Record Revenue of $140 million, 60%
year-over-year growth
Record Adjusted EBITDA of $51 million, 36%
Adjusted EBITDA margin
Dollar-based net expansion rate of 170%
Raised full-year 2021 revenue outlook to
$535-$540 million
Announced entry into definitive agreements to
acquire Tapjoy and Bidalgo to further expand ironSource platform
offering
ironSource (NYSE: IS) (“ironSource” or the “Company”), a leading
business platform for the App Economy, today announced financial
results for the three months ended September 30, 2021. In addition,
the Company provided its initial outlook for the fourth quarter
ending December 31, 2021 and updated guidance for the full year
2021.
“We’ve had an excellent quarter, with record revenue of $140
million, growing 60% year-over-year, and a dollar-based net
expansion rate of 170%,” said Tomer Bar Zeev, CEO and co-founder of
ironSource. “Our strong execution, despite the industry challenges
around IDFA, is a tribute to our scale and technology advantage,
and this growth is ultimately a testament to the strength of our
platform-based approach to the App Economy. Beyond strong organic
growth, this approach has also driven our M&A strategy, with
the announcement of two strategic acquisitions designed to deepen
and expand our platform offering to increase our stickiness with
customers.”
Third Quarter 2021 Financial Highlights:
- Total revenue of $140 million, an increase of 60%
year-over-year.
- GAAP Net Income of $19 million.
- Adjusted EBITDA1 of $51 million, an increase of 70%
year-over-year.
- Adjusted EBITDA margin1 of 36%.
- Dollar-based net expansion rate of 170%, compared to an average
of 157% for the last 10 quarters.
- 332 customers each contributing more than $100,000 of revenue
in the trailing 12 months, representing 95% of total revenue for
the third quarter ended September 30, 2021.
- Net cash for the third quarter ended September 30, 2021 was
$788 million.
____________
1
Adjusted EBITDA and Adjusted EBITDA margin
are financial measures that are not required by, or presented in
accordance with, U.S. GAAP. Please see Annex A of this release for
a reconciliation of Adjusted EBITDA to net income, the most
directly comparable financial measure stated in accordance with
GAAP for each of the periods presented. We calculate Adjusted
EBITDA margin as Adjusted EBITDA divided by revenue.
Third Quarter 2021 Corporate Highlights:
- Announced the entry into a definitive agreement to acquire
Tapjoy, a leading mobile advertising and app monetization company,
in October for approximately $400 million. The acquisition of
Tapjoy is expected to deepen the ironSource platform offering and
further our expansion to apps beyond games.
- Announced the entry into a definitive agreement to acquire
Bidalgo, a software company, in October which is expected to enable
us to offer ironSource customers a full-stack marketing
solution.
- Announced partnership with Vodafone in the EU. The partnership
includes integrating the ironSource Aura solution suite on Vodafone
devices across Europe, including in the UK, Germany, Spain and
Italy.
- Announced two products that support app developers in the new
iOS era.
Business Outlook:
ironSource is introducing fourth-quarter guidance and raising
previously-issued guidance for the fiscal year ending December 31,
2021, which does not include any pending announced acquisitions as
follows:
Fourth quarter of fiscal 2021:
- Total revenue is expected to be between $140M and $145M,
representing 32% YoY growth at the midpoint.
- Adjusted EBITDA is expected to be between $50M and $52M,
representing 57% YoY growth at the midpoint.
Full-year fiscal 2021:
- Total revenue is expected to be in the range of $535M to $540M,
representing 62% YoY growth at the midpoint.
- Adjusted EBITDA is expected to be in the range of $186M to
$188M, representing 81% YoY growth at the midpoint.
($ in millions)
Q4 21 Guidance
Prior FY21 Guidance
Updated FY21 Guidance
Revenue
$140-$145
$510-$520
$535-$540
Revenue Y/Y growth Rate
29%-34%
54%-57%
61%-63%
Adjusted EBITDA
$50-$52
$173-$178
$186-$188
Adjusted EBITDA Margin
34%-37%
33%-35%
34%-35%
Fully Diluted shares
outstanding
~1.1B shares
Conference Call Information:
ironSource will host a conference call and live webcast for
analysts and investors at 8:30 a.m. Eastern Time on November 10,
2021.
Parties in the United States can access the call by dialing
1-844-200-6205, using conference code 839290. International parties
can access the call by dialing + 1 929 526 1599, using conference
code 839290.
The webcast will be posted on ironSource’s investor relations
website at investors.is.com shortly after the call and will remain
accessible for one year. A telephonic replay of the conference call
will be available through December 8, 2021. To access the replay,
please click here and enter the access code 520882.
Q4 Conference Schedule:
ironSource management is scheduled to participate in the
following conferences:
- Jefferies Global Interactive Entertainment Conference on
November 11th
- 1st Annual Needham Consumer Tech/E-commerce Conference on
November 22nd
- Credit Suisse 25th Annual Technology Conference on November
30th
- Wells Fargo Virtual 5th Annual TMT Summit on December 1st
- Wedbush Winter Games Conference on December 9th
- New Companies on Wall Street Israel Oppenheimer Conference on
December 12th
Key Metrics and Non-GAAP Financial Measures
ironSource monitors the key business metrics set forth below to
help evaluate the business and growth trends, establish budgets,
measure the effectiveness of sales and marketing efforts, and
assess operational efficiencies. The calculation of the key metrics
discussed below may differ from other similarly titled metrics used
by other companies, securities analysts or investors.
Customers Contributing More than $100,000 of Revenue
ironSource’s larger customer relationships drive scale, improved
unit economics and operating leverage in its business model, which
improves ironSource’s solutions and thereby increases the value
proposition to all of ironSource’s customers. To measure
ironSource’s ability to scale with its customers and attract large
enterprises to its platform, ironSource counts the number of
customers that contributed more than $100,000 in revenue in the
trailing 12 months. ironSource’s gross customer retention rate is
calculated by comparing two twelve month periods to see how many
customers in the previous period remain active customers in the
current period. ironSource’s customer count is subject to
adjustments for acquisitions, consolidations, spin-offs and other
market activity.
Dollar-Based Net Expansion Rate
ironSource believes the growth in the use of its platform by
existing customers is an important measure of the health of its
business and future growth prospects. ironSource monitors its
performance in this area using an indicator management refers to as
dollar-based net expansion rate. ironSource calculates dollar-based
net expansion rate for a period by dividing current period revenue
from a set of customers by prior period revenue of the same set of
customers. Prior period revenue is the trailing 12-month revenue
measured as of such prior period end. Current period revenue is the
trailing 12-month revenue from the same customers as of the current
period end. Management’s calculation of dollar-based net expansion
rate includes the effect of any customer renewals, expansion,
contraction and churn, but excludes revenue from new customers.
Adjusted EBITDA and Adjusted EBITDA Margin
ironSource defines Adjusted EBITDA as income from continuing
operations, net of income taxes, as adjusted for income taxes,
financial expenses, net and depreciation and amortization, further
adjusted for assets impairment, share-based compensation expense
and fair value adjustment related to contingent consideration,
acquisition-related costs and offering costs. ironSource defines
Adjusted EBITDA Margin as Adjusted EBITDA calculated as a
percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin
are included in this press release because they are key metrics
used by management and our board of directors to assess our
financial performance. Adjusted EBITDA and Adjusted EBITDA Margin
are frequently used by analysts, investors and other interested
parties to evaluate companies in our industry. ironSource
management believes that Adjusted EBITDA and Adjusted EBITDA Margin
are appropriate measures of operating performance because each
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures
of our financial performance and should not be considered as
alternatives to net loss as a measure of financial performance, as
alternatives to cash flows from operations as a measure of
liquidity, or as alternatives to any other performance measure
derived in accordance with GAAP. Adjusted EBITDA and Adjusted
EBITDA Margin should not be construed as inferences that our future
results will be unaffected by unusual or other items. Additionally,
Adjusted EBITDA and Adjusted EBITDA Margin are not intended to be
measures of free cash flow for management’s discretionary use, as
they do not reflect our tax payments and certain other cash costs
that may recur in the future, including, among other things, cash
requirements for costs to replace assets being depreciated and
amortized. Management compensates for these limitations by relying
on our GAAP results in addition to using Adjusted EBITDA and
Adjusted EBITDA Margin as supplemental measures. Our measures of
Adjusted EBITDA and Adjusted EBITDA Margin are not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation. For more information on the
non-GAAP financial measures, please see the reconciliation tables
provided below. The accompanying 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. The Company has not reconciled its
Adjusted EBITDA guidance to net income because net income is not
accessible on a forward-looking basis. Certain items that impact
Adjusted EBITDA are out of the Company’s control and/or cannot be
reasonably predicted. These items include, but are not limited to,
share based compensation expenses. These items are uncertain,
depend on various factors, and could have a material impact on GAAP
reported results for the guidance period. Accordingly, a
reconciliation to net income is not available without unreasonable
effort. For more information regarding the non-GAAP financial
measures discussed in this release, please see Annex A of this
release for the reconciliations of GAAP financial measures to
non-GAAP financial measures.
About ironSource
ironSource (NYSE: IS) is a leading business platform that
enables mobile content creators to prosper within the App Economy.
App developers use ironSource’s platform to turn their apps into
successful, scalable businesses, leveraging a comprehensive set of
software solutions which help them grow and engage users, monetize
content, and analyze and optimize business performance to drive
more overall growth. The ironSource platform also empowers telecom
operators to create a richer device experience, incorporating
relevant app and service recommendations to engage users throughout
the lifecycle of the device. By providing a comprehensive business
platform for the core constituents of the app economy, ironSource
allows customers to focus on what they do best, creating great apps
and user experiences, while enabling their business expansion in
the App Economy. For more information please visit www.is.com
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995 that
relate to ironSource’s current expectations and views of future
events, including the expected benefits of the Tapjoy and Bidalgo
acquisitions. In some cases, these forward-looking statements can
be identified by words or phrases such as “may,” “might,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “seek,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “contemplate,” “possible” or similar words. 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:
(i) volatility in the price of the ironSource’s securities due
to a variety of factors, including changes in the competitive
industry in which ironSource operates, variations in performance
across competitors, changes in laws and regulations affecting
ironSource’s business and changes in its capital structure; (ii)
ironSource’s ability to implement its business plans, forecasts,
and other expectations, and to identify and realize additional
opportunities; (iii) ironSource’s markets are rapidly evolving and
may decline or experience limited growth; (iv) ironSource’s
reliance on operating system providers and app stores to support
its platform; (v) ironSource’s ability to compete effectively in
the markets in which it operates; (vi) ironSource’s quarterly
results of operations may fluctuate for a variety of reasons; (vii)
failure to maintain and enhance the ironSource brand; (viii)
ironSource’s dependence on its ability to retain and expand its
existing customer relationships and attract new customers; (ix)
ironSource’s reliance on its customers that contribute more than
$100,000 of annual revenue; (x) ironSource’s ability to
successfully and efficiently manage its current and potential
future growth; (xi) ironSource’s dependence upon the continued
growth of the app economy and the increased usage of smartphones,
tablets and other connected devices; (xii) ironSource’s dependence
upon the success of the gaming and mobile app ecosystem and the
risks generally associated with the gaming industry; (xiii)
ironSource’s, and ironSource’s competitors’, ability to detect or
prevent fraud on its platforms; (xiv) failure to prevent security
breaches or unauthorized access to ironSource’s or its third-party
service providers data; (xv) the global scope of ironSource’s
operations, which are subject to laws and regulations worldwide,
many of which are unsettled and still developing; (xvi) the rapidly
changing and increasingly stringent laws, contractual obligations
and industry standards relating to privacy, data protection, data
security and the protection of children; (xvii) the effects of
health epidemics, including the COVID-19 pandemic; and (xviii)
other risk factors set forth in the section titled “Risk Factors”
in ironSource’s Prospectus filed with the Securities and Exchange
Commission on October 5, 2021, and other documents filed with or
furnished to the SEC.
ironSource cautions you against placing undue reliance on
forward-looking statements, which reflect current beliefs and are
based on information currently available as of the date a
forward-looking statement is made. Forward-looking statements set
forth herein speak only as of the date of this communication.
Except as required by law, ironSource does not undertake any
obligation to revise forward-looking statements to reflect future
events, changes in circumstances, or changes in beliefs. In the
event that any forward-looking statement is updated, no inference
should be made that ironSource will make additional updates with
respect to that statement, related matters, or any other
forward-looking statements. Any corrections or revisions and other
important assumptions and factors that could cause actual results
to differ materially from forward-looking statements, including
discussions of significant risk factors, may appear, in
ironSource’s public filings with the SEC, which are or will be (as
appropriate) accessible at www.sec.gov, and which you are advised
to consult.
Market, ranking and industry data used throughout this
communication, including statements regarding market size and
technology adoption rates, is based on the good faith estimates of
ironSource’s management, which in turn are based upon ironSource’s
management’s review of internal surveys, independent industry
surveys and publications, including reports by Altman Solon, App
Annie, AppsFlyer, Apptopia, eMarketer, Newzoo, Omdia and Sensor
Tower and other third party research and publicly available
information. These data involve a number of assumptions and
limitations, and you are cautioned not to give undue weight to such
estimates. While ironSource is not aware of any misstatements
regarding the industry data presented herein, its estimates involve
risks and uncertainties and are subject to change based on various
factors, including those discussed above.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(U.S. dollars in thousands,
except for number of shares and par value)
(Unaudited)
September 30,
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
787,961
$
200,672
Short-term deposits
—
17,627
Accounts receivable, net of allowances of
$761 and $724 as of September 30, 2021 and December 31, 2020,
respectively
188,994
151,503
Other current assets
32,920
15,711
Total current assets
1,009,875
385,513
Long-term restricted cash
2,912
2,415
Deferred tax assets
3,344
161
Operating lease right-of-use asset
32,306
36,780
Property, equipment and software, net
24,791
23,077
Investment in equity securities
20,000
—
Goodwill
205,842
79,156
Intangible assets, net
29,677
8,084
Other non-current assets
6,774
650
Total assets
$
1,335,521
$
535,836
IRONSOURCE LTD.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(U.S. dollars in thousands,
except for number of shares and par value)
(Unaudited)
September 30
December 31,
2021
2020
Liabilities and shareholders’
equity
Current liabilities:
Accounts payable
$
213,205
$
155,476
Current maturities of long-term loan
—
9,725
Operating lease liabilities
6,002
7,429
Other current liabilities
38,991
34,034
Total current liabilities
258,198
206,664
Long-term loan, net of current
maturities
—
74,684
Deferred tax liabilities
1,163
2,521
Long-term operating lease liabilities
28,655
32,241
Other non-current liabilities
1,555
280
Total liabilities
289,571
316,390
Commitments and contingencies
Shareholders’ equity:
Class A ordinary share, no par value;
10,000,000,000 shares authorized at September 30, 2021 and December
31, 2020; 631,082,097 and 320,133,022 issued and outstanding at
September 30, 2021 and December 31, 2020, respectively (1)
—
—
Class B ordinary share, no par value;
1,500,000,000 shares authorized at September 30, 2021 and December
31, 2020; 384,150,417 and 320,133,022 issued and outstanding at
September 30, 2021 and December 31, 2020, respectively (1)
—
—
2019 ordinary shares, NIS 0.01 par value,
25,006,298 authorized, issued and outstanding at December 31,
2020
—
72
Treasury shares, at cost, 6,745,955 Class
A ordinary shares held at September 30, 2021
(67,460
)
—
Additional paid-in capital (1)
1,007,271
152,251
Retained earnings
106,139
67,123
Total shareholders’ equity
1,045,950
219,446
Total liabilities and shareholders’
equity
$
1,335,521
$
535,836
(1)
Per share amounts have been adjusted, on a
retroactive basis, for all periods presented, to reflect both the
distribution of Class B ordinary shares and the Stock Split,
together representing a ratio of 9.98 of each share.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(U.S. dollars in thousands,
except share and per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Revenue
$
140,446
$
88,001
$
395,195
$
223,165
Cost of revenue
21,756
15,416
64,661
40,519
Gross profit
118,690
72,585
330,534
182,646
Operating expenses:
Research and development
24,073
12,851
67,644
34,451
Sales and marketing
51,001
29,805
151,903
77,216
General and administrative
20,212
6,353
56,445
19,836
Total operating expenses
95,286
49,009
275,992
131,503
Income from operations
23,404
23,576
54,542
51,143
Financial expenses, net
55
434
2,061
2,610
Income from continuing operations
before income taxes
23,349
23,142
52,481
48,533
Income taxes
4,581
3,256
13,465
7,044
Income from continuing operations, net
of income taxes
18,768
19,886
39,016
41,489
Income from discontinued operations,
net of income taxes
—
6,991
—
31,779
Net income
$
18,768
$
26,877
$
39,016
$
73,268
Basic net income per ordinary share:
(1)
Continuing operations
0.02
0.02
0.04
0.05
Discontinued operations
—
0.01
—
0.03
Basic net income per ordinary
share
$
0.02
$
0.03
$
0.04
$
0.08
Weighted-average ordinary shares
outstanding – basic
1,014,267,611
636,578,068
772,837,797
635,526,458
Diluted net income per ordinary share:
(1)
Continuing operations
0.02
0.02
0.04
0.04
Discontinued operations
—
0.01
—
0.04
Diluted net income per ordinary
share
$
0.02
$
0.03
$
0.04
$
0.08
Weighted-average ordinary shares
outstanding – diluted
1,095,048,098
688,072,259
851,235,852
679,226,389
(1)
Per share amounts have been adjusted, on a
retroactive basis, for all periods presented, to reflect both the
distribution of Class B ordinary shares and the Stock Split,
together representing a ratio of 9.98 of each share.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(U.S. dollars in thousands)
(Unaudited)
Three months Ended
Nine months Ended
September 30,
September 30,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
Cash flows from operating
Activities
Net income from continuing operations
$
18,768
$
19,886
$
39,016
$
41,489
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
6,211
4,091
17,428
12,230
Share-based compensation expenses
20,327
2,250
57,801
7,591
Non-cash lease expense
(1,381
)
330
(539
)
320
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(676
)
(436
)
(815
)
12
Gain on disposal of fixed assets
(17
)
—
(17
)
—
Interest accrued and other financial
expenses
—
53
628
161
Deferred income taxes, net
194
(603
)
(534
)
(1,298
)
Changes in operating assets and
liabilities:
Accounts receivable
(2,150
)
(9,118
)
(41,016
)
(14,381
)
Other current assets
1,184
(1,125
)
(17,460
)
655
Other non-current assets
(2,017
)
(625
)
(10,054
)
(2,167
)
Accounts payable
43,401
14,321
63,769
17,256
Other current liabilities
7,220
4,844
5,667
4,428
Other long-term liabilities
(206
)
(11
)
1,275
31
Net cash provided by continuing operating
activities
90,858
33,857
115,149
66,327
Net cash provided by (used in)
discontinued operating activities
—
15,609
(5,168
)
46,583
Net cash provided by operating
activities
90,858
49,466
109,981
112,910
Cash flows from investing
activities
Purchase of property, plant and
equipment
(268
)
(124
)
(1,028
)
(955
)
Capitalized software development costs
(2,557
)
(3,291
)
(8,159
)
(9,056
)
Purchase of intangible assets
—
—
(1,950
)
—
Consideration received from sale of fixed
assets
21
—
21
—
Acquisitions, net of cash acquired
—
—
(90,184
)
—
Purchase of equity investment
—
—
(20,000
)
—
Investments in short-term deposits
—
(37,590
)
—
(42,590
)
Maturities of short-term deposits
—
5,000
17,590
13,100
Net cash used in continuing investing
activities
(2,804
)
(36,005
)
(103,710
)
(39,501
)
Net cash used in discontinued investing
activities
—
(1,214
)
—
(4,154
)
Net cash used in investing
activities
(2,804
)
(37,219
)
(103,710
)
(43,655
)
Cash flows from financing
activities
Repayment of long-term loan
—
(2,500
)
(85,000
)
(5,000
)
Proceeds from Recapitalization
transaction, net
(9,080
)
—
663,813
—
Exercise of options
1,545
243
1,887
904
Net cash provided (used in) continuing
financing activities
(7,535
)
(2,257
)
580,700
(4,096
)
Net cash provided (used in) discontinued
financing activities
—
—
—
—
Net cash provided (used in) financing
activities
(7,535
)
(2,257
)
580,700
(4,096
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
676
436
815
(12
)
Net change in cash and cash equivalents
and restricted cash
80,519
9,990
586,971
65,159
Cash and cash equivalents and restricted
cash at beginning of the period
709,678
145,940
203,087
91,219
Cash and cash equivalents and
restricted cash at end of the period
$
790,873
$
156,366
$
790,873
$
156,366
Annex A
IRONSOURCE LTD.
Non-GAAP Financial Metrics
(U.S. dollars in thousands, except per share
amounts)
The following tables show the Company’s non-GAAP financial
metrics reconciled to the comparable GAAP financial metrics
included in this release.
Reconciliation of GAAP to Non-GAAP net income from continuing
operations, net of income taxes and net income per share:
Q3 2021
Q3 2020
(Unaudited)
GAAP Income from continuing operations,
net of income taxes
$
18,768
$
19,886
Add:
Share-based compensation expense
20,327
2,250
Depreciation and amortization
6,211
4,091
Acquisition-related costs
959
—
Non-GAAP net income
$
46,265
$
26,227
Weighted-average ordinary shares
outstanding—basic*
1,014,267,611
636,578,068
Basic Non-GAAP net income per ordinary
share*
$
0.05
$
0.03
Weighted-average ordinary shares
outstanding—diluted*
1,095,048,098
688,072,259
Diluted Non-GAAP net income per
ordinary share*
$
0.04
$
0.03
* Per share amounts have been adjusted, on a retroactive
basis, for all periods presented, to reflect both the distribution
of Class B ordinary shares and the Stock Split, together
representing a ratio of 9.98 of each share.
Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation
of GAAP income from continuing operations, net of income taxes to
Adjusted EBITDA:
Q3 2021
Q3 2020
(Unaudited)
GAAP Income from continuing
operations, net of income taxes
$
18,768
$
19,886
Add:
Financial expenses, net
$
55
$
434
Income taxes
4,581
3,256
Share-based compensation expense
20,327
2,250
Depreciation and amortization
6,211
4,091
Acquisition-related costs
959
—
Adjusted EBITDA
$
50,901
$
29,917
Revenue
$
140,446
$
88,001
Income from continuing
operations, net of income taxes margin
13
%
23
%
Adjusted EBITDA margin
36
%
34
%
Reconciliation of GAAP to Non-GAAP gross
profit and gross profit margin:
Q3 2021
Q3 2020
(Unaudited)
GAAP gross profit
$
118,690
$
72,585
Add:
Share-based compensation expense
$
320
$
38
Depreciation and amortization
5,398
3,487
Non-GAAP gross profit
$
124,408
$
76,110
GAAP gross margin
85
%
82
%
Non-GAAP gross margin
89
%
86
%
Reconciliation of GAAP to Non-GAAP operating expenses:
Q3 2021
Q3 2020
Research and development
(Unaudited)
GAAP research and development expense
$
24,073
$
12,851
Less:
Share-based compensation expense
$
6,414
$
706
Acquisition-related costs
79
—
Non-GAAP research and development
expense
$
17,580
$
12,145
GAAP research and development expense as a
percentage of revenue
17
%
15
%
Non-GAAP research and development expense
as a percentage of revenue
13
%
14
%
Q3 2021
Q3 2020
Sales and marketing
(Unaudited)
GAAP sales and marketing expense
$
51,001
$
29,805
Less:
Share-based compensation expense
$
4,133
$
911
Depreciation and amortization
445
231
Acquisition-related costs
129
—
Non-GAAP sales and marketing
expense
$
46,294
$
28,663
GAAP sales and marketing expense as a
percentage of revenue
36
%
34
%
Non-GAAP sales and marketing expense as a
percentage of revenue
33
%
33
%
Q3 2021
Q3 2020
General and administrative
(Unaudited)
GAAP general and administrative expense
$
20,212
$
6,353
Less:
Share-based compensation expense
$
9,460
$
595
Depreciation and amortization
368
373
Acquisition-related costs
751
—
Non-GAAP general and administrative
expense
$
9,633
$
5,385
GAAP general and administrative expense as
a percentage of revenue
14
%
7
%
Non-GAAP general and administrative
expense as a percentage of revenue
7
%
6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110005244/en/
Investor Relations Daniel Amir daniel.amir@is.com + 1
415-726-5900
Press Melissa Zeloof melissa@is.com +972 58-421-1987
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