Datto Announces Fourth Quarter and Full Year 2021 Financial Results|||

4th quarter subscription revenue grew nineteen percent year-over-year to $153.ii million

ARR grew 21 pct year-over-year to $658.4 1000000

NORWALK, Conn.–(BUSINESS WIRE)–#MSP—Datto Holding Corp. (Datto) (NYSE: MSP), the leading global provider of security and deject-based software solutions purpose-congenital for Managed Service Providers (MSPs), today announced its financial results for the fourth quarter and full yr concluded December 31, 2021.

“Nosotros finished 2021 on a strong note with another quarter of accelerating growth,” said Tim Weller, Datto’due south Master Executive Officer. “The fourth quarter capped an exceptional yr for Datto and our MSP partners. We exceeded all of our targets in our first full year as a public company and launched several new, highly differentiated products that assistance our MSP partners better secure digital avails on behalf of their SMB clients. MSPs now find themselves squarely in the security business, and Datto is right there with them. We further solidified Datto’s leading position in security solutions with the early 2022 conquering of cybersecurity business firm Infocyte. 2022 is shaping up to be another exciting yr for Datto as we continue to help our MSP partners on their security journey with our new products ramping and more on the way.”

Fourth Quarter and Full Year 2021 Financial Results

(In Millions)

Q4 2021

Q4 2020

Y/Y Change

FY 2021

FY 2020

Y/Y Change

Subscription Revenue(1)

$153.2

$129.0

nineteen%

$577.3

$485.iii

19%

Total Acquirement(i)

$164.3

$139.0

eighteen%

$618.seven

$518.8

19%

ARR(2)

$658.4

$542.8

21%

$658.4

$542.8

21%

Gross Margin

70%

69%

88 bps

71%

71%

45 bps

Not-GAAP Gross Margin(3)

72%

74%

(108 bps)

74%

73%

74 bps

Cyberspace Income

$5.7

$(7.2)

Due north/M

$51.4

$22.5

129%

Adjusted EBITDA(3)

$39.8

$forty.8

(iii)%

$175.4

$150.5

17%

Cyberspace Cash Provided by Operating Activities

$26.3

$34.6

(24)%

$125.iv

$108.vii

fifteen%

Complimentary Greenbacks Flow(3)

$xi.ii

$22.7

(51)%

$78.one

$68.two

fifteen%

1

Subscription and Total Acquirement Y/Y percentage change includes benefits from favorable foreign commutation rates of approximately 25 ground points for the 4th quarter and 200 basis points for the full twelvemonth.

2

Almanac run-charge per unit acquirement (ARR) is the annualized value of all subscription agreements equally of the end of a period. We calculate ARR by multiplying the monthly run-rate revenue for the final month of a menses by 12.

3

A reconciliation of GAAP to non-GAAP fiscal measures is provided in the fiscal statement tables included in this press release. An explanation of these measures is also included nether the heading “Non-GAAP Fiscal Measures.”

Recent Highlights

  • Concluded the quarter with more than 18,500 MSP partners, a net increase of 1,500 (+nine%) from the previous year.
  • Concluded the quarter with average ARR per MSP of approximately $35,600, an increase of approximately $three,600 (+11%) from the previous twelvemonth.
  • Expanded the number of MSPs contributing over $100,000 ARR to 1,400, a 27% increase from one,100 at Dec 31, 2020.
  • Acquired cybersecurity visitor Infocyte, an innovator in Endpoint Detection and Response (EDR) technologies and Managed Detection and Response (MDR) services. The Infocyte team and engineering broaden Datto’s capabilities within the critical Protect, Detect, and Respond stages of the NIST security framework, and add together to the Visitor’s apace expanding set of MSP-delivered security offerings.
  • Released a tool for MSPs to gainsay the Apache Log4j vulnerability. This endpoint assessment software works with any Remote Monitoring and Management (RMM) solution and tin can uniquely enumerate potentially vulnerable systems, detect intrusion attempts, and inoculate Windows systems against Log4j attacks.
  • In support of Datto’s growth strategy and commitment to the DACH region (Germany, Austria, and Switzerland), the Company announced a partnership with Infinigate, a leading Value-Added Benefactor of cybersecurity solutions in Europe. Infinigate has a large customer base of operations in DACH and will strengthen our sales efforts in the region and help attract new MSPs to Datto through a proven selling model.
  • Announced that Brooke Cunningham has joined the Visitor every bit Datto’s Primary Marketing Officer and Emily Tabak Epstein has joined as Full general Counsel.

Kickoff Quarter and Full Year 2022 Financial Outlook

Datto is providing the following guidance for the showtime quarter and full-twelvemonth 2022:

(In Millions)

Q1 2022 Outlook

FY 2022 Outlook

Total Revenue
(one)

$168 – $169

$720 – $726

Y/Y growth as reported

sixteen% – 17%

16% – 17%

Y/Y growth constant currency

17% – 18%

xviii% – 19%

Subscription Revenue
(i)

$158 – $159

$676 – $682

Y/Y growth equally reported

17% – 17%

17% – 18%

Y/Y growth constant currency

18% – nineteen%

xviii% – 19%

Adjusted EBITDA

$37 – $38

$163 – $168

Adjusted EBITDA margin

22%

23%

1

Subscription and Total Revenue guidance include foreign substitution rate assumptions which reduce Y/Y growth rates by approximately 150 basis points for the get-go quarter and 130 basis points for the full yr and which are excluded in the abiding currency growth rates.

Datto Quaternary Quarter and Total-Year 2021 Results Conference Call

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    When:


Wed, February 23, 2022

Fourth dimension:
5:00 pm ET

Conference ID:
8751783

Live Telephone call:
1-888-660-6179 (US/Canada Price-Complimentary) or one-929-203-1946 (International)

Replay:
one-800-770-2030 (U.s.a./Canada Toll-Free) or 1-647-362-9199 (International)

    (The replay will exist available approximately 2 hours after the completion of the live call)

Webcast:
https://investors.datto.com

About Datto

As the leading global provider of security and cloud-based software solutions purpose-built for Managed Service Providers (MSPs), Datto believes in that location is no limit to what pocket-size and medium businesses (SMBs) can achieve with the right technology. Datto’south proven Unified Continuity, Networking, Endpoint Management, and Business Management solutions bulldoze cyber resilience, efficiency, and growth for MSPs. Delivered via an integrated platform, Datto’s solutions help its global ecosystem of MSP partners serve over ane million businesses around the world. From proactive dynamic detection and prevention to fast, flexible recovery from cyber incidents, Datto’due south solutions defend against costly reanimation and data loss in servers, virtual machines, cloud applications, or anywhere data resides. Since its founding in 2007, Datto has won numerous awards for its product excellence, superior technical support, rapid growth, and for fostering an outstanding workplace. With headquarters in Norwalk, Connecticut, Datto has global offices in Commonwealth of australia, Canada, China, Denmark, Federal republic of germany, State of israel, holland, Singapore, and the United Kingdom.

Learn more than at datto.com.

Forward-Looking Statements

This press release contains forrad-looking statements that reflect Datto’south current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, time to come performance, and business organisation. These statements may be preceded by, followed past or include the words ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘project,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘believe,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘can take,’’ ‘‘likely’’ and the negatives thereof and other words and terms of similar meaning. Further information on potential factors that could affect our results is included in our Annual Report on Grade 10-K.

Frontward-looking statements include all statements that are non historical facts. Such forrard-looking statements are field of study to diverse risks and uncertainties. Accordingly, in that location are or will be important factors that could cause bodily outcomes or results to differ materially from those indicated in these statements.

There is no assurance that whatsoever forward-looking statements will materialize. You lot are cautioned not to place undue reliance on forrard-looking statements, which reflect expectations only as of this date. Datto undertakes no obligation to publicly update or review whatever forrard-looking statement, whether every bit a issue of new data, future developments or otherwise.

Non-GAAP Financial Measures

In addition to our results determined in accord with generally accepted accounting principles in the United States (“GAAP”), we believe that the non-GAAP financial measures of Non-GAAP Subscription Price of Revenue, Not-GAAP Device Cost of Revenue, Non-GAAP Professional Services and Other Cost of Revenue, Non-GAAP Depreciation and Amortization in Cost of Revenue, Non-GAAP Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP Sales and Marketing expense, Non-GAAP Research and Development expense, Not-GAAP General and Administrative expense, Non-GAAP Depreciation and Acquittal in Operating Expenses, Non-GAAP Operating Expenses, Not-GAAP Income from Operations, Non-GAAP Net Income and Non-GAAP Net Income Per Share, Adjusted EBITDA, and Complimentary Cash Catamenia are useful in evaluating our operating performance. Certain of these measures exclude interest and other (income) expense, net, loss on extinguishment of debt, depreciation and acquittal, stock-based bounty expense, restructuring expense and transaction related and other expense. In addition, for Non-GAAP Net Income nosotros use a non-GAAP revenue enhancement rate of 25%, which we believe reflects our normalized effective tax rate. Nosotros believe that non-GAAP fiscal information, when taken collectively, may be helpful to investors considering information technology provides consistency and comparability with by financial operation and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes but, and should non be considered a substitute for financial data presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Reconciliation tables of the most directly comparable GAAP financial measures to the not-GAAP financial measures used in this press release are included with the fiscal tables at the terminate of this press release.

Datto is not providing a quantitative reconciliation of forward-looking guidance of Adjusted EBITDA to its almost directly comparable GAAP mensurate considering certain items are out of Datto’south command or cannot be reasonably predicted, as the items are uncertain, depend on various factors, and could accept a material impact on GAAP reported results for the guidance flow. Accordingly, a reconciliation for forward-looking Adapted EBITDA is not available without unreasonable endeavour.

For more information near Datto, including supplemental financial information, please visit the investor relations website at investors.datto.com.

DATTO HOLDING CORP.

Condensed Consolidated Statements of Operations


(in thousands, except share and per share amounts)


(unaudited)

Three Months Ended December 31,

Year Ended December 31,

2021

2020

2021

2020

Revenue:

Subscription

$

153,224

$

128,978

$

577,321

$

485,326

Device

x,180

9,104

37,832

30,202

Professional services and other

850

910

3,504

3,257

Total acquirement

164,254

138,992

618,657

518,785

Toll of revenue:

Subscription

24,818

23,677

ninety,162

84,463

Device

13,863

eleven,143

47,415

37,607

Professional person services and other

1,538

i,845

6,059

6,244

Depreciation and acquittal

8,917

six,144

32,712

21,890

Full cost of revenue

49,136

42,809

176,348

150,204

Gross profit

115,118

96,183

442,309

368,581

Operating expenses:

Sales and marketing

40,023

31,962

139,257

115,790

Enquiry and development

31,209

30,932

107,899

78,932

General and administrative

27,570

26,279

106,478

85,668

Depreciation and amortization

6,917

6,623

26,471

27,223

Total operating expenses

105,719

95,796

380,105

307,613

Income from operations

9,399

387

62,204

lx,968

Other expense:

Interest expense

22

i,758

455

25,348

Loss on extinguishment of debt

8,488

8,488

Other expense (income), net

163

(2,026

)

387

(three,428

)

Full other expense

185

viii,220

842

30,408

Income (loss) earlier income taxes

9,214

(7,833

)

61,362

xxx,560

Provision for income taxes

(iii,467

)

665

(nine,928

)

(eight,062

)

Net income (loss)

$

five,747

$

(vii,168

)

$

51,434

$

22,498

Net income per share owing to common stockholders:

Bones

$

0.04

$

(0.05

)

$

0.32

$

0.xvi

Diluted

$

0.03

$

(0.05

)

$

0.31

$

0.16

Weighted-average shares used in computing net income per share:

Basic

163,210,116

154,968,918

162,048,828

140,404,763

Diluted

166,574,607

154,968,918

165,759,624

142,514,848

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DATTO Holding CORP.

Condensed Consolidated Balance Sheets


(in thousands)


(unaudited)

December 31,

2021

2020

ASSETS

Current avails

Cash and cash equivalents

$

221,421

$

168,877

Restricted greenbacks

1,319

one,536

Accounts receivable, net

12,870

13,946

Inventory

34,901

13,811

Prepaid expenses and other current assets

39,456

28,316

Total electric current avails

309,967

226,486

Property and equipment, internet

106,577

91,876

Operating lease assets

31,003

Goodwill

1,141,726

1,120,954

Intangible avails, net

287,605

287,395

Other assets

85,313

66,560

Full assets

$

1,962,191

$

ane,793,271

LIABILITIES AND STOCKHOLDERS’ Disinterestedness

Current liabilities

Accounts payable

$

9,997

$

7,574

Accrued expenses and other current liabilities

59,553

39,461

Deferred revenue

20,356

23,763

Total electric current liabilities

89,906

70,798

Deferred revenue, noncurrent

3,341

iii,322

Deferred income taxes

24,955

18,947

Operating charter liabilities, noncurrent

31,332

Other long-term liabilities

715

eleven,736

Total liabilities

150,249

104,803

Commitments and contingencies

STOCKHOLDERS’ EQUITY

Common stock

164

161

Boosted paid-in capital letter

1,829,957

ane,755,387

Treasury stock

(iii,621

)

(iii,621

)

Accumulated deficit

(13,792

)

(65,226

)

Accumulated other comprehensive income

(766

)

1,767

Total stockholders’ equity

1,811,942

1,688,468

Total liabilities and stockholders’ disinterestedness

$

ane,962,191

$

1,793,271

DATTO HOLDING CORP.

Condensed Consolidated Statements of Cash Flows


(in thousands)


(unaudited)

Twelvemonth Concluded December 31,

2021

2020

OPERATING ACTIVITIES

Net income

$

51,434

$

22,498

Adjustments to reconcile net income to net greenbacks provided by operating activities:

Depreciation

32,044

26,434

Amortization of acquired intangible assets

27,139

22,679

Loss on extinguishment of debt

8,488

Amortization of debt issuance costs

341

i,428

Reserve for inventory obsolescence

57

one,517

Non-cash operating charter expense

7,292

Stock-based bounty

48,909

33,460

Allowance for expected credit losses

367

six,217

Deferred income taxes

4,922

7,770

Unrealized foreign exchange

(1,303

)

(i,204

)

Changes in operating assets and liabilities:

Accounts receivable

1,598

769

Inventory

(21,186

)

(2,826

)

Prepaid expenses and other electric current assets

(11,487

)

(7,498

)

Other assets

(19,641

)

(12,952

)

Accounts payable, accrued expenses and other

8,391

iii,073

Deferred acquirement

(3,511

)

(1,155

)

Net cash provided by operating activities

125,366

108,698

INVESTING ACTIVITIES

Purchase of property and equipment

(47,237

)

(twoscore,466

)

Acquisition of business, net of cash acquired

(45,486

)

(4,371

)

Net cash used in investing activities

(92,723

)

(44,837

)

FINANCING ACTIVITIES

Proceeds from debt

32,100

Repayments of debt and capital leases

(101

)

(594,727

)

Debt issuance costs

(1,178

)

Proceeds from initial public offering, net of underwriting costs

641,643

Capitalized transaction costs

(684

)

(5,256

)

Proceeds from stock option exercises

22,510

3,150

Repurchase of mutual stock and settlement of stock-based payment awards

(53

)

Net cash provided by financing activities

21,725

75,679

Effect of substitution rate changes on cash and cash equivalents

(ii,041

)

1,807

Internet increase in greenbacks and greenbacks equivalents

52,327

141,347

Cash and cash equivalents and restricted greenbacks, beginning of year

170,413

29,066

Cash and cash equivalents and restricted cash, end of menstruum

$

222,740

$

170,413

Reconciliation of cash and cash equivalents and restricted cash:

Cash and cash equivalents

$

221,421

$

168,877

Restricted cash

$

1,319

$

1,536

SUPPLEMENTAL DISCLOSURE OF CASH FLOW Information

Cash paid for income taxes

$

6,380

$

890

Cash paid for interest

$

133

$

24,037

NON-CASH INVESTING AND FINANCING ACTIVITIES

Purchase of belongings and equipment included in accounts payable

$

$

17

Unpaid initial public offering costs in full current liabilities

$

$

684

DATTO Property CORP.

Non-GAAP Condensed Consolidated Statements of Operations


(in thousands, except share and per share amounts)


(unaudited)

Three Months Ended December 31,

Twelvemonth Ended December 31,

2021

2020

2021

2020

Revenue:

Subscription

$

153,224

$

128,978

$

577,321

$

485,326

Device

10,180

nine,104

37,832

30,202

Professional person services and other

850

910

3,504

3,257

Full revenue

164,254

138,992

618,657

518,785

Cost of revenue:

Subscription

23,681

nineteen,703

85,860

79,909

Device

xiii,820

10,940

47,222

37,404

Professional person services and other

1,489

1,427

5,859

v,687

Depreciation and acquittal

six,180

4,646

23,261

16,867

Total price of revenue

45,170

36,716

162,202

139,867

Gross profit

119,084

102,276

456,455

378,918

Operating expenses:

Sales and marketing

37,047

27,151

129,790

107,255

Research and development

25,047

xviii,457

84,480

64,393

General and administrative

23,367

20,478

89,997

73,649

Depreciation and amortization

2,496

ii,173

eight,783

nine,567

Total operating expenses

87,957

68,259

313,050

254,864

Income from operations

31,127

34,017

143,405

124,054

Other expense:

Involvement expense

22

1,758

455

25,348

Other expense (income), net

163

(ii,026

)

387

(3,428

)

Total other expense (income)

185

(268

)

842

21,920

Income before income taxes

30,942

34,285

142,563

102,134

Provision for income taxes

(7,736

)

(8,571

)

(35,641

)

(25,534

)

Net income

$

23,206

$

25,714

$

106,922

$

76,600

Internet income per share owing to mutual stockholders:

Basic

$

0.fourteen

$

0.17

$

0.66

$

0.55

Diluted

$

0.14

$

0.16

$

0.65

$

0.54

Weighted-boilerplate shares used in computing net income per share:

Basic

163,210,116

154,968,918

162,048,828

140,404,763

Diluted

166,574,607

158,856,958

165,759,624

142,514,848

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DATTO Holding CORP.

GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics


(in thousands, except percentages and share and per share amounts)


(unaudited)

Iii Months Ended December 31,

Year Ended December 31,

2021

2020

2021

2020


Non-GAAP Subscription Price of Revenue

GAAP subscription cost of revenue

$

24,818

$

23,677

$

90,162

$

84,463

Stock-based compensation expense

(1,137

)

(3,974

)

(4,302

)

(4,092

)

Restructuring expense

(462

)

Non-GAAP subscription price of revenue

$

23,681

$

19,703

$

85,860

$

79,909


Non-GAAP Device Price of Acquirement

GAAP device cost of acquirement

$

13,863

$

eleven,143

$

47,415

$

37,607

Stock-based compensation expense

(43

)

(203

)

(193

)

(203

)

Non-GAAP device gross cost of acquirement

$

13,820

$

10,940

$

47,222

$

37,404


Non-GAAP Professional Services and Other Cost of Revenue

GAAP professional services and other cost of revenue

$

1,538

$

1,845

$

6,059

$

6,244

Stock-based bounty expense

(49

)

(418

)

(200

)

(418

)

Restructuring expense

(139

)

Non-GAAP professional services and other toll of revenue

$

ane,489

$

1,427

$

5,859

$

five,687


Non-GAAP Depreciation and Amortization in Cost of Revenue

GAAP depreciation and acquittal in cost of acquirement

$

viii,917

$

half-dozen,144

$

32,712

$

21,890

Amortization of caused intangible avails

(two,737

)

(1,498

)

(ix,451

)

(5,023

)

Not-GAAP depreciation and amortization in cost of revenue

$

half dozen,180

$

four,646

$

23,261

$

16,867


Non-GAAP Price of Revenue

GAAP cost of acquirement

$

49,136

$

42,809

$

176,348

$

150,204

Amortization of acquired intangible assets

(2,737

)

(1,498

)

(9,451

)

(5,023

)

Stock-based compensation expense

(1,229

)

(iv,595

)

(4,695

)

(four,713

)

Restructuring expense

(601

)

Not-GAAP toll of revenue

$

45,170

$

36,716

$

162,202

$

139,867


Non-GAAP Gross Profit

GAAP gross profit

$

115,118

$

96,183

$

442,309

$

368,581

Acquittal of acquired intangible assets

2,737

i,498

9,451

5,023

Stock-based bounty expense

i,229

four,595

four,695

4,713

Restructuring expense

601

Not-GAAP gross profit

$

119,084

$

102,276

$

456,455

$

378,918

Non-GAAP gross margin

72.5

%

73.half dozen

%

73.8

%

73.0

%

DATTO Holding CORP.

GAAP to Not-GAAP Reconciliations and Calculation of Other Key Metrics


(in thousands, except percentages and share and per share amounts)


(unaudited)

Three Months Ended December 31,

Year Concluded December 31,

2021

2020

2021

2020


Not-GAAP Sales and Marketing

GAAP sales and marketing expense

$

forty,023

$

31,962

$

139,257

$

115,790

Stock-based bounty expense

(2,976

)

(4,811

)

(nine,467

)

(6,614

)

Restructuring expense

(1,921

)

Non-GAAP sales and marketing expense

$

37,047

$

27,151

$

129,790

$

107,255

Non-GAAP sales and marketing every bit a % of acquirement

22.6

%

nineteen.5

%

21.0

%

twenty.7

%


Non-GAAP Research and Evolution

GAAP inquiry and development expense

$

31,209

$

30,932

$

107,899

$

78,932

Stock-based compensation expense

(6,162

)

(12,475

)

(23,419

)

(13,590

)

Restructuring expense

(949

)

Non-GAAP research and development expense

$

25,047

$

xviii,457

$

84,480

$

64,393

Non-GAAP research and development equally a % of revenue

15.2

%

13.3

%

13.seven

%

12.4

%


Non-GAAP General and Administrative

GAAP general and administrative expense

$

27,570

$

26,279

$

106,478

$

85,668

Stock-based compensation expense

(3,187

)

(5,018

)

(11,328

)

(viii,543

)

Restructuring expense

(364

)

Transaction related and other expense

(ane,016

)

(783

)

(five,153

)

(3,112

)

Non-GAAP general and authoritative expense

$

23,367

$

20,478

$

89,997

$

73,649

Non-GAAP general and administrative equally a % of revenue

14.2

%

14.7

%

14.5

%

xiv.ii

%


Non-GAAP Depreciation and Amortization in Operating Expenses

GAAP depreciation and acquittal in operating expenses

$

6,917

$

half-dozen,623

$

26,471

$

27,223

Amortization of caused intangible assets

(4,421

)

(4,450

)

(17,688

)

(17,656

)

Non-GAAP depreciation and amortization in operating expense

$

2,496

$

2,173

$

8,783

$

9,567

Non-GAAP depreciation and amortization in operating expense as a % of revenue

i.5

%

i.half-dozen

%

1.4

%

1.viii

%


Non-GAAP Operating Expenses

GAAP operating expenses

$

105,719

$

95,796

$

380,105

$

307,613

Amortization of acquired intangible avails

(4,421

)

(4,450

)

(17,688

)

(17,656

)

Stock-based compensation expense

(12,325

)

(22,304

)

(44,214

)

(28,747

)

Restructuring expense

(three,234

)

Transaction related and other expense

(1,016

)

(783

)

(5,153

)

(iii,112

)

Non-GAAP operating expenses

$

87,957

$

68,259

$

313,050

$

254,864

Non-GAAP operating expenses as a % of revenue

53.5

%

49.i

%

fifty.6

%

49.1

%


Not-GAAP Income From Operations

GAAP income from operations

$

9,399

$

387

$

62,204

$

sixty,968

Amortization of acquired intangible assets

7,158

v,948

27,139

22,679

Stock-based compensation expense

13,554

26,899

48,909

33,460

Restructuring expense

3,835

Transaction related and other expense

i,016

783

5,153

3,112

Non-GAAP income from operations

$

31,127

$

34,017

$

143,405

$

124,054

Non-GAAP operating margin

xix.0

%

24.5

%

23.two

%

23.9

%

Contacts

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Source: https://www.dailyhostnews.com/datto-announces-fourth-quarter-and-full-year-2021-financial-results