Three Months Ended March 31, 2015

Share-Based

Compensation

and

GAAP

Amortization

Adjusted

Operating

of Intangible

Operating

Expenses

Assets

Expenses

(in thousands)

 Cost of services 

$     3,578

$               187

$     3,391

 General and administrative 

6,832

1,316

5,516

 Sales and marketing 

5,193

266

4,927

 Technology and development 

4,709

202

4,507

 Depreciation and amortization 

1,876

1,053

823

   Total 

$   22,188

$            3,024

$   19,164

Three Months Ended

March 31,

2016

2015

(dollars in thousands)

 Revenue 

$       24,662

$       19,201

 Cost of services 

4,522

3,578

   Gross profit 

$       20,140

$       15,623

   Gross margin 

81.7%

81.4%

 Adjustments: 

 Share-based compensation as a % of revenue 

1.5%

0.9%

   Adjusted Gross Margin  

83.2%

82.3%