Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

The following table shows selected unaudited quarterly consolidated statement of operations data for each of our eight most recently completed quarters. In the opinion of management, the information for each of these quarters has been prepared on the same basis as our audited financial statements and include all adjustments, consisting of normal recurring adjustments and accruals, necessary for the fair statement of financial information in accordance with GAAP. However, the global economy, credit markets and financial markets have and may continue to experience significant volatility as a result of Macroeconomic Conditions. These Macroeconomic Conditions have and may continue to create supply chain disruptions, inventory disruptions, and fluctuations in economic growth, including fluctuations in employment rates, inflation, energy prices and consumer sentiment. In particular, the COVID-19 pandemic also disrupted and may intermittently continue to disrupt our sales channels due to restrictions imposed from time to time on our service providers’ ability to meet with residential and commercial property owners who use our solutions. It remains difficult to assess or predict the ultimate duration and economic impact of the Macroeconomic Conditions including, the path of the COVID-19 pandemic, the evolution of COVID-19 variants or the emergence of other public health crises. Additionally, increases in freight shipment and inventory component costs have resulted in an increase to our cost of hardware revenue during 2021 and portions of 2022.

Information about current period and prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Note 7. Information about the 2026 Notes issued in January 2021 and the related interest expense, which may affect the comparability of the quarterly financial data presented below, is included in Note 13. Information about the adoption of ASU 2020-06 and the elimination of non-cash interest expense related to the amortization of the debt discount associated with the equity component for the 2026 Notes, which may affect the comparability of the quarterly financial data presented below, is included in Note 2. The selected consolidated statements of operation data in amounts are presented below (in thousands, except per share data):


	Three Months Ended
	Mar. 31, 2021		June 30, 2021		Sept. 30, 2021		Dec. 31, 2021		Mar. 31, 2022		June 30, 2022		Sept. 30, 2022		Dec. 31, 2022
Total revenue	$	172,498	$	188,857	$	192,324	$	195,290	$	205,437	$	212,845	$	216,138	$	208,139
Total cost of revenue	65,762		77,367		80,384		82,386		90,087		87,336		85,586		79,572

Net income	14,550		14,490		13,294		8,841		8,903		10,828		18,110		17,790
Net income attributable to common stockholders	14,830		14,745		13,538		9,146		9,079		10,842		18,332		18,085
Net income per share attributable to common stockholders
Basic	$	0.30	$	0.30	$	0.27	$	0.18	$	0.18	$	0.22	$	0.37	$	0.36
Diluted	$	0.29	$	0.28	$	0.26	$	0.18	$	0.18	$	0.21	$	0.35	$	0.34