The following summarizes certain quarterly statement of operations data for each of the quarters in fiscal years 2020 and 2019 (in thousands, except percentages and per share data). The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. We derived this data from the unaudited consolidated interim financial statements that, in our opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.

	Fiscal 2020
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Revenues	$	89,070		$	93,236		$	96,597		$	87,204		$	366,107
Gross profit		35,411			37,670			36,884			33,338			143,303
Gross margin		39.8	%		40.4	%		38.2	%		38.2	%		39.1	%
Net income (loss)		(8,693	)		(7,369	)		(7,415	)		(55,827	)		(79,304	)
Earnings (loss) per diluted share	$	(0.26	)	$	(0.22	)	$	(0.22	)	$	(1.65	)	$	(2.36	)

	Fiscal 2019
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Revenues	$	94,888		$	96,037		$	88,495		$	84,380		$	363,800
Gross profit		38,091			39,821			36,381			33,471			147,764
Gross margin		40.1	%		41.5	%		41.1	%		39.7	%		40.6	%
Net income (loss)		8,511			(854	)		(522	)		11,263			18,398
Earnings (loss) per diluted share	$	0.23		$	(0.02	)	$	(0.02	)	$	0.33		$	0.52

The net loss in fiscal 2020 fourth quarter included a $19.1 million impairment loss from long-lived assets and ROU assets and a $34.6 million increase of the valuation allowance against our net deferred tax assets. The impairment loss is described in Note 1 – Description of Business and Summary of Significant Accounting Policies. The increase of the valuation allowance is described in Note 13 – Income Taxes.

The net loss in fiscal 2020 third quarter included a loss of $2.4 million from extinguishment of debt. The loss was described in Note 10 – Financing Arrangements.

The net income (loss) in the fiscal 2019 first, third and fourth quarter included a gain from legal settlement of $13.3 million, $2.5 million and $2.5 million, respectively. Substantially all of the previously reserved legal provision of $19.1 million as of November 30, 2018 relating to an alleged patent infringement was reversed in the fourth quarter of fiscal 2019. These matters are described in Note 19 – Commitments and Contingencies. The net loss in fiscal 2019 second quarter included a loss of $2.0 million from extinguishment of debt. The loss on extinguishment is described in Note 10 – Financing Arrangements. As of February 28, 2019, we determined that our investment in Smart Driver Club was subject to other than temporary impairment of $5.0 million, which is reported as part of equity in net loss of affiliate and related impairment loss in our consolidated statement of comprehensive income (loss). The impairment is described in Note 9 – Other Assets.