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) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 872 | $ | (6,022 | ) | $ | 55,594 | $ | 27,379 | |||||||
| Capital expenditures | (1,420 | ) | (1,476 | ) | (6,811 | ) | (4,006 | ) | ||||||||
| Free cash flow | $ | (548 | ) | $ | (7,498 | ) | $ | 48,783 | $ | 23,373 | ||||||
Business Outlook
The following table provides a reconciliation of projected Adjusted EBITDA and projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ending
December 31, 2021 |
Year Ending
December 31, 2021 | |||||||||||||||
| (in thousands) | Low | High | Low | High | ||||||||||||
| Net loss | $ | (13,100 | ) | $ | (10,200 | ) | $ | (20,800 | ) | $ | (17,900 | ) | ||||
| Stock-based compensation expense | 11,500 | 11,500 | 42,700 | 42,700 | ||||||||||||
| Amortization of intangible assets | 4,200 | 4,200 | 18,100 | 18,100 | ||||||||||||
| Non-cash interest expense | 2,900 | 2,900 | 11,400 | 11,400 | ||||||||||||
| Restructuring expense | — | — | 5,000 | 5,000 | ||||||||||||
| Impact of non-GAAP tax rate | 1,300 | 600 | (8,700 | ) | (9,400 | ) | ||||||||||
| Non-GAAP net income | 6,800 | 9,000 | 47,700 | 49,900 | ||||||||||||
| Depreciation expense | 1,700 | 1,700 | 7,200 | 7,200 | ||||||||||||
| Cash interest expense, net | 100 | 100 | 300 | 300 | ||||||||||||
| Income tax expense, net of non-GAAP impact | 2,400 | 3,200 | 16,800 | 17,600 | ||||||||||||
| Adjusted EBITDA | $ | 11,000 | $ | 14,000 | $ | 72,000 | $ | 75,000 | ||||||||
