Summary of information by segment and reconciliations to Adjusted EBITDA and income (loss) before taxes |
Summarized information by segment and reconciliations to Adjusted EBITDA and income (loss) before income taxes is as follows (in thousands): | | | | | | | | | | | | | | | | | | Year Ended December 31, 2014 | | Lending | | Other | | Corporate | | Total | Revenue | $ | 154,504 |
| | $ | 12,846 |
| | $ | — |
| | $ | 167,350 |
| Costs and expenses: | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 7,399 |
| | 504 |
| | — |
| | 7,903 |
| Selling and marketing expense | 104,388 |
| | 8,316 |
| | — |
| | 112,704 |
| General and administrative expense | 4,898 |
| | 3,979 |
| | 17,006 |
| | 25,883 |
| Product development | 6,345 |
| | 1,088 |
| | 24 |
| | 7,457 |
| Depreciation | 1,596 |
| | 1,284 |
| | 365 |
| | 3,245 |
| Amortization of intangibles | — |
| | 136 |
| | — |
| | 136 |
| Restructuring and severance | 268 |
| | 12 |
| | 93 |
| | 373 |
| Litigation settlements and contingencies | — |
| | 2 |
| | 10,616 |
| | 10,618 |
| Total costs and expenses | 124,894 |
| | 15,321 |
| | 28,104 |
| | 168,319 |
| Operating income (loss) | 29,610 |
| | (2,475 | ) | | (28,104 | ) | | (969 | ) | Adjustments to reconcile to Adjusted EBITDA: | | | | | | | | Amortization of intangibles | — |
| | 136 |
| | — |
| | 136 |
| Depreciation | 1,596 |
| | 1,284 |
| | 365 |
| | 3,245 |
| Restructuring and severance | 268 |
| | 12 |
| | 93 |
| | 373 |
| Loss on disposal of assets | 45 |
| | 220 |
| | 17 |
| | 282 |
| Impairment of long-lived assets | — |
| | 805 |
| | — |
| | 805 |
| Non-cash compensation | 2,404 |
| | 1,043 |
| | 3,830 |
| | 7,277 |
| Acquisition expense | — |
| | 60 |
| | — |
| | 60 |
| Litigation settlements and contingencies | — |
| | 2 |
| | 10,616 |
| | 10,618 |
| Adjusted EBITDA | $ | 33,923 |
| | $ | 1,087 |
| | $ | (13,183 | ) | | $ | 21,827 |
| | | | | | | | | Operating loss | | | | | | | $ | (969 | ) | Interest expense | | | | | | | (2 | ) | Loss before income taxes | | | | | | | $ | (971 | ) |
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | | Lending | | Other | | Corporate | | Total | Revenue | $ | 127,985 |
| | $ | 10,632 |
| | $ | 623 |
| | $ | 139,240 |
| Costs and expenses: | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 5,469 |
| | 613 |
| | 460 |
| | 6,542 |
| Selling and marketing expense | 83,694 |
| | 7,449 |
| | (22 | ) | | 91,121 |
| General and administrative expense | 3,629 |
| | 2,245 |
| | 18,784 |
| | 24,658 |
| Product development | 4,302 |
| | 962 |
| | — |
| | 5,264 |
| Depreciation | 1,453 |
| | 1,642 |
| | 406 |
| | 3,501 |
| Amortization of intangibles | — |
| | 147 |
| | — |
| | 147 |
| Restructuring and severance | 78 |
| | 46 |
| | 35 |
| | 159 |
| Litigation settlements and contingencies | — |
| | 31 |
| | 8,924 |
| | 8,955 |
| Total costs and expenses | 98,625 |
| | 13,135 |
| | 28,587 |
| | 140,347 |
| Operating income (loss) | 29,360 |
| | (2,503 | ) | | (27,964 | ) | | (1,107 | ) | Adjustments to reconcile to Adjusted EBITDA: | | | | | | | | Amortization of intangibles | — |
| | 147 |
| | — |
| | 147 |
| Depreciation | 1,453 |
| | 1,642 |
| | 406 |
| | 3,501 |
| Restructuring and severance | 78 |
| | 46 |
| | 35 |
| | 159 |
| Loss on disposal of assets | — |
| | — |
| | 165 |
| | 165 |
| Non-cash compensation | 1,681 |
| | 689 |
| | 3,257 |
| | 5,627 |
| Discretionary cash bonus | — |
| | — |
| | 920 |
| | 920 |
| Trust contribution | | | — |
| | 350 |
| | 350 |
| Litigation settlements and contingencies | — |
| | 31 |
| | 8,924 |
| | 8,955 |
| Adjusted EBITDA | $ | 32,572 |
| | $ | 52 |
| | $ | (13,907 | ) | | $ | 18,717 |
| | | | | | | | | Operating loss | |
| | |
| | |
| | $ | (1,107 | ) | Interest expense | |
| | |
| | |
| | (19 | ) | Loss before income taxes | |
| | |
| | |
| | $ | (1,126 | ) |
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | | Lending | | Other | | Corporate | | Total | Revenue | $ | 61,176 |
| | $ | 14,620 |
| | $ | 1,647 |
| | $ | 77,443 |
| Costs and expenses: | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 3,238 |
| | 536 |
| | 521 |
| | 4,295 |
| Selling and marketing expense | 35,250 |
| | 13,677 |
| | 7 |
| | 48,934 |
| General and administrative expense | 3,470 |
| | 2,888 |
| | 15,873 |
| | 22,231 |
| Product development | 2,277 |
| | 1,258 |
| | (6 | ) | | 3,529 |
| Depreciation | 1,536 |
| | 1,991 |
| | 578 |
| | 4,105 |
| Amortization of intangibles | — |
| | 358 |
| | — |
| | 358 |
| Restructuring and severance | 20 |
| | 11 |
| | (88 | ) | | (57 | ) | Litigation settlements and contingencies | — |
| | — |
| | (3,101 | ) | | (3,101 | ) | Total costs and expenses | 45,791 |
| | 20,719 |
| | 13,784 |
| | 80,294 |
| Operating income (loss) | 15,385 |
| | (6,099 | ) | | (12,137 | ) | | (2,851 | ) | Adjustments to reconcile to Adjusted EBITDA: | | | | | | | | Amortization of intangibles | — |
| | 358 |
| | — |
| | 358 |
| Depreciation | 1,536 |
| | 1,991 |
| | 578 |
| | 4,105 |
| Restructuring and severance | 20 |
| | 11 |
| | (88 | ) | | (57 | ) | Loss on disposal of assets | 388 |
| | 345 |
| | 5 |
| | 738 |
| Non-cash compensation | 987 |
| | 507 |
| | 3,093 |
| | 4,587 |
| Litigation settlements and contingencies | — |
| | — |
| | (3,101 | ) | | (3,101 | ) | Adjusted EBITDA | $ | 18,316 |
| | $ | (2,887 | ) | | $ | (11,650 | ) | | $ | 3,779 |
| | | | | | | | | Operating loss | |
| | |
| | |
| | (2,851 | ) | Interest expense | |
| | |
| | |
| | (881 | ) | Loss before income taxes | |
| | |
| | |
| | $ | (3,732 | ) |
Revenue by product category of the lending segment is as follows (in thousands): | | | | | | | | | | | | | | Year Ended Year Ended December 31, | | 2014 | | 2013 | | 2012 | Mortgage products | $ | 134,137 |
| | $ | 123,091 |
| | $ | 59,362 |
| Non-mortgage products | 20,367 |
| | 4,894 |
| | 1,814 |
| Total lending revenue | $ | 154,504 |
| | $ | 127,985 |
| | $ | 61,176 |
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