Exhibit 15.2
Base EBITDA from continuing operations
For the years ended March 31
(thousands of dollars)
| Fiscal 2021 | Fiscal 2020 | |||||||
| Reconciliation to Consolidated Financial Statements | ||||||||
| Loss for the year | $ | (402,288 | ) | $ | (309,659 | ) | ||
| Add: | ||||||||
| Finance costs | 86,620 | 106,945 | ||||||
| Provision for income taxes | 2,308 | 7,393 | ||||||
| Amortization and depreciation | 24,135 | 41,242 | ||||||
| EBITDA | $ | (289,225 | ) | $ | (154,079 | ) | ||
| Add (subtract): | ||||||||
| Weather Event | 418,369 | - | ||||||
| Impairment of goodwill, intangible assets and other | 114,990 | 92,401 | ||||||
| Unrealized (gain) loss of derivative instruments and other | (83,499 | ) | 213,417 | |||||
| Gain on September Recapitalization transaction, net | (51,360 | ) | - | |||||
| Reorganization costs | 43,245 | - | ||||||
| Restructuring costs | 7,118 | |||||||
| Sales tax settlement | 9,826 | - | ||||||
| Share-based compensation | 6,492 | 12,250 | ||||||
| Strategic Review costs | 3,750 | 13,926 | ||||||
| Realized (gain) loss included in cost of goods sold | 3,453 | (1,387 | ) | |||||
| (Gain) loss from discontinued operations | (468 | ) | 11,426 | |||||
| Loss attributable to non-controlling interest | 140 | 73 | ||||||
| Contingent consideration revaluation | - | (7,091 | ) | |||||
| Texas residential enrollment and collections impairment | - | 4,900 | ||||||
| Base EBITDA from continuing operations | $ | 182,831 | $ | 185,836 | ||||
| Gross margin | $ | (1,772,129 | ) | $ | 636,353 | |||
| Realized loss (gain) of derivative instruments and other | 1,880,792 | (25,773 | ) | |||||
| Weather Event | 418,369 | - | ||||||
| Sales tax settlement | 9,826 | - | ||||||
| Base gross margin | 536,858 | 610,580 | ||||||
| Add (subtract): | ||||||||
| Administrative expenses | (142,391 | ) | (167,936 | ) | ||||
| Selling commission expenses | (129,653 | ) | (142,682 | ) | ||||
| Selling non-commission and marketing expenses | (49,868 | ) | (78,138 | ) | ||||
| Bad debt expense | (34,260 | ) | (80,050 | ) | ||||
| Strategic Review costs | 3,750 | 13,926 | ||||||
| Amortization included in cost of goods sold | 206 | (406 | ) | |||||
| Loss attributable to non-controlling interest | 140 | 73 | ||||||
| Texas residential enrollment and collections impairment | - | 4,900 | ||||||
| Other income (expense) | (1,951 | ) | 25,569 | |||||
| Base EBITDA from continuing operations | $ | 182,831 | $ | 185,836 | ||||
