UNAUDITED QUARTERLY OPERATING RESULTS

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

The unaudited quarterly information below is subject to seasonal fluctuations resulting in lower revenues in the fourth quarter of each calendar year due to the lower number of business days in the quarter and a lower volume of business-to-government and citizen-to-government transactions during the holiday periods.



	For the Year Ended December 31, 2020
(in thousands, except per share amount)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues:
State enterprise revenues	$	74,411	$	77,804	$	91,475	$	88,030
Software & services revenues	16,708		15,785		43,115		53,126
Total revenues	91,119		93,589		134,590		141,156
Operating expenses:
State enterprise cost of revenues, exclusive of depreciation & amortization	46,271		45,876		53,807		53,947
Software & services cost of revenues, exclusive of depreciation & amortization	10,724		10,344		31,290		42,475
Selling & administrative	8,064		8,316		8,817		9,354
Enterprise technology & product support	7,254		7,201		7,342		7,694
Depreciation & amortization	3,482		3,473		3,528		3,762
Total operating expenses	75,795		75,210		104,784		117,232
Operating income	15,324		18,379		29,806		23,924
Other income:
Interest income	389		—		—		—
Income before income taxes	15,713		18,379		29,806		23,924
Income tax provision	3,850		4,583		4,715		6,080
Net income	$	11,863	$	13,796	$	25,091	$	17,844

Basic net income per share	$	0.18	$	0.20	$	0.37	$	0.26
Diluted net income per share	$	0.18	$	0.20	$	0.37	$	0.26

Weighted average shares outstanding:
Basic	66,987		66,999		67,025		67,030
Diluted	66,987		66,999		67,025		67,166



	For the Year Ended December 31, 2019
(in thousands, except per share amount)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues:
State enterprise revenues	$	69,853	$	74,871	$	73,257	$	72,300
Software & services revenues	15,327		16,695		17,128		14,774
Total revenues	85,180		91,566		90,385		87,074
Operating expenses:
State enterprise cost of revenues, exclusive of depreciation & amortization	41,978		45,081		43,821		44,610
Software & services cost of revenues, exclusive of depreciation & amortization	9,397		10,525		10,173		11,541
Selling & administrative	9,964		8,356		8,153		8,727
Enterprise technology & product support	6,445		6,745		6,743		6,917
Depreciation & amortization	2,421		3,130		3,524		3,535
Total operating expenses	70,205		73,837		72,414		75,330
Operating income	14,975		17,729		17,971		11,744
Other income:
Interest income	604		577		729		604
Income before income taxes	15,579		18,306		18,700		12,348
Income tax provision	4,077		3,846		4,190		2,390
Net income	$	11,502	$	14,460	$	14,510	$	9,958

Basic net income per share	$	0.17	$	0.21	$	0.21	$	0.15
Diluted net income per share	$	0.17	$	0.21	$	0.21	$	0.15

Weighted average shares outstanding:
Basic	66,670		66,940		66,960		66,967
Diluted	66,670		66,940		66,960		66,967