39% Revenue Growth in B2 Cloud Storage, 29%
Revenue Growth Overall in Q3 2024
Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator
delivering a modern alternative to traditional cloud providers,
today announced results for its third quarter ended September 30,
2024.
“I’m excited that we have kicked off a go-to-market
transformation and continue to build our upmarket momentum with two
multi-year deals each totaling approximately $1 million,” said Gleb
Budman, CEO of Backblaze. “We are also aggressively executing cost
efficiencies throughout the organization to accelerate being
adjusted free cash flow positive by Q4 2025.”
“I’m proud to share that our Adjusted EBITDA Margin for the
quarter was 12%, which improved dramatically from (3%) last year,
representing a 1,500 basis point improvement,” said Marc Suidan,
CFO of Backblaze. “Our focus on growth and profitability will
position us towards being a Rule of 40 company over time.”
Third Quarter 2024 Financial Highlights:
- Revenue of $32.6 million, an increase of 29% year-over-year
(YoY).
- B2 Cloud Storage revenue was $16.2 million, an increase of 39%
YoY.
- Computer Backup revenue was $16.4 million, an increase of 20%
YoY.
- Gross profit of $17.8 million, or 55% of revenue, compared to
$11.8 million or 46% of revenue, in Q3 2023.
- Adjusted gross profit of $25.5 million, or 78% of revenue,
compared to $18.7 million or 74% of revenue in Q3 2023.
- Net loss was $12.8 million compared to a net loss of $16.1
million in Q3 2023.
- Net loss per share was $0.29 compared to a net loss per share
of $0.44 in Q3 2023.
- Adjusted EBITDA was $3.7 million, or 12% of revenue, compared
to $(0.8) million or (3%) of revenue in Q3 2023.
- Non-GAAP net loss of $4.3 million compared to non-GAAP net loss
of $7.8 million in Q3 2023.
- Non-GAAP net loss per share of $0.10 compared to a non-GAAP net
loss per share of $0.21 in Q3 2023.
- Net cash from operating activities during the nine months ended
September 30, 2024 was $10.3 million, compared to cash used in
operating activities of $10.6 million in the nine months ended
September 30, 2023.
- Adjusted free cash flow during the nine months ended September
30, 2024 was $(15.6) million, compared to $(38.0) million in the
nine months ended September 30, 2023.
- Cash, short-term investments and restricted cash, non-current
totaled $25.6 million as of September 30, 2024.
Third Quarter 2024 Operational Highlights:
- Annual recurring revenue (ARR) was $130.5 million, an increase
of 29% YoY.
- B2 Cloud Storage ARR was $64.9 million, an increase of 39%
YoY.
- Computer Backup ARR was $65.6 million, an increase of 21%
YoY.
- Net revenue retention (NRR) rate was 118% compared to 108% in
Q3 2023.
- B2 Cloud Storage NRR was 128% compared to 120% in Q3 2023.
- Computer Backup NRR was 109% compared to 100% in Q3 2023.
- Gross customer retention rate was 90% in Q3 2024 compared to
91% in Q3 2023.
- B2 Cloud Storage gross customer retention rate was 89% in Q3
2024 compared to 90% in Q3 2023.
- Computer Backup gross customer retention rate was 90% in Q3
2024 compared to 91% in Q3 2023.
Recent Business Highlights:
- Launched Go-to-Market Transformation and Cost Savings
Initiatives: Revamping sales and marketing and hired new key
senior sales leadership to accelerate growth. Launched
Zero-Based-Budgeting program to realize cost savings and expect to
be adjusted free cash flow positive by Q4 2025 with the goal of
heading toward being a ‘Rule of 40’ growth company.
- Unveiled Canadian Data Center Region Expansion: New data
region expected to open in the first quarter of 2025 to expand
Backblaze opportunity to customers wanting their data in Canada to
meet their data sovereignty and compliance requirements.
- Joined Forces with Opti9, the Largest Veeam MSP in
Canada: Opti9 helps customers with managed cloud services that
include security, backup, and disaster recovery, and Backblaze is
positioned to support Opti9's customers in both Canada and
globally.
- Won 3 New AI Customers Totaling $500k in Annual Revenue Run
Rate: Large AI customer noted that “Backblaze is an amazing
solution for AI training data. We looked at a number of options and
Backblaze is seriously the best.”
- Doubled the Data Stored by AI Customers: Backblaze
continues to lean into the long-term tailwind created by GenAI by
selling the underlying storage platform to support the
industry.
- Signed Two Approximately $1 Million Deals: Total
contract value multi-year deals demonstrate momentum moving
up-market with larger enterprise-grade customers.
Financial Outlook:
Based on information available as of the date of this press
release,
For the fourth quarter of 2024 we expect:
- Revenue between $33.5 million to $33.9 million
- Adjusted EBITDA margin between 12% to 14%
- Basic weighted average shares outstanding of 44.9 million to
45.4 million shares
For full-year 2024 we expect:
- Revenue between $127.0 million to $128.0 million
- Adjusted EBITDA margin between 9% to 11%
Conference Call Information:
Backblaze will host a conference call today, November 7, 2024 at
1:30 p.m. PT (4:30 p.m. ET) to review its financial results.
Attend the webcast here:
https://edge.media-server.com/mmc/p/ywn46sgi Register to listen by
phone here: https://dpregister.com/sreg/10192395/fd6964326b
Phone registrants will receive dial-in information via
email.
An archive of the webcast will be available shortly after its
completion on the Investor Relations section of the Backblaze
website at https://ir.backblaze.com.
About Backblaze
Backblaze is the cloud storage innovator delivering a modern
alternative to traditional cloud providers. We offer
high-performance, secure cloud object storage that customers use to
develop applications, manage media, secure backups, build AI
workflows, protect from ransomware, and more. Backblaze helps
businesses break free from the walled gardens that traditional
providers lock customers into, enabling customers to use their data
in open cloud workflows with the providers they prefer at a
fraction of the cost. Headquartered in San Mateo, CA, Backblaze
(Nasdaq: BLZE) was founded in 2007 and serves over 500,000
customers in 175 countries around the world. For more information,
please go to www.backblaze.com.
Cautionary Note Regarding 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 involve risks and uncertainties. These
forward-looking statements are frequently identified by the use of
forward-looking terminology, including the terms “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“likely,” “may,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would,” or other similar
terms or expressions that relate to our future performance,
expectations, strategy, plans or intentions, and include statements
in the section titled “Financial Outlook” and statements regarding
the use and impact of our IPO proceeds.
Our actual results could differ materially from those stated in
or implied by the forward-looking statements in this press release
due to a number of factors, including but not limited to: the
impact of our go-to-market transformation and ability to attract
and retain customers, including increasingly larger customers and
the continued growth of data stored by our customers; realizing the
anticipated benefits relating to cost savings initiatives; market
competition, including competitors that may have greater size,
offerings and resources; effectively managing growth; ability to
offer new features and other offerings on a timely basis, including
geographic expansion, and achieve desired market adoption;
disruption in our service or loss of availability of customers’
data; cyberattacks; continued growth consistent with historical
levels; the impact of pricing and other product offering changes;
material defects or errors in our software; supply chain
disruption; ability to maintain existing relationships with
partners and to enter into new partnerships; ability to remediate
and prevent material weaknesses in our internal controls over
financial reporting; hiring and retention of key employees; the
impact of war or hostilities, and other significant world or
regional events on our business and the business of our customers,
vendors, supply chain and partners; litigation and other disputes;
and general market, political, economic, and business conditions.
Further information on these and additional risks, uncertainties,
assumptions, and other factors that could cause actual results or
outcomes to differ materially from those included in or implied by
the forward-looking statements contained in this release are
included under the caption “Risk Factors” and elsewhere in our
Quarterly Report on Form 10-Q and other filings and reports we make
with the SEC from time to time.
The forward-looking statements made in this release reflect our
views as of the date of this press release. We undertake no
obligation to update any forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use non-GAAP
adjusted gross margin and adjusted EBITDA margin. These non-GAAP
financial measures exclude certain items and are not prepared in
accordance with GAAP; therefore, the information is not necessarily
comparable to other companies and should be considered as a
supplement to, not a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP. We
present these non-GAAP measures because management believes they
are a useful measure of the company’s performance and provide an
additional basis for assessing our operating results. Please see
the appendix attached to this press release for a reconciliation of
non-GAAP adjusted gross margin and adjusted EBITDA margin to the
most directly comparable GAAP financial measures.
A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, expenses and other factors in the future.
For example, stock-based compensation expense-related charges are
impacted by the timing of employee stock transactions, the future
fair market value of our common stock, and our future hiring and
retention needs, all of which are difficult to predict with
reasonable accuracy and subject to constant change.
Adjusted Gross Profit (and Margin)
We believe adjusted gross profit (and margin), when taken
together with our GAAP financial results, provides a meaningful
assessment of our performance and is useful to us for evaluating
our ongoing operations and for internal planning and forecasting
purposes.
We define adjusted gross margin as gross profit, excluding
stock-based compensation expense, depreciation and amortization
within cost of revenue, as a percentage of adjusted gross profit to
revenue. We exclude stock-based compensation, which is a non-cash
item, because we do not consider it indicative of our core
operating performance. We exclude depreciation expense of our
property and equipment and amortization expense of capitalized
internal-use software because these may not reflect current or
future cash spending levels to support our business. We believe
adjusted gross margin provides consistency and comparability with
our past financial performance and facilitates period-to-period
comparisons of operations, as this metric eliminates the effects of
depreciation and amortization.
Adjusted EBITDA
We define adjusted EBITDA as net loss adjusted to exclude
depreciation and amortization, stock-based compensation, interest
expense, investment income, income tax provision, realized and
unrealized gains and losses on foreign currency transactions,
impairment of long-lived assets, and other non-recurring charges.
We use adjusted EBITDA to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
adjusted EBITDA, when taken together with our GAAP financial
results, provides meaningful supplemental information regarding our
operating performance by excluding certain items that may not be
indicative of our business, results of operations, or outlook. We
consider adjusted EBITDA to be an important measure because it
helps illustrate underlying trends in our business and our
historical operating performance on a more consistent basis.
Non-GAAP Net Income (Loss)
We define non-GAAP net income (loss) as net income adjusted to
exclude stock-based compensation and other items we deem
non-recurring. We believe that non-GAAP net income (loss), when
taken together with our GAAP financial results, provides meaningful
supplemental information regarding our operating performance by
excluding certain items that may not be indicative of our business,
results of operations, or outlook.
Adjusted Free Cash Flow
We define adjusted free cash flow as net cash provided by (used
in) operating activities less purchases of property and equipment,
capitalized internal-use software costs, and principal payments on
finance leases and lease financing obligations, as reflected in our
condensed consolidated statements of cash flows, and excluding
other nonrecurring charges.
Key Business Metrics:
Annual Recurring Revenue (ARR)
We define annual recurring revenue (ARR) as the annualized value
of all Backblaze B2 and Computer Backup arrangements as of the end
of a period. Given the renewable nature of our business, we view
ARR as an important indicator of our financial performance and
operating results, and we believe it is a useful metric for
internal planning and analysis. ARR is calculated based on
multiplying the monthly revenue from all Backblaze B2 and Computer
Backup arrangements, which represent greater than 98% of our
revenue for the periods presented (and excludes Physical Media
revenue), for the last month of a period by 12. Our annual
recurring revenue for Computer Backup and B2 Cloud Storage is
calculated in the same manner as our overall annual recurring
revenue based on the revenue from our Computer Backup and B2 Cloud
Storage solutions, respectively.
Net Revenue Retention Rate (NRR)
Our overall net revenue retention rate (NRR) is a trailing
four-quarter average of the recurring revenue from a cohort of
customers in a quarter as compared to the same quarter in the prior
year. We calculate our overall net revenue retention rate for a
quarter by dividing (i) recurring revenue in the current quarter
from any accounts that were active at the end of the same quarter
of the prior year by (ii) recurring revenue in the current
corresponding quarter from those same accounts. Our overall net
revenue retention rate includes any expansion of revenue from
existing customers and is net of revenue contraction and customer
attrition, and excludes revenue from new customers in the current
period. Our net revenue retention rate for Computer Backup and B2
Cloud Storage is calculated in the same manner as our overall net
revenue retention rate based on the revenue from our Computer
Backup and B2 Cloud Storage solutions, respectively.
Gross Customer Retention Rate
We use gross customer retention rate to measure our ability to
retain our customers. Our gross customer retention rate reflects
only customer losses and does not reflect the expansion or
contraction of revenue we earn from our existing customers. We
believe our high gross customer retention rates demonstrate that we
serve a vital service to our customers, as the vast majority of our
customers tend to continue to use our platform from one period to
the next. To calculate our gross customer retention rate, we take
the trailing four-quarter average of the percentage of cohort of
customers who were active at the end of the quarter in the prior
year that are still active at the end of the current quarter. We
calculate our gross customer retention rate for a quarter by
dividing (i) the number of accounts that generated revenue in the
last month of the current quarter that also generated recurring
revenue during the last month of the corresponding quarter in the
prior year, by (ii) the number of accounts that generated recurring
revenue during the last month of the corresponding quarter in the
prior year.
BACKBLAZE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
September 30,
December 31,
2024
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
2,950
$
12,502
Short-term investments, net
17,931
16,799
Accounts receivable, net
2,762
800
Prepaid expenses and other current
assets
8,254
8,413
Total current assets
31,897
38,514
Restricted cash, non-current
4,682
4,128
Property and equipment, net
41,532
45,600
Operating lease right-of-use assets,
net
15,729
9,980
Capitalized internal-use software, net
41,037
32,521
Other assets
1,367
944
Total assets
$
136,244
$
131,687
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
1,670
$
1,973
Accrued expenses and other current
liabilities(1)
7,016
8,768
Finance lease liabilities and lease
financing obligations, current
16,520
18,492
Operating lease liabilities, current
3,853
1,878
Deferred revenue, current
30,139
25,976
Total current liabilities
59,198
57,087
Debt facility, non-current
4,682
4,128
Deferred revenue, non-current
5,210
4,073
Finance lease liabilities and lease
financing obligations, non-current
11,881
13,310
Operating lease liabilities,
non-current
12,442
8,151
Total liabilities
$
93,413
$
86,749
Commitments and contingencies
Stockholders’ Equity
Class A common stock, $0.0001 par value;
113,000,000 shares authorized as of September 30, 2024 and December
31, 2023; 44,265,173 and 39,150,610 shares issued and outstanding
as of September 30, 2024 and December 31, 2023, respectively.
4
4
Additional paid-in capital
224,435
192,388
Accumulated deficit
(181,608
)
(147,454
)
Total stockholders’ equity
42,831
44,938
Total liabilities and stockholders’
equity
$
136,244
$
131,687
(1) As of September 30, 2024, the company reclassified certain
current liabilities from accounts payable to accrued expenses and
other current liabilities. The prior period amount of $0.3 million
as of December 31, 2023 has been reclassified to conform with
current presentation.
BACKBLAZE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share
and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(unaudited)
Revenue
$
32,589
$
25,299
$
93,842
$
73,282
Cost of revenue
14,789
13,546
43,002
38,509
Gross profit
17,800
11,753
50,840
34,773
Operating expenses:
Research and development
10,734
9,639
30,069
30,097
Sales and marketing
11,723
10,736
32,736
31,170
General and administrative
7,541
6,944
20,552
19,786
Total operating expenses
29,998
27,319
83,357
81,053
Loss from operations
(12,198
)
(15,566
)
(32,517
)
(46,280
)
Investment income
313
447
1,059
1,576
Interest expense, net
(868
)
(936
)
(2,690
)
(2,801
)
Loss before provision for income taxes
(12,753
)
(16,055
)
(34,148
)
(47,505
)
Income tax provision
—
—
6
—
Net loss and comprehensive loss
$
(12,753
)
$
(16,055
)
$
(34,154
)
$
(47,505
)
Net loss per share, basic and diluted
$
(0.29
)
$
(0.44
)
$
(0.81
)
$
(1.35
)
Weighted average shares used in computing
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted(1)
43,515,110
36,665,195
41,973,727
35,255,672
(1) On July 6, 2023, all shares of the Company’s then
outstanding Class B common stock were automatically converted into
the same number of Class A common stock, pursuant to the terms of
the Company’s Amended and Restated Certificate of Incorporation. No
additional shares of Class B common stock will be issued following
such conversion.
BACKBLAZE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended September
30,
2024
2023
(unaudited)
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(34,154
)
$
(47,505
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Net accretion of discount on investment
securities and net realized investment gains
(33
)
113
Noncash lease expense on operating
leases
1,708
1,839
Depreciation and amortization
21,268
18,337
Stock-based compensation
19,495
18,670
Gain on disposal of assets
(289
)
(242
)
Other
314
—
Changes in operating assets and
liabilities:
Accounts receivable
(1,962
)
(1,135
)
Prepaid expenses and other current
assets
(140
)
867
Other assets
(423
)
(313
)
Accounts payable
(383
)
(592
)
Accrued expenses and other current
liabilities
837
(366
)
Deferred revenue
5,300
1,697
Operating lease liabilities
(1,266
)
(1,968
)
Net cash provided by (used in) operating
activities
10,272
(10,598
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchases of marketable securities
(32,501
)
(19,492
)
Maturities of marketable securities
31,402
57,380
Proceeds from disposal of property and
equipment
337
319
Purchases of property and equipment
(885
)
(5,066
)
Capitalized internal-use software
costs
(10,235
)
(11,061
)
Net cash (used in) provided by investing
activities
(11,882
)
22,080
CASH FLOWS FROM FINANCING
ACTIVITIES
Principal payments on finance leases and
lease financing obligations
(14,755
)
(14,878
)
Proceeds from debt facility
554
4,273
Repayment of debt facility
—
(2,500
)
Principal payments on insurance premium
financing
(893
)
(1,545
)
Proceeds from lease financing
obligations
—
2,500
Proceeds from exercises of stock
options
6,347
3,426
Proceeds from ESPP
1,359
1,171
Net cash used in financing activities
(7,388
)
(7,553
)
Net (decrease) increase in cash and
restricted cash, non-current
(8,998
)
3,929
Cash and cash equivalents and restricted
cash, at beginning of period
16,630
11,165
Cash and cash equivalents and restricted
cash, at end of period
$
7,632
$
15,094
RECONCILIATION OF CASH AND RESTRICTED
CASH
Cash and cash equivalents
$
2,950
$
9,016
Restricted cash, current
$
—
$
6,078
Restricted cash, non-current
$
4,682
$
—
Total cash and cash equivalents and
restricted cash
$
7,632
$
15,094
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid for interest
$
2,692
$
2,752
Cash paid for income taxes
$
54
$
58
Cash paid for operating lease
liabilities
$
2,041
$
2,174
SUPPLEMENTAL DISCLOSURE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
Stock-based compensation included in
capitalized internal-use software
$
3,162
$
3,703
Accrued bonus settled in restricted stock
units
$
3,507
$
1,848
Bonus Plan expense classified as
stock-based compensation
$
1,812
$
2,586
Equipment acquired through finance lease
and lease financing obligations
$
11,355
$
11,995
Accruals related to purchases of property
and equipment
$
94
$
131
Assets obtained in exchange for operating
lease obligations
$
7,457
$
5,568
BACKBLAZE, INC.
RECONCILIATION OF GAAP TO
NON-GAAP DATA
(unaudited)
Adjusted Gross Profit and Adjusted
Gross Margin
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in thousands, except
percentages)
Gross profit
$
17,800
$
11,753
$
50,840
$
34,773
Adjustments:
Stock-based compensation
478
653
1,218
1,456
Depreciation and amortization
7,191
6,336
20,844
17,891
Adjusted gross profit
$
25,469
$
18,742
$
72,902
$
54,120
Gross margin
55
%
46
%
54
%
47
%
Adjusted gross margin
78
%
74
%
78
%
74
%
Adjusted EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in thousands, except
percentages)
Net loss and comprehensive loss
$
(12,753
)
$
(16,055
)
$
(34,154
)
$
(47,505
)
Adjustments:
Depreciation and amortization
7,331
6,473
21,268
18,337
Stock-based compensation (1)
8,438
7,958
19,495
18,545
Interest expense and investment income
555
489
1,631
1,225
Income tax provision
—
—
6
—
Foreign exchange loss (gain) (2)
178
(6
)
159
58
Non-recurring professional services
—
282
—
282
Workforce reduction and related severance
charges
—
12
—
3,616
Adjusted EBITDA
$
3,749
$
(847
)
$
8,405
$
(5,442
)
Adjusted EBITDA margin
12
%
(3
)%
9
%
(7
)%
(1) During the nine months ended September 30, 2023, $125
thousand of stock-based compensation expense is classified as
workforce reduction and related severance charges in the table
above as it was incurred as part of our restructuring program. (2)
As of September 30, 2024, the Company included foreign exchange
loss (gain) in its reconciliation of net loss to Adjusted EBITDA.
Adjusted EBITDA and Adjusted EBITDA margin for the prior periods
presented have been updated to conform with current
presentation.
Non-GAAP Net Loss
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in thousands, except share
and per share data)
Net loss and comprehensive loss
$
(12,753
)
$
(16,055
)
$
(34,154
)
$
(47,505
)
Adjustments:
Stock-based compensation(1)
8,438
7,958
19,495
18,545
Non-recurring professional services
—
282
—
282
Workforce reduction and related severance
charges
—
12
—
3,616
Non-GAAP net loss
$
(4,315
)
$
(7,803
)
$
(14,659
)
$
(25,062
)
Non-GAAP net loss per share, basic and
diluted
$
(0.10
)
$
(0.21
)
$
(0.35
)
$
(0.71
)
Weighted average shares used in computing
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted(2)
43,515,110
36,665,195
41,973,727
35,255,672
(1) During the nine months ended September 30, 2023, $125
thousand of stock-based compensation expense is classified as
workforce reduction and related severance charges in the table
above as it was incurred as part of our restructuring program. (2)
On July 6, 2023, all shares of the Company’s then outstanding Class
B common stock were automatically converted into the same number of
Class A common stock, pursuant to the terms of the Company’s
Amended and Restated Certificate of Incorporation. No additional
shares of Class B common stock will be issued following such
conversion.
Adjusted Free Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in thousands, except share
and per share data)
Net cash provided by (used in) operating
activities
$
4,629
$
(170
)
$
10,272
$
(10,598
)
Capital Expenditures(1)
(3,598
)
(4,310
)
(11,120
)
(16,127
)
Principal payments on finance leases and
lease financing obligations
(5,044
)
(5,144
)
(14,755
)
(14,878
)
Workforce reduction and related severance
charges
—
610
—
3,604
Adjusted Free Cash Flow
$
(4,013
)
$
(9,014
)
$
(15,603
)
$
(37,999
)
(1) Capital expenditures are defined as cash used for purchases
of property and equipment and capitalized internal-use software
costs.
BACKBLAZE, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION
(unaudited)
Stock-based
Compensation
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(In thousands,
unaudited)
Cost of revenue
$
478
$
653
$
1,218
$
1,456
Research and development
3,097
2,865
7,455
6,786
Sales and marketing
2,908
2,747
6,492
6,616
General and administrative
1,955
1,693
4,330
3,812
Total stock-based compensation expense
$
8,438
$
7,958
$
19,495
$
18,670
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107693717/en/
Investors Contact Mimi Kong Senior Director, Investor
Relations and Corporate Development ir@backblaze.com
Press Contact Patrick Thomas VP, Marketing
press@backblaze.com
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