New Relic Announces Third Quarter Fiscal Year 2023 Results
New Relic reported Q3 FY2023 revenue of $239.8 million, an 18% year-over-year increase from $203.6 million. Gross margin rose to 74.4%, up from 66.2%, while non-GAAP gross margin reached 77.6%. The company narrowed its loss from operations to $(29.1) million, improving $22.8 million year-over-year. Non-GAAP operating income was $18.7 million, contrasting with a $(10.6) million loss last year. New Relic is guiding Q4 revenue between $240 million and $242 million, reflecting year-over-year growth of 16.6%-17.6%. The company added over 800 new paid customers and expanded its offerings, enhancing its market position.
- Revenue increased 18% year-over-year to $239.8 million.
- GAAP gross margin improved by 8.2 points to 74.4%.
- Non-GAAP operating income rose to $18.7 million from a loss of $10.6 million.
- Over 800 new paid platform customers added in Q3.
- Continued operational loss of $(29.1) million.
- GAAP net loss per share at $(0.38) compared to $(0.96) last year.
Focused execution led to revenue of
GAAP gross margin increased 8 pts., non-GAAP gross margin increased 9 pts. to
GAAP and non-GAAP operating margin improved 13 pts., non-GAAP profitability hit
“We executed the quarter with relentless focus on our customers, product innovation and operations, and beat the high end of our guidance for revenue and profitability,” said
Fiscal 2023 Third Quarter Results:
-
Revenue: Third quarter revenue was
, up$239.8 million 18% from one year ago.$203.6 million -
Gross Margin and Non-GAAP Gross Margin(1): Third quarter gross margin was
74.4% , compared to66.2% one year ago, an increase of 8.2 percentage points year over year. Non-GAAP gross margin for the third quarter was77.6% , compared to68.2% one year ago, up 9.4 percentage points year over year. -
Operating Income and Non-GAAP Operating Income(1): Third quarter loss from operations was
, compared to$(29.1) million one year ago, an improvement of$(51.9) million year over year, and an improvement of$22.8 million quarter over quarter. Non-GAAP operating income for the third quarter was$16.2 million , compared to$18.7 million loss one year ago, an increase of$(10.6) million year over year, and an increase of$29.3 million quarter over quarter.$11.8 million -
Operating Margin and Non-GAAP Operating Margin(1): Third quarter operating margin was (12.1)%, compared to (25.5)% one year ago, an increase of 13.4 percentage points year over year. Non-GAAP operating margin for the third quarter was
7.8% , compared to (5.2)% one year ago, up 13.0 percentage points year over year. -
Net Income Per Share and Non-GAAP Net Income Per Share(1): For the third quarter, fully diluted net loss per share was
, compared to$(0.38) one year ago, while non-GAAP fully diluted net income per share was$(0.96) , compared to$0.32 loss per share one year ago.$(0.18) -
Cash, Cash Equivalents and Short-Term Investments: Third quarter cash, cash equivalents and short-term investments were
.$800.2 million -
Cash Flows From Operating Activities and Free Cash Flow: Trailing four quarter cash flows from operating activities was
, compared to$30.7 million one year ago, an increase of$(17.8) million year over year. Trailing four quarter free cash flow was$48.5 million , compared to$9.9 million one year ago, an increase of$(37.1) million year over year.$47.0 million
Recent Business Highlights:
-
Landing New Customers — Its product-led growth (PLG) engine again added more than 800 net new paid platform customers during the third quarter. In addition, enterprise customers like BlackLine, Pandora,
Hong Kong Airport Authority , and Veritas committed to theNew Relic all-in-one platform as the observability platform for their businesses. - Expanding into DevSecOps — Launched vulnerability management for general availability to help enterprises monitor their software security posture along with performance in one connected platform. Vulnerability management is now available out of the box to all eligible customers and available without additional configuration.
-
Expanding its Cloud with Microsoft — Launched Azure Native service to allow all Azure customers to natively install supported
New Relic agents from inside Azure. Customers can now discover, onboard and pay forNew Relic via Azure marketplace and spend down Azure consumption commitments. In addition, they can choose to store theirNew Relic telemetry data in Azure. - Broadening Platform Breadth — Launched change tracking for general availability, collaboration public preview, upgraded error tracking, Data Plus for self-service customers, Roku monitoring, and 10+ other significant innovations to give developers and engineers more integrated capabilities that alternate providers sell separately.
-
Growing its Technology Partner Ecosystem —
New Relic continued to grow its technology partner ecosystem, and now offers integrations with 525+ cloud services, open source tools, and enterprise technologies to empower every engineer to start with observability in minutes.
Financial Outlook:
-
Revenue between
and$240 million , representing year-over-year growth of$242 million 16.6% and17.6% respectively. -
Non-GAAP operating income between
and$12 million (2).$14 million -
Non-GAAP net income attributable to
New Relic per diluted share between and$0.20 (2).$0.23
-
Revenue between
and$923.1 million , representing year-over-year growth of$925.1 million 17.5% and17.8% respectively. -
Non-GAAP operating income between
and$20.4 million (2).$22.4 million -
Non-GAAP net income attributable to
New Relic per diluted share between and$0.40 (2).$0.43
Conference Call Information:
What: |
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When: |
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Online Registration: |
_______
(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation from GAAP to Non-GAAP Results” below for details.
(2)
About
As a leader in observability,
Forward-Looking Statements
This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding: (a) our expectations regarding future financial performance, including our revenue outlook, and our underlying assumptions about demand, customer behavior, and our positioning for growth and continued profitability; (b) our plans and intentions to win new customers, expand existing relationships, and further expand our platform; (c) our commitment to certain initiatives and strategic plans and our ability to accomplish them, including our areas of focus and plans for growth; (d) expectations for our products, including Vulnerability Management, and anticipated customer adoption; (e) expectations for the results of our broader platform and technology partnership initiatives, including availability on Azure Native and integration of features; (f) our outlook on financial results for the fourth quarter and the full year of fiscal 2023, including as to revenue, expected year-over-year revenue growth, non-GAAP income from operations, non-GAAP net income attributable to
The risks and uncertainties referred to above include, but are not limited to, New Relic’s ability to determine optimal prices for its products and the potential challenges presented by New Relic’s evolving pricing models; the effect of the macroeconomic factors on New Relic’s business and on global economies and financial markets generally; unfavorable movements in foreign currency exchange rates; New Relic’s ability to generate sufficient revenue to achieve and sustain profitability, particularly in light of its significant ongoing expenses; New Relic’s short operating history in an evolving industry; New Relic’s ability to manage its significant recent growth; the dependence of New Relic’s business on its customers remaining on its platform and increasing their spend with
Further information on these and other factors that could affect New Relic’s financial results and the forward-looking statements in this press release and in the earnings call referencing this press release is included in the filings
All information provided in this press release and in the earnings call is as of the date hereof and
Non-GAAP Financial Measures
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Management believes these non-GAAP financial measures are useful to investors and others in assessing New Relic’s operating performance due to the following factors:
Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs.
Amortization of purchased intangibles.
Employer payroll tax expense on equity incentive plans.
Amortization of debt discount and issuance costs. Following New Relic’s adoption of ASU No. 2020-06, Accounting for Convertible Instruments and Contract on an Entity’s Own Equity, the expense for the amortization of debt issuance costs (including those attributable to New Relic’s convertible senior notes due in 2023) is a non-cash item, and
Transaction costs related to acquisitions.
Lawsuit litigation cost and other expense.
Net loss and adjustment to redeemable non-controlling interest.
Restructuring charges. In
Anti-dilutive impact of capped call transactions. In connection with the issuance of its convertible senior notes due in 2023,
Additionally, New Relic’s management believes that the non-GAAP financial measure free cash flow is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures and the capitalization of software development costs due to the fact that these expenditures are considered to be a necessary component of ongoing operations.
Operating Metrics
Active Customer Accounts.
Number of Active Customer Accounts with Revenue Greater than
Percentage of Revenue from Active Customer Accounts Greater than
Net Revenue Retention Rate (“NRR”). NRR monitors the growth in use of New Relic’s platform by its existing active customer accounts and allows
All product and company names herein may be trademarks of their registered owners.
Condensed Consolidated Statements of Operations (In thousands, except per share data; unaudited) |
|||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Revenue | $ |
239,763 |
|
$ |
203,591 |
|
$ |
683,134 |
|
$ |
579,769 |
|
|||
Cost of revenue |
|
61,316 |
|
|
68,793 |
|
|
189,992 |
|
|
192,319 |
|
|||
Gross profit |
|
178,447 |
|
|
134,798 |
|
|
493,142 |
|
|
387,450 |
|
|||
Operating expenses: | |||||||||||||||
Research and development |
|
69,261 |
|
|
53,362 |
|
|
202,760 |
|
|
153,460 |
|
|||
Sales and marketing |
|
95,477 |
|
|
97,723 |
|
|
296,100 |
|
|
293,603 |
|
|||
General and administrative |
|
42,799 |
|
|
35,614 |
|
|
124,312 |
|
|
113,193 |
|
|||
Total operating expenses |
|
207,537 |
|
|
186,699 |
|
|
623,172 |
|
|
560,256 |
|
|||
Loss from operations |
|
(29,090 |
) |
|
(51,901 |
) |
|
(130,030 |
) |
|
(172,806 |
) |
|||
Other income (expense): | |||||||||||||||
Interest income |
|
4,685 |
|
|
575 |
|
|
8,220 |
|
|
2,237 |
|
|||
Interest expense |
|
(1,283 |
) |
|
(1,228 |
) |
|
(3,748 |
) |
|
(3,682 |
) |
|||
Other income (expense) |
|
192 |
|
|
(268 |
) |
|
190 |
|
|
(647 |
) |
|||
Loss before income taxes |
|
(25,496 |
) |
|
(52,822 |
) |
|
(125,368 |
) |
|
(174,898 |
) |
|||
Income tax provision |
|
1,116 |
|
|
763 |
|
|
1,002 |
|
|
816 |
|
|||
Net loss | $ |
(26,612 |
) |
$ |
(53,585 |
) |
$ |
(126,370 |
) |
$ |
(175,714 |
) |
|||
Net loss and adjustment attributable to redeemable non-controlling interest |
|
607 |
|
|
(9,121 |
) |
|
3,351 |
|
|
(19,175 |
) |
|||
Net loss attributable to |
$ |
(26,005 |
) |
$ |
(62,706 |
) |
$ |
(123,019 |
) |
$ |
(194,889 |
) |
|||
Net loss attributable to |
$ |
(0.38 |
) |
$ |
(0.96 |
) |
$ |
(1.83 |
) |
$ |
(3.04 |
) |
|||
Weighted-average shares used to compute net loss per share, basic and diluted |
|
68,050 |
|
|
64,983 |
|
|
67,229 |
|
|
64,203 |
|
Condensed Consolidated Balance Sheets (In thousands, except par value; unaudited) |
|||||||
|
|
|
|||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ |
506,815 |
|
$ |
268,695 |
|
|
Short-term investments |
|
293,356 |
|
|
559,984 |
|
|
Accounts receivable, net of allowances of |
|
197,926 |
|
|
226,182 |
|
|
Prepaid expenses and other current assets |
|
21,433 |
|
|
29,447 |
|
|
Deferred contract acquisition costs |
|
16,805 |
|
|
24,058 |
|
|
Total current assets |
|
1,036,335 |
|
|
1,108,366 |
|
|
Property and equipment, net |
|
54,114 |
|
|
68,368 |
|
|
Restricted cash |
|
5,786 |
|
|
5,775 |
|
|
|
172,298 |
|
|
163,677 |
|
||
Intangible assets, net |
|
13,986 |
|
|
15,636 |
|
|
Deferred contract acquisition costs, non-current |
|
6,691 |
|
|
10,463 |
|
|
Lease right-of-use assets |
|
40,304 |
|
|
50,465 |
|
|
Other assets, non-current |
|
5,657 |
|
|
4,916 |
|
|
Total assets | $ |
1,335,171 |
|
$ |
1,427,666 |
|
|
Liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ |
29,261 |
|
$ |
32,545 |
|
|
Accrued compensation and benefits |
|
40,446 |
|
|
37,023 |
|
|
Other current liabilities |
|
26,472 |
|
|
36,098 |
|
|
Convertible senior notes, current |
|
499,486 |
|
|
- |
|
|
Deferred revenue |
|
294,759 |
|
|
398,754 |
|
|
Lease liabilities |
|
11,233 |
|
|
11,103 |
|
|
Total current liabilities |
|
901,657 |
|
|
515,523 |
|
|
Convertible senior notes, net |
|
- |
|
|
497,663 |
|
|
Lease liabilities, non-current |
|
40,983 |
|
|
49,809 |
|
|
Deferred revenue, non-current |
|
7,243 |
|
|
108 |
|
|
Other liabilities, non-current |
|
24,856 |
|
|
20,173 |
|
|
Total liabilities |
|
974,739 |
|
|
1,083,276 |
|
|
Redeemable non-controlling interest |
|
18,335 |
|
|
21,686 |
|
|
Stockholders’ equity: | |||||||
Common stock, |
|
68 |
|
|
66 |
|
|
|
(263 |
) |
|
(263 |
) |
||
Additional paid-in capital |
|
1,258,562 |
|
|
1,114,221 |
|
|
Accumulated other comprehensive loss |
|
(9,943 |
) |
|
(8,012 |
) |
|
Accumulated deficit |
|
(906,327 |
) |
|
(783,308 |
) |
|
Total stockholders’ equity |
|
342,097 |
|
|
322,704 |
|
|
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ |
1,335,171 |
|
$ |
1,427,666 |
|
Condensed Consolidated Statements of Cash Flows (In thousands; unaudited) |
|||||||
Nine Months Ended |
|||||||
2022 |
|
2021 |
|||||
Cash flows from operating activities: | |||||||
Net loss attributable to |
$ |
(123,019 |
) |
$ |
(194,889 |
) |
|
Net loss and adjustment attributable to redeemable non-controlling interest |
|
(3,351 |
) |
|
19,175 |
|
|
Net loss: | $ |
(126,370 |
) |
$ |
(175,714 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization |
|
50,989 |
|
|
66,787 |
|
|
Stock-based compensation expense |
|
115,413 |
|
|
117,549 |
|
|
Amortization of debt discount and issuance costs |
|
1,823 |
|
|
1,766 |
|
|
Loss on facilities exit |
|
10,840 |
|
|
- |
|
|
Other |
|
2,008 |
|
|
(204 |
) |
|
Changes in operating assets and liabilities, net of acquisition of businesses: | |||||||
Accounts receivable, net |
|
27,999 |
|
|
(3,053 |
) |
|
Prepaid expenses and other assets |
|
5,277 |
|
|
(2,990 |
) |
|
Deferred contract acquisition costs |
|
(8,711 |
) |
|
(1,668 |
) |
|
Lease right-of-use assets |
|
7,919 |
|
|
6,743 |
|
|
Accounts payable |
|
(3,808 |
) |
|
2,922 |
|
|
Accrued compensation and benefits and other liabilities |
|
2,911 |
|
|
14,650 |
|
|
Lease liabilities |
|
(8,696 |
) |
|
(5,888 |
) |
|
Deferred revenue |
|
(96,859 |
) |
|
(67,228 |
) |
|
Net cash used in operating activities |
|
(19,265 |
) |
|
(46,328 |
) |
|
Cash flows from investing activities: | |||||||
Purchases of property and equipment |
|
(2,774 |
) |
|
(3,177 |
) |
|
Proceeds from sale of property and equipment |
|
1,773 |
|
|
- |
|
|
Cash paid for acquisition, net of cash acquired |
|
(7,507 |
) |
|
(7,192 |
) |
|
Purchases of short-term investments |
|
(50,373 |
) |
|
(175,668 |
) |
|
Proceeds from sale and maturity of short-term investments |
|
313,975 |
|
|
212,328 |
|
|
Capitalized software development costs |
|
(12,194 |
) |
|
(9,406 |
) |
|
Net cash provided by investing activities |
|
242,900 |
|
|
16,885 |
|
|
Cash flows from financing activities: | |||||||
Proceeds from employee stock purchase plan |
|
6,062 |
|
|
5,417 |
|
|
Proceeds from exercise of employee stock options |
|
8,434 |
|
|
29,165 |
|
|
Net cash provided by financing activities |
|
14,496 |
|
|
34,582 |
|
|
Net increase in cash, cash equivalents and restricted cash |
|
238,131 |
|
|
5,139 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
274,470 |
|
|
246,463 |
|
|
Cash, cash equivalents and restricted cash at end of period | $ |
512,601 |
|
$ |
251,602 |
|
Reconciliation from GAAP to Non-GAAP Results (In thousands, except per share data; unaudited) |
|||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Reconciliation of gross profit and gross margin: | |||||||||||||||
GAAP gross profit | $ |
178,447 |
|
$ |
134,798 |
|
$ |
493,142 |
|
$ |
387,450 |
|
|||
Plus: Stock-based compensation |
|
1,174 |
|
|
1,382 |
|
|
4,051 |
|
|
3,757 |
|
|||
Plus: Amortization of purchased intangibles |
|
4,467 |
|
|
2,006 |
|
|
9,050 |
|
|
5,358 |
|
|||
Plus: Amortization of stock-based compensation capitalized in software development costs |
|
2,024 |
|
|
640 |
|
|
3,517 |
|
|
1,680 |
|
|||
Plus: Employer payroll tax on employee equity incentive plans |
|
47 |
|
|
63 |
|
|
166 |
|
|
168 |
|
|||
Plus: Restructuring charges (1) |
|
- |
|
|
- |
|
|
407 |
|
|
- |
|
|||
Non-GAAP gross profit | $ |
186,159 |
|
$ |
138,889 |
|
$ |
510,333 |
|
$ |
398,413 |
|
|||
GAAP gross margin |
|
74.4 |
% |
|
66.2 |
% |
|
72.2 |
% |
|
66.8 |
% |
|||
Non-GAAP adjustments |
|
3.2 |
% |
|
2.0 |
% |
|
2.5 |
% |
|
1.9 |
% |
|||
Non-GAAP gross margin |
|
77.6 |
% |
|
68.2 |
% |
|
74.7 |
% |
|
68.7 |
% |
|||
Reconciliation of operating expenses: | |||||||||||||||
GAAP research and development | $ |
69,261 |
|
$ |
53,362 |
|
$ |
202,760 |
|
$ |
153,460 |
|
|||
Less: Stock-based compensation expense |
|
(14,977 |
) |
|
(13,117 |
) |
|
(42,705 |
) |
|
(36,228 |
) |
|||
Less: Employer payroll tax on employee equity incentive plans |
|
(230 |
) |
|
(301 |
) |
|
(849 |
) |
|
(861 |
) |
|||
Less: Restructuring charges (1) |
|
- |
|
|
- |
|
|
(1,435 |
) |
|
- |
|
|||
Non-GAAP research and development | $ |
54,054 |
|
$ |
39,944 |
|
$ |
157,771 |
|
$ |
116,371 |
|
|||
GAAP sales and marketing | $ |
95,477 |
|
$ |
97,723 |
|
$ |
296,100 |
|
$ |
293,603 |
|
|||
Less: Stock-based compensation expense |
|
(12,556 |
) |
|
(12,537 |
) |
|
(36,013 |
) |
|
(37,619 |
) |
|||
Less: Employer payroll tax on employee equity incentive plans |
|
(132 |
) |
|
(182 |
) |
|
(488 |
) |
|
(570 |
) |
|||
Less: Restructuring charges (1) |
|
- |
|
|
143 |
|
|
(3,757 |
) |
|
(10,925 |
) |
|||
Non-GAAP sales and marketing | $ |
82,789 |
|
$ |
85,147 |
|
$ |
255,842 |
|
$ |
244,489 |
|
|||
GAAP general and administrative | $ |
42,799 |
|
$ |
35,614 |
|
$ |
124,312 |
|
$ |
113,193 |
|
|||
Less: Stock-based compensation expense |
|
(11,972 |
) |
|
(10,755 |
) |
|
(32,644 |
) |
|
(39,945 |
) |
|||
Less: Transaction costs related to acquisitions |
|
- |
|
|
- |
|
|
(929 |
) |
|
(361 |
) |
|||
Less: Lawsuit litigation cost and other expense |
|
- |
|
|
(59 |
) |
|
(88 |
) |
|
(59 |
) |
|||
Less: Employer payroll tax on employee equity incentive plans |
|
(210 |
) |
|
(410 |
) |
|
(728 |
) |
|
(953 |
) |
|||
Less: Restructuring charges (1) |
|
- |
|
|
8 |
|
|
(1,610 |
) |
|
(1,194 |
) |
|||
Non-GAAP general and administrative | $ |
30,617 |
|
$ |
24,398 |
|
$ |
88,313 |
|
$ |
70,681 |
|
|||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||||||
GAAP loss from operations | $ |
(29,090 |
) |
$ |
(51,901 |
) |
$ |
(130,030 |
) |
$ |
(172,806 |
) |
|||
Plus: Stock-based compensation expense |
|
40,679 |
|
|
37,791 |
|
|
115,413 |
|
|
117,549 |
|
|||
Plus: Amortization of purchased intangibles |
|
4,467 |
|
|
2,006 |
|
|
9,050 |
|
|
5,358 |
|
|||
Plus: Transaction costs related to acquisitions |
|
- |
|
|
- |
|
|
929 |
|
|
361 |
|
|||
Plus: Amortization of stock-based compensation capitalized in software development costs |
|
2,024 |
|
|
640 |
|
|
3,517 |
|
|
1,680 |
|
|||
Plus: Lawsuit litigation cost and other expense |
|
- |
|
|
59 |
|
|
88 |
|
|
59 |
|
|||
Plus: Employer payroll tax on employee equity incentive plans |
|
619 |
|
|
956 |
|
|
2,231 |
|
|
2,552 |
|
|||
Plus: Restructuring charges (1) |
|
- |
|
|
(151 |
) |
|
7,210 |
|
|
12,119 |
|
|||
Non-GAAP income (loss) from operations | $ |
18,699 |
|
$ |
(10,600 |
) |
$ |
8,408 |
|
$ |
(33,128 |
) |
|||
GAAP operating margin |
|
-12.1 |
% |
|
-25.5 |
% |
|
-19.0 |
% |
|
-29.8 |
% |
|||
Non-GAAP adjustments |
|
19.9 |
% |
|
20.3 |
% |
|
20.3 |
% |
|
24.1 |
% |
|||
Non-GAAP operating margin |
|
7.8 |
% |
|
-5.2 |
% |
|
1.3 |
% |
|
-5.7 |
% |
|||
Reconciliation of net income (loss): | |||||||||||||||
GAAP net loss attributable to |
$ |
(26,005 |
) |
$ |
(62,706 |
) |
$ |
(123,019 |
) |
$ |
(194,889 |
) |
|||
Plus: Stock-based compensation expense |
|
40,679 |
|
|
37,791 |
|
|
115,413 |
|
|
117,549 |
|
|||
Plus: Amortization of purchased intangibles |
|
4,467 |
|
|
2,006 |
|
|
9,050 |
|
|
5,358 |
|
|||
Plus: Transaction costs related to acquisitions |
|
- |
|
|
- |
|
|
929 |
|
|
361 |
|
|||
Plus: Amortization of stock-based compensation capitalized in software development costs |
|
2,024 |
|
|
640 |
|
|
3,517 |
|
|
1,680 |
|
|||
Plus: Lawsuit litigation cost and other expense |
|
- |
|
|
59 |
|
|
88 |
|
|
59 |
|
|||
Plus: Employer payroll tax on employee equity incentive plans |
|
619 |
|
|
956 |
|
|
2,231 |
|
|
2,552 |
|
|||
Plus: Amortization of debt discount and issuance costs |
|
636 |
|
|
590 |
|
|
1,823 |
|
|
1,766 |
|
|||
Plus: Net loss and adjustment to redeemable non-controlling interest (2) |
|
(607 |
) |
|
9,121 |
|
|
(3,351 |
) |
|
19,175 |
|
|||
Plus: Restructuring charges (1) |
|
- |
|
|
(151 |
) |
|
7,210 |
|
|
12,119 |
|
|||
Non-GAAP net income (loss) attributable to |
$ |
21,813 |
|
$ |
(11,694 |
) |
$ |
13,891 |
|
$ |
(34,270 |
) |
|||
Non-GAAP net income (loss) attributable to |
|||||||||||||||
Basic | $ |
0.32 |
|
$ |
(0.18 |
) |
$ |
0.21 |
|
$ |
(0.53 |
) |
|||
Diluted | $ |
0.32 |
|
$ |
(0.18 |
) |
$ |
0.20 |
|
$ |
(0.53 |
) |
|||
Shares used in non-GAAP per share calculations: | |||||||||||||||
Basic |
|
68,050 |
|
|
64,983 |
|
|
67,229 |
|
|
64,203 |
|
|||
Diluted |
|
68,823 |
|
|
64,983 |
|
|
67,805 |
|
|
64,203 |
|
(1) For the nine months ended |
(2) Beginning from the period ended |
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (In thousands; unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Net cash used in operating activities | $ |
(24,828 |
) |
$ |
(19,197 |
) |
$ |
(19,265 |
) |
$ |
(46,328 |
) |
|||
Capital expenditures |
|
(358 |
) |
|
(351 |
) |
|
(2,774 |
) |
|
(3,177 |
) |
|||
Capitalized software development costs |
|
(4,287 |
) |
|
(3,359 |
) |
|
(12,194 |
) |
|
(9,406 |
) |
|||
Free cash flows (Non-GAAP) | $ |
(29,473 |
) |
$ |
(22,907 |
) |
$ |
(34,233 |
) |
$ |
(58,911 |
) |
|||
Net cash provided by investing activities | $ |
58,654 |
|
$ |
11,687 |
|
$ |
242,900 |
|
$ |
16,885 |
|
|||
Net cash provided by financing activities | $ |
1,932 |
|
$ |
21,551 |
|
$ |
14,496 |
|
$ |
34,582 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005705/en/
Investor Contact
Ingo Friedrichowitz
IR@newrelic.com
Media Contact
PR@newrelic.com
Source:
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