| (Unaudited) | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total operating expense | $ | 128,182 | $ | 126,633 | $ | 249,266 | $ | 254,746 | ||||||||
| Stock-based compensation expense | (15,258 | ) | (21,164 | ) | (29,255 | ) | (40,573 | ) | ||||||||
| Amortization | (7,629 | ) | (7,625 | ) | (15,067 | ) | (15,439 | ) | ||||||||
| Loss on mark-to-market adjustment of contingent consideration | (44 | ) | (981 | ) | (189 | ) | (7,987 | ) | ||||||||
| Non-GAAP operating expense | $ | 105,251 | $ | 96,863 | $ | 204,755 | $ | 190,747 | ||||||||
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) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 148,795 | $ | 141,161 | $ | 321,707 | $ | 307,195 | ||||||||
| Ending deferred revenue | 152,184 | 148,547 | 152,184 | 148,547 | ||||||||||||
| Beginning deferred revenue | (144,939 | ) | (141,943 | ) | (163,703 | ) | (144,460 | ) | ||||||||
| Deferred revenue acquired | (1,572 | ) | — | (1,572 | ) | — | ||||||||||
| Billings | $ | 154,468 | $ | 147,765 | $ | 308,616 | $ | 311,282 | ||||||||
The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:
