QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table sets forth unaudited quarterly statements of operations data for each of the eight quarters ended December 31, 2019 and 2018. In the opinion of management, this information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this Form 10‑K, and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the unaudited quarterly results of operations. The quarterly data should be read in conjunction with the Company’s audited consolidated financial statements and the notes to the consolidated financial statements appearing elsewhere in this Form 10-K. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended | | | | | | | | | March 31, | | June 30, | | September 30, | | December 31, | | | (Amounts in thousands, except per share data) | | | | | | | 2019 | | | | | | | | | Revenue | | $ | 162,043 | | | | 199,870 | | | | 218,805 | | | | 295,575 | | Operating expenses: | | | | | | | | | | | | | | | | Cost of sales (exclusive of amortization of acquired intangibles) | | 42,827 | | | | 51,139 | | | | 52,335 | | | | 70,416 | | Research and development | | 31,785 | | | | 29,972 | | | | 34,714 | | | | 43,223 | | Sales and marketing | | 90,939 | | | | 88,190 | | | | 86,196 | | | | 119,851 | | General and administrative | | 63,926 | | | | 63,641 | | | | 80,472 | | | | 144,414 | | Amortization of acquired intangibles | | 760 | | | | 748 | | | | 748 | | | | 13,779 | | Loss from operations | | (68,194) | | | | (33,820) | | | | (35,660) | | | | (96,108) | | Investment income | | 6,655 | | | | 7,669 | | | | 9,093 | | | | 3,113 | | Interest expense | | (21,990) | | | | (12,712) | | | | (13,209) | | | | (13,688) | | Net loss before tax | | (83,529) | | | | (38,863) | | | | (39,776) | | | | (106,683) | | Income tax benefit (expense) | | 470 | | | | 443 | | | | (683) | | | | 184,628 | | Net income (loss) | | $ | (83,059) | | | | $ | (38,420) | | | | $ | (40,459) | | | | $ | 77,945 | | Net income (loss) per share—basic | | $ | (0.66) | | | | $ | (0.30) | | | | $ | (0.31) | | | | $ | 0.56 | | Net income (loss) per share—diluted | | $ | (0.66) | | | | $ | (0.30) | | | | $ | (0.31) | | | | $ | 0.54 | | Weighted average common shares outstanding—basic | | 126,248 | | | | 129,182 | | | | 129,567 | | | | 139,901 | | Weighted average common shares outstanding—diluted | | 126,248 | | | | 129,182 | | | | 129,567 | | | | 143,200 | | 2018 | | | | | | | | | Revenue | | $ | 90,296 | | | | 102,894 | | | | 118,291 | | | | 142,981 | | Operating expenses: | | | | | | | | | | | | | | | | Cost of sales (exclusive of amortization of acquired intangibles) | | 22,579 | | | | 26,553 | | | | 29,685 | | | | 37,827 | | Research and development | | 14,704 | | | | 14,481 | | | | 17,400 | | | | 20,700 | | Sales and marketing | | 53,408 | | | | 54,431 | | | | 64,836 | | | | 76,773 | | General and administrative | | 35,531 | | | | 39,529 | | | | 46,693 | | | | 56,263 | | Amortization of acquired intangibles | | 602 | | | | 602 | | | | 602 | | | | 734 | | Loss from operations | | (36,528) | | | | (32,702) | | | | (40,925) | | | | (49,316) | | Investment income | | 3,673 | | | | 4,917 | | | | 6,292 | | | | 6,321 | | Interest expense | | (6,510) | | | | (8,603) | | | | (10,704) | | | | (10,972) | | Net loss before tax | | (39,365) | | | | (36,388) | | | | (45,337) | | | | (53,967) | | Income tax benefit (expense) | | (59) | | | | 1 | | | | (27) | | | | (7) | | Net loss | | $ | (39,424) | | | | $ | (36,387) | | | | $ | (45,364) | | | | $ | (53,974) | | Net loss per share—basic and diluted | | $ | (0.33) | | | | $ | (0.30) | | | | $ | (0.37) | | | | $ | (0.44) | | Weighted average common shares outstanding—basic and diluted | | 121,016 | | | | 122,129 | | | | 122,671 | | | | 122,981 | |
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