Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 147

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 147
---
 December 31, 2023, compared to the year ended
December 31, 2022, primarily due to a $76.1 million increase in salaries, wages, and bonus expense and an increase in average headcount (which included a $24.2 million increase in stock-based compensation).

General and administrative expenses. General and administrative expenses by $ million, or
%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, . General and administrative expenses increased by $17.9 million, or 21.7%, for the year ended
December 31, 2023, compared to the year ended December 31, 2022, primarily due to a $6.1 million increase in the travel, lodging, and meals expenses, a $4.7 million increase in insurance expenses, and a $5.2 million increase in legal fees
due to ongoing legal matters.

Depreciation and amortization expenses. Depreciation and amortization expenses by
$ million, or %, for the year ended December 31, 2024, compared to the year ended December 31, 2023, . Depreciation and amortization expenses increased by $21.6 million, or
162.8%, for the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to a $16.0 million increase in amortization expense of internally developed software and a $4.5 million increase in amortization
expense of acquired intangible assets.

IT infrastructure costs. IT infrastructure costs by $
million, or %, for the year ended December 31, 2024, compared to the year ended December 31, 2023, . IT infrastructure costs increased by $8.9 million, or 75.1%, for the year ended
December 31, 2023, compared to the year ended December 31, 2022, primarily due to a $5.7 million increase in software licenses and a $3.2 million increase in cloud-based services due to infrastructure build-out and enhanced product
offerings.

Marketing expenses. Marketing expenses by $ million, or
%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, . Marketing expenses decreased by $42.3 million, or 53.6%, for the year ended December 31,
202