Enom 2014 Annual Report Download - page 37

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34
comparability may be limited. We encourage investors and others to review our financial information in its entirety and not rely on a
single financial measure.
The following table presents a reconciliation of Adjusted EBITDA for each of the periods presented (in thousands):
Year ended December 31,
2014 2013 2012 2011 2010
(In thousands)
Non-GAAP Financial Measures:
N
et income (loss) ................................................ $ (267,357) $ (20,174) $ 6,176 $ (18,524) $ (5,325)
Less: Net income (loss) from discontinued
operations, net of taxes ........................................ 11,208 5,956 (11,040 ) (17,066) (10,013)
N
et loss from continuing operations ................... (256,149) (14,218) (4,864 ) (35,590) (15,338)
Add (deduct):
Income tax expense (benefit) .............................. (14,713) 2,856 951 2,181 2,449
Interest and other (income) expense, net ............. 3,710 1,624 627 1,198 985
Depreciation and amortization(1) ......................... 50,567 50,976 47,420 53,349 35,173
Stock-based compensation(2) ............................... 18,866 22,603 27,189 25,951 8,648
Goodwill impairment charge ............................... 232,270 - - - -
Acquisition and realignment costs(3) ................... 2,905 529 110 2,048 659
Adjusted EBITDA............................................... $ 37,456 $ 64,370 $ 71,433 $ 49,137 $ 32,576
(1) Represents depreciation expense of our long-lived tangible assets and amortization expense of our finite-lived intangible assets, including amortization expense
related to our investment in media content assets, included in our GAAP results of operations. Amortization expense for the years ended December 31, 2014,
2013, 2012 and 2011 includes $7.7 million, $3.1 million, $2.1 million and $5.9 million, respectively, of accelerated non-cash amortization expense associated with
the removal of certain media content intangible assets from service during those years.
(2) Represents the fair value of stock-based awards and certain warrants to purchase our stock included in our GAAP results of operations.
(3) Acquisition and realignment costs include such items, when applicable, as (a) non-cash GAAP purchase accounting adjustments for certain deferred revenue costs,
(b) legal, accounting and other professional service fees directly attributable to acquisition or corporate realignment activities, and (c) employee severance
payments attributable to corporate realignment activities. Management does not consider these costs to be indicative of our core operating results.