- Second quarter revenue of $189 million, up 36% year over
year
- Second quarter Confluent Cloud revenue of $84 million, up 78%
year over year
- Remaining performance obligations of $791 million, up 34% year
over year
- 1,144 customers with $100,000 or greater in ARR, up 33% year
over year
Confluent, Inc. (NASDAQ: CFLT), the data streaming
pioneer, today announced financial results for its second quarter
of 2023, ended June 30, 2023.
“Data streaming is a mission critical component of the modern
data stack,” said Jay Kreps, co-founder and CEO, Confluent. “That’s
evidenced by our beat of guided metrics every quarter that we’ve
been public, including this second quarter where we saw a strong
78% year-over-year growth in Confluent Cloud revenue. Our rapid
pace of innovation is fueling customer demand and success.”
“We delivered another strong quarter, with 36% revenue growth
and more than 20 points of improvement in both GAAP and non-GAAP
operating margins year over year,” said Steffan Tomlinson, CFO,
Confluent. “These results underscore our leadership position in a
$60 billion data streaming market, and our team’s track record of
driving durable and efficient growth.”
Second Quarter 2023 Financial Highlights (In millions,
except per share data and percentages)
Q2 2023
Q2 2022
Y/Y Change
Total Revenue
$189.3
$139.4
36%
Remaining Performance Obligations
$791.4
$591.3
34%
GAAP Operating Loss
$(119.4)
$(117.3)
$(2.1)
Non-GAAP Operating Loss
$(17.3)
$(46.8)
$29.5
GAAP Operating Margin
(63.1%)
(84.1%)
21.0 pts
Non-GAAP Operating Margin
(9.2%)
(33.5%)
24.3 pts
GAAP Net Loss Per Share
$(0.35)
$(0.42)
$0.07
Non-GAAP Net Income (Loss) Per Share
$0.00
$(0.16)
$0.16
Net Cash Used in Operating Activities
$(29.1)
$(33.5)
$4.4
Free Cash Flow
$(35.2)
$(36.9)
$1.7
A reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure is provided in the
financial statement tables included in this press release. For a
description of these non-GAAP financial measures, including the
reasons management uses each measure, please see the section titled
“Non-GAAP Financial Measures.”
Financial Outlook For the third quarter and fiscal year
2023, Confluent expects:
Q3 2023 Outlook
FY 2023 Outlook
Total Revenue
$193.5-$195.5 million
$767-$772 million
Non-GAAP Operating Margin
~ (10%)
~ (10%)
Non-GAAP Net Income (Loss) Per Share
$(0.01)-$0.00
$(0.05)-$(0.02)
A reconciliation of forward-looking non-GAAP operating margin
and non-GAAP net income (loss) per share to the most directly
comparable GAAP measures is not available without unreasonable
effort, as certain items cannot be reasonably predicted because of
their high variability, complexity and low visibility. In
particular, the measures and effects of our stock-based
compensation expense specific to our equity compensation awards and
employer payroll tax-related items on employee stock transactions
are directly impacted by the timing of employee stock transactions
and unpredictable fluctuations in our stock price, which we expect
to have a significant impact on our future GAAP financial
results.
Conference Call Information
Confluent will host a video webcast to discuss the company’s
second quarter 2023 results as well as its financial outlook today
at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Open to the
public, investors may access the webcast, earnings press release,
supplemental financial information, and investor presentation on
Confluent’s investor relations website at investors.confluent.io
before the commencement of the webcast. A replay of the webcast
will also be accessible from Confluent’s investor relations website
a few hours after the conclusion of the live event.
Confluent uses its investor relations website and may use its
Twitter, LinkedIn, and Facebook accounts as a means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release and the earnings call referencing this press
release contain forward-looking statements including, among other
things, statements regarding (i) our financial outlook, including
expected revenue mix, Confluent Cloud sequential revenue growth,
operating margins and margin improvements, targeted or anticipated
gross and operating margin levels, achievement of non-GAAP
operating margin breakeven exiting the fourth quarter of fiscal
2023, improvements in unit economics, continued business momentum,
and expected revenue growth rate and efficient growth, (ii) our
market and category leadership position, (iii) our expected
investments in research and development and go-to-market functions,
(iv) our expected capital allocation to drive efficient growth and
rate and pace of investments, (v) our expectations and trends
relating to Confluent Cloud growth, (vi) rates of Confluent Cloud
consumption and demand for and retention of data streaming
platforms like Confluent in the face of budget scrutiny, (vii)
continued higher interest rates and macroeconomic uncertainty as
well as our expectations regarding the effects of macroeconomic
pressure on our go-to-market motion and durability of our offering
with customers, (viii) our pricing, our win rate and deal cycles
and customer behaviors such as budget scrutiny, (ix) customer
growth, retention and engagement, (x) ability for Confluent Cloud
to provide cost savings for users and customers, including lower
total cost of ownership, and drive greater monetization of the open
source Kafka user base as a result, (xi) increased adoption of our
platform and fully managed solutions for data streaming in general,
(xii) dependence of businesses on data in motion, (xiii) growth in
and growth rate of revenue, customers, remaining performance
obligations, dollar-based net retention rate, and gross retention
rate, (xiv) our ability to increase engagement of customers for
Confluent and expand customer cohorts, (xv) our market opportunity,
(xvi) our consumption-oriented strategy, (xvii) our go-to-market
strategy, (xviii) our product differentiation and market acceptance
of our products, including over open source alternatives, (xix) our
strategy and expected results and market acceptance for our Flink
offering and timing for launch of that offering, (xx) our
expectations for market acceptance of stream processing, (xxi) our
ability to meet near-term and mid-term financial targets, (xxii)
and our overall future prospects. The words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“seek,” “plan,” “project,” “target,” “looking ahead,” “look to,”
“move into,” and similar expressions are intended to identify
forward-looking statements. Forward-looking statements represent
our current beliefs, estimates and assumptions only as of the date
of this press release and information contained in this press
release should not be relied upon as representing our estimates as
of any subsequent date. These forward-looking statements are
subject to risks, uncertainties, and assumptions. If the risks
materialize or assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. Risks include, but are not limited to: (i) our limited
operating history, including in uncertain macroeconomic
environments, (ii) our ability to sustain and manage our rapid
growth, including following our recent restructuring, (iii) our
ability to attract new customers and retain and sell additional
features and services to our existing customers, (iv) inflationary
conditions, economic uncertainty, recessionary risks, and exchange
rate fluctuations, which have resulted and may continue to result
in customer pullback in information technology spending,
lengthening of sales cycles, reduced contract sizes, reduced
consumption of Confluent Cloud or customer preference for open
source alternatives, as well as the potential need for cost
efficiency measures, (v) our ability to increase consumption of our
offering, including by existing customers and through the
acquisition of new customers, and successfully add new features and
functionality to our offering, (vi) our ability to achieve
profitability and improve margins annually, by our expected
timelines or at all, (vii) the estimated addressable market
opportunity for our offering, including our Flink offering and
stream processing, and our ability to capture our share of that
market opportunity, (viii) our ability to compete effectively in an
increasingly competitive market, (ix) our ability to successfully
execute our go-to-market strategy and initiatives, (x) our ability
to attract and retain highly qualified personnel, (xi) breaches in
our security measures or unauthorized access to our platform, our
data, or our customers’ or other users’ personal data, (xii) our
reliance on third-party cloud-based infrastructure to host
Confluent Cloud, and (xiii) general market, political, economic,
and business conditions, including continuing impacts from the
COVID-19 pandemic. These risks are not exhaustive. Further
information on these and other risks that could affect Confluent’s
results is included in our filings with the Securities and Exchange
Commission (“SEC”), including our Quarterly Report on Form 10-Q for
the quarter ended March 31, 2023, and our future reports that we
may file from time to time with the SEC. Additional information
will be made available in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2023 that will be filed with the SEC, which
should be read in conjunction with this press release and the
financial results included herein. Confluent assumes no obligation
to, and does not currently intend to, update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial
measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating expenses (research and development, sales and marketing,
general and administrative), non-GAAP operating loss, non-GAAP
operating margin, non-GAAP net income (loss), non-GAAP net income
(loss) per share, free cash flow, and free cash flow margin. We use
these non-GAAP financial measures and other key metrics internally
to facilitate analysis of our financial and business trends and for
internal planning and forecasting purposes. We believe these
non-GAAP financial measures, when taken collectively, may be
helpful to investors because they provide consistency and
comparability with past financial performance by excluding certain
items that may not be indicative of our business, results of
operations, or outlook. However, non-GAAP financial measures have
limitations as an analytical tool and are presented for
supplemental informational purposes only. They should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. In particular, other
companies, including companies in our industry, may report non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses
(research and development, sales and marketing, general and
administrative), non-GAAP operating loss, non-GAAP operating
margin, non-GAAP net income (loss), non-GAAP net income (loss) per
share, free cash flow, free cash flow margin, or similarly titled
measures but calculate them differently, which reduces their
usefulness as comparative measures. Further, free cash flow is not
a substitute for cash used in operating activities. The utility of
free cash flow is limited as such measure does not reflect our
future contractual commitments and does not represent the total
increase or decrease in our cash balance for any given period.
Investors are encouraged to review the reconciliation of these
non-GAAP measures to their most directly comparable GAAP financial
measures, as presented below. We define non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses (research and
development, sales and marketing, general and administrative),
non-GAAP operating loss, non-GAAP operating margin, non-GAAP net
income (loss), and non-GAAP net income (loss) per share as the
respective GAAP balances, adjusted for, as applicable, stock-based
compensation expense; employer taxes on employee stock
transactions; amortization of acquired intangibles; common stock
charitable donation expense; acquisition-related expenses;
restructuring and other related charges; amortization of debt
issuance costs; and income tax effects associated with these
adjustments. We define free cash flow as net cash used in operating
activities less capitalized internal-use software costs and capital
expenditures and free cash flow margin as free cash flow as a
percentage of revenue. We believe that free cash flow and free cash
flow margin are useful indicators of liquidity that provide
information to management and investors about the performance of
core operations and future ability to generate cash that can be
used for strategic opportunities or investing in our business.
Other Business Metrics
Remaining performance obligations (“RPO”) represent the
amount of contracted future revenue that has not yet been
recognized as of the end of each period, including both deferred
revenue that has been invoiced and non-cancelable committed amounts
that will be invoiced and recognized as revenue in future periods.
RPO excludes pay-as-you-go arrangements. RPO may also fluctuate due
to a number of factors, including the timing of renewals, average
contract terms, seasonality, and dollar amount of customer
contracts. RPO as a metric is not necessarily indicative of future
revenue growth because it does not account for the actual timing of
customers’ consumption or future expansion.
Customers with $100,000 or greater in annual recurring
revenue (“ARR”) represent the number of customers that
contributed $100,000 or more in ARR as of period end. We define ARR
as (1) with respect to Confluent Platform customers, the amount of
revenue to which our customers are contractually committed over the
following 12 months assuming no increases or reductions in their
subscriptions, and (2) with respect to Confluent Cloud customers,
the amount of revenue that we expect to recognize from such
customers over the following 12 months, calculated by annualizing
actual consumption of Confluent Cloud in the last three months of
the applicable period, assuming no increases or reductions in usage
rate. Services arrangements are excluded from the calculation of
ARR. Prior to the first quarter of 2023, ARR with respect to
Confluent Cloud customers excluded pay-as-you-go arrangements and
was based on contractual commitments over the following 12 months,
regardless of actual consumption. We adjusted our methodology for
calculating ARR commencing with the first quarter of 2023 to
incorporate actual consumption of Confluent Cloud and applied this
change retroactively. For purposes of determining our customer
count, we treat all affiliated entities with the same parent
organization as a single customer and include pay-as-you-go
customers. Our customer count is subject to adjustments for
acquisitions, consolidations, spin-offs, and other market
activity.
Dollar-based net retention rate (“NRR”) as of a period
end is calculated by starting with the ARR from the cohort of all
customers as of 12 months prior to such period end (“Prior Period
Value”). We then calculate the ARR from these same customers as of
the current period end (“Current Period Value”), and divide the
Current Period Value by the Prior Period Value to arrive at our
dollar-based NRR. The dollar-based NRR includes the effect, on a
dollar-weighted value basis, of our Confluent Platform
subscriptions that expand, renew, contract, or attrit. The
dollar-based NRR also includes the effect of annualizing actual
consumption of Confluent Cloud in the last three months of the
applicable period, but excludes ARR from new customers in the
current period. Our dollar-based NRR is subject to adjustments for
acquisitions, consolidations, spin-offs, and other market
activity.
About Confluent
Confluent is the data streaming platform that is pioneering a
fundamentally new category of data infrastructure that sets data in
motion. Confluent’s cloud-native offering is the foundational
platform for data in motion – designed to be the intelligent
connective tissue enabling real-time data, from multiple sources,
to constantly stream across the organization. With Confluent,
organizations can meet the new business imperative of delivering
rich, digital front-end customer experiences and transitioning to
sophisticated, real-time, software-driven backend operations.
Confluent, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
June 30, December 31,
2023
2022
ASSETS Current assets: Cash and cash equivalents
$
312,643
$
435,781
Marketable securities
1,534,912
1,491,044
Accounts receivable, net
188,705
178,188
Deferred contract acquisition costs
39,180
35,883
Prepaid expenses and other current assets
64,218
57,229
Total current assets
2,139,658
2,198,125
Property and equipment, net
43,599
29,089
Operating lease right-of-use assets
11,870
29,478
Goodwill and intangible assets, net
45,814
-
Deferred contract acquisition costs, non-current
67,533
68,401
Other assets, non-current
19,166
19,756
Total assets
$
2,327,640
$
2,344,849
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable
$
2,459
$
21,439
Accrued expenses and other liabilities
112,495
105,331
Operating lease liabilities
7,618
7,375
Deferred revenue
300,786
290,185
Total current liabilities
423,358
424,330
Operating lease liabilities, non-current
21,394
25,136
Deferred revenue, non-current
27,187
32,644
Convertible senior notes, net
1,086,389
1,084,500
Other liabilities, non-current
7,926
8,762
Total liabilities
1,566,254
1,575,372
Stockholders’ equity: Preferred stock
-
-
Class A common stock
2
2
Class B common stock
1
1
Additional paid-in capital
2,228,574
1,980,335
Accumulated other comprehensive loss
(9,806
)
(9,456
)
Accumulated deficit
(1,457,385
)
(1,201,405
)
Total stockholders’ equity
761,386
769,477
Total liabilities and stockholders’ equity
$
2,327,640
$
2,344,849
Confluent, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except share and
per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2023
2022
2023
2022
Revenue: Subscription
$
176,488
$
127,018
$
337,055
$
240,938
Services
12,797
12,389
26,532
24,608
Total revenue
189,285
139,407
363,587
265,546
Cost of revenue: Subscription(1)(2)
44,188
35,608
87,093
69,211
Services(1)(2)
13,732
13,901
28,971
26,075
Total cost of revenue
57,920
49,509
116,064
95,286
Gross profit
131,365
89,898
247,523
170,260
Operating expenses: Research and development(1)(2)
85,677
64,472
170,567
122,133
Sales and marketing(1)(2)
127,770
112,754
256,394
219,456
General and administrative(1)(2)
36,343
29,979
71,698
57,460
Restructuring and other related charges
943
-
34,325
-
Total operating expenses
250,733
207,205
532,984
399,049
Operating loss
(119,368
)
(117,307
)
(285,461
)
(228,789
)
Other income, net
17,610
1,186
32,795
370
Loss before income taxes
(101,758
)
(116,121
)
(252,666
)
(228,419
)
Provision for income taxes
1,667
1,510
3,314
2,199
Net loss
$
(103,425
)
$
(117,631
)
$
(255,980
)
$
(230,618
)
Net loss per share, basic and diluted
$
(0.35
)
$
(0.42
)
$
(0.87
)
$
(0.84
)
Weighted-average shares used to compute net loss per share, basic
and diluted
297,827,200
278,268,980
294,862,197
275,593,362
(1)
Includes stock-based compensation expense
as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023
2022
2023
2022
Cost of revenue - subscription
$
6,914
$
6,018
$
13,242
$
11,331
Cost of revenue - services
3,125
2,328
5,902
4,190
Research and development
35,420
25,337
65,435
45,422
Sales and marketing
32,889
24,746
61,376
45,808
General and administrative
13,811
10,437
25,493
19,484
Total stock-based compensation expense
$
92,159
$
68,866
$
171,448
$
126,235
(2)
Includes employer taxes on employee stock
transactions as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023
2022
2023
2022
Cost of revenue - subscription
$
265
$
70
$
586
$
403
Cost of revenue - services
128
80
218
157
Research and development
1,306
342
2,975
1,381
Sales and marketing
1,488
1,048
2,571
1,728
General and administrative
412
130
912
440
Total employer taxes on employee stock transactions
$
3,599
$
1,670
$
7,262
$
4,109
Confluent, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2023
2022
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES Net loss
$
(103,425
)
$
(117,631
)
$
(255,980
)
$
(230,618
)
Adjustments to reconcile net loss to cash used in operating
activities: Depreciation and amortization
3,256
1,810
6,378
3,060
Net (accretion) amortization of (discounts) premiums on marketable
securities
(10,588
)
(469
)
(19,721
)
236
Amortization of debt issuance costs
950
947
1,889
1,883
Amortization of deferred contract acquisition costs
11,053
8,925
21,537
17,395
Non-cash operating lease costs
977
2,200
2,184
4,475
Lease abandonment charges
-
-
15,667
-
Stock-based compensation, net of amounts capitalized
92,159
68,866
171,448
126,235
Deferred income taxes
5
30
10
26
Other
572
355
851
559
Changes in operating assets and liabilities, net of effects of a
business combination: Accounts receivable
(19,361
)
(25,244
)
(11,293
)
(12,462
)
Deferred contract acquisition costs
(13,806
)
(10,643
)
(23,966
)
(22,723
)
Prepaid expenses and other assets
(9,198
)
(12,136
)
(6,057
)
(20,121
)
Accounts payable
(7,395
)
7,275
(18,720
)
7,452
Accrued expenses and other liabilities
24,109
24,609
7,552
1,756
Operating lease liabilities
(1,756
)
(2,413
)
(3,754
)
(4,910
)
Deferred revenue
3,388
20,047
5,143
39,254
Net cash used in operating activities
(29,060
)
(33,472
)
(106,832
)
(88,503
)
CASH FLOWS FROM INVESTING ACTIVITIES Capitalization of
internal-use software costs
(5,330
)
(2,256
)
(9,886
)
(4,765
)
Purchases of marketable securities
(546,408
)
(763,479
)
(999,764
)
(1,167,362
)
Maturities of marketable securities
523,606
275,114
975,383
370,659
Purchases of property and equipment
(809
)
(1,184
)
(1,355
)
(2,071
)
Cash paid for a business combination, net of cash acquired
-
-
(45,802
)
-
Net cash used in investing activities
(28,941
)
(491,805
)
(81,424
)
(803,539
)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance
of common stock upon exercise of vested options
27,492
7,947
48,272
24,383
Proceeds from issuance of common stock upon early exercise of
unvested options
-
71
-
416
Repurchases of unvested options
-
(683
)
(223
)
(695
)
Payments of debt issuance costs for convertible senior notes
-
-
-
(786
)
Proceeds from issuance of common stock under employee stock
purchase plan
-
-
17,172
22,485
Net cash provided by financing activities
27,492
7,335
65,221
45,803
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
(308
)
20
(103
)
(26
)
Net decrease in cash, cash equivalents, and restricted cash
(30,817
)
(517,922
)
(123,138
)
(846,265
)
Cash, cash equivalents, and restricted cash at beginning of period
343,460
1,048,339
435,781
1,376,682
Cash, cash equivalents, and restricted cash at end of period
$
312,643
$
530,417
$
312,643
$
530,417
Reconciliation of cash, cash equivalents, and restricted cash
within the consolidated balance sheets to the amounts shown
above: Cash and cash equivalents
$
312,643
$
529,667
$
312,643
$
529,667
Restricted cash included in other assets, current
-
750
-
750
Total cash, cash equivalents, and restricted cash
$
312,643
$
530,417
$
312,643
$
530,417
Confluent, Inc.
Reconciliation of GAAP
Measures to Non-GAAP Measures
(in thousands, except
percentages, share and per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2023
2022
2023
2022
Reconciliation of GAAP total gross profit to non-GAAP total
gross profit: Total gross profit on a GAAP basis
$
131,365
$
89,898
$
247,523
$
170,260
Total gross margin on a GAAP basis
69.4
%
64.5
%
68.1
%
64.1
%
Add: Stock-based compensation expense
10,039
8,346
19,144
15,521
Add: Employer taxes on employee stock transactions
393
150
804
560
Add: Amortization of acquired intangibles
127
-
240
-
Non-GAAP total gross profit
$
141,924
$
98,394
$
267,711
$
186,341
Non-GAAP total gross margin
75.0
%
70.6
%
73.6
%
70.2
%
Reconciliation of GAAP operating expenses to non-GAAP
operating expenses: Research and development operating expense
on a GAAP basis
$
85,677
$
64,472
$
170,567
$
122,133
Less: Stock-based compensation expense
35,420
25,337
65,435
45,422
Less: Employer taxes on employee stock transactions
1,306
342
2,975
1,381
Less: Acquisition-related expenses
3,841
-
11,521
-
Non-GAAP research and development operating expense
$
45,110
$
38,793
$
90,636
$
75,330
Non-GAAP research and development operating expense as a percentage
of total revenue
23.8
%
27.8
%
24.9
%
28.4
%
Sales and marketing operating expense on a GAAP basis
$
127,770
$
112,754
$
256,394
$
219,456
Less: Stock-based compensation expense
32,889
24,746
61,376
45,808
Less: Employer taxes on employee stock transactions
1,488
1,048
2,571
1,728
Less: Acquisition-related expenses
1,076
-
2,152
-
Non-GAAP sales and marketing operating expense
$
92,317
$
86,960
$
190,295
$
171,920
Non-GAAP sales and marketing operating expense as a percentage of
total revenue
48.8
%
62.4
%
52.3
%
64.7
%
General and administrative operating expense on a GAAP basis
$
36,343
$
29,979
$
71,698
$
57,460
Less: Stock-based compensation expense
13,811
10,437
25,493
19,484
Less: Employer taxes on employee stock transactions
412
130
912
440
Less: Acquisition-related expenses
281
-
842
-
Non-GAAP general and administrative operating expense
$
21,839
$
19,412
$
44,451
$
37,536
Non-GAAP general and administrative operating expense as a
percentage of total revenue
11.5
%
13.9
%
12.2
%
14.1
%
Three Months Ended June 30, Six Months Ended June 30,
2023
2022
2023
2022
Reconciliation of GAAP operating loss to non-GAAP operating
loss: Operating loss on a GAAP basis
$
(119,368
)
$
(117,307
)
$
(285,461
)
$
(228,789
)
Add: Stock-based compensation expense
92,159
68,866
171,448
126,235
Add: Employer taxes on employee stock transactions
3,599
1,670
7,262
4,109
Add: Amortization of acquired intangibles
127
-
240
-
Add: Acquisition-related expenses
5,198
-
14,515
-
Add: Restructuring and other related charges
943
-
34,325
-
Non-GAAP operating loss
$
(17,342
)
$
(46,771
)
$
(57,671
)
$
(98,445
)
Non-GAAP operating margin
(9.2
%)
(33.5
%)
(15.9
%)
(37.1
%)
Reconciliation of GAAP net loss to non-GAAP net loss:
Net loss on a GAAP basis
$
(103,425
)
$
(117,631
)
$
(255,980
)
$
(230,618
)
Add: Stock-based compensation expense
92,159
68,866
171,448
126,235
Add: Employer taxes on employee stock transactions
3,599
1,670
7,262
4,109
Add: Amortization of acquired intangibles
127
-
240
-
Add: Acquisition-related expenses
5,198
-
14,515
-
Add: Restructuring and other related charges
943
-
34,325
-
Add: Amortization of debt issuance costs
950
946
1,889
1,882
Add: Income tax effects and adjustments
507
669
869
682
Non-GAAP net income (loss)
$
58
$
(45,480
)
$
(25,432
)
$
(97,710
)
Non-GAAP net income (loss) per share, basic
$
0.00
$
(0.16
)
$
(0.09
)
$
(0.35
)
Non-GAAP net income (loss) per share, diluted
$
0.00
$
(0.16
)
$
(0.09
)
$
(0.35
)
Weighted-average shares used to compute non-GAAP net income (loss)
per share, basic
297,827,200
278,268,980
294,862,197
275,593,362
Weighted-average shares used to compute non-GAAP net income (loss)
per share, diluted
339,296,142
278,268,980
294,862,197
275,593,362
The following table presents a reconciliation of free cash flow
to net cash used in operating activities, the most directly
comparable GAAP measure, for each of the periods indicated
(unaudited, in thousands, except percentages):
Three Months Ended June 30, Six Months Ended June 30,
2023
2022
2023
2022
Net cash used in operating activities
$
(29,060
)
$
(33,472
)
$
(106,832
)
$
(88,503
)
Capitalized internal-use software costs
(5,330
)
(2,256
)
(9,886
)
(4,765
)
Capital expenditures
(809
)
(1,184
)
(1,355
)
(2,071
)
Free cash flow
$
(35,199
)
$
(36,912
)
$
(118,073
)
$
(95,339
)
Free cash flow margin
(18.6
%)
(26.5
%)
(32.5
%)
(35.9
%)
Net cash used in investing activities
$
(28,941
)
$
(491,805
)
$
(81,424
)
$
(803,539
)
Net cash provided by financing activities
$
27,492
$
7,335
$
65,221
$
45,803
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230801155844/en/
Investor Contact Shane Xie investors@confluent.io
Media Contact Taylor Jones pr@confluent.io
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