“On an absolute dollar basis, we expect that the rate of expense growth will decrease in the future periods.”

In context

“e, we run a program which allows us to rotate R&D personnel to participate in implementation projects. The cost associated with R&D’s participation in these projects is included in cost of revenues. This practice ensures we remain connected to the market environment. This also creates a feedback mechanism to drive differentiated product offerings for our priority markets. It highlights promising ways to reposition our business through new platforms and disruptive product breakthroughs. G&A expense was $10.3 million or 19% of revenue compared to 21% in the year-ago period. The increase in G&A expense largely reflects an increase in people and infrastructure-related expenses associated with our public company readiness and ramp-up efforts, including headcount increases of approximately 25%. On an absolute dollar basis, we expect that the rate of expense growth will decrease in the future periods. Non-GAAP operating income was $1.4 million or 2.5% of revenue compared to $6.7 million in the year ago period. Turning to the balance sheet and cash flow. We ended the quarter with $271 million in cash and short-term investments. We generated strong cash flows in the quarter. Cash flows from operations were $9.5 million in the quarter, while free cash flow, which includes CapEx was $8.5 million. Despite the significant investments in the business throughout the year, we saw a $5.5 million of cash flows from operations on the year with $3.1 million in free cash flow. I would now like to turn to our outlook for the first quarter and the full year 2022. Our current outlook for the first quarter operating profit reflects revenue seasonality as well as an additional first quarter operating exp”