(in thousands, except share and per share data)
(unaudited)
Reconciliation of operating income to Adjusted OI w/SBC and to Adjusted operating income:
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2023 |
|
2022 |
||||
Operating income |
|
$ |
65,785 |
|
|
$ |
56,592 |
|
Amortization of purchased intangibles |
|
|
13,735 |
|
|
|
12,928 |
|
Deferred compensation plan |
|
|
4,146 |
|
|
|
(5,138 |
) |
Acquisition expenses |
|
|
8,777 |
|
|
|
13,997 |
|
Realignment expenses (income) |
|
|
(1,979 |
) |
|
|
— |
|
Adjusted OI w/SBC |
|
|
90,464 |
|
|
|
78,379 |
|
Stock-based compensation expense |
|
|
19,198 |
|
|
|
14,953 |
|
Adjusted operating income |
|
$ |
109,662 |
|
|
$ |
93,332 |
|
Reconciliation of net income to Adjusted net income:
|
Three Months Ended |
||||||||||||||
|
March 31, |
||||||||||||||
|
2023 |
|
2022 |
||||||||||||
|
|
$ |
|
EPS (1) |
|
$ |
|
EPS (1) |
||||||||
| Net income |
$ |
45,490 |
|
|
$ |
0.14 |
|
|
$ |
56,388 |
|
|
$ |
0.18 |
|
| Non-GAAP adjustments, prior to income taxes: |
|
|
|
|
|
|
|
||||||||
| Amortization of purchased intangibles |
|
13,735 |
|
|
|
0.04 |
|
|
|
12,928 |
|
|
|
0.04 |
|
| Stock-based compensation expense |
|
19,198 |
|
|
|
0.06 |
|
|
|
14,953 |
|
|
|
0.05 |
|
| Deferred compensation plan |
|
4,146 |
|
|
|
0.01 |
|
|
|
(5,138 |
) |
|
|
(0.02 |
) |
| Acquisition expenses |
|
8,777 |
|
|
|
0.03 |
|
|
|
13,997 |
|
|
|
0.04 |
|
| Realignment expenses (income) |
|
(1,979 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
| Other income, net |
|
(289 |
) |
|
|
— |
|
|
|
(10,347 |
) |
|
|
(0.03 |
) |
| Total non-GAAP adjustments, prior to income taxes |
|
43,588 |
|
|
|
0.13 |
|
|
|
26,393 |
|
|
|
0.08 |
|
| Income tax effect of non-GAAP adjustments |
|
(7,389 |
) |
|
|
(0.02 |
) |
|
|
(3,577 |
) |
|
|
(0.01 |
) |
| Loss from investments accounted for using the equity method, net of tax |
|
— |
|
|
|
— |
|
|
|
572 |
|
|
|
— |
|
| Adjusted net income (2)(3) |
$ |
81,689 |
|
|
$ |
0.25 |
|
|
$ |
79,776 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
||||||||
| Adjusted weighted average shares, diluted |
331,251,884 |
|
331,330,256 |
||||||||||||
| _____________________________ | |
| (1) |
Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding. |
| (2) |
Total Adjusted EPS for the three months ended March 31, 2022 has been corrected to reflect the dilutive effect of convertible senior notes. |
| (3) |
Adjusted EPS numerator includes $1,717 and $1,695 for the three months ended March 31, 2023 and 2022, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if-converted method. |
