Reconciliation of Consolidated Adjusted EBITDA A-3 * FY 2014 includes approximately $7.0 million of adjusted EBITDA from Lone Star Tank Rental Inc., which was acquired on April 7, 2014. (in thousands) Year Ended June 30, 2011 2012 2013 2014* 2015 2016 2017 2018 2019 2020 Net income (loss) ($8,858) $8,742 $11,413 $15,149 $13,045 ($3,286) ($847) ($9,107) ($7,466) $7,954 Add (Deduct) -- Provision (benefit) for income taxes 2,958 5,360 8,195 11,620 8,697 (2,191) (25) (679) 5,820 6,695 Foreign currency exchange and other (4,125) (443) (1,028) 1,372 273 309 351 5,887 3,513 (304) Interest expense 20,293 12,743 10,969 11,952 21,096 19,648 19,653 33,991 35,344 26,386 Interest income (487) (157) (58) (52) (68) (97) (66) (112) (191) (663) Depreciation and amortization 19,165 18,924 22,241 27,127 38,571 38,634 40,092 40,335 42,108 35,550 Impairment –goodwill/ trade name 5,858 --- --- --- --- 3,068 --- --- --- 14,160 Share-based compensation expense 693 901 1,316 1,938 2,174 2,388 1,374 3,658 2,680 2,656 Shares of RWH capital stock issued at IPO to Royal Wolf board of directors and executive management 369 --- --- --- --- --- --- --- --- --- Provision for shares of RWH capital stock purchased and awarded to Royal Wolf senior management team 802 --- --- --- --- --- --- --- --- --- Loyalty, past performance and successful IPO bonus to Royal Wolf executive and senior management team 1,311 --- --- --- --- --- --- --- --- --- Expenses of postponed public equity offering --- --- --- --- 365 --- --- --- --- --- Inventory write-downs and related --- --- --- --- --- 1,630 --- --- --- --- Non-recurring severance costs and CEO retirement compensation at Royal Wolf --- --- --- --- --- 727 --- --- --- --- Refinancing costs not capitalized --- --- --- --- --- --- 437 --- 506 --- Change in valuation of bifurcated derivatives in Convertible Note --- --- --- --- --- --- --- 13,719 24,570 5,386 Adjusted EBITDA $37,979 $46,070 $53,048 $69,106 $84,153 $60,830 $60,969 $87,692 $106,884 $97,820
![GRAPHIC](https://capedge.com/proxy/FWP/0001104659-20-116289/g329293bci018.gif)