Freshworks qtrly revenues up 19%
Net cash provided by operating activities was $19.9 million, compared to net cash (used in) operating activities of $(6.8) million in the second quarter of 2022.
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SAN MATEO, CALIFORNIA: Freshworks Inc, a leading software company, saw total revenue swell to $145.1 million in Q2 of 2023, representing growth of 19% against the Q2 of 2022, and 20% adjusting for constant currency.
“Freshworks is building on the foundations we set at the start of the year to deliver faster product innovation, and improve our efficiency,” said Girish Mathrubootham, CEO-founder, Freshworks. “In Q2, we launched new generative AI enhancements across our product lines and outperformed our estimates across all our key financial metrics.”
GAAP (loss) from operations was $(43.3) million, compared to $(67.4) million in the second quarter of 2022, as per a release. Non-GAAP Income (Loss) from Operations was $11.7 million, compared to non-GAAP (loss) from operations of $(15.8) million in the Q2 of 2022. The GAAP basic and diluted net (loss) per share was $(0.12) based on 292.0 million weighted-average shares outstanding, compared to $(0.24) based on 284.8 million weighted-average shares outstanding in the Q2 of 2022.
Non-GAAP basic and diluted net income per share was $0.07 based on 296.6 million weighted-average shares outstanding, compared to net (loss) per share of $(0.06) based on 284.8 million weighted-average shares outstanding in the Q2 of 2022.
Net cash provided by operating activities was $19.9 million, compared to net cash (used in) operating activities of $(6.8) million in the second quarter of 2022. Free cash flow was $18.1 million, compared to $(10.2) million in the second quarter of 2022.
Cash, cash equivalents, and marketable securities were $1.16 billion as of June 30, 2023.
Number of customers contributing over $5,000 in ARR was 19,105, an increase of 18% year-over-year and 17% adjusting for constant currency. Net dollar retention rate was 108% (107% adjusting for constant currency), compared to 107% in the Q1 of 2023 and 111% in the Q2 of 2022. Constant currency net dollar retention rate was 108% in the first quarter of 2023 and 115% in the Q2 of 2022.
