Arteris, Inc. (Nasdaq: AIP), a leading provider of system IP which
accelerates system-on-chip (SoC) creation, today announced
financial results for the third quarter ended September 30, 2023 as
well as fourth quarter and full year 2023 guidance.
"Customer demand remained healthy in the third
quarter, with Annual Contract Value plus Trailing-Twelve-Month
Royalties of $57.3 million, up 8% year-over-year,” said K. Charles
Janac, President and CEO of Arteris. “With the majority of the top
10 semiconductor companies now at least initially engaged with
Arteris, the industry’s transition to commercial System IP products
is gaining momentum. Many of these vendors have historically used
internal System IP solutions, however as the complexities of SoCs
continues to increase, including the incorporation of AI
capabilities into future designs, the value of Arteris’ commercial
offerings is becoming readily apparent," concluded Janac.
Third Quarter 2023 Financial Highlights:
- Annual Contract
Value (ACV) and Trailing-twelve-month (TTM) variable royalties of
$57.3 million, up 8% year-over-year
- Revenue of $13.3 million, up 5%
year-over-year
- Remaining performance obligation
(RPO) of $62.5 million
- Operating loss of $8.5 million
or 63.7% of revenue
- Non-GAAP operating loss of
$4.5 million or 34.3% of revenue, compared to a loss of
$4.2 million in the year-ago period
- Net loss of $8.2 million or
$0.23 per share
- Non-GAAP net loss of
$4.2 million or $0.12 per share
- Non-GAAP free cash flow of $(3.1)
million or (23.7)% of revenue
Third Quarter 2023 Business Highlights:
- Secured another major Active Customer, ranked as a top 10
global fabless semiconductor company;
- Continued strong design activity with 22 confirmed designs
starts in the quarter, including 12 that enable AI
technologies;
- Closed deals with three of the top 10 global technology
companies, including one licensing FlexNoC 5;
- NeuReality deployed Arteris interconnect in its Inference
Server’s NR1 SoC, targeting generative AI, Large Language Models,
and other AI workloads;
- AlChip selected Arteris interconnect for its ASIC Design
Services targeting AI and Automotive SoCs;
- Fraunhofer IESE and Arteris have partnered to ensure
interoperability between Arteris interconnect and Fraunhofer’s DRAM
subsystem design space exploration framework, supporting customers’
highly differentiated and performance-optimized SoCs;
- Closed nine deals of FlexNoC 5 since its release in the second
quarter of 2023, numerous prospects and evaluations pending;
and
- Arteris innovation was recognized within the International
Business Awards for “Technical Innovation of the Year” for
Physically Aware NoCs and was also a recipient of the Autotech
Breakthrough’s “Autonomous Vehicle Technology of the Year” award,
for innovation used in ADAS systems, combining AI and Automotive
needs in its system IP technology.
Fourth Quarter and Full Year 2023 Guidance:
|
Q4 2023 |
FY 2023 |
|
(in millions, except %) |
ACV + TTM royalties |
$52.0 - $56.0 |
$52.0 - $56.0 |
Revenue |
$11.3 - $12.3 |
$52.5 - $53.5 |
Non-GAAP operating loss (%) |
56.1% - 76.1% |
39.0% - 44.0% |
Free cash flow (%) |
(52.4)% - (32.4)% |
(38.1)% - (33.1)% |
The guidance provided above are forward-looking
statements and reflects Arteris' expectations as of today's date.
Actual results may differ materially. Refer to the section titled
"Forward-Looking Statements" below for information on the factors,
among others, that could cause our actual results to differ
materially from these forward-looking statements.
Non-GAAP gross profit, Non-GAAP gross margin,
Non-GAAP operating loss, Non-GAAP operating loss margin, Non-GAAP
net loss, Non-GAAP net loss per share, free cash flow and free cash
flow margin are Non-GAAP financial measures. Additional information
on Arteris’ historic reported results, including a reconciliation
of these Non-GAAP financial measures to their most comparable GAAP
measures, is included in the financial tables below. A
reconciliation of Non-GAAP guidance measures reported above to
corresponding GAAP measures is not available on a forward-looking
basis without unreasonable effort due to the uncertainty of
expenses that may be incurred in the future, although it is
important to note that these factors could be material to Arteris'
results computed in accordance with GAAP.
Definitions of the other business metrics used
in this press release including ACV, active customers, confirmed
design starts and RPO are included below under the heading “Other
Business Metrics.”
Conference Call
Arteris will host a conference call today,
November 7, 2023, to review its third quarter 2023 financial
results and discuss its financial outlook.
|
Time: |
4:30 PM ET |
|
|
United States/Canada Toll
Free: |
1-888-886-7786 |
|
|
International Toll: |
1-416-764-8658 |
|
A live webcast will also be available in the
Investor Relations section of Arteris’ website at:
https://ir.arteris.com/events-and-presentations
A replay of the webcast will be available in the
Investor Relations section of Arteris' website approximately two
hours after the conclusion of the call and remain available for
approximately 30 calendar days.
About Arteris
Arteris is a leading provider of system IP for
the acceleration of system-on-chip (SoC) development across today’s
electronic systems. Arteris network-on-chip (NoC) interconnect IP
and SoC integration automation technology enable higher product
performance with lower power consumption and faster time to market,
delivering better SoC economics so its customers can focus on
dreaming up what comes next. Learn more at arteris.com.
© 2004-2023 Arteris, Inc. All rights reserved
worldwide. Arteris, Arteris IP, the Arteris IP logo, and the other
Arteris marks found at https://www.arteris.com/trademarks are
trademarks or registered trademarks of Arteris, Inc. or its
subsidiaries. All other trademarks are the property of their
respective owners.
Investor Contacts:ArterisNick HawkinsChief
Financial OfficerIR@arteris.com
Sapphire Investor RelationsErica Mannion and Michael Funari+1
617 542 6180IR@arteris.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including but not limited to,
statements regarding our future financial and operating
performance, including our GAAP and Non-GAAP guidance for the
fourth quarter and full year 2023; our market opportunity and its
potential growth; our position within the market and our ability to
drive customer value; and our ability to make progress even in a
challenging economic environment. The words "may," "might," "will,"
"could," "would," "should," "expect," "plan," "anticipate,"
"intend," "believe," "expect," "estimate," "seek," "predict,"
"future," "project," "potential," "continue," "target" and similar
words or expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying 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, the significant competition we face from larger
companies and third-party providers; our history of net losses;
whether semiconductor companies in the automotive market,
enterprise computing market, communications market, consumer
electronics market, and industrial markets incorporate our
solutions into their end products and the growth and economic
stability of these end markets; our ability to attract new
customers and the extent to which our customers renew their
subscriptions for our solutions; the ability of our customers’ end
products achieving market acceptance or growth; our ability to
sustain or grow our licensing revenue; our ability, and the cost,
to successfully execute on research and development efforts; the
occurrence of product errors or defects in our solutions; if we
fail to offer high-quality support; the occurrence of
macro-economic conditions that adversely impact us, our customers
and their end product markets; the effects of geopolitical
conflicts, such as the military conflict between Russia and
Ukraine; the range of regulatory, operational, financial and
political risks we are exposed to as a result of our dependence on
international customers and operations; our ability to protect our
proprietary technology and inventions through patents and other IP
rights; whether we are subject to any liabilities or fines as a
result of government regulation, including import, export and
economic sanctions laws and regulations; the occurrence of a
disruption in our networks or a security breach; risks associated
with doing business in China; and the other factors described under
the heading “Risk Factors” in our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023 to be filed with the
Securities and Exchange Commission (SEC) on November 7, 2023. All
forward-looking statements reflect our beliefs and assumptions only
as of the date of this press release. We undertake no obligation to
update forward-looking statements to reflect future events or
circumstances. Our results for the quarter ended September 30, 2023
are not necessarily indicative of our operating results for any
future periods.
Arteris, Inc.Condensed
Consolidated Statements of Loss(In thousands, except share
and per share data)(Unaudited)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
Licensing, support and maintenance |
$ |
12,084 |
|
|
$ |
11,135 |
|
|
$ |
36,926 |
|
|
$ |
35,743 |
|
Variable royalties and other |
|
1,190 |
|
|
|
1,463 |
|
|
|
4,236 |
|
|
|
3,432 |
|
Total revenue |
|
13,274 |
|
|
|
12,598 |
|
|
|
41,162 |
|
|
|
39,175 |
|
Cost of revenue |
|
1,280 |
|
|
|
928 |
|
|
|
3,629 |
|
|
|
3,196 |
|
Gross profit |
|
11,994 |
|
|
|
11,670 |
|
|
|
37,533 |
|
|
|
35,979 |
|
Operating expense: |
|
|
|
|
|
|
|
Research and development |
|
10,997 |
|
|
|
11,022 |
|
|
|
34,465 |
|
|
|
30,849 |
|
Sales and marketing |
|
5,024 |
|
|
|
4,411 |
|
|
|
15,630 |
|
|
|
12,788 |
|
General and administrative |
|
4,426 |
|
|
|
3,991 |
|
|
|
13,331 |
|
|
|
12,138 |
|
Total operating expenses |
|
20,447 |
|
|
|
19,424 |
|
|
|
63,426 |
|
|
|
55,775 |
|
Loss from operations |
|
(8,453 |
) |
|
|
(7,754 |
) |
|
|
(25,893 |
) |
|
|
(19,796 |
) |
Interest expense |
|
(77 |
) |
|
|
(22 |
) |
|
|
(136 |
) |
|
|
(60 |
) |
Other income (expense),
net |
|
898 |
|
|
|
340 |
|
|
|
2,641 |
|
|
|
406 |
|
Loss before income taxes and
loss from equity method investment |
|
(7,632 |
) |
|
|
(7,436 |
) |
|
|
(23,388 |
) |
|
|
(19,450 |
) |
Loss from equity method
investment, net of tax |
|
919 |
|
|
|
— |
|
|
|
2,487 |
|
|
|
— |
|
Provision for (benefit from)
income taxes |
|
(398 |
) |
|
|
248 |
|
|
|
453 |
|
|
|
722 |
|
Net loss |
$ |
(8,153 |
) |
|
$ |
(7,684 |
) |
|
$ |
(26,328 |
) |
|
$ |
(20,172 |
) |
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.23 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.63 |
) |
Weighted average shares used
on computing per share amounts, basic and diluted |
|
36,010,106 |
|
|
|
32,836,014 |
|
|
|
35,291,207 |
|
|
|
32,228,429 |
|
Arteris, Inc.Condensed
Consolidated Balance Sheets (In thousands, except share
and per share data)(Unaudited)
|
As of |
|
September 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
18,627 |
|
|
$ |
37,423 |
|
Short-term investments |
|
27,734 |
|
|
|
30,728 |
|
Accounts
receivable, net |
|
10,370 |
|
|
|
7,143 |
|
Prepaid
expenses and other current assets |
|
5,249 |
|
|
|
5,818 |
|
Total current assets |
|
61,980 |
|
|
|
81,112 |
|
Property
and equipment, net |
|
5,430 |
|
|
|
3,617 |
|
Long-term investments |
|
10,287 |
|
|
|
4,427 |
|
Equity
method investment |
|
9,410 |
|
|
|
11,897 |
|
Operating lease right-of-use assets |
|
1,598 |
|
|
|
1,883 |
|
Intangibles, net |
|
4,050 |
|
|
|
4,575 |
|
Goodwill |
|
4,178 |
|
|
|
4,218 |
|
Other
assets |
|
5,238 |
|
|
|
3,787 |
|
TOTAL
ASSETS |
$ |
102,171 |
|
|
$ |
115,516 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
445 |
|
|
$ |
572 |
|
Accrued
expenses and other current liabilities |
|
11,983 |
|
|
|
12,095 |
|
Operating lease liabilities, current |
|
571 |
|
|
|
899 |
|
Deferred
revenue, current |
|
29,898 |
|
|
|
28,839 |
|
Vendor
financing arrangements, current |
|
1,623 |
|
|
|
1,264 |
|
Total current liabilities |
|
44,520 |
|
|
|
43,669 |
|
Deferred
revenue, noncurrent |
|
22,647 |
|
|
|
21,840 |
|
Operating lease liabilities, noncurrent |
|
1,038 |
|
|
|
1,009 |
|
Vendor
financing arrangements, noncurrent |
|
1,378 |
|
|
|
448 |
|
Deferred
income, noncurrent |
|
9,108 |
|
|
|
9,993 |
|
Other
liabilities |
|
1,451 |
|
|
|
1,022 |
|
Total liabilities |
|
80,142 |
|
|
|
77,981 |
|
Stockholders' equity: |
|
|
|
Preferred stock, par value of $0.001 - 10,000,000 shares authorized
and no shares issued and outstanding as of September 30, 2023
and December 31, 2022, respectively |
|
— |
|
|
|
— |
|
Common stock, par value of $0.001 - 300,000,000 shares authorized
as of September 30, 2023 and December 31, 2022;
36,826,655 and 34,625,875 shares issued and outstanding as of
September 30, 2023 and December 31, 2022,
respectively |
|
37 |
|
|
|
34 |
|
Additional paid-in capital |
|
114,652 |
|
|
|
103,778 |
|
Accumulated other comprehensive income |
|
46 |
|
|
|
101 |
|
Accumulated deficit |
|
(92,706 |
) |
|
|
(66,378 |
) |
Total stockholders' equity |
|
22,029 |
|
|
|
37,535 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
102,171 |
|
|
$ |
115,516 |
|
Arteris, Inc.Condensed
Consolidated Statements of Cash Flows (In
thousands)(Unaudited)
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ |
(26,328 |
) |
|
$ |
(20,172 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
2,240 |
|
|
|
1,568 |
|
Stock-based compensation |
|
10,981 |
|
|
|
9,082 |
|
Amortization of deferred income |
|
(882 |
) |
|
|
(94 |
) |
Loss from equity method investment |
|
2,487 |
|
|
|
— |
|
Net accretion of discounts on available-for-sale securities |
|
(698 |
) |
|
|
— |
|
Gain on deconsolidation of subsidiary |
|
— |
|
|
|
(149 |
) |
Other, net |
|
(3 |
) |
|
|
6 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
(3,225 |
) |
|
|
4,234 |
|
Prepaid expenses and other assets |
|
(495 |
) |
|
|
(1,799 |
) |
Accounts payable |
|
(237 |
) |
|
|
408 |
|
Accrued expenses and other liabilities |
|
1,544 |
|
|
|
23 |
|
Deferred revenue |
|
1,866 |
|
|
|
517 |
|
Net cash used in operating activities |
|
(12,750 |
) |
|
|
(6,376 |
) |
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property and equipment |
|
(1,075 |
) |
|
|
(655 |
) |
Purchases of available-for-sale securities and other |
|
(35,373 |
) |
|
|
(6,399 |
) |
Proceeds
from maturities of available-for-sale securities |
|
33,150 |
|
|
|
— |
|
Payments
relating to investment in equity method investment |
|
— |
|
|
|
(520 |
) |
Proceeds
from principal portion of related party loan |
|
— |
|
|
|
241 |
|
Other |
|
(25 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(3,323 |
) |
|
|
(7,333 |
) |
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Payments
of contingent consideration for business combination |
|
(1,269 |
) |
|
|
(1,573 |
) |
Principal payments under vendor financing arrangements |
|
(1,041 |
) |
|
|
(635 |
) |
Proceeds
from exercise of stock options |
|
460 |
|
|
|
601 |
|
Payments
to tax authorities for shares withheld from employees |
|
(564 |
) |
|
|
(2,053 |
) |
Payments
of deferred offering costs |
|
— |
|
|
|
(256 |
) |
Other |
|
79 |
|
|
|
— |
|
Net cash used in financing activities |
|
(2,335 |
) |
|
|
(3,916 |
) |
NET
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(18,408 |
) |
|
|
(17,625 |
) |
CASH,
CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |
|
37,423 |
|
|
|
85,825 |
|
CASH,
CASH EQUIVALENTS AND RESTRICTED CASH, end of period |
$ |
19,015 |
|
|
$ |
68,200 |
|
Non-GAAP Financial Measures
To supplement our financial results, which are
prepared and presented in accordance with GAAP, we use certain
non-GAAP financial measures, as described below, to understand and
evaluate our core performance. These non-GAAP measures, which may
be different than similarly-titled measures used by other
companies, are presented to enhance investors’ overall
understanding of our financial performance and should not be
considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We define "Non-GAAP gross profit and Non-GAAP
gross margin" as GAAP gross profit and GAAP gross margin, adjusted
for stock-based compensation expense included in cost of revenue.
We define “Non-GAAP Loss from Operations” as our income (loss) from
operations adjusted to exclude stock-based compensation,
acquisition costs and amortization of acquired intangible assets.
We define “Non-GAAP Net Loss” as our net income (loss) adjusted to
exclude stock-based compensation, acquisition costs, amortization
of acquired intangible assets and gain on extinguishment of
debt.
We define “Non-GAAP EPS”, as our Non-GAAP Net
Income (Loss) divided by our GAAP weighted-average number of shares
outstanding for the period on a diluted basis. Management uses
Non-GAAP EPS to evaluate the performance of our business on a
comparable basis from period to period.
The above items are excluded from our Non-GAAP
Gross Profit, Non-GAAP Income (Loss) from Operations and Non-GAAP
Net Income (Loss) because these items are non-cash in nature, or
are not indicative of our core operating performance, and render
comparisons with prior periods and competitors less meaningful. We
believe Non-GAAP Gross Profit, Non-GAAP Income (Loss) from
Operations and Non-GAAP Net Income (Loss) provide useful
supplemental information to investors and others in understanding
and evaluating our results of operations, as well as provide a
useful measure for period-to-period comparisons of our business
performance.
We define free cash flow as net cash (used in)
provided by operating activities less cash used for purchases of
property and equipment. We believe that free cash flow is a useful
indicator of liquidity that provides information to management and
investors, even if negative, about the amount of cash used in our
operations other than that used for investments in property and
equipment.
Other Business Metrics
Active Customers – we define
Active Customers as customers who have entered into a license
agreement with us that remains in effect. The retention and
expansion of our relationships with existing customers are key
indicators of our revenue potential.
Annual Contract Value (ACV)
– we define Annual Contract Value (ACV) for an
individual customer agreement as the total fixed fees under the
agreement divided by the number of years in the agreement term. Our
total ACV is the aggregate ACVs for all our customers as measured
at a given point in time. Total fixed fees include licensing,
support and maintenance and other fixed fees under IP licensing or
software licensing agreements but exclude variable revenue derived
from licensing agreements with customers, particularly
royalties.
Confirmed Design Starts – we
define Confirmed Design Starts as when customers confirm their
commencement of new semiconductor designs using our interconnect IP
and notify us. Confirmed Design Starts is a metric management uses
to assess the activity level of our customers in terms of the
number of new semiconductor designs that are started using our
interconnect IP in a given period. We believe that the number of
Confirmed Design Starts is an important indicator of the growth of
our business and future royalty revenue trends.
Remaining Performance Obligations (RPO)
– we define Remaining Performance Obligations (RPO) as the
amount of contracted future revenue that has not yet been
recognized, including deferred revenue, billed and unbilled
cancelable and non-cancelable contracted amounts.
Arteris,
Inc.Reconciliation of GAAP Measures to Non-GAAP
Measures(In thousands, except share and per share
data)(Unaudited)
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross profit |
$ |
11,994 |
|
|
$ |
11,670 |
|
|
$ |
37,533 |
|
|
$ |
35,979 |
|
Stock-based compensation
expense included in cost of revenue |
|
181 |
|
|
|
118 |
|
|
|
386 |
|
|
|
474 |
|
Amortization of acquired
intangible assets(1) |
|
50 |
|
|
|
— |
|
|
|
99 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
12,225 |
|
|
$ |
11,788 |
|
|
$ |
38,018 |
|
|
$ |
36,453 |
|
Gross margin |
|
90 |
% |
|
|
93 |
% |
|
|
91 |
% |
|
|
92 |
% |
Non-GAAP gross margin |
|
92 |
% |
|
|
94 |
% |
|
|
92 |
% |
|
|
93 |
% |
|
|
|
|
|
|
|
|
Research and development |
$ |
10,997 |
|
|
$ |
11,022 |
|
|
$ |
34,465 |
|
|
$ |
30,849 |
|
Stock-based compensation
expense |
|
(1,742 |
) |
|
|
(1,798 |
) |
|
|
(5,656 |
) |
|
|
(4,435 |
) |
Amortization of acquired
intangible assets(1) |
|
(85 |
) |
|
|
(85 |
) |
|
|
(305 |
) |
|
|
(255 |
) |
Non-GAAP research and
development |
$ |
9,170 |
|
|
$ |
9,139 |
|
|
$ |
28,504 |
|
|
$ |
26,159 |
|
|
|
|
|
|
|
|
|
Sales and marketing |
$ |
5,024 |
|
|
$ |
4,411 |
|
|
$ |
15,630 |
|
|
$ |
12,788 |
|
Stock-based compensation
expense |
|
(666 |
) |
|
|
(679 |
) |
|
|
(2,088 |
) |
|
|
(1,678 |
) |
Amortization of acquired
intangible assets(1) |
|
(57 |
) |
|
|
(34 |
) |
|
|
(171 |
) |
|
|
(103 |
) |
Non-GAAP sales and
marketing |
$ |
4,301 |
|
|
$ |
3,698 |
|
|
$ |
13,371 |
|
|
$ |
11,007 |
|
|
|
|
|
|
|
|
|
General and
administrative |
$ |
4,426 |
|
|
$ |
3,991 |
|
|
$ |
13,331 |
|
|
$ |
12,138 |
|
Stock-based compensation
expense |
|
(1,125 |
) |
|
|
(794 |
) |
|
|
(2,851 |
) |
|
|
(2,495 |
) |
Non-GAAP general and
administrative |
$ |
3,301 |
|
|
$ |
3,197 |
|
|
$ |
10,480 |
|
|
$ |
9,643 |
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(8,453 |
) |
|
$ |
(7,754 |
) |
|
$ |
(25,893 |
) |
|
$ |
(19,796 |
) |
Stock-based compensation
expense |
|
3,714 |
|
|
|
3,389 |
|
|
|
10,981 |
|
|
|
9,082 |
|
Amortization of acquired
intangible assets(1) |
|
192 |
|
|
|
119 |
|
|
|
575 |
|
|
|
358 |
|
Non-GAAP loss from
operations |
$ |
(4,547 |
) |
|
$ |
(4,246 |
) |
|
$ |
(14,337 |
) |
|
$ |
(10,356 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(8,153 |
) |
|
$ |
(7,684 |
) |
|
$ |
(26,328 |
) |
|
$ |
(20,172 |
) |
Stock-based compensation
expense |
|
3,714 |
|
|
|
3,389 |
|
|
|
10,981 |
|
|
|
9,082 |
|
Amortization of acquired
intangible assets(1) |
|
192 |
|
|
|
119 |
|
|
|
575 |
|
|
|
358 |
|
Non-GAAP net loss(2) |
$ |
(4,247 |
) |
|
$ |
(4,176 |
) |
|
$ |
(14,772 |
) |
|
$ |
(10,732 |
) |
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.23 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.63 |
) |
Per share impacts of
adjustments to net loss(3) |
$ |
0.11 |
|
|
$ |
0.10 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
Non-GAAP EPS, basic and
diluted |
$ |
(0.12 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing per share amounts, basic and diluted |
|
36,010,106 |
|
|
|
32,836,014 |
|
|
|
35,291,207 |
|
|
|
32,228,429 |
|
(1) Represents the amortization expenses of our
intangible assets attributable to our acquisitions.(2) Our GAAP tax
provision is primarily related to foreign withholding taxes and
income tax in profitable foreign jurisdictions. We maintain a full
valuation allowance against our deferred tax assets in the US.
Accordingly, there is no significant tax impact associated with
these Non-GAAP adjustments.(3) Reflects the aggregate adjustments
made to reconcile Non-GAAP Net Loss to our net loss as noted in the
above table, divided by the GAAP diluted weighted average number of
shares of the relevant period.
Free Cash Flow
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
Net cash used in operating
activities |
$ |
(12,750 |
) |
|
$ |
(6,376 |
) |
Less: |
|
|
|
Purchases of property and
equipment |
|
(1,075 |
) |
|
|
(655 |
) |
Free cash flow |
$ |
(13,825 |
) |
|
$ |
(7,031 |
) |
Net cash used in investing
activities |
$ |
(3,323 |
) |
|
$ |
(7,333 |
) |
Net cash used in financing
activities |
$ |
(2,335 |
) |
|
$ |
(3,916 |
) |
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