false000165757300016575732022-03-172022-03-17

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 17, 2022

 

 

Xometry, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware			001-40546	32-0415449
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
7529 Standish Place, Suite 200
Derwood, Maryland				20855
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (240) 335-7914

 

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.000001 per share		XMTR		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

 

On March 17, 2022, Xometry, Inc. issued a press release announcing its fourth quarter and full year ended December 31, 2021 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

 

The information set forth under this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release of Xometry, Inc. issued on March 17, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			XOMETRY, INC.
Date:	March 17, 2022	By:	/s/ Randolph Altschuler
			Randolph Altschuler Chief Executive Officer

 

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Exhibit 99.1

Xometry Reports Fourth Quarter and Full Year 2021 Results

 

 

ROCKVILLE, MD., March 17, 2022 /Globe Newswire/ -- Xometry, Inc. (NASDAQ:XMTR), a leading global AI enabled digital manufacturing marketplace, today reported financial results for the fourth quarter ended December 31, 2021.

 

“In Q4 2021, Xometry continued to demonstrate strong growth across the board with accelerated demand from our larger customers. Our AI-driven platform gets smarter with each new data point leading to record gross margin,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with sellers to unleash limitless product innovation.”

 

Fourth Quarter Financial Highlights

 

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Fourth Quarter Business Highlights

 

Full Year Financial Highlights

 

Full Year Business Highlights

 

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Financial Summary

(In thousands, except per share amounts)

 

		For the Three Months Ended December 31,												For the Year Ended December 31,
		2021				2020				% Change				2021				2020				% Change
		(unaudited)												(unaudited)
Revenue		$	67,098			$	37,980				77	%		$	218,336			$	141,406				54	%
Gross profit			20,937				9,479				121	%			57,141				33,286				72	%
Net loss			(23,907	)			(10,178	)			135	%			(61,381	)			(31,085	)			97	%
EPS—basic and diluted			(0.53	)			(1.34	)			(60	)%			(2.33	)			(5.32	)			(56	)%
Adjusted EBITDA (Non-GAAP)(1)			(11,854	)			(6,590	)			80	%			(39,757	)			(23,498	)			69	%

 

Key Operating Metrics(2):

		As of December 31,
		2021				2020				% Change
Active Buyers(3)			28,130				18,846				49	%
Percentage of Revenue from Existing Accounts(3)			95	%			95	%			—	%
Accounts with Last Twelve-Months Spend of at Least $50,000(3)			701				389				80	%

 

 

Subsequent to Fourth Quarter 2021

On February 4, 2022, the Company completed a private offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027 (the “Initial Notes”). The Initial Notes were issued pursuant to an indenture, dated February 4, 2022 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.

 

On February 10, 2022, the Company issued an additional $37.5 million aggregate principal amount of its 1.00% Convertible Senior Notes due 2027 (the “Additional Notes”) to the initial purchasers named in the purchase agreement. The issuance of the Additional Notes was pursuant to the initial purchasers’ exercise in full of their 13-day option to purchase Additional Notes granted in the original offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027. The proceeds from the Initial Notes and the Additional Notes (collectively referred to as the “Notes”) are expected to be used for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, the Company does not have agreements or commitments with respect to any such acquisition or strategic investment at this time. The Notes are general unsecured obligations of the Company and will mature on February 1, 2027, unless earlier converted, redeemed or repurchased. Interest on the Notes will accrue at a rate of 1.00% per year from February 4, 2022 and will be payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. In connection with the Notes offering, the Company received net cash proceeds of approximately $278.9 million, after deducting the initial purchasers discounts and commissions.

 

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Financial Guidance and Outlook:

		Q1 2022								FY 2022
		(in millions)
		Low				High				Low				High
Revenue		$	81.0			$	82.0			$	390.0			$	400.0
Adjusted EBITDA		$	(13.5	)		$	(12.5	)		$	(36.0	)		$	(32.0	)

 

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, a non-GAAP financial measure, as described below. This non-GAAP financial measure is presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measure 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 this measure 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 this non-GAAP financial measure provides 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. An additional limitation of non-GAAP financial measures is that they 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.

 

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

The Company defines Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income (loss) excluding interest income (expense), income tax (expense) benefit, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, stock-based compensation, transaction costs, charitable contributions, income from unconsolidated joint venture and impairment charges. Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA 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 amounts of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.

Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our platform. 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.

Percentage of Revenue from Existing Accounts: The Company defines “accounts” 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.

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. Learn more at www.xometry.com or follow @xometry.

Conference Call

The Company will discuss its fourth quarter and full year 2021 financial results during a teleconference on 3/17/2022, at 5:00 PM ET/2:00 PM PT. The conference call can be accessed in the U.S. at 877-313-2061 or outside the U.S. at 470-495-9537 with the conference ID# 7397803. A live audio webcast of the call will also be available simultaneously at investors.xometry.com. Following completion of the call, a recorded replay of the teleconference will be available in the investor relations section of Xometry's website. The earnings webcast presentation will be archived within the Investor Relations section of Xometry's website.

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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 first quarter and full year 2022, certain expected synergies from recent acquisitions and demand for our marketplace 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, including the impact of the COVID-19 pandemic on our business and operations and our ability to forecast our performance due to our limited operating history and the COVID-19 pandemic, 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, and our brand and reputation. 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, 2021. 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.

# # #

(Tables Follow)

 

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.hutchinson@xometry.com

 

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Xometry, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

		December 31,
		2021				2020
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	86,262			$	59,874
Marketable securities			30,465				—
Accounts receivable, less allowance for doubtful accounts of $0.8 million and $0.6 million as of December 31, 2021 and 2020, respectively			32,427				14,574
Inventory			2,033				2,294
Prepaid expenses			6,664				913
Deferred sales commissions			5,283				—
Other current assets			297				—
Total current assets			163,431				77,655
Property and equipment, net			10,287				6,113
Operating lease right-of-use assets			27,489				1,922
Investment in unconsolidated joint venture			4,198				—
Intangible assets, net			41,736				1,652
Goodwill			254,672				833
Other assets			773				788
Total assets		$	502,586			$	88,963
Liabilities, convertible preferred stock and stockholders’ equity
Current liabilities:
Accounts payable		$	12,718			$	5,640
Accrued expenses			30,905				13,606
Contract liabilities			7,863				2,355
Operating lease liabilities, current portion			5,549				1,013
Finance lease liabilities, current portion			2				14
Short-term debt			—				15,753
Total current liabilities			57,037				38,381
Operating lease liabilities, net of current portion			16,920				1,118
Income taxes payable			1,468				—
Other liabilities			1,678				—
Total liabilities			77,103				39,499
Commitments and contingencies (Note 12)
Convertible preferred stock
Convertible preferred stock, $0.000001 par value, Seed-1, Seed-2, Series A-1, Series A-2, Series B, Series C, Series D and Series E. Authorized; zero shares and 27,970,966 shares, zero shares and 27,758,941 shares issued and outstanding as of December 31, 2021 and 2020, respectively			—				160,713
Stockholders’ equity (deficit)
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares and zero shares; zero shares issued and outstanding as of December 31, 2021 and 2020, respectively			—				—
Common stock, $0.000001 par value. Authorized; zero shares and 42,000,000 shares; zero shares and 7,755,782 shares issued and outstanding as of December 31, 2021 and 2020, respectively			—				—
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares and zero shares  43,998,404 shares and zero shares issued and outstanding as of December 31, 2021 and 2020, respectively			—				—
Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares and zero shares, 2,676,154 shares and zero shares issued and outstanding as of December 31, 2021 and 2020, respectively			—				—
Additional paid-in capital			597,641				503
Accumulated other comprehensive income			149				210
Accumulated deficit			(173,341	)			(111,962	)
Total stockholders’ equity (deficit)			424,449				(111,249	)
Noncontrolling interest			1,034				—
Total equity (deficit)			425,483				(111,249	)
Total liabilities, convertible preferred stock and stockholders’ equity		$	502,586			$	88,963

 

 

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Xometry, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
		(unaudited)								(unaudited)
Revenue		$	67,098			$	37,980			$	218,336			$	141,406
Cost of revenue			46,161				28,501				161,195				108,120
Gross profit			20,937				9,479				57,141				33,286
Sales and marketing			13,173				6,725				39,422				22,567
Operations and support			8,089				3,973				23,683				14,111
Product development			5,648				3,307				17,780				12,186
General and administrative			16,601				3,255				34,942				12,046
Impairment of goodwill and intangible assets			—				1,592				—				1,592
Total operating expenses			43,511				18,852				115,827				62,502
Loss from operations			(22,574	)			(9,373	)			(58,686	)			(29,216	)
Other (expenses) income
Interest expense			(53	)			(365	)			(852	)			(1,089	)
Interest and dividend income			525				—				982				—
Other expenses			(1,846	)			(440	)			(2,866	)			(780	)
Income from unconsolidated joint venture			41				—				41				—
Total other expenses			(1,333	)			(805	)			(2,695	)			(1,869	)
Net loss			(23,907	)			(10,178	)			(61,381	)			(31,085	)
Deemed dividend to preferred stockholders			—				—				—				(8,801	)
Net loss attributable to noncontrolling interest			2				—				2				—
Net loss attributable to common stockholders		$	(23,905	)		$	(10,178	)		$	(61,379	)		$	(39,886	)
Net loss per share, basic and diluted		$	(0.53	)		$	(1.34	)		$	(2.33	)		$	(5.32	)
Weighted-average number of shares outstanding used to compute    net loss per share, basic and diluted			44,995,598				7,572,935				26,318,349				7,492,876
Comprehensive loss:
Foreign currency translation		$	(38	)		$	—			$	(61	)		$	210
Total other comprehensive (loss) income			(38	)			—				(61	)			210
Net loss			(23,907	)			(10,178	)			(61,381	)			(31,085	)
Comprehensive loss			(23,945	)			(10,178	)			(61,442	)			(30,875	)
Comprehensive loss attributable to noncontrolling interest			—				—				—				—
Total comprehensive loss attributable to common stockholders		$	(23,945	)		$	(10,178	)		$	(61,442	)		$	(30,875	)

 

 

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Xometry, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

		Year Ended December 31,
		2021				2020				2019
Cash flows from operating activities:		(unaudited)
Net loss		$	(61,381	)		$	(31,085	)		$	(30,994	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			3,596				3,120				1,847
Impairment of goodwill and intangible assets			—				1,592				1,719
Reduction in carrying amount of right-of-use asset			1,056				1,045				647
Stock based compensation			7,395				1,006				544
Non-cash interest expense			111				320				259
Loss on debt extinguishment			272				—				—
Income from unconsolidated joint venture			(41	)			—				—
Donation of common stock			2,226				—				—
Unrealized loss on marketable securities			2,002				—				—
Inventory write off			—				(15	)			(141	)
Loss (gain) on sale of property and equipment			20				—				(128	)
Accretion of discount on short-term investments			—				—				(37	)
Deferred taxes benefit			(179	)			—				—
Changes in other assets and liabilities:
Accounts receivable, net			(11,117	)			(2,130	)			(5,505	)
Inventory			293				(956	)			(555	)
Prepaid expenses			(4,025	)			(210	)			(2	)
Deferred commissions			147				—				—
Other assets			317				(469	)			(137	)
Accounts payable			5,215				(2,350	)			2,813
Accrued expenses			(12,008	)			8,569				2,562
Contract liabilities			(1,625	)			518				636
Lease liabilities			(845	)			(1,004	)			(653	)
Net cash used in operating activities			(68,571	)			(22,049	)			(27,125	)
Cash flows from investing activities:
Purchase of marketable securities			(267,467	)			—				—
Proceeds from sale of marketable securities			235,000				—				—
Purchase of short-term investments			—				(17,711	)			(28,850	)
Proceeds from short-term investments			—				28,571				30,470
Purchases of property and equipment			(6,262	)			(4,190	)			(2,693	)
Proceeds from life insurance			627				—				—
Proceeds from sale of property and equipment			—				—				155
Cash paid for business combinations, net of cash acquired			(174,646	)			—				(1,432	)
Net cash (used in) provided by investing activities			(212,748	)			6,670				(2,350	)
Cash flows from financing activities:
Proceeds from issuance of Series A-2, Series B, Series C, Series D and Series E convertible preferred stock, net of issuance costs			—				52,409				54,929
Repurchase of Series A-2, Series B, Series C and Series D convertible preferred stock			—				(12,852	)			—
Deemed dividend to preferred stockholders			—				(8,801	)			—
Proceeds from initial public offering, net of underwriters' discount			325,263				—				—
Payments in connection with initial public offering			(3,678	)			—				—
Proceeds from stock options exercised			2,291				518				450
Proceeds from the exercise of warrants			40				—				—
Proceeds from term loan			—				4,000				—
Payment on line of credit, net			—				—				(500	)
Repayment of term loan			(16,136	)			—				—
Proceeds from other borrowings			—				4,783				—
Repayment of other borrowings			—				(4,783	)			—
Payments on finance lease obligations			(12	)			(13	)			(164	)
Net cash provided by financing activities			307,768				35,261				54,715
Effect of foreign currency translation on cash and cash equivalents			(61	)			(130	)			—
Net increase in cash and cash equivalents			26,388				19,752				25,240
Cash and cash equivalents at beginning of the year			59,874				40,122				14,882
Cash and cash equivalents at end of the year		$	86,262			$	59,874			$	40,122
Supplemental cash flow information:
Cash paid for interest		$	907			$	1,269			$	1,111
Non-cash investing activity:
Non-cash consideration in connection with business combination		$	105,227			$	—			$	2,743

 

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Xometry, Inc. and Subsidiaries

Unaudited Reconciliations of Non-GAAP Financial Measures

(In thousands)

		Three Months Ended December 31,								For the Year Ended December 31,
		2021				2020				2021				2020
Adjusted EBITDA:
Net loss		$	(23,907	)		$	(10,178	)		$	(61,381	)		$	(31,085	)
Add (deduct):
Interest expense, interest and dividend income and other expenses			1,374				805				2,736				1,869
Depreciation and amortization(1)			1,292				864				3,596				3,120
Charitable contribution of common stock			1,084				—				2,242				—
Stock-based compensation(2)			2,648				327				7,395				1,006
Transaction costs			5,696				—				5,696				—
Income from unconsolidated joint venture			(41	)			—				(41	)			—
Impairment of goodwill and intangible assets			—				1,592				—				1,592
Adjusted EBITDA		$	(11,854	)		$	(6,590	)		$	(39,757	)		$	(23,498	)

 

 

 

 

 

 

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Xometry, Inc. and Subsidiaries

Segment Results

(In thousands)

 

		Three Months Ended December 31,								For the Year Ended December 31,
		2021				2020				2021				2020
Segment Revenue:		(unaudited)								(unaudited)
U.S.		$	61,769			$	36,734			$	202,034			$	138,272
International			5,329				1,246				16,302				3,134
Total revenue		$	67,098			$	37,980			$	218,336			$	141,406
Segment Net Loss:
U.S.		$	(21,080	)		$	(6,040	)		$	(51,230	)		$	(22,130	)
International			(2,827	)			(4,138	)			(10,151	)			(8,955	)
Total net loss		$	(23,907	)		$	(10,178	)		$	(61,381	)		$	(31,085	)

 

 

 

 

 

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Xometry, Inc. and Subsidiaries

Supplemental Information

(In thousands)

 

		Three Months Ended December 31,								For the Year Ended December 31,
		2021				2020				2021				2020
Summary of Stock-based Compensation Expense		(unaudited)								(unaudited)
Sales and marketing		$	533			$	51			$	1,223			$	156
Operations and support			1,295				84				2,659				259
Product development			765				122				1,744				375
General and administrative			55				70				1,769				216
Total stock-based compensation expense		$	2,648			$	327			$	7,395			$	1,006
Summary of Depreciation and Amortization Expense
Cost of revenue		$	34			$	52			$	104			$	230
Sales and marketing			211				157				300				665
Operations and support			36				52				155				196
Product development			909				500				2,821				1,720
General and administrative			102				103				216				309
Total depreciation and amortization expense		$	1,292			$	864			$	3,596			$	3,120

 

For the three and twelve months ended December 31, 2021, general and administrative expense includes $1.1 million and $2.2 million, respectively of expense related to charitable contributions.

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