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Mar 31, 2024
Freshworks Q1 2024 Earnings Report
Freshworks reported a 20% year-over-year revenue growth and improved business efficiency with $40.6 million in net cash provided by operating activities.
Key Takeaways
Freshworks reported a strong first quarter with a 20% increase in revenue year-over-year, reaching $165.1 million. The company also demonstrated improved profitability and generated a strong free cash flow of $38.7 million.
First quarter revenue grew 20% year-over-year, 19% adjusting for constant currency.
GAAP loss from operations was $(32.2) million, compared to $(48.1) million in the first quarter of 2023.
Non-GAAP income from operations was $21.8 million, compared to $3.9 million in the first quarter of 2023.
Free cash flow was $38.7 million, compared to $9.1 million in the first quarter of 2023.
Forward Guidance
Freshworks provided estimates for the second quarter and full year 2024 based on current market conditions and expectations. Revenue and non-GAAP income from operations are based on exchange rates as of April 26, 2024 for currencies other than USD.
Positive Outlook
- Second Quarter 2024 Revenue: $168.0 - $170.0 million
- Second Quarter 2024 Year-over-year growth: 16% - 17%
- Second Quarter 2024 Non-GAAP income from operations: $6.5 - $8.5 million
- Second Quarter 2024 Non-GAAP net income per share: $0.05 - $0.06
- Full Year 2024 Non-GAAP net income per share: $0.32 - $0.35
Challenges Ahead
- Full Year 2024 Revenue: $695.0 - $705.0 million
- Full Year 2024 Year-over-year growth: 17% - 18%
- Full Year 2024 Non-GAAP income from operations: $58.0 - $64.0 million
- Estimates are subject to various important cautionary factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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