(2) The Non-GAAP diluted shares outstanding for the three months ended March 31, 2021, has been changed to align with the current definition.
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
March 31, | ||||||||
| (in thousands) | 2022 | 2021 | ||||||
| Net cash provided by operating activities (1) | $ | 5,786 | $ | 36,571 | ||||
| Capital expenditures | (2,190 | ) | (3,039 | ) | ||||
| Free cash flow (1) | $ | 3,596 | $ | 33,532 | ||||
(1) The three months ended March 31, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.
Business Outlook
The following table provides a reconciliation of projected Adjusted EBITDA and projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ending
June 30, 2022 |
Year Ending
December 31, 2022 | |||||||||||||||
| (in thousands) | Low | High | Low | High | ||||||||||||
| Net loss | $ | (19,000 | ) | $ | (17,100 | ) | $ | (29,500 | ) | $ | (22,000 | ) | ||||
| Stock-based compensation expense | 19,900 | 19,900 | 77,400 | 77,400 | ||||||||||||
| Amortization of intangible assets | 5,800 | 5,800 | 23,000 | 23,000 | ||||||||||||
| Non-cash interest expense | 300 | 300 | 1,400 | 1,400 | ||||||||||||
| Impact of non-GAAP tax rate | 700 | 300 | (6,300 | ) | (7,900 | ) | ||||||||||
| Special adjustments and other ( 1) | — | — | 1,500 | 1,500 | ||||||||||||
| Non-GAAP net income | 7,700 | 9,200 | 67,500 | 73,400 | ||||||||||||
| Depreciation expense | 1,800 | 1,800 | 7,100 | 7,100 | ||||||||||||
| Cash interest income, net | (200 | ) | (200 | ) | (300 | ) | (300 | ) | ||||||||
| Income tax expense, net of non-GAAP impact | 2,700 | 3,200 | 23,700 | 25,800 | ||||||||||||
| Adjusted EBITDA | $ | 12,000 | $ | 14,000 | $ | 98,000 | $ | 106,000 | ||||||||
