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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net revenues (note 11) $ 82,122 $ 84,117 $ 166,107 $ 163,070
Cost of revenues (note 11)        
Cost of revenues 51,790 54,873 104,978 106,805
Network expenses 2,485 2,385 4,901 4,780
Depreciation of property and equipment 3,030 2,038 5,907 3,839
Amortization of intangible assets (note 6) 326 314 680 488
Impairment of Property Plant and Equipment 1,525 0 1,525 0
Total cost of revenues 59,156 59,610 117,991 115,912
Gross profit 22,966 24,507 48,116 47,158
Expenses:        
Sales and marketing 9,218 8,856 18,203 17,597
Technical operations and development 3,067 2,752 5,818 5,275
General and administrative 5,465 4,796 10,206 9,244
Depreciation of property and equipment 125 134 238 258
Amortization of intangible assets (note 6) 2,504 2,251 5,451 4,117
Impairment of definite life intangible assets 1,431 0 1,431 0
Loss (gain) on currency forward contracts (note 5) (381) (31) 60 (110)
Total expenses 21,429 18,758 41,407 36,381
Income from operations 1,537 5,749 6,709 10,777
Other income (expenses):        
Interest expense, net (846) (1,314) (1,996) (2,286)
Other expense, net (85) 0 (172) 0
Total other income (expenses) (931) (1,314) (2,168) (2,286)
Income before provision for income taxes 606 4,435 4,541 8,491
Provision for income taxes (note 8) 449 1,819 1,550 3,076
Net income for the period 157 2,616 2,991 5,415
Other comprehensive income, net of tax        
Unrealized income (loss) on hedging activities (note 5) 1,114 240 (120) 789
Net amount reclassified to earnings (note 5) 200 80 243 141
Other comprehensive income net of tax expense of $398 and $103 for the three months ended June 30, 2020 and June 30, 2019, $32 and $298 for the six months ended June 30, 2020 and June 30, 2019 (note 5) 1,314 320 123 930
Comprehensive income, net of tax for the period $ 1,471 $ 2,936 $ 3,114 $ 6,345
Basic earnings per common share (note 10) (in dollars per share) $ 0.01 $ 0.25 $ 0.28 $ 0.51
Shares used in computing basic earnings per common share (note 10) (in shares) 10,567,382 10,657,124 10,589,806 10,646,045
Diluted earnings per common share (note 10) (in dollars per share) $ 0.01 $ 0.24 $ 0.28 $ 0.50
Shares used in computing diluted earnings per common share (note 10) (in shares) 10,653,527 10,840,005 10,684,304 10,837,456