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Pivotree Inc. The Frictionless Commerce Company To our shareholders , employees and customers We recently passed the one year anniversary of our Initial Public Offering in October 2020. So much has changed this past year that it felt appropriate to add some additional insight to our business than what is traditionally found in the standard MD & A document . I have decided to write a letter to all of Pivotree's stakeholders to help everyone better understand that we are a new breed of company that combines both professional services and product / service based delivery model aimed at frictionless commerce , as well as share the market conditions we are operating in , our strategy and how I view our results . If people find this letter helpful I will consider writing more in the future . My objective is to add colour to the standard reporting documents we issue quarterly by providing an open and " plain english " perspective , simplifying the way we talk about the business and avoiding too much industry jargon . We live in a complicated technological world , we run a complicated business but neither the markets nor our customers want complicated so I will do my best to simplify as much as is practical . Operating Results Let me start with our recent Q3 results . Overall I am pleased to report a significant improvement in our topline results . As we have been saying for a while we were expecting a strong rebound from our Q2 2021 low of $ 14.3 million and the team delivered with $ 15.3 million of revenue excluding the recent Bridge Solutions Group ( " Bridge ” ) acquisition . Including one month of Bridge revenue we achieved the $ 16.0 million that we reported . Organically we grew the business 7 % quarter over quarter and 12 % when we add the Bridge revenue in . Millions $ Total Revenue Q1 2019 Q2 Q3 Q4 Q1 2019 2019 2019 2020 $ 13.7 Q over Q growth Y over Y growth Total incl . acquisitions Q2 Q3 2020 2020 14.7 $ 15.2 $ 16.0 $ 15.9 $ 14.9 $ 16.2 7 % 3 % 5 % -1 % -6 % 9 % 1 % 6 % 16 % Q4 Q1 Q2 Q3 2020 2021 2021 2021 $ 16.5 $ 15.0 $ 14.3 $ 15.3 2 % -9 % -7 % 7 % 3 % -6 % -4 % -6 % $ 13.8 $ 14.8 $ 15.2 $ 16.0 $ 15.9 $ 14.9 $ 16.2 $ 16.5 $ 15.0 $ 14.3 $ 16.0 Q over Q growth 7 % 3 % 5 % -1 % -6 % 9 % 2 % -9 % -4 % 12 % Y over Y growth 16 % 1 % 6 % 3 % -6 % -4 % -1 % As our bookings in previous quarters would suggest , the Q3 growth was driven primarily in the professional services ( " PS " ) segments of our business but our recurring revenue also had its first quarter over quarter growth period this year . Although modest and not enough for me to say we are back on the kind of recurring revenue growth trajectory we are aiming for in the mid to longer term , the added recurring revenue from Bridge as well as some of the products and services we