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Financial report summary
?Management Discussion
- Revenue increased by $33.3, or 13.4%, to $282.7 for the year ended December 31, 2022 from $249.4 for the year ended December 31, 2021. The increase was primarily driven by the Integrated Solutions segment, increasing $26.3 or 16.9%. The increase in Integrated Solutions revenue was driven primarily by increased volume from both new and existing customers.
- Cost of services increased by $19.4 or 16.3%, to $138.7 for year ended December 31, 2022 from $119.3 for the year ended December 31, 2021. The increase was driven by growth from higher revenue share partners in Integrated Solutions, growth in ACH in Payment Services and the inorganic contribution from Paragon.
- Selling, general & administrative expenses increased by $9.5, or 12.3%, to $87.0 for the year ended December 31, 2022 from $77.5 for the year ended December 31, 2021. The increase is primarily due to $3.6 in stock compensation expense, $2.6 in compensation and benefits, $1.3 in technology related costs, specifically hosting, maintenance and support, and $1.3 in M&A related expense.