The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, | |||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net cash provided by operating activities | $ | 6,029 | $ | 5,503 | $ | 61,623 | $ | 32,882 | ||||||||
| Capital expenditures | (1,038 | ) | (2,087 | ) | (7,849 | ) | (6,093 | ) | ||||||||
| Free Cash Flow | $ | 4,991 | $ | 3,416 | $ | 53,774 | $ | 26,789 | ||||||||
Business Outlook
The following table provides a reconciliation of projected Adjusted EBITDA and projected Non-GAAP net income to projected net income (loss), the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ending
March 31, 2022 |
Year Ending
December 31, 2022 | |||||||||||||||
| (in thousands) | Low | High | Low | High | ||||||||||||
| Net income (loss) | $ | 5,600 | $ | 7,500 | $ | (23,100 | ) | $ | (13,400 | ) | ||||||
| Stock-based compensation expense | 18,000 | 18,000 | 71,600 | 71,600 | ||||||||||||
| Amortization of intangible assets | 5,900 | 5,900 | 23,000 | 23,000 | ||||||||||||
| Non-cash interest expense | 300 | 300 | 1,300 | 1,300 | ||||||||||||
| Impact of non-GAAP tax rate | (4,600 | ) | (5,100 | ) | (7,500 | ) | (9,800 | ) | ||||||||
| Non-GAAP net income | 25,200 | 26,600 | 65,300 | 72,700 | ||||||||||||
| Depreciation expense | 1,900 | 1,900 | 7,400 | 7,400 | ||||||||||||
| Cash interest expense, net | 100 | 100 | 300 | 300 | ||||||||||||
| Income tax expense, net of non-GAAP impact | 8,800 | 9,400 | 23,000 | 25,600 | ||||||||||||
| Adjusted EBITDA | $ | 36,000 | $ | 38,000 | $ | 96,000 | $ | 106,000 | ||||||||
