Highlights:
Revenue: Total revenue of $212.2 million, representing an increase of 54% year-over-year.
Gross Profit: GAAP gross profit was $165.1 million, or 77.8% gross margin, compared to $106.0 million, or 76.8%, in the first quarter of 2021.
Non-GAAP gross profit was $166.9 million, or 78.7% gross margin, compared to $107.2 million, or 77.6%, in the first quarter of 2021.
Operating Income (Loss): GAAP loss from operations was $40.0 million, or 18.9% of total revenue, compared to $31.3 million, or 22.6% of total revenue, in the first quarter of 2021.
Non-GAAP income from operations was $4.9 million, or 2.3% of total revenue, compared to a loss from operations of $7.5 million, or 5.4% of total revenue, in the first quarter of 2021.
Net Income (Loss): GAAP net loss was $41.4 million, compared to $40.0 million in the first quarter of 2021.
GAAP net loss per basic and diluted share was $0.13, compared to $0.13 in the first quarter of 2021. Non-GAAP net income was $3.5 million, compared to non-GAAP net loss of $9.3 million in the first quarter of 2021.
Non-GAAP net income per diluted share was $0.01, compared to non-GAAP net loss per share of $0.03 in the first quarter of 2021.
Cash Flow: Net cash flow from operating activities was negative $35.5 million, compared to $23.5 million for the first quarter of 2021. Free cash flow was negative $64.4 million, or 30% of total revenue, compared to negative $2.2 million, or 2% of total revenue, in the first quarter of 2021.
Cash, cash equivalents, and available-for-sale securities were $1,725.2 million as of March 31, 2022.
Currently down nearly 16% afterhours at the time of posting and down 14% during trading today already.
Leave a Reply