WalkMe Ltd. (NASDAQ:WKME), a leading provider of digital adoption
solutions, today announced financial results for its first quarter
ended March 31, 2022.
“In the first quarter the market trends of driving businesses
forward through digital transformation continued to accelerate,”
said Dan Adika, CEO of WalkMe. “The ecosystem around digital
adoption platforms continues to grow rapidly, and we see increasing
recognition of the category we created. We advanced our partner
program by expanding our relationship with HCL, and today we
announced a strategic partnership with Celonis to advance our
mission of connecting data, action, and experience. These
relationships are a key pillar to our future growth and a signal to
us of the growing momentum in our category. In the first quarter,
subscription revenue grew 34% and added 8 net new enterprise-wide
DAP* customers. I was pleased with our ability to drive better than
expected operational leverage and we plan to continue to improve
our efficiency in 2022 as we invest in our key growth drivers.”
First Quarter
2022 Financial
Highlights:
- Revenue. Total revenue was $56.8 million in
the first quarter of 2022, an increase of 33% year-over-year.
Subscription revenue was $51.4 million, an increase of 34%
year-over-year compared to 30% year-over-year in the first quarter
of 2021.
- Annualized Recurring Revenue (ARR)*: as of
March 31, 2022 grew 30% year-over-year to $230 million.
- Remaining Performance Obligation (RPO)*: was
$318 million as of March 31, 2022, an increase of 34%
year-over-year.
- GAAP Operating Loss: was $29.6 million in the
first quarter of 2022, or 52% of total revenue, compared to $13.0
million, or 31% of total revenue, in the first quarter of
2021.
- Non-GAAP Operating Loss*: was $18.6 million in
the first quarter of 2022, or 33% of total revenue, compared to
$9.5 million, or 22% of total revenue, in the first quarter of
2021.
- Cash Flow: Net cash used in operations in the
first quarter of 2022 was $18.3 million, or 32% of total revenue,
compared to $2.9 million used in operations or 7% of total revenue,
in the first quarter of 2021.
- Free Cash Flow*: was negative $20.3 million in
the first quarter of 2022, or 36% of total revenue, compared to
negative $4.1 million, or 10% of total revenue, in the first
quarter of 2021.
- Cash, Cash Equivalents, and Short-term
Deposits were $326.8 million as of March 31, 2022.
“I was pleased with the progress of our go to market strategy by
further diversifying our channels through partnerships while
continuing to see growth with our internal salesforce,” said Andrew
Casey, CFO of WalkMe. “We continue to invest in our growth drivers,
and showed operational efficiency, improving upon our initial
guidance for the year. We continue to have confidence in our full
year revenue plan and expect to see continued operational leverage
throughout the course of 2022.”
First Quarter and
Recent Business
Highlights:
- In the first quarter, WalkMe added eight net new
Enterprise-Wide DAP* customers for a total of 134, representing
customer count growth of 52% year-over-year. ARR* from DAP*
customers grew 56% year-over-year.
- Customers with over $100 thousand in ARR* grew 29%
year-over-year to 476 and customers with over $1 million in ARR
grew 41% year-over-year to 31.
- In the fourth quarter of 2021, WalkMe updated and enhanced its
third-party data sources for identifying customers with 500 or more
employees and as a result now captures a greater number of
customers in this category in the same period compared to the
previous methodology. ARR* from customers with 500 or more
employees grew 32% year-over-year and represented 87% of total ARR*
without the new data sources. With the new data sources, ARR* from
customers with 500 or more employees is now greater than 92% of
total ARR*.
- Announced a strategic partnership with Celonis, a global leader
in execution management, that enables joint customers to maximize
the impact and return on digital transformation investments. WalkMe
and Celonis are expected to collaborate to optimize their
respective customers’ business performance by offering WalkMe’s
leading Digital Adoption Platform combined with the real-time
process optimization capabilities of the Celonis Execution
Management System (EMS) to accelerate digital transformation.
- WalkMe expanded its relationship with HCL - a leading Global
Technology Company - to create more go to market opportunities in
their Digital Workplace Services Business Group. HCL has
invested in WalkMe Digital Adoption skills to deliver a strategic
Managed Services Offering to support their customers.
Financial Outlook:
For the second quarter of 2022, the Company currently
expects:
- Total revenue of $59 to $60 million, representing a growth rate
of 26% to 28% year-over-year
- Non-GAAP operating loss* of $20 to $19 million
For the full year 2022, the Company currently expects:
- Reiterates Total revenue of $251 to $255 million, representing
a growth rate of 30% to 32% year-over-year
- Non-GAAP operating loss* of $78 to $74 million
*The section titled “Non-GAAP Financial Measures and Key
Performance Indicators” below contains a description of the
non-GAAP financial measures discussed in this press release and
reconciliations between historical GAAP and non-GAAP information
are contained in the tables below. The Company is unable to provide
a reconciliation of non-GAAP Operating Income (Loss) to Operating
Income (Loss), its most directly comparable GAAP financial measure,
on a forward-looking basis without unreasonable effort, because
items that impact this GAAP financial measure are not within the
Company’s control and/or cannot be reasonably predicted. These
items may include, but are not limited to, predicting
forward-looking share-based compensation. Such information may have
a significant, and potentially unpredictable, impact on the
Company’s future financial results.
Throughout this press release, we provide a number of key
performance indicators used by our management and often used by
competitors in our industry. These and other key performance
indicators are discussed in more detail in the section entitled
“Non-GAAP Financial Measures and Key Performance Indicators” in
this press release.
Conference Call
Information:
WalkMe will host a conference call and live webcast for analysts
and investors at 2:00 p.m. Pacific Time on May 23, 2022. The press
release with the financial results as well as the investor
presentation materials will be accessible from the Company’s
website prior to the conference call. Interested parties can access
the call by dialing US Toll Free: (888) 394 - 8218, using the
passcode 7303501.
A live webcast of the conference call will be accessible on the
WalkMe investor relations website at https://ir.walkme.com.
Approximately one hour after completion of the live call and for
at least 30 days thereafter, an archived version of the webcast
will be available on the Company’s investor relations website at
https://ir.walkme.com.
Supplemental Financial
and Other Information:
We intend to announce material information to the public through
the WalkMe Investor Relations website at ir.walkme.com, SEC
filings, press releases, public conference calls, and public
webcasts. We use these channels to communicate with our investors,
customers, and the public about our company, our offerings, and
other issues. As such, we encourage investors, the media, and
others to follow the channels listed above, and to review the
information disclosed through such channels.
Any updates to the list of disclosure channels through which we
will announce information will be posted on the investor relations
page of our website.
Non-GAAP Financial
Measures and Key Performance Indicators:
In addition to our financial results reported in accordance with
GAAP, this press release and the accompanying tables and related
presentation materials may contain one or more of the following
non-GAAP financial measures: Non-GAAP Gross Profit, Non-GAAP Gross
Margin, Non-GAAP Operating Income (Loss), Non-GAAP Operating
Margin, Non-GAAP Net Income (Loss) attributable to WalkMe Ltd.,
Non-GAAP Net Income (Loss) per share attributable to WalkMe Ltd.
and Free Cash Flow, all of which are non-GAAP financial measures.
We believe that these measures provide useful information about
operating results, enhance the overall understanding of past
financial performance and future prospects, and allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making. Non-GAAP financial
measures have limitations as analytical tools and may differ from
similarly titled measures presented by other companies. The
presentation of this financial information is not intended to be
considered as a substitute for the financial information prepared
and presented in accordance with GAAP. Investors are encouraged to
review the related GAAP financial measures and the reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures and not rely on any single
financial measure to evaluate our business.
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define
Non-GAAP Gross Profit as gross profit excluding share-based
compensation and amortization of acquired intangibles. We exclude
these items because they occur for reasons that may be unrelated to
our core operating performance during the period, and because we
believe that such items may obscure underlying business trends and
make comparisons of long-term performance difficult. We use
Non-GAAP Gross Profit with traditional GAAP measures to evaluate
our financial performance. Non-GAAP Gross Margin is calculated as a
percentage of revenues.
Non-GAAP Operating Income (Loss) and Non-GAAP Operating Margin.
We define Non-GAAP Operating Income (Loss) as income (loss) from
operations excluding share-based compensation and amortization of
acquired intangibles. We exclude these items because they occur for
reasons that may be unrelated to our core operating performance
during the period, and because we believe that such items may
obscure underlying business trends and make comparisons of
long-term performance difficult. We use Non-GAAP Operating Income
(Loss) with traditional GAAP measures to evaluate our financial
performance. Non-GAAP Operating Margin is calculated as a
percentage of revenues.
Non-GAAP Net Income (Loss) attributable to WalkMe Ltd. We define
Non-GAAP Net Income (Loss) attributable to WalkMe Ltd. as Net
Income (Loss) attributable to WalkMe Ltd. excluding share-based
compensation and amortization of acquired intangibles. We exclude
these items because they occur for reasons that may be unrelated to
our core operating performance during the period, and because we
believe that such items may obscure underlying business trends and
make comparisons of long-term performance difficult. We use
Non-GAAP Net Income (Loss) attributable to WalkMe Ltd. with
traditional GAAP measures to evaluate our financial performance.
Non-GAAP Net Income (Loss) per Share attributable to WalkMe Ltd. is
calculated based on ordinary shares outstanding after accounting
for the exchange of our outstanding convertible preferred shares
into ordinary shares as though such event had occurred at the
beginning of the periods.
Free Cash Flow. We define Free Cash Flow as net cash provided by
(used in) operating activities, less cash used for purchases of
property and equipment and capitalized internal-use software costs.
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 business. Our Free
Cash Flow may vary from period to period and be impacted as we
continue to invest for growth in our business.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
reconciliation tables have more details on the GAAP financial
measures that are most directly comparable to non-GAAP financial
measures and the related reconciliations between these financial
measures.
ARR. We define ARR as the annualized value of customer
subscription contracts as of the measurement date, assuming any
contract that expires during the next 12 months is renewed on its
existing terms (including contracts for which we are negotiating a
renewal). Our calculation of ARR is not adjusted for the impact of
any known or projected future events (such as customer
cancellations, upgrades or downgrades, or price increases or
decreases) that may cause any such contract not to be renewed on
its existing terms. In addition, 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, downgrades or
other changes in pending renewals, as well as the effects of
professional services revenue and acquisitions or divestitures. As
a result, ARR should be viewed independently of, and not as a
substitute for or forecast of, revenue and deferred revenue. Our
calculation of ARR may differ from similarly titled metrics
presented by other companies.
Enterprise-Wide DAP Customers: We define Enterprise-Wide DAP
Customers as those who have purchased enterprise-wide subscriptions
or who have department-wide usage of our Digital Adoption Platform
across four or more applications.
Special Note Regarding
Forward-Looking Statements:
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995 that
relate to our current expectations and views of future events,
including statements regarding the Company’s future financial
results and guidance, such as expectations regarding our revenue.
In some cases, these forward-looking statements can be identified
by words or phrases such as “may,” “might,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“seek,” “believe,” “estimate,” “predict,” “potential,” “continue,”
“contemplate,” “possible” or similar words. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the following: our
ability to manage our growth effectively, sustain our historical
growth rate in the future or achieve or maintain profitability; the
impact of the COVID-19 pandemic or adverse macro-economic changes
on our business, financial condition and results of operations; the
growth and expansion of the markets for our offerings and our
ability to adapt and respond effectively to evolving market
conditions; our estimates of, and future expectations regarding,
our market opportunity; our ability to keep pace with technological
and competitive developments and develop or otherwise introduce new
products and solutions and enhancements to our existing offerings;
our ability to maintain the interoperability of our offerings
across devices, operating systems and third-party applications and
to maintain and expand our relationships with third-party
technology partners; the effects of increased competition in our
target markets and our ability to compete effectively; our ability
to attract and retain new customers and to expand within our
existing customer base; the success of our sales and marketing
operations, including our ability to realize efficiencies and
reduce customer acquisition costs; the percentage of our remaining
performance obligations that we expect to recognize as revenue; our
ability to meet the service-level commitments under our customer
agreements and the effects on our business if we are unable to do
so; our relationships with, and dependence on, various third-party
service providers; our dependence on our management team and other
key employees; our ability to maintain and enhance awareness of our
brand; our ability to offer high quality customer support; our
ability to effectively develop and expand our marketing and sales
capabilities; our ability to maintain the sales prices of our
offerings and the effects of pricing fluctuations; the
sustainability of, and fluctuations in, our gross margin; risks
related to our international operations and our ability to expand
our international business operations; the effects of currency
exchange rate fluctuations on our results of operations; challenges
and risks related to our sales to government entities; our ability
to consummate acquisitions at our historical rate and at acceptable
prices, to enter into other strategic transactions and
relationships, and to manage the risks related to these
transactions and arrangements; our ability to protect our
proprietary technology, or to obtain, maintain, protect and enforce
sufficiently broad intellectual property rights therein; our
ability to maintain the security and availability of our platform,
products and solutions; our ability to comply with current and
future legislation and governmental regulations to which we are
subject or may become subject in the future; changes in applicable
tax law, the stability of effective tax rates and adverse outcomes
resulting from examination of our income or other tax returns;
risks related to political, economic and security conditions in
Israel; the effects of unfavorable conditions in our industry or
the global economy or reductions in information technology
spending; factors that may affect the future trading prices of our
ordinary shares; and other risk factors set forth in the section
titled “Risk Factors” in our Annual Report on form 20-F filed with
the Securities and Exchange Commission on March 24, 2022, and other
documents filed with or furnished to the SEC. These statements
reflect management’s current expectations regarding future events
and operating performance and speak only as of the date of this
press release. You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
About WalkMe
WalkMe’s cloud-based Digital Adoption Platform enables
organizations to measure, drive and act to ultimately accelerate
their digital transformations and better realize the value of their
software investments. Our code-free platform leverages our
proprietary technology to provide visibility to an organization’s
Chief Information Officer and business leaders, while improving
user experience, productivity and efficiency for employees and
customers. Alongside walkthroughs and third-party integration
capabilities, our platform can be customized to fit an
organization’s needs.
Media Contact:Christina
Knittelpress@walkme.com
Investor Contact:John
Streppainvestors@walkme.com
|
|
|
|
|
|
WalkMe Ltd. |
Condensed Consolidated Balance Sheets |
(in thousands; unaudited) |
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
249,513 |
|
|
$ |
276,889 |
|
Short-term
deposits |
|
77,301 |
|
|
|
65,478 |
|
Trade
receivables, net |
|
47,447 |
|
|
|
37,754 |
|
Deferred
contract acquisition costs |
|
21,270 |
|
|
|
20,405 |
|
Prepaid
expenses and other current assets |
|
11,826 |
|
|
|
7,954 |
|
Total
current assets |
|
407,357 |
|
|
|
408,480 |
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
|
|
|
Deferred
contract acquisition costs |
|
35,602 |
|
|
|
35,969 |
|
Other
assets |
|
604 |
|
|
|
987 |
|
Property and
equipment, net |
|
12,945 |
|
|
|
10,885 |
|
Goodwill and
Intangible assets, net |
|
3,120 |
|
|
|
3,296 |
|
Total
non-current assets |
|
52,271 |
|
|
|
51,137 |
|
|
|
|
|
|
|
Total assets |
$ |
459,628 |
|
|
$ |
459,617 |
|
|
|
|
|
|
|
Liabilities, redeemable non-controlling interest and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Trade
payables |
$ |
6,051 |
|
|
$ |
6,592 |
|
Accrued
expenses and other current liabilities |
|
41,141 |
|
|
|
49,310 |
|
Deferred
revenues |
|
108,282 |
|
|
|
86,024 |
|
Total
current liabilities |
|
155,474 |
|
|
|
141,926 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenues |
|
1,170 |
|
|
|
1,288 |
|
Other
long-term liabilities |
|
7,545 |
|
|
|
6,892 |
|
Total
long-term liabilities |
|
8,715 |
|
|
|
8,180 |
|
Total
liabilities |
|
164,189 |
|
|
|
150,106 |
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
17,091 |
|
|
|
23,901 |
|
Shareholders’ equity: |
|
|
|
|
|
Share
capital and additional paid-in capital |
|
633,097 |
|
|
|
610,193 |
|
Other
comprehensive income (loss) |
|
(224 |
) |
|
|
455 |
|
Accumulated
deficit |
|
(354,525 |
) |
|
|
(325,038 |
) |
Total
shareholders’ equity |
|
278,348 |
|
|
|
285,610 |
|
Total Liabilities, redeemable non-controlling interest and
shareholders’ equity |
$ |
459,628 |
|
|
$ |
459,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share data;
unaudited) |
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Revenues |
|
|
|
|
|
Subscription |
$ |
51,389 |
|
|
$ |
38,474 |
|
Professional services |
|
5,459 |
|
|
|
4,180 |
|
Total
revenues |
|
56,848 |
|
|
|
42,654 |
|
|
|
|
|
|
|
Cost of
revenues |
|
|
|
|
|
Subscription(1)(2) |
|
6,875 |
|
|
|
5,689 |
|
Professional services(1) |
|
6,893 |
|
|
|
5,080 |
|
Total
cost of revenues |
|
13,768 |
|
|
|
10,769 |
|
|
|
|
|
|
|
Gross
profit |
|
43,080 |
|
|
|
31,885 |
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Research and development(1) |
|
15,475 |
|
|
|
10,422 |
|
Sales and marketing(1) |
|
42,079 |
|
|
|
25,135 |
|
General and administrative(1) |
|
15,168 |
|
|
|
9,373 |
|
Total
operating expenses |
|
72,722 |
|
|
|
44,930 |
|
Operating
loss |
|
(29,642 |
) |
|
|
(13,045 |
) |
Financial income, net |
|
576 |
|
|
|
45 |
|
Loss
before income taxes |
|
(29,066 |
) |
|
|
(13,000 |
) |
|
|
|
|
|
|
Income
taxes |
|
(679 |
) |
|
|
(404 |
) |
Net
loss |
|
(29,745 |
) |
|
|
(13,404 |
) |
Net loss
attributable to non-controlling interest |
|
(258 |
) |
|
|
(246 |
) |
|
|
|
|
|
|
Adjustment
attributable to non-controlling interest |
|
(6,458 |
) |
|
|
10,816 |
|
Net loss
attributable to WalkMe Ltd. |
$ |
(23,029 |
) |
|
$ |
(23,974 |
) |
Net loss per
share attributable to WalkMe Ltd. basic and diluted |
$ |
(0.27 |
) |
|
$ |
(1.71 |
) |
Weighted-average shares used in computing net loss per share
attributable to ordinary shareholders, basic and diluted |
|
83,964,074 |
|
|
|
13,995,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Includes
share-based compensation expense as follows: |
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Cost of
subscription revenues |
$ |
260 |
|
|
$ |
54 |
|
Cost of
professional services |
|
591 |
|
|
|
123 |
|
Research and
development |
|
1,566 |
|
|
|
471 |
|
Sales and
marketing |
|
3,812 |
|
|
|
793 |
|
General and
administrative |
|
4,647 |
|
|
|
2,091 |
|
Total
share-based compensation expense |
$ |
10,876 |
|
|
$ |
3,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)Includes
amortization of acquired intangibles as follows: |
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Cost of
revenues |
$ |
176 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
Condensed Consolidated Statements of Cash
Flow |
(in thousands; unaudited) |
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Cash
flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(29,745 |
) |
|
$ |
(13,404 |
) |
|
|
|
|
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Share-based
compensation |
|
10,876 |
|
|
|
3,532 |
|
Depreciation
and amortization |
|
1,496 |
|
|
|
1,014 |
|
Interest on
short-term and long-term deposits |
|
(86 |
) |
|
|
(92 |
) |
Increase in
trade receivables, net |
|
(9,737 |
) |
|
|
(13,796 |
) |
Increase in
prepaid expenses and other current assets and other non-current
assets |
|
(3,398 |
) |
|
|
(978 |
) |
Increase in
deferred contract acquisition costs |
|
(554 |
) |
|
|
(5,981 |
) |
Increase
(decrease) in trade payables |
|
(984 |
) |
|
|
124 |
|
Increase
(decrease) in accrued expenses and other current liabilities |
|
(9,101 |
) |
|
|
5,563 |
|
Increase in
deferred revenues |
|
22,293 |
|
|
|
21,079 |
|
Increase in
other long-term liabilities |
|
653 |
|
|
|
57 |
|
Net cash
used in operating activities |
|
(18,287 |
) |
|
|
(2,882 |
) |
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Purchase of
property and equipment |
|
(650 |
) |
|
|
(488 |
) |
Investment
in short-term deposits |
|
(27,000 |
) |
|
|
- |
|
Proceeds
from short-term deposits |
|
15,257 |
|
|
|
1,002 |
|
Investment
in restricted deposits |
|
- |
|
|
|
(1,002 |
) |
Capitalization of software development costs |
|
(1,372 |
) |
|
|
(711 |
) |
Net cash
used in investing activities |
|
(13,765 |
) |
|
|
(1,199 |
) |
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from exercise of options |
|
692 |
|
|
|
722 |
|
Proceeds
from issuance of ordinary shares under the employee share purchase
plan |
|
4,283 |
|
|
|
- |
|
Payment of
deferred offering costs paid |
|
- |
|
|
|
(51 |
) |
Issuance of
preferred shares, net |
|
- |
|
|
|
10,000 |
|
Net cash
provided by financing activities |
|
4,975 |
|
|
|
10,671 |
|
Effect of
foreign currency exchange rate changes on cash, cash equivalents,
and restricted cash |
|
(306 |
) |
|
|
(455 |
) |
Increase
(decrease) in cash, cash equivalents and restricted cash |
|
(27,383 |
) |
|
|
6,135 |
|
Cash, cash
equivalents and restricted cash - Beginning of period |
|
277,251 |
|
|
|
62,895 |
|
Cash, cash
equivalents and restricted cash - End of period |
$ |
249,868 |
|
|
$ |
69,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
Reconciliation from GAAP to Non-GAAP Results |
(in thousands, except share and per share data;
unaudited) |
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Reconciliation of gross profit and gross
margin |
|
|
|
|
|
GAAP gross profit |
$ |
43,080 |
|
|
$ |
31,885 |
|
Plus:
Share-based compensation expense |
|
851 |
|
|
|
177 |
|
Plus:
Amortization of acquired intangibles |
|
176 |
|
|
|
- |
|
Non-GAAP
gross profit |
$ |
44,107 |
|
|
$ |
32,062 |
|
GAAP gross
margin |
|
76 |
% |
|
|
75 |
% |
Non-GAAP
gross margin |
|
78 |
% |
|
|
75 |
% |
|
|
|
|
|
|
Reconciliation of operating loss and operating
margin |
|
|
|
|
|
GAAP
operating loss |
$ |
(29,642 |
) |
|
$ |
(13,045 |
) |
Plus:
Share-based compensation expense |
|
10,876 |
|
|
|
3,532 |
|
Plus:
Amortization of acquired intangibles |
|
176 |
|
|
|
- |
|
Non-GAAP
operating loss |
$ |
(18,590 |
) |
|
$ |
(9,513 |
) |
GAAP
operating margin |
|
(52 |
)% |
|
|
(31 |
)% |
Non-GAAP
operating margin |
|
(33 |
)% |
|
|
(22 |
)% |
|
|
|
|
|
|
Reconciliation of net loss |
|
|
|
|
|
GAAP net
loss attributable to WalkMe Ltd. |
$ |
(23,029 |
) |
|
$ |
(23,974 |
) |
Plus:
Share-based compensation expense |
|
10,876 |
|
|
|
3,532 |
|
Plus:
Amortization of acquired intangibles |
|
176 |
|
|
|
- |
|
Plus:
Adjustment attributable to non-controlling interest |
|
(6,458 |
) |
|
|
10,816 |
|
Non-GAAP net
loss attributable to WalkMe Ltd. |
$ |
(18,435 |
) |
|
$ |
(9,626 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss per share attributable to WalkMe Ltd. basic and diluted |
$ |
(0.22 |
) |
|
$ |
(0.13 |
) |
Shares used
in non-GAAP per share calculations: |
|
|
|
|
|
GAAP
weighted-average shares used to compute net loss per share, basic
and diluted |
|
83,964,074 |
|
|
|
13,995,089 |
|
Add: |
|
|
|
|
|
Additional
weighted average shares giving effect to exchange of convertible
preferred shares at the beginning of the period |
|
- |
|
|
|
58,732,075 |
|
Non-GAAP
weighted-average shares used to compute net loss per share, basic
and diluted |
|
83,964,074 |
|
|
|
72,727,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
Reconciliation of GAAP Cash Flow from Operating Activities
to Free Cash Flow |
(in thousands; unaudited) |
|
|
|
|
|
|
|
|
Three months ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
Net cash used in operating activities |
$ |
(18,287 |
) |
|
$ |
(2,882 |
) |
Less:
Purchases of property and equipment |
|
(650 |
) |
|
|
(488 |
) |
Less:
Capitalized software development costs |
|
(1,372 |
) |
|
|
(711 |
) |
Free
cash flow |
$ |
(20,309 |
) |
|
$ |
(4,081 |
) |
|
|
|
|
|
|
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