Table of Contents A reconciliation of net loss to adjusted EBITDA is set forth below: Three Months Ended June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, (Amounts in thousands) 2017 2017 2017 2018 2018 2018 2018 2019 2019 Net loss $ (33,667) $ (167,678) $ (611,373) $(274,484) $(448,408) $ (497,315) $ (707,212) $(266,598) $(638,054) Income tax (benefit) provision — — (5,721) (2,192) 819 97 426 5,030 87 Interest and other (income) expense (105,563) 3,949 109,635 (19,433) 65,839 48,888 141,976 (378,152) (91,763) Depreciation and amortization 38,005 42,166 51,494 62,043 75,375 77,590 98,506 124,855 131,069 Stock-based compensation expense 6,160 6,201 277,432 11,968 15,877 18,012 23,543 145,189 43,146 Stock-based payments for services rendered by consultants 1,870 2,309 2,563 2,971 5,468 4,984 5,534 5,202 5,275 Change in fair value of contingent consideration liabilities — — — — 18,856 34,006 23,577 (52,327) 9,249 Legal, tax and regulatory reserves and settlements — 2,851 540 2,548 253 814 — — 1,534 Expense related to mergers, acquisitions and divestitures 118 213 988 6,643 8,570 6,579 15,685 6,165 15,406 Adjusted EBITDA including non-cash GAAP straight-line lease cost (93,077) (109,989) (174,442) (209,936) (257,351) (306,345) (397,965) (410,636) (524,051) Add: Non-cash GAAP straight-line lease cost 59,093 68,002 90,604 112,601 125,361 145,546 159,334 197,112 226,826 Adjusted EBITDA excluding non-cash GAAP straight-line lease cost $ (33,984) $ (41,987) $ (83,838) $ (97,335) $(131,990) $ (160,799) $ (238,631) $(213,524) $(297,225) Liquidity and Capital Resources Our primary sources of liquidity are our cash and cash equivalents on hand and amounts available under the bank facilities. As of June 30, 2019, we maintained a cash and cash equivalents balance of $2.5 billion, which includes $535.8 million held by our consolidated variable interest entities (“VIEs”) that will be used first to settle obligations of the VIE and are also subject to the restrictions discussed below. In addition, as of June 30, 2019, our consolidated VIEs have $400 million in unfunded commitments from investors, and we are scheduled to receive $200 million during each of 2019 and 2020, which will provide additional liquidity for our consolidated VIEs. For the six months ended June 30, 2019, our primary source of cash was the draw downs in January 2019 and April 2019 under the 2018 warrant. Proceeds have been used to fund our growth, operations and capital expenditures for design and build-out of our spaces. In addition, the $1.5 billion available to draw in April 2020 under the 2019 warrant (as defined under “—Convertible Note and Warrant Agreements”) is expected to provide additional future liquidity. Our primary uses of cash relate to capital expenditures associated with the design and build-out of our spaces as well as lease costs, common area maintenance costs and real estate taxes, other location operating costs and general and administrative expenses. While also uses of cash, we view pre-opening location expenses, sales and marketing expenses, growth and new market development expenses and cash payments made for acquisitions as discretionary investments that will fuel our ability to continue to grow in the future. Although these amounts are important to our growth, we believe that they can be scaled back to the extent needed based on our future cash needs. 114