Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 41

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 ($ in thousands)20242023AmountPercentageSales and marketing$5,385 $4,367 $1,018 23.3 %Technology and product development4,523 3,030 1,493 49.3 %General and administrative expenses11,239 10,505 734 7.0 %Integration and acquisition expenses44 93 (49)(52.7)%Depreciation and amortization3,366 2,736 630 23.0 %Total operating expenses$24,557 $20,731 $3,826 18.5 %

Total operating expenses. Operating expenses increased 18.5% for the three months ended December 31, 2024 compared to the same period in 2023. This is largely driven by increased technology and product development, sales and market and general and administrative expenses. Total operating expense also increased as a result of the acquisitions of Cheq and SB Software. See further details on individual categories below.

Sales and marketing. Sales and marketing expenses increased approximately $1.0 million for the three months ended December 31, 2024 compared to the same period in 2023. Sales and marketing expense increased due a $0.6 million increase in advertising expenses, compensation costs of approximately $0.5 million, an increase of professional services and contractors of $0.1 million, and travel and entertainment costs of approximately $0.1 million. This is offset by a decrease in various sales and marketing expense reductions of approximately $0.3 million.  Overall, these increases are due to investments being made to drive revenue both domestically and internationally. 

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Technology and product development. Technology and product development expenses increased by $1.5 million for the three months ended December 31, 2024. The increase in the current year was driven by increased headcount partially offset by lower expensed personnel costs as we continued to invest in internal-use software which resulted in higher capitalized costs compared to the prior year. 

General and administrative expenses. General and administrative expenses increased by $0.7 million for the three months ended December 31, 2024 compared to the same period in 2023. General and administrative expenses increased due to a $1.2 million increase in compensation costs and a $0.2 million increase in sales and use taxes. This is offset by a decrease of $0.5 million in