KnowBe4 Sees Prelim. Q4 Net Revenues $89.928M vs $92.24M Est.
KnowBe4, Inc. (NASDAQ:KNBE), provider of the leading security awareness training and simulated phishing platform, today reported preliminary results for the fourth quarter ended December 31, 2022.
Fourth Quarter 2022 Business and Financial Highlights
| Q4-2022 | Q4-2021 | |||||
| (in thousands, except percentages and customers) | ||||||
| Revenues, net | $ | 89,928 | $ | 69,307 | ||
| Annual recurring revenue1 | $ | 367,731 | $ | 285,437 | ||
| GAAP gross margin | 85.4 | % | 86.2 | % | ||
| Non-GAAP gross margin1 | 86.4 | % | 87.2 | % | ||
| GAAP operating margin | (23.0) | % | 10.3 | % | ||
| Non-GAAP operating margin1 | 13.0 | % | 21.7 | % | ||
| Net cash provided by operating activities | $ | 19,483 | $ | 20,979 | ||
| Free cash flow1 | $ | 17,978 | $ | 19,562 | ||
| Number of customers1 | 56,867 | 47,174 | ||||
1 A reconciliation of GAAP to non-GAAP financial measures and definitions of our key business metrics, including annualized recurring revenue, free cash flow and number of customers, is provided under the headings "Explanation of Non-GAAP Financial Information" and "Explanation of Key Business Metrics."
The financial results for the fourth quarter ended December 31, 2022 included in this release are preliminary, have not been reviewed or audited, are based upon KnowBe4's estimates, and were prepared prior to the completion of the company's financial statement close process. There can be no assurance that actual results will not differ from the preliminary financial information presented herein and such changes could be material.