Re concilia tio n o f Non IFR S Fin an cia l Mea su re s E BIT DA Ne t ear ni ng s l oss b efor e i nt erest ta x es d epr eci a ti on a nd a m ort i z a ti on M a na g em ent b el i ev es t ha t EBIT DA i s a n i m p ort a nt m easu r e w hen a na l y z i ng i ts opera ti ng p r ofi ta b i l ity a s i t r em ov es th e i m p a ct of f i na nci ng cos ts cert a i n non cash i tem s a nd i ncom e t a x es As a r esul t M a na g em ent consi d ers i t a usef ul a nd com p a r a b l e b enchm a r k f or ev a l ua ti ng th e C om p a ny s p erf orm a nce a s com p a ni es r a r el y ha v e t he sam e cap i ta l a nd f i na nci ng str uct ur e Ad j ust ed g r oss p r ofi t a nd m a r g i n Con tr a ct r ev enu e l ess opera ti ng cos ts O p era ti ng ex p enses com p r i se m a ter i a l a nd serv i ce ex p enses p ersonn el ex p enses oth er opera ti ng ex p enses ex cl ud i ng d epr eci a ti on Al th oug h a d j ust ed g r oss p r ofi t a nd m a r g i n a r e n ot r eco g ni z ed f i na nci a l m easu r es d efi ned b y IF RS M a na g em ent consi d ers th em to b e i m p ort a nt m easu r es a s th ey r epr ese nt th e C om p a ny s core p r ofi ta b i l ity wi th out th e i m p a ct of d epr eci a ti on ex p enses As a r esul t M a na g em ent b el i ev es t hey p r ov i d e usef ul a nd com p a r a b l e b enchm a r k s f or ev a l ua ti ng th e C om p a ny s p erf orm a nce 1 Ad ju s te d gros s p rof it d iv ide d b y con tract re v e n u e X 10 0 31 un au dite d in m ill ions of do llar s 3 m o n t h s en d ed M ar ch 31 20 20 3 m on ths en de d M ar ch 31 20 19 9 m o n t h s en d ed M ar ch 31 20 20 9 m on ths en de d M ar ch 31 20 19 N et earni ngs los s for the perio d 34 14 46 27 A dd Finan c e c os ts 07 06 21 15 Inc ome tax ex pens e recov ery 02 06 06 05 D eprec ia ti on and amorti z ati on 29 28 84 74 E B ITD A 04 14 65 57 un au dite d in m ill ions of do llar s 3 m o n t h s en d ed M ar ch 31 20 20 3 m on ths en de d M ar ch 31 20 19 9 m o n t h s en d ed M ar ch 31 20 20 9 m on ths en de d M ar ch 31 20 19 C ontr act revenue 360 374 1176 1084 C os t of c ontrac t reven ue inc lu di ng deprec ia ti o n 347 344 1070 968 Les s deprec ia ti on 24 23 71 65 D irec t c os ts 323 321 999 903 A dj us ted gross profit 37 53 177 181 A dj us ted gross margi n 1 102 143 151 167 IN V E S T O R PR E S E N T A T IO N JUN E 2020