Reconciliation of Operations of Segments |
The following tables are a reconciliation of the operations of our segments to income from operations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2021 | | 2022 | | 2021 | Net revenue | $ | 90,066 | | | $ | 107,399 | | | $ | 290,372 | | | $ | 309,281 | | Brand Direct | 42,318 | | | 64,999 | | | 148,334 | | | 181,054 | | Marketplace | 53,230 | | | 58,278 | | | 166,128 | | | 165,300 | | Technology Solutions | 2,577 | | | 2,255 | | | 7,461 | | | 6,187 | | Intercompany eliminations | (8,059) | | | (18,133) | | | (31,551) | | | (43,260) | | Cost of revenue (exclusive of depreciation and amortization) | 66,378 | | | 77,063 | | | 211,997 | | | 218,304 | | Brand Direct | 32,873 | | | 50,165 | | | 117,459 | | | 137,759 | | Marketplace | 41,202 | | | 44,396 | | | 125,045 | | | 122,296 | | Technology Solutions | 362 | | | 635 | | | 1,044 | | | 1,509 | | Intercompany eliminations | (8,059) | | | (18,133) | | | (31,551) | | | (43,260) | | Gross profit (exclusive of depreciation and amortization) | $ | 23,688 | | | $ | 30,336 | | | $ | 78,375 | | | $ | 90,977 | | Brand Direct | 9,445 | | | 14,834 | | | 30,875 | | | 43,295 | | Marketplace | 12,028 | | | 13,882 | | | 41,083 | | | 43,004 | | Technology Solutions | 2,215 | | | 1,620 | | | 6,417 | | | 4,678 | | Salaries and related costs | 11,668 | | | 12,449 | | | 38,612 | | | 34,426 | | General and administrative expenses | 9,076 | | | 10,237 | | | 32,622 | | | 27,051 | | Depreciation and amortization | 7,142 | | | 7,186 | | | 21,377 | | | 19,649 | | Acquisition costs | 14 | | | 420 | | | 306 | | | 1,820 | | Change in fair value of contingent consideration liabilities | (3) | | | (3,085) | | | 2,533 | | | (2,525) | | (Loss) income from operations | $ | (4,209) | | | $ | 3,129 | | | $ | (17,075) | | | $ | 10,556 | |
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