilities and Stockholders’ Equity Current liabilities: Debt maturing inside one 12 months$4,753 $- Accounts payable 236,120 299,636 Other liabilities and accrued bills 205,874 205,745 Total present liabilities 446,747 505,381 Long-term debt 242,898 321,393 Deferred tax liabilities 25,700 29,752 Other liabilities, noncurrent 53,871 20,199 TOTAL LIABILITIES 769,216 876,725 Stockholders’ Equity: Common inventory and extra paid-in capital 470,373 438,676 Retained earnings (collected deficit) 98,147 (2,813)Accumulated different complete revenue (loss) (340) 1,527 Total Stockholders’ Equity 568,180 437,390 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,337,396 $1,314,115 Corsair Gaming, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited, in 1000’s) Three Months EndedDecember 31, Year EndedDecember 31, 2021 2020 2021 2020 Cash flows from working actions: Net revenue$24,715 $43,043 100,960 $103,217 Adjustments to reconcile internet revenue to internet money supplied by working actions: Stock-based compensation 3,579 1,510 17,235 5,796 Depreciation 2,719 2,613 10,300 9,318 Amortization of intangible belongings 8,676 8,572 34,794 33,916 Debt issuance prices amortization 86 560 1,458 2,550 Loss on debt extinguishment — 858 4,868 4,114 Deferred revenue taxes (5,417) (584) (11,962) (7,476)Other 1,642 1,524 3,291 2,594 Changes in working belongings and liabilities: Accounts receivable (38,112) (33,425) 444 (91,492)Inventories 31,580 (19,200) (71,316) (80,086)Prepaid bills and different belongings (5,387) 12,478 (13,177) (7,953)Accounts payable (11,880) 23,750 (63,722) 116,522 Other liabilities and accrued bills (17,081) 26,930 7,019 77,933 Net money supplied by (utilized in) working actions (4,880) 68,629 20,192 168,953 Cash flows from investing actions: Acquisition of companies, internet of money acquired (3,162) (455) (4,846) (1,291)Payment of deferred and contingent consideration (43) — (4,721) — Purchase of property and tools (3,297) (3,917) (10,974) (8,989)Net money utilized in investing actions (6,502) (4,372) (20,541) (10,280)Cash flows from financing actions: Proceeds from issuance of debt, internet — — 248,513 — Repayment of debt (1,250) (50,000) (328,188) (190,394)Payment of debt issuance prices (168) — (204) (194)Borrowings from line of credit score 63,500 — 63,500 — Repayments of line of credit score (63,500) — (63,500) — Proceeds from preliminary public providing, internet of underwriting reductions and commissions — — — 118,575 Payment of different providing prices — (2,873) — (8,455)Proceeds from issuance of shares via worker fairness incentive plans 3,379 113 14,872 1,337 Payment of taxes associated to internet share settlement of fairness awards (182) — (397) — Net money supplied by (utilized in) financing actions 1,779 (52,760) (65,404) (79,131)Effect of trade fee adjustments on money (1,346) 1,930 (2,435) 2,079 Net improve (lower) in money and restricted money (10,949) 13,427 (68,188) 81,621 Cash and restricted money at the start of the interval 76,329 120,141 133,568 51,947 Cash and restricted money on the finish of the interval$65,380 $133,568 $65,380 $133,568 Corsair Gaming, Inc.GAAP to Non-GAAP Reconciliations Non-GAAP Operating Income Reconciliations(Unaudited, in 1000’s, besides percentages) Three Months EndedDecember 31, Year EndedDecember 31, 2021 2020 2021 2020 Operating Income – GAAP$25,137 $58,893 $137,894 $158,361 Acquisition accounting affect associated to recognizing acquired stock at truthful worth – – – 394 Change in truthful worth of contingent consideration for enterprise acquisition (3) 954 (345) 954 Non-cash discontinued licenses stock – – 1,003 – Non-cash long-lived asset impairment 853 – 853 – Stock-based compensation 3,579 1,510 17,235 5,796 Intangible asset amortization 8,676 8,572 34,794 33,916 Acquisition-related and integration-related prices 216 680 1,343 3,156 Restructuring prices 10 – 709 – Non-deferred IPO and secondary providing prices – 428 1,031 1,633 Debt modification prices – – – 623 Adjusted Operating Income – Non-GAAP$38,468 $71,037 $194,517 $204,833 As a % of internet income – GAAP 4.9% 10.6% 7.2% 9.3%As a % of internet income – Non-GAAP 7.5% 12.8% 10.2% 12.0% Non-GAAP Net Income and Net Income Per Share Reconciliations(Unaudited, in 1000’s, besides per share quantities and percentages) Three Months EndedDecember 31, Year EndedDecember 31, 2021 2020 2021 2020 Net Income – GAAP$24,715 $43,043 $100,960 $103,217 Acquisition accounting affect associated to recognizing acquired stock at truthful worth – – – 394 Change in truthful worth of contingent consideration for enterprise acquisition (3) 954 (345) 954 Non-cash discontinued licenses stock – – 1,003 – Non-cash long-lived asset impairment 853 – 853 – Stock-based compensation 3,579 1,510 17,235 5,796 Intangible asset amortization 8,676 8,572 34,794 33,916 Acquisition-related and integration-related prices 216 680 1,343 3,156 Restructuring prices 10 – 709 – Non-deferred IPO and secondary providing prices – 428 1,031 1,633 Debt modification prices – – – 623 Loss on debt extinguishment – 858 4,904 4,114 Non-GAAP revenue tax adjustment (3,330) (3,032) (17,582) (8,850)Adjusted Net Income – Non-GAAP$34,716 $53,013 $144,905 $144,953 Diluted Net revenue per share: GAAP$0.25 $0.43 $1.01 $1.14 Adjusted, Non-GAAP$0.35 $0.53 $1.45 $1.60 Shares used to compute diluted internet revenue per share: GAAP 99,657 99,771 100,004 90,577 Adjusted, Non-GAAP 99,657 99,771 100,004 90,577 Corsair Gaming, Inc.Adjusted EBITDA Reconciliations(Unaudited, in 1000’s, besides percentages) Three Months EndedDecember 31, Year EndedDecember 31, 2021 2020 2021 2020 Net Income – GAAP$24,715 $43,043 $100,960 $103,217 Acquisition accounting affect associated to recognizing acquired stock at truthful worth – – – 394 Change in truthful worth of contingent consideration for enterprise acquisition (3) 954 (345) 954 Non-cash discontinued licenses stock – – 1,003 – Non-cash long-lived asset impairment 853 – 853 – Stock-based compensation 3,579 1,510 17,235 5,796 Acquisition-related and integration-related prices 216 680 1,343 3,156 Restructuring prices 10 – 709 – Non-deferred IPO and secondary providing prices – 428 1,031 1,633 Debt modification prices – – – 623 Intangible asset amortization 8,676 8,572 34,794 33,916 Depreciation 2,719 2,613 10,300 9,318 Interest expense (contains loss on debt extinguishment) 1,017 6,021 17,673 35,137 Tax expense (profit) (2,254) 8,676 13,600 18,825 Adjusted EBITDA – Non-GAAP$39,528 $72,497 $199,156 $212,969 Adjusted EBITDA margin – Non-GAAP 7.7% 13.0% 10.5% 12.5%
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