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31.10.2023 21:05:19 - dpa-AFX: GNW-Adhoc: Freshworks Reports Third Quarter 2023 Results
* Third quarter revenue grew 19% year-over-year
SAN MATEO, Calif., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ:
FRSH), a leading software company empowering businesses to delight their
customers and employees, today announced financial results for its third quarter
ended September 30, 2023.
"We delivered another solid quarter of execution as we outperformed our
estimates across our key financial metrics and further improved our
profitability," said Girish Mathrubootham, CEO and Founder of Freshworks. "Our
market traction is fueled by continued product innovation that brings generative
AI and rapid time to value to companies of all sizes."
Third Quarter 2023 Financial Summary Results
$17.4 million, compared to non-GAAP (loss) from operations of $(3.1) million
$(0.11) based on 294.1 million weighted-average shares outstanding, compared to $(0.20) based on 286.7 million weighted-average shares outstanding in the
* Free Cash Flow: Free cash flow was $22.1 million, compared to $(7.2) million
A description of non-GAAP financial measures is contained in the section titled "Explanation of Non-GAAP Financial Measures" below and a reconciliation of GAAP to non-GAAP financial measures is contained in the tables below.
Third Quarter Key Metrics and Recent Business Highlights
compared to 108% in the second quarter of 2023 and 107% in the third quarter
Financial Outlook
We are providing estimates for the fourth quarter and full year 2023 based on
current market conditions and expectations. The revenue growth rates are
adjusted for constant currency to provide better visibility into the underlying
business trends. We emphasize that these estimates are subject to various
important cautionary factors referenced in the section entitled "Forward-Looking
Statements" below.
For the fourth quarter and full year 2023, we currently expect the following
results:
($ in millions, except per share
Adjusting for constant
currency((2)) 17% - 19% 19% - 20%
Non-GAAP income from
operations((1)) $5.5 - $8.5 $38.5 - $41.5
Non-GAAP net income per
share((3)) $0.04 - $0.06 $0.23 - $0.25
((1)) Revenue and non-GAAP income from operations are based on exchange rates
as of October 27, 2023 for currencies other than USD.
((2)) Revenue growth rates adjusted for constant currency are based on average
exchange rates in effect during the comparison period for currencies other
than USD. See the section entitled "Explanation of non-GAAP Financial
Measures" and the table entitled "Reconciliation of Selected GAAP Measures to
non?GAAP Measures" for a reconciliation of GAAP to non?GAAP measures for the
historical periods provided in this release.
((3)) Non-GAAP net income per share was estimated assuming 303.3 million and
300.1 million weighted-average shares outstanding for the fourth quarter and
full year 2023, respectively.
These statements are forward-looking and actual results may differ materially.
Refer to the "Forward-Looking Statements" safe harbor section below for
information on the factors that could cause our actual results to differ
materially from these forward-looking statements.
We have not reconciled our estimates for non-GAAP financial measures to GAAP due
to the uncertainty and potential variability of expenses that may be incurred in
the future. As a result, a reconciliation is not available without unreasonable
effort and we are unable to address the probable significance of the unavailable
information. We have provided a reconciliation of other GAAP to non-GAAP
financial measures in the financial statement tables for our third quarter and
first nine months of 2023 and 2022 non-GAAP results included in this press
release.
Webcast and Conference Call Information
We will host a conference call for investors on October 31, 2023 at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results
and business highlights. Investors are invited to listen to a live audio webcast
of the conference call by visiting the investor relations website at
ir.freshworks.com. A replay of the audio webcast will be available shortly after
the call on the Freshworks Investor Relations website and will be available for
twelve months thereafter.
Explanation of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally
accepted accounting principles (GAAP), this press release and the accompanying
tables contain non-GAAP financial measures, including revenue adjusted for
constant currency, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales
and marketing expense, non-GAAP research and development expense, non-GAAP
general and administrative expense, non-GAAP income (loss) from operations, non-
GAAP operating margin, non-GAAP net income (loss) per share, non-GAAP net income
(loss) attributable to common stockholders, and free cash flow. This press
release and the accompanying tables also contain certain non-GAAP metrics,
including annual recurring revenue, net dollar retention rates, revenue growth
rates, and related presentation thereof adjusted for constant currency.
We adjust revenue and related growth rates for constant currency to provide a
framework for assessing business performance excluding the effect of foreign
currency rate fluctuations. To present this information, current period results
for currencies other than USD are converted into USD at the average exchange
rates in effect during the comparison period (for Q3 2022, the average exchange
rates in effect for our major currencies were 1 USD to 1.01 EUR and 1 USD to
1.18 GBP), rather than the actual average exchange rates in effect during the
current period (for Q3 2023, the average exchange rates in effect for our major
currencies were 1 USD to 1.09 EUR and 1 USD to 1.27 GBP).
We use these non-GAAP measures in conjunction with GAAP measures as part of our
overall assessment of our performance, including the preparation of our annual
operating budget and quarterly forecasts, to evaluate the effectiveness of our
business strategies and to communicate with our board of directors concerning
our financial performance. We believe these non-GAAP measures provide investors
consistency and comparability with our past financial performance and facilitate
period-to-period comparisons of our operating results. We believe these non-GAAP
measures are useful in evaluating our operating performance compared to that of
other companies in our industry, as they generally eliminate the effects of
certain items that may vary for different companies for reasons unrelated to
overall operating performance.
Investors, however, are cautioned that there are material limitations associated
with the use of non-GAAP financial measures as an analytical tool. The non-GAAP
measures we use may be different from non-GAAP financial measures used by other
companies, limiting their usefulness for comparison purposes. We compensate for
these limitations by providing specific information regarding the GAAP items
excluded from these non-GAAP financial measures.
We exclude the following items from one or more of our non-GAAP financial
measures, including the related income tax effect of these adjustments:
* Stock-based compensation expense. We exclude stock-based compensation, which
* Employer payroll taxes on employee stock transactions. We exclude the amount of employer payroll taxes on equity awards from certain of our non-GAAP
financial measures because they are dependent on our stock price at the time of vesting or exercise and other factors that are beyond our control and do
not believe these expenses have a direct correlation to the operation of our
affected by the timing, size of acquisitions, and the allocation of purchase
We define free cash flow as net cash provided by (used in) operating activities,
less purchases of property and equipment and capitalized internal-use software.
We believe that free cash flow is a useful indicator of liquidity as it measures
our ability to generate cash from our core operations after purchases of
property and equipment. Free cash flow is a measure to determine, among other
things, cash available for strategic initiatives, including further investments
in our business and potential acquisitions of businesses.
Operating Metrics
Number of Customers Contributing More Than $5,000 in ARR. We define ARR as the
sum total of the revenue we would contractually expect to recognize over the
next 12 months from all customers at a point in time, assuming no increases,
reductions or cancellations in their subscriptions. We define our total
customers contributing more than $5,000 in ARR as of a particular date as the
number of business entities or individuals, represented by a unique domain or a
unique email address, with one or more paid subscriptions to one or more of our
products that contributed more than $5,000 in ARR.
Net Dollar Retention Rate. To calculate net dollar retention rate as of a given
date, we first determine Entering ARR, which is ARR from the population of our
customers as of 12 months prior to the end of the reporting period. We then
calculate the Ending ARR from the same set of customers as of the end of the
reporting period. We then divide the Ending ARR by the Entering ARR to arrive at
our net dollar retention rate. Ending ARR includes upsells, cross-sells, and
renewals during the measurement period and is net of any contraction or
attrition over this period.
We also adjust the above operating metrics, growth rates of customers
contributing more than $5,000 in ARR and related presentation thereof for
constant currency to provide a framework for assessing our business performance
excluding the effects of foreign currency rates fluctuations. To present this
information, the Ending ARR of the current period in currencies other than USD
is converted into USD at the exchange rates in effect at the end of the
comparison period (for Q3 2022, the period end exchange rates in effect for our
major currencies were 1 USD to 0.98 EUR and 1 USD to 1.12 GBP), rather than the
actual exchange rates in effect at the end of the current period (for Q3 2023,
the period end exchange rates in effect for our major currencies were 1 USD to
1.06 EUR and 1 USD to 1.22 GBP).
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements relate to,
among other things, our GAAP and non-GAAP estimates for the fourth quarter and
full year 2023, our financial outlook, the value of our products to customers,
the results of our focus on product innovation efforts and the usefulness of the
measures by which we evaluate our business, among other things. These forward-
looking statements are based on our current expectations, estimates and
projections about our business and industry, including our financial outlook and
macroeconomic uncertainties, management's beliefs and certain assumptions made
by the company, all of which are subject to change. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as,
"future," "believe," "expect," "may," "will," "intend" "estimate," "continue,"
"anticipate," "could," "would," "projects," "plans," "targets" or similar
expressions or the negative of those terms or expressions. Such statements
involve risks and uncertainties, many of which involve factors or circumstances
that are beyond our control, which could cause actual results to vary materially
from those expressed in or indicated by the forward-looking statements. Factors
that may cause actual results to differ materially include our ability to
achieve our long-term plans and key initiatives; our ability to sustain or
manage any future growth effectively; our ability to attract and retain
customers or expand sales to existing customers; delays in product development
or deployments or the success of such products; the failure to deliver
competitive service offerings and lack of market acceptance of any offerings
delivered; the impact to the economy, our customers and our business due to
global economic conditions, including market volatility, foreign exchange rates,
and impact of inflation; the timeframes for and severity of the impact of any
weakened global economic conditions on our customers' purchasing and renewal
decisions, which may extend the length of our sales cycles or adversely affect
our industry; our history of net losses and ability to achieve or sustain
profitability, as well as the other potential factors described under "Risk
Factors" included in our Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2023 and June 30, 2023, and our Annual Report on Form 10-K for the
year ended December 31, 2022, as such factors may be updated from time to time
in our periodic and other documents of Freshworks Inc. filed with the Securities
and Exchange Commission from time to time (available at www.sec.gov), including
our Quarterly Report on Form 10-Q that will be filed for the quarter ended
September 30, 2023.
We caution you not to place undue reliance on forward-looking statements, which
speak only as of the date hereof and are based on information available to us at
the time the statements are made and/or management's good faith belief as of
that time with respect to future events. We assume no obligation to update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release, except as required by law.
About Freshworks Inc.
Freshworks Inc., (NASDAQ: FRSH) creates AI-boosted business software anyone can
use. Purpose-built for IT, customer support, and sales and marketing teams, our
products are designed to let everyone work more efficiently and deliver more
value for immediate business impact. Headquartered in San Mateo, California,
Freshworks operates around the world to serve more than 66,000 customers,
including American Express, Blue Nile, Bridgestone, Databricks, Fila, and
OfficeMax. For the freshest company news, visit www.freshworks.com and follow us
on Facebook, LinkedIn, and X.
Investor Relations Contact:
Joon Huh
IR@freshworks.com
650-988-5699
Media Relations Contact:
Jayne Gonzalez
PR@freshworks.com
408-348-1087
© 2023 Freshworks Inc. All Rights Reserved. Freshworks and its associated logo
is a trademark of Freshworks Inc. All other company, brand and product names may
be trademarks or registered trademarks of their respective companies. Nothing in
this press release should be construed to the contrary, or as an approval,
endorsement or sponsorship by any third parties of Freshworks Inc. or any aspect
of this press release.
Operating expense:
Research and
development((1)) 34,885 35,871 101,922 100,885
Sales and
marketing((1)) 90,673 86,865 265,458 248,369
General and
Total operating
Interest and other
Loss before income
taxes (27,742 ) (56,039 ) (98,443 ) (170,155 )
Provision for income
Net loss per share -
Weighted average
shares used in
computing net loss per
share - basic and
______________________
Total stock-based compensation
expense, net of amounts
Assets
Current assets:
Deferred contract acquisition costs,
Liabilities and Stockholders' Equity
Current liabilities:
Stockholders' equity:
Cash Flows from
Operating
Activities:
Net loss $ (31,033 ) $ (57,843 ) $ (109,355 ) $ (176,655 )
Adjustments to
reconcile net loss
to net cash provided
by (used in)
operating
activities:
Depreciation and
amortization 2,984 2,795 9,098 8,574
Amortization of
deferred contract
acquisition costs 6,131 4,625 17,600 13,321
Non-cash lease
expense 1,965 1,567 5,692 4,463
Stock-based
compensation 55,125 53,892 160,067 150,652
Premium (discount)
amortization on
marketable
securities (4,286 ) (533 ) (12,108 ) 564
Change in fair value
of equity securities (4 ) 10 (65 ) (75 )
Deferred income
Changes in operating
assets and
liabilities:
Accounts receivable (6,404 ) (1,432 ) (10,003 ) (5,256 )
Deferred contract
acquisition costs (6,391 ) (6,913 ) (19,147 ) (19,554 )
Prepaid expenses and
Accrued and other
Operating lease
Net cash provided by
(used in) operating
Cash Flows from
Investing
Activities:
Purchases of
property and
equipment (278 ) (1,907 ) (990 ) (5,288 )
Proceeds from sale
of property and
equipment 33 49 91 132
Capitalized
internal-use
software (1,564 ) (1,106 ) (5,075 ) (3,828 )
Purchases of
marketable
securities (161,261 ) (250,301 ) (653,679 ) (538,501 )
Sales of marketable
securities - - - 92,786
Maturities and
redemptions of
marketable
Net cash provided by
(used in) investing
Cash Flows from
Financing
Activities:
Proceeds from
issuance of common
stock under employee
stock purchase plan,
net - - 4,312 7,011
Proceeds from
exercise of stock
options 16 2 61 98
Payment of
withholding taxes on
net share settlement
of equity awards (24,045 ) (13,367 ) (51,782 ) (151,716 )
Payment of deferred
Net cash used in
Net increase
(decrease) in cash,
cash equivalents and
restricted cash 102,028 (157,798 ) 154,183 (315,482 )
Cash, cash
equivalents and
restricted cash,
Cash, cash
equivalents and
restricted cash, end
Revenue
GAAP revenue $ 153,550 $ 128,760 19 %
Effects of foreign currency rate
Reconciliation
of gross profit
and gross
margin:
GAAP gross
profit $ 127,287 $ 104,581 $ 359,961 $ 294,213
Non-GAAP
adjustments:
Stock-based
compensation
expense 1,710 1,772 5,137 5,212
Employer
payroll taxes
on employee
stock
transactions 40 58 113 25
Amortization of
acquired
Non-GAAP gross
GAAP gross
margin 82.9 % 81.2 % 82.5 % 80.6 %
Non-GAAP gross
margin 84.0 % 82.8 % 83.7 % 82.4 %
Reconciliation
of operating
expenses:
GAAP research
and development $ 34,885 $ 35,871 $ 101,922 $ 100,885
Non-GAAP
adjustments:
Stock-based
compensation
expense (9,623 ) (10,318 ) (28,662 ) (26,446 )
Employer
payroll taxes
on employee
stock
Non-GAAP
research and
GAAP research
and development
as percentage
of revenue 22.7 % 27.9 % 23.4 % 27.7 %
Non-GAAP
research and
development as
percentage of
revenue 16.4 % 19.8 % 16.7 % 20.4 %
GAAP sales and
marketing $ 90,673 $ 86,865 $ 265,458 $ 248,369
Non-GAAP
adjustments:
Stock-based
compensation
expense (18,757 ) (16,635 ) (51,786 ) (44,204 )
Employer
payroll taxes
on employee
stock
transactions (661 ) (746 ) (1,673 ) (954 )
Amortization of
acquired
Non-GAAP sales
GAAP sales and
marketing as
percentage of
revenue 59.1 % 67.5 % 60.8 % 68.1 %
Non-GAAP sales
and marketing
as percentage
of revenue 46.4 % 53.9 % 48.6 % 55.6 %
GAAP general
and
administrative $ 40,464 $ 40,133 $ 122,712 $ 117,723
Non-GAAP
adjustments:
Stock-based
compensation
expense (25,035 ) (25,167 ) (74,482 ) (74,790 )
Employer
payroll taxes
on employee
stock
Non-GAAP
general and
GAAP general
and
administrative
as percentage
of revenue 26.4 % 31.2 % 28.1 % 32.3 %
Non-GAAP
general and
administrative
as percentage
of revenue 9.9 % 11.5 % 10.9 % 11.6 %
Reconciliation
of operating
loss and
operating
margin:
GAAP loss from
operations $ (38,735 ) $ (58,288 ) $ (130,131 ) $ (172,764 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 55,125 53,892 160,067 150,652
Employer
payroll taxes
on employee
stock
transactions 1,008 994 2,766 1,309
Amortization of
acquired
Non-GAAP income
(loss) from
GAAP operating
margin (25.2 )% (45.3 )% (29.8 )% (47.4 )%
Non-GAAP
operating
margin 11.3 % (2.4 )% 7.6 % (5.3 )%
Reconciliation
of net loss
attributable to
common
stockholders:
GAAP net loss
attributable to
common
stockholders -
basic and
diluted $ (31,033 ) $ (57,843 ) $ (109,355 ) $ (176,655 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 55,125 53,892 160,067 150,652
Employer
payroll taxes
on employee
stock
transactions 1,008 994 2,766 1,309
Amortization of
acquired
intangibles - 276 303 1,315
Income tax
Non-GAAP net
income (loss)
attributable to
common
stockholders -
basic and
Reconciliation
of net loss per
share -
diluted:
GAAP net loss
per share -
diluted $ (0.11 ) $ (0.20 ) $ (0.37 ) $ (0.62 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 0.19 0.19 0.55 0.53
Employer
payroll taxes
on employee
stock
transactions - - 0.01 -
Amortization of
acquired
intangibles - - - -
Income tax
Non-GAAP net
income (loss)
per share -
Weighted-
average shares
used in
computing GAAP
net loss per
share - diluted 294,146 286,697 292,103 283,258
Weighted-
average shares
used in
computing non-
GAAP net income
(loss) per
share -
diluted((1)) 302,597 286,697 298,821 283,258
Computation of
free cash flow:
Net cash
provided by
provided by
(used in)
operating
activities $ 23,913 $ (4,223 ) $ 55,312 $ (9,692 )
Less:
Purchases of
property and
equipment (278 ) (1,907 ) (990 ) (5,288 )
Capitalized
internal-use
Net cash
provided by
(used in)
investing
Net cash used
in financing
(1) Diluted net income (loss) per share attributable to common stockholders is
determined by giving effect to all potential common equivalents during the
reporting period, unless including them yields an antidilutive result. The
company considers its stock options and RSUs as potential common stock
equivalents but excluded them from the computation of GAAP diluted net loss
per share attributable to common stockholders, as their effect was
antidilutive. For the three months ended September 30, 2023, potentially
dilutive shares of 8.5 million shares were included in the weighted average
shares used in computing non-GAAP net income per share. For the nine months
ended September 30, 2023, potentially dilutive shares of 6.7 million shares
were included in the weighted average shares used in computing non-GAAP net
income per share.
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* Improved business efficiency with $23.9 million in net cash provided by
operating activities and $22.1 million of free cash flow in the quarter
* Raising full year 2023 financial outlook midpoint for non-GAAP operating
profit to $40 million
SAN MATEO, Calif., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ:
FRSH), a leading software company empowering businesses to delight their
customers and employees, today announced financial results for its third quarter
ended September 30, 2023.
"We delivered another solid quarter of execution as we outperformed our
estimates across our key financial metrics and further improved our
profitability," said Girish Mathrubootham, CEO and Founder of Freshworks. "Our
market traction is fueled by continued product innovation that brings generative
AI and rapid time to value to companies of all sizes."
Third Quarter 2023 Financial Summary Results
* Revenue: Total revenue was $153.6 million, representing growth of 19%
compared to the third quarter of 2022, and 18% adjusting for constant
currency.
* GAAP (Loss) from Operations: GAAP (loss) from operations was $(38.7)
million, compared to $(58.3) million in the third quarter of 2022.
* Non-GAAP Income (Loss) from Operations: Non-GAAP income from operations was
$17.4 million, compared to non-GAAP (loss) from operations of $(3.1) million
in the third quarter of 2022. * GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was
$(0.11) based on 294.1 million weighted-average shares outstanding, compared to $(0.20) based on 286.7 million weighted-average shares outstanding in the
third quarter of 2022.
* Non-GAAP Net Income (Loss) Per Share: Non-GAAP diluted net income per share
was $0.08 based on 302.6 million weighted-average shares outstanding,
compared to non-GAAP net (loss) per share of $(0.01) based on 286.7 million
weighted-average shares outstanding in the third quarter of 2022.
* Net Cash Provided by (Used in) Operating Activities: Net cash provided by
operating activities was $23.9 million, compared to net cash (used in)
operating activities of $(4.2) million in the third quarter of 2022.
* Free Cash Flow: Free cash flow was $22.1 million, compared to $(7.2) million
in the third quarter of 2022.
* Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents,
and marketable securities were $1.16 billion as of September 30, 2023.
A description of non-GAAP financial measures is contained in the section titled "Explanation of Non-GAAP Financial Measures" below and a reconciliation of GAAP to non-GAAP financial measures is contained in the tables below.
Third Quarter Key Metrics and Recent Business Highlights
* Number of customers contributing more than $5,000 in ARR was 19,551, an
increase of 17% year-over-year and 16% adjusting for constant currency.
* Net dollar retention rate was 108% (106% adjusting for constant currency),
compared to 108% in the second quarter of 2023 and 107% in the third quarter
of 2022. Constant currency net dollar retention rate was 107% in the second
quarter of 2023 and 113% in the third quarter of 2022.
* Welcomed more customers to the Freshworks community including: ASPCA,
Cenveo, Giant Eagle Inc., Kelly Benefits, Qualfon, Salvation Army Australia
and Tri Pointe Homes.
* Unveiled an AI-powered Customer Service Suite which brings together self-
service bots, agent-led conversational messaging, and automated ticketing
management in an all-in-one solution by uniting Freshchat(TM), Freshdesk(TM), and
the company's generative artificial intelligence technology, Freddy AI.
* Appointed Johanna Jackman as Chief People Officer and announced Mika
Yamamoto to join as Chief Customer and Marketing Officer.
* Held an Investor Day in San Francisco on September 7, 2023, providing an
update on our vision, product plans, growth strategy and financial model.
Financial Outlook
We are providing estimates for the fourth quarter and full year 2023 based on
current market conditions and expectations. The revenue growth rates are
adjusted for constant currency to provide better visibility into the underlying
business trends. We emphasize that these estimates are subject to various
important cautionary factors referenced in the section entitled "Forward-Looking
Statements" below.
For the fourth quarter and full year 2023, we currently expect the following
results:
($ in millions, except per share
data) Fourth Quarter 2023 Full Year 2023
---------------------------------------------
Revenue((1)) $156.7 - $159.3 $593.0 - $595.5
Year-over-year growth 18% - 20% 19% - 20%
Adjusting for constant
currency((2)) 17% - 19% 19% - 20%
Non-GAAP income from
operations((1)) $5.5 - $8.5 $38.5 - $41.5
Non-GAAP net income per
share((3)) $0.04 - $0.06 $0.23 - $0.25
((1)) Revenue and non-GAAP income from operations are based on exchange rates
as of October 27, 2023 for currencies other than USD.
((2)) Revenue growth rates adjusted for constant currency are based on average
exchange rates in effect during the comparison period for currencies other
than USD. See the section entitled "Explanation of non-GAAP Financial
Measures" and the table entitled "Reconciliation of Selected GAAP Measures to
non?GAAP Measures" for a reconciliation of GAAP to non?GAAP measures for the
historical periods provided in this release.
((3)) Non-GAAP net income per share was estimated assuming 303.3 million and
300.1 million weighted-average shares outstanding for the fourth quarter and
full year 2023, respectively.
These statements are forward-looking and actual results may differ materially.
Refer to the "Forward-Looking Statements" safe harbor section below for
information on the factors that could cause our actual results to differ
materially from these forward-looking statements.
We have not reconciled our estimates for non-GAAP financial measures to GAAP due
to the uncertainty and potential variability of expenses that may be incurred in
the future. As a result, a reconciliation is not available without unreasonable
effort and we are unable to address the probable significance of the unavailable
information. We have provided a reconciliation of other GAAP to non-GAAP
financial measures in the financial statement tables for our third quarter and
first nine months of 2023 and 2022 non-GAAP results included in this press
release.
Webcast and Conference Call Information
We will host a conference call for investors on October 31, 2023 at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results
and business highlights. Investors are invited to listen to a live audio webcast
of the conference call by visiting the investor relations website at
ir.freshworks.com. A replay of the audio webcast will be available shortly after
the call on the Freshworks Investor Relations website and will be available for
twelve months thereafter.
Explanation of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally
accepted accounting principles (GAAP), this press release and the accompanying
tables contain non-GAAP financial measures, including revenue adjusted for
constant currency, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales
and marketing expense, non-GAAP research and development expense, non-GAAP
general and administrative expense, non-GAAP income (loss) from operations, non-
GAAP operating margin, non-GAAP net income (loss) per share, non-GAAP net income
(loss) attributable to common stockholders, and free cash flow. This press
release and the accompanying tables also contain certain non-GAAP metrics,
including annual recurring revenue, net dollar retention rates, revenue growth
rates, and related presentation thereof adjusted for constant currency.
We adjust revenue and related growth rates for constant currency to provide a
framework for assessing business performance excluding the effect of foreign
currency rate fluctuations. To present this information, current period results
for currencies other than USD are converted into USD at the average exchange
rates in effect during the comparison period (for Q3 2022, the average exchange
rates in effect for our major currencies were 1 USD to 1.01 EUR and 1 USD to
1.18 GBP), rather than the actual average exchange rates in effect during the
current period (for Q3 2023, the average exchange rates in effect for our major
currencies were 1 USD to 1.09 EUR and 1 USD to 1.27 GBP).
We use these non-GAAP measures in conjunction with GAAP measures as part of our
overall assessment of our performance, including the preparation of our annual
operating budget and quarterly forecasts, to evaluate the effectiveness of our
business strategies and to communicate with our board of directors concerning
our financial performance. We believe these non-GAAP measures provide investors
consistency and comparability with our past financial performance and facilitate
period-to-period comparisons of our operating results. We believe these non-GAAP
measures are useful in evaluating our operating performance compared to that of
other companies in our industry, as they generally eliminate the effects of
certain items that may vary for different companies for reasons unrelated to
overall operating performance.
Investors, however, are cautioned that there are material limitations associated
with the use of non-GAAP financial measures as an analytical tool. The non-GAAP
measures we use may be different from non-GAAP financial measures used by other
companies, limiting their usefulness for comparison purposes. We compensate for
these limitations by providing specific information regarding the GAAP items
excluded from these non-GAAP financial measures.
We exclude the following items from one or more of our non-GAAP financial
measures, including the related income tax effect of these adjustments:
* Stock-based compensation expense. We exclude stock-based compensation, which
is a non-cash expense, from certain of our non-GAAP financial measures
because we believe that excluding this expense provides meaningful
supplemental information regarding operational performance. In particular,
stock-based compensation expense is not comparable across companies given
the variety of valuation methodologies and assumptions.
* Employer payroll taxes on employee stock transactions. We exclude the amount of employer payroll taxes on equity awards from certain of our non-GAAP
financial measures because they are dependent on our stock price at the time of vesting or exercise and other factors that are beyond our control and do
not believe these expenses have a direct correlation to the operation of our
business.
* Amortization of acquired intangibles. We exclude amortization of acquired
intangibles, which is a non-cash expense, from certain of our non-GAAP
financial measures. Our expenses for amortization of acquired intangibles
are inconsistent in amount and frequency because they are significantly
affected by the timing, size of acquisitions, and the allocation of purchase
price. We exclude these amortization expenses because we do not believe
these expenses have a direct correlation to the operation of our business.
We define free cash flow as net cash provided by (used in) operating activities,
less purchases of property and equipment and capitalized internal-use software.
We believe that free cash flow is a useful indicator of liquidity as it measures
our ability to generate cash from our core operations after purchases of
property and equipment. Free cash flow is a measure to determine, among other
things, cash available for strategic initiatives, including further investments
in our business and potential acquisitions of businesses.
Operating Metrics
Number of Customers Contributing More Than $5,000 in ARR. We define ARR as the
sum total of the revenue we would contractually expect to recognize over the
next 12 months from all customers at a point in time, assuming no increases,
reductions or cancellations in their subscriptions. We define our total
customers contributing more than $5,000 in ARR as of a particular date as the
number of business entities or individuals, represented by a unique domain or a
unique email address, with one or more paid subscriptions to one or more of our
products that contributed more than $5,000 in ARR.
Net Dollar Retention Rate. To calculate net dollar retention rate as of a given
date, we first determine Entering ARR, which is ARR from the population of our
customers as of 12 months prior to the end of the reporting period. We then
calculate the Ending ARR from the same set of customers as of the end of the
reporting period. We then divide the Ending ARR by the Entering ARR to arrive at
our net dollar retention rate. Ending ARR includes upsells, cross-sells, and
renewals during the measurement period and is net of any contraction or
attrition over this period.
We also adjust the above operating metrics, growth rates of customers
contributing more than $5,000 in ARR and related presentation thereof for
constant currency to provide a framework for assessing our business performance
excluding the effects of foreign currency rates fluctuations. To present this
information, the Ending ARR of the current period in currencies other than USD
is converted into USD at the exchange rates in effect at the end of the
comparison period (for Q3 2022, the period end exchange rates in effect for our
major currencies were 1 USD to 0.98 EUR and 1 USD to 1.12 GBP), rather than the
actual exchange rates in effect at the end of the current period (for Q3 2023,
the period end exchange rates in effect for our major currencies were 1 USD to
1.06 EUR and 1 USD to 1.22 GBP).
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements relate to,
among other things, our GAAP and non-GAAP estimates for the fourth quarter and
full year 2023, our financial outlook, the value of our products to customers,
the results of our focus on product innovation efforts and the usefulness of the
measures by which we evaluate our business, among other things. These forward-
looking statements are based on our current expectations, estimates and
projections about our business and industry, including our financial outlook and
macroeconomic uncertainties, management's beliefs and certain assumptions made
by the company, all of which are subject to change. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as,
"future," "believe," "expect," "may," "will," "intend" "estimate," "continue,"
"anticipate," "could," "would," "projects," "plans," "targets" or similar
expressions or the negative of those terms or expressions. Such statements
involve risks and uncertainties, many of which involve factors or circumstances
that are beyond our control, which could cause actual results to vary materially
from those expressed in or indicated by the forward-looking statements. Factors
that may cause actual results to differ materially include our ability to
achieve our long-term plans and key initiatives; our ability to sustain or
manage any future growth effectively; our ability to attract and retain
customers or expand sales to existing customers; delays in product development
or deployments or the success of such products; the failure to deliver
competitive service offerings and lack of market acceptance of any offerings
delivered; the impact to the economy, our customers and our business due to
global economic conditions, including market volatility, foreign exchange rates,
and impact of inflation; the timeframes for and severity of the impact of any
weakened global economic conditions on our customers' purchasing and renewal
decisions, which may extend the length of our sales cycles or adversely affect
our industry; our history of net losses and ability to achieve or sustain
profitability, as well as the other potential factors described under "Risk
Factors" included in our Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2023 and June 30, 2023, and our Annual Report on Form 10-K for the
year ended December 31, 2022, as such factors may be updated from time to time
in our periodic and other documents of Freshworks Inc. filed with the Securities
and Exchange Commission from time to time (available at www.sec.gov), including
our Quarterly Report on Form 10-Q that will be filed for the quarter ended
September 30, 2023.
We caution you not to place undue reliance on forward-looking statements, which
speak only as of the date hereof and are based on information available to us at
the time the statements are made and/or management's good faith belief as of
that time with respect to future events. We assume no obligation to update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release, except as required by law.
About Freshworks Inc.
Freshworks Inc., (NASDAQ: FRSH) creates AI-boosted business software anyone can
use. Purpose-built for IT, customer support, and sales and marketing teams, our
products are designed to let everyone work more efficiently and deliver more
value for immediate business impact. Headquartered in San Mateo, California,
Freshworks operates around the world to serve more than 66,000 customers,
including American Express, Blue Nile, Bridgestone, Databricks, Fila, and
OfficeMax. For the freshest company news, visit www.freshworks.com and follow us
on Facebook, LinkedIn, and X.
Investor Relations Contact:
Joon Huh
IR@freshworks.com
650-988-5699
Media Relations Contact:
Jayne Gonzalez
PR@freshworks.com
408-348-1087
© 2023 Freshworks Inc. All Rights Reserved. Freshworks and its associated logo
is a trademark of Freshworks Inc. All other company, brand and product names may
be trademarks or registered trademarks of their respective companies. Nothing in
this press release should be construed to the contrary, or as an approval,
endorsement or sponsorship by any third parties of Freshworks Inc. or any aspect
of this press release.
FRESHWORKS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ----------------------------
2023 2022 2023 2022
------------- ------------- -------------- -------------
Revenue $ 153,550 $ 128,760 $ 436,321 $ 364,829
Cost of revenue((1)) 26,263 24,179 76,360 70,616
------------- ------------- -------------- -------------
Gross profit 127,287 104,581 359,961 294,213
Operating expense:
Research and
development((1)) 34,885 35,871 101,922 100,885
Sales and
marketing((1)) 90,673 86,865 265,458 248,369
General and
administrative((1)) 40,464 40,133 122,712 117,723
------------- ------------- -------------- -------------
Total operating
expenses 166,022 162,869 490,092 466,977
------------- ------------- -------------- -------------
Loss from operations (38,735 ) (58,288 ) (130,131 ) (172,764 )
Interest and other
income, net 10,993 2,249 31,688 2,609
------------- ------------- -------------- -------------
Loss before income
taxes (27,742 ) (56,039 ) (98,443 ) (170,155 )
Provision for income
taxes 3,291 1,804 10,912 6,500
------------- ------------- -------------- -------------
Net loss (31,033 ) (57,843 ) (109,355 ) (176,655 )
Net loss per share -
basic and diluted $ (0.11 ) $ (0.20 ) $ (0.37 ) $ (0.62 )
------------- ------------- -------------- -------------
Weighted average
shares used in
computing net loss per
share - basic and
diluted 294,146 286,697 292,103 283,258
------------- ------------- -------------- -------------
______________________
(1) Includes stock-based compensation expense as follows (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ----------------------
2023 2022 2023 2022
---------- ---------- ----------- ----------
Cost of revenue $ 1,710 $ 1,772 $ 5,137 $ 5,212
Research and development 9,623 10,318 28,662 26,446
Sales and marketing 18,757 16,635 51,786 44,204
General and administrative 25,035 25,167 74,482 74,790
---------- ---------- ----------- ----------
Total stock-based compensation
expense, net of amounts
capitalized $ 55,125 $ 53,892 $ 160,067 $ 150,652
---------- ---------- ----------- ----------
FRESHWORKS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2023 2022
---------------- ---------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 458,249 $ 304,083
Marketable securities 706,472 843,405
Accounts receivable, net 80,294 70,470
Deferred contract acquisition costs 22,155 20,139
Prepaid expenses and other current assets 52,331 38,913
---------------- ---------------
Total current assets 1,319,501 1,277,010
Property and equipment, net 22,928 24,139
Operating lease right-of-use assets 32,246 33,024
Deferred contract acquisition costs,
noncurrent 19,067 19,536
Goodwill 6,181 6,181
Deferred tax assets 8,535 8,689
Other assets 9,630 11,637
---------------- ---------------
Total assets $ 1,418,088 $ 1,380,216
---------------- ---------------
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2,688 $ 5,908
Accrued liabilities 54,664 59,008
Deferred revenue 246,085 205,626
Income tax payable 2,284 1,150
---------------- ---------------
Total current liabilities 305,721 271,692
Operating lease liabilities, non-current 26,949 28,174
Other liabilities 26,934 28,532
---------------- ---------------
Total liabilities 359,604 328,398
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 4,675,801 4,562,319
Accumulated other comprehensive loss (4,892 ) (7,431 )
Accumulated deficit (3,612,428 ) (3,503,073 )
---------------- ---------------
Total stockholders' equity 1,058,484 1,051,818
---------------- ---------------
Total liabilities and stockholders' equity $ 1,418,088 $ 1,380,216
---------------- ---------------
FRESHWORKS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------- ----------------------------
2023 2022 2023 2022
-------------- -------------- -------------- -------------
Cash Flows from
Operating
Activities:
Net loss $ (31,033 ) $ (57,843 ) $ (109,355 ) $ (176,655 )
Adjustments to
reconcile net loss
to net cash provided
by (used in)
operating
activities:
Depreciation and
amortization 2,984 2,795 9,098 8,574
Amortization of
deferred contract
acquisition costs 6,131 4,625 17,600 13,321
Non-cash lease
expense 1,965 1,567 5,692 4,463
Stock-based
compensation 55,125 53,892 160,067 150,652
Premium (discount)
amortization on
marketable
securities (4,286 ) (533 ) (12,108 ) 564
Change in fair value
of equity securities (4 ) 10 (65 ) (75 )
Deferred income
taxes - - 113 309 Other 123 273 175 1,468
Changes in operating
assets and
liabilities:
Accounts receivable (6,404 ) (1,432 ) (10,003 ) (5,256 )
Deferred contract
acquisition costs (6,391 ) (6,913 ) (19,147 ) (19,554 )
Prepaid expenses and
other assets (5,222 ) (3,929 ) (11,793 ) (12,374 ) Accounts payable 1,002 (2,416 ) (3,219 ) (1,962 )
Accrued and other
liabilities 2,331 668 (3,150 ) 3,874 Deferred revenue 11,727 8,173 40,459 30,796
Operating lease
liabilities (4,135 ) (3,160 ) (9,052 ) (7,837 )
-------------- -------------- -------------- -------------
Net cash provided by
(used in) operating
activities 23,913 (4,223 ) 55,312 (9,692 )
-------------- -------------- -------------- -------------
Cash Flows from
Investing
Activities:
Purchases of
property and
equipment (278 ) (1,907 ) (990 ) (5,288 )
Proceeds from sale
of property and
equipment 33 49 91 132
Capitalized
internal-use
software (1,564 ) (1,106 ) (5,075 ) (3,828 )
Purchases of
marketable
securities (161,261 ) (250,301 ) (653,679 ) (538,501 )
Sales of marketable
securities - - - 92,786
Maturities and
redemptions of
marketable
securities 265,214 113,055 805,933 293,625
-------------- -------------- -------------- -------------
Net cash provided by
(used in) investing
activities 102,144 (140,210 ) 146,280 (161,074 )
-------------- -------------- -------------- -------------
Cash Flows from
Financing
Activities:
Proceeds from
issuance of common
stock under employee
stock purchase plan,
net - - 4,312 7,011
Proceeds from
exercise of stock
options 16 2 61 98
Payment of
withholding taxes on
net share settlement
of equity awards (24,045 ) (13,367 ) (51,782 ) (151,716 )
Payment of deferred
offering costs - - - (109 )
-------------- -------------- -------------- -------------
Net cash used in
financing activities (24,029 ) (13,365 ) (47,409 ) (144,716 )
-------------- -------------- -------------- -------------
Net increase
(decrease) in cash,
cash equivalents and
restricted cash 102,028 (157,798 ) 154,183 (315,482 )
Cash, cash
equivalents and
restricted cash,
beginning of period 356,313 590,180 304,158 747,864
-------------- -------------- -------------- -------------
Cash, cash
equivalents and
restricted cash, end
of period $ 458,341 $ 432,382 $ 458,341 $ 432,382
-------------- ---------------------------- -------------
FRESHWORKS INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended
September 30,
-------------------------
Growth
2023 2022 Rates
------------- ----------- -----------
Revenue
GAAP revenue $ 153,550 $ 128,760 19 %
Effects of foreign currency rate
fluctuations (1,908 )
-------------
Revenue adjusted for constant currency $ 151,642 18 %
-------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------ ------------------------------
2023 2022 2023 2022
-------------- --------------- --------------- --------------
Reconciliation
of gross profit
and gross
margin:
GAAP gross
profit $ 127,287 $ 104,581 $ 359,961 $ 294,213
Non-GAAP
adjustments:
Stock-based
compensation
expense 1,710 1,772 5,137 5,212
Employer
payroll taxes
on employee
stock
transactions 40 58 113 25
Amortization of
acquired
intangibles - 175 158 1,015
-------------- --------------- --------------- --------------
Non-GAAP gross
profit $ 129,037 $ 106,586 $ 365,369 $ 300,465
-------------- --------------- --------------- --------------
GAAP gross
margin 82.9 % 81.2 % 82.5 % 80.6 %
Non-GAAP gross
margin 84.0 % 82.8 % 83.7 % 82.4 %
Reconciliation
of operating
expenses:
GAAP research
and development $ 34,885 $ 35,871 $ 101,922 $ 100,885
Non-GAAP
adjustments:
Stock-based
compensation
expense (9,623 ) (10,318 ) (28,662 ) (26,446 )
Employer
payroll taxes
on employee
stock
transactions (47 ) (25 ) (236 ) 127
-------------- --------------- --------------- --------------
Non-GAAP
research and
development $ 25,215 $ 25,528 $ 73,024 $ 74,566
-------------- --------------- --------------- --------------
GAAP research
and development
as percentage
of revenue 22.7 % 27.9 % 23.4 % 27.7 %
Non-GAAP
research and
development as
percentage of
revenue 16.4 % 19.8 % 16.7 % 20.4 %
GAAP sales and
marketing $ 90,673 $ 86,865 $ 265,458 $ 248,369
Non-GAAP
adjustments:
Stock-based
compensation
expense (18,757 ) (16,635 ) (51,786 ) (44,204 )
Employer
payroll taxes
on employee
stock
transactions (661 ) (746 ) (1,673 ) (954 )
Amortization of
acquired
intangibles - (101 ) (145 ) (300 )
-------------- --------------- --------------- --------------
Non-GAAP sales
and marketing $ 71,255 $ 69,383 $ 211,854 $ 202,911
-------------- --------------- --------------- --------------
GAAP sales and
marketing as
percentage of
revenue 59.1 % 67.5 % 60.8 % 68.1 %
Non-GAAP sales
and marketing
as percentage
of revenue 46.4 % 53.9 % 48.6 % 55.6 %
GAAP general
and
administrative $ 40,464 $ 40,133 $ 122,712 $ 117,723
Non-GAAP
adjustments:
Stock-based
compensation
expense (25,035 ) (25,167 ) (74,482 ) (74,790 )
Employer
payroll taxes
on employee
stock
transactions (260 ) (165 ) (744 ) (457 )
-------------- --------------- --------------- --------------
Non-GAAP
general and
administrative $ 15,169 $ 14,801 $ 47,486 $ 42,476
-------------- --------------- --------------- --------------
GAAP general
and
administrative
as percentage
of revenue 26.4 % 31.2 % 28.1 % 32.3 %
Non-GAAP
general and
administrative
as percentage
of revenue 9.9 % 11.5 % 10.9 % 11.6 %
Reconciliation
of operating
loss and
operating
margin:
GAAP loss from
operations $ (38,735 ) $ (58,288 ) $ (130,131 ) $ (172,764 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 55,125 53,892 160,067 150,652
Employer
payroll taxes
on employee
stock
transactions 1,008 994 2,766 1,309
Amortization of
acquired
intangibles - 276 303 1,315
-------------- --------------- --------------- --------------
Non-GAAP income
(loss) from
operations $ 17,398 $ (3,126 ) $ 33,005 $ (19,488 )
-------------- --------------- --------------- --------------
GAAP operating
margin (25.2 )% (45.3 )% (29.8 )% (47.4 )%
Non-GAAP
operating
margin 11.3 % (2.4 )% 7.6 % (5.3 )%
Reconciliation
of net loss
attributable to
common
stockholders:
GAAP net loss
attributable to
common
stockholders -
basic and
diluted $ (31,033 ) $ (57,843 ) $ (109,355 ) $ (176,655 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 55,125 53,892 160,067 150,652
Employer
payroll taxes
on employee
stock
transactions 1,008 994 2,766 1,309
Amortization of
acquired
intangibles - 276 303 1,315
Income tax
adjustments 479 565 1,617 1,528
-------------- --------------- --------------- --------------
Non-GAAP net
income (loss)
attributable to
common
stockholders -
basic and
diluted $ 25,579 $ (2,116 ) $ 55,398 $ (21,851 )
-------------- --------------- --------------- --------------
Reconciliation
of net loss per
share -
diluted:
GAAP net loss
per share -
diluted $ (0.11 ) $ (0.20 ) $ (0.37 ) $ (0.62 )
Non-GAAP
adjustments:
Stock-based
compensation
expense 0.19 0.19 0.55 0.53
Employer
payroll taxes
on employee
stock
transactions - - 0.01 -
Amortization of
acquired
intangibles - - - -
Income tax
adjustments - - 0.01 0.01
-------------- --------------- --------------- --------------
Non-GAAP net
income (loss)
per share -
diluted $ 0.08 $ (0.01 ) $ 0.19 $ (0.08 )
-------------- --------------- --------------- --------------
Weighted-
average shares
used in
computing GAAP
net loss per
share - diluted 294,146 286,697 292,103 283,258
Weighted-
average shares
used in
computing non-
GAAP net income
(loss) per
share -
diluted((1)) 302,597 286,697 298,821 283,258
Computation of
free cash flow:
Net cash
provided by
provided by
(used in)
operating
activities $ 23,913 $ (4,223 ) $ 55,312 $ (9,692 )
Less:
Purchases of
property and
equipment (278 ) (1,907 ) (990 ) (5,288 )
Capitalized
internal-use
software (1,564 ) (1,106 ) (5,075 ) (3,828 )
-------------- --------------- --------------- --------------
Free cash flow $ 22,071 $ (7,236 ) $ 49,247 $ (18,808 )
-------------- --------------- --------------- --------------
Net cash
provided by
(used in)
investing
activities $ 102,144 $ (140,210 ) $ 146,280 $ (161,074 )
-------------- --------------- --------------- --------------
Net cash used
in financing
activities $ (24,029 ) $ (13,365 ) $ (47,409 ) $ (144,716 )
-------------- --------------- --------------- --------------
(1) Diluted net income (loss) per share attributable to common stockholders is
determined by giving effect to all potential common equivalents during the
reporting period, unless including them yields an antidilutive result. The
company considers its stock options and RSUs as potential common stock
equivalents but excluded them from the computation of GAAP diluted net loss
per share attributable to common stockholders, as their effect was
antidilutive. For the three months ended September 30, 2023, potentially
dilutive shares of 8.5 million shares were included in the weighted average
shares used in computing non-GAAP net income per share. For the nine months
ended September 30, 2023, potentially dilutive shares of 6.7 million shares
were included in the weighted average shares used in computing non-GAAP net
income per share.
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| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
FRESHWORKS CL.A DL-,00001 | A3C28Z | Frankfurt | 11,400 | 27.06.24 08:12:54 | +0,200 | +1,79% | 11,700 | 12,100 | 11,400 | 11,400 |
