Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of New Accounting Pronouncements

The following table summarizes the impacts of adopting these standards on the Company’s previously issued condensed consolidated statements of operations for

the three and six months ended June 30, 2019 and condensed consolidated statement of cash flows for the six months ended June 30, 2019 (in thousands):


	Balances, Previously Issued		Topic 606		Topic 842 ⁽¹⁾		Topic 230		Balances, as Reported
Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2019
Revenue	$	74,256	$	(473)	$	—	$	—	$	73,783
Operating expense—General and administrative	14,113		—		(49)		—		14,064
Net loss	(2,027)		(473)		49		—		(2,451)


Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2019
Revenue	$	143,180	$	(921)	$	—	$	—	$	142,259
Operating expense—General and administrative	29,790		—		(65)		—		29,725
Net loss	(6,755)		(921)		65		—		(7,611)
Net loss per share, basic and diluted	(0.06)		(0.01)		—		—		(0.07)

Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2019
Operating activities
Net loss	$	(6,755)	$	(921)	$	65	$	—	$	(7,611)
Amortization of operating lease asset	—		—		2,177		—		2,177
Trade and client receivables	(30,288)		310		—		—		(29,978)
Prepaid expenses and other assets	(701)		—		116		—		(585)
Operating lease liability	—		—		(998)		—		(998)
Accrued expenses and other liabilities	(430)		(298)		(1,360)		—		(2,088)
Deferred revenue	408		909		—		—		1,317
Investing activities—decrease (increase) in restricted cash	150		—		—		(150)		—
Financing activities—changes in funds held in escrow, including funds in transit	(20,116)		—		—		20,116		—
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(62,036)		—		—		19,966		(42,070)
Cash, cash equivalents, and restricted cash—beginning of period	129,128		—		—		100,939		230,067
Cash, cash equivalents, and restricted cash—end of period	67,092		—		—		120,905		187,997

⁽¹⁾ Amounts include other adjustments made in conjunction with the adoption of Topic 842.