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Taboola Q2 2026 Highlights & Supplemental Information August 5 , 2026 Investor Relations Aadam Anwar investors@taboola.com Taboola
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Certain statements in this presentation are forward-looking statements, including our Q3 2026 and full-year 2026 guidance and our expectations for Realize, our new performance advertising platform. Forward-looking statements generally relate to future events including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”,”guidance”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”,”target”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company’s future performance and cause results to differ from the forward-looking statements in this press release include, but are not limited to: the Company’s ability to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; changes in applicable laws or regulations; the timing for, and degree to which, or whether, Realize can achieve its intended performance objectives and attract, retain and grow advertisers and advertising spending; the Company’s estimates of expenses and profitability and underlying assumptions with respect to accounting presentations, estimates and judgments and other accounting adjustments; the extent to which we will buyback any of our shares pursuant to authority granted by the Company’s Board of Directors, which may depend upon market and economic conditions, other business opportunities and priorities, satisfying required conditions under the Israeli Companies Law and the Companies Regulations or other factors; the ability to attract new digital properties and advertisers; ability to meet minimum guarantee requirements in contracts with digital properties; intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company’s ad and content platform through new relationships with advertisers and digital properties; ability to secure high quality content from digital properties; ability to maintain relationships with current advertiser and digital property partners; ability to prioritize investments to improve profitability and free cash flow; ability to make continued investments in the Company’s AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce; changes in the regulation of, or market practice with respect to, “third party cookies” and its impact on digital advertising; continued engagement by users who interact with the Company’s platform on various digital properties; reliance on a limited number of partners for a significant portion of the Company’s revenue and ex-TAC Gross Profit, including but not limited to Yahoo; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; the potential or expected impact of tariffs on advertising spend, consumer and business sentiment, and the general economic environment; ability to enforce, protect and maintain intellectual property rights; risks related to the fact that we are incorporated in Israel and governed by Israeli law; the potential impacts of the war in Israel to the Company’s operations; and other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under Part 1, Item 1A “Risk Factors” and in the Company’s subsequent filings with the Securities and Exchange Commission. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law. Forward-Looking Statements - Disclaimer 2
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Today’s Presenters Adam Singolda Founder & CEO ● Founded Taboola in 2007; Has led the Company as its CEO ever since ● Previously: Israeli National Security Agency ● Graduated first in his class at the Officers Academy of the Israeli Defense Force and is an honored alumnus of the IDF’s elite Mamram computer science training program Stephen Walker CFO ● Joined Taboola in 2014 when the Company acquired Perfect Market, which Steve founded ● Previously: ● BS in Computer Science and Finance from Boston College and an MBA from Harvard Business School 3
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Business & Financial Highlights 4
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Revenues ex-TAC Gross Profit1 1. Non-GAAP measures, see appendix for reconciliation to GAAP Adj. EBITDA1 Gross profit $476.8M (+2% YoY) $192.4M (+12% YoY) $55.5M (+23% YoY) $492 to $505M $189 to $194M $36 to $43M $139.5M (+3% YoY) $147 to $152M Q2 2026 GuidanceQ2 2026 Actuals Actuals Vs Guidance Q2 2026 5
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Revenue Growth Driven by Scaled Advertisers & Spend 1 2 Revenue Per Scaled Advertiser Q2 2026 Highlights ● Revenue from Scaled Advertisers accounted for ~86% of Total Revenue ● Scaled Advertisers grew ~2% YoY to 2,081 ● Average Revenue Per Scaled Advertiser remained flat at ~$197K ● Growth primarily led by Realize helping drive higher ad spend and improving retention with existing advertisers Scaled Advertisers represents an Advertiser that has more than $100,000 of cumulative gross spend on the network on a trailing four quarter basis. Avg. Revenue per Scaled Advertiser is the aggregate cumulative gross spend of all Scaled Advertisers for a given period divided by the number of Scaled Advertisers for that period. #of Scaled Adv 6
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Guidance Summary Revenues ex-TAC Gross Profit1 Adj. EBITDA1 Gross profit $460 to $473M (-6% YoY) $184 to $190M (+6% YoY) $51.5 to $56.5M (+12% YoY) $1,930 to $1,956M (+2% YoY) $772 to $783M (+9% YoY) $228 to $240M (+9% YoY) $148 to $152M (+8% YoY) $605 to $615M (+7% YoY) Q3 2026 Guidance (3) FY 2026 Guidance (3) 1. Non-GAAP measure, see appendix for reconciliation to GAAP 2. Non-GAAP measure, see appendix for note regarding reconciliation 3. Y/Y growth rates represent the midpoint of guidance ranges 7
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2026 Guidance: Supplemental Information Quarterly Split Guidance ($ in millions) Q1 2026A Q2 2026A Q3 2026E Q4 2026E FY 2026 Revenues ~24% ~24% ~24% ~28% $1,930 to $1,956 ex-TAC Gross Profit ~21% ~25% ~24% ~30% $772 to $783 Adjusted EBITDA ~11% ~24% ~24% ~41% $228 to $240 Quarterly percentages are estimated quarterly percentages based on the midpoint of our FY 2026 guidance range. 8
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Additional Modeling Assumptions • Interest payments: ~$6M in 2026 (vs $7M in 2025 associated with $100.5M RCF. • Share based compensation: $64M in 2025 and $60M estimated in 2026. • Depreciation & Amortization: $81M in 2025 and $43M estimated for 2026. • CapEx (includes investments in property and equipment, leasehold improvements and capitalized software): $45M in 2025 and $47M estimated in 2026. • Free Cash Flow converted from Adjusted EBITDA at a rate of 70%+ over the two full fiscal years (vs. expectations of 60-70%). • Over the long term, the estimated effective tax rate is expected to be 18-20%. 9
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Appendix 10
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Revenue Model Drives High Incremental Margins Engagement (Page views / ad impressions) Yield (RPM / CPM) Revenue Traffic acquisition costs (value to publishers) Ex-TAC gross profit(1) Gross profit Other costs of revenue - - ● Revenue paid by Advertisers, before traffic acquisition costs (TAC) paid to Publishers ● CNX Revenues paid by advertisers after traffic acquisition costs paid to Publishers ● Revenue Share Deals: x% of Revenues generated on that publisher site ● Guarantee Deals: greater of rev. share (x%) or min guarantee (e.g.: $y per 000 page views) ● Portion of Revenues we keep ● Often called Revenue ex-TAC or Net Revenue at other companies ● Direct Cost of Servicing Revenues (people, servers, hosting, etc.) ● Amortization of Capitalized Software ● Standard gross profit metrics which aligns with GAAP reporting unless adjusted Number of unique users Depth of engagement Frequency of engagement AI technology (ability to target)Quality of dataDepth / breadth of advertisers x = = = 1. Non-GAAP measure, see appendix for reconciliation to GAAP 11
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Our Model In A Nutshell Model components: Sample inputs / financials: Illustrative Taboola economics: Revenues(1) $909 $1.00 (100%) Traffic Acq Cost (Value to publishers) ($627) ($0.69) ex-TAC Gross Profit(2) $282 $0.31 Cost of Revenues ($48) ($0.05) Gross profit $234 $0.26 R&D ($73) ($0.08) S&M ($110) ($0.12) G&A ($34) ($0.04) Operating Income $17 Dep, Amort, Share Based Comp, Other items $50 Adjusted EBITDA(3) $67 Change in WC, Other items(4) + PP&E and Capitalized Platform Costs ($22) Free Cash Flow(3) $40 1. Revenue paid by Advertisers, before traffic acquisition costs (TAC) paid to Publishers. CNX Revenues paid by advertisers after traffic acquisition costs paid to Publishers. 2. Revenue to Taboola after TAC paid to Publishers. Non-GAAP measure, see appendix for reconciliation to GAAP 3. Non-GAAP measure, see appendix for reconciliation to GAAP 4. Non cash charges, Cash charges excluded from Adjusted EBITDA - = - = - - - = + = + = 12
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Historical Revenues & ex-TAC Gross Profit1 (Reported Basis) Revenues ex-TAC Gross Profit 1. Non-GAAP measure, see appendix for reconciliation to GAAP 23% 8%3%2%16%YoY Growth YoY Growth 36% 10% -6% 25% 7% 49%2% 13
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Adjusted EBITDA 1. Non-GAAP measure, see appendix for reconciliation to GAAP Margin 35% 28% 18% 30% 30% 430% 14 Historical ex-TAC Gross Profit & Adjusted EBITDA1 (Reported Basis) ex-TAC Gross Profit YoY Growth 4 2026E2025A2024A2023A2022A2021A2020A 36% 10% -6% 25% 7% 9%
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Selected GAAP And Non-GAAP Metrics 1. Non-GAAP measures, see appendix for reconciliation to GAAP 15 ($ in millions, FYE) 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E Revenues 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 1,943 % YoY Growth 20.0% 20.3% 8.7% 15.9% 1.7% 2.8% 22.7% 8.3% 1.6% Gross Profit 234 232 319 441 464 426 534 570 610 % YoY Growth 31.1% -0.9% 37.5% 38.2% 5.3% -8.3% 25.5% 6.6% 7.1% ex-TAC Gross Profit¹ 282 296 382 519 570 536 667 714 778 % YoY Growth 31.8% 5.0% 29.1% 35.9% 9.8% -5.9% 24.6% 6.9% 9.0% Adjusted EBITDA¹ 67 34 106 179 157 99 201 215 234 Ratio of Adjusted EBITDA to ex-TAC Gross Profit 23.8% 11.5% 27.7% 34.5% 27.5% 18.4% 30.1% 30% + 30.1%
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Historical FY Actuals & FY 2026 Guidance 1. Non-GAAP measure, see appendix for reconciliation to GAAP Actual Actual Actual Actual Actual Guidance ($ in millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 YoY% Revenues 1,378 1,401 1,440 1,766 1,912 $1,930 to $1,956 2% Gross Profit 441 464 426 534 570 $605 to $615 7% ex-TAC Gross Profit¹ 519 570 536 667 714 $772 to $783 9% Adjusted EBITDA¹ 179 157 99 201 215 $228 to $240 9% Non GAAP Net Income¹ 114 91 33 122 169 $168 to $176 4% 16
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Adjusted EBITDA Reconciliation 1. The year ended December 31, 2024, includes one-time write-off of internal use software in the amount of $3,038. See Note 9 of Notes to the Consolidated Financial Statements. The year ended December 31, 2024 included $2,832 amortization expense of the non-cash based Commercial agreement asset. See Note 1b of Notes to the Consolidated Financial Statements. 2. A substantial majority is share-based compensation expenses related to going public. 3. Costs associated with the Company’s cost restructuring program implemented in September 2022. 4. Represents share-based compensation due to holdback of Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition. 5. The year ended December 31, 2024, includes $1,830 related to excess termination expenses from a headcount reduction due to the launch of Realize, $1,664 in professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations and certain one-time professional service costs. The year ended December 31, 2023, includes one-time costs related to the Commercial agreement. 2021 relates to the acquisition of ION Acquisition Corp. 1 Ltd. and going public ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Net income (loss) (28.0) 8.5 (24.9) (12.0) (82.0) (3.8) 42.3 Adjustments: Financial expenses (income), net 3.4 2.7 (11.3) (9.2) 12.8 12.0 11.3 Tax expenses 5.0 14.9 23.0 7.5 5.5 17.7 (9.5) Depreciation and amortization¹ 39.4 34.0 53.1 91.2 96.5 103.7 99.9 Share-based compensation expenses 8.2 28.3 124.2 63.8 53.7 60.0 63.9 Restructuring expenses² 3.4 0.0 0.0 Holdback compensation expenses 0.0 0.0 3.7 11.1 10.6 7.1 0.0 M&A and other costs 6.1 17.8 11.7 0.8 1.6 4.2 7.6 Adjusted EBITDA 34.1 106.2 179.5 156.7 98.7 200.9 215.5 17
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Quarterly Results: Adjusted EBITDA Reconciliation 1. The three months ended March 31, 2025 included $4,037 amortization expenses of the non-cash based Commercial agreement asset. 2. The three months ended March 31, 2025 included $1,972 in professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations. ($ in millions) FY 2023 FY 2024 Q1-25A Q2-25A Q3-25A Q4-25A FY 2025 Q1-26A Q2-26A Net income (loss) (82.0) (3.8) (8.7) (4.3) 5.2 50.1 42.3 59.1 4.3 Adjustments: Financials expenses (income),net 12.8 11.9 4.5 2.5 (0.5) 4.8 11.3 0.2 0.0 Tax expenses (income) 5.6 17.6 (2.0) 1.9 1.8 (11.2) (9.5) 10.1 3.0 Depreciation and amortization¹ 96.5 103.7 24.6 27.6 24.5 23.0 99.7 20.0 27.0 Share-based compensation expenses 53.8 60.1 15.5 16.6 15.7 16.1 63.9 14.2 14.1 M&A costs and Other Costs² 1.6 4.2 2.0 0.9 1.5 3.2 7.6 (77.0) 7.1 Connexity holdback 10.5 7.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Adjusted EBITDA 98.7 200.9 35.9 45.2 48.2 86.0 215.3 26.6 55.5
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Ratio Of Adjusted EBITDA To ex-TAC Gross Profit Reconciliation ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Gross Profit 232 319 441 464 426 534 570 Net Income (loss) (28) 8 (25) (12) (82) (4) 42 Ratio of Net income (loss) to Gross profit -12% 3% -6% -3% -19% -1% 7% ex-TAC Gross Profit 296 382 519 570 536 667 714 Adjusted EBITDA 34 106 179 157 99 201 215 Ratio of Adjusted EBITDA to ex-TAC Gross Profit 11% 28% 34% 28% 18% 30% 30%
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ex-TAC Gross Profit Margin Reconciliation 1 ($ in millions) 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E Revenues 552 758 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 1,943 Gross Profit 101 179 234 232 319 441 464 426 534 570 610 Gross Profit Margin 18% 24% 26% 21% 27% 32% 33% 30% 30% 30% 31% Revenues 552 758 909 1,094 1,189 1,378 1,401 1,440 1,766 1,912 $1,943 ex-TAC Gross Profit 124 214 282 296 382 519 570 536 667 714 778 ex-TAC Gross Profit Margin 23% 28% 31% 27% 32% 38% 41% 37% 38% 37% 40% 20
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Historical Adj. Gross Profit Margin Reconciliation Note: Adj. Gross Profit Margin is calculated by dividing Gross profit by ex-TAC Gross Profit. ($ in millions) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Revenues 1,094 1,189 1,378 1,401 1,440 1,766 1,912 Traffic Acquisition Cost (TAC) (798) (807) (859) (832) 904 (1,102) (1,215) Amortization of non-cash based Commercial agreement asset 0 0 0 0 0 3 16 ex-TAC Gross Profit 296 382 519 570 536 667 714 Other Cost of Revenues 64 63 78 105 110 130 128 Amortization of non-cash based Commercial agreement asset 0 0 0 0 0 3 16 Gross Profit 232 319 441 464 426 534 570 Gross Profit Margin 21% 27% 32% 33% 30% 30% 30% Adj. Gross Profit Margin 78% 84% 85% 81% 79% 80% 80%
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Historical Free Cash Flow Reconciliation ($ in millions) 2020A 2021A 2022A 2023A Q1-24A Q2-24A Q3-24A Q4-24A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Q1-26A Q2-26A Net cash from operating activities¹ $139 $64 $53 $84 $32 $38 $50 $62 $184 $48 $47 $53 $60 $208 $109 $31 Net cash used in the following investing activities -$18 -$39 -$35 -$32 -$5 -$12 -$7 -$10 -$35 -$12 -$13 -$7 -$13 -$44 -$18 -$14 Intangible assets -$9 -$14 -$13 -$12 -$3 -$3 -$3 -$4 -$13 -$4 -$3 -$3 -$5 -$13 -$5 -$8 Purchase of IT equipment & Leasehold Improvement -$9 -$25 -$22 -$20 -$2 -$9 -$4 -$6 -$22 -$8 -$10 -$4 -$8 -$31 -$13 -$6 Free Cash Flow $121 $25 $19 $52 $27 $26 $43 $52 $149 $36 $34 $46 $47 $163 $91 $17
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Supplemental Cash Flow Information 1. We calculate cash investment in publisher prepayments (net) for a specific measurement period as the gross amount of cash publisher prepayments we made in that measurement period minus the amortization of publisher prepayments that were included in traffic acquisition cost during that measurement period, which were the result of cash publisher prepayments made in that measurement period and previous periods. 23 2020A 2021A 2022A 2023A 2024A 2025A Q1-26A Q2-26A Free Cash Flow 121.3 24.5 18.6 52.2 149.2 163.5 91.0 17.3 Add back: Cash investment in publisher prepayments (net)¹ (4.5) 7.3 15.3 (19.6) (22.5) (13.0) (3.6) (11.6) Cash interest expense for money borrowed 0.0 1.1 20.7 18.5 14.3 11.1 1.5 1.3 Total - Cash generated before cash interest and publisher prepayments (net) 116.8 32.9 54.6 51.1 141.0 161.6 88.9 7.0
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Non-GAAP Net Income Reconciliation 1. Includes a substantial majority of share-based compensation expenses related to going public. 2. Relates to the acquisition of ION Acquisition Corp. 1 Ltd. and going public. ($ in millions) 2021A 2022A 2023A 2024A Q1-25A Q2-25A Q3-25A Q4-25A 2025A Q1-26A Q2-26A Net income (loss) (24.9) (12.0) (82.0) (3.8) (8.8) (4.3) 5.2 50.1 42.3 59.1 4.3 Adjustments: Amortization of acquired intangibles 23.0 63.6 63.9 65.1 17.8 17.8 17.0 15.2 67.8 12.4 14.1 Share-based compensation expenses¹ 124.2 63.8 53.7 60.0 15.5 16.6 15.7 16.1 63.9 14.2 14.1 Restructuring expenses 0.0 3.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 Holdback compensation expenses 3.7 11.1 10.6 7.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 M&A and other costs² 11.7 0.8 1.6 4.2 2.0 0.9 1.5 3.2 7.6 (77.0) 1.1 Revaluation of Warrants (22.6) (24.4) (0.7) (2.8) (1.7) 0.9 (1.6) (0.4) (2.9) (0.4) (0.1) Foreign currency exchange rate 4.6 (1.4) (0.9) 5.6 (1.5) 0.3 (0.7) 3.7 1.8 (0.7) (0.5) Income tax effects (6.1) (13.5) (13.6) (13.1) (4.9) (1.9) (2.9) (8.9) (18.6) 9.6 (2.8) Refinancing expense 0.0 0.0 0.0 0.0 6.6 0.0 0.0 0.0 6.6 0.0 0.0 Non GAAP Net Income 113.6 91.4 32.6 122.3 25.0 30.2 34.3 79.1 168.6 17.2 41.3
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Example Of Publisher Prepayments Accrual Accounting Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Revenue $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 Traffic Acquisition cost (TAC): Rev Share $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 Amortization of prepayment $600 $600 $600 $600 $600 $600 Total $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 ex-TAC Gross Profit $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 ex-TAC Gross Profit Margin % 40% 40% 40% 40% 40% 40% Cash Basis Revenue $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 Traffic Acquisition cost (TAC): Rev Share $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 Prepayment $3,000 $0 $0 $0 $0 $0 Total $6,000 $3,000 $3,000 $3,000 $3,000 $3,000 Cash Flow $0 $3,000 $3,000 $3,000 $3,000 $3,000 Delta – Cash Flow vs. Ex TAC Gross Profit -$2,400 $600 $600 $600 $600 $600 $3,000 Prepayment ($M) 50% Revenue Share 5 Year Term $6,000 Annual Revenue ($M)Assumptions: 25
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Consolidated Balance Sheet ($ in millions) As of Dec 31, 2020 As of Dec 31, 2021 As of Dec 31, 2022 As of Dec 31, 2023 As of Dec 31, 2024 As of Dec 31, 2025 Cash, cash equivalents, short-term deposits and investments 243 319 263 183 231 121 Total Assets 580 1,598 1,530 1,708 1,719 1,589 Total Liabilities & Convertible Shares 534 830 695 651 667 703 Accumulated deficit and accumulated other comprehensive income (loss) (31) (56) (68) (150) (154) (112) Additional Paid-in-capital and treasury Ordinary shares 78 824 903 1,207 1,206 1,019 Total Shareholders' Equity 47 768 835 1,057 1,052 907 26
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Q3 2026 and 2026 Full Year Guidance: ex-TAC Gross Profit Reconciliation Guidance Guidance ($ in millions) Q3-26 FY 2026 Revenues $460 to $473 $1,930 to $1,956 Traffic Acquisition Cost (TAC) ($280) - ($287) ($1,187) - ($1,202) Other Cost of Revenues ($32) - ($34) ($138) - ($139) Gross Profit $148 to $152 $605 to $615 Other Cost of Revenues (1) $36 - $38` $167 - $168 ex-TAC Gross Profit $184 to $190 $772 to $783 27 (1) Third-Quarter and Full-Year 2026 guidance includes $4,126 and $16,372 amortization expense of the non-cash based Commercial agreement asset, respectively. Full-Year 2026 includes $12,169 write-off of Publisher’s prepayments. See Note 1(b) and 2 respectively of Notes to the Unaudited Interim Consolidated Financial Statements.
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Non-GAAP Financial Measures This Presentation includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow and Non-GAAP Net Income (Loss), which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenues, gross profit, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes non-GAAP financial measures provide useful information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an additional tool for investors to use in evaluating operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them. Please refer to the appendix at the end of this presentation for reconciliations to the most directly comparable measures in accordance with GAAP. Note Regarding Adjusted EBITDA Guidance Although we provide guidance for Adjusted EBITDA, we are not able to provide guidance for projected Net income (loss), the most directly comparable GAAP measure. Certain elements of Net income (loss), including share-based compensation expenses, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on Net Income (loss) or to reconcile our Adjusted EBITDA guidance without unreasonable efforts. Consequently, no disclosure of projected Net income (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information. 28
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Thank You