WalkMe .(US:WKME)2022-05-23 20:05Revenue Growth - Subscription revenue grew 34% year-over-year to $51.4 million in Q1 2022[6] - Total revenue increased 33% year-over-year to $56.8 million in Q1 2022[7] - Annualized Recurring Revenue (ARR) grew 30% year-over-year to $230 million as of March 31, 2022[7] - Remaining Performance Obligation (RPO) was $318 million, reflecting a 34% year-over-year increase[7] - For the full year 2022, total revenue is expected to be between $251 million and $255 million, representing a growth rate of 30% to 32% year-over-year[15] - Total revenues for Q1 2022 were $56,848,000, a 33.3% increase from $42,654,000 in Q1 2021[29] - Subscription revenues increased to $51,389,000 in Q1 2022, up from $38,474,000 in Q1 2021, representing a 33.5% growth[29] Operating Loss and Financial Performance - GAAP Operating Loss was $29.6 million, or 52% of total revenue, compared to $13.0 million, or 31% of total revenue, in Q1 2021[7] - Non-GAAP Operating Loss was $18.6 million, or 33% of total revenue, compared to $9.5 million, or 22% of total revenue, in Q1 2021[7] - Net loss for Q1 2022 was $29,745,000, compared to a net loss of $13,404,000 in Q1 2021, indicating a significant increase in losses[29] - Operating loss for Q1 2022 was $29,642,000, compared to an operating loss of $13,045,000 in Q1 2021[29] - Free Cash Flow for Q1 2022 was $(20,309,000), significantly worse than $(4,081,000) in Q1 2021[33] - GAAP operating loss for Q1 2022 was $(29,642,000), compared to $(13,045,000) in Q1 2021, indicating a deterioration in operating performance[32] - Non-GAAP operating loss for Q1 2022 was $(18,590,000), up from $(9,513,000) in Q1 2021, showing a 96% increase in operating losses[32] Customer Growth - Added 8 net new Enterprise-Wide DAP customers, totaling 134, representing a 52% year-over-year growth[10] - Customers with over $100 thousand in ARR grew 29% year-over-year to 476[10] Cash Flow and Assets - Cash Flow: Net cash used in operations was $18.3 million, or 32% of total revenue, compared to $2.9 million, or 7% of total revenue, in Q1 2021[7] - Cash and cash equivalents decreased to $249,513,000 as of March 31, 2022, down from $276,889,000 at the end of 2021[30] - Total current liabilities increased to $155,474,000 as of March 31, 2022, compared to $141,926,000 at the end of 2021[30] - Deferred revenues rose to $108,282,000 in Q1 2022, up from $86,024,000 at the end of 2021, reflecting growth in future revenue recognition[30] Shareholder Information - The weighted-average shares used in computing net loss per share attributable to ordinary shareholders increased to 83,964,074 in Q1 2022 from 13,995,089 in Q1 2021[29] - The number of shares used in non-GAAP per share calculations was 83,964,074 for Q1 2022, compared to 72,727,164 in Q1 2021[32] Profitability Metrics - GAAP gross profit for Q1 2022 was $43,080,000, up from $31,885,000 in Q1 2021, representing a growth of 35%[32] - Non-GAAP gross profit for Q1 2022 was $44,107,000, compared to $32,062,000 in Q1 2021, indicating a 38% increase[32] - GAAP gross margin improved to 76% in Q1 2022 from 75% in Q1 2021, while Non-GAAP gross margin increased to 78% from 75%[32] - Share-based compensation expense for Q1 2022 was $10,876,000, significantly higher than $3,532,000 in Q1 2021[29] - The company reported an increase in deferred contract acquisition costs to $21,270,000 as of March 31, 2022, compared to $20,405,000 at the end of 2021[30]