The following table presents a reconciliation of EBITDA, as adjusted, to net loss as reported.
|Three months ended||Nine months ended|
|September 30,||September 30,|
|Reconciliation of EBITDA, as adjusted, to net loss:|
|EBITDA, as adjusted||$||6,308||$||287||$||19,262||$||7,053|
|Change in fair value of contingent consideration||909||
|Income tax expense||(408||)||(284||)||(1,060||)||(951||)|
|Depreciation and amortization||(3,979||)||(862||)||(12,112||)||(2,650||)|
|Acquisition related expense||-||(700||)||-||(700||)|
|Amortization of retention loans||(1,712||)||-||(5,295||)||-|
Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for change in fair value of contingent consideration, amortization of retention loans made in connection with the Securities America acquisition, non-cash compensation expense and interest expense is a key metric the Company uses in evaluating its financial performance. EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its financial performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company’s Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance, such as change in fair value of contingent consideration and amortization of retention loans made in connection with the Securities America acquisition, or do not involve a cash outlay, such as stock-related compensation. The presentation of EBITDA, as adjusted, should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items or by non-cash items, such as non-cash compensation, which is expected to remain a key element in its long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities.