UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
 
For the month of August 2021
 
Commission File Number: 001-40461
 
monday.com Ltd.
(Translation of registrant’s name into English)
 
6 Yitzhak Sadeh Street,
Tel Aviv, 6777506 Israel
 (Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ☒       Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐


Explanatory Note
 
On August 17, 2021, monday.com Ltd. (the “Company”) issued a press release titled “monday.com Announces Second Quarter 2021 Results.” A copy of this press release is attached to this Form 6-K as Exhibit 99.1.
  

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
MONDAY.COM LTD.
 
 
 
 
 
 
By:
/s/ Shiran Nawi
 
 
 
Name: Shiran Nawi
 
 
 
Title:   General Counsel
 

Date: August 17, 2021
 

 
EXHIBIT INDEX

Exhibit
Description

 



Exhibit 99.1

 
monday.com Announces Second Quarter 2021 Results
 
Second quarter revenue growth accelerated to 94% year over year
Net-dollar-retention rate for customers with 10+ users was over 125%
Introduces strong Q3 and fiscal year guidance
Announced monday workdocs, a new capability that turns documents into actionable workflows
 
New York / Tel Aviv, August 17, 2021 -- monday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for the second quarter of 2021 ended June 30, 2021.
 
Management Commentary:
 
“We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale,” said monday.com founder and co-CEO, Roy Mann. “monday.com Work OS is the leader in the low-code no-code market, and our business is accelerating as we continue to expand platform usage into use cases such as operations, project management, CRM, finance, marketing, HR, and IT,” said monday.com founder and co-CEO, Eran Zinman.
 
“Rapid growth in the second quarter was driven by large expansions within our existing base and strong growth upmarket as we continue to see momentum in Enterprise,” said Eliran Glazer, monday.com CFO. “While we have made tremendous progress in the last few years, we believe that we are still in the very early stages of our growth as a company, and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally.”
 
Second Quarter Fiscal 2021 Financial Highlights:
 
Revenue was $70.6 million, an increase of 94% year-over-year.
GAAP operating loss was $27.5 million compared to a loss of $28.2 million, in the second quarter of 2020; GAAP operating margin was negative 39%, compared to negative 77% in the second quarter of 2020.
Non-GAAP operating loss was $9.9 million compared to a loss of $14.9 million, in the second quarter of 2020; non-GAAP operating margin was negative 14% compared to negative 41%, in the second quarter of 2020.
GAAP net loss per basic and diluted share was $1.67 compared to GAAP net loss per basic and diluted share of $2.79, in the second quarter of 2020; non-GAAP net loss per basic and diluted share was $0.26 compared to non-GAAP net loss per basic and diluted share of $0.39, in the second quarter of 2020.
Net cash used in operating activities was negative $0.4 million, with negative adjusted free cash flow of $1.5 million, compared to negative net cash used in operating activities of $13.9 million and $15.0 million of negative adjusted free cash flow, in the second quarter of 2020.
Cash, cash equivalents, short-term deposits and restricted cash was $878.0 million as of June 30, 2021, including $21 million from borrowings under our revolving credit facility, and net proceeds from our IPO and concurrent private placement of $736.2 million.
 
Recent Business Highlights:
 
Our net dollar retention rate for customers with more than 10 users was over 125%.
The number of paid enterprise customers with more than $50,000 in annual recurring revenue was 470, up 226% from 144, in the second quarter of 2020.
Announced monday workdocs, a completely new capability to monday.com Work OS, which enables organizations to take document collaboration to new levels. Documents are the starting point for work and monday workdocs is a completely new style of connected documents that are built to support collaboration, with live objects that update in real time whenever their source of data changes. The introduction of monday workdocs is a significant opportunity to provide our customers with new ways to create no-code, low-code software and expand how monday.com is adopted across organizations of all sizes.


Announced the official launch of the free tier of monday.com, limited to two users. The free offering is designed to increase our market opportunity by driving awareness and broader adoption among a new set of audiences.
Notable new customer wins or expansions during the quarter included Headspace, Wellington-Altus Private Wealth, Mintel, and Adyen.
New strategic alliances with Global Systems Integrators across key industries such as manufacturing and real estate including Hitachi Solutions and NTT-Data.
Continued international and geographic expansion with new channel partners, customer deals, and increasing our ARR in this region. Added Polish as a new supported language, increasing our total languages supported to 14 languages.
 
Financial Outlook:
 
For the third quarter of the fiscal year 2021, monday.com currently expects:
 
Total revenue of $74 to $75 million, representing year-over-year growth of 74% to 76%.
Non-GAAP operating loss of $26 million to $25 million.
 
For the full year 2021, monday.com currently expects:
 
Total revenue of $280 million to $282 million, representing year-over-year growth of 74% to 75%.
Non-GAAP operating loss of $93 million to $91 million and negative operating margin of between 33% and 32%.
 
Non-GAAP Financial Measures:
 
This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share and adjusted free cash flow. Certain of these non-GAAP financial measures exclude share-based compensation.
 
monday.com believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to monday.com’s financial condition and results of operations. monday.com management uses these non-GAAP measures to compare monday.com performance to that of prior periods for trend analysis and for budgeting and planning purposes. monday.com believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing monday.com financial results to the results of other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.
 
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in monday.com financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.
 
Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. monday.com urges investors to review these reconciliation tables and not to rely on any single financial measure to evaluate the monday.com business. Management is not able to forecast GAAP net loss attributable to ordinary shareholders on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting share-based compensation expense, the amounts of which may be significant in future periods.
 


Definitions of Key Performance Indicators:
 
Annual Recurring Revenue (“ARR”)
 
Is defined to mean, as of the measurement date, the annualized value of our customer subscriptions plan assuming that any contract that expires during the next 12 months is renewed on its existing terms.
 
Net Dollar Retention Rate
 
We calculate Net Dollar Retention Rate as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, contraction and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12-month calculation, we take a weighted average of this calculation of our quarterly Net Dollar Retention Rate for the four quarters ending with the most recent quarter.
 
Forward-Looking Statements:
 
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond monday.com control. monday.com actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our ability to predict our revenue and evaluate our business and future prospects; our ability to manage our growth effectively execute our business plan or maintain high levels of service and customer satisfaction; our ability to achieve and maintain profitability and compete effectively with established companies and new market entrants in a competitive and rapidly changing market; interruptions or performance problems associated with the technology or infrastructure underlying our platform; real or perceived errors, failures, vulnerabilities, or bugs in our Work OS; our ability to attract customers, grow our retention rates, expand usage within organizations and sell subscription plans; our ability to offer high-quality customer support; our ability to effectively develop and expand our direct sales capabilities; our ability to enhance our reputation and market awareness of our Work OS; actions by governments to restrict access to our platform in their countries; our ability to identify and integrate future acquisitions, strategic investments, partnerships or alliances; our ability to attract and retain highly skilled employees; our ability to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies; the market and software categories in which we participate; our ability to ensure that our Work OS interoperates with a variety of software applications that are developed by third parties; the success of our strategic relationships with third parties; privacy, data and cybersecurity incidents or any actual or perceived failure by monday.com to comply with privacy, data protection, information security, consumer privacy, data residency, or telecommunications laws, regulations, government access requests, and obligations; intellectual property disputes; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism and other factors described in “Risk Factors” in our prospectus for the initial public offering of our ordinary shares filed with the SEC on June, 11, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Further information on potential risks that could affect actual results will be included in the subsequent filings that monday.com makes with the Securities and Exchange Commission from time to time.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent monday.com views as of the date of this press release. monday.com anticipates that subsequent events and developments will cause its views to change. monday.com undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing monday.com views as of any date subsequent to the date of this press release.
 

Earnings Webcast:
 
monday.com will hold a public webcast at 8:30 a.m. ET today to discuss the results for its second quarter of 2021 and financial outlook. A link to the live webcast of the conference call, will be made available on monday.com’s investor relations website at https://ir.monday.com/events/event-details/mondaycom-q2-fiscal-2021-earnings-conference-call. The live call may also be accessed by dialing (877) 311-0436 within the U.S., and (470) 495-9349 internationally. The conference ID is 2478416. The webcast replay and audio download will also be available on our Investor Relations website.
 
Investor Presentation Details:
 
An investor presentation providing additional information can be found at http://ir.monday.com.
 
About monday.com:
 
monday.com Work OS is an open platform that democratizes the power of software so organizations can easily build software applications and work management tools to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work. monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Kiev, and Sydney. The platform is fully customizable to suit any business vertical and is currently used by over 127,000 customers across over 200 industries in more than 190 countries.
 
Visit us on our LinkedIn, Twitter, Instagram and Facebook.
 
For more about monday.com please visit our Press Room.
 
CONTACTS
 
Media Relations:
 
Or Elmaliah
 
ore@monday.com
 
Investor Relations:
 
Alex Wellins
 
The Blueshirt Group, for monday.com
 
ir@monday.com
 

MONDAY.COM LTD
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data; Unaudited)
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2021
   
2020
   
2021
   
2020
 
                         
Revenue
 
$
70,615
   
$
36,460
   
$
129,587
   
$
68,389
 
Cost of revenue
   
9,108
     
4,883
     
17,032
     
9,474
 
Gross profit
   
61,507
     
31,577
     
112,555
     
58,915
 
Operating expenses:
                               
Research and development
   
16,271
     
12,781
     
31,852
     
19,432
 
Sales and marketing
   
61,057
     
39,636
     
124,105
     
76,581
 
General and administrative
   
11,648
     
7,351
     
21,914
     
11,096
 
Total operating expenses
   
88,976
     
59,768
     
177,871
     
107,109
 
Operating loss
   
(27,469
)
   
(28,191
)
   
(65,316
)
   
(48,194
)
Financial income (expense), net
   
(359
)
   
141
     
(765
)
   
490
 
Loss before income taxes
   
(27,828
)
   
(28,050
)
   
(66,081
)
   
(47,704
)
Income tax expense
   
(1,063
)
   
(350
)
   
(1,762
)
   
(559
)
Net loss
 
$
(28,891
)
 
$
(28,400
)
 
$
(67,843
)
 
$
(48,263
)
Deemed dividend to preferred shareholders
   
(3,589
)
   
(4,665
)
   
(8,203
)
   
(9,331
)
Net loss attributable to ordinary shareholders
 
$
(32,480
)
 
$
(33,065
)
 
$
(76,046
)
 
$
(57,594
)
                                 
Net loss per share attributable to ordinary shareholders’, basic and diluted
 
$
(1.67
)
 
$
(2.79
)
 
$
(4.78
)
 
$
(4.88
)
Weighted-average ordinary shares used in calculating net loss per ordinary share, basic and diluted
   
19,417,672
     
11,836,484
     
15,924,392
     
11,807,296
 


MONDAY.COM LTD
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share data; Unaudited)
 
   
June 30
   
December 31
 
   
2021
   
2020
 
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
865,328
   
$
129,814
 
Short term deposits
   
10,051
     
10,000
 
Accounts receivable, net
   
4,364
     
3,911
 
Prepaid expenses and other current assets
   
6,901
     
3,898
 
Total current assets
   
886,644
     
147,623
 
                 
Property and equipment, net
   
13,905
     
7,178
 
Other long-term assets
   
2,100
     
2,619
 
Total assets
 
$
902,649
   
$
157,420
 
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' (DEFICIT) EQUITY
               
CURRENT LIABILITIES:
               
Accounts payable
 
$
25,325
   
$
25,734
 
Accrued expenses and other current liabilities
   
34,529
     
22,967
 
Deferred revenue
   
101,923
     
70,719
 
Revolving credit facility
   
21,035
     
21,016
 
Total current liabilities
   
182,812
     
140,436
 
                 
OTHER LONG-TERM LIABILITIES
   
1,244
     
1,045
 
Total liabilities
   
184,056
     
141,481
 
                 
CONVERTIBLE PREFERRED SHARES
   
     
233,496
 
SHAREHOLDERS' (DEFICIT) EQUITY:
               
Share capital and additional paid-in capital
   
1,102,802
     
98,809
 
Accumulated deficit
   
(384,209
)
   
(316,366
)
Total shareholders’ deficit
   
718,593
     
(217,557
)
Total liabilities, convertible preferred shares, and shareholders’ deficit
 
$
902,649
   
$
157,420
 


MONDAY.COM LTD
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands; Unaudited)
 
   
Three months ended
   
Six months ended
 
   
June 30,
   
June 30,
 
   
2021
   
2020
   
2021
   
2020
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                       
Net loss
 
$
(28,891
)
 
$
(28,400
)
 
$
(67,843
)
 
$
(48,263
)
Adjustments to reconcile net loss to net cash used in operating activities:
                               
Depreciation and amortization
   
527
     
441
     
1,074
     
787
 
Capital loss from sale of property and equipment
   
2
     
     
47
     
 
Share-based compensation
   
17,558
     
13,301
     
32,098
     
16,527
 
Change in accrued interest on revolving credit facility
   
(2
)
   
(12
)
   
19
     
(18
)
                                 
Changes in operating assets and liabilities:
                               
Accounts receivable, net
   
533
     
(2,636
)
   
(453
)
   
(2,306
)
Prepaid expenses and other assets
   
(429
)
   
(214
)
   
(2,058
)
   
(2,125
)
Accounts payable
   
(4,972
)
   
(1,416
)
   
(1,003
)
   
2,289
 
Accrued expenses and other liabilities
   
1,099
     
2,743
     
5,961
     
3,569
 
Deferred revenue
   
14,220
     
2,343
     
31,204
     
10,557
 
Net cash used in operating activities
   
(355
)
   
(13,850
)
   
(954
)
   
(18,983
)
                                 
CASH FLOWS FROM INVESTING ACTIVITIES:
                               
Purchase of property and equipment
   
(1,358
)
   
(1,032
)
   
(5,581
)
   
(2,174
)
Capitalized software development costs
   
(718
)
   
(250
)
   
(1,158
)
   
(359
)
Proceeds from sale of property and equipment
   
     
     
21
     
 
Changes in short-term deposits
   
(51
)
   
     
(51
)
   
 
Net cash used in investing activities
   
(2,127
)
   
(1,282
)
   
(6,769
)
   
(2,533
)
                                 
CASH FLOWS FROM FINANCING ACTIVITIES:
                               
Proceeds from initial public offering and concurrent private placement, net of underwriting discounts and other issuance costs
   
736,227
     
     
736,020
     
 
Proceeds from exercise of share options
   
1,300
     
187
     
1,843
     
247
 
Receipt of revolving credit facility, net of payments
   
     
1,000
     
     
3,000
 
Receipt of tax advance relating to exercises of share options
   
6,023
     
     
6,023
     
 
Capital lease payments
   
(21
)
   
(18
)
   
(49
)
   
(36
)
Net cash provided by financing activities
   
743,529
     
1,169
     
743,837
     
3,211
 
                                 
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
   
741,047
     
(13,963
)
   
736,114
     
(18,305
)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period
   
126,881
     
167,658
     
131,814
     
172,000
 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period
 
$
867,928
   
$
153,695
   
$
867,928
   
$
153,695
 
                                 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET:
                               
Cash and cash equivalents
 
$
865,328
   
$
151,695
   
$
865,328
   
$
151,695
 
Restricted cash – Included in prepaid expense and other current assets
   
600
     
     
600
     
 
Restricted cash – Included in other long-term assets
   
2,000
     
2,000
     
2,000
     
2,000
 
Total cash, cash equivalents, and restricted cash
 
$
867,928
   
$
153,695
   
$
867,928
   
$
153,695
 


MONDAY.COM LTD
Reconciliation of GAAP to Non-GAAP Financial Information
 
   
Three months ended
June 30,
   
Six months ended
June 30,
 
   
2021
   
2020
   
2021
   
2020
 
Reconciliation of gross profit and gross margin
                       
GAAP gross profit
 
$
61,507
   
$
31,577
   
$
112,555
   
$
58,915
 
Share-based compensation
   
1,833
     
603
     
3,364
     
902
 
Non-GAAP gross profit
   
63,340
     
32,180
     
115,919
     
59,817
 
                                 
GAAP gross margin
   
87
%
   
87
%
   
87
%
   
86
%
Non-GAAP gross margin
   
90
%
   
88
%
   
89
%
   
87
%
                                 
Reconciliation of operating expenses
                               
GAAP research and development
 
$
16,271
   
$
12,781
   
$
31,852
   
$
19,432
 
Share-based compensation
   
(5,068
)
   
(5,594
)
   
(9,605
)
   
(6,619
)
Non-GAAP research and development
 
$
11,203
   
$
7,187
   
$
22,247
   
$
12,813
 
                                 
GAAP sales and marketing
 
$
61,057
   
$
39,636
   
$
124,105
   
$
76,581
 
Share-based compensation
   
(5,536
)
   
(2,706
)
   
(9,570
)
   
(3,757
)
Non-GAAP sales and marketing
 
$
55,521
   
$
36,930
   
$
114,535
   
$
72,824
 
                                 
GAAP general and administrative
 
$
11,648
   
$
7,351
   
$
21,914
   
$
11,096
 
Share-based compensation
   
(5,121
)
   
(4,398
)
   
(9,559
)
   
(5,249
)
Non-GAAP general and administrative
 
$
6,527
   
$
2,953
   
$
12,355
   
$
5,847
 
                                 
Reconciliation of operating loss
                               
GAAP operating loss
 
$
(27,469
)
 
$
(28,191
)
 
$
(65,316
)
 
$
(48,194
)
Share-based compensation
 
$
17,558
   
$
13,301
   
$
32,098
   
$
16,527
 
Non-GAAP operating loss
 
$
(9,911
)
 
$
(14,890
)
 
$
(33,218
)
 
$
(31,667
)
                                 
GAAP operating margin
   
(39
)%
   
(77
)%
   
(50
)%
   
(70
)%
Non-GAAP operating margin
   
(14
)%
   
(41
)%
   
(26
)%
   
(46
)%
                                 
Reconciliation of net loss
                               
GAAP net loss
 
$
(28,891
)
 
$
(28,400
)
 
$
(67,843
)
 
$
(48,263
)
Share-based compensation
   
17,558
     
13,301
     
32,098
     
16,527
 
Non-GAAP net loss
 
$
(11,333
)
 
$
(15,099
)
 
$
(35,745
)
 
$
(31,736
)
                                 
Reconciliation of net loss attributable to ordinary shareholders
                               
GAAP net loss attributable to ordinary shareholders
 
$
(32,480
)
 
$
(33,065
)
 
$
(76,046
)
 
$
(57,594
)
Deemed dividend to preferred shareholders
   
3,589
     
4,665
     
8,203
     
9,331
 
Share-based compensation
   
17,558
     
13,301
     
32,098
     
16,527
 
Non-GAAP net loss
 
$
(11,333
)
 
$
(15,099
)
 
$
(35,745
)
 
$
(31,736
)
                                 
GAAP net loss per share attributable to ordinary shareholders’, basic and diluted
 
$
(1.67
)
 
$
(2.79
)
 
$
(4.78
)
 
$
(4.88
)
Non-GAAP net loss per share, basic and diluted
 
$
(0.26
)
 
$
(0.39
)
 
$
(0.81
)
 
$
(0.83
)
                                 
Reconciliation of basic and diluted weighted average number of shares outstanding
                               
Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (GAAP)
   
19,417,672
     
11,836,484
     
15,924,392
     
11,807,296
 
Additional shares giving effect to IPO and concurrent private placement (1)
   
3,946,810
     
     
4,489,262
     
 
Additional shares giving effect to conversion of convertible preferred shares at the beginning of the period (2)
   
20,629,197
     
26,440,239
     
23,518,666
     
26,440,239
 
Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (Non-GAAP)
   
43,993,679
     
38,276,723
     
43,932,320
     
38,247,535
 
 
(1)
Assumes ordinary shares outstanding after accounting for the issuance of 5,037,742 ordinary shares associated with our initial public offering and concurrent private placement at the beginning of the first quarter of 2021 instead of the IPO closing date, June 10, 2021.
(2)
Assumes ordinary shares outstanding after accounting for the automatic conversion of the preferred shares then outstanding into ordinary shares at the beginning of fiscal year.
 


Reconciliation of net cash provided by operating activities to adjusted free cash flow
           
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2021
   
2020
   
2021
   
2020
 
                         
Net cash provided by operating activities
 
$
(355
)
 
$
(13,850
)
 
$
(954
)
 
$
(18,983
)
Purchase of property and equipment
   
(1,358
)
   
(1,032
)
   
(5,581
)
   
(2,174
)
Capitalized software development costs
   
(718
)
   
(250
)
   
(1,158
)
   
(359
)
Purchase of property and equipment related to build-out of our new corporate headquarters
   
951
     
100
     
4,618
     
525
 
Adjusted free cash flow
   
(1,480
)
   
(15,032
)
   
(3,075
)
   
(20,991
)