(1) |
Includes amortization of acquired intangible assets of approximately $0.2 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. |
Quarterly Financial Review - Supplemental Information(1) |
Three Months Ended March 31, |
||||
(In millions) |
2024 |
|
2023 |
||
Licensing billings (operational metric) (2) |
$ |
63.2 |
|
$ |
63.4 |
Product revenue (GAAP) |
$ |
50.4 |
|
$ |
63.8 |
Contract and other revenue (GAAP) |
$ |
20.0 |
|
$ |
21.8 |
Non-GAAP cost of product revenue |
$ |
19.9 |
|
$ |
26.3 |
Cost of contract and other revenue (GAAP) |
$ |
0.6 |
|
$ |
1.7 |
Non-GAAP total operating expenses |
$ |
53.7 |
|
$ |
58.3 |
Non-GAAP interest and other income (expense), net |
$ |
4.0 |
|
$ |
0.9 |
Diluted share count (GAAP) |
|
110 |
|
|
111 |
_________________________________________
(1) |
See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below. |
|
|
|
|
(2) |
Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences relating to advanced payments for variable licensing agreements. |
GAAP revenue for the quarter was $117.9 million. The Company also had licensing billings of $63.2 million, product revenue of $50.4 million, and contract and other revenue of $20.0 million. The Company had total GAAP cost of revenue of $23.7 million and operating expenses of $64.1 million. The Company also had total non-GAAP operating expenses of $74.2 million (including non-GAAP cost of revenue of $20.5 million). The Company had GAAP diluted net income per share of $0.30. The Company’s basic share count was 108 million shares and its diluted share count was 110 million shares.
Cash, cash equivalents, and marketable securities as of March 31, 2024 were $391.1 million, a decrease of $34.8 million from December 31, 2023, mainly due to $50.0 million paid in connection with an accelerated share repurchase program, $37.7 million in payments of taxes on restricted stock units, offset by $39.1 million in cash provided by operating activities and $22.8 million in proceeds from the sale of a non-marketable equity security.
2024 Second Quarter Outlook
The Company will discuss its full revenue guidance for the second quarter of 2024 during its upcoming conference call. The following table sets forth the second quarter outlook for other measures.
(In millions) |
GAAP |
|
Non-GAAP (1) |
Licensing billings (operational metric) (2) |
$61 - $67 |
|
$61 - $67 |
| Product revenue (GAAP) |
$52 - $58 |
|
$52 - $58 |
| Contract and other revenue (GAAP) |
$17 - $23 |
|
$17 - $23 |
| Total operating costs and expenses |
$95 - $91 |
|
$80 - $76 |
| Interest and other income (expense), net |
$3 |
|
$3 |
| Diluted share count |
109 |
|
109 |
