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Similarweb Announces Fourth Quarter 2022 Results

Fourth quarter 2022 revenue grew 28% year-over-year to $51.3 million

Non-GAAP operating margin improved by 25 percentage points

Annual Recurring Revenue Exceeds $200 Million

Similarweb Ltd. (NYSE: SMWB) ("Similarweb" or the "Company"), a leading digital intelligence company, today announced financial results for its fourth quarter ended December 31, 2022. The Company published a letter to shareholders from management discussing these results, which can be accessed at the link: https://ir.similarweb.com/financials/quarterly-results, located on the Company's investor relations website.

“We performed well in the fourth quarter as we navigated the challenging demand environment,” said Or Offer, Founder and CEO of Similarweb. “2022 was a year of challenges on many fronts. Despite the tough circumstances, we experienced both new customer growth and expansion from existing customers.” Offer continued, “Our customers tell us that we are more critical than ever to win their markets, and that they cannot get the data and actionable insights that we have anywhere else. We want to build on this in 2023 and return to being cash flow positive. It is in our hands, and we are focused on what we need to do to succeed.”

Fourth Quarter 2022 Financial Highlights

  • Total revenue was $51.3 million, an increase of 28% compared to $40.2 million for the fourth quarter of 2021.
  • GAAP operating loss was $(14.6) million or (28)% of revenue, compared to $(22.9) million or (57)% of revenue for the fourth quarter of 2021.
  • GAAP net loss per share was $(0.20), compared to $(0.32) for the fourth quarter of 2021.
  • Non-GAAP operating loss was $(10.9) million or (21)% of revenue, compared to $(18.4) million or (46)% of revenue for the fourth quarter of 2021.
  • Non-GAAP operating loss per share was $(0.14), compared to $(0.25) for the fourth quarter of 2021.
  • Cash and cash equivalents totaled $77.8 million as of December 31, 2022, compared to $128.9 million as of December 31, 2021.
  • Net cash used in operating activities was $(12.3) million, compared to $(10.4) million for the fourth quarter of 2021.
  • Free cash flow was $(14.6) million, compared to $(11.5) million for the fourth quarter of 2021.
  • Normalized free cash flow was $(13.8) million, compared to $(11.5) million for the fourth quarter of 2021.

Fiscal Year 2022 Financial Highlights

  • Total revenue was $193.2 million, an increase of 40% compared to $137.7 million for fiscal year 2021.
  • GAAP operating loss was $(87.9) million or (45)% of revenue, compared to $(66.1) million or (48)% of revenue for fiscal year 2021.
  • GAAP net loss per share was $(1.10), compared to $(1.30) for fiscal year 2021.
  • Non-GAAP operating loss was $(63.8) million or (33)% of revenue, compared to $(51.7) million or (38)% of revenue for fiscal year 2021.
  • Non-GAAP operating loss per share was $(0.84), compared to $(0.97) for fiscal year 2021.

Recent Business Highlights

  • Grew number of customers to 4,049 as of December 31, 2022, an increase of 16% compared to December 31, 2021.
  • Grew average annual revenue per customer to approximately $51,600 in the fourth quarter of 2022, an increase of 8% compared to the fourth quarter of 2021.
  • Grew number of customers with ARR of $100,000 or more to 337 as of December 31, 2022, an increase of 24% compared to December 31, 2021.
  • Customers with ARR of $100,000 or more contributed 55% of the total ARR as of December 31, 2022, compared to 51% as of December 31, 2021.
  • Dollar-based net retention rate for customers with ARR of $100,000 or more was 120% in the fourth quarter of 2022 as compared to 125% in the fourth quarter of 2021.
  • Overall dollar-based net retention rate was 109% in the fourth quarter of 2022 as compared to 113% in the fourth quarter of 2021.
  • Multi-year subscriptions now comprise 39% of our overall ARR as of December 31, 2022, as compared to 33% as of December 31, 2021.
  • Remaining performance obligations increased 24% year-over-year, to $171.0 million as of December 31, 2022, as compared to $137.5 million as of December 31, 2021.

Financial Outlook

“We intend to achieve sustained positive free cash flow quarterly by the fourth quarter of 2023,” said Jason Schwartz, Chief Financial Officer of Similarweb. “We have aligned our strategic objectives on balancing our revenue growth with accelerating our profitability. We continue to focus on disciplined execution in this challenging environment, which will be critical to accomplishing our objectives in 2023.”

  • Q1 2023 Guidance
    • Total revenue between $52.5 million and $53.0 million, representing 19% growth year-over-year at the mid-point of the range.
    • Non-GAAP operating loss between $(11.5) million and $(12.0) million. This includes non-GAAP gross margin anticipated in the range of 77.0% to 77.5%.
  • FY 2023 Guidance
    • Total revenue between $221.0 million and $222.0 million, representing 15% growth year-over-year at the mid-point of the range.
    • Non-GAAP operating loss between $(30.0) million and $(31.0) million, which includes non-GAAP gross margin anticipated in the range of 78.0% to 79.0%.

The Company’s first quarter and full year 2023 financial outlook is based upon a number of assumptions and trends observed from prior quarters that are subject to change and many of which are outside the Company’s control. Actual results may vary from these assumptions and trends from prior quarters, and the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss and gross margin, the most directly comparable GAAP measures to non-GAAP operating loss and non-GAAP gross margin, respectively, and similarly cannot provide a reconciliation to these measures to their closest GAAP equivalents without unreasonable effort due to the unavailability of reliable estimates for certain items, such as share-based compensation. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 8:30 a.m. Eastern Time on Wednesday, February 15, 2023. A live webcast of the call can be accessed from Similarweb’s Investor Relations website at https://ir.similarweb.com. An archived webcast of the conference call will also be made available on the Similarweb website following the call. The live call may also be accessed via telephone at (877) 407-0713 toll-free and at (201) 689-7831 internationally.

About Similarweb: As a trusted platform for understanding online behavior, millions of people rely on Similarweb insights to strengthen their knowledge of the digital world. We empower anyone — from the curious individual to the enterprise business leader — to make smarter decisions by understanding why things happen across the digital ecosystem.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our guidance for the first quarter and full year of 2023 described under "Financial Outlook". Forward-looking statements include all statements that are not historical facts. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements reflect our current views regarding our intentions, products, services, plans, expectations, strategies and prospects, which are based on information currently available to us and assumptions we have made. Actual results may differ materially from those described in such forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) challenges associated with forecasting our revenue given our recent growth and rapid technological development, particularly in light of current macroeconomic uncertainty, (ii) our history of net losses and desire to increase operating expenses, thereby limiting our ability to achieve profitability, (iii) challenges related to effectively managing our growth, including as result of macroeconomic factors, (iv) intense competition in the market and services categories in which we participate, (v) potential reductions in participation in our contributory network and/or increase in the volume of opt-out requests from individuals with respect to our collection of their data, or a decrease in our direct measurement dataset, which could lead to a deterioration in the depth, breadth or accuracy of our data, (vi) our inability to attract new customers and expand subscriptions of current customers, (vii) changes in laws, regulations, and public perception concerning data privacy or change in the patterns of enforcement of existing laws and regulations, (viii) our inability to introduce new features or solutions and make enhancements to our existing solutions, (ix) real or perceived errors, failures, vulnerabilities or bugs in our platform, (x) potential security breaches to our systems or to the systems of our third-party service providers, (xi) our inability to obtain and maintain comprehensive and reliable data to generate our insights, (xii) changes in laws and regulations related to the Internet or changes in the internet infrastructure itself that may diminish the demand for our solutions, (xiii) failure to effectively develop and expand our direct sales capabilities, which could harm our ability to increase the number of organizations using our platform and achieve broader market acceptance for our solutions and (xiv) the impact that current worldwide geopolitical and macroeconomic uncertainty, including uncertainty resulting from the COVID-19 pandemic or other public health crises and the Russian military operations in Ukraine, and any related economic downturn could have on our or our customers' businesses, financial condition and results of operations.

These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Form 20-F filed with the Securities and Exchange Commission on March 25, 2022, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.

Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. Except as required by law, we undertake no duty to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Non-GAAP Financial Measures

This press release contains certain financial measures that are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software costs. Normalized free cash flow represents free cash flow less capital investments related to the Company's new headquarters, payments received in connection with these capital investments and deferred payments related to business combinations. Non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP research and development expenses, non-GAAP sales and marketing expenses and non-GAAP general and administrative expenses represent the comparable GAAP financial figure operating income (loss) or expense, less share-based compensation, adjustments and payments related to business combinations, amortization of intangible assets and certain other non-recurring items, as applicable and indicated in the above tables.

Other Metrics

Customer acquisition costs (CAC) represent the portion of sales and marketing expenses allocated to acquire new customers. Customer retention costs (CRC) represent the portion of sales and marketing expenses allocated to retain existing customers and to increase existing customers’ subscriptions. Annual recurring revenue (ARR) represents the annualized subscription revenue we would contractually expect to receive from customers assuming no increases or reductions in their subscriptions. CAC payback period is the estimated time in months to recover CAC in terms of incremental gross profit that newly acquired customers generate. Net retention rate (NRR) represents the comparison of our ARR from the same set of customers as of a certain point in time, relative to the same point in time in the previous year ago period, expressed as a percentage.

Similarweb Ltd.

Consolidated Balance Sheets

U.S. dollars in thousands (except share and per share data)

 

 

December 31,

 

December 31,

 

 

2021

 

 

 

2022

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

128,879

 

 

$

77,810

 

Restricted deposits

 

11,474

 

 

 

9,814

 

Accounts receivable, net

 

31,017

 

 

 

38,141

 

Deferred contract costs

 

8,470

 

 

 

9,789

 

Prepaid expenses and other current assets

 

7,847

 

 

 

6,628

 

Total current assets

 

187,687

 

 

 

142,182

 

Property and equipment, net

 

6,356

 

 

 

31,823

 

Deferred contract costs, non-current

 

9,208

 

 

 

8,348

 

Operating lease right-of-use assets

 

 

 

 

40,823

 

Intangible assets, net

 

11,617

 

 

 

9,561

 

Goodwill

 

11,318

 

 

 

12,867

 

Other non-current assets

 

813

 

 

 

441

 

Total assets

$

226,999

 

 

$

246,045

 

Liabilities and Shareholders' equity

 

 

 

Current liabilities:

 

 

 

Borrowings under Credit Facility

$

 

 

$

25,000

 

Accounts payable

 

11,303

 

 

 

7,144

 

Payroll and benefit related liabilities

 

17,969

 

 

 

18,512

 

Deferred revenue

 

76,676

 

 

 

93,195

 

Other payables and accrued expenses

 

28,199

 

 

 

27,990

 

Operating lease liabilities

 

 

 

 

9,091

 

Total current liabilities

 

134,147

 

 

 

180,932

 

Deferred revenue, non-current

 

2,074

 

 

 

974

 

Operating lease liabilities, non-current

 

 

 

 

40,075

 

Deferred rent

 

2,602

 

 

 

 

Other long-term liabilities

 

3,262

 

 

 

2,113

 

Total liabilities

 

142,085

 

 

 

224,094

 

Shareholders' equity

 

 

 

Ordinary Shares, NIS 0.01 par value 500,000,000 shares authorized as of December 31, 2021 and 2022;

74,847,609 and 76,435,940 shares issued as of December 31, 2021 and 2022, respectively;

74,845,441 and 76,433,772 shares outstanding as of December 31, 2021 and 2022, respectively

 

205

 

 

 

210

 

Additional paid-in capital

 

324,614

 

 

 

345,834

 

Accumulated other comprehensive income (loss)

 

160

 

 

 

(367

)

Accumulated deficit

 

(240,065

)

 

 

(323,726

)

Total shareholders' equity

 

84,914

 

 

 

21,951

 

Total liabilities and shareholders' equity

$

226,999

 

 

$

246,045

 

Similarweb Ltd.

Consolidated Statements of Comprehensive Income (Loss)

U.S. dollars in thousands (except share and per share data)

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Revenues

$

137,668

 

 

$

193,234

 

 

$

40,151

 

 

$

51,346

 

Cost of revenues

 

31,752

 

 

 

53,274

 

 

 

10,691

 

 

 

12,426

 

Gross profit

 

105,916

 

 

 

139,960

 

 

 

29,460

 

 

 

38,920

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

44,378

 

 

 

59,904

 

 

 

14,278

 

 

 

13,977

 

Sales and marketing

 

93,844

 

 

 

122,635

 

 

 

27,982

 

 

 

30,096

 

General and administrative

 

33,801

 

 

 

45,277

 

 

 

10,103

 

 

 

9,441

 

Total operating expenses

 

172,023

 

 

 

227,816

 

 

 

52,363

 

 

 

53,514

 

Loss from operations

 

(66,107

)

 

 

(87,856

)

 

 

(22,903

)

 

 

(14,594

)

Other income, net

 

 

 

 

290

 

 

 

 

 

 

290

 

Finance (expenses) income, net

 

(1,891

)

 

 

4,421

 

 

 

(733

)

 

 

(375

)

Loss before income taxes

 

(67,998

)

 

 

(83,145

)

 

 

(23,636

)

 

 

(14,679

)

Provision for income taxes

 

981

 

 

 

516

 

 

 

174

 

 

 

319

 

Net loss

$

(68,979

)

 

$

(83,661

)

 

$

(23,810

)

 

$

(14,998

)

Net loss per share attributable to ordinary shareholders, basic and diluted

$

(1.30

)

 

$

(1.10

)

 

$

(0.32

)

 

$

(0.20

)

Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted

 

53,201,603

 

 

 

75,718,623

 

 

 

74,685,076

 

 

 

76,197,984

 

Net loss

$

(68,979

)

 

$

(83,661

)

 

$

(23,810

)

 

$

(14,998

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

Change in unrealized gain (loss) on cashflow hedges

 

84

 

 

 

(527

)

 

 

137

 

 

 

592

 

Total other comprehensive income (loss), net of tax

 

84

 

 

 

(527

)

 

 

137

 

 

 

592

 

Total comprehensive loss

$

(68,895

)

 

$

(84,188

)

 

$

(23,673

)

 

$

(14,406

)

Share-based compensation costs included above:

U.S. dollars in thousands

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

2021

 

2022

 

2021

 

2022

Cost of revenues

$

211

 

$

599

 

$

90

 

$

136

Research and development

 

4,058

 

 

5,287

 

 

1,143

 

 

1,193

Sales and marketing

 

3,450

 

 

5,995

 

 

1,146

 

 

1,087

General and administrative

 

3,452

 

 

5,106

 

 

936

 

 

1,156

Total

$

11,171

 

$

16,987

 

$

3,315

 

$

3,572

Similarweb Ltd.

Consolidated Statements of Cash Flows

U.S. dollars in thousands

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(68,979

)

 

$

(83,661

)

 

$

(23,810

)

 

$

(14,998

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

3,167

 

 

 

10,584

 

 

 

1,539

 

 

 

2,472

 

Finance expense (income)

 

45

 

 

 

1,112

 

 

 

249

 

 

 

(307

)

Unrealized gain from hedging future transactions

 

(23

)

 

 

(20

)

 

 

(5

)

 

 

(493

)

Share-based compensation

 

11,171

 

 

 

16,987

 

 

 

3,315

 

 

 

3,572

 

Gain on sale of equipment

 

 

 

 

(142

)

 

 

 

 

 

(10

)

Provision for accrued interest on Credit Facility

 

(53

)

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Change in operating lease right-of-use assets and liabilities, net

 

 

 

 

5,744

 

 

 

 

 

 

475

 

Increase in accounts receivable, net

 

(5,132

)

 

 

(6,882

)

 

 

(5,986

)

 

 

(13,080

)

(Increase) decrease in deferred contract costs

 

(6,127

)

 

 

(459

)

 

 

(2,070

)

 

 

1,670

 

(Increase) decrease in other current assets

 

(5,556

)

 

 

1,342

 

 

 

(2,844

)

 

 

456

 

(Increase) decrease in other non-current assets

 

(412

)

 

 

372

 

 

 

(483

)

 

 

503

 

Increase (decrease) in accounts payable

 

6,631

 

 

 

(4,284

)

 

 

1,794

 

 

 

(1,444

)

Increase in deferred revenue

 

24,384

 

 

 

15,055

 

 

 

12,139

 

 

 

9,622

 

Decrease in deferred rent

 

(410

)

 

 

 

 

 

(75

)

 

 

 

Increase (decrease) in other non-current liabilities

 

475

 

 

 

(1,497

)

 

 

(153

)

 

 

(936

)

Increase (decrease) in other liabilities and accrued expenses

 

13,194

 

 

 

(316

)

 

 

6,021

 

 

 

238

 

Net cash used in operating activities

 

(27,625

)

 

 

(46,065

)

 

 

(10,369

)

 

 

(12,260

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment, net

 

(2,311

)

 

 

(28,257

)

 

 

(896

)

 

 

(1,932

)

Capitalized internal-use software costs

 

(502

)

 

 

(2,919

)

 

 

(274

)

 

 

(424

)

(Increase) decrease in restricted deposits

 

(10,020

)

 

 

1,660

 

 

 

(9,758

)

 

 

507

 

Decrease in short-term investments

 

30,000

 

 

 

 

 

 

 

 

 

 

Payment for business combinations, net of cash acquired

 

(9,507

)

 

 

(3,787

)

 

 

(9,007

)

 

 

 

Cash received in relation to business combinations

 

 

 

 

294

 

 

 

 

 

 

 

Purchase of intangible assets

 

(300

)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

7,360

 

 

 

(33,009

)

 

 

(19,935

)

 

 

(1,849

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

1,222

 

 

 

2,034

 

 

 

492

 

 

 

130

 

Proceeds from employee share purchase plan

 

 

 

 

2,083

 

 

 

 

 

 

849

 

Borrowings under Credit Facility

 

30,000

 

 

 

25,000

 

 

 

 

 

 

 

Repayment of Credit Facility

 

(56,800

)

 

 

 

 

 

 

 

 

 

Repayment of borrowings assumed in business combinations

 

(112

)

 

 

 

 

 

(112

)

 

 

 

Proceeds from initial public offering, net of underwriting fees, commissions and other issuance costs

 

150,936

 

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

125,246

 

 

 

29,117

 

 

 

380

 

 

 

979

 

Effect of exchange rates on cash and cash equivalents

 

(45

)

 

 

(1,112

)

 

 

(249

)

 

 

307

 

Net increase (decrease) in cash and cash equivalents

 

104,936

 

 

 

(51,069

)

 

 

(30,173

)

 

 

(12,823

)

Cash and cash equivalents, beginning of period

 

23,943

 

 

 

128,879

 

 

 

159,052

 

 

 

90,633

 

Cash and cash equivalents, end of period

$

128,879

 

 

$

77,810

 

 

$

128,879

 

 

$

77,810

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Interest paid (received), net

$

531

 

 

$

(18

)

 

$

3

 

 

$

(2

)

Taxes paid

$

468

 

 

$

485

 

 

$

3

 

 

$

68

 

Supplemental disclosure of non-cash financing activities:

 

 

 

 

 

 

 

Initial public offering costs incurred during the period included in accounts payable and accrued expenses

$

270

 

 

$

(120

)

 

$

 

 

$

(120

)

Additions to operating lease right-of-use assets and liabilities

$

 

 

$

9,485

 

 

$

 

 

$

50

 

Deferred costs of property and equipment incurred during the period included in accounts payable

$

 

 

$

116

 

 

$

 

 

$

(654

)

 

 

 

 

 

 

 

 

Schedule A : Business combinations

 

 

 

 

 

 

 

Working capital (deficit), net (excluding cash and cash equivalents)

$

(8,865

)

 

$

(657

)

 

 

 

 

Cash refund to be received resulting from adjustment to working capital

 

 

 

 

193

 

 

 

 

 

Property, plant and equipment

 

13

 

 

 

43

 

 

 

 

 

Goodwill and other intangible assets

 

20,374

 

 

 

4,361

 

 

 

 

 

Deferred taxes, net

 

(2,015

)

 

 

(153

)

 

 

 

 

 

$

9,507

 

 

$

3,787

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures

 

Reconciliation of GAAP gross profit to non-GAAP gross profit

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

(In thousands)

(In thousands)

GAAP gross profit

$

105,916

 

 

$

139,960

 

 

$

29,460

 

 

$

38,920

 

Add:

 

 

 

 

 

 

 

Share-based compensation expenses

 

211

 

 

 

599

 

 

 

90

 

 

 

136

 

Retention payments related to business combinations

 

 

 

 

1,785

 

 

 

 

 

 

129

 

Amortization of intangible assets related to business combinations

 

608

 

 

 

4,487

 

 

 

608

 

 

 

1,168

 

Non-recurring expenses related to termination of lease agreement and others

 

 

 

 

35

 

 

 

 

 

 

 

Non-GAAP gross profit

$

106,735

 

 

$

146,866

 

 

$

30,158

 

 

$

40,353

 

Non-GAAP gross margin

 

78

%

 

 

76

%

 

 

75

%

 

 

79

%

Reconciliation of Loss from operations (GAAP) to Non-GAAP operating loss

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

(In thousands)

(In thousands)

Loss from operations

$

(66,107

)

 

$

(87,856

)

 

$

(22,903

)

 

$

(14,594

)

Add:

 

 

 

 

 

 

 

Share-based compensation expenses

 

11,171

 

 

 

16,987

 

 

 

3,315

 

 

 

3,572

 

Retention payments related to business combinations

 

1,103

 

 

 

2,342

 

 

 

289

 

 

 

351

 

Amortization of intangible assets related to business combinations

 

608

 

 

 

4,573

 

 

 

608

 

 

 

1,202

 

Adjustment of fair value of contingent consideration related to business combinations

 

 

 

 

(884

)

 

 

 

 

 

(1,628

)

Non-recurring expenses related to termination of lease agreement and others

 

315

 

 

 

1,174

 

 

 

315

 

 

 

197

 

Non-recurring fees related to initial public offering

 

1,214

 

 

 

 

 

 

 

 

 

 

Capital gain related to sale of operating equipment

 

 

 

 

(127

)

 

 

 

 

 

 

Non-GAAP operating loss

$

(51,696

)

 

$

(63,791

)

 

$

(18,376

)

 

$

(10,900

)

Non-GAAP operating margin

 

(38

)%

 

 

(33

)%

 

 

(46

)%

 

 

(21

)%

Reconciliation of GAAP operating expenses to non-GAAP operating expenses

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

(In thousands)

(In thousands)

GAAP research and development

$

44,378

 

 

$

59,904

 

 

$

14,278

 

 

$

13,977

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

4,058

 

 

 

5,287

 

 

 

1,143

 

 

 

1,193

 

Retention payments related to business combinations

 

1,103

 

 

 

 

 

 

289

 

 

 

 

Non-recurring expenses related to termination of lease agreement and others

 

 

 

 

87

 

 

 

 

 

 

 

Non-GAAP research and development

$

39,217

 

 

$

54,530

 

 

$

12,846

 

 

$

12,784

 

Non-GAAP research and development margin

 

28

%

 

 

28

%

 

 

32

%

 

 

25

%

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

93,844

 

 

$

122,635

 

 

$

27,982

 

 

$

30,096

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

3,450

 

 

 

5,995

 

 

 

1,146

 

 

 

1,087

 

Retention payments related to business combinations

 

 

 

 

557

 

 

 

 

 

 

222

 

Amortization of intangible assets related to business combinations

 

 

 

 

86

 

 

 

 

 

 

34

 

Non-recurring expenses related to termination of lease agreement and others

 

315

 

 

 

996

 

 

 

315

 

 

 

197

 

Non-GAAP sales and marketing

$

90,079

 

 

$

115,001

 

 

$

26,521

 

 

$

28,556

 

Non-GAAP sales and marketing margin

 

65

%

 

 

60

%

 

 

66

%

 

 

56

%

 

 

 

 

 

 

 

 

GAAP general and administrative

$

33,801

 

 

$

45,277

 

 

$

10,103

 

 

$

9,441

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

3,452

 

 

 

5,106

 

 

 

936

 

 

 

1,156

 

Adjustment of fair value of contingent consideration related to business combinations

 

 

 

 

(884

)

 

 

 

 

 

(1,628

)

Non-recurring fees related to initial public offering

 

1,214

 

 

 

 

 

 

 

 

 

 

Non-recurring expenses related to termination of lease agreement and others

 

 

 

 

56

 

 

 

 

 

 

 

Capital gain related to sale of operating equipment

 

 

 

 

(127

)

 

 

 

 

 

 

Non-GAAP general and administrative

$

29,135

 

 

$

41,126

 

 

$

9,167

 

 

$

9,913

 

Non-GAAP general and administrative margin

 

21

%

 

 

21

%

 

 

23

%

 

 

19

%

Reconciliation of Net cash used in operating activities (GAAP) to Free cash flow and Normalized free cash flow

 

 

Year Ended

December 31,

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

(In thousands)

(In thousands)

Net cash used in operating activities

$

(27,625

)

 

$

(46,065

)

 

$

(10,369

)

 

$

(12,260

)

Purchases of property and equipment, net

 

(2,311

)

 

 

(28,257

)

 

 

(896

)

 

 

(1,932

)

Capitalized internal use software costs

 

(502

)

 

 

(2,919

)

 

 

(274

)

 

 

(424

)

Free cash flow

$

(30,438

)

 

$

(77,241

)

 

$

(11,539

)

 

$

(14,616

)

 

 

 

 

 

 

 

 

Cash payments related to the new headquarters

 

 

 

 

27,221

 

 

 

 

 

 

1,781

 

Cash received in connection with purchases of property and equipment

 

 

 

 

(12,124

)

 

 

 

 

 

(932

)

Deferred payments in relation to business combinations

 

 

 

 

413

 

 

 

 

 

 

 

Normalized free cash flow

$

(30,438

)

 

$

(61,731

)

 

$

(11,539

)

 

$

(13,767

)

 

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