Freshworks Reports Fourth Quarter and Full Year 2021 Results

2/10/2022, 10:05 PM (Source: GlobeNewswire)
  • Full year revenue grew 49% year-over-year
  • Fourth quarter revenue grew 44% year-over-year
  • Surpassed $100 million in quarterly revenue

SAN MATEO, Calif., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ: FRSH), a leading software company empowering businesses to delight their customers and employees, today announced financial results for its fourth quarter and full year ended December 31, 2021.

“We had a strong finish to the year as we surpassed $100 million in quarterly revenue and achieved 44% year-over-year growth in the fourth quarter,” said Girish Mathrubootham, CEO and founder of Freshworks. “I’m incredibly proud of our employees for their focus and dedication as we continue to innovate on our products, put customers first, and execute as a public company.”

Fourth Quarter 2021 Financial Summary Results

  • Revenue: Total revenue was $105.5 million, representing growth of 44% compared to the fourth quarter of 2020.

  • GAAP (Loss) from Operations: GAAP (loss) from operations was $(56.4) million, compared to $(3.4) million in the fourth quarter of 2020.

  • Non-GAAP (Loss) from Operations: Non-GAAP (loss) from operations was $(10.7) million, compared to $(2.3) million in the fourth quarter of 2020.

  • GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(0.28) based on 269.5 million weighted-average shares outstanding, compared to $(15.41) based on 77.2 million weighted-average shares outstanding in the fourth quarter of 2020.

  • Non-GAAP Net (Loss) Per Share: Non-GAAP basic and diluted net (loss) per share was $(0.06) based on 269.5 million weighted-average shares outstanding, compared to $(0.01) based on 77.2 million weighted-average shares outstanding in the fourth quarter of 2020.

  • Net Cash Provided by Operating Activities: Net cash provided by operating activities was $4.8 million, compared to $13.5 million in the fourth quarter of 2020.

  • Free Cash Flow: Free cash flow was $2.8 million, compared to $11.9 million in the fourth quarter of 2020.

  • Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents, and marketable securities were $1.3 billion as of December 31, 2021.

Full Year 2021 Financial Summary Results

  • Revenue: Total revenue was $371.0 million, representing growth of 49% compared to 2020.

  • GAAP (Loss) from Operations: GAAP (loss) from operations was $(204.8) million, compared to $(56.1) million in 2020.

  • Non-GAAP (Loss) from Operations: Non-GAAP (loss) from operations was $(18.3) million, compared to $(8.3) million in 2020.

  • GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(21.73) based on 130.7 million weighted-average shares outstanding, compared to $(21.03) based on 76.9 million weighted-average shares outstanding in 2020.

  • Non-GAAP Net (Loss) Per Share: Non-GAAP basic and diluted net (loss) per share was $(0.21) based on 130.7 million weighted-average shares outstanding, compared to $(0.12) based on 76.9 million weighted-average shares outstanding in 2020.

  • Net Cash Provided by Operating Activities: Net cash provided by operating activities was $11.5 million, compared to $32.5 million in 2020.

  • Free Cash Flow: Free cash flow was $2.3 million, compared to $23.5 million in 2020.

A description of non-GAAP financial measures is contained in the section titled "Explanation of Non-GAAP Financial Measures" below and a reconciliation of GAAP to non-GAAP financial measures is contained in the tables below.

Fourth Quarter Key Metrics and Recent Business Highlights

  • Number of customers contributing more than $5,000 in ARR was 14,814, an increase of 28% year-over-year.

  • Net dollar retention rate was 114%, compared to 117% in the third quarter of 2021 and 111% in the fourth quarter of 2020.

  • Welcomed new customers to the Freshworks community including: British Museum, Databricks, Humanscale, Jollyroom, KaDeWe, Nation Safe Drivers, StyleSeat, Wheel Pros, and more.

  • Included in The Forrester Wave™: Enterprise Service Management, Q4 2021, as a "Strong Performer".

  • Named one of The 100 Best Large Companies to Work for in 2022 in San Francisco and Colorado by BuiltIn.

  • Refresh, the Freshworks annual user conference held virtually in November, attracted over 18,000 registrants.

Financial Outlook

We are providing estimates for the first quarter and full year 2022 based on current market conditions and expectations. We emphasize that these estimates are subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below, including risks and uncertainties associated with the ongoing COVID-19 pandemic.

For the first quarter and full year 2022, Freshworks currently expects the following results:

First Quarter 2022
Total revenue of $107.0 million - $109.0 million
Non-GAAP loss from operations of $(12.5) million - $(10.5) million
Non-GAAP net loss per share(1) of $(0.07) - $(0.05)

Full Year 2022
Total revenue of $486.5 million - $495.0 million
Non-GAAP loss from operations of $(56.5) million - $(48.5) million
Non-GAAP net loss per share(1) of $(0.23) - $(0.19)

(1) Non-GAAP net loss per share was estimated assuming 278.1 million and 286.5 million weighted-average shares outstanding for the first quarter and full year 2022, respectively.

These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Freshworks has not reconciled its estimates for non-GAAP loss from operations to GAAP loss from operations or non-GAAP net loss per share to GAAP net loss per share due to the uncertainty and potential variability of expenses that may be incurred in the future. Accordingly, a reconciliation is not available without unreasonable effort. Freshworks has provided a reconciliation of other GAAP to non-GAAP financial measures in the financial statement tables for its fourth quarter and full year 2021 non-GAAP results included in this press release.

Lock-Up Release

As disclosed in the final prospectus dated September 21, 2021 relating to Freshworks’ initial public offering, beginning at the opening of trading on Monday, February 14, 2022, all remaining shares subject to the terms of certain lock-up agreements entered into by Freshworks’ directors and officers and certain holders of Freshworks’ common stock with the underwriters of Freshworks’ initial public offering will become eligible for sale in the public market, subject to any trading limitations on shares held by affiliates of Freshworks, continued vesting of any unvested equity awards and Freshworks' Insider Trading Policy.

Webcast and Conference Call Information

Freshworks will host a conference call for investors on February 10, 2022 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results and business highlights. Investors are invited to listen to a live audio webcast of the conference call by visiting the investor relations website at ir.freshworks.com. A replay of the audio webcast will be available shortly after the call on the Freshworks Investor Relations website and will be available for twelve months thereafter.

Explanation of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures, including, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss per share, non-GAAP net loss attributable to common stockholders, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.

We exclude the following items from one or more of our non-GAAP financial measures, including the related income tax effect of these adjustments:

  • Stock-based compensation expense. We exclude stock-based compensation, which is a non cash expense, from certain of our non-GAAP financial measures because we believe that excluding this expense provides meaningful supplemental information regarding operational performance. In particular, stock-based compensation expense is not comparable across companies given the variety of valuation methodologies and assumptions.

  • Employer payroll taxes on employee stock transactions. We exclude the amount of employer payroll taxes on equity awards from certain of our non-GAAP financial measures because they are dependent on our stock price at the time of vesting or exercise and other factors that are beyond our control and do not correlate to the operation of the business.

  • Amortization of acquired intangibles. We exclude amortization of acquired intangibles, which is a non-cash expense, from certain of our non-GAAP financial measures. Our expenses for amortization of acquired intangibles are inconsistent in amount and frequency because they are significantly affected by the timing, size of acquisitions, and the allocation of purchase price. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operation of our business.

  • Acquisition-related expenses. We exclude transaction, integration, and retention expenses that are directly related to business combinations from certain of our non-GAAP financial measures because we believe that excluding these items provides meaningful supplemental information regarding operational performance and investors to make more meaningful comparisons between our operating results and those of other companies.

  • Gain on sale of non-marketable equity investments. We exclude gains on sale of non-marketable equity investments from certain of our non-GAAP financial measures because we believe they are unrelated to our ongoing operating performance and are not expected to recur in our continuing operating results.

We define free cash flow as net cash (used in) provided by operating activities, less purchases of property and equipment and capitalized internal-use software. We believe that free cash flow is a useful indicator of liquidity as it measures our ability to generate cash from our core operations after purchases of property and equipment. Free cash flow is a measure to determine, among other things, cash available for strategic initiatives, including further investments in our business and potential acquisitions of businesses.

Operating Metrics

Number of Customers Contributing More Than $5,000 in ARR. We define ARR as the sum total of the revenue we would contractually expect to recognize over the next 12 months from all customers at a point in time, assuming no increases, reductions or cancellations in their subscriptions. We define our total customers contributing more than $5,000 in ARR as of a particular date as the number of business entities or individuals, represented by a unique domain or a unique email address, with one or more paid subscriptions to one or more of our products that contributed more than $5,000 in ARR.

Net Dollar Retention Rate. To calculate net dollar retention rate as of a given date, we first determine Entering ARR, which is ARR from the population of our customers as of 12 months prior to the end of the reporting period. We then calculate the Ending ARR from the same set of customers as of the end of the reporting period. We then divide the Ending ARR by the Entering ARR to arrive at our net dollar retention rate. Ending ARR includes upsells, cross-sells, and renewals during the measurement period and is net of any contraction or attrition over this period.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, our GAAP and non-GAAP estimates for the first quarter and full year 2022, our financial outlook, and the usefulness of the measures by which we evaluate our business, among other things. These forward-looking statements are based on Freshworks’ current expectations, estimates and projections about its business and industry, management’s beliefs and certain assumptions made by the company, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, “future”, "believe," "expect," "may," "will," "intend," "estimate," "continue," “anticipate,” “could,” “would,” “projects,” “plans,” “targets” or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, many of which involve factors or circumstances that are beyond our control, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include our ability to achieve our long-term plans and key initiatives; our ability to maintain or grow the momentum of our business and operations; our ability to attract and retain customers or expand sales to existing customers; delays in product development or deployments or the success of such products; the failure to deliver competitive service offerings and lack of market acceptance of any offerings delivered; the impact to the economy, our customers and our business due to the ongoing COVID-19 pandemic; the timeframes for and severity of the impact of COVID-19 on our customers’ purchasing and renewal decisions, which may extend the length of our sales cycles; any weakened global economic conditions that adversely affect our industry; our history of net losses and ability to achieve or sustain profitability; our ability to sustain or manage any future growth effectively; potential interruptions or performance problems, including a service outage, associated with our technology and the impact of challenges related to being a newly listed public company, as well as the other potential factors described under "Risk Factors" included in Freshworks’ Quarterly Report on Form 10-Q for the period ended September 30, 2021 and other documents of Freshworks Inc. on file with the Securities and Exchange Commission (available at www.sec.gov).

Freshworks cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof and are based on information available to Freshworks at the time the statements are made and/or management’s good faith belief as of that time with respect to future events. Freshworks assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

About Freshworks Inc.

Freshworks makes it fast and easy for businesses to delight their customers and employees. We do this by taking a fresh approach to building and delivering software that is affordable, quick to implement, and designed for the end user. Headquartered in San Mateo, California, Freshworks has a dedicated team operating from 13 global locations to serve 50,000+ customers including Bridgestone, Chargebee, DeliveryHero, ITV, Klarna, Multichoice, OfficeMax, TaylorMade and Vice Media. For more information visit www.freshworks.com.

Investor Relations Contact:
Joon Huh
investor@freshworks.com
650-988-5699

Media Relations Contact:
Jayne Gonzalez
press@freshworks.com
408-348-1087

© 2022 Freshworks Inc. All Rights Reserved. Freshworks and its associated logo is a trademark of Freshworks Inc. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any first parties of Freshworks Inc. or any aspect of this press release.

 
FRESHWORKS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
 Three Months Ended December 31, Year Ended December 31,
  2021   2020   2021   2020 
Revenue        $105,480  $73,001  $371,022  $249,659 
Cost of revenue(1)         20,398   15,472   78,030   52,492 
Gross profit         85,082   57,529   292,992   197,167 
Operating expense:               
Research and development(1)         29,030   16,148   120,407   69,210 
Sales and marketing(1)         72,190   37,929   260,345   133,277 
General and administrative(1)         40,237   6,839   117,022   50,792 
Total operating expenses         141,457   60,916   497,774   253,279 
Loss from operations         (56,375)  (3,387)  (204,782)  (56,112)
Interest and other (expense) income, net         (125)  1,971   23,303   2,833 
Loss before income taxes         (56,500)  (1,416)  (181,479)  (53,279)
Provision for income taxes         18,236   119   10,516   4,015 
Net loss         (74,736)  (1,535)  (191,995)  (57,294)
Accretion of redeemable convertible preferred stock            (1,189,002)  (2,646,662)  (1,560,524)
Net loss attributable to common stockholders        $(74,736) $(1,190,537) $(2,838,657) $(1,617,818)
        
Net loss per share attributable to common stockholders - basic and diluted        $(0.28) $(15.41) $(21.73) $(21.03)
        
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted         269,502   77,242   130,652   76,945 

______________________
(1) Includes stock-based compensation expense as follows (in thousands):

 Three Months Ended
December 31,
 Year Ended
December 31,
  2021  2020  2021  2020
Cost of revenue        $1,621 $ $5,604 $
Research and development(2)         8,339    45,162  15,890
Sales and marketing         12,704    53,169  7
General and administrative(2)         26,520    69,508  27,383
Total stock-based compensation expense        $49,184 $ $173,443 $43,280

______________________
(2) Includes stock-based compensation of $43.2 million recognized from the secondary equity transactions in the first quarter of 2020, of which $15.9 million was recorded in research and development and $27.3 million was recorded in general and administrative.

 
FRESHWORKS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  December 31,
2021
 December 31,
2020
  (unaudited)  
Assets    
Cash and cash equivalents         $747,861  $95,382 
Marketable securities          575,679   142,733 
Accounts receivable, net          51,756   34,270 
Deferred contract acquisition costs          14,640   9,167 
Prepaid expenses and other current assets          31,440   30,852 
Total current assets          1,421,376   312,404 
     
Property and equipment, net          21,478   20,784 
Deferred contract acquisition costs, noncurrent          15,007   9,106 
Intangible assets, net          1,894   6,223 
Goodwill          6,181   6,181 
Deferred tax assets          6,284   4,393 
Other assets          10,592   8,333 
Total assets         $1,482,812  $367,424 
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)    
Current liabilities:    
Accounts payable         $6,321  $3,710 
Accrued liabilities          55,829   35,608 
Deferred revenue          160,173   104,184 
Income tax payable          1,023   8,740 
Total current liabilities          223,346   152,242 
Other liabilities          21,427   16,827 
Total liabilities          244,773   169,069 
     
Redeemable convertible preferred stock             2,895,096 
     
Stockholders' Equity (Deficit)    
Common stock          3   1 
Additional paid-in capital          4,509,724    
Accumulated other comprehensive (loss) income          (747)  411 
Accumulated deficit          (3,270,941)  (2,697,153)
Total stockholders' equity (deficit)          1,238,039   (2,696,741)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)         $1,482,812  $367,424 


 
FRESHWORKS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 Three Months Ended December 31, Year Ended December 31,
  2021   2020   2021   2020 
Cash Flows from Operating Activities:       
Net loss        $(74,736) $(1,535) $(191,995) $(57,294)
Adjustments to reconcile net loss to net cash provided by operating activities:       
Depreciation and amortization         3,502   2,954   13,294   11,169 
Amortization of deferred contract acquisition costs         3,759   2,307   12,844   7,681 
Stock-based compensation         49,184      173,443   43,280 
Premium amortization on marketable securities         551   353   1,757   1,227 
Gain realized on sale of marketable securities and non-marketable equity investments         (1)     (23,836)  (132)
Change in fair value of equity securities         (32)  (63)  (132)  (107)
Deferred income taxes         9,814   (2,360)  (1,907)  (2,360)
Other         (161)  (42)  (28)  143 
Changes in operating assets and liabilities:       
Accounts receivable         (7,470)  (3,816)  (17,509)  (9,932)
Deferred contract acquisition costs         (7,186)  (4,408)  (24,218)  (14,344)
Prepaid expenses and other assets         8,881   (1,853)  (5,942)  (8,165)
Accounts payable         2,528   2,582   1,986   53 
Accrued and other liabilities         (803)  7,600   17,714   24,867 
Deferred revenue         17,014   11,762   55,989   36,444 
Net cash provided by operating activities         4,844   13,481   11,460   32,530 
Cash Flows from Investing Activities:       
Purchases of property and equipment         (1,509)  (755)  (5,565)  (4,383)
Proceeds from sale of property and equipment         55      620    
Capitalized internal-use software         (502)  (803)  (3,552)  (4,631)
Sale of non-marketable equity investments               23,979    
Purchases of marketable securities         (531,250)  (16,631)  (686,078)  (115,689)
Sales of marketable securities         94,339   3,000   131,170   18,658 
Maturities and redemptions of marketable securities         6,576   41,983   119,130   101,445 
Acquired intangible assets                  (1,750)
Business combination, net of cash acquired                  (5,075)
Net cash (used in) provided by investing activities         (432,291)  26,794   (420,296)  (11,425)
Cash Flows from Financing Activities:       
Proceeds from initial public offering, net of underwriting discounts and offering expenses               1,069,348    
Proceeds from exercise of stock options         51   125   94   246 
Payment of deferred offering costs         (1,358)     (6,830)   
Payment of withholding taxes related to net share settlement of equity awards         (3,343)     (3,343)   
Payment of acquisition-related liabilities            (955)  (900)  (2,155)
Net cash (used in) provided by financing activities         (4,650)  (830)  1,058,369   (1,909)
Net (decrease) increase in cash, cash equivalents and restricted cash         (432,097)  39,445   649,533   19,196 
Cash, cash equivalents and restricted cash, beginning of period         1,179,961   58,886   98,331   79,135 
Cash, cash equivalents and restricted cash, end of period        $747,864  $98,331  $747,864  $98,331 


 
FRESHWORKS INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except percentages and per share data)
(unaudited)
 
  Three Months Ended December  Year Ended December 31,
   2021   2020   2021   2020 
Reconciliation of gross profit and gross margin:        
GAAP gross profit $85,082  $57,529  $292,992  $197,167 
Add: stock-based compensation expense - equity awards  1,621      5,604    
Add: employer taxes on employee stock transactions  (236)     287    
Add: amortization of acquired intangibles  990   1,020   3,929   3,868 
Non-GAAP gross profit $87,457  $58,549  $302,812  $201,035 
GAAP gross margin  80.7%  78.8%  79.0%  79.0%
Non-GAAP gross margin  82.9%  80.2%  81.6%  80.5%
         
Reconciliation of operating expenses:        
GAAP research and development $29,030  $16,148  $120,407  $69,210 
Less: stock-based compensation expense - equity awards  (8,339)     (45,162)  (8)
Less: stock-based compensation expense - 2020 equity transactions           (15,882)
Less: employer taxes on employee stock transactions  449      (1,183)   
Non-GAAP research and development $21,140  $16,148  $74,062  $53,320 
GAAP research and development as percentage of revenue  27.5%  22.1%  32.5%  27.7%
Non-GAAP research and development as percentage of revenue  20.0%  22.1%  20.0%  21.4%
         
GAAP sales and marketing $72,190  $37,929  $260,345  $133,277 
Less: stock-based compensation expense - equity awards  (12,704)     (53,169)  (7)
Less: employer taxes on employee stock transactions  (207)     (4,616)   
Less: amortization of acquired intangibles  (101)  (100)  (400)  (400)
Non-GAAP sales and marketing $59,178  $37,829  $202,160  $132,870 
GAAP sales and marketing as percentage of revenue  68.4%  52.0%  70.2%  53.4%
Non-GAAP sales and marketing as percentage of revenue  56.1%  51.8%  54.5%  53.2%
         
GAAP general and administrative $40,237  $6,839  $117,022  $50,792 
Less: stock-based compensation expense - equity awards  (26,520)     (69,508)  (29)
Less: stock-based compensation expense - 2020 equity transactions           (27,354)
Less: employer taxes on employee stock transactions  4,147      (2,668)   
Less: acquisition-related expenses           (304)
Non-GAAP general and administrative $17,864  $6,839  $44,846  $23,105 
GAAP general and administrative as percentage of revenue  38.1%  9.4%  31.5%  20.3%
Non-GAAP general and administrative as percentage of revenue  16.9%  9.4%  12.1%  9.3%
         
Reconciliation of operating (loss) and operating margin:        
GAAP (loss) from operations $(56,375) $(3,387) $(204,782) $(56,112)
Add: stock-based compensation expense - equity awards  49,184      173,443   44 
Add: stock-based compensation expense - 2020 equity transactions           43,236 
Add: employer taxes on employee stock transactions  (4,625)     8,754    
Add: amortization of acquired intangibles  1,091   1,120   4,329   4,268 
Add: acquisition-related expenses           304 
Non-GAAP (loss) from operations $(10,725) $(2,267) $(18,256) $(8,260)
GAAP operating margin  (53.4)%  (4.6)%  (55.2)%  (22.5)%
Non-GAAP operating margin  (10.2)%  (3.1)%  (4.9)%  (3.3)%
Reconciliation of net (loss) attributable to common stockholders:                
GAAP net (loss) attributable to common stockholders $(74,736) $(1,190,537) $(2,838,657) $(1,617,818)
Add: accretion of redeemable convertible preferred stock     1,189,002   2,646,662   1,560,524 
Add: stock-based compensation expense - equity awards  49,184      173,443   44 
Add: stock-based compensation expense - 2020 equity transactions           43,236 
Add: employer taxes on employee stock transactions  (4,625)     8,754    
Add: amortization of acquired intangibles  1,091   1,120   4,329   4,268 
Add: acquisition-related expenses           304 
Less: gain on sale of non-marketable equity investments        (23,830)   
Less: income tax adjustments  13,357      1,802    
Non-GAAP net (loss) attributable to common stockholders $(15,729) $(415) $(27,497) $(9,442)
         
Reconciliation of net (loss) per share - basic and diluted:        
GAAP net (loss) per share attributable to common stockholders - basic and diluted $(0.28) $(15.41) $(21.73) $(21.03)
Add: accretion of redeemable convertible preferred stock     15.39   20.26   20.28 
Add: stock-based compensation expense - equity awards  0.18      1.33    
Add: stock-based compensation expense - 2020 equity transactions           0.56 
Add: employer taxes on employee stock transactions  (0.02)     0.07    
Add: amortization of acquired intangibles  0.01   0.01   0.03   0.06 
Add: acquisition-related expenses           0.01 
Less: gain on sale of non-marketable equity investments        (0.18)   
Less: income tax adjustments  0.05      0.01    
Non-GAAP net (loss) per share attributable to common stockholders - basic and diluted $(0.06) $(0.01) $(0.21) $(0.12)
Weighted-average shares used in computing GAAP and non-GAAP net (loss) per share attributable to common stockholders - basic and diluted  269,502   77,242   130,652   76,945 
         
Computation of free cash flow:        
Net cash provided by operating activities $4,844  $13,481  $11,460  $32,530 
Less: purchases of property and equipment  (1,509)  (755)  (5,565)  (4,383)
Less: capitalized internal-use software  (502)  (803)  (3,552)  (4,631)
Free cash flow $2,833  $11,923  $2,343  $23,516 
Net cash (used in) provided by investing activities $(432,291) $26,794  $(420,296) $(11,425)
Net cash (used in) provided by financing activities $(4,650) $(830) $1,058,369  $(1,909)

 


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