Provides Initial 2024 Outlook
Riskified Ltd. (NYSE: RSKD) (the “Company”), a leader in
ecommerce fraud and risk intelligence, today announced financial
results for the three and twelve months ended December 31, 2023.
The Company will host an investor call to discuss these results
today at 8:30 a.m. Eastern Time.
“The fourth quarter marks a significant milestone as we achieved
our strongest adjusted EBITDA result in our history. We believe
that this is a testament to the strength of our business model and
of our ability to execute on our strategic initiatives. I want to
thank the entire Riskified team, whose hard work and dedication
have been instrumental in realizing these successes. We are excited
about the opportunities that lie ahead and remain committed to
delivering value to our merchants and shareholders while staying at
the forefront of innovation in the industry,” said Eido Gal,
Co-Founder and Chief Executive Officer of Riskified.
Q4 and Full Year 2023 Business Highlights
- Further Diversification with the Addition of New
Merchants: We continued to have success landing new merchants
on the platform, which in turn deepened our vertical and geographic
reach. Our top 10 new logos added during the fourth quarter of 2023
represented five different categories across three
geographies.
- Landed New Account in Money Transfer & Remittance
Category: During the fourth quarter, we onboarded a
multi-billion global money transfer company with a presence in 50
countries. We believe that this category represents an exciting
area of potential expansion for Riskified.
- Continued Upsell Activity in Fashion and Luxury
Vertical: Key existing customers expanded their contractual
relationships with us during the fourth quarter. In particular, we
successfully executed upsells with one of our top merchants in our
Fashion and Luxury category, and had a successful cross-sell of
Policy Protect for a Luxury merchant, who was already using our
core Chargeback Guarantee product.
- Execution of Platform Sales Motion: Our fourth quarter
was the strongest quarter ever for our Policy Protect product, as
over 50% of the Policy Protect deals that we won during the year
went live during the quarter, reflecting increasing momentum and
merchant acceptance of these products throughout the year.
- Strong Cash Flow Model: We continued to maintain a
healthy cash flow model and generated positive free cash flow of
$5.9 million for 2023. We believe we are well positioned to
continue generating strong cash flow in 2024. We are confident in
our ability to manage our cash position and ended the year with
$474.8 million of cash, deposits, and investments on the balance
sheet, with zero debt.
- Share Repurchase Program Update: On November 20, 2023,
we received Israeli court approval to implement our previously
announced $75 million share repurchase program. Through February
29, 2024, we have repurchased approximately 7.6 million shares at a
total cost of approximately $34 million. We remain committed to
repurchasing our shares at what we believe are attractive valuation
levels.
- Expanded Chargeback Management System: During the year
we further expanded our Dispute Resolve platform to streamline
chargeback operations for our merchant teams. The expanded solution
leverages deeper gateway and artificial intelligence integrations
to auto-compile and format Compelling Evidence submissions for
every chargeback, saving merchant teams time and enabling them to
dispute more chargebacks.
Q4 and Full Year 2023 Financial Summary
The following table summarizes our consolidated financial
results for the three and twelve months ended December 31, 2023 and
2022, in thousands except where indicated:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Gross merchandise volume ("GMV") in
millions(1)
$
35,209
$
32,179
$
123,106
$
105,570
Increase in GMV year over year
9
%
17
%
Revenue
$
84,065
$
79,298
$
297,610
$
261,247
Increase in revenues year over year
6
%
14
%
Gross profit
$
48,515
$
41,444
$
152,519
$
135,097
Gross profit margin
58
%
52
%
51
%
52
%
Operating profit (loss)
$
(6,564
)
$
(17,251
)
$
(76,849
)
$
(109,348
)
Net profit (loss)
$
(3,265
)
$
(12,052
)
$
(59,035
)
$
(104,705
)
Adjusted EBITDA(1)
$
9,713
$
(330
)
$
(8,490
)
$
(37,076
)
Adjusted EBITDA margin(1)
12
%
(0
)%
(3
)%
(14
)%
“I am proud of our ability to expand our adjusted EBITDA margin
by 1100 bps from the prior period and we expect to see continued
margin expansion in 2024 and beyond. We remain committed to driving
value for our shareholders by focusing on the operational levers
available to us, and by managing the business in a disciplined
way,” said Aglika Dotcheva, Chief Financial Officer of
Riskified.
Financial Outlook:
For the year ending December 31, 2024, we currently expect:
- Revenue between $323 million and $335 million
We anticipate positive Adjusted EBITDA in 2024. For the year
ending December 31, 2024, we currently expect:
- Adjusted EBITDA(2) between $10 million and $17 million
(1) GMV is a key performance indicator while Adjusted EBITDA and
Adjusted EBITDA margin are non-GAAP measures of financial
performance. See “Key Performance Indicators and Non-GAAP Measures”
for additional information and “Reconciliation of GAAP to Non-GAAP
Measures” for a reconciliation to the most directly comparable GAAP
measure.
(2) We are not able to provide a reconciliation of Adjusted
EBITDA guidance for the fiscal year ending December 31, 2024 to net
profit (loss) because certain items that are excluded from Adjusted
EBITDA but included in net profit (loss), the most directly
comparable GAAP financial measure, cannot be predicted on a
forward-looking basis without unreasonable effort or are not within
our control. For example, we are unable to forecast the magnitude
of foreign currency transaction gains or losses which are subject
to many economic and other factors beyond our control. For the same
reasons, we are unable to address the probable significance of the
unavailable information, which could have a potentially
unpredictable and potentially significant impact on our future GAAP
financial results.
Conference Call and Webcast Details
The Company will host a conference call to discuss its financial
results today, March 5, 2024 at 8:30 a.m. Eastern Time. A live
webcast of the call can be accessed from Riskified’s Investor
Relations website at ir.riskified.com. A replay of the webcast will
also be available for a limited time at ir.riskified.com. The press
release with the financial results, as well as the investor
presentation materials will be accessible on the Company’s Investor
Relations website prior to the conference call.
Key Performance Indicators and Non-GAAP Measures
This press release and the accompanying tables contain
references to Gross Merchandise Volume ("GMV"), which is a key
performance indicator, and to certain non-GAAP measures which
include non-GAAP measures of financial performance, including
Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit,
non-GAAP gross profit margin, non-GAAP cost of revenue, non-GAAP
operating expenses by line item, non-GAAP net profit (loss), and
non-GAAP net profit (loss) per share, and non-GAAP measures of
liquidity, including Free Cash Flow. Management and our Board of
Directors use key performance indicators and non-GAAP measures as
supplemental measures of performance and liquidity because they
assist us in comparing our operating performance on a consistent
basis, as they remove the impact of items that we believe do not
directly reflect our core operations. We also use Adjusted EBITDA
for planning purposes, including the preparation of our internal
annual operating budget and financial projections, to evaluate the
performance and effectiveness of our strategic initiatives, and to
evaluate our capacity to expand our business. Free Cash Flow
provides useful information to management and investors about the
amount of cash generated by the business that can be used for
strategic opportunities, including investing in our business and
strengthening our balance sheet.
These non-GAAP measures should not be construed as an inference
that our future results will be unaffected by unusual or other
items. Non-GAAP measures of financial performance have limitations
as analytical tools in that these measures do not reflect our cash
expenditures, or future requirements for capital expenditures, or
contractual commitments; these measures do not reflect changes in,
or cash requirements for, our working capital needs; these measures
do not reflect our tax expense or the cash requirements to pay our
taxes, and assets being depreciated and amortized will often have
to be replaced in the future and these measures do not reflect any
cash requirements for such replacements. Free Cash Flow is limited
because it does not represent the residual cash flow available for
discretionary expenditures. Free Cash Flow is not necessarily a
measure of our ability to fund our cash needs.
In light of these limitations, management uses these non-GAAP
measures to supplement, not replace, our GAAP results. The non-GAAP
measures used herein are not necessarily comparable to similarly
titled captions of other companies due to different calculation
methods. Non-GAAP financial measures should not be considered in
isolation, as an alternative to, or superior to information
prepared and presented in accordance with GAAP. These measures are
frequently used by analysts, investors and other interested parties
to evaluate companies in our industry. By providing these non-GAAP
measures together with a reconciliation to the most comparable GAAP
measure, we believe we are enhancing investors' understanding of
our business and our results of operations, as well as assisting
investors in evaluating how well we are executing our strategic
initiatives.
We define GMV as the gross total dollar value of orders reviewed
through our ecommerce risk intelligence platform during the period
indicated, including the value of orders that we did not
approve.
We define each of our non-GAAP measures of financial
performance, as the respective GAAP balances shown in the below
tables, adjusted for, as applicable, depreciation and amortization
(including amortization of capitalized internal-use software as
presented in our statement of cash flows), share-based compensation
expense, payroll taxes related to share-based compensation,
litigation-related expenses, provision for (benefit from) income
taxes, other income (expense) including foreign currency
transaction gains and losses and gains and losses on non-designated
hedges, and interest income (expense). Adjusted EBITDA margin
represents Adjusted EBITDA expressed as a percentage of revenue.
Non-GAAP Gross Profit Margin represents Non-GAAP Gross Profit
expressed as a percentage of revenue. We define non-GAAP net profit
(loss) per share as non-GAAP net profit (loss) divided by non-GAAP
weighted-average shares. We define non-GAAP weighted-average
shares, as GAAP weighted average shares, adjusted to reflect any
dilutive ordinary share equivalents resulting from non-GAAP net
profit (loss), if applicable.
We define Free Cash Flow as net cash provided by (used in)
operating activities, less cash purchases of property and
equipment, and cash spent on capitalized software development
costs.
Management believes that by excluding certain items from the
associated GAAP measure, these non-GAAP measures are useful in
assessing our performance and provide meaningful supplemental
information due to the following factors:
Depreciation and amortization: We exclude depreciation and
amortization (including amortization of capitalized internal-use
software) because we believe that these costs are not core to the
performance of our business and the utilization of the underlying
assets being depreciated and amortized can change without a
corresponding impact on the operating performance of our business.
Management believes that excluding depreciation and amortization
facilitates comparability with other companies in our industry.
Share-based compensation expense: We exclude share-based
compensation expense primarily because it is a non-cash expense
that does not directly correlate to the current performance of our
business. This is because the expense is calculated based on the
grant date fair value of an award which may vary significantly from
the current fair market value of the award based on factors outside
of our control. Share-based compensation expense is principally
aimed at aligning our employees’ interests with those of our
shareholders and at long-term retention, rather than to address
operational performance for any particular period.
Payroll taxes related to share-based compensation: We exclude
employer payroll tax expense related to share-based compensation in
order to see the full effect that excluding that share-based
compensation expense had on our operating results. These expenses
are tied to the exercise or vesting of underlying equity awards and
the price of our common stock at the time of vesting or exercise,
which may vary from period to period independent of the operating
performance of our business.
Litigation-related expenses: We exclude costs associated with
the legal matter previously disclosed under the caption "Legal
Proceedings" in our Form 6-K furnished with the Securities and
Exchange Commission ("SEC") on August 15, 2023, because such costs
are not reflective of costs associated with our ongoing business
and operating results and are viewed as unusual and infrequent.
See the tables below for reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP
measures.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. 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 U.S. Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Exchange Act. All statements contained
in this press release other than statements of historical fact,
including, without limitation, statements regarding our revenue and
adjusted EBITDA guidance for fiscal year 2024 and expectations as
to future Adjusted EBITDA margin expansion, future growth potential
in new verticals and new geographies, anticipated benefits of our
share repurchase program, internal modeling assumptions,
expectations as to the macroeconomic environment, expectations as
to our new merchant pipeline and upsell opportunities, the
performance of our products, our management of our cash outflow and
leverage, and business plans and strategy are forward looking
statements, which reflect our current views with respect to future
events and are not a guarantee of future performance. The words
“believe,” “may,” “will,” “estimate,” “potential,” “continue,”
“anticipate,” “intend,” “expect,” “could,” “would,” “project,”
“forecasts,” “aims,” “plan,” “target,” and similar expressions are
intended to identify forward-looking statements, though not all
forward-looking statements use these words or expressions.
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; continued use of credit
cards and other payment methods that expose merchants to the risk
of payment fraud, and other changes in laws and regulations,
including card scheme rules, related to the use of these payment
methods, and the emergence of new alternative payments products;
our history of net losses and ability to achieve profitability; our
ability to attract new merchants and retain existing merchants; the
impact of macroeconomic conditions on us and on the performance of
our merchants; our ability to continue to improve our machine
learning models; fluctuations in our CTB Ratio and gross profit
margin, including as a result of large-scale merchant fraud attacks
or other security incidents; our ability to protect the information
of our merchants and consumers; our ability to predict future
revenue due to lengthy sales cycles; seasonal fluctuations in
revenue; competition; our merchant concentration; the financial
condition of our merchants, particularly in challenging
macroeconomic environments; our ability to increase the adoption of
our products and to develop and introduce new products; our ability
to mitigate the risks involved with selling our products to large
enterprises; our ability to retain the services of our executive
officers, and other key personnel, including our co-founders; our
ability to attract and retain highly qualified personnel, including
software engineers and data scientists, particularly in Israel;
changes to our prices and pricing structure; our exposure to
existing and potential future litigation claims; our exposure to
fluctuations in currency exchange rates, including recent declines
in the value of the Israeli shekel against the US dollar as a
result of the ongoing conflict in Israel; our ability to obtain
additional capital; our third-party providers of cloud-based
infrastructure; our ability to protect our intellectual property
rights; technology and infrastructure interruptions or performance
problems; the efficiency and accuracy of our machine learning
models and access to third-party and merchant data; our ability to
comply with evolving data protection, privacy and security laws;
the development of regulatory frameworks for machine learning
technology and artificial intelligence; our use of open-source
software; our ability to enhance and maintain our brand; our
ability to execute potential acquisitions, strategic investments,
partnerships, or alliances; our ability to successfully establish
partnership channels and to integrate with these partners;
potential claims related to the violation of the intellectual
property rights of third parties; our failure to comply with
anti-corruption, trade compliance, and economic sanctions laws and
regulations; disruption, instability and volatility in global
markets and industries; our ability to enforce non-compete
agreements entered into with our employees; our ability to maintain
effective systems of disclosure controls and financial reporting;
our ability to accurately estimate or judgements relating to our
critical accounting policies; our business in China; changes in tax
laws or regulations; increasing scrutiny of, and expectations for,
environmental, social and governance initiatives; potential future
requirements to collect sales or other taxes; potential future
changes in the taxation of international business and corporate tax
reform; changes in and application of insurance laws or
regulations; conditions in Israel that may affect our operations;
the impact of the dual class structure of our ordinary shares;
risks associated with our share repurchase program, including the
risk that the program could increase volatility and fail to enhance
shareholder value; our status as a foreign private issuer; and
other risk factors set forth in Item 3.D - “Risk Factors” in our
Annual Report on Form 20-F for the fiscal year ended December 31,
2023, to be filed with the SEC, 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.
About Riskified
Riskified empowers businesses to grow ecommerce revenues and
profit by mitigating risk. An unrivaled network of merchant brands
partner with Riskified for guaranteed protection against
chargebacks, to fight fraud and policy abuse at scale, and to
improve customer retention. Developed and managed by the largest
team of ecommerce risk analysts, data scientists, and researchers,
Riskified’s AI-powered fraud and risk intelligence platform
analyzes the individual behind each interaction to provide
real-time decisions and robust identity-based insights. Learn more
at riskified.com.
RISKIFIED LTD.
CONSOLIDATED BALANCE SHEETS (in thousands, except share
data)
As of December 31,
2023
As of December 31,
2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
440,838
$
188,670
Restricted cash
—
2,347
Short-term deposits
5,000
287,000
Accounts receivable, net
46,886
37,547
Prepaid expenses and other current
assets
10,607
14,371
Short-term investments
28,968
—
Total current assets
532,299
529,935
Property and equipment, net
15,639
18,586
Operating lease right-of-use assets
29,742
35,158
Deferred contract acquisition costs
15,562
14,383
Other assets, noncurrent
8,690
8,922
Total assets
$
601,932
$
606,984
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
2,573
$
2,110
Accrued compensation and benefits
24,016
24,134
Guarantee obligations
12,719
12,361
Provision for chargebacks, net
12,092
11,980
Operating lease liabilities, current
5,615
6,214
Accrued expenses and other current
liabilities
12,796
15,813
Total current liabilities
69,811
72,612
Operating lease liabilities,
noncurrent
25,694
31,202
Other liabilities, noncurrent
14,706
8,734
Total liabilities
110,211
112,548
Shareholders’ equity:
Class A ordinary shares, no par value;
900,000,000 shares authorized as of December 31, 2023 and 2022;
128,738,857 and 102,084,746 shares issued and outstanding as of
December 31, 2023 and 2022, respectively
—
—
Class B ordinary shares, no par value;
232,500,000 shares authorized as of December 31, 2023 and 2022;
49,814,864 and 68,945,014 shares issued and outstanding as of
December 31, 2023 and 2022, respectively
—
—
Treasury shares at cost, 3,038,865 and
zero ordinary shares as of December 31, 2023 and 2022,
respectively
(13,155
)
—
Additional paid-in capital
916,371
848,609
Accumulated other comprehensive profit
(loss)
74
(1,639
)
Accumulated deficit
(411,569
)
(352,534
)
Total shareholders’ equity
491,721
494,436
Total liabilities and shareholders’
equity
$
601,932
$
606,984
RISKIFIED LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands,
except share and per share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Revenue
$
84,065
$
79,298
$
297,610
$
261,247
Cost of revenue
35,550
37,854
145,091
126,150
Gross profit
48,515
41,444
152,519
135,097
Operating expenses:
Research and development
17,122
18,502
71,577
72,014
Sales and marketing
21,344
21,391
88,441
88,438
General and administrative
16,613
18,802
69,350
83,993
Total operating expenses
55,079
58,695
229,368
244,445
Operating profit (loss)
(6,564
)
(17,251
)
(76,849
)
(109,348
)
Interest income (expense), net
5,994
5,064
22,775
10,180
Other income (expense), net
(218
)
1,714
837
505
Profit (loss) before income taxes
(788
)
(10,473
)
(53,237
)
(98,663
)
Provision for (benefit from) income
taxes
2,477
1,579
5,798
6,042
Net profit (loss)
$
(3,265
)
$
(12,052
)
$
(59,035
)
$
(104,705
)
Other comprehensive profit (loss), net of
tax:
Other comprehensive profit (loss)
3,251
1,158
1,713
(1,815
)
Comprehensive profit (loss)
$
(14
)
$
(10,894
)
$
(57,322
)
$
(106,520
)
Net profit (loss) per share attributable
to Class A and B ordinary shareholders, basic and diluted
$
(0.02
)
$
(0.07
)
$
(0.33
)
$
(0.62
)
Weighted-average shares used in computing
net profit (loss) per share attributable to Class A and B ordinary
shareholders, basic and diluted
180,172,629
170,734,172
176,773,398
167,667,374
RISKIFIED LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Cash flows from operating
activities:
Net profit (loss)
$
(3,265
)
$
(12,052
)
$
(59,035
)
$
(104,705
)
Adjustments to reconcile net profit (loss)
to net cash provided by (used in) operating activities:
Unrealized loss (gain) on foreign
currency
534
(1,684
)
(850
)
(2,875
)
Provision for (benefit from) account
receivable allowances
22
(32
)
198
3
Depreciation and amortization
896
1,040
3,568
3,607
Amortization of capitalized internal-use
software costs
383
296
1,532
667
Amortization of deferred contract
costs
2,613
2,107
9,567
7,135
Share-based compensation expense
14,925
15,233
62,410
67,467
Non-cash right-of-use asset changes
1,095
912
4,605
4,211
Changes in accrued interest
934
(3,639
)
2,593
(4,613
)
Ordinary share warrants issued to a
customer
384
384
1,536
1,535
Other
38
44
161
180
Changes in operating assets and
liabilities:
Accounts receivable
(15,873
)
(6,575
)
(9,685
)
(1,715
)
Deferred contract acquisition costs
(3,700
)
(4,699
)
(8,893
)
(9,707
)
Prepaid expenses and other assets
279
(3,028
)
(1,618
)
4,026
Accounts payable
(29
)
(220
)
373
1,931
Accrued compensation and benefits
4,093
4,113
(199
)
291
Guarantee obligations
3,230
2,594
358
249
Provision for chargebacks, net
1,394
1,269
112
(40
)
Operating lease liabilities
(1,086
)
(1,624
)
(4,580
)
(2,609
)
Accrued expenses and other liabilities
556
1,463
5,126
8,710
Net cash provided by (used in) operating
activities
7,423
(4,098
)
7,279
(26,252
)
Cash flows from investing
activities:
Purchases of short-term deposits
—
(127,997
)
(55,000
)
(463,750
)
Maturities of short-term deposits
10,000
26,750
337,000
261,750
Purchases of investments
—
—
(29,086
)
—
Purchases of property and equipment
(281
)
(2,713
)
(1,355
)
(6,126
)
Capitalized software development costs
—
(351
)
—
(1,886
)
Net cash provided by (used in) investing
activities
9,719
(104,311
)
251,559
(210,012
)
Cash flows from financing
activities:
Proceeds from exercise of share
options
728
1,050
3,841
4,059
Payments of deferred offering costs
—
—
—
(204
)
Purchases of treasury shares
(13,155
)
—
(13,155
)
—
Net cash provided by (used in) financing
activities
(12,427
)
1,050
(9,314
)
3,855
Effects of exchange rates on cash, cash
equivalents, and restricted cash
650
945
297
(1,701
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
5,365
(106,414
)
249,821
(234,110
)
Cash, cash equivalents, and restricted
cash—beginning of period
435,473
297,431
191,017
425,127
Cash, cash equivalents, and restricted
cash—end of period
$
440,838
$
191,017
$
440,838
$
191,017
Reconciliation of GAAP to Non-GAAP Measures
The following tables reconcile non-GAAP measures to the most
directly comparable GAAP measure and are presented in thousands
except for share and per share amounts.
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Net profit (loss)
$
(3,265
)
$
(12,052
)
$
(59,035
)
$
(104,705
)
Provision for (benefit from) income
taxes
2,477
1,579
5,798
6,042
Interest (income) expense, net
(5,994
)
(5,064
)
(22,775
)
(10,180
)
Other (income) expense, net
218
(1,714
)
(837
)
(505
)
Depreciation and amortization
1,279
1,336
5,100
4,274
Share-based compensation expense
14,925
15,233
62,410
67,467
Payroll taxes related to share-based
compensation
73
40
459
219
Litigation-related expenses
—
312
390
312
Adjusted EBITDA
$
9,713
$
(330
)
$
(8,490
)
$
(37,076
)
Adjusted EBITDA Margin
12
%
(0
)%
(3
)%
(14
)%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
GAAP gross profit
$
48,515
$
41,444
$
152,519
$
135,097
Plus: depreciation and amortization
427
359
1,726
880
Plus: share-based compensation expense
196
144
770
621
Plus: payroll taxes related to share-based
compensation
3
—
11
4
Non-GAAP gross profit
$
49,141
$
41,947
$
155,026
$
136,602
Gross profit margin
58
%
52
%
51
%
52
%
Non-GAAP gross profit margin
58
%
53
%
52
%
52
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
GAAP cost of revenue
$
35,550
$
37,854
$
145,091
$
126,150
Less: depreciation and amortization
427
359
1,726
880
Less: share-based compensation expense
196
144
770
621
Less: payroll taxes related to share-based
compensation
3
—
11
4
Non-GAAP cost of revenue
$
34,924
$
37,351
$
142,584
$
124,645
GAAP research and development
$
17,122
$
18,502
$
71,577
$
72,014
Less: depreciation and amortization
394
461
1,566
1,581
Less: share-based compensation expense
3,060
2,584
13,152
10,005
Less: payroll taxes related to share-based
compensation
1
—
2
—
Non-GAAP research and development
$
13,667
$
15,457
$
56,857
$
60,428
GAAP sales and marketing
$
21,344
$
21,391
$
88,441
$
88,438
Less: depreciation and amortization
258
282
1,025
1,013
Less: share-based compensation expense
4,706
4,177
19,420
18,253
Less: payroll taxes related to share-based
compensation
40
19
248
118
Non-GAAP sales and marketing
$
16,340
$
16,913
$
67,748
$
69,054
GAAP general and administrative
$
16,613
$
18,802
$
69,350
$
83,993
Less: depreciation and amortization
200
234
783
800
Less: share-based compensation expense
6,963
8,328
29,068
38,588
Less: payroll taxes related to share-based
compensation
29
21
198
97
Less: litigation-related expenses
—
312
390
312
Non-GAAP general and administrative
$
9,421
$
9,907
$
38,911
$
44,196
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Net cash provided by (used in) operating
activities
$
7,423
$
(4,098
)
$
7,279
$
(26,252
)
Purchases of property and equipment
(281
)
(2,713
)
(1,355
)
(6,126
)
Capitalized software development costs
—
(351
)
—
(1,886
)
Free Cash Flow
$
7,142
$
(7,162
)
$
5,924
$
(34,264
)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(unaudited)
(unaudited)
Net profit (loss)
$
(3,265
)
$
(12,052
)
$
(59,035
)
$
(104,705
)
Depreciation and amortization
1,279
1,336
5,100
4,274
Share-based compensation expense
14,925
15,233
62,410
67,467
Payroll taxes related to share-based
compensation
73
40
459
219
Litigation related expenses
—
312
390
312
Non-GAAP net profit (loss)
$
13,012
$
4,869
$
9,324
$
(32,433
)
Weighted-average shares used in computing
net profit (loss) and non-GAAP net profit (loss) per share
attributable to Class A and B ordinary shareholders, basic
180,172,629
170,734,172
176,773,398
167,667,374
Add: Dilutive Class A and B ordinary share
equivalents
5,541,867
8,877,043
7,446,405
—
Weighted-average shares used in computing
non-GAAP net profit (loss) per share attributable to Class A and B
ordinary shareholders, diluted
185,714,496
179,611,215
184,219,803
167,667,374
Net profit (loss) per share attributable
to Class A and B ordinary shareholders, basic and diluted
$
(0.02
)
$
(0.07
)
$
(0.33
)
$
(0.62
)
Non-GAAP net profit (loss) per share
attributable to Class A and B ordinary shareholders, basic
$
0.07
$
0.03
$
0.05
$
(0.19
)
Non-GAAP net profit (loss) per share
attributable to Class A and B ordinary shareholders, diluted
$
0.07
$
0.03
$
0.05
$
(0.19
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305369960/en/
Investor Relations: Chett Mandel, Head of Investor
Relations | ir@riskified.com
Corporate Communications: Cristina Dinozo, Senior
Director of Communications | press@riskified.com
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