v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Revenues $ 571,850 $ 586,930 $ 468,709
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):      
Total cost of revenues 155,216 126,909 79,226
Gross profit 416,634 460,021 389,483
Operating expenses:      
Sales and marketing 134,226 112,080 91,222
Research and development 78,041 56,591 46,208
General and administrative 110,804 96,951 88,550
Total operating expenses 323,071 265,622 225,980
Income from operations 93,563 194,399 163,503
Foreign currency exchange gain (loss), net (506) (992) 0
Interest expense (2,513) (2,595) (3,669)
Interest income and other income, net 205 102 414
Income before income taxes 90,749 190,914 160,248
Income tax expense 31,520 22,272 9,645
Net income $ 59,229 $ 168,642 $ 150,603
Net income per share      
Basic (in USD per share) $ 3.43 $ 9.39 $ 8.81
Diluted (in USD per share) $ 3.33 $ 8.99 $ 8.19
Weighted average shares outstanding      
Basic (in shares) 17,260 17,952 17,099
Diluted (in shares) 17,795 18,762 18,387
Service      
Revenues:      
Revenues $ 523,528 $ 530,682 $ 411,272
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):      
Total cost of revenues 137,716 101,921 51,931
Product      
Revenues:      
Revenues 20,494 20,424 20,715
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):      
Total cost of revenues 6,349 6,153 6,618
Insurance      
Revenues:      
Revenues 13,102 16,189 17,385
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):      
Total cost of revenues 0 2,945 4,637
Customized postage      
Revenues:      
Revenues 14,726 19,583 19,244
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):      
Total cost of revenues 11,151 15,890 16,040
Other      
Revenues:      
Revenues $ 0 $ 52 $ 93

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