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Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, July 24, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises KinderCare Learning Companies, Inc. (“KinderCare” or “the Company”) (NYSE: KLC) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. KinderCare investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged ...

Core Viewpoint - Robbins LLP is investigating Kindercare Learning Companies, Inc. for potential violations of securities laws and breaches of fiduciary duties by certain officers and directors [1] Company Overview - Kindercare Learning Companies, Inc. operates in the early childhood education and care services sector in the United States [1] Legal Context - Shareholders who have incurred losses in their investment in Kindercare Learning Companies, Inc. are encouraged to seek information regarding their rights [2] - Robbins LLP operates on a contingency fee basis, meaning shareholders do not pay fees or expenses unless a recovery is made [3] Firm Background - Robbins LLP has been active in shareholder rights litigation since 2002 and has recovered over $1 billion for shareholders [3]

Core Viewpoint - Robbins LLP is investigating Kindercare Learning Companies, Inc. for potential violations of securities laws and breaches of fiduciary duties by certain officers and directors [1]. Group 1: Company Overview - Kindercare Learning Companies, Inc. provides early childhood education and care services in the United States [1]. Group 2: Legal Investigation - The investigation by Robbins LLP aims to determine if there were any violations of securities laws by Kindercare's officers and directors [1]. - Shareholders who have lost money in their investment in Kindercare are encouraged to contact Robbins LLP for more information about their rights [2]. Group 3: Robbins LLP Background - Robbins LLP has been dedicated to helping shareholders recover losses and improve corporate governance since 2002, having obtained over $1 billion for shareholders [3].

Core Viewpoint - Johnson Fistel, PLLP is investigating KinderCare Learning Companies, Inc. (NYSE: KLC) for potential violations of securities laws related to misrepresentation or failure to disclose material information to investors [1] Group 1: Investigation Details - The investigation focuses on whether KLC or its executives misrepresented or failed to timely disclose important information to investors [1] - Investors who purchased KLC securities and suffered losses are encouraged to join the investigation [2] Group 2: Whistleblower Information - Individuals with nonpublic information about KLC are advised to consider assisting the investigation or utilizing the SEC Whistleblower program, which may offer rewards up to 30% of successful recoveries [3] Group 3: About Johnson Fistel, PLLP - Johnson Fistel, PLLP is a nationally recognized law firm specializing in shareholder rights, with offices across multiple states [4] - The firm has been ranked in the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services in 2024, recovering approximately $90.725 million for clients [5]

Financial Data and Key Metrics Changes - KinderCare reported Q1 2025 revenue of $668 million, a 2% increase year-over-year, driven by stable tuition growth and an increased number of centers and sites [6][26] - Adjusted EBITDA for the quarter was $84 million, reflecting a 12% growth year-over-year, with an adjusted EBITDA margin of 13% [31] - Net income increased to $27 million from $10 million a year ago, with adjusted EPS rising to $0.23 from $0.11 [32] Business Line Data and Key Metrics Changes - Same center revenue grew to $600 million, up from $598 million, driven by tuition rates [28] - Champions revenue grew by 7.8% to $53 million, with 88 net new sites added over the past twelve months [29] - The company added 10 centers in Q1, including two CREM schools and expanded into Idaho through an acquisition [10][14] Market Data and Key Metrics Changes - Same center occupancy ended Q1 at 69.1%, down from 69.6% year-over-year, primarily due to lower enrollment at same centers [26][27] - The demand for high-quality care continues to outpace supply, supporting KinderCare's market position [8] Company Strategy and Development Direction - KinderCare's strategy focuses on driving profitability and expanding its footprint through acquisitions and new center openings, with a target of increasing new center openings to the mid-twenties per year [30][14] - The company emphasizes operational efficiency and maintaining a healthy spread between wage and tuition increases to support long-term profitability [17][18] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term growth algorithm, expecting 1% to 2% annual occupancy growth despite current macroeconomic challenges [6][44] - The company anticipates continued demand for childcare services, viewing it as an essential service for working families [6][23] Other Important Information - KinderCare's adjusted net income for Q1 was $27 million, and the company ended the quarter with a net debt to adjusted EBITDA ratio of 2.6 times, within its targeted leverage range [32] - The company has seen a strong level of inquiries and tours, indicating a potential for future enrollment growth despite current delays [56] Q&A Session Summary Question: What are parents doing with their kids as alternatives to enrolling in centers? - Management noted that parents may be delaying enrollment due to taking longer time off work, leading to later enrollment decisions [37] Question: How does the Champions business perform during economic uncertainty? - Management indicated that Champions remains resilient as the cost is significantly lower than early childhood education, making it a viable option for parents [40] Question: What is the expected occupancy growth in the medium term? - Management confirmed confidence in a 1% to 2% occupancy growth in the medium term, with tools in place to support this [44] Question: How much revenue came from M&A in the last twelve months? - Acquisition revenue from tuck-ins was reported at $5.5 million for the trailing twelve months [46] Question: How does the guidance account for varying demand levels? - Management expressed confidence in the guidance provided, emphasizing the ability to manage expenses regardless of macroeconomic conditions [50] Question: Are there differences in enrollment between subsidy and private pay families? - Management clarified that subsidy families are less hesitant once approved, while private pay families may delay decisions based on personal financial situations [76]

Financial Data and Key Metrics Changes - KinderCare reported Q1 2025 revenue of $668 million, a 2% increase year-over-year, driven by stable tuition growth and an increased number of centers and sites [24][30] - Adjusted EBITDA for the quarter was $84 million, reflecting a 12% growth year-over-year, with an adjusted EBITDA margin of 13% [30][31] - Net income increased to $27 million from $10 million a year ago, with adjusted EPS rising to $0.23 from $0.11 [31] Business Line Data and Key Metrics Changes - Same center revenue grew to $606 million, up from $598 million a year ago, with same center occupancy at 69.1%, down from 69.6% [24][25] - Champions revenue grew by 7.8% to $53 million, with 88 net new sites added over the past twelve months [28] - The company added 10 centers in Q1, including two CREM schools and expanded into Idaho through an acquisition [8][12] Market Data and Key Metrics Changes - Demand for high-quality childcare continues to outpace supply, supporting KinderCare's market-leading position [6][22] - The company noted a delay in enrollment decisions due to consumer hesitancy, impacting same center occupancy [6][25] - The company anticipates a favorable demand environment despite macroeconomic volatility [5][22] Company Strategy and Development Direction - KinderCare's strategy focuses on driving profitability through operational efficiency and maintaining a healthy spread between wage and tuition increases [15][30] - The company aims to increase new center openings to mid-twenties per year, aligning with long-term growth targets [29] - The expansion of B2B partnerships and tuition benefit programs is a key growth area, with new partnerships established in Q1 [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite macroeconomic complexities, reaffirming guidance for 2025 [22][31] - The company is monitoring consumer behavior and sentiment in light of recent tariff announcements but believes it is better positioned than most due to its service's essential nature [32][33] - Management highlighted the importance of maintaining operational excellence and educational quality as critical pillars for success [17][18] Other Important Information - The company has a strong network of support at the state level for subsidy funding, which is seen as a strategic advantage [21] - KinderCare's G&A expenses were 11% of revenue, illustrating operating leverage at scale [30] - The company has received Gallup's exceptional workplace award for nine consecutive years, reflecting a strong organizational culture [19] Q&A Session Summary Question: What are parents doing with their kids as alternatives to enrolling in centers? - Management noted that parents may be delaying enrollment due to taking longer time off work, leading to later enrollment decisions [36] Question: How does the Champions business perform during economic uncertainty? - Management indicated that Champions remains resilient as it offers a cost-effective solution for parents needing after-school care [38] Question: What is the expected occupancy growth in the medium term? - Management confirmed confidence in a 1% to 2% annual occupancy growth in the medium to long term [43] Question: How much revenue came from M&A in the last twelve months? - Acquisition revenue for tuck-ins was $5.5 million for the trailing twelve months [45] Question: How does the guidance account for varying demand levels? - Management expressed confidence in full-year guidance, emphasizing the ability to manage expenses regardless of macroeconomic conditions [49] Question: Are there differences in enrollment between subsidy and private pay families? - Management clarified that subsidy families are less hesitant once approved, while private pay families may delay decisions based on personal financial situations [72]

Early Childhood Education Centers - As of March 29, 2025, the company operated 1,582 early childhood education centers, an increase from 1,563 centers as of March 30, 2024, with a total capacity for 211,767 children[116] - Average weekly ECE full-time enrollment (FTEs) decreased by 1,104, or 0.8%, to 144,076 for the three months ended March 29, 2025, compared to 145,180 for the same period in 2024[120] - ECE same-center revenue increased by $8.6 million, or 1.4%, to $606.4 million for the three months ended March 29, 2025, compared to $597.7 million for the same period in 2024[124] - ECE same-center occupancy decreased by 50 basis points to 69.1% for the three months ended March 29, 2025, compared to 69.6% for the same period in 2024[122] - Revenue from early childhood education centers increased by $9.7 million, or 1.6%, primarily driven by $8.6 million higher same-center revenue[147] Financial Performance - Total revenue for the three months ended March 29, 2025, was $668.2 million, an increase of $13.6 million or 2.1% compared to $654.7 million for the same period in 2024[146] - Net income for the three months ended March 29, 2025, was $21.2 million, compared to a net loss of $1.8 million for the same period in 2024[145] - Adjusted net income for the three months ended March 29, 2025, was $27,030,000, compared to $10,292,000 for the same period in 2024, marking an increase of approximately 162.5%[166] - Adjusted EBITDA for the three months ended March 29, 2025, was $83,551,000, up from $74,440,000 in the prior year, indicating a year-over-year increase of approximately 12.5%[164] Government Subsidies and Revenue - Subsidy revenue from government agencies was $240.1 million for the three months ended March 29, 2025, up from $215.8 million for the same period in 2024[127] Expenses and Cost Management - Cost of services (excluding depreciation and impairment) increased by $18.5 million, or 3.7%, due to a $10.7 million decrease in government assistance reimbursements[150] - Selling, general, and administrative expenses decreased by $18.7 million, or 20.7%, primarily due to lower stock-based compensation and bonus expenses[152] - Interest expense decreased by $16.3 million, or 44.8%, due to lower outstanding principal and interest rates following the October 2024 repayment[154] - Impairment losses decreased by $2.9 million, or 65.4%, due to fewer centers triggering impairment assessments[153] Cash Flow and Liquidity - Cash provided by operating activities increased to $98,444,000 for the three months ended March 29, 2025, compared to $64,119,000 for the same period in 2024, reflecting a growth of approximately 53.4%[185] - Cash provided by operating activities increased by $34.3 million for the three months ended March 29, 2025, compared to the same period in 2024, primarily due to lower interest expense[186] - The company had cash, cash equivalents, and restricted cash of $131,389,000 at the end of the period, compared to $128,831,000 at the end of the same period in 2024, showing a slight increase[185] Debt and Financing - The net proceeds from the IPO were primarily utilized to repay $608.0 million of outstanding principal on the first lien term loan, allowing for reduced interest rates on senior secured credit facilities[138] - The company has a total borrowing capacity of $262.5 million under its First Lien Revolving Credit Facility as of March 29, 2025[171] - As of March 29, 2025, there were no outstanding borrowings under the First Lien Revolving Credit Facility, with $55.1 million of outstanding letters of credit[175] - Long-term debt obligations total $1.3 billion, with $77.4 million expected to be paid out for the remainder of fiscal 2025[193] - The company entered into interest rate swap contracts with a notional amount of $400.0 million at fixed rates of 3.85% and 3.89% to hedge interest rate risk[196] Future Outlook and Strategy - The company aims to improve occupancy rates across its centers, leveraging strategic investments in technology and talent[111] - The company plans to expand its footprint through greenfield development and strategic acquisitions, anticipating long-term revenue and profit growth[112] - The company expects to implement regular price increases to support center reinvestment and enhance operational performance[112] - The company expects to meet its liquidity requirements for at least the next 12 months under current operating conditions[170]

Legal Disclaimer DISCLAIMER Neither KinderCare Learning Companies, Inc. ("KinderCare", "the Company" or "we") nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, or any other written or oral communication transmitted or made available to any recipient or its affiliates or representatives. The Company and its affiliates or representatives expressly disclaim to the fullest extent permitted by law any and al ...

[Q1 2025 Financial & Operational Highlights](index=1&type=section&id=KinderCare%20Reports%20First%20Quarter%202025%20Financial%20Results) KinderCare reported moderate revenue growth in Q1 2025, with strong operational execution driving significant increases in net income and adjusted EBITDA, alongside strategic expansion into new states and partnerships [Overall Performance and Strategic Developments](index=1&type=section&id=First%20Quarter%202025%20Highlights) KinderCare reported moderate revenue growth in Q1 2025, but strong operational execution led to significant year-over-year increases in net income and adjusted EBITDA. The company expanded its footprint into its 41st state, Idaho, and grew its center count through new Crème School openings and expanded employer partnerships - CEO Paul Thompson noted that despite delayed enrollment decisions across the industry, the company performed well, with operating execution driving stronger **net income** and **adjusted EBITDA growth** than revenue growth would suggest[2](index=2&type=chunk) - The company expanded its national footprint by entering Idaho, its **41st state**, and opened new centers for its premium Crème School brand, while also expanding partnerships with employers[2](index=2&type=chunk) Q1 2025 Key Financial Metrics | Metric | Value ($ millions) | | :--- | :--- | | Revenue | $668.2 | | Income from Operations | $48.8 | | Net Income | $21.2 | | Net Income per Share (Diluted) | $0.18 | | Adjusted EBITDA | $83.6 | | Adjusted Net Income | $27.0 | | Adjusted Net Income per Share (Diluted) | $0.23 | - As of March 29, 2025, the company operated **1,582 early childhood education centers** and **1,038 before- and after-school sites**[8](index=8&type=chunk) [Financial Performance Analysis](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) The company demonstrated improved financial performance in Q1 2025, marked by revenue growth driven by tuition increases and new site openings, and substantial profitability gains due to reduced expenses and lower interest costs [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue for Q1 2025 increased by 2.1% year-over-year to $668.2 million. This growth was driven by a 1.6% increase from early childhood education centers, primarily due to higher tuition rates, and a 7.8% increase from before- and after-school sites, fueled by the opening of new locations Revenue by Segment (Q1 2025 vs Q1 2024) | Segment | Q1 2025 Revenue ($ millions) | Q1 2024 Revenue ($ millions) | YoY Change ($ millions) | YoY % Change | Key Driver | | :--- | :--- | :--- | :--- | :--- | :--- | | Early Childhood Education Centers | $617.7 | $608.0 | +$9.7 | +1.6% | Higher tuition rates, offset by lower enrollment | | Before- and After-School Sites | $54.1 | $50.2 | +$3.9 | +7.8% | Opening new sites | | **Total Revenue** | **$668.2** | **$654.7** | **+$13.6** | **+2.1%** | | [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Profitability improved substantially in Q1 2025. Income from operations grew 45.3% to $48.8 million, largely due to a significant reduction in stock-based compensation and bonus expenses compared to the prior year. The company reported a net income of $21.2 million, a stark turnaround from a net loss of $1.8 million in Q1 2024, also benefiting from lower interest expenses - Income from operations increased by **$15.2 million (45.3%) YoY**. This was primarily driven by a **$16.9 million decrease** in stock-based compensation and bonus expenses related to a 2024 distribution. The increase was partially offset by **$10.7 million less** in government assistance as COVID-19 stimulus funding concluded[5](index=5&type=chunk) - The company shifted from a net loss of **$1.8 million** in Q1 2024 to a net income of **$21.2 million** in Q1 2025. This **$22.9 million improvement** was driven by higher operating income and a **$16.3 million decrease** in interest expense due to debt repayment and repricing[6](index=6&type=chunk) Profitability Comparison (in thousands) | Metric | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | Change ($ thousands) | | :--- | :--- | :--- | :--- | | Income from operations | $48,842 | $33,619 | +$15,223 | | Net income (loss) | $21,157 | $(1,751) | +$22,908 | | Diluted EPS | $0.18 | $(0.02) | +$0.20 | [Non-GAAP Performance](index=2&type=section&id=Non-GAAP%20Performance) On a non-GAAP basis, the company demonstrated strong performance. Adjusted EBITDA increased 12.2% to $83.6 million, and Adjusted Net Income grew significantly to $27.0 million from $10.3 million in the prior-year quarter. These figures exclude items like certain stock-based compensation, impairment losses, and the net effect of COVID-19 stimulus Non-GAAP Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 ($ millions) | Q1 2024 ($ millions) | YoY Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $83.6 | $74.4 | +12.2% | | Adjusted Net Income | $27.0 | $10.3 | +162% | | Adjusted Diluted EPS | $0.23 | $0.11 | +$0.12 | - Key adjustments to arrive at Adjusted EBITDA included adding back **$1.5 million** in impairment losses and **$4.1 million** in stock-based compensation, while subtracting a net **$0.7 million** related to COVID-19 stimulus[27](index=27&type=chunk) [Financial Position and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) KinderCare maintained a strong liquidity position in Q1 2025, with increased cash from operations primarily utilized for strategic investments in property, equipment, and acquisitions [Balance Sheet & Liquidity](index=2&type=section&id=Balance%20Sheet%20%26%20Liquidity) As of March 29, 2025, KinderCare maintained a solid liquidity position with $131.3 million in cash and cash equivalents and an additional $207.4 million available through its revolving credit facility. Total assets increased slightly to $3.72 billion from $3.65 billion at the end of fiscal 2024 - The company's liquidity as of March 29, 2025, consisted of **$131.3 million** in cash and cash equivalents, plus **$207.4 million** of available borrowing capacity under its revolving credit facility[9](index=9&type=chunk) Key Balance Sheet Items (in thousands) | Account | March 29, 2025 ($ thousands) | December 28, 2024 ($ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $131,294 | $62,336 | | Total Assets | $3,718,058 | $3,645,467 | | Total Liabilities | $2,833,175 | $2,780,958 | | Total Shareholders' Equity | $884,883 | $864,509 | [Cash Flow Summary](index=2&type=section&id=Cash%20Flow%20Summary) In Q1 2025, the company generated $98.4 million in cash from operating activities, a significant increase from $64.1 million in the prior-year period. This cash was primarily used to fund $28.4 million in net investments, including capital expenditures and acquisitions, with minimal cash used for financing activities Cash Flow Summary (in thousands) | Activity | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | Cash provided by operating activities | $98,444 | $64,119 | | Cash used in investing activities | $(28,388) | $(31,387) | | Cash used in financing activities | $(1,097) | $(60,313) | | **Net change in cash** | **$68,959** | **$(27,581)** | - Net investments totaled **$28.4 million**, which included **$23.4 million** for property and equipment and **$6.1 million** for acquisitions[10](index=10&type=chunk) [2025 Outlook](index=2&type=section&id=2025%20Outlook) The company reaffirmed its full-year 2025 financial guidance, projecting continued revenue growth and strong adjusted EBITDA performance [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) The company reiterated its full-year guidance for fiscal 2025, projecting revenue between $2.75 billion and $2.85 billion and adjusted EBITDA between $310 million and $325 million Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $2.75 billion to $2.85 billion | | Adjusted EBITDA | $310 million to $325 million | | Adjusted Net Income per Common Share, Diluted | $0.75 to $0.85 | [Appendix: Financial Statements & Reconciliations](index=5&type=section&id=Appendix%3A%20Financial%20Statements%20%26%20Reconciliations) The appendix provides detailed unaudited financial statements, including balance sheets, statements of operations, cash flows, and reconciliations of non-GAAP financial measures for Q1 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20%28Unaudited%29) The balance sheet shows total assets of $3.72 billion and total liabilities of $2.83 billion as of March 29, 2025. Key assets include $1.13 billion in goodwill and $1.38 billion in operating lease right-of-use assets. Key liabilities include $0.92 billion in long-term debt and $1.32 billion in long-term operating lease liabilities Condensed Consolidated Balance Sheets (Unaudited) (in thousands) | | March 29, 2025 (in thousands) | December 28, 2024 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $284,677 | $214,773 | | Property and equipment, net | $417,030 | $418,524 | | Goodwill | $1,126,382 | $1,119,714 | | Operating lease right-of-use assets | $1,381,493 | $1,373,064 | | **Total assets** | **$3,718,058** | **$3,645,467** | | **Liabilities and Shareholders' Equity** | | | | Total current liabilities | $470,425 | $412,758 | | Long-term debt, net | $917,690 | $918,719 | | Operating lease liabilities—long-term | $1,320,714 | $1,315,587 | | **Total liabilities** | **$2,833,175** | **$2,780,958** | | **Total shareholders' equity** | **$884,883** | **$864,509** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For the three months ended March 29, 2025, the company generated $668.2 million in revenue and reported a net income of $21.2 million. This compares to revenue of $654.7 million and a net loss of $1.8 million in the same period of 2024. The cost of services as a percentage of revenue increased slightly from 76.0% to 77.2%, while SG&A expenses decreased significantly from 13.8% to 10.7% of revenue Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) | | Three Months Ended March 29, 2025 (in thousands) | Three Months Ended March 30, 2024 (in thousands) | | :--- | :--- | :--- | | Revenue | $668,244 | $654,670 | | Cost of services (excluding depreciation) | $516,188 | $497,694 | | Selling, general, and administrative expenses | $71,727 | $90,455 | | Income from operations | $48,842 | $33,619 | | Interest expense | $20,108 | $36,420 | | Net income (loss) | $21,157 | $(1,751) | | Net income (loss) per common share, diluted | $0.18 | $(0.02) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) For Q1 2025, net cash provided by operating activities was $98.4 million. Cash used in investing activities was $28.4 million, primarily for property/equipment purchases and acquisitions. Cash used in financing activities was $1.1 million. This resulted in a net increase in cash of $69.0 million for the quarter Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | | Three Months Ended March 29, 2025 (in thousands) | Three Months Ended March 30, 2024 (in thousands) | | :--- | :--- | :--- | | Cash provided by operating activities | $98,444 | $64,119 | | Cash used in investing activities | $(28,388) | $(31,387) | | Cash used in financing activities | $(1,097) | $(60,313) | | Net change in cash, cash equivalents, and restricted cash | $68,959 | $(27,581) | | Cash, cash equivalents, and restricted cash at beginning of period | $62,430 | $156,412 | | Cash, cash equivalents, and restricted cash at end of period | $131,389 | $128,831 | [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Consolidated%20Non-GAAP%20Measures%20%28Unaudited%29) The company provides reconciliations for non-GAAP measures to their most comparable GAAP counterparts. For Q1 2025, Net Income of $21.2 million was reconciled to Adjusted EBITDA of $83.6 million by adjusting for interest, taxes, D&A, and other items. Similarly, Net Income was reconciled to Adjusted Net Income of $27.0 million Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | | Three Months Ended March 29, 2025 (in thousands) | Three Months Ended March 30, 2024 (in thousands) | | :--- | :--- | :--- | | Net income (loss) | $21,157 | $(1,751) | | Interest, Taxes, D&A | $57,264 | $67,194 | | EBITDA | $78,421 | $65,443 | | Adjustments | $5,130 | $8,997 | | **Adjusted EBITDA** | **$83,551** | **$74,440** | Reconciliation of Net Income (Loss) to Adjusted Net Income (in thousands) | | Three Months Ended March 29, 2025 (in thousands) | Three Months Ended March 30, 2024 (in thousands) | | :--- | :--- | :--- | | Net income (loss) | $21,157 | $(1,751) | | Pre-tax adjustments | $7,439 | $11,281 | | Adjusted income tax expense | $(9,404) | $(3,580) | | **Adjusted net income** | **$27,030** | **$10,292** | - Significant adjustments in Q1 2024 that were not present or were smaller in Q1 2025 include a **$19.3 million** non-recurring distribution and bonus expense and a net COVID-19 stimulus impact of **$(19.5) million**[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)