Financial Results
The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income and net income per share – diluted, the most comparable GAAP financial measures:
| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands, except per share amounts) | 2021 | 2020 | ||||||
| Net income | $ | 14,360 | $ | 6,030 | ||||
| Stock-based compensation expense | 9,648 | 3,171 | ||||||
| Amortization of intangible assets | 4,877 | 3,840 | ||||||
| Non-cash interest expense | 2,800 | 2,648 | ||||||
| Restructuring expense | 3,346 | — | ||||||
| Impact of non-GAAP tax rate | (9,077 | ) | (637 | ) | ||||
| Non-GAAP net income | $ | 25,954 | $ | 15,052 | ||||
| Net income per share - diluted | $ | 0.18 | $ | 0.08 | ||||
| Non-GAAP net income per share - diluted | $ | 0.31 | $ | 0.19 | ||||
| GAAP diluted shares outstanding: | 79,295 | 77,004 | ||||||
| Non-GAAP diluted shares outstanding: | 83,400 | 78,400 | ||||||
The following table provides a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands) | 2021 | 2020 | ||||||
| Net income | $ | 14,360 | $ | 6,030 | ||||
| Income tax expense | 41 | 4,652 | ||||||
| Stock-based compensation expense | 9,648 | 3,171 | ||||||
| Interest expense | 2,973 | 2,813 | ||||||
| Depreciation and amortization | 6,686 | 5,660 | ||||||
| Restructuring expense | 3,346 | — | ||||||
| Special adjustments, interest income and other | (94 | ) | (654 | ) | ||||
| Adjusted EBITDA | $ | 36,960 | $ | 21,672 | ||||
