Financial Results
The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:
| (Unaudited) | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, | |||||||||||||||
| (in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net (loss) income | $ | (33,774 | ) | $ | (13,648 | ) | $ | (22,246 | ) | $ | 712 | |||||
| Stock-based compensation expense | 21,200 | 10,648 | 39,814 | 20,296 | ||||||||||||
| Amortization of intangible assets | 6,208 | 4,615 | 12,111 | 9,492 | ||||||||||||
| Non-cash interest expense | 422 | 2,837 | 839 | 5,637 | ||||||||||||
| Restructuring expense | — | 1,732 | — | 5,078 | ||||||||||||
| Impact of non-GAAP tax rate (1) | 79 | (601 | ) | (4,957 | ) | (9,678 | ) | |||||||||
| Special adjustments and other (2) | 16,737 | — | 18,229 | — | ||||||||||||
| Non-GAAP net income | $ | 10,872 | $ | 5,583 | $ | 43,790 | $ | 31,537 | ||||||||
| Net (loss) income per share, diluted | $ | (0.43 | ) | $ | (0.18 | ) | $ | (0.28 | ) | $ | 0.01 | |||||
| Non-GAAP net income per share, diluted | $ | 0.13 | $ | 0.07 | $ | 0.51 | $ | 0.39 | ||||||||
| GAAP diluted shares outstanding | 78,948 | 75,263 | 79,204 | 79,851 | ||||||||||||
| Non-GAAP diluted shares outstanding (3) | 86,281 | 80,303 | 86,516 | 79,851 | ||||||||||||
- The Company uses a non-GAAP effective tax rate of 26%.
- The three months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $5.4 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The six months ended June 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.9 million currency losses on acquisition-related intercompany loans and a $5.3 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.
- The Non-GAAP diluted shares outstanding for the three and six months ended June 30, 2021, has been changed to align with the current definition.
The following table provides a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure:
