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RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
(Unaudited, in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Total income before income taxes | $ | 105,027 | $ | 129,573 | |||
| Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | |||||||
| Stock-based compensation and related expenses* | 51,769 | 37,009 | |||||
| Amortization of acquisition-related intangible assets | 291 | 33 | |||||
| Deferred compensation plan expense, net | 47 | 251 | |||||
| Non-GAAP income before income taxes | $ | 157,134 | $ | 166,866 | |||
*Prior period excludes stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
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2024 SECOND QUARTER OUTLOOK
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited) | |||||||
| Three Months Ending | |||||||
| June 30, 2024 | |||||||
| Low | High | ||||||
| Gross margin | 55.1 | % | 55.7 | % | |||
| Adjustment to reconcile gross margin to non-GAAP gross margin: | |||||||
| Stock-based compensation and other expenses | 0.3 | 0.3 | |||||
| Non-GAAP gross margin | 55.4 | % | 56.0 | % | |||
