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Segment and Geographic Information (Tables)
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenue and Adjusted EBITDA for Reportable Segments

The following table sets forth the revenue and Adjusted EBITDA results attributable to each reportable segment and includes a reconciliation of the totals reported for the reportable segments to the applicable line items in the Company’s accompanying condensed consolidated statements of operations and comprehensive income (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise Solutions

 

$

42,251

 

 

$

35,866

 

 

$

122,204

 

 

$

99,743

 

SMB Solutions

 

 

55,481

 

 

 

42,930

 

 

 

158,369

 

 

 

120,277

 

Total revenue

 

 

97,732

 

 

 

78,796

 

 

 

280,573

 

 

 

220,020

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise Solutions

 

 

5,860

 

 

 

4,577

 

 

 

19,481

 

 

 

13,338

 

SMB Solutions

 

 

21,217

 

 

 

16,314

 

 

 

59,882

 

 

 

45,239

 

Total Adjusted EBITDA from reportable segments

 

 

27,077

 

 

 

20,891

 

 

 

79,363

 

 

 

58,577

 

Unallocated corporate expenses

 

 

(8,230

)

 

 

(7,669

)

 

 

(23,815

)

 

 

(22,833

)

Total Adjusted EBITDA

 

 

18,847

 

 

 

13,222

 

 

 

55,548

 

 

 

35,744

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

3,555

 

 

 

1,005

 

 

 

9,180

 

 

 

1,127

 

Amortization of intangible assets

 

 

(3,954

)

 

 

(3,900

)

 

 

(11,754

)

 

 

(11,700

)

Depreciation

 

 

(1,061

)

 

 

(816

)

 

 

(3,084

)

 

 

(2,289

)

Gain on sale of business

 

 

10,511

 

 

 

 

 

 

10,511

 

 

 

 

Transaction-related expenses

 

 

(3,417

)

 

 

 

 

 

(5,639

)

 

 

38

 

Stock-based compensation

 

 

(6,616

)

 

 

(3,798

)

 

 

(16,618

)

 

 

(10,112

)

Income before income taxes

 

 

17,865

 

 

 

5,713

 

 

 

38,144

 

 

 

12,808

 

Provision for (benefit from) income taxes

 

 

6,335

 

 

 

(1,057

)

 

 

18,152

 

 

 

(2,900

)

Net income

 

$

11,530

 

 

$

6,770

 

 

$

19,992

 

 

$

15,708