Xometry Reports Second Quarter 2023 Results
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Xometry Reports Second Quarter 2023 Results

NORTH BETHESDA, Md., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the second quarter ended June 30, 2023.

“In Q2 2023, Xometry delivered stronger-than-expected 24% marketplace growth year-over-year, delivered 19% growth in marketplace gross profit quarter-over-quarter and significantly improved operating leverage,” said Randy Altschuler, Xometry’s CEO. “Driven by Artificial Intelligence, the underpinnings of marketplace growth are robust with 44% active buyer growth and continued strong order growth. Xometry is empowering our customers to build parts that are critical components in next-generation industries from spacecraft and electric vehicles to medical devices and robotics. Our digital marketplace and suite of cloud-based solutions are enabling the long tail of the internet to finally reach the thousands of small- and medium-sized manufacturers in the United States and around the world. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth in 2023 and continuing on our path to Adjusted EBITDA profitability in Q4 2023.”                                                                               

Second Quarter 2023 Financial Highlights

Second Quarter 2023 Business Highlights


Financial Summary
(In thousands, except per share amounts)
 
  For the Three Months
Ended June 30,		     For the Six Months
Ended June 30,		    
  2023  2022  % Change  2023  2022  % Change 
  (unaudited)     (unaudited)    
Consolidated                  
Revenue $111,008  $95,615  16% $216,334  $179,286  21%
Gross profit  43,556   37,696  16%  82,925   70,635  17%
Net loss attributable to common stockholders  (26,554)  (16,553) (60)%  (44,898)  (36,565) (23)%
EPS, basic and diluted, of Class A and Class B common stock  (0.55)  (0.35) (57)%  (0.94)  (0.78) (21)%
Adjusted EBITDA(1)  (8,658)  (8,300) (4)%  (20,425)  (21,026) 3%
Non-GAAP net loss(1)  (6,627)  (8,447) 22%  (16,393)  (20,974) 22%
Non-GAAP EPS, basic and diluted(1), of Class A and Class B common stock  (0.14)  (0.18) 22%  (0.34)  (0.45) 24%
                   
Marketplace                  
Revenue $93,511  $75,598  24% $180,191  $140,013  29%
Cost of revenue  63,914   53,492  (19)%  125,661   100,233  (25)%
Gross Profit $29,597  $22,106  34% $54,530  $39,780  37%
Gross Margin  31.7%  29.2% 2.5%  30.3%  28.4% 1.9%
                   
Supplier services                  
Revenue $17,497  $20,017  (13)% $36,143  $39,273  (8)%
Cost of revenue  3,538   4,427  20%  7,748   8,418  8%
Gross Profit $13,959  $15,590  (10)% $28,395  $30,855  (8)%
Gross Margin  79.8%  77.9% 1.9%  78.6%  78.6% — 

(1)   These non-GAAP financial measures, and the reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.


Key Operating Metrics(2):
 
  As of June 30, 
  2023  2022  %
Change		 
          
Active Buyers(3)  48,294   33,491   44%
Percentage of Revenue from Existing Accounts(3)  96%  95%   
Accounts with Last Twelve-Months Spend of at Least $50,000(3)  1,159   894   30%
Active Paying Suppliers(3)  7,553   7,202   5%

(2)   These key operating metrics are for Marketplace and Supplier Services. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(3)   Amounts shown for Active Buyers, Accounts with Last Twelve-Months Spend of at Least $50,000, and Active Paying Suppliers are as of June 30, 2023 and 2022, and Percentage of Revenue from Existing Accounts is presented for the quarters ended June 30, 2023 and 2022.       


Financial Guidance and Outlook:
 
  Q3 2023  FY 2023 
  (in millions) 
  Low  High  Low  High 
Revenue(1) $119.0  $121.0  $464.0  $474.0 
Adjusted EBITDA $(6.5) $(5.5) $(27.0) $(25.0)

(1) Xometry’s third quarter and full year 2023 guidance reflects the impact of exiting the supplies business in the U.S. lowering revenue by approximately $2.0 million and $6.0 million, respectively.

Xometry’s third quarter and full year 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.

Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Xometry’s stock price. Xometry expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net loss and non-GAAP Earnings Per Share, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

Key Terms for our Key Metrics and Non-GAAP Financial Measures

Marketplace revenue: includes the sale of parts and assemblies.

Supplier service revenue: includes the sales of advertising on Thomasnet, marketing services, supplies, financial service products and other fintech products.

Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.

Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or supplies. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product or buy tools or supplies.      

Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.

Accounts with Last Twelve-Month Spend of At Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of At Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.

Active Paying Suppliers: The Company defines Active Paying Suppliers as individuals or businesses who have purchased one or more of our supplier services, including digital marketing services, data services, financial services or supplies on our platforms during the last twelve months.

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, income tax provision (benefit), and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, lease abandonment, charitable contributions of common stock, income from unconsolidated joint venture, impairment of assets, restructuring charges, costs to exit the supplies business and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.

Non-GAAP net loss: The Company defines non-GAAP net loss as net loss adjusted for depreciation and amortization, stock-based compensation expense, amortization of lease intangible, amortization of deferred costs on convertible notes, loss on marketable securities, loss on sale of property and equipment, charitable contributions of common stock, lease abandonment and termination costs, impairment of assets, restructuring charges, costs to exit the supplies business and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.

Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net loss divided by weighted average number of common stock outstanding.

Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net loss and non-GAAP EPS, basic and diluted provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.

About Xometry
Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.

Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on August 9, 2023. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.

Xometry, Inc. Second Quarter 2023 Earnings Presentation and Conference Call

Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the third quarter and full year 2023, our expectation regarding our operating leverage and path to Adjusted EBITDA profitability in the fourth quarter of 2023, our potential for growth, and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2022, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

  
Investor Contact: Media Contact:

Shawn Milne
VP Investor Relations
240-335-8132
shawn.milne@xometry.com		Matthew Hutchison
Corporate Communications for Xometry
415-583-2119
matthew.hutchison@xometry.com


Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
 
  June 30,  December 31, 
  2023  2022 
    
Assets      
Current assets:      
Cash and cash equivalents $56,738  $65,662 
Marketable securities  229,411   253,770 
Accounts receivable, less allowance for credit losses of $2.0 million and $2.0 million as of June 30, 2023 and December 31, 2022  57,658   49,188 
Inventory  1,339   1,571 
Prepaid expenses  5,831   7,591 
Other current assets  13,825   12,273 
Total current assets  364,802   390,055 
Property and equipment, net  23,990   19,079 
Operating lease right-of-use assets  14,401   25,923 
Investment in unconsolidated joint venture  4,271   4,068 
Intangible assets, net  37,589   39,351 
Goodwill  263,002   258,036 
Other assets  427   413 
Total assets $708,482  $736,925 
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $12,592  $12,437 
Accrued expenses  37,136   33,430 
Contract liabilities  9,999   8,509 
Income taxes payable  2,796   3,956 
Operating lease liabilities, current portion  6,504   5,471 
Total current liabilities  69,027   63,803 
Convertible notes  280,840   279,909 
Operating lease liabilities, net of current portion  14,372   16,940 
Deferred income taxes  385   429 
Other liabilities  1,382   1,011 
Total liabilities  366,006   362,092 
Commitments and contingencies      
Stockholders’ equity      
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  —   — 
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 45,243,447 shares and 44,822,264 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  —   — 
Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares; 2,676,154 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  —   — 
Additional paid-in capital  635,267   623,081 
Accumulated other comprehensive income  359   28 
Accumulated deficit  (294,264)  (249,366)
Total stockholders’ equity  341,362   373,743 
Noncontrolling interest  1,114   1,090 
Total equity  342,476   374,833 
Total liabilities and stockholders’ equity $708,482  $736,925 
       


Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
 
  Three Months Ended
June 30,		  Six Months Ended
June 30,		 
  2023  2022  2023  2022 
  (unaudited)  (unaudited) 
Revenue $111,008  $95,615  $216,334  $179,286 
Cost of revenue  67,452   57,919   133,409   108,651 
Gross profit  43,556   37,696   82,925   70,635 
Sales and marketing  22,666   18,145   45,105   37,430 
Operations and support  14,220   12,180   26,828   24,538 
Product development  8,922   7,796   17,047   15,085 
General and administrative  25,582   15,057   41,539   28,017 
Impairment of assets  219   119   246   119 
Total operating expenses  71,609   53,297   130,765   105,189 
Loss from operations  (28,053)  (15,601)  (47,840)  (34,554)
Other income (expenses)            
Interest expense  (1,193)  (1,209)  (2,391)  (1,978)
Interest and dividend income  2,959   474   5,654   570 
Other expenses  (576)  (482)  (559)  (1,444)
Income from unconsolidated joint venture  237   269   303   303 
Total other income (expenses)  1,427   (948)  3,007   (2,549)
Loss before income taxes  (26,626)  (16,549)  (44,833)  (37,103)
Benefit (provision) for income taxes  67   -   (69)  559 
Net loss  (26,559)  (16,549)  (44,902)  (36,544)
Net (loss) income attributable to noncontrolling interest  (5)  4   (4)  21 
Net loss attributable to common stockholders $(26,554) $(16,553) $(44,898) $(36,565)
Net loss per share, basic and diluted, of Class A and Class B common stock $(0.55) $(0.35) $(0.94) $(0.78)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted, of Class A and Class B common stock  47,865,990   47,074,246   47,783,235   46,932,702 
             
Comprehensive loss:            
Foreign currency translation $224  $14  $359  $(14)
Total other comprehensive income (loss)  224   14   359   (14)
Net loss  (26,559)  (16,549)  (44,902)  (36,544)
Comprehensive loss  (26,335)  (16,535)  (44,543)  (36,558)
Comprehensive income attributable to noncontrolling interest  19   37   24   71 
Total comprehensive loss attributable to common stockholders $(26,354) $(16,572) $(44,567) $(36,629)


Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
  Six Months Ended June 30, 
  2023  2022 
Cash flows from operating activities: (unaudited) 
Net loss $(44,902) $(36,544)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization  5,461   3,807 
Impairment of assets  246   119 
Reduction in carrying amount of right-of-use asset  12,179   3,540 
Stock based compensation  10,492   8,935 
Revaluation of contingent consideration  187   434 
Income from unconsolidated joint venture  (203)  (103)
Donation of common stock  370   1,285 
Unrealized loss on marketable securities  —   1,190 
Non-cash income tax benefit  —   (559)
Loss on sale of property and equipment  92   71 
Inventory write-off  223   — 
Amortization of deferred costs on convertible notes  930   781 
Deferred taxes benefit  (44)  (2)
Changes in other assets and liabilities:      
Accounts receivable, net  (8,308)  (11,833)
Inventory  5   272 
Prepaid expenses  1,417   (1,649)
Other assets  (2,546)  (3,861)
Accounts payable  (50)  1,873 
Accrued expenses  2,743   (2,041)
Contract liabilities  1,470   2,862 
Lease liabilities  (2,369)  (2,773)
Net cash used in operating activities  (22,607)  (34,196)
Cash flows from investing activities:      
Purchases of marketable securities  (5,641)  (280,559)
Proceeds from sale of marketable securities  30,000   4 
Purchases of property and equipment  (8,492)  (5,436)
Proceeds from sale of property and equipment  223   165 
Cash paid for business combination, net of cash acquired  (3,349)  — 
Net cash provided by (used in) investing activities  12,741   (285,826)
Cash flows from financing activities:      
Proceeds from stock options exercised  1,144   2,470 
Proceeds from issuance of convertible notes  —   287,500 
Costs incurred in connection with issuance of convertible notes  —   (9,309)
Payments on finance lease obligations  —   (2)
Net cash provided by financing activities  1,144   280,659 
Effect of foreign currency translation on cash and cash equivalents  (202)  (66)
Net decrease in cash and cash equivalents  (8,924)  (39,429)
Cash and cash equivalents at beginning of the year  65,662   86,262 
Cash and cash equivalents at end of the period $56,738  $46,833 
Supplemental cash flow information:      
Cash paid for interest $1,438  $— 
Non-cash investing and financing activities:      
Non-cash consideration in connection with business combination  1,593   — 


Xometry, Inc. and Subsidiaries
Unaudited Reconciliations of Non-GAAP Financial Measures
(In thousands)
 
  For the Three Months
Ended June 30,		  For the Six Months
Ended June 30,		 
  2023  2022  2023  2022 
Adjusted EBITDA:            
Net loss $(26,559) $(16,549) $(44,902) $(36,544)
Add (deduct):            
Interest expense, interest and dividend income and other expenses  (1,190)  1,217   (2,704)  2,852 
Depreciation and amortization(1)  2,895   2,008   5,461   3,807 
Amortization of lease intangible  257   333   590   666 
(Benefit) provision for income taxes  (67)  —   69   (559)
Stock-based compensation(2)  5,798   5,479   10,492   8,935 
Lease abandonment(3)  8,706   —   8,706   — 
Acquisition and other(4)  196   (1,923)  226   (1,284)
Charitable contribution of common stock  —   1,285   370   1,285 
Income from unconsolidated joint venture  (237)  (269)  (303)  (303)
Impairment of assets  219   119   246   119 
Restructuring charge(5)  738   —   738   — 
Costs to exit the supplies business  586   —   586   — 
Adjusted EBITDA $(8,658) $(8,300) $(20,425) $(21,026)


  For the Three Months
Ended June 30,		  For the Six Months
Ended June 30,		 
  2023  2022  2023  2022 
Non-GAAP Net Loss:            
Net loss $(26,559) $(16,549) $(44,902) $(36,544)
Add (deduct):            
Depreciation and amortization(1)  2,895   2,008   5,461   3,807 
Stock-based compensation(2)  5,798   5,479   10,492   8,935 
Amortization of lease intangible  257   333   590   666 
Amortization of deferred costs on convertible notes  464   469   930   781 
Loss on marketable securities  —   332   —   1,190 
Acquisition and other(4)  196   (1,923)  226   (1,284)
Loss on sale of property and equipment  1   —   92   71 
Charitable contribution of common stock  —   1,285   370   1,285 
Lease abandonment and termination(3)  8,778   —   8,778   — 
Impairment of assets  219   119   246   119 
Restructuring charge(5)  738   —   738   — 
Costs to exit the supplies business  586   —   586   — 
Non-GAAP Net Loss $(6,627) $(8,447) $(16,393) $(20,974)
Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted, of Class A and Class B common stock  47,865,990   47,074,246   47,783,235   46,932,702 
             
EPS, basic and diluted, of Class A and Class B common stock $(0.55) $(0.35) $(0.94) $(0.78)
Non-GAAP EPS, basic and diluted, of Class A and Class B common stock $(0.14) $(0.18) $(0.34) $(0.45)

(1)   Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
(2)   Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
(3)   Amount is recorded in general and administrative and/or other expenses.
(4)   Includes adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
(5)   Costs associated with the May 2023 reduction in workforce.

Xometry, Inc. and Subsidiaries
Unaudited Segment Results
(In thousands)
 
  For the Three Months Ended
June 30,		  For the Six Months Ended
June 30,		 
  2023  2022  2023  2022 
Segment Revenue:      
U.S. $95,433  $87,675  $189,336  $163,724 
International  15,575   7,940   26,998   15,562 
Total revenue $111,008  $95,615  $216,334  $179,286 
             
Segment Net Loss:            
U.S. $(22,912) $(11,222) $(35,849) $(26,245)
International  (3,642)  (5,331)  (9,049)  (10,320)
Total net loss attributable to common stockholders $(26,554) $(16,553) $(44,898) $(36,565)

  

Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information
(In thousands)
 
  For the Three Months
Ended June 30,		  For the Six Months
Ended June 30,		 
  2023  2022  2023  2022 
Summary of Stock-based Compensation Expense      
Sales and marketing $1,185  $1,300  $2,237  $1,936 
Operations and support  2,038   1,741   3,735   3,164 
Product development  1,390   1,128   2,466   2,022 
General and administrative  1,185   1,310   2,054   1,813 
Total stock-based compensation expense $5,798  $5,479  $10,492  $8,935 
             
Summary of Depreciation and Amortization Expense            
Cost of revenue $38  $24  $82  $58 
Sales and marketing  793   776   1,584   1,550 
Operations and support  78   16   90   27 
Product development  1,393   805   2,704   1,599 
General and administrative  593   387   1,001   573 
Total depreciation and amortization expense $2,895  $2,008  $5,461  $3,807 
             
Restructuring Charge            
Sales and marketing $224  $-  $224  $- 
Operations and support  230   -   230   - 
Product development  117   -   117   - 
General and administrative  167   -   167   - 
Total restructuring charge $738  $-  $738  $- 

  

 


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