Table of Contents General and administrative expenses increased $234.7 million to $389.9 million, primarily due to an increase in stock-based compensation and stock issued to consultants for services rendered of $102.9 million, including $90.5 million driven by the 2019 tender offer. Additionally, we made new stock- based grants to new and existing employees and the fair value of our capital stock increased, which also contributed to the increase in stock-based compensation. Excluding the impact of stock-based compensation and stock issued for services rendered by consultants, general and administrative expenses for the six months ended June 30, 2019 remained flat at 18% of total revenue compared to the six months ended June 30, 2018. The increase in general and administrative expenses included a $47.4 million increase in employee compensation and benefits, a $16.7 million increase in corporate lease cost, and a $16.1 million increase in corporate technology expenses, all primarily driven by our continued investment in additional corporate personnel and an expanded global leadership team to support our current and future anticipated growth. General and administrative expenses were also impacted by expenses related to professional fees, which increased by $31.9 million primarily due to additional audit, consulting and legal costs. The growth in our global platform was also the primary driver of the remaining $19.6 million increase, which largely consisted of travel and various other miscellaneous general and administrative expenses that support our growing business. Comparison of the Year Ended December 31, 2017 and the Year Ended December 31, 2018 Year Ended December 31, Change (Amounts in thousands, except percentages) 2017 2018 $ % General and administrative expenses $ 454,020 $ 357,486 $ (96,534) (21)% General and administrative expenses decreased $96.5 million to $357.5 million for the year ended December 31, 2018. The decrease was primarily driven by the 2017 tender offer, which resulted in $247.3 million of additional stock-based compensation expense during the year ended December 31, 2017, as common shares were acquired from our employees at a price greater than the fair market value of the shares. Other stock-based compensation expense and expense related to stock issued for services rendered by consultants increased a total of $14.4 million year over year. The remaining $136.4 million increase in general and administrative expenses is generally related to our continued investment in corporate infrastructure to support the growth of our business. Excluding the impact of stock-based compensation and stock issued for services rendered by consultants, general and administrative expenses for the year ended December 31, 2018 represented 18% of total revenue compared to 21% for the year ended December 31, 2017. Compensation and related benefits, excluding stock-based compensation, increased $76.2 million year over year. This increase was primarily driven by our investment in additional corporate personnel and an expanded global leadership team to support our current and future anticipated growth. General and administrative expenses were also impacted by expenses related to professional fees which increased by $15.3 million for the year ended December 31, 2018, primarily due to additional consulting and legal costs, as well as a $13.7 million increase related to corporate technology expenses, an $11.9 million increase in rent expense associated with space for corporate employees, and a $6.2 million increase in travel costs. The remaining $13.1 million increase in all general and administrative expenses was largely driven by technology and rent expenses for our corporate offices. Comparison of the Year Ended December 31, 2016 and the Year Ended December 31, 2017 Year Ended December 31, Change (Amounts in thousands, except percentages) 2016 2017 $ % General and administrative expenses $ 115,346 $ 454,020 $ 338,674 294% 106