| (Unaudited) | ||||||||||||||||
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 14,547 | $ | 16,427 | $ | 116,554 | $ | 105,656 | ||||||||
| Capital expenditures | (4,735 | ) | (1,698 | ) | (9,739 | ) | (7,882 | ) | ||||||||
| Free cash flow | $ | 9,812 | $ | 14,729 | $ | 106,815 | $ | 97,774 | ||||||||
The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:
| (Unaudited) | ||||||||||||||||
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Gross profit | $ | 121,435 | $ | 104,917 | $ | 381,733 | $ | 348,580 | ||||||||
| Stock-based compensation expense | 2,131 | 2,468 | 6,230 | 7,792 | ||||||||||||
| Non-GAAP gross profit | $ | 123,566 | $ | 107,385 | $ | 387,963 | $ | 356,372 | ||||||||
| Gross profit margin | 80.2 | % | 78.3 | % | 80.7 | % | 79.0 | % | ||||||||
| Non-GAAP gross margin | 81.6 | % | 80.1 | % | 82.0 | % | 80.8 | % | ||||||||
