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  "presentationDate": "2017-07-01 00:00:00",
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      "text": "Non-GAAP S&M as a % Collections",
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      "text": "Non-GAAP S&M expense during the quarter was $46.2 million, or 39% of collections compared to $34.9 million, or 43% of collections, in the year ago quarter. We continue to invest in branding and direct acquisition campaigns.",
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      "text": "is consolidated to ours and it gains the benefit of our scale. Excluding hosting costs from DeviantArt, non-GAAP gross margin would have been 85% in Q2 2017. In Q2 2017, we began amortizing intangibles related to the acquisitions of DeviantArt and flok.",
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