Similarweb(SMWB) - 2022 Q1 - Quarterly Report

Revenue Growth - First quarter 2022 revenue grew 51% year-over-year to $44.3 million, up from $29.4 million in Q1 2021[3] - Revenues increased from $29,413 thousand in Q1 2021 to $44,280 thousand in Q1 2022, representing a growth of 50.4%[22] - Q2 2022 revenue guidance is between $45.5 million and $45.9 million, representing 41% growth year-over-year at the mid-point[9] - FY 2022 revenue guidance is between $196.0 million and $197.0 million, representing 43% growth year-over-year at the mid-point[9] Customer Metrics - Number of customers increased by 27% year-over-year to 3,664 as of March 31, 2022[5] - Average annual revenue per customer rose 18% to approximately $49,500 in Q1 2022[5] - Dollar-based net retention rate for customers with ARR of $100,000 or more increased to 127%, compared to 115% in Q1 2021[5] - Multi-year deals now comprise 35% of overall ARR, up from 26% as of March 31, 2021[5] Financial Performance - Gross profit rose from $23,140 thousand in Q1 2021 to $31,185 thousand in Q1 2022, an increase of 34.8%[22] - Non-GAAP gross profit improved from $23,170 thousand in Q1 2021 to $33,071 thousand in Q1 2022, a growth of 42.5%[27] - Total operating expenses increased from $34,691 thousand in Q1 2021 to $57,366 thousand in Q1 2022, a rise of 65.1%[22] - Net loss widened from $12,114 thousand in Q1 2021 to $25,609 thousand in Q1 2022, reflecting an increase of 111.8%[22] - The company reported a non-GAAP operating loss of $(19,755) thousand in Q1 2022 compared to $(8,669) thousand in Q1 2021, indicating a deterioration in operational efficiency[28] Cash and Liquidity - Cash and cash equivalents totaled $125.0 million as of March 31, 2022, down from $128.9 million as of December 31, 2021[3] - Cash and cash equivalents increased significantly from $38,310 thousand at the end of Q1 2021 to $125,019 thousand at the end of Q1 2022[26] - Free cash flow turned negative, decreasing from $1,878 thousand in Q1 2021 to $(4,250) thousand in Q1 2022[30] Liabilities - The total liabilities decreased from $142,085 thousand in Q1 2021 to $216,682 thousand in Q1 2022, reflecting a change in financial structure[20] - Share-based compensation costs rose from $2,882 thousand in Q1 2021 to $3,803 thousand in Q1 2022, an increase of 31.9%[23]