ChargePoint Reports Third Quarter Fiscal Year 2024 Financial Results

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Dec 06, 2023 04:10 pm
CAMPBELL, Calif. -- 

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its third quarter of fiscal 2024 ended October 31, 2023.

“ChargePoint’s third quarter execution came up far short of its goals in the face of continued challenging macroeconomic conditions and execution challenges,” said Rick Wilmer, the new President and CEO of ChargePoint. “Though the quarter overall did not meet expectations, we did demonstrate how we continue to empower the entire EV ecosystem, across hardware and software, and we fortified our balance sheet, which leaves us well capitalized to execute on our strategy. We remain firmly committed to delivering positive non-GAAP adjusted EBITDA in the fourth quarter of calendar year 2024.”

Third Quarter Fiscal 2024 Financial Overview

  • Revenue. Third quarter revenue was $110.3 million, down 12% from $125.3 million in the prior year’s same quarter. Networked charging systems revenue for the third quarter was $73.9 million, down 24% from $97.6 million in the prior year’s same quarter. Subscription revenue was $30.6 million, up 41% from $21.7 million in the prior year’s same quarter.
  • Gross Margin. Third quarter GAAP gross margin was negative 22%, down from 18% in the prior year's same quarter, and non-GAAP gross margin was negative 18%, down from 20% in the prior year's same quarter, in both cases primarily due to a $42.0 million inventory impairment charge. This inventory impairment charge was taken to address supply overruns related to product transitions and to better align inventory with current demand.
  • Net Income/Loss. Third quarter GAAP net loss was $158.2 million, up from $84.5 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $106.3 million as compared to $56.4 million in the prior year's same quarter, both reflecting the $42.0 million inventory impairment charge. Non-GAAP Adjusted EBITDA Loss was $97.4 million also reflecting this inventory impairment charge in the third quarter, as compared to $51.5 million in the prior year's same quarter.
  • Liquidity. As of October 31, 2023, cash, cash equivalents and restricted cash on the balance sheet was $397.4 million, which includes $233.1 million of at-the-market share offering gross proceeds during the third quarter. ChargePoint's $150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.
  • Shares Outstanding. As of October 31, 2023, the Company had approximately 418 million shares of common stock outstanding.

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 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 plans to be non-GAAP Adjusted EBITDA positive by the end of calendar 2024. 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, prolonged and sustained increases in interest rates, 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 September 11, 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, professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities, 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, professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities, and non-cash charges related to the change in fair value of assumed common stock warrant liabilities. 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.

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, professional services fees associated with acquisitions, registration filings and modification of convertible debt, non-cash charges related to tax liabilities, 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

October 31,

 

Nine Months Ended

October 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

73,893

 

 

$

97,592

 

 

$

286,788

 

 

$

241,291

 

Subscriptions

 

30,559

 

 

 

21,670

 

 

 

86,935

 

 

 

59,561

 

Other

 

5,831

 

 

 

6,079

 

 

 

17,084

 

 

 

14,415

 

Total revenue

 

110,283

 

 

 

125,341

 

 

 

390,807

 

 

 

315,267

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

109,452

 

 

 

85,821

 

 

 

317,335

 

 

 

216,439

 

Subscriptions

 

19,999

 

 

 

13,400

 

 

 

53,495

 

 

 

37,305

 

Other

 

4,778

 

 

 

3,439

 

 

 

12,263

 

 

 

8,581

 

Total cost of revenue

 

134,229

 

 

 

102,660

 

 

 

383,093

 

 

 

262,325

 

Gross profit (loss)

 

(23,946

)

 

 

22,681

 

 

 

7,714

 

 

 

52,942

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

56,524

 

 

 

48,132

 

 

 

165,563

 

 

 

148,237

 

Sales and marketing

 

39,834

 

 

 

35,382

 

 

 

116,545

 

 

 

101,842

 

General and administrative

 

33,463

 

 

 

22,445

 

 

 

82,627

 

 

 

66,339

 

Total operating expenses

 

129,821

 

 

 

105,959

 

 

 

364,735

 

 

 

316,418

 

Loss from operations

 

(153,767

)

 

 

(83,278

)

 

 

(357,021

)

 

 

(263,476

)

Interest income

 

1,868

 

 

 

1,905

 

 

 

6,168

 

 

 

3,471

 

Interest expense

 

(3,820

)

 

 

(2,606

)

 

 

(9,673

)

 

 

(6,467

)

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

 

 

 

 

 

 

(24

)

Other expense, net

 

(2,815

)

 

 

(943

)

 

 

(2,173

)

 

 

(2,646

)

Net loss before income taxes

 

(158,534

)

 

 

(84,922

)

 

 

(362,699

)

 

 

(269,142

)

Provision for (benefit from) income taxes

 

(315

)

 

 

(442

)

 

 

162

 

 

 

(2,696

)

Net loss

$

(158,219

)

 

$

(84,480

)

 

$

(362,861

)

 

$

(266,446

)

Net loss per share, basic and diluted

$

(0.43

)

 

$

(0.25

)

 

$

(1.01

)

 

$

(0.79

)

Weighted average shares outstanding, basic and diluted

 

376,182,783

 

 

 

339,595,385

 

 

 

360,818,131

 

 

 

337,037,111

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

October 31, 2023

 

January 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

367,012

 

 

$

264,162

 

Restricted cash

 

30,400

 

 

 

30,400

 

Short-term investments

 

 

 

 

104,966

 

Accounts receivable, net

 

151,804

 

 

 

164,892

 

Inventories

 

199,120

 

 

 

68,730

 

Prepaid expenses and other current assets

 

76,111

 

 

 

71,020

 

Total current assets

 

824,447

 

 

 

704,170

 

Property and equipment, net

 

42,198

 

 

 

40,046

 

Intangible assets, net

 

82,636

 

 

 

92,673

 

Operating lease right-of-use assets

 

18,057

 

 

 

22,242

 

Goodwill

 

211,581

 

 

 

213,716

 

Other assets

 

8,742

 

 

 

7,110

 

Total assets

$

1,187,661

 

 

$

1,079,957

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

101,697

 

 

$

62,076

 

Accrued and other current liabilities

 

152,466

 

 

 

133,483

 

Deferred revenue

 

98,484

 

 

 

88,777

 

Total current liabilities

 

352,647

 

 

 

284,336

 

Deferred revenue, noncurrent

 

128,811

 

 

 

109,833

 

Debt, noncurrent

 

282,719

 

 

 

294,936

 

Operating lease liabilities

 

18,517

 

 

 

21,841

 

Deferred tax liabilities

 

10,811

 

 

 

12,987

 

Other long-term liabilities

 

1,594

 

 

 

1,032

 

Total liabilities

 

795,099

 

 

 

724,965

 

Stockholders' equity:

 

 

 

Common stock

 

42

 

 

 

35

 

Additional paid-in capital

 

1,931,450

 

 

 

1,528,104

 

Accumulated other comprehensive loss

 

(19,305

)

 

 

(16,384

)

Accumulated deficit

 

(1,519,625

)

 

 

(1,156,763

)

Total stockholders' equity

 

392,562

 

 

 

354,992

 

Total liabilities and stockholders' equity

$

1,187,661

 

 

$

1,079,957

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Nine Months Ended

October 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

$

(362,861

)

 

$

(266,446

)

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

 

 

 

Depreciation and amortization

 

21,160

 

 

 

18,562

 

Non-cash operating lease cost

 

3,257

 

 

 

3,539

 

Stock-based compensation

 

91,946

 

 

 

67,644

 

Amortization of deferred contract acquisition costs

 

2,112

 

 

 

1,729

 

Inventory impairment

 

70,000

 

 

 

 

Other

 

7,486

 

 

 

11,514

 

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

 

 

 

Accounts receivable, net

 

8,693

 

 

 

(50,402

)

Inventories

 

(183,569

)

 

 

(30,057

)

Prepaid expenses and other assets

 

(6,135

)

 

 

(24,730

)

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

 

31,738

 

 

 

23,586

 

Deferred revenue

 

28,685

 

 

 

28,410

 

Net cash used in operating activities

 

(287,488

)

 

 

(216,651

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(14,671

)

 

 

(14,142

)

Purchases of short term investments

 

 

 

 

(284,835

)

Maturities of investments

 

105,000

 

 

 

75,000

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

(2,756

)

Net cash provided by (used in) investing activities

 

90,329

 

 

 

(226,733

)

Cash flows from financing activities

 

 

 

Proceeds from the exercise of warrants

 

 

 

 

6,354

 

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

 

 

 

 

293,972

 

Debt issuance costs related to the revolving credit facility

 

(2,853

)

 

 

 

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

 

10,957

 

 

 

10,760

 

Proceeds from issuance of common stock in connection with ATM offerings

 

287,198

 

 

 

 

Change in driver funds and amounts due to customers

 

8,935

 

 

 

6,911

 

Settlement of contingent earnout liability

 

(3,537

)

 

 

 

Net cash provided by financing activities

 

300,700

 

 

 

317,997

 

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

 

(691

)

 

 

(1,575

)

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

 

102,850

 

 

 

(126,962

)

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

 

294,562

 

 

 

315,635

 

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

$

397,412

 

 

$

188,673

 

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three
Months Ended
October 31, 2023

 

Three
Months Ended
October 31, 2022

 

Nine
Months Ended
October 31, 2023

 

Nine
Months Ended
October 31, 2022

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

134,229

 

 

 

 

$

102,660

 

 

 

 

$

383,093

 

 

 

 

$

262,325

 

 

 

Stock-based compensation expense

 

 

(1,847

)

 

 

 

 

(1,145

)

 

 

 

 

(4,780

)

 

 

 

 

(3,271

)

 

 

Amortization of intangible assets

 

 

(759

)

 

 

 

 

(723

)

 

 

 

 

(2,291

)

 

 

 

 

(2,091

)

 

 

Restructuring costs (1)

 

 

(996

)

 

 

 

 

 

 

 

 

 

(996

)

 

 

 

 

 

 

 

Non-GAAP cost of revenue

 

$

130,627

 

 

 

 

$

100,792

 

 

 

 

$

375,026

 

 

 

 

$

256,963

 

 

 

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

 

$

(20,344

)

 

(18

)%

 

$

24,549

 

 

20

%

 

$

15,781

 

 

4

%

 

$

58,304

 

 

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

56,524

 

 

 

 

$

48,132

 

 

 

 

$

165,563

 

 

 

 

$

148,237

 

 

 

Stock-based compensation expense

 

 

(14,451

)

 

 

 

 

(10,200

)

 

 

 

 

(39,804

)

 

 

 

 

(27,598

)

 

 

Restructuring costs (1)

 

 

(4,183

)

 

 

 

 

 

 

 

 

 

(4,183

)

 

 

 

 

 

 

 

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

 

$

37,890

 

 

34

%

 

$

37,932

 

 

30

%

 

$

121,576

 

 

31

%

 

$

120,639

 

 

38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

39,834

 

 

 

 

$

35,382

 

 

 

 

$

116,545

 

 

 

 

$

101,842

 

 

 

Stock-based compensation expense

 

 

(6,467

)

 

 

 

 

(4,962

)

 

 

 

 

(17,393

)

 

 

 

 

(12,793

)

 

 

Amortization of intangible assets

 

 

(2,249

)

 

 

 

 

(2,114

)

 

 

 

 

(6,794

)

 

 

 

 

(6,562

)

 

 

Restructuring costs (1)

 

 

(1,343

)

 

 

 

 

 

 

 

 

 

(1,343

)

 

 

 

 

 

 

 

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

 

$

29,775

 

 

27

%

 

$

28,306

 

 

23

%

 

$

91,015

 

 

23

%

 

$

82,487

 

 

26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

33,463

 

 

 

 

$

22,445

 

 

 

 

$

82,627

 

 

 

 

$

66,339

 

 

 

Stock-based compensation expense

 

 

(10,118

)

 

 

 

 

(9,391

)

 

 

 

 

(29,969

)

 

 

 

 

(23,982

)

 

 

Restructuring costs (1)

 

 

(9,079

)

 

 

 

 

 

 

 

 

 

(9,079

)

 

 

 

 

 

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

(1,002

)

 

 

Other adjustments (3)

 

 

(788

)

 

 

 

 

 

 

 

 

 

(893

)

 

 

 

 

(1,463

)

 

 

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

 

$

13,478

 

 

12

%

 

$

13,063

 

 

10

%

 

$

42,686

 

 

11

%

 

$

39,892

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

81,143

 

 

74

%

 

$

79,301

 

 

63

%

 

$

255,277

 

 

65

%

 

$

243,018

 

 

77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(158,219

)

 

 

 

$

(84,480

)

 

 

 

$

(362,861

)

 

 

 

$

(266,446

)

 

 

Stock-based compensation expense

 

 

32,883

 

 

 

 

 

25,698

 

 

 

 

 

91,946

 

 

 

 

 

67,644

 

 

 

Amortization of intangible assets

 

 

3,008

 

 

 

 

 

2,837

 

 

 

 

 

9,085

 

 

 

 

 

8,653

 

 

 

Restructuring costs (1)

 

 

15,601

 

 

 

 

 

 

 

 

 

 

15,601

 

 

 

 

 

 

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

1,002

 

 

 

Other adjustments (3)

 

 

788

 

 

 

 

 

 

 

 

 

 

893

 

 

 

 

 

1,487

 

 

 

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

 

$

(105,939

)

 

(96

)%

 

$

(55,954

)

 

(45

)%

 

$

(245,336

)

 

(63

)%

 

$

(187,660

)

 

(60

)%

Provision for (benefit from) income taxes

 

 

(315

)

 

 

 

 

(442

)

 

 

 

 

162

 

 

 

 

 

(2,696

)

 

 

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

 

$

(106,254

)

 

(96

)%

 

$

(56,396

)

 

(45

)%

 

$

(245,174

)

 

(63

)%

 

$

(190,356

)

 

(60

)%

Depreciation

 

 

4,135

 

 

 

 

 

3,249

 

 

 

 

 

12,076

 

 

 

 

 

9,909

 

 

 

Interest income

 

 

(1,868

)

 

 

 

 

(1,905

)

 

 

 

 

(6,168

)

 

 

 

 

(3,471

)

 

 

Interest expense

 

 

3,820

 

 

 

 

 

2,606

 

 

 

 

 

9,673

 

 

 

 

 

6,467

 

 

 

Other expense, net

 

 

2,815

 

 

 

 

 

943

 

 

 

 

 

2,173

 

 

 

 

 

2,646

 

 

 

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

 

$

(97,352

)

 

(88

)%

 

$

(51,503

)

 

(41

)%

 

$

(227,420

)

 

(58

)%

 

$

(174,805

)

 

(55

)%

(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.

(3)

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

 

Investor Relations
Patrick Hamer
Vice President, Capital Markets and Investor Relations
[email protected]
[email protected]

Press
John Paolo Canton
Vice President, Communications
[email protected]

AJ Gosselin
Director, Corporate Communications
[email protected]
[email protected]

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