|
State of Israel
|
| |
7372
|
| |
Not Applicable
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Joshua G. Kiernan
Marc D. Jaffe Ian D. Schuman Latham & Watkins LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Fax: (212) 751-4864 |
| |
Shachar Hadar
Efrat Ziv Ran Camchy Meitar | Law Offices 16 Abba Hillel Road Ramat Gan, 5250608, Israel Tel: +972(3) 610-3100 Fax: +972(3) 610-3111 |
| |
Yossi Vebman
Ryan J. Dzierniejko Skadden, Arps, Slate, Meagher & Flom LLP One Manhattan West New York, New York 10001 Tel: (212) 735-3000 Fax: (212) 735-2000 |
| |
Chaim Friedland
Ari Fried Nir Knoll Gornitzky & Co. Vitania Tel-Aviv Tower 20 HaHarash St. Tel Aviv 6761310, Israel Tel: +972(3) 710-9191 Fax: +972(3) 560-6555 |
|
| | |||||||||||||||||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Amount
To Be Registered(1) |
| | |
Proposed
Maximum Offering Price per Share |
| | |
Proposed
Maximum Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee(2) |
| |||||||||
Ordinary shares, no par value
|
| | |
4,070,000
|
| | | | $ | 140.00 | | | | | | $ | 569,800,000 | | | | | | $ | 62,166 | | |
| | | | | 1 | | | |
| | | | | 19 | | | |
| | | | | 63 | | | |
| | | | | 65 | | | |
| | | | | 66 | | | |
| | | | | 67 | | | |
| | | | | 68 | | | |
| | | | | 69 | | | |
| | | | | 71 | | | |
| | | | | 95 | | | |
| | | | | 96 | | | |
| | | | | 125 | | | |
| | | | | 152 | | | |
| | | | | 155 | | | |
| | | | | 158 | | | |
| | | | | 168 | | | |
| | | | | 173 | | | |
| | | | | 181 | | | |
| | | | | 188 | | | |
| | | | | 189 | | | |
| | | | | 190 | | | |
| | | | | 191 | | | |
| | | | | 192 | | | |
| | | | | 194 | | | |
| | | | | F-1 | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands, except for share and per share data)
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 78,089 | | | | | $ | 161,123 | | | | | $ | 31,929 | | | | | $ | 58,972 | | |
Cost of revenue(1)
|
| | | | 11,978 | | | | | | 22,488 | | | | | | 4,591 | | | | | | 7,924 | | |
Gross profit
|
| | | | 66,111 | | | | | | 138,635 | | | | | | 27,338 | | | | | | 51,048 | | |
Operating expenses:
|
| | | | | | | | | | | | | | | ||||||||||
Research and development(1)
|
| | | | 24,637 | | | | | | 43,480 | | | | | | 6,651 | | | | | | 15,581 | | |
Sales and marketing(1)
|
| | | | 118,534 | | | | | | 191,353 | | | | | | 36,945 | | | | | | 63,048 | | |
General and administrative(1)
|
| | | | 15,458 | | | | | | 54,339 | | | | | | 3,745 | | | | | | 10,266 | | |
Total operating expenses
|
| | | | 158,629 | | | | | | 289,172 | | | | | | 47,341 | | | | | | 88,895 | | |
Operating loss
|
| | | | (92,518) | | | | | | (150,537) | | | | | | (20,003) | | | | | | (37,847) | | |
Financial income (expense), net
|
| | | | 1,590 | | | | | | 526 | | | | | | 349 | | | | | | (406) | | |
Loss before income taxes
|
| | | | (90,928) | | | | | | (150,011) | | | | | | (19,654) | | | | | | (38,253) | | |
Income tax expense
|
| | | | (683) | | | | | | (2,192) | | | | | | (209) | | | | | | (699) | | |
Net loss
|
| | | $ | (91,611) | | | | | $ | (152,203) | | | | | $ | (19,863) | | | | | $ | (38,952) | | |
Net loss per share attributable to ordinary
shareholders’, basic and diluted(2) |
| | | $ | (9.22) | | | | | $ | (14.19) | | | | | $ | (2.08) | | | | | $ | (3.52) | | |
Weighted-average ordinary shares used in
calculating net loss per ordinary share, basic and diluted |
| | | | 11,348,428 | | | | | | 12,048,909 | | | | | | 11,778,108 | | | | | | 12,392,298 | | |
Pro forma net loss per share(2)
|
| | | | | | | | | $ | (3.95) | | | | | $ | (0.52) | | | | | $ | (1.00) | | |
Weighted-average shares used in
calculating pro forma net loss per share, basic and diluted(2) |
| | | | | | | | | | 38,489,148 | | | | | | 38,218,347 | | | | | | 38,832,537 | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Cost of revenue
|
| | | $ | 970 | | | | | $ | 2,720 | | | | | $ | 299 | | | | | $ | 1,531 | | |
Research and development
|
| | | | 9,396 | | | | | | 12,142 | | | | | | 1,025 | | | | | | 4,537 | | |
Sales and marketing
|
| | | | 3,283 | | | | | | 10,068 | | | | | | 1,051 | | | | | | 4,034 | | |
General and administrative
|
| | | | 8,190 | | | | | | 39,415 | | | | | | 851 | | | | | | 4,438 | | |
Total share-based compensation expense
|
| | | $ | 21,839 | | | | | $ | 64,345 | | | | | $ | 3,226 | | | | | $ | 14,540 | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma
As Adjusted(2) |
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 124,281 | | | | | $ | 124,281 | | | | | $ | 721,047 | | |
Short term deposits
|
| | | | 10,000 | | | | | | 10,000 | | | | | | 10,000 | | |
Total assets
|
| | | | 160,479 | | | | | | 160,479 | | | | | | 757,245 | | |
Total liabilities
|
| | | | 168,125 | | | | | | 168,125 | | | | | | 168,125 | | |
Convertible preferred shares
|
| | | | 233,496 | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 114,176 | | | | | | 347,672 | | | | | | 949,133 | | |
Accumulated deficit
|
| | | | (355,318) | | | | | | (355,318) | | | | | | (360,221) | | |
Total shareholders’ (deficit) equity
|
| | | | (241,142) | | | | | | (7,646) | | | | | | 588,913 | | |
| | |
Year ended
December 31, |
| |
Three months
ended March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Non-GAAP operating loss
|
| | | $ | (70,679) | | | | | $ | (86,192) | | | | | $ | (16,777) | | | | | $ | (23,307) | | |
Adjusted free cash flow
|
| | | | (38,417) | | | | | | (40,692) | | | | | | (5,959) | | | | | | (1,595) | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As
Adjusted(1) |
| |||||||||
| | |
(in thousands, except share amounts)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 124,281 | | | | | $ | 124,281 | | | | | $ | 721,047 | | |
Preferred shares, no par value: 27,056,939 shares authorized; 26,440,239 shares issued and outstanding, actual; no shares authorized issued and outstanding, pro forma and pro forma as adjusted
|
| | | | 233,496 | | | | | | — | | | | | | — | | |
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | |
Ordinary shares, no par value: 52,943,061 shares
authorized, 12,451,895 shares issued and outstanding, actual; 80,000,000 shares authorized, 38,892,124 shares issued and outstanding, pro forma; 99,999,999 shares authorized, 43,724,208 shares issued and outstanding, pro forma as adjusted |
| | | | — | | | | | | — | | | | | | — | | |
Founders shares, no par value: no shares authorized and issued and outstanding, actual and pro forma; 1 share authorized and issued and outstanding, pro forma as adjusted.
|
| | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 114,176 | | | | | | 347,672 | | | | | | 949,133 | | |
Accumulated deficit
|
| | | | (355,318) | | | | | | (355,318) | | | | | | (360,221) | | |
Total shareholders’ (deficit) equity
|
| | | | (241,142) | | | | | | (7,646) | | | | | | 588,913 | | |
Total capitalization
|
| | | $ | (7,646) | | | | | $ | (7,646) | | | | | $ | 588,913 | | |
|
Assumed initial public offering price per ordinary share
|
| | | | | | | | | $ | 132.50 | | |
|
Historical net tangible book value (deficit) per ordinary share as of March 31, 2021
|
| | | $ | (0.93) | | | | | | | | |
|
Increase per ordinary share attributable to the pro forma adjustments described
above |
| | | $ | 0.63 | | | | | | | | |
|
Pro forma net tangible book value (deficit) per share as of March 31, 2021
|
| | | $ | (0.30) | | | | | | | | |
|
Increase in pro forma net tangible book value per ordinary share attributable to this offering and the concurrent private placements
|
| | | $ | 13.68 | | | | | | | | |
|
Pro forma as adjusted net tangible book value per ordinary share after this
offering and the concurrent private placements |
| | | | | | | | | $ | 13.38 | | |
|
Dilution per ordinary share to new investors in this offering and the concurrent private placements
|
| | | | | | | | | $ | 119.12 | | |
| | |
Ordinary Shares
Purchased |
| |
Total Consideration
|
| |
Average
Price Per Ordinary Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
| | |
(in millions, except for share data)
|
| |||||||||||||||||||||||||||
Existing shareholders
|
| | | | 38,892,134 | | | | | | 88.9% | | | | | $ | 233.9 | | | | | | 26.8% | | | | | $ | 6.01 | | |
New investors
|
| | | | 3,700,000 | | | | | | 8.5 | | | | | | 490.3 | | | | | | 56.1 | | | | | | 132.50 | | |
Concurrent private placement investors
|
| | | | 1,132,074 | | | | | | 2.6 | | | | | | 150.0 | | | | | | 17.1 | | | | | | 132.50 | | |
Total
|
| | | | 43,724,208 | | | | | | 100% | | | | | $ | 874.2 | | | | | | 100% | | | | | $ | 19.99 | | |
| | |
Year ended December 31,
|
| |
Three months ended March 31,
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 78,089 | | | | | $ | 161,123 | | | | | $ | 31,929 | | | | | $ | 58,972 | | |
Cost of revenue(1)
|
| | | | 11,978 | | | | | | 22,488 | | | | | | 4,591 | | | | | | 7,924 | | |
Gross profit
|
| | | | 66,111 | | | | | | 138,635 | | | | | | 27,338 | | | | | | 51,048 | | |
Operating Expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Research and development(1)
|
| | | | 24,637 | | | | | | 43,480 | | | | | | 6,651 | | | | | | 15,581 | | |
Sales and marketing(1)
|
| | | | 118,534 | | | | | | 191,353 | | | | | | 36,945 | | | | | | 63,048 | | |
General and administrative(1)
|
| | | | 15,458 | | | | | | 54,339 | | | | | | 3,745 | | | | | | 10,266 | | |
Total operating expenses
|
| | | | 158,629 | | | | | | 289,172 | | | | | | 47,341 | | | | | | 88,895 | | |
Operating loss
|
| | | | (92,518) | | | | | | (150,537) | | | | | | (20,003) | | | | | | (37,847) | | |
Financial income (expense), net
|
| | | | 1,590 | | | | | | 526 | | | | | | 349 | | | | | | (406) | | |
Loss before income taxes
|
| | | | (90,928) | | | | | | (150,011) | | | | | | (19,654) | | | | | | (38,253) | | |
Income tax expenses
|
| | | | (683) | | | | | | (2,192) | | | | | | (209) | | | | | | (699) | | |
Net loss
|
| | | $ | (91,611) | | | | | $ | (152,203) | | | | | $ | (19,863) | | | | | $ | (38,952) | | |
| | |
Year ended December 31
|
| |
Three months ended March 31,
|
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Cost of revenue
|
| | | $ | 970 | | | | | $ | 2,720 | | | | | $ | 299 | | | | | $ | 1,531 | | |
Research and development
|
| | | | 9,396 | | | | | | 12,142 | | | | | | 1,025 | | | | | | 4,537 | | |
Sales and marketing
|
| | | | 3,283 | | | | | | 10,068 | | | | | | 1,051 | | | | | | 4,034 | | |
General and administrative
|
| | | | 8,190 | | | | | | 39,415 | | | | | | 851 | | | | | | 4,438 | | |
Total share-based compensation expense
|
| | | $ | 21,839 | | | | | $ | 64,345 | | | | | $ | 3,226 | | | | | $ | 14,540 | | |
| | |
Year ended
December 31 |
| |
Three months
ended March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
Revenue
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
Cost of revenue
|
| | | | 15 | | | | | | 14 | | | | | | 14 | | | | | | 13 | | |
Gross profit
|
| | | | 85 | | | | | | 86 | | | | | | 86 | | | | | | 87 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 31 | | | | | | 27 | | | | | | 21 | | | | | | 26 | | |
Sales and marketing
|
| | | | 152 | | | | | | 119 | | | | | | 116 | | | | | | 107 | | |
General and administrative
|
| | | | 20 | | | | | | 33 | | | | | | 12 | | | | | | 18 | | |
Total operating expenses
|
| | | | 203 | | | | | | 179 | | | | | | 149 | | | | | | 151 | | |
Operating loss
|
| | | | (118) | | | | | | (93) | | | | | | (63) | | | | | | (64) | | |
Financial income (expense), net
|
| | | | 2 | | | | | | — | | | | | | 1 | | | | | | (1) | | |
Loss before income taxes
|
| | | | (116) | | | | | | (93) | | | | | | (62) | | | | | | (65) | | |
Income tax expenses
|
| | | | (1) | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Net loss
|
| | | | (117)% | | | | | | (94)% | | | | | | (62)% | | | | | | (66)% | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
September 30,
2020 |
| |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 17,005 | | | | | $ | 21,051 | | | | | $ | 26,599 | | | | | $ | 31,929 | | | | | $ | 36,460 | | | | | $ | 42,592 | | | | | $ | 50,142 | | | | | $ | 58,972 | | |
Cost of revenue(1)
|
| | | | 2,494 | | | | | | 3,430 | | | | | | 3,997 | | | | | | 4,591 | | | | | | 4,883 | | | | | | 6,333 | | | | | | 6,681 | | | | | | 7,924 | | |
Gross profit
|
| | | | 14,511 | | | | | | 17,621 | | | | | | 22,602 | | | | | | 27,338 | | | | | | 31,577 | | | | | | 36,259 | | | | | | 43,461 | | | | | | 51,048 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development(1)
|
| | | | 4,055 | | | | | | 11,982 | | | | | | 5,119 | | | | | | 6,651 | | | | | | 12,781 | | | | | | 12,620 | | | | | | 11,428 | | | | | | 15,581 | | |
Sales and marketing(1)
|
| | | | 26,706 | | | | | | 33,296 | | | | | | 30,384 | | | | | | 36,945 | | | | | | 39,636 | | | | | | 57,871 | | | | | | 56,901 | | | | | | 63,048 | | |
General and administrative(1)
|
| | | | 2,657 | | | | | | 8,626 | | | | | | 2,802 | | | | | | 3,745 | | | | | | 7,351 | | | | | | 6,415 | | | | | | 36,828 | | | | | | 10,266 | | |
Total operating expenses
|
| | | | 33,418 | | | | | | 53,904 | | | | | | 38,305 | | | | | | 47,341 | | | | | | 59,768 | | | | | | 76,906 | | | | | | 105,157 | | | | | | 88,895 | | |
Operating loss
|
| | | | (18,907) | | | | | | (36,283) | | | | | | (15,703) | | | | | | (20,003) | | | | | | (28,191) | | | | | | (40,647) | | | | | | (61,696) | | | | | | (37,847) | | |
Financial income (expense), net
|
| | | | 509 | | | | | | 483 | | | | | | 573 | | | | | | 349 | | | | | | 141 | | | | | | 239 | | | | | | (203) | | | | | | (406) | | |
Loss before income taxes
|
| | | | (18,398) | | | | | | (35,800) | | | | | | (15,130) | | | | | | (19,654) | | | | | | (28,050) | | | | | | (40,408) | | | | | | (61,899) | | | | | | (38,253) | | |
Income tax expenses
|
| | | | (24) | | | | | | (42) | | | | | | (590) | | | | | | (209) | | | | | | (350) | | | | | | (671) | | | | | | (962) | | | | | | (699) | | |
Net loss
|
| | | $ | (18,422) | | | | | $ | (35,842) | | | | | $ | (15,720) | | | | | $ | (19,863) | | | | | $ | (28,400) | | | | | $ | (41,079) | | | | | $ | (62,861) | | | | | $ | (38,952) | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
September 30,
2020 |
| |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue
|
| | | $ | 146 | | | | | $ | 535 | | | | | $ | 236 | | | | | $ | 299 | | | | | $ | 603 | | | | | $ | 843 | | | | | $ | 975 | | | | | $ | 1,531 | | |
Research and development
|
| | | | 517 | | | | | | 7,636 | | | | | | 725 | | | | | | 1,025 | | | | | | 5,594 | | | | | | 3,346 | | | | | | 2,177 | | | | | | 4,537 | | |
Sales and marketing
|
| | | | 265 | | | | | | 1,781 | | | | | | 740 | | | | | | 1,051 | | | | | | 2,706 | | | | | | 3,183 | | | | | | 3,128 | | | | | | 4,034 | | |
General and administrative
|
| | | | 533 | | | | | | 6,854 | | | | | | 676 | | | | | | 851 | | | | | | 4,398 | | | | | | 2,424 | | | | | | 31,742 | | | | | | 4,438 | | |
Total share-based compensation expense(2)
|
| | | $ | 1,461 | | | | | $ | 16,806 | | | | | $ | 2,377 | | | | | $ | 3,226 | | | | | $ | 13,301 | | | | | $ | 9,796 | | | | | $ | 38,022 | | | | | $ | 14,540 | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Non-GAAP operating loss
|
| | | $ | (70,679) | | | | | $ | (86,192) | | | | | $ | (16,777) | | | | | $ | (23,307) | | |
Adjusted free cash flow
|
| | | | (38,417) | | | | | | (40,692) | | | | | | (5,959) | | | | | | (1,595) | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Operating loss
|
| | | $ | (92,518) | | | | | $ | (150,537) | | | | | $ | (20,003) | | | | | $ | (37,847) | | |
Share-based compensation expenses
|
| | | | 21,839 | | | | | | 64,345 | | | | | | 3,226 | | | | | | 14,540 | | |
Non-GAAP operating loss
|
| | | $ | (70,679) | | | | | $ | (86,192) | | | | | $ | (16,777) | | | | | $ | (23,307) | | |
| | |
Year ended December 31,
|
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (36,650) | | | | | $ | (37,175) | | | | | $ | (5,133) | | | | | $ | (599) | | |
Purchase of property and equipment
|
| | | | (1,402) | | | | | | (4,362) | | | | | | (1,142) | | | | | | (4,223) | | |
Capitalized software development costs
|
| | | | (365) | | | | | | (1,119) | | | | | | (109) | | | | | | (440) | | |
Purchase of property and equipment related
to build-out of our new corporate headquarters |
| | | | — | | | | | | 1,964 | | | | | | 425 | | | | | | 3,667 | | |
Adjusted free cash flow
|
| | | $ | (38,417) | | | | | $ | (40,692) | | | | | $ | (5,959) | | | | | $ | (1,595) | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (36,650) | | | | | $ | (37,175) | | | | | $ | (5,133) | | | | | $ | (599) | | |
Net cash provided by (used in) investing activities
|
| | | | 13,233 | | | | | | (11,481) | | | | | | (1,251) | | | | | | (4,642) | | |
Net cash generated from financing activities
|
| | | | 158,446 | | | | | | 8,470 | | | | | | 2,042 | | | | | | 308 | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
|
Risk-free interest rate
|
| |
2.12% – 2.75%
|
| |
0.3% – 0.58%
|
| |
0.51% – 0.58%
|
| |
0.68% – 0.95%
|
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
| |
0%
|
| |
0%
|
|
Expected term (in years)
|
| |
5 – 8
|
| |
5 – 8
|
| |
5 – 7
|
| |
5 – 8
|
|
Expected volatility
|
| |
43% – 45%
|
| |
47% – 48%
|
| |
46.95%
|
| |
49.05%
|
|
|
Software
HubSpot, Inc. Lightspeed POS Inc. Semrush Holdings, Inc. Canva Pty Ltd. Software AG |
| |
Broadcasting & Telecommunications
Hulu LLC BBC Studios Nielsen Sports America LLC NBC Universal Media, LLC Discovery Channel Priority by O2 |
| |
Consumer Goods
Mars, Incorporated Zippo Manufacturing Company Nautica Apparel Inc. |
| |
Healthcare
Alexion Pharmaceuticals, Inc. NovoCure Limited Oscar Insurance Corporation Sanofi S.A. Bayer AG |
|
|
Music
Universal Music Group Deezer |
| |
Energy
Engie SA Sempra Energy |
| |
Transportation & Machinery
Daimler AG HOLT CAT Carvana Co. |
| |
Financial Services
Cross River Bank American Family Insurance Indosuez Wealth Management |
|
|
Entertainment & Leisure
Peloton Interactive, Inc. National Hockey League Electronic Arts Inc. |
| |
Retail Commerce
Coppel Lojas Riachuelo |
| |
Real Estate & Architecture
Interior Logic Group The Ray White Group (Real Estate) Partnership |
| |
Hospitality
Live! Casino & Hotel The Student Hotel |
|
|
Education & Services
Genpact Limited The United States Army — Defense Media Activity eMarketer Alabama Math, Science, and Technology Initiative |
| | | | | | | | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Roy Mann | | |
42
|
| | Co-Founder, Co-Chief Executive Officer, Director | |
Eran Zinman | | |
38
|
| | Co-Founder, Co-Chief Executive Officer, Director | |
Eliran Glazer | | |
49
|
| | Chief Financial Officer | |
Daniel Lereya | | |
36
|
| | Vice President of Research & Development and Product | |
Yoni Osherov | | |
43
|
| | Vice President of Global Sales and Marketing | |
Kfir Lippmann(1) | | |
35
|
| | Vice President of Finance | |
Shiran Nawi | | |
37
|
| | General Counsel | |
Directors | | | | | | | |
Aviad Eyal | | |
50
|
| | Director | |
Jeff Horing | | |
56
|
| | Director | |
Avishai Abrahami | | |
50
|
| | Director | |
Gili Iohan(2) | | |
45
|
| | External Director Nominee | |
Ronen Faier(2) | | |
50
|
| | External Director Nominee | |
| | | | | | | | | | | | | | |
Shares Beneficially Owned After this Offering
and the Concurrent Private Placements |
| |||||||||||||||||||||
| | |
Shares Beneficially
Owned Prior to this Offering and the Concurrent Private Placements |
| |
Assuming
Underwriters’ Option to Purchase Additional Ordinary Shares is Not Exercised |
| |
Assuming
Underwriters’ Option to Purchase Additional Ordinary Shares is Exercised in Full |
| |||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Principal Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Insight Partners(1)
|
| | | | 16,592,053 | | | | | | 42.7% | | | | | | 16,592,053 | | | | | | 37.9% | | | | | | 16,592,053 | | | | | | 37.6% | | |
Stripes(2) | | | | | 3,039,939 | | | | | | 7.8% | | | | | | 3,039,939 | | | | | | 7.0% | | | | | | 3,039,939 | | | | | | 6.9% | | |
Sonnipe Limited(3)
|
| | | | 4,807,795 | | | | | | 12.4% | | | | | | 4,807,795 | | | | | | 11.0% | | | | | | 4,807,795 | | | | | | 10.9% | | |
Directors and Executive Officers
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Roy Mann
|
| | | | 5,956,539 | | | | | | 15.3% | | | | | | 5,956,539 | | | | | | 13.6% | | | | | | 5,956,539 | | | | | | 13.5% | | |
Eran Zinman(4)
|
| | | | 2,301,844 | | | | | | 5.6% | | | | | | 2,301,844 | | | | | | 5.3% | | | | | | 2,301,844 | | | | | | 5.2% | | |
| | | | | | | | | | | | | | |
Shares Beneficially Owned After this Offering
and the Concurrent Private Placements |
| |||||||||||||||||||||
| | |
Shares Beneficially
Owned Prior to this Offering and the Concurrent Private Placements |
| |
Assuming
Underwriters’ Option to Purchase Additional Ordinary Shares is Not Exercised |
| |
Assuming
Underwriters’ Option to Purchase Additional Ordinary Shares is Exercised in Full |
| |||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Eliran Glazer
|
| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Daniel Lereya(5)
|
| | | | 72,916 | | | | | | *% | | | | | | 72,916 | | | | | | *% | | | | | | 72,916 | | | | | | *% | | |
Yoni Osherov(6)
|
| | | | 58,983 | | | | | | *% | | | | | | 58,983 | | | | | | *% | | | | | | 58,983 | | | | | | *% | | |
Kfir Lippmann(7)
|
| | | | 47,507 | | | | | | *% | | | | | | 47,507 | | | | | | *% | | | | | | 47,507 | | | | | | *% | | |
Shiran Nawi(8)
|
| | | | 27,678 | | | | | | *% | | | | | | 27,678 | | | | | | *% | | | | | | 27,678 | | | | | | *% | | |
Avishai Abrahami(9)
|
| | | | 1,550,500 | | | | | | 4.0% | | | | | | 1,550,500 | | | | | | 3.5% | | | | | | 1,550,500 | | | | | | 3.5% | | |
Aviad Eyal(10)
|
| | | | 739,295 | | | | | | 1.9% | | | | | | 739,295 | | | | | | 1.7% | | | | | | 739,295 | | | | | | 1.7% | | |
Jeff Horing(1)
|
| | | | 16,592,053 | | | | | | 42.7% | | | | | | 16,592,053 | | | | | | 37.9% | | | | | | 16,592,053 | | | | | | 37.6% | | |
Gili Iohan
|
| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Ronen Faier
|
| | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
All executive officers and directors as a group
(12 persons) |
| | | | 27,347,315 | | | | | | 70.0% | | | | | | 27,347,315 | | | | | | 62.5% | | | | | | 27,347,315 | | | | | | 62.0% | | |
Shareholder
|
| |
Series D
Preferred Shares |
| |
Total
Purchase Price |
| ||||||
Stripes III Offshore AIV, LP (formerly known as SG Growth Partners III Offshore AIV, LP)
|
| | | | 819,548 | | | | | $ | 11,195,927.90 | | |
Stripes IV Offshore AIV, LP (formerly known as SG Growth Partners IV
Offshore AIV, LP) |
| | | | 1,639,096 | | | | | $ | 22,391,855.79 | | |
Sonnipe Limited
|
| | | | 388,509 | | | | | $ | 5,307,456.07 | | |
Insight Venture Partners IX, L.P.
|
| | | | 485,861 | | | | | $ | 6,637,400.17 | | |
Insight Venture Partners (Cayman) IX, L.P.
|
| | | | 241,413 | | | | | $ | 3,297,969.35 | | |
Insight Venture Partners IX (Delaware), L.P.
|
| | | | 51,477 | | | | | $ | 703,232.91 | | |
Insight Venture Partners IX (Co-Investors), L.P.
|
| | | | 9,698 | | | | | $ | 132,485.44 | | |
Aviad Eyal
|
| | | | 24,425 | | | | | $ | 333,672.37 | | |
Shareholder
|
| |
Series E
Preferred Shares |
| |
Total
Purchase Price |
| ||||||
Sapphire Ventures Fund IV, L.P.
|
| | | | 706,712 | | | | | $ | 29,166,667 | | |
Sapphire Opportunity Fund, L.P.
|
| | | | 504,794 | | | | | $ | 20,833,333 | | |
| | |
Number of
Ordinary Shares |
| |||
Goldman Sachs & Co. LLC
|
| |
|
| |||
J.P. Morgan Securities LLC
|
| | | | | | |
Allen & Company LLC
|
| | | | | | |
Jefferies LLC
|
| | | | | | |
William Blair & Company, L.L.C.
|
| | | | | | |
Piper Sandler & Co.
|
| | | | | | |
Oppenheimer & Co. Inc.
|
| | | | | | |
Canaccord Genuity LLC
|
| | | | | | |
Cowen and Company, LLC
|
| | | | | | |
Needham & Company, LLC
|
| | | | | | |
Academy Securities, Inc.
|
| | | | | | |
Loop Capital Markets LLC
|
| | | | | | |
Samuel A. Ramirez & Company, Inc.
|
| | | | | | |
Siebert Williams Shank & Co., LLC
|
| | | | | | |
Tigress Financial Partners LLC
|
| | | | | | |
Total | | | | | 3,700,000 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Ordinary Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | | |
Expenses
|
| |
Amount
|
| |||
SEC registration fee
|
| | | $ | 62,166 | | |
FINRA filing fee
|
| | | | 85,970 | | |
Stock exchange listing fee
|
| | | | 250,000 | | |
Transfer agent’s fee
|
| | | | 4,500 | | |
Printing and engraving expenses
|
| | | | 500,000 | | |
Legal fees and expenses
|
| | | | 2,000,000 | | |
Accounting fees and expenses
|
| | | | 800,000 | | |
Miscellaneous costs
|
| | | | 896,500 | | |
Total
|
| | | $ | 4,599,136 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 – F-31 | | |
| | |
December 31,
|
| |
March 31,
2021 |
| |
Pro forma
Shareholders’ Equity March 31, 2021 |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 171,601 | | | | | $ | 129,814 | | | | | $ | 124,281 | | | | | | | | |
Short term deposits
|
| | | | 4,000 | | | | | | 10,000 | | | | | | 10,000 | | | | | | | | |
Accounts receivable – net of allowance for doubtful accounts of $21, $264,
and $410 as of December 31, 2019 and 2020 and March 31, 2021 (unaudited), respectively |
| | | | 3,439 | | | | | | 3,911 | | | | | | 4,897 | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 2,269 | | | | | | 3,898 | | | | | | 6,572 | | | | | | | | |
Total current assets
|
| | | | 181,309 | | | | | | 147,623 | | | | | | 145,750 | | | | | | | | |
Property and equipment, net
|
| | | | 3,194 | | | | | | 7,178 | | | | | | 11,486 | | | | | | | | |
Other long-term assets
|
| | | | 645 | | | | | | 2,619 | | | | | | 3,243 | | | | | | | | |
Total assets
|
| | | $ | 185,148 | | | | | $ | 157,420 | | | | | $ | 160,479 | | | | | | | | |
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ (DEFICIT) EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 18,950 | | | | | $ | 25,734 | | | | | $ | 29,677 | | | | | | | | |
Accrued expenses and other current liabilities
|
| | | | 7,800 | | | | | | 22,967 | | | | | | 28,526 | | | | | | | | |
Deferred revenue
|
| | | | 40,981 | | | | | | 70,719 | | | | | | 87,703 | | | | | | | | |
Revolving credit facility
|
| | | | 13,030 | | | | | | 21,016 | | | | | | 21,037 | | | | | | | | |
Total current liabilities
|
| | | | 80,761 | | | | | | 140,436 | | | | | | 166,943 | | | | | | | | |
Other long-term liabilities
|
| | | | 1,512 | | | | | | 1,045 | | | | | | 1,182 | | | | | | | | |
Total liabilities
|
| | | | 82,273 | | | | | | 141,481 | | | | | | 168,125 | | | | | | | | |
COMMITMENTS AND CONTINGENCIES (NOTE 7) | | | | | | | | | | | | | | | | | | | | | | | | | |
CONVERTIBLE PREFERRED SHARES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares, no par value – Authorized: 27,056,939 shares as of December 31, 2019 and 2020 and March 31, 2021 (unaudited); Issued and outstanding: 26,440,239 as of December 31, 2019 and 2020 and March 31, 2021 (unaudited); Aggregate liquidation preference of $233,915 as of December 31, 2019 and 2020 and March 31, 2021 (unaudited); Pro forma: no shares issued and outstanding as of March 31, 2021 (unaudited)
|
| | | | 233,496 | | | | | | 233,496 | | | | | | 233,496 | | | | | | — | | |
SHAREHOLDERS’ (DEFICIT) EQUITY: | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares, no par value – Authorized: 52,943,061 shares as of
December 31, 2019 and 2020 and March 31, 2021 (unaudited); Issued and Outstanding: 11,772,038, 12,354,471 and 12,451,895 as of December 31, 2019 and 2020 and March 31, 2021 (unaudited) respectively; pro forma: 38,892,134 shares issued and outstanding as of March 31, 2021 (unaudited) |
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Additional paid-in capital
|
| | | | 33,542 | | | | | | 98,809 | | | | | | 114,176 | | | | | | 347,672 | | |
Accumulated deficit
|
| | | | (164,163) | | | | | | (316,366) | | | | | | (355,318) | | | | | | (355,318) | | |
Total shareholders’ deficit
|
| | | | (130,621) | | | | | | (217,557) | | | | | | (241,142) | | | | | $ | (7,646) | | |
Total liabilities, convertible preferred shares, and shareholders’ deficit
|
| | | $ | 185,148 | | | | | $ | 157,420 | | | | | $ | 160,479 | | | | | | | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Revenue
|
| | | $ | 78,089 | | | | | $ | 161,123 | | | | | $ | 31,929 | | | | | $ | 58,972 | | |
Cost of revenue
|
| | | | 11,978 | | | | | | 22,488 | | | | | | 4,591 | | | | | | 7,924 | | |
Gross profit
|
| | | | 66,111 | | | | | | 138,635 | | | | | | 27,338 | | | | | | 51,048 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 24,637 | | | | | | 43,480 | | | | | | 6,651 | | | | | | 15,581 | | |
Sales and marketing
|
| | | | 118,534 | | | | | | 191,353 | | | | | | 36,945 | | | | | | 63,048 | | |
General and administrative
|
| | | | 15,458 | | | | | | 54,339 | | | | | | 3,745 | | | | | | 10,266 | | |
Total operating expenses
|
| | | | 158,629 | | | | | | 289,172 | | | | | | 47,341 | | | | | | 88,895 | | |
Operating loss
|
| | | | (92,518) | | | | | | (150,537) | | | | | | (20,003) | | | | | | (37,847) | | |
Financial income
|
| | | | 2,359 | | | | | | 1,537 | | | | | | 631 | | | | | | 78 | | |
Financial expenses
|
| | | | (769) | | | | | | (1,011) | | | | | | (282) | | | | | | (484) | | |
Loss before income taxes
|
| | | | (90,928) | | | | | | (150,011) | | | | | | (19,654) | | | | | | (38,253) | | |
Income tax expense
|
| | | | (683) | | | | | | (2,192) | | | | | | (209) | | | | | | (699) | | |
Net loss
|
| | | $ | (91,611) | | | | | $ | (152,203) | | | | | $ | (19,863) | | | | | $ | (38,952) | | |
Net loss per share attributable to ordinary
shareholders’, basic and diluted |
| | | $ | (9.22) | | | | | $ | (14.19) | | | | | $ | (2.08) | | | | | $ | (3.52) | | |
Weighted-average ordinary shares used in calculating net loss per ordinary share, basic and diluted
|
| | | | 11,348,428 | | | | | | 12,048,909 | | | | | | 11,778,108 | | | | | | 12,392,298 | | |
Pro forma net loss per share (unaudited)
|
| | | | | | | | | $ | (3.95) | | | | | | (0.52) | | | | | $ | (1.00) | | |
Weighted-average shares used in calculating pro forma net loss per share, basic and diluted (unaudited)
|
| | | | | | | | | | 38,489,148 | | | | | | 38,218,347 | | | | | | 38,832,537 | | |
| | |
Convertible Preferred Shares
|
| | |
Number of
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | ||||||||||||||||||||||||||||||
Balance as of January 1, 2019
|
| | | | 22,805,727 | | | | | $ | 83,646 | | | | | | | 11,017,137 | | | | | $ | 11,500 | | | | | $ | (72,552) | | | | | $ | (61,052) | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | | 754,901 | | | | | | 103 | | | | | | — | | | | | | 103 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | 21,939 | | | | | | — | | | | | | 21,939 | | |
Issuance of Series E preferred shares, net(*)
|
| | | | 3,634,512 | | | | | | 149,850 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (91,611) | | | | | | (91,611) | | |
Balance as of December 31, 2019
|
| | | | 26,440,239 | | | | | $ | 233,496 | | | | | | | 11,772,038 | | | | | $ | 33,542 | | | | | $ | (164,163) | | | | | $ | (130,621) | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | | 582,433 | | | | | | 542 | | | | | | — | | | | | | 542 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | 64,725 | | | | | | — | | | | | | 64,725 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (152,203) | | | | | | (152,203) | | |
Balance as of December 31, 2020
|
| | | | 26,440,239 | | | | | $ | 233,496 | | | | | | | 12,354,471 | | | | | $ | 98,809 | | | | | $ | (316,366) | | | | | $ | (217,557) | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | | 97,424 | | | | | | 543 | | | | | | — | | | | | | 543 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | 14,824 | | | | | | — | | | | | | 14,824 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (38,952) | | | | | | (38,952) | | |
Balance as of March 31, 2021 (unaudited)
|
| | | | 26,440,239 | | | | | $ | 233,496 | | | | | | | 12,451,895 | | | | | $ | 114,176 | | | | | $ | (355,318) | | | | | $ | (241,142) | | |
| | |
Convertible Preferred Shares
|
| | |
Number of
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Shareholders’
Deficit |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | ||||||||||||||||||||||||||||||
Balance as of January 1, 2020
|
| | | | 26,440,239 | | | | | $ | 233,496 | | | | | | | 11,772,038 | | | | | $ | 33,542 | | | | | $ | (164,163) | | | | | $ | (130,621) | | |
Exercise of options
|
| | | | — | | | | | | — | | | | | | | 14,409 | | | | | | 60 | | | | | | — | | | | | | 60 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | 3,255 | | | | | | — | | | | | | 3,255 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (19,863) | | | | | | (19,863) | | |
Balance as of March 31, 2020 (unaudited)
|
| | | | 26,440,239 | | | | | $ | 233,496 | | | | | | | 11,786,447 | | | | | $ | 36,857 | | | | | $ | (184,026) | | | | | $ | (147,169) | | |
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| | | | ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| | ||||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | ||||||||||||
Net loss
|
| | | $ | (91,611) | | | | | $ | (152,203) | | | | | $ | (19,863) | | | | | $ | (38,952) | | | | | |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | | | | | | | | | | | | | ||||||||||||
Depreciation and amortization
|
| | | | 579 | | | | | | 1,888 | | | | | | 346 | | | | | | 547 | | | | ||
Capital loss from sale of property and equipment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 45 | | | | ||
Share-based compensation
|
| | | | 21,839 | | | | | | 64,345 | | | | | | 3,226 | | | | | | 14,540 | | | | ||
Change in accrued interest on revolving credit facility
|
| | | | 21 | | | | | | (14) | | | | | | (6) | | | | | | 21 | | | | ||
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | ||||||||||||
Accounts receivable, net
|
| | | | (3,101) | | | | | | (472) | | | | | | 330 | | | | | | (986) | | | | ||
Prepaid expenses and other assets
|
| | | | (1,313) | | | | | | (1,828) | | | | | | (1,911) | | | | | | (1,629) | | | | ||
Accounts payable
|
| | | | 8,886 | | | | | | 6,773 | | | | | | 3,705 | | | | | | 3,969 | | | | ||
Accrued expenses and other liabilities
|
| | | | 5,555 | | | | | | 14,598 | | | | | | 826 | | | | | | 4,862 | | | | ||
Deferred revenue
|
| | | | 22,495 | | | | | | 29,738 | | | | | | 8,214 | | | | | | 16,984 | | | | ||
Net cash used in operating activities
|
| | | | (36,650) | | | | | | (37,175) | | | | | | (5,133) | | | | | | (599) | | | | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | ||||||||||||
Purchase of property and equipment
|
| | | | (1,402) | | | | | | (4,362) | | | | | | (1,142) | | | | | | (4,223) | | | | ||
Capitalized software development costs
|
| | | | (365) | | | | | | (1,119) | | | | | | (109) | | | | | | (440) | | | | ||
Proceeds from sale of property and equipment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 21 | | | | ||
Changes in short-term deposits
|
| | | | 15,000 | | | | | | (6,000) | | | | | | — | | | | | | — | | | | ||
Net cash provided by (used in) investing activities
|
| | | | 13,233 | | | | | | (11,481) | | | | | | (1,251) | | | | | | (4,642) | | | | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | ||||||||||||
Proceeds from issuance of preferred shares
|
| | | | 149,850 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Proceeds from exercise of share options
|
| | | | 103 | | | | | | 542 | | | | | | 60 | | | | | | 543 | | | | ||
Payments in connection with deferred offering costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | (207) | | | | ||
Receipt of revolving credit facility, net of payments
|
| | | | 8,500 | | | | | | 8,000 | | | | | | 2,000 | | | | | | — | | | | ||
Capital lease payments
|
| | | | (7) | | | | | | (72) | | | | | | (18) | | | | | | (28) | | | | ||
Net cash provided by financing activities
|
| | | | 158,446 | | | | | | 8,470 | | | | | | 2,042 | | | | | | 308 | | | | ||
INCREASE (DEACREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | 135,029 | | | | | | (40,186) | | | | | | (4,342) | | | | | | (4,933) | | | | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period
|
| | | | 36,971 | | | | | | 172,000 | | | | | | 172,000 | | | | | | 131,814 | | | | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period
|
| | | $ | 172,000 | | | | | $ | 131,814 | | | | | $ | 167,658 | | | | | $ | 126,881 | | | | | |
SUPPLEMENTAL DISCLOSURE: | | | | | | | | | | | | | | | | | ||||||||||||
Cash paid for taxes
|
| | | $ | 250 | | | | | $ | 2,487 | | | | | $ | 55 | | | | | $ | 18 | | | | | |
Cash paid for interest
|
| | | $ | 522 | | | | | $ | 685 | | | | | $ | 187 | | | | | $ | 133 | | | | | |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | ||||||||||||
Additions to capital leases
|
| | | $ | 254 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | |
Non-cash purchases of property and equipment
|
| | | $ | 221 | | | | | $ | 232 | | | | | •$ | 370 | | | | | $ | 206 | | | | | |
Unpaid deferred offering costs
|
| | | $ | — | | | | | $ | 174 | | | | | $ | — | | | | | $ | 1,036 | | | | | |
Share-based compensation included in capitalized software development costs
|
| | | $ | 100 | | | | | $ | 380 | | | | | $ | 29 | | | | | $ | 284 | | | | | |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET:
|
| | | | | | | | | | | | | | | | ||||||||||||
Cash and cash equivalents
|
| | | $ | 171,601 | | | | | $ | 129,814 | | | | | $ | 167,271 | | | | | $ | 124,281 | | | | | |
Restricted cash – Included in prepaid expense and other current assets
|
| | | | 20 | | | | | | — | | | | | | 20 | | | | | | 600 | | | | ||
Restricted cash – Included in other long-term assets
|
| | | | 379 | | | | | | 2,000 | | | | | | 367 | | | | | | 2,000 | | | | ||
Total cash, cash equivalents, and restricted cash
|
| | | $ | 172,000 | | | | | $ | 131,814 | | | | | $ | 167,658 | | | | | $ | 126,881 | | | | | |
| | |
Years
|
|
Computers software and electronic equipment
|
| |
3 – 5
|
|
Office furniture and equipment | | |
10 – 14
|
|
Capitalized internal use software | | |
3
|
|
Leasehold improvements | | |
Shorter of the remaining term of the underlying lease, or estimated useful life of the asset
|
|
| | |
Year ended
December 31, |
| |
Three months ended
March 31, |
| ||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
|
| | | | | | | | |
(Unaudited)
|
| |||
Risk-free interest rate
|
| |
2.12% – 2.75%
|
| |
0.3% – 0.58%
|
| |
0.51% – 0.58%
|
| |
0.68% – 0.95%
|
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
| |
0%
|
| |
0%
|
|
Expected term (in years)
|
| |
5 – 8
|
| |
5 – 8
|
| |
5 – 7
|
| |
5 – 8
|
|
Expected volatility
|
| |
43% – 45%
|
| |
47% – 48%
|
| |
46.95%
|
| |
49.05%
|
|
| | |
December 31
|
| |
March 31,
2021 |
| ||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||
Prepaid expenses
|
| | | $ | 1,789 | | | | | $ | 2,508 | | | | | $ | 3,660 | | |
Government institutions
|
| | | | 374 | | | | | | 767 | | | | | | 1,526 | | |
Other current assets
|
| | | | 106 | | | | | | 623 | | | | | | 1,386 | | |
Total prepaid expenses and other current assets
|
| | | $ | 2,269 | | | | | $ | 3,898 | | | | | $ | 6,572 | | |
| | |
December 31
|
| |
March 31,
2021 |
| ||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||
Computer, software, and electronic equipment
|
| | | $ | 1,880 | | | | | $ | 3,693 | | | | | $ | 4,188 | | |
Office furniture and equipment
|
| | | | 846 | | | | | | 1,178 | | | | | | 1,116 | | |
Leasehold improvements
|
| | | | 767 | | | | | | 2,995 | | | | | | 6,665 | | |
Capitalized software development costs
|
| | | | 465 | | | | | | 1,964 | | | | | | 2,688 | | |
Capital leases
|
| | | | 254 | | | | | | 254 | | | | | | 254 | | |
Property and equipment, gross
|
| | | | 4,212 | | | | | | 10,084 | | | | | | 14,911 | | |
Less accumulated depreciation and amortization
|
| | | | (1,018) | | | | | | (2,906) | | | | | | (3,425) | | |
Property and equipment, net
|
| | | $ | 3,194 | | | | | $ | 7,178 | | | | | $ | 11,486 | | |
| | |
December 31
|
| |
March 31,
2021 |
| ||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||
Accrued employee compensation and benefits
|
| | | $ | 3,493 | | | | | $ | 14,210 | | | | | $ | 15,962 | | |
Accrued expenses
|
| | | | 1,504 | | | | | | 4,825 | | | | | | 6,597 | | |
Capital lease – short-term
|
| | | | 84 | | | | | | 88 | | | | | | 85 | | |
Advances from customers
|
| | | | 1,672 | | | | | | 1,556 | | | | | | 2,439 | | |
Income and indirect taxes payable
|
| | | | 1,047 | | | | | | 2,288 | | | | | | 3,443 | | |
Total
|
| | | $ | 7,800 | | | | | $ | 22,967 | | | | | $ | 28,526 | | |
Years Ending December 31,
|
| |
Amount
|
| |||
2021
|
| | | $ | 7,172 | | |
2022
|
| | | | 8,229 | | |
2023
|
| | | | 8,856 | | |
2024
|
| | | | 9,924 | | |
2025
|
| | | | 10,181 | | |
Thereafter
|
| | | | 6,310 | | |
Total minimum lease payments
|
| | | $ | 50,672 | | |
Years Ending December 31,
|
| |
Amount
|
| |||
Remainder of 2021
|
| | | $ | 4,156 | | |
2022
|
| | | | 7,582 | | |
2023
|
| | | | 8,582 | | |
2024
|
| | | | 9,653 | | |
2025
|
| | | | 9,866 | | |
Thereafter
|
| | | | 8,139 | | |
Total minimum lease payments
|
| | | $ | 47,978 | | |
Years Ending December 31,
|
| |
Amount
|
| |||
2021
|
| | | $ | 4,295 | | |
2022
|
| | | | 1,600 | | |
Total contractual obligations
|
| | | $ | 5,895 | | |
Years Ending December 31,
|
| |
Amount
|
| |||
Remainder of 2021
|
| | | $ | 1,978 | | |
2022
|
| | | | 1,649 | | |
2023
|
| | | | 92 | | |
Total contractual obligations
|
| | | $ | 3,719 | | |
| | |
Year ended
December 31, |
| |
Three months ended,
March 31 |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
Financial expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank charges and other
|
| | | $ | 226 | | | | | $ | 340 | | | | | $ | 101 | | | | | $ | 145 | | |
Interest on credit facility and amortization of debt issuance fees
|
| | | | 543 | | | | | | 671 | | | | | | 181 | | | | | | 173 | | |
Exchange rate expense, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 166 | | |
Total financial expenses
|
| | | | 769 | | | | | | 1,011 | | | | | | 282 | | | | | | 484 | | |
Financial income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange rate income, net
|
| | | | 115 | | | | | | 492 | | | | | | 146 | | | | | | — | | |
Interest income on deposits
|
| | | | 2,244 | | | | | | 1,045 | | | | | | 485 | | | | | | 78 | | |
Total financial income
|
| | | | 2,359 | | | | | | 1,537 | | | | | | 631 | | | | | | 78 | | |
Financial income (expenses), net
|
| | | $ | 1,590 | | | | | $ | 526 | | | | | $ | 349 | | | | | $ | (406) | | |
| | |
Authorized
|
| |
Issued and
Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value, Net |
| ||||||||||||
Series A
|
| | | | 5,000,000 | | | | | | 4,383,300 | | | | | $ | 0.30 | | | | | $ | 1,280 | | |
Series B
|
| | | | 4,619,000 | | | | | | 4,619,000 | | | | | | 1.08 | | | | | | 4,970 | | |
Series B-1
|
| | | | 1,563,400 | | | | | | 1,563,400 | | | | | | 0.70 | | | | | | 1,100 | | |
Series B-2
|
| | | | 1,938,100 | | | | | | 1,938,100 | | | | | | 0.77 | | | | | | 1,496 | | |
Series C
|
| | | | 6,641,900 | | | | | | 6,641,900 | | | | | | 3.76 | | | | | | 24,925 | | |
Series D
|
| | | | 3,660,027 | | | | | | 3,660,027 | | | | | | 13.66 | | | | | | 49,875 | | |
Series E
|
| | | | 3,634,512 | | | | | | 3,634,512 | | | | | | 41.27 | | | | | | 149,850 | | |
Total
|
| | | | 27,056,939 | | | | | | 26,440,239 | | | | | | | | | | | $ | 233,496 | | |
| | |
December 31
|
| |
March 31,
2021 |
| ||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||
Conversion of Preferred shares: | | | | | |||||||||||||||
Series A
|
| | | | 4,383,300 | | | | | | 4,383,300 | | | | | | 4,383,300 | | |
Series B
|
| | | | 4,619,000 | | | | | | 4,619,000 | | | | | | 4,619,000 | | |
Series B-1
|
| | | | 1,563,400 | | | | | | 1,563,400 | | | | | | 1,563,400 | | |
Series B-2
|
| | | | 1,938,100 | | | | | | 1,938,100 | | | | | | 1,938,100 | | |
Series C
|
| | | | 6,641,900 | | | | | | 6,641,900 | | | | | | 6,641,900 | | |
Series D
|
| | | | 3,660,027 | | | | | | 3,660,027 | | | | | | 3,660,027 | | |
Series E
|
| | | | 3,634,512 | | | | | | 3,634,512 | | | | | | 3,634,512 | | |
Ordinary shares
|
| | | | 11,772,038 | | | | | | 12,354,471 | | | | | | 12,451,895 | | |
Outstanding share options
|
| | | | 4,684,239 | | | | | | 5,909,263 | | | | | | 7,091,672 | | |
Shares available for future grants under the 2017 plan
|
| | | | 3,140,366 | | | | | | 1,332,909 | | | | | | 178,168 | | |
Total
|
| | | | 46,036,882 | | | | | | 46,036,882 | | | | | | 46,161,974 | | |
| | |
Number of
Options |
| |
Weighted-
Average Exercise Price |
| |
Weighted
Average Remaining Contractual life |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding – January 1, 2019
|
| | | | 4,642,783 | | | | | $ | 0.47 | | | | | | 7.64 | | | | | | 42,703 | | |
Granted
|
| | | | 1,234,049 | | | | | $ | 5.02 | | | | | | | | | | | | | | |
Exercised
|
| | | | (754,901) | | | | | $ | 0.13 | | | | | | | | | | | | | | |
Expired and forfeited
|
| | | | (437,692) | | | | | $ | 2.21 | | | | | | | | | | | | | | |
Outstanding – December 31, 2019
|
| | | | 4,684,239 | | | | | $ | 1.56 | | | | | | 7.38 | | | | | | 112,744 | | |
Exercisable – December 31, 2019
|
| | | | 3,053,009 | | | | | $ | 0.58 | | | | | | 6.69 | | | | | | 76,463 | | |
Outstanding – January 1, 2020
|
| | | | 4,684,239 | | | | | $ | 1.56 | | | | | | 7.38 | | | | | | 112,744 | | |
Granted
|
| | | | 2,076,131 | | | | | $ | 11.54 | | | | | | | | | | | | | | |
Exercised
|
| | | | (582,433) | | | | | $ | 0.93 | | | | | | | | | | | | | | |
Expired and forfeited
|
| | | | (268,674) | | | | | $ | 9.32 | | | | | | | | | | | | | | |
Outstanding – December 31, 2020
|
| | | | 5,909,263 | | | | | $ | 4.79 | | | | | | 7.5 | | | | | | 341,152 | | |
Exercisable – December 31, 2020
|
| | | | 3,916,562 | | | | | $ | 1.37 | | | | | | 6.77 | | | | | | 239,508 | | |
Outstanding – January 1, 2021
|
| | | | 5,909,263 | | | | | $ | 4.79 | | | | | | 7.5 | | | | | | 341,152 | | |
Granted
|
| | | | 1,352,829 | | | | | $ | 20.04 | | | | | | | | | | | | | | |
Exercised
|
| | | | (97,424) | | | | | $ | 5.59 | | | | | | | | | | | | | | |
Expired and forfeited
|
| | | | (72,996) | | | | | $ | 19.74 | | | | | | | | | | | | | | |
Outstanding – March 31, 2021 (unaudited)
|
| | | | 7,091,672 | | | | | $ | 7.76 | | | | | | 7.74 | | | | | | 585,505 | | |
Exercisable – March 31, 2021 (unaudited)
|
| | | | 4,074,085 | | | | | $ | 1.83 | | | | | | 6.62 | | | | | | 359,944 | | |
| | |
December 31,
|
| |
March 31,
|
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| | |
2019
|
| |
2020
|
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2020
|
| |
2021
|
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| | | | | | | | | | | | | | |
(Unaudited)
|
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Cost of revenues
|
| | | $ | 970 | | | | | $ | 2,720 | | | | | $ | 299 | | | | | $ | 1,531 | | |
Research and development
|
| | | | 9,396 | | | | | | 12,142 | | | | | | 1,025 | | | | | | 4,537 | | |
Sales and marketing
|
| | | | 3,283 | | | | | | 10,068 | | | | | | 1,051 | | | | | | 4,034 | | |
General and administrative(*)
|
| | | | 8,190 | | | | | | 39,415 | | | | | | 851 | | | | | | 4,438 | | |
Share-based compensation, net of amounts capitalized
|
| | | $ | 21,839 | | | | | $ | 64,345 | | | | | $ | 3,226 | | | | | $ | 14,540 | | |
Capitalized share-based compensation expense
|
| | | | 100 | | | | | | 380 | | | | | | 29 | | | | | | 284 | | |
Total share-based compensation
|
| | | $ | 21,939 | | | | | $ | 64,725 | | | | | $ | 3,255 | | | | | $ | 14,824 | | |
| | |
2019
|
| |
2020
|
| ||||||
Domestic (Israel)
|
| | | $ | (91,788) | | | | | $ | (152,335) | | |
Foreign
|
| | | | 860 | | | | | | 2,324 | | |
Total
|
| | | $ | (90,928) | | | | | $ | (150,011) | | |
| | |
2019
|
| |
2020
|
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Domestic (Israel)
|
| | | $ | 249 | | | | | $ | 243 | | |
Foreign
|
| | | | 434 | | | | | | 1,949 | | |
Total
|
| | | $ | 683 | | | | | $ | 2,192 | | |
| | |
Year ended December 31,
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2019
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2020
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Tax
|
| |
Rate
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| |
Tax
|
| |
Rate
|
| ||||||||||||
Theoretical tax benefit
|
| | | $ | (20,914) | | | | | | 23% | | | | | $ | (34,503) | | | | | | 23% | | |
Increase (decrease) in tax rate due to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in valuation allowance
|
| | | | 10,562 | | | | | | (12)% | | | | | | 14,622 | | | | | | (10)% | | |
Share-based compensation
|
| | | | 2,742 | | | | | | (3)% | | | | | | 8,324 | | | | | | (5)% | | |
Preferred technological enterprise
|
| | | | 10,097 | | | | | | (11)% | | | | | | 16,757 | | | | | | (11)% | | |
Currency differences
|
| | | | (1,796) | | | | | | 2% | | | | | | (2,998) | | | | | | 2% | | |
Other
|
| | | | (8) | | | | | | 0% | | | | | | (10) | | | | | | 0% | | |
Effective tax
|
| | | $ | 683 | | | | | | (1)% | | | | | $ | 2,192 | | | | | | (1)% | | |
| | |
December 31
|
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| | |
2019
|
| |
2020
|
| ||||||
Deferred tax assets:
|
| | | | | | | | | | | | |
Net operating loss carry forwards
|
| | | $ | 15,456 | | | | | $ | 27,148 | | |
Research and development
|
| | | | 1,613 | | | | | | 3,296 | | |
Other temporary differences
|
| | | | 233 | | | | | | 1,414 | | |
Carryforward tax credits
|
| | | | 262 | | | | | | 601 | | |
Gross deferred tax assets
|
| | | | 17,564 | | | | | | 32,459 | | |
Valuation allowance
|
| | | | (17,482) | | | | | | (32,104) | | |
Total deferred tax assets
|
| | | | 82 | | | | | | 355 | | |
Deferred tax liabilities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | (82) | | | | | | (355) | | |
Deferred tax liabilities
|
| | | | (82) | | | | | | (355) | | |
Net deferred taxes
|
| | | $ | — | | | | | $ | — | | |
| | |
Year ended
December 31 |
| |
Three months ended
March 31, |
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| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
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| | | | | | | | | | | | | | |
(Unaudited)
|
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Numerator: | | | | | | ||||||||||||||||||||
Net loss
|
| | | $ | 91,611 | | | | | $ | 152,203 | | | | | $ | 19,863 | | | | | $ | 38,952 | | |
Undistributed earnings attributable to preferred shareholders
|
| | | | 13,058 | | | | | | 18,713 | | | | | | 4,665 | | | | | | 4,614 | | |
Net loss attributable to ordinary shareholders, basic and diluted
|
| | | $ | 104,669 | | | | | $ | 170,916 | | | | | $ | 24,528 | | | | | $ | 43,566 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding
|
| | | | 11,348,428 | | | | | | 12,048,909 | | | | | | 11,778,108 | | | | | | 12,392,298 | | |
Basic and diluted net loss per share
|
| | | $ | (9.22) | | | | | $ | (14.19) | | | | | $ | (2.08) | | | | | $ | (3.52) | | |
| | |
Year ended
December 31 |
| |
Three months ended
March 31, |
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| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
Numerator: | | | | | | ||||||||||||||||||||
Net loss and pro forma net loss
|
| | | $ | 91,611 | | | | | $ | 152,203 | | | | | $ | 19,863 | | | | | $ | 38,952 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding
|
| | | | 11,348,428 | | | | | | 12,048,909 | | | | | | 11,778,108 | | | | | | 12,392,298 | | |
Conversion of convertible Preferred shares
|
| | | | 24,727,537 | | | | | | 26,440,239 | | | | | | 26,440,239 | | | | | | 26,440,239 | | |
Weighted average shares used in computing pro forma net loss per share
|
| | | | 36,075,965 | | | | | | 38,489,148 | | | | | | 38,218,347 | | | | | | 38,832,537 | | |
Basic and diluted net loss per share
|
| | | $ | (2.54) | | | | | $ | (3.95) | | | | | $ | (0.52) | | | | | $ | (1.00) | | |
| | |
Year ended
December 31 |
| |
Three months ended
March 31, |
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| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
United States
|
| | | $ | 36,439 | | | | | $ | 77,933 | | | | | $ | 15,296 | | | | | $ | 28,268 | | |
EMEA
|
| | | | 24,809 | | | | | | 49,747 | | | | | | 9,859 | | | | | | 18,578 | | |
Rest of the world
|
| | | | 16,841 | | | | | | 33,443 | | | | | | 6,774 | | | | | | 12,126 | | |
| | | | $ | 78,089 | | | | | $ | 161,123 | | | | | $ | 31,929 | | | | | $ | 58,972 | | |
| | |
As of
December 31 |
| |
As of
March 31, 2021 |
| ||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(Unaudited)
|
| |||
Israel
|
| | | $ | 3,019 | | | | | $ | 6,361 | | | | | $ | 10,530 | | |
United States
|
| | | | 175 | | | | | | 756 | | | | | | 764 | | |
Rest of the world
|
| | | | — | | | | | | 61 | | | | | | 192 | | |
| | | | $ | 3,194 | | | | | $ | 7,178 | | | | | $ | 11,486 | | |
|
Name
|
| |
Title
|
|
|
/s/ Roy Mann
Roy Mann
|
| |
Co-Founder and Co-Chief Executive Officer
(Co-Principal Executive Officer) |
|
|
/s/ Eran Zinman
Eran Zinman
|
| |
Co-Founder and Co-Chief Executive Officer
(Co-Principal Executive Officer) |
|
|
/s/ Eliran Glazer
Eliran Glazer
|
| |
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
|
*
Avishai Abrahami
|
| | Director | |
|
*
Aviad Eyal
|
| | Director | |
|
*
Jeff Horing
|
| | Director | |
| *By | | | /s/ Eliran Glazer | |
| | | |
Eliran Glazer
Attorney-in-Fact |
|