Similarweb(US:SMWB)2023-02-14 21:17Revenue Growth - Fourth quarter 2022 revenue grew 28% year-over-year to $51.3 million, compared to $40.2 million in Q4 2021[3] - Fiscal year 2022 total revenue was $193.2 million, a 40% increase from $137.7 million in fiscal year 2021[6] - Q1 2023 revenue guidance is between $52.5 million and $53.0 million, representing 19% growth year-over-year at the mid-point[8] - FY 2023 revenue guidance is between $221.0 million and $222.0 million, indicating a 15% growth year-over-year at the mid-point[8] Customer Metrics - Annual Recurring Revenue (ARR) exceeded $200 million, with 4,049 customers as of December 31, 2022, representing a 16% increase year-over-year[6] - Customers with ARR of $100,000 or more contributed 55% of total ARR as of December 31, 2022, up from 51% a year prior[7] - The dollar-based net retention rate for customers with ARR of $100,000 or more was 120% in Q4 2022, compared to 125% in Q4 2021[7] - Remaining performance obligations increased 24% year-over-year to $171.0 million as of December 31, 2022[7] Profitability and Loss - Non-GAAP operating loss was $(10.9) million or (21)% of revenue in Q4 2022, an improvement from $(18.4) million or (46)% of revenue in Q4 2021[3] - Net loss widened from $69.0 million in 2021 to $83.7 million in 2022, indicating a 20.5% increase in losses[24] - The company reported a net loss per share of $1.10 for 2022, compared to $1.30 in 2021, showing a decrease in loss per share[24] - Loss from operations rose from $66,107 thousand in 2021 to $87,856 thousand in 2022, with a non-GAAP operating loss of $63,791 thousand for 2022[31] Cash and Liquidity - Cash and cash equivalents totaled $77.8 million as of December 31, 2022, down from $128.9 million a year earlier[6] - Free cash flow decreased significantly from $(30,438) thousand in 2021 to $(77,241) thousand in 2022, indicating a worsening cash position[33] - The company reported a working capital deficit of $(8,865) thousand, indicating potential liquidity challenges[28] - Cash flows used in operating activities increased from $27.6 million in 2021 to $46.1 million in 2022[27] Expenses and Costs - Operating expenses increased from $172.0 million in 2021 to $227.8 million in 2022, reflecting a rise of 32.4%[24] - Research and development expenses increased from $44,378 thousand in 2021 to $59,904 thousand in 2022, maintaining a non-GAAP research and development margin of 28%[32] - Share-based compensation costs increased from $11.2 million in 2021 to $17.0 million in 2022, a growth of 52.5%[25] Balance Sheet - Total assets grew from $227.0 million in 2021 to $246.0 million in 2022, a rise of 8.0%[22] - Total liabilities increased significantly from $142.1 million in 2021 to $224.1 million in 2022, marking a 57.8% increase[22] - Deferred revenue rose from $76.7 million in 2021 to $93.2 million in 2022, an increase of 21.5%[22] Profit Margins - Gross profit rose from $105.9 million in 2021 to $140.0 million in 2022, an increase of 32.5%[24] - Non-GAAP gross margin for 2022 was 79%, compared to 76% in 2021, reflecting improved profitability[29] - GAAP gross profit increased from $105,916 thousand in 2021 to $139,960 thousand in 2022, with a non-GAAP gross profit of $146,866 thousand for 2022[29] Other Financial Metrics - The effect of exchange rates on cash and cash equivalents resulted in a loss of $(45) thousand[28] - The company incurred $270 thousand in initial public offering costs during the period, impacting cash flow[28] - Net cash provided by financing activities was $125,246 thousand, a substantial increase from $29,117 thousand in the previous period[28]