Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 104

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 104
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8,509 $2,324 27.3 %Technology and product development9,023 7,198 1,825 25.4 %General and administrative expenses23,166 20,943 2,223 10.6 %Integration and acquisition expenses241 171 70 40.9 %Depreciation and amortization6,038 5,483 555 10.1 %Total operating expenses$49,301 $42,304 $6,997 16.5 %

Total operating expenses. Operating expenses increased 17% for the six months ended December 31, 2024 compared to the same period in 2023. This is largely driven by increased sales and marketing, technology and product development 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 $2.3 million for the six months ended December 31, 2024 compared to the same period in 2023. Sales and marketing expenses increased $1.3 million due to advertising and trade show expenses, $0.8 million related to compensation expenses, $0.4 million increase due to travel expenses, $0.2 million related to consulting fees and $0.1 million increase in sales and use taxes. This is offset by approximately $0.5 million decrease in various marketing expenses.  Overall, these increases are due to investments being made to drive revenue both domestically and internationally. 

Technology and product development. Technology and product development expenses increased by $1.8 million for the six 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 $2.2 million for the six months ended December 31, 2024 compared to the same period in 2023. General and administrative expenses increased $1.0 million due to compensation expenses, a $0.7 million increase in consulting expenses, a $0.2 million increase in legal fees, a $0.2 million increase in bad debt expense and a $0.2 million increase in various general and administrative expenses.