Remaining Performance ObligationsMarch 31,(in thousands)2025 2024Remaining performance obligations, short-term$647,647 $572,851 Remaining performance obligations, long-term 234,598 169,560 Remaining performance obligations$882,245 $742,411 Free Cash Flow and Unlevered Free Cash FlowThree Months Ended March 31,(in thousands)2025 2024Net cash provided by operating activities$87,407 $50,326 Purchases of property and equipment (6,553) (665)Capitalized software development costs (624) (2,532)Free cash flow 80,230 47,129 Cash paid for interest and other financing costs 6,574 7,611 Unlevered free cash flow$86,804 $54,740 Free cash flow and unlevered free cash flow for the periods presented were impacted by: Three Months Ended March 31,(in thousands)2025 2024Employee stock purchase plan activity$(5,413) $(6,332)Acquisition-related expenses (3,189) (466)Restructuring — (3,822) Non-GAAP Income from Operations and Non-GAAP Operating MarginThree Months Ended March 31,(dollars in thousands)2025 2024Loss from operations$(17,711) $(8,930)Stock-based compensation 55,903 39,719 Acquisition-related expenses 4,621 161 Restructuring — 1,389 Amortization of acquired intangible assets 5,864 4,669 Non-GAAP income from operations$48,677 $37,008 Operating margin(7)% (4)%Non-GAAP operating margin 20 % 17 % Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months Ended March 31,(in thousands, except per share data)2025 2024Net loss$(22,935) $(14,386)Stock-based compensation 55,903 39,719 Tax impact of stock-based compensation(1) 855 (1,077)Acquisition-related expenses(2) 4,621 161 Restructuring(2) — 1,389 Amortization of acquired intangible assets(2) 5,864 4,669 Tax impact of acquisitions (58) (35)Non-GAAP net income$44,250 $30,440 Net loss per share, diluted$(0.19) $(0.12)Stock-based compensation 0.46 0.34 Tax impact of stock-based compensation(1) 0.01 (0.01)Acquisition-related expenses(2) 0.04 — Restructuring(2) — 0.01 Amortization of acquired intangible assets(2) 0.05 0.04 Tax impact of acquisitions — — Adjustment to diluted earnings per share(3) (0.01) (0.01)Non-GAAP earnings per share, diluted$0.36 $0.25 Weighted-average shares used to compute GAAP net loss per share, diluted 120,083 117,542 Weighted-average shares used to compute non-GAAP earnings per share, diluted 124,152 123,266 ________________ (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, restructuring and the amortization of acquired intangible assets are not material.(3) 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.
Non-GAAP Gross Profit and Non-GAAP Gross MarginThree Months Ended March 31,(dollars in thousands)2025 2024Gross profit$186,677 $167,029 Stock-based compensation 3,315 2,982 Amortization of acquired intangible assets 5,864 4,669 Non-GAAP gross profit$195,856 $174,680 Gross margin 78% 77%Non-GAAP gross margin 82% 81% Non-GAAP Sales and Marketing ExpenseThree Months Ended March 31,(dollars in thousands)2025 2024Sales and marketing expense$103,182 $99,825 Less: Stock-based compensation 16,630 15,300 Less: Acquisition-related expenses 1,054 — Non-GAAP sales and marketing expense$85,498 $84,525 Non-GAAP sales and marketing expense % of revenue 36% 39% Non-GAAP Research and Development ExpenseThree Months Ended March 31,(dollars in thousands)2025 2024Research and development expense$53,223 $43,727 Less: Stock-based compensation 12,967 11,161 Less: Acquisition-related expenses 1,239 (20)Non-GAAP research and development expense$39,017 $32,586 Non-GAAP research and development expense % of revenue 16% 15% Non-GAAP General and Administrative ExpenseThree Months Ended March 31,(dollars in thousands)2025 2024General and administrative expense$47,983 $31,018 Less: Stock-based compensation 22,991 10,276 Less: Acquisition-related expenses 2,328 181 Non-GAAP general and administrative expense$22,664 $20,561 Non-GAAP general and administrative expense % of revenue 9% 10% The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast.
Forecasted Non-GAAP Income from OperationsThree Months EndingJune 30, 2025 Year Ending December 31, 2025(in millions)Low High Low HighForecasted loss from operations$(12.0) $(10.0) $(22.0) $(12.0)Forecasted stock-based compensation 47.0 47.0 196.0 196.0 Forecasted acquisition-related expenses 1.5 1.5 6.0 6.0 Forecasted amortization of acquired intangible assets 6.5 6.5 25.0 25.0 Forecasted non-GAAP income from operations$43.0 $45.0 $205.0 $215.0 Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months EndingJune 30, 2025 Year Ending December 31, 2025(in millions, except per share data)Low High Low HighForecasted net loss(1)$(20.0) $(18.0) $(53.0) $(43.0)Forecasted stock-based compensation 47.0 47.0 196.0 196.0 Forecasted tax impact of stock-based compensation 1.0 1.0 4.0 4.0 Forecasted acquisition-related expenses 1.5 1.5 6.0 6.0 Forecasted amortization of acquired intangible assets 6.5 6.5 25.0 25.0 Forecasted non-GAAP net income$36.0 $38.0 $178.0 $188.0 Forecasted net loss per share, diluted(1)$(0.16) $(0.15) $(0.44) $(0.36)Forecasted stock-based compensation 0.39 0.39 1.62 1.62 Forecasted tax impact of stock-based compensation 0.01 0.01 0.03 0.03 Forecasted acquisition-related expenses 0.01 0.01 0.05 0.05 Forecasted amortization of acquired intangible assets 0.05 0.05 0.21 0.21 Adjustment to diluted earnings per share(2) (0.01) — (0.03) (0.03)Forecasted non-GAAP earnings per share, diluted$0.29 $0.31 $1.44 $1.52 Forecasted weighted-average shares used to compute GAAP net loss per share, diluted 121.5 121.5 121.0 121.0 Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted 123.0 123.0 123.5 123.5 ________________(1) The forecasted GAAP net loss assumes income tax expense of $4.1 million and $16.8 million in the three months ending June 30, 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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