Investor Presentaiton
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APPENDIX
NON-GAAP RECONCILIATION (CONT'D)
Non-GAAP Income Tax Expense (Benefit) and Effective Tax Rate Reconciliation:
GAAP income from operations
GAAP income before income taxes
Non-GAAP income from operations (1)
GAAP non-operating income (expenses):
Foreign currency gains (losses), net
Interest income
Interest expense
Other income (expense), net
Non-GAAP income before income taxes
GAAP income tax expense
Tax effect of non-GAAP operating adjustments
Impact of intra-entity IP transfers (2)
Non-GAAP income tax expense
GAAP effective income tax rate
Non-GAAP effective income tax rate
AC
Three Months Ended March 31,
2022
E
2021
(in thousands)
118,677
99,060
e
$
124,686
122,588
175,463
125,671
480
102
(504)
27
(19,252)
(1,632)
(947)
11
$
155,846
123,573
26,300
24,190
7,622
249
(3,107)
(352)
$
30,815
$
24,087
26.5 %
19.8 %
19.7 %
19.5 %
cr (1) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.
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OC
00
C
(2) In the fourth quarter of 2020, and subsequently in the fourth quarter of 2021, we made changes to our international legal structure, including an intra-entity transfer of certain intellectual property rights,
primarily to align with current and future international operations. The transfers resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based
on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transfers.
27
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