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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenue $ 78,876 $ 63,711 $ 147,041 $ 116,680
Cost of revenue [1] 19,751 17,114 37,597 32,282
Amortization of acquired technology 698 776 1,443 1,541
Gross profit 58,427 45,821 108,001 82,857
Operating expenses:        
Selling and marketing [1] 24,798 22,099 49,053 43,705
Product development [1] 3,081 2,534 6,199 5,457
General and administrative [1] 7,689 6,208 15,531 12,643
Depreciation, excluding depreciation of $654, $446, $1,276 and $827, respectively, included in cost of revenue 1,767 1,388 3,432 2,609
Amortization 1,977 1,658 3,989 3,288
Total operating expenses 39,312 33,887 78,204 67,702
Operating income 19,115 11,934 29,797 15,155
Interest and other income (expense), net (984) (486) (1,544) (1,182)
Income before provision for income taxes 18,131 11,448 28,253 13,973
Provision for income taxes 5,716 6,328 8,674 7,043
Net income 12,415 5,120 19,579 6,930
Other comprehensive income (loss), net of tax:        
Unrealized loss on investments (net of tax provision effect of $(39), $0, $(59) and $0, respectively) (138)   (207)  
Foreign currency translation adjustments (7,037) 575 (9,732) 1,609
Other comprehensive income (loss) (7,175) 575 (9,939) 1,609
Comprehensive income $ 5,240 $ 5,695 $ 9,640 $ 8,539
Net income per common share:        
Basic $ 0.42 $ 0.18 $ 0.66 $ 0.25
Diluted [2] $ 0.38 $ 0.17 $ 0.61 $ 0.24
Weighted average common shares outstanding:        
Basic 29,574,000 28,152,000 29,641,000 28,146,000
Diluted weighted average shares 34,265,432 32,144,239 34,343,902 32,121,463
[1] Amounts include stock-based compensation expense as follows:
[2] In calculating diluted net income per share, 84 thousand shares and 81 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three and six months ended June 30, 2022, respectively; 45 thousand shares and 35 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three and six months ended June 30, 2021, respectively. Additionally, in calculating diluted net income per share, we excluded the impact of interest expense and amortization of note costs relating to our convertible shares from net income and included the weighted average shares 3.9 million common shares under the if-converted method for the three and six months ended June 30, 2022 and 2.9 million common shares for the three and six months ended June 30, 2021, respectively. For the three months and six months ended June 30, 2022, the interest expense including amortization of note issuance costs, related to convertible notes was $0.6 million and $1.3 million, respectively and $0.4 million and $0.8 million for the three and six months ended June 30, 2021, respectively.