(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Freshworks Inc. | ||||||||
Dated: November 1, 2022 | ||||||||
By: | /s/ Tyler Sloat | |||||||
Tyler Sloat | ||||||||
Chief Financial Officer |
($ in millions, except per share data) | Fourth Quarter 2022 | Full Year 2022 | ||||||
Revenue(1) | $129.2 - $131.2 | $494.0 - $496.0 | ||||||
Year-over-year growth | 22% - 24% | 33% - 34% | ||||||
Adjusting for constant currency(2) | 27% - 28% | 36% - 37% | ||||||
Non-GAAP loss from operations(1) | ($10.5) - ($8.5) | ($30.0) - ($28.0) | ||||||
Non-GAAP net loss per share(3) | ($0.05) - ($0.03) | ($0.13) - ($0.11) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 128,760 | $ | 96,614 | $ | 364,829 | $ | 265,542 | |||||||||||||||
Cost of revenue(1) | 24,179 | 22,236 | 70,616 | 57,632 | |||||||||||||||||||
Gross profit | 104,581 | 74,378 | 294,213 | 207,910 | |||||||||||||||||||
Operating expense: | |||||||||||||||||||||||
Research and development(1) | 35,871 | 57,087 | 100,885 | 91,377 | |||||||||||||||||||
Sales and marketing(1) | 86,865 | 96,785 | 248,369 | 188,155 | |||||||||||||||||||
General and administrative(1) | 40,133 | 60,759 | 117,723 | 76,785 | |||||||||||||||||||
Total operating expenses | 162,869 | 214,631 | 466,977 | 356,317 | |||||||||||||||||||
Loss from operations | (58,288) | (140,253) | (172,764) | (148,407) | |||||||||||||||||||
Interest and other income, net | 2,249 | 22,923 | 2,609 | 23,428 | |||||||||||||||||||
Loss before income taxes | (56,039) | (117,330) | (170,155) | (124,979) | |||||||||||||||||||
Provision for (benefit from) income taxes | 1,804 | (9,915) | 6,500 | (7,720) | |||||||||||||||||||
Net loss | (57,843) | (107,415) | (176,655) | (117,259) | |||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | (2,264,838) | — | (2,646,662) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (57,843) | $ | (2,372,253) | $ | (176,655) | $ | (2,763,921) | |||||||||||||||
Net loss per share attributable to common stockholders - basic and diluted | $ | (0.20) | $ | (24.72) | $ | (0.62) | $ | (32.96) | |||||||||||||||
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted | 286,697 | 95,930 | 283,258 | 83,860 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cost of revenue | $ | 1,772 | $ | 3,983 | $ | 5,212 | $ | 3,983 | |||||||||||||||
Research and development | 10,318 | 36,823 | 26,446 | 36,823 | |||||||||||||||||||
Sales and marketing | 16,635 | 40,465 | 44,204 | 40,465 | |||||||||||||||||||
General and administrative | 25,167 | 42,988 | 74,790 | 42,988 | |||||||||||||||||||
Total stock-based compensation expense | $ | 53,892 | $ | 124,259 | $ | 150,652 | $ | 124,259 |
September 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 432,313 | $ | 747,861 | ||||||||||
Marketable securities | 719,218 | 575,679 | ||||||||||||
Accounts receivable, net | 56,835 | 51,756 | ||||||||||||
Deferred contract acquisition costs | 18,282 | 14,640 | ||||||||||||
Prepaid expenses and other current assets | 42,431 | 31,440 | ||||||||||||
Total current assets | 1,269,079 | 1,421,376 | ||||||||||||
Property and equipment, net | 23,381 | 21,478 | ||||||||||||
Operating lease right-of-use assets | 28,821 | — | ||||||||||||
Deferred contract acquisition costs, noncurrent | 17,598 | 15,007 | ||||||||||||
Intangible assets, net | 579 | 1,894 | ||||||||||||
Goodwill | 6,181 | 6,181 | ||||||||||||
Deferred tax assets | 5,396 | 6,284 | ||||||||||||
Other assets | 12,050 | 10,592 | ||||||||||||
Total assets | $ | 1,363,085 | $ | 1,482,812 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 3,873 | $ | 6,321 | ||||||||||
Accrued liabilities | 57,447 | 55,829 | ||||||||||||
Deferred revenue | 190,969 | 160,173 | ||||||||||||
Income tax payable | 65 | 1,023 | ||||||||||||
Total current liabilities | 252,354 | 223,346 | ||||||||||||
Operating lease liabilities, non-current | 24,630 | — | ||||||||||||
Other liabilities | 26,098 | 21,427 | ||||||||||||
Total liabilities | 303,082 | 244,773 | ||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock | 3 | 3 | ||||||||||||
Additional paid-in capital | 4,516,386 | 4,509,724 | ||||||||||||
Accumulated other comprehensive loss | (8,790) | (747) | ||||||||||||
Accumulated deficit | (3,447,596) | (3,270,941) | ||||||||||||
Total stockholders' equity | 1,060,003 | 1,238,039 | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,363,085 | $ | 1,482,812 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||
Net loss | $ | (57,843) | $ | (107,415) | $ | (176,655) | $ | (117,259) | |||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 2,795 | 3,374 | 8,574 | 9,792 | |||||||||||||||||||
Amortization of deferred contract acquisition costs | 4,625 | 3,416 | 13,321 | 9,085 | |||||||||||||||||||
Non-cash lease expense | 1,567 | — | 4,463 | — | |||||||||||||||||||
Stock-based compensation | 53,892 | 124,259 | 150,652 | 124,259 | |||||||||||||||||||
Premium amortization on marketable securities | (533) | 411 | 564 | 1,206 | |||||||||||||||||||
Gain realized on sale of marketable securities and non-marketable equity investments | — | (23,821) | — | (23,835) | |||||||||||||||||||
Change in fair value of equity securities | 10 | (35) | (75) | (100) | |||||||||||||||||||
Deferred income taxes | — | (11,721) | 309 | (11,721) | |||||||||||||||||||
Other | 273 | 69 | 1,468 | 133 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (1,432) | (3,929) | (5,256) | (10,039) | |||||||||||||||||||
Deferred contract acquisition costs | (6,913) | (6,032) | (19,554) | (17,032) | |||||||||||||||||||
Prepaid expenses and other assets | (3,929) | (12,963) | (12,374) | (14,823) | |||||||||||||||||||
Accounts payable | (2,416) | (4,513) | (1,962) | (542) | |||||||||||||||||||
Accrued and other liabilities | 668 | 24,193 | 3,874 | 18,517 | |||||||||||||||||||
Deferred revenue | 8,173 | 12,661 | 30,796 | 38,975 | |||||||||||||||||||
Operating lease liabilities | (3,160) | — | (7,837) | — | |||||||||||||||||||
Net cash (used in) provided by operating activities | (4,223) | (2,046) | (9,692) | 6,616 | |||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Purchases of property and equipment | (1,907) | (1,270) | (5,288) | (4,056) | |||||||||||||||||||
Proceeds from sale of property and equipment | 49 | 8 | 132 | 565 | |||||||||||||||||||
Capitalized internal-use software | (1,106) | (873) | (3,828) | (3,050) | |||||||||||||||||||
Sale of non-marketable equity investments | — | 23,979 | — | 23,979 | |||||||||||||||||||
Purchases of marketable securities | (250,301) | (43,988) | (538,501) | (154,828) | |||||||||||||||||||
Sales of marketable securities | — | 2,076 | 92,786 | 36,831 | |||||||||||||||||||
Maturities and redemptions of marketable securities | 113,055 | 30,750 | 293,625 | 112,554 | |||||||||||||||||||
Net cash (used in) provided by investing activities | (140,210) | 10,682 | (161,074) | 11,995 | |||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Proceeds from initial public offering, net of underwriting discounts | — | 1,069,348 | — | 1,069,348 | |||||||||||||||||||
Proceeds from issuance of common stock under employee stock purchase plan, net | — | — | 7,011 | — | |||||||||||||||||||
Proceeds from exercise of stock options | 2 | 12 | 98 | 43 | |||||||||||||||||||
Payment of withholding taxes on net share settlement of equity awards | (13,367) | — | (151,716) | — | |||||||||||||||||||
Payment of deferred offering costs | — | (3,067) | (109) | (5,472) | |||||||||||||||||||
Payment of acquisition-related liabilities | — | (900) | — | (900) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (13,365) | 1,065,393 | (144,716) | 1,063,019 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (157,798) | 1,074,029 | (315,482) | 1,081,630 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 590,180 | 105,932 | 747,864 | 98,331 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 432,382 | $ | 1,179,961 | $ | 432,382 | $ | 1,179,961 |
Three Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | Growth Rates | ||||||||||||||||||
Revenue | ||||||||||||||||||||
GAAP revenue | $ | 128,760 | $ | 96,614 | 33% | |||||||||||||||
Effects of foreign currency rate fluctuations | 3,428 | — | ||||||||||||||||||
Revenue adjusted for constant currency | $ | 132,188 | 37% |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of gross profit and gross margin: | ||||||||||||||||||||||||||
GAAP gross profit | $ | 104,581 | $ | 74,378 | $ | 294,213 | $ | 207,910 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Stock-based compensation expense | 1,772 | 3,983 | 5,212 | 3,983 | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | 58 | 523 | 25 | 523 | ||||||||||||||||||||||
Amortization of acquired intangibles | 175 | 990 | 1,015 | 2,939 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 106,586 | $ | 79,874 | $ | 300,465 | $ | 215,355 | ||||||||||||||||||
GAAP gross margin | 81.2 | % | 77.0 | % | 80.6 | % | 78.3 | % | ||||||||||||||||||
Non-GAAP gross margin | 82.8 | % | 82.7 | % | 82.4 | % | 81.1 | % | ||||||||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||||||||||||
GAAP research and development | $ | 35,871 | $ | 57,087 | $ | 100,885 | $ | 91,377 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Stock-based compensation expense | (10,318) | (36,823) | (26,446) | (36,823) | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | (25) | (1,632) | 127 | (1,632) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 25,528 | $ | 18,632 | $ | 74,566 | $ | 52,922 | ||||||||||||||||||
GAAP research and development as percentage of revenue | 27.9 | % | 59.1 | % | 27.7 | % | 34.4 | % | ||||||||||||||||||
Non-GAAP research and development as percentage of revenue | 19.8 | % | 19.3 | % | 20.4 | % | 19.9 | % | ||||||||||||||||||
GAAP sales and marketing | $ | 86,865 | $ | 96,785 | $ | 248,369 | $ | 188,155 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Stock-based compensation expense | (16,635) | (40,465) | (44,204) | (40,465) | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | (746) | (4,409) | (954) | (4,409) | ||||||||||||||||||||||
Amortization of acquired intangibles | (101) | (101) | (300) | (299) | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 69,383 | $ | 51,810 | $ | 202,911 | $ | 142,982 | ||||||||||||||||||
GAAP sales and marketing as percentage of revenue | 67.5 | % | 100.2 | % | 68.1 | % | 70.9 | % | ||||||||||||||||||
Non-GAAP sales and marketing as percentage of revenue | 53.9 | % | 53.6 | % | 55.6 | % | 53.8 | % | ||||||||||||||||||
GAAP general and administrative | $ | 40,133 | $ | 60,759 | $ | 117,723 | $ | 76,785 | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Stock-based compensation expense | (25,167) | (42,988) | (74,790) | (42,988) | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | (165) | (6,815) | (457) | (6,815) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 14,801 | $ | 10,956 | $ | 42,476 | $ | 26,982 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
GAAP general and administrative as percentage of revenue | 31.2 | % | 62.9 | % | 32.3 | % | 28.9 | % | ||||||||||||||||||
Non-GAAP general and administrative as percentage of revenue | 11.5 | % | 11.3 | % | 11.6 | % | 10.2 | % | ||||||||||||||||||
Reconciliation of operating loss and operating margin: | ||||||||||||||||||||||||||
GAAP loss from operations | $ | (58,288) | $ | (140,253) | $ | (172,764) | $ | (148,407) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Stock-based compensation expense | 53,892 | 124,259 | 150,652 | 124,259 | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | 994 | 13,379 | 1,309 | 13,379 | ||||||||||||||||||||||
Amortization of acquired intangibles | 276 | 1,091 | 1,315 | 3,238 | ||||||||||||||||||||||
Non-GAAP loss from operations | $ | (3,126) | $ | (1,524) | $ | (19,488) | $ | (7,531) | ||||||||||||||||||
GAAP operating margin | (45.3) | % | (145.2) | % | (47.4) | % | (55.9) | % | ||||||||||||||||||
Non-GAAP operating margin | (2.4) | % | (1.6) | % | (5.3) | % | (2.8) | % | ||||||||||||||||||
Reconciliation of net loss attributable to common stockholders: | ||||||||||||||||||||||||||
GAAP net loss attributable to common stockholders - basic and diluted | $ | (57,843) | $ | (2,372,253) | $ | (176,655) | $ | (2,763,921) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | 2,264,838 | — | 2,646,662 | ||||||||||||||||||||||
Stock-based compensation expense | 53,892 | 124,259 | 150,652 | 124,259 | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | 994 | 13,379 | 1,309 | 13,379 | ||||||||||||||||||||||
Amortization of acquired intangibles | 276 | 1,091 | 1,315 | 3,238 | ||||||||||||||||||||||
Gain on sale of non-marketable equity investments | — | (23,830) | — | (23,830) | ||||||||||||||||||||||
Income tax adjustments | 565 | (11,555) | 1,528 | (11,555) | ||||||||||||||||||||||
Non-GAAP net loss attributable to common stockholders - basic and diluted | $ | (2,116) | $ | (4,071) | $ | (21,851) | $ | (11,768) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of net loss per share - basic and diluted: | ||||||||||||||||||||||||||
GAAP net loss per share attributable to common stockholders - basic and diluted | $ | (0.20) | $ | (24.72) | $ | (0.62) | $ | (32.96) | ||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | 23.61 | — | 31.56 | ||||||||||||||||||||||
Stock-based compensation expense | 0.19 | 1.29 | 0.53 | 1.48 | ||||||||||||||||||||||
Employer payroll taxes on employee stock transactions | — | 0.14 | — | 0.16 | ||||||||||||||||||||||
Amortization of acquired intangibles | — | 0.01 | — | 0.04 | ||||||||||||||||||||||
Gain on sale of non-marketable equity investments | — | (0.25) | — | (0.28) | ||||||||||||||||||||||
Income tax adjustments | — | (0.12) | 0.01 | (0.14) | ||||||||||||||||||||||
Non-GAAP net loss per share attributable to common stockholders - basic and diluted | $ | (0.01) | $ | (0.04) | $ | (0.08) | $ | (0.14) | ||||||||||||||||||
Weighted-average shares used in computing GAAP and non-GAAP net loss per share attributable to common stockholders - basic and diluted | 286,697 | 95,930 | 283,258 | 83,860 | ||||||||||||||||||||||
Computation of free cash flow: | ||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (4,223) | $ | (2,046) | $ | (9,692) | $ | 6,616 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Purchases of property and equipment | (1,907) | (1,270) | (5,288) | (4,056) | ||||||||||||||||||||||
Capitalized internal-use software | (1,106) | (873) | (3,828) | (3,050) | ||||||||||||||||||||||
Free cash flow | $ | (7,236) | $ | (4,189) | $ | (18,808) | $ | (490) | ||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (140,210) | $ | 10,682 | $ | (161,074) | $ | 11,995 | ||||||||||||||||||
Net cash provided by (used in) financing activities | $ | (13,365) | $ | 1,065,393 | $ | (144,716) | $ | 1,063,019 |
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Cover |
Nov. 01, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2022 |
Entity Registrant Name | FRESHWORKS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40806 |
Entity Tax Identification Number | 33-1218825 |
Entity Address, Address Line One | 2950 S. Delaware Street |
Entity Address, Address Line Two | Suite 201 |
Entity Address, City or Town | San Mateo |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94403 |
City Area Code | 650 |
Local Phone Number | 513-0514 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share |
Trading Symbol | FRSH |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001544522 |
Amendment Flag | false |
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