Dynatrace Reports First Quarter of Fiscal Year 2023 Financial Results

Delivers Adjusted ARR growth of 34% year-over-year

Software intelligence company Dynatrace (NYSE: DT) today released financial results for the first quarter of its fiscal 2023 ended June 30, 2022.

“Q1 was yet another quarter of solid execution with balanced growth and profitability highlighting the durability of our business in the current environment,” said Rick McConnell, Chief Executive Officer. “We continue to see digital transformation initiatives with clear and measurable ROI as a top priority for the global 15,000 organizations that we target. Automation and AIOps are requirements for companies looking to do more with less time, resource, and cost. Our platform is rooted in these capabilities, which differentiate us from our competitors and position us well for continued growth and success in the future.

First Quarter Fiscal 2023 and Other Recent Business Highlights:

All growth rates are compared to the first quarter of fiscal 2022 unless otherwise noted.

Financial Highlights:

  • Total ARR of $1,031 million, Adjusted ARR growth of 34% year-over-year
  • Total Revenue of $267 million, up 32% on a constant currency basis
  • Subscription Revenue of $250 million, up 32% on a constant currency basis
  • Operating Income of $19 million and Non-GAAP Operating Income of $60 million
  • EPS of $0.01 and Non-GAAP EPS of $0.18, both on a dilutive basis

Business Highlights:

  • Market Leadership: Named Leader in the 2022 Gartner Magic Quadrant for APM and Observability. Ranked highest in 4 of 6 Gartner Critical Capabilities for APM and Observability.
  • Platform Innovation: Extended the Dynatrace® platform with automatic release validation capabilities and unified its log analytics and digital experience monitoring (DEM) capabilities, enabling development teams to ensure the highest quality user experience and accelerate innovation.
  • Go-to-market Success: Added 135 new logos to the Dynatrace® platform in the first quarter, consistent with the first quarter of last fiscal year. Delivered a net expansion rate above 120% for the seventeenth consecutive quarter. On a trailing-twelve-month basis, business transacted through hyperscaler partnerships, including AWS, Google, Microsoft, is nearly 3x compared to the same period last year.

First Quarter 2023 Financial Highlights

(Unaudited – In thousands, except per share data)

 

 

Three Months Ended June 30,

 

2022

 

2021

Key Operating Metric:

 

 

 

Annualized recurring revenue

$

1,031,284

 

 

$

823,222

 

Year-over-Year Increase

 

25

%

 

 

Year-over-Year Increase - constant currency

31

%

Adjusted ARR Growth

 

34

%

 

 

 

 

 

 

Revenue:

 

 

 

Total revenue

$

267,273

 

 

$

209,740

 

Year-over-Year Increase

 

27

%

 

 

Year-over-Year Increase - constant currency (*)

 

32

%

 

 

 

 

 

 

Subscription revenue

$

249,558

 

 

$

196,520

 

Year-over-Year Increase

 

27

%

 

 

Year-over-Year Increase - constant currency (*)

 

32

%

 

 

 

 

 

 

Non-GAAP Financial Measures:

 

 

 

Non-GAAP operating income (*)

$

60,315

 

 

$

53,540

 

Non-GAAP operating margin (*)

 

23

%

 

 

26

%

 

 

 

 

Non-GAAP net income (*)

$

51,842

 

 

$

45,030

 

 

 

 

 

Non-GAAP net income per share - diluted

$

0.18

 

 

$

0.16

 

 

 

 

 

Non-GAAP shares outstanding - diluted

 

290,024

 

 

 

288,988

 

 

 

 

 

Free Cash Flow (*)

$

136,192

 

 

$

80,518

 

* Use of Non-GAAP Financial Measures

In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website at https://ir.dynatrace.com.

Financial Outlook

Since March 31, 2022, Dynatrace has seen an incremental strengthening of the U.S. dollar resulting in a foreign exchange ("FX") headwind in fiscal 2023. Total FY23 FX impact on a constant currency basis is expected to be approximately $40 million on ARR, up from prior quarter expectations of $20 million. Total FY23 FX impact is expected to be approximately $47 million on Revenue, up from prior quarter expectations of $33 million.

Growth rates for Adjusted ARR, Total revenue, and Subscription revenue are presented in constant currency in the table below to provide better visibility into the underlying growth of the business.

Based on information available, as of August 3, 2022, Dynatrace is issuing guidance for the second quarter and updating guidance for full year fiscal 2023 as follows:

(In millions, except per share data)

Q2 Fiscal 2023

Guidance

Total revenue

$272 - $275

As reported

20% - 21%

Constant currency

26% - 28%

Subscription revenue

$255 - $257

As reported

20% - 21%

Constant currency

26% - 27%

Non-GAAP operating income

$62 - $64.5

Non-GAAP operating margin

23% - 23.5%

Non-GAAP net income

$52.5 - $55

Non-GAAP net income per diluted share

$0.18 - $0.19

Diluted weighted average shares outstanding

292 - 293

(In millions, except per share data)

Current Guidance

Fiscal 2023

 

Prior Guidance

Fiscal 2023

 

Guidance Change

at Midpoint

Total ARR

$1,213 - $1,226

 

$1,250 - $1,265

 

$(38)

As reported

22% - 23%

 

26% - 27%

 

-400 bps

Constant currency

26% - 27%

 

28% - 29%

 

-200 bps

Adjusted ARR growth

27% - 28%

 

29% - 30%

 

-200 bps

Total revenue

$1,125 - $1,136

 

$1,142 - $1,158

 

$(20)

As reported

21% - 22%

 

23% - 25%

 

-250 bps

Constant currency

26% - 27%

 

27% - 28%

 

-100 bps

Subscription revenue

$1,053 - $1,062

 

$1,071 - $1,086

 

$(21)

As reported

21% - 22%

 

23% - 25%

 

-250 bps

Constant currency

26% - 27%

 

27% - 28%

 

-100 bps

Non-GAAP operating income

$252 - $261

 

$257 - $266

 

$(5)

Non-GAAP operating margin

22.5% - 23%

 

22.5% - 23%

 

0 bps

Non-GAAP net income

$214.5 - $223

 

$216 - $225

 

$(2)

Non-GAAP net income per diluted share

$0.73 - $0.76

 

$0.74 - $0.77

 

$(0.01)

Diluted weighted average shares outstanding

292 - 294

 

292 - 294

 

0

Free cash flow

$310 - $325

 

$330 - $345

 

$(20)

Free cash flow margin

27.5% - 28.5%

 

29% - 30%

 

-150 bps

Our guidance is based on foreign exchange rates as of the end of July.

Reconciliation of non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and free cash flow guidance to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of share-based compensation expense, employer taxes and tax deductions specific to equity compensation awards that are directly impacted by future hiring, turnover and retention needs, as well as unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Conference Call and Webcast Information

Dynatrace will host a conference call and live webcast to discuss its results and business outlook for investors and analysts at 8:00 a.m. Eastern Time today, August 3, 2022. To access the conference call from the U.S. and Canada, dial (866) 405-1247, or internationally, dial (201) 689-8045 with conference ID# 13731310. The call will also be available live via webcast on the company’s website, ir.dynatrace.com.

An audio replay of the call will also be available until 11:59 p.m. Eastern Time on August 17, 2022, by dialing (877) 660-6853 from the U.S. or Canada, or for international callers by dialing (201) 612-7415 and entering conference ID# 13731310. In addition, an archived webcast will be available at ir.dynatrace.com.

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

Non-GAAP Financial Measures & Key Metrics

In addition to disclosing financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain certain non-GAAP financial measures.

Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Dynatrace considers these non-GAAP financial measures to be important because they provide useful indicators of its performance and liquidity measures. These are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In addition, investors often use similar measures to evaluate the performance of a company. Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company’s operating performance. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements.

Dynatrace presents constant currency amounts for Revenue and Annual Recurring Revenue to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Dynatrace provides this non-GAAP financial information to aid investors in better understanding our performance.

Annual Recurring Revenue “ARR” is defined as the daily revenue of all subscription agreements that are actively generating revenue as of the last day of the reporting period multiplied by 365. We exclude from our calculation of Total ARR any revenues derived from month-to-month agreements and/or product usage overage billings.

Adjusted ARR is defined as ARR excluding the impact of foreign exchange rate fluctuations that occurred over the trailing twelve month period. This calculation also excludes the headwind associated with the Dynatrace® perpetual license ARR that rolled off in the trailing twelve month period.

Adjusted ARR Growth is defined as year-over-year growth in Adjusted ARR divided by ARR as reported.

Dynatrace® Net Expansion Rate is defined as the Dynatrace® ARR at the end of a reporting period for the cohort of Dynatrace® accounts as of one year prior to the date of calculation, divided by the Dynatrace® ARR one year prior to the date of calculation for that same cohort. This calculation excludes the benefit of Dynatrace® ARR resulting from the conversion of Classic products to the Dynatrace® platform. Effective the first quarter of fiscal year 2023, we began to exclude the headwind associated with the Dynatrace perpetual license ARR given diminishing impact of perpetual license ARR. We believe that eliminating the perpetual license headwind will result in a Net Expansion Rate metric that better reflects Dynatrace’s ability to expand existing customer relationships.

Dynatrace customers are defined as accounts, as identified by a unique account identifier, that generate at least $10,000 of Dynatrace® ARR as of the reporting date. In infrequent cases, a single large organization may comprise multiple customer accounts when there are distinct divisions, departments or subsidiaries that operate and make purchasing decisions independently from the parent organization. In cases where multiple customer accounts exist under a single organization, each customer account is counted separately based on a mutually exclusive accounting of ARR.

Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures.

About Dynatrace

Dynatrace exists to make the world's software work perfectly. Our unified software intelligence platform combines broad and deep observability and continuous runtime application security with the most advanced AIOps to provide answers and intelligent automation from data at an enormous scale. This enables innovators to modernize and automate cloud operations, deliver software faster and more securely, and ensure flawless digital experiences. That is why the world's largest organizations trust Dynatrace® to accelerate digital transformation.

Cautionary Language Concerning Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s expectations of future financial and operational performance and operational expenditures, expected growth, and business outlook, including our financial guidance for the second fiscal quarter and full year 2023, and statements regarding the size of our market and our positioning for capturing a larger share of our market. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, the effect of the COVID-19 pandemic on our business operations and demand for our products as well as its impact on general economic and financial market conditions, a potential downturn in or instability of general economic conditions including currency fluctuations, our ability to maintain our subscription revenue growth rates in future periods, our ability to service our indebtedness, market adoption of software intelligence solutions for application performance monitoring, digital experience monitoring, infrastructure monitoring, AIOps, business intelligence and analytics and application security, continued spending on and demand for software intelligence solutions, our ability to maintain and acquire new customers, our ability to differentiate our platform from competing products and technologies, our ability to successfully recruit and retain highly-qualified personnel, the price volatility of our common stock, and other risks set forth under the caption “Risk Factors” in our Form 10-K filed on May 26, 2022 and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

DYNATRACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – In thousands, except per share data)

 

 

Three Months Ended

June 30,

 

2022

 

2021

Revenue:

 

 

 

Subscription

$

249,558

 

 

$

196,520

 

License

 

 

 

 

50

 

Service

 

17,715

 

 

 

13,170

 

Total revenue

 

267,273

 

 

 

209,740

 

Cost of revenue:

 

 

 

Cost of subscription

 

32,738

 

 

 

24,982

 

Cost of service

 

15,168

 

 

 

10,021

 

Amortization of acquired technology

 

3,892

 

 

 

3,830

 

Total cost of revenue

 

51,798

 

 

 

38,833

 

Gross profit

 

215,475

 

 

 

170,907

 

 

 

 

 

Operating expenses:

 

 

 

Research and development

 

48,482

 

 

 

34,725

 

Sales and marketing

 

105,015

 

 

 

80,482

 

General and administrative

 

36,321

 

 

 

26,922

 

Amortization of other intangibles

 

6,573

 

 

 

7,540

 

Restructuring and other

 

(10

)

 

 

26

 

Total operating expenses

 

196,381

 

 

 

149,695

 

Income from operations

 

19,094

 

 

 

21,212

 

Interest expense, net

 

(2,175

)

 

 

(2,857

)

Other (expense) income, net

 

(2,250

)

 

 

1,311

 

Income before income taxes

 

14,669

 

 

 

19,666

 

Income tax expense

 

(12,555

)

 

 

(6,372

)

Net income

$

2,114

 

 

$

13,294

 

Net income per share:

 

 

 

Basic

$

0.01

 

 

$

0.05

 

Diluted

$

0.01

 

 

$

0.05

 

Weighted average shares outstanding:

 

 

 

Basic

 

286,203

 

 

 

282,661

 

Diluted

 

290,024

 

 

 

288,988

 

UNAUDITED SHARE-BASED COMPENSATION

 

 

Three Months Ended

June 30,

 

2022

 

2021

Cost of revenue

$

3,890

 

$

2,652

Research and development

 

7,285

 

 

3,967

Sales and marketing

 

10,076

 

 

7,608

General and administrative

 

7,444

 

 

5,025

Total share-based compensation

$

28,695

 

$

19,252

DYNATRACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

 

June 30, 2022

 

March 31, 2022

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

571,345

 

 

$

462,967

 

Accounts receivable, net

 

191,836

 

 

 

350,666

 

Deferred commissions, current

 

61,182

 

 

 

62,601

 

Prepaid expenses and other current assets

 

35,439

 

 

 

72,188

 

Total current assets

 

859,802

 

 

 

948,422

 

Property and equipment, net

 

45,782

 

 

 

45,271

 

Operating lease right-of-use assets, net

 

53,369

 

 

 

58,849

 

Goodwill

 

1,280,511

 

 

 

1,281,876

 

Other intangible assets, net

 

95,008

 

 

 

105,736

 

Deferred tax assets, net

 

26,368

 

 

 

28,106

 

Deferred commissions, non-current

 

59,245

 

 

 

63,435

 

Other assets

 

10,564

 

 

 

9,615

 

Total assets

$

2,430,649

 

 

$

2,541,310

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

4,795

 

 

$

22,715

 

Accrued expenses, current

 

114,214

 

 

 

141,556

 

Deferred revenue, current

 

617,969

 

 

 

688,554

 

Operating lease liabilities, current

 

12,402

 

 

 

12,774

 

Total current liabilities

 

749,380

 

 

 

865,599

 

Deferred revenue, non-current

 

16,352

 

 

 

25,783

 

Accrued expenses, non-current

 

28,182

 

 

 

19,409

 

Operating lease liabilities, non-current

 

46,682

 

 

 

52,070

 

Deferred tax liabilities

 

 

 

 

85

 

Long-term debt, net

 

244,427

 

 

 

273,918

 

Total liabilities

 

1,085,023

 

 

 

1,236,864

 

 

 

 

 

Shareholders' equity:

 

 

 

Common shares, $0.001 par value, 600,000,000 shares authorized, 287,259,306 and 286,053,276 shares issued and outstanding at June 30, 2022 and March 31, 2022, respectively

 

287

 

 

 

286

 

Additional paid-in capital

 

1,830,782

 

 

 

1,792,197

 

Accumulated deficit

 

(459,234

)

 

 

(461,348

)

Accumulated other comprehensive loss

 

(26,209

)

 

 

(26,689

)

Total shareholders' equity

 

1,345,626

 

 

 

1,304,446

 

Total liabilities and shareholders' equity

$

2,430,649

 

 

$

2,541,310

 

DYNATRACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – In thousands)

 

 

Three Months Ended

June 30,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

2,114

 

 

$

13,294

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

Depreciation

 

2,798

 

 

 

2,475

 

Amortization

 

10,571

 

 

 

11,512

 

Share-based compensation

 

28,695

 

 

 

19,252

 

Other

 

2,748

 

 

 

(796

)

Net change in operating assets and liabilities:

 

 

 

Accounts receivable

 

151,404

 

 

 

110,079

 

Deferred commissions

 

2,079

 

 

 

(2,631

)

Prepaid expenses and other assets

 

33,096

 

 

 

(1,453

)

Accounts payable and accrued expenses

 

(29,815

)

 

 

(27,376

)

Operating leases, net

 

(142

)

 

 

131

 

Deferred revenue

 

(60,450

)

 

 

(41,015

)

Net cash provided by operating activities

 

143,098

 

 

 

83,472

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchase of property and equipment

 

(6,906

)

 

 

(2,954

)

Acquisition of businesses, net of cash acquired

 

 

 

 

(3,543

)

Net cash used in investing activities

 

(6,906

)

 

 

(6,497

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Repayment of term loans

 

(30,000

)

 

 

(30,000

)

Proceeds from employee stock purchase plan

 

8,627

 

 

 

6,593

 

Proceeds from exercise of stock options

 

1,275

 

 

 

7,886

 

Equity repurchases

 

(11

)

 

 

(14

)

Net cash used in financing activities

 

(20,109

)

 

 

(15,535

)

 

 

 

 

Effect of exchange rates on cash and cash equivalents

 

(7,705

)

 

 

816

 

 

 

 

 

Net increase in cash and cash equivalents

 

108,378

 

 

 

62,256

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

462,967

 

 

 

324,962

 

Cash and cash equivalents, end of period

$

571,345

 

 

$

387,218

 

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except percentages)

 

 

Three Months Ended June 30, 2022

 

GAAP

 

Share-based

compensation

 

Employer

payroll taxes

on employee

stock

transactions

 

Amortization

of other

intangibles

 

Restructuring

& other

 

Non-GAAP

Non-GAAP operating income:

Cost of revenue

$

51,798

 

 

$

(3,890

)

 

$

(284

)

 

$

(3,892

)

 

$

(350

)

 

$

43,382

 

Gross profit

 

215,475

 

 

 

3,890

 

 

 

284

 

 

 

3,892

 

 

 

350

 

 

 

223,891

 

Gross margin

 

81

%

 

 

 

 

 

 

 

 

 

 

84

%

Research and development

 

48,482

 

 

 

(7,285

)

 

 

(549

)

 

 

 

 

 

 

 

 

40,648

 

Sales and marketing

 

105,015

 

 

 

(10,076

)

 

 

(598

)

 

 

 

 

 

 

 

 

94,341

 

General and administrative

 

36,321

 

 

 

(7,444

)

 

 

(211

)

 

 

 

 

 

(79

)

 

 

28,587

 

Amortization of other intangibles

 

6,573

 

 

 

 

 

 

 

 

 

(6,573

)

 

 

 

 

 

 

Restructuring and other

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

Operating income

$

19,094

 

 

$

28,695

 

 

$

1,642

 

 

$

10,465

 

 

$

419

 

 

$

60,315

 

Operating margin

 

7

%

 

 

 

 

 

 

 

 

 

 

23

%

 

Three Months Ended June 30, 2021

 

GAAP

 

Share-based

compensation

 

Employer

payroll taxes

on employee

stock

transactions

 

Amortization

of other

intangibles

 

Restructuring

& other

 

Non-GAAP

Non-GAAP operating income:

Cost of revenue

$

38,833

 

 

$

(2,652

)

 

$

(315

)

 

$

(3,830

)

 

$

 

 

$

32,036

 

Gross profit

 

170,907

 

 

 

2,652

 

 

 

315

 

 

 

3,830

 

 

 

 

 

 

177,704

 

Gross margin

 

81

%

 

 

 

 

 

 

 

 

 

 

85

%

Research and development

 

34,725

 

 

 

(3,967

)

 

 

(627

)

 

 

 

 

 

 

 

 

30,131

 

Sales and marketing

 

80,482

 

 

 

(7,608

)

 

 

(585

)

 

 

 

 

 

 

 

 

72,289

 

General and administrative

 

26,922

 

 

 

(5,025

)

 

 

(200

)

 

 

 

 

 

47

 

 

 

21,744

 

Amortization of other intangibles

 

7,540

 

 

 

 

 

 

 

 

 

(7,540

)

 

 

 

 

 

 

Restructuring and other

 

26

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

 

Operating income

$

21,212

 

 

$

19,252

 

 

$

1,727

 

 

$

11,370

 

 

$

(21

)

 

$

53,540

 

Operating margin

 

10

%

 

 

 

 

 

 

 

 

 

 

26

%

DYNATRACE, INC.

GAAP to Non-GAAP Reconciliations

(Unaudited - In thousands, except per share data)

 

 

Three Months Ended June 30,

 

2022

 

2021

Non-GAAP net income:

 

 

 

Net income

$

2,114

 

 

$

13,294

 

Income tax expense

 

12,555

 

 

 

6,372

 

Non-GAAP effective cash tax

 

(6,407

)

 

 

(6,140

)

Interest expense, net

 

2,175

 

 

 

2,857

 

Cash paid for interest

 

(2,066

)

 

 

(2,370

)

Share-based compensation

 

28,695

 

 

 

19,252

 

Employer payroll taxes on employee stock transactions

 

1,642

 

 

 

1,727

 

Amortization of other intangibles

 

6,573

 

 

 

7,540

 

Amortization of acquired technology

 

3,892

 

 

 

3,830

 

Transaction, restructuring, and other

 

419

 

 

 

(21

)

Loss (gain) on currency translation

 

2,250

 

 

 

(1,311

)

Non-GAAP net income

$

51,842

 

 

$

45,030

 

 

 

 

 

Share count:

 

 

 

Weighted-average shares outstanding - basic

 

286,203

 

 

 

282,661

 

Weighted-average shares outstanding - diluted

 

290,024

 

 

 

288,988

 

 

 

 

 

Shares used in non-GAAP per share calculations:

 

 

 

Weighted-average shares outstanding - basic

 

286,203

 

 

 

282,661

 

Weighted-average shares outstanding - diluted

 

290,024

 

 

 

288,988

 

 

 

 

 

Net income per share:

 

 

 

Net income per share - basic

$

0.01

 

 

$

0.05

 

Net income per share - diluted

$

0.01

 

 

$

0.05

 

Non-GAAP net income per share - basic

$

0.18

 

 

$

0.16

 

Non-GAAP net income per share - diluted

$

0.18

 

 

$

0.16

 

 

Three Months Ended June 30,

2022

2021

Free Cash Flow ("FCF"):

Net cash provided by operating activities

$

143,098

$

83,472

Purchase of property and equipment

(6,906

)

(2,954

)

FCF

$

136,192

$

80,518

 

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