Comparison of the Nine Months Ended September 30, 2021 and 2020 Revenue Nine Months Ended September 30, Change 2021 2020 $ % (in thousands, except percentages) Revenue: Platform $ 105,533 $ 63,525 $ 42,008 66.1 % Professional services and other 3,876 4,352 (476) (10.9) Total Revenue $ 109,409 $ 67,877 $ 41,532 61.2 % Platform Total platform revenue increased $42.0 million, or 66.1%, to $105.5 million for the nine months ended September 30, 2021 from $63.5 million for the nine months ended September 30, 2020. This increase was primarily the result of continued increases in active locations coming onto the platform, as well as increases in ARPU due to increased multi-product adoption and increased transaction volumes. Active customer locations increased to approximately 76,000 as of September 30, 2021 from approximately 60,000 as of September 30, 2020, and ARPU increased to approximately $1,509 for the nine months ended September 30, 2021 from approximately $1,242 for the nine months ended September 30, 2020. For the nine months ended September 30, 2021 and 2020, 45.4% and 50.0% of our platform revenue was subscription revenue, respectively, and 54.6% and 50.0% was transaction revenue, respectively. Professional Services and Other Total professional services and other revenue decreased $0.5 million, or 10.9%, to $3.9 million for the nine months ended September 30, 2021 from $4.4 million for the nine months ended September 30, 2020. While we expect professional services and other to increase primarily as a result of continued deployment of additional active locations, this increase will be offset as our deployment teams become more efficient resulting in shortened deployment periods. Cost of Revenue, Gross Profit, and Gross Margin Nine Months Ended September 30, Change 2021 2020 $ % (in thousands, except percentages) Cost of revenue: — Platform $ 18,419 $ 10,191 $ 8,228 80.7 % Professional services and other 3,958 3,191 767 24.0 Total cost of revenue $ 22,377 $ 13,382 $ 8,995 67.2 % Percentage of revenue: Platform 16.8 % 15.0 % Professional services and other 3.6 4.7 Total cost of revenue 20.5 % 19.7 % Gross Profit $ 87,032 $ 54,495 $ 32,537 59.7 % Gross Margin 79.5 % 80.3 % Platform Total platform cost of revenue increased $8.2 million, or 80.7%, to $18.4 million for the nine months ended September 30, 2021 from $10.2 million for the nine months ended September 30, 2020. This increase was primarily the result 36
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