Investor Presentaiton
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Revenue
GAAP
Stock-based
compensation
expense
Six Months Ended June 30, 2023
Amortization of
intangibles from
business
combinations
Employee
Acquisition and
disposition-related
severance
Security Incident-
related costs, net
of insurance (1)
Non-GAAP
adjustments
subtotal
costs
Non-GAAP
Recurring
One-time services and other
Total revenue
$
515,138 $
17,657
532,795
$
$
Cost of revenue
Cost of recurring
228,426
(6,746)
(25,556)
(433)
Cost of one-time services and other
16,161
(1,351)
(691)
(364)
Total cost of revenue
244,587
(8,097)
(26,247)
(797)
Gross profit
288,208
Recurring gross margin
55.7 %
One-time services and other gross margin
8.5 %
Total Gross Margin
54.1 %
$
$
$
$
515,138
17,657
532,795
(32,735)
195,691
(2,406)
13,755
(35,141)
209,446
8,097
26,247
797
35,141
323,349
6.3 %
62.0 %
13.6 %
22.1 %
6.6%
60.7 %
Operating expenses
Sales, marketing and customer success
107,576
(12,708)
(2,089)
(14,797)
92,779
Research and development
76,737
(14,907)
(1,135)
(16,042)
60,695
General and administrative
111,986
(27,577)
(933)
230
(44,560)
(72,840)
39,146
Amortization
1,562
(1,562)
(1,562)
Total operating expenses
297,861
(55,192)
(1,562)
(4,157)
230
(44,560)
(105,241)
192,620
Income from operations
(9,653)
63,289
27,809
4,954
(230)
44,560
140,382
130,729
Total Operating Margin
(1.8)%
26.3 %
24.5 %
Net (loss) income
$
Shares used in computing diluted (loss) earnings per share
Diluted (loss) earnings per share
$
(12,596)
52,389
(0.24)
$
90,948
53,169
$
1.71
(1) Includes Security Incident-related costs incurred, net of probable insurance recoveries. Recorded expenses consisted primarily of payments to third-party service providers and consultants, including legal fees, as well as settlements of customer claims and
accruals for certain loss contingencies. Not included in this adjustment were costs associated with enhancements to our cybersecurity program.
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