Segments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Segment Reporting Information

The following tables include financial information relating to the operating segments for the periods presented (in thousands):


	Three Months Ended March 31, 2022
	Nucleic Acid Production		Biologics Safety Testing		Corporate		Eliminations		Total
Revenue	$	223,650	$	20,643	$	—	$	—	$	244,293
Adjusted EBITDA	$	182,799	$	16,532	$	(12,339)	$	—	$	186,992


	Three Months Ended March 31, 2021
	Nucleic Acid Production		Biologics Safety Testing		Protein Detection		Corporate		Eliminations		Total
Revenue	$	124,169	$	17,649	$	6,630	$	—	$	(237)	$	148,211
Adjusted EBITDA (as adjusted)*	$	95,032	$	14,287	$	1,959	$	(10,336)	$	(46)	$	100,896

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*As adjusted to reflect the impact of the adoption of ASC 842. See Note 1 for a summary of the adjustments.

Reconciliation of Revenue

A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is set forth below for the periods presented (in thousands):


	Three Months Ended March 31,
	2022		2021 (as adjusted)*
Net income	$	146,860	$	75,465
Add:
Amortization	5,527		5,041
Depreciation	1,855		1,256
Interest expense	2,664		7,904
Income tax expense	19,981		13,709
EBITDA	176,887		103,375
Acquisition integration costs	4,779		4

Equity-based compensation	3,627		2,278


Merger and acquisition related expenses	1,188		919
Financing costs	1,037		206
Tax receivable agreement liability adjustment	(2,340)		(5,886)
Other	1,814		—
Adjusted EBITDA	$	186,992	$	100,896

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*As adjusted to reflect the impact of the adoption of ASC 842. See Note 1 for a summary of the adjustments.