WalkMe Ltd. (NASDAQ:WKME), a leading provider of digital adoption
solutions for effectively navigating technology change, today
announced financial results for its first quarter ended March 31,
2024.
Management Commentary
“Q1 has been a great kickoff as we turn the corner on growth
with a focus on doubling our net new ARR in 2024,” said Dan Adika,
CEO of WalkMe. “GenAI has created a huge opportunity for WalkMe and
with WalkMeX, our new contextual AI copilot, organizations will
finally have the power to infuse GenAI right into the flow of work
for every employee in any workflow.”
“I’m pleased we achieved the high end of our revenue guidance
range and outperformed our profitability guidance with a record
high free cash flow for the quarter,” said Hagit Ynon, CFO of
WalkMe. “We are investing in innovation and our growth drivers as
we maintain flexibility with our strong balance sheet.”
First Quarter
2024 Financial
Highlights:
- Revenue: Subscription revenue was $64.4
million, an increase of 6% year-over-year. Total revenue was $68.6
million, an increase of 4% year-over-year.
- Gross Margin: GAAP Gross margin was 86%,
compared to 81% in the first quarter of 2023. Non-GAAP Gross margin
was 86%, compared to 83% in the first quarter of 2023.
- GAAP Operating
Loss: was $7.9 million, or 12% of total revenue,
compared to $25.8 million, or 39% in the first quarter of
2023.
- Non-GAAP Operating Income:
was $4.4 million or 6% of total revenue, compared to a loss of
($8.8) million, or (13%) in the first quarter of 2023.
- Diluted Earnings Per Share: Non-GAAP Net
Income Per Share of $0.07 and GAAP Net Loss Per Share of ($0.07),
compared to a loss of ($0.08) and ($0.30) in the first quarter of
2023 respectively.
- Operating Cash Flow: Net cash
provided by operating activity was $17.8 million, or 26% of total
revenue, compared to ($7.5) million used in operating activity or
(11%) in the first quarter of 2023.
- Free Cash
Flow: was a positive $16.6 million or 24% of total
revenue, compared to negative ($8.3) million, or (13%) in the first
quarter of 2023.
- Cash, Cash Equivalents, Short-term
Deposits and Marketable Securities: were $339.6 million as
of March 31, 2024
Recent Business
Highlights:
- WalkMe introduced its newest AI offering, WalkMeX, which
democratizes the AI revolution to the entire workforce – regardless
of digital dexterity or comfort with technology by suggesting the
next best action to users right where they are, without needing to
be prompted. WalkMeX is the only cross-application, contextual AI
copilot that proactively meets the user wherever they are, within
the flow of work.
- Added Cognizant to our Global Partner ecosystem further
expanding the WalkMe ecosystem to leading global system
integrators.
- WalkMe gathered key industry analysts in New York City earlier
this month for a milestone analyst day event focused on powering
successful generative AI transformation with WalkMe’s patented
AI-driven digital adoption.
- WalkMe will gather changemakers at its annual Realize
conference virtually on June 18, 2024. This exciting annual event
engages customers and partners, demonstrating what WalkMe can do
for them — both today and tomorrow.
- Reached a new high of 42 customers with over $1 million in
annualized recurring revenue (“ARR”) and 536 customers with over
$100,000 in ARR as of March 31, 2024.
- DAP customers of 195 as of March 31, 2024, representing DAP
customer count growth of 8% year-over-year.
Financial Outlook:
For the second quarter of 2024, the Company currently
expects:
- Revenue of $69 to $70 million
- Non-GAAP Operating Income of $2.3 to $3.3 million
For the full year 2024, the Company currently expects:
- Revenue of $279 to $283 million
- Increasing the Non-GAAP Operating Income guidance to the range
of $12.5 to $15 million
The section titled “Non-GAAP Financial Measures and Key
Performance Indicators” below contains a description of the
non-GAAP financial measures and Key Performance Indicators
discussed in this press release and reconciliations between
historical GAAP and non-GAAP information are contained in the
tables below. The Company is unable to provide a reconciliation of
non-GAAP Operating Income (Loss) to Operating Income (Loss), its
most directly comparable GAAP financial measure, on a
forward-looking basis without unreasonable effort, because items
that impact this GAAP financial measure are not within the
Company’s control and/or cannot be reasonably predicted. These
items may include, but are not limited to, predicting
forward-looking share-based compensation. Such information may have
a significant, and potentially unpredictable, impact on the
Company’s future financial results.
Throughout this press release, we provide a number of key
performance indicators used by our management and often used by
competitors in our industry. These and other key performance
indicators are discussed in more detail in the section entitled
“Non-GAAP Financial Measures and Key Performance Indicators” in
this press release.
Conference Call
Information:
WalkMe will host a conference call and live webcast for analysts
and investors at 5:00 a.m. Pacific Time on May 22, 2024. The press
release with the financial results as well as the investor
presentation materials will be accessible from the Company’s
website prior to the conference call.
A live webcast of the conference call will be accessible on the
WalkMe investor relations website at https://ir.walkme.com.
Approximately one hour after completion of the live call and for
at least 30 days thereafter, an archived version of the webcast
will be available on the Company’s investor relations website at
https://ir.walkme.com.
Supplemental Financial
and Other Information:
We intend to announce material information to the public through
the WalkMe investor relations website at ir.walkme.com, SEC
filings, press releases, public conference calls, and public
webcasts. We use these channels to communicate with our investors,
customers, and the public about our company, our offerings, and
other issues. As such, we encourage investors, the media, and
others to follow the channels listed above, and to review the
information disclosed through such channels.
Any updates to the list of disclosure channels through which we
will announce information will be posted on the investor relations
page of our website.
Non-GAAP Financial
Measures and Key Performance Indicators:
In addition to our financial results reported in accordance with
GAAP, this press release and the accompanying tables and related
presentation materials may contain one or more of the following
non-GAAP financial measures: Non-GAAP Gross Profit, Non-GAAP Gross
Margin, Non-GAAP Operating Income (Loss), Non-GAAP Operating
Margin, Non-GAAP Net Income (Loss) attributable to WalkMe Ltd.,
Non-GAAP Net Income (Loss) per share attributable to WalkMe Ltd.
and Free Cash Flow, all of which are non-GAAP financial measures.
We believe that these measures provide useful information about
operating results, enhance the overall understanding of past
financial performance and future prospects, and allow for greater
transparency with respect to key measures used by management in its
financial and operational decision making. Non-GAAP financial
measures have limitations as analytical tools and may differ from
similarly titled measures presented by other companies. The
presentation of this financial information is not intended to be
considered as a substitute for the financial information prepared
and presented in accordance with GAAP. Investors are encouraged to
review the related GAAP financial measures and the reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures and not rely on any single
financial measure to evaluate our business.
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define
Non-GAAP Gross Profit as gross profit excluding share-based
compensation, amortization of acquired intangibles and
restructuring expenses. We exclude these items because they occur
for reasons that may be unrelated to our core operating performance
during the period, and because we believe that such items may
obscure underlying business trends and make comparisons of
long-term performance difficult. We use Non-GAAP Gross Profit with
traditional GAAP measures to evaluate our financial performance.
Non-GAAP Gross Margin is calculated as a percentage of
revenues.
Non-GAAP Operating Income (Loss) and Non-GAAP Operating Margin.
We define Non-GAAP Operating Income (Loss) as net income (loss)
from operations excluding share-based compensation, amortization
and impairment of acquired intangible assets, restructuring
expenses and non-recurring legal settlement expenses related to a
complex class action lawsuit and related claims which are
considered outside of the company’s ordinary course of business. We
exclude these items because they occur for reasons that may be
unrelated to our core operating performance during the period, and
because we believe that such items may obscure underlying business
trends and make comparisons of long-term performance difficult. We
use Non-GAAP Operating Income (Loss) with traditional GAAP measures
to evaluate our financial performance. Non-GAAP Operating Margin is
calculated as a percentage of revenues.
Non-GAAP Net Income (Loss) attributable to WalkMe Ltd. We define
Non-GAAP Net Income (Loss) attributable to WalkMe Ltd. as Net
Income (Loss) attributable to WalkMe Ltd. excluding share-based
compensation, amortization and impairment of acquired intangible
assets, restructuring expenses, non-recurring legal settlement
expenses related to a complex class action lawsuit and related
claims which are considered outside of the company’s ordinary
course of business and adjustment attributable to non-controlling
interest. We exclude these items because they occur for reasons
that may be unrelated to our core operating performance during the
period, and because we believe that such items may obscure
underlying business trends and make comparisons of long-term
performance difficult. We use Non-GAAP Net Income (Loss)
attributable to WalkMe Ltd. with traditional GAAP measures to
evaluate our financial performance. Non-GAAP Net Income (Loss) per
Share attributable to WalkMe Ltd. is calculated based on the
periodic weighted average of ordinary shares basic and diluted.
Free Cash Flow. We define Free Cash Flow as net cash provided by
(used in) operating activities, less cash used for purchases of
property and equipment and capitalized internal-use software
development costs. We believe that Free Cash Flow is a useful
indicator of liquidity that provides information to management and
investors, even if negative, about the amount of cash used in our
business. Our Free Cash Flow may vary from period to period and be
impacted as we continue to invest for growth in our business.
ARR. We define ARR as the annualized value of customer
subscription contracts as of the measurement date, assuming any
contract that expires during the next 12 months is renewed on its
existing terms (including contracts for which we are negotiating a
renewal). Our calculation of ARR is not adjusted for the impact of
any known or projected future events (such as customer
cancellations, upgrades or downgrades, or price increases or
decreases) that may cause any such contract not to be renewed on
its existing terms. In addition, 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, downgrades or
other changes in pending renewals, as well as the effects of
professional services revenue and acquisitions or divestitures. As
a result, ARR should be viewed independently of, and not as a
substitute for or forecast of, revenue and deferred revenue. Our
calculation of ARR may differ from similarly titled metrics
presented by other companies.
Enterprise-Wide DAP Customers: We define Enterprise-Wide DAP
Customers as those who have purchased enterprise-wide subscriptions
or who have department-wide usage of our Digital Adoption Platform
across four or more applications. We believe these customers are an
indication of the success of our customer acquisition and expansion
strategy and demonstrate the strategic demand for our Digital
Adoption Platform, the growth of our business, and our potential
future business opportunities.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided in this press release. The
accompanying reconciliation tables have more details on the GAAP
financial measures that are most directly comparable to non-GAAP
financial measures and the related reconciliations between these
financial measures.
Special Note Regarding
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in 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 other than statements of
historical fact, including, without limitation, statements
regarding the Company’s future financial results, including revenue
and non-GAAP operating loss guidance, and expectations regarding
the Company’s ARR growth, operations and future profitability; the
capabilities of and demand for the Company’s services including its
generative AI offerings; the growth and evolution of the digital
adoption platform industry; the Company’s participation in upcoming
conferences, the Company's future financial strategy and
competitive market position within the industry are all
forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “potential,” “continue,” “anticipate,” “intend,”
“expect,” “could,” “would,” “project,” “plan,” “target,” and
similar expressions are intended to identify forward-looking
statements, though not all forward-looking statements use these
words or expressions. These forward-looking statements are subject
to risks, uncertainties and assumptions, some of which are beyond
our control. In addition, these forward-looking statements reflect
our current views with respect to future events and are not a
guarantee of future performance. Actual outcomes may differ
materially from the information contained in the forward-looking
statements as a result of a number of factors, including, without
limitation, the following: our ability to manage our growth
effectively, sustain our historical growth rate in the future or
achieve or maintain profitability; the impact of adverse
macro-economic changes on our business, financial condition and
results of operations; the growth and expansion of the markets for
our offerings and our ability to adapt and respond effectively to
evolving market conditions; our estimates of, and future
expectations regarding, our market opportunity; our ability to keep
pace with technological and competitive developments and develop or
otherwise introduce new products and solutions and enhancements to
our existing offerings; our ability to maintain the
interoperability of our offerings across devices, operating systems
and third-party applications and to maintain and expand our
relationships with third-party technology partners; the effects of
increased competition in our target markets and our ability to
compete effectively; our ability to attract and retain new
customers and to expand within our existing customer base; the
success of our sales and marketing operations, including our
ability to realize efficiencies and reduce customer acquisition
costs; risks related to the war in Israel and the related
challenges to the political, economic and security conditions in
Israel and its impact on our business, financial performance and
our actions designed to mitigate such impact; our ability to meet
the service-level commitments under our customer agreements and the
effects on our business if we are unable to do so; our
relationships with, and dependence on, various third-party service
providers; our ability to maintain and enhance awareness of our
brand; our ability to offer high quality customer support; our
ability to effectively develop and expand our marketing and sales
capabilities; our ability to maintain the sales prices of our
offerings and the effects of pricing fluctuations; the
sustainability of, and fluctuations in, our gross margin; risks
related to our international operations and our ability to expand
our international business operations; the effects of currency
exchange rate fluctuations on our results of operations, including
recent declines in the value of the Israeli shekel following Hamas’
attacks against Israel; challenges and risks related to our sales
to government entities; our ability to consummate acquisitions at
our historical rate and at acceptable prices, to enter into other
strategic transactions and relationships, and to manage the risks
related to these transactions and arrangements; our ability to
protect our proprietary technology, or to obtain, maintain, protect
and enforce sufficiently broad intellectual property rights
therein; our ability to maintain the security and availability of
our platform, products and solutions; our ability to comply with
current and future legislation and governmental regulations to
which we are subject or may become subject in the future; changes
in applicable tax law, the stability of effective tax rates and
adverse outcomes resulting from examination of our income or other
tax returns; the effects of unfavorable conditions in our industry
or the global economy or reductions in information technology
spending; factors that may affect the future trading prices of our
ordinary shares; and other risk factors set forth in the section
titled “Risk Factors” in our Annual Report on form 20-F filed with
the Securities and Exchange Commission on March 18, 2024, and other
documents filed with or furnished to the SEC. These statements
reflect management’s current expectations regarding future events
and operating performance and speak only as of the date of this
press release. You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
About WalkMe
WalkMe (WKME) pioneered the world’s leading Digital Adoption
Platform (DAP) so companies can effectively navigate the constant
change brought on by technology. With WalkMe, organizations drive
enterprise productivity and reduce risk by ensuring consistent,
responsible, and efficient adoption of software and the workflows
it powers. Our AI-driven platform sits on top of an organization’s
tech stack, identifies where people experience friction, and
delivers the personalized guidance and automation needed to get the
job done, right in the flow of work. Customers like IBM, Nestle,
ThermoFisher Scientific, and the U.S. Dept. of Defense trust WalkMe
to create the people-centric experiences required to boost the
effectiveness of their workflows and maximize software ROI.
Media Contact:
Melanie Pasch
press@walkme.com
Investor Contact:
John Streppa
investors@walkme.com
|
|
|
|
|
|
WalkMe Ltd. |
Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share data;
unaudited) |
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
March 31, |
|
|
|
|
2024 |
|
2023 |
Revenues |
|
|
|
|
|
Subscription |
|
$ |
64,444 |
$ |
60,629 |
Professional services |
|
|
4,130 |
|
5,263 |
Total
revenues |
|
|
68,574 |
|
65,892 |
|
|
|
|
|
|
Cost of
revenues |
|
|
|
|
|
Subscription(1)(2) |
|
|
6,297 |
|
6,389 |
Professional services(1) |
|
|
3,579 |
|
5,803 |
Total
cost of revenues |
|
|
9,876 |
|
12,192 |
|
|
|
|
|
|
Gross
profit |
|
|
58,698 |
|
53,700 |
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
Research and development(1) |
|
|
12,746 |
|
14,272 |
Sales and marketing(1) |
|
|
41,428 |
|
44,458 |
General and administrative(1) |
|
|
12,416 |
|
20,747 |
|
|
|
|
|
|
Total operating expenses |
|
|
66,590 |
|
79,477 |
|
|
|
|
|
|
Operating
loss |
|
|
(7,892) |
|
(25,777) |
Financial income, net |
|
|
3,670 |
|
3,243 |
Loss
before income taxes |
|
|
(4,222) |
|
(22,534) |
Income
taxes |
|
|
(1,264) |
|
(1,112) |
|
|
|
|
|
|
Net
loss |
|
|
(5,486) |
|
(23,646) |
Net loss
attributable to non-controlling interest |
|
|
(40) |
|
(23) |
Adjustment
attributable to non-controlling interest |
|
|
700 |
|
2,500 |
|
|
|
|
|
|
Net loss
attributable to WalkMe Ltd. |
|
$ |
(6,146) |
$ |
(26,123) |
|
|
|
|
|
|
Net loss per
share attributable to WalkMe Ltd. basic and diluted |
|
$ |
(0.07) |
$ |
(0.30) |
Weighted-average shares used in computing net loss per share
attributable to ordinary shareholders, basic and diluted |
|
|
91,321,856 |
|
87,288,085 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)Includes
share-based compensation expense as follows: |
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
March 31, |
|
|
|
|
2024 |
|
2023 |
Cost of
subscription revenues |
|
$ |
267 |
$ |
286 |
Cost of
professional services |
|
|
278 |
|
537 |
Research and
development |
|
|
2,537 |
|
2,369 |
Sales and
marketing |
|
|
5,394 |
|
4,611 |
General and
administrative |
|
|
3,764 |
|
9,094 |
Total
share-based compensation expense |
|
$ |
12,240 |
$ |
16,897 |
|
|
|
|
|
|
(2)Includes
amortization of acquired intangibles as follows: |
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
March 31, |
|
|
|
|
2024 |
|
2023 |
Cost of
revenues |
|
$ |
68 |
$ |
68 |
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
Condensed Consolidated Balance Sheets |
(in thousands; unaudited) |
|
|
|
|
|
March
31, |
|
December
31, |
|
|
2024 |
|
2023 |
Assets |
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
192,839 |
$ |
177,223 |
Short-term
deposits |
|
28,426 |
|
28,027 |
Short-term
marketable securities |
|
58,103 |
|
60,290 |
Trade
receivables, net |
|
42,334 |
|
40,494 |
Deferred
contract acquisition costs |
|
26,376 |
|
26,793 |
Prepaid
expenses and other current assets |
|
8,565 |
|
8,739 |
|
|
|
|
|
Total
current assets |
|
356,643 |
|
341,566 |
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
|
Long-term
marketable securities |
|
60,189 |
|
56,282 |
Deferred
contract acquisition costs |
|
27,617 |
|
30,267 |
Other
assets |
|
792 |
|
317 |
Property and
equipment, net |
|
12,020 |
|
12,059 |
Operating
lease right-of-use assets |
|
10,824 |
|
12,005 |
Goodwill and
Intangible assets, net |
|
1,493 |
|
1,561 |
|
|
|
|
|
Total
non-current assets |
|
112,935 |
|
112,491 |
|
|
|
|
|
Total assets |
$ |
469,578 |
$ |
454,057 |
|
|
|
|
|
Liabilities, redeemable non-controlling interest and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Trade
payables |
$ |
3,766 |
$ |
3,508 |
Accrued
expenses and other current liabilities |
|
43,300 |
|
47,772 |
Deferred
revenues |
|
122,304 |
|
110,701 |
|
|
|
|
|
Total
current liabilities |
|
169,370 |
|
161,981 |
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
|
Deferred
revenues |
|
721 |
|
894 |
Other
long-term liabilities |
|
12,728 |
|
12,384 |
Operating
lease liabilities |
|
7,591 |
|
8,222 |
|
|
|
|
|
Total
long-term liabilities |
|
21,040 |
|
21,500 |
|
|
|
|
|
Total
liabilities |
|
190,410 |
|
183,481 |
|
|
|
|
|
Redeemable
non-controlling interest |
|
11,075 |
|
10,429 |
Shareholders’ equity: |
|
|
|
|
Share
capital and additional paid-in capital |
|
762,868 |
|
748,801 |
Other
comprehensive income (loss) |
|
(197) |
|
478 |
Accumulated
deficit |
|
(494,578) |
|
(489,132) |
Total
shareholders’ equity |
|
268,093 |
|
260,147 |
|
|
|
|
|
Total Liabilities, redeemable non-controlling interest and
shareholders’ equity |
$ |
469,578 |
$ |
454,057 |
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flow |
|
|
|
|
|
(in
thousands; unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
March 31, |
|
|
|
2024 |
|
2023 |
Cash
flows from operating activities: |
|
|
|
|
|
Net
loss |
|
$ |
(5,486) |
$ |
(23,646) |
|
|
|
|
|
|
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities: |
|
|
|
|
|
Share-based
compensation |
|
|
12,240 |
|
16,897 |
Depreciation, amortization and impairment |
|
|
1,446 |
|
1,355 |
Operating
lease right-of-use assets and liabilities, net |
|
|
(515) |
|
(403) |
Finance
(income) expense |
|
|
32 |
|
(274) |
Amortization
of premium and accretion of discount on marketable securities,
net |
|
|
(772) |
|
(528) |
Increase in
trade receivables, net |
|
|
(1,840) |
|
(3,720) |
Increase in
prepaid expenses and other current and non-current assets |
|
|
(218) |
|
(2,118) |
Decrease in
deferred contract acquisition costs |
|
|
3,067 |
|
3,386 |
Increase
(decrease) in trade payables |
|
|
247 |
|
(694) |
Decrease in
accrued expenses and other current liabilities |
|
|
(2,518) |
|
(7,942) |
Increase in
deferred revenues |
|
|
11,702 |
|
8,556 |
Increase in
other long-term liabilities |
|
|
369 |
|
1,599 |
|
|
|
|
|
|
Net cash
provided by (used in) operating activities |
|
|
17,754 |
|
(7,532) |
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Investment
in equity securities |
|
|
(325) |
|
- |
Purchase of
property and equipment |
|
|
(97) |
|
(180) |
Proceeds
from short-term deposits |
|
|
- |
|
37,000 |
Investment
in marketable securities |
|
|
(14,127) |
|
(10,357) |
Proceeds
from maturity of marketable securities |
|
|
12,573 |
|
10,460 |
Proceeds
from restricted deposits |
|
|
170 |
|
- |
Capitalization of software development costs |
|
|
(1,020) |
|
(567) |
|
|
|
|
|
|
Net cash
provided by (used in) investing activities |
|
|
(2,826) |
|
36,356 |
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from exercise of options |
|
|
423 |
|
542 |
Proceeds
from employees share purchase plan |
|
|
879 |
|
1,194 |
|
|
|
|
|
|
Net cash
provided by financing activities |
|
|
1,302 |
|
1,736 |
Effect of
foreign currency exchange rate changes on cash, cash equivalents,
and restricted cash |
|
|
(451) |
|
(191) |
Increase in
cash, cash equivalents and restricted cash |
|
|
15,779 |
|
30,369 |
Cash, cash
equivalents and restricted cash - Beginning of period |
|
|
177,223 |
|
94,428 |
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash - End of period |
|
$ |
193,002 |
$ |
124,797 |
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
|
|
|
|
|
Reconciliation from GAAP to Non-GAAP Results |
|
|
|
|
|
(in
thousands, except share and per share data;
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
March 31, |
|
|
|
2024 |
|
2023 |
Reconciliation of gross profit and gross
margin |
|
|
|
|
|
GAAP gross
profit |
|
$ |
58,698 |
$ |
53,700 |
Plus:
Share-based compensation expense |
|
|
545 |
|
823 |
Plus:
Amortization of acquired intangibles |
|
|
68 |
|
68 |
|
|
|
|
|
|
Non-GAAP
gross profit |
|
$ |
59,311 |
$ |
54,591 |
GAAP gross
margin |
|
|
86% |
|
81% |
Non-GAAP
gross margin |
|
|
86% |
|
83% |
|
|
|
|
|
|
Reconciliation of operating expenses |
|
|
|
|
|
GAAP
research and development |
|
$ |
12,746 |
$ |
14,272 |
Less:
Share-based compensation expenses |
|
|
(2,537) |
|
(2,369) |
|
|
|
|
|
|
Non-GAAP
research and development |
|
$ |
10,209 |
$ |
11,903 |
|
|
|
|
|
|
GAAP sales
and marketing |
|
$ |
41,428 |
$ |
44,458 |
Less:
Share-based compensation expenses |
|
|
(5,394) |
|
(4,611) |
|
|
|
|
|
|
Non-GAAP
sales and marketing |
|
$ |
36,034 |
$ |
39,847 |
|
|
|
|
|
|
GAAP general
and administrative |
|
$ |
12,416 |
$ |
20,747 |
Less:
Share-based compensation expenses |
|
|
(3,764) |
|
(9,094) |
|
|
|
|
|
|
Non-GAAP
general and administrative |
|
$ |
8,652 |
$ |
11,653 |
|
|
|
|
|
|
Reconciliation of operating income (loss) and operating
margin |
|
|
|
|
|
GAAP
operating loss |
|
$ |
(7,892) |
$ |
(25,777) |
Plus:
Share-based compensation expense |
|
|
12,240 |
|
16,897 |
Plus:
Amortization of acquired intangibles |
|
|
68 |
|
68 |
|
|
|
|
|
|
Non-GAAP
operating income (loss) |
|
$ |
4,416 |
$ |
(8,812) |
GAAP
operating margin |
|
|
(12)% |
|
(39)% |
Non-GAAP
operating margin |
|
|
6% |
|
(13)% |
|
|
|
|
|
|
Reconciliation of net income (loss) |
|
|
|
|
|
GAAP net
loss attributable to WalkMe Ltd. |
|
$ |
(6,146) |
$ |
(26,123) |
Plus:
Share-based compensation expense |
|
|
12,240 |
|
16,897 |
Plus:
Amortization of acquired intangibles |
|
|
68 |
|
68 |
Plus:
Adjustment attributable to non-controlling interest |
|
|
700 |
|
2,500 |
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to WalkMe Ltd. |
|
$ |
6,862 |
$ |
(6,658) |
|
|
|
|
|
|
Non-GAAP net
income (loss) per share attributable to WalkMe Ltd. |
|
|
|
|
|
Basic |
|
$ |
0.08 |
$ |
(0.08) |
Diluted |
|
$ |
0.07 |
$ |
(0.08) |
|
|
|
|
|
|
Shares used
in non-GAAP per share calculations: |
|
|
|
|
|
Non-GAAP
weighted-average shares used to compute net income (loss) per
share |
|
|
|
|
|
Basic |
|
|
91,321,856 |
|
87,288,085 |
Diluted |
|
|
96,556,802 |
|
87,288,085 |
|
|
|
|
|
|
|
|
|
|
|
|
WalkMe Ltd. |
|
|
|
|
|
Reconciliation of GAAP Cash Flow from Operating Activities
to Free Cash Flow |
|
|
(in
thousands; unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
March 31, |
|
|
|
|
2024 |
|
2023 |
Net
cash provided by (used in) operating activities |
|
$ |
17,754 |
$ |
(7,532) |
Less:
Purchases of property and equipment |
|
|
(97) |
|
(180) |
Less:
Capitalized software development costs |
|
|
(1,020) |
|
(567) |
|
|
|
|
|
|
Free
Cash Flow |
|
$ |
16,637 |
$ |
(8,279) |
|
|
|
|
|
|
WalkMe (NASDAQ:WKME)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
WalkMe (NASDAQ:WKME)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024