Similarweb(US:SMWB)2024-05-07 20:10Financial Performance - Total revenue for Q1 2024 was $59.0 million, a 12% increase from $52.8 million in Q1 2023[3] - Revenue for Q1 2024 increased to $58,982 thousand, up 11.5% from $52,750 thousand in Q1 2023[23] - Non-GAAP operating profit was $2.8 million, representing 5% of revenue, compared to a non-GAAP operating loss of $(7.2) million or (14)% of revenue in Q1 2023[3] - Gross profit for Q1 2024 was $46,286 thousand, representing a gross margin of 78.5%, compared to $40,674 thousand and 77% in Q1 2023[23][29] - Non-GAAP gross profit for Q1 2024 was $47,540 thousand, with a non-GAAP gross margin of 81%[29] - Net loss narrowed to $2,733 thousand in Q1 2024 from $11,834 thousand in Q1 2023, resulting in a loss per share of $0.03 compared to $0.15[23] Cash Flow and Liquidity - Free cash flow generated was $9.7 million, reflecting a record 16% free cash flow margin[6] - Cash flows from operating activities improved significantly to $10,064 thousand in Q1 2024, compared to $326 thousand in Q1 2023[27] - Net cash provided by operating activities increased significantly from $326,000 in Q1 2023 to $10,064,000 in Q1 2024[34] - Free cash flow improved from a negative $1,239,000 in Q1 2023 to a positive $9,700,000 in Q1 2024[34] - Normalized free cash flow also rose from a negative $571,000 in Q1 2023 to $9,700,000 in Q1 2024[34] Customer Growth and Retention - Number of customers grew to 4,844, a 16% increase compared to March 31, 2023[6] - Customers with ARR of $100,000 or more increased to 378, a 10% rise from March 31, 2023, contributing 58% of total ARR[6] - The dollar-based net retention rate for customers with ARR of $100,000 or more was 107% in Q1 2024, consistent with Q4 2023[6] Guidance and Future Outlook - Q2 2024 revenue guidance is estimated between $60.0 million and $60.5 million, representing approximately 12% growth year-over-year[10] - FY 2024 revenue guidance is estimated between $242.0 million and $246.0 million, also representing approximately 12% growth year-over-year[10] Operational Efficiency - Operating expenses for Q1 2024 were $48,970 thousand, down from $53,754 thousand in Q1 2023, with significant reductions in sales and marketing expenses[23] - Remaining performance obligations increased by 23% year-over-year to $213.6 million as of March 31, 2024[6] Asset and Liability Management - Total current assets decreased to $123,830 thousand as of March 31, 2024, down from $146,385 thousand as of December 31, 2023[21] - Total liabilities decreased to $200,338 thousand as of March 31, 2024, down from $223,466 thousand as of December 31, 2023[21] - The company reported a decrease in accounts receivable, net, to $41,257 thousand as of March 31, 2024, from $47,869 thousand as of December 31, 2023[21] - Shareholders' equity increased to $19,105 thousand as of March 31, 2024, up from $15,547 thousand as of December 31, 2023[21] Investments and Acquisitions - The acquisition of Admetricks, a digital ad intelligence provider, was announced, indicating continued investment in enhancing data solutions[6] Capital Expenditures - Purchases of property and equipment related to the new headquarters amounted to $1,048,000 in Q1 2024[34] - Capitalized internal use software costs were $433,000 in Q1 2023, with no costs reported in Q1 2024[34] - Payments received from escrow in relation to contingent consideration were $380,000 in Q1 2023, with no payments reported in Q1 2024[34]