Similarweb Announces Second Quarter 2024 Results
Revenue growth accelerated for the third consecutive quarter
Fourth consecutive quarter of non-GAAP operating profit
Raising guidance for 2024 revenue and non-GAAP operating profit
“We delivered another strong quarter with accelerating revenue and customer growth, record profitability and solid free cash flow, providing us with the confidence to raise our 2024 revenue and profit guidance,” stated Or Offer, Co-Founder and CEO of
Second Quarter 2024 Financial Highlights
-
Total revenue was
$60.6 million , an increase of 13% compared to$53.7 million for the second quarter of 2023. -
GAAP operating loss was
$(1.0) million or (2)% of revenue, compared to$(9.8) million or (18)% of revenue for the second quarter of 2023. -
GAAP net loss per share was
$(0.01) , compared to$(0.12) for the second quarter of 2023. -
Non-GAAP operating profit was
$5.3 million or 9% of revenue, compared to non-GAAP operating loss of$(3.5) million or (6)% of revenue for the second quarter of 2023. -
Non-GAAP operating profit per share was
$0.07 , compared to non-GAAP operating loss per share of$(0.04) for the second quarter of 2023. -
Cash and cash equivalents totalled
$61.8 million as ofJune 30, 2024 , compared to$71.7 million as ofDecember 31, 2023 . -
Net cash provided by (used in) operating activities was
$7.3 million , compared to$(2.3) million for the second quarter of 2023. -
Free cash flow was
$6.3 million , compared to$(2.8) million for the second quarter of 2023.
Recent Business Highlights
-
Grew number of customers to 5,034 as of
June 30, 2024 , an increase of 17% compared toJune 30, 2023 . -
Grew number of customers with ARR of
$100,000 or more to 383, an increase of 8% compared toJune 30, 2023 . - Secured the first 8-figure ARR customer after signing a large contract with an existing customer.
-
Customers with ARR of
$100,000 or more contributed 60% of the total ARR as ofJune 30, 2024 , compared to 55% as ofJune 30, 2023 . -
Dollar-based net retention rate for customers with ARR of
$100,000 or more was 109% in the second quarter of 2024, an increase from the first quarter of 2024. - Overall dollar-based net retention rate was 99% in the second quarter of 2024, an increase from the first quarter of 2024.
-
44% of our overall ARR is contracted under multi-year subscriptions as of
June 30, 2024 , as compared to 42% as ofJune 30, 2023 . -
Remaining performance obligations increased 24% year-over-year, to
$216.6 million as ofJune 30, 2024 , as compared to$174.8 million as ofJune 30, 2023 . -
Acquired
42matters AG , a leading app intelligence provider based inZurich, Switzerland , onJuly 1, 2024 . -
Extended the
$75 million SVB Credit Facility for an additional 2-year term throughDecember 31, 2026 .
Financial Outlook
"Revenue growth continued to accelerate this quarter, driven by new customer acquisition and improving retention,” stated
-
Q3 2024 Guidance
-
Total revenue estimated between
$62.5 million and$63.0 million , representing approximately 15% growth year over year at the mid-point of the range. -
Non-GAAP operating profit estimated between
$2.8 million and$3.2 million .
-
Total revenue estimated between
-
FY 2024 Guidance
-
Total revenue estimated between
$246.0 million and$248.0 million . -
Non-GAAP operating profit estimated between
$13.0 million and$15.0 million .
-
Total revenue estimated between
The Company’s third quarter and full year 2024 financial outlook is based upon a number of assumptions that are subject to change and many of which are outside the Company’s control. Actual results may vary from these assumptions, 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 of these measures to their closest GAAP equivalents without unreasonable effort due to the unavailability of reliable estimates for certain items. 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
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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 third quarter and full year of 2024 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 number of known and unknown risks, uncertainties, other factors and assumptions that are beyond our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) our expectations regarding our revenue, expenses and other operating results; (ii) our ability to acquire new customers and successfully retain existing customers; (iii) our ability to increase usage of our solutions and upsell and cross-sell additional solutions; (iv) our ability to achieve or sustain profitability; (v) anticipated trends, growth rates, rising interest rates, rising global inflation and current macroeconomic conditions, challenges in our business and in the markets in which we operate, and the impact of
These risks and uncertainties are more fully described in our filings with the
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 gross margin, non-GAAP operating margin, 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 below 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.
|
|||||||
|
|
|
|
||||
|
|
2023 |
|
|
|
2024 |
|
|
|
|
(Unaudited) |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
71,732 |
|
|
$ |
61,791 |
|
Restricted deposits |
|
10,020 |
|
|
|
10,309 |
|
Accounts receivable, net |
|
47,869 |
|
|
|
38,631 |
|
Deferred contract costs |
|
11,165 |
|
|
|
10,962 |
|
Prepaid expenses and other current assets |
|
5,599 |
|
|
|
7,704 |
|
Total current assets |
|
146,385 |
|
|
|
129,397 |
|
Property and equipment, net |
|
28,630 |
|
|
|
27,141 |
|
Deferred contract costs, non-current |
|
9,845 |
|
|
|
9,465 |
|
Operating lease right-of-use assets |
|
36,007 |
|
|
|
35,815 |
|
|
|
17,652 |
|
|
|
19,989 |
|
Other non-current assets |
|
494 |
|
|
|
447 |
|
Total assets |
$ |
239,013 |
|
|
$ |
222,254 |
|
Liabilities and shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Borrowings under Credit Facility |
$ |
25,000 |
|
|
$ |
— |
|
Accounts payable |
|
8,422 |
|
|
|
5,037 |
|
Payroll and benefit related liabilities |
|
20,437 |
|
|
|
16,755 |
|
Deferred revenue |
|
99,968 |
|
|
|
108,000 |
|
Other payables and accrued expenses |
|
23,263 |
|
|
|
24,760 |
|
Operating lease liabilities |
|
7,095 |
|
|
|
6,834 |
|
Total current liabilities |
|
184,185 |
|
|
|
161,386 |
|
Deferred revenue, non-current |
|
878 |
|
|
|
694 |
|
Operating lease liabilities, non-current |
|
35,329 |
|
|
|
32,885 |
|
Other long-term liabilities |
|
3,074 |
|
|
|
3,846 |
|
Total liabilities |
|
223,466 |
|
|
|
198,811 |
|
Shareholders' equity |
|
|
|
||||
Ordinary Shares, |
|
216 |
|
|
|
222 |
|
Additional paid-in capital |
|
367,558 |
|
|
|
379,799 |
|
Accumulated other comprehensive income (loss) |
|
872 |
|
|
|
(8 |
) |
Accumulated deficit |
|
(353,099 |
) |
|
|
(356,570 |
) |
Total shareholders' equity |
|
15,547 |
|
|
|
23,443 |
|
Total liabilities and shareholders' equity |
$ |
239,013 |
|
|
$ |
222,254 |
|
|
|||||||||||||||
|
Six Months Ended |
|
Three Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(Unaudited) |
|
(Unaudited) |
||||||||||||
Revenue |
$ |
106,431 |
|
|
$ |
119,619 |
|
|
$ |
53,681 |
|
|
$ |
60,637 |
|
Cost of revenue |
|
24,651 |
|
|
|
25,240 |
|
|
|
12,575 |
|
|
|
12,544 |
|
Gross profit |
|
81,780 |
|
|
|
94,379 |
|
|
|
41,106 |
|
|
|
48,093 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
28,253 |
|
|
|
25,778 |
|
|
|
13,902 |
|
|
|
12,239 |
|
Sales and marketing |
|
55,088 |
|
|
|
51,097 |
|
|
|
26,422 |
|
|
|
25,857 |
|
General and administrative |
|
21,276 |
|
|
|
21,141 |
|
|
|
10,539 |
|
|
|
10,950 |
|
Total operating expenses |
|
104,617 |
|
|
|
98,016 |
|
|
|
50,863 |
|
|
|
49,046 |
|
Loss from operations |
|
(22,837 |
) |
|
|
(3,637 |
) |
|
|
(9,757 |
) |
|
|
(953 |
) |
Finance income, net |
|
1,965 |
|
|
|
1,278 |
|
|
|
610 |
|
|
|
823 |
|
Loss before income taxes |
|
(20,872 |
) |
|
|
(2,359 |
) |
|
|
(9,147 |
) |
|
|
(130 |
) |
Provision for income taxes |
|
255 |
|
|
|
1,112 |
|
|
|
146 |
|
|
|
608 |
|
Net loss |
$ |
(21,127 |
) |
|
$ |
(3,471 |
) |
|
$ |
(9,293 |
) |
|
$ |
(738 |
) |
Net loss per share attributable to ordinary shareholders, basic and diluted |
$ |
(0.27 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.01 |
) |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted |
|
77,222,490 |
|
|
|
79,969,425 |
|
|
|
77,579,279 |
|
|
|
80,570,892 |
|
Net loss |
$ |
(21,127 |
) |
|
$ |
(3,471 |
) |
|
$ |
(9,293 |
) |
|
$ |
(738 |
) |
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
||||||||
Change in unrealized (loss) gain on cashflow hedges |
|
(232 |
) |
|
|
(880 |
) |
|
|
45 |
|
|
|
(363 |
) |
Total other comprehensive (loss) income, net of tax |
|
(232 |
) |
|
|
(880 |
) |
|
|
45 |
|
|
|
(363 |
) |
Total comprehensive loss |
$ |
(21,359 |
) |
|
$ |
(4,351 |
) |
|
$ |
(9,248 |
) |
|
$ |
(1,101 |
) |
|
|
|
|
|
|
|
|
Share-based compensation costs included above:
|
|||||||||||
|
Six Months Ended |
|
Three months Ended |
||||||||
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
(Unaudited) |
(Unaudited) |
|||||||||
Cost of revenue |
$ |
327 |
|
$ |
390 |
|
$ |
172 |
|
$ |
223 |
Research and development |
|
2,850 |
|
|
2,802 |
|
|
1,460 |
|
|
1,357 |
Sales and marketing |
|
2,730 |
|
|
1,991 |
|
|
1,356 |
|
|
806 |
General and administrative |
|
3,191 |
|
|
3,402 |
|
|
1,701 |
|
|
2,072 |
Total |
$ |
9,098 |
|
$ |
8,585 |
|
$ |
4,689 |
|
$ |
4,458 |
|
|||||||||||||||
|
Six Months Ended |
|
Three Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(Unaudited) |
|
(Unaudited) |
||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(21,127 |
) |
|
$ |
(3,471 |
) |
|
$ |
(9,293 |
) |
|
$ |
(738 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
5,112 |
|
|
|
5,139 |
|
|
|
2,572 |
|
|
|
2,619 |
|
Finance expense |
|
869 |
|
|
|
466 |
|
|
|
662 |
|
|
|
230 |
|
Unrealized loss from hedging future transactions |
|
4 |
|
|
|
60 |
|
|
|
31 |
|
|
|
29 |
|
Share-based compensation |
|
9,098 |
|
|
|
8,585 |
|
|
|
4,689 |
|
|
|
4,458 |
|
Loss (gain) from sale of equipment |
|
1 |
|
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Change in operating lease right-of-use assets and liabilities, net |
|
(2,415 |
) |
|
|
(2,513 |
) |
|
|
(1,190 |
) |
|
|
(242 |
) |
Decrease in accounts receivable, net |
|
5,633 |
|
|
|
9,619 |
|
|
|
4,989 |
|
|
|
2,626 |
|
Decrease in deferred contract costs |
|
2,590 |
|
|
|
583 |
|
|
|
1,141 |
|
|
|
170 |
|
Increase in other current assets |
|
(880 |
) |
|
|
(2,917 |
) |
|
|
(1,130 |
) |
|
|
(1,593 |
) |
Decrease (increase) in other non-current assets |
|
417 |
|
|
|
47 |
|
|
|
(14 |
) |
|
|
14 |
|
Increase (decrease) in accounts payable |
|
343 |
|
|
|
(3,258 |
) |
|
|
1,402 |
|
|
|
(799 |
) |
Increase (decrease) in deferred revenue |
|
2,941 |
|
|
|
7,316 |
|
|
|
(4,302 |
) |
|
|
328 |
|
(Decrease) increase in other non-current liabilities |
|
(319 |
) |
|
|
620 |
|
|
|
(225 |
) |
|
|
426 |
|
Decrease in other liabilities and accrued expenses |
|
(4,246 |
) |
|
|
(2,857 |
) |
|
|
(1,636 |
) |
|
|
(181 |
) |
Net cash (used in) provided by operating activities |
|
(1,979 |
) |
|
|
17,412 |
|
|
|
(2,305 |
) |
|
|
7,344 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Purchase of property and equipment, net |
|
(1,315 |
) |
|
|
(908 |
) |
|
|
(183 |
) |
|
|
(540 |
) |
Capitalized internal-use software costs |
|
(707 |
) |
|
|
(469 |
) |
|
|
(274 |
) |
|
|
(469 |
) |
Increase in restricted deposits |
|
(87 |
) |
|
|
(289 |
) |
|
|
(43 |
) |
|
|
(121 |
) |
Payment for business combinations, net of cash acquired |
|
— |
|
|
|
(3,833 |
) |
|
|
— |
|
|
|
(24 |
) |
Net cash used in investing activities |
|
(2,109 |
) |
|
|
(5,499 |
) |
|
|
(500 |
) |
|
|
(1,154 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Proceeds from exercise of stock options |
|
1,830 |
|
|
|
3,057 |
|
|
|
438 |
|
|
|
386 |
|
Proceeds from employee share purchase plan |
|
660 |
|
|
|
555 |
|
|
|
660 |
|
|
|
555 |
|
Repayment of Credit Facility |
|
— |
|
|
|
(25,000 |
) |
|
|
— |
|
|
|
— |
|
Payments of contingent consideration, net |
|
(2,363 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
127 |
|
|
|
(21,388 |
) |
|
|
1,098 |
|
|
|
941 |
|
Effect of exchange rates on cash and cash equivalents |
|
(869 |
) |
|
|
(466 |
) |
|
|
(662 |
) |
|
|
(230 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(4,830 |
) |
|
|
(9,941 |
) |
|
|
(2,369 |
) |
|
|
6,901 |
|
Cash and cash equivalents, beginning of period |
|
77,810 |
|
|
|
71,732 |
|
|
|
75,349 |
|
|
|
54,890 |
|
Cash and cash equivalents, end of period |
$ |
72,980 |
|
|
$ |
61,791 |
|
|
$ |
72,980 |
|
|
$ |
61,791 |
|
|
|
|
|
|
|
|
|
||||||||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
||||||||
Interest received, net |
$ |
(40 |
) |
|
$ |
(557 |
) |
|
$ |
(46 |
) |
|
$ |
(322 |
) |
Taxes paid |
$ |
1,613 |
|
|
$ |
848 |
|
|
$ |
1,557 |
|
|
$ |
16 |
|
Supplemental disclosure of non-cash financing activities: |
|
|
|
|
|
|
|
||||||||
Additions to operating lease right-of-use assets and liabilities |
$ |
780 |
|
|
$ |
4,453 |
|
|
$ |
610 |
|
|
$ |
2,055 |
|
Share-based compensation included in capitalized internal-use software |
$ |
33 |
|
|
$ |
33 |
|
|
$ |
33 |
|
|
$ |
33 |
|
Deferred proceeds from exercise of share options included in other current assets |
$ |
42 |
|
|
$ |
27 |
|
|
$ |
26 |
|
|
$ |
27 |
|
Deferred costs of property and equipment incurred during the period included in accounts payable |
$ |
41 |
|
|
$ |
6 |
|
|
$ |
(80 |
) |
|
$ |
6 |
|
Deferred payments in relation to business combinations held in escrow |
$ |
1,269 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
Schedule A: Business combinations |
|
|
|
|
|
|
|
||||||||
Working capital (deficit), net (excluding cash and cash equivalents) |
|
— |
|
|
|
(217 |
) |
|
|
|
|
||||
Property, plant and equipment |
|
— |
|
|
|
18 |
|
|
|
|
|
||||
|
|
— |
|
|
|
4,684 |
|
|
|
|
|
||||
Deferred taxes, net |
|
— |
|
|
|
(152 |
) |
|
|
|
|
||||
|
$ |
— |
|
|
$ |
4,333 |
|
|
|
|
|
||||
Less non-cash: |
|
|
|
|
|
|
|
||||||||
Deferred cash payments |
$ |
— |
|
|
$ |
(500 |
) |
|
|
|
|
||||
Total |
$ |
— |
|
|
$ |
3,833 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
|
|||||||||||||||
|
Six Months Ended |
|
Three months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(In thousands) |
(In thousands) |
|||||||||||||
GAAP gross profit |
$ |
81,780 |
|
|
$ |
94,379 |
|
|
$ |
41,106 |
|
|
$ |
48,093 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expenses |
|
327 |
|
|
|
390 |
|
|
|
172 |
|
|
|
223 |
|
Retention payments related to business combinations |
|
306 |
|
|
|
25 |
|
|
|
218 |
|
|
|
25 |
|
Amortization of intangible assets related to business combinations |
|
2,335 |
|
|
|
2,224 |
|
|
|
1,167 |
|
|
|
1,138 |
|
Non-GAAP gross profit |
$ |
84,748 |
|
|
$ |
97,018 |
|
|
$ |
42,663 |
|
|
$ |
49,479 |
|
Non-GAAP gross margin |
|
80 |
% |
|
|
81 |
% |
|
|
79 |
% |
|
|
82 |
% |
Reconciliation of Loss from operations (GAAP) to Non-GAAP operating (loss) income |
|||||||||||||||
|
Six Months Ended |
|
Three months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(In thousands) |
(In thousands) |
|||||||||||||
Loss from operations |
$ |
(22,837 |
) |
|
$ |
(3,637 |
) |
|
$ |
(9,757 |
) |
|
$ |
(953 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expenses |
|
9,098 |
|
|
|
8,585 |
|
|
|
4,689 |
|
|
|
4,458 |
|
Retention payments related to business combinations |
|
687 |
|
|
|
819 |
|
|
|
405 |
|
|
|
591 |
|
Amortization of intangible assets related to business combinations |
|
2,403 |
|
|
|
2,347 |
|
|
|
1,201 |
|
|
|
1,227 |
|
Non-recurring expenses related to termination of lease agreement and others |
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP operating (loss) income |
$ |
(10,636 |
) |
|
$ |
8,114 |
|
|
$ |
(3,462 |
) |
|
$ |
5,323 |
|
Non-GAAP operating margin |
|
(10 |
)% |
|
|
7 |
% |
|
|
(6 |
)% |
|
|
9 |
% |
Reconciliation of GAAP operating expenses to non-GAAP operating expenses |
|||||||||||||||
|
Six Months Ended |
|
Three months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(In thousands) |
(In thousands) |
|||||||||||||
GAAP research and development |
$ |
28,253 |
|
|
$ |
25,778 |
|
|
$ |
13,902 |
|
|
$ |
12,239 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expenses |
|
2,850 |
|
|
|
2,802 |
|
|
|
1,460 |
|
|
|
1,357 |
|
Retention payments related to business combinations |
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
Non-GAAP research and development |
$ |
25,403 |
|
|
$ |
22,960 |
|
|
$ |
12,442 |
|
|
$ |
10,866 |
|
Non-GAAP research and development margin |
|
24 |
% |
|
|
19 |
% |
|
|
23 |
% |
|
|
18 |
% |
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing |
$ |
55,088 |
|
|
$ |
51,097 |
|
|
$ |
26,422 |
|
|
$ |
25,857 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expenses |
|
2,730 |
|
|
|
1,991 |
|
|
|
1,356 |
|
|
|
806 |
|
Retention payments related to business combinations |
|
381 |
|
|
|
778 |
|
|
|
187 |
|
|
|
550 |
|
Amortization of intangible assets related to business combinations |
|
68 |
|
|
|
123 |
|
|
|
34 |
|
|
|
89 |
|
Non-recurring expenses related to termination of lease agreement and others |
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP sales and marketing |
$ |
51,896 |
|
|
$ |
48,205 |
|
|
$ |
24,845 |
|
|
$ |
24,412 |
|
Non-GAAP sales and marketing margin |
|
49 |
% |
|
|
40 |
% |
|
|
46 |
% |
|
|
40 |
% |
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative |
$ |
21,276 |
|
|
$ |
21,141 |
|
|
$ |
10,539 |
|
|
$ |
10,950 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expenses |
|
3,191 |
|
|
|
3,402 |
|
|
|
1,701 |
|
|
|
2,072 |
|
Non-GAAP general and administrative |
$ |
18,085 |
|
|
$ |
17,739 |
|
|
$ |
8,838 |
|
|
$ |
8,878 |
|
Non-GAAP general and administrative margin |
|
17 |
% |
|
|
15 |
% |
|
|
16 |
% |
|
|
15 |
% |
Reconciliation of Net cash (used in) provided by operating activities (GAAP) to Free cash flow and Normalized free cash flow |
|||||||||||||||
|
Six Months Ended |
|
Three months Ended |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
(In thousands) |
(In thousands) |
|||||||||||||
Net cash (used in) provided by operating activities |
$ |
(1,979 |
) |
|
$ |
17,412 |
|
|
$ |
(2,305 |
) |
|
$ |
7,344 |
|
Purchases of property and equipment, net |
|
(1,315 |
) |
|
|
(908 |
) |
|
|
(183 |
) |
|
|
(540 |
) |
Capitalized internal use software costs |
|
(707 |
) |
|
|
(469 |
) |
|
|
(274 |
) |
|
|
(469 |
) |
Free cash flow |
$ |
(4,001 |
) |
|
$ |
16,035 |
|
|
$ |
(2,762 |
) |
|
$ |
6,335 |
|
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment related to the new headquarters |
|
1,100 |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
Payments received from escrow in relation to contingent consideration |
|
(380 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Normalized free cash flow |
$ |
(3,281 |
) |
|
$ |
16,035 |
|
|
$ |
(2,710 |
) |
|
$ |
6,335 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806324330/en/
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