SentinelOne Announces Third Quarter Fiscal Year 2023 Financial Results

December 06, 2022 at 16:10 PM EST

Revenue increased 106% year-over-year

ARR up 106% year-over-year

SentinelOne, Inc. (NYSE: S) today announced financial results for the third quarter of fiscal year 2023 ended October 31, 2022.

“We once again delivered triple digit revenue and ARR growth fueled by strong adoption of our Singularity XDR platform across endpoint, cloud, and identity. Cybersecurity is mission-critical, and our Singularity platform is purpose built for leading protection allowing us to deliver superior platform value,” said Tomer Weingarten, CEO of SentinelOne. “We’re focused on enhancing productivity and continuing to take market share in a dynamic environment.”

“We maintained the Rule of 60 again in Q3'2023. These results continue to signify our ability to maintain a balance between compelling top line growth and improved progress towards our long-term profitability targets,” said Dave Bernhardt, CFO of SentinelOne.

Letter to Shareholders

We have also published a letter to shareholders on the Investor Relations section of our website at investors.sentinelone.com. The letter provides further discussion of our results for the third quarter of fiscal year 2023 as well as our full fiscal year 2023 financial outlook.

Third Quarter Fiscal 2023 Highlights

(All metrics are compared to the third quarter of fiscal year 2022 unless otherwise noted)

Total revenue increased 106% to $115.3 million, compared to $56.0 million.
Annualized recurring revenue (ARR) increased 106% to $487.4 million as of October 31, 2022.
Total customer count grew about 55% to over 9,250 customers as of October 31, 2022. Customers with ARR over $100,000 grew nearly 100% to 827 as of October 31, 2022. Dollar-based net revenue retention rate was 134%.
Gross margin: GAAP gross margin was 64%, compared to 64%. Non-GAAP gross margin was 71%, compared to 67%.
Operating margin: GAAP operating margin was (90)%, compared to (120)%. Non-GAAP operating margin was (43)%, compared to (69)%.
Cash, cash equivalents, and investments were $1.2 billion as of October 31, 2022.

Financial Outlook

We are providing the following guidance for the fourth quarter of fiscal year 2023, and for our full fiscal year 2023 ended January 31, 2023.

	Q4FY23 Guidance		Full FY2023 Guidance
Revenue	$125 million		$420-421 million
Non-GAAP gross margin	72	%	71.0-71.5%
Non-GAAP operating margin	(39	)%	(51)-(50	)%

These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Guidance for non-GAAP financial measures excludes stock-based compensation expense, employer payroll tax on employee stock transactions, amortization expense of acquired intangible assets, and acquisition-related compensation costs. We have not provided the most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of non-GAAP gross margin and non-GAAP operating margin is not available without unreasonable effort.

Webcast information

We will host a live audio webcast for analysts and investors to discuss our earnings results for the third quarter of fiscal year 2023 and outlook for the fourth quarter of fiscal year 2023 and our full fiscal year 2023 today, December 6, 2022, at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). The live webcast and a recording of the event will be available on the Investor Relations section of our website at investors.sentinelone.com.

We have used, and intend to continue to use, the Investor Relations section of our website at investors.sentinelone.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

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 statements involve risks and uncertainties, including statements regarding our future growth, and future financial and operating performance, including our financial outlook for the fourth quarter of fiscal year 2023 and our full fiscal year 2023, including non-GAAP gross profit and non-GAAP operating margin; progress towards our long-term profitability targets; and general market trends. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms and similar expressions are intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words.

There are a significant number of factors that could cause our actual results to differ materially from statements made in this press release, including but not limited to: our limited operating history; our history of losses; intense competition in the market we compete in; fluctuations in our operating results; network or security incidents against us; our ability to successfully integrate acquisitions and strategic investments, including Attivo Networks, Inc. ("Attivo"); defects, errors or vulnerabilities in our platform; risks associated with managing our rapid growth; the continuing impact of the COVID-19 pandemic on our and our customers’ businesses; our ability to attract new and retain existing customers, or renew and expand our relationships with them; the ability of our platform to effectively interoperate within our customers' IT infrastructure; disruptions or other business interruptions that affect the availability of our platform; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products, subscriptions and support offerings; rapidly evolving technological developments in the market for security products and subscription and support offerings; length of sales cycles; risks of securities class action litigation; general market, political, economic, and business conditions, including those related to declining macroeconomic conditions, rising interest rates and inflation, the continuing impact of COVID-19 and geopolitical uncertainty, including the effects of the recent conflict in Ukraine.

Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our filings and reports with the Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K, dated April 7, 2022, subsequent Quarterly Reports on Form 10-Q and other filings and reports that we may file from time to time with the SEC, copies of which are available on our website at investors.sentinelone.com and on the SEC’s website at www.sec.gov.

You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. We do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date of this press release or to reflect new information or the occurrence of unexpected events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, with the financial information presented in accordance with GAAP, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. In addition, the utility of free cash flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period.

Reconciliations between non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP are contained below. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.

As presented in the “Reconciliation of GAAP to Non-GAAP Financial Information” table below, each of the non-GAAP financial measures excludes one or more of the following items:

Stock-based compensation expense

Stock-based compensation expense is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As a result, management excludes this item from our internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation expense provide investors with a basis to measure our core performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

Employer payroll tax on employee stock transactions

Employer payroll tax expense related to employee stock transactions are tied to the vesting or exercise of underlying equity awards and the price of our common stock at the time of vesting, which varies in amount from period to period and is dependent on market forces that are often beyond our control. As a result, management excludes this item from our internal operating forecasts and models. Management believes that non-GAAP measures adjusted for employer payroll taxes on employee stock transactions provide investors with a basis to measure our core performance against the performance of other companies without the variability created by employer payroll taxes on employee stock transactions as a result of the stock price at the time of employee exercise.

Amortization of acquired intangible assets

Amortization of acquired intangible assets expense are tied to the intangible assets that were acquired in conjunction with acquisitions, which results in non‑cash expenses that may not otherwise have been incurred. Management excludes the expense associated with intangible assets from non-GAAP measures to allow for a more accurate assessment of our ongoing operations and provides investors with a better comparison of period-over-period operating results.

Acquisition-related compensation costs

Acquisition-related compensation costs include cash-based compensation expense resulting from the employment retention of certain employees established in accordance with the terms of the Attivo acquisition. Acquisition-related compensation costs have been excluded as they were specifically negotiated as part of the Attivo acquisition in order to retain such employees and relate to cash compensation that was made either in lieu of stock-based compensation or where the grant of stock-based compensation awards was not practicable. In most cases, these acquisition-related compensation costs are not factored into management's evaluation of potential acquisitions or our performance after completion of acquisitions, because they are not related to our core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related compensation costs from non-GAAP measures provides investors with a basis to compare our results against those of other companies without the variability caused by purchase accounting.

Income tax provision (benefit)

We believe that excluding the tax benefit associated with the partial reversal of the valuation allowance against our deferred tax assets during the second quarter of fiscal year 2023 provides our senior management as well as other users of our financial statements with a valuable perspective on the performance and health of the business. This partial reversal relates to realization of our deferred tax assets used to offset deferred tax liabilities recorded in the Attivo acquisition. This one-time benefit is not indicative of current or future operations and expenses.

Non-GAAP Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Loss from Operations, Non-GAAP Operating Margin, Non-GAAP Net Loss and Non-GAAP Net Loss Per Share

We define these non-GAAP financial measures as their respective GAAP measures, excluding the expenses referenced above. We use these non-GAAP financial 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.

Free Cash Flow

We define free cash flow as cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors, and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.

Key Business Metrics

We monitor the following key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

Annualized Recurring Revenue

We believe that ARR is a key operating metric to measure our business because it is driven by our ability to acquire new subscription and capacity customers and to maintain and expand our relationship with existing customers. ARR represents the annualized revenue run rate of our subscription and capacity contracts at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us.

Customers with ARR of $100,000 or More

We believe that our ability to increase the number of customers with ARR of $100,000 or more is an indicator of our market penetration and strategic demand for our platform. We define a customer as an entity that has an active subscription for access to our platform. We count MSPs, MSSPs, MDRs, and OEMs, who may purchase our products on behalf of multiple companies, as a single customer. We do not count our reseller or distributor channel partners as customers.

Dollar-Based Net Retention Rate

We believe that our ability to retain and expand our revenue generated from our existing customers is an indicator of the long-term value of our customer relationships and our potential future business opportunities. Dollar-based net retention rate measures the percentage change in our ARR derived from our customer base at a point in time. To calculate these metrics, we first determine Prior Period ARR, which is ARR from the population of our customers as of 12 months prior to the end of a particular reporting period. We calculate Net Retention ARR as the total ARR at the end of a particular reporting period from the set of customers that is used to determine Prior Period ARR. Net Retention ARR includes any expansion, and is net of contraction and attrition associated with that set of customers. NRR is the quotient obtained by dividing Net Retention ARR by Prior Period ARR.

Source String: SentinelOne

Category: Investors

SENTINELONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

	October 31,			January 31,
		2022			2022
Assets
Current assets:
Cash and cash equivalents	$	210,472		$	1,669,304
Short-term investments		490,812			374
Accounts receivable, net		119,365			101,491
Deferred contract acquisition costs, current		33,666			27,546
Prepaid expenses and other current assets		98,186			18,939
Total current assets		952,501			1,817,654
Property and equipment, net		36,377			24,918
Operating lease right-of-use assets		24,267			23,884
Long-term investments		456,722			6,000
Deferred contract acquisition costs, non-current		47,194			41,022
Intangible assets, net		152,334			15,807
Goodwill		540,308			108,193
Other assets		4,978			4,703
Total assets	$	2,214,681		$	2,042,181
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	6,592		$	9,944
Accrued liabilities		95,283			22,657
Accrued payroll and benefits		43,459			61,150
Operating lease liabilities, current		4,000			4,613
Deferred revenue, current		255,501			182,957
Total current liabilities		404,835			281,321
Deferred revenue, non-current		98,873			79,062
Operating lease liabilities, non-current		23,706			24,467
Other liabilities		5,080			6,543
Total liabilities		532,494			391,393
Stockholders’ equity:
Preferred stock		—			—
Class A common stock		20			16
Class B common stock		8			11
Additional paid-in capital		2,599,279			2,271,980
Accumulated other comprehensive income (loss)		(10,449	)		454
Accumulated deficit		(906,671	)		(621,673	)
Total stockholders’ equity		1,682,187			1,650,788
Total liabilities and stockholders’ equity	$	2,214,681		$	2,042,181

SENTINELONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
		2022			2021			2022			2021
Revenue	$	115,323		$	56,018		$	296,083		$	139,163
Cost of revenue⁽¹⁾		41,006			20,357			104,406			57,428
Gross profit		74,317			35,661			191,677			81,735
Operating expenses:
Research and development⁽¹⁾		52,234			34,773			153,104			93,630
Sales and marketing⁽¹⁾		83,953			41,311			223,594			118,461
General and administrative⁽¹⁾		42,188			26,951			117,525			65,785
Total operating expenses		178,375			103,035			494,223			277,876
Loss from operations		(104,058	)		(67,374	)		(302,546	)		(196,141	)
Interest income		7,193			99			11,502			143
Interest expense		(613	)		(3	)		(1,225	)		(785	)
Other income (expense), net		(781	)		(1,055	)		(645	)		(2,021	)
Loss before income taxes		(98,259	)		(68,333	)		(292,914	)		(198,804	)
Provision (benefit) for income taxes		599			262			(7,916	)		588
Net loss	$	(98,858	)	$	(68,595	)	$	(284,998	)	$	(199,392	)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted	$	(0.35	)	$	(0.26	)	$	(1.03	)	$	(1.39	)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted		280,635,022			262,999,535			275,867,765			143,199,215

⁽¹⁾ Includes stock-based compensation expense as follows:
Cost of revenue	$	2,835		$	1,202		$	7,082		$	2,425
Research and development		13,996			9,035			37,954			24,997
Sales and marketing		12,166			4,848			28,977			10,800
General and administrative		16,690			12,277			44,305			23,970
Total stock-based compensation expense	$	45,687		$	27,362		$	118,318		$	62,192

SENTINELONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Nine Months Ended October 31,
		2022			2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$	(284,998	)	$	(199,392	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		20,097			5,862
Amortization of deferred contract acquisition costs		25,871			14,551
Non-cash operating lease costs		2,547			2,180
Stock-based compensation expense		118,318			62,193
Other		(6,066	)		849
Changes in operating assets and liabilities, net of effects of acquisition
Accounts receivable		(12,699	)		(26,322	)
Prepaid expenses and other assets		(11,072	)		(6,916	)
Deferred contract acquisition costs		(38,163	)		(28,436	)
Accounts payable		(1,377	)		(5,658	)
Accrued liabilities		261			9,900
Accrued payroll and benefits		(18,786	)		19,774
Operating lease liabilities		(4,296	)		(2,288	)
Deferred revenue		40,609			60,037
Other liabilities		(1,464	)		3,663
Net cash used in operating activities		(171,218	)		(90,003	)
CASH FLOW FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(4,827	)		(3,268	)
Purchases of intangible assets		(247	)		(520	)
Capitalization of internal-use software		(10,279	)		(4,733	)
Purchases of short-term investments		(1,728,162	)		—
Maturities of short-term investments		778,555			—
Cash paid for acquisition, net of cash and restricted cash acquired		(281,032	)		(3,449	)
Net cash used in investing activities		(1,245,992	)		(11,970	)
CASH FLOW FROM FINANCING ACTIVITIES:
Payments of deferred offering costs		(186	)		(7,416	)
Repayment of debt		—			(20,000	)
Proceeds from exercise of stock options		11,282			8,630
Proceeds from issuance of common stock under the employee stock purchase plan		8,682			—
Proceeds from initial public offering and private placement, net of underwriting discounts and commissions		—			1,388,562
Net cash provided by financing activities		19,778			1,369,776
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		—			1,146
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(1,397,432	)		1,268,949
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH–Beginning of period		1,672,051			399,112
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH–End of period	$	274,619		$	1,668,061

SENTINELONE, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(in thousands, except percentages and per share data)
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
		2022			2021			2022			2021
Cost of revenue reconciliation:
GAAP cost of revenue	$	41,006		$	20,357		$	104,406		$	57,428
Stock-based compensation expense		(2,835	)		(1,202	)		(7,082	)		(2,425	)
Employer payroll tax on employee stock transactions		(14	)		—			(50	)		—
Amortization of acquired intangible assets		(5,139	)		(558	)		(10,818	)		(1,607	)
Acquisition-related compensation		(146	)		—			(294	)		—
Non-GAAP cost of revenue	$	32,872		$	18,597		$	86,162		$	53,396

Gross profit reconciliation:
GAAP gross profit	$	74,317		$	35,661		$	191,677		$	81,735
Stock-based compensation expense		2,835			1,202			7,082			2,425
Employer payroll tax on employee stock transactions		14			—			50			—
Amortization of acquired intangible assets		5,139			558			10,818			1,607
Acquisition-related compensation		146			—			294			—
Non-GAAP gross profit	$	82,451		$	37,421		$	209,921		$	85,767

Gross margin reconciliation:
GAAP gross margin		64	%		64	%		65	%		59	%
Stock-based compensation expense		2	%		2	%		2	%		2	%
Employer payroll tax on employee stock transactions		—	%		—	%		—	%		—	%
Amortization of acquired intangible assets		4	%		1	%		4	%		1	%
Acquisition-related compensation		—	%		—	%		—	%		—	%
Non-GAAP gross margin*		71	%		67	%		71	%		62	%

Research and development expense reconciliation:
GAAP research and development expense	$	52,234		$	34,773		$	153,104		$	93,630
Stock-based compensation expense		(13,996	)		(9,035	)		(37,954	)		(24,997	)
Employer payroll tax on employee stock transactions		(29	)		(47	)		(164	)		(47	)
Acquisition-related compensation		(368	)		—			(727	)		—
Non-GAAP research and development expense	$	37,841		$	25,691		$	114,259		$	68,586

Sales and marketing expense reconciliation:
GAAP sales and marketing expense	$	83,953		$	41,311		$	223,594		$	118,461
Stock-based compensation expense		(12,166	)		(4,848	)		(28,977	)		(10,800	)
Employer payroll tax on employee stock transactions		(99	)		(285	)		(378	)		(285	)
Amortization of acquired intangible assets		(2,144	)		(190	)		(4,470	)		(545	)
Acquisition-related compensation		(539	)		—			(1,074	)		—
Non-GAAP sales and marketing expense	$	69,005		$	35,988		$	188,695		$	106,831

General and administrative expense reconciliation:
GAAP general and administrative expense	$	42,188		$	26,951		$	117,525		$	65,785
Stock-based compensation expense		(16,690	)		(12,277	)		(44,305	)		(23,970	)
Employer payroll tax on employee stock transactions		56			(187	)		(393	)		(187	)
Amortization of acquired intangible assets		(19	)		(18	)		(56	)		(54	)
Acquisition-related compensation		(343	)		—			(679	)		—
Non-GAAP general and administrative expense	$	25,192		$	14,469		$	72,092		$	41,574

Operating loss reconciliation:
GAAP operating loss	$	(104,058	)	$	(67,374	)	$	(302,546	)	$	(196,141	)
Stock-based compensation expense		45,687			27,362			118,318			62,192
Employer payroll tax on employee stock transactions		86			519			985			519
Amortization of acquired intangible assets		7,302			766			15,344			2,206
Acquisition-related compensation		1,396			—			2,774			—
Non-GAAP operating loss*	$	(49,587	)	$	(38,727	)	$	(165,125	)	$	(131,224	)

Operating margin reconciliation:
GAAP operating margin		(90	) %		(120	) %		(102	) %		(141	) %
Stock-based compensation expense		40	%		49	%		40	%		45	%
Employer payroll tax on employee stock transactions		—	%		1	%		—	%		—	%
Amortization of acquired intangible assets		6	%		1	%		5	%		2	%
Acquisition-related compensation		1	%		—	%		1	%		—	%
Non-GAAP operating margin*		(43	) %		(69	) %		(56	) %		(94	) %

Net loss reconciliation:
GAAP net loss	$	(98,858	)	$	(68,595	)	$	(284,998	)	$	(199,392	)
Stock-based compensation expense		45,687			27,362			118,318			62,192
Employer payroll tax on employee stock transactions		86			519			985			519
Amortization of acquired intangible assets		7,302			766			15,344			2,206
Acquisition-related compensation		1,396			—			2,774			—
Income tax provision (benefit)		—			—			(9,667	)		—
Non-GAAP net loss	$	(44,387	)	$	(39,948	)	$	(157,244	)	$	(134,475	)

Basic and diluted EPS reconciliation:
GAAP net loss per share, basic and diluted	$	(0.35	)	$	(0.26	)	$	(1.03	)	$	(1.39	)
Stock-based compensation expense		0.16			0.10			0.43			0.43
Employer payroll tax on employee stock transactions		—			—			—			—
Amortization of acquired intangible assets		0.03			—			0.06			0.02
Acquisition-related compensation		—			—			0.01			—
Income tax provision (benefit)		—			—			(0.04	)		—
Non-GAAP net loss per share, basic and diluted*	$	(0.16	)	$	(0.15	)	$	(0.57	)	$	(0.94	)

* Certain figures may not sum due to rounding.

SENTINELONE, INC. SELECTED CASH FLOW INFORMATION
(in thousands)
(unaudited)

Reconciliation of cash used in operating activities to free cash flow

	Three Months Ended October 31,						Nine Months Ended October 31,
		2022			2021			2022			2021
GAAP net cash used in operating activities	$	(59,741	)	$	(17,212	)	$	(171,218	)	$	(90,003	)
Less: Purchases of property and equipment		(726	)		(1,583	)		(4,827	)		(3,268	)
Less: Capitalized internal-use software		(4,251	)		(1,881	)		(10,279	)		(4,733	)
Free cash flow	$	(64,718	)	$	(20,676	)	$	(186,324	)	$	(98,004	)

Net cash used in investing activities	$	(2,888	)	$	(3,984	)	$	(1,245,992	)	$	(11,970	)

Net cash provided by financing activities	$	2,900		$	454		$	19,778		$	1,369,776

View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005909/en/

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