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          "text": "FYE Dec 31, $K\n2020\n2021\n2022\nQ3'21\nQ4'21\nQ1'22\nQ2'22\nQ3'22\nQ4'22\nQ1'23\nQ2'23\nGross profit\n$316,073\n$385,716\n$408,884\n$100,612\n$93,859\n$99,245\n$105,498\n$104,963\n$ 99,178\n$105,541\n$105,106\nCost of revenue stock-based compensation (1)\n108\n1,662\n2,931\n779\n148\n277\n1,331\n597\n726\n874\n1,105\nCost of revenue depreciation & amortization\n8,324\n6,430\n8,581\n1,403\n1,951\n2,070\n2,184\n1,966\n2,361\n2,622\n3,011\nCost of revenue other non-recurring items(2)\nNon-GAAP gross profit(3)\n$324,505\n$393,808\n$420,396\n$102,794\n$95,958\n$101,592\n$109,013\n$107,526\n$ 102,265\n$109,037\n$109,222\nGross profit margin (3)\n67%\n67%\n66%\n68%\n66%\n64%\n65%\n68%\n68%\n64%\n62%\nNon-GAAP gross profit margin(3)\n69%\n68%\n68%\n70%\n68%\n65%\n67%\n69%\n70%\n66%\n65%",
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          "text": "(1) Stock-based compensation expense excludes amounts paid in cash to certain employees as part of a buyback program that concluded in 2022. (2) In December 2022, we fully impaired our investment in Mylo and incurred a loss of $3.0 million as the fair\nvalue of our investment was determined to be zero based upon an observable sale of their common equity. (3) Restructuring expenses relate to certain one-time severance events for different components of our business. Such expenses are not expected to\nrecur in the near or longer term. In the first half of 2020, we restructured our United Kingdom business, mainly in our leadership and technology team. In the fourth quarter of 2020, we incurred $2.0 million in severance costs related to a reduction in\nheadcount in our U.S. workforce. In the second quarter of 2022, we incurred $1.0 million in severance costs related to a reduction in our U.S. workforce. In the third quarter of 2022, we incurred $0.8 million in severance costs related to a reduction in our U.S.\nworkforce. For 2023, restructuring expenses related to the reduction of our U.K. headcount, which is expected to be substantially complete by December 31, 2023. (4) Legal reserves and settlements include costs accrued or paid for potential litigation\nsettlements, and are net of insurance recoveries, if any. (5) IPO-related costs include certain non-recurring expenses which occurred in connection with our IPO in 2021. (6) In 2020, certain other non-recurring expenses consisted of a loss on sale from the\ndisposal of Beaumont. In 2021, certain other non-recurring expenses consisted of the early termination of our U.K. lease agreement. In 2022, certain other non-recurring expenses consisted of compensation expense was recorded in sales and marketing\nexpenses related to the departure of a member of management.",
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          "text": "(1) We define free cash flow as cash generated by operations after purchases of property and equipment including capitalized internal-use software. (2) We define operating cash flow margin as net cash provided by operating activities as a percentage of revenue. We define free cash flow margin as free cash flow as a percentage of revenue. We define unlevered free cash flow margin as unlevered free cash flow as a percentage of revenue.",
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