| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Gross profit | $ | 142,019 | $ | 133,299 | ||||
| Stock-based compensation expense | 2,002 | 2,752 | ||||||
| Non-GAAP gross profit | $ | 144,021 | $ | 136,051 | ||||
| Gross profit margin | 82.1 | % | 80.3 | % | ||||
| Non-GAAP gross margin | 83.3 | % | 81.9 | % | ||||
The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||
|
Three Months Ended
March 31, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Total operating expense | $ | 121,084 | $ | 128,113 | ||||
| Stock-based compensation expense | (13,997 | ) | (19,409 | ) | ||||
| Amortization | (7,438 | ) | (7,814 | ) | ||||
| Loss on mark-to-market adjustment of contingent consideration | (145 | ) | (7,006 | ) | ||||
| Non-GAAP operating expense | $ | 99,504 | $ | 93,884 | ||||
The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:
