(unaudited)
Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
Gross profit |
|
|
126,184 |
|
|
|
93,579 |
|
Stock-based compensation expense |
|
|
1,458 |
|
|
|
1,161 |
|
Amortization of acquired technology intangible assets |
|
|
5,654 |
|
|
|
1,086 |
|
Employer payroll tax on employee stock transactions |
|
|
81 |
|
|
|
4 |
|
Non-GAAP gross profit |
|
$ |
133,377 |
|
|
$ |
95,830 |
|
Gross margin |
|
|
79 |
% |
|
|
82 |
% |
Non-GAAP gross margin |
|
|
84 |
% |
|
|
84 |
% |
Reconciliation of operating expenses to non-GAAP operating expenses:
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(dollars in thousands) |
|
|||||
| Revenue |
|
$ |
159,516 |
|
|
$ |
113,938 |
|
| GAAP sales and marketing |
|
|
93,915 |
|
|
|
53,965 |
|
| Stock-based compensation expense |
|
|
(10,296 |
) |
|
|
(3,252 |
) |
| Amortization of acquired intangible assets |
|
|
(3,106 |
) |
|
|
(479 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(608 |
) |
|
|
(142 |
) |
| Acquisition-related expenses |
|
|
(207 |
) |
|
|
- |
|
| Non-GAAP sales and marketing |
|
$ |
79,698 |
|
|
$ |
50,092 |
|
| GAAP sales and marketing as a percentage of revenue |
|
|
59 |
% |
|
|
47 |
% |
| Non-GAAP sales and marketing as a percentage of revenue |
|
|
50 |
% |
|
|
44 |
% |
| GAAP research and development |
|
$ |
60,254 |
|
|
$ |
34,545 |
|
| Stock-based compensation expense |
|
|
(13,008 |
) |
|
|
(3,246 |
) |
| Amortization of acquired intangible assets |
|
|
(902 |
) |
|
|
(183 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(1,027 |
) |
|
|
(74 |
) |
| Acquisition-related expenses |
|
|
(1,101 |
) |
|
|
- |
|
| Non-GAAP research and development |
|
$ |
44,216 |
|
|
$ |
31,042 |
|
| GAAP research and development as a percentage of revenue |
|
|
38 |
% |
|
|
30 |
% |
| Non-GAAP research and development as a percentage of revenue |
|
|
28 |
% |
|
|
27 |
% |
| GAAP general and administrative |
|
$ |
43,152 |
|
|
$ |
17,927 |
|
| Stock-based compensation expense |
|
|
(12,447 |
) |
|
|
(2,644 |
) |
| Employer payroll tax on employee stock transactions |
|
|
(545 |
) |
|
|
(80 |
) |
| Acquisition-related expenses |
|
|
(1,038 |
) |
|
|
- |
|
| Non-GAAP general and administrative |
|
$ |
29,122 |
|
|
$ |
15,203 |
|
| GAAP general and administrative as a percentage of revenue |
|
|
27 |
% |
|
|
16 |
% |
| Non-GAAP general and administrative as a percentage of revenue |
|
|
18 |
% |
|
|
13 |
% |
