v3.19.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Revenues $ 138,773 $ 139,627 $ 274,776 $ 273,192
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):        
Total cost of revenues 36,441 29,442 72,780 54,969
Gross profit 102,332 110,185 201,996 218,223
Operating expenses:        
Sales and marketing 33,242 25,789 66,123 51,537
Research and development 19,130 12,340 36,444 24,413
General and administrative 27,535 25,187 53,763 46,203
Total operating expenses 79,907 63,316 156,330 122,153
Income from operations 22,425 46,869 45,666 96,070
Foreign currency exchange gain (loss), net (152) 0 (247) 0
Interest expense (645) (650) (1,359) (1,240)
Interest income and other income, net 52 43 117 92
Income before income taxes 21,680 46,262 44,177 94,922
Income tax expense 7,688 738 14,430 2,354
Net income $ 13,992 $ 45,524 $ 29,747 $ 92,568
Net income per share:        
Basic (in dollars per share) $ 0.81 $ 2.53 $ 1.71 $ 5.19
Diluted (in dollars per share) $ 0.79 $ 2.41 $ 1.66 $ 4.95
Weighted average shares outstanding:        
Basic (in shares) 17,291 18,015 17,418 17,830
Diluted (in shares) 17,809 18,906 17,911 18,709
Service        
Revenues:        
Revenues $ 127,429 $ 125,206 $ 251,336 $ 246,122
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):        
Total cost of revenues 32,452 22,610 64,687 43,259
Product        
Revenues:        
Revenues 4,785 4,892 10,190 10,571
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):        
Total cost of revenues 1,549 1,480 3,222 3,231
Insurance        
Revenues:        
Revenues 3,431 4,293 6,765 8,661
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):        
Total cost of revenues 0 1,014 0 2,012
Customized postage        
Revenues:        
Revenues 3,128 5,218 6,485 7,798
Cost of revenues (exclusive of amortization of intangible assets, which is included in general and administrative expense):        
Total cost of revenues 2,440 4,338 4,871 6,467
Other        
Revenues:        
Revenues $ 0 $ 18 $ 0 $ 40

Source