Arteris, Inc. (Arteris or Arteris IP), a leading provider of
network-on-chip (NoC) interconnect and other intellectual property
(IP) technology that manages the on-chip communications in
system-on-chip (SoC) semiconductor devices, today announced
financial results for the fourth quarter and year ended
December 31, 2022, and provided estimated first quarter and
full year 2023 guidance.
“We’re excited to report a strong finish to
2022, with Annual Contract Value plus Trailing Twelve Month
Royalties of $52.4 million, an increase of 22% year-over-year when
adjusted for the loss of HiSilicon and DJI, which can be attributed
to tighter BIS restrictions after 2019,” said K. Charles Janac,
President and CEO of Arteris IP. “With the introduction of our new
FlexNoC 5 innovation and the acquisition of Semifore in the fourth
quarter, we are working to enable our customers to accelerate their
SoC design and improve the overall SoC design economics while
shortening product schedules and the risks of costly redesigns.
Despite short-term macro-economic uncertainties, we believe Arteris
is well positioned for growth as our customers continue to innovate
in areas such as automotive, consumer electronics, and machine
learning across all applications, driving the need for increased
use of commercial System IP.”
Fourth Quarter 2022 Financial
Highlights:
- Annual Contract
Value (ACV) and trailing twelve months (TTM) royalties of
$52.4 million, compared to $50.0 million for the same
period last year
- Revenue of $11.2
million, down 2% year-over-year
- Remaining
performance obligation (RPO) of $57.7 million, down 5%
year-over-year
- Operating loss of
$9.1 million
- Non-GAAP operating
loss of $5.8 million, compared to a Non-GAAP operating loss of
$2.8 million in the year-ago period
- Net loss of
$7.2 million or $0.21 per share
- Non-GAAP net loss
of $4.0 million or $0.12 per share
- Non-GAAP free cash
flow of $(0.8) million or (7)% of revenue
Full year 2022 Financial
Highlights:
- Revenue of
$50.4 million, up 33% year-over-year
- Operating loss of
$28.9 million
- Non-GAAP operating
loss of $16.2 million, compared to a Non-GAAP operating loss
of $15.5 million for the year-ended 2021
- Net loss of
$27.4 million or $0.84 per share
- Non-GAAP net loss
of $14.7 million or $0.45 per share
- Non-GAAP free cash
flow of $(7.8) million or (16)% of revenue
Fourth Quarter 2022 Business
Highlights:
- 38 Active Customers
added in FY2022, highlighting an accelerating Arteris customer
base;
- 24 confirmed design
starts in the fourth quarter across many of our core verticals,
including in automotive, enterprise computing, communications,
consumer electronics and industrial markets;
- We announced the
release of FlexNoC 5, the 5th generation of Arteris’
network-on-chip interconnect technology;
- We acquired Semifore,
expanding our IP deployment automation solutions, and accelerating
SoC development with the integration of Semifore's
hardware/software interface (HSI) technology;
- We announced a
partnership with SiFive to accelerate RISC-V SoC designs for Edge
AI applications; and
- Telechips licensed
FlexNoC interconnect IP for use in its advanced automotive
applications.
Estimated First Quarter and Full Year
2023 Guidance:
|
Q1 2023 |
FY 2023 |
|
(in millions, except %) |
ACV + TTM royalties |
$51.5 - $55.5 |
$60.4 - $65.4 |
Revenue |
$11.0 - $13.0 |
$56.0 - $60.0 |
Non-GAAP operating loss (%) |
55.0% - 75.0% |
28.5% - 43.5% |
Free cash flow (%) |
(81.7)% - (56.7)% |
(19.7)% - (9.7)% |
The guidance provided above are forward-looking
statements and reflect our 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 on
February 28, 2023 to review its fourth quarter and full year 2022
financial results and to discuss its financial outlook.
|
Time: |
4:30PM ET |
|
|
United States/Canada Toll Free: |
877-407-9208 |
|
|
International Toll: |
1-201-493-6784 |
|
|
Conference ID: |
13735413 |
|
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 the company’s web site approximately
two hours after the conclusion of the call and remain available for
approximately 30 calendar days.
About Arteris
Arteris IP (Nasdaq: AIP) provides system-on-chip
(SoC) system IP consisting of network-on-chip (NoC) interconnect IP
and IP deployment technology to accelerate system-on-chip (SoC)
semiconductor development and integration for a wide range of
applications from AI to automobiles, mobile phones, IoT, cameras,
SSD controllers, and servers for customers such as Bosch, Mobileye,
Samsung, Toshiba and NXP. Arteris IP products include the Ncore®
cache coherent and FlexNoC® non-coherent interconnect IP, the
CodaCache® standalone last level cache, and optional Resilience
Package (ISO 26262 functional safety), FlexNoC AI Package, and
PIANO® automated timing closure capabilities. Our IP deployment
products provide intelligent automation that accelerates the
development and increases the quality of SoC hardware designs and
their associated software and firmware, verification and simulation
platforms, and specifications and customer documentation. Customer
results obtained by using Arteris IP products include lower power,
higher performance, more efficient design reuse and faster SoC
development, leading to lower development and production costs.
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 2022; 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 Annual Report on Form 10-K for
the quarter ended December 31, 2022 to be filed with the Securities
and Exchange Commission (SEC) on February 28, 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 December 31, 2022
are not necessarily indicative of our operating results for any
future periods.
Arteris, IncCondensed
Consolidated Statements of Loss(in thousands, except share
and per share data)(Unaudited)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
Licensing, support and maintenance |
$ |
10,269 |
|
|
$ |
10,378 |
|
|
$ |
46,012 |
|
|
$ |
34,731 |
|
Variable royalties and other |
|
934 |
|
|
|
1,056 |
|
|
|
4,366 |
|
|
|
3,133 |
|
Total revenue |
|
11,203 |
|
|
|
11,434 |
|
|
|
50,378 |
|
|
|
37,864 |
|
Cost of revenue |
|
1,085 |
|
|
|
1,113 |
|
|
|
4,281 |
|
|
|
3,731 |
|
Gross profit |
|
10,118 |
|
|
|
10,321 |
|
|
|
46,097 |
|
|
|
34,133 |
|
Operating expense: |
|
|
|
|
|
|
|
Research and development |
|
10,318 |
|
|
|
10,240 |
|
|
|
41,167 |
|
|
|
30,812 |
|
Sales and marketing |
|
4,631 |
|
|
|
3,755 |
|
|
|
17,419 |
|
|
|
11,726 |
|
General and administrative |
|
4,229 |
|
|
|
3,606 |
|
|
|
16,367 |
|
|
|
13,360 |
|
Total operating expenses |
|
19,178 |
|
|
|
17,601 |
|
|
|
74,953 |
|
|
|
55,898 |
|
Loss from operations |
|
(9,060 |
) |
|
|
(7,280 |
) |
|
|
(28,856 |
) |
|
|
(21,765 |
) |
Interest expense |
|
(29 |
) |
|
|
(21 |
) |
|
|
(89 |
) |
|
|
(105 |
) |
Interest and other income (expense), net |
|
1,019 |
|
|
|
(61 |
) |
|
|
1,425 |
|
|
|
(474 |
) |
Loss before income taxes and loss from equity method
investment |
|
(8,070 |
) |
|
|
(7,362 |
) |
|
|
(27,520 |
) |
|
|
(22,344 |
) |
Loss from equity method investment, net of tax |
|
(284 |
) |
|
|
— |
|
|
|
(284 |
) |
|
|
— |
|
Provision for (benefit from) income taxes |
|
(1,139 |
) |
|
|
428 |
|
|
|
(417 |
) |
|
|
1,040 |
|
Net loss |
$ |
(7,215 |
) |
|
$ |
(7,790 |
) |
|
$ |
(27,387 |
) |
|
$ |
(23,384 |
) |
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.21 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.84 |
) |
|
$ |
(1.06 |
) |
Weighted average shares used on computing per share amounts, basic
and diluted |
|
33,596,146 |
|
|
|
28,501,707 |
|
|
|
32,578,776 |
|
|
|
21,972,101 |
|
Arteris, Inc.Condensed
Consolidated Balance Sheets (In thousands, except share
and per share data)
|
As of December 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
37,423 |
|
|
$ |
85,825 |
|
Short-term investments |
|
30,728 |
|
|
|
— |
|
Accounts receivable, net |
|
7,143 |
|
|
|
13,873 |
|
Prepaid expenses and other current assets |
|
5,818 |
|
|
|
6,949 |
|
Total current assets |
|
81,112 |
|
|
|
106,647 |
|
Property and equipment, net |
|
3,617 |
|
|
|
2,438 |
|
Long-term investments |
|
4,427 |
|
|
|
— |
|
Equity method investment |
|
11,897 |
|
|
|
— |
|
Operating lease right-of-use assets |
|
1,883 |
|
|
|
2,765 |
|
Intangibles, net |
|
4,575 |
|
|
|
2,959 |
|
Goodwill |
|
4,218 |
|
|
|
2,677 |
|
Other assets |
|
3,787 |
|
|
|
2,957 |
|
TOTAL ASSETS |
|
115,516 |
|
|
$ |
120,443 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
|
572 |
|
|
$ |
1,722 |
|
Accrued expenses and other current liabilities |
|
12,095 |
|
|
|
10,573 |
|
Operating lease liabilities, current |
|
899 |
|
|
|
961 |
|
Deferred revenue, current |
|
28,839 |
|
|
|
28,403 |
|
Vendor financing arrangements, current |
|
1,264 |
|
|
|
833 |
|
Total current liabilities |
|
43,669 |
|
|
|
42,492 |
|
Deferred revenue, noncurrent |
|
21,840 |
|
|
|
20,773 |
|
Operating lease liabilities, noncurrent |
|
1,009 |
|
|
|
1,851 |
|
Vendor financing arrangements, noncurrent |
|
448 |
|
|
|
266 |
|
Deferred income, noncurrent |
|
9,993 |
|
|
|
— |
|
Other liabilities |
|
1,022 |
|
|
|
2,157 |
|
Total liabilities |
|
77,981 |
|
|
|
67,539 |
|
Commitments and contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, par value of $0.001—10,000,000 shares authorized
and no shares issued and outstanding as of December 31, 2022
and 2021 |
|
— |
|
|
|
— |
|
Common stock, par value of $0.001—300,000,000 shares authorized at
December 31, 2022 and 2021; 34,625,875 and 31,530,682 shares
issued and outstanding at December 31, 2022 and
December 31, 2021, respectively |
|
34 |
|
|
|
31 |
|
Additional paid-in capital |
|
103,778 |
|
|
|
91,945 |
|
Accumulated other comprehensive gain (loss) |
|
101 |
|
|
|
(81 |
) |
Accumulated deficit |
|
(66,378 |
) |
|
|
(38,991 |
) |
Total stockholders’ equity |
|
37,535 |
|
|
$ |
52,904 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
115,516 |
|
|
$ |
120,443 |
|
Arteris, Inc.Condensed
Consolidated Statements of Cash Flows (In thousands)
|
|
Twelve Months Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
|
$ |
(27,387 |
) |
|
$ |
(23,384 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
2,099 |
|
|
|
1,492 |
|
Stock-based compensation |
|
|
11,692 |
|
|
|
5,510 |
|
Pension plan expenses |
|
|
136 |
|
|
|
109 |
|
Operating non-cash lease expense |
|
|
(21 |
) |
|
|
(45 |
) |
Amortization of deferred income |
|
|
(391 |
) |
|
|
— |
|
Gain on deconsolidation of subsidiary |
|
|
(149 |
) |
|
|
— |
|
Loss from equity method investment |
|
|
284 |
|
|
|
— |
|
Net accretion of discounts on available-for-sale securities |
|
|
(177 |
) |
|
|
— |
|
Deferred income taxes |
|
|
(484 |
) |
|
|
— |
|
Other, net |
|
|
14 |
|
|
|
(9 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable, net |
|
|
7,102 |
|
|
|
477 |
|
Prepaid expenses and other assets |
|
|
202 |
|
|
|
(4,418 |
) |
Accounts payable |
|
|
(1,034 |
) |
|
|
350 |
|
Accrued expenses and other liabilities |
|
|
517 |
|
|
|
2,836 |
|
Deferred revenue |
|
|
830 |
|
|
|
16,268 |
|
Net cash used in operating activities |
|
|
(6,767 |
) |
|
|
(814 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment |
|
|
(1,051 |
) |
|
|
(808 |
) |
Payments relating to investment in equity method investment |
|
|
(519 |
) |
|
|
— |
|
Purchases of available-for-sale securities |
|
|
(35,031 |
) |
|
|
— |
|
Proceeds from principal portion of related party loan |
|
|
241 |
|
|
|
— |
|
Payments for business acquisition, net of cash acquired |
|
|
(1,121 |
) |
|
|
— |
|
Payments of deferred consideration for business acquisition |
|
|
— |
|
|
|
(500 |
) |
Other |
|
|
— |
|
|
|
(51 |
) |
Net cash used in investing activities |
|
|
(37,481 |
) |
|
|
(1,359 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Payments of contingent consideration for business combination |
|
|
(1,573 |
) |
|
|
— |
|
Proceeds from issuance of common stock upon initial public
offering, net of underwriting commissions |
|
|
— |
|
|
|
74,865 |
|
Proceeds from issuance of common stock |
|
|
— |
|
|
|
5,435 |
|
Payments to tax authorities for shares withheld from employees |
|
|
(2,065 |
) |
|
|
— |
|
Payments of principal portion of term loan |
|
|
— |
|
|
|
(550 |
) |
Principal payments under vendor financing arrangements |
|
|
(1,136 |
) |
|
|
(574 |
) |
Proceeds from exercise of stock options |
|
|
876 |
|
|
|
599 |
|
Payments of deferred offering costs |
|
|
(256 |
) |
|
|
(3,521 |
) |
Net cash (used in) provided by financing activities |
|
|
(4,154 |
) |
|
|
76,254 |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(48,402 |
) |
|
|
74,081 |
|
CASH AND CASH EQUIVALENTS, beginning of period |
|
|
85,825 |
|
|
|
11,744 |
|
CASH AND CASH EQUIVALENTS, end of period |
|
$ |
37,423 |
|
|
$ |
85,825 |
|
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
Annual Contract Value (ACV) –
we define Annual Contract Value 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 includes licensing, support and
maintenance and other fixed fees under IP licensing or software
licensing agreements but excludes variable revenue derived from
licensing agreements with customers, particularly royalties. We
monitor ACV to measure our success and believe the increase in the
number shows our progress in expanding our customers’ adoption of
our solutions. ACV fluctuates due to a number of factors, including
the timing, duration and dollar amount of customer contracts.
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.
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 as the
amount of contracted future revenue that has not yet been
recognized, including both deferred revenue and contracted amounts
that will be invoiced and recognized as revenue in future
periods.
Arteris,
Inc.Reconciliation of GAAP Measures to Non-GAAP
Measures(In thousands, except share and per share
data)(unaudited)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Gross profit |
$ |
10,118 |
|
|
$ |
10,321 |
|
|
$ |
46,097 |
|
|
$ |
34,133 |
|
Add: |
|
|
|
|
|
|
|
Stock-based compensation expense included in cost of revenue |
|
88 |
|
|
|
176 |
|
|
|
562 |
|
|
|
218 |
|
Non-GAAP gross profit |
$ |
10,206 |
|
|
$ |
10,497 |
|
|
$ |
46,659 |
|
|
$ |
34,351 |
|
Gross margin |
|
90 |
% |
|
|
90 |
% |
|
|
92 |
% |
|
|
90 |
% |
Non-GAAP gross margin |
|
91 |
% |
|
|
92 |
% |
|
|
93 |
% |
|
|
91 |
% |
|
|
|
|
|
|
|
|
Research and development |
$ |
10,318 |
|
|
$ |
10,240 |
|
|
$ |
41,167 |
|
|
$ |
30,812 |
|
Stock-based compensation expense |
|
(1,430 |
) |
|
|
(2,850 |
) |
|
|
(5,865 |
) |
|
|
(3,495 |
) |
Amortization of acquired intangible assets(1) |
|
(85 |
) |
|
|
(85 |
) |
|
|
(340 |
) |
|
|
(340 |
) |
Non-GAAP research and development |
$ |
8,803 |
|
|
$ |
7,305 |
|
|
$ |
34,962 |
|
|
$ |
26,977 |
|
|
|
|
|
|
|
|
|
Sales and marketing |
$ |
4,631 |
|
|
$ |
3,755 |
|
|
$ |
17,419 |
|
|
$ |
11,726 |
|
Stock-based compensation expense |
|
(445 |
) |
|
|
(507 |
) |
|
|
(2,123 |
) |
|
|
(579 |
) |
Amortization of acquired intangible assets(1) |
|
(35 |
) |
|
|
(35 |
) |
|
|
(138 |
) |
|
|
(138 |
) |
Non-GAAP sales and marketing |
$ |
4,151 |
|
|
$ |
3,213 |
|
|
$ |
15,158 |
|
|
$ |
11,009 |
|
|
|
|
|
|
|
|
|
General and administrative |
$ |
4,229 |
|
|
$ |
3,606 |
|
|
$ |
16,367 |
|
|
$ |
13,360 |
|
Stock-based compensation expense |
|
(647 |
) |
|
|
(833 |
) |
|
|
(3,142 |
) |
|
|
(1,218 |
) |
Acquisition costs(2) |
|
(527 |
) |
|
|
— |
|
|
|
(527 |
) |
|
|
(238 |
) |
Non-GAAP general and administrative |
$ |
3,055 |
|
|
$ |
2,773 |
|
|
$ |
12,698 |
|
|
$ |
11,904 |
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(9,060 |
) |
|
$ |
(7,280 |
) |
|
$ |
(28,856 |
) |
|
$ |
(21,765 |
) |
Stock-based compensation expense |
|
2,610 |
|
|
|
4,366 |
|
|
|
11,692 |
|
|
|
5,510 |
|
Acquisition costs(2) |
|
527 |
|
|
|
— |
|
|
|
527 |
|
|
|
238 |
|
Amortization of acquired intangible assets(1) |
|
120 |
|
|
|
120 |
|
|
|
478 |
|
|
|
478 |
|
Non-GAAP loss from operations |
$ |
(5,803 |
) |
|
$ |
(2,794 |
) |
|
$ |
(16,159 |
) |
|
$ |
(15,539 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,215 |
) |
|
$ |
(7,790 |
) |
|
$ |
(27,387 |
) |
|
$ |
(23,384 |
) |
Stock-based compensation expense |
|
2,610 |
|
|
|
4,366 |
|
|
|
11,692 |
|
|
|
5,510 |
|
Acquisition costs(2) |
|
527 |
|
|
|
— |
|
|
|
527 |
|
|
|
238 |
|
Amortization of acquired intangible assets(1) |
|
120 |
|
|
|
120 |
|
|
|
478 |
|
|
|
478 |
|
Gain on extinguishment of debt(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
Non-GAAP net loss(4) |
$ |
(3,958 |
) |
|
$ |
(3,304 |
) |
|
$ |
(14,690 |
) |
|
$ |
(17,168 |
) |
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.21 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.84 |
) |
|
$ |
(1.06 |
) |
Per share impacts of adjustments to net loss(5) |
$ |
0.09 |
|
|
$ |
0.15 |
|
|
$ |
0.39 |
|
|
$ |
0.28 |
|
Non-GAAP EPS, basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.78 |
) |
|
|
|
|
|
|
|
|
Weighted average shares used in computing per share amounts, basic
and diluted |
|
33,596,146 |
|
|
|
28,501,707 |
|
|
|
32,578,776 |
|
|
|
21,972,101 |
|
(1) Represents the amortization expenses of our
intangible assets attributable to the Magillem acquisition.(2)
Includes advisory, legal, accounting, valuation, and other
professional or consulting fees associated with the Magillem and
Semifore acquisitions and recorded in general and administrative.
(3) Presented within interest and other expense, net on the
consolidated statements of loss. (4) 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.(5) 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
|
|
Twelve Months Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Net cash used in operating activities |
|
$ |
(6,767 |
) |
|
$ |
(814 |
) |
Less: |
|
|
|
|
Purchase of property and equipment |
|
|
(1,051 |
) |
|
|
(808 |
) |
Free cash flow |
|
$ |
(7,818 |
) |
|
$ |
(1,622 |
) |
Net cash used in investing activities |
|
$ |
(37,481 |
) |
|
$ |
(1,359 |
) |
Net cash (used in) provided by financing activities |
|
$ |
(4,154 |
) |
|
$ |
76,254 |
|
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