Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding. The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures. Third Quarters Ended March 28, 2025 March 29, 2024Net loss and loss per share$(19,170) $(0.33) $(44,574) $(0.77)Other non-operating adjustments, net(3,911) (64) Amortization of intangible assets10,185 11,533 Restructuring and other charges4,931 9,841 Impairment of long-lived assets— — Acquisition, financing and other third party costs1,072 778 Fair value adjustments from purchase accounting131 177 Litigation and settlement expense, net5,467 2,096 Stock-based and other non-cash compensation expense12,124 11,461 Impact to income taxes(1)(7,240) (6,384) Adjusted income (loss) and adjusted earnings (loss) per share(2)$3,589 $0.06 $(15,136) $(0.26) Diluted weighted-average shares outstanding 59,367 57,698 (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes.
The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024Net loss$(19,170) $(44,574) $(54,274) $(126,863)Other non-operating adjustments, net (3,911) (64) (3,097) (375)Interest expense, net 6,778 8,777 23,164 25,182 Income tax benefit (2,648) (12,643) (14,967) (43,811)Depreciation 9,731 10,221 29,484 30,289 Amortization of intangible assets 10,185 11,533 32,574 36,350 Restructuring and other charges 4,931 9,841 7,231 19,389 Impairment of long-lived assets — — — — Acquisition, financing and other third party costs 1,072 778 4,512 2,970 Fair value adjustments from purchase accounting 131 177 486 532 Litigation and settlement expense, net 5,467 2,096 8,948 3,982 Stock-based and other non-cash compensation expense 12,124 11,461 34,108 30,607 Adjusted EBITDA$24,690 $(2,397) $68,169 $(21,748) Free cash flow, a non-GAAP measure for reporting cash flow, is defined as cash provided by operating activities less capital expenditures for property and equipment, which includes capitalized software development costs, and, therefore, has not been calculated in accordance with GAAP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) Third Quarters Ended Nine Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024Cash flows from operating activities: Net loss$(19,170) $(44,574) $(54,274) $(126,863)Depreciation and amortization 19,916 21,754 62,058 66,639 Other non-cash items, net 8,989 27,489 19,674 25,478 Cash settlement for termination of interest rate swap — — — 7,403 Changes in operating assets and liabilities 20,239 (22,474) 73,318 15,964 Net cash provided by (used in) operating activities 29,974 (17,805) 100,776 (11,379) Cash flows from investing activities: Purchases of property and equipment (5,914) (7,938) (15,705) (23,943)Other investing activities 2,700 — 4,600 — Net cash used in investing activities (3,214) (7,938) (11,105) (23,943) Cash flows from financing activities: Proceeds from employee stock plans — — 1,492 3,163 Borrowings under credit facilities — — — 105,000 Payments of deferred financing and offering costs — — (2,249) (1,931)Payments for retirement of common stock — — — (15) Net cash (used in) provided by financing activities — — (757) 106,217 Effect of exchange rate changes on cash and cash equivalents 497 (258) 387 187 Net increase (decrease) in cash and cash equivalents 27,257 (26,001) 89,301 71,082 Cash and cash equivalents at beginning of period 242,565 168,646 180,521 71,563 Cash and cash equivalents at end of period$269,822 $142,645 $269,822 $142,645 UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In thousands) Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP.
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