Backblaze, Inc. (Nasdaq: BLZE), the leading specialized storage
cloud, today announced results for its third quarter ended
September 30, 2023.
“In Q3, we passed the $100 million in ARR
milestone and are on track to achieve adjusted EBITDA profitability
in Q4 through continued strong growth and efficient execution. As
part of our leadership in the open cloud movement, we recently
added free egress, significant performance improvements, and new
functionality to increasingly support our customers’ ability to
break free from limitations on their data,” said Gleb Budman, CEO
of Backblaze. “Looking ahead, our recent price increase supports
continued investments in the platform and positions us for
profitable growth while continuing to offer customers a compelling
and cost effective storage solution.”
Third Quarter 2023 Financial
Highlights:
- Revenue of $25.3 million, an
increase of 15% year-over-year (YoY).
- B2 Cloud Storage revenue was $11.6
million, an increase of 31% YoY.
- Computer Backup revenue was $13.7
million, an increase of 4% YoY.
- Gross profit of $11.8 million, or
46% of revenue, compared to $11.2 million and 51% of revenue, in Q3
2022.
- Adjusted gross profit of $18.7
million, or 74% of revenue, compared to $16.7 million and 76% of
revenue in Q3 2022.
- Net loss of $16.1 million compared
to a net loss of $12.8 million in Q3 2022.
- Net loss per share of $0.44
compared to a net loss per share of $0.40 in Q3 2022.
- Adjusted EBITDA of $(0.8) million,
or (3%) of revenue, compared to $(1.9) million and (8%) of revenue
in Q3 2022.
- Non-GAAP net loss of $7.8 million
compared to non-GAAP net loss of $8.0 million in Q3 2022.
- Non-GAAP net loss per share of
$0.21 compared to a non-GAAP net loss per share of $0.25 in Q3
2022.
- Cash, short-term investments and
restricted cash, current totaled $35.8 million as of
September 30, 2023.
Third Quarter 2023 Operational
Highlights:
- Annual recurring revenue (ARR) was
$100.9 million, an increase of 15% YoY.
- B2 Cloud
Storage ARR was $46.8 million, an increase of 31% YoY.
- Computer
Backup ARR was $54.1 million, an increase of 3% YoY.
- Net revenue retention (NRR) rate
was 108% compared to 115% in Q3 2022.
- B2 Cloud
Storage NRR was 120% compared to 125% in Q3 2022.
- Computer
Backup NRR was 100% compared to 109% in Q3 2022.
- Gross customer retention rate was
91% in Q3 2023 and Q3 2022.
- B2 Cloud
Storage gross customer retention rate was 90% in Q3 2023 and Q3
2022.
- Computer
Backup gross customer retention rate was 91% in Q3 2023 compared to
90% in Q3 2022
Recent Business Highlights:
- Crossed $100 Million in
ARR: Accomplished a key milestone with predictable and
scalable growth
- Continued Driving
Significant Cost Efficiencies: Improved adjusted EBITDA by
over 50% year on year
- Upgraded B2 Cloud Storage
Performance: Innovated storage architecture with "shard
stash" to deliver upload speeds of small files (1MB or less) up to
30% faster than Amazon S3
- Launched Expanded Offerings
and Price Increase: Offerings including free egress,
extended functionality, and other upgrades
- Signed Largest Multi-Year
Commitment: Signed a multi-year, upfront $1 million
customer commitment through one of our channel partners
- Presented Tech Day with
Industry Leaders: Coreweave, Fastly, and Snowflake
co-presented solutions at Backblaze Tech Day to showcase to IT
administrators and developers how specialized cloud solutions
accelerate their business growth
- Expanded
Partnerships: B2 Cloud Storage is now integrated with
partners HYCU and Qencode to reach new customers and markets
- Released Backblaze Computer
Backup 9.0: Announced security and performance upgrades as
well as one of the most requested computer backup features, a new
restore app to further simplify the backup process
-
Strengthened Management Team with Hiring of SVP of Cloud
Operations, Chris Opat: Brings over 25 years of technology
experience to continue to scale our cloud infrastructure
Financial Outlook:
Based on information available as of the date of this press
release,
For the fourth quarter of 2023 we expect:
- Revenue between $27.9 million to
$28.7 million
- Adjusted EBITDA margin between 1%
to 3%
- Basic weighted average shares
outstanding of 38.0 million to 39.0 million shares
For full-year 2023 we expect:
- Revenue between $101.2 million to
$102.0 million (midpoint raised)
- Adjusted EBITDA margin between
(6.0)% to (4.0)% (raised)
Conference Call Information:
Backblaze will host a conference call today,
November 8, 2023 at 1:30 p.m. PT (4:30 p.m. ET) to review its
financial results.
Attend the webcast here:
https://edge.media-server.com/mmc/p/9i5mex99Register to listen by
phone here: https://dpregister.com/sreg/10182596/fa72df8918
Phone registrants will receive dial-in
information via email.
An archive of the webcast will be available
shortly after its completion on the Investor Relations section of
the Backblaze website at https://ir.backblaze.com.
About Backblaze
Backblaze makes it astonishingly easy to store,
use, and protect data. The Backblaze Storage Cloud provides a
foundation for businesses, developers, IT professionals, and
individuals to build applications, host content, manage media, back
up and archive data, and more. With over three billion gigabytes of
data storage under management, the company currently works with
over 500,000 customers in over 175 countries. Founded in 2007, the
company is based in San Mateo, CA. For more information, please go
to www.backblaze.com.
Cautionary Note Regarding Forward-looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which involve risks and uncertainties. These
forward-looking statements are frequently identified by the use of
forward-looking terminology, including the terms “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“likely,” “may,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would,” or other similar
terms or expressions that relate to our future performance,
expectations, strategy, plans or intentions, and include statements
in the section titled “Financial Outlook” and statements regarding
the use and impact of our IPO proceeds.
Our actual results could differ materially from
those stated in or implied by the forward-looking statements in
this press release due to a number of factors, including but not
limited to: market competition, including competitors that may have
greater size, offerings and resources; effectively managing growth;
disruption in our service or loss of availability of customers’
data; cyberattacks; ability to attract and retain customers,
including increasingly larger customers and the continued growth of
data stored by our customers; continued growth consistent with
historical levels; ability to offer new features on a timely basis;
material defects or errors in our software; supply chain
disruption; ability to maintain existing relationships with
partners and to enter into new partnerships; ability to remediate
and prevent material weaknesses in our internal controls over
financial reporting; retention of key employees; the impact of a
pandemic, war or hostilities, including the Israel-Hamas conflict,
and other significant world or regional events on our business and
the business of our customers, vendors, supply chain and partners;
litigation and other disputes; and general market, political,
economic, and business conditions. Further information on these and
additional risks, uncertainties, assumptions, and other factors
that could cause actual results or outcomes to differ materially
from those included in or implied by the forward-looking statements
contained in this release are included under the caption “Risk
Factors” and elsewhere in our Annual Report on Form 10-K for the
year ended December 31, 2022, our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2023, and other filings and reports we
make with the SEC from time to time.
The forward-looking statements made in this
release reflect our views as of the date of this press release. We
undertake no obligation to update any forward-looking statements in
this press release, whether as a result of new information, future
events or otherwise.
Non-GAAP Financial Measures
To supplement the financial measures prepared in
accordance with generally accepted accounting principles (GAAP), we
use non-GAAP adjusted gross margin and adjusted EBITDA margin.
These non-GAAP financial measures exclude certain items and are not
prepared in accordance with GAAP; therefore, the information is not
necessarily comparable to other companies and should be considered
as a supplement to, not a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP. We
present these non-GAAP measures because management believes they
are a useful measure of the company’s performance and provide an
additional basis for assessing our operating results. Please see
the appendix attached to this press release for a reconciliation of
non-GAAP adjusted gross margin and adjusted EBITDA margin to the
most directly comparable GAAP financial measures.
A reconciliation of non-GAAP guidance measures
to corresponding GAAP measures is not available on a
forward-looking basis without unreasonable effort due to the
uncertainty regarding, and the potential variability of, expenses
and other factors in the future. For example, stock-based
compensation expense-related charges are impacted by the timing of
employee stock transactions, the future fair market value of our
common stock, and our future hiring and retention needs, all of
which are difficult to predict with reasonable accuracy and subject
to constant change.
Adjusted Gross Profit (and
Margin)
We believe adjusted gross profit (and margin),
when taken together with our GAAP financial results, provides a
meaningful assessment of our performance and is useful to us for
evaluating our ongoing operations and for internal planning and
forecasting purposes.
We define adjusted gross margin as gross profit,
exclusive of stock-based compensation expense, depreciation expense
of our property and equipment, and amortization expense of
capitalized internal-use software included within cost of revenue,
as a percentage of adjusted gross profit to revenue. We exclude
stock-based compensation, which is a non-cash item, because we do
not consider it indicative of our core operating performance. We
exclude depreciation expense of our property and equipment and
amortization expense of capitalized internal-use software, because
these may not reflect current or future cash spending levels to
support our business. We believe adjusted gross margin provides
consistency and comparability with our past financial performance
and facilitates period-to-period comparisons of operations, as this
metric eliminates the effects of depreciation and amortization.
Adjusted EBITDA
We define adjusted EBITDA as net loss adjusted
to exclude depreciation and amortization, stock-based compensation,
interest expense, investment income, income tax provision,
workforce reduction and related severance charges, and other
non-recurring charges. We use adjusted EBITDA to evaluate our
ongoing operations and for internal planning and forecasting
purposes. We believe that adjusted EBITDA, when taken together with
our GAAP financial results, provides meaningful supplemental
information regarding our operating performance by excluding
certain items that may not be indicative of our business, results
of operations, or outlook. We consider adjusted EBITDA to be an
important measure because it helps illustrate underlying trends in
our business and our historical operating performance on a more
consistent basis.
Non-GAAP Net Income (Loss)
We define non-GAAP net income (loss) as net
income adjusted to exclude stock-based compensation and other items
we deem non-recurring. We believe that non-GAAP net income (loss),
when taken together with our GAAP financial results, provides
meaningful supplemental information regarding our operating
performance by excluding certain items that may not be indicative
of our business, results of operations, or outlook.
Key Business Metrics:
Annual Recurring Revenue
(ARR)
We define annual recurring revenue (ARR) as the
annualized value of all Backblaze B2 and Computer Backup
arrangements as of the end of a period. Given the renewable nature
of our business, we view ARR as an important indicator of our
financial performance and operating results, and we believe it is a
useful metric for internal planning and analysis. ARR is calculated
based on multiplying the monthly revenue from all Backblaze B2 and
Computer Backup arrangements, which represent greater than 98% of
our revenue for the periods presented (and excludes Physical Media
revenue), for the last month of a period by 12. Our annual
recurring revenue for Computer Backup and B2 Cloud Storage is
calculated in the same manner as our overall annual recurring
revenue based on the revenue from our Computer Backup and B2 Cloud
Storage solutions, respectively.
Net Revenue Retention Rate
(NRR)
Our overall net revenue retention rate (NRR) is
a trailing four-quarter average of the recurring revenue from a
cohort of customers in a quarter as compared to the same quarter in
the prior year. We calculate our overall net revenue retention rate
for a quarter by dividing (i) recurring revenue in the current
quarter from any accounts that were active at the end of the same
quarter of the prior year by (ii) recurring revenue in the current
corresponding quarter from those same accounts. Our overall net
revenue retention rate includes any expansion of revenue from
existing customers and is net of revenue contraction and customer
attrition, and excludes revenue from new customers in the current
period. Our net revenue retention rate for Computer Backup and B2
Cloud Storage is calculated in the same manner as our overall net
revenue retention rate based on the revenue from our Computer
Backup and B2 Cloud Storage solutions, respectively.
Gross Customer Retention
Rate
We use gross customer retention rate to measure
our ability to retain our customers. Our gross customer retention
rate reflects only customer losses and does not reflect the
expansion or contraction of revenue we earn from our existing
customers. We believe our high gross customer retention rates
demonstrate that we serve a vital service to our customers, as the
vast majority of our customers tend to continue to use our platform
from one period to the next. To calculate our gross customer
retention rate, we take the trailing four-quarter average of the
percentage of cohort of customers who were active at the end of the
quarter in the prior year that are still active at the end of the
current quarter. We calculate our gross customer retention rate for
a quarter by dividing (i) the number of accounts that generated
revenue in the last month of the current quarter that also
generated recurring revenue during the last month of the
corresponding quarter in the prior year, by (ii) the number of
accounts that generated recurring revenue.
Customers
We define a customer at the end of any period as
a distinct account, as identified by a unique account identifier,
that has paid for our cloud services, which makes up substantially
all of our user base.
Investors ContactMimi KongDirector, Investor
Relations and Corporate Developmentir@backblaze.com
Press ContactJeanette FosterCommunications
Managerpress@backblaze.com
|
BACKBLAZE, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(in thousands, except share and per
share data) |
|
|
|
|
|
September 30, |
|
December 31, |
|
2023 |
|
2022 |
|
(unaudited) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
9,016 |
|
|
$ |
6,690 |
|
Accounts receivable, net |
|
1,991 |
|
|
|
856 |
|
Restricted cash, current |
|
6,078 |
|
|
|
— |
|
Short-term investments, net |
|
20,732 |
|
|
|
58,733 |
|
Prepaid expenses and other current assets |
|
7,066 |
|
|
|
8,120 |
|
Total current assets |
|
44,883 |
|
|
|
74,399 |
|
Restricted cash,
non-current |
|
— |
|
|
|
4,306 |
|
Property and equipment,
net |
|
49,573 |
|
|
|
49,375 |
|
Operating lease right-of-use
assets |
|
10,482 |
|
|
|
6,881 |
|
Capitalized internal-use
software, net |
|
28,943 |
|
|
|
16,704 |
|
Other assets |
|
868 |
|
|
|
793 |
|
Total assets |
$ |
134,749 |
|
|
$ |
152,458 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,985 |
|
|
$ |
3,283 |
|
Accrued expenses and other current liabilities |
|
8,248 |
|
|
|
9,418 |
|
Debt facility, current |
|
6,078 |
|
|
|
— |
|
Finance lease liabilities and lease financing obligations,
current |
|
19,077 |
|
|
|
18,531 |
|
Operating lease liabilities, current |
|
1,998 |
|
|
|
2,130 |
|
Deferred revenue, current |
|
23,589 |
|
|
|
22,912 |
|
Total current liabilities |
|
60,975 |
|
|
|
56,274 |
|
Finance lease liabilities and
lease financing obligations, non-current |
|
14,265 |
|
|
|
15,487 |
|
Operating lease liabilities,
non-current |
|
8,518 |
|
|
|
5,032 |
|
Deferred
revenue, non-current |
|
3,633 |
|
|
|
2,611 |
|
Debt facility,
non-current |
|
— |
|
|
|
4,306 |
|
Total liabilities |
$ |
87,391 |
|
|
$ |
83,710 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
Equity |
|
|
|
Class A common stock, $0.0001
par value; 113,000,000 shares authorized as of September 30,
2023 and December 31, 2022, respectively; 37,464,639 and 16,198,333
shares issued and outstanding as of September 30, 2023 and
December 31, 2022, respectively. |
|
4 |
|
|
|
2 |
|
Class B common stock, $0.0001
par value; 295,986 and 37,000,000 shares authorized as of
September 30, 2023 and December 31, 2022, respectively;
zero and 17,195,404 shares issued and outstanding as of
September 30, 2023 and December 31, 2022,
respectively. |
|
— |
|
|
|
2 |
|
Additional paid-in capital |
|
182,600 |
|
|
|
156,485 |
|
Accumulated deficit |
|
(135,246 |
) |
|
|
(87,741 |
) |
Total stockholders’ equity |
|
47,358 |
|
|
|
68,748 |
|
Total liabilities and stockholders’ equity |
$ |
134,749 |
|
|
$ |
152,458 |
|
|
|
|
|
|
|
|
|
|
BACKBLAZE, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except
share and per share data) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(unaudited) |
Revenue |
$ |
25,299 |
|
|
$ |
22,051 |
|
|
$ |
73,282 |
|
|
$ |
62,229 |
|
Cost of revenue |
|
13,546 |
|
|
|
10,836 |
|
|
|
38,509 |
|
|
|
30,073 |
|
Gross profit |
|
11,753 |
|
|
|
11,215 |
|
|
|
34,773 |
|
|
|
32,156 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
9,639 |
|
|
|
8,152 |
|
|
|
30,097 |
|
|
|
24,493 |
|
Sales and marketing |
|
10,736 |
|
|
|
9,727 |
|
|
|
31,170 |
|
|
|
26,125 |
|
General and administrative |
|
6,944 |
|
|
|
5,396 |
|
|
|
19,786 |
|
|
|
16,106 |
|
Total operating expenses |
|
27,319 |
|
|
|
23,275 |
|
|
|
81,053 |
|
|
|
66,724 |
|
Loss from operations |
|
(15,566 |
) |
|
|
(12,060 |
) |
|
|
(46,280 |
) |
|
|
(34,568 |
) |
Investment income |
|
447 |
|
|
|
210 |
|
|
|
1,576 |
|
|
|
405 |
|
Interest expense |
|
(936 |
) |
|
|
(950 |
) |
|
|
(2,801 |
) |
|
|
(2,811 |
) |
Loss before provision for
income taxes |
|
(16,055 |
) |
|
|
(12,800 |
) |
|
|
(47,505 |
) |
|
|
(36,974 |
) |
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(69 |
) |
Net loss |
$ |
(16,055 |
) |
|
$ |
(12,800 |
) |
|
$ |
(47,505 |
) |
|
$ |
(36,905 |
) |
Net loss per share, basic and
diluted |
$ |
(0.44 |
) |
|
$ |
(0.40 |
) |
|
$ |
(1.35 |
) |
|
$ |
(1.18 |
) |
Weighted average shares used in computing net loss per share
attributable to Class A and Class B common stockholders, basic and
diluted(1) |
|
36,665,195 |
|
|
|
31,994,391 |
|
|
|
35,255,672 |
|
|
|
31,245,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On July 6, 2023, all shares of the Company’s
then outstanding Class B common stock were automatically converted
into the same number of shares of Class A common stock, pursuant to
the terms of the Company’s Amended and Restated Certificate of
Incorporation. No additional shares of Class B common stock will be
issued following such conversion.
|
BACKBLAZE, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(in
thousands) |
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
(unaudited) |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(47,505 |
) |
|
$ |
(36,905 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Accretion of discount on investment securities and investment
income, net |
|
113 |
|
|
|
(367 |
) |
Noncash lease expense on operating leases |
|
1,839 |
|
|
|
1,820 |
|
Depreciation and amortization |
|
18,337 |
|
|
|
14,689 |
|
Stock-based compensation |
|
18,670 |
|
|
|
13,011 |
|
(Gain) loss on disposal of assets and other adjustments |
|
(242 |
) |
|
|
24 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(1,135 |
) |
|
|
(411 |
) |
Prepaid expenses and other current assets |
|
867 |
|
|
|
(234 |
) |
Other assets |
|
(313 |
) |
|
|
56 |
|
Accounts payable |
|
(592 |
) |
|
|
(137 |
) |
Accrued expenses and other current liabilities |
|
(366 |
) |
|
|
(901 |
) |
Deferred revenue |
|
1,697 |
|
|
|
635 |
|
Operating lease liabilities |
|
(1,968 |
) |
|
|
(1,853 |
) |
Other long-term liabilities |
|
— |
|
|
|
(69 |
) |
Net cash used in operating
activities |
|
(10,598 |
) |
|
|
(10,642 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Purchases of marketable securities |
|
(19,492 |
) |
|
|
(113,259 |
) |
Maturities of marketable securities |
|
57,380 |
|
|
|
61,000 |
|
Proceeds from disposal of property and equipment |
|
319 |
|
|
|
— |
|
Purchases of property and equipment, net |
|
(5,066 |
) |
|
|
(4,061 |
) |
Capitalized internal-use software costs |
|
(11,061 |
) |
|
|
(5,645 |
) |
Net cash provided by (used in)
investing activities |
|
22,080 |
|
|
|
(61,965 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Principal payments on finance leases and lease financing
obligations |
|
(14,878 |
) |
|
|
(11,602 |
) |
Payments of deferred offering costs |
|
— |
|
|
|
(658 |
) |
Proceeds from debt facility |
|
4,273 |
|
|
|
2,543 |
|
Repayment of debt facility |
|
(2,500 |
) |
|
|
— |
|
Principal payments on insurance premium financing |
|
(1,545 |
) |
|
|
— |
|
Proceeds from lease financing obligations |
|
2,500 |
|
|
|
— |
|
Employee payroll taxes paid related to net settlement of equity
awards |
|
— |
|
|
|
(130 |
) |
Proceeds from exercises of stock options |
|
3,426 |
|
|
|
3,439 |
|
Proceeds from ESPP |
|
1,171 |
|
|
|
1,529 |
|
Net cash used in financing
activities |
|
(7,553 |
) |
|
|
(4,879 |
) |
Net increase (decrease) in
cash, restricted cash and restricted cash, non-current |
|
3,929 |
|
|
|
(77,486 |
) |
Cash, restricted cash, current
and restricted cash, non-current at beginning of period |
|
11,165 |
|
|
|
105,012 |
|
Cash and restricted cash,
current at end of period |
$ |
15,094 |
|
|
$ |
27,526 |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Cash paid for interest |
$ |
2,752 |
|
|
$ |
2,838 |
|
Cash paid for income taxes |
$ |
58 |
|
|
$ |
26 |
|
Cash paid for operating lease liabilities |
$ |
2,174 |
|
|
$ |
1,948 |
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES |
|
|
|
Stock-based compensation included in capitalized internal-use
software |
$ |
3,703 |
|
|
$ |
1,808 |
|
Accrued bonus settled in restricted stock units |
$ |
1,848 |
|
|
$ |
— |
|
Accrued bonus classified as stock-based compensation |
$ |
2,586 |
|
|
$ |
1,716 |
|
Equipment acquired through finance lease and lease financing
obligations |
$ |
11,995 |
|
|
$ |
15,680 |
|
Accruals related to purchases of property and equipment |
$ |
131 |
|
|
$ |
337 |
|
Lease liabilities arising from right-of-use assets upon adoption of
ASC 842 |
$ |
— |
|
|
$ |
5,220 |
|
Assets obtained in exchange for operating lease obligations |
$ |
5,568 |
|
|
$ |
— |
|
Receivable recorded due to stock option exercises pending
settlement |
$ |
38 |
|
|
$ |
— |
|
RECONCILIATION OF CASH
AND RESTRICTED CASH |
|
|
|
Cash |
$ |
9,016 |
|
|
$ |
24,813 |
|
Restricted cash - included in prepaid expenses and other current
assets |
$ |
— |
|
|
$ |
169 |
|
Restricted cash, current |
$ |
6,078 |
|
|
$ |
— |
|
Restricted cash, non-current |
$ |
— |
|
|
$ |
2,544 |
|
Total cash, restricted cash and restricted cash, non-current |
$ |
15,094 |
|
|
$ |
27,526 |
|
|
|
|
|
|
|
|
|
BACKBLAZE,
INC.RECONCILIATION OF GAAP TO NON-GAAP
DATA(unaudited)
Adjusted Gross Profit and Adjusted Gross
Margin
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(in thousands, except percentages) |
Gross profit |
$ |
11,753 |
|
|
$ |
11,215 |
|
|
$ |
34,773 |
|
|
$ |
32,156 |
|
Adjustments: |
|
|
|
|
|
|
|
Stock-based compensation |
|
653 |
|
|
|
353 |
|
|
|
1,456 |
|
|
|
977 |
|
Depreciation and amortization |
|
6,336 |
|
|
|
5,131 |
|
|
|
17,891 |
|
|
|
14,178 |
|
Adjusted gross profit |
$ |
18,742 |
|
|
$ |
16,699 |
|
|
$ |
54,120 |
|
|
$ |
47,311 |
|
Gross margin |
|
46 |
% |
|
|
51 |
% |
|
|
47 |
% |
|
|
52 |
% |
Adjusted gross margin |
|
74 |
% |
|
|
76 |
% |
|
|
74 |
% |
|
|
76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(in thousands, except percentages) |
Net loss |
$ |
(16,055 |
) |
|
$ |
(12,800 |
) |
|
$ |
(47,505 |
) |
|
$ |
(36,905 |
) |
Adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization(1) |
|
6,473 |
|
|
|
5,357 |
|
|
|
18,337 |
|
|
|
14,790 |
|
Stock-based compensation(2) |
|
7,958 |
|
|
|
4,830 |
|
|
|
18,545 |
|
|
|
13,011 |
|
Interest expense and investment income |
|
489 |
|
|
|
740 |
|
|
|
1,225 |
|
|
|
2,406 |
|
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(69 |
) |
Non-recurring professional services |
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
|
— |
|
Workforce reduction and related severance charges |
|
12 |
|
|
|
— |
|
|
|
3,616 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(841 |
) |
|
$ |
(1,873 |
) |
|
$ |
(5,500 |
) |
|
$ |
(6,767 |
) |
Adjusted EBITDA margin |
(3 |
)% |
|
(8 |
)% |
|
(8 |
)% |
|
(11 |
)% |
|
|
|
|
|
|
|
|
(1) Amounts noted include approximately $0.1
million in amortization of capitalized implementation costs related
to cloud computing arrangements, which is included in prepaid
expenses and other current assets on our condensed statement of
cash flows for the nine months ended September 2022.
(2) During the nine months ended September 30,
2023, $125 thousand of stock-based compensation expense is
classified as workforce reduction and related severance charges in
the table above as it was incurred as part of our restructuring
program.
Non-GAAP Net Loss
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(in thousands, except share and per share
data) |
Net loss |
$ |
(16,055 |
) |
|
$ |
(12,800 |
) |
|
$ |
(47,505 |
) |
|
$ |
(36,905 |
) |
Adjustments: |
|
|
|
|
|
|
|
Stock-based compensation(1) |
|
7,958 |
|
|
|
4,830 |
|
|
|
18,545 |
|
|
|
13,011 |
|
Non-recurring professional services |
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
|
— |
|
Workforce reduction and related severance charges |
|
12 |
|
|
|
— |
|
|
|
3,616 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(7,803 |
) |
|
$ |
(7,970 |
) |
|
$ |
(25,062 |
) |
|
$ |
(23,894 |
) |
Non-GAAP net loss per share,
basic and diluted |
$ |
(0.21 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.76 |
) |
Weighted average shares used in computing net loss per share
attributable to Class A and Class B common stockholders, basic and
diluted |
|
36,665,195 |
|
|
|
31,994,391 |
|
|
|
35,255,672 |
|
|
|
31,245,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the nine months ended September 30,
2023, $125 thousand of stock-based compensation expense is
classified as workforce reduction and related severance charges in
the table above as it was incurred as part of our restructuring
program.
|
BACKBLAZE, INC.SUPPLEMENTAL FINANCIAL
INFORMATION(unaudited)Stock-based
Compensation |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(In thousands, unaudited) |
Cost of revenue |
$ |
653 |
|
|
$ |
353 |
|
|
$ |
1,456 |
|
|
$ |
977 |
|
Research and development |
|
2,865 |
|
|
|
1,828 |
|
|
|
6,786 |
|
|
|
5,066 |
|
Sales and marketing |
|
2,747 |
|
|
|
1,539 |
|
|
|
6,616 |
|
|
|
3,906 |
|
General and administrative |
|
1,693 |
|
|
|
1,110 |
|
|
|
3,812 |
|
|
|
3,062 |
|
Total stock-based compensation expense |
$ |
7,958 |
|
|
$ |
4,830 |
|
|
$ |
18,670 |
|
|
$ |
13,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Backblaze (NASDAQ:BLZE)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Backblaze (NASDAQ:BLZE)
Storico
Da Lug 2023 a Lug 2024