CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Impact of the COVID-19 Pandemic
Acquisitions
RESULTS OF OPERATIONS (in thousands)
The following table sets forth, for the fiscal periods indicated, the percentage of total revenues represented by certain items in the Company’s Condensed Consolidated Statements of Comprehensive Loss:
Our revenue was derived from the following sources (in thousands):
Revenue for the six months ended June 30, 2022 was $44,633, an increase of $7,663, or 21%, from $36,970 for the six months ended June 30, 2021. Recurring revenue increased due to organic growth.
Gross Profit and Gross Margin
Sales and Marketing Expenses
We continue to expand and increase selling costs as we focus on hiring direct sales personnel, expanding recognition of our brand, and lead generation.
General and Administrative Expenses
We continue to drive efficiencies within our payroll operations by continually reevaluating our vendor relationships.
Research and Development Expenses
Research and development (“R&D”) expenses consist primarily of salaries and related expenses, including stock-based expenses for employees supporting our R&D activities.
Amortization of Intangible Assets
Other Income, Net
For the six months ended June 30, 2022 and 2021, we recorded an income tax expense attributable to continuing operations of $104 and $403, respectively, a decrease of $299 or 74%.
LIQUIDITY AND CAPITAL RESOURCES (in thousands)
(1)This balance excludes cash equivalents in funds held for clients
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CRITICAL ACCOUNTING POLICIES
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