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Palantir Reports Revenue Growth of 41% for FY 2021, US Commercial Revenue up 102% Y/Y in FY 2021

Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the fourth quarter and fiscal year ended December 31, 2021.

Q4 2021 Highlights

  • Total revenue grew 34% year-over-year to $433 million
  • Commercial revenue grew 47% year-over-year
    • US commercial revenue grew 132% year-over-year
  • Government revenue grew 26% year-over-year
  • Added 34 net new customers in Q4 2021
  • Loss from operations of $(59) million, representing a margin of (14)%, up 3500 basis points year-over-year and 900 basis points sequentially
  • Adjusted income from operations of $124 million, representing a margin of 29%
  • Cash from operations of $93 million, representing a 22% margin
  • Adjusted free cash flow of $104 million, representing a 24% margin
  • Closed 64 deals of $1 million or more, of which:
    • 27 deals are $5 million or more
    • 19 deals are $10 million or more
  • GAAP net loss per share, diluted of $(0.08)
  • Adjusted net earnings per share, diluted of $0.02

FY 2021 Highlights

  • Total revenue grew 41% year-over-year to $1.54 billion
    • US revenue grew 53% year-over-year to $879 million
  • Commercial revenue grew 34% year-over year to $645 million
    • US commercial revenue grew 102% year-over-year
  • Government revenue grew 47% to $897 million
  • Commercial customer count tripled to 147 customers year-over-year
    • US commercial customer count increased 4.7x to 80 customers year-over-year
  • Total net dollar retention of 131%
    • US commercial net dollar retention of 150%
    • Government net dollar retention of 146%
  • Cash from operations of $334 million, representing a 22% margin
  • Adjusted free cash flow of $424 million, representing a 28% margin

 

Q4 and FY 2021 Financial Summary

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

Fourth Quarter

 

Full Year 2021

Amount

 

Amount

Revenue

$

432,867

 

 

 

 

$

1,541,889

 

 

 

Year-over-year growth

 

34

%

 

 

 

 

41

%

 

 

 

 

 

 

 

 

 

 

 

Amount

 

Margin

 

Amount

 

Margin

Loss from operations

$

(58,943

)

 

(14

) %

 

$

(411,046

)

 

(27

) %

Adjusted income from operations

$

124,033

 

 

29

%

 

$

473,452

 

 

31

%

Cash flow from operations

$

93,427

 

 

22

%

 

$

333,851

 

 

22

%

Adjusted free cash flow

$

104,196

 

 

24

%

 

$

424,127

 

 

28

%

Net loss

$

(156,188

)

 

 

 

$

(520,379

)

 

 

Adjusted net income

$

45,397

 

 

 

 

$

308,082

 

 

 

Adjusted EBITDA

$

127,873

 

 

30

%

 

$

488,349

 

 

32

%

GAAP net loss per share, diluted

$

(0.08

)

 

 

 

$

(0.27

)

 

 

Adjusted earnings per share, diluted

$

0.02

 

 

 

 

$

0.13

 

 

 

Outlook

For Q1 2022, we expect:

  • $443 million in revenue.
  • Adjusted operating margin of 23%.

For full year 2022, we expect:

  • Adjusted operating margin of 27%.

Per long-term guidance policy, as provided by our Chief Executive Officer, Alex Karp, we continue to expect:

  • Annual revenue growth of 30% or greater through 2025.

     

Earnings Webcast

A public webcast will be held at 6:00 a.m. MT / 8:00 a.m. ET today to discuss the results for our fourth quarter and year ended December 31, 2021 and financial outlook. The live public call can be accessed by registering online at http://www.palantir.events/palantirearnings-q42021. A replay of the webcast will be available at https://investors.palantir.com following the event.

An investor presentation, including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, and accompanying remarks will be available through Palantir’s Investor Relations website at https://investors.palantir.com.

Forward-Looking Statements

This press release and statements on our earnings webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, product development, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating to our sales and marketing efforts, sales force, partnerships, and customers), market trends and market size, opportunities (including growth opportunities), our expectations regarding our recent and potential investments in, and commercial contracts with, various entities, including special purpose acquisition companies and other privately-held or publicly-traded companies, and positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securities and Exchange Commission (the “SEC”), including in our quarterly report on Form 10-Q for the quarter ended September 30, 2021 and other filings and reports that we may file from time to time with the SEC, including our annual report on Form 10-K for the fiscal year ended December 31, 2021. In particular, the following factors, among others, could cause our results to differ materially from those expressed or implied by such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficiency of our cash and cash equivalents to meet our liquidity needs; the demand for our platforms in general; our ability to increase our number of new customers and revenue generated from customers; our ability to realize some or all of the total contract value of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; our long and unpredictable sales cycle; our ability to successfully grow our direct sales force and to successfully execute our channel sales and other strategic initiatives with third parties; our ability to retain and expand our customer base; the fluctuation of our results of operations and our key business measures on a quarterly basis in future periods; the seasonality of our business; the implementation process for our platforms, which may be complex and lengthy; our ability to successfully develop and deploy new technologies to address the needs of our existing or prospective customers; our ability to make our platforms easier to install and consume; our ability to maintain and enhance our brand and reputation; news or social media coverage about us, including but not limited to coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information; and any breach or access to customer or third-party data.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results.

Additional Definitions

For the purpose of this press release, the value of deals closed reflects the total contract value of contracts that have been entered into with, or awarded by, our government and commercial customers.

The value of deals closed includes existing contractual obligations and presumes the exercise of all contract options available to our customers and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised.

For the purpose of this press release, net dollar retention is calculated as (a) revenue recognized in fiscal year 2021 attributable to customers from which we have recognized revenue in fiscal year 2020, divided by (b) revenue recognized in fiscal year 2020 from those same customers. This calculation captures upsells, contraction, and attrition. For the purpose of the foregoing definition of net dollar retention for fiscal year 2021, “customers” refers to applicable organizations from which we have recognized revenue during fiscal year 2020.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the non-GAAP financial measures adjusted income from operations which excludes stock-based compensation, related employer payroll taxes, and non-recurring expenses primarily related the direct listing of our Class A common stock (“Direct Listing”) on the New York Stock Exchange during the quarter ended September 30, 2020; adjusted operating margin; adjusted free cash flow; adjusted free cash flow margin; adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted EBITDA margin; adjusted net income; and adjusted earnings per share (“EPS”), diluted.

We believe these non-GAAP financial measures and other metrics described in this press release help us evaluate our business, identify trends affecting Palantir’s business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. We exclude expenses primarily related to the Direct Listing during the third quarter 2020, as they are one-time non-recurring charges. Additionally, we exclude employer payroll taxes related to stock-based compensation, as it is difficult to predict and outside of Palantir’s control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. For example, adjusted free cash flow does not reflect our future contractual commitments or the total increase or decrease in our cash balances for a given period. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.

A reconciliation table of the most comparable GAAP financial measure to each non-GAAP financial measure used in this press release is included at the end of this release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as stock-based compensation, and related employer payroll taxes, the effect of which may be significant.

Available Information

Palantir uses its Investor Relations website at https://investors.palantir.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Palantir’s Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, and webcasts.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today.

Additional information is available at https://www.palantir.com.

Who dares, wins.

Palantir Technologies Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Revenue

$

432,867

 

 

$

322,091

 

 

$

1,541,889

 

 

$

1,092,673

 

Cost of revenue (1)

 

87,563

 

 

 

70,503

 

 

 

339,404

 

 

 

352,547

 

Gross profit

 

345,304

 

 

 

251,588

 

 

 

1,202,485

 

 

 

740,126

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing (1)

 

162,593

 

 

 

147,619

 

 

 

614,512

 

 

 

683,701

 

Research and development (1)

 

84,176

 

 

 

94,130

 

 

 

387,487

 

 

 

560,660

 

General and administrative (1)

 

157,478

 

 

 

166,411

 

 

 

611,532

 

 

 

669,444

 

Total operating expenses

 

404,247

 

 

 

408,160

 

 

 

1,613,531

 

 

 

1,913,805

 

Loss from operations

 

(58,943

)

 

 

(156,572

)

 

 

(411,046

)

 

 

(1,173,679

)

Interest income

 

480

 

 

 

368

 

 

 

1,607

 

 

 

4,680

 

Interest expense

 

(601

)

 

 

(1,814

)

 

 

(3,640

)

 

 

(14,139

)

Other income (expense), net

 

(64,118

)

 

 

2,082

 

 

 

(75,415

)

 

 

4,111

 

Loss before provision (benefit) for income taxes

 

(123,182

)

 

 

(155,936

)

 

 

(488,494

)

 

 

(1,179,027

)

Provision (benefit) for income taxes

 

33,006

 

 

 

(7,593

)

 

 

31,885

 

 

 

(12,636

)

Net loss

$

(156,188

)

 

$

(148,343

)

 

$

(520,379

)

 

$

(1,166,391

)

Net loss per share attributable to common stockholders, basic

$

(0.08

)

 

$

(0.08

)

 

$

(0.27

)

 

$

(1.19

)

Net loss per share attributable to common stockholders, diluted

$

(0.08

)

 

$

(0.08

)

 

$

(0.27

)

 

$

(1.20

)

Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic

 

2,011,764

 

 

 

1,763,514

 

 

 

1,923,617

 

 

 

977,722

 

Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted

 

2,011,764

 

 

 

1,763,514

 

 

 

1,923,617

 

 

 

979,330

 

__________

(1)

 

Includes stock-based compensation expense as follows (in thousands):

 

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

 

2021

 

2020

 

2021

 

2020

 

Cost of revenue

$

13,680

 

$

19,342

 

$

68,546

 

$

139,627

 

Sales and marketing

 

56,492

 

 

75,852

 

 

242,910

 

 

398,205

 

Research and development

 

27,322

 

 

47,365

 

 

150,298

 

 

357,063

 

General and administrative

 

69,413

 

 

99,229

 

 

316,461

 

 

375,807

 

Total stock-based compensation expense (i)

$

166,907

 

$

241,788

 

$

778,215

 

$

1,270,702

 

(i)

On September 30, 2020, in connection with the Direct Listing, we incurred $769.5 million and $8.4 million of stock-based compensation using the accelerated attribution method related to the satisfaction of the performance-based vesting condition for restricted stock units and growth units, respectively, that had satisfied the service-based vesting condition as of such date.

Palantir Technologies Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

As of December 31,

 

2021

 

2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

2,290,674

 

 

$

2,011,323

 

Restricted cash

 

36,628

 

 

 

37,285

 

Accounts receivable

 

190,923

 

 

 

156,932

 

Marketable securities

 

234,153

 

 

 

 

Prepaid expenses and other current assets

 

110,872

 

 

 

51,889

 

Total current assets

 

2,863,250

 

 

 

2,257,429

 

Property and equipment, net

 

31,304

 

 

 

29,541

 

Restricted cash, noncurrent

 

39,612

 

 

 

79,538

 

Operating lease right-of-use assets

 

216,898

 

 

 

217,075

 

Other assets

 

96,386

 

 

 

106,921

 

Total assets

$

3,247,450

 

 

$

2,690,504

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

74,907

 

 

$

16,358

 

Accrued liabilities

 

155,806

 

 

 

158,546

 

Deferred revenue

 

227,816

 

 

 

189,520

 

Customer deposits

 

161,605

 

 

 

210,320

 

Operating lease liabilities

 

39,927

 

 

 

29,079

 

Total current liabilities

 

660,061

 

 

 

603,823

 

Deferred revenue, noncurrent

 

40,217

 

 

 

50,525

 

Customer deposits, noncurrent

 

33,699

 

 

 

81,513

 

Debt, noncurrent, net

 

 

 

 

197,977

 

Operating lease liabilities, noncurrent

 

220,146

 

 

 

229,800

 

Other noncurrent liabilities

 

2,297

 

 

 

4,316

 

Total liabilities

 

956,420

 

 

 

1,167,954

 

Stockholders’ equity:

 

 

 

Common stock

 

2,027

 

 

 

1,792

 

Additional paid-in capital

 

7,777,085

 

 

 

6,488,857

 

Accumulated other comprehensive loss

 

(2,349

)

 

 

(2,745

)

Accumulated deficit

 

(5,485,733

)

 

 

(4,965,354

)

Total stockholders’ equity

 

2,291,030

 

 

 

1,522,550

 

Total liabilities and stockholders' equity

$

3,247,450

 

 

$

2,690,504

 

Palantir Technologies Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Years Ended December 31,

2021

 

2020

Operating activities

 

 

 

Net loss

$

(520,379

)

 

$

(1,166,391

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

14,897

 

 

 

13,871

 

Stock-based compensation

 

778,215

 

 

 

1,270,702

 

Deferred income taxes

 

43,316

 

 

 

(20,385

)

Impairment of assets held for sale

 

 

 

 

674

 

Non-cash operating lease expense

 

33,821

 

 

 

35,049

 

Unrealized and realized loss (gain) from marketable securities, net

 

73,311

 

 

 

 

Other operating activities

 

2,722

 

 

 

3,606

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(35,237

)

 

 

(108,476

)

Prepaid expenses and other current assets

 

(10,929

)

 

 

(18,565

)

Other assets

 

(3,345

)

 

 

(8,605

)

Accounts payable

 

57,767

 

 

 

(34,681

)

Accrued liabilities

 

15,245

 

 

 

38,505

 

Deferred revenue, current and noncurrent

 

24,732

 

 

 

(30,905

)

Customer deposits, current and noncurrent

 

(104,944

)

 

 

(230,873

)

Operating lease liabilities, current and noncurrent

 

(32,156

)

 

 

(43,639

)

Other noncurrent liabilities

 

(3,185

)

 

 

3,505

 

Net cash provided by (used in) operating activities

 

333,851

 

 

 

(296,608

)

Investing activities

 

 

 

Purchases of property and equipment

 

(12,627

)

 

 

(12,236

)

Purchases of marketable securities

 

(308,315

)

 

 

 

Purchases of equity method investments

 

 

 

 

(2,934

)

Purchases of alternative investments

 

(50,941

)

 

 

 

Purchases of privately-held securities

 

(23,009

)

 

 

 

Other investing activities

 

(3,020

)

 

 

250

 

Net cash used in investing activities

 

(397,912

)

 

 

(14,920

)

Financing activities

 

 

 

Proceeds from the issuance of common stock, net of issuance costs

 

 

 

 

942,529

 

Proceeds from issuance of debt, net of issuance costs

 

 

 

 

199,369

 

Principal payments on borrowings

 

(200,000

)

 

 

(400,000

)

Proceeds from the exercise of common stock options

 

507,455

 

 

 

298,829

 

Repurchase of common stock

 

 

 

 

(3,777

)

Other financing activities

 

(708

)

 

 

(497

)

Net cash provided by financing activities

 

306,747

 

 

 

1,036,453

 

Effect of foreign exchange on cash, cash equivalents, and restricted cash

 

(3,918

)

 

 

1,259

 

Net increase in cash, cash equivalents, and restricted cash

 

238,768

 

 

 

726,184

 

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

 

2,128,146

 

 

 

1,401,962

 

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

$

2,366,914

 

 

$

2,128,146

 

Palantir Technologies Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

Non-GAAP Reconciliations

 

Adjusted Income from Operations and Adjusted Operating Margin (in thousands, except percentages)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Loss from operations

$

(58,943

)

 

$

(156,572

)

 

$

(411,046

)

 

$

(1,173,679

)

Add: stock-based compensation

 

166,907

 

 

 

241,788

 

 

 

778,215

 

 

 

1,270,702

 

Add: employer payroll taxes related to stock-based compensation

 

16,069

 

 

 

18,933

 

 

 

106,283

 

 

 

39,105

 

Add: non-recurring Direct Listing charges

 

 

 

 

 

 

 

 

 

 

53,737

 

Adjusted income from operations

$

124,033

 

 

$

104,149

 

 

$

473,452

 

 

$

189,865

 

Adjusted operating margin

 

29

%

 

 

32

%

 

 

31

%

 

 

17

%

Adjusted Free Cash Flow (in thousands, except percentages)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Net cash provided by (used in) operating activities

$

93,427

 

 

$

(18,288

)

 

$

333,851

 

 

$

(296,608

)

Less: purchases of property and equipment

 

(5,845

)

 

 

(4,511

)

 

 

(12,627

)

 

 

(12,236

)

Add: cash paid for employer payroll taxes related to stock-based compensation

 

16,614

 

 

 

35,792

 

 

 

102,903

 

 

 

36,984

 

Adjusted free cash flow

$

104,196

 

 

$

12,993

 

 

$

424,127

 

 

$

(271,860

)

Adjusted free cash flow margin

 

24

%

 

 

4

%

 

 

28

%

 

 

(25

) %

Adjusted EBITDA (in thousands, except percentages)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Net loss

$

(156,188

)

 

$

(148,343

)

 

$

(520,379

)

 

$

(1,166,391

)

Less: interest income

 

(480

)

 

 

(368

)

 

 

(1,607

)

 

 

(4,680

)

Add: interest expense

 

601

 

 

 

1,814

 

 

 

3,640

 

 

 

14,139

 

Add: other (income) expense, net

 

64,118

 

 

 

(2,082

)

 

 

75,415

 

 

 

(4,111

)

Add: provision (benefit) for income taxes

 

33,006

 

 

 

(7,593

)

 

 

31,885

 

 

 

(12,636

)

Add: depreciation and amortization

 

3,840

 

 

 

3,563

 

 

 

14,897

 

 

 

13,871

 

Add: stock-based compensation

 

166,907

 

 

 

241,788

 

 

 

778,215

 

 

 

1,270,702

 

Add: employer payroll taxes related to stock-based compensation

 

16,069

 

 

 

18,933

 

 

 

106,283

 

 

 

39,105

 

Add: non-recurring Direct Listing charges

 

 

 

 

 

 

 

 

 

 

53,737

 

Adjusted EBITDA

$

127,873

 

 

$

107,712

 

 

$

488,349

 

 

$

203,736

 

Adjusted EBITDA margin

 

30

%

 

 

33

%

 

 

32

%

 

 

19

%

Palantir Technologies Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

Adjusted Earnings per Share, Diluted (in thousands, except per share amounts)

 

Three Months Ended

December 31,

 

Years Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Net loss attributable to common stockholders

$

(156,188

)

 

$

(148,343

)

 

$

(520,379

)

 

$

(1,166,391

)

Less: change in fair value attributable to participating securities

 

 

 

 

 

 

 

 

 

 

(5,483

)

Net loss attributable to common stockholders, diluted

 

(156,188

)

 

 

(148,343

)

 

 

(520,379

)

 

 

(1,171,874

)

Add: stock-based compensation

 

166,907

 

 

 

241,788

 

 

 

778,215

 

 

 

1,270,702

 

Add: employer payroll taxes related to stock-based compensation

 

16,069

 

 

 

18,933

 

 

 

106,283

 

 

 

39,105

 

Add: non-recurring Direct Listing charges

 

 

 

 

 

 

 

 

 

 

53,737

 

Add (Less): income tax effects and adjustments (1)

 

18,609

 

 

 

(35,794

)

 

 

(56,037

)

 

 

(53,414

)

Adjusted net income attributable to common stockholders, diluted

$

45,397

 

 

$

76,584

 

 

$

308,082

 

 

$

138,256

 

Weighted-average shares used in computing GAAP net loss per share, diluted

 

2,011,764

 

 

 

1,763,514

 

 

 

1,923,617

 

 

 

979,330

 

Adjusted weighted-average shares used in computing adjusted earnings per share, diluted (2)

 

2,324,113

 

 

 

2,212,564

 

 

 

2,323,236

 

 

 

1,494,652

 

Adjusted earnings per share, diluted

$

0.02

 

 

$

0.03

 

 

$

0.13

 

 

$

0.09

 

__________

(1)

 

Income tax effect is based on an estimated long-term annual effective tax rate of 22.2% and 22.1% for the periods ended 2021 and 2020, respectively. The Company’s estimated long-term annual effective tax rate excludes certain non-cash items, such as stock-based compensation, and is used in order to provide consistency across periods by eliminating the effects of certain items, such as changes in the tax valuation allowance.

(2)

 

Includes an additional 312.3 million and 399.6 million of dilutive securities for the three and twelve months ended December 31, 2021, respectively, and an additional 449.1 million and 515.3 million of dilutive securities for the three and twelve months ended December 31, 2020, respectively, that are excluded from a GAAP perspective due to the Company’s net loss position.

 

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