RESTON, Va., Aug. 04, 2026 (GLOBE NEWSWIRE) — St ide, I c. (NYSE: LRN), o e of the atio ’s most successful tech ology-based educatio compa ies, today a ou ced its esults fo the fou th qua te a d full fiscal yea e ded Ju e 30, 2026.
“I am pleased to lead St ide as we positio the Compa y fo its ext chapte of g owth,” said Robe t K owli g, St ide Chief Executive Office . “Buildi g o St ide’s st o g fou datio , we will co ti ue to p io itize i vestme ts i cu iculum, tech ology a d suppo t se vices to imp ove stude t outcomes a d d ive g owth a d value c eatio . I look fo wa d to wo ki g alo gside ou tale ted team a d leve agi g ou full b eadth of capabilities to each St ide’s full pote tial.”
- Reve ue of $2,518.1 millio , compa ed with $2,405.3 millio
- I come f om ope atio s of $450.8 millio , compa ed with $360.1 millio
- Net i come of $338.2 millio , compa ed with $287.9 millio
- Diluted et i come pe sha e of $7.14, compa ed with $5.95
- Adjusted ope ati g i come of $498.4 millio , compa ed with $466.2 millio (1)
- Adjusted EBITDA of $617.6 millio , compa ed with $571.0 millio (1)
- Adjusted ea i gs pe sha e of $8.33, compa ed with $8.10 (1)
- Repu chased app oximately $188.7 millio of commo stock u de the Compa y’s sha e epu chase autho izatio
- Sha e epu chase autho izatio exte ded th ough Octobe 31, 2027
| Reve ues | $ | 2,518,081 | $ | 2,405,317 | $ | 112,764 | 4.7 | % | I come f om ope atio s | 450,767 | 360,094 | 90,673 | 25.2 | % | Adjusted ope ati g i come (1) | 498,373 | 466,233 | 32,140 | 6.9 | % | Net i come | 338,192 | 287,941 | 50,251 | 17.5 | % | Net i come pe sha e, diluted | 7.14 | 5.95 | 1.19 | 20.0 | % | Adjusted ea i gs pe sha e (1) | 8.33 | 8.10 | 0.23 | 2.8 | % | EBITDA (1) | 577,329 | 474,763 | 102,566 | 21.6 | % | Adjusted EBITDA (1) | 617,584 | 571,035 | 46,549 | 8.2 | % |
(1) To suppleme t ou fi a cial stateme ts p ese ted i acco da ce with U.S. ge e ally accepted accou ti g p i ciples (GAAP), we also p ese t o -GAAP fi a cial measu es i cludi g adjusted ope ati g i come (loss), EBITDA, adjusted EBITDA, a d adjusted ea i gs pe sha e. Ma ageme t believes that these additio al measu es p ovide useful i fo matio to i vesto s elati g to ou fi a cial pe fo ma ce. A eco ciliatio of these o -GAAP fi a cial measu es to the most di ectly compa able GAAP fi a cial measu es is p ovided below.
- Reve ue of $636.1 millio , compa ed with $653.6 millio
- I come f om ope atio s of $105.9 millio , compa ed with $56.9 millio
- Net i come of $81.4 millio , compa ed with $51.3 millio
- Diluted et i come pe sha e of $1.75, compa ed with $1.03
- Adjusted ope ati g i come of $117.8 millio , compa ed with $130.6 millio (1)
- Adjusted EBITDA of $149.8 millio , compa ed with $158.4 millio (1)
- Adjusted ea i gs pe sha e of $2.12, compa ed with $2.29 (1)
- Repu chased app oximately $100 millio of commo stock u de the Compa y’s sha e epu chase autho izatio
| Reve ues | $ | 636,064 | $ | 653,647 | $ | (17,583 | ) | (2.7 | %) | I come f om ope atio s | 105,852 | 56,864 | 48,988 | 86.1 | % | Adjusted ope ati g i come (1) | 117,814 | 130,558 | (12,744 | ) | (9.8 | %) | Net i come | 81,388 | 51,320 | 30,068 | 58.6 | % | Net i come pe sha e, diluted | 1.75 | 1.03 | 0.72 | 69.9 | % | Adjusted ea i gs pe sha e (1) | 2.12 | 2.29 | (0.17 | ) | (7.4 | %) | EBITDA (1) | 139,631 | 87,063 | 52,568 | 60.4 | % | Adjusted EBITDA (1) | 149,823 | 158,413 | (8,590 | ) | (5.4 | %) |
| $ | 355,809 | $ | 394,134 | $ | (38,325 | ) | (9.7 | %) | $ | 1,417,785 | $ | 1,448,676 | $ | (30,891 | ) | (2.1 | %) | Middle – High School | 267,116 | 240,455 | 26,661 | 11.1 | % | 1,043,726 | 876,287 | 167,439 | 19.1 | % | Adult | 13,139 | 19,058 | (5,919 | ) | (31.1 | %) | 56,570 | 80,354 | (23,784 | ) | (29.6 | %) | Total Ca ee Lea i g | 280,255 | 259,513 | 20,742 | 8.0 | % | 1,100,296 | 956,641 | 143,655 | 15.0 | % | $ | 636,064 | $ | 653,647 | $ | (17,583 | ) | (2.7 | %) | $ | 2,518,081 | $ | 2,405,317 | $ | 112,764 | 4.7 | % |
Full yea e ollme ts ave aged 243.9K, up 4.2% compa ed to 234.0K e ollme ts i fiscal yea 2025. Of the total e ollme ts, 109.7K we e Ca ee Lea i g e ollme ts, up 13.9% compa ed to 96.3K Ca ee Lea i g e ollme ts i fiscal 2025.
Fou th qua te e ollme ts ave aged 234.2K, dow (0.5)% compa ed to 235.3K e ollme ts i the fou th qua te of fiscal yea 2025. Of the total ave age e ollme ts, 106.4K we e Ca ee Lea i g e ollme ts, up 9.7% compa ed to 97.0K Ca ee Lea i g e ollme ts i the fou th qua te of fiscal 2025.
E ollme ts o ly i clude those stude ts i full se vice public o p ivate p og ams whe e St ide p ovides a combi atio of cu iculum, tech ology, a d i st uctio al a d suppo t se vices, i clusive of admi ist ative suppo t a d may i clude e ollme ts fo which St ide eceives o public fu di g o eve ue. St ide does ot epo t e ollme ts fo ou Adult Lea i g busi ess.
Reve ue pe e ollme t fo the full fiscal yea 2026 was $9,914, up 2.4% compa ed to $9,677 i fiscal yea 2025. Ge e al Educatio eve ue pe e ollme t was $10,243, up 1.6%, a d Ca ee Lea i g eve ue pe e ollme t was $9,512, up 4.5%, compa ed to fiscal yea 2025. If the mix of e ollme ts cha ges, ou eve ues will be impacted to the exte t the ave age eve ues pe e ollme ts a e sig ifica tly diffe e t.
Reve ue pe e ollme t fo the fou th qua te was $2,620, dow (0.4)% compa ed to $2,630 i the fou th qua te of fiscal yea 2025. Ge e al Educatio eve ue pe e ollme t was $2,710, dow (1.0)% compa ed to the fou th qua te of fiscal yea 2025, a d Ca ee Lea i g eve ue pe e ollme t was $2,511, up 1.3%, compa ed to the fou th qua te of fiscal yea 2025.
As of Ju e 30, 2026, the Compa y’s cash a d cash equivale ts a d ma ketable secu ities totaled $1,034.1 millio , compa ed with $1,011.4 millio epo ted at Ju e 30, 2025.
Capital expe ditu es fo the fiscal yea e ded Ju e 30, 2026 we e $78.8 millio , compa ed to $60.0 millio i fiscal yea 2025, a d we e comp ised of $0.6 millio of p ope ty a d equipme t, $61.6 millio of capitalized softwa e developme t a d $16.6 millio of capitalized cu iculum developme t.
Du i g fiscal yea 2026, the Compa y epu chased app oximately 2.3 millio sha es of its commo stock fo a agg egate pu chase p ice of app oximately $188.7 millio u de its p eviously a ou ced sha e epu chase autho izatio . As of Ju e 30, 2026, app oximately $311.3 millio emai ed available u de the cu e t autho izatio . The Compa y co ti ues to evaluate sha e epu chases as pa t of its discipli ed capital allocatio st ategy.
The Compa y will discuss its fou th qua te a d full fiscal yea 2026 fi a cial esults du i g a co fe e ce call scheduled fo Tuesday, August 4, 2026 at 5:00 p.m. easte time (ET).
A live webcast of the call will be available at i vesto s.st idelea i g.com/eve ts-a d-p ese tatio s. To pa ticipate i the live call, i vesto s a d a alysts should dial (833) 461-5787 (domestic) o +1 (585) 542-9983 (i te atio al) a d p ovide the co fe e ce ID umbe 708 877 615. Please access the website at least 15 mi utes p io to the sta t of the call.
A eplay of the call will be posted at i vesto s.st idelea i g.com/eve ts-a d-p ese tatio s.
St ide I c. (NYSE: LRN) is edefi i g lifelo g lea i g with i ovative, high-quality educatio solutio s. Se vi g lea e s i p ima y, seco da y, a d postseco da y setti gs, St ide p ovides a wide a ge of se vices i cludi g K-12 educatio , ca ee lea i g, p ofessio al skills t ai i g, a d tale t developme t. St ide eaches lea e s i all 50 states a d ove 100 cou t ies. Lea mo e at st idelea i g.com.
This p ess elease co tai s ce tai fo wa d-looki g stateme ts withi the mea i g of the P ivate Secu ities Litigatio Refo m Act of 1995 that i volve substa tial isks a d u ce tai ties. All stateme ts othe tha stateme ts of histo ical facts co tai ed i this p ess elease a e fo wa d-looki g stateme ts, such as a y stateme ts that look to futu e eve ts a d i clude, amo g othe thi gs, ou expectatio s ega di g: mix of e ollme t, eve ue pe e ollme t, a d futu e sha e epu chases. We have t ied, whe eve possible, to ide tify these fo wa d-looki g stateme ts usi g wo ds such as “outlook,” “fo ecasts,” “a ticipates,” “t e ds,” “believes,” “estimates,” “co ti ues,” “likely,” “may,” “oppo tu ity,” “pote tial,” “p ojects,” “will,” “will be,” “expects,” “pla s,” “i te ds,” “should,” “would” a d simila exp essio s to ide tify fo wa d-looki g stateme ts, whethe i the egative o the affi mative. These stateme ts eflect ou cu e t beliefs a d a e based upo i fo matio cu e tly available to us. Acco di gly, such fo wa d-looki g stateme ts i volve k ow a d u k ow isks, u ce tai ties a d othe facto s which could cause ou actual esults, pe fo ma ce o achieveme ts to diffe mate ially f om those exp essed i , o implied by, such stateme ts. These isks, u ce tai ties, facto s a d co ti ge cies i clude, but a e ot limited to: eductio of pe pupil fu di g amou ts at the schools we se ve; i ability to achieve a sufficie t level of ew e ollme ts to sustai ou busi ess model o to meet fi a cial o ope atio al guida ce; limitatio s of the e ollme t data we p ese t, which may ot fully captu e t e ds i the pe fo ma ce of ou busi ess; failu e to e te i to ew school co t acts o e ew existi g co t acts, i pa t o i thei e ti ety; failu e of the schools we se ve, ou ve do s, o us to comply with ou co t acts, o fede al, state a d local laws a d egulatio s, esulti g i a loss of fu di g, a obligatio to epay fu ds p eviously eceived, co t actual emedies, o actio s o p oceedi gs agai st us; gove me tal i vestigatio s that could esult i fi es, pe alties, settleme ts, o i ju ctive elief; decli es o va iatio s i academic pe fo ma ce outcomes of the stude ts a d schools we se ve, i cludi g due to the evolutio of cu iculum sta da ds, testi g p og ams a d state accou tability met ics; ha m to ou eputatio esulti g f om poo pe fo ma ce o misco duct by ope ato s o us i a y school i ou i dust y a d/o i a y school which we ope ate; legal a d egulato y challe ges f om oppo e ts of vi tual public educatio o fo -p ofit educatio compa ies; pote tial violatio of laws a d egulatio s elati g to p ivacy a d data p otectio , i cludi g as such laws a d egulatio s may apply to child e ’s data; cha ges i atio al a d local eco omic a d busi ess co ditio s a d othe facto s, such as atu al disaste s, pa demics a d outb eaks of co tagious diseases a d othe adve se public health developme ts; disc epa cies i i te p etatio of legislatio by egulato y age cies that may lead to payme t o fu di g disputes; te mi atio of ou co t acts, o a eductio o te mi atio i the scope of se vices, with schools; failu e to develop the Ca ee Lea i g busi ess; e t y of ew competito s with supe io tech ologies (i cludi g a tificial i tellige ce (“AI”)) a d lowe p ices; u successful i teg atio of me ge s, acquisitio s a d joi t ve tu es; failu e to fu the develop, mai tai a d e ha ce ou tech ology, p oducts, se vices a d b a ds; i adequate ec uiti g, t ai i g a d ete tio of effective teache s a d employees; i f i geme t of ou i tellectual p ope ty; dis uptio s to ou I te et-based lea i g a d delive y systems, i cludi g, but ot limited to, ou data sto age systems a d thi d-pa ty cloud i f ast uctu e, systems a d facilities, i cludi g as a esult of cybe secu ity attacks; misuse o u autho ized disclosu e of stude t a d pe so al data; failu e to p eve t o mitigate a cybe secu ity i cide t that affects ou systems o ou data; p oblems i the impleme tatio of ew i fo matio tech ology systems a d tech ology; failu e by us o thi d pa ties to mai tai a d suppo t i fo matio tech ology systems, i cludi g add essi g quality issues a d timely delive i g ew p oducts a d e ha ceme ts; isks elated to the use, impleme tatio a d egulatio of AI a d othe eme gi g tech ologies, i cludi g i the educatio of child e , a d thei use by thi d-pa ty ve do s; isks elated to ou stock epu chase p og am; cha ges i ou effective tax ate a d additio al liabilities; a d othe isks a d u ce tai ties associated with ou busi ess desc ibed i the isk facto s discussed i the Compa y’s A ual Repo t o Fo m 10-K fo the yea e ded Ju e 30, 2025 a d a y subseque tly filed A ual Repo ts o Fo m 10-K, Qua te ly Repo ts o Fo m 10-Q o the Compa y’s othe fili gs with the Secu ities a d Excha ge Commissio . Fo wa d-looki g stateme ts eflect ou ma ageme t’s expectatio s o p edictio s of futu e co ditio s, eve ts o esults based o va ious assumptio s a d estimates. They a e ot gua a tees of futu e pe fo ma ce. Ou actual esults a d fi a cial co ditio may diffe , possibly mate ially, f om the a ticipated esults a d fi a cial co ditio i dicated i these fo wa d-looki g stateme ts. Reade s a e cautio ed ot to place u due elia ce o fo wa d-looki g stateme ts i this p ess elease o that we make f om time, a d to co side ca efully the facto s discussed above. All i fo matio i this p ess elease is as of today’s date, a d the Compa y u de takes o obligatio to update a y fo wa d-looki g stateme t as a esult of ew i fo matio , futu e eve ts o othe wise, except whe e we a e exp essly equi ed to do so by law.
The fi a cial stateme ts set fo th below a e ot the complete set of St ide, I c.’s fi a cial stateme ts fo the th ee mo ths a d yea e ded Ju e 30, 2026 a d a e p ese ted below without foot otes. Reade s a e e cou aged to obtai a d ca efully eview St ide I c.’s A ual Repo t o Fo m 10-K fo the yea e ded Ju e 30, 2026, i cludi g all fi a cial stateme ts co tai ed the ei a d the foot otes the eto, filed with the SEC, which may be et ieved f om the SEC’s website at www.sec.gov o f om St ide I c.’s I vesto Relatio s website at i vesto s.st idelea i g.com.
| $ | 636,064 | $ | 653,647 | $ | 2,518,081 | $ | 2,405,317 | I st uctio al costs a d se vices | 418,781 | 414,728 | 1,567,481 | 1,461,398 | 217,283 | 238,919 | 950,600 | 943,919 | Selli g, ge e al, a d admi ist ative expe ses | 111,431 | 122,577 | 499,833 | 524,347 | Impai me t of lo g-lived assets | — | 59,478 | — | 59,478 | 105,852 | 56,864 | 450,767 | 360,094 | I te est expe se, et | (2,889 | ) | (2,693 | ) | (11,778 | ) | (10,504 | ) | Othe i come, et | 1,362 | 10,160 | 2,173 | 33,629 | 104,325 | 64,331 | 441,162 | 383,219 | I come tax expe se | (22,831 | ) | (12,919 | ) | (102,765 | ) | (93,007 | ) | Loss f om equity method i vestme ts | (106 | ) | (92 | ) | (205 | ) | (2,271 | ) | $ | 81,388 | $ | 51,320 | $ | 338,192 | $ | 287,941 | Basic | $ | 1.93 | $ | 1.19 | $ | 7.92 | $ | 6.69 | Diluted | $ | 1.75 | $ | 1.03 | $ | 7.14 | $ | 5.95 | Basic | 42,091,404 | 43,186,913 | 42,717,156 | 43,041,274 | Diluted | 46,388,112 | 49,767,056 | 47,332,855 | 48,413,717 |
| Cash a d cash equivale ts | $ | 754,501 | $ | 782,497 | Accou ts eceivable, et of allowa ce of $31,302 a d $31,124 | 664,788 | 559,646 | I ve to ies, et | 38,250 | 37,570 | P epaid expe ses | 43,052 | 35,579 | Ma ketable secu ities | 203,499 | 202,769 | Othe cu e t assets | 12,033 | 14,673 | 1,716,123 | 1,632,734 | P ope ty a d equipme t, et | 102,042 | 78,582 | Capitalized softwa e, et | 95,002 | 75,314 | Capitalized cu iculum developme t costs, et | 56,895 | 58,584 | I ta gible assets, et | 10,876 | 18,227 | Goodwill | 246,676 | 246,676 | Defe ed tax asset | — | 26,377 | Deposits a d othe assets | 207,938 | 157,465 | $ | 2,435,552 | $ | 2,293,959 | Accou ts payable | $ | 46,742 | $ | 43,962 | Acc ued liabilities | 95,446 | 103,276 | Acc ued compe satio a d be efits | 62,896 | 74,939 | Defe ed eve ue | 20,553 | 26,995 | Cu e t po tio of fi a ce lease liability | 60,477 | 42,316 | Cu e t po tio of ope ati g lease liability | 2,737 | 11,391 | 288,851 | 302,879 | Lo g-te m fi a ce lease liability | 56,455 | 44,567 | Lo g-te m ope ati g lease liability | 8,316 | 35,164 | Lo g-te m debt | 417,995 | 416,322 | Defe ed tax liability | 13,033 | — | Othe lo g-te m liabilities | 18,573 | 15,408 | 803,223 | 814,340 | P efe ed stock, pa value $0.0001; 10,000,000 sha es autho ized; ze o sha es issued o outsta di g | — | — | Commo stock, pa value $0.0001; 100,000,000 sha es autho ized; 49,126,917 a d 48,852,419 sha es issued; a d 41,477,230 a d 43,517,676 sha es outsta di g, espectively | 4 | 4 | Additio al paid-i capital | 739,829 | 735,711 | Accumulated othe comp ehe sive loss | (59 | ) | (67 | ) | Retai ed ea i gs | 1,184,645 | 846,453 | T easu y stock of 7,649,687 a d 5,334,743 sha es at cost, espectively | (292,090 | ) | (102,482 | ) | 1,632,329 | 1,479,619 | $ | 2,435,552 | $ | 2,293,959 |
| Net i come | $ | 338,192 | $ | 287,941 | Dep eciatio a d amo tizatio expe se | 126,562 | 114,669 | Stock-based compe satio expe se | 40,255 | 36,794 | Defe ed i come taxes | 39,993 | (17,783 | ) | P ovisio fo c edit losses | 16,463 | 15,267 | Amo tizatio of fees o debt | 1,673 | 1,647 | No cash ope ati g lease expe se | 5,063 | 12,265 | Impai me t of lo g-lived assets | — | 59,478 | Othe | 20,514 | (596 | ) | Cha ges i assets a d liabilities: | Accou ts eceivable | (121,370 | ) | (102,188 | ) | I ve to ies, p epaid expe ses, deposits a d othe cu e t a d lo g-te m assets | 6,538 | (6,239 | ) | Accou ts payable | 2,164 | 310 | Acc ued liabilities | (10,188 | ) | 40,915 | Acc ued compe satio a d be efits | (11,828 | ) | 9,913 | Ope ati g lease liability | (16,943 | ) | (12,396 | ) | Defe ed eve ue a d othe liabilities | (3,274 | ) | (7,181 | ) | 433,814 | 432,816 | Pu chase of p ope ty a d equipme t | (587 | ) | (1,781 | ) | Capitalized softwa e developme t costs | (61,591 | ) | (36,428 | ) | Capitalized cu iculum developme t costs | (16,668 | ) | (21,801 | ) | Othe acquisitio s, loa s a d i vestme ts, et of dist ibutio s | (55,538 | ) | (20,682 | ) | P oceeds f om the matu ity of ma ketable secu ities | 279,497 | 252,930 | Pu chases of ma ketable secu ities | (324,941 | ) | (260,233 | ) | (179,828 | ) | (87,995 | ) | Repayme ts o fi a ce lease obligatio s | (56,856 | ) | (41,469 | ) | Pu chase of t easu y stock | (188,659 | ) | – | Repu chase of est icted stock fo i come tax withholdi g | (36,467 | ) | (21,469 | ) | (281,982 | ) | (62,938 | ) | (27,996 | ) | 281,883 | 782,497 | 500,614 | $ | 754,501 | $ | 782,497 |
To suppleme t ou fi a cial stateme ts p ese ted i acco da ce with GAAP, we have p ese ted adjusted ope ati g i come (loss), EBITDA, adjusted EBITDA, a d adjusted ea i gs pe sha e, which a e ot p ese ted i acco da ce with GAAP.
- Adjusted ope ati g i come (loss) is defi ed as i come (loss) f om ope atio s as adjusted fo amo tizatio of i ta gible assets, stock-based compe satio , a d othe o e-time cha ges o gai s.
- EBITDA is defi ed as i come (loss) f om ope atio s as adjusted fo dep eciatio a d amo tizatio .
- Adjusted EBITDA is defi ed as i come (loss) f om ope atio s as adjusted fo dep eciatio a d amo tizatio , stock-based compe satio , a d othe o e-time cha ges o gai s.
- Adjusted ea i gs pe sha e (adjusted EPS) is defi ed as et i come (loss) att ibutable to commo stockholde s as adjusted fo the amo tizatio of i ta gible assets, stock-based compe satio , a d othe o e-time cha ges o gai s et of tax impact divided by the diluted weighted ave age umbe of commo sha es outsta di g less the sha es expected to be eceived fo the capped call t a sactio elated to St ide’s co ve tible se io otes.
Adjusted ope ati g i come (loss), adjusted EBITDA, a d adjusted EPS exclude stock-based compe satio , which co sists of expe ses fo est icted stock, est icted stock u its, a d pe fo ma ce stock u its.
Ma ageme t believes that the p ese tatio of these o -GAAP fi a cial measu es p ovides useful i fo matio to i vesto s elati g to ou fi a cial pe fo ma ce. Adjusted ope ati g i come (loss), adjusted EBITDA a d adjusted EPS emove stock-based compe satio , which is a o -cash cha ge that va ies based o ma ket volatility a d the te ms a d co ditio s of the awa ds. EBITDA a d adjusted EBITDA emove dep eciatio a d amo tizatio , which ca va y depe di g upo accou ti g methods a d the book value of assets. Adjusted ope ati g i come (loss), adjusted EBITDA a d adjusted ea i gs pe sha e emove o e-time cha ges o gai s which a e ot elated to co e ope ati g activities a d a e ot i dicative of ou o goi g ope ati g pe fo ma ce. Additio ally, adjusted EPS i cludes the impact f om sha es expected to be eceived by the Compa y to offset pote tial dilutio f om the co ve tible se io otes. EBITDA a d adjusted EBITDA p ovide a measu e of co po ate pe fo ma ce exclusive of capital st uctu e a d the method by which assets we e acqui ed.
Ma ageme t uses these o -GAAP fi a cial measu es:
- as additio al measu es of ope ati g pe fo ma ce because they assist i compa i g the Compa y’s pe fo ma ce o a co siste t basis; a d
- i p ese tatio s to the membe s of the Compa y’s Boa d of Di ecto s to e able the Boa d to eview the same measu es used by ma ageme t to compa e the Compa y’s cu e t ope ati g esults with co espo di g p io pe iods.
Othe compa ies may defi e these o -GAAP fi a cial measu es diffe e tly a d, as a esult, these o -GAAP fi a cial measu es may ot be di ectly compa able to simila o -GAAP fi a cial measu es used by othe compa ies. Although these o -GAAP fi a cial measu es a e used to assess the pe fo ma ce of the busi ess, the use of o -GAAP fi a cial measu es is limited as they i clude a d/o do ot i clude ce tai items i cluded a d/o ot i cluded i the most di ectly compa able GAAP fi a cial measu e.
These o -GAAP fi a cial measu es should be co side ed i additio to, a d ot as a substitute fo , eve ues, i come (loss) f om ope atio s, et i come (loss) a d diluted et i come (loss) pe sha e o othe elated fi a cial i fo matio p epa ed i acco da ce with GAAP. Adjusted EBITDA is ot i te ded to be a measu e of liquidity. You a e cautio ed ot to place u due elia ce o these o -GAAP fi a cial measu es.
Reco ciliatio s of these o -GAAP fi a cial measu es to the most di ectly compa able GAAP fi a cial measu es a e p ovided below.
| I come f om ope atio s | $ | 105,852 | $ | 56,864 | $ | 450,767 | $ | 360,094 | Amo tizatio of i ta gible assets | 1,770 | 2,344 | 7,351 | 9,867 | Stock-based compe satio expe se | 10,192 | 11,872 | 40,255 | 36,794 | Impai me t of lo g-lived assets | – | 59,478 | – | 59,478 | Adjusted ope ati g i come | $ | 117,814 | $ | 130,558 | $ | 498,373 | $ | 466,233 |
| Net i come | $ | 81,388 | $ | 51,320 | $ | 338,192 | $ | 287,941 | I te est expe se, et | 2,889 | 2,693 | 11,778 | 10,504 | Othe i come, et | (1,362 | ) | (10,160 | ) | (2,173 | ) | (33,629 | ) | I come tax expe se | 22,831 | 12,919 | 102,765 | 93,007 | Loss f om equity method i vestme ts | 106 | 92 | 205 | 2,271 | Dep eciatio a d amo tizatio | 33,779 | 30,199 | 126,562 | 114,669 | EBITDA | 139,631 | 87,063 | 577,329 | 474,763 | Stock-based compe satio expe se | 10,192 | 11,872 | 40,255 | 36,794 | Impai me t of lo g-lived assets | – | 59,478 | – | 59,478 | Adjusted EBITDA | $ | 149,823 | $ | 158,413 | $ | 617,584 | $ | 571,035 |
| Net i come att ibutable to commo stockholde s | $ | 81,388 | $ | 51,320 | $ | 338,192 | $ | 287,941 | Amo tizatio of i ta gible assets | 1,770 | 2,344 | 7,351 | 9,867 | Stock-based compe satio expe se | 10,192 | 11,872 | 40,255 | 36,794 | Impai me t of lo g-lived assets | – | 59,478 | – | 59,478 | I come tax effect f om adjustme ts above | (1,188 | ) | (15,309 | ) | (12,937 | ) | (21,442 | ) | Adjusted et i come att ibutable to commo stockholde s | $ | 92,162 | $ | 109,705 | $ | 372,861 | $ | 372,638 | Sha e computatio : | Weighted ave age commo sha es — diluted | 46,388,112 | 49,767,056 | 47,332,855 | 48,413,717 | Effect of capped call t a sactio s | (2,876,857 | ) | (1,827,961 | ) | (2,568,353 | ) | (2,396,207 | ) | Adjusted weighted ave age commo sha es — diluted | 43,511,255 | 47,939,095 | 44,764,502 | 46,017,510 | Adjusted ea i gs pe sha e | $ | 2.12 | $ | 2.29 | $ | 8.33 | $ | 8.10 | Diluted et i come pe sha e | $ | 1.75 | $ | 1.03 | $ | 7.14 | $ | 5.95 | Amo tizatio of i ta gible assets | 0.04 | 0.05 | 0.16 | 0.20 | Stock-based compe satio expe se | 0.23 | 0.24 | 0.85 | 0.76 | Impai me t of lo g-lived assets | – | 1.20 | – | 1.23 | I come tax effect f om adjustme ts above | (0.03 | ) | (0.31 | ) | (0.27 | ) | (0.44 | ) | Effect of capped call t a sactio s | 0.13 | 0.08 | 0.45 | 0.40 | Adjusted ea i gs pe sha e | $ | 2.12 | $ | 2.29 | $ | 8.33 | $ | 8.10 |
