Business
Freshworks Reports Fourth Quarter and Full Year 2023 Results
Full year revenue grew 20% year-over-year for both as reported and constant currencyFourth quarter revenue grew 20% year-over-year, 19% adjusting for constant
About this update from Freshworks Inc.
[{"type":"text","content":"Full year revenue grew 20% year-over-year for both as reported and constant currencyFourth quarter revenue grew 20% year-over-year, 19% adjusting for constant currencyImproved business efficiency with $30.9 million in net cash provided by operating activities and $28.6 million of free cash flow in the quarter SAN MATEO, Calif., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ: FRSH), a leading software company empowering businesses to delight their customers and employees, today announced financial results for its fourth quarter and full year ended December 31, 2023. “At Freshworks, we delivered a strong finish to the year, outperforming our financial estimates across the board in Q4,” said Girish Mathrubootham, CEO and Founder of Freshworks. “2023 was a defining year for us. We unleashed the power of the latest generative AI across our product portfolio to deliver tangible value for our customers. The refinements to our go-to-market strategy helped us win more upmarket deals and we improved our business efficiency to generate $78M in free cash flow for the year.” Fourth Quarter 2023 Financial Summary Results Revenue: Total revenue was $160.1 million, representing growth of 20% compared to the fourth quarter of 2022, and 19% adjusting for constant currency.GAAP (Loss) from Operations: GAAP (loss) from operations was $(40.0) million, compared to $(60.6) million in the fourth quarter of 2022.Non-GAAP Income (Loss) from Operations: Non-GAAP income from operations was $11.5 million, compared to non-GAAP (loss) from operations of $(2.8) million in the fourth quarter of 2022.GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(0.09) based on 296.0 million weighted-average shares outstanding, compared to $(0.19) based on 288.5 million weighted-average shares outstanding in the fourth quarter of 2022.Non-GAAP Net Income Per Share: Non-GAAP diluted net income per share was $0.08 based on 303.2 million weighted-average shares outstanding, compared to $0.01 based on 292.2 million weighted-average shares outstanding in the fourth quarter of 2022.Net Cash Provided by Operating Activities: Net cash provided by operating activities was $30.9 million, compared to net cash provided by operating activities of $7.2 million in the fourth quarter of 2022.Free Cash Flow: Free cash flow was $28.6 million, compared to $...