#1Thoughtworks Q1 2022 Investor Presentation Delivering extraordinary impact together /thoughtworks Ⓒ2022 Thoughtworks#2Safe harbor and non-GAAP reconciliation Forward-looking Statements. Some of the information contained in this presentation by Thoughtworks Holding, Inc. ("Thoughtworks" or the "Company") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements that are not historical facts and can be identified by terms such as: "believe," "anticipate," "plan," "intend," "estimate," "expect," "likely," "seek," "strive," "may," "could," "should," or "will" and similar references to future periods and the negative of such terms, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements that relate to our plans, projections, estimates and goals include, among others, statements we make regarding expected revenues and revenue growth, expected Adjusted EBITDA and Adjusted EBITDA Margin, guidance on our expectations around Adjusted Diluted Earnings per Share ("Adjusted Diluted EPS"), and our beliefs that the demand market will continue to support the projected growth rates stated herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, projections, anticipated events or trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract skilled talent; the effects of competition on the future business of Thoughtworks; uncertainty regarding the demand for and market utilization of our services; the ability to maintain or acquire new client relationships; general business and economic conditions; and our ability to successfully execute our growth strategy and strategic plans. Additional information concerning these and other risks and uncertainties may be found in the "Risk Factors" section of Thoughtworks' quarterly reports on Form 10-Q, our annual report on form 10-K, and other filings and reports that Thoughtworks may file from time to time with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, Thoughtworks assumes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. thoughtworks Ⓒ2022 Thoughtworks 2#3Safe harbor and non-GAAP reconciliation Non-GAAP Financial Measures. Certain financial metrics contained in this presentation, including among others, Adjusted Gross Profit, Adjusted Selling, General & Administrative expense, Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, and Revenue Growth rates in constant currency, which exclude the effect of foreign currency rate fluctuations, are considered non-GAAP financial measures. We use these non-GAAP measures in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that these non-GAAP measures provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operations. The non-GAAP financial measures provided should not be considered as a substitute for the comparable measures of financial performance prepared in accordance with GAAP. For more information regarding the non-GAAP financial measures discussed in this presentation, including a reconciliation of these non-GAAP measures to their corresponding GAAP measures, please see the Appendix to this presentation. For definitions of these non-GAAP measures, please see our press release for the most recent quarterly or annual results posted to the Investor Relations page of our website. Some non-GAAP measures related to our financial outlook included in this presentation, our press release and the associated webcast were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. We are unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include stock-based compensation, acquisition costs, income tax effects of adjustments and other items. The unavailable information could have a significant impact on our GAAP financial results. Based on the foregoing, we believe that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. Industry & Market Data. The market data, industry forecasts and other statistical information used in this presentation are based on third-party industry publications and surveys and internal Company sources. Industry forecasts are based on industry surveys and the preparer's expertise in the industry, and there can be no assurance that any of the industry forecasts will be achieved. We believe these data are reliable, but we have not independently verified the accuracy of this information nor have we ascertained the underlying assumptions relied upon in those sources, and we cannot assure you of the accuracy or completeness of such information contained in this presentation. While we are not aware of any misstatements regarding our market, industry or similar data presented herein, such data, including industry forecasts and projections, involve risks and uncertainties and are subject to change based on various factors. /thoughtworks Ⓒ2022 Thoughtworks 3#4Table of contents Who we are Q1 snapshot Market opportunity and trends Our clients Our services and approach Financial overview Leadership and investment highlights Appendix /thoughtworks Ⓒ2022 Thoughtworks 5 9 10 13 17 19 20 27 4#5Who we are Integrity / Pursuit of Excellence / Global First/ Cultivation / Curiosity / Autonomous Teams/ Inclusivity / Courageous We strive to create an extraordinary impact on the world through our culture and technology excellence We aim to be an awesome partner for clients and their ambitions to become modern digital businesses We are passionate about revolutionizing the technology industry, amplifying social change and advocating for an equitable tech future We look to foster a vibrant community of diverse and passionate technologists We aim to achieve enduring commercial success and sustained growth 5#6We've been a shaping force of digital technology for 29 years 100+ books written Agile development CD / devops Data engineering / platforms Cloud native architecture Organizational design PE TORING Um conjunto de experièr entregondo software de alta qualid 2015 200 EXPERT INSIGHT Sunil Mundra Ente Being Agile P EDGE VALUE-DRIVEN DIGITAL TRANSFORM JIM HIGHS LIND DAVID ROB DevOps Na pios orega de notare corte entorrotzats Packt Casa do Building Evolutionary Architectures Agility O'REILLY Data Mesh Delivering Data-Driven Value at Scale O'REILLY Sam Newman Zhamak Dehghani atorando com projeto Fundamentals of Software chitecture neering Approach REILLY Mark Richards & Neal Ford Infrastructure as Code Dynamic Systems for the Cloud Age Luciano Ramalho Gradle AG D#7Through Thoughtworks' 29-year history 1993 1990s Thoughtworks was founded 1999 Guo Xiao and Dr. Rebecca Parsons joined Thoughtworks 2000-2009 2000 Opened offices in Australia and the United Kingdom Led the industry in adopting a distributed agile development approach 2001 Opened offices in India and da Guo Xiao is featured in The Economist as an early adopter of Extreme Programming (XP) Manifesto for Agile Software Development is published Released Cruise Control open source software 2004 Opened offices in China Selenium is developed based on work started internally at Thoughtworks Surpassed 500 Thoughtworkers 2005 Established Thoughtworks University 2009 Opened offices in Brazil Surpassed 1,000 Thoughtworkers Ⓒ2022 Thoughtworks Footnote references on page 25. 2010-2014 2010 Opened offices in Germany Published Continuous Delivery: Reliable Software Releases through Build, Test, and Deployment Automation 2011 Published first edition of Thoughtworks Technology Radar 2012 Opened offices in Singapore Started building Bahmni 2013 Opened offices in Ecuador 2014 Opened offices in Italy Published Microservices Surpassed $300mm¹ in annual revenues and 3,000 Thoughtworkers 2015 2015-2019 Collaborated with Save the Children in the fight against Ebola Published Building Microservices 2016 Opened offices in Spain and Chile Winner of the AnitaB.org Institute's Top Companies for Women Technologists, winning again in 2017 and 2018, and recognized as a leader in 2019 and 2020 2017 The Apax Funds acquired Thoughtworks Surpassed $500mm¹ in annual revenues 2018 Awarded Daimler Supplier of the Year for Innovation for 2017 Surpassed 5,000 Thoughtworkers 2019 Published The Digital Transformation Game Plan: 34 Tenets for Masterfully Merging Technology and Business and How to Move Beyond a Monolithic Data Lake to a Distributed Data Mesh Surpassed $700mm¹ in annual revenues 2020-2022 2020 Named strong performer in The Forrester Wave™: Digital Product Development Services, Q2 2020 Committed to the Valuable 500, the global movement putting disability on the business leadership agenda Awarded IT Vendor of the Year 2020 at the UK IT Industry Awards 2021 Acquired Gemini and Fourkind Listed as a public company on Nasdaq. Ticker symbol TWKS Surpassed 10,000 Thoughtworkers Published Software Architecture: The Hard Parts 2022 Announced plans to open office in Vietnam² Acquired Connected, Canada ³ 7#8With a growing global presence in 17 countries².20 LATIN AMERICA 16.2% NORTH AMERICA 8.7% © 2022 Thoughtworks Footnote references on page 25. EUROPE 15.0% .. INDIA 31.7% SOUTHEAST ASIA 3.4% AUSTRALIA 3.7% .. CHINA 21.3% 11,000+ Employees 4 40.8% Women and Underrepresented Gender Minorities4 950+ Q1 new joiners5 4.49/5.0 Q1 overall Glassdoor rating4 8#9Thoughtworks Snapshot - Q1 2022 Adjusted Gross Margin Q1 2022 Revenue revenues growth $321M 35.0% ↑ from Q1 2021 of $238M Revenues by customer location5 LATAM 4.3% Europe APAC 25.8% 38.2% in constant currency 6,7,8 31.9% 38.0% North America 45.6% ↑ from Q1 2021 of 44.7% Ⓒ2022 Thoughtworks Footnote references on page 25. 35.8% Revenue growth by customer location North America 40.8% Adjusted EBITDA 8 $73M APAC ↑ from Q1 2021 of $54M 29.3% 24.2% Europe LATAM Adjusted EBITDA Margin³ 22.7% flat from Q1 2021 of 22.7% Europe Employees by geography4 APAC Adjusted Diluted EPS8 $0.13 from Q1 2021 of $0.14 60.1% LATAM 15.0% 16.2% 8.7% Founded in 1993 | 11,000+ employees4 | 17 countries2 | TWKS Nasdaq listed North America 9#10Our market is large and growing fast >2x GROWTH FOR DIGITAL TRANSFORMATION SERVICES $1.3TN⁹ 2020 Key tailwinds Cloud digital platforms and loT Ⓒ2022 Thoughtworks Footnote references on page 25. id advancement of Al and ML Customer experience at the forefront of growth Acceleration of digital IT adoption partly due to COVID-19 $2.8TNⓇ 2025 10#11What market leaders are saying about the digital transformation market Global "Whole Cloud" spending at 16.9% CAGR to 2025¹⁰ • Artificial intelligence market to grow 19.6% in 2022, and exceed $500bn in 2023¹1 • Customer experience management market growing at 12.3% CAGR to 202612 • 60% of C-suite executives say that digital transformation is their most critical growth driver in 202213 Continued adoption of cloud computing could eliminate a billion metric tons of CO2 emissions from 2021 to 2024¹4 Ⓒ2022 Thoughtworks Footnote references on page 25. [ 11#12With technology mega trends driving market growth Expansion of computing boundaries Rapid development of platforms, cloud and internet of things are pushing the technology industry to new heights Rapid advancement of Al- and ML- based tools Al and ML enhance productivity and drive digital transformation by making predictions to assist humans in making decisions, and in some cases, by automating decision-making and tasks completely Enhanced consumer experience The pervasiveness of technology has enhanced modern consumer experiences with the integration of digital and physical worlds, such as augmented reality, virtual reality and mixed reality Accelerating towards sustainability Increasing focus on sustainability requires business to examine their environmental impact and to adopt more sustainable strategies and technologies, such as green cloud optimization Growing impact of hostile tech and increased focus on information privacy The increased complexity of technology presents a heightened risk of cyber attacks, computer malware, viruses, social engineering, employee misuse as well as data and security breaches 12#13A diverse customer portfolio across geographies and verticals Energy, Public and Health Services 24.0%5 Retail and Consumer 19.5% 5 Automotive, Travel and Transportation 11.7%5 Technology and Business Services 26.6%5 <ambevtech/> A ATLASSIAN AUTHORITY' BRANDS ezlink hi pages xero REA Group relayr. Chemonics Development works here. PFF myob THOMSON REUTERS 1 Simon & Schuster workrise ebay Ⓒ2022 Thoughtworks Footnote references on page 25. VA BAYER BAYER TELUS U.S. Department of Veterans Affairs Telkomsel forenom falabella. OTTO makro METRO natura Ticket Edenred SONIC uma marca SEPHORA Whirlpool Financial Services and Insurance 18.2%5 AXIS BANK CREDIT SUISSE BEN GENERALI InfoArmor SAXO ΒΑΝΚ OPAYBACK 000 ●●● 000 standard chartered Auto Scout24 DAIMLER FINAVIA Daimler Trucks PORSCHE QANTAS SHARENOWY JUNGHEINRICH DB rb RITCHIE BROS. Auctioneers 13#14Rapid growth and a strong capability to develop client relationships % of trailing twelve month (TTM) revenue from existing clients ¹5 15 New clients 89.9% 10.1% TTM ended 3/31/21 Existing clients 88.3% 11.7% TTM ended 3/31/22 # of clients with TTM revenues of $10M+ # of clients with TTM bookings $10M+ Ⓒ2022 Thoughtworks Footnote references on page 25. YOY increase: 34.8% 23 Average relationship of seven years for top 10 clients¹6 31 YoY increase: 44.8% 29 42 TTM ended 3/31/21 TTM ended 3/31/22 TTM ended 3/31/21 TTM ended 3/31/22 14#15Diverse revenue base and strong growth across all industry verticals Revenues by industry5 Financial Services and Insurance Technology and Business Services 18.2% 26.6% /thoughtworks 11.7% 19.5% Ⓒ2022 Thoughtworks Footnote references on page 25. Automotive, Travel and Transportation 24.0% Retail and Consumer Energy, Public and Health Services 28.9% Revenue growth by industry 5,6 21.1% Technology Energy, and business public and services health services 51.8% Retail and consumer 70.7% 16.0% Financial Automotive, services and travel and insurance transportation 15#16Valued by our clients Ⓒ2022 Thoughtworks ? Our ability to digitally transform global enterprises at scale by applying strategic consulting and cutting-edge technologies Our deep agile and technical expertise and thought leadership Our poly-skilled, transformational and global talent Our global distributed agile delivery with a strong local presence Our award-winning and cultivating culture 16#17Our core services Enterprise Modernization, Platforms and Cloud Modernize complex IT estates, operations, platforms, development and delivery practices to rapidly unleash business value Customer Experience, Product and Design Ⓒ2022 Thoughtworks Accelerate value creation through extraordinary digital products and customer experiences powered by integrated technology and design Data and AI Enable data-driven intelligent products and business insights with pragmatic data strategies, governance, engineering, predictive Al, automation and ML capabilities Digital Transformation and Operations Provide organizations with executable digital strategies, frictionless operating models and transformation services End-to-end digital partner combining strategy, software engineering, design and organizational transformation 17#18Thoughtworks' approach delivers value fast We deliver extraordinary impact for our clients via a collaborative and co-creative process that utilizes a thin slice approach to deliver value with incremental change on an accelerated timeline. Discover Understand the why Visioning 2022 Thoughtworks Define Incorporate vision and customer feedback to clarify the what Research sprint Research insights Design Prototype the best ideas MVP build Scope and goals Design Build Refine Deliver Test and refine for continuous delivery excellence Test 18#19A history of robust financials Revenues ($M) 1,070 803 FY 2020 FY 2021 Adjusted gross margin5,8 45.6% Ⓒ2022 Thoughtworks Footnote references on page 25. YOY growth: 35.0% 238 Q1 21 321 Q1 22 Cash balance4 $340M 19.1% 153 FY 2020 Adjusted EBITDA ($M) and Margin 20.9% 223 FY 2021 Debt4 $508M 22.7% 54 3M ended 3/31/21 22.7% 73 3M ended 3/31/22 Adjusted Diluted EPS 5,8 $0.13 19#20Led by a highly-experienced team Board of directors lan Davis, Chair Former Worldwide Managing Director of McKinsey & Company Jane Chwick, Director Former Partner at Goldman Sachs Salim Nathoo, Director Partner at Apax Partners Guo Xiao Chief Executive Officer 23-year tenure Erin Cummins Chief Financial Officer 17-year tenure Senior management - average tenure of 17 years4 Martin Fowler Chief Scientist 22-year tenure Julie Woods-Moss Chief Marketing Officer 3-year tenure Guo Xiao Chief Executive Officer and Director Ⓒ2022 Thoughtworks Footnote references on page 25. Rohan Haldea, Director Partner at Apax Partners and formerly at Bain Capital William Parrett, Director Former Senior Partner of Deloitte & Touche USA LLP Rebecca Parsons Chief Technology Officer 22-year tenure Chad Wathington Chief Strategy Officer 18-year tenure Ramona Mateiu General Counsel 13-year tenure Robert Brennan, Director Former Executive Director of CA Technologies, former CEO Veracode Gina Loften, Director Former Chief Technology Officer Microsoft US, formerly at IBM Roxanne Taylor, Director Chief Marketing and Communications Officer at Memorial Sloan Kettering Cancer Center, former CMO of Accenture Dave Whalley Chief Information Officer 19-year ure Ange Ferguson Chief Transformation Officer 16-year tenure Sai Mandapaty Chief Commercial Officer 12-year tenure Joanna Parke Chief Talent Officer 19-year re Chris Murphy Chief Executive Officer North America 17-year tenure 20#21Building on an established commitment to ESG Environmental • Commitment to Science Based Target initiative (SBTi); targets awaiting validation • We expect to cut scope 1 & 2 GHG emissions by 50% by 2030 and scope 3 by 85% ¹7 • 100% of our electricity from renewable sources by 2030 • Co-founder of the Green Software Foundation • Creator of Cloud Carbon Footprint - an open source multi-cloud carbon footprint calculator Ⓒ2022 Thoughtworks Footnote references on page 25. Social • Top 5% of the technology industry for diversity, equity and inclusion with a score of 8.918 • 40.8% women and underrepresented gender minorities globally (WUGM)4 • 38.3% WUGM in tech roles4 • Member of the Digital Public Goods Alliance • Thought leader in responsible technology Governance • 33% WUGM board of directors4 • 60% WUGM executive officers 4,19 • Social impact reporting since 2018 • Separate Chair and CEO • Independent board members (eight of nine) 21#22With an unwavering commitment to creating positive social impact through our technology contributions UN Sustainable Development Goals GOOD HEALTH AND WELL-BEING GENDER EQUALITY wo 3 =Bahmni Healthcare for all Healthcare as a human right Select ongoing partnerships APAC and Africa 5 Ⓒ2022 Thoughtworks Striving for equity in tech PLAN INTERNATIONAL Women in Tech Education China 9 AND INFRASTRUCTURE Responsible tech and innovation 0 Digital Public Goods Alliance Tech for public good Global 10 REDUCED INEQUALITIES Inclusivity, social justice and equity PUBLIC WORKS DATA Equity and Empowerment North America 13 CLIMATE ACTION Climate action and sustainability Cloud Carbon Footprint Global 22#23And the growth strategies to win in this large and fast growing market Focused geographic Expansion Announced entry into Vietnam² Ⓒ2022 Thoughtworks Footnote references on page 25. Develop and grow our strategic partnerships Deepen our relationships with existing clients Develop new technical capabilities and client solutions Establish new client relationships Pursue strategic, targeted acquisitions Acquired Connected, Canada³ 23#24Investment highlights Ⓒ2022 Thoughtworks 1 2 3 4 5 Digital-native consultancy with differentiated thought leadership 6 Diverse client base - geography and industry vertical Global talent where our clients operate Culture that attracts and retains the highest quality talent Premium position and high gross margins Rapidly growing with robust Adjusted EBITDA margins Premium brand Rapid growth | Strong margins | Highly-diversified 24#25Footnotes 1. Unaudited financial information for 2014 through 2018. 2014 through 2018 revenues were calculated according to a prior accounting standard, ASC 605, and may not be directly comparable to our 2019 to 2022 revenues, which use ASC 606. Our adoption of ASC 606 as of January 1, 2019 did not materially impact our revenues. 2. Thoughtworks operated in 17 countries as of March 31, 2022. On April 26, 2022, Thoughtworks announced it was establishing operations in Ho Chi Minh City, Vietnam. 3. Announced April 27, 2022. See: https://investors.thoughtworks.com/news-releases/news-release-details/thoughtworks-acquires-leading-product-development-consultancy 4. As of March 31, 2022 5. For the three months ended March 31, 2022 6. Reported YoY percentage growth rates calculated by comparison to prior year's corresponding period 7. Revenue Growth Rate at Constant Currency is calculated by translating the current period revenues into U.S. dollars at the weighted average exchange rates of the prior period of comparison 8. Adjusted EBITDA, and certain other measures in this deck, are Non-GAAP financial measures. For more information regarding the non-GAAP financial measures discussed in this presentation including a reconciliation of these non-GAAP measures to their corresponding GAAP measures, please see the Appendix to this presentation. For definitions of these non-GAAP measures, please see our press release for the most recent quarter-ended posted to the Investor Relations page of our website 9. Source: IDC Press Release, https://www.idc.com/getdoc.jsp?containerId=prUS48372321 10. Source: IDC, Worldwide Whole Cloud Forecast, 2021-2025, Doc # US47397521, Sep 2021 https://www.idc.com/getdoc.jsp?containerId=prUS48208321 11. Source: IDC Press Release https://www.idc.com/getdoc.jsp?containerId=prUS48881422 12. Source: Marketsand Markets https://www.marketsandmarkets.com/Market-Reports/customer-experience-management-cem-market-543.html 13. Source: PwC Pulse Survey - Executive views on business in 2022 https://www.pwc.com/us/en/library/pulse-survey/executive-views-2022.html 14. Source: IDC, Worldwide CO2 Emissions Savings from Cloud Computing Forecast, 2021-2024, Doc # US47426420, Feb 2021 https://www.idc.com/getdoc.jsp?containerId=prUS47513321 15. Defined as clients for whom we have done work and generated revenues in excess of $25,000 within the preceding twelve months 16. Top 10 clients are determined by spend for the year ended December 31, 2021 17. 85% reduction per employee 18. Peakon employment survey October 2021 19. Executive officer is defined as an "officer" pursuant to Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended 20. Employee concentration as of March 31, 2022 Ⓒ2022 Thoughtworks 25#26Delivering extraordinary impact together ht /thoughtworks Ⓒ2022 Thoughtworks#27Appendix /thoughtworks Ⓒ2022 Thoughtworks 27#28Reconciliation of Non-GAAP financial measures (in thousands, except percentages, number of shares and earnings per share) Net (loss) income Income tax expense Interest expense Other (income)/expense, net Unrealized foreign exchange (gains) losses Stock-based compensation Depreciation and amortization Acquisition costs (a) Certain professional fees (b) Non-recurring tender offer compensation expense (c) Business rationalization (d) IPO-related costs (e) Employer payroll tax on employee equity incentive plans (f) Adjusted EBITDA Net (loss) income margin Adjusted EBITDA Margin 2022 Thoughtworks Three Months Ended March 31, 2021 Year Ended December 31, 2021 (59,904) $ 18,585 $ (23,623) $ 301 4,623 10,148 4,647 6,194 25,456 (88) (61) 1,671 (5,847) 3,929 5,024 120,736 1,874 157,946 11 8,582 6,884 29,528 20 6,403 8,524 803 1,648 1,991 2,714 2,715 1,043 2,713 1,154 53,836 $ 223,247 72,872 $ (18.7)% 7.8 % 22.7% 22.7% $ $ 2022 3,622 (2.2)% 20.9 % 2020 79,283 23,164 25,767 (185) (5,351) 1,667 26,528 633 56 - 1,316 315 153,193 9.9 % 19.1 % (a) Reflects costs for certain professional fees and retention wage expenses related to certain acquisitions. (b) Adjusts for certain transaction expenses, non-recurring legal expenses, and one-time professional fees. (c) Adjusts for the additional compensation expense related to the tender offer completed in the first quarter of 2021. (d) Adjusts for business rationalization revenues and costs related to closing Thoughtworks Studios, which ceased operations as of December 31, 2020. (e) Adjusts for IPO-readiness costs and expenses that do not qualify as equity issuance costs. (f) We exclude employer payroll tax expense on equity incentive plans as these expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise. As a result, these taxes may vary in any particular period independent of the financial and operating performance of our business. 28#29Reconciliation of Non-GAAP financial measures (in thousands, except percentages, number of shares and earnings per share) Net (loss) income allocated to common shareholders Earnings allocated to Preferred Stock Net (loss) income Unrealized foreign exchange (gains) losses Stock-based compensation Amortization of acquisition-related intangibles Acquisition costs (a) Certain professional fees (b) Non-recurring tender offer compensation expense (c) IPO-related costs (d) Employer payroll tax on employee equity incentive plans (e) Income tax effects of adjustments (f) Adjusted Net Income GAAP diluted weighted average common shares outstanding Employee stock options and RSUS Adjusted diluted weighted average common shares outstanding GAAP diluted earnings per common share Adjusted Diluted EPS Gross profit, GAAP Stock-based compensation Employer payroll tax on employee equity incentive plans (e) Depreciation expense Adjusted Gross Profit Gross margin, GAAP Adjusted Gross Margin $ $ $ $ Three Months Ended March 31, 2022 2021 (59,904) (59,904) (5,847) 120,736 2,992 20 803 3,622 (18,430) 43,992 306,189,816 24,555,214 330,745,030 $ 57,591 83,493 2,376 2,736 146,196 17.9 % 45.6 % $ (0.20) $ 0.13 $ $ $ 15,174 3,411 18,585 3,929 1,874 2,981 6,403 1,648 2,714 1,043 (4,098) 35,079 249,125,028 249,125,028 0.06 0.14 102,871 782 2,538 106,191 43.3% 44.7% (a) Reflects costs for certain professional fees and retention wage expenses related to certain acquisitions. (b) Adjusts for certain transaction expenses, non-recurring legal expenses, and one-time professional fees. (c) Adjusts for the additional compensation expense related to the tender offer completed in the first quarter of 2021. (d) Adjusts for IPO-readiness costs and expenses that do not qualify as equity issuance costs. (e) We exclude employer payroll tax expense on equity incentive plans as these expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise. As a result, these taxes may vary in any particular period independent of the financial and operating performance of our business. (f) Adjusts for the income tax effects of the foregoing adjusted items. 29