ChargePoint reports third quarter fiscal year 2023 financial results

Third quarter fiscal 2023 revenue of $125 million representing 93% year-over-year growth

  • GAAP and Non-GAAP gross margin both improved 1 percentage point quarter-over-quarter
  • ChargePoint guides to fourth quarter fiscal 2023 revenue of $160-$170 million; full-year revenue guidance range revised upward $5 million from previous midpoint to $475 million to $485 million
  • ChargePoint guides to improving operating leverage with full fiscal year Non-GAAP operating expenses of $325-$335 million, a decrease of $30 million from prior guidance at midpoint

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading electric vehicle (EV) charging network, today reported results for its third quarter of fiscal 2023 ended October 31, 2022.

“ChargePoint delivered another quarter of growth exceeding 90% year-over-year, as we continue to scale the business to meet strong demand for our solutions across North America and Europe,” said Pasquale Romano, President and CEO of ChargePoint. “Our networked, asset-light business model continues to enable our growth as we strive to deliver improved margins and operating leverage.”

Third Quarter Fiscal 2023 Financial Overview

  • Revenue. Third quarter revenue was $125.3 million, up 93% from $65.0 million in the prior year’s same quarter. Networked charging systems revenue for the third quarter was $97.6 million, up 105% from $47.5 million in the prior year’s same quarter and subscription revenue was $21.7 million, up 62% from $13.4 million in the prior year’s same quarter.
  • Gross Margin. Third quarter GAAP gross margin was 18%, down from 25% in the prior year's same quarter primarily due to supply chain disruptions, which affected both cost and supply availability, and increased new product introduction and transition costs. Third quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense and amortization from acquired intangible assets, improved sequentially to 20%, but was down from 27% in the prior year's same quarter due to the same factors.
  • Net Income/Loss. Third quarter GAAP net loss was $84.5 million, as compared to $69.4 million in the prior year's same quarter. Non-GAAP pre-tax net loss in the third quarter, which excludes $25.7 million in stock-based compensation expense, $2.8 million amortization expense from acquired intangible assets and other items, was $56.4 million as compared to $47.3 million in the prior year's same quarter.
  • Liquidity. As of October 31, 2022, cash and short term investments on the balance sheet were $397.6 million.
  • Shares Outstanding. As of October 31, 2022, there were approximately 342 million shares of common stock outstanding.

For a reconciliation of GAAP to non-GAAP results, please see the tables below.

Fourth Quarter and Full Year Guidance

For the fourth fiscal quarter ending January 31, 2023, ChargePoint expects:

  • Revenue of $160 million to $170 million. At the midpoint, this represents an anticipated increase of 108% as compared to the prior year’s same quarter
  • A sequential Non-GAAP gross margin improvement from the third quarter's 20%, resulting in annual gross margin below previous guidance

For the full fiscal year ending January 31, 2023, ChargePoint expects:

  • Revenue of $475 million to $485 million. At the midpoint, this represents an anticipated increase of $5 million as compared to previous guidance
  • Non-GAAP operating expenses of $325 million to $335 million. At the midpoint, this represents an anticipated decrease of $30 million as compared to previous guidance

Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization expense of acquired intangible assets, acquisition earn-out-related payroll tax expense, and non-recurring costs and professional services fees related to acquisitions and security offerings. ChargePoint is not able to present a reconciliation of its non-GAAP financial guidance to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of its control, or cannot be reasonably predicted, including stock-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items will have a significant impact on ChargePoint's GAAP gross margin and GAAP operating expenses.

Conference Call Information

ChargePoint will host a webcast today at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review its third quarter fiscal 2023 financial results and its outlook for the fourth quarter of and full year fiscal 2023.

Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint’s investor relations website (investors.chargepoint.com) under the “Events and Presentations” section. A replay will be available three hours after the conclusion of the webcast and archived for one year.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 133 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our financial outlook for the fourth fiscal quarter and fiscal year ending January 31, 2023. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the ongoing COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions, component shortages and expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire and integrate other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions, delays and expense increases may adversely affect our sales, revenue and gross margins; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins due to new product introductions, supply chain disruptions, component shortages and related expense increases or if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on September 8, 2022, which is available on our website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Use of Non-GAAP Financial Measures

ChargePoint has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). ChargePoint uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing ChargePoint’s financial results with other companies in its industry as well other technology companies, many of which present similar non-GAAP financial measures.

The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with ChargePoint’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of ChargePoint’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Non-GAAP Gross Profit (Gross Margin). ChargePoint defines non-GAAP gross profit as gross profit excluding amortization expense of acquired intangible assets and stock-based compensation expense. Non-GAAP gross margin is non-GAAP gross profit as a percentage of revenue.

Non-GAAP Cost of Revenue and Operating Expenses (includes Non-GAAP research and development, Non-GAAP sales and marketing and Non-GAAP general and administrative). ChargePoint defines Non-GAAP cost of revenue and operating expenses as cost of revenue and operating expenses excluding amortization expense of acquired intangible assets, stock-based compensation expense, earn-out-related payroll tax expense, and non-recurring costs and professional services fees associated with acquisitions and registration filings, and non-cash charges related to tax liabilities.

Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net income (loss) excluding amortization expense of acquired intangible assets, stock-based compensation expense and the associated stock-based payroll tax expense, earn-out-related payroll tax expense, offering costs allocated to warrant liabilities, non-recurring costs and professional services fees associated with acquisitions and registration filings, and non-cash charges related to the revaluation of warrants, tax liabilities, earn-out liabilities, and other financial instruments. These amounts do not reflect the impact of any related tax effects. Non-GAAP pre-tax net loss is non-GAAP net loss adjusted for provision for income taxes.

Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures to analyze financial results and trends. In particular, many of the adjustments to ChargePoint’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future, such as stock-based compensation, which is an important part of ChargePoint’s employees’ compensation and impacts hiring, retention and performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that ChargePoint excludes in its calculation of non-GAAP financial measures may differ from the components that other companies exclude when they report their non-GAAP results. ChargePoint compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, ChargePoint may also exclude other expenses it determines do not reflect the performance of ChargePoint’s operating results.

CHPT-IR

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts; unaudited)

 

 

Three Months Ended

October 31,

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

97,592

 

 

$

47,511

 

 

$

241,291

 

 

$

115,185

 

Subscriptions

 

21,670

 

 

 

13,397

 

 

 

59,561

 

 

 

36,303

 

Other

 

6,079

 

 

 

4,126

 

 

 

14,415

 

 

 

10,177

 

Total revenue

 

125,341

 

 

 

65,034

 

 

 

315,267

 

 

 

161,665

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

85,821

 

 

 

38,720

 

 

 

216,439

 

 

 

97,846

 

Subscriptions

 

13,400

 

 

 

7,637

 

 

 

37,305

 

 

 

21,107

 

Other

 

3,439

 

 

 

2,621

 

 

 

8,581

 

 

 

6,662

 

Total cost of revenue

 

102,660

 

 

 

48,978

 

 

 

262,325

 

 

 

125,615

 

Gross profit

 

22,681

 

 

 

16,056

 

 

 

52,942

 

 

 

36,050

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

48,132

 

 

 

36,751

 

 

 

148,237

 

 

 

102,535

 

Sales and marketing

 

35,382

 

 

 

24,361

 

 

 

101,842

 

 

 

62,258

 

General and administrative

 

22,445

 

 

 

20,268

 

 

 

66,339

 

 

 

57,467

 

Total operating expenses

 

105,959

 

 

 

81,380

 

 

 

316,418

 

 

 

222,260

 

Loss from operations

 

(83,278

)

 

 

(65,324

)

 

 

(263,476

)

 

 

(186,210

)

Interest income

 

1,905

 

 

 

25

 

 

 

3,471

 

 

 

72

 

Interest expense

 

(2,606

)

 

 

(3

)

 

 

(6,467

)

 

 

(1,502

)

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

9,237

 

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

(2,429

)

 

 

(24

)

 

 

30,911

 

Change in fair value of contingent earnout liability

 

 

 

 

 

 

 

 

 

 

84,420

 

Transaction costs expensed

 

 

 

 

 

 

 

 

 

 

(7,031

)

Other expense, net

 

(943

)

 

 

(2,025

)

 

 

(2,646

)

 

 

(2,200

)

Net loss before income taxes

 

(84,922

)

 

 

(69,756

)

 

 

(269,142

)

 

 

(72,303

)

Benefit from income taxes

 

(442

)

 

 

(314

)

 

 

(2,696

)

 

 

(211

)

Net loss

$

(84,480

)

 

$

(69,442

)

 

$

(266,446

)

 

$

(72,092

)

Cumulative undeclared dividends on redeemable convertible preferred stock

 

 

 

 

 

 

 

 

 

 

(4,292

)

Deemed dividends attributable to vested option holders

 

 

 

 

 

 

 

 

 

 

(51,855

)

Deemed dividends attributable to common stock warrants holders

 

 

 

 

 

 

 

 

 

 

(110,635

)

Net loss attributable to common stockholders, basic

$

(84,480

)

 

$

(69,442

)

 

$

(266,446

)

 

$

(238,874

)

Gain attributable to earnout shares issued

 

 

 

 

 

 

 

 

 

 

(84,420

)

Change in fair value of dilutive warrants

 

 

 

 

 

 

 

 

 

 

(51,106

)

Net loss attributable to common stockholders, diluted

$

(84,480

)

 

$

(69,442

)

 

$

(266,446

)

 

$

(374,400

)

Net loss per share - Basic

$

(0.25

)

 

$

(0.21

)

 

$

(0.79

)

 

$

(0.84

)

Net loss per share - Diluted

$

(0.25

)

 

$

(0.21

)

 

$

(0.79

)

 

$

(1.28

)

Weighted average shares outstanding - Basic

 

339,595,385

 

 

 

325,034,920

 

 

 

337,037,111

 

 

 

286,025,483

 

Weighted average shares outstanding - Diluted

 

339,595,385

 

 

 

325,034,920

 

 

 

337,037,111

 

 

 

292,575,318

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

October 31, 2022

 

January 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

188,273

 

 

$

315,235

 

Restricted cash

 

400

 

 

 

400

 

Short-term investments

 

208,887

 

 

 

 

Accounts receivable, net

 

123,028

 

 

 

75,939

 

Inventories

 

62,449

 

 

 

35,879

 

Prepaid expenses and other current assets

 

58,589

 

 

 

36,603

 

Total current assets

 

641,626

 

 

 

464,056

 

Property and equipment, net

 

38,706

 

 

 

34,593

 

Intangible assets, net

 

89,637

 

 

 

107,209

 

Operating lease right-of-use assets

 

21,890

 

 

 

25,535

 

Goodwill

 

201,742

 

 

 

218,484

 

Other assets

 

6,982

 

 

 

6,020

 

Total assets

$

1,000,583

 

 

$

855,897

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

44,537

 

 

$

27,576

 

Accrued and other current liabilities

 

111,910

 

 

 

84,328

 

Deferred revenue

 

81,912

 

 

 

77,142

 

Total current liabilities

 

238,359

 

 

 

189,046

 

Deferred revenue, noncurrent

 

93,306

 

 

 

69,666

 

Debt, noncurrent

 

294,635

 

 

 

 

Operating lease liabilities

 

22,309

 

 

 

25,370

 

Deferred tax liabilities

 

12,349

 

 

 

17,697

 

Other long-term liabilities

 

1,035

 

 

 

7,104

 

Total liabilities

 

661,993

 

 

 

308,883

 

Stockholders' equity (deficit):

 

 

 

Common stock

 

34

 

 

 

33

 

Additional paid-in capital

 

1,451,711

 

 

 

1,366,855

 

Accumulated other comprehensive loss

 

(35,054

)

 

 

(8,219

)

Accumulated deficit

 

(1,078,101

)

 

 

(811,655

)

Total stockholders' equity

 

338,590

 

 

 

547,014

 

Total liabilities and stockholders' equity

$

1,000,583

 

 

$

855,897

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Nine Months Ended

October 31,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

Net loss

$

(266,446

)

 

$

(72,092

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

18,562

 

 

 

10,158

 

Non-cash operating lease cost

 

3,539

 

 

 

3,066

 

Stock-based compensation

 

67,644

 

 

 

51,893

 

Amortization of deferred contract acquisition costs

 

1,729

 

 

 

1,291

 

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

(9,237

)

Change in fair value of common stock warrant liabilities

 

24

 

 

 

(30,911

)

Change in fair value of contingent earnout liabilities

 

 

 

 

(84,420

)

Transaction costs expensed

 

 

 

 

7,031

 

Reserves and Other

 

11,490

 

 

 

1,833

 

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

Accounts receivable, net

 

(50,402

)

 

 

(26,579

)

Inventories

 

(30,057

)

 

 

3,498

 

Prepaid expenses and other assets

 

(24,730

)

 

 

(18,879

)

Operating lease liabilities

 

(3,603

)

 

 

(2,193

)

Accounts payable

 

14,551

 

 

 

10,633

 

Accrued and other liabilities

 

12,638

 

 

 

16,110

 

Deferred revenue

 

28,410

 

 

 

29,715

 

Net cash used in operating activities

 

(216,651

)

 

 

(109,083

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(14,142

)

 

 

(12,064

)

Purchases of short term investments

 

(284,835

)

 

 

 

Maturities of investments

 

75,000

 

 

 

 

Cash paid for acquisitions, net of cash acquired

 

(2,756

)

 

 

(205,329

)

Net cash used in investing activities

 

(226,733

)

 

 

(217,393

)

Cash flows from financing activities

 

 

 

Proceeds from the exercise of warrants

 

6,354

 

 

 

118,845

 

Merger and PIPE financing

 

 

 

 

511,646

 

Payments of transaction costs related to Merger

 

 

 

 

(32,468

)

Payment of tax withholding obligations on settlement of earnout shares

 

 

 

 

(20,895

)

Proceeds from issuance of debt securities, net of discount and issuance costs

 

293,972

 

 

 

 

Repayment of borrowings

 

 

 

 

(36,051

)

Proceeds from the issuance of common stock under employee equity plans, net of tax withholding

 

10,760

 

 

 

4,214

 

Change in driver funds and amounts due to customers

 

6,911

 

 

 

1,933

 

Net cash provided by financing activities

 

317,997

 

 

 

547,224

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(1,575

)

 

 

(748

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(126,962

)

 

 

220,000

 

Cash, cash equivalents, and restricted cash at beginning of period

 

315,635

 

 

 

145,891

 

Cash, cash equivalents, and restricted cash at end of period

$

188,673

 

 

$

365,891

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three Months Ended

October 31, 2022

 

Three Months Ended

October 31, 2021

 

Nine

Months Ended

October 31, 2022

 

Nine

Months Ended

October 31, 2021

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

102,660

 

 

 

 

$

48,978

 

 

 

 

$

262,325

 

 

 

 

$

125,615

 

 

 

Stock-based compensation expense

 

 

(1,145

)

 

 

 

 

(885

)

 

 

 

 

(3,271

)

 

 

 

 

(3,073

)

 

 

Amortization of intangible assets

 

 

(723

)

 

 

 

 

(426

)

 

 

 

 

(2,091

)

 

 

 

 

(426

)

 

 

Non-GAAP cost of revenue

 

$

100,792

 

 

 

 

$

47,667

 

 

 

 

$

256,963

 

 

 

 

$

122,116

 

 

 

Non-GAAP gross profit (gross margin as a percentage of revenue)

 

$

24,549

 

 

20

%

 

$

17,367

 

 

27

%

 

$

58,304

 

 

18

%

 

$

39,549

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

48,132

 

 

 

 

$

36,751

 

 

 

 

$

148,237

 

 

 

 

$

102,535

 

 

 

Stock-based compensation expense

 

 

(10,200

)

 

 

 

 

(5,840

)

 

 

 

 

(27,598

)

 

 

 

 

(20,198

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(358

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80

)

 

 

Non-GAAP research and development (as a percentage of revenue)

 

$

37,932

 

 

30

%

 

$

30,911

 

 

48

%

 

$

120,639

 

 

38

%

 

$

81,813

 

 

51

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

35,382

 

 

 

 

$

24,361

 

 

 

 

$

101,842

 

 

 

 

$

62,258

 

 

 

Stock-based compensation expense

 

 

(4,962

)

 

 

 

 

(2,251

)

 

 

 

 

(12,793

)

 

 

 

 

(7,018

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(424

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

 

 

Amortization of intangible assets

 

 

(2,114

)

 

 

 

 

(1,092

)

 

 

 

 

(6,562

)

 

 

 

 

(1,092

)

 

 

Non-GAAP sales and marketing (as a percentage of revenue)

 

$

28,306

 

 

23

%

 

$

21,018

 

 

32

%

 

$

82,487

 

 

26

%

 

$

53,641

 

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

22,445

 

 

 

 

$

20,268

 

 

 

 

$

66,339

 

 

 

 

$

57,467

 

 

 

Stock-based compensation expense

 

 

(9,391

)

 

 

 

 

(7,046

)

 

 

 

 

(23,982

)

 

 

 

 

(21,604

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(713

)

 

 

Acquisition-related costs (2)

 

 

9

 

 

 

 

 

(2,435

)

 

 

 

 

(1,002

)

 

 

 

 

(5,118

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

(15

)

 

 

 

 

(473

)

 

 

 

 

(2,517

)

 

 

Tax exposures

 

 

 

 

 

 

 

 

 

 

 

 

(990

)

 

 

 

 

 

 

 

Non-GAAP general and administrative (as a percentage of revenue)

 

$

13,063

 

 

10

%

 

$

10,772

 

 

17

%

 

$

39,892

 

 

13

%

 

$

27,515

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Operating Expenses (as a percentage of revenue)

 

$

79,301

 

 

63

%

 

$

62,701

 

 

96

%

 

$

243,018

 

 

77

%

 

$

162,969

 

 

101

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(84,480

)

 

 

 

$

(69,442

)

 

 

 

$

(266,446

)

 

 

 

$

(72,092

)

 

 

Stock-based compensation expense

 

 

25,698

 

 

 

 

 

16,022

 

 

 

 

 

67,644

 

 

 

 

 

51,893

 

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,495

 

 

 

Acquisition-related costs (2)

 

 

(9

)

 

 

 

 

2,435

 

 

 

 

 

1,002

 

 

 

 

 

5,247

 

 

 

Cost related to registration filings

 

 

 

 

 

 

 

15

 

 

 

 

 

473

 

 

 

 

 

2,637

 

 

 

Tax exposures

 

 

 

 

 

 

 

 

 

 

 

 

990

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

2,837

 

 

 

 

 

1,518

 

 

 

 

 

8,653

 

 

 

 

 

1,518

 

 

 

Change in fair value of preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,237

)

 

 

Change in fair value of assumed common stock warrant liability

 

 

 

 

 

 

 

2,429

 

 

 

 

 

24

 

 

 

 

 

(30,911

)

 

 

Change in fair value of contingent earn-out liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(84,420

)

 

 

Offering costs allocated to warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,031

 

 

 

Non-GAAP net loss (as a percentage of revenue)

 

$

(55,954

)

 

(45

)%

 

$

(47,023

)

 

(72

)%

 

$

(187,660

)

 

(60

)%

 

$

(126,839

)

 

(78

)%

Benefit from income taxes

 

 

(442

)

 

 

 

 

(314

)

 

 

 

 

(2,696

)

 

 

 

 

(211

)

 

 

Non-GAAP pre-tax net loss (as a percentage of revenue)

 

$

(56,396

)

 

(45

)%

 

$

(47,337

)

 

(73

)%

 

$

(190,356

)

 

(60

)%

 

$

(127,050

)

 

(79

)%

 

(1) Consists of employment taxes paid related to shares issued as part of the earnout.

(2) Consists of professional services fees related to acquisitions.

 

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