8-K
AXCELIS TECHNOLOGIES INC (ACLS)
8-K
2025-04-21
For: 2025-04-21
View Original
Added on
April 08, 2026
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2025
Axcelis Technologies, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-30941 | 34-1818596 |
|---|---|---|
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 108 Cherry Hill Drive, Beverly, Massachusetts | 01915 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(978) 787-4000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
| ¨ | Written<br>communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ¨ | Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share | ACLS | NASDAQ Global Select Market |
Item 7.01 Regulation FD Disclosure.
On April 21, 2025, Axcelis Technologies, Inc. (the “Company”) posted information to its website regarding its historical GAAP to Non-GAAP reconciliations for its fiscal years from 2020-2024. This information is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Information dated April 21, 2025. Filed herewith Cover Page |
| 104 | Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 21, 2025 | Axcelis Technologies, Inc. | |
|---|---|---|
| By: | /s/ James Coogan | |
| James Coogan | ||
| Executive Vice President | ||
| and Chief Financial Officer |
3
Exhibit 99.1
| HISTORICAL GAAP TO NON-GAAP RECONCILIATION<br>APRIL 21, 2025 |
|---|
| 2<br>USE OF NON-GAAP MEASURES<br>This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting<br>principles (“Non-GAAP financial measures”). These Non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross<br>margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP income tax provision,<br>Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of<br>share-based compensation expense and certain items related to restructuring and severance charges and any associated<br>adjustments.<br>Reconciliations of these Non-GAAP financial measures to the most directly comparable financial measures calculated and<br>presented in accordance with GAAP are provided in the financial tables included in this presentation.<br>For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our<br>Non-GAAP results to our GAAP results at the end of this presentation. |
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| 3<br>Summary: Historical GAAP & Non-GAAP Results<br>(in thousands, except per share amounts)<br>For the years ended December 31<br>2020 2021 2022 2023 2024<br>Revenue $474,560 $662,428 $919,998 $1,130,604 $1,017,865<br>Gross Margin 41.8% 43.2% 43.7% 43.5% 44.7%<br>Operating Margin 12.2% 19.2% 23.1% 23.5% 20.7%<br>Net Income $49,982 $98,650 $183,079 $246,263 $200,992<br>Diluted Earnings Per Share $1.46 $2.88 $5.46 $7.43 $6.15<br>Non-GAAP Results<br>Non-GAAP Gross Margin 42.0% 43.4% 43.8% 43.6% 44.9%<br>Non-GAAP Operating Margin 14.4% 21.0% 24.5% 25.2% 23.3%<br>Adjusted EBITDA $78,368 $150,112 $237,310 $298,187 $252,991<br>Non-GAAP Net Income $58,999 $109,027 $194,641 $262,935 $223,768<br>Non-GAAP Diluted Earnings Per Share $1.73 $3.18 $5.80 $7.93 $6.84 |
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| 4<br>Axcelis Technologies Inc.<br>Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2020<br>(in thousands, except per share amounts)<br>Footnotes:<br>1<br>Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%<br>Figures may not sum due to rounding<br>Q1'20 Q2'20 Q3'20 Q4'20 FY 2020<br>Revenue $ 118,991 $ 122,965 $ 110,405 $ 122,199 $ 474,560<br>Gross Profit $ 45,549 $ 51,899 $ 48,161 $ 52,975 $ 198,584<br>Stock-based compensation 147 278 184 213 822<br>Non-GAAP Gross Profit $ 45,696 $ 52,177 $ 48,345 $ 53,188 $ 199,406<br>Non-GAAP Gross Margin 38.4% 42.4% 43.8% 43.5% 42.0%<br>Operating Expense $ 31,846 $ 35,518 $ 34,279 $ 38,900 $ 140,543<br>Stock-based compensation (1,579) (2,805) (2,734) (2,545) (9,663)<br>Non-GAAP Operating Expense $ 30,267 $ 32,713 $ 31,545 $ 36,355 $ 130,880<br>Operating Income $ 13,703 $ 16,381 $ 13,882 $ 14,075 $ 58,041<br>Stock-based compensation 1,726 3,083 2,919 2,757 10,485<br>Non-GAAP Operating Income $ 15,429 $ 19,464 $ 16,801 $ 16,832 $ 68,526<br>Non-GAAP Operating Margin 13.0% 15.8% 15.2% 13.8% 14.4%<br>Income tax provision $ 1,041 $ 2,271 $ 2,807 $ (215) $ 5,904<br>Tax impact of non-GAAP adjustments1 242 432 409 386 1,468<br>Non-GAAP Income tax provision $ 1,283 $ 2,703 $ 3,216 $ 171 $ 7,372<br>Net Income $ 11,221 $ 13,302 $ 10,785 $ 14,674 $ 49,982<br>Stock-based compensation 1,726 3,083 2,919 2,757 10,485<br>Tax impact of non-GAAP adjustments1 (242) (432) (409) (386) (1,468)<br>Non-GAAP Net Income $ 12,705 $ 15,953 $ 13,295 $ 17,045 $ 58,999<br>Diluted earnings per share $ 0.33 $ 0.39 $ 0.32 $ 0.43 $ 1.46<br>Stock-based compensation 0.05 0.09 0.09 0.08 0.31<br>Tax impact of non-GAAP adjustments1 (0.01) (0.01) (0.01) (0.01) (0.04)<br>Non-GAAP diluted earnings per share $ 0.37 $ 0.47 $ 0.39 $ 0.50 $ 1.73<br>Basic Share O/S 32,872 33,116 33,477 33,548 33,257<br>Diluted Shares O/S 34,057 33,958 34,174 34,318 34,128<br>Adjusted EBITDA Reconciliation Q1'20 Q2'20 Q3'20 Q4'20 FY 2020<br>Net income $ 11,221 $ 13,302 $ 10,785 $ 14,674 $ 49,982<br>Other (income)/expense 1,440 808 290 (383) 2,156<br>Income tax provision 1,041 2,271 2,807 (215) 5,904<br>Depreciation & amortization 2,340 2,440 2,494 2,568 9,842<br>Subtotal $ 16,043 $ 18,821 $ 16,376 $ 16,644 $ 67,884<br>Stock-based compensation 1,726 3,083 2,919 2,757 10,485<br>Adjusted EBITDA $ 17,769 $ 21,904 $ 19,294 $ 19,401 $ 78,368<br>Adjusted EBITDA Margin 14.9% 17.8% 17.5% 15.9% 16.5% |
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| 5<br>Axcelis Technologies Inc.<br>Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2021<br>(in thousands, except per share amounts)<br>Q1'21 Q2'21 Q3'21 Q4'21 FY 2021<br>Revenue $ 132,776 $ 147,274 $ 176,694 $ 205,684 $ 662,428<br>Gross Profit $ 56,435 $ 64,014 $ 76,512 $ 89,484 $ 286,445<br>Stock-based compensation 279 253 194 229 956<br>Non-GAAP Gross Profit $ 56,714 $ 64,267 $ 76,706 $ 89,713 $ 287,401<br>Non-GAAP Gross Margin 42.7% 43.6% 43.4% 43.6% 43.4%<br>Operating Expense $ 36,085 $ 40,017 $ 40,118 $ 42,900 $ 159,120<br>Stock-based compensation (2,127) (3,125) (2,990) (2,869) (11,111)<br>Non-GAAP Operating Expense $ 33,958 $ 36,892 $ 37,128 $ 40,031 $ 148,009<br>Operating Income $ 20,350 $ 23,997 $ 36,394 $ 46,584 $ 127,325<br>Stock-based compensation 2,406 3,378 3,185 3,098 12,067<br>Non-GAAP Operating Income $ 22,756 $ 27,375 $ 39,579 $ 49,682 $ 139,392<br>Non-GAAP Operating Margin 17.1% 18.6% 22.4% 24.2% 21.0%<br>Income tax provision $ 1,721 $ 3,843 $ 6,698 $ 9,517 $ 21,778<br>Tax impact of non-GAAP adjustments1 337 473 446 434 1,689<br>Non-GAAP Income tax provision $ 2,057 $ 4,316 $ 7,144 $ 9,951 $ 23,468<br>Net Income $ 16,480 $ 18,906 $ 27,515 $ 35,749 $ 98,650<br>Stock-based compensation 2,406 3,378 3,185 3,098 12,067<br>Tax impact of non-GAAP adjustments1 (337) (473) (446) (434) (1,689)<br>Non-GAAP Net Income $ 18,549 $ 21,811 $ 30,254 $ 38,413 $ 109,027<br>Diluted earnings per share $ 0.48 $ 0.55 $ 0.81 $ 1.05 $ 2.88<br>Stock-based compensation 0.07 0.10 0.09 0.09 0.35<br>Tax impact of non-GAAP adjustments1 (0.01) (0.01) (0.01) (0.01) (0.05)<br>Non-GAAP diluted earnings per share $ 0.54 $ 0.64 $ 0.89 $ 1.13 $ 3.18<br>Basic Share O/S 33,715 33,677 33,537 33,295 33,555<br>Diluted Shares O/S 34,643 34,311 34,089 34,011 34,268<br>Adjusted EBITDA Reconciliation Q1'21 Q2'21 Q3'21 Q4'21 FY 2021<br>Net income $ 16,480 $ 18,906 $ 27,515 $ 35,749 $ 98,650<br>Other (income)/expense 2,149 1,250 2,180 1,318 6,896<br>Income tax provision 1,721 3,843 6,698 9,517 21,778<br>Depreciation & amortization 2,621 2,667 2,632 2,801 10,721<br>Subtotal $ 22,970 $ 26,665 $ 39,025 $ 49,386 $ 138,045<br>Stock-based compensation 2,406 3,378 3,185 3,098 12,067<br>Adjusted EBITDA $ 25,376 $ 30,043 $ 42,210 $ 52,484 $ 150,112<br>Adjusted EBITDA Margin 19.1% 20.4% 23.9% 25.5% 22.7%<br>Footnotes:<br>1<br>Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%<br>Figures may not sum due to rounding |
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| 6<br>Axcelis Technologies Inc.<br>Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2022<br>(in thousands, except per share amounts)<br>Q1'22 Q2'22 Q3'22 Q4'22 FY 2022<br>Revenue $ 203,595 $ 221,177 $ 229,175 $ 266,051 $ 919,998<br>Gross Profit $ 89,766 $ 99,181 $ 103,321 $ 109,521 $ 401,790<br>Stock-based compensation 207 318 225 269 1,019<br>Non-GAAP Gross Profit $ 89,973 $ 99,499 $ 103,546 $ 109,790 $ 402,809<br>Non-GAAP Gross Margin 44.2% 45.0% 45.2% 41.3% 43.8%<br>Operating Expense $ 40,843 $ 45,035 $ 50,119 $ 53,432 $ 189,429<br>Stock-based compensation (2,493) (3,208) (3,337) (3,386) (12,425)<br>Non-GAAP Operating Expense $ 38,350 $ 41,827 $ 46,782 $ 50,046 $ 177,004<br>Operating Income $ 48,923 $ 54,145 $ 53,202 $ 56,089 $ 212,361<br>Stock-based compensation 2,701 3,526 3,562 3,655 13,444<br>Non-GAAP Operating Income $ 51,624 $ 57,671 $ 56,764 $ 59,744 $ 225,805<br>Non-GAAP Operating Margin 25.4% 26.1% 24.8% 22.5% 24.5%<br>Income tax provision $ 4,269 $ 4,007 $ 4,726 $ 8,804 $ 21,806<br>Tax impact of non-GAAP adjustmets1 378 494 499 512 1,882<br>Non-GAAP Income tax provision $ 4,647 $ 4,501 $ 5,225 $ 9,316 $ 23,688<br>Net Income $ 41,614 $ 44,189 $ 40,283 $ 56,992 $ 183,079<br>Stock-based compensation 2,701 3,526 3,562 3,655 13,444<br>Tax impact of non-GAAP adjustments1 (378) (494) (499) (512) (1,882)<br>Non-GAAP Net Income $ 43,937 $ 47,221 $ 43,347 $ 60,136 $ 194,641<br>Diluted earnings per share $ 1.22 $ 1.32 $ 1.21 $ 1.71 $ 5.46<br>Stock-based compensation 0.08 0.11 0.11 0.11 0.40<br>Tax impact of non-GAAP adjustments1 (0.01) (0.01) (0.01) (0.02) (0.06)<br>Non-GAAP diluted earnings per share $ 1.29 $ 1.41 $ 1.30 $ 1.81 $ 5.80<br>Basic Share O/S 33,245 33,096 33,011 32,823 33,043<br>Diluted Shares O/S 33,974 33,562 33,389 33,262 33,542<br>Adjusted EBITDA Reconciliation Q1'22 Q2'22 Q3'22 Q4'22 FY 2022<br>Net income $ 41,614 $ 44,189 $ 40,283 $ 56,992 $ 183,079<br>Other (income)/expense 3,040 5,949 8,193 (9,707) 7,475<br>Income tax provision 4,269 4,007 4,726 8,804 21,806<br>Depreciation & amortization 2,824 2,851 2,866 2,965 11,506<br>Subtotal $ 51,747 $ 56,996 $ 56,068 $ 59,054 $ 223,865<br>Stock-based compensation 2,701 3,526 3,562 3,655 13,444<br>Adjusted EBITDA $ 54,448 $ 60,522 $ 59,630 $ 62,710 $ 237,310<br>Adjusted EBITDA Margin 26.7% 27.4% 26.0% 23.6% 25.8%<br>Footnotes:<br>1<br>Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%<br>Figures may not sum due to rounding |
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| 7<br>Axcelis Technologies Inc.<br>Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2023<br>(in thousands, except per share amounts)<br>Footnotes:<br>1<br>Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%<br>Figures may not sum due to rounding<br>Q1'23 Q2'23 Q3'23 Q4'23 FY 2023<br>Revenue $ 254,020 $ 273,970 $ 292,326 $ 310,288 $ 1,130,604<br>Gross Profit $ 104,019 $ 119,703 $ 129,684 $ 137,896 $ 491,301<br>Stock-based compensation 215 396 308 337 1,255<br>Non-GAAP Gross Profit $ 104,233 $ 120,099 $ 129,992 $ 138,233 $ 492,556<br>Non-GAAP Gross Margin 41.0% 43.8% 44.5% 44.5% 43.6%<br>Operating Expense $ 52,662 $ 55,995 $ 58,004 $ 58,845 $ 225,506<br>Bad debt expense - - (653) (464) (1,117)<br>Stock-based compensation (2,989) (4,348) (4,773) (4,904) (17,014)<br>Non-GAAP Operating Expense $ 49,673 $ 51,647 $ 52,577 $ 53,478 $ 207,375<br>Operating Income $ 51,357 $ 63,708 $ 71,680 $ 79,051 $ 265,795<br>Bad debt expense - - 653 464 1,117<br>Stock-based compensation 3,203 4,744 5,081 5,240 18,269<br>Non-GAAP Operating Income $ 54,560 $ 68,452 $ 77,415 $ 84,755 $ 285,181<br>Non-GAAP Operating Margin 21.5% 25.0% 26.5% 27.3% 25.2%<br>Income tax provision $ 5,205 $ 3,037 $ 7,744 $ 16,350 $ 32,336<br>Tax impact of non-GAAP adjustments1 448 664 803 799 2,714<br>Non-GAAP Income tax provision $ 5,653 $ 3,701 $ 8,547 $ 17,149 $ 35,050<br>Net Income $ 47,697 $ 61,579 $ 65,931 $ 71,056 $ 246,263<br>Bad debt expense - - 653 464 1,117<br>Stock-based compensation 3,203 4,744 5,081 5,240 18,269<br>Tax impact of non-GAAP adjustments1 (448) (664) (803) (799) (2,714)<br>Non-GAAP Net Income $ 50,452 $ 65,659 $ 70,863 $ 75,961 $ 262,935<br>Diluted earnings per share $ 1.43 $ 1.86 $ 1.99 $ 2.15 $ 7.43<br>Bad debt expense - - 0.02 0.01 0.03<br>Stock-based compensation 0.10 0.14 0.15 0.16 0.55<br>Tax impact of non-GAAP adjustments1 (0.01) (0.02) (0.02) (0.02) (0.08)<br>Non-GAAP diluted earnings per share $ 1.52 $ 1.98 $ 2.14 $ 2.30 $ 7.93<br>Basic Share O/S 32,744 32,775 32,807 32,708 32,758<br>Diluted Shares O/S 33,293 33,189 33,159 33,031 33,165<br>Adjusted EBITDA Reconciliation Q1'23 Q2'23 Q3'23 Q4'23 FY 2023<br>Net income $ 47,697 $ 61,579 $ 65,931 $ 71,056 $ 246,263<br>Other (income)/expense (1,545) (908) (1,995) (8,355) (12,803)<br>Income tax provision 5,205 3,037 7,744 16,350 32,336<br>Depreciation & amortization 3,077 3,164 3,211 3,552 13,004<br>Subtotal $ 54,434 $ 66,872 $ 74,891 $ 82,603 $ 278,800<br>Bad debt expense - - 653 464 1,117<br>Stock-based compensation 3,203 4,744 5,081 5,240 18,269<br>Adjusted EBITDA $ 57,637 $ 71,616 $ 80,626 $ 88,307 $ 298,187<br>Adjusted EBITDA Margin 22.7% 26.1% 27.6% 28.5% 26.4% |
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| 8<br>Axcelis Technologies Inc.<br>Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2024<br>(in thousands, except per share amounts)<br>Footnotes:<br>1Restructuring and other costs primarily related to early retirement programs and severance costs,<br>due to global cost-saving initiatives<br>2<br>Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%<br>Figures may not sum due to rounding<br>Q1'24 Q2'24 Q3'24 Q4'24 FY 2024<br>Revenue $ 252,372 $ 256,512 $ 256,564 $ 252,417 $ 1,017,865<br>Gross Profit $ 116,051 $ 112,409 $ 109,970 $ 116,223 $ 454,654<br>Restructuring1 - 876 - 256 1,133<br>Stock-based compensation 290 462 354 399 1,505<br>Non-GAAP Gross Profit $ 116,341 $ 113,747 $ 110,324 $ 116,879 $ 457,291<br>Non-GAAP Gross Margin 46.1% 44.3% 43.0% 46.3% 44.9%<br>Operating Expense $ 59,512 $ 59,599 $ 63,057 $ 61,692 $ 243,860<br>Bad debt expense 458 - (3,445) - (2,986)<br>Restructuring1 - (552) - (862) (1,414)<br>Stock-based compensation (4,401) (5,008) (5,057) (4,980) (19,446)<br>Non-GAAP Operating Expense $ 55,570 $ 54,039 $ 54,555 $ 55,850 $ 220,014<br>Operating Income $ 56,539 $ 52,810 $ 46,913 $ 54,531 $ 210,794<br>Bad debt expense (458) - 3,445 - 2,986<br>Restructuring1 - 1,429 - 1,118 2,547<br>Stock-based compensation 4,690 5,469 5,411 5,380 20,951<br>Non-GAAP Operating Income $ 60,771 $ 59,708 $ 55,769 $ 61,029 $ 237,278<br>Non-GAAP Operating Margin 24.1% 23.3% 21.7% 24.2% 23.3%<br>Income tax provision $ 7,404 $ 6,399 $ 6,789 $ 8,689 $ 29,282<br>Tax impact of non-GAAP adjustments2 593 966 1,240 910 3,708<br>Non-GAAP Income tax provision $ 7,997 $ 7,365 $ 8,029 $ 9,599 $ 32,990<br>Net Income $ 51,595 $ 50,866 $ 48,576 $ 49,956 $ 200,992<br>Bad debt expense (458) - 3,445 - 2,986<br>Restructuring1 - 1,429 - 1,118 2,547<br>Stock-based compensation 4,690 5,469 5,411 5,380 20,951<br>Tax impact of non-GAAP adjustments2 (593) (966) (1,240) (910) (3,708)<br>Non-GAAP Net Income $ 55,234 $ 56,798 $ 56,192 $ 55,544 $ 223,768<br>Diluted earnings per share $ 1.57 $ 1.55 $ 1.49 $ 1.54 $ 6.15<br>Bad debt expense (0.01) - 0.11 - 0.09<br>Restructuring1 - 0.04 - 0.03 0.08<br>Stock-based compensation 0.14 0.17 0.17 0.17 0.64<br>Tax impact of non-GAAP adjustments2 (0.02) (0.03) (0.04) (0.03) (0.11)<br>Non-GAAP diluted earnings per share $ 1.68 $ 1.73 $ 1.72 $ 1.71 $ 6.84<br>Basic Share O/S 32,638 32,598 32,550 32,424 32,552<br>Diluted Shares O/S 32,926 32,771 32,675 32,514 32,704<br>Adjusted EBITDA Reconciliation Q1'24 Q2'24 Q3'24 Q4'24 FY 2024<br>Net income $ 51,595 $ 50,866 $ 48,576 $ 49,956 $ 200,992<br>Other (income)/expense (2,460) (4,455) (8,452) (4,114) (19,480)<br>Income tax provision 7,404 6,399 6,789 8,689 29,282<br>Depreciation & amortization 3,750 3,837 3,877 4,250 15,713<br>Subtotal $ 60,289 $ 56,646 $ 50,790 $ 58,781 $ 226,506<br>Bad debt expense (458) - 3,445 - 2,986<br>Restructuring1 - 1,429 - 1,118 2,547<br>Stock-based compensation 4,690 5,469 5,411 5,380 20,951<br>Adjusted EBITDA $ 64,521 $ 63,545 $ 59,646 $ 65,279 $ 252,991<br>Adjusted EBITDA Margin 25.6% 24.8% 23.2% 25.9% 24.9% |
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