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Supreme Court ended the federal ban on sports gambling , allowing states to decide for themselves whether to make sports gambling legal for their residents. Over 20 states have legalized online sports betting with tens of billions of dollars spent yearly by gamblers betting on football, basketball, and more through these online portals.
He noted how something looks off with the changes in net income, so even though a publiccompany has fulfilled its legal duty by reporting "this worse-than-useless 'net income' figure" according to regulations, it makes him uncomfortable. Metric 2021 2022 2023 Net income (loss) $89.9 billion ($22.8 billion) $96.2 billion $30.9
In 2023, Fox quit the online sports betting business and DraftKings took share On industry consolidation, it appears as though DraftKings' first-mover position in legal U.S. Even large, publiccompanies hoping to get into this newly legal industry have bowed out, with Fox Corporation (NASDAQ: FOX) being the latest casualty.
Very few publiccompanies offer monthly dividends, and the ones that do are typically real estate investment trusts (REITs) because they are legally required to pay out 90% of their taxable earnings to shareholders. As for its valuation, LTC Properties trades at 3.1
We've invested tens of millions of dollars and almost 10 years building a defensible combination of data, intelligence, and AI technology to collect, synthesize, and make sense of an exploding pace in volume of dynamic unstructured, regulatory, political, and legal information around the world and the soft workflows to help our customers respond.
[Operator instructions] At this time, I would like to turn the call over to Tryn Stimart, AbCellera's chief legal and compliance officer. Tryn Stimart -- Chief Legal and Compliance Officer Thank you. I'm Tryn Stimart, AbCellera's chief legal and compliance officer. You may proceed. that's what Andrew mentioned.
Organizations are facing significant increases in regulatory complexity, and it is spreading globally, which creates uncertainty for all organizations and significant top-line and bottom-line impact for companies that operate globally as well. Second, we will pursue adjacencies to core products and fast-growing areas of risk and compliance.
Do you have to reduce rev rec, will opex rise on increased legal costs? If you -- I know it's tricky to talk about legal things, but if you can shed any light on that, I'm sure it would be helpful. Rene Haas -- Chief Executive Officer Sure. So, I'll address what I can as it is an ongoing litigation. But again, hard to say.
With over 33,000 agents across the United States, we are able to build upon our technology differentiation and continue to invest by amortizing the cost of our investments over more agents. And our stock-based comp expense in Q2 was the lowest in our history as a publiccompany.
To this effect, we have exited several members of the BioSteel leadership team and are considering all legal remedies available to us, including litigation to recover damages and costs associated with and resulting from the findings of the BioSteel review. But it certainly makes it easier when that business is put together all by itself.
As I mentioned before, and it's even more clear to me now, there were missed opportunities in the past to rationalize systems, processes, legal entities, go-to-market, and delivery functions. Depreciation and amortization was flat year to year as a percent of revenue, down $17 million, reflecting continued capital discipline.
Depreciation and amortization was $12 million in the quarter, which is in line with our expectations and previous guidance. We anticipate our quarterly 2024 capital expenditures to peak in Q2 of this year, corresponding with the final outfitting stage of our Flanders buildings. per share loss.
I'll ask to note here is that our GAAP-based results are in a book loss primarily due to the extent of non-cash charges, such as depreciation and amortization tied to the accounting for acquisitions and our facility build-outs as well as stock-based compensation charges. Now getting to our financial expectations for 2024 on Slide 24.
Interest expense, net of interest income between $20 million and $25 million, depreciation and amortization between $45 million and $50 million, stock-based compensation, which we show as a reconciling item from GAAP to non-GAAP EBITDA to be approximately $50 million.
This year, through the co-pilot program, we will launch a constellation of AI agents that include quick applications catered to our individual customer personas that automate the day-to-day work of creating legislation, drafting regulatory and legal analysis, advocacy outreach, and constituent communications or regulatory responses.
At GE Aerospace, we've completed the functional leadership team, naming our heads of corporate affairs, human resources, legal and treasury with experienced leaders from inside and outside GE. At GE Vernova, we added seasoned publiccompany CFO, Ken Parks. Part of that is amortization. billion of proceeds.
The additional SG&A variance was further due to higher external fees, including legal fees tied to our initiation of litigation to protect our trade secrets and audit and professional fees tied to our year-end accounting work. Depreciation and amortization ended the year at 48 million, in line with our expectations and previous guidance.
Our process improvement committee has been successful in implementing a new leasing dashboard tool, whereby leasing, asset management, legal, tenant coordination, construction, and senior leadership all collaborate seamlessly together, which has vastly improved our visibility and efficiency around leasing and tenant coordination.
For example, a cloud-based legal case management software company has been a Domo customer for almost a decade. Moving on to margins and profitability, our subscription gross margin was 81.4%, down sequentially due to timing of capitalized software amortization. Non-GAAP operating margin was 4.1%, and non-GAAP net loss was 1.8
We continue to work on the long-term solution for Hawthorne, a valuable, completely legal asset in a cannabis space with tax advantages, the best brands, industry- leading research and development. Less than $30 billion comes from the legal sector. On top of this, Americans, Democrats, Republicans, and independents favor legalization.
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