The document provides a financial analysis of various expenses and income changes for a company over the nine months ending September 30, 2014, and 2015. Key points include an increase in stock-based compensation expense due to equity award modifications, a significant rise in general and administrative expenses due to the acquisition of The Princeton Review, and a notable increase in product development expenses driven by severance costs and acquisitions. Depreciation expenses also rose due to the acquisition of The Princeton Review. Adjusted EBITDA decreased by 4.6% due to costs related to technology consolidation and a prior year tax benefit. Operating income decreased by 21.8%, influenced by a decrease in Adjusted EBITDA and increased stock-based compensation.
documents/EFTA01378012.pdf
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