Slide 1: Q4 and FY 2022 Results
Q4 and FY 2022 Results Gleb Budman, Frank Patchel, Co-founder, CFO CEO and Chair February 15, 2023 ©2023 | 1
Slide 2: Important Information About This Presentation
Gross Revenue Retention 91% Important Information About This Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward
Slide 3: Strong Q4 Y/Y Growth: Revenue +23%, B2 Cloud Storage +44%
Strong Q4 Y/Y Growth: Revenue +23%, B2 Cloud Storage +44% ● Full-year 2022: Total Company Revenue +26%, B2 Cloud Storage: +46% Total Revenue B2 Cloud Storage $22.9M $9.5M $18.7M ARR 23% $92M $6.6M $39M Q4’22 ARR 44% Q4’22 ARR Q4’21 Q4’22 Q4’21 Q4’22 Revenue Revenue NOTES: Financial data is shown for
Slide 4: Three Phases of the Public Cloud
Three Phases of the Public Cloud ● Phase 1: What is the Cloud? ● Phase 2: Cloud = Amazon Web Services ● Phase 3: Cloud = Multi-Cloud Networking Compute Communication Data Storage ©2023 | 4
Slide 5: Partner Updates
Partner Updates Backup and data services platform provider Specializes in products that make it possible to deliver content to any audience regardless of how it is created, distributed, or viewed ©2023 | 5
Slide 6: Developer (Application Storage) Outreach
Developer (Application Storage) Outreach Attendance +60% Y/Y ©2023 | 6
Slide 7: Self-Serve Funnel Optimization
Self-Serve Funnel Optimization ● ~80% of company revenue is generated from accounts acquired via “self-serve” ● New marketing team focused on self- serve funnel optimization ● January strongest month of new self- serve accounts in a year $ ©2023 | 7
Slide 8: Customer Story: Monument
Customer Story: Monument Application Storage customer; AI-enabled Photo Storage Service ● Privacy-focused photo storage service ● Originally enabled with a physical device ● Realized building cloud service on AWS would lose money ● Data on B2 Cloud Storage ● Now 25k users ©2023 | 8
Slide 9: Customer Story: Daltix
Customer Story: Daltix ● Retail data provider for consumer goods industry ● Previously held 250 TBs on Amazon S3 ● Moved archive data to B2 Cloud Storage ● Projected to save $75k-100k by 2023-end “It runs in the background, there’s nothing to manage, we have full visibility, and it’s cost effective.
Slide 10: Q4 2022 Financial Overview
Q4 2022 Financial Overview Frank Patchel, CFO ©2023 Confidential | 10 | 10
Slide 11: Financial and Operational Q4 Highlights
Financial and Operational Q4 Highlights Gross Revenue Y/Y Customer ($M) Growth NRR Retention B2 Cloud Storage $9.5 44% 122% 90% Computer Backup $13.3 11% 108% 90% Total Company $22.9 23% 113% 91% NOTES: Q4’22 total company revenue includes $0.2 million in revenue from Physical Media. All financial i
Slide 12: Number of Customers
Number of Customers (in thousands) Q4’21 Q4’22 B2 Cloud Storage 74 87 Computer Backup 433 436 Total Company 493 506 NOTES: Number of customers is defined in the appendix. The number of customers for each of B2 Cloud Storage and Computer Backup solutions include customers that use both our B2 Cloud S
Slide 13: Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) Q4’21 Q4’22 B2 Cloud Storage $360 $437 Computer Backup $113 $124 Total Company $153 $181 NOTES: Average Revenue Per User (ARPU) is defined in the appendix. ©2023 | 13
Slide 14: Other Q4 Financial Highlights
Other Q4 Financial Highlights 75% -11% $70M Adj. Gross Margin Adj. EBITDA Margin Balance Sheet Cash, Investments, and Restricted Cash NOTES: Adjusted Gross Margin and Adjusted EBITDA Margin are shown for the quarter ending December 31, 2022, and Balance Sheet Cash and Investments is as of December 3
Slide 15: Q1'23 and 2023 Outlook Ranges
Q1’23 and 2023 Outlook Ranges Revenue ($M) Adj. EBITDA Margin Q1’23 Q1’23 $23.1 to $23.5 -15% to -11% 2023 2023 $98.0 to $102.0 -10% to -6% NOTES: The above financial information guidance for the first quarter of fiscal year 2023 and fiscal year 2023 are forward-looking statements. These forward-loo
Slide 16: We make it astonishingly easy to store, use, and protect data.
We make it astonishingly easy to store, use, and protect data. ©2023 Confidential | 16 | 16
Slide 17: Q&A
Q&A ©2023 Confidential | 17 | 17
Slide 18: Institutional Investor Events
Institutional Investor Events ● Mar 7: JMP Securities Technology Conference (San Francisco) ● Mar 14: William Blair Tech Innovators Conference ©2023 | 18
Slide 19: Thank You!
Thank You! ©2023 Confidential | 19 | 19
Slide 20: Definitions
Definitions ● “ARR” means Annual Recurring Revenue and is based on the monthly revenue from all B2 Cloud Storage and Computer Backup arrangements (excluding revenue for Physical Media) for the last month of a period and multiplying it by 12. Our annual recurring revenue for each of Computer Backup a
Slide 21: Definitions
Definitions ● Adjusted EBITDA is defined as net loss excluding depreciation and amortization, stock-based compensation, interest expense, income tax provision, unrealized loss on SAFE and gain on extinguishment of debt. We use adjusted EBITDA to evaluate our ongoing operations and for internal plann
Slide 22: Reconciliation of Non-GAAP Measures: Gross Margin
Reconciliation of Non-GAAP Measures: Gross Margin Adjusted Gross Profit Q4’22 Q4’21 Gross Profit $11.707 $9.834 Gross Margin 51% 53% Adjustments for Cost of Revenue: Stock Based Compensation 0.290 0.176 Depreciation and Amortization 5.309 4.105 Adjusted Gross Profit $17.306 $14.115 Adjusted Gross Ma
Slide 23: Reconciliation of Non-GAAP Measures: Net Income
Reconciliation of Non-GAAP Measures: Net Income Q4’22 Q4’21 Net Loss $(14.793) $(9.605) Net Loss Margin -65% -51% Adjustments: Total Stock Based Compensation 4.338 2.018 Realized loss on SAFE 1.077 SAFE holder settlement 1.500 Non-GAAP Net Income (Loss) $(8.955) $(6.510) Non-GAAP Net Income Margin -
Slide 24: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q4’22 Q4’21 Net Loss $(14.793) $(9.605) Net Loss Margin -65% -53% Adjustments: Total Depreciation & Amortization 5.462 4.280 Total Stock Based Compensation 4.338 2.018 Net Interest Expense 0.918 0.991 Income Tax Provision (Benefit) 0.030 (0.040) R
Slide 25: Reconciliation of Non-GAAP Measures: Operating Expenses
Reconciliation of Non-GAAP Measures: Operating Expenses Adjusted Operating Expenses Q4’22 Q4’21 R&D $8.614 $6.222 Adj: Stock Based (1.632) (0.752) Compensation S&M 9.274 6.549 Adj: Stock Based (1.454) (0.595) Compensation G&A 7.664 4.640 Adj: Stock Based (0.962) (0.495) Compensation Adjusted R&D (%
Slide 26: Thank you.
Thank you. ©2023 Confidential | 26 | 26