“As a result, we expect expenses to increase in Q1, but remain focused on calibrating expense growth below revenue growth for the full year in order to continue delivering on our goals of sustained GAAP profitability and operating income.”

In context

“in and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 84% for the quarter and 82% for the year. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $209 million, representing an adjusted operating margin of 34% and marking the fifth consecutive quarter of expanding adjusted operating margins. Full year adjusted income from operations was $633 million, representing a margin of 28% and 600 basis point increase compared to 2022. Q4 adjusted expense was $399 million, up 1% sequentially and up 1% year-over-year. Full year adjusted expense was $1.6 billion, up 7% year-over-year. Our bottom-line outperformance in 2023 has positioned us to be able to escalate investment and resources to AIP. As a result, we expect expenses to increase in Q1, but remain focused on calibrating expense growth below revenue growth for the full year in order to continue delivering on our goals of sustained GAAP profitability and operating income. In the fourth quarter, we generated GAAP operating income of $66 million, representing an 11% margin, our fourth consecutive quarter of GAAP operating income. Full year GAAP operating income was $120 million. We generated fourth quarter GAAP net income of $93 million, representing a 15% margin, our fifth consecutive quarter of GAAP profitability. Full year GAAP net income was $210 million. Fourth quarter adjusted earnings per share was $0.08, and GAAP earnings per share was $0.04. Full year adjusted earnings per share was $0.25, and GAAP earnings per share was $0.09. Additionally, our combined revenue growth and adjusted operating margin accelerated to 54% in the fourth quarter, an 800 basis point increase to our Rule of 40 score from the prior quarter. We continue to strive to maintain t”