nths EndedMarch 31,Calculation of Adjusted EBITDA20112010Net loss
(3,471)$ (1,369)Adjustments:Minus: Interest income
(49)(28)Plus: Interest expense
-298Plus: Income taxes
158(61)Plus: Depreciation and amortization
2,8361,838Plus: Stock-based compensation
2,2861,713Plus: Preferred stock warrant fair market valuation adjustment
-396 Adjusted EBITDA$ Adjusted EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; andNon-cash compensation is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
2,787Adjusted EBITDA has limitations as an analytical tool. Some of these limitations are:
Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only supplementally.
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