SMWB - Similarweb Non-GAAP EPS of -$0.14 beats by $0.06 revenue of $51.3M beats by $0.65M issues weak Q1 and FY2 guidance

• Similarweb press release ( NYSE: SMWB ): Q4 Non-GAAP EPS of -$0.14 beats by $0.06 .
• Revenue of $51.3M (+27.6% Y/Y) beats by $0.65M .
• Grew number of customers to 4,049 as of December 31, 2022, an increase of 16% compared to December 31, 2021.
• Grew average annual revenue per customer to approximately $51,600 in the fourth quarter of 2022, an increase of 8% compared to the fourth quarter of 2021.
• Grew number of customers with ARR of $100,000 or more to 337 as of December 31, 2022, an increase of 24% compared to December 31, 2021.
• Customers with ARR of $100,000 or more contributed 55% of the total ARR as of December 31, 2022, compared to 51% as of December 31, 2021.
• Dollar-based net retention rate for customers with ARR of $100,000 or more was 120% in the fourth quarter of 2022 as compared to 125% in the fourth quarter of 2021.
• Overall dollar-based net retention rate was 109% in the fourth quarter of 2022 as compared to 113% in the fourth quarter of 2021.
• Multi-year subscriptions now comprise 39% of our overall ARR as of December 31, 2022, as compared to 33% as of December 31, 2021.
• Q1 2023 Guidance
  • Total revenue between $52.5 million and $53.0 million vs $53.74M consensus, representing 19% growth year-over-year at the mid-point of the range.
  • Non-GAAP operating loss between $(11.5) million and $(12.0) million. This includes non-GAAP gross margin anticipated in the range of 77.0% to 77.5%.
• FY 2023 Guidance
  • Total revenue between $221.0 million and $222.0 million vs. $232.47M consensus, representing 15% growth year-over-year at the mid-point of the range.
  • Non-GAAP operating loss between $(30.0) million and $(31.0) million, which includes non-GAAP gross margin anticipated in the range of 78.0% to 79.0%.

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