\nIn the release dated September 7, 2021, in the table \u201cNet Revenues by Solution Type,\u201d for the period \u201cThree months ended June 30, 2020,\u201d the figure for \u201cLending Software Solutions Contribution\u201d should read: 12% (instead of 7%). The figure for \u201cTotal % Mortgage Loan Market Contribution\u201d should read: 39% (instead of 37%).\n<\/p>\n
\nThe updated release reads:\n<\/p>\n
MERIDIANLINK REPORTS SECOND QUARTER 2021 RESULTS<\/b><\/p>\n
Revenue of $68.5 million grows 38% year-over-year<\/i><\/p>\n
\nMeridianLink, Inc. (NYSE: MLNK), a cloud-based technology company that enables banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies (CRAs) to streamline loan decision making and origination, and credit reporting and background screening workflows, today announced financial results for the second quarter ended June 30, 2021.\n<\/p>\n
\n\u201cMeridianLink delivered strong performance throughout our business in Q2,\u201d said Nicolaas Vlok, chief executive officer of MeridianLink. \u201cWe have great momentum in the business as MeridianLink continues to help financial institutions and CRAs bring equity to lending, placing power in consumers\u2019 hands through our lending and data verification platforms. I couldn\u2019t be prouder of these results which showcase both our robust organic growth and best-in-class margins.\u201d\n<\/p>\n
\n\u201cGiven our leadership position in the market, our operational execution and the positive market dynamics, we are confident in our growth trajectory. As financial institutions respond to customer demands for more integrated digital banking, lending, and data verification experiences, we are ideally positioned to help new and existing customers meet evolving consumer needs through our dynamic platform. As a result of this, I am even more optimistic about the opportunity ahead of us.\u201d\n<\/p>\n
Financial Highlights:<\/b><\/p>\n Initial Public Offering:<\/b><\/p>\n Business and Operating Highlights:<\/b><\/p>\n Business Outlook<\/b><\/p>\n \nBased on information as of today, September 7, 2021, the Company issues the following financial guidance.\n<\/p>\n Third Quarter Fiscal 2021:<\/b><\/p>\n Full Year 2021:<\/b><\/p>\n Conference Call Information<\/b><\/p>\n \nMeridianLink will hold a conference call to discuss our second quarter 2021 results today, September 7, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed by dialing (877) 284-4396 from the United States and Canada or (873) 415-0298 internationally with conference ID 4917618. A live webcast of the conference call can be accessed from the investor relations page of MeridianLink \u2019s website at ir.meridianlink.com<\/a>. An archived replay of the webcast will be available at the same website following the conclusion of the call. A telephonic replay will be available until approximately 8:59 p.m. Pacific Time (11:59 p.m. Eastern Time) on Tuesday, September 14, 2021, at (800) 585-8367 from the United States and Canada or (416) 621-4642 internationally with conference ID 4917618.\n<\/p>\n About MeridianLink <\/b><\/p>\n \nMeridianLink\u00ae (NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes\u2019 2020 lists of America\u2019s Best Credit Unions and Banks. Further information can be found at www.meridianlink.com<\/a>.\n<\/p>\n Non-GAAP Financial Measures <\/b><\/p>\n \nTo supplement the financial measures presented in accordance with generally accepted accounting principles, or GAAP, we provide certain non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA margin; non-GAAP operating income; non-GAAP net income; non-GAAP cost of revenue; non-GAAP sales and marketing expenses; non-GAAP research and development expenses; non-GAAP general and administrative expenses; and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Rather, we believe that these non-GAAP financial measures, when viewed in addition to and not in lieu of our reported GAAP financial results, provide investors with additional meaningful information to assess our financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating our business. The following definitions are provided:\n<\/p>\n \nReconciliations to comparable GAAP financial measures are available in the accompanying schedules, which are posted as part of this earnings release on our website. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis release contains, and our above-referenced conference call and webcast will contain, statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Generally, these statements can be identified by the use of words such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cseeks,\u201d \u201cshould,\u201d \u201cwill,\u201d and variations of such words or similar expressions, although not all forward-looking statements contain these identifying words. Further, statements describing our strategy, outlook, guidance, plans, intentions, or goals are also forward-looking statements. These forward-looking statements reflect our predictions, expectations, or forecasts, including, but not limited to, statements regarding, and guidance with respect to, our future financial and operational performance, our strategic initiatives, our development or delivery of new or enhanced solutions, our market size and growth opportunities, and our competitive positioning. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks related to our business and industry, as well as those set forth under the caption \u201cRisk Factors\u201d in our final prospectus filed on July 28, 2021, and our other SEC filings. Additional information will also be set forth in Item 1A. Risk Factors, or elsewhere, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. Any forward-looking statement contained herein or provided on the related conference call is based on reasonable assumptions as of the date hereof. We undertake no obligation, other than as required by applicable law, to update any forward-looking statements, whether as a result of new information, future events, or otherwise.\n<\/p>\n Consolidated Balance Sheet<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except unit and per unit data)<\/i><\/p>\n<\/td>\n<\/tr>\n June 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n \nCurrent assets:\n<\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$29,236\n<\/p>\n<\/td>\n \n$37,739\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash\n<\/p>\n<\/td>\n \n2,221\n<\/p>\n<\/td>\n \n2,142\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net of allowance for doubtful accounts\n<\/p>\n<\/td>\n \n29,086\n<\/p>\n<\/td>\n \n22,358\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n9,322\n<\/p>\n<\/td>\n \n5,812\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party receivable from sellers of MeridianLink\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n4,123\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n \n69,865\n<\/p>\n<\/td>\n \n72,174\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n7,105\n<\/p>\n<\/td>\n \n7,600\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net\n<\/p>\n<\/td>\n \n320,162\n<\/p>\n<\/td>\n \n328,032\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets, net\n<\/p>\n<\/td>\n \n5,121\n<\/p>\n<\/td>\n \n9,484\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n \n565,054\n<\/p>\n<\/td>\n \n542,965\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n3,043\n<\/p>\n<\/td>\n \n3,450\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n $970,350<\/b><\/p>\n<\/td>\n $963,705<\/b><\/p>\n<\/td>\n<\/tr>\n Liabilities and Members\u2019 Deficit <\/b><\/p>\n<\/td>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$2,400\n<\/p>\n<\/td>\n \n$2,257\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued liabilities\n<\/p>\n<\/td>\n \n21,730\n<\/p>\n<\/td>\n \n21,070\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue\n<\/p>\n<\/td>\n \n21,094\n<\/p>\n<\/td>\n \n10,873\n<\/p>\n<\/td>\n<\/tr>\n \nTazWorks, LLC purchase liability\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n85,646\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party liability due to sellers of MeridianLink\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n30,000\n<\/p>\n<\/td>\n<\/tr>\n \nPayable due to sellers of Teledata Communications, Inc.\n<\/p>\n<\/td>\n \n2,142\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of long-term debt, net of debt issuance costs\n<\/p>\n<\/td>\n \n1,757\n<\/p>\n<\/td>\n \n2,955\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n49,123\n<\/p>\n<\/td>\n \n152,801\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, net of debt issuance costs\n<\/p>\n<\/td>\n \n613,095\n<\/p>\n<\/td>\n \n516,877\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred rent\n<\/p>\n<\/td>\n \n456\n<\/p>\n<\/td>\n \n543\n<\/p>\n<\/td>\n<\/tr>\n \nOther long-term liabilities\n<\/p>\n<\/td>\n \n127\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n662,801\n<\/p>\n<\/td>\n \n670,221\n<\/p>\n<\/td>\n<\/tr>\n \nCommitments and contingencies\n<\/p>\n<\/td>\n \nClass A units, no par value, unlimited units authorized, 319,859 and 319,913 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; liquidation preference of $420,706 and $402,607 as of June 30, 2021 and December 31, 2020, respectively\n<\/p>\n<\/td>\n \n319,859\n<\/p>\n<\/td>\n \n319,913\n<\/p>\n<\/td>\n<\/tr>\n Members\u2019 Deficit<\/b><\/p>\n<\/td>\n \nClass B units, no par value, unlimited units authorized, 52,112,904 and 51,492,805 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively\n<\/p>\n<\/td>\n \n9\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital\n<\/p>\n<\/td>\n \n3,368\n<\/p>\n<\/td>\n \n3,909\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n(15,687)\n<\/p>\n<\/td>\n \n(30,338)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal members\u2019 deficit\n<\/p>\n<\/td>\n \n(12,310)\n<\/p>\n<\/td>\n \n(26,429)\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities, preferred units, and members\u2019 deficit <\/b><\/p>\n<\/td>\n $970,350<\/b><\/p>\n<\/td>\n $963,705<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated Statements of Operations<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except unit and per unit data)<\/i><\/p>\n<\/td>\n<\/tr>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues, net\n<\/p>\n<\/td>\n \n$68,474\n<\/p>\n<\/td>\n \n$49,535\n<\/p>\n<\/td>\n \n$136,285\n<\/p>\n<\/td>\n \n$93,153\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenues:\n<\/p>\n<\/td>\n \nSubscription and services\n<\/p>\n<\/td>\n \n17,997\n<\/p>\n<\/td>\n \n12,114\n<\/p>\n<\/td>\n \n34,611\n<\/p>\n<\/td>\n \n23,249\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of developed technology\n<\/p>\n<\/td>\n \n3,109\n<\/p>\n<\/td>\n \n2,131\n<\/p>\n<\/td>\n \n5,971\n<\/p>\n<\/td>\n \n4,204\n<\/p>\n<\/td>\n<\/tr>\n \nTotal cost of revenues\n<\/p>\n<\/td>\n \n21,106\n<\/p>\n<\/td>\n \n14,245\n<\/p>\n<\/td>\n \n40,582\n<\/p>\n<\/td>\n \n27,453\n<\/p>\n<\/td>\n<\/tr>\n \nGross profit\n<\/p>\n<\/td>\n \n47,368\n<\/p>\n<\/td>\n \n35,290\n<\/p>\n<\/td>\n \n95,703\n<\/p>\n<\/td>\n \n65,700\n<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:\n<\/p>\n<\/td>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n16,622\n<\/p>\n<\/td>\n \n13,693\n<\/p>\n<\/td>\n \n34,967\n<\/p>\n<\/td>\n \n27,318\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n7,288\n<\/p>\n<\/td>\n \n4,726\n<\/p>\n<\/td>\n \n14,274\n<\/p>\n<\/td>\n \n9,033\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing\n<\/p>\n<\/td>\n \n4,224\n<\/p>\n<\/td>\n \n2,177\n<\/p>\n<\/td>\n \n7,823\n<\/p>\n<\/td>\n \n4,201\n<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\n<\/p>\n<\/td>\n \n28,134\n<\/p>\n<\/td>\n \n20,596\n<\/p>\n<\/td>\n \n57,064\n<\/p>\n<\/td>\n \n40,552\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income\n<\/p>\n<\/td>\n \n19,234\n<\/p>\n<\/td>\n \n14,694\n<\/p>\n<\/td>\n \n38,639\n<\/p>\n<\/td>\n \n25,148\n<\/p>\n<\/td>\n<\/tr>\n \nOther (income) expense, net:\n<\/p>\n<\/td>\n \nOther income\n<\/p>\n<\/td>\n \n(10)\n<\/p>\n<\/td>\n \n(23)\n<\/p>\n<\/td>\n \n(30)\n<\/p>\n<\/td>\n \n(24)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net\n<\/p>\n<\/td>\n \n9,846\n<\/p>\n<\/td>\n \n8,517\n<\/p>\n<\/td>\n \n19,908\n<\/p>\n<\/td>\n \n17,374\n<\/p>\n<\/td>\n<\/tr>\n \nTotal other expense, net\n<\/p>\n<\/td>\n \n9,836\n<\/p>\n<\/td>\n \n8,494\n<\/p>\n<\/td>\n \n19,878\n<\/p>\n<\/td>\n \n17,350\n<\/p>\n<\/td>\n<\/tr>\n \nIncome before provision for income taxes\n<\/p>\n<\/td>\n \n9,398\n<\/p>\n<\/td>\n \n6,200\n<\/p>\n<\/td>\n \n18,761\n<\/p>\n<\/td>\n \n7,798\n<\/p>\n<\/td>\n<\/tr>\n \nProvision for income taxes\n<\/p>\n<\/td>\n \n1,966\n<\/p>\n<\/td>\n \n1,304\n<\/p>\n<\/td>\n \n4,098\n<\/p>\n<\/td>\n \n1,576\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n$7,432\n<\/p>\n<\/td>\n \n$4,896\n<\/p>\n<\/td>\n \n$14,663\n<\/p>\n<\/td>\n \n$6,222\n<\/p>\n<\/td>\n<\/tr>\n \nClass A preferred return\n<\/p>\n<\/td>\n \n(9,232)\n<\/p>\n<\/td>\n \n(8,462)\n<\/p>\n<\/td>\n \n(18,165)\n<\/p>\n<\/td>\n \n(16,747)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to Class B unitholders\n<\/p>\n<\/td>\n \n($1,800)\n<\/p>\n<\/td>\n \n($3,566)\n<\/p>\n<\/td>\n \n($3,502)\n<\/p>\n<\/td>\n \n($10,525)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average units outstanding \u2013 basic and diluted\n<\/p>\n<\/td>\n \n52,015,526\n<\/p>\n<\/td>\n \n51,248,738\n<\/p>\n<\/td>\n \n51,843,086\n<\/p>\n<\/td>\n \n51,024,837\n<\/p>\n<\/td>\n<\/tr>\n \nLoss per common unit \u2013 basic and diluted\n<\/p>\n<\/td>\n \n($0.03)\n<\/p>\n<\/td>\n \n($0.07)\n<\/p>\n<\/td>\n \n($0.07)\n<\/p>\n<\/td>\n \n($0.21)\n<\/p>\n<\/td>\n<\/tr>\n Net Revenues by Major Source<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nSubscription fees\n<\/p>\n<\/td>\n \n$60,427\n<\/p>\n<\/td>\n \n$44,000\n<\/p>\n<\/td>\n \n$120,743\n<\/p>\n<\/td>\n \n$82,771\n<\/p>\n<\/td>\n<\/tr>\n \nProfessional services\n<\/p>\n<\/td>\n \n5,615\n<\/p>\n<\/td>\n \n3,651\n<\/p>\n<\/td>\n \n11,106\n<\/p>\n<\/td>\n \n7,400\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n2,432\n<\/p>\n<\/td>\n \n1,884\n<\/p>\n<\/td>\n \n4,436\n<\/p>\n<\/td>\n \n2,982\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$68,474\n<\/p>\n<\/td>\n \n$49,535\n<\/p>\n<\/td>\n \n$136,285\n<\/p>\n<\/td>\n \n$93,153\n<\/p>\n<\/td>\n<\/tr>\n Net Revenues by Solution Type<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nLending Software Solutions\n<\/p>\n<\/td>\n \n$45,243\n<\/p>\n<\/td>\n \n$32,799\n<\/p>\n<\/td>\n \n$88,377\n<\/p>\n<\/td>\n \n$63,338\n<\/p>\n<\/td>\n<\/tr>\n \nData Verification Software Solutions\n<\/p>\n<\/td>\n \n23,231\n<\/p>\n<\/td>\n \n16,736\n<\/p>\n<\/td>\n \n47,908\n<\/p>\n<\/td>\n \n29,815\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$68,474\n<\/p>\n<\/td>\n \n$49,535\n<\/p>\n<\/td>\n \n$136,285\n<\/p>\n<\/td>\n \n$93,153\n<\/p>\n<\/td>\n<\/tr>\n \n% Growth\n<\/p>\n<\/td>\n TCI and TazWorks Contribution<\/i><\/p>\n<\/td>\n \n24%\n<\/p>\n<\/td>\n \n24%\n<\/p>\n<\/td>\n Lending Software Solutions Contribution<\/i><\/p>\n<\/td>\n \n13%\n<\/p>\n<\/td>\n \n14%\n<\/p>\n<\/td>\n Data Verification Software Contribution<\/i><\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n \n8%\n<\/p>\n<\/td>\n \nTotal % Growth\n<\/p>\n<\/td>\n \n38%\n<\/p>\n<\/td>\n \n46%\n<\/p>\n<\/td>\n \n% Mortgage Loan Market Contribution\n<\/p>\n<\/td>\n Lending Software Solutions Contribution<\/i><\/p>\n<\/td>\n \n8%\n<\/p>\n<\/td>\n \n12%\n<\/p>\n<\/td>\n \n10%\n<\/p>\n<\/td>\n \n11%\n<\/p>\n<\/td>\n<\/tr>\n Data Verification Software Contribution<\/i><\/p>\n<\/td>\n \n71%\n<\/p>\n<\/td>\n \n94%\n<\/p>\n<\/td>\n \n72%\n<\/p>\n<\/td>\n \n92%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal % Mortgage Loan Market Contribution\n<\/p>\n<\/td>\n \n30%\n<\/p>\n<\/td>\n \n39%\n<\/p>\n<\/td>\n \n32%\n<\/p>\n<\/td>\n \n37%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n Consolidated Statements of Cash Flows<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n Cash flows from operating activities: <\/b><\/p>\n<\/td>\n \nNet income\n<\/p>\n<\/td>\n \n$14,663\n<\/p>\n<\/td>\n \n$6,222\n<\/p>\n<\/td>\n \nAdjustments to reconcile net income to net cash provided by operating activities:\n<\/p>\n<\/td>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n24,957\n<\/p>\n<\/td>\n \n19,458\n<\/p>\n<\/td>\n \nProvision for doubtful accounts\n<\/p>\n<\/td>\n \n89\n<\/p>\n<\/td>\n \n300\n<\/p>\n<\/td>\n \nAmortization of debt issuance costs\n<\/p>\n<\/td>\n \n1,817\n<\/p>\n<\/td>\n \n349\n<\/p>\n<\/td>\n \nUnit-based compensation expense\n<\/p>\n<\/td>\n \n1,308\n<\/p>\n<\/td>\n \n1,313\n<\/p>\n<\/td>\n \nLoss on disposal of fixed assets\n<\/p>\n<\/td>\n \n207\n<\/p>\n<\/td>\n \n72\n<\/p>\n<\/td>\n \nLoss on sublease liability\n<\/p>\n<\/td>\n \n405\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nDeferred income taxes\n<\/p>\n<\/td>\n \n3,842\n<\/p>\n<\/td>\n \n1,522\n<\/p>\n<\/td>\n \nOther adjustments\n<\/p>\n<\/td>\n \n(16)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nChanges in operating assets and liabilities:\n<\/p>\n<\/td>\n \nAccounts receivable\n<\/p>\n<\/td>\n \n(2,641)\n<\/p>\n<\/td>\n \n(5,777)\n<\/p>\n<\/td>\n \nPrepaid expenses and other assets\n<\/p>\n<\/td>\n \n(1,774)\n<\/p>\n<\/td>\n \n(1,030)\n<\/p>\n<\/td>\n \nAccounts payable\n<\/p>\n<\/td>\n \n(39)\n<\/p>\n<\/td>\n \n972\n<\/p>\n<\/td>\n \nAccrued liabilities\n<\/p>\n<\/td>\n \n(3,081)\n<\/p>\n<\/td>\n \n(339)\n<\/p>\n<\/td>\n \nDeferred revenue\n<\/p>\n<\/td>\n \n10,221\n<\/p>\n<\/td>\n \n7,286\n<\/p>\n<\/td>\n \nDeferred rent\n<\/p>\n<\/td>\n \n(49)\n<\/p>\n<\/td>\n \n(31)\n<\/p>\n<\/td>\n \nNet cash provided by operating activities\n<\/p>\n<\/td>\n \n49,909\n<\/p>\n<\/td>\n \n30,317\n<\/p>\n<\/td>\n Cash flows from investing activities:<\/b><\/p>\n<\/td>\n \nAcquisitions, net of cash acquired \u2013 TazWorks, LLC\n<\/p>\n<\/td>\n \n(85,421)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nAcquisitions, net of cash acquired \u2013 Saylent Technologies, Inc\n<\/p>\n<\/td>\n \n(35,957)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nCapitalized software additions\n<\/p>\n<\/td>\n \n(2,216)\n<\/p>\n<\/td>\n \n(1,428)\n<\/p>\n<\/td>\n \nPurchases of property and equipment\n<\/p>\n<\/td>\n \n(553)\n<\/p>\n<\/td>\n \n(2,829)\n<\/p>\n<\/td>\n \nNet cash used in investing activities\n<\/p>\n<\/td>\n \n(124,147)\n<\/p>\n<\/td>\n \n(4,257)\n<\/p>\n<\/td>\n Cash flows from financing activities:<\/b><\/p>\n<\/td>\n \nRepurchases of Class A Units\n<\/p>\n<\/td>\n \n(54)\n<\/p>\n<\/td>\n \n(900)\n<\/p>\n<\/td>\n \nRepurchases of Class B Units\n<\/p>\n<\/td>\n \n(1,887)\n<\/p>\n<\/td>\n \n(1,420)\n<\/p>\n<\/td>\n \nProceeds from long-term debt\n<\/p>\n<\/td>\n \n100,000\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nPrincipal payments of long-term debt\n<\/p>\n<\/td>\n \n(2,590)\n<\/p>\n<\/td>\n \n(2,078)\n<\/p>\n<\/td>\n \nPayments of debt issuance costs\n<\/p>\n<\/td>\n \n(1,970)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nPayments of financing obligation due to related party\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n(40)\n<\/p>\n<\/td>\n \nPayments of Class A cumulative preferred return\n<\/p>\n<\/td>\n \n(12)\n<\/p>\n<\/td>\n \n(135)\n<\/p>\n<\/td>\n \nPayments of deferred offering costs\n<\/p>\n<\/td>\n \n(2,008)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nHoldback payment to prior shareholders, net related party receivable\n<\/p>\n<\/td>\n \n(25,665)\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nNet cash provided by (used in) financing activities\n<\/p>\n<\/td>\n \n65,814\n<\/p>\n<\/td>\n \n(4,573)\n<\/p>\n<\/td>\n \nNet increase (decrease) in cash, cash equivalents and restricted cash\n<\/p>\n<\/td>\n \n(8,424)\n<\/p>\n<\/td>\n \n21,487\n<\/p>\n<\/td>\n \nCash, cash equivalents and restricted cash, beginning of period\n<\/p>\n<\/td>\n \n39,881\n<\/p>\n<\/td>\n \n97,770\n<\/p>\n<\/td>\n \nCash, cash equivalents and restricted cash end of period\n<\/p>\n<\/td>\n \n$31,457\n<\/p>\n<\/td>\n \n$119,257\n<\/p>\n<\/td>\n \nReconciliation of cash, cash equivalents, and restricted cash\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$29,236\n<\/p>\n<\/td>\n \n$119,257\n<\/p>\n<\/td>\n \nRestricted cash\n<\/p>\n<\/td>\n \n2,221\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nCash, cash equivalents, and restricted cash\n<\/p>\n<\/td>\n \n$31,457\n<\/p>\n<\/td>\n \n$119,257\n<\/p>\n<\/td>\n Supplemental disclosures of cash flow information:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCash paid for interest\n<\/p>\n<\/td>\n \n$18,078\n<\/p>\n<\/td>\n \n$17,258\n<\/p>\n<\/td>\n \nCash paid for income taxes\n<\/p>\n<\/td>\n \n212\n<\/p>\n<\/td>\n \n69\n<\/p>\n<\/td>\n Non-cash investing and financing activities:<\/b><\/p>\n<\/td>\n \nPurchases of property and equipment included in accounts payable and accrued expenses\n<\/p>\n<\/td>\n \n$56\n<\/p>\n<\/td>\n \n$146\n<\/p>\n<\/td>\n \nDeferred offering costs included in accounts payable and accrued expenses\n<\/p>\n<\/td>\n \n327\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \nVesting of Class B Units\n<\/p>\n<\/td>\n \n47\n<\/p>\n<\/td>\n \n53\n<\/p>\n<\/td>\n \nPaycheck Protection Program (\u201cPPP\u201d) Loan forgiven, reclassified from long- and short-term debt to payable due to sellers of Teledata Communications, Inc\n<\/p>\n<\/td>\n \n2,142\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party receivable net against holdback payment to prior shareholders\n<\/p>\n<\/td>\n \n4,335\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n Reconciliation from GAAP to Non-GAAP Results<\/b><\/p>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except per unit amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating Income\n<\/p>\n<\/td>\n \n$19,234\n<\/p>\n<\/td>\n \n$14,694\n<\/p>\n<\/td>\n \n$38,639\n<\/p>\n<\/td>\n \n$25,148\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: stock-based compensation expense\n<\/p>\n<\/td>\n \n665\n<\/p>\n<\/td>\n \n673\n<\/p>\n<\/td>\n \n1,308\n<\/p>\n<\/td>\n \n1,313\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: sponsor and third-party acquisition related costs\n<\/p>\n<\/td>\n \n741\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n2,114\n<\/p>\n<\/td>\n \n1,000\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP operating income\n<\/p>\n<\/td>\n \n20,640\n<\/p>\n<\/td>\n \n15,867\n<\/p>\n<\/td>\n \n42,061\n<\/p>\n<\/td>\n \n27,461\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP operating margin\n<\/p>\n<\/td>\n \n30%\n<\/p>\n<\/td>\n \n32%\n<\/p>\n<\/td>\n \n31%\n<\/p>\n<\/td>\n \n29%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)\n<\/p>\n<\/td>\n \n$7,432\n<\/p>\n<\/td>\n \n$4,896\n<\/p>\n<\/td>\n \n$14,663\n<\/p>\n<\/td>\n \n$6,222\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: stock-based compensation expense\n<\/p>\n<\/td>\n \n665\n<\/p>\n<\/td>\n \n673\n<\/p>\n<\/td>\n \n1,308\n<\/p>\n<\/td>\n \n1,313\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: sponsor and third-party acquisition related costs\n<\/p>\n<\/td>\n \n741\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n2,114\n<\/p>\n<\/td>\n \n1,000\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP net income\n<\/p>\n<\/td>\n \n8,838\n<\/p>\n<\/td>\n \n6,069\n<\/p>\n<\/td>\n \n18,085\n<\/p>\n<\/td>\n \n8,535\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP basic net income per Class B unit\n<\/p>\n<\/td>\n \n0.17\n<\/p>\n<\/td>\n \n0.12\n<\/p>\n<\/td>\n \n0.35\n<\/p>\n<\/td>\n \n0.17\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP diluted net income per Class B unit\n<\/p>\n<\/td>\n \n0.16\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.32\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.15\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average Class B units used to compute basic net loss per unit attributable to Class B unitholders\n<\/p>\n<\/td>\n \n52,015,526\n<\/p>\n<\/td>\n \n51,248,738\n<\/p>\n<\/td>\n \n51,843,086\n<\/p>\n<\/td>\n \n51,024,837\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average Class B units used to compute diluted net loss per unit attributable to Class B unitholders\n<\/p>\n<\/td>\n \n56,756,604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,192,530\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56,584,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56,968,629\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP net income margin\n<\/p>\n<\/td>\n \n13%\n<\/p>\n<\/td>\n \n12%\n<\/p>\n<\/td>\n \n13%\n<\/p>\n<\/td>\n \n9%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)\n<\/p>\n<\/td>\n \n$7,432\n<\/p>\n<\/td>\n \n$4,896\n<\/p>\n<\/td>\n \n$14,663\n<\/p>\n<\/td>\n \n$6,222\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n9,846\n<\/p>\n<\/td>\n \n8,517\n<\/p>\n<\/td>\n \n19,908\n<\/p>\n<\/td>\n \n17,374\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes\n<\/p>\n<\/td>\n \n1,966\n<\/p>\n<\/td>\n \n1,304\n<\/p>\n<\/td>\n \n4,098\n<\/p>\n<\/td>\n \n1,576\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n12,606\n<\/p>\n<\/td>\n \n9,763\n<\/p>\n<\/td>\n \n24,957\n<\/p>\n<\/td>\n \n19,458\n<\/p>\n<\/td>\n<\/tr>\n \nUnit-based compensation expense\n<\/p>\n<\/td>\n \n665\n<\/p>\n<\/td>\n \n673\n<\/p>\n<\/td>\n \n1,308\n<\/p>\n<\/td>\n \n1,313\n<\/p>\n<\/td>\n<\/tr>\n \nExpenses associated with IPO\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n \n194\n<\/p>\n<\/td>\n \n\u2013\n<\/p>\n<\/td>\n<\/tr>\n \nSponsor and third-party acquisition related costs\n<\/p>\n<\/td>\n \n741\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n2,114\n<\/p>\n<\/td>\n \n1,000\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue reduction from purchase accounting\n<\/p>\n<\/td>\n \n178\n<\/p>\n<\/td>\n \n171\n<\/p>\n<\/td>\n \n502\n<\/p>\n<\/td>\n \n347\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA\n<\/p>\n<\/td>\n \n$33,434\n<\/p>\n<\/td>\n \n$25,824\n<\/p>\n<\/td>\n \n$67,744\n<\/p>\n<\/td>\n \n$47,290\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA Margin\n<\/p>\n<\/td>\n \n49%\n<\/p>\n<\/td>\n \n52%\n<\/p>\n<\/td>\n \n50%\n<\/p>\n<\/td>\n \n51%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nCost of revenue\n<\/p>\n<\/td>\n \n$21,106\n<\/p>\n<\/td>\n \n$14,245\n<\/p>\n<\/td>\n \n$40,582\n<\/p>\n<\/td>\n \n$27,453\n<\/p>\n<\/td>\n<\/tr>\n \nLess: stock-based compensation expense\n<\/p>\n<\/td>\n \n93\n<\/p>\n<\/td>\n \n28\n<\/p>\n<\/td>\n \n165\n<\/p>\n<\/td>\n \n55\n<\/p>\n<\/td>\n<\/tr>\n \nLess: amortization of developed technology\n<\/p>\n<\/td>\n \n3,109\n<\/p>\n<\/td>\n \n2,131\n<\/p>\n<\/td>\n \n5,971\n<\/p>\n<\/td>\n \n4,204\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP cost of revenue\n<\/p>\n<\/td>\n \n17,904\n<\/p>\n<\/td>\n \n12,086\n<\/p>\n<\/td>\n \n34,446\n<\/p>\n<\/td>\n \n23,194\n<\/p>\n<\/td>\n<\/tr>\n \nAs a % of revenue\n<\/p>\n<\/td>\n \n26%\n<\/p>\n<\/td>\n \n24%\n<\/p>\n<\/td>\n \n25%\n<\/p>\n<\/td>\n \n25%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nSales and marketing\n<\/p>\n<\/td>\n \n$4,224\n<\/p>\n<\/td>\n \n$2,177\n<\/p>\n<\/td>\n \n$7,823\n<\/p>\n<\/td>\n \n$4,201\n<\/p>\n<\/td>\n<\/tr>\n \nLess: stock-based compensation expense\n<\/p>\n<\/td>\n \n137\n<\/p>\n<\/td>\n \n72\n<\/p>\n<\/td>\n \n273\n<\/p>\n<\/td>\n \n141\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP sales and marketing\n<\/p>\n<\/td>\n \n4,087\n<\/p>\n<\/td>\n \n2,105\n<\/p>\n<\/td>\n \n7,550\n<\/p>\n<\/td>\n \n4,060\n<\/p>\n<\/td>\n<\/tr>\n \nAs a % of revenue\n<\/p>\n<\/td>\n \n6%\n<\/p>\n<\/td>\n \n4%\n<\/p>\n<\/td>\n \n6%\n<\/p>\n<\/td>\n \n4%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nResearch and development\n<\/p>\n<\/td>\n \n$7,288\n<\/p>\n<\/td>\n \n$4,726\n<\/p>\n<\/td>\n \n$14,274\n<\/p>\n<\/td>\n \n$9,033\n<\/p>\n<\/td>\n<\/tr>\n \nLess: stock-based compensation expense\n<\/p>\n<\/td>\n \n82\n<\/p>\n<\/td>\n \n88\n<\/p>\n<\/td>\n \n164\n<\/p>\n<\/td>\n \n159\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP research and development\n<\/p>\n<\/td>\n \n7,206\n<\/p>\n<\/td>\n \n4,638\n<\/p>\n<\/td>\n \n14,110\n<\/p>\n<\/td>\n \n8,874\n<\/p>\n<\/td>\n<\/tr>\n \nAs a % of revenue\n<\/p>\n<\/td>\n \n11%\n<\/p>\n<\/td>\n \n9%\n<\/p>\n<\/td>\n \n10%\n<\/p>\n<\/td>\n \n10%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended June 30,<\/b><\/p>\n<\/td>\n Six months ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nGeneral & administrative\n<\/p>\n<\/td>\n \n$16,622\n<\/p>\n<\/td>\n \n$13,693\n<\/p>\n<\/td>\n \n$34,967\n<\/p>\n<\/td>\n \n$27,318\n<\/p>\n<\/td>\n<\/tr>\n \nLess: stock-based compensation expense\n<\/p>\n<\/td>\n \n353\n<\/p>\n<\/td>\n \n485\n<\/p>\n<\/td>\n \n706\n<\/p>\n<\/td>\n \n958\n<\/p>\n<\/td>\n<\/tr>\n \nLess: depreciation expense\n<\/p>\n<\/td>\n \n588\n<\/p>\n<\/td>\n \n589\n<\/p>\n<\/td>\n \n1,171\n<\/p>\n<\/td>\n \n1,169\n<\/p>\n<\/td>\n<\/tr>\n \nLess: amortization of intangibles\n<\/p>\n<\/td>\n \n8,909\n<\/p>\n<\/td>\n \n7,043\n<\/p>\n<\/td>\n \n17,815\n<\/p>\n<\/td>\n \n14,085\n<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP general & administrative\n<\/p>\n<\/td>\n \n6,772\n<\/p>\n<\/td>\n \n5,576\n<\/p>\n<\/td>\n \n15,275\n<\/p>\n<\/td>\n \n11,106\n<\/p>\n<\/td>\n<\/tr>\n \nAs a % of revenue\n<\/p>\n<\/td>\n \n10%\n<\/p>\n<\/td>\n \n11%\n<\/p>\n<\/td>\n \n11%\n<\/p>\n<\/td>\n \n12%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
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\n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n <\/tr>\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/td>\n<\/tr>\n