Kaltura Announces Financial Results for Fourth Quarter and Full Year 2024
NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Kaltura, Inc. ("Kaltura" or the "Company"), the video experience cloud, today announced financial results for the fourth quarter and full year ended December 31, 2024, as well as outlook for first quarter and full year 2025.
"We surpassed our guidance for the fourth quarter, delivering record total and subscription revenue, as well as the highest Adjusted EBITDA since the second quarter of 2020, fueled by record high gross margin. We also posted sequential and year-over-year growth in gross and net dollar retention rates, and in new bookings for the third quarter in a row," said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.
"For the full year, we are pleased to report we achieved record annual subscription revenue, total revenue, and Adjusted EBITDA profit, surpassing our annual guidance for all. We also achieved record gross margin and cash flow from operations. We ended the year with record ARR and RPO, having delivered on our plans to reaccelerate new bookings and revenue throughout the second half of the year, and posted positive cash flow from operations for the year, for the first time since 2020." Mr. Yekutiel continued, "As we look ahead to 2025 and beyond, we anticipate continued improvement in the market environment for enterprise video offerings, and believe our path to increased growth and profitability will be fueled by customer consolidation around our platform, maturity of our newer products, leveraging our exciting new generative artificial intelligence ("Gen AI") capabilities, growth potential within our great customer base, and a regrowth of our sales force."
Fourth Quarter 2024 Financial Highlights:
-- Revenue for the fourth quarter of 2024 was $45.6 million, an increase of
3% compared to $44.5 million for the fourth quarter of 2023.
-- Subscription revenue for the fourth quarter of 2024 was $43.4 million, an
increase of 6% compared to $40.8 million for the fourth quarter of 2023.
-- Annualized Recurring Revenue $(ARR)$ was $173.9 million, an increase of 6%
compared to $164.7 million in 2023.
-- GAAP Gross profit for the fourth quarter of 2024 was $32.3 million,
representing a gross margin of 71% compared to a GAAP gross profit of
$28.6 million and gross margin of 64% for the fourth quarter of 2023.
-- Non-GAAP Gross profit for the fourth quarter of 2024 was $32.6 million,
representing a non-GAAP gross margin of 71%, compared to a non-GAAP gross
profit of $29.1 million and non-GAAP gross margin of 65% for the fourth
quarter of 2023.
-- GAAP Operating loss was $3.8 million for the fourth quarter of 2024,
compared to an operating loss of $8.8 million for the fourth quarter of
2023.
-- Non-GAAP Operating income was $1.5 million for the fourth quarter of
2024, compared to a non-GAAP operating loss of $0.3 million for the
fourth quarter of 2023.
-- GAAP Net loss was $6.6 million or $0.04 per diluted share for the fourth
quarter of 2024, compared to a GAAP net loss of $12.1 million, or $0.09
per diluted share, for the fourth quarter of 2023.
-- Non-GAAP Net loss was $1.3 million or $0.01 per diluted share for the
fourth quarter of 2024, compared to a non-GAAP net loss of $3.6 million,
or $0.03 per diluted share, for the fourth quarter of 2023.
-- Adjusted EBITDA was $2.7 million for the fourth quarter of 2024, compared
to Adjusted EBITDA of $0.8 million for the fourth quarter of 2023.
-- Net cash provided by operating activities was $4.3 million for the fourth
quarter of 2024, compared to $1.6 million in the fourth quarter of 2023.
Full Year 2024 Financial Highlights:
-- Revenue for the full year of 2024 was $178.7 million, an increase of 2%
compared to $175.2 million for the full year of 2023.
-- Subscription revenue for the full year of 2024 was $167.7 million, an
increase of 3% compared to $162.8 million for the full year of 2023.
-- GAAP Gross profit for the full year of 2024 was $119.1 million,
representing a gross margin of 67% compared to a GAAP gross profit of
$112.2 million and gross margin of 64% for the full year of 2023.
-- Non-GAAP Gross profit for the full year of 2024 was $120.5 million,
representing a gross margin of 67% compared to a non-GAAP gross profit of
$113.8 million and gross margin of 65% for the full year of 2023.
-- GAAP Operating loss was $24.1 million for the full year of 2024, compared
to an operating loss of $38.7 million for the full year of 2023.
-- Non-GAAP Operating income was $2.7 million for the full year of 2024,
compared a non-GAAP operating loss of $6.7 million for the full year of
2023.
-- GAAP Net loss was $31.3 million or $0.21 per diluted share for the full
year of 2024, compared to a GAAP net loss of $46.4 million, or $0.34 per
diluted share, for the full year of 2023.
-- Non-GAAP Net loss was $4.5 million or $0.03 per diluted share for the
full year of 2024, compared to a non-GAAP net loss of $14.4 million, or
$0.10 per diluted share, for the full year of 2023.
-- Adjusted EBITDA was $7.3 million for the full year of 2024, compared to
an Adjusted EBITDA of negative $2.5 million for the full year of 2023.
-- Net cash provided by operating activities was $12.2 million for the full
year of 2024, compared to $8.3 million net cash used in operating
activities for the full year of 2023.
Fourth Quarter 2024 Business Highlights:
-- Closed four new seven-digit deals and twenty-nine six-digit deals -- the
highest combined number of six and seven-digit deals since the third
quarter of 2022.
-- Highest new subscription bookings since the fourth quarter of 2022 -
third quarter in a row of sequential and year-over-year growth.
-- Sequential and year-over-year improvement in gross retention, and 103%
Net Dollar Retention rate.
-- Launched Gen AI based "Class Genie" and "Work Genie" that power real-time
hyper-personalized video-first experiences. Our Beta program for
evaluating our Work and Class Genies saw strong interest from dozens of
large organizations.
-- Kaltura's Media and Telecom new Gen AI features for streaming services
earned a place in the FEED Magazine 2024 Honors List, in the "Special
Recognition in AI" category.
Financial Outlook:
For the first quarter of 2025, Kaltura expects:
-- Subscription Revenue to grow by 5%-7% year-over-year to between $43.4
million and $44.2 million.
-- Total Revenue to grow by 2%-4% year-over-year to between $45.7 million
and $46.5 million.
-- Adjusted EBITDA to be in the range of $2.5 million to $3.5 million.
For the full year ending December 31, 2025, Kaltura expects:
-- Subscription Revenue to grow by 2%-3% year-over-year to between $170.4
million and $173.4 million.
-- Total Revenue to grow 1%-2% year-over-year to between $179.9 million and
$182.9 million.
-- Adjusted EBITDA to be in the range of $12.7 million to $14.7 million.
The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to "Forward-Looking Statements" below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company's control. The guidance above is based on the Company's current expectations relating to the macro-economic climate trends.
Additional information on Kaltura's reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.
Investor Deck
Our fourth quarter and full year 2024 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.
Conference Call
Kaltura will host a conference call today on February 20, 2025 to review its fourth quarter and full year 2024 financial results and to discuss its financial outlook.
Time: 8:00 a.m. ET United States/Canada Toll Free: 1-877-407-0789 International Toll: 1-201-689-8562
A live webcast will also be available in the Investor Relations section of Kaltura's website at: https://investors.kaltura.com/news-and-events/events
A replay of the webcast will be available in the Investor Relations section of the company's web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.
About Kaltura
Kaltura's mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura's Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences.
Investor Contacts:
Kaltura
John Doherty
Chief Financial Officer
IR@Kaltura.com
Sapphire Investor Relations
Erica Mannion and Michael Funari
+1 617 542 6180
IR@Kaltura.com
Media Contacts:
Kaltura
Nohar Zmora
pr.team@kaltura.com
Headline Media
Raanan Loew
raanan@headline.media
+1 347 897 9276
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations, including new products and capabilities and growth of our salesforce; our expectations regarding growth and profitability goals; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and adoption of Gen AI technology.
In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.
Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC"), as such factors are updated in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, to be filed with the SEC, which are accessible on the SEC's website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.
Non-GAAP Financial Measures
Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net loss, non-GAAP net loss per share and Adjusted EBITDA. Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; (3) facility exit and transition costs; (4) restructuring charges; and (5) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses. Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses, facility exit and transition costs, restructuring charges and other non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura's financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry.
By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Key Financial and Operating Metrics
Annualized Recurring Revenue. We use Annualized Recurring Revenue ("ARR") as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer's premises ("On-Prem"). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed
independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.
Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) ,as well as Value-add Resellers ("VARs") (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.
Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 58% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over the next four years. However, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.
Consolidated Balance Sheets (U.S. dollars in thousands;
Unaudited)
December 31,
------------------------
2024 2023
--------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 33,059 $ 36,684
Marketable securities 48,275 32,692
Trade receivables 19,978 23,312
Prepaid expenses and other current
assets 9,481 8,410
Deferred contract acquisition and
fulfillment costs, current 10,765 10,636
-------- --------
Total current assets 121,558 111,734
------------------------------------------ -------- --------
LONG-TERM ASSETS:
Marketable securities 3,379 5,844
Property and equipment, net 16,190 20,113
Other assets, noncurrent 2,983 3,100
Deferred contract acquisition and
fulfillment costs, noncurrent 13,605 17,314
Operating lease right-of-use assets 12,308 13,872
Intangible assets, net 212 689
Goodwill 11,070 11,070
-------- --------
Total noncurrent assets 59,747 72,002
------------------------------------------ -------- --------
TOTAL ASSETS $ 181,305 $ 183,736
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term loans 3,110 1,612
Trade payables 3,265 3,629
Employees and payroll accruals 15,399 12,651
Accrued expenses and other current
liabilities 14,262 17,279
Operating lease liabilities 2,504 2,374
Deferred revenue, current 63,123 62,364
-------- --------
Total current liabilities 101,663 99,909
------------------------------------------ -------- --------
NONCURRENT LIABILITIES:
Deferred revenue, noncurrent 67 369
Long-term loans, net of current
portion 29,153 33,047
Operating lease liabilities,
noncurrent 15,263 17,796
Other liabilities, noncurrent 10,772 2,295
-------- --------
Total noncurrent liabilities 55,255 53,507
------------------------------------------ -------- --------
TOTAL LIABILITIES $ 156,918 $ 153,416
-------- --------
STOCKHOLDERS' EQUITY:
Common stock 15 14
Treasury stock (7,801) (4,881)
Additional paid-in capital 500,024 471,635
Accumulated other comprehensive income
(loss) 959 1,047
Accumulated deficit (468,810) (437,495)
-------- --------
Total stockholders' equity 24,387 30,320
------------------------------------------ -------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 181,305 $ 183,736
======== ========
Consolidated Statements of Operations (U.S. dollars
in thousands, except for share data; Unaudited)
Three Months ended Twelve Months ended
December 31 December 31,
2024 2023 2024 2023
------------ ------------ ----------- -----------
Revenue:
Subscription $ 43,414 $ 40,787 $ 167,681 $ 162,750
Professional
services 2,195 3,689 11,036 12,422
----------- ----------- ----------- -----------
Total revenue 45,609 44,476 178,717 175,172
------------------ ----------- ----------- ----------- -----------
Cost of revenue:
Subscription 9,852 11,118 42,552 44,224
Professional
services 3,476 4,712 17,059 18,714
----------- ----------- ----------- -----------
Total cost of
revenue 13,328 15,830 59,611 62,938
------------------ ----------- ----------- ----------- -----------
Gross profit 32,281 28,646 119,106 112,234
----------- ----------- ----------- -----------
Operating
expenses:
Research and
development 12,970 12,737 49,430 52,400
Sales and
marketing 12,345 12,309 47,766 48,798
General and
administrative 10,759 12,420 46,009 48,718
Restructuring -- -- -- 973
----------- ----------- ----------- -----------
Total operating
expenses 36,074 37,466 143,205 150,889
------------------ ----------- ----------- ----------- -----------
Operating loss 3,793 8,820 24,099 38,655
----------- ----------- ----------- -----------
Financial expenses
(income), net 1,238 1,847 (434) (1,200)
Loss before
provision for
income taxes 5,031 10,667 23,665 37,455
Provision for
income taxes 1,574 1,400 7,650 8,911
----------- ----------- ----------- -----------
Net loss 6,605 12,067 31,315 46,366
=========== =========== =========== ===========
Net loss per share $ 0.04 $ 0.09 $ 0.21 $ 0.34
=========== =========== =========== ===========
Weighted-average
shares used in
computing net
loss per share 150,452,462 141,791,191 147,925,797 138,237,017
=========== =========== =========== ===========
Consolidated Statements of Operations (U.S. dollars
in thousands, except for share data; Unaudited)
Stock-based compensation included in above line items:
Three Months ended Twelve Months ended
December 31, December 31,
2024 2023 2024 2023
------------ -------- ------------ ---------
Cost of revenue $ 195 $ 301 $ 1,002 $ 1,128
Research and
development 1,178 1,295 4,775 4,734
Sales and
marketing 518 840 2,701 3,187
General and
administrative 3,308 5,588 17,786 20,931
-------- ------- -------- --------
Total $ 5,199 $ 8,024 $ 26,264 $ 29,980
======== ======= ======== ========
Revenue by Segment (U.S. dollars in thousands; Unaudited):
Three Months Ended Twelve Months Ended
December 31, December 31,
2024 2023 2024 2023
------------ -------- ------------ ---------
Enterprise,
Education and
Technology $ 32,958 $ 31,569 $ 128,704 $ 125,154
Media and Telecom 12,651 12,907 50,013 50,018
-------- ------- -------- --------
Total $ 45,609 $ 44,476 $ 178,717 $ 175,172
======== ======= ======== ========
Gross Profit by Segment (U.S. dollars in thousands;
Unaudited):
Three Months Ended Twelve Months Ended
December 31, December 31,
2024 2023 2024 2023
------------ -------- ------------ ---------
Enterprise,
Education and
Technology $ 25,901 $ 22,998 $ 96,928 $ 91,624
Media and Telecom 6,380 5,648 22,178 20,610
-------- ------- -------- --------
Total $ 32,281 $ 28,646 $ 119,106 $ 112,234
======== ======= ======== ========
Consolidated Statement of Cash Flows (U.S. dollars
in thousands; Unaudited)
Twelve Months Ended December 31,
------------------------------------------
2024 2023
------------
Cash flows from operating
activities:
-----------------------------
Net loss $ (31,315) $ (46,366)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities:
Depreciation and
amortization 5,064 4,717
Stock-based compensation
expenses 26,264 29,980
Amortization of deferred
contract acquisition and
fulfillment costs 11,447 11,669
Non-cash interest income,
net (1,219) (1,023)
Gain on foreign exchange (90) (728)
Changes in operating assets
and liabilities:
Decrease in trade
receivables 3,334 5,475
Decrease (Increase) in
prepaid expenses and
other current assets and
other assets,
noncurrent (949) 648
Increase in deferred
contract acquisition and
fulfillment costs (7,497) (6,561)
Decrease in trade
payables (534) (5,884)
Increase in accrued
expenses and other
current liabilities 5,376 797
Increase (Decrease) in
employees and payroll
accruals 2,748 (2,233)
Increase (Decrease) in
other liabilities,
noncurrent (14) 443
Increase in deferred
revenue 458 1,626
Operating lease
right-of-use assets and
lease liabilities, net (840) (863)
------------- ------------
Net cash provided by (used
in) operating activities 12,233 (8,303)
------------- ------------
Cash flows from investing
activities:
-----------------------------
Investment in
available-for-sale
marketable securities (50,874) (47,708)
Proceeds from maturities
of available-for-sale
marketable securities 38,981 51,976
Purchases of property and
equipment (521) (2,607)
Capitalized internal-use
software development
costs -- (1,493)
Investment in restricted
bank deposit -- (1,751)
------------- ------------
Net cash used in investing
activities (12,414) (1,583)
------------- ------------
Cash flows from financing
activities:
-----------------------------
Proceeds from long-term
loans -- 3,500
Repayment of long-term
loans (2,187) (4,500)
Proceeds from exercise of
stock options 1,620 1,383
Payment of debt issuance
costs (17) (274)
Repurchase of common
stock (2,920) --
Payments on account of
repurchase of common
stock (30) --
------------- ------------
Net cash provided by (used
in) financing activities (3,534) 109
------------- ------------
Effect of exchange rate
changes on cash, cash
equivalents and restricted
cash $ 90 $ 728
Net decrease in cash, cash
equivalents and restricted
cash $ (3,625) $ (9,049)
Cash, cash equivalents and
restricted cash at the
beginning of the year 36,784 45,833
------------- ------------
Cash, cash equivalents and
restricted cash at the end of
the year $ 33,159 $ 36,784
============= ============
Reconciliation from GAAP to Non-GAAP Results (U.S.
dollars in thousands; Unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
-------------------------
2024 2023 2024 2023
------- ------- -------
Reconciliation of
gross profit and
gross margin
GAAP gross profit $32,281 $ 28,646 $119,106 $112,234
Stock-based
compensation
expense 195 301 1,002 1,128
Amortization of
acquired
intangibles 107 107 427 426
------ ------- ------- -------
Non-GAAP gross
profit $32,583 $ 29,054 $120,535 $113,788
====== ======= ======= =======
GAAP gross margin 71% 64% 67% 64%
Non-GAAP gross
margin 71% 65% 67% 65%
Reconciliation of
operating
expenses
GAAP research and
development
expenses $12,970 $ 12,737 $ 49,430 $ 52,400
Stock-based
compensation
expense 1,178 1,295 4,775 4,734
Amortization
of acquired
intangibles -- -- -- --
------ ------- ------- -------
Non-GAAP research
and development
expenses $11,792 $ 11,442 $ 44,655 $ 47,666
====== ======= ======= =======
GAAP sales and
marketing $12,345 $ 12,309 $ 47,766 $ 48,798
Stock-based
compensation
expense 518 840 2,701 3,187
Amortization of
acquired
intangibles 11 13 50 128
------ ------- ------- -------
Non-GAAP sales and
marketing
expenses $11,816 $ 11,456 $ 45,015 $ 45,483
====== ======= ======= =======
GAAP general and
administrative
expenses $10,759 $ 12,420 $ 46,009 $ 48,718
Stock-based
compensation
expense 3,308 5,588 17,786 20,931
Amortization
of acquired
intangibles -- -- -- --
Facility exit
and transition
costs (a) -- -- -- 154
War related
costs (b) 22 331 44 331
------ ------- ------- -------
Non-GAAP general
and
administrative
expenses $ 7,429 $ 6,501 $ 28,179 $ 27,302
====== ======= ======= =======
Reconciliation of
operating loss
and operating
margin
GAAP operating
loss $(3,793) $ (8,820) $(24,099) $(38,655)
Stock-based
compensation
expense 5,199 8,024 26,264 29,980
Amortization of
acquired
intangibles 118 120 477 554
Restructuring
(c) -- -- -- 973
Facility exit
and transition
costs (a) -- -- -- 154
War related
costs (b) 22 331 44 331
Non-GAAP operating
income ( loss) $ 1,546 $ (345) $ 2,686 $ (6,663)
====== ======= ======= =======
GAAP operating
margin (8)% (20)% (13)% (22)%
Non-GAAP operating
margin 3% (1)% 2% (4)%
Reconciliation of
net loss
GAAP net loss
attributable to
common
stockholders $(6,605) $(12,067) $(31,315) $(46,366)
Stock-based
compensation
expense 5,199 8,024 26,264 29,980
Amortization of
acquired
intangibles 118 120 477 554
Restructuring
(c) -- -- -- 973
Facility exit
and transition
costs (a) -- -- -- 154
War related
costs (b) 22 331 44 331
Non-GAAP loss
attributable to
common
stockholders $(1,266) $ (3,592) $ (4,530) $(14,374)
====== ======= ======= =======
Non-GAAP net
loss per share
- basic and
diluted $ 0.01 $ 0.03 $ 0.03 $ 0.10
====== ======= ======= =======
Adjusted EBITDA (U.S. dollars in thousands; Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------
2024 2023 2024 2023
------- ------- -------
Net loss $(6,605) $(12,067) $(31,315) $(46,366)
Financial
expenses
(income), net
(d) 1,238 1,847 (434) (1,200)
Provision for
income taxes 1,574 1,400 7,650 8,911
Depreciation
and
amortization 1,230 1,308 5,065 4,717
------ ------- ------- -------
EBITDA (2,563) (7,512) (19,035) (33,938)
Non-cash
stock-based
compensation
expense 5,199 8,024 26,264 29,980
Facility exit
and
transition
costs (a) -- -- -- 154
Restructuring
(c) -- -- -- 973
War related
costs (b) 22 331 44 331
------ ------- ------- -------
Adjusted
EBITDA $ 2,658 $ 843 $ 7,273 $ (2,500)
====== ======= ======= =======
(a) Facility exit and transition costs for the year ended
December 31, 2023, include losses from sale of fixed
assets and other costs associated with moving to our
temporary office in Israel.
(b) The years ended December 31, 2024, and 2023 include
costs related to conflicts in Israel. These costs
are attributable to the temporary relocation of key
employees from Israel for business continuity purposes,
the purchase of emergency equipment for key employees,
charitable donations to communities directly impacted
by the war, and office fixes and modifications.
(c) The year ended December 31, 2023 includes employee
termination benefits incurred in connection with our
2023 reorganization plan.
(d) The three months ended December 31, 2024 and 2023,
and the year ended December 31, 2024 and 2023 include
$551, $692, $2,682 and $3,178, respectively, of interest
expenses and $902, $538, $3,355, and $2,735, respectively,
of interest income.
Reported KPIs
December 31,
-----------------------------------------
2024 2023
-------------------- -------------------
(U.S. dollars amounts in thousands)
-----------------------------------------
Annualized Recurring Revenue $ 173,900 $ 164,723
Remaining Performance
Obligations $ 203,379 $ 185,305
Three Months Ended December 31,
-------------------------------------
2024 2023
Net Dollar Retention Rate 103% 98%
(END) Dow Jones Newswires
February 20, 2025 07:00 ET (12:00 GMT)
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