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walk me WalkMe Announces Third Quarter 2021 Financial Results November 10 , 2021 • Q3 Subscription revenue accelerates growth to 37 % year - over - year to $ 46.1 million • Remaining Performance Obligations grew 49 % year - over - year to $ 272.2 million • Enterprise - wide DAP customers grew 93 % year - over - year to 112 customers ● Expanded partner channel with strategic alliances with Deloitte U.S. and SAP Concur SAN FRANCISCO , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- WalkMe Ltd. ( NASDAQ : WKME ) , a leading provider of digital adoption solutions , today announced financial results for its third quarter ended September 30 , 2021 . " We are very pleased with the continued strength and execution across our business globally with our subscription revenue growth accelerating once again , " said Dan Adika , CEO and co - Founder of WalkMe . " I'm proud of what we achieved during the quarter , including signing new partnerships with Deloitte U.S. and SAP Concur . These agreements underscore the need for a digital adoption platform by enterprises driving digital transformation in their businesses . Organizations are increasingly turning to WalkMe to gather data , generate insights , and take action on how users are interacting with software and applications across their organization to drive adoption and ROI from their technology investments . We are in the very early stages of a large opportunity and believe that we are well positioned to capitalize on the market for Digital Adoption as we continue to invest for future growth . " Third quarter 2021 Financial Highlights : • Annualized Recurring Revenue ( ARR ) : ARR as of September 30 , 2021 grew 31 % year - over - year to $ 201.7 million . • Revenue : Total revenue was $ 50.6 million in the third quarter of 2021 , an increase of 31 % year - over - year . Subscription revenue was $ 46.1 million , an increase of 37 % year - over - year . • Remaining Performance Obligation ( RPO ) : RPO was $ 272.2 million as of September 30 , 2021 , an increase of 49 % year - over - year . • GAAP Operating Loss : GAAP operating loss was $ 17.8 million in the third quarter 2021 , or 35.3 % of total revenue , compared to $ 12.9 million , or 33.4 % of total revenue , in the third quarter of 2020 . • Non - GAAP Operating Loss was $ 10.1 million in the third quarter of 2021 , or 20.0 % of total revenue , compared to $ 6.3 million , or 16.3 % of total revenue , in the third quarter of 2020 . • Cash Flow : Net cash used in operations in the third quarter 2021 was $ 11.3 million , or 22.2 % of total revenue , compared to $ 0.4 million provided by operations or 1.0 % of total revenue , in the third quarter of 2020 . • Free Cash Flow was negative $ 12.9 million in the third quarter 2021 , or 25.5 % of total revenue , compared to negative $ 0.2 million , or 0.5 % of total revenue , in the third quarter of 2020 . • Cash , Cash Equivalents , and Short - term Deposits were $ 361.9 million as of September 30 , 2021 . " Our strong third quarter results demonstrate what we anticipate to be continued market tailwinds for Digital Adoption and traction that we are gaining with our ongoing strategic initiatives : penetrating deeper into our existing customer base with company - wide DAP deployments and expanding our partnerships with Global System Integrators , " said Andrew Casey , CFO of WalkMe . " This momentum is reflected in the strong growth we saw in total RPO , which increased 49 % year- over - year , and the growth we saw in the number of enterprise - wide DAP customers , which increased 93 % year - over - year . We have also continued to aggressively invest in our sales organization and marketing to capitalize on the large market opportunity for Digital Adoption and fuel our future growth . " Third Quarter and Recent Business Highlights : • Added 9 net new enterprise - wide DAP customers to 112 , representing customer count growth of 93 % year - over - year . ARR from DAP customers grew 120 % year - over - year . • ARR from customers with more than 500 employees grew 36 % year - over - year and represented 86 % of total ARR . • Customers with over $ 100K in ARR grew 28 % year - over - year to 419 . ● Expanded relationship with Global System Integrator , Deloitte , which is investing in a dedicated team in the U.S. to provide technology adoption solutions via its newly - created Digital Adoption Services business , developed in conjunction with WalkMe . • Joined the SAP Concur partner program to deliver Concur User Assistant by WalkMe , a new solution extension that leverages WalkMe technology to provide relevant self - service guidance and content within the SAP Concur environment . • Expanded the executive leadership team with the appointment of Wayne McCulloch as Chief Customer Officer . Wayne brings more than 25 years of experience in customer success roles and is expected to help us advocate on behalf of the