Non-GAAP Income from Operations and Non-GAAP Operating MarginThree Months EndedDecember 31, Year EndedDecember 31,(dollars in thousands) 2024 2023 2024 2023 Income (loss) from operations$12,975 $(14,346) $(6,856) $(52,160)Stock-based compensation 40,714 36,515 163,515 145,327 Acquisition-related expenses 648 4,744 1,932 9,472 Restructuring — 4,499 6,070 4,499 Amortization of acquired intangible assets 5,014 4,651 19,457 13,859 Non-GAAP income from operations$59,351 $36,063 $184,118 $120,997 Operating margin 6% (7)% (1)% (7)%Non-GAAP operating margin 25% 17% 20% 15% Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months EndedDecember 31, Year EndedDecember 31,(in thousands, except per share data) 2024 2023 2024 2023 Net income (loss)$1,868 $(21,648) $(36,301) $(78,284)Stock-based compensation 40,714 36,515 163,515 145,327 Tax impact of stock-based compensation(1) 1,219 971 2,845 2,017 Acquisition-related expenses(2) 648 4,744 1,932 9,472 Restructuring(2) — 4,499 6,070 4,499 Amortization of acquired intangible assets(3) 5,014 4,651 19,457 13,859 Tax impact of acquisitions (31) 426 (161) 265 Tax impact of intra-entity asset transfer(4) 1,232 — 1,232 — Non-GAAP net income$50,664 $30,158 $158,589 $97,155 Net earnings (loss) per share, diluted$0.02 $(0.19) $(0.31) $(0.68)Stock-based compensation 0.33 0.31 1.38 1.25 Tax impact of stock-based compensation(1) 0.01 0.01 0.03 0.02 Acquisition-related expenses(2) — 0.04 0.02 0.08 Restructuring(2) — 0.04 0.05 0.04 Amortization of acquired intangible assets(3) 0.04 0.04 0.16 0.11 Tax impact of acquisitions — — — — Tax impact of intra-entity asset transfer(4) 0.01 — 0.01 — Adjustment to diluted earnings per share(5) — — (0.05) (0.02)Non-GAAP earnings per share, diluted$0.41 $0.25 $1.29 $0.80 Weighted-average shares used to compute GAAP net earnings (loss) per share, diluted 123,853 116,717 118,789 115,408 Weighted-average shares used to compute non-GAAP earnings per share, diluted 123,853 122,023 123,370 120,714 ________________ (1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.(2) The tax impact of acquisition-related expenses and restructuring charges are not material.(3) The tax impact of the amortization of acquired intangible assets is included in the tax impact of acquisitions.(4) The tax impact of the intra-entity asset transfer is additional tax incurred related to the 2021 internal restructuring of Indegy.(5) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares, when applicable.
Non-GAAP Gross Profit and Non-GAAP Gross MarginThree Months EndedDecember 31, Year EndedDecember 31,(dollars in thousands) 2024 2023 2024 2023 Gross profit$184,292 $164,503 $700,353 $615,133 Stock-based compensation 3,191 2,705 12,677 11,247 Amortization of acquired intangible assets 5,014 4,651 19,457 13,859 Non-GAAP gross profit$192,497 $171,859 $732,487 $640,239 Gross margin 78% 77% 78% 77%Non-GAAP gross margin 82% 81% 81% 80% Non-GAAP Sales and Marketing ExpenseThree Months EndedDecember 31, Year EndedDecember 31,(dollars in thousands) 2024 2023 2024 2023 Sales and marketing expense$95,348 $103,700 $395,385 $393,450 Less: Stock-based compensation 15,210 14,700 62,727 61,322 Less: Acquisition-related expenses — 512 52 512 Non-GAAP sales and marketing expense$80,138 $88,488 $332,606 $331,616 Non-GAAP sales and marketing expense % of revenue 34% 41% 37% 42% Non-GAAP Research and Development ExpenseThree Months EndedDecember 31, Year EndedDecember 31,(dollars in thousands) 2024 2023 2024 2023 Research and development expense$44,728 $40,083 $181,624 $153,163 Less: Stock-based compensation 12,261 9,354 47,656 37,225 Less: Acquisition-related expenses — 2,880 (20) 2,880 Non-GAAP research and development expense$32,467 $27,849 $133,988 $113,058 Non-GAAP research and development expense % of revenue 14% 13% 15% 14% Non-GAAP General and Administrative ExpenseThree Months EndedDecember 31, Year EndedDecember 31,(dollars in thousands) 2024 2023 2024 2023 General and administrative expense$31,241 $30,567 $124,130 $116,181 Less: Stock-based compensation 10,052 9,756 40,455 35,533 Less: Acquisition-related expenses 648 1,352 1,900 6,080 Non-GAAP general and administrative expense$20,541 $19,459 $81,775 $74,568 Non-GAAP general and administrative expense % of revenue 9% 9% 9% 9% The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast.
Forecasted Non-GAAP Income from OperationsThree Months EndingMarch 31, 2025 Year Ending December 31, 2025(in millions)Low High Low HighForecasted (loss) income from operations$(18.0) $(16.0) $3.0 $13.0Forecasted stock-based compensation 55.0 55.0 190.0 190.0Forecasted amortization of acquired intangible assets 5.0 5.0 20.0 20.0Forecasted non-GAAP income from operations$42.0 $44.0 $213.0 $223.0 Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months EndingMarch 31, 2025 Year EndingDecember 31, 2025(in millions, except per share data)Low High Low HighForecasted net loss(1)$(26.0) $(24.0) $(26.0) $(16.0)Forecasted stock-based compensation 55.0 55.0 190.0 190.0 Forecasted tax impact of stock-based compensation 1.0 1.0 5.0 5.0 Forecasted amortization of acquired intangible assets 5.0 5.0 20.0 20.0 Forecasted non-GAAP net income$35.0 $37.0 $189.0 $199.0 Forecasted net loss per share, diluted(1)$(0.22) $(0.20) $(0.21) $(0.13)Forecasted stock-based compensation 0.46 0.46 1.57 1.57 Forecasted tax impact of stock-based compensation 0.01 0.01 0.04 0.04 Forecasted amortization of acquired intangible assets 0.04 0.04 0.16 0.16 Adjustment to diluted earnings per share(2) (0.01) (0.01) (0.04) (0.04)Forecasted non-GAAP earnings per share, diluted$0.28 $0.30 $1.52 $1.60 Forecasted weighted-average shares used to compute GAAP net loss per share, diluted 120.5 120.5 121.0 121.0 Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted 124.0 124.0 124.5 124.5 ________________(1) The forecasted GAAP net loss assumes income tax expense of $4.6 million and $18.4 million in the three months ending March 31, 2025 and year ending December 31, 2025, respectively.(2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.
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