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Quarterly Results of Operations (Unaudited)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)

10. Quarterly Results of Operations (Unaudited)

In the table below, we present our quarterly results of operations for 2020 and 2019. The unaudited quarterly results have been prepared on substantially the same basis as the audited Consolidated Financial Statements.

 

 

 

Quarter Ended

 

 

 

Mar 31, 2019

 

 

Jun 30, 2019

 

 

Sep 30, 2019

 

 

Dec 31, 2019

 

 

Mar 31, 2020

 

 

Jun 30, 2020

 

 

Sep 30, 2020

 

 

Dec 31, 2020

 

 

 

(In thousands, except per share data)

 

Statements of Income Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cloud subscriptions

 

$

7,859

 

 

$

9,009

 

 

$

14,242

 

 

$

15,721

 

 

$

17,260

 

 

$

18,503

 

 

$

21,064

 

 

$

23,003

 

Software license

 

 

12,414

 

 

 

11,721

 

 

 

15,486

 

 

 

9,234

 

 

 

9,735

 

 

 

5,681

 

 

 

13,233

 

 

 

9,635

 

Maintenance

 

 

36,099

 

 

 

37,323

 

 

 

37,763

 

 

 

38,045

 

 

 

35,744

 

 

 

35,898

 

 

 

37,305

 

 

 

38,801

 

Services

 

 

88,631

 

 

 

93,951

 

 

 

91,626

 

 

 

86,308

 

 

 

87,406

 

 

 

71,778

 

 

 

73,470

 

 

 

70,915

 

Hardware

 

 

3,401

 

 

 

2,337

 

 

 

3,158

 

 

 

3,621

 

 

 

3,758

 

 

 

3,770

 

 

 

4,685

 

 

 

4,728

 

Total revenue

 

 

148,404

 

 

 

154,341

 

 

 

162,275

 

 

 

152,929

 

 

 

153,903

 

 

 

135,630

 

 

 

149,757

 

 

 

147,082

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of software license

 

 

592

 

 

 

623

 

 

 

748

 

 

 

663

 

 

 

555

 

 

 

591

 

 

 

527

 

 

 

1,221

 

Cost of cloud subscriptions, maintenance and services

 

 

66,578

 

 

 

70,955

 

 

 

73,618

 

 

 

71,190

 

 

 

74,276

 

 

 

62,434

 

 

 

64,672

 

 

 

65,611

 

Research and development

 

 

21,213

 

 

 

21,997

 

 

 

22,614

 

 

 

21,784

 

 

 

23,328

 

 

 

19,931

 

 

 

20,454

 

 

 

20,563

 

Sales and marketing

 

 

14,781

 

 

 

14,520

 

 

 

12,125

 

 

 

15,434

 

 

 

13,088

 

 

 

9,709

 

 

 

11,399

 

 

 

13,562

 

General and administrative

 

 

15,050

 

 

 

16,805

 

 

 

16,236

 

 

 

16,512

 

 

 

16,114

 

 

 

14,016

 

 

 

15,536

 

 

 

15,778

 

Depreciation and amortization

 

 

1,914

 

 

 

1,859

 

 

 

1,937

 

 

 

2,277

 

 

 

2,346

 

 

 

2,257

 

 

 

2,193

 

 

 

2,150

 

Total costs and expenses

 

 

120,128

 

 

 

126,759

 

 

 

127,278

 

 

 

127,860

 

 

 

129,707

 

 

 

108,938

 

 

 

114,781

 

 

 

118,885

 

Operating income

 

 

28,276

 

 

 

27,582

 

 

 

34,997

 

 

 

25,069

 

 

 

24,196

 

 

 

26,692

 

 

 

34,976

 

 

 

28,197

 

Other (loss) income, net

 

 

(371

)

 

 

(71

)

 

 

810

 

 

 

(215

)

 

 

1,420

 

 

 

(158

)

 

 

(891

)

 

 

(656

)

Income before income taxes

 

 

27,905

 

 

 

27,511

 

 

 

35,807

 

 

 

24,854

 

 

 

25,616

 

 

 

26,534

 

 

 

34,085

 

 

 

27,541

 

Income tax provision

 

 

6,933

 

 

 

6,586

 

 

 

8,700

 

 

 

8,096

 

 

 

3,086

 

 

 

7,330

 

 

 

9,119

 

 

 

7,001

 

Net income

 

$

20,972

 

 

$

20,925

 

 

$

27,107

 

 

$

16,758

 

 

$

22,530

 

 

$

19,204

 

 

$

24,966

 

 

$

20,540

 

Basic earnings per share

 

$

0.32

 

 

$

0.32

 

 

$

0.42

 

 

$

0.26

 

 

$

0.35

 

 

$

0.30

 

 

$

0.39

 

 

$

0.32

 

Diluted earnings per share

 

$

0.32

 

 

$

0.32

 

 

$

0.42

 

 

$

0.26

 

 

$

0.35

 

 

$

0.30

 

 

$

0.39

 

 

$

0.32

 

Shares used in computing basic earnings per share

 

 

64,909

 

 

 

64,623

 

 

 

64,247

 

 

 

63,822

 

 

 

63,592

 

 

 

63,509

 

 

 

63,524

 

 

 

63,527

 

Shares used in computing diluted earnings per share

 

 

65,204

 

 

 

65,093

 

 

 

64,992

 

 

 

64,807

 

 

 

64,342

 

 

 

64,126

 

 

 

64,427

 

 

 

64,484