(3) The Company does not include any income tax impact of the associated non-GAAP adjustment to non-GAAP total operating revenues or adjusted EBITDA, as the case may be, because each of these non-GAAP financial measures is provided before income tax expense.
(4) This expense consists primarily of expenses for employee stock options. Employee stock-based compensation expense is not comparable from period to period due to changes in the fair market value of the Company’s Class A common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company’s peers) and is not a key measure of the Company’s operations. The Company excludes employee stock-based compensation expense from its non-GAAP financial measures primarily because it consists of non-cash expenses that the Company does not believe are reflective of ongoing operating results. Further, the Company believes that it is useful to investors to understand the impact of employee stock-based compensation to its results of operations.
(5) These amounts represent estimated adjustments for net interest
income, income taxes, depreciation and amortization, employee
stock-based compensation expense, and stock-based retailer incentive
compensation expense. Employee stock-based compensation expense and
stock-based retailer incentive compensation expense include assumptions
about the future fair market value of the Company’s Class A common stock
(which is influenced by external factors like the volatility of public
markets and the financial performance of the Company’s peers).
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