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SUPPLEMENTAL FINANCIAL INFORMATION
STOCK-BASED COMPENSATION EXPENSE (Unaudited, in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Cost of revenue | $ | 1,398 | $ | 1,147 | |||
| Research and development | 10,447 | 8,614 | |||||
| Selling, general and administrative | 34,081 | 27,248 | |||||
| Total stock-based compensation expense | $ | 45,926 | $ | 37,009 | |||
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RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Net income | $ | 92,541 | $ | 109,802 | |||
| Adjustments to reconcile net income to non-GAAP net income: | |||||||
| 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 | |||||
| Tax effect | (7,156 | ) | (1,087 | ) | |||
| Non-GAAP net income | $ | 137,492 | $ | 146,008 | |||
| Non-GAAP net income per share: | |||||||
| Basic | $ | 2.83 | $ | 3.09 | |||
| Diluted | $ | 2.81 | $ | 3.00 | |||
| Shares used in the calculation of non-GAAP net income per share: | |||||||
| Basic | 48,635 | 47,234 | |||||
| Diluted | 48,928 | 48,655 | |||||
*Prior period excludes stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
