The following table provides a reconciliation of Adjusted EBITDA, 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) | 2022 | 2021 | ||||||
Net income | $ | 11,528 | $ | 14,360 | ||||
Stock-based compensation expense | 18,614 | 9,648 | ||||||
Amortization of intangible assets | 5,903 | 4,877 | ||||||
Non-cash interest expense | 417 | 2,800 | ||||||
Restructuring expense | — | 3,346 | ||||||
Impact of non-GAAP tax rate | (5,036 | ) | (9,077 | ) | ||||
Special adjustments and other (1) | 1,492 | — | ||||||
Non-GAAP net income | 32,918 | 25,954 | ||||||
Depreciation expense | 1,783 | 1,809 | ||||||
Cash interest expense, net | 323 | 79 | ||||||
Income tax expense, net of non-GAAP impact | 11,566 | 9,118 | ||||||
Adjusted EBITDA | $ | 46,590 | $ | 36,960 | ||||
Net income per share, diluted | $ | 0.13 | $ | 0.18 | ||||
Non-GAAP net income per share, diluted | $ | 0.38 | $ | 0.33 | ||||
GAAP diluted shares outstanding | 87,261 | 79,295 | ||||||
Non-GAAP diluted shares outstanding (2) | 87,261 | 79,295 |