Workiva Inc. Announces Third Quarter 2024 Financial Results
- Increased Q3 2024 Subscription & Support Revenue by 19% over Q3 2023
-
Total revenue of
$186 million in Q3 2024, representing 17% year-over-year growth -
Achieved 28% YOY Growth of Customers with Annual Contract Value Over
$500K
"
"Subscription and support revenue growth of 19% drove our total revenue beat to
Third Quarter 2024 Financial Results
-
Revenue: Total revenue for the third quarter of 2024 reached
$186 million , an increase of 17% from$158 million in the third quarter of 2023. Subscription and support revenue contributed$171 million , up 19% versus the third quarter of 2023. Professional services revenue was$15 million , relatively flat compared to the same quarter in the prior year. -
Gross Profit: GAAP gross profit for the third quarter of 2024 was
$142 million compared with$120 million in the same quarter of 2023. GAAP gross margin was 76.5% versus 75.8% in the third quarter of 2023. Non-GAAP gross profit for the third quarter of 2024 was$146 million , an increase of 20% compared with the prior year's third quarter, and non-GAAP gross margin was 78.6% compared to 76.9% in the third quarter of 2023. -
Results from Operations: GAAP loss from operations for the third quarter of 2024 was
$22 million compared with a loss of$16 million in the prior year's third quarter. Non-GAAP income from operations was$8 million compared with non-GAAP income from operations of$5 million in the third quarter of 2023. -
GAAP Net Loss: GAAP net loss for the third quarter of 2024 was
$17 million compared with a net loss of$56 million for the prior year's third quarter. GAAP net loss per basic and diluted share was$0.31 compared with a net loss per basic and diluted share of$1.04 in the third quarter of 2023. -
Non-GAAP Net Income/Loss: Non-GAAP net income for the third quarter of 2024 was
$12 million compared with a net loss of$35 million in the prior year's third quarter. Non-GAAP net income per basic share and diluted share was$0.22 and$0.21 , respectively, compared with a net loss per basic share and diluted share of$0.65 in the third quarter of 2023. -
Liquidity: As of
September 30, 2024 ,Workiva had cash, cash equivalents, and marketable securities totaling$776 million , compared with$814 million as ofDecember 31, 2023 .Workiva had$71 million aggregate principal amount of 1.125% convertible senior notes due in 2026,$702 million aggregate principal amount of 1.250% convertible senior notes due in 2028, and$14 million of finance lease obligations outstanding as ofSeptember 30, 2024 .
Key Metrics and Recent Business Highlights
-
Customers:
Workiva had 6,237 customers as ofSeptember 30, 2024 , a net increase of 292 customers fromSeptember 30, 2023 . -
Revenue Retention Rate: As of
September 30, 2024 ,Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 111%. Add-on revenue includes changes in both solutions and pricing for existing customers. -
Large Contracts: As of
September 30, 2024 ,Workiva had 1,926 customers with an annual contract value (“ACV”) of more than$100,000 , up 23% from 1,561 customers atSeptember 30, 2023 .Workiva had 383 customers with an ACV of more than$300,000 , up 29% from 296 customers in the third quarter of 2023.Workiva had 166 customers with an ACV of more than$500,000 , up 28% from 130 customers in the third quarter of 2023.
Financial Outlook
As of
Fourth Quarter 2024 Guidance:
-
Total revenue is expected to be in the range of
$194 million to$196 million . -
GAAP loss from operations is expected to be in the range of
$16 million to$14 million . -
Non-GAAP income from operations is expected to be in the range of
$13 million to$15 million . -
GAAP net loss per basic share is expected to be in the range of
$0.21 to$0.18 . -
Non-GAAP net income per basic share is expected to be in the range of
$0.31 to$0.34 . - Net income (loss) per basic share is based on 55.8 million weighted-average shares outstanding.
Full Year 2024 Guidance:
-
Total revenue is expected to be in the range of
$733 million to$735 million . -
GAAP loss from operations is expected to be in the range of
$79 million to$77 million . -
Non-GAAP income from operations is expected to be in the range of
$30 million to$32 million . -
GAAP net loss per basic share is expected to be in the range of
$1.05 to$1.02 . -
Non-GAAP net income per basic share is expected to be in the range of
$0.93 to$0.96 . - Net income (loss) per basic share is based on 55.4 million weighted-average shares outstanding.
Quarterly Conference Call
About
Non-GAAP Financial Measures
The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance" or the negative of those terms or other comparable terminology.
Please see the Company’s documents filed or to be filed with the
|
|||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Subscription and support |
$ |
171,035 |
|
|
$ |
143,421 |
|
|
$ |
486,749 |
|
|
$ |
409,857 |
|
Professional services |
|
14,586 |
|
|
|
14,754 |
|
|
|
52,042 |
|
|
|
53,529 |
|
Total revenue |
|
185,621 |
|
|
|
158,175 |
|
|
|
538,791 |
|
|
|
463,386 |
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
Subscription and support (1) |
|
30,621 |
|
|
|
24,864 |
|
|
|
86,493 |
|
|
|
74,080 |
|
Professional services (1) |
|
13,050 |
|
|
|
13,491 |
|
|
|
39,873 |
|
|
|
42,297 |
|
Total cost of revenue |
|
43,671 |
|
|
|
38,355 |
|
|
|
126,366 |
|
|
|
116,377 |
|
Gross profit |
|
141,950 |
|
|
|
119,820 |
|
|
|
412,425 |
|
|
|
347,009 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Research and development (1) |
|
48,425 |
|
|
|
41,747 |
|
|
|
142,328 |
|
|
|
130,235 |
|
Sales and marketing (1) |
|
89,756 |
|
|
|
72,576 |
|
|
|
257,086 |
|
|
|
215,168 |
|
General and administrative (1) |
|
25,551 |
|
|
|
21,022 |
|
|
|
76,225 |
|
|
|
86,660 |
|
Total operating expenses |
|
163,732 |
|
|
|
135,345 |
|
|
|
475,639 |
|
|
|
432,063 |
|
Loss from operations |
|
(21,782 |
) |
|
|
(15,525 |
) |
|
|
(63,214 |
) |
|
|
(85,054 |
) |
Interest income |
|
9,298 |
|
|
|
7,294 |
|
|
|
30,089 |
|
|
|
15,546 |
|
Interest expense |
|
(3,199 |
) |
|
|
(47,437 |
) |
|
|
(9,668 |
) |
|
|
(50,437 |
) |
Other expense, net |
|
(350 |
) |
|
|
(71 |
) |
|
|
(309 |
) |
|
|
(1,450 |
) |
Loss before provision for income taxes |
|
(16,033 |
) |
|
|
(55,739 |
) |
|
|
(43,102 |
) |
|
|
(121,395 |
) |
Provision for income taxes |
|
959 |
|
|
|
530 |
|
|
|
3,125 |
|
|
|
1,934 |
|
Net loss |
$ |
(16,992 |
) |
|
$ |
(56,269 |
) |
|
$ |
(46,227 |
) |
|
$ |
(123,329 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.31 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.84 |
) |
|
$ |
(2.28 |
) |
Weighted-average common shares outstanding - basic and diluted |
|
55,581,841 |
|
|
|
54,256,941 |
|
|
|
55,226,254 |
|
|
|
53,987,791 |
|
(1) Includes stock-based compensation expense as follows: |
|
Three months ended |
|
Nine months ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
(unaudited) |
||||||||||
Cost of revenue |
|
|
|
|
|
|
|
||||
Subscription and support |
$ |
2,164 |
|
$ |
1,247 |
|
$ |
5,708 |
|
$ |
3,732 |
Professional services |
|
858 |
|
|
623 |
|
|
2,348 |
|
|
1,923 |
Operating expenses |
|
|
|
|
|
|
|
||||
Research and development |
|
5,681 |
|
|
4,155 |
|
|
15,474 |
|
|
13,677 |
Sales and marketing |
|
9,942 |
|
|
7,108 |
|
|
26,470 |
|
|
20,769 |
General and administrative |
|
8,825 |
|
|
6,244 |
|
|
25,879 |
|
|
37,928 |
|
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
248,239 |
|
|
$ |
256,100 |
|
Marketable securities |
|
528,115 |
|
|
|
557,622 |
|
Accounts receivable, net |
|
137,921 |
|
|
|
125,193 |
|
Deferred costs |
|
44,726 |
|
|
|
39,023 |
|
Other receivables |
|
8,646 |
|
|
|
7,367 |
|
Prepaid expenses and other |
|
21,055 |
|
|
|
23,631 |
|
Total current assets |
|
988,702 |
|
|
|
1,008,936 |
|
Property and equipment, net |
|
21,757 |
|
|
|
24,282 |
|
Operating lease right-of-use assets |
|
9,485 |
|
|
|
12,642 |
|
Deferred costs, non-current |
|
43,557 |
|
|
|
33,346 |
|
|
|
202,133 |
|
|
|
112,097 |
|
Intangible assets, net |
|
30,278 |
|
|
|
22,892 |
|
Other assets |
|
6,174 |
|
|
|
4,665 |
|
Total assets |
$ |
1,302,086 |
|
|
$ |
1,218,860 |
|
Liabilities and Stockholders’ Deficit |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
13,346 |
|
|
$ |
5,204 |
|
Accrued expenses and other current liabilities |
|
111,029 |
|
|
|
97,921 |
|
Deferred revenue |
|
414,229 |
|
|
|
380,843 |
|
Finance lease obligations |
|
555 |
|
|
|
532 |
|
Total current liabilities |
|
539,159 |
|
|
|
484,500 |
|
Convertible senior notes, non-current |
|
764,281 |
|
|
|
762,455 |
|
Deferred revenue, non-current |
|
27,527 |
|
|
|
36,177 |
|
Other long-term liabilities |
|
236 |
|
|
|
178 |
|
Operating lease liabilities, non-current |
|
8,062 |
|
|
|
10,890 |
|
Finance lease obligations, non-current |
|
13,631 |
|
|
|
14,050 |
|
Total liabilities |
|
1,352,896 |
|
|
|
1,308,250 |
|
Stockholders’ deficit |
|
|
|
||||
Common stock |
|
56 |
|
|
|
54 |
|
Additional paid-in-capital |
|
645,083 |
|
|
|
562,942 |
|
Accumulated deficit |
|
(698,868 |
) |
|
|
(652,641 |
) |
Accumulated other comprehensive income |
|
2,919 |
|
|
|
255 |
|
Total stockholders’ deficit |
|
(50,810 |
) |
|
|
(89,390 |
) |
Total liabilities and stockholders’ deficit |
$ |
1,302,086 |
|
|
$ |
1,218,860 |
|
|
|||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
||||||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(16,992 |
) |
|
$ |
(56,269 |
) |
|
$ |
(46,227 |
) |
|
$ |
(123,329 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
3,006 |
|
|
|
2,686 |
|
|
|
8,092 |
|
|
|
8,353 |
|
Stock-based compensation expense |
|
27,470 |
|
|
|
19,377 |
|
|
|
75,879 |
|
|
|
78,029 |
|
Provision for (recovery of) doubtful accounts |
|
57 |
|
|
|
8 |
|
|
|
(46 |
) |
|
|
57 |
|
Accretion of premiums and discounts on marketable securities, net |
|
(2,638 |
) |
|
|
(1,930 |
) |
|
|
(9,543 |
) |
|
|
(4,530 |
) |
Amortization of debt discount and issuance costs |
|
609 |
|
|
|
472 |
|
|
|
1,826 |
|
|
|
1,122 |
|
Induced conversion expense |
|
— |
|
|
|
45,144 |
|
|
|
— |
|
|
|
45,144 |
|
Realized loss on sale of available-for-sale securities, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
708 |
|
Deferred income tax |
|
(1 |
) |
|
|
(14 |
) |
|
|
(292 |
) |
|
|
(17 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
(15,187 |
) |
|
|
(15,234 |
) |
|
|
(11,507 |
) |
|
|
7,243 |
|
Deferred costs |
|
(4,946 |
) |
|
|
3,116 |
|
|
|
(15,140 |
) |
|
|
6,248 |
|
Operating lease right-of-use asset |
|
1,210 |
|
|
|
1,244 |
|
|
|
3,808 |
|
|
|
3,807 |
|
Other receivables |
|
(1,745 |
) |
|
|
(1,556 |
) |
|
|
2,796 |
|
|
|
(1,842 |
) |
Prepaid expenses and other |
|
344 |
|
|
|
3,452 |
|
|
|
2,764 |
|
|
|
(3,985 |
) |
Other assets |
|
464 |
|
|
|
1,043 |
|
|
|
(1,191 |
) |
|
|
1,479 |
|
Accounts payable |
|
4,788 |
|
|
|
(386 |
) |
|
|
7,630 |
|
|
|
(1,267 |
) |
Deferred revenue |
|
26,606 |
|
|
|
11,120 |
|
|
|
22,159 |
|
|
|
22,225 |
|
Operating lease liability |
|
(878 |
) |
|
|
(750 |
) |
|
|
(2,831 |
) |
|
|
(3,129 |
) |
Accrued expenses and other liabilities |
|
(3,261 |
) |
|
|
3,468 |
|
|
|
5,559 |
|
|
|
10,217 |
|
Net cash provided by operating activities |
|
18,906 |
|
|
|
14,991 |
|
|
|
43,736 |
|
|
|
46,533 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
||||||||
Purchase of property and equipment |
|
(243 |
) |
|
|
(895 |
) |
|
|
(554 |
) |
|
|
(1,732 |
) |
Purchase of marketable securities |
|
(158,522 |
) |
|
|
(144,989 |
) |
|
|
(310,075 |
) |
|
|
(322,008 |
) |
Maturities of marketable securities |
|
108,993 |
|
|
|
36,906 |
|
|
|
345,733 |
|
|
|
76,811 |
|
Sale of marketable securities |
|
— |
|
|
|
— |
|
|
|
4,609 |
|
|
|
65,052 |
|
Acquisitions, net of cash acquired |
|
187 |
|
|
|
— |
|
|
|
(98,093 |
) |
|
|
— |
|
Purchase of intangible assets |
|
(44 |
) |
|
|
(48 |
) |
|
|
(116 |
) |
|
|
(167 |
) |
Net cash used in investing activities |
|
(49,629 |
) |
|
|
(109,026 |
) |
|
|
(58,496 |
) |
|
|
(182,044 |
) |
|
|
|
|
|
|
|
|
||||||||
Cash flows from financing activities |
|
|
|
|
|
|
|
||||||||
Proceeds from option exercises |
|
3,273 |
|
|
|
1,120 |
|
|
|
3,865 |
|
|
|
3,324 |
|
Taxes paid related to net share settlements of stock-based compensation awards |
|
(1,173 |
) |
|
|
(984 |
) |
|
|
(11,424 |
) |
|
|
(9,424 |
) |
Proceeds from shares issued in connection with employee stock purchase plan |
|
6,709 |
|
|
|
6,967 |
|
|
|
13,822 |
|
|
|
12,513 |
|
Proceeds from the issuance of convertible senior notes, net of issuance costs |
|
— |
|
|
|
691,113 |
|
|
|
— |
|
|
|
691,113 |
|
Payments for repurchase of convertible senior notes |
|
— |
|
|
|
(396,869 |
) |
|
|
— |
|
|
|
(396,869 |
) |
Principal payments on finance lease obligations |
|
(134 |
) |
|
|
(127 |
) |
|
|
(395 |
) |
|
|
(376 |
) |
Net cash provided by financing activities |
|
8,675 |
|
|
|
301,220 |
|
|
|
5,868 |
|
|
|
300,281 |
|
Effect of foreign exchange rates on cash |
|
2,390 |
|
|
|
(1,239 |
) |
|
|
925 |
|
|
|
(82 |
) |
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(19,658 |
) |
|
|
205,946 |
|
|
|
(7,967 |
) |
|
|
164,688 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
268,412 |
|
|
|
198,939 |
|
|
|
256,721 |
|
|
|
240,197 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
248,754 |
|
|
$ |
404,885 |
|
|
$ |
248,754 |
|
|
$ |
404,885 |
|
|
Three months ended |
|
Nine months ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
|
|
|
|
|
|
|
||||
Cash and cash equivalents at end of period |
$ |
248,239 |
|
$ |
404,885 |
|
$ |
248,239 |
|
$ |
404,885 |
Restricted cash included within prepaid expenses and other at end of period |
|
515 |
|
|
— |
|
|
515 |
|
|
— |
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows |
$ |
248,754 |
|
$ |
404,885 |
|
$ |
248,754 |
|
$ |
404,885 |
TABLE I
|
|||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross profit, subscription and support |
$ |
140,414 |
|
|
$ |
118,557 |
|
|
$ |
400,256 |
|
|
$ |
335,777 |
|
Add back: Stock-based compensation |
|
2,164 |
|
|
|
1,247 |
|
|
|
5,708 |
|
|
|
3,732 |
|
Add back: Amortization of acquisition-related intangibles |
$ |
1,007 |
|
|
$ |
— |
|
|
$ |
1,007 |
|
|
$ |
— |
|
Gross profit, subscription and support, non-GAAP |
$ |
143,585 |
|
|
$ |
119,804 |
|
|
$ |
406,971 |
|
|
$ |
339,509 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit, professional services |
$ |
1,536 |
|
|
$ |
1,263 |
|
|
$ |
12,169 |
|
|
$ |
11,232 |
|
Add back: Stock-based compensation |
|
858 |
|
|
|
623 |
|
|
|
2,348 |
|
|
|
1,923 |
|
Gross profit, professional services, non-GAAP |
$ |
2,394 |
|
|
$ |
1,886 |
|
|
$ |
14,517 |
|
|
$ |
13,155 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
$ |
141,950 |
|
|
$ |
119,820 |
|
|
$ |
412,425 |
|
|
$ |
347,009 |
|
Add back: Stock-based compensation |
|
3,022 |
|
|
|
1,870 |
|
|
|
8,056 |
|
|
|
5,655 |
|
Add back: Amortization of acquisition-related intangibles |
$ |
1,007 |
|
|
$ |
— |
|
|
$ |
1,007 |
|
|
$ |
— |
|
Gross profit, non-GAAP |
$ |
145,979 |
|
|
$ |
121,690 |
|
|
$ |
421,488 |
|
|
$ |
352,664 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue, subscription and support |
$ |
30,621 |
|
|
$ |
24,864 |
|
|
$ |
86,493 |
|
|
$ |
74,080 |
|
Less: Stock-based compensation |
|
2,164 |
|
|
|
1,247 |
|
|
|
5,708 |
|
|
|
3,732 |
|
Less: Amortization of acquisition-related intangibles |
$ |
1,007 |
|
|
$ |
— |
|
|
$ |
1,007 |
|
|
$ |
— |
|
Cost of revenue, subscription and support, non-GAAP |
$ |
27,450 |
|
|
$ |
23,617 |
|
|
$ |
79,778 |
|
|
$ |
70,348 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue, professional services |
$ |
13,050 |
|
|
$ |
13,491 |
|
|
$ |
39,873 |
|
|
$ |
42,297 |
|
Less: Stock-based compensation |
|
858 |
|
|
|
623 |
|
|
|
2,348 |
|
|
|
1,923 |
|
Cost of revenue, professional services, non-GAAP |
$ |
12,192 |
|
|
$ |
12,868 |
|
|
$ |
37,525 |
|
|
$ |
40,374 |
|
|
|
|
|
|
|
|
|
||||||||
Research and development |
$ |
48,425 |
|
|
$ |
41,747 |
|
|
$ |
142,328 |
|
|
$ |
130,235 |
|
Less: Stock-based compensation |
|
5,681 |
|
|
|
4,155 |
|
|
|
15,474 |
|
|
|
13,677 |
|
Less: Amortization of acquisition-related intangibles |
|
414 |
|
|
|
891 |
|
|
|
2,267 |
|
|
|
2,668 |
|
Research and development, non-GAAP |
$ |
42,330 |
|
|
$ |
36,701 |
|
|
$ |
124,587 |
|
|
$ |
113,890 |
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
$ |
89,756 |
|
|
$ |
72,576 |
|
|
$ |
257,086 |
|
|
$ |
215,168 |
|
Less: Stock-based compensation |
|
9,942 |
|
|
|
7,108 |
|
|
|
26,470 |
|
|
|
20,769 |
|
Less: Amortization of acquisition-related intangibles |
|
467 |
|
|
|
598 |
|
|
|
1,292 |
|
|
|
1,805 |
|
Sales and marketing, non-GAAP |
$ |
79,347 |
|
|
$ |
64,870 |
|
|
$ |
229,324 |
|
|
$ |
192,594 |
|
|
|
|
|
|
|
|
|
||||||||
General and administrative |
$ |
25,551 |
|
|
$ |
21,022 |
|
|
$ |
76,225 |
|
|
$ |
86,660 |
|
Less: Stock-based compensation |
|
8,825 |
|
|
|
6,244 |
|
|
|
25,879 |
|
|
|
37,928 |
|
General and administrative, non-GAAP |
$ |
16,726 |
|
|
$ |
14,778 |
|
|
$ |
50,346 |
|
|
$ |
48,732 |
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations |
$ |
(21,782 |
) |
|
$ |
(15,525 |
) |
|
$ |
(63,214 |
) |
|
$ |
(85,054 |
) |
Add back: Stock-based compensation |
|
27,470 |
|
|
|
19,377 |
|
|
|
75,879 |
|
|
|
78,029 |
|
Add back: Amortization of acquisition-related intangibles |
|
1,889 |
|
|
|
1,489 |
|
|
|
4,566 |
|
|
|
4,473 |
|
Income (loss) from operations, non-GAAP |
$ |
7,577 |
|
|
$ |
5,341 |
|
|
$ |
17,231 |
|
|
$ |
(2,552 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(16,992 |
) |
|
$ |
(56,269 |
) |
|
$ |
(46,227 |
) |
|
$ |
(123,329 |
) |
Add back: Stock-based compensation |
|
27,470 |
|
|
|
19,377 |
|
|
|
75,879 |
|
|
|
78,029 |
|
Add back: Amortization of acquisition-related intangibles |
|
1,889 |
|
|
|
1,489 |
|
|
|
4,566 |
|
|
|
4,473 |
|
Net income (loss), non-GAAP |
$ |
12,367 |
|
|
$ |
(35,403 |
) |
|
$ |
34,218 |
|
|
$ |
(40,827 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per basic and diluted share: |
$ |
(0.31 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.84 |
) |
|
$ |
(2.28 |
) |
Add back: Stock-based compensation |
|
0.50 |
|
|
|
0.36 |
|
|
|
1.38 |
|
|
|
1.44 |
|
Add back: Amortization of acquisition-related intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.08 |
|
|
|
0.08 |
|
Net income (loss) per basic share, non-GAAP |
$ |
0.22 |
|
|
$ |
(0.65 |
) |
|
$ |
0.62 |
|
|
$ |
(0.76 |
) |
Net income (loss) per diluted share, non-GAAP |
$ |
0.21 |
|
|
$ |
(0.65 |
) |
|
$ |
0.60 |
|
|
$ |
(0.76 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - basic, non-GAAP |
|
55,581,841 |
|
|
|
54,256,941 |
|
|
|
55,226,254 |
|
|
|
53,987,791 |
|
Weighted-average common shares outstanding - diluted, non-GAAP |
|
57,557,373 |
|
|
|
54,256,941 |
|
|
|
57,361,707 |
|
|
|
53,987,791 |
|
TABLE II
|
|||||||||||||||
|
Three months ending
|
|
Year ending |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Loss from operations, GAAP range |
$ |
(16,186 |
) |
- |
$ |
(14,186 |
) |
|
$ |
(79,400 |
) |
- |
$ |
(77,400 |
) |
Add back: Stock-based compensation |
|
27,121 |
|
|
|
27,121 |
|
|
|
103,000 |
|
|
|
103,000 |
|
Add back: Amortization of acquisition-related intangibles |
|
1,834 |
|
|
|
1,834 |
|
|
|
6,400 |
|
|
|
6,400 |
|
Income from operations, non-GAAP range |
$ |
12,769 |
|
- |
$ |
14,769 |
|
|
$ |
30,000 |
|
- |
$ |
32,000 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share, GAAP range |
$ |
(0.21 |
) |
- |
$ |
(0.18 |
) |
|
$ |
(1.05 |
) |
- |
$ |
(1.02 |
) |
Add back: Stock-based compensation |
|
0.49 |
|
|
|
0.49 |
|
|
|
1.86 |
|
|
|
1.86 |
|
Add back: Amortization of acquisition-related intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.12 |
|
|
|
0.12 |
|
Net income per share, non-GAAP range |
$ |
0.31 |
|
- |
$ |
0.34 |
|
|
$ |
0.93 |
|
- |
$ |
0.96 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - basic |
|
55,800,000 |
|
|
|
55,800,000 |
|
|
|
55,400,000 |
|
|
|
55,400,000 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106940239/en/
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