(1)  The three months ended December 31, 2023, includes a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, $2.9 million currency gains on acquisition-related intercompany loans, and $5.2 million of interest income. The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans, a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $2.1 million of interest income. The twelve months ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, $3.2 million currency gains on acquisition-related intercompany loans, and $16.9 million of interest income. The twelve months ended December 31, 2022, includes $16.6 million expense on repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $4.1 million of interest income.

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,								Year Ended December 31,
(in thousands)	2023				2022				2023				2022
Net cash provided by operating activities(1)	$	21,651			$	13,036			$	127,307			$	39,570
Capital expenditures		(2,311	)			(2,927	)			(10,193	)			(9,648	)
Free Cash Flow(1)	$	19,340			$	10,109			$	117,114			$	29,922

(1)  The twelve months ended December 31, 2022, includes a $65.9 million payment in January 2022 for a damages judgment assumed as part of an acquisition in 2021.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

	(Unaudited)
	Three Months Ended December 31, 2023								Year Ended December 31,
(in thousands)	2023				2022				2023				2022
Gross profit	$	142,330			$	126,579			$	490,910			$	449,332
Stock-based compensation expense		2,303				2,086				10,095				8,351
Non-GAAP gross profit	$	144,633			$	128,665			$	501,005			$	457,683
Gross profit margin		83.0	%			78.9	%			80.1	%			78.5	%
Non-GAAP gross margin		84.3	%			80.2	%			81.8	%			80.0	%

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14  Next Page »