Fourth Quarter and Full Year 2025 Revenue and Adjusted EBITDA Results In-line with Previous Guidance
Pharma Direct Revenue Beats Previous Outlook with Over 40% Year-Over-Year Growth for 2025
SANTA MONICA, Calif.--(BUSINESS WIRE)--February 25, 2026--
GoodRx Holdings, Inc. (Nasdaq: GDRX) ("we," "us," "our," "GoodRx," or the "Company"), the leading platform for medication savings in the U.S., has released its financial results for the fourth quarter and full year of 2025.
Fourth Quarter 2025 Highlights
-- Revenue of $194.8 million
-- Net income of $5.4 million; Net income margin of 2.8%
-- Adjusted Net Income1 of $29.0 million; Adjusted Net Income Margin1 of
14.9%
-- Adjusted EBITDA1 of $65.0 million; Adjusted EBITDA Margin1 of 33.4%
-- Net cash provided by operating activities of $32.9 million
Full Year 2025 Highlights
-- Revenue of $796.9 million
-- Net income of $30.4 million; Net income margin of 3.8%
-- Adjusted Net Income1 of $126.1 million; Adjusted Net Income Margin1 of
15.8%
-- Adjusted EBITDA1 of $270.5 million; Adjusted EBITDA Margin1 of 33.9%
-- Net cash provided by operating activities of $167.9 million
"We delivered a strong finish to the year by executing across our key priorities, expanding manufacturer partnerships, growing differentiated subscription offerings, and strengthening retail relationships," said Wendy Barnes, President and Chief Executive Officer of GoodRx. "We rebranded Pharma Manufacturer Solutions as Pharma Direct and are continuing to elevate it as a key growth driver of our business, reflecting our belief that self-pay and direct-to-consumer engagement will define the future of prescription access. We are confident that the actions we're taking today position us to return to growth beyond 2026, expand our role across the healthcare ecosystem, and create meaningful long-term value for consumers, partners, and stockholders."
(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and
Adjusted Net Income Margin are non-GAAP financial measures and are
presented for supplemental informational purposes only. Adjusted EBITDA
Margin and Adjusted Net Income Margin are defined as Adjusted EBITDA and
Adjusted Net Income, respectively, divided by Adjusted Revenue. Refer to
the Non-GAAP Financial Measures section below for definitions, additional
information, and reconciliations to the most directly comparable GAAP
measures.
Full Year 2025 Financial Overview (all comparisons are made to the same period of the prior year unless otherwise noted):
Revenue increased 1% to $796.9 million compared to $792.3 million.
Prescription transactions revenue decreased 6% to $544.0 million compared to $577.5 million, primarily driven by a decrease in Monthly Active Consumers due to the broader changes in the retail pharmacy landscape, including store closures, and volume reduction in one of our integrated savings programs, partially offset principally by improved unit economics related to contracting with certain of our customers and partners and favorable changes in sales mix.
Subscription revenue decreased 3% to $83.8 million compared to $86.5 million, primarily driven by a decrease in the number of our subscription plans.
Pharma direct (formerly pharma manufacturer solutions) revenue increased 41% to $151.4 million compared to $107.2 million, driven by organic growth as we continued to expand our market penetration with pharma manufacturers and other customers, including ongoing growth in our consumer direct pricing.
Net income was $30.4 million compared to $16.4 million. Net income margin was 3.8% compared to 2.1%. Adjusted Net Income(1) was $126.1 million compared to $131.6 million.
Adjusted EBITDA(1) was $270.5 million compared to $260.2 million. Adjusted EBITDA Margin(1) was 33.9% compared to 32.8%.
Cash Flow and Capital Allocation
Net cash provided by operating activities in 2025 was $167.9 million compared to $183.9 million in 2024. As of December 31, 2025, we had cash and cash equivalents of $261.8 million and total outstanding debt of $495.0 million.
We are focused on a disciplined approach to capital allocation, centered on furthering our mission and creating stockholder value. Our capital allocation priorities are investing for profitable growth, paying down debt, buying back shares, and M&A that aligns with our strategic priorities. These capital allocation priorities support our long-term growth strategy while also providing flexibility to navigate near-term challenges.
Share Repurchases
In 2025, we repurchased 48.9 million shares of Class A common stock for an aggregate cost of $217.4 million. As of December 31, 2025, we had $72.9 million of unused authorized share repurchase capacity under our $450.0 million share repurchase program, which does not have an expiration date.
Guidance
For the full year 2026, management is anticipating the following:
$ in millions FY 2026 FY 2025 YoY Change --------------------- ----------- ------- ----------- Revenue $750 - $780 $796.9 (6%) - (2%) --------------------- ----------- ------- ----------- Adjusted EBITDA(2) > $230 --------------------- ---------------------------------
"We closed the year with disciplined financial performance and delivered results in line with our latest guidance," said Chris McGinnis, Chief Financial Officer and Treasurer of GoodRx. "Adjusted EBITDA finished just above the midpoint of our range, reflecting continued cost discipline and focused execution across the business. Pharma Direct grew 41% year-over-year, underscoring the strategic progress we are making as we reposition the Company. As we enter 2026, our priority is to operate with rigor, preserve margin strength, and reinforce the long-term durability of our platform."
(2) Adjusted EBITDA is a non-GAAP financial measure and is presented for
supplemental informational purposes only. We have not reconciled our
Adjusted EBITDA guidance to GAAP net income or loss because we do not
provide guidance for such GAAP measure due to the uncertainty and
potential variability of stock-based compensation expense, acquired
intangible assets and related amortization and income taxes, which are
reconciling items between Adjusted EBITDA and the most directly
comparable GAAP measure. Because such items cannot be provided without
unreasonable efforts, we are unable to provide a reconciliation of the
non-GAAP financial measure guidance to the corresponding GAAP measure.
However, such items could have a significant impact on our future GAAP
net income or loss.
Investor Conference Call and Webcast
GoodRx management will host a conference call and webcast tomorrow, February 26, 2026, at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) to discuss the results and the Company's business outlook.
To access the conference call, please pre-register using the following link:
https://register-conf.media-server.com/register/BIdac3339259784908974e81a19855a705
Registrants will receive a confirmation with dial-in details and a unique passcode required to join.
The call will also be webcast live on the Company's investor relations website at https://investors.goodrx.com, where accompanying materials will be posted prior to the conference call.
Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company's investor relations website at https://investors.goodrx.com for at least 30 days.
About GoodRx
GoodRx is the leading platform for medication savings in the U.S., used by nearly 25 million consumers and over one million healthcare professionals annually. Uniquely situated at the center of the healthcare ecosystem, GoodRx connects consumers, healthcare professionals, payers, pharmacy benefit managers, pharmaceutical manufacturers, and retail pharmacies to make saving on medications easier. By reducing friction and inefficiencies, GoodRx helps consumers save time and money when filling prescriptions so they can get the care they deserve. Since 2011, GoodRx has helped Americans save over $100 billion on the cost of their medications.
GoodRx periodically posts information that may be important to investors on its investor relations website at https://investors.goodrx.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult GoodRx's website regularly for important information, in addition to following GoodRx's press releases, filings with the Securities and Exchange Commission and public conference calls and webcasts. The information contained on, or that may be accessed through, GoodRx's website is not incorporated by reference into, and is not a part of, this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future results of operations and financial position, industry and business trends, including uncertainty in the macro environment, the impact of trends impacting retail pharmacies on our future financial results, the potential impact of the new government sponsored direct-to-consumer platform called "TrumpRx.gov" and other evolving federal initiatives on our business, our value proposition, our business strategy and our ability to execute on our strategic priorities including expanding manufacturer partnerships, growing differentiated subscription offerings and strengthening retail relationships, our plans, market opportunity, ability to preserve margin strength and long-term growth prospects, our capital allocation priorities, pharma direct as the future key growth driver of our business, and the future of prescription access. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks related to our limited operating history and early stage of growth; our recent growth rates may not be sustainable or indicative of future growth; our ability to achieve broad market education and change consumer purchasing habits; our general ability to continue to attract, acquire and retain consumers in a cost-effective manner; our significant reliance on our prescription transactions offering and ability to expand our offerings; changes in medication pricing and the significant impact of pricing structures negotiated by industry participants; our general inability to control the categories and types of prescriptions for which we can offer savings or discounted prices; our reliance on a limited number of industry participants, including pharmacy benefit managers, pharmacies, and pharma manufacturers; the competitive nature of our industry; risks related to pandemics, epidemics, or outbreak of infectious disease; the accuracy of our estimate of our addressable market and other operational metrics; our ability to respond to changes in the market for prescription pricing and to maintain and expand the use of GoodRx codes; our ability to maintain positive perception of our platform or maintain and enhance our brand; risks related to any failure to maintain effective internal control over financial reporting; risks related to use of social media, emails, text messages, and other messaging channels as part of our marketing strategy; our dependence on our information technology systems and those of our third-party vendors, and risks related to any failure or significant disruptions thereof; risks related to government regulation of the internet, e-commerce, consumer data and privacy, information technology, and cybersecurity; risks related to the use of AI and machine learning in our business; risks related to a decrease in consumer willingness to receive correspondence or any technical, legal, or any other restrictions to send such correspondence; risks related to any failure to comply with applicable data protection, privacy and security, advertising and consumer protection laws, regulations, standards, and other requirements; our ability to utilize our net operating loss carryforwards and certain other tax attributes; the risk that we may be unable to realize expected benefits from our restructuring and cost reduction efforts; our ability to attract, develop, motivate and retain well-qualified employees; risks related to our acquisition strategy; risks related to our debt arrangements; interruptions or delays in service on our apps or websites or any undetected errors or design faults; our reliance on third-party platforms to distribute our platform and offerings, including software as-a-service technologies; systems failures or other disruptions in the operations of these parties on which we depend; risks related to climate change; risks associated with environmental sustainability and social initiatives; risks related to our intellectual property; risks related to operating in the healthcare industry; risks related to our organizational structure; litigation related risks; our ability to accurately forecast revenue and appropriately plan our expenses in the future; risks related to general economic factors, natural disasters, or other unexpected events; risks related to fluctuations in our tax obligations and effective income tax rate which could materially and adversely affect our results of operations; risks related to the healthcare reform legislation and other proposed or future changes impacting the healthcare industry and healthcare spending, including the new platform TrumpRx, which may adversely affect our business, financial condition and results of operations; as well as the other important factors discussed in the section entitled "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Key Operating Metrics
Monthly Active Consumers (MACs) refers to the number of unique consumers who have used a GoodRx code to purchase a prescription medication in a given calendar month and have saved money compared to the list price of the medication. A unique consumer who uses a GoodRx code more than once in a calendar month to purchase prescription medications is only counted as one Monthly Active Consumer in that month. A unique consumer who uses a GoodRx code in two or three calendar months within a quarter will be counted as a Monthly Active Consumer in each such month. Monthly Active Consumers do not include subscribers to our subscription offerings, consumers of our pharma direct offering, or consumers who use our telehealth offering. When presented for a period longer than a month, Monthly Active Consumers are averaged over the number of calendar months in such period. Monthly Active Consumers from acquired companies are only included beginning in the first full quarter following the acquisition. Effective January 1, 2025, Monthly Active Consumers from acquired companies are included beginning from the acquisition date. Prior to January 1, 2025, Monthly Active Consumers from acquired companies were only included beginning in the first full quarter following the acquisition. As our business continues to evolve, we are reassessing the Monthly Active Consumers metric as a primary indicator of performance to ensure it aligns with how we measure growth and profitability.
Subscription plans represent the ending subscription plan balance across our subscription offerings, GoodRx Gold, Kroger Savings Club (sunset in July 2024), condition-specific related subscription programs (first launched in June 2025), and RxSmartSaver+ powered by GoodRx (launched in July 2025). For GoodRx Gold, Kroger Savings Club, and RxSmartSaver+, each subscription plan may represent more than one subscriber since family subscription plans may include multiple members.
Three Months Ended
-------------------------------------------------------------------
December June March December June March
31, September 30, 31, 31, September 30, 31,
(in millions) 2025 30, 2025 2025 2025 2024 30, 2024 2024 2024
-------- --------- ---- ----- -------- --------- ---- ------
Monthly Active
Consumers 5.3 5.4 5.7 6.4 6.6 6.5 6.6 6.7
As of
------------------------------------------------------------------
December June March December June March
31, September 30, 31, 31, September 30, 31,
(in thousands) 2025 30, 2025 2025 2025 2024 30, 2024 2024 2024
-------- --------- ---- ----- -------- --------- ---- -----
Subscription
plans 674 671 668 680 684 701 696 778
GoodRx Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par values)
--------------------------- ---------------------------------------------
December 31, 2025 December 31, 2024
---------------------- ---------------------
Assets
Current assets
Cash and cash
equivalents $ 261,820 $ 448,346
Accounts receivable, net 235,746 145,934
Prescription
reimbursement assets 98,331 22,944
Prepaid expenses and
other current assets 47,205 42,031
--- ---------------- --------------
Total current assets 643,102 659,255
Property and equipment, net 12,268 12,664
Goodwill 430,331 410,769
Intangible assets, net 64,082 52,102
Capitalized software, net 139,261 124,781
Operating lease
right-of-use assets, net 28,808 27,794
Deferred tax assets, net 57,111 77,182
Other assets 29,095 23,520
--- ---------------- --------------
Total assets $ 1,404,058 $ 1,388,067
=== ================ ==============
Liabilities and
stockholders' equity
Current liabilities
Accounts payable $ 19,405 $ 14,137
Prescription
reimbursement
liabilities 130,139 15,798
Accrued expenses and
other current
liabilities 86,705 83,332
Current portion of debt 5,000 5,000
Operating lease
liabilities, current 4,753 5,636
--- ---------------- --------------
Total current
liabilities 246,002 123,903
Debt, net 483,264 486,711
Operating lease
liabilities, net of
current portion 49,789 46,040
Other liabilities 8,741 6,755
--- ---------------- --------------
Total liabilities 787,796 663,409
Stockholders' equity
Preferred stock, $0.0001
par value -- --
Common stock, $0.0001
par value 34 38
Additional paid-in
capital 2,026,802 2,165,633
Accumulated deficit (1,410,574) (1,441,013)
--- ---------------- --------------
Total stockholders'
equity 616,262 724,658
--- ---------------- --------------
Total liabilities and
stockholders'
equity $ 1,404,058 $ 1,388,067
=== ================ ==============
GoodRx Holdings, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
------------------- -----------------------------------------------
Three Months Ended Year Ended
December 31, December 31,
----------------------- ----------------------
2025 2024 2025 2024
------------ --------- --------- -----------
Revenue $194,785 $198,583 $796,853 $792,324
Costs and operating
expenses:
Cost of
revenue,
exclusive of
depreciation
and
amortization
presented
separately
below 17,464 12,193 57,597 48,215
Product
development
and
technology 28,939 31,739 121,026 123,749
Sales and
marketing 78,616 93,829 331,560 367,114
General and
administrative 23,937 23,546 113,960 117,862
Depreciation
and
amortization 23,146 19,096 85,218 69,538
------- ------- ------- -------
Total costs and
operating
expenses 172,102 180,403 709,361 726,478
------- ------- ------- -------
Operating income 22,683 18,180 87,492 65,846
------- ------- ------- -------
Other expense, net:
Other income
(expense) 24 -- 718 (2,660)
Loss on
extinguishment
of debt -- -- -- (2,077)
Interest income 1,889 4,587 10,933 23,273
Interest
expense (10,403) (11,358) (42,605) (52,922)
------- ------- ------- -------
Total other
expense, net (8,490) (6,771) (30,954) (34,386)
------- ------- ------- -------
Income before
income taxes 14,193 11,409 56,538 31,460
Income tax expense (8,768) (4,669) (26,099) (15,070)
------- ------- ------- -------
Net income $ 5,425 $ 6,740 $ 30,439 $ 16,390
======= ======= ======= =======
Earnings per share:
Basic $ 0.02 $ 0.02 $ 0.09 $ 0.04
Diluted $ 0.02 $ 0.02 $ 0.09 $ 0.04
Weighted average
shares used in
computing earnings
per share:
Basic 340,205 381,607 356,327 385,737
Diluted 340,761 383,576 356,973 392,172
Stock-based
compensation
included in costs
and operating
expenses:
Cost of revenue $ 49 $ 94 $ 357 $ 320
Product
development
and
technology 5,504 6,158 22,547 24,649
Sales and
marketing 3,940 6,126 20,207 33,374
General and
administrative 8,426 8,581 33,515 40,683
GoodRx Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
-------------------------------------------- ------------------------
Year Ended
December 31,
------------------------
2025 2024
---------- ------------
Cash flows from operating activities
Net income $ 30,439 $ 16,390
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 85,218 69,538
Loss on extinguishment of debt -- 2,077
Amortization of debt issuance costs and
discounts 1,768 2,497
Non-cash operating lease expense 4,007 4,184
Stock-based compensation expense 76,626 99,026
Deferred income taxes 20,071 (11,914)
Loss on operating lease assets 4,409 --
Other 1,810 --
Changes in operating assets and
liabilities, net of effects of business
acquisitions:
Accounts receivable (88,016) (2,326)
Prescription reimbursement assets (75,387) (7,463)
Prepaid expenses and other assets (8,387) 13,790
Accounts payable 4,103 (15,819)
Prescription reimbursement liabilities 114,341 10,376
Accrued expenses and other current
liabilities 1,185 9,911
Operating lease liabilities (6,269) (4,953)
Other liabilities 1,986 (1,422)
-------- --------
Net cash provided by operating
activities 167,904 183,892
-------- --------
Cash flows from investing activities
Purchase of property and equipment (3,521) (1,240)
Acquisitions (43,440) --
Capitalized software (70,499) (69,107)
Other (2,500) --
-------- --------
Net cash used in investing
activities (119,960) (70,347)
-------- --------
Cash flows from financing activities
Proceeds from long-term debt -- 472,033
Payments on long-term debt (5,000) (639,038)
Payments of debt issuance costs -- (2,673)
Repurchases of Class A common stock (216,372) (158,845)
Proceeds from exercise of stock options 61 19,046
Employee taxes paid related to net share
settlement of equity awards (14,467) (29,784)
Proceeds from employee stock purchase plan 1,308 1,766
-------- --------
Net cash used in financing
activities (234,470) (337,495)
-------- --------
Net change in cash and cash
equivalents (186,526) (223,950)
Cash and cash equivalents
Beginning of period 448,346 672,296
-------- --------
End of period $ 261,820 $ 448,346
======== ========
For the fourth quarters and full years of 2025 and 2024, revenue comprised of the following:
(in thousands)
------------------------------------------------------------------
Three Months Ended Year Ended
December 31, December 31,
----------------------- ------------------
2025 2024 2025 2024
------------ --------- -------- --------
Prescription
transactions
revenue $ 124,720 $ 144,987 $544,001 $577,549
Subscription revenue 21,582 20,676 83,786 86,536
Pharma direct revenue 44,379 28,088 151,380 107,237
Other revenue 4,104 4,832 17,686 21,002
-------- -------- ------- -------
Total revenue $ 194,785 $ 198,583 $796,853 $792,324
======== ======== ======= =======
Reclassifications
Prior to December 31, 2025, prescription reimbursement assets were presented as a component of prepaid expenses and other current assets, and prescription reimbursement liabilities as a component of accounts payable and accrued expenses and other current liabilities on our condensed consolidated balance sheets. Amounts have been reclassified on the condensed consolidated balance sheet as of December 31, 2024 to conform to the current period presentation. Corresponding reclassifications were also reflected on the condensed consolidated statement of cash flows for the year ended December 31, 2024. These reclassifications had no impact on previously reported current and total assets and liabilities, total stockholders' equity, results of operations, or cash flows provided by operating activities.
Non-GAAP Financial Measures
Adjusted Revenue and metrics presented as a percentage of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings Per Share are supplemental measures of our performance that are not required by, or presented in accordance with, U.S. GAAP. We also present each cost and operating expense on our condensed consolidated statements of operations on an adjusted basis to arrive at adjusted operating income. Collectively, we refer to these non-GAAP financial measures as our "Non-GAAP Measures."
We define Adjusted Revenue for a particular period as revenue excluding client contract termination costs associated with restructuring related activities. We exclude these costs from revenue because we believe they are not indicative of past or future underlying performance of the business. For 2025 and 2024, revenue equaled to Adjusted Revenue.
We define Adjusted EBITDA for a particular period as net income or loss before interest, taxes, depreciation and amortization, and as further adjusted for, as applicable for the periods presented, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, and other income or expense, net. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Adjusted Revenue.
We define Adjusted Net Income for a particular period as net income or loss adjusted for, as applicable for the periods presented, amortization of intangibles related to acquisitions and restructuring activities, acquisition related expenses, stock-based compensation expense, payroll tax expense related to stock-based compensation, loss on extinguishment of debt, financing related expenses, loss on operating lease assets, restructuring related expenses, legal settlement expenses, gain on sale of business, other income or expense, net, and as further adjusted for estimated income tax on such adjusted items. Our adjusted taxes also excludes (i) the valuation allowance recorded against certain of our net deferred tax assets that was recognized in accordance with GAAP and any subsequent releases of the valuation allowance, and (ii) all tax benefits/expenses resulting from excess tax benefits/deficiencies in connection with stock-based compensation. Adjusted Net Income Margin represents Adjusted Net Income as a percentage of Adjusted Revenue.
Adjusted Earnings Per Share is Adjusted Net Income attributable to common stockholders divided by weighted average number of shares. The weighted average shares we use in computing Adjusted Earnings Per Share -- basic is equal to our GAAP weighted average shares -- basic and the weighted average shares we use in computing Adjusted Earnings Per Share -- diluted is equal to either GAAP weighted average shares -- basic or GAAP weighted average shares -- diluted, depending on whether we have adjusted net loss or adjusted net income, respectively.
We also assess our performance by evaluating each cost and operating expense on our condensed consolidated statements of operations on a non-GAAP, or adjusted, basis to arrive at adjusted operating income. The adjustments to these cost and operating expense items include, as applicable for the periods presented, acquisition related expenses, amortization of intangibles related to acquisitions and restructuring activities, stock-based compensation expense, payroll tax expense related to stock-based compensation, financing related expenses, restructuring related expenses, legal settlement expenses, loss on operating lease assets, and gain on sale of business. Adjusted operating income is Adjusted Revenue less non-GAAP costs and operating expenses.
We believe our Non-GAAP Measures are helpful to investors, analysts and other interested parties because they assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin are also key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. In addition, Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Earnings Per Share are frequently used by analysts, investors and other interested parties to evaluate and assess performance.
The Non-GAAP Measures are presented for supplemental informational purposes only and should not be considered as alternatives or substitutes to financial information presented in accordance with GAAP. These measures have certain limitations in that they do not include the impact of certain costs that are reflected in our condensed consolidated statements of operations that are necessary to run our business. Other companies, including other companies in our industry, may not use these measures or may calculate these measures differently than as presented herein, limiting their usefulness as comparative measures.
The following table presents a reconciliation of net income (loss), the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, and presents net income (loss) margin, the most directly comparable financial measure calculated in accordance with GAAP, with Adjusted EBITDA Margin:
(dollars in thousands)
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended
March 31, June 30, September 30, December 31, December 31,
-------------------------- -------------------------- -------------------------- -------------------------- --------------------------
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net income (loss) $ 11,052 $ (1,009) $ 12,843 $ 6,694 $ 1,119 $ 3,965 $ 5,425 $ 6,740 $ 30,439 $ 16,390
Adjusted to
exclude the
following:
Interest income (3,932) (7,555) (2,803) (6,334) (2,309) (4,797) (1,889) (4,587) (10,933) (23,273)
Interest
expense 10,644 14,643 10,729 14,566 10,829 12,355 10,403 11,358 42,605 52,922
Income tax
expense 5,616 1,302 6,734 4,952 4,981 4,147 8,768 4,669 26,099 15,070
Depreciation
and
amortization 20,912 15,942 19,729 16,965 21,431 17,535 23,146 19,096 85,218 69,538
Other (income)
expense -- -- (694) -- -- 2,660 (24) -- (718) 2,660
Loss on
extinguishment
of debt -- -- -- -- -- 2,077 -- -- -- 2,077
Financing
related
expenses -- 440 -- 392 -- 66 -- -- -- 898
Acquisition
related
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