WM Technology, Inc. Reports Financial Results for First Quarter 2024 and Full Year 2023
WM Technology (Nasdaq: MAPS), a software infrastructure provider for the cannabis industry, released its financial results for Q1 2024 and FY 2023.
For Q1 2024, the company reported a net income of $2.0 million, up by $5.9 million YoY. Adjusted EBITDA reached $9.6 million, increasing by $2.5 million YoY. Cash reserves were $35.7 million, up by $9.8 million YoY.
For FY 2023, revenue was $188.0 million, down from $215.5 million in 2022. Net loss narrowed to $15.7 million compared to $82.7 million in 2022. Adjusted EBITDA improved to $36.9 million from a negative $9.6 million in the prior year.
The company also rectified past revenue recognition errors and filed its 10-K and 10-Q reports with the SEC, ensuring compliance with Nasdaq listing requirements.
- Q1 2024 net income of $2.0 million, a YoY increase of $5.9 million.
- Q1 2024 Adjusted EBITDA of $9.6 million, a YoY rise of $2.5 million.
- Q1 2024 cash reserves at $35.7 million, a YoY increase of $9.8 million.
- FY 2023 net loss reduced to $15.7 million from $82.7 million in 2022.
- FY 2023 Adjusted EBITDA improved to $36.9 million from a negative $9.6 million in 2022.
- Compliance with Nasdaq listing requirements achieved.
- Q1 2024 revenue of $44.4 million, down from $46.4 million in Q1 2023.
- FY 2023 revenue decreased to $188.0 million from $215.5 million in 2022.
- Average monthly paying clients in Q1 2024 fell to 4,937 from 5,641 YoY.
- Average monthly revenue per paying client for FY 2023 dropped to $2,891 from $3,291 YoY.
- Restated financials due to past revenue recognition errors.
Insights
WM Technology's Q1 2024 results show a significant turnaround with net income at
Long-term investors should note the decrease in average monthly paying clients, down to 4,937 from 5,641, which may indicate future revenue pressures if not addressed. The uptick in average monthly revenue per paying client to
Restatements of previously reported revenue highlight accounting policy adjustments concerning revenue recognition. While the impact is minimal on key financial metrics, investors should ensure that the company’s financials are clear and transparent moving forward.
WM Technology's financial results reflect the dynamic nature of the cannabis industry, which is often affected by regulatory changes and market pressures. Despite a decline in revenue, the company’s ability to increase its Adjusted EBITDA to
The cannabis market has seen a trend of consolidation and budget constraints, which impacts companies reliant on client marketing spends. This industry volatility can be both a risk and an opportunity. Investors should watch for how WM Technology navigates these industry conditions, particularly their strategy to attract and retain high-value clients post the discontinuation of certain SaaS products.
In the short term, maintaining profitability amidst these pressures is critical. For long-term strategic positioning, the company's ability to adapt to industry changes while innovating its product offerings will be essential for sustained growth.
Q1 2024 Net income was
Q1 2024 Adjusted EBITDA was
Q1 2024 Cash was
10-K and 10-Q Filings Bring WM Technology Current on SEC Filings
With the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”) and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Form 10-Q”) the Company will be current in its periodic reporting requirements for purposes of compliance with applicable Nasdaq Stock Market rules.
As previously disclosed, the delay to the filing of the Company’s Form 10-K was due to recent personnel changes in the Company’s executive finance leadership and corresponding delay in the preparation of the Company’s financial statements to be included in the Form 10-K. In connection with the preparation of the Company's Form 10-K, the Company discovered that it had an inadequate policy associated with its revenue recognition related to the cash collection of a certain subset of its customers that had been placed on cash basis in 2023. The Company determined that it improperly recognized revenue related to satisfied performance obligations and should have instead recognized a credit loss recovery related to these cash receipts. As a result, the Company has included restated financial information in its statements of operations as of and for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 in the Company’s Form 10-K below. There was no impact to operating income (loss), net income (loss), net income (loss) per share, net cash provided by operating activities, or Adjusted EBITDA for any periods presented.
“I am proud of the progress and results our team was able to deliver to start the year, and more importantly, we are pleased that the net effects of our revenue recognition review were relatively minimal,” stated Doug Francis, Executive Chair of WM Technology. “We believe our continued focus on developing strong client relationships and commitment to operational efficiency have positioned the Company to continue to profitably build its base of quality clients in this dynamic industry over time.”
“With the filing of our 10-K and 10-Q, we will be current with our SEC and Nasdaq listing requirements and look forward to resuming our quarterly reporting cadence,” said Susan Echard, Interim CFO of WM Technology. “Building upon our progress in 2023, we are excited to see the effects of our streamlining efforts with year-over-year improvements to our Adjusted EBITDA and cash balance during the first quarter.”
First Quarter 2024 Financial Highlights
-
Revenue for the first quarter ended March 31, 2024 was
$44.4 million $46.4 million - Average monthly paying clients(1) of 4,937 was down from 5,641 in the prior year period, largely due to the removal of non-paying clients and from the loss of certain clients following the discontinuation of certain SaaS products in the fourth quarter of 2023.
-
Average monthly revenue per paying client(2) increased to
$2,997 $2,743
-
Net income increased to
$2.0 million $4.0 million -
Adjusted EBITDA(3) increased to
$9.6 million $7.1 million - Total shares outstanding across Class A and Class V Common Stock were 150.5 million as of March 31, 2024.
-
Cash increased to
$35.7 million $25.9 million
Full Year 2023 Financial Highlights
-
Revenue was
$188.0 million $215.5 million - Average monthly paying clients(1) was 5,419, as compared to 5,457 in the prior year.
-
Average monthly revenue per paying client(2) was
$2,891 $3,291
-
Net loss was
$15.7 million $82.7 million -
Adjusted EBITDA(3) was
$36.9 million $(9.6) million
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
For further details, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 which will be filed on May 24, 2024 with the Securities and Exchange Commission (“SEC”). The full 10-K report will be available on the SEC Filings section of the Investor Relations section of the Company’s website at https://ir.weedmaps.com/.
______________________________
1. |
Average monthly paying clients are defined as the average of the number of paying clients billed in a month across a particular period (and for which services were provided). |
|
2. |
Average monthly net revenue per paying client is defined as the average monthly revenue for any particular period divided by the average monthly paying clients in the same respective period. Average monthly revenue per paying client has been retrospectively adjusted to reflect the restatement of previously reported revenue. See Note 2, “Summary of Significant Accounting Policies,” of Form 10-K and Form 10-Q for the period ended December 31, 2023 and March 31, 2024, respectively, filed with the SEC. |
|
3. |
For further information about how we calculate EBITDA and Adjusted EBITDA as well as limitations of their use and a reconciliation of EBITDA and Adjusted EBITDA to net income (loss), see “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” |
Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses
|
Three Months Ended March 31, 2023 |
||||||||
|
Previously Reported |
|
Adjustment |
|
As Restated |
||||
Net revenues |
$ |
48,007 |
|
$ |
(1,591 |
) |
|
$ |
46,416 |
General and administrative expenses |
$ |
22,500 |
|
$ |
(1,591 |
) |
|
$ |
20,909 |
Total costs and expenses |
$ |
52,155 |
|
$ |
(1,591 |
) |
|
$ |
50,564 |
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
||||||||||||||||
|
Previously Reported |
|
Adjustment |
|
As Restated |
|
Previously Reported |
|
Adjustment |
|
As Restated |
||||||||
Net revenues |
$ |
50,852 |
|
$ |
(2,429 |
) |
|
$ |
48,423 |
|
$ |
98,859 |
|
$ |
(4,020 |
) |
|
$ |
94,839 |
General and administrative expenses |
$ |
19,208 |
|
$ |
(2,429 |
) |
|
$ |
16,779 |
|
$ |
41,708 |
|
$ |
(4,020 |
) |
|
$ |
37,688 |
Total costs and expenses |
$ |
47,069 |
|
$ |
(2,429 |
) |
|
$ |
44,640 |
|
$ |
99,224 |
|
$ |
(4,020 |
) |
|
$ |
95,204 |
|
Three Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2023 |
||||||||||||||||
|
Previously Reported |
|
Adjustment |
|
As Restated |
|
Previously Reported |
|
Adjustment |
|
As Restated |
||||||||
Net revenues |
$ |
47,725 |
|
$ |
(1,038 |
) |
|
$ |
46,687 |
|
$ |
146,584 |
|
$ |
(5,058 |
) |
|
$ |
141,526 |
General and administrative expenses |
$ |
19,189 |
|
$ |
(1,038 |
) |
|
$ |
18,151 |
|
$ |
60,897 |
|
$ |
(5,058 |
) |
|
$ |
55,839 |
Total costs and expenses |
$ |
53,273 |
|
$ |
(1,038 |
) |
|
$ |
52,235 |
|
$ |
152,497 |
|
$ |
(5,058 |
) |
|
$ |
147,439 |
Business Outlook
Based on information available as of May 24, 2024, WM Technology is issuing guidance for the second quarter of 2024 as follows:
- Revenue is estimated to be consistent with the first quarter of 2024.
-
Non-GAAP Adjusted EBITDA(3) is estimated to be approximately
$7 million
The guidance provided above is only an estimate of what we believe is realizable as of the date of this release. We are not readily able to provide a reconciliation of projected Non-GAAP Adjusted EBITDA to projected net income (loss) without unreasonable effort. This guidance assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the period. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.” Actual results may vary from the guidance and the variations may be material. We undertake no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in
Over the past 15 years, the Weedmaps marketplace has become a premier destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where applicable) and learn about the plant. The Company also offers eCommerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.
The Company is committed to advocating for full
Headquartered in
Forward-Looking Statements
This press release includes “forward-looking statements” regarding our future business expectations which involve risks and uncertainties. Forward looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including the completion of the audit and associated adjustments on our preliminary financial results for 2024 presented above, the Company’s financial and business performance, including key business metrics and any underlying assumptions thereunder; market opportunity and the Company’s ability to acquire new clients and retain existing clients; expectations and timing related to commercial product launches; success of the Company’s go-to-market strategy; the Company’s ability to scale its business and expand its offerings; the Company’s competitive advantages and growth strategies; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for our future operations; the impact of the material weaknesses in our internal controls and our ability to remediate these material weaknesses in the timing we anticipate, or at all; the outcome of any known and unknown litigation and regulatory proceedings; changes in domestic and foreign business, market, financial, political and legal conditions; the effect of macroeconomic conditions, including but not limited to inflation, uncertain credit and global financial markets, recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures and geopolitical events, including the military conflicts between
Use of Non-GAAP Financial Measures
Our financial statements, including net income (loss), are prepared in accordance with principles generally accepted in
To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net income (loss) before interest, taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude stock-based compensation, change in fair value of warrant liability, transaction related bonus, legal settlements and other legal costs, reduction in force, asset impairment charges, change in TRA liability and other non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income (loss) (the most directly comparable GAAP financial measure) to EBITDA and Adjusted EBITDA.
We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Each of EBITDA and Adjusted EBITDA has limitations as an analytical tool, and you should not consider any of these non-GAAP financial measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
- EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.
Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results.
WM TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except for share data) |
||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash |
|
$ |
35,717 |
|
|
$ |
34,350 |
|
Accounts receivable, net |
|
|
7,893 |
|
|
|
11,158 |
|
Prepaid expenses and other current assets |
|
|
6,651 |
|
|
|
5,978 |
|
Total current assets |
|
|
50,261 |
|
|
|
51,486 |
|
Property and equipment, net |
|
|
25,766 |
|
|
|
24,255 |
|
Goodwill |
|
|
68,368 |
|
|
|
68,368 |
|
Intangible assets, net |
|
|
2,369 |
|
|
|
2,507 |
|
Right-of-use assets |
|
|
14,441 |
|
|
|
15,629 |
|
Other assets |
|
|
4,644 |
|
|
|
4,776 |
|
Total assets |
|
$ |
165,849 |
|
|
$ |
167,021 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
16,553 |
|
|
$ |
21,182 |
|
Deferred revenue |
|
|
5,786 |
|
|
|
5,918 |
|
Operating lease liabilities, current |
|
|
5,900 |
|
|
|
6,493 |
|
Tax receivable agreement liability, current |
|
|
1,756 |
|
|
|
122 |
|
Other current liabilities |
|
|
— |
|
|
|
— |
|
Total current liabilities |
|
|
29,995 |
|
|
|
33,715 |
|
Operating lease liabilities, non-current |
|
|
25,414 |
|
|
|
26,550 |
|
Tax receivable agreement liability, non-current |
|
|
543 |
|
|
|
1,634 |
|
Warrant liability |
|
|
1,435 |
|
|
|
585 |
|
Other long-term liabilities |
|
|
1,634 |
|
|
|
1,386 |
|
Total liabilities |
|
|
59,021 |
|
|
|
63,870 |
|
Stockholders’ equity |
|
|
|
|
||||
Preferred Stock - |
|
|
— |
|
|
|
— |
|
Class A Common Stock - |
|
|
9 |
|
|
|
9 |
|
Class V Common Stock - |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
84,056 |
|
|
|
80,884 |
|
Accumulated deficit |
|
|
(63,278 |
) |
|
|
(64,518 |
) |
Total WM Technology, Inc. stockholders’ equity |
|
|
20,792 |
|
|
|
16,380 |
|
Noncontrolling interests |
|
|
86,036 |
|
|
|
86,771 |
|
Total stockholders’ equity |
|
|
106,828 |
|
|
|
103,151 |
|
Total liabilities and stockholders’ equity |
|
$ |
165,849 |
|
|
$ |
167,021 |
|
WM TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except for share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 As Restated1 |
||||
Net revenues |
$ |
44,389 |
|
|
$ |
46,416 |
|
|
|
|
|
||||
Costs and expenses |
|
|
|
||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
2,302 |
|
|
|
3,494 |
|
Sales and marketing |
|
9,634 |
|
|
|
12,060 |
|
Product development |
|
9,229 |
|
|
|
10,934 |
|
General and administrative |
|
16,526 |
|
|
|
20,909 |
|
Depreciation and amortization |
|
2,937 |
|
|
|
3,167 |
|
Total costs and expenses |
|
40,628 |
|
|
|
50,564 |
|
Operating income (loss) |
|
3,761 |
|
|
|
(4,148 |
) |
Other income (expenses), net |
|
|
|
||||
Change in fair value of warrant liability |
|
(850 |
) |
|
|
725 |
|
Change in tax receivable agreement liability |
|
(543 |
) |
|
|
(100 |
) |
Other income (expense) |
|
(400 |
) |
|
|
(446 |
) |
Income (loss) before income taxes |
|
1,968 |
|
|
|
(3,969 |
) |
Provision for income taxes |
|
9 |
|
|
|
— |
|
Net income (loss) |
|
1,959 |
|
|
|
(3,969 |
) |
Net income (loss) attributable to noncontrolling interests |
|
719 |
|
|
|
(1,494 |
) |
Net income (loss) attributable to WM Technology, Inc. |
$ |
1,240 |
|
|
$ |
(2,475 |
) |
|
|
|
|
||||
Class A Common Stock: |
|
|
|
||||
Basic income (loss) per share |
$ |
0.01 |
|
|
$ |
(0.03 |
) |
Diluted income (loss) per share |
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
|
|
|
||||
Class A Common Stock: |
|
|
|
||||
Weighted average basic shares outstanding |
|
94,704,164 |
|
|
|
92,323,757 |
|
Weighted average diluted shares outstanding |
|
96,023,352 |
|
|
|
92,323,757 |
|
1. For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and provision for credit losses. See Note 2, “Summary of Significant Accounting Policies,” of Form 10-Q for the period ended March 31, 2024 filed with the SEC.
WM TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 As Restated1 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
1,959 |
|
|
$ |
(3,969 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,937 |
|
|
|
3,167 |
|
Change in fair value of warrant liability |
|
850 |
|
|
|
(725 |
) |
Change in tax receivable agreement liability |
|
543 |
|
|
|
100 |
|
Amortization of right-of-use lease assets |
|
1,188 |
|
|
|
1,202 |
|
Stock-based compensation |
|
2,819 |
|
|
|
4,383 |
|
Provision (benefit) for credit losses |
|
(658 |
) |
|
|
360 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
3,923 |
|
|
|
1,677 |
|
Prepaid expenses and other current assets |
|
(673 |
) |
|
|
2,447 |
|
Other assets |
|
36 |
|
|
|
25 |
|
Accounts payable and accrued expenses |
|
(3,661 |
) |
|
|
(5,130 |
) |
Deferred revenue |
|
(132 |
) |
|
|
109 |
|
Operating lease liabilities |
|
(1,729 |
) |
|
|
(1,489 |
) |
Net cash provided by operating activities |
|
7,402 |
|
|
|
2,157 |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Capitalized software and expenditures |
|
(4,540 |
) |
|
|
(3,226 |
) |
Cash paid for acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
(4,540 |
) |
|
|
(3,226 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Repayments of insurance premium financing |
|
— |
|
|
|
(1,450 |
) |
Distributions |
|
(1,589 |
) |
|
|
(250 |
) |
Proceeds from repayment of related party note |
|
96 |
|
|
|
88 |
|
Taxes paid related to net share settlement of equity awards |
|
(2 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(1,495 |
) |
|
|
(1,612 |
) |
|
|
|
|
||||
Net increase (decrease) in cash |
|
1,367 |
|
|
|
(2,681 |
) |
Cash – beginning of period |
|
34,350 |
|
|
|
28,583 |
|
Cash – end of period |
$ |
35,717 |
|
|
$ |
25,902 |
|
1. For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” of Form 10-Q for the period ended March 31, 2024 for further information.
WM TECHNOLOGY, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) (In thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Net income (loss) |
$ |
1,959 |
|
|
$ |
(3,969 |
) |
Provision for income taxes |
|
9 |
|
|
|
— |
|
Depreciation and amortization expenses |
|
2,937 |
|
|
|
3,167 |
|
Interest income |
|
(11 |
) |
|
|
— |
|
EBITDA |
|
4,894 |
|
|
|
(802 |
) |
Stock-based compensation |
|
2,819 |
|
|
|
4,383 |
|
Change in fair value of warrant liability |
|
850 |
|
|
|
(725 |
) |
Transaction related bonuses |
|
— |
|
|
|
2,842 |
|
Legal settlements and other legal costs |
|
493 |
|
|
|
867 |
|
Reduction in force |
|
— |
|
|
|
465 |
|
Change in tax receivable agreement liability |
|
543 |
|
|
|
100 |
|
Adjusted EBITDA |
$ |
9,599 |
|
|
$ |
7,130 |
|
WM TECHNOLOGY, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (In thousands) |
|||||||
|
Years Ended December 31, |
||||||
|
2023 |
|
2022 |
||||
Net income (loss) |
$ |
(15,727 |
) |
|
$ |
(82,651 |
) |
Provision for (benefit from) income taxes |
|
93 |
|
|
|
179,077 |
|
Depreciation and amortization expenses |
|
12,133 |
|
|
|
11,498 |
|
Interest income |
|
(33 |
) |
|
|
— |
|
EBITDA |
|
(3,534 |
) |
|
|
107,924 |
|
Stock-based compensation |
|
13,515 |
|
|
|
23,493 |
|
Change in fair value of warrant liability |
|
(1,505 |
) |
|
|
(25,370 |
) |
Asset impairment charges |
|
24,403 |
|
|
|
4,317 |
|
Transaction related bonus expense |
|
3,089 |
|
|
|
10,119 |
|
Transaction costs |
|
— |
|
|
|
251 |
|
Legal settlements and other legal costs |
|
3,194 |
|
|
|
3,909 |
|
Discharge of holdback obligation related to prior acquisition |
|
(3,705 |
) |
|
|
— |
|
Change in tax receivable agreement liability |
|
1,256 |
|
|
|
(142,352 |
) |
Reduction in force (recovery) expense |
|
194 |
|
|
|
8,076 |
|
Adjusted EBITDA |
$ |
36,907 |
|
|
$ |
(9,633 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240524369440/en/
Investor Relations:
Media Contract:
Source: WM Technology, Inc.
FAQ
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