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
September 30, |
Nine Months Ended
September 30, | |||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities (1) | $ | 8,493 | $ | 872 | $ | 26,534 | $ | 55,594 | ||||||||
Capital expenditures | (3,264 | ) | (1,420 | ) | (6,721 | ) | (6,811 | ) | ||||||||
Free cash flow (1) | $ | 5,229 | $ | (548 | ) | $ | 19,813 | $ | 48,783 |
(1) The nine months ended September 30, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.
The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure:
(Unaudited) | ||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, | |||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Gross profit | $ | 91,442 | $ | 89,806 | $ | 322,753 | $ | 294,513 | ||||||||
Stock-based compensation expense | 2,332 | 1,411 | 6,265 | 3,791 | ||||||||||||
Restructuring expense | — | (10 | ) | — | 926 | |||||||||||
Non-GAAP gross profit | $ | 93,774 | $ | 91,207 | $ | 329,018 | $ | 299,230 | ||||||||
Non-GAAP gross margin | 78.6 | % | 75.2 | % | 79.9 | % | 76.5 | % |