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    Similarweb Announces Third Quarter 2024 Results

    11/12/24 4:05:00 PM ET
    $SMWB
    Computer Software: Programming Data Processing
    Technology
    Get the next $SMWB alert in real time by email

    Fourth consecutive quarter of accelerating revenue growth

    Fourth consecutive quarter of positive free cash flow

    Customer base increased by 21%

    Similarweb Ltd. (NYSE:SMWB) ("Similarweb" or the "Company"), a leading digital data and analytics company powering critical business decisions, today announced financial results for its third quarter ended September 30, 2024. 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.

    "Revenue growth in the third quarter accelerated to 18% YoY, the fourth consecutive quarter of accelerating growth, driven by the growing demand for our high quality digital data for a broad range of applications including AI and Large Language Model training," stated Or Offer, Co-Founder and CEO of Similarweb. "We increased our customer base by 21% YoY to more than 5,300 annual customers and Remaining performance obligations increased by 27% YoY, faster than customer growth. Our focus on disciplined execution has resulted in another quarter of profitability and cash generation." Offer concluded, "We are just beginning to tap into the vast potential of our data and the addressable markets we serve."

    Third Quarter 2024 Financial Highlights

    • Total revenue was $64.7 million, an increase of 18% compared to $54.8 million for the third quarter of 2023.
    • GAAP operating loss was $(2.5) million or (4)% of revenue, compared to $(4.9) million or (9)% of revenue for the third quarter of 2023.
    • GAAP net loss per share was $(0.03), compared to $(0.06) for the third quarter of 2023.
    • Non-GAAP operating profit was $4.4 million or 7% of revenue, compared to $1.1 million or 2% of revenue for the third quarter of 2023.
    • Non-GAAP operating profit per share was $0.05, compared to $0.01 for the third quarter of 2023.
    • Cash and cash equivalents totalled $60.1 million as of September 30, 2024, compared to $71.7 million as of December 31, 2023.
    • Net cash provided by (used in) operating activities was $9.3 million, compared to $(4.8) million for the third quarter of 2023.
    • Free cash flow was $8.7 million, compared to $(4.9) million for the third quarter of 2023.

    Recent Business Highlights

    • Grew number of customers to 5,308 as of September 30, 2024, an increase of 21% compared to September 30, 2023.
    • Grew number of customers with ARR of $100,000 or more to 395, an increase of 11% compared to September 30, 2023.
    • Customers with ARR of $100,000 or more contributed 60% of the total ARR as of September 30, 2024, increased from 55% as of September 30, 2023.
    • Dollar-based net retention rate, or NRR, for customers with ARR of $100,000 or more was 111% in the third quarter of 2024, increased from 108% in the third quarter of 2023.
    • Overall NRR was 101% in the third quarter of 2024, increased from 99% in the third quarter of 2023.
    • 45% of our overall ARR is contracted under multi-year subscriptions as of September 30, 2024, increased from 43% as of September 30, 2023.
    • Remaining performance obligations, or RPO, increased 27% year-over-year, to $212.5 million as of September 30, 2024, as compared to $167.7 million as of September 30, 2023.

    Financial Outlook

    "New customer acquisition and improving retention rates supported the acceleration in revenue growth in the quarter," stated Jason Schwartz, Chief Financial Officer of Similarweb. "The overall NRR increased to 101% and to 111% for customers with more than $100K of ARR following a series of internal initiatives and the growing appreciation of the value of our unique digital data." He further noted, "We achieved a fourth consecutive quarter of positive free cash flow due to our continued focus on disciplined execution. Following these results, which exceeded our expectations, we are raising our revenue outlook for the full year 2024." Schwartz emphasized the company's progress, saying, "We continue to make significant strides towards our long-term profit and free cash flow targets."

    • Q4 2024 Guidance
      • Total revenue estimated between $64.7 million and $65.7 million, representing approximately 15% growth year over year at the mid-point of the range.
      • Non-GAAP operating profit estimated between $1.5 million and $2.5 million.
    • FY 2024 Guidance
      • Total revenue estimated between $249.0 million and $250.0 million.
      • Non-GAAP operating profit estimated between $14.0 million and $15.0 million.

    The Company's fourth 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, the most directly comparable GAAP measure to non-GAAP operating loss, and similarly cannot provide a reconciliation of this measure to their closest GAAP equivalent 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 8:30 a.m. Eastern Time on Wednesday, November 13, 2024. 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 +1 (201) 689-7806 internationally.

    About Similarweb: Similarweb powers businesses to win their markets with Digital Data. By providing essential web and app data, analytics, and insights, we empower our users to discover business opportunities, identify competitive threats, optimize strategy, acquire the right customers, and increase monetization. Similarweb products are integrated into users' workflow, powered by advanced technology, and based on leading comprehensive Digital Data.

    Learn more: Similarweb | Similarweb Digital Data

    Free Tools: Analyze any website or app | Verify your website | Browser extension

    Follow us: Blog | LinkedIn | YouTube | Instagram | X

    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 fourth 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 Israel's war with Hamas and other terrorist organizations and hostilities with Iran or Lebanon on geopolitical and macroeconomic conditions or on our company and business; (vi) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (vii) the costs and success of our sales and marketing efforts and our ability to promote our brand; (viii) our reliance on key personnel and our ability to identify, recruit and retain skilled personnel; (ix) our ability to effectively manage our growth, including continued international expansion; (x) our reliance on certain third party platforms and sources for the collection of data necessary for our solutions; (xi) our ability to protect our intellectual property rights and any costs associated therewith; (xii) our ability to identify and complete acquisitions that complement and expand our reach and platform; (xiii) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business, including in Israel, the United States, the European Union, the United Kingdom and other jurisdictions where we elect to do business; (xiv) our ability to compete effectively with existing competitors and new market entrants; and (xv) the growth rates of the markets in which we compete.

    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 February 28, 2024, 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 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.

    Similarweb Ltd.

    Consolidated Balance Sheets

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

     

     

    December 31,

     

    September 30,

     

    2023

     

    2024

     

     

     

    (Unaudited)

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    71,732

     

     

    $

    60,131

     

    Restricted deposits

     

    10,020

     

     

     

    10,434

     

    Accounts receivable, net

     

    47,869

     

     

     

    35,486

     

    Deferred contract costs

     

    11,165

     

     

     

    10,570

     

    Prepaid expenses and other current assets

     

    5,599

     

     

     

    5,682

     

    Total current assets

     

    146,385

     

     

     

    122,303

     

    Property and equipment, net

     

    28,630

     

     

     

    26,449

     

    Deferred contract costs, non-current

     

    9,845

     

     

     

    8,853

     

    Operating lease right-of-use assets

     

    36,007

     

     

     

    35,945

     

    Goodwill and Intangible assets, net

     

    17,652

     

     

     

    32,439

     

    Other non-current assets

     

    494

     

     

     

    411

     

    Total assets

    $

    239,013

     

     

    $

    226,400

     

    Liabilities and shareholders' equity

     

     

     

    Current liabilities:

     

     

     

    Borrowings under Credit Facility

    $

    25,000

     

     

    $

    —

     

    Accounts payable

     

    8,422

     

     

     

    10,956

     

    Payroll and benefit related liabilities

     

    20,437

     

     

     

    18,352

     

    Deferred revenue

     

    99,968

     

     

     

    98,557

     

    Other payables and accrued expenses

     

    23,263

     

     

     

    26,247

     

    Operating lease liabilities

     

    7,095

     

     

     

    8,510

     

    Total current liabilities

     

    184,185

     

     

     

    162,622

     

    Deferred revenue, non-current

     

    878

     

     

     

    624

     

    Operating lease liabilities, non-current

     

    35,329

     

     

     

    32,549

     

    Other long-term liabilities

     

    3,074

     

     

     

    4,424

     

    Total liabilities

     

    223,466

     

     

     

    200,219

     

    Shareholders' equity

     

     

     

    Ordinary Shares, NIS 0.01 par value 500,000,000 shares authorized as of December 31, 2023 and September 30, 2024 (unaudited), 78,653,046 and 81,665,784 shares issued as of December 31, 2023 and September 30, 2024 (unaudited), 78,650,878 and 81,663,616 outstanding as of December 31, 2023 and September 30, 2024 (unaudited), respectively;

     

    216

     

     

     

    224

     

    Additional paid-in capital

     

    367,558

     

     

     

    384,978

     

    Accumulated other comprehensive income

     

    872

     

     

     

    115

     

    Accumulated deficit

     

    (353,099

    )

     

     

    (359,136

    )

    Total shareholders' equity

     

    15,547

     

     

     

    26,181

     

    Total liabilities and shareholders' equity

    $

    239,013

     

     

    $

    226,400

     

     

    Similarweb Ltd.

    Consolidated Statements of Comprehensive Income (Loss)

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

     

     

    Nine Months Ended September 30,

     

    Three Months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (Unaudited)

     

    (Unaudited)

    Revenue

    $

    161,264

     

     

    $

    184,326

     

     

    $

    54,833

     

     

    $

    64,707

     

    Cost of revenue

     

    35,231

     

     

     

    39,483

     

     

     

    10,580

     

     

     

    14,243

     

    Gross profit

     

    126,033

     

     

     

    144,843

     

     

     

    44,253

     

     

     

    50,464

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

     

    42,452

     

     

     

    40,238

     

     

     

    14,199

     

     

     

    14,460

     

    Sales and marketing

     

    79,362

     

     

     

    77,903

     

     

     

    24,274

     

     

     

    26,806

     

    General and administrative

     

    31,941

     

     

     

    32,806

     

     

     

    10,665

     

     

     

    11,665

     

    Total operating expenses

     

    153,755

     

     

     

    150,947

     

     

     

    49,138

     

     

     

    52,931

     

    Loss from operations

     

    (27,722

    )

     

     

    (6,104

    )

     

     

    (4,885

    )

     

     

    (2,467

    )

    Finance income (expenses), net

     

    3,026

     

     

     

    1,235

     

     

     

    1,061

     

     

     

    (43

    )

    Loss before income taxes

     

    (24,696

    )

     

     

    (4,869

    )

     

     

    (3,824

    )

     

     

    (2,510

    )

    Provision for income taxes

     

    1,269

     

     

     

    1,168

     

     

     

    1,014

     

     

     

    56

     

    Net loss

    $

    (25,965

    )

     

    $

    (6,037

    )

     

    $

    (4,838

    )

     

    $

    (2,566

    )

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

    $

    (0.33

    )

     

    $

    (0.08

    )

     

    $

    (0.06

    )

     

    $

    (0.03

    )

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

     

    77,521,361

     

     

     

    80,404,216

     

     

     

    78,121,824

     

     

     

    81,279,239

     

    Net loss

    $

    (25,965

    )

     

    $

    (6,037

    )

     

    $

    (4,838

    )

     

    $

    (2,566

    )

    Other comprehensive (loss) income, net of tax

     

     

     

     

     

     

     

    Change in unrealized (loss) gain on cashflow hedges

     

    (365

    )

     

     

    (757

    )

     

     

    (133

    )

     

     

    123

     

    Total other comprehensive (loss) income, net of tax

     

    (365

    )

     

     

    (757

    )

     

     

    (133

    )

     

     

    123

     

    Total comprehensive loss

    $

    (26,330

    )

     

    $

    (6,794

    )

     

    $

    (4,971

    )

     

    $

    (2,443

    )

     

     

     

     

     

     

     

     

    Share-based compensation costs included above:

    U.S. dollars in thousands

     

     

    Nine Months Ended September 30,

     

    Three months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (Unaudited)

    (Unaudited)

    Cost of revenue

    $

    482

     

    $

    578

     

    $

    155

     

    $

    190

    Research and development

     

    4,303

     

     

    4,181

     

     

    1,453

     

     

    1,378

    Sales and marketing

     

    4,051

     

     

    3,101

     

     

    1,321

     

     

    1,109

    General and administrative

     

    4,849

     

     

    5,232

     

     

    1,658

     

     

    1,830

    Total

    $

    13,685

     

    $

    13,092

     

    $

    4,587

     

    $

    4,507

     

    Similarweb Ltd.

    Consolidated Statements of Cash Flows

    U.S. dollars in thousands

     

     

    Nine Months Ended September 30,

     

    Three Months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (Unaudited)

     

    (Unaudited)

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net loss

    $

    (25,965

    )

     

    $

    (6,037

    )

     

    $

    (4,838

    )

     

    $

    (2,566

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    7,688

     

     

     

    8,012

     

     

     

    2,576

     

     

     

    2,873

     

    Finance expense (income)

     

    1,752

     

     

     

    (211

    )

     

     

    883

     

     

     

    (677

    )

    Unrealized loss (gain) from hedging future transactions

     

    26

     

     

     

    41

     

     

     

    22

     

     

     

    (19

    )

    Share-based compensation

     

    13,685

     

     

     

    13,092

     

     

     

    4,587

     

     

     

    4,507

     

    Gain from sale of equipment

     

    (1

    )

     

     

    (10

    )

     

     

    (2

    )

     

     

    (3

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

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

     

    (3,938

    )

     

     

    (1,304

    )

     

     

    (1,523

    )

     

     

    1,209

     

    Decrease (increase) in accounts receivable, net

     

    3,421

     

     

     

    13,361

     

     

     

    (2,212

    )

     

     

    3,742

     

    Decrease in deferred contract costs

     

    3,594

     

     

     

    1,588

     

     

     

    1,004

     

     

     

    1,005

     

    (Increase) decrease in other current assets

     

    (1,587

    )

     

     

    (754

    )

     

     

    (707

    )

     

     

    2,163

     

    Decrease (increase) in other non-current assets

     

    408

     

     

     

    83

     

     

     

    (9

    )

     

     

    36

     

    Increase in accounts payable

     

    4,309

     

     

     

    2,284

     

     

     

    3,966

     

     

     

    5,542

     

    Decrease in deferred revenue

     

    (3,957

    )

     

     

    (3,792

    )

     

     

    (6,898

    )

     

     

    (11,108

    )

    (Decrease) increase in other non-current liabilities

     

    (155

    )

     

     

    355

     

     

     

    164

     

     

     

    (265

    )

    (Decrease) increase in other liabilities and accrued expenses

     

    (6,051

    )

     

     

    48

     

     

     

    (1,805

    )

     

     

    2,905

     

    Net cash (used in) provided by operating activities

     

    (6,771

    )

     

     

    26,756

     

     

     

    (4,792

    )

     

     

    9,344

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Purchase of property and equipment, net

     

    (1,377

    )

     

     

    (1,198

    )

     

     

    (62

    )

     

     

    (290

    )

    Capitalized internal-use software costs

     

    (788

    )

     

     

    (793

    )

     

     

    (81

    )

     

     

    (324

    )

    Increase in restricted deposits

     

    (132

    )

     

     

    (414

    )

     

     

    (45

    )

     

     

    (125

    )

    Payment for business combinations, net of cash acquired

     

    —

     

     

     

    (15,442

    )

     

     

    —

     

     

     

    (11,609

    )

    Net cash used in investing activities

     

    (2,297

    )

     

     

    (17,847

    )

     

     

    (188

    )

     

     

    (12,348

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Proceeds from exercise of stock options

     

    2,125

     

     

     

    3,724

     

     

     

    295

     

     

     

    667

     

    Proceeds from employee share purchase plan

     

    660

     

     

     

    555

     

     

     

    —

     

     

     

    —

     

    Repayment of Credit Facility

     

    —

     

     

     

    (25,000

    )

     

     

    —

     

     

     

    —

     

    Payments of contingent consideration, net

     

    (2,363

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Net cash provided by (used in) financing activities

     

    422

     

     

     

    (20,721

    )

     

     

    295

     

     

     

    667

     

    Effect of exchange rates on cash and cash equivalents

     

    (1,752

    )

     

     

    211

     

     

     

    (883

    )

     

     

    677

     

    Net decrease in cash and cash equivalents

     

    (10,398

    )

     

     

    (11,601

    )

     

     

    (5,568

    )

     

     

    (1,660

    )

    Cash and cash equivalents, beginning of period

     

    77,810

     

     

     

    71,732

     

     

     

    72,980

     

     

     

    61,791

     

    Cash and cash equivalents, end of period

    $

    67,412

     

     

    $

    60,131

     

     

    $

    67,412

     

     

    $

    60,131

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

    Interest received, net

    $

    (89

    )

     

    $

    (848

    )

     

    $

    (49

    )

     

    $

    (291

    )

    Taxes paid

    $

    1,857

     

     

    $

    1,151

     

     

    $

    244

     

     

    $

    303

     

    Supplemental disclosure of non-cash financing activities:

     

     

     

     

     

     

     

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

    $

    1,048

     

     

    $

    6,064

     

     

    $

    268

     

     

    $

    1,611

     

    Share-based compensation included in capitalized internal-use software

    $

    36

     

     

    $

    62

     

     

    $

    3

     

     

    $

    29

     

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

    $

    54

     

     

    $

    5

     

     

    $

    12

     

     

    $

    5

     

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

    $

    63

     

     

    $

    92

     

     

    $

    22

     

     

    $

    92

     

    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

     

     

     

     

     

    Goodwill and other intangible assets

     

    —

     

     

     

    4,684

     

     

     

     

     

    Deferred taxes, net

     

    —

     

     

     

    (152

    )

     

     

     

     

     

    $

    —

     

     

    $

    4,333

     

     

     

     

     

    Less non-cash:

     

     

     

     

     

     

     

    Deferred cash payments

    $

    —

     

     

    $

    (500

    )

     

     

     

     

    Total

    $

    —

     

     

    $

    3,833

     

     

     

     

     

     

     

     

     

     

     

     

     

    Schedule B: Business combinations

     

     

     

     

     

     

     

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

     

    —

     

     

     

    (1,474

    )

     

     

     

     

    Goodwill and other intangible assets

     

    —

     

     

     

    13,926

     

     

     

     

     

    Deferred taxes, net

     

    —

     

     

     

    (843

    )

     

     

     

     

     

    $

    —

     

     

    $

    11,609

     

     

     

     

     

     

     

     

     

     

     

     

     

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

    Reconciliation of GAAP gross profit to non-GAAP gross profit

     

     

    Nine Months Ended September 30,

     

    Three months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (In thousands)

    (In thousands)

    GAAP gross profit

    $

    126,033

     

     

    $

    144,843

     

     

    $

    44,253

     

     

    $

    50,464

     

    Add:

     

     

     

     

     

     

     

    Share-based compensation expenses

     

    482

     

     

     

    578

     

     

     

    155

     

     

     

    190

     

    Retention payments related to business combinations

     

    306

     

     

     

    44

     

     

     

    —

     

     

     

    19

     

    Amortization of intangible assets related to business combinations

     

    3,504

     

     

     

    3,376

     

     

     

    1,169

     

     

     

    1,152

     

    Non-GAAP gross profit

    $

    130,325

     

     

    $

    148,841

     

     

    $

    45,577

     

     

    $

    51,825

     

    Non-GAAP gross margin

     

    81

    %

     

     

    81

    %

     

     

    83

    %

     

     

    80

    %

     

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

     

     

    Nine Months Ended September 30,

     

    Three months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (In thousands)

    (In thousands)

    Loss from operations

    $

    (27,722

    )

     

    $

    (6,104

    )

     

    $

    (4,885

    )

     

    $

    (2,467

    )

    Add:

     

     

     

     

     

     

     

    Share-based compensation expenses

     

    13,685

     

     

     

    13,092

     

     

     

    4,587

     

     

     

    4,507

     

    Retention payments related to business combinations

     

    851

     

     

     

    1,347

     

     

     

    164

     

     

     

    528

     

    Amortization of intangible assets related to business combinations

     

    3,605

     

     

     

    3,795

     

     

     

    1,202

     

     

     

    1,448

     

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

     

    17

     

     

     

    —

     

     

     

    4

     

     

     

    —

     

    Secondary offering costs

     

    —

     

     

     

    350

     

     

     

    —

     

     

     

    350

     

    Non-GAAP operating (loss) income

    $

    (9,564

    )

     

    $

    12,480

     

     

    $

    1,072

     

     

    $

    4,366

     

    Non-GAAP operating margin

     

    (6

    )%

     

     

    7

    %

     

     

    2

    %

     

     

    7

    %

     

    Reconciliation of GAAP operating expenses to non-GAAP operating expenses

     

     

    Nine Months Ended September 30,

     

    Three months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (In thousands)

    (In thousands)

    GAAP research and development

    $

    42,452

     

     

    $

    40,238

     

     

    $

    14,199

     

     

    $

    14,460

     

    Less:

     

     

     

     

     

     

     

    Share-based compensation expenses

     

    4,303

     

     

     

    4,181

     

     

     

    1,453

     

     

     

    1,378

     

    Retention payments related to business combinations

     

    —

     

     

     

    27

     

     

     

    —

     

     

     

    11

     

    Non-GAAP research and development

    $

    38,149

     

     

    $

    36,030

     

     

    $

    12,746

     

     

    $

    13,071

     

    Non-GAAP research and development margin

     

    24

    %

     

     

    20

    %

     

     

    23

    %

     

     

    20

    %

     

     

     

     

     

     

     

     

    GAAP sales and marketing

    $

    79,362

     

     

    $

    77,903

     

     

    $

    24,274

     

     

    $

    26,806

     

    Less:

     

     

     

     

     

     

     

    Share-based compensation expenses

     

    4,051

     

     

     

    3,101

     

     

     

    1,321

     

     

     

    1,109

     

    Retention payments related to business combinations

     

    545

     

     

     

    1,276

     

     

     

    164

     

     

     

    498

     

    Amortization of intangible assets related to business combinations

     

    101

     

     

     

    419

     

     

     

    33

     

     

     

    296

     

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

     

    17

     

     

     

    —

     

     

     

    4

     

     

     

    —

     

    Non-GAAP sales and marketing

    $

    74,648

     

     

    $

    73,107

     

     

    $

    22,752

     

     

    $

    24,903

     

    Non-GAAP sales and marketing margin

     

    46

    %

     

     

    40

    %

     

     

    41

    %

     

     

    38

    %

     

     

     

     

     

     

     

     

    GAAP general and administrative

    $

    31,941

     

     

    $

    32,806

     

     

    $

    10,665

     

     

    $

    11,665

     

    Less:

     

     

     

     

     

     

     

    Share-based compensation expenses

     

    4,849

     

     

     

    5,232

     

     

     

    1,658

     

     

     

    1,830

     

    Secondary offering costs

     

    —

     

     

     

    350

     

     

     

    —

     

     

     

    350

     

    Non-GAAP general and administrative

    $

    27,092

     

     

    $

    27,224

     

     

    $

    9,007

     

     

    $

    9,485

     

    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

     

     

    Nine Months Ended September 30,

     

    Three months Ended September 30,

     

    2023

     

    2024

     

    2023

     

    2024

     

    (In thousands)

    (In thousands)

    Net cash (used in) provided by operating activities

    $

    (6,771

    )

     

    $

    26,756

     

     

    $

    (4,792

    )

     

    $

    9,344

     

    Purchases of property and equipment, net

     

    (1,377

    )

     

     

    (1,198

    )

     

     

    (62

    )

     

     

    (290

    )

    Capitalized internal use software costs

     

    (788

    )

     

     

    (793

    )

     

     

    (81

    )

     

     

    (324

    )

    Free cash flow

    $

    (8,936

    )

     

    $

    24,765

     

     

    $

    (4,935

    )

     

    $

    8,730

     

     

     

     

     

     

     

     

     

    Purchases of property and equipment related to the new headquarters

     

    1,127

     

     

     

    —

     

     

     

    27

     

     

     

    —

     

    Payments received from escrow in relation to contingent consideration

     

    (380

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Deferred payments in relation to business combinations

     

    260

     

     

     

    265

     

     

     

    260

     

     

     

    265

     

    Normalized free cash flow

    $

    (7,929

    )

     

    $

    25,030

     

     

    $

    (4,648

    )

     

    $

    8,995

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241112608865/en/

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