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ChargePoint Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

  • Fiscal fourth quarter revenue of $116 million and full fiscal year revenue of $507 million
  • Fiscal fourth quarter GAAP gross margin of 19% and non-GAAP gross margin of 22%; full fiscal year GAAP gross margin of 6% and non-GAAP gross margin of 8%
  • Full fiscal year subscription revenue of $120 million representing 41% year-over year growth
  • ChargePoint guides to first quarter fiscal 2025 revenue of $100 to $110 million

 

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its fourth quarter and full fiscal year ended January 31, 2024.

“In the fourth quarter, ChargePoint continued to focus on operational execution, delivering sequential revenue growth, normalization in gross margin, reduction of operating expenses, and a significant decrease in cash usage. Quarterly milestones included the opening of the Mercedes-Benz HPC NA charging network and receiving FedRAMP authority to operate, which enables ChargePoint to bid for United States government contracts,” said Rick Wilmer, CEO of ChargePoint. “Looking ahead, we are focused on operational excellence, delivering world-class driver experiences, prioritization of our software platform, and hardware innovation. This will drive growth for the ChargePoint business, and enable the EV charging needs of our customers.”

Fourth Quarter Fiscal 2024 Financial Overview

  • Revenue. Fourth quarter revenue was $115.8 million, down 24% from $152.8 million in the prior year’s same quarter. Networked charging systems revenue for the fourth quarter was $74.0 million, down 39% from $122.3 million in the prior year’s same quarter. Subscription revenue was $33.5 million, up 30% from $25.7 million in the prior year’s same quarter.
  • Gross Margin. Fourth quarter GAAP gross margin was 19% as compared to 22% in the prior year's same quarter, and non-GAAP gross margin was 22% as compared to 23% in the prior year's same quarter.
  • Net Income/Loss. Fourth quarter GAAP net loss was $94.7 million, as compared to $78.7 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $51.6 million as compared to $45.5 million in the prior year's same quarter. Non-GAAP Adjusted EBITDA Loss was $45.3 million as compared to $42.1 million in the prior year's same quarter.
  • Liquidity. As of January 31, 2024, cash, cash equivalents and restricted cash on the balance sheet was $357.8 million. ChargePoint's $150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.
  • Shares Outstanding. As of January 31, 2024, the Company had approximately 421 million shares of common stock outstanding.

Full Fiscal 2024 Financial Overview

  • Revenue. For the full year, revenue was $506.6 million, up 8% from $468.1 million in the prior year. Networked charging systems revenue for the full year was $360.8 million, down 1% from $363.6 million in the prior year, and subscription revenue was $120.4 million, up 41% from $85.3 million in the prior year.
  • Gross Margin. Full year GAAP gross margin was 6% as compared to 18% in the prior year. Full year non-GAAP gross margin, which primarily excludes stock-based compensation expense, amortization from acquired intangible assets and non-recurring restructuring costs, was 8% as compared to 20% in the prior year.
  • Net Income/Loss. Full year GAAP net loss was $457.6 million as compared to $345.1 million in the prior year. Full year non-GAAP pre-tax net loss, which primarily excludes stock-based compensation expense, amortization expense and other items, was $296.7 million as compared to $235.8 million in the prior year. Non-GAAP Adjusted EBITDA Loss was $272.7 million as compared to $217.0 million in the prior year.

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

First Quarter and Fourth Quarter of Fiscal 2025 Guidance

For the first quarter of fiscal year 2025 ending April 30, 2024, ChargePoint expects revenue of $100 million to $110 million. At the midpoint, this represents an anticipated decrease of 19% as compared to the prior year’s same quarter.

For the fourth quarter of fiscal year 2025 ending January 31, 2025, the Company reaffirms its goal to achieve positive non-GAAP Adjusted EBITDA.

ChargePoint is not able to present a reconciliation of its forward-looking non-GAAP Adjusted EBITDA goal to the corresponding GAAP measure because certain potential future adjustments, which may be significant and may include, among other items, stock-based compensation expense, are uncertain or out of its control, or cannot be reasonably predicted without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on ChargePoint's GAAP Net Loss.

Conference Call Information

ChargePoint will host a webcast today at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review its fourth quarter and full fiscal year 2024 financial results.

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 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. 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. 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 projected revenue for the first quarter of fiscal year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA in the fourth quarter of fiscal year 2025. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other events beyond our control on the overall economy which may reduce demand for our products and services, geopolitical events and conflicts, adverse impacts to our business and those of our customers and suppliers, including due to supply chain disruptions, component shortages, and associated logistics 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 demand for 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; our reliance on contract manufacturers, including those located outside the United States, may result in supply chain interruptions, delays and expense increases which may adversely affect our sales, revenue and gross margins; 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 delays and costs associated with new product introductions, inventory obsolescence, component shortages and related expense increases; adverse impact to our revenues and gross margins 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 December 8, 2023, 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 financial information in this press release 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. ChargePoint believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends and believes they provide meaningful supplemental information to investors regarding ChargePoint’s underlying operating performance because they exclude items the Company believes are unrelated to, and may not be indicative of, its core operating results.

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 stock-based compensation expense, amortization expense of acquired intangible assets, and restructuring costs for severances and employment-related termination costs, and facility and other contract terminations. 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 stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-recurring costs and professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities and litigation, and non-cash charges related to the change in fair value of assumed common stock warrant liabilities.

Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-recurring costs and professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities and litigation, and non-cash charges related to the change in fair value of assumed common stock warrant liabilities. These amounts 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.

Non-GAAP Adjusted EBITDA Loss. ChargePoint defines non-GAAP adjusted EBITDA loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-recurring costs and professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities and litigation, and non-cash charges related to the change in fair value of assumed common stock warrant liabilities, and further adjusted for provision of income taxes, depreciation, interest income and expense, and other income and expense (net).

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. 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

January 31,

 

Twelve Months Ended

January 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

74,034

 

 

$

122,331

 

 

$

360,822

 

 

$

363,622

 

Subscriptions

 

33,510

 

 

 

25,735

 

 

 

120,445

 

 

 

85,296

 

Other

 

8,289

 

 

 

4,761

 

 

 

25,372

 

 

 

19,176

 

Total revenue

 

115,833

 

 

 

152,827

 

 

 

506,639

 

 

 

468,094

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

68,814

 

 

 

102,189

 

 

 

386,149

 

 

 

318,628

 

Subscriptions

 

20,099

 

 

 

14,110

 

 

 

73,595

 

 

 

51,416

 

Other

 

4,515

 

 

 

3,536

 

 

 

16,777

 

 

 

12,117

 

Total cost of revenue

 

93,428

 

 

 

119,835

 

 

 

476,521

 

 

 

382,161

 

Gross profit

 

22,405

 

 

 

32,992

 

 

 

30,118

 

 

 

85,933

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

55,219

 

 

 

46,721

 

 

 

220,781

 

 

 

194,957

 

Sales and marketing

 

33,641

 

 

 

40,550

 

 

 

150,186

 

 

 

142,392

 

General and administrative

 

26,475

 

 

 

24,027

 

 

 

109,102

 

 

 

90,366

 

Total operating expenses

 

115,335

 

 

 

111,298

 

 

 

480,069

 

 

 

427,715

 

Loss from operations

 

(92,930

)

 

 

(78,306

)

 

 

(449,951

)

 

 

(341,782

)

Interest income

 

3,435

 

 

 

2,063

 

 

 

9,603

 

 

 

5,534

 

Interest expense

 

(6,600

)

 

 

(2,966

)

 

 

(16,273

)

 

 

(9,434

)

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

 

 

 

 

 

 

(24

)

Other income (expense), net

 

1,165

 

 

 

1,078

 

 

 

(1,009

)

 

 

(1,569

)

Net loss before income taxes

 

(94,930

)

 

 

(78,131

)

 

 

(457,630

)

 

 

(347,275

)

Provision for (benefit from) income taxes

 

(183

)

 

 

530

 

 

 

(21

)

 

 

(2,167

)

Net loss

$

(94,747

)

 

$

(78,661

)

 

$

(457,609

)

 

$

(345,108

)

Net loss per share, basic and diluted

$

(0.23

)

 

$

(0.23

)

 

$

(1.22

)

 

$

(1.02

)

Weighted average shares outstanding, basic and diluted

 

419,185,407

 

 

 

342,796,004

 

 

 

375,529,882

 

 

 

338,488,667

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

January 31, 2024

 

January 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

327,410

 

 

$

264,162

 

Restricted cash

 

30,400

 

 

 

30,400

 

Short-term investments

 

 

 

 

104,966

 

Accounts receivable, net

 

124,049

 

 

 

164,892

 

Inventories

 

198,580

 

 

 

68,730

 

Prepaid expenses and other current assets

 

62,244

 

 

 

71,020

 

Total current assets

 

742,683

 

 

 

704,170

 

Property and equipment, net

 

42,446

 

 

 

40,046

 

Intangible assets, net

 

80,555

 

 

 

92,673

 

Operating lease right-of-use assets

 

15,362

 

 

 

22,242

 

Goodwill

 

213,750

 

 

 

213,716

 

Other assets

 

8,567

 

 

 

7,110

 

Total assets

$

1,103,363

 

 

$

1,079,957

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

71,081

 

 

$

62,076

 

Accrued and other current liabilities

 

159,104

 

 

 

133,483

 

Deferred revenue

 

99,968

 

 

 

88,777

 

Total current liabilities

 

330,153

 

 

 

284,336

 

Deferred revenue, noncurrent

 

131,471

 

 

 

109,833

 

Debt, noncurrent

 

283,704

 

 

 

294,936

 

Operating lease liabilities

 

17,350

 

 

 

21,841

 

Deferred tax liabilities

 

11,252

 

 

 

12,987

 

Other long-term liabilities

 

1,757

 

 

 

1,032

 

Total liabilities

 

775,687

 

 

 

724,965

 

Stockholders' equity:

 

 

 

Common stock

 

42

 

 

 

35

 

Additional paid-in capital

 

1,957,932

 

 

 

1,528,104

 

Accumulated other comprehensive loss

 

(15,926

)

 

 

(16,384

)

Accumulated deficit

 

(1,614,372

)

 

 

(1,156,763

)

Total stockholders' equity

 

327,676

 

 

 

354,992

 

Total liabilities and stockholders' equity

$

1,103,363

 

 

$

1,079,957

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Twelve Months Ended

January 31,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(457,609

)

 

$

(345,108

)

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

 

 

 

Depreciation and amortization

 

28,486

 

 

 

25,050

 

Non-cash operating lease cost

 

4,343

 

 

 

4,739

 

Stock-based compensation

 

117,327

 

 

 

93,350

 

Amortization of deferred contract acquisition costs

 

2,859

 

 

 

2,361

 

Inventory impairment

 

70,000

 

 

 

 

Other

 

8,439

 

 

 

16,856

 

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

 

 

 

Accounts receivable, net

 

36,510

 

 

 

(94,600

)

Inventories

 

(173,661

)

 

 

(39,358

)

Prepaid expenses and other assets

 

7,002

 

 

 

(37,969

)

Accounts payable, operating lease liabilities, and accrued and other liabilities

 

(5,466

)

 

 

55,827

 

Deferred revenue

 

32,829

 

 

 

51,803

 

Net cash used in operating activities

 

(328,941

)

 

 

(267,049

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(19,424

)

 

 

(18,563

)

Purchases of short term investments

 

 

 

 

(284,835

)

Maturities of investments

 

105,000

 

 

 

180,000

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

(2,756

)

Net cash provided by (used in) investing activities

 

85,576

 

 

 

(126,154

)

Cash flows from financing activities

 

 

 

Proceeds from the exercise of warrants

 

 

 

 

6,884

 

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

 

 

 

 

293,972

 

Debt issuance costs related to the revolving credit facility

 

(2,882

)

 

 

 

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

 

12,054

 

 

 

11,446

 

Proceeds from issuance of common stock in connection with ATM offerings

 

287,198

 

 

 

49,450

 

Change in driver funds and amounts due to customers

 

13,691

 

 

 

11,107

 

Settlement of contingent earnout liability

 

(3,537

)

 

 

 

Net cash provided by financing activities

 

306,524

 

 

 

372,859

 

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

 

89

 

 

 

(729

)

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

 

63,248

 

 

 

(21,073

)

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

 

294,562

 

 

 

315,635

 

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

$

357,810

 

 

$

294,562

 

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three

Months Ended

January 31, 2024

 

Three

Months Ended

January 31, 2023

 

Twelve

Months Ended

January 31, 2024

 

Twelve

Months Ended

January 31, 2023

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

93,428

 

 

 

 

$

119,835

 

 

 

 

$

476,521

 

 

 

 

$

382,161

 

 

 

Stock-based compensation expense

 

 

(1,375

)

 

 

 

 

(1,080

)

 

 

 

 

(6,154

)

 

 

 

 

(4,351

)

 

 

Amortization of intangible assets

 

 

(770

)

 

 

 

 

(756

)

 

 

 

 

(3,061

)

 

 

 

 

(2,847

)

 

 

Restructuring costs (1)

 

 

(632

)

 

 

 

 

(257

)

 

 

 

 

(1,628

)

 

 

 

 

(257

)

 

 

Non-GAAP cost of revenue

 

$

90,651

 

 

 

 

$

117,742

 

 

 

 

$

465,678

 

 

 

 

$

374,706

 

 

 

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

 

$

25,182

 

 

22

%

 

$

35,085

 

 

23

%

 

$

40,961

 

 

8

%

 

$

93,388

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

55,219

 

 

 

 

$

46,721

 

 

 

 

$

220,781

 

 

 

 

$

194,957

 

 

 

Stock-based compensation expense

 

 

(11,131

)

 

 

 

 

(10,369

)

 

 

 

 

(50,935

)

 

 

 

 

(37,967

)

 

 

Restructuring costs (1)

 

 

(7,540

)

 

 

 

 

(1,149

)

 

 

 

 

(11,722

)

 

 

 

 

(1,149

)

 

 

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

 

$

36,548

 

 

32

%

 

$

35,203

 

 

23

%

 

$

158,124

 

 

31

%

 

$

155,841

 

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

33,641

 

 

 

 

$

40,550

 

 

 

 

$

150,186

 

 

 

 

$

142,392

 

 

 

Stock-based compensation expense

 

 

(5,541

)

 

 

 

 

(4,599

)

 

 

 

 

(22,934

)

 

 

 

 

(17,393

)

 

 

Amortization of intangible assets

 

 

(2,286

)

 

 

 

 

(2,236

)

 

 

 

 

(9,079

)

 

 

 

 

(8,798

)

 

 

Restructuring costs (1)

 

 

(500

)

 

 

 

 

(653

)

 

 

 

 

(1,843

)

 

 

 

 

(653

)

 

 

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

 

$

25,314

 

 

22

%

 

$

33,062

 

 

22

%

 

$

116,330

 

 

23

%

 

$

115,548

 

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

26,475

 

 

 

 

$

24,027

 

 

 

 

$

109,102

 

 

 

 

$

90,366

 

 

 

Stock-based compensation expense

 

 

(7,345

)

 

 

 

 

(9,657

)

 

 

 

 

(37,314

)

 

 

 

 

(33,639

)

 

 

Restructuring costs (1)

 

 

(3,981

)

 

 

 

 

(113

)

 

 

 

 

(13,061

)

 

 

 

 

(113

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(1,295

)

 

 

 

 

 

 

 

 

 

(2,297

)

 

 

Other adjustments (3)

 

 

(2,279

)

 

 

 

 

(500

)

 

 

 

 

(3,172

)

 

 

 

 

(1,963

)

 

 

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

 

$

12,870

 

 

11

%

 

$

12,462

 

 

8

%

 

$

55,555

 

 

11

%

 

$

52,354

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

74,732

 

 

65

%

 

$

80,727

 

 

53

%

 

$

330,009

 

 

65

%

 

$

323,743

 

 

69

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(94,747

)

 

 

 

$

(78,661

)

 

 

 

$

(457,609

)

 

 

 

$

(345,108

)

 

 

Stock-based compensation expense

 

 

25,392

 

 

 

 

 

25,705

 

 

 

 

 

117,337

 

 

 

 

 

93,350

 

 

 

Amortization of intangible assets

 

 

3,056

 

 

 

 

 

2,992

 

 

 

 

 

12,140

 

 

 

 

 

11,645

 

 

 

Restructuring costs (1)

 

 

12,653

 

 

 

 

 

2,172

 

 

 

 

 

28,254

 

 

 

 

 

2,172

 

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

1,295

 

 

 

 

 

 

 

 

 

 

2,297

 

 

 

Other adjustments (3)

 

 

2,279

 

 

 

 

 

500

 

 

 

 

 

3,172

 

 

 

 

 

1,987

 

 

 

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

 

$

(51,367

)

 

(44

)%

 

$

(45,997

)

 

(30

) %

 

$

(296,706

)

 

(59

) %

 

$

(233,657

)

 

(50

) %

Provision for (benefit from) income taxes

 

 

(183

)

 

 

 

 

530

 

 

 

 

 

(21

)

 

 

 

 

(2,167

)

 

 

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

 

$

(51,550

)

 

(45

)%

 

$

(45,467

)

 

(30

) %

 

$

(296,727

)

 

(59

) %

 

$

(235,824

)

 

(50

) %

Depreciation

 

 

4,270

 

 

 

 

 

3,495

 

 

 

 

 

16,345

 

 

 

 

 

13,404

 

 

 

Interest income

 

 

(3,435

)

 

 

 

 

(2,063

)

 

 

 

 

(9,603

)

 

 

 

 

(5,534

)

 

 

Interest expense

 

 

6,600

 

 

 

 

 

2,966

 

 

 

 

 

16,273

 

 

 

 

 

9,434

 

 

 

Other expense (income), net

 

 

(1,165

)

 

 

 

 

(1,078

)

 

 

 

 

1,009

 

 

 

 

 

1,569

 

 

 

Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue)

 

$

(45,280

)

 

(39

)%

 

$

(42,147

)

 

(28

) %

 

$

(272,703

)

 

(54

) %

 

$

(216,951

)

 

(46

) %

(1)

Consists of restructuring costs for severances and employment-related termination costs, and facility and other contract terminations.

(2)

Consists of professional services fees related to acquisitions, as well as increase in the ViriCiti earn-out liability related to the acquisition of ViriCiti Group B.V. in August 2021.

(3)

Consists of non-cash charges related to tax liabilities and litigation, professional services fees related to registration filings and modification of convertible debt, and the change in fair value of assumed common stock warrant liabilities.

 

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