Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue or total cost of revenue amounts previously reported or have any effect on segment reporting.
Financial Results
The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:
| (Unaudited) | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, | |||||||||||||||
| (in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income | $ | (5,147 | ) | $ | (22,280 | ) | $ | 11,400 | $ | (24,239 | ) | |||||
| Stock-based compensation expense | 17,355 | 23,736 | 33,354 | 45,897 | ||||||||||||
| Amortization of intangible assets | 7,629 | 7,625 | 15,067 | 15,439 | ||||||||||||
| Non-cash interest expense | 422 | 465 | 894 | 930 | ||||||||||||
| Impact of non-GAAP tax rate (1) | (5,548 | ) | 4,033 | (10,843 | ) | 2,100 | ||||||||||
| Special adjustments and other (2) | 104 | (361 | ) | 1,134 | 4,870 | |||||||||||
| Non-GAAP net income | $ | 14,815 | $ | 13,218 | $ | 51,006 | $ | 44,997 | ||||||||
| Net (loss) income per share, diluted | $ | (0.06 | ) | $ | (0.28 | ) | $ | 0.13 | $ | (0.30 | ) | |||||
| Non-GAAP net income per share, diluted | $ | 0.16 | $ | 0.15 | $ | 0.56 | $ | 0.51 | ||||||||
| GAAP diluted shares outstanding | 83,607 | 79,986 | 87,397 | 80,088 | ||||||||||||
| Non-GAAP diluted shares outstanding | 90,994 | 88,383 | 90,606 | 88,735 | ||||||||||||
