QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

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