17. Unaudited Quarterly Results of Operations Data

The following table sets forth our unaudited quarterly consolidated results of operations for each of the eight quarterly periods in the period ended December 31, 2020. Our unaudited quarterly results of operations have been prepared on the same basis as our audited consolidated financial statements, and we believe they reflect all normal recurring adjustments necessary for the fair statement of our results of operations for these periods. This information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical operating data may not be indicative of our future performance.


	Three Months Ended
	Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,		Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,
	2019		2019		2019		2019		2020 (1)		2020 (1)		2020 (1)		2020
	(in thousands)
Revenue	$	47,197	$	56,168	$	61,196	$	65,122	$	81,024	$	64,605	$	98,928	$	100,301
Cost of services		37,233		44,716		48,876		53,353		64,422		52,650		78,092		79,635
Gross profit		9,964		11,452		12,320		11,769		16,602		11,955		20,836		20,666
Operating expenses:
Sales and marketing		2,346		3,117		3,183		3,255		3,267		3,608		3,355		4,776
General and administrative		4,508		5,981		6,068		7,370		9,904		9,419		12,653		14,729
Total operating expenses		6,854		9,098		9,251		10,625		13,171		13,027		16,008		19,505
Income (loss) from operations		3,110		2,354		3,069		1,144		3,431		(1,072)		4,828		1,161
Other income		—		—		—		—		164		3		11		32
Interest income (expense), net		(38)		(128)		(28)		136		150		5		(17)		(17)
Convertible preferred stock warrant valuation adjustment		(551)		(642)		(11,226)		(5,757)		—		—		—		—
Total other income (expense), net		(589)		(770)		(11,254)		(5,621)		314		8		(6)		15
Income (loss) before income taxes		2,521		1,584		(8,185)		(4,477)		3,745		(1,064)		4,822		1,176
Benefit (provision) for income taxes		—		(64)		(25)		77		(116)		—		—		37,896
Net income (loss)	$	2,521	$	1,520	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) attributable to common stockholders	$	31	$	—	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) per share attributable to common stockholders:
Basic	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.06	$	0.45
Diluted	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.05	$	0.39
Weighted-average shares used in computing net income (loss) per share:
Basic		15,120,928		5,172,209		7,472,469		64,192,100		84,537,538		85,281,151		86,265,297		86,514,619
Diluted		15,120,928		5,172,209		7,472,469		64,192,100		99,665,158		85,281,151		98,969,588		99,021,233

(1) In the fourth quarter of 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” with an adoption date of January 1, 2020. As such, quarterly financial information for the interim periods of 2020 has been recast with resulting impacts to the previously disclosed general and administrative expense of $0.4 million, $(0.7) million, and $0.5 million for the three-month periods ended March 31, 2020, June 30, 2020, and September 30, 2020, respectively. Refer to Note 2 for further discussion of the new accounting pronouncements recently adopted.