Reconciliation of 
operating income 
(loss) and 
operating margin 
GAAP operating loss  $     (4,466)     $     (8,314)     $    (20,306)     $    (29,836) 
    Stock-based 
     compensation 
     expense                5,635             7,370            21,065            21,956 
    Amortization of 
     acquired 
     intangibles              120               120               359               434 
    Restructuring 
     (c)                       --                 5                --               973 
    Facility exit 
     and transition 
     costs ((b) ()             --                --                --               154 
    War related 
    costs(d)                   --                --                22                -- 
                      -----------       -----------       -----------       ----------- 
Non-GAAP operating 
 income (loss)       $      1,289      $       (819)     $      1,140      $     (6,319) 
                      ===========       ===========       ===========       =========== 
GAAP operating 
 margin                         (10)%             (19)%             (15)%             (23)% 
Non-GAAP operating 
 margin                         3%                 (2)%             1%                 (5)% 
Reconciliation of 
net loss 
GAAP net loss 
 attributable to 
 common 
 stockholders        $     (3,610)     $    (10,726)     $    (24,710)     $    (34,299) 
    Stock-based 
     compensation 
     expense                5,635             7,370            21,065            21,956 
    Amortization of 
     acquired 
     intangibles              120               120               359               434 
    Restructuring 
     (c)                       --                 5                --               973 
    Facility exit 
     and transition 
     costs ((b) ()             --                --                --               154 
    War related 
    costs(d)                   --                --                22                -- 
Non-GAAP net income 
 (loss) 
 attributable to 
 common 
 stockholders        $      2,145      $     (3,231)     $     (3,264)     $    (10,782) 
                      ===========       ===========       ===========       =========== 
 
    Non-GAAP net 
     income (loss) 
     per share - 
     basic and 
     diluted         $       0.01      $      (0.02)     $      (0.02)     $      (0.08) 
                      ===========       ===========       ===========       =========== 
 
Shares used in 
non-GAAP per share 
calculations: 
GAAP 
 weighted-average 
 shares used to 
 compute net income 
 per share - basic 
 and diluted          149,306,274       139,186,364       147,074,320       137,033,800 
Weighted average 
 number of ordinary 
 shares outstanding 
 used in computing 
 basic and diluted 
 net loss per share 
 (non-GAAP)           149,306,274       139,186,364       147,074,320       137,033,800 
                      ===========       ===========       ===========       =========== 
 
 

Adjusted EBITDA (U.S. dollars in thousands)

 
                Three Months Ended     Nine Months Ended 
                   September 30,         September 30, 
                  2024      2023       2024       2023 
                 ------    -------    -------    ------- 
 
Net loss        $(3,610)  $(10,726)  $(24,710)  $(34,299) 
Financial 
 expenses 
 (income), net 
 (a)             (2,160)       (95)    (1,672)    (3,047) 
Provision for 
 income taxes     1,304      2,507      6,076      7,510 
Depreciation 
 and 
 amortization     1,254      1,248      3,834      3,409 
                 ------    -------    -------    ------- 
EBITDA           (3,212)    (7,066)   (16,472)   (26,427) 
Non-cash 
 stock-based 
 compensation 
 expense          5,635      7,370     21,065     21,956 
Facility exit 
 and 
 transition 
 costs (b)           --         --         --        154 
Restructuring 
 (c)                 --          5         --        973 
War related 
costs (d)            --         --         22         -- 
                 ------    -------    -------    ------- 
Adjusted 
 EBITDA         $ 2,423   $    309   $  4,615   $ (3,344) 
                 ======    =======    =======    ======= 
 
 
(a)  The three months ended September 30, 2024 and 2023, 
      and the nine months ended September 30, 2024, and 
      2023, include $725, $789, $2,131 and $2,400 respectively, 
      of interest expenses. 
(b)  Facility exit and transition costs for the nine months 
      ended September 30, 2023, include losses from sale 
      of fixed assets and other costs associated with moving 
      to our temporary office in Israel. 
(c)  The three and nine months ended September 30, 2023 
      include one-time employee termination benefits incurred 
      in connection with the 2023 Reorganization Plan and 
      the 2022 Restructuring Plan. 
(d)  The nine months ended September 30, 2024 include costs 
      related to conflicts in Israel, attributable to temporary 
      relocation of key employees from Israel for business 
      continuity purposes, purchase of emergency equipment 
      for key employees for business continuity purposes, 
      and charitable donation to communities directly impacted 
      by the war. 
 
 

Reported KPIs

 
                                           As of September 30, 
                                           2024                 2023 
                                ---  ----------------      --------------- 
                                   (U.S. dollars, amounts in thousands) 
                                ------------------------------------------ 
Annualized Recurring Revenue      $           168,879   $          163,069 
Remaining Performance 
 Obligations                      $           187,846   $          163,995 
 
 
 
                                Three Months Ended September 30, 
                                2024                 2023 
                             -----------  ------  ----------  ----- 
Net Dollar Retention Rate            101%                101% 
 

(END) Dow Jones Newswires

November 06, 2024 07:00 ET (12:00 GMT)