Investor Presentaiton
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Six Months Ended June 30, 2022
Amortization of
(in thousands, except per share amounts)
Revenue
Recurring
One-time services and other
Total revenue
GAAP
$
497,173
$
24,878
522,051
Stock-based
compensation
expense
intangibles from
business
combinations
$
Employee
severance
Cost of revenue
Cost of recurring
226,661
(6,006)
(24,189)
(50)
Cost of one-time services and other
22,308
(1,907)
(704)
(331)
Total cost of revenue
248,969
(7,913)
(24,893)
(381)
Acquisition and
disposition-related
costs
$
Restructuring and
other real estate
activities
$
Security Incident-
related costs, net
of insurance (1)
Impairment of
capitalized
software
development costs
Non-GAAP
adjustments
subtotal
Non-GAAP
$
$
497,173
24,878
522,051
(30,245)
196,416
(2,942)
19,366
(33,187)
215,782
Gross profit
273,082
7,913
24,893
381
33,187
306,269
Recurring gross margin
54.4 %
One-time services and other gross margin
10.3 %
Total Gross Margin
52.3 %
6.1 %
60.5 %
11.9 %
6.4 %
22.2 %
58.7 %
Operating expenses
Sales, marketing and customer success
107,953
(10,304)
(10,304)
97,649
Research and development
78,285
(12,117)
(12,117)
66,168
General and administrative
91,153
(25,380)
(81)
(3,249)
(71)
(15,549)
(2,263)
(46,593)
44,560
Amortization
1,616
(1,616)
(1,616)
Total operating expenses
279,007
(47,801)
(1,616)
(81)
(3,249)
(71)
(15,549)
(2,263)
(70,630)
208,377
Income from operations
(5,925)
55,714
26,509
462
3,249
71
15,549
2,263
103,817
97,892
(1.1)%
19.9 %
18.8 %
Total Operating Margin
Net (loss) income
$
Shares used in computing diluted (loss) earnings per share
Diluted (loss) earnings per share
$
(13,829)
51,432
(0.27)
$
68,457
51,954
$
1.32
(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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