Freshworks(NASDAQ:FRSH) 
Freshworks Inc. provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks.
Website: https://www.freshworks.com/
Founded: 2010
IPO Price: $36 (Sep 22, 2021)
Full Time Employees: 4,300
CEO / Founder: Girish Mathrubootham
Sector: Technology
Industry: Technology
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At a glance:
- Achieving Consistent Profitability and Positive Free Cash Flow: Freshworks has demonstrated significant financial improvement, reporting consistent non-GAAP operating profitability and positive free cash flow in recent quarters, moving beyond earlier negative cash flow trajectories.
- Solid Revenue Growth Driven by Subscription Services: The company continues to deliver strong revenue growth, primarily fueled by its subscription-based software solutions for customer service, IT management, and sales, with subscription revenue increasing over 20% year-over-year.
- Expanding Enterprise Footprint with AI-Enhanced Products: Freshworks is actively growing its customer base, particularly among larger enterprises, and is integrating advanced AI capabilities across its product suite to enhance automation, user experience, and value for its customers.
Bull Thesis:
- Strong Product Portfolio and AI Integration: Freshworks offers a comprehensive suite of products (CRM, ITSM, Customer Service, HR) that cater to SMBs and increasingly mid-market. Their 'Freddy AI' capabilities are being integrated across products, enhancing user experience, automation, and differentiation against competitors, driving stickiness and value for customers.
- Expanding Addressable Market and Upselling Potential: The company is successfully moving upmarket, attracting larger customers and expanding its total addressable market. There's significant potential for cross-selling and upselling existing customers with additional products from their integrated suite, leading to higher average revenue per user (ARPU) and improved customer lifetime value.
- Improving Profitability and Operating Leverage: While still investing for growth, Freshworks has demonstrated improving gross margins and a clear path towards operating leverage. The company is showing progress in controlling operating expenses relative to revenue growth, indicating a future trajectory towards sustainable profitability and positive free cash flow as it scales.
- Attractive Valuation Post-Correction: After a significant correction from its IPO highs, Freshworks' stock may present an attractive entry point. Its current valuation, when considered against its consistent revenue growth, expanding product suite, and improving financial metrics, could be undervalued relative to its long-term potential in the cloud software market.
Bear Thesis:
- Intense Competition and Market Saturation: Freshworks operates in highly competitive markets against well-established giants like Salesforce, ServiceNow, Zendesk, and HubSpot, as well as numerous niche players. This intense competition can lead to pricing pressure, higher customer acquisition costs, and challenges in gaining significant market share, especially in the mid-market and enterprise segments.
- Slowing Revenue Growth Rate: While still growing, Freshworks has experienced a deceleration in its revenue growth rate. For a high-growth tech company, a sustained slowdown can concern investors, particularly if it's not accompanied by a rapid acceleration in profitability or a clear catalyst for re-acceleration, potentially impacting its growth stock premium.
- Negative Free Cash Flow and Path to Profitability: Despite improving gross margins, Freshworks continues to report negative free cash flow. Investors are increasingly scrutinizing the path to sustainable profitability and positive cash generation. A prolonged period of negative free cash flow, especially in a tighter economic environment, could pressure the stock.
- Macroeconomic Headwinds and SMB Vulnerability: A significant portion of Freshworks' customer base consists of small and medium-sized businesses (SMBs). SMBs are often more susceptible to economic downturns, inflation, and rising interest rates, which could lead to higher churn rates, reduced spending on software, and slower new customer acquisition for Freshworks.
Main Competitors:
- Zendesk (Zendesk Suite), Directly competes with Freshdesk and Freshchat by offering a comprehensive suite of customer service and engagement tools, including ticketing, live chat, voice, and self-service knowledge bases, often targeting similar SMB to enterprise segments. Zendesk was acquired and delisted from public trading.
- Salesforce ($CRM) (Salesforce Customer 360 (Sales Cloud, Service Cloud, Marketing Cloud)), A dominant enterprise competitor across Freshworks' core offerings. Salesforce Sales Cloud competes with Freshsales, Service Cloud with Freshdesk, and Marketing Cloud with Freshmarketer, often targeting larger enterprises but also having offerings for mid-market.
- HubSpot ($HUBS) (HubSpot CRM Platform (Service Hub, Sales Hub, Marketing Hub)), Competes strongly with Freshworks in the SMB and mid-market segments, offering an integrated platform for CRM, sales automation, marketing automation, and customer service, directly challenging Freshsales, Freshmarketer, and Freshdesk.
- ServiceNow ($NOW) (IT Service Management (ITSM)), The leading enterprise competitor for Freshservice, offering a robust and scalable platform for IT service management, IT operations management, and other digital workflow solutions, primarily targeting large enterprises and government organizations.
Moat:
Freshworks operates in highly competitive markets for customer service, IT service management, and CRM software. Its primary competitive advantages often stem from its user-friendly interface, rapid deployment, and attractive pricing model, making it a strong contender for small to mid-sized businesses (SMBs) and mid-market enterprises seeking an integrated, modern suite of business applications. The company faces intense competition from established enterprise players like Salesforce and ServiceNow, which dominate the high-end market, as well as from integrated platforms like HubSpot and Zendesk, which vie for similar SMB and mid-market customers. Freshworks' strategy involves offering a comprehensive, unified platform that simplifies operations and provides a compelling alternative to more complex or costly legacy systems.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 215,118,000 | 204,678,000 | 196,273,000 | 194,571,000 | 186,575,000 | 174,131,000 | 165,143,000 | 160,111,000 | 153,550,000 | 145,079,000 | 137,692,000 | 133,170,000 | 128,760,000 | 121,432,000 | 114,637,000 | 105,480,000 | 96,614,000 |
yoy | 15.30% | 17.54% | 18.85% | 21.52% | 21.51% | 20.02% | 19.94% | 20.23% | 19.25% | 19.47% | 20.11% | 26.25% | 33.27% | ||||
qoq | 5.10% | 4.28% | 0.87% | 4.29% | 7.15% | 5.44% | 3.14% | 4.27% | 5.84% | 5.36% | 3.40% | 3.42% | 6.03% | 5.93% | 8.68% | 9.18% | |
cost of revenue | 32,955,000 | 31,142,000 | 29,878,000 | 29,459,000 | 29,806,000 | 28,175,000 | 25,890,000 | 27,009,000 | 26,263,000 | 24,861,000 | 25,236,000 | 25,156,000 | 24,179,000 | 24,042,000 | 22,395,000 | 20,398,000 | 22,236,000 |
gross profit | 182,163,000 | 173,536,000 | 166,395,000 | 165,112,000 | 156,769,000 | 145,956,000 | 139,253,000 | 133,102,000 | 127,287,000 | 120,218,000 | 112,456,000 | 108,014,000 | 104,581,000 | 97,390,000 | 92,242,000 | 85,082,000 | 74,378,000 |
yoy | 16.20% | 18.90% | 19.49% | 24.05% | 23.16% | 21.41% | 23.83% | 23.23% | 21.71% | 23.44% | 21.91% | 26.95% | 40.61% | ||||
qoq | 4.97% | 4.29% | 0.78% | 5.32% | 7.41% | 4.81% | 4.62% | 4.57% | 5.88% | 6.90% | 4.11% | 3.28% | 7.38% | 5.58% | 8.42% | 14.39% | |
gross margin % | 84.68% | 84.78% | 84.78% | 84.86% | 84.02% | 83.82% | 84.32% | 83.13% | 82.90% | 82.86% | 81.67% | 81.11% | 81.22% | 80.20% | 80.46% | 80.66% | 76.98% |
operating expense: | |||||||||||||||||
research and development | 41,462,000 | 39,943,000 | 40,001,000 | 41,028,000 | 47,885,000 | 40,993,000 | 34,684,000 | 35,834,000 | 34,885,000 | 34,180,000 | 32,857,000 | 34,658,000 | 35,871,000 | 34,297,000 | 30,717,000 | 29,030,000 | 57,087,000 |
sales and marketing | 101,009,000 | 95,223,000 | 89,158,000 | 90,674,000 | 101,253,000 | 104,248,000 | 94,642,000 | 92,323,000 | 90,673,000 | 87,975,000 | 86,810,000 | 94,838,000 | 86,865,000 | 90,038,000 | 71,466,000 | 72,190,000 | 96,785,000 |
general and administrative | 47,149,000 | 47,026,000 | 47,247,000 | 47,538,000 | 46,495,000 | 44,502,000 | 42,094,000 | 44,986,000 | 40,464,000 | 41,352,000 | 40,896,000 | 39,126,000 | 40,133,000 | 40,407,000 | 37,183,000 | 40,237,000 | 60,759,000 |
restructuring charges | 405,000 | ||||||||||||||||
total operating expenses | 189,620,000 | 182,192,000 | 176,811,000 | 188,904,000 | 195,633,000 | 189,743,000 | 171,420,000 | 173,143,000 | 166,022,000 | 163,507,000 | 160,563,000 | 168,622,000 | 162,869,000 | 164,742,000 | 139,366,000 | 141,457,000 | 214,631,000 |
income from operations | -7,457,000 | -8,656,000 | -10,416,000 | -23,792,000 | -38,864,000 | -43,787,000 | -32,167,000 | -40,041,000 | -38,735,000 | -43,289,000 | -48,107,000 | -60,608,000 | -58,288,000 | -67,352,000 | -47,124,000 | -56,375,000 | -140,253,000 |
yoy | -80.81% | -80.23% | -67.62% | -40.58% | 0.33% | 1.15% | -33.13% | -33.93% | -33.55% | -35.73% | 2.09% | 7.51% | -58.44% | ||||
qoq | -13.85% | -16.90% | -56.22% | -38.78% | -11.24% | 36.12% | -19.66% | 3.37% | -10.52% | -10.02% | -20.63% | 3.98% | -13.46% | 42.93% | -16.41% | -59.80% | |
operating margin % | -3.47% | -4.23% | -5.31% | -12.23% | -20.83% | -25.15% | -19.48% | -25.01% | -25.23% | -29.84% | -34.94% | -45.51% | -45.27% | -55.46% | -41.11% | -53.45% | -145.17% |
interest and other income | 7,405,000 | 12,547,000 | 12,969,000 | 7,802,000 | 13,929,000 | 13,247,000 | 12,795,000 | 14,715,000 | 10,993,000 | 11,216,000 | 9,479,000 | 9,973,000 | 2,249,000 | -242,000 | 602,000 | -125,000 | 22,923,000 |
income before income taxes | -52,000 | 3,891,000 | 2,553,000 | -15,990,000 | -24,935,000 | -30,540,000 | -19,372,000 | -25,326,000 | -27,742,000 | -32,073,000 | -38,628,000 | -50,635,000 | -56,039,000 | -67,594,000 | -46,522,000 | -56,500,000 | -117,330,000 |
provision for income taxes | 4,628,000 | 5,630,000 | 3,857,000 | 5,910,000 | 5,024,000 | -10,356,000 | 3,953,000 | 2,755,000 | 3,291,000 | 3,585,000 | 4,036,000 | 4,842,000 | 1,804,000 | 2,159,000 | 2,537,000 | 18,236,000 | -9,915,000 |
net income | -4,680,000 | -1,739,000 | -1,304,000 | -21,900,000 | -29,959,000 | -20,184,000 | -23,325,000 | -28,081,000 | -31,033,000 | -35,658,000 | -42,664,000 | -55,477,000 | -57,843,000 | -69,753,000 | -49,059,000 | -74,736,000 | -107,415,000 |
yoy | -84.38% | -91.38% | -94.41% | -22.01% | -3.46% | -43.40% | -45.33% | -49.38% | -46.35% | -48.88% | -13.04% | -25.77% | -46.15% | ||||
qoq | 169.12% | 33.36% | -94.05% | -26.90% | 48.43% | -13.47% | -16.94% | -9.51% | -12.97% | -16.42% | -23.10% | -4.09% | -17.07% | 42.18% | -34.36% | -30.42% | |
net income margin % | -2.18% | -0.85% | -0.66% | -11.26% | -16.06% | -11.59% | -14.12% | -17.54% | -20.21% | -24.58% | -30.99% | -41.66% | -44.92% | -57.44% | -42.80% | -70.85% | -111.18% |
net income per share | -0.02 | -0.01 | -0.08 | -0.1 | -0.07 | -0.08 | -0.1 | -0.11 | -0.12 | -0.15 | -0.2 | -0.2 | -0.24 | -0.18 | 11.23 | -24.72 | |
weighted-average shares used for eps calculation | 286,161 | 294,435 | 301,280 | 300,843 | 302,096 | 299,805 | 297,870 | 293,087 | 294,146 | 291,995 | 290,133 | 284,587 | 286,697 | 284,761 | 278,186 | 130,652 | 95,930 |
accretion of redeemable convertible preferred stock | -2,264,838,000 | ||||||||||||||||
net loss attributable to common stockholders - basic and diluted | -44,163,750 | -57,843,000 | -69,753,000 | -690,980,250 | -2,372,253,000 | ||||||||||||
decretion of redeemable convertible preferred stock | |||||||||||||||||
undistributed earnings allocated to preferred stockholders | |||||||||||||||||
net income attributable to common stockholders - basic | -49,059,000 | ||||||||||||||||
net loss attributable to common stockholders - diluted | -49,059,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||
current assets: | |||||||||||||||||
cash and cash equivalents | 420,934,000 | 485,970,000 | 594,243,000 | 620,315,000 | 391,101,000 | 310,266,000 | 468,017,000 | 488,121,000 | 458,249,000 | 356,220,000 | 344,487,000 | 304,083,000 | 432,313,000 | 590,107,000 | 603,466,000 | 747,861,000 | 1,179,958,000 |
marketable securities | 392,301,000 | 440,226,000 | 401,078,000 | 449,750,000 | 663,883,000 | 708,848,000 | 739,309,000 | 699,506,000 | 706,472,000 | 804,646,000 | 806,122,000 | 843,405,000 | 719,218,000 | 584,015,000 | 594,332,000 | 575,679,000 | 146,592,000 |
accounts receivable | 119,808,000 | 115,864,000 | 112,295,000 | 122,910,000 | 99,169,000 | 100,866,000 | 84,324,000 | 97,179,000 | 80,294,000 | 73,909,000 | 72,807,000 | 70,470,000 | 56,835,000 | 55,415,000 | 48,482,000 | 51,756,000 | 44,298,000 |
deferred contract acquisition costs | 28,520,000 | 27,508,000 | 26,548,000 | 26,106,000 | 25,056,000 | 24,528,000 | 23,297,000 | 22,908,000 | 22,155,000 | 21,694,000 | 20,761,000 | 20,139,000 | 18,282,000 | 17,012,000 | 15,729,000 | 14,640,000 | 13,001,000 |
prepaid expenses and other current assets | 59,785,000 | 66,942,000 | 61,904,000 | 46,346,000 | 53,575,000 | 52,482,000 | 52,162,000 | 47,832,000 | 52,331,000 | 46,827,000 | 46,487,000 | 38,913,000 | 42,431,000 | 38,036,000 | 37,681,000 | 31,440,000 | 37,956,000 |
total current assets | 1,021,348,000 | 1,136,510,000 | 1,196,068,000 | 1,265,427,000 | 1,232,784,000 | 1,196,990,000 | 1,367,109,000 | 1,355,546,000 | 1,319,501,000 | 1,303,296,000 | 1,290,664,000 | 1,277,010,000 | 1,269,079,000 | 1,284,585,000 | 1,299,690,000 | 1,421,376,000 | 1,421,805,000 |
property and equipment | 35,321,000 | 30,894,000 | 27,493,000 | 25,893,000 | 26,150,000 | 23,445,000 | 22,307,000 | 22,747,000 | 22,928,000 | 23,471,000 | 24,214,000 | 24,139,000 | 23,381,000 | 23,339,000 | 21,089,000 | 21,478,000 | 21,205,000 |
operating lease right-of-use assets | 36,907,000 | 32,358,000 | 36,063,000 | 36,891,000 | 29,862,000 | 32,698,000 | 30,500,000 | 32,749,000 | 32,246,000 | 29,297,000 | 31,175,000 | 33,024,000 | 28,821,000 | 28,639,000 | 28,237,000 | ||
deferred contract acquisition costs, noncurrent | 26,063,000 | 24,459,000 | 23,213,000 | 22,534,000 | 21,654,000 | 21,508,000 | 19,795,000 | 19,764,000 | 19,067,000 | 19,268,000 | 18,865,000 | 19,536,000 | 17,598,000 | 16,580,000 | 15,243,000 | 15,007,000 | 13,219,000 |
goodwill | 146,676,000 | 146,676,000 | 147,014,000 | 147,014,000 | 147,014,000 | 147,014,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 | 6,181,000 |
intangible assets | 80,402,000 | 83,818,000 | 87,326,000 | 90,840,000 | 94,432,000 | 98,024,000 | 303,000 | 579,000 | 855,000 | 1,270,000 | 1,894,000 | 2,985,000 | |||||
deferred tax assets | 8,677,000 | 8,980,000 | 8,989,000 | 8,499,000 | 9,527,000 | 9,515,000 | 9,508,000 | 10,013,000 | 8,535,000 | 8,671,000 | 8,645,000 | 8,689,000 | 5,396,000 | 5,589,000 | 5,858,000 | 6,284,000 | 16,048,000 |
other assets | 16,565,000 | 17,131,000 | 15,014,000 | 14,786,000 | 13,761,000 | 14,390,000 | 12,046,000 | 9,772,000 | 9,630,000 | 10,123,000 | 11,098,000 | 11,334,000 | 12,050,000 | 12,520,000 | 13,113,000 | 10,592,000 | 6,062,000 |
total assets | 1,371,959,000 | 1,480,826,000 | 1,541,180,000 | 1,611,884,000 | 1,575,184,000 | 1,543,584,000 | 1,467,446,000 | 1,456,772,000 | 1,418,088,000 | 1,400,307,000 | 1,390,842,000 | 1,380,216,000 | 1,363,085,000 | 1,378,288,000 | 1,390,681,000 | 1,482,812,000 | 1,487,505,000 |
liabilities and stockholders' equity | |||||||||||||||||
current liabilities: | |||||||||||||||||
accounts payable | 7,620,000 | 4,899,000 | 2,146,000 | 1,619,000 | 6,956,000 | 9,771,000 | 1,517,000 | 3,485,000 | 2,688,000 | 1,686,000 | 4,415,000 | 5,908,000 | 3,873,000 | 6,291,000 | 3,798,000 | 6,321,000 | 3,184,000 |
accrued liabilities | 91,198,000 | 86,714,000 | 80,153,000 | 81,933,000 | 73,733,000 | 69,246,000 | 58,164,000 | 56,608,000 | 54,664,000 | 53,761,000 | 58,327,000 | 59,008,000 | 57,447,000 | 59,087,000 | 53,100,000 | 55,829,000 | 54,146,000 |
deferred revenue | 348,001,000 | 339,210,000 | 330,503,000 | 323,435,000 | 296,089,000 | 287,629,000 | 275,907,000 | 266,399,000 | 246,085,000 | 234,358,000 | 220,550,000 | 205,626,000 | 190,969,000 | 182,795,000 | 174,412,000 | 160,173,000 | 143,159,000 |
income tax payable | 3,797,000 | 1,796,000 | 697,000 | 728,000 | 1,152,000 | 1,038,000 | 716,000 | 722,000 | 2,284,000 | 1,751,000 | 2,177,000 | 1,150,000 | 65,000 | 161,000 | 385,000 | 1,023,000 | 865,000 |
total current liabilities | 450,616,000 | 432,619,000 | 413,499,000 | 407,715,000 | 377,930,000 | 367,684,000 | 336,304,000 | 327,214,000 | 305,721,000 | 291,556,000 | 285,469,000 | 271,692,000 | 252,354,000 | 248,334,000 | 231,695,000 | 223,346,000 | 201,354,000 |
operating lease liabilities, non-current | 31,418,000 | 26,815,000 | 30,598,000 | 30,221,000 | 25,531,000 | 27,681,000 | 24,595,000 | 26,795,000 | 26,949,000 | 24,251,000 | 26,183,000 | 28,174,000 | 24,630,000 | 25,517,000 | 26,934,000 | ||
other liabilities | 38,439,000 | 36,750,000 | 35,253,000 | 36,027,000 | 36,697,000 | 33,120,000 | 28,416,000 | 30,501,000 | 26,934,000 | 26,847,000 | 28,748,000 | 28,532,000 | 26,098,000 | 24,827,000 | 20,834,000 | 21,427,000 | 18,273,000 |
total liabilities | 520,473,000 | 496,184,000 | 479,350,000 | 473,963,000 | 440,158,000 | 428,485,000 | 389,315,000 | 384,510,000 | 359,604,000 | 342,654,000 | 340,400,000 | 328,398,000 | 303,082,000 | 298,678,000 | 279,463,000 | 244,773,000 | 219,627,000 |
commitments and contingencies | |||||||||||||||||
stockholders' equity: | |||||||||||||||||
preferred stock, 0.00001 par value per share... | |||||||||||||||||
class a common stock, 0.00001 par value per share... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | ||
class b common stock, 0.00001 par value per share... | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 2,000 | 2,000 | 3,000 | |
additional paid-in capital | 4,596,781,000 | 4,723,457,000 | 4,798,400,000 | 4,847,178,000 | 4,800,143,000 | 4,743,236,000 | 4,675,801,000 | 4,644,686,000 | 4,600,688,000 | ||||||||
accumulated other comprehensive loss | -1,698,000 | -1,029,000 | -1,274,000 | -4,892,000 | -5,641,000 | -4,512,000 | |||||||||||
accumulated deficit | -3,743,600,000 | -3,738,920,000 | -3,737,181,000 | -3,713,977,000 | -3,684,018,000 | -3,663,834,000 | -3,612,428,000 | -3,581,395,000 | -3,545,737,000 | ||||||||
total stockholders' equity | 851,486,000 | 984,642,000 | 1,061,830,000 | 1,135,026,000 | 1,115,099,000 | 1,078,131,000 | 1,058,484,000 | 1,057,653,000 | 1,050,442,000 | ||||||||
total liabilities and stockholders' equity | 1,371,959,000 | 1,480,826,000 | 1,541,180,000 | 1,575,184,000 | 1,543,584,000 | 1,467,446,000 | 1,418,088,000 | 1,400,307,000 | 1,390,842,000 | ||||||||
accumulated other comprehensive income | 102,000 | 608,000 | 1,822,000 | ||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | |||||||||||||||||
redeemable convertible preferred stock | |||||||||||||||||
redeemable convertible preferred stock, 0.0001 par value... | |||||||||||||||||
stockholders' equity | |||||||||||||||||
common stock, 0.00001 par value... | |||||||||||||||||
redeemable convertible preferred stock, 0.0001 par value per share... |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||
net loss | -4,680,000 | -1,739,000 | -1,304,000 | -21,900,000 | -29,959,000 | -20,184,000 | -23,325,000 | -28,081,000 | -31,033,000 | -35,658,000 | -42,664,000 | -55,477,000 | -57,843,000 | -69,753,000 | -49,059,000 | -74,736,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||
depreciation and amortization | 6,604,000 | 6,281,000 | 6,360,000 | 6,363,000 | 6,339,000 | 3,746,000 | 2,967,000 | 3,046,000 | 2,984,000 | 3,002,000 | 3,112,000 | 2,930,000 | 2,795,000 | 2,806,000 | 2,973,000 | 3,502,000 |
amortization of deferred contract acquisition costs | 7,987,000 | 7,848,000 | 7,583,000 | 7,889,000 | 7,129,000 | 6,886,000 | 6,652,000 | 6,365,000 | 6,131,000 | 5,852,000 | 5,617,000 | 5,211,000 | 4,625,000 | 4,421,000 | 4,275,000 | 3,759,000 |
non-cash lease expense | 2,392,000 | 2,320,000 | 2,303,000 | 2,235,000 | 2,208,000 | 2,419,000 | 1,980,000 | 2,044,000 | 1,965,000 | 1,877,000 | 1,850,000 | 1,732,000 | 1,567,000 | 1,492,000 | 1,404,000 | |
stock-based compensation | 48,529,000 | 49,280,000 | 51,664,000 | 50,416,000 | 58,709,000 | 55,139,000 | 52,442,000 | 50,640,000 | 55,125,000 | 54,248,000 | 50,694,000 | 57,044,000 | 53,892,000 | 50,135,000 | 46,625,000 | 49,184,000 |
discount amortization on marketable securities | -1,822,000 | -1,793,000 | -1,901,000 | -4,251,000 | -4,098,000 | -4,623,000 | ||||||||||
gain on sale of non-marketable equity investments | ||||||||||||||||
deferred income taxes | 0 | 0 | -459,000 | 1,159,000 | 0 | -14,278,000 | 477,000 | -1,435,000 | 0 | 0 | 113,000 | -2,714,000 | 0 | 0 | 309,000 | 9,814,000 |
other | 247,000 | 487,000 | -17,000 | 1,076,000 | 552,000 | -145,000 | -86,000 | 34,000 | 123,000 | -33,000 | 85,000 | -581,000 | 273,000 | 441,000 | 754,000 | -161,000 |
changes in operating assets and liabilities: | ||||||||||||||||
accounts receivable | -3,954,000 | -3,613,000 | 10,594,000 | -23,747,000 | 1,654,000 | -7,902,000 | 12,850,000 | -16,979,000 | -6,404,000 | -1,109,000 | -2,490,000 | -13,636,000 | -1,432,000 | -6,984,000 | 3,160,000 | -7,470,000 |
deferred contract acquisition costs | -10,603,000 | -10,054,000 | -8,704,000 | -9,819,000 | -7,803,000 | -9,830,000 | -7,072,000 | -7,815,000 | -6,391,000 | -7,188,000 | -5,568,000 | -9,006,000 | -6,913,000 | -7,041,000 | -5,600,000 | -7,186,000 |
prepaid expenses and other assets | 7,316,000 | -7,372,000 | -15,317,000 | 6,340,000 | -557,000 | -567,000 | -6,609,000 | 4,382,000 | -5,222,000 | 677,000 | -7,248,000 | 4,233,000 | -3,929,000 | 240,000 | -8,685,000 | 8,881,000 |
accounts payable | 2,317,000 | 2,754,000 | 526,000 | -5,326,000 | -2,859,000 | 7,949,000 | -1,968,000 | 796,000 | 1,002,000 | -2,727,000 | -1,494,000 | 2,039,000 | -2,416,000 | 2,513,000 | -2,059,000 | 2,528,000 |
accrued and other liabilities | 5,403,000 | 8,309,000 | -496,000 | 4,266,000 | 1,315,000 | 8,628,000 | 245,000 | 4,989,000 | 2,331,000 | -5,089,000 | -392,000 | 3,872,000 | 668,000 | 8,178,000 | -4,972,000 | -803,000 |
deferred revenue | 8,870,000 | 8,390,000 | 7,049,000 | 27,849,000 | 9,740,000 | 7,711,000 | 9,508,000 | 20,314,000 | 11,727,000 | 13,808,000 | 14,924,000 | 14,657,000 | 8,173,000 | 8,384,000 | 14,239,000 | 17,014,000 |
operating lease liabilities | -3,297,000 | -2,507,000 | 92,000 | -2,419,000 | 112,000 | 862,000 | -2,819,000 | -3,865,000 | -4,135,000 | -3,417,000 | -1,500,000 | -950,000 | -3,160,000 | -1,987,000 | -2,690,000 | |
net cash from operating activities | 63,472,000 | 58,591,000 | 57,973,000 | 41,362,000 | 42,329,000 | 36,336,000 | 40,619,000 | 30,866,000 | 23,913,000 | 19,895,000 | 11,504,000 | 7,167,000 | -4,223,000 | -6,824,000 | 1,355,000 | 4,844,000 |
capital expenditures | -6,263,000 | -5,056,000 | -4,068,000 | -6,978,000 | -2,224,000 | -3,514,000 | -1,946,000 | -2,275,000 | -1,842,000 | -1,815,000 | -2,408,000 | -3,129,000 | -3,013,000 | -3,362,000 | -2,741,000 | -2,011,000 |
free cash flows | 57,209,000 | 53,535,000 | 53,905,000 | 34,384,000 | 40,105,000 | 32,822,000 | 38,673,000 | 28,591,000 | 22,071,000 | 18,080,000 | 9,096,000 | 4,038,000 | -7,236,000 | -10,186,000 | -1,386,000 | 2,833,000 |
cash flows from investing activities: | ||||||||||||||||
purchases of property and equipment | -1,792,000 | -380,000 | -1,296,000 | -5,067,000 | -1,056,000 | -2,315,000 | -739,000 | -1,079,000 | -278,000 | -329,000 | -383,000 | -1,841,000 | -1,907,000 | -1,984,000 | -1,397,000 | -1,509,000 |
proceeds from sale of property and equipment | 54,000 | 2,000 | 38,000 | 193,000 | 23,000 | 22,000 | 41,000 | 19,000 | 33,000 | 34,000 | 24,000 | 5,000 | 49,000 | 66,000 | 17,000 | 55,000 |
capitalized internal-use software | -4,471,000 | -4,676,000 | -2,772,000 | -1,911,000 | -1,168,000 | -1,199,000 | -1,207,000 | -1,196,000 | -1,564,000 | -1,486,000 | -2,025,000 | -1,288,000 | -1,106,000 | -1,378,000 | -1,344,000 | -502,000 |
purchases of marketable securities | -143,786,000 | -225,273,000 | -121,933,000 | -53,935,000 | -173,455,000 | -174,302,000 | -218,881,000 | -189,124,000 | -161,261,000 | -274,664,000 | -217,754,000 | -310,059,000 | -250,301,000 | -136,792,000 | -151,408,000 | -531,250,000 |
sale of non-marketable equity investments | ||||||||||||||||
maturities and redemptions of marketable securities | 193,555,000 | 187,485,000 | 172,194,000 | 269,868,000 | 225,806,000 | 208,975,000 | 183,015,000 | 203,599,000 | 265,214,000 | 279,245,000 | 261,474,000 | 189,430,000 | 113,055,000 | 110,820,000 | 69,750,000 | 6,576,000 |
business combination, net of cash acquired | 0 | 0 | ||||||||||||||
net cash from investing activities | 45,544,000 | -42,842,000 | 46,231,000 | 209,148,000 | 50,150,000 | -182,724,000 | -37,771,000 | 12,219,000 | 102,144,000 | 2,800,000 | 41,336,000 | -123,753,000 | -140,210,000 | 4,782,000 | -25,646,000 | -432,291,000 |
cash flows from financing activities: | ||||||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 0 | 3,013,000 | 0 | 2,959,000 | 0 | 3,859,000 | 0 | |||||||||
proceeds from exercise of stock options | 12,000 | 14,000 | 48,000 | 50,000 | 3,000 | 26,000 | 10,000 | 27,000 | 16,000 | 39,000 | 6,000 | 11,000 | 2,000 | 68,000 | 28,000 | 51,000 |
payment of withholding taxes on net share settlement of equity awards | -14,954,000 | -13,749,000 | -16,711,000 | -10,672,000 | -11,643,000 | -15,020,000 | -22,964,000 | -16,196,000 | -24,045,000 | -15,303,000 | -12,434,000 | -15,508,000 | -13,367,000 | -18,401,000 | -119,948,000 | |
repurchase of common stock | -159,110,000 | -113,586,000 | -113,610,000 | |||||||||||||
net cash from financing activities | -174,052,000 | -124,014,000 | -130,273,000 | -21,302,000 | -11,640,000 | -11,364,000 | -22,954,000 | -13,210,000 | -24,029,000 | -10,952,000 | -12,428,000 | -11,638,000 | -13,365,000 | -11,322,000 | -120,029,000 | -4,650,000 |
net decrease in cash, cash equivalents and restricted cash | -65,036,000 | -108,265,000 | -26,069,000 | |||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | 620,405,000 | 0 | 0 | 0 | 488,216,000 | 0 | 0 | 0 | 304,158,000 | 0 | 0 | 0 | 747,864,000 | 0 |
cash, cash equivalents and restricted cash, end of period | -65,036,000 | -108,265,000 | 594,336,000 | 229,208,000 | 80,839,000 | -157,752,000 | 468,110,000 | 29,875,000 | 102,028,000 | 11,743,000 | 344,570,000 | -128,224,000 | -157,798,000 | -13,364,000 | 603,544,000 | -432,097,000 |
reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets: | ||||||||||||||||
cash and cash equivalents | -65,036,000 | -108,273,000 | 594,243,000 | 229,214,000 | 80,835,000 | -157,751,000 | 468,017,000 | 29,872,000 | 102,029,000 | 11,733,000 | 344,487,000 | -128,230,000 | -157,794,000 | -13,359,000 | 603,466,000 | |
restricted cash included in prepaid expenses and other current assets | 3,000 | 0 | 0 | 3,000 | 0 | -43,000 | 0 | 46,000 | ||||||||
restricted cash included in other assets | 0 | 11,000 | 90,000 | -6,000 | 4,000 | -4,000 | 93,000 | 3,000 | -1,000 | 13,000 | 80,000 | 6,000 | 39,000 | -5,000 | 32,000 | |
total cash, cash equivalents and restricted cash | -65,036,000 | -108,265,000 | 594,336,000 | 229,208,000 | 80,839,000 | -157,752,000 | 468,110,000 | 29,875,000 | 102,028,000 | 11,743,000 | 344,570,000 | -128,224,000 | -157,798,000 | -13,364,000 | 603,544,000 | |
cash flows operating activities: | ||||||||||||||||
discount on amortization on marketable securities | ||||||||||||||||
sales of marketable securities | 0 | 0 | 34,050,000 | 58,736,000 | 94,339,000 | |||||||||||
payment of deferred offering costs | 0 | 0 | 0 | -109,000 | -1,358,000 | |||||||||||
net increase in cash, cash equivalents and restricted cash | 229,208,000 | 80,839,000 | -157,752,000 | -20,106,000 | 29,875,000 | 102,028,000 | 11,743,000 | 40,412,000 | -128,224,000 | -157,798,000 | -13,364,000 | -144,320,000 | -432,097,000 | |||
reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||||||||||||||||
premium (discount) amortization on marketable securities | -3,544,000 | -4,286,000 | -4,302,000 | -3,520,000 | ||||||||||||
gain realized on sale of marketable securities and non-marketable equity investments | ||||||||||||||||
change in fair value of equity securities | -25,000 | -4,000 | -46,000 | -15,000 | 4,000 | 10,000 | 0 | -85,000 | -32,000 | |||||||
sale of non-marketable equity investment | 0 | |||||||||||||||
proceeds from initial public offering, net of underwriting discounts | 0 | |||||||||||||||
payment of acquisition-related liabilities | 0 | |||||||||||||||
acquired intangible assets | ||||||||||||||||
premium amortization on marketable securities | -533,000 | 331,000 | 766,000 | |||||||||||||
gain realized on sale of marketable securities and non-marketable equity investment | ||||||||||||||||
proceeds from issuance of series h redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||
sale of redeemable convertible preferred stock | ||||||||||||||||
repurchase of redeemable convertible preferred stock |