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Similarweb Announces Second Quarter 2022 Results

Second quarter 2022 revenue grew 46% year-over-year to $47.6 million

NRR for $100K+ ARR customers remains strong at 127%

Remaining performance obligations increased 53% year-over-year to $160.5 million

Similarweb Ltd. (NYSE: SMWB) ("Similarweb" or the "Company"), a leading digital intelligence company, today announced financial results for its second quarter ended June 30, 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 second quarter as our momentum drove results,” said Or Offer, Founder and CEO of Similarweb. “In times of uncertainty, our customers seek out the critical insights that we provide, which help them win in their markets. We believe we are well-positioned to lead in these challenging times, and we remain focused on helping our customers successfully navigate through what lies ahead."

Second Quarter 2022 Financial Highlights

  • Total revenue was $47.6 million, an increase of 46% compared to $32.5 million for the second quarter of 2021.
  • GAAP operating loss was $(26.5) million, compared to $(14.9) million for the second quarter of 2021.
  • GAAP net loss per share was $(0.29), compared to $(0.33) for the second quarter of 2021.
  • Non-GAAP operating loss was $(19.8) million, compared to $(10.8) million for the second quarter of 2021.
  • Non-GAAP operating loss per share was $(0.26), compared to $(0.23) for the second quarter of 2021.
  • Cash and cash equivalents totaled $93.9 million as of June 30, 2022, compared to $128.9 million as of December 31, 2021.
  • Net cash used in operating activities was $(13.1) million, compared to $(2.6) for the second quarter of 2021.
  • Free cash flow was $(28.9) million, compared to $(3.3) million for the second quarter of 2021.
  • Normalized free cash flow was $(18.9) million, compared to $(3.3) million for the second quarter of 2021.

Recent Business Highlights

  • Grew number of customers to 3,849 as of June 30, 2022, an increase of 25% compared to June 30, 2021.
  • Grew average annual revenue per customer to approximately $50,700 in the second quarter of 2022, an increase of 16% compared to the second quarter of 2021.
  • Grew number of customers with ARR of $100,000 or more to 309 as of June 30, 2022, an increase of 40% compared to June 30, 2021.
  • Customers with ARR of $100,000 or more contributed 53% of the total ARR as of June 30, 2022, compared to 49% as of June 30, 2021.
  • Dollar-based net retention rate for customers with ARR of $100,000 or more increased to 127% in the second quarter of 2022 as compared to 118% in the second quarter of 2021.
  • Overall dollar-based net retention rate increased to 115% in the second quarter of 2022 as compared to 106% in the second quarter of 2021.
  • Multi-year subscriptions now comprise 36% of our overall ARR as of June 30, 2022, as compared to 28% as of June 30, 2021.
  • Remaining performance obligations increased 53% year-over-year, to $160.5 million as of June 30, 2022, as compared to $105.0 million as of June 30, 2021.

Financial Outlook

“We are pleased with our results,” said Jason Schwartz, Chief Financial Officer of Similarweb. “Our disciplined execution in this challenging environment of rising global macroeconomic uncertainty continues to drive our performance. We are maintaining our revenue outlook and improving our operating loss outlook for the full year 2022.”

  • Q3 2022 Guidance
    • Total revenue between $48.8 million and $49.2 million, representing 38% growth year-over-year at the mid-point of the range.
    • Non-GAAP gross margin anticipated in the range of 74% to 75%.
    • Non-GAAP operating loss between $(20.9) million and $(21.5) million.
  • FY 2022 Guidance
    • Total revenue between $196.0 million and $197.0 million, representing 43% growth year-over-year at the mid-point of the range.
    • Non-GAAP gross margin anticipated in the range of 75% to 76%, reflecting continued investment to further expand our data moats through the previously reported acquisitions of Embee Mobile and SimilarTech, and the data licensing agreement with data.ai (formerly App Annie).
    • Non-GAAP operating loss between $(80) million and $(81) million, which reflects increased investment in research and development and in our go-to-market which is designed to support our continued growth plans, as well as improved operating efficiency.

The Company’s third quarter and full year 2022 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 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, August 10, 2022. 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) 407-0726 toll-free and at (201) 689-7806 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 the 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 2022 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, (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 (ix) the impact that global events, such as ongoing COVID-19 pandemic, including variants of COVID-19 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 and payments received in connection with these capital investments. 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,

 

June 30,

 

2021

 

2022

 

 

 

(Unaudited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

128,879

 

 

$

93,925

 

Restricted deposits

 

11,474

 

 

 

11,368

 

Accounts receivable, net

 

31,017

 

 

 

26,915

 

Deferred contract costs

 

8,470

 

 

 

10,153

 

Prepaid expenses and other current assets

 

7,847

 

 

 

9,569

 

Total current assets

 

187,687

 

 

 

151,930

 

Property and equipment, net

 

6,356

 

 

 

27,388

 

Deferred contract costs, non-current

 

9,208

 

 

 

9,883

 

Operating lease right-of-use assets

 

 

 

 

44,149

 

Intangible assets, net

 

11,617

 

 

 

11,964

 

Goodwill

 

11,318

 

 

 

13,366

 

Other non-current assets

 

813

 

 

 

898

 

Total assets

$

226,999

 

 

$

259,578

 

Liabilities and shareholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

11,303

 

 

$

17,580

 

Payroll and benefit related liabilities

 

17,969

 

 

 

20,548

 

Deferred revenues

 

76,676

 

 

 

90,180

 

Other payables and accrued expenses

 

28,199

 

 

 

30,498

 

Operating lease liabilities

 

 

 

 

8,880

 

Total current liabilities

 

134,147

 

 

 

167,686

 

Deferred revenues, non-current

 

2,074

 

 

 

1,267

 

Operating lease liabilities, non-current

 

 

 

 

39,964

 

Deferred rent

 

2,602

 

 

 

 

Other long-term liabilities

 

3,262

 

 

 

3,184

 

Total liabilities

 

142,085

 

 

 

212,101

 

Shareholders' equity

 

 

 

Ordinary Shares, NIS 0.01 par value 500,000,000 shares authorized as of December 31, 2021 and June 30, 2022 (unaudited); 74,847,609 and 75,929,758 shares issued as of December 31, 2021 and June 30, 2022 (unaudited); 74,845,441 and 75,927,590 outstanding as of December 31, 2021 and June 30, 2022 (unaudited), respectively

 

205

 

 

 

208

 

Additional paid-in capital

 

324,614

 

 

 

336,172

 

Accumulated other comprehensive income

 

160

 

 

 

(1,168

)

Accumulated deficit

 

(240,065

)

 

 

(287,735

)

Total shareholders' equity

 

84,914

 

 

 

47,477

 

Total liabilities and shareholders' equity

$

226,999

 

 

$

259,578

 

Similarweb Ltd.

Consolidated Statements of Comprehensive Income (Loss)

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

 

Six months Ended June 30,

 

Three Months Ended June 30,

 

2021

 

2022

 

2021

 

2022

 

(Unaudited)

 

(Unaudited)

Revenues

$

61,920

 

 

$

91,866

 

 

$

32,507

 

 

$

47,586

 

Cost of revenues

 

13,266

 

 

 

27,099

 

 

 

6,993

 

 

 

14,004

 

Gross profit

 

48,654

 

 

 

64,767

 

 

 

25,514

 

 

 

33,582

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

18,678

 

 

 

30,771

 

 

 

9,694

 

 

 

16,058

 

Sales and marketing

 

41,712

 

 

 

62,488

 

 

 

22,112

 

 

 

32,146

 

General and administrative

 

14,747

 

 

 

24,155

 

 

 

8,640

 

 

 

11,844

 

Total operating expenses

 

75,137

 

 

 

117,414

 

 

 

40,446

 

 

 

60,048

 

Loss from operations

 

(26,483

)

 

 

(52,647

)

 

 

(14,932

)

 

 

(26,466

)

Finance (expenses) income, net

 

(864

)

 

 

5,423

 

 

 

(517

)

 

 

4,601

 

Loss before income taxes

 

(27,347

)

 

 

(47,224

)

 

 

(15,449

)

 

 

(21,865

)

Provision for income taxes

 

488

 

 

 

446

 

 

 

272

 

 

 

196

 

Net loss

$

(27,835

)

 

$

(47,670

)

 

$

(15,721

)

 

$

(22,061

)

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

$

(0.88

)

 

$

(0.63

)

 

$

(0.33

)

 

$

(0.29

)

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

 

31,452,977

 

 

 

75,350,079

 

 

 

47,265,792

 

 

 

75,661,037

 

Net loss

 

(27,835

)

 

 

(47,670

)

 

 

(15,721

)

 

 

(22,061

)

Other comprehensive (loss)

 

 

 

 

 

 

 

Change in unrealized (loss) gain on cashflow hedges

 

(69

)

 

 

(1,328

)

 

 

191

 

 

 

(1,414

)

Total other comprehensive (loss) income, net of tax

 

(69

)

 

 

(1,328

)

 

 

191

 

 

 

(1,414

)

Total comprehensive loss

$

(27,904

)

 

$

(48,998

)

 

$

(15,530

)

 

$

(23,475

)

Share-based compensation costs included above:

U.S. dollars in thousands

 

Six months Ended

June 30,

 

Three Months Ended

June 30,

 

2021

 

2022

 

2021

 

2022

 

(in thousands)

(in thousands)

Cost of revenues

$

66

 

 

$

320

 

 

$

36

 

 

$

174

 

Research and development

 

2,041

 

 

 

2,631

 

 

 

676

 

 

 

1,422

 

Sales and marketing

 

1,338

 

 

 

3,161

 

 

 

712

 

 

 

1,788

 

General and administrative

 

1,682

 

 

 

2,454

 

 

 

821

 

 

 

1,379

 

Total

$

5,127

 

 

$

8,566

 

 

$

2,245

 

 

$

4,763

 

Similarweb Ltd.

Consolidated Statements of Cash Flows

U.S. dollars in thousands

 

Six months Ended June 30,

 

Three Months Ended June 30,

 

2021

 

2022

 

2021

 

2022

 

(Unaudited)

 

(Unaudited)

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(27,835

)

 

$

(47,670

)

 

$

(15,721

)

 

$

(22,061

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

1,055

 

 

 

5,758

 

 

 

535

 

 

 

2,709

 

Finance (income) expense

 

(92

)

 

 

1,137

 

 

 

(241

)

 

 

906

 

Unrealized (gain) loss from hedging future transactions

 

(22

)

 

 

347

 

 

 

53

 

 

 

343

 

Share-based compensation

 

5,127

 

 

 

8,566

 

 

 

2,245

 

 

 

4,763

 

Gain on sale of equipment

 

 

 

 

(127

)

 

 

 

 

 

(127

)

Provision for accrued interest on Credit Facility

 

(53

)

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Operating lease right-of-use assets and liabilities, net

 

 

 

 

2,095

 

 

 

 

 

 

(1,082

)

Decrease in accounts receivable, net

 

5,414

 

 

 

4,333

 

 

 

4,489

 

 

 

3,847

 

Increase in deferred contract costs

 

(2,525

)

 

 

(2,358

)

 

 

(1,407

)

 

 

(591

)

(Increase) decrease in prepaid expenses and other current assets

 

(216

)

 

 

(379

)

 

 

24

 

 

 

(1,483

)

Decrease (increase) in other non-current assets

 

70

 

 

 

(85

)

 

 

1,357

 

 

 

(85

)

Increase (decrease) in accounts payable

 

3,951

 

 

 

1,402

 

 

 

1,962

 

 

 

(92

)

Increase (decrease) in deferred revenue

 

11,836

 

 

 

12,333

 

 

 

2,388

 

 

 

(185

)

Decrease in deferred rent

 

(227

)

 

 

 

 

 

(106

)

 

 

 

Increase (decrease) in other long-term liabilities

 

356

 

 

 

(428

)

 

 

215

 

 

 

(366

)

Increase in other payables and accrued expenses

 

2,497

 

 

 

2,940

 

 

 

1,601

 

 

 

454

 

Net cash used in operating activities

 

(664

)

 

 

(12,136

)

 

 

(2,606

)

 

 

(13,050

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment, net

 

(1,020

)

 

 

(19,620

)

 

 

(569

)

 

 

(14,836

)

Capitalized internal-use software costs

 

(113

)

 

 

(1,375

)

 

 

(113

)

 

 

(995

)

(Increase) decrease in restricted deposits

 

(511

)

 

 

106

 

 

 

(23

)

 

 

94

 

Decrease in short-term investments

 

30,000

 

 

 

 

 

 

20,025

 

 

 

 

Payment in relation to business combinations (Schedule A)

 

(500

)

 

 

(3,787

)

 

 

(500

)

 

 

(3,787

)

Acquisitions of intangible assets

 

(300

)

 

 

 

 

 

(300

)

 

 

 

Net cash provided by (used in) investing activities

 

27,556

 

 

 

(24,676

)

 

 

18,520

 

 

 

(19,524

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from exercise of share options

 

428

 

 

 

2,995

 

 

 

90

 

 

 

2,386

 

Borrowings under Credit Facility

 

30,000

 

 

 

 

 

 

 

 

 

 

Repayment of Credit Facility

 

(56,800

)

 

 

 

 

 

(30,000

)

 

 

 

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

 

152,411

 

 

 

 

 

 

152,411

 

 

 

 

Net cash provided by financing activities

 

126,039

 

 

 

2,995

 

 

 

122,501

 

 

 

2,386

 

Effect of exchange rates on cash and cash equivalents

 

92

 

 

 

(1,137

)

 

 

241

 

 

 

(906

)

Net increase (decrease) in cash and cash equivalents

 

153,023

 

 

 

(34,954

)

 

 

138,656

 

 

 

(31,094

)

Cash and cash equivalents, beginning of period

 

23,943

 

 

 

128,879

 

 

 

38,310

 

 

 

125,019

 

Cash and cash equivalents, end of period

$

176,966

 

 

$

93,925

 

 

$

176,966

 

 

$

93,925

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Interest paid (received)

$

528

 

 

$

(16

)

 

$

137

 

 

$

1

 

Taxes paid

$

254

 

 

$

241

 

 

$

120

 

 

$

181

 

Supplemental disclosure of non-cash operating, investing and financing activities:

 

 

 

 

 

 

 

Offering costs incurred during the period included in accounts payable and accrued expenses

$

1,745

 

 

$

 

 

$

1,745

 

 

$

 

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

$

 

 

$

8,978

 

 

$

 

 

$

4,699

 

Deferred proceeds from exercise of share options included in other current assets

$

 

 

$

 

 

$

 

 

$

(479

)

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

$

 

 

$

3,454

 

 

$

 

 

$

(7,088

)

 

 

 

 

 

 

 

 

Schedule A : Business combinations

 

 

 

 

 

 

 

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

 

 

 

(668

)

 

 

 

 

Property, plant and equipment

 

 

 

43

 

 

 

 

 

Goodwill and other intangible assets

 

 

 

4,565

 

 

 

 

 

Deferred taxes, net

 

 

 

(153

)

 

 

 

 

 

 

$

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

 

Six months Ended

June 30,

 

Three Months Ended

June 30,

 

2021

 

2022

 

2021

 

2022

 

(In thousands)

(In thousands)

GAAP gross profit

$

48,654

 

 

$

64,767

 

 

$

25,514

 

 

$

33,582

 

Add:

 

 

 

 

 

 

 

Share-based compensation expenses

 

66

 

 

 

320

 

 

 

36

 

 

 

174

 

Retention payments related to business combinations

 

 

 

 

1,145

 

 

 

 

 

 

455

 

Amortization of intangible assets related to business combinations

 

 

 

 

2,151

 

 

 

 

 

 

1,110

 

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

 

 

 

 

35

 

 

 

 

 

 

26

 

Non-GAAP gross profit

 

48,720

 

 

 

68,418

 

 

 

25,550

 

 

 

35,347

 

Non-GAAP gross margin

 

79

%

 

 

74

%

 

 

79

%

 

 

74

%

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

 

Six months Ended June 30,

 

Three Months Ended

June 30,

 

2021

 

2022

 

2021

 

2022

 

(In thousands)

(In thousands)

Loss from operations

$

(26,483

)

 

$

(52,647

)

 

$

(14,932

)

 

$

(26,466

)

Add:

 

 

 

 

 

 

 

Share-based compensation expenses

 

5,127

 

 

 

8,566

 

 

 

2,245

 

 

 

4,763

 

Retention payments related to business combinations

 

696

 

 

 

1,254

 

 

 

696

 

 

 

542

 

Amortization of intangible assets related to business combinations

 

 

 

 

2,170

 

 

 

 

 

 

1,129

 

Adjustment of fair value of contingent consideration related to business combinations

 

 

 

 

682

 

 

 

 

 

 

130

 

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

 

 

 

 

559

 

 

 

 

 

 

241

 

Non-recurring fees related to initial public offering

 

1,214

 

 

 

 

 

 

1,214

 

 

$

 

Capital gain related to sale of operating equipment

 

 

 

 

(127

)

 

 

 

 

 

(127

)

Non-GAAP operating loss

$

(19,446

)

 

$

(39,543

)

 

$

(10,777

)

 

$

(19,788

)

Non-GAAP operating margin

 

(31

) %

 

 

(43

) %

 

 

(33

) %

 

 

(42

) %

Reconciliation of GAAP operating expenses to non-GAAP operating expenses

 

Six months Ended

June 30,

 

Three Months Ended

June 30,

 

2021

 

2022

 

2021

 

2022

 

(In thousands)

(In thousands)

GAAP research and development

$

18,678

 

 

$

30,771

 

 

$

9,694

 

 

$

16,058

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

2,041

 

 

 

2,631

 

 

 

676

 

 

 

1,422

 

Retention payments related to business combinations

 

696

 

 

 

 

 

 

696

 

 

 

 

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

 

 

 

 

87

 

 

 

 

 

 

64

 

Non-GAAP research and development

$

15,941

 

 

$

28,053

 

 

$

8,322

 

 

$

14,572

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

41,712

 

 

$

62,488

 

 

$

22,112

 

 

$

32,146

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

1,338

 

 

 

3,161

 

 

 

712

 

 

 

1,788

 

Retention payments related to business combinations

 

 

 

 

109

 

 

 

 

 

 

87

 

Amortization of intangible assets related to business combinations

 

 

 

 

19

 

 

 

 

 

 

19

 

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

 

 

 

 

381

 

 

 

 

 

 

110

 

Non-GAAP sales and marketing

$

40,374

 

 

$

58,818

 

 

$

21,400

 

 

$

30,142

 

 

 

 

 

 

 

 

 

GAAP general and administrative

$

14,747

 

 

$

24,155

 

 

$

8,640

 

 

$

11,844

 

Less:

 

 

 

 

 

 

 

Share-based compensation expenses

 

1,682

 

 

 

2,454

 

 

 

821

 

 

 

1,379

 

Adjustment of fair value of contingent consideration related to business combinations

 

 

 

 

682

 

 

 

 

 

 

130

 

Non-recurring fees related to initial public offering

 

1,214

 

 

 

 

 

 

1,214

 

 

 

 

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

 

 

 

 

56

 

 

 

 

 

 

41

 

Capital gain related to sale of operating equipment

 

 

 

 

(127

)

 

 

 

 

 

(127

)

Non-GAAP general and administrative

$

11,851

 

 

$

21,090

 

 

$

6,605

 

 

$

10,421

 

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

 

Six months Ended June 30,

 

Three Months Ended June 30,

 

2021

 

2022

 

2021

 

2022

 

(In thousands)

(In thousands)

Net cash used in operating activities

$

(664

)

 

$

(12,136

)

 

$

(2,606

)

 

$

(13,050

)

Purchases of property and equipment, net

 

(1,020

)

 

 

(19,620

)

 

 

(569

)

 

 

(14,836

)

Capitalized internal use software costs

 

(113

)

 

 

(1,375

)

 

 

(113

)

 

 

(995

)

Free cash flow

$

(1,797

)

 

$

(33,131

)

 

$

(3,288

)

 

$

(28,881

)

 

 

 

 

 

 

 

 

Purchases of property and equipment related to the new headquarters

 

 

 

 

18,279

 

 

 

 

 

 

13,823

 

Payments received in connection with purchases of property and equipment

 

 

 

 

(8,017

)

 

 

 

 

 

(3,848

)

Normalized free cash flow

$

(1,797

)

 

$

(22,869

)

 

$

(3,288

)

 

$

(18,906

)

 

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