Sign In  |  Register  |  About Sunnyvale  |  Contact Us

Sunnyvale, CA
September 01, 2020 10:10am
7-Day Forecast | Traffic
  • Search Hotels in Sunnyvale

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Kaltura Announces Financial Results for Third Quarter 2022

NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the third quarter ended September 30, 2022, as well as outlook for the fourth quarter and full year 2022.

“We are progressing towards our planned return to profitable growth, with improved cash flow and Adjusted EBITDA in the third quarter, and an expected return to revenue growth in the fourth quarter,” said Ron Yekutiel, Co-founder, Chairman and Chief Executive Officer of Kaltura. “Though we continue to be affected by the macroeconomic headwinds, we are also fueled by exciting new low-touch and self-serve offerings such as our Event Platform, and as of the third quarter, a new version of our Webinars product that powerfully brings together all of our on-demand, live, and real-time video capabilities.”

Third Quarter 2022 Financial Highlights:

  • Revenue for the third quarter of 2022 was $41.1 million, a decrease of 4% compared to $43.0 million for the third quarter of 2021.

  • Subscription revenue for the third quarter of 2022 was $37.9 million, an increase of 1% compared to $37.7 million for the third quarter of 2021.

  • Annualized Recurring Revenue (ARR) for the third quarter of 2022 was $152.9 million, an increase of 1% compared to $151.7 million for the third quarter of 2021.

  • GAAP Gross profit for the third quarter of 2022 was $26.4 million, representing a gross margin of 64% compared to a GAAP gross profit of $27.8 million and gross margin of 65% for the third quarter of 2021.

  • Non-GAAP Gross profit for the third quarter of 2022 was $26.8 million, representing a non-GAAP gross margin of 65%, compared to a non-GAAP gross profit of $28.1 million and non-GAAP gross margin of 65% for the third quarter of 2021.

  • GAAP Operating loss was $14.9 million for the third quarter of 2022, compared to an operating loss of $5.9 million for the third quarter of 2021.

  • Non-GAAP Operating loss was $7.6 million for the third quarter of 2022, compared to a non-GAAP operating loss of $2.7 million for the third quarter of 2021.

  • GAAP Net loss was $19.4 million or $0.15 per diluted share for the third quarter of 2022, compared to a GAAP net loss of $25.2 million, or $0.26 per diluted share, for the third quarter of 2021.

  • Non-GAAP Net loss was $12.2 million or $0.09 per diluted share for the third quarter of 2022, compared to a non-GAAP net loss of $5.1 million, or $0.04 per diluted share, for the third quarter of 2021.

  • Adjusted EBITDA was $(7.2) million for the third quarter of 2022, compared to adjusted EBITDA of $(2.3) million for the third quarter of 2021.

  • Net Cash Provided by (Used in) Operating Activities was $1.1 million for the third quarter of 2022, compared to $(5.7) million for the third quarter of 2021.

Third Quarter 2022 Business Highlights:

  • Executed the cost-cutting and reorganization plan as communicated last quarter
  • Closed several seven-digit deals to power virtual and hybrid events, and continued to materially grow the sales pipeline
  • Continued closing learning & training-related deals, including five-digit transactions with new customers across various industries such as insurance, healthcare, and education, where we also continued expanding from higher-ed into K12
  • Launched a new version of our self-serve Webinars product that fully integrates advanced video content management and publishing capabilities

Financial Outlook:

For the fourth quarter of 2022, Kaltura currently expects:

  • Subscription Revenue to grow by 0%-3% year-over-year to between $38.5 million and $39.5 million.
  • Total Revenue to increase by 1%-3% year-over-year to between $43.0 million and $44.0 million.
  • Adjusted EBITDA to be negative in the range of $6.5 million to $5.5 million.

For the full year ending December 31, 2022, Kaltura currently expects:

  • Subscription Revenue to grow by 4%-5% year-over-year to between $151.4 million and $152.4 million.
  • Total Revenue to grow by 2% year-over-year to between $167.7 million and $168.7 million.
  • Adjusted EBITDA to be negative in the range of $30.5 million to $29.5 million.

The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control.

Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

Conference Call

Kaltura will host a conference call today November 10, 2022. to review its third quarter 2022 financial results and to discuss its financial outlook.

 Time:8:00 a.m. ET 
 United States/Canada Toll Free:1-877-407-0791 
 International Toll:+1-201-689-8563 
 Conference ID:13733922 

        
A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About Kaltura

Kaltura’s mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences.

Investor Contacts:
Kaltura
Yaron Garmazi
Chief Financial Officer
IR@Kaltura.com

Sapphire Investor Relations
Erica Mannion and Michael Funari
IR@Kaltura.com
+1 617 542 6180

Media Contacts:
Kaltura
Lisa Bennett
pr.team@kaltura.com

Headline Media
Raanan Loew
raanan@headline.media
+1 347 897 9276


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; the expected effects of our cost cuts, headcount reduction and reorganization plan, including the total charges and annualized savings expected to result therefrom; the expected effect of new releases on our business and financial performance; and general business conditions, including as a result of the pandemic related to COVID-19 and its variants.

In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, our ability to successfully execute or achieve the expected benefits of our restructuring plan and other cost saving measures, our ability to manage and sustain our rapid growth; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; the quarterly fluctuation in our results of operations; our ability to retain our customers; our ability to keep pace with technological and competitive developments; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; our reliance on third parties; our ability to retain our key personnel; risks related to our international operations; our ability to successfully execute or achieve the benefits of our cost-reduction and re-organization plan and other cost saving measures; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

Non-GAAP Financial Measures

Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net loss, non-GAAP net loss per share and Adjusted EBITDA. Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) preferred stock accretion and cumulative undeclared dividends; (2) stock-based compensation; (3) the amortization of acquired intangibles; (4) other non-recurring operating expenses; (5) remeasurement of warrants to fair value; (6) facility exit and transition costs; (7) restructuring charges; and (8) gain on sale of property and equipment. Kaltura defines EBITDA as net profit (loss) before financial expenses, net, provision for income taxes, and depreciation and amortization expenses. Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other non-recurring items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and other non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Key Financial and Operating Metrics

Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer's premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem component for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, foreign exchange rate fluctuations, professional services revenue and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 65% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder thereafter, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.


Consolidated Balance Sheets (U.S. dollars in thousands)

  As of
  September 30,
2022
 December 31,
2021
  (Unaudited)  
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents $52,638  $143,949 
Marketable securities  39,744    
Trade receivables  23,270   17,509 
Prepaid expenses and other current assets  7,863   5,110 
Deferred contract acquisition and fulfillment costs, current  10,455   9,079 
     
Total current assets  133,970   175,647 
     
LONG-TERM ASSETS:    
Marketable securities  1,965    
Property and equipment, net  13,771   9,503 
Other assets, noncurrent  3,414   2,543 
Deferred contract acquisition and fulfillment costs, noncurrent  22,133   22,621 
Operating lease right-of-use assets  23,106    
Intangible assets, net  1,385   1,909 
Goodwill  11,070   11,070 
     
Total noncurrent assets  76,844   47,646 
     
TOTAL ASSETS $210,814  $223,293 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Current portion of long-term loans $5,047  $2,794 
Trade payables  6,414   6,480 
Employees and payroll accruals  16,432   18,627 
Accrued expenses and other current liabilities  15,048   18,496 
Operating lease liabilities  1,960    
Deferred revenue, current  58,277   51,689 
     
Total current liabilities  103,178   98,086 
     
NONCURRENT LIABILITIES:    
Deferred revenue, noncurrent  1,510   1,953 
Long-term loans, net of current portion  31,446   35,795 
Operating lease liabilities, noncurrent  21,181    
Other liabilities, noncurrent  1,996   2,185 
     
Total noncurrent liabilities  56,133   39,933 
     
TOTAL LIABILITIES $159,311  $138,019 
STOCKHOLDERS' EQUITY:    
Common stock  13   13 
Treasury stock

  (4,881)  (4,881)
Additional paid-in capital  433,462   412,776 
Accumulated other comprehensive loss  (741)   
Accumulated deficit  (376,350)  (322,634)
     
Total stockholders' equity  51,503   85,274 
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $210,814  $223,293 


Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
   2022  2021  2022  2021
  (Unaudited)
         
         
Revenue:        
Subscription $37,915 $37,675 $112,904 $106,483
Professional services  3,136  5,309  11,841  15,817
         
Total revenue  41,051  42,984  124,745  122,300
         
Cost of revenue:        
Subscription  9,772  9,629  29,192  29,524
Professional services  4,904  5,538  16,219  16,847
         
Total cost of revenue  14,676  15,167  45,411  46,371
         
Gross profit  26,375  27,817  79,334  75,929
         
Operating expenses:        
         
Research and development  13,891  12,363  43,205  35,050
Sales and marketing  15,040  11,257  46,072  31,942
General and administrative  11,412  10,070  34,188  27,457
Restructuring  884    884  
Other operating expenses        1,724
         
Total operating expenses  41,227  33,690  124,349  96,173
         
Operating loss  14,852  5,873  45,015  20,244
         
Financial expenses, net  3,002  17,780  2,945  18,432
         
Loss before provision for income taxes  17,854  23,653  47,960  38,676
         
Provision for income taxes  1,589  1,497  5,756  4,749
         
Net loss  19,443  25,150  53,716  43,425
         
Preferred stock accretion and cumulative undeclared dividends    1,569    8,241
         
Net loss attributable to common stockholders $19,443 $26,719 $53,716 $51,666
         
Net loss per share attributable to common stockholders, basic and diluted $0.15 $0.26 $0.41 $1.00
         
Weighted average number of shares used in computing basic net loss per share attributable to common stockholders  132,185,026  102,938,814  129,919,489  51,647,683


Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)

Stock-based compensation included in above line items:

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
   2022  2021  2022  2021
  (Unaudited)
         
Cost of revenue $297 $168 $1,068 $635
Research and development  1,096  528  3,236  2,252
Sales and marketing  1,058  438  2,969  1,641
General and administrative  3,648  2,602  10,554  8,382
         
Total $6,099 $3,736 $17,827 $12,910

Revenue by Segment (U.S. dollars in thousands):

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
   2022  2021  2022  2021
  (Unaudited)
         
Enterprise, Education and Technology $30,056 $30,410 $90,186 $87,966
Media and Telecom  10,995  12,574  34,559  34,334
         
Total $41,051 $42,984 $124,745 $122,300
         

Gross Profit by Segment (U.S. dollars in thousands):

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
   2022  2021  2022  2021
  (Unaudited)
         
Enterprise, Education and Technology $21,218 $22,157 $62,685 $62,057
Media and Telecom  5,157  5,660  16,649  13,872
         
Total $26,375 $27,817 $79,334 $75,929


Consolidated Statement of Cash Flows (U.S. dollars in thousands)

  Nine Months Ended September 30,
   2022   2021 
Cash flows from operating activities:  
Net loss $(53,716) $(43,425)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss (gain) on sale of property and equipment  179   (757)
Depreciation and amortization  1,874   1,795 
Stock-based compensation expenses  17,827   12,910 
Amortization of deferred contract acquisition and fulfillment costs  7,883   5,082 
Change in valuation of warrants to purchase preferred and common stock     15,046 
Non-cash interest expenses (income), net  (51)  267 
Non-cash expenses with respect to stockholders’ loans     882 
Changes in operating assets and liabilities:    
Increase in trade receivables  (5,761)  (7,055)
Increase in prepaid expenses and other current assets and other assets, noncurrent  (697)  (4,937)
Increase in deferred contract acquisition and fulfillment costs  (8,715)  (15,262)
Increase in trade payables  98   849 
Increase (decrease) in accrued expenses and other current liabilities  (3,600)  4,055 
Increase (decrease) in employees and payroll accruals  (2,195)  4,265 
Decrease in other liabilities, noncurrent  (33)  (306)
Increase in deferred revenue  6,145   15,221 
Operating lease right-of-use assets and lease liabilities, net  (220)   
     
Net cash used in operating activities  (40,982)  (11,370)
     
Cash flows from investing activities:    
     
Investment in available-for-sale marketable securities  (47,447)   
Proceeds from sales and maturities of available-for-sale marketable securities  5,670    
Purchases of property and equipment  (1,004)  (1,580)
Proceeds from sale of property, and equipment     642 
Capitalized internal-use software  (4,573)  (2,753)
Investment in restricted bank deposit  (1,850)   
Purchase of intangible assets     (79)
     
Net cash used in investing activities  (49,204)  (3,770)
     
Cash flows from financing activities:    
     
Proceeds from initial public offering, net of underwriting discounts and commissions     160,425 
Payment related to the conversion of Series F redeemable convertible preferred stock upon initial public offering     (1,569)
Proceeds from long-term loans, net of debt issuance cost     41,915 
Repayment of long-term loans  (2,250)  (29,083)
Principal payments on finance leases  (135)  (1,329)
Proceeds from exercise of stock options  2,445   661 
Payment of debt issuance costs  (125)   
Payment of deferred offering costs     (4,087)
     
Net cash provided by (used in) financing activities  (65)  166,933 
     
Net increase (decrease) in cash, cash equivalents and restricted cash  (90,251)  151,793 
Cash, cash equivalents and restricted cash at the beginning of the period  144,371   28,355 
Cash, cash equivalents and restricted cash at the end of the period $54,120  $180,148 


Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands)

  Three Months Ended
September 30,
 Nine Months Ended
September 30,
   2022   2021   2022   2021 
Reconciliation of gross profit and gross margin        
GAAP gross profit $26,375  $27,817  $79,334  $75,929 
Stock-based compensation expense  297   168   1,068   635 
Amortization of acquired intangibles  107   107   319   457 
Non-GAAP gross profit $26,779  $28,092  $80,721  $77,021 
GAAP gross margin  64%  65%  64%  62%
Non-GAAP gross margin  65%  65%  65%  63%
Reconciliation of operating expenses        
GAAP research and development expenses $13,891  $12,363  $43,205  $35,050 
Stock-based compensation expense  1,096   528   3,236   2,252 
Amortization of acquired intangibles            
Non-GAAP research and development expenses $12,795  $11,835  $39,969  $32,798 
GAAP sales and marketing $15,040  $11,257  $46,072  $31,942 
Stock-based compensation expense  1,058   438   2,969   1,641 
Amortization of acquired intangibles  34   112   205   330 
Non-GAAP sales and marketing expenses $13,948  $10,707  $42,898  $29,971 
GAAP general and administrative expenses $11,412  $10,070  $34,188  $27,457 
Stock-based compensation expense  3,648   2,602   10,554   8,382 
Amortization of acquired intangibles            
Gain on sale of property and equipment $  $(757) $  $(757)
Facility exit and transition costs1 $154  $  $367  $ 
Non-GAAP general and administrative expenses $7,610  $8,225  $23,267  $19,832 
Reconciliation of operating income (loss) and operating margin        
GAAP operating loss $(14,852) $(5,873) $(45,015) $(20,244)
Stock-based compensation expense  6,099   3,736   17,827   12,910 
Amortization of acquired intangibles  141   219   524   787 
Restructuring  884      884    
Other operating expenses2           1,724 
Gain on sale of property and equipment     (757)     (757)
Facility exit and transition costs1  154      367    
Non-GAAP operating loss $(7,574) $(2,675) $(25,413) $(5,580)
GAAP operating margin (36)% (14)% (36)% (17)%
Non-GAAP operating margin (18)% (6)% (20)% (5)%
Reconciliation of net loss        
GAAP net loss attributable to common stockholders $19,443  $26,719  $53,716  $51,666 
Preferred stock accretion and cumulative undeclared dividends     1,569      8,241 
Stock-based compensation expense  6,099   3,736   17,827   12,910 
Amortization of acquired intangibles  141   219   524   787 
Restructuring  884      884    
Other operating expenses2           1,724 
Gain on sale of property and equipment     (757)     (757)
Facility exit and transition costs1  154      367    
Remeasurement of warrants to fair value     16,822      15,046 
Non-GAAP net loss attributable to common stockholders $12,165  $5,130  $34,114  $13,715 
         
Non-GAAP net loss per share - basic and diluted $0.09  $0.04  $0.26  $0.13 
         
Shares used in non-GAAP per share calculations:        
GAAP weighted-average shares used to compute net income per share - basic and diluted  132,185,026   102,938,814   129,919,489   51,647,683 
Additional shares giving effect to conversion of convertible and redeemable convertible preferred shares at the beginning of the period3     17,599,140      56,549,727 
Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (non-GAAP)  132,185,026   120,537,954   129,919,489   108,197,410 

Facility exit and transition costs for the three and nine months ended September 30, 2022 include losses from sale of fixed assets and other costs associated with moving to our temporary office in Israel.
2 Other operating expenses in the nine months September 30, 2021 consisted of expenses related to the forgiveness of loans to certain of our directors and executive officers in connection with the public filing of the registration statement in connection with our initial public offering.
3 Assumes shares of common stock outstanding after accounting for the automatic conversion of the convertible and redeemable convertible preferred stock then outstanding into shares of common stock at the beginning of the period.

Adjusted EBITDA (U.S. dollars in thousands)

 Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2022   2021   2022   2021 
  
Net loss$(19,443) $(25,150) $(53,716) $(43,425)
Financial expenses, net (a) 3,002   17,780   2,945   18,432 
Provision for income taxes 1,589   1,497   5,756   4,749 
Depreciation and amortization 521   594   1,874   1,795 
EBITDA (14,331)  (5,279)  (43,141)  (18,449)
Non-cash stock-based compensation expense 6,099   3,736   17,827   12,910 
Gain on sale of property and equipment (b)    (757)     (757)
Other operating expenses (c)          1,724 
Facility exit and transition costs (d) 154      367    
Restructuring (e) 884      884    
Adjusted EBITDA$(7,194) $(2,300) $(24,063) $(4,572)

(a)   The three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2022, and 2021, include $0, $16,822, $0 and $15,046 respectively, of remeasurement of warrants to fair value, and $594, $766, $1,581 and $2,228 respectively, of interest expenses.

(b)   The three and nine months ended September 30, 2021 include a one-time gain on sale of data center equipment in connection with our transition to a public cloud infrastructure.

(c)   Other operating expenses in the nine months ended September 30, 2021 consisted of expenses related to the forgiveness of loans to certain of our directors and executive officers in connection with the public filing of the registration statement in connection with our initial public offering.

(d)   Facility exit and transition costs for the three and nine months ended September 30, 2022 include losses from sale of fixed assets and other costs associated with moving to our temporary office in Israel.

(e)   The three and nine months ended September 30, 2022 include one-time employee termination benefits incurred in connection with the 2022 Restructuring Plan.

Reported KPIs

  September 30,
   2022  2021
  (U.S. dollars, amounts
in thousands)
Annualized Recurring Revenue $152,926 $151,704
Remaining Performance Obligations $169,183 $162,316


  Three Months Ended
September 30,
  2022  2021 
Net Dollar Retention Rate 96% 117%

Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Sunnyvale.com & California Media Partners, LLC. All rights reserved.