☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 2950 S Delaware Street, Suite 201 | 33-1218825 | ||||||
(State or other jurisdiction of incorporation or organization) | San Mateo, CA 94403 | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A common stock, par value $0.00001 per share | FRSH | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☒ |
Page | |||||||||||
ITEM 1. | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. | |||||||||||
ITEM 1. | |||||||||||
ITEM 1A. | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. | |||||||||||
ITEM 5. | |||||||||||
ITEM 6. | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 432,313 | $ | 747,861 | |||||||
Marketable securities | 719,218 | 575,679 | |||||||||
Accounts receivable, net of allowance of $5,500 and $6,030 | 56,835 | 51,756 | |||||||||
Deferred contract acquisition costs | 18,282 | 14,640 | |||||||||
Prepaid expenses and other current assets | 42,431 | 31,440 | |||||||||
Total current assets | 1,269,079 | 1,421,376 | |||||||||
Property and equipment, net | 23,381 | 21,478 | |||||||||
Operating lease right-of-use assets | 28,821 | — | |||||||||
Deferred contract acquisition costs, noncurrent | 17,598 | 15,007 | |||||||||
Intangible assets, net | 579 | 1,894 | |||||||||
Goodwill | 6,181 | 6,181 | |||||||||
Deferred tax assets | 5,396 | 6,284 | |||||||||
Other assets | 12,050 | 10,592 | |||||||||
Total assets | $ | 1,363,085 | $ | 1,482,812 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 3,873 | $ | 6,321 | |||||||
Accrued liabilities | 57,447 | 55,829 | |||||||||
Deferred revenue | 190,969 | 160,173 | |||||||||
Income tax payable | 65 | 1,023 | |||||||||
Total current liabilities | 252,354 | 223,346 | |||||||||
Operating lease liabilities, non-current | 24,630 | — | |||||||||
Other liabilities | 26,098 | 21,427 | |||||||||
Total liabilities | 303,082 | 244,773 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized as of September 30, 2022 and December 31, 2021; zero shares issued and outstanding as of September 30, 2022 and December 31, 2021 | — | — | |||||||||
Class A common stock, $0.00001 par value per share; 1,000,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 150,644,801 and 50,554,821 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 2 | — | |||||||||
Class B common stock, $0.00001 par value per share; 350,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 136,437,496 and 222,739,562 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 1 | 3 |
September 30, 2022 | December 31, 2021 | ||||||||||
Additional paid-in capital | 4,516,386 | 4,509,724 | |||||||||
Accumulated other comprehensive loss | (8,790) | (747) | |||||||||
Accumulated deficit | (3,447,596) | (3,270,941) | |||||||||
Total stockholders' equity | 1,060,003 | 1,238,039 | |||||||||
Total liabilities and stockholders' equity | $ | 1,363,085 | $ | 1,482,812 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | $ | 128,760 | $ | 96,614 | $ | 364,829 | $ | 265,542 | ||||||||||||||||||
Cost of revenue | 24,179 | 22,236 | 70,616 | 57,632 | ||||||||||||||||||||||
Gross profit | 104,581 | 74,378 | 294,213 | 207,910 | ||||||||||||||||||||||
Operating expense: | ||||||||||||||||||||||||||
Research and development | 35,871 | 57,087 | 100,885 | 91,377 | ||||||||||||||||||||||
Sales and marketing | 86,865 | 96,785 | 248,369 | 188,155 | ||||||||||||||||||||||
General and administrative | 40,133 | 60,759 | 117,723 | 76,785 | ||||||||||||||||||||||
Total operating expenses | 162,869 | 214,631 | 466,977 | 356,317 | ||||||||||||||||||||||
Loss from operations | (58,288) | (140,253) | (172,764) | (148,407) | ||||||||||||||||||||||
Interest and other income, net | 2,249 | 22,923 | 2,609 | 23,428 | ||||||||||||||||||||||
Loss before income taxes | (56,039) | (117,330) | (170,155) | (124,979) | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 1,804 | (9,915) | 6,500 | (7,720) | ||||||||||||||||||||||
Net loss | (57,843) | (107,415) | (176,655) | (117,259) | ||||||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | (2,264,838) | — | (2,646,662) | ||||||||||||||||||||||
Net loss attributable to common stockholders - basic and diluted | $ | (57,843) | $ | (2,372,253) | $ | (176,655) | $ | (2,763,921) | ||||||||||||||||||
Net loss per share attributable to common stockholders - basic and diluted | $ | (0.20) | $ | (24.72) | $ | (0.62) | $ | (32.96) | ||||||||||||||||||
Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted | 286,697 | 95,930 | 283,258 | 83,860 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net loss | $ | (57,843) | $ | (107,415) | $ | (176,655) | $ | (117,259) | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Unrealized loss on marketable securities | (2,481) | (18) | (8,043) | (431) | |||||||||||||||||||
Comprehensive loss | $ | (60,324) | $ | (107,433) | $ | (184,698) | $ | (117,690) |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' (Deficit) Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2022 | — | $ | — | 285,558 | $ | 3 | $ | 4,475,669 | $ | (6,309) | $ | (3,389,753) | $ | 1,079,610 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 34 | — | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes | — | — | 1,490 | — | (13,230) | — | — | (13,230) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 53,944 | — | — | 53,944 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | (2,481) | — | (2,481) | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (57,843) | (57,843) | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2022 | — | $ | — | 287,082 | $ | 3 | $ | 4,516,386 | $ | (8,790) | $ | (3,447,596) | $ | 1,060,003 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2021 | 153,938 | $ | 3,276,920 | 77,756 | $ | 1 | $ | — | $ | (2) | $ | (3,088,790) | $ | (3,088,791) | |||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | 2,264,838 | — | — | (2,264,838) | — | — | (2,264,838) | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering | (153,938) | (5,541,758) | 153,938 | 2 | 5,541,756 | — | — | 5,541,758 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon initial public offering, net of underwriting discount and offering expenses | — | — | 31,350 | — | 1,062,453 | — | — | 1,062,453 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 73 | — | 12 | — | — | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 124,717 | — | — | 124,717 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | (18) | — | (18) | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (107,415) | (107,415) | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2021 | — | $ | — | 263,117 | $ | 3 | $ | 4,464,100 | $ | (20) | $ | (3,196,205) | $ | 1,267,878 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' (Deficit) Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2021 | — | $ | — | 273,294 | $ | 3 | $ | 4,509,724 | $ | (747) | $ | (3,270,941) | $ | 1,238,039 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 389 | — | 106 | — | — | 106 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes | — | — | 12,889 | — | (152,330) | — | — | (152,330) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan, net of shares withheld and retired for taxes | — | — | 510 | — | 6,959 | — | — | 6,959 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 151,927 | — | — | 151,927 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | (8,043) | — | (8,043) | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (176,655) | (176,655) | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2022 | — | $ | — | 287,082 | $ | 3 | $ | 4,516,386 | $ | (8,790) | $ | (3,447,596) | $ | 1,060,003 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders' Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2020 | 153,938 | $ | 2,895,096 | 77,619 | $ | 1 | $ | — | $ | 411 | $ | (2,697,153) | $ | (2,696,741) | |||||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock | — | 2,646,662 | — | — | (2,264,869) | — | (381,793) | (2,646,662) | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering | (153,938) | (5,541,758) | 153,938 | 2 | 5,541,756 | — | — | 5,541,758 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon initial public offering, net of underwriting discount and offering expenses | — | — | 31,350 | — | 1,062,453 | — | — | 1,062,453 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 210 | — | 43 | — | — | 43 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 124,717 | — | — | 124,717 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | (431) | — | (431) | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (117,259) | (117,259) | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2021 | — | $ | — | 263,117 | $ | 3 | $ | 4,464,100 | $ | (20) | $ | (3,196,205) | $ | 1,267,878 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net loss | $ | (176,655) | $ | (117,259) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 8,574 | 9,792 | |||||||||
Amortization of deferred contract acquisition costs | 13,321 | 9,085 | |||||||||
Non-cash lease expense | 4,463 | — | |||||||||
Stock-based compensation | 150,652 | 124,259 | |||||||||
Premium amortization on marketable securities | 564 | 1,206 | |||||||||
Gain realized on sale of marketable securities and non-marketable equity investment | — | (23,835) | |||||||||
Change in fair value of equity securities | (75) | (100) | |||||||||
Deferred income taxes | 309 | (11,721) | |||||||||
Other | 1,468 | 133 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (5,256) | (10,039) | |||||||||
Deferred contract acquisition costs | (19,554) | (17,032) | |||||||||
Prepaid expenses and other assets | (12,374) | (14,823) | |||||||||
Accounts payable | (1,962) | (542) | |||||||||
Accrued and other liabilities | 3,874 | 18,517 | |||||||||
Deferred revenue | 30,796 | 38,975 | |||||||||
Operating lease liabilities | (7,837) | — | |||||||||
Net cash (used in) provided by operating activities | (9,692) | 6,616 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchases of property and equipment | (5,288) | (4,056) | |||||||||
Proceeds from sale of property and equipment | 132 | 565 | |||||||||
Capitalized internal-use software | (3,828) | (3,050) | |||||||||
Sale of non-marketable equity investment | — | 23,979 | |||||||||
Purchases of marketable securities | (538,501) | (154,828) | |||||||||
Sales of marketable securities | 92,786 | 36,831 | |||||||||
Maturities and redemptions of marketable securities | 293,625 | 112,554 | |||||||||
Net cash (used in) provided by investing activities | (161,074) | 11,995 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from initial public offering, net of underwriting discounts | — | 1,069,348 | |||||||||
Proceeds from issuance of common stock under employee stock purchase plan, net | 7,011 | — | |||||||||
Proceeds from exercise of stock options | 98 | 43 | |||||||||
Payment of withholding taxes on net share settlement of equity awards | (151,716) | — | |||||||||
Payment of deferred offering costs | (109) | (5,472) | |||||||||
Payment of acquisition-related liabilities | — | (900) | |||||||||
Net cash (used in) provided by financing activities | (144,716) | 1,063,019 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (315,482) | 1,081,630 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 747,864 | 98,331 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 432,382 | $ | 1,179,961 | |||||||
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 432,313 | $ | 1,179,958 | |||||||
Restricted cash included in prepaid expenses and other current assets | 3 | — | |||||||||
Restricted cash included in other assets | 66 | 3 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 432,382 | $ | 1,179,961 |
Supplemental cash flow information: | ||||||||||||||
Cash paid for taxes | $ | 9,550 | $ | 6,981 | ||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Operating lease right-of-use assets obtained in exchange for operating lease obligations | $ | 8,968 | $ | — | ||||||||||
Stock-based compensation capitalized as internal-use software | $ | 1,275 | $ | 458 | ||||||||||
Deferred offering costs | $ | — | $ | 1,423 | ||||||||||
Accretion of redeemable convertible preferred stock | $ | — | $ | 2,646,662 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Subscription services | $ | 125,508 | $ | 94,312 | $ | 355,298 | $ | 257,827 | |||||||||||||||
Professional services | 3,252 | 2,302 | 9,531 | 7,715 | |||||||||||||||||||
Total revenue | $ | 128,760 | $ | 96,614 | $ | 364,829 | $ | 265,542 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of the period | $ | 33,592 | $ | 23,604 | $ | 29,647 | $ | 18,273 | |||||||||||||||
Add: Contract costs capitalized during the period | 6,913 | 6,032 | 19,554 | 17,032 | |||||||||||||||||||
Less: Amortization of contract costs during the period | (4,625) | (3,416) | (13,321) | (9,085) | |||||||||||||||||||
Balance at end of the period | $ | 35,880 | $ | 26,220 | $ | 35,880 | $ | 26,220 |
September 30, 2022 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 266,193 | $ | — | $ | — | $ | 266,193 | |||||||||||||||
U.S. treasury securities | 44,363 | 4 | — | 44,367 | |||||||||||||||||||
U.S. government agency securities | 80,225 | 14 | (1) | 80,238 | |||||||||||||||||||
Corporate debt securities | 4,889 | — | — | 4,889 | |||||||||||||||||||
Total cash equivalents | 395,670 | 18 | (1) | 395,687 | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. treasury securities | 421,677 | 11 | (4,434) | 417,254 | |||||||||||||||||||
U.S. government agency securities | 201,499 | 1 | (3,277) | 198,223 | |||||||||||||||||||
Corporate debt securities | 103,358 | — | (1,108) | 102,250 | |||||||||||||||||||
Total debt securities | 726,534 | 12 | (8,819) | 717,727 | |||||||||||||||||||
Total cash equivalents and debt securities | $ | 1,122,204 | $ | 30 | $ | (8,820) | $ | 1,113,414 |
December 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 684,485 | $ | — | $ | — | $ | 684,485 | |||||||||||||||
U.S. treasury securities | 22,000 | — | — | 22,000 | |||||||||||||||||||
U.S. government agency securities | 4,286 | — | (1) | 4,285 | |||||||||||||||||||
Corporate debt securities | 15,998 | — | — | 15,998 | |||||||||||||||||||
Total cash equivalents | 726,769 | — | (1) | 726,768 | |||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. treasury securities | 442,715 | 2 | (432) | 442,285 | |||||||||||||||||||
U.S. government agency securities | 75,725 | — | (159) | 75,566 | |||||||||||||||||||
Corporate debt securities | 54,335 | 17 | (175) | 54,177 | |||||||||||||||||||
Total debt securities | 572,775 | 19 | (766) | 572,028 | |||||||||||||||||||
Total cash equivalents and debt securities | $ | 1,299,544 | $ | 19 | $ | (767) | $ | 1,298,796 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 361,963 | $ | (4,316) | $ | 8,885 | $ | (118) | $ | 370,848 | $ | (4,434) | |||||||||||||||||||||||
U.S. government agency securities | 196,721 | (3,277) | — | — | 196,721 | (3,277) | |||||||||||||||||||||||||||||
Corporate debt securities | 40,458 | (847) | 14,604 | (261) | 55,062 | (1,108) | |||||||||||||||||||||||||||||
Total | $ | 599,142 | $ | (8,440) | $ | 23,489 | $ | (379) | $ | 622,631 | $ | (8,819) |
September 30, 2022 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due within one year | $ | 542,730 | $ | 538,146 | |||||||
Due after one year but within five years | 183,804 | 179,581 | |||||||||
Total | $ | 726,534 | $ | 717,727 |
September 30, 2022 | |||||||||||||||||
Fair Value Measured Using | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 266,193 | $ | — | $ | 266,193 | |||||||||||
U.S. treasury securities | 44,367 | — | 44,367 | ||||||||||||||
U.S. government agency securities | — | 80,238 | 80,238 | ||||||||||||||
Corporate debt securities | — | 4,889 | 4,889 | ||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. treasury securities | 417,254 | — | 417,254 | ||||||||||||||
U.S. government agency securities | — | 198,223 | 198,223 | ||||||||||||||
Corporate debt securities | — | 102,250 | 102,250 | ||||||||||||||
Term bond mutual funds | — | 1,491 | 1,491 | ||||||||||||||
Total financial assets | $ | 727,814 | $ | 387,091 | $ | 1,114,905 | |||||||||||
December 31, 2021 | |||||||||||||||||
Fair Value Measured Using | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 684,485 | $ | — | $ | 684,485 | |||||||||||
U.S. treasury securities | 22,000 | — | 22,000 | ||||||||||||||
U.S. government agency securities | — | 4,285 | 4,285 | ||||||||||||||
Corporate debt securities | — | 15,998 | 15,998 | ||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. treasury securities | 442,285 | — | 442,285 | ||||||||||||||
U.S. government agency securities | — | 75,566 | 75,566 | ||||||||||||||
Corporate debt securities | — | 54,177 | 54,177 | ||||||||||||||
Term bond mutual funds | — | 3,651 | 3,651 | ||||||||||||||
Total financial assets | $ | 1,148,770 | $ | 153,677 | $ | 1,302,447 | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Computers | $ | 15,526 | $ | 13,041 | |||||||
Capitalized internal-use software | 18,552 | 14,178 | |||||||||
Office equipment | 3,649 | 3,375 | |||||||||
Furniture and fixtures | 8,769 | 8,395 | |||||||||
Motor vehicles | 1,171 | 1,421 | |||||||||
Leasehold improvements | 5,195 | 4,274 | |||||||||
Construction in progress | 345 | — | |||||||||
Total property and equipment | 53,207 | 44,684 | |||||||||
Less: accumulated depreciation and amortization | (29,826) | (23,206) | |||||||||
Property and equipment, net | $ | 23,381 | $ | 21,478 |
September 30, 2022 | December 31, 2021 | ||||||||||
Accrued compensation | $ | 17,540 | $ | 17,261 | |||||||
Accrued third-party cloud infrastructure expenses | 2,844 | 2,785 | |||||||||
Accrued reseller commissions | 6,517 | 5,870 | |||||||||
Accrued advertising and marketing expenses | 6,877 | 6,022 | |||||||||
Advanced payments from customers | 3,359 | 3,260 | |||||||||
Accrued taxes | 5,879 | 10,777 | |||||||||
Operating lease liabilities, current | 5,334 | — | |||||||||
Contributions withheld for employee stock purchase plan | 3,960 | 4,211 | |||||||||
Other accrued expenses | 5,137 | 5,643 | |||||||||
Total accrued liabilities | $ | 57,447 | $ | 55,829 |
September 30, 2022 | |||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net Carrying Value | Weighted Average Remaining Useful Life | ||||||||||||||||||||
(amounts in thousands) | (in years) | ||||||||||||||||||||||
Developed technology | $ | 10,496 | $ | (10,162) | $ | 334 | 0.5 | ||||||||||||||||
Customer relationships | 1,600 | (1,355) | 245 | 0.7 | |||||||||||||||||||
Total | $ | 12,096 | $ | (11,517) | $ | 579 |
December 31, 2021 | |||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net Carrying Value | Weighted Average Remaining Useful Life | ||||||||||||||||||||
(amounts in thousands) | (in years) | ||||||||||||||||||||||
Developed technology | $ | 10,496 | $ | (9,147) | $ | 1,349 | 0.9 | ||||||||||||||||
Customer relationships | 1,600 | (1,055) | 545 | 1.4 | |||||||||||||||||||
Total | $ | 12,096 | $ | (10,202) | $ | 1,894 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Developed technology: | |||||||||||||||||||||||
Cost of revenue | $ | 175 | $ | 990 | $ | 1,015 | $ | 2,939 | |||||||||||||||
Customer relationships: | |||||||||||||||||||||||
Sales and marketing | 101 | 101 | 300 | 299 | |||||||||||||||||||
Total amortization expense | $ | 276 | $ | 1,091 | $ | 1,315 | $ | 3,238 |
Year Ending December 31, | Amortization Expense | |||||||
2022 (remaining three months) | 276 | |||||||
2023 | 303 | |||||||
Total future amortization | $ | 579 |
Operating Leases | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | ||||||||||||
Operating lease cost | $ | 2,147 | $ | 6,026 | ||||||||||
Short-term lease cost | 250 | 907 | ||||||||||||
Variable lease cost | 660 | 2,098 |
Lease Term and Discount Rate | September 30, 2022 | |||||||
Weighted-average remaining lease term (in years) | 5.0 | |||||||
Weighted-average discount rate | 7.3 | % |
Supplemental Cash Flow Information: | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | ||||||||||||
Cash payments included in the measurement of operating lease liabilities | $ | 3,126 | $ | 7,400 | ||||||||||
Operating ROU assets obtained in exchange for lease obligations | 1,749 | 8,968 |
Year Ending December 31: | Operating Leases | |||||||
2022 (remaining three months) | $ | 809 | ||||||
2023 | 8,799 | |||||||
2024 | 7,914 | |||||||
2025 | 6,975 | |||||||
2026 | 4,672 | |||||||
Thereafter | 8,082 | |||||||
Total lease payments | 37,251 | |||||||
Less: imputed interest | (7,287) | |||||||
Present value of operating lease liabilities | $ | 29,964 |
Year Ending December 31: | Operating Leases | |||||||
2022 | $ | 6,954 | ||||||
2023 | 6,790 | |||||||
2024 | 6,642 | |||||||
2025 | 5,976 | |||||||
2026 | 3,579 | |||||||
Thereafter | 4,304 | |||||||
Total minimum future payments | $ | 34,245 |
September 30, 2022 | |||||
2011 Stock Plan: | |||||
Options and RSUs outstanding | 25,057 | ||||
2021 Equity Incentive Plan: | |||||
Options, RSUs and PRSUs outstanding | 9,986 | ||||
Shares reserved for future award issuances | 50,477 | ||||
2022 Inducement Plan: | |||||
Options and RSUs outstanding | 3,509 | ||||
Shares reserved for future award issuances | 6,491 | ||||
2021 Employee Stock Purchase Plan | 8,698 | ||||
Total shares of common stock reserved for issuance | 104,218 |
Valuation Assumption Inputs | Nine Months Ended September 30, 2022 | |||||||
Expected term (in years) | 0.5 - 2.0 | |||||||
Stock price volatility | 55.8% - 84.5% | |||||||
Risk-free interest rate | 1.54% - 2.58% | |||||||
Dividend yield | —% |
Share Information: | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (1) | ||||||||||||||||||||||
Balance as of December 31, 2021 | 1,348 | $ | 0.27 | 3.6 | $ | 35,020 | ||||||||||||||||||||
Stock options granted | 1,816 | $ | 13.61 | |||||||||||||||||||||||
Stock options exercised | (383) | $ | 0.27 | |||||||||||||||||||||||
Stock options cancelled / forfeited / expired | — | $ | — | |||||||||||||||||||||||
Balance as of September 30, 2022 | 2,781 | $ | 8.98 | 7.5 | $ | 12,260 | ||||||||||||||||||||
Options vested and expected to vest as of September 30, 2022 | 2,781 | $ | 8.98 | 7.5 | $ | 12,260 | ||||||||||||||||||||
Options exercisable as of September 30, 2022 | 965 | $ | 0.27 | 2.9 | $ | 12,260 |
Valuation Assumption Inputs | Nine Months Ended September 30, 2022 | |||||||
Expected term (in years) | 6.1 | |||||||
Stock price volatility | 65.0% | |||||||
Risk-free interest rate | 3.37% | |||||||
Dividend yield | —% |
Share Information: | Number of Shares | Weighted-Average Grant Date Fair Value Per Share | ||||||||||||
(in thousands, except per share data) | ||||||||||||||
Unvested, as of December 31, 2021 | 47,830 | $ | 14.47 | |||||||||||
Granted | 12,048 | $ | 17.19 | |||||||||||
Vested | (21,568) | $ | 8.88 | |||||||||||
Forfeited | (2,539) | $ | 16.54 | |||||||||||
Unvested, as of September 30, 2022 | 35,771 | $ | 18.60 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Cost of revenue | $ | 1,772 | $ | 3,983 | $ | 5,212 | $ | 3,983 | ||||||||||||||||||
Research and development | 10,318 | 36,823 | 26,446 | 36,823 | ||||||||||||||||||||||
Sales and marketing | 16,635 | 40,465 | 44,204 | 40,465 | ||||||||||||||||||||||
General and administrative (1) | 25,167 | 42,988 | 74,790 | 42,988 | ||||||||||||||||||||||
Stock-based compensation, net of amounts capitalized | 53,892 | 124,259 | 150,652 | 124,259 | ||||||||||||||||||||||
Capitalized stock-based compensation | 52 | 458 | 1,275 | 458 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 53,944 | $ | 124,717 | $ | 151,927 | $ | 124,717 |
September 30, 2022 | ||||||||||||||
Unrecognized Stock-Based Compensation | Weighted-Average Period to Recognize Expense (in years) | |||||||||||||
RSUs and PRSUs | $ | 596,666 | 3.1 | |||||||||||
Stock options | 14,702 | 3.9 | ||||||||||||
ESPP | 11,862 | 1.0 | ||||||||||||
Total unrecognized stock-based compensation expense | $ | 623,230 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | (57,843) | $ | (107,415) | $ | (176,655) | $ | (117,259) | |||||||||||||||
Accretion of redeemable convertible preferred stock | — | (2,264,838) | — | (2,646,662) | |||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders - basic and diluted | $ | (57,843) | $ | (2,372,253) | $ | (176,655) | $ | (2,763,921) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic and diluted | 286,697 | 95,930 | 283,258 | 83,860 | |||||||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders - basic and diluted | $ | (0.20) | $ | (24.72) | $ | (0.62) | $ | (32.96) |
Three and Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
RSUs and PRSUs | 35,771 | 58,636 | ||||||||||||
Stock options | 2,781 | 1,682 | ||||||||||||
ESPP | 359 | — | ||||||||||||
Total | 38,911 | 60,318 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
North America | $ | 56,288 | $ | 41,961 | $ | 157,178 | $ | 113,668 | |||||||||||||||
Europe, Middle East and Africa | 49,786 | 39,566 | 143,169 | 110,695 | |||||||||||||||||||
Asia Pacific | 19,296 | 12,955 | 55,015 | 35,382 | |||||||||||||||||||
Other | 3,390 | 2,132 | 9,467 | 5,797 | |||||||||||||||||||
Total revenue | $ | 128,760 | $ | 96,614 | $ | 364,829 | $ | 265,542 |
September 30, 2022 | December 31, 2021 | |||||||||||||
North America | $ | 21,364 | $ | 13,780 | ||||||||||
Europe, Middle East and Africa | 4,358 | 578 | ||||||||||||
Asia Pacific | 26,480 | 9,015 | ||||||||||||
Total long-lived assets | $ | 52,202 | $ | 23,373 |
September 30, | ||||||||||||||||||||
2022 | 2021 | % Growth | ||||||||||||||||||
Number of customers contributing more than $5,000 in annual recurring revenue | 16,713 | 14,079 | 19 | % | ||||||||||||||||
Net dollar retention rate | 107 | % | 117 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Loss from operations | $ | (58,288) | $ | (140,253) | $ | (172,764) | $ | (148,407) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation expense | 53,892 | 124,259 | 150,652 | 124,259 | |||||||||||||||||||
Employer payroll taxes on employee stock transactions | 994 | 13,379 | 1,309 | 13,379 | |||||||||||||||||||
Amortization of acquired intangibles | 276 | 1,091 | 1,315 | 3,238 | |||||||||||||||||||
Non-GAAP loss from operations | $ | (3,126) | $ | (1,524) | $ | (19,488) | $ | (7,531) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net loss | $ | (57,843) | $ | (107,415) | $ | (176,655) | $ | (117,259) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation expense | 53,892 | 124,259 | 150,652 | 124,259 | |||||||||||||||||||
Employer payroll taxes on employee stock transactions | 994 | 13,379 | 1,309 | 13,379 | |||||||||||||||||||
Amortization of acquired intangibles | 276 | 1,091 | 1,315 | 3,238 | |||||||||||||||||||
Gain on sale of non-marketable equity investments | — | (23,830) | — | (23,830) | |||||||||||||||||||
Income tax adjustments | 565 | (11,555) | 1,528 | (11,555) | |||||||||||||||||||
Non-GAAP net loss | $ | (2,116) | $ | (4,071) | $ | (21,851) | $ | (11,768) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (4,223) | $ | (2,046) | $ | (9,692) | $ | 6,616 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Purchases of property and equipment | (1,907) | (1,270) | (5,288) | (4,056) | ||||||||||||||||||||||
Capitalized internal-use software | (1,106) | (873) | (3,828) | (3,050) | ||||||||||||||||||||||
Free cash flow | $ | (7,236) | $ | (4,189) | $ | (18,808) | $ | (490) | ||||||||||||||||||
Net cash (used in) provided by investing activities | $ | (140,210) | $ | 10,682 | $ | (161,074) | $ | 11,995 | ||||||||||||||||||
Net cash (used in) provided by financing activities | $ | (13,365) | $ | 1,065,393 | $ | (144,716) | $ | 1,063,019 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | $ | 128,760 | $ | 96,614 | $ | 364,829 | $ | 265,542 | ||||||||||||||||||
Cost of revenue(1) | 24,179 | 22,236 | 70,616 | 57,632 | ||||||||||||||||||||||
Gross profit | 104,581 | 74,378 | 294,213 | 207,910 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development(1) | 35,871 | 57,087 | 100,885 | 91,377 | ||||||||||||||||||||||
Sales and marketing(1) | 86,865 | 96,785 | 248,369 | 188,155 | ||||||||||||||||||||||
General and administrative(1) | 40,133 | 60,759 | 117,723 | 76,785 | ||||||||||||||||||||||
Total operating expenses | 162,869 | 214,631 | 466,977 | 356,317 | ||||||||||||||||||||||
Loss from operations | (58,288) | (140,253) | (172,764) | (148,407) | ||||||||||||||||||||||
Interest and other income, net | 2,249 | 22,923 | 2,609 | 23,428 | ||||||||||||||||||||||
Loss before income taxes | (56,039) | (117,330) | (170,155) | (124,979) | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 1,804 | (9,915) | 6,500 | (7,720) | ||||||||||||||||||||||
Net loss | $ | (57,843) | $ | (107,415) | $ | (176,655) | $ | (117,259) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Cost of revenue | $ | 1,772 | $ | 3,983 | $ | 5,212 | $ | 3,983 | ||||||||||||||||||
Research and development | 10,318 | 36,823 | 26,446 | 36,823 | ||||||||||||||||||||||
Sales and marketing | 16,635 | 40,465 | 44,204 | 40,465 | ||||||||||||||||||||||
General and administrative(2) | 25,167 | 42,988 | 74,790 | 42,988 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 53,892 | $ | 124,259 | $ | 150,652 | $ | 124,259 |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Subscription services | $ | 125,508 | $ | 94,312 | $ | 31,196 | 33 | % | |||||||||||||||
Professional services | 3,252 | 2,302 | 950 | 41 | % | ||||||||||||||||||
Total revenue | $ | 128,760 | $ | 96,614 | $ | 32,146 | 33 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 24,179 | $ | 22,236 | $ | 1,943 | 9 | % | |||||||||||||||
Gross Margin | 81.2 | % | 77.0 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Research and development | $ | 35,871 | $ | 57,087 | $ | (21,216) | (37) | % | |||||||||||||||
Sales and marketing | 86,865 | 96,785 | (9,920) | (10) | % | ||||||||||||||||||
General and administrative | 40,133 | 60,759 | (20,626) | (34) | % | ||||||||||||||||||
Total operating expenses | $ | 162,869 | $ | 214,631 | $ | (51,762) | (24) | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest income | $ | 4,607 | $ | 529 | $ | 4,078 | 771 | % | |||||||||||||||
Other (expense) income, net | (2,358) | 22,394 | (24,752) | (111) | % | ||||||||||||||||||
Interest and other income, net | $ | 2,249 | $ | 22,923 | $ | (20,674) | (90) | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 1,804 | $ | (9,915) | $ | 11,719 | (118) | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Subscription services | $ | 355,298 | $ | 257,827 | $ | 97,471 | 38 | % | |||||||||||||||
Professional services | 9,531 | 7,715 | 1,816 | 24 | % | ||||||||||||||||||
Total revenue | $ | 364,829 | $ | 265,542 | $ | 99,287 | 37 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 70,616 | $ | 57,632 | $ | 12,984 | 23 | % | |||||||||||||||
Gross Margin | 80.6 | % | 78.3 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Research and development | $ | 100,885 | $ | 91,377 | $ | 9,508 | 10 | % | |||||||||||||||
Sales and marketing | 248,369 | 188,155 | 60,214 | 32 | % | ||||||||||||||||||
General and administrative | 117,723 | 76,785 | 40,938 | 53 | % | ||||||||||||||||||
Total operating expenses | $ | 466,977 | $ | 356,317 | $ | 110,660 | 31 | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest income | $ | 7,522 | $ | 1,882 | $ | 5,640 | 300 | % | |||||||||||||||
Other (expense) income, net | (4,913) | 21,546 | (26,459) | (123) | % | ||||||||||||||||||
Interest and other income, net | $ | 2,609 | $ | 23,428 | $ | (20,819) | (89) | % |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 6,500 | $ | (7,720) | $ | 14,220 | (184) | % |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash (used in) provided by operating activities | $ | (9,692) | $ | 6,616 | |||||||
Net cash (used in) provided by investing activities | (161,074) | 11,995 | |||||||||
Net cash (used in) provided by financing activities | (144,716) | 1,063,019 |
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
3.1 | 8-K | 001-40806 | 3.1 | September 24, 2021 | ||||||||||||||||||||||||||||||||||
3.2 | S-1/A | 333-259118 | 3.4 | September 13, 2021 | ||||||||||||||||||||||||||||||||||
10.1† | S-8 | 333-267201 | 4.2 | August 31, 2022 | ||||||||||||||||||||||||||||||||||
10.2† | S-8 | 333-267201 | 4.3 | August 31, 2022 | ||||||||||||||||||||||||||||||||||
10.3† | S-8 | 333-267201 | 4.4 | August 31, 2022 | ||||||||||||||||||||||||||||||||||
10.4† | X | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1# | X | |||||||||||||||||||||||||||||||||||||
32.2# | X | |||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | X |
Freshworks Inc. | ||||||||||||||
Date: | November 4, 2022 | By: | /s/ Rathna Girish Mathrubootham | |||||||||||
Rathna Girish Mathrubootham | ||||||||||||||
Chief Executive Officer and Chairman (Principal Executive Officer) |
Date: | November 4, 2022 | By: | /s/ Tyler Sloat | |||||||||||
Tyler Sloat | ||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Date: November 4, 2022 | By: /s/ Rathna Girish Mathrubootham | ||||
Rathna Girish Mathrubootham Chief Executive Officer and Chairman (Principal Executive Officer) |
Date: November 4, 2022 | By: /s/ Tyler Sloat | ||||
Tyler Sloat Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Date: November 4, 2022 | By: /s/ Rathna Girish Mathrubootham | ||||
Rathna Girish Mathrubootham Chief Executive Officer and Chairman (Principal Executive Officer) |
Date: November 4, 2022 | By: /s/ Tyler Sloat | ||||
Tyler Sloat Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |