SMWB - Similarweb Non-GAAP EPS of -$0.09 beats by $0.07 revenue of $52.75M misses by $0.09M

2023-05-09 16:52:31 ET

• Similarweb press release ( NYSE: SMWB ): Q1 Non-GAAP EPS of -$0.09 beats by $0.07 .
• Revenue of $52.75M (+19.1% Y/Y) misses by $0.09M .
• Grew number of customers to 4,179 as of March 31, 2023, an increase of 14% compared to March 31, 2022.
• Grew average annual revenue per customer to approximately $51,300 in the first quarter of 2023, an increase of 4% compared to the first quarter of 2022.
• Grew number of customers with ARR of $100,000 or more to 344, an increase of 16% compared to March 31, 2022.
• Customers with ARR of $100,000 or more contributed 55% of the total ARR as of March 31, 2023, compared to 53% as of March 31, 2022.
• Dollar-based net retention rate for customers with ARR of $100,000 or more was 114% in the first quarter of 2023 as compared to 127% in the first quarter of 2022.
• Overall dollar-based net retention rate was 105% in the first quarter of 2023 as compared to 115% in the first quarter of 2022.
• Multi-year subscriptions now comprise 40% of our overall ARR as of March 31, 2023, as compared to 35% as of March 31, 2022.
• Remaining performance obligations increased 9% year-over-year, to $174.0 million as of March 31, 2023, as compared to $159.1 million as of March 31, 2022.
• Q2 2023 Guidance
  • Total revenue estimated between $53.3 million and $53.8 million vs $53.8M consensus, representing approximately 13% growth year over year at the mid-point of the range.
  • Non-GAAP operating loss estimated between $(6.5) million and $(7.0) million.
• FY 2023 Guidance
  • Total revenue estimated between $221.0 million and $222.0 million vs $221.63M consensus, representing approximately 15% growth year over year at the mid-point of the range.
  • Non-GAAP operating loss estimated between $(21.0) million and $(22.0) million.
  • We expect to reach sustained positive free cash flow in the fourth quarter of 2023. Our free cash flow may fluctuate seasonally as we progress through this year.

For further details see: