UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _________TO_________

Commission File Number: 001-40464

ZETA GLOBAL HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

Delaware	80-0814458
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3 Park Ave, 33rd Floor

New York, NY 10016

(Address of principal executive offices) (Zip Code)

(212) 967-5055

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.001 per share	ZETA	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large-accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 6, 2024, 212,558,038 shares of the registrant’s Class A common stock and 24,889,923 shares of the registrant’s Class B common stock were outstanding.

ZETA GLOBAL HOLDINGS CORP.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended September 30, 2024

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Condensed Unaudited Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	3
	Condensed Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Condensed Unaudited Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023	5
	Condensed Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	7
	Notes to Condensed Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
	Signatures	37

i

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risks and uncertainties. All statements made in this Quarterly Report on Form 10-Q that are not statements of historical fact, including statements about our beliefs and expectations and regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements and should be evaluated as such. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions or the negative of those terms. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. As you read this Quarterly Report on Form 10-Q, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. The following important factors, along with the factors discussed in “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), may materially affect such forward-looking statements:

•Our success and revenue growth depends on our ability to add and retain scaled customers and convert our scaled customers into super-scaled customers;

•We often have long sales cycles, which can result in significant time between initial contact with a potential customer and execution of a customer agreement, making it difficult to project when, if at all, we will generate revenue from those customers;

•We may experience fluctuations in our operating results, which could make our future operating results difficult to predict;

•If we do not manage our growth effectively, the quality of our platform and solutions may suffer, and our business, operating results and financial condition may be adversely affected;

•Our industry is intensely competitive, and if we do not effectively compete against current and future competitors or fail to innovate and make the right investment decisions in our product offerings and platform, our business, operating results and financial condition could be harmed;

•Acquisitions or strategic investments could be difficult to identify and integrate (including the integration of our recent acquisition of LiveIntent, Inc.), divert the attention of management and disrupt our business, dilute stockholder value and adversely affect our business, operating results and financial condition;

•The technology industry is subject to increasing scrutiny that could result in U.S. federal or state government actions that could negatively affect our business;

•Our business and the effectiveness of our platform depends on our ability to collect and use data online;

•New consumer tools, regulatory restrictions and potential changes to web browsers and mobile operating systems all threaten our ability to collect such data, which could harm our operating results and financial condition and adversely affect the demand for our products and solutions;

•Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations and financial condition;

•Any unfavorable publicity or negative public perception of current data collection practices could result in additional regulations which may impact the effectiveness of our data cloud and platform;

•A significant inadvertent disclosure or breach of confidential and/or personal information we process, or a security breach of our or our customers’, suppliers’ or other partners’ IT Systems could be detrimental to our business, reputation, financial performance and results of operations;

•We depend on third-party data centers, systems and technologies to operate our business, the disruption of which could adversely affect our business, operating results and financial condition;

•If we fail to detect or prevent fraud or malware intrusion on our platform, devices, or systems, or into the systems or devices of our customers and their consumers, publishers could lose confidence in our platform, and we could

1

face legal claims and regulatory investigations, any of which could adversely affect our business, operating results and financial condition;

•The standards that private entities and inbox service providers adopt in the future to regulate the use and delivery of email may interfere with the effectiveness of our platform and our ability to conduct business;

•Any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of artificial intelligence could adversely affect our business, results of operations, and financial condition;

•Catastrophic events such as pandemics, earthquakes, flooding, droughts, fire and power outages, and business and operational interruption by man-made problems such as war, conflicts and acts of terrorism; and

•Other factors discussed in other sections of this Quarterly Report on Form 10-Q, including the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

You should not place undue reliance on our forward-looking statements and you should not rely on forward-looking statements as predictions of future events. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q should not be construed by you to be exhaustive and speak only as of the date of this report. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to “Zeta,” “Zeta Global,” “we,” “us,” “our” or “the Company” refer to Zeta Global Holdings Corp.

Our Website and Availability of SEC Reports and Other Information

The Company maintains a website at the following address: https://zetaglobal.com. The information on the Company’s website is not incorporated by reference in, or otherwise to be regarded as part of, this Quarterly Report on Form 10-Q.

We make available on or through our website certain reports and amendments to those reports we file with or furnish to the Securities and Exchange Commission (“SEC”) pursuant to Section 13(a) or 15(d) of the Exchange Act. These include our annual reports on Form 10-K, our quarterly reports on Form 10-Q, and our current reports on Form 8-K. We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.

Investors and others should note that we routinely announce material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Zeta Global Investor Relations website https://investors.zetaglobal.com. We use these channels as well as social media channels (e.g., the Zeta Facebook account (facebook.com/ZetaGlobal); the Zeta Instagram account (instagram.com/zetaglobal); the Zeta X account (twitter.com/zetaglobal); and the Zeta LinkedIn account (linkedin.com/company/zetaglobal)) as a means of disclosing information about our business to our customers, colleagues, investors, and the public. While not all of the information that we post to the Zeta Global Investor Relations website or on our social media channels is of a material nature, some information could be deemed to be material. Accordingly, we encourage investors, the media, and others interested in Zeta to review the information that we share on the Zeta Global Investor Relations website and on our social media channels. The information on the Zeta Global Investor Relations website and the Company’s social media channels is not incorporated by reference in, or otherwise to be regarded as part of, this Quarterly Report on Form 10-Q.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Unaudited Consolidated Balance Sheets

(In thousands, except shares, per share and par values)

	As of
	September 30, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	418,538		$	131,732
Accounts receivable, net of allowance of $4,593 and $3,564 as of September 30, 2024 and December 31, 2023, respectively		203,711			170,131
Prepaid expenses		9,699			6,269
Other current assets		1,697			1,622
Total current assets	$	633,645		$	309,754
Non-current assets:
Property and equipment, net	$	7,383		$	7,452
Website and software development costs, net		29,377			32,124
Right-to-use assets - operating leases, net		7,985			6,603
Intangible assets, net		43,032			48,781
Goodwill		140,919			140,905
Deferred tax assets, net		842			728
Other non-current assets		5,898			4,367
Total non-current assets	$	235,436		$	240,960
Total assets	$	869,081		$	550,714
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	58,486		$	63,572
Accrued expenses		107,658			85,455
Acquisition-related liabilities		12,983			17,234
Deferred revenue		3,586			3,301
Other current liabilities		8,202			6,823
Total current liabilities	$	190,915		$	176,385
Non-current liabilities:
Long-term borrowings	$	196,089		$	184,147
Acquisition-related liabilities		-			3,060
Other non-current liabilities		7,210			6,602
Total non-current liabilities	$	203,299		$	193,809
Total liabilities	$	394,214		$	370,194
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Class A common stock $ 0.001 per share par value, up to 3,750,000,000 shares authorized, 205,636,909 and 188,631,432 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	$	205		$	189
Class B common stock $ 0.001 per share par value, up to 50,000,000 shares authorized, 24,889,923 and 29,055,489 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		25			29
Additional paid-in capital		1,520,044			1,140,849
Accumulated deficit		(1,043,544	)		(958,537	)
Accumulated other comprehensive loss		(1,863	)		(2,010	)
Total stockholders’ equity	$	474,867		$	180,520
Total liabilities and stockholders' equity	$	869,081		$	550,714

See accompanying notes to condensed unaudited consolidated financial statements.

3

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except shares and per share amounts)

	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Revenues	$	268,295		$	188,984		$	691,081		$	518,403
Operating expenses:
Cost of revenues (excluding depreciation and amortization)		105,652			73,480			273,607			189,867
General and administrative expenses		50,494			50,706			150,459			154,022
Selling and marketing expenses		84,548			70,669			231,567			215,714
Research and development expenses		22,807			18,062			66,407			53,924
Depreciation and amortization		12,590			13,233			39,295			37,654
Acquisition-related expenses		4,583			—			4,583			203
Restructuring expenses		—			—			—			2,845
Total operating expenses	$	280,674		$	226,150		$	765,918		$	654,229
Loss from operations		(12,379	)		(37,166	)		(74,837	)		(135,826	)
Interest expense		1,945			2,894			7,130			8,139
Other expenses		2,851			2,436			1,958			7,138
Total other expenses	$	4,796		$	5,330		$	9,088		$	15,277
Loss before income taxes		(17,175	)		(42,496	)		(83,925	)		(151,103	)
Income tax provision		200		$	590			1,082		$	1,097
Net loss	$	(17,375	)	$	(43,086	)	$	(85,007	)	$	(152,200	)
Other comprehensive (income) / loss:
Foreign currency translation adjustment		(146	)		283			(147	)		78
Total comprehensive loss	$	(17,229	)	$	(43,369	)	$	(84,860	)	$	(152,278	)
Net loss per share
Net loss available to common stockholders	$	(17,375	)	$	(43,086	)	$	(85,007	)	$	(152,200	)
Basic loss per share	$	(0.09	)	$	(0.27	)	$	(0.47	)	$	(0.99	)
Diluted loss per share	$	(0.09	)	$	(0.27	)	$	(0.47	)	$	(0.99	)
Weighted average number of shares used to compute net loss per share
Basic		187,905,129			158,055,789			179,035,728			154,262,386
Diluted		187,905,129			158,055,789			179,035,728			154,262,386

The Company recorded stock-based compensation under respective lines of the above condensed unaudited consolidated statements of operations and comprehensive loss:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of revenues (excluding depreciation and amortization)	$	394	$	546	$	1,164	$	2,098
General and administrative expenses		14,709		21,223		50,336		66,221
Selling and marketing expenses		24,894		29,266		78,391		92,933
Research and development expenses		7,180		6,637		22,083		18,494
Total	$	47,177	$	57,672	$	151,974	$	179,746

See accompanying notes to condensed unaudited consolidated financial statements.

4

Condensed Unaudited Consolidated Statements of Stockholders’ Equity

(In thousands, except shares)

	Class A common stock		Class B common stock
	Shares	Amount	Shares	Amount	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance as of January 1, 20241	188,631,432	$189	29,055,489	$29	$1,140,849	$(958,537)	$(2,010)	$180,520
Restricted stock grants	1,420,286	1	—	—	(1)	—	—	—
Shares repurchased	(324,753)	—	—	—	(3,466)	—	—	(3,466)
Restricted stock forfeitures	(331,160)	—	—	—	—	—	—	—
Options exercised	97,158	—	—	—	434	—	—	434
Stock-based compensation	—	—	—	—	53,729	—	—	53,729
Restricted stock units vesting	130,149	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	(50)	(50)
Net loss	—	—	—	—	—	(39,566)	—	(39,566)
Balance as of March 31, 20242	189,623,112	$190	29,055,489	$29	$1,191,545	$(998,103)	$(2,060)	$191,601
Shares issued in connection with certain agreements	43,152	—	—	—	667	—	—	667
Restricted stock grants	67,862	-	—	—	—	—	—	—
Shares issued in connection with employee stock purchase plan	212,650	—	—	—	1,525	—	—	1,525
Shares repurchased	(172,346)	—	—	—	(2,919)	—	—	(2,919)
Restricted stock forfeitures	(221,824)	—	—	—	—	—	—	—
Performance stock units vested	150,315	—	—	—	—	—	—	—
Options exercised	170,697	—	—	—	1,407	—	—	1,407
Stock-based compensation	—	—	—	—	52,780	—	—	52,780
Class B common stock transferred to Class A common stock	1,904,383	2	(1,904,383)	(2)	—	—	—	—
Restricted stock units vested	153,932	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	51	51
Net loss	—	—	—	—	—	(28,066)	—	(28,066)
Balance as of June 30, 20243	191,931,933	$192	27,151,106	$27	$1,245,005	$(1,026,169)	$(2,009)	$217,046
Shares issued in connection with a follow-on public offering	10,304,716	10	—	—	228,946	—	—	228,956
Shares issued in connection with certain agreements	65,391	—	—	—	1,125	—	—	1,125
Restricted stock grants	60,519	—	—	—	—	—	—	—
Shares repurchased	(223,437)	—	—	—	(3,889)	—	—	(3,889)
Restricted stock forfeitures	(101,722)	—	—	—	—	—	—	—
Performance stock units vested	1,065,863	1	—	—	(1)	—	—	—
Options exercised	140,350	—	—	—	1,143	—	—	1,143
Stock-based compensation	—	—	—	—	47,715	—	—	47,715
Class B common stock transferred to Class A common stock	2,261,183	2	(2,261,183)	(2)	—	—	—	—
Restricted stock units vested	132,113	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	146	146
Net loss	—	—	—	—	—	(17,375)	—	(17,375)
Balance as of September 30, 20244	205,636,909	$205	24,889,923	$25	$1,520,044	$(1,043,544)	$(1,863)	$474,867

1. Includes 150,989,571 outstanding Class A common stock, 17,886,352 outstanding Class B common stock, 37,641,861 unvested Class A restricted stock and 11,169,137 unvested Class B restricted stock.

2. Includes 156,444,731 outstanding Class A common stock, 18,301,427 outstanding Class B common stock, 33,178,381 unvested Class A restricted stock and 10,754,062 unvested Class B restricted stock.

3. Includes 164,510,430 outstanding Class A common stock, 17,607,759 outstanding Class B common stock, 27,421,503 unvested Class A restricted stock and 9,543,347 unvested Class B restricted stock.

4. Includes 181,588,344 outstanding Class A common stock, 17,497,975 outstanding Class B common stock, 24,048,565 unvested Class A restricted stock and 7,391,948 unvested Class B restricted stock.

5

	Class A common stock		Class B common stock
	Shares	Amount	Shares	Amount	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance as of January 1, 20231	175,266,917	$175	32,099,302	$32	$900,924	$(771,056)	$(2,045)	$128,030
Restricted stock grants	814,177	1	—	—	(1)	—	—	—
Shares repurchased	(329,474)	—	(325,923)	—	(6,551)	—	—	(6,551)
Restricted stock forfeitures	(208,969)	—	—	—	—	—	—	—
Class B common stock transferred to Class A common stock	50,000	—	(50,000)	—	—	—	—	—
Options exercised	8,500	—	—	—	41	—	—	41
Stock-based compensation	—	—	—	—	65,214	—	—	65,214
Restricted stock units vesting	123,241	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	147	147
Net loss	—	—	—	—	—	(56,955)	—	(56,955)
Balance as of March 31, 20232	175,724,392	$176	31,723,379	$32	$959,627	$(828,011)	$(1,898)	$129,926
Shares issued in connection with certain agreements	96,610	—	—	—	843	—	—	843
Restricted stock grants	6,306,051	6	—	—	(6)	—	—	—
Shares issued in connection with employee stock purchase plan	210,096	—	—	—	1,567	—	—	1,567
Shares repurchased	(135,461)	—	—	—	(1,419)	—	—	(1,419)
Restricted stock forfeitures	(461,101)	—	—	—	—	—	—	—
Performance stock units vested	142,500	—	—	—	—	—	—	—
Options exercised	16,500	—	—	—	41	—	—	41
Stock-based compensation	—	—	—	—	58,491	—	—	58,491
Restricted stock units vested	130,990	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	58	58
Net loss	—	—	—	—	—	(52,159)	—	(52,159)
Balance as of June 30, 20233	182,030,577	$182	31,723,379	$32	$1,019,144	$(880,170)	$(1,840)	$137,348
Shares issued in connection with certain agreements	57,515	—	—	—	500	—	—	500
Restricted stock grants	984,158	1	—	—	(1)	—	—	—
Shares repurchased	(446,185)	—	—	—	(3,517)	—	—	(3,517)
Restricted stock forfeitures	(456,405)	(1)	—	—	1	—	—	—
Class B common stock transferred to Class A common stock	1,864,058	2	(1,864,058)	(2)	—	—	—	—
Options exercised	32,000	—	—	—	141	—	—	141
Stock-based compensation	—	—	—	—	58,675	—	—	58,675
Restricted stock units vested	123,895	—	—	—	—	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	(283)	(283)
Net loss	—	—	—	—	—	(43,086)	—	(43,086)
Balance as of September 30, 20234	184,189,613	$184	29,859,321	$30	$1,074,943	$(923,256)	$(2,123)	$149,778

1. Includes 132,909,894 outstanding Class A common stock, 15,512,217 outstanding Class B common stock, 42,357,023 unvested Class A restricted stock and 16,587,085 unvested Class B restricted stock.

2. Includes 137,203,338 outstanding Class A common stock, 16,105,977 outstanding Class B common stock, 38,521,054 unvested Class A restricted stock and 15,617,402 unvested Class B restricted stock.

3. Includes 141,053,113 outstanding Class A common stock, 16,105,977 outstanding Class B common stock, 40,977,464 unvested Class A restricted stock and 15,617,402 unvested Class B restricted stock.

4. Includes 143,905,554 outstanding Class A common stock, 15,958,447 outstanding Class B common stock, 40,284,059 unvested Class A restricted stock and 13,900,874 unvested Class B restricted stock.

See accompanying notes to condensed unaudited consolidated financial statements.

6

Condensed Unaudited Consolidated Statements of Cash Flows

(In thousands)

	Nine months ended September 30,
	2024			2023
Cash flows from operating activities:
Net loss	$	(85,007	)	$	(152,200	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		39,295			37,654
Stock-based compensation		151,974			179,746
Deferred income taxes		(113	)		(96	)
Change in fair value of acquisition-related liabilities		1,388			6,681
Others, net		100			1,186
Change in non-cash working capital (net of acquisitions):
Accounts receivable		(34,513	)		(33,306	)
Prepaid expenses		(3,449	)		872
Other current assets		(72	)		31
Other non-current assets		(1,525	)		(607	)
Deferred revenue		282			(311	)
Accounts payable		(3,998	)		22,614
Accrued expenses and other current liabilities		25,208			1,225
Other non-current liabilities		608			72
Net cash provided by operating activities		90,178			63,561
Cash flows from investing activities:
Capital expenditures		(17,458	)		(14,886	)
Website and software development costs		(