Similarweb Announces First Quarter 2024 Results
Similarweb, a leading digital data and analytics company, announced its first quarter 2024 results, showcasing sustained growth in revenue and customer base. The company reported a 12% revenue increase, reaching $59.0 million, and achieved non-GAAP operating profit for the third consecutive quarter. Recent highlights include a record $9.7 million in free cash flow and a 16% increase in the number of customers. The acquisition of Admetricks and the introduction of SAM, an AI-powered Sales Assistant Module, underscore Similarweb's commitment to enhancing its data offerings.
12% revenue growth to $59.0 million
Non-GAAP operating profit achieved for the third consecutive quarter
Record $9.7 million in free cash flow
16% increase in the number of customers
Acquisition of Admetricks and launch of SAM demonstrate commitment to enhancing data solutions
- None.
Insights
Similarweb's recent financial results exhibit a commendable improvement in operational efficiency indicated by a reduction in GAAP operating loss and a switch to non-GAAP operating profit. This reflects a positive shift from a loss-making operation to a potentially sustainable business model, which is important for long-term investor confidence. The emphasis on free cash flow, which turned positive, is particularly noteworthy. Positive free cash flow implies the company is generating more cash than it uses, which is vital for funding growth without relying on external financing.
From a customer growth perspective, a 16% increase in customer numbers alongside a 12% revenue growth year-over-year is a sign of strong market demand for Similarweb's services. It is also encouraging to note the increase in customers with ARR of $100,000 or more, which now represent a greater share of total ARR. This could indicate a deepening penetration into high-value accounts. The consistent dollar-based net retention rate for these high-value customers is a positive indicator of customer satisfaction and product stickiness.
However, investors should be mindful of the remaining performance obligations which have seen a significant year-over-year increase. While this can be indicative of robust future revenues, it also requires careful monitoring to ensure these obligations are met without additional strain on resources.
The acquisition of Admetricks and launch of new AI-powered tools reflect an aggressive investment in product enhancement and expansion, which could bolster the company's competitive edge. Nonetheless, it's important to monitor the integration of these acquisitions to ensure they contribute positively to the bottom line.
The non-GAAP financial measures used by Similarweb signal a better operational picture, but investors should also consider the GAAP measures for a comprehensive assessment of financial health. The inability to provide a reconciliation to GAAP measures due to 'unavailability of reliable estimates' could be seen as a lack of transparency and may warrant caution.
The digital data analytics sector, where Similarweb operates, is characterized by rapid innovation and high competition. Similarweb’s sustained revenue growth and strategic moves, such as the acquisition of Admetricks, indicate an expansion of capabilities that may appeal to an increasingly diverse client base. Their focus on AI and machine learning tools, such as the newly launched SAM, could resonate with the market's growing demand for advanced analytics.
The company's financial outlook for 2024, maintaining steady revenue predictions and improving non-GAAP operating profit forecasts, suggests management confidence in its growth trajectory and cost management. However, this outlook is based on several assumptions and given the external variables that can affect the digital analytics market, such as economic fluctuations and changing customer preferences, investors should treat these projections with cautious optimism.
Despite Similarweb not providing an operating loss and gross margin guidance, the proactive communication to investors about the basis and limitations of their financial outlook is a positive step towards transparency. The emphasis on multi-year subscriptions, now 42% of overall ARR, signals a strategic focus on long-term customer relationships, which can lead to more predictable revenue streams.
Sustained momentum in both top line and bottom line performance
Delivering consecutive quarters of positive free cash flow and non-GAAP operating profit
“Demand for our solutions from customers who value Similarweb Digital Data to make critical business decisions, supported
First Quarter 2024 Financial Highlights
-
Total revenue was
$59.0 million 12% compared to$52.8 million -
GAAP operating loss was
$(2.7) million $(13.1) million -
GAAP net loss per share was
$(0.03) $(0.15) -
Non-GAAP operating profit was
$2.8 million 5% of revenue, compared to non-GAAP operating loss of$(7.2) million -
Non-GAAP operating profit per share was
$0.04 $(0.09)
Recent Business Highlights
-
Generated
$9.7 million 16% free cash flow margin. -
Grew number of customers to 4,844 as of March 31, 2024, an increase of
16% compared to March 31, 2023. -
Grew number of customers with ARR of
$100,000 10% compared to March 31, 2023. -
Customers with ARR of
$100,000 58% of the total ARR as of March 31, 2024, compared to55% as of March 31, 2023. -
Dollar-based net retention rate for customers with ARR of
$100,000 107% in the first quarter of 2024, consistent with the fourth quarter of 2023. -
Overall dollar-based net retention rate was
98% in the first quarter of 2024, consistent with the fourth quarter of 2023. -
Multi-year subscriptions now comprise
42% of our overall ARR as of March 31, 2024, as compared to40% as of March 31, 2023. -
Remaining performance obligations increased
23% year-over-year, to$213.6 million $174.0 million -
Announced the acquisition of Admetricks, a leading digital ad intelligence provider based in
Santiago, Chile .
Financial Outlook
“We remain focused on generating profitable growth as demonstrated in the first quarter with accelerating top line growth as well as continued positive free cash flow and non-GAAP operating profit,” said Jason Schwartz, Chief Financial Officer of Similarweb. “We are maintaining our revenue outlook and improving our outlook for non-GAAP operating profit for the full year 2024. We remain disciplined to support our goal of positive free cash flow and non-GAAP operating profit on a quarterly basis in 2024, while continuing to invest to support the realization of Similarweb's potential.”
-
Q2 2024 Guidance
-
Total revenue estimated between
$60.0 million $60.5 million 12% growth year over year at the mid-point of the range. -
Non-GAAP operating profit estimated between
$1.5 million $2.0 million
-
Total revenue estimated between
-
FY 2024 Guidance
-
Total revenue estimated between
$242.0 million $246.0 million 12% growth year over year at the mid-point of the range. -
Non-GAAP operating profit estimated between
$7.0 million $9.0 million
-
Total revenue estimated between
The Company’s second quarter and full year 2024 financial outlook is based upon a number of assumptions that are subject to change and many of which are outside the Company’s control. Actual results may vary from these assumptions, and the Company’s expectations may change. There can be no assurance that the Company will achieve these results.
The Company does not provide guidance for operating loss and gross margin, the most directly comparable GAAP measures to non-GAAP operating loss and non-GAAP gross margin, respectively, and similarly cannot provide a reconciliation of these measures to their closest GAAP equivalents without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.
Conference Call Information
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 8:30 a.m. Eastern Time on Wednesday, May 8, 2024. A live webcast of the call can be accessed from Similarweb’s Investor Relations website at https://ir.similarweb.com. An archived webcast of the conference call will also be made available on the Similarweb website following the call. The live call may also be accessed via telephone at (888) 645-4404 toll-free and at (862) 298-0702 internationally.
About Similarweb: Similarweb powers the data-driven decisions that help businesses win their market by revealing what is happening online. Similarweb provides businesses with the essential digital data & analytics needed to build strategy, optimize customer acquisition and increase monetization. We enable our users to become the first to discover and capture the best business opportunities and to stay alert and react instantly to emerging threats to their business. Similarweb products are easy to use and integrated into users’ workflow, powered by the most advanced technology, and based on what we believe to be the most comprehensive digital data on the planet.
Learn more: Similarweb | Similarweb Digital Data
Free Tools: Analyze any website or app | Verify your website | Browser extension
Follow us: Blog | LinkedIn | YouTube | Instagram | X
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our guidance for the second quarter and full year of 2024 described under "Financial Outlook". Forward-looking statements include all statements that are not historical facts. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements reflect our current views regarding our intentions, products, services, plans, expectations, strategies and prospects, which are based on information currently available to us and assumptions we have made. Actual results may differ materially from those described in such forward-looking statements and are subject to a number of known and unknown risks, uncertainties, other factors and assumptions that are beyond our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) our expectations regarding our revenue, expenses and other operating results; (ii) our ability to acquire new customers and successfully retain existing customers; (iii) our ability to increase usage of our solutions and upsell and cross-sell additional solutions; (iv) our ability to achieve or sustain profitability; (v) anticipated trends, growth rates, rising interest rates, rising global inflation and current macroeconomic conditions, challenges in our business and in the markets in which we operate, and the impact of
These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Form 20-F filed with the Securities and Exchange Commission on February 28, 2024, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. Except as required by law, we undertake no duty to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Non-GAAP Financial Measures
This press release contains certain financial measures that are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software costs. Normalized free cash flow represents free cash flow less capital investments related to the Company's new headquarters, payments received in connection with these capital investments and deferred payments related to business combinations. Non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses and non-GAAP general and administrative expenses represent the comparable GAAP financial figure operating income (loss) or expense, less share-based compensation, adjustments and payments related to business combinations, amortization of intangible assets and certain other non-recurring items, as applicable and indicated in the below tables.
Other Metrics
Customer acquisition costs (CAC) represent the portion of sales and marketing expenses allocated to acquire new customers. Customer retention costs (CRC) represent the portion of sales and marketing expenses allocated to retain existing customers and to increase existing customers’ subscriptions. Annual recurring revenue (ARR) represents the annualized subscription revenue we would contractually expect to receive from customers assuming no increases or reductions in their subscriptions. CAC payback period is the estimated time in months to recover CAC in terms of incremental gross profit that newly acquired customers generate. Net retention rate (NRR) represents the comparison of our ARR from the same set of customers as of a certain point in time, relative to the same point in time in the previous year ago period, expressed as a percentage.
Similarweb Ltd. Consolidated Balance Sheets
|
|||||||
|
December 31, |
|
March 31, |
||||
|
2023 |
|
2024 |
||||
|
|
|
(Unaudited) |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
71,732 |
|
|
$ |
54,890 |
|
Restricted deposits |
|
10,020 |
|
|
|
10,188 |
|
Accounts receivable, net |
|
47,869 |
|
|
|
41,257 |
|
Deferred contract costs |
|
11,165 |
|
|
|
11,085 |
|
Prepaid expenses and other current assets |
|
5,599 |
|
|
|
6,410 |
|
Total current assets |
|
146,385 |
|
|
|
123,830 |
|
Property and equipment, net |
|
28,630 |
|
|
|
27,620 |
|
Deferred contract costs, non-current |
|
9,845 |
|
|
|
9,512 |
|
Operating lease right-of-use assets |
|
36,007 |
|
|
|
36,828 |
|
Goodwill and Intangible assets, net |
|
17,652 |
|
|
|
21,192 |
|
Other non-current assets |
|
494 |
|
|
|
461 |
|
Total assets |
$ |
239,013 |
|
|
$ |
219,443 |
|
Liabilities and Shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Borrowings under Credit Facility |
$ |
25,000 |
|
|
$ |
— |
|
Accounts payable |
|
8,422 |
|
|
|
5,968 |
|
Payroll and benefit related liabilities |
|
20,437 |
|
|
|
15,757 |
|
Deferred revenue |
|
99,968 |
|
|
|
107,643 |
|
Other payables and accrued expenses |
|
23,263 |
|
|
|
25,853 |
|
Operating lease liabilities |
|
7,095 |
|
|
|
6,412 |
|
Total current liabilities |
|
184,185 |
|
|
|
161,633 |
|
Deferred revenue, non-current |
|
878 |
|
|
|
723 |
|
Operating lease liabilities, non-current |
|
35,329 |
|
|
|
34,562 |
|
Other long-term liabilities |
|
3,074 |
|
|
|
3,420 |
|
Total liabilities |
|
223,466 |
|
|
|
200,338 |
|
Shareholders' equity |
|
|
|
||||
Ordinary Shares, |
|
216 |
|
|
|
221 |
|
Additional paid-in capital |
|
367,558 |
|
|
|
374,361 |
|
Accumulated other comprehensive income |
|
872 |
|
|
|
355 |
|
Accumulated deficit |
|
(353,099 |
) |
|
|
(355,832 |
) |
Total shareholders' equity |
|
15,547 |
|
|
|
19,105 |
|
Total liabilities and shareholders' equity |
$ |
239,013 |
|
|
$ |
219,443 |
|
Similarweb Ltd. Consolidated Statements of Comprehensive Income (Loss)
|
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(Unaudited) |
||||||
Revenue |
$ |
52,750 |
|
|
$ |
58,982 |
|
Cost of revenue |
|
12,076 |
|
|
|
12,696 |
|
Gross profit |
|
40,674 |
|
|
|
46,286 |
|
Operating expenses: |
|
|
|
||||
Research and development |
|
14,351 |
|
|
|
13,539 |
|
Sales and marketing |
|
28,666 |
|
|
|
25,240 |
|
General and administrative |
|
10,737 |
|
|
|
10,191 |
|
Total operating expenses |
|
53,754 |
|
|
|
48,970 |
|
Loss from operations |
|
(13,080 |
) |
|
|
(2,684 |
) |
Finance income, net |
|
1,355 |
|
|
|
455 |
|
Loss before income taxes |
|
(11,725 |
) |
|
|
(2,229 |
) |
Provision for income taxes |
|
109 |
|
|
|
504 |
|
Net loss |
$ |
(11,834 |
) |
|
$ |
(2,733 |
) |
Net loss per share attributable to ordinary shareholders, basic and diluted |
$ |
(0.15 |
) |
|
$ |
(0.03 |
) |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted |
|
76,862,020 |
|
|
|
79,361,522 |
|
|
|
|
|
||||
Net loss |
$ |
(11,834 |
) |
|
$ |
(2,733 |
) |
Other comprehensive loss, net of tax |
|
|
|
||||
Change in unrealized loss on cashflow hedges |
|
(277 |
) |
|
|
(517 |
) |
Total other comprehensive loss, net of tax |
|
(277 |
) |
|
|
(517 |
) |
Total comprehensive loss |
$ |
(12,111 |
) |
|
$ |
(3,250 |
) |
Share-based compensation costs included above:
|
|||||
|
Three Months Ended March 31, |
||||
|
2023 |
|
2024 |
||
|
(Unaudited) |
||||
Cost of revenue |
$ |
155 |
|
$ |
167 |
Research and development |
|
1,390 |
|
|
1,444 |
Sales and marketing |
|
1,374 |
|
|
1,185 |
General and administrative |
|
1,490 |
|
|
1,331 |
Total |
$ |
4,409 |
|
$ |
4,127 |
Similarweb Ltd. Consolidated Statements of Cash Flows
|
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(Unaudited) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(11,834 |
) |
|
$ |
(2,733 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,540 |
|
|
|
2,520 |
|
Finance expense |
|
207 |
|
|
|
236 |
|
Unrealized (gain) loss from hedging future transactions |
|
(27 |
) |
|
|
31 |
|
Share-based compensation |
|
4,409 |
|
|
|
4,127 |
|
Loss (gain) from sale of equipment |
|
2 |
|
|
|
(4 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Change in operating lease right-of-use assets and liabilities, net |
|
(1,225 |
) |
|
|
(2,271 |
) |
Decrease in accounts receivable, net |
|
644 |
|
|
|
6,993 |
|
Decrease in deferred contract costs |
|
1,449 |
|
|
|
413 |
|
Decrease (increase) in other current assets |
|
250 |
|
|
|
(1,324 |
) |
Decrease in other non-current assets |
|
431 |
|
|
|
33 |
|
Decrease in accounts payable |
|
(1,059 |
) |
|
|
(2,463 |
) |
Increase in deferred revenue |
|
7,243 |
|
|
|
6,988 |
|
(Decrease) increase in other non-current liabilities |
|
(94 |
) |
|
|
194 |
|
Decrease in other liabilities and accrued expenses |
|
(2,610 |
) |
|
|
(2,676 |
) |
Net cash provided by operating activities |
|
326 |
|
|
|
10,064 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment, net |
|
(1,132 |
) |
|
|
(364 |
) |
Capitalized internal-use software costs |
|
(433 |
) |
|
|
— |
|
Increase in restricted deposits |
|
(44 |
) |
|
|
(168 |
) |
Payment for business combinations, net of cash acquired |
|
— |
|
|
|
(3,809 |
) |
Net cash used in investing activities |
|
(1,609 |
) |
|
|
(4,341 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from exercise of stock options |
|
1,392 |
|
|
|
2,671 |
|
Repayment of Credit Facility |
|
— |
|
|
|
(25,000 |
) |
Payments of contingent consideration, net |
|
(2,363 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(971 |
) |
|
|
(22,329 |
) |
Effect of exchange rates on cash and cash equivalents |
|
(207 |
) |
|
|
(236 |
) |
Net decrease in cash and cash equivalents |
|
(2,461 |
) |
|
|
(16,842 |
) |
Cash and cash equivalents, beginning of period |
|
77,810 |
|
|
|
71,732 |
|
Cash and cash equivalents, end of period |
$ |
75,349 |
|
|
$ |
54,890 |
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
||||
Interest paid (received), net |
$ |
6 |
|
|
$ |
(235 |
) |
Taxes paid |
$ |
55 |
|
|
$ |
831 |
|
Supplemental disclosure of non-cash financing activities: |
|
|
|
||||
Additions to operating lease right-of-use assets and liabilities |
$ |
170 |
|
|
$ |
2,398 |
|
Deferred proceeds from exercise of share options included in other current assets |
$ |
16 |
|
|
$ |
20 |
|
Deferred costs of property and equipment incurred during the period included in accounts payable |
$ |
121 |
|
|
$ |
142 |
|
Deferred payments in relation to business combinations held in escrow |
$ |
1,269 |
|
|
$ |
— |
|
|
|
|
|
||||
Schedule A: Business combinations |
|
|
|
||||
Working capital (deficit), net (excluding cash and cash equivalents) |
$ |
— |
|
|
$ |
(217 |
) |
Property, plant and equipment |
|
— |
|
|
|
18 |
|
Goodwill and other intangible assets |
|
— |
|
|
|
4,660 |
|
Deferred taxes, net |
|
— |
|
|
|
(152 |
) |
|
|
— |
|
|
|
4,309 |
|
Less non-cash: |
|
|
|
||||
Deferred cash payments |
|
— |
|
|
|
(500 |
) |
Total |
$ |
— |
|
|
$ |
3,809 |
|
|
|
|
|
||||
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Reconciliation of GAAP gross profit to non-GAAP gross profit |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(In thousands) |
||||||
GAAP gross profit |
$ |
40,674 |
|
|
$ |
46,286 |
|
Add: |
|
|
|
||||
Share-based compensation expenses |
|
155 |
|
|
|
167 |
|
Retention payments related to business combinations |
|
88 |
|
|
|
— |
|
Amortization of intangible assets related to business combinations |
|
1,168 |
|
|
|
1,087 |
|
Non-GAAP gross profit |
$ |
42,085 |
|
|
$ |
47,540 |
|
Non-GAAP gross margin |
|
80 |
% |
|
|
81 |
% |
Reconciliation of Loss from operations (GAAP) to Non-GAAP operating (loss) income |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(In thousands) |
||||||
Loss from operations |
$ |
(13,080 |
) |
|
$ |
(2,684 |
) |
Add: |
|
|
|
||||
Share-based compensation expenses |
|
4,409 |
|
|
|
4,127 |
|
Retention payments related to business combinations |
|
282 |
|
|
|
228 |
|
Amortization of intangible assets related to business combinations |
|
1,202 |
|
|
|
1,121 |
|
Non-recurring expenses related to termination of lease agreement and others |
|
13 |
|
|
|
— |
|
Non-GAAP operating (loss) income |
$ |
(7,174 |
) |
|
$ |
2,792 |
|
Non-GAAP operating margin |
|
(14 |
)% |
|
|
5 |
% |
Reconciliation of GAAP operating expenses to non-GAAP operating expenses |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(In thousands) |
||||||
GAAP research and development |
$ |
14,351 |
|
|
$ |
13,539 |
|
Less: |
|
|
|
||||
Share-based compensation expenses |
|
1,390 |
|
|
|
1,444 |
|
Non-GAAP research and development |
$ |
12,961 |
|
|
$ |
12,095 |
|
Non-GAAP research and development margin |
|
25 |
% |
|
|
21 |
% |
|
|
|
|
||||
GAAP sales and marketing |
$ |
28,666 |
|
|
$ |
25,240 |
|
Less: |
|
|
|
||||
Share-based compensation expenses |
|
1,374 |
|
|
|
1,185 |
|
Retention payments related to business combinations |
|
194 |
|
|
|
228 |
|
Amortization of intangible assets related to business combinations |
|
34 |
|
|
|
34 |
|
Non-recurring expenses related to termination of lease agreement and others |
|
13 |
|
|
|
— |
|
Non-GAAP sales and marketing |
$ |
27,051 |
|
|
$ |
23,793 |
|
Non-GAAP sales and marketing margin |
|
51 |
% |
|
|
40 |
% |
|
|
|
|
||||
GAAP general and administrative |
$ |
10,737 |
|
|
$ |
10,191 |
|
Less: |
|
|
|
||||
Share-based compensation expenses |
|
1,490 |
|
|
|
1,331 |
|
Non-GAAP general and administrative |
$ |
9,247 |
|
|
$ |
8,860 |
|
Non-GAAP general and administrative margin |
|
18 |
% |
|
|
15 |
% |
Reconciliation of Net cash provided by operating activities (GAAP) to Free cash flow and Normalized free cash flow |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2024 |
||||
|
(In thousands) |
||||||
Net cash provided by operating activities |
$ |
326 |
|
|
$ |
10,064 |
|
Purchases of property and equipment, net |
|
(1,132 |
) |
|
|
(364 |
) |
Capitalized internal use software costs |
|
(433 |
) |
|
|
— |
|
Free cash flow |
$ |
(1,239 |
) |
|
$ |
9,700 |
|
|
|
|
|
||||
Purchases of property and equipment related to the new headquarters |
|
1,048 |
|
|
|
— |
|
Payments received from escrow in relation to contingent consideration |
|
(380 |
) |
|
|
— |
|
Normalized free cash flow |
$ |
(571 |
) |
|
$ |
9,700 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507429014/en/
Press Contact:
David Carr
Similarweb
press@similarweb.com
Investor Contact:
Rami Myerson
Similarweb
rami.myerson@similarweb.com
Source: Similarweb Ltd.
FAQ
What were Similarweb's total revenue and operating profit for the first quarter of 2024?
How many customers did Similarweb have as of March 31, 2024?
What was Similarweb's dollar-based net retention rate in the first quarter of 2024?
What is Similarweb's financial outlook for Q2 2024 and FY 2024?
