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ChargePoint reports first quarter fiscal year 2024 financial results

First quarter fiscal 2024 revenue of $130 million representing 59% year-over-year growth

  • Gross margin increases to 23% GAAP and 25% Non-GAAP
  • Plans to reduce Non-GAAP Adjusted EBITDA Loss approximately two-thirds by the fourth quarter of fiscal 2024 as compared to the first quarter
  • ChargePoint guides to second quarter fiscal year 2024 revenue of $148 - $158 million

 

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading electric vehicle (EV) charging network, today reported results for its first fiscal quarter ended April 30, 2023.

“ChargePoint delivered strong results in the first quarter, growing at nearly 60% year-over-year. We focused on delivering our broad portfolio of charging solutions across North America and Europe, while continuing to improve gross margins, and managing operating expenses,” said Pasquale Romano, President and CEO of ChargePoint. “The positive first quarter results are a testament to the strength and diversity of our business. As the only charging network to operate across all verticals in North America and Europe, we believe we remain well positioned to take advantage of the inevitable long-term growth opportunity ahead.”

First Quarter Fiscal 2024 Financial Overview

  • Revenue. First quarter revenue was $130.0 million, up 59% from $81.6 million in the prior year’s same quarter. Networked charging systems revenue for the first quarter was $98.3 million, up 65% from $59.6 million in the prior year’s same quarter. Subscription revenue was $26.4 million, up 49% from $17.6 million in the prior year’s same quarter.
  • Gross Margin. First quarter GAAP gross margin was 23%, up from 15% in the prior year's same quarter. First quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense and amortization from acquired intangible assets, was 25%, up from 17% in the prior year's same quarter.
  • Net Income/Loss. First quarter GAAP net loss was $79.4 million, down from $89.3 million in the prior year's same quarter. Non-GAAP pre-tax net loss in the first quarter, which primarily excludes $24.0 million in stock-based compensation expense, $3.0 million amortization expense from acquired intangible assets and other items, was $52.8 million as compared to $71.7 million in the prior year's same quarter. Non-GAAP Adjusted EBITDA Loss, which primarily excludes stock-based compensation expense, depreciation expense and amortization expense of acquired intangible assets, was $48.9 million in the first quarter, as compared to $67.1 million in the prior year's same quarter.
  • Liquidity. As of April 30, 2023, cash on the balance sheet was $313.7 million, which includes $17.7 million of at-the-market share offering gross proceeds during the first quarter.
  • Shares Outstanding. As of April 30, 2023, there were approximately 353 million shares of common stock outstanding.

Second Quarter of Fiscal 2024 Guidance

For the second fiscal quarter ending July 31, 2023, ChargePoint expects revenue of $148 million to $158 million. At the midpoint, this represents an anticipated increase of 41% over the prior year’s same quarter.

ChargePoint is not able to present a reconciliation of its forward-looking Non-GAAP Adjusted EBITDA Loss projection 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 will 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 first quarter fiscal 2024 financial results and its outlook for the second quarter of fiscal 2024.

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. 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 172 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 second fiscal quarter of the fiscal year ending January 31, 2024 and our plans to reduce fourth fiscal quarter Non-GAAP Adjusted EBITDA Loss. 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-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 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 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. 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 that 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 and amortization expense of acquired intangible assets. 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, amortization expense of acquired intangible assets, professional services fees associated with acquisitions, non-recurring restructuring costs and non-cash charges related to the 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, amortization expense of acquired intangible assets, professional services fees associated with acquisitions, non-recurring restructuring costs, and non-cash charges related to 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, amortization expense of acquired intangible assets, professional services fees associated with acquisitions, non-recurring restructuring costs, 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

April 30,

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

Networked charging systems

$

98,320

 

 

$

59,551

 

Subscriptions

 

26,365

 

 

 

17,646

 

Other

 

5,345

 

 

 

4,436

 

Total revenue

 

130,030

 

 

 

81,633

 

Cost of revenue

 

 

 

Networked charging systems

 

80,922

 

 

 

56,266

 

Subscriptions

 

14,804

 

 

 

10,628

 

Other

 

3,769

 

 

 

2,632

 

Total cost of revenue

 

99,495

 

 

 

69,526

 

Gross profit

 

30,535

 

 

 

12,107

 

Operating expenses

 

 

 

Research and development

 

49,396

 

 

 

48,302

 

Sales and marketing

 

37,041

 

 

 

32,588

 

General and administrative

 

24,020

 

 

 

21,047

 

Total operating expenses

 

110,457

 

 

 

101,937

 

Loss from operations

 

(79,922

)

 

 

(89,830

)

Interest income

 

2,460

 

 

 

106

 

Interest expense

 

(2,926

)

 

 

(933

)

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

(24

)

Other income (expense), net

 

573

 

 

 

(447

)

Net loss before income taxes

 

(79,815

)

 

 

(91,128

)

Benefit from income taxes

 

(427

)

 

 

(1,862

)

Net loss

$

(79,388

)

 

$

(89,266

)

Net loss attributable to common stockholders, basic and diluted

$

(79,388

)

 

$

(89,266

)

Net loss per share, basic and diluted

$

(0.23

)

 

$

(0.27

)

Weighted average shares outstanding, basic and diluted

 

350,043,454

 

 

 

334,623,695

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

April 30, 2023

 

January 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

283,347

 

 

$

264,162

 

Restricted cash

 

30,400

 

 

 

30,400

 

Short-term investments

 

 

 

 

104,966

 

Accounts receivable, net

 

165,109

 

 

 

164,892

 

Inventories

 

115,229

 

 

 

68,730

 

Prepaid expenses and other current assets

 

88,078

 

 

 

71,020

 

Total current assets

 

682,163

 

 

 

704,170

 

Property and equipment, net

 

41,663

 

 

 

40,046

 

Intangible assets, net

 

90,957

 

 

 

92,673

 

Operating lease right-of-use assets

 

21,254

 

 

 

22,242

 

Goodwill

 

216,517

 

 

 

213,716

 

Other assets

 

7,268

 

 

 

7,110

 

Total assets

$

1,059,822

 

 

$

1,079,957

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

61,976

 

 

$

62,076

 

Accrued and other current liabilities

 

135,441

 

 

 

133,483

 

Deferred revenue

 

90,941

 

 

 

88,777

 

Total current liabilities

 

288,358

 

 

 

284,336

 

Deferred revenue, noncurrent

 

114,224

 

 

 

109,833

 

Debt, noncurrent

 

295,238

 

 

 

294,936

 

Operating lease liabilities

 

20,674

 

 

 

21,841

 

Deferred tax liabilities

 

12,572

 

 

 

12,987

 

Other long-term liabilities

 

1,277

 

 

 

1,032

 

Total liabilities

 

732,343

 

 

 

724,965

 

Stockholders' equity:

 

 

 

Common stock

 

35

 

 

 

35

 

Additional paid-in capital

 

1,575,388

 

 

 

1,528,104

 

Accumulated other comprehensive loss

 

(11,793

)

 

 

(16,384

)

Accumulated deficit

 

(1,236,151

)

 

 

(1,156,763

)

Total stockholders' equity

 

327,479

 

 

 

354,992

 

Total liabilities and stockholders' equity

$

1,059,822

 

 

$

1,079,957

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

Three Months Ended

April 30,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

$

(79,388

)

 

$

(89,266

)

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

 

 

 

Depreciation and amortization

 

7,053

 

 

 

6,220

 

Non-cash operating lease cost

 

1,090

 

 

 

1,224

 

Stock-based compensation

 

23,964

 

 

 

15,527

 

Amortization of deferred contract acquisition costs

 

675

 

 

 

538

 

Other

 

7,428

 

 

 

324

 

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

 

 

 

Accounts receivable, net

 

(1,991

)

 

 

(5,941

)

Inventories

 

(53,136

)

 

 

(9,832

)

Prepaid expenses and other assets

 

(17,880

)

 

 

(10,299

)

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

 

4,934

 

 

 

10,001

 

Deferred revenue

 

6,554

 

 

 

10,683

 

Net cash used in operating activities

 

(100,697

)

 

 

(70,821

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(5,838

)

 

 

(3,190

)

Maturities of investments

 

105,000

 

 

 

 

Cash paid for acquisitions, net of cash acquired

 

(7,087

)

 

 

(2,756

)

Net cash provided by (used in) investing activities

 

92,075

 

 

 

(5,946

)

Cash flows from financing activities

 

 

 

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

 

 

 

 

296,037

 

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

 

5,790

 

 

 

4,690

 

Proceeds from issuance of common stock in connection with ATM offerings

 

17,516

 

 

 

 

Change in driver funds and amounts due to customers

 

3,990

 

 

 

2,391

 

Net cash provided by financing activities

 

27,296

 

 

 

303,118

 

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

 

511

 

 

 

(1,003

)

Net increase in cash, cash equivalents, and restricted cash

 

19,185

 

 

 

225,348

 

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

 

294,562

 

 

 

315,635

 

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

$

313,747

 

 

$

540,983

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

Three

Months Ended

April 30, 2023

 

Three

Months Ended

April 30, 2022

Cost of Revenue:

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

99,495

 

 

 

 

$

69,526

 

 

 

Stock-based compensation expense

 

 

(996

)

 

 

 

 

(785

)

 

 

Amortization of intangible assets

 

 

(766

)

 

 

 

 

(620

)

 

 

Non-GAAP cost of revenue

 

$

97,733

 

 

 

 

$

68,121

 

 

 

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

 

$

32,297

 

 

25

%

 

$

13,512

 

 

17

%

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

GAAP research and development

 

$

49,396

 

 

 

 

$

48,302

 

 

 

Stock-based compensation expense

 

 

(9,506

)

 

 

 

 

(5,978

)

 

 

Other adjustments (1)

 

 

1

 

 

 

 

 

 

 

 

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

 

$

39,891

 

 

31

%

 

$

42,324

 

 

52

%

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

37,041

 

 

 

 

$

32,588

 

 

 

Stock-based compensation expense

 

 

(4,169

)

 

 

 

 

(2,546

)

 

 

Amortization of intangible assets

 

 

(2,272

)

 

 

 

 

(2,241

)

 

 

Other adjustments (1)

 

 

1

 

 

 

 

 

 

 

 

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

 

$

30,601

 

 

24

%

 

$

27,801

 

 

34

%

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

24,020

 

 

 

 

$

21,047

 

 

 

Stock-based compensation expense

 

 

(9,294

)

 

 

 

 

(6,218

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(1,011

)

 

 

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

 

$

14,726

 

 

11

%

 

$

13,818

 

 

17

%

 

 

 

 

 

 

 

 

 

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

 

$

85,218

 

 

66

%

 

$

83,943

 

 

103

%

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(79,388

)

 

 

 

$

(89,266

)

 

 

Stock-based compensation expense

 

 

23,965

 

 

 

 

 

15,527

 

 

 

Amortization of intangible assets

 

 

3,038

 

 

 

 

 

2,861

 

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

1,011

 

 

 

Other adjustments (1)

 

 

(2

)

 

 

 

 

24

 

 

 

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

 

$

(52,387

)

 

(40

) %

 

$

(69,843

)

 

(86

) %

Benefit from income taxes

 

 

(427

)

 

 

 

 

(1,862

)

 

 

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

 

$

(52,814

)

 

(41

) %

 

$

(71,705

)

 

(88

) %

Depreciation

 

 

4,016

 

 

 

 

 

3,359

 

 

 

Interest income

 

 

(2,460

)

 

 

 

 

(106

)

 

 

Interest expense

 

 

2,926

 

 

 

 

 

933

 

 

 

Other income (expense), net

 

 

(573

)

 

 

 

 

447

 

 

 

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

 

$

(48,905

)

 

(38

) %

 

$

(67,072

)

 

(82

) %

  1. Consists of restructuring costs for severances and related termination costs, as well as change in fair value of assumed common stock warrant liabilities.
  2. Consists of professional services fees related to acquisitions.

 

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