(1) |
Includes amortization of acquired intangible assets of approximately $0.4 million for each of the three months ended March 31, 2023 and 2022. |
Quarterly Financial Review - Supplemental Information(1) |
Three Months Ended March 31, |
|||||
(In millions) |
2023 |
|
2022 |
|||
Licensing billings (operational metric) (2) |
$ |
63.4 |
|
$ |
64.1 |
|
Product revenue (GAAP) |
$ |
63.8 |
|
$ |
48.0 |
|
Contract and other revenue (GAAP) |
$ |
21.8 |
|
$ |
20.6 |
|
Non-GAAP cost of product revenue |
$ |
26.3 |
|
$ |
18.3 |
|
Cost of contract and other revenue (GAAP) |
$ |
1.7 |
|
$ |
0.6 |
|
Non-GAAP total operating expenses |
$ |
58.3 |
|
$ |
56.0 |
|
Non-GAAP interest and other income (expense), net |
$ |
0.9 |
|
$ |
(0.3 |
) |
Diluted share count (GAAP) |
|
111 |
|
|
113 |
|
_________________________________________
(1) |
See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below. |
|
|
|
|
(2) |
Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. |
GAAP revenue for the quarter was $113.8 million. The Company also had licensing billings of $63.4 million, product revenue of $63.8 million, and contract and other revenue of $21.8 million. The Company had total GAAP cost of revenue of $31.7 million and operating expenses of $80.2 million. The Company also had total non-GAAP operating expenses of $86.3 million (including non-GAAP cost of revenue). The Company had GAAP diluted net income per share of $0.03. The Company’s basic share count was 108 million shares and its diluted share count was 111 million shares.
Cash, cash equivalents, and marketable securities as of March 31, 2023 were $292.1 million, a decrease of $21.1 million from December 31, 2022, mainly due to $30.7 million in payments of taxes on restricted stock units, $10.7 million paid in connection with the settlement of warrants associated with the 2023 senior notes, $10.4 million paid in connection with the repayment of the 2023 senior notes, partially offset by $38.9 million in cash provided by operating activities.
2023 Second Quarter Outlook
The Company will discuss its full revenue guidance for the second quarter of 2023 during its upcoming conference call. The following table sets forth second quarter outlook for other measures.
| (In millions) |
GAAP |
|
Non-GAAP (1) |
| Licensing billings (operational metric) (2) |
$61 - $67 |
|
$61 - $67 |
| Product revenue (GAAP) |
$50 - $56 |
|
$50 - $56 |
| Contract and other revenue (GAAP) |
$18 - $24 |
|
$18 - $24 |
| Total operating costs and expenses |
$97 - $93 |
|
$82 - $78 |
| Interest and other income (expense), net |
$1 |
|
$0 |
| Diluted share count |
112 |
|
112 |
