(Unaudited) | |||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, | ||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Total operating expense | $ | 126,633 | $ | 110,401 | $ | 254,746 | $ | 217,868 | |||||||
Stock-based compensation expense | (21,164 | ) | (19,170 | ) | (40,573 | ) | (35,881 | ) | |||||||
Amortization | (7,625 | ) | (6,208 | ) | (15,439 | ) | (12,111 | ) | |||||||
(Loss) gain on mark-to-market adjustment of contingent consideration | (981 | ) | 5,304 | (7,987 | ) | 5,304 | |||||||||
Non-GAAP operating expense | $ | 96,863 | $ | 90,327 | $ | 190,747 | $ | 175,180 |
The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Revenue | $ | 141,161 | $ | 132,656 | $ | 307,195 | $ | 292,437 | |||||||
Ending deferred revenue | 148,547 | 112,926 | 148,547 | 112,926 | |||||||||||
Beginning deferred revenue | (141,943 | ) | (118,403 | ) | (144,460 | ) | (106,032 | ) | |||||||
Deferred revenue acquired | — | (1,756 | ) | — | (2,572 | ) | |||||||||
Billings | $ | 147,765 | $ | 125,423 | $ | 311,282 | $ | 296,759 |