| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands) | 2021 | 2020 | ||||||
| Net cash provided by operating activities | $ | 36,571 | $ | 28,036 | ||||
| Capital expenditures | (3,039 | ) | (1,644 | ) | ||||
| Free cash flow | $ | 33,532 | $ | 26,392 | ||||
Business Outlook
The following table provides a reconciliation of projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ending
June 30, 2021 |
Year Ending
December 31, 2021 | |||||||||||||||
| (in thousands) | Low | High | Low | High | ||||||||||||
| Net loss | $ | (23,700 | ) | $ | (21,800 | ) | $ | (37,600 | ) | $ | (29,800 | ) | ||||
| Stock-based compensation expense | 11,100 | 11,100 | 44,200 | 44,200 | ||||||||||||
| Amortization of intangible assets | 4,700 | 4,700 | 17,700 | 17,700 | ||||||||||||
| Non-cash interest expense | 2,800 | 2,800 | 11,400 | 11,400 | ||||||||||||
| Restructuring expense | 2,000 | 2,000 | 5,300 | 5,300 | ||||||||||||
| Impact of non-GAAP tax rate | 3,200 | 2,800 | (3,000 | ) | (4,800 | ) | ||||||||||
| Non-GAAP net income | $ | 100 | $ | 1,600 | $ | 38,000 | $ | 44,000 | ||||||||
