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

9 Months Ended

Sep. 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 nine months ended September 30, 2019 and condensed consolidated statement of cash flows for the nine months ended September 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 September 30, 2019
Revenue	$	78,786	$	(771)	$	—	$	—	$	78,015
Operating expense—General and administrative	16,519		—		(51)		—		16,468
Net loss	(2,827)		(771)		51		—		(3,547)


Condensed Consolidated Statement of Operations for the Nine Months Ended September 30, 2019
Revenue	$	221,966	$	(1,692)	$	—	$	—	$	220,274
Operating expense—General and administrative	46,309		—		(116)		—		46,193
Net loss	(9,582)		(1,692)		116		—		(11,158)
Net loss per share, basic and diluted	(0.09)		(0.01)		—		—		(0.10)

Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2019
Operating activities
Net loss	$	(9,582)	$	(1,692)	$	116	$	—	$	(11,158)
Amortization of operating lease asset	—		—		3,059		—		3,059
Trade and client receivables	(11,885)		4,782		—		—		(7,103)
Prepaid expenses and other assets	(1,439)		—		32		—		(1,407)
Operating lease liability	—		—		(979)		—		(979)
Accrued expenses and other liabilities	5,814		(4,385)		(2,228)		—		(799)
Deferred revenue	1,432		1,295		—		—		2,727

Financing activities—changes in funds held in escrow, including funds in transit	(16,407)		—		—		16,407		—
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(57,968)		—		—		16,407		(41,561)
Cash, cash equivalents, and restricted cash—beginning of period	129,128		—		—		100,939		230,067
Cash, cash equivalents, and restricted cash—end of period	71,160		—		—		117,346		188,506

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