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ChargePoint reports second quarter fiscal year 2023 financial results

08/30/2022

Second quarter fiscal 2023 revenue of $108 million exceeds top-end of quarterly guidance; ChargePoint re-affirms annual guidance 

  • Revenue grew 93% year-over-year as the Company posted its first $100 million quarter
  • GAAP and Non-GAAP gross margin improved 2 percentage points quarter-over-quarter
  • ChargePoint guides to third quarter fiscal 2023 revenue of $125-$135 million and confirms full-year revenue guidance of $450 million to $500 million

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

“ChargePoint delivered another strong quarter, with continued growth across all verticals and geographies,” said Pasquale Romano, President and CEO of ChargePoint. “We continue to execute on our strategy, as demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe.”

Second Quarter Fiscal 2023 Financial Overview

  • Revenue. For the second quarter, revenue was $108.3 million, up 93% from $56.1 million in the prior year’s same quarter. Networked charging systems revenue for the second quarter was $84.1 million, up 106% from $40.9 million in the prior year’s same quarter and subscription revenue was $20.2 million, up 68% from $12.1 million in the prior year’s same quarter.
  • Gross Margin. Second quarter GAAP gross margin was 17%, down from 19% in the prior year's same quarter primarily due to supply chain disruptions, which affected both cost and supply availability as well as increasing new product introduction and transition costs. Second quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense and amortization from acquired intangible assets, improved sequentially to 19%, but was down from 23% in the prior year's same quarter due to the same factors.
  • Net Income/Loss. Second quarter GAAP net loss was $92.7 million, as compared to $84.9 million in the prior year's same quarter. Non-GAAP pre-tax net loss in the second quarter, which excludes $26.4 million in stock-based compensation expense, $3.0 million amortization expense from acquired intangible assets and other items, was $62.3 million as compared to $40.3 million in the prior year's same quarter.
  • Liquidity. As of July 31, 2022, cash and short term investments on the balance sheet were $471.9 million.
  • Shares Outstanding. As of July 31, 2022, there were approximately 339 million shares of common stock outstanding.

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

Third Quarter and Full Year Guidance

For the third fiscal quarter ending October 31, 2022, ChargePoint expects revenue of $125 million to $135 million. At the midpoint, this represents an anticipated increase of 100% as compared to the prior year’s same quarter.

For the full fiscal year ending January 31, 2023, ChargePoint continues to expect:

  • Revenue of $450 million to $500 million. At the midpoint, this represents an anticipated increase of 96% as compared to the prior year
  • Non-GAAP gross margin of 22% to 26%
  • Non-GAAP operating expenses of $350 million to $370 million. At the midpoint, this represents an anticipated increase of 50% as compared to the prior year

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

Conference Call Information

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

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

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. 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 123 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 third fiscal quarter and fiscal year ending January 31, 2023. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the ongoing COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions, component shortages and expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire and integrate other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions, delays and expense increases may adversely affect our sales, revenue and gross margins; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins due to supply chain disruptions, component shortages and related expense increases or if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on June 7, 2022, which is available on our website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Use of Non-GAAP Financial Measures

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

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

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

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

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

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

CHPT-IR

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts; unaudited)

 

 

Three Months Ended
July 31,

 

Six Months Ended
July 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

84,148

 

 

$

40,874

 

 

$

143,699

 

 

$

67,674

 

Subscriptions

 

20,244

 

 

 

12,082

 

 

 

37,890

 

 

 

22,906

 

Other

 

3,900

 

 

 

3,165

 

 

 

8,336

 

 

 

6,051

 

Total revenue

 

108,292

 

 

 

56,121

 

 

 

189,925

 

 

 

96,631

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

74,352

 

 

 

35,384

 

 

 

130,618

 

 

 

59,126

 

Subscriptions

 

13,278

 

 

 

7,830

 

 

 

23,905

 

 

 

13,470

 

Other

 

2,509

 

 

 

2,130

 

 

 

5,142

 

 

 

4,041

 

Total cost of revenue

 

90,139

 

 

 

45,344

 

 

 

159,665

 

 

 

76,637

 

Gross profit

 

18,153

 

 

 

10,777

 

 

 

30,260

 

 

 

19,994

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

51,804

 

 

 

40,410

 

 

 

100,105

 

 

 

65,784

 

Sales and marketing

 

33,873

 

 

 

21,923

 

 

 

66,460

 

 

 

37,897

 

General and administrative

 

22,846

 

 

 

22,732

 

 

 

43,893

 

 

 

37,199

 

Total operating expenses

 

108,523

 

 

 

85,065

 

 

 

210,458

 

 

 

140,880

 

Loss from operations

 

(90,370

)

 

 

(74,288

)

 

 

(180,198

)

 

 

(120,886

)

Interest income

 

1,460

 

 

 

25

 

 

 

1,566

 

 

 

47

 

Interest expense

 

(2,928

)

 

 

 

 

 

(3,862

)

 

 

(1,499

)

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

9,237

 

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

(10,421

)

 

 

(24

)

 

 

33,340

 

Change in fair value of contingent earnout liability

 

 

 

 

 

 

 

 

 

 

84,420

 

Transaction costs expensed

 

 

 

 

 

 

 

 

 

 

(7,031

)

Other expense, net

 

(1,254

)

 

 

(189

)

 

 

(1,702

)

 

 

(174

)

Net loss before income taxes

 

(93,092

)

 

 

(84,873

)

 

 

(184,220

)

 

 

(2,546

)

Provision for income taxes

 

(392

)

 

 

65

 

 

 

(2,254

)

 

 

103

 

Net loss

$

(92,700

)

 

$

(84,938

)

 

$

(181,966

)

 

$

(2,649

)

Cumulative undeclared dividends on redeemable convertible preferred stock

 

 

 

 

 

 

 

 

 

 

(4,292

)

Deemed dividends attributable to vested option holders

 

 

 

 

 

 

 

 

 

 

(51,855

)

Deemed dividends attributable to common stock warrants holders

 

 

 

 

 

 

 

 

 

 

(110,635

)

Net loss attributable to common stockholders, basic

$

(92,700

)

 

$

(84,938

)

 

$

(181,966

)

 

$

(169,431

)

Gain attributable to earnout shares issued

 

 

 

 

 

 

 

 

 

 

(84,420

)

Change in fair value of dilutive warrants

 

 

 

 

(7,427

)

 

 

 

 

 

(53,540

)

Net loss attributable to common stockholders, diluted

$

(92,700

)

 

$

(92,365

)

 

$

(181,966

)

 

$

(307,391

)

Net loss per share - Basic

$

(0.28

)

 

$

(0.27

)

 

$

(0.54

)

 

$

(0.64

)

Net loss per share - Diluted

$

(0.28

)

 

$

(0.29

)

 

$

(0.54

)

 

$

(1.12

)

Weighted average shares outstanding - Basic

 

336,813,555

 

 

 

312,227,526

 

 

 

335,736,772

 

 

 

266,197,482

 

Weighted average shares outstanding - Diluted

 

336,813,555

 

 

 

313,602,100

 

 

 

335,736,772

 

 

 

275,577,000

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

July 31, 2022

 

January 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

187,662

 

 

$

315,235

 

Restricted cash

 

400

 

 

 

400

 

Short-term investments

 

283,880

 

 

 

 

Accounts receivable, net

 

109,922

 

 

 

75,939

 

Inventories

 

53,420

 

 

 

35,879

 

Prepaid expenses and other current assets

 

44,902

 

 

 

36,603

 

Total current assets

 

680,186

 

 

 

464,056

 

Property and equipment, net

 

36,699

 

 

 

34,593

 

Intangible assets, net

 

94,482

 

 

 

107,209

 

Operating lease right-of-use assets

 

22,571

 

 

 

25,535

 

Goodwill

 

205,580

 

 

 

218,484

 

Other assets

 

6,512

 

 

 

6,020

 

Total assets

$

1,046,030

 

 

$

855,897

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

45,145

 

 

$

27,576

 

Accrued and other current liabilities

 

110,096

 

 

 

84,328

 

Deferred revenue

 

83,529

 

 

 

77,142

 

Total current liabilities

 

238,770

 

 

 

189,046

 

Deferred revenue, noncurrent

 

84,052

 

 

 

69,666

 

Debt, noncurrent

 

294,334

 

 

 

 

Operating lease liabilities

 

22,727

 

 

 

25,370

 

Deferred tax liabilities

 

13,383

 

 

 

17,697

 

Other long-term liabilities

 

1,075

 

 

 

7,104

 

Total liabilities

 

654,341

 

 

 

308,883

 

Stockholders' equity (deficit):

 

 

 

Common stock

 

34

 

 

 

33

 

Additional paid-in capital

 

1,414,301

 

 

 

1,366,855

 

Accumulated other comprehensive loss

 

(29,025

)

 

 

(8,219

)

Accumulated deficit

 

(993,621

)

 

 

(811,655

)

Total stockholders' equity

 

391,689

 

 

 

547,014

 

Total liabilities and stockholders' equity

$

1,046,030

 

 

$

855,897

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Six Months Ended
July 31,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

Net loss

$

(181,966

)

 

$

(2,649

)

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

 

 

 

Depreciation and amortization

 

12,476

 

 

 

5,576

 

Non-cash operating lease cost

 

2,451

 

 

 

1,963

 

Stock-based compensation

 

41,946

 

 

 

35,870

 

Amortization of deferred contract acquisition costs

 

1,118

 

 

 

829

 

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

(9,237

)

Change in fair value of common stock warrant liabilities

 

24

 

 

 

(33,340

)

Change in fair value of contingent earnout liabilities

 

 

 

 

(84,420

)

Transaction costs expensed

 

 

 

 

7,031

 

Other

 

4,991

 

 

 

1,236

 

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

 

 

 

Accounts receivable, net

 

(36,178

)

 

 

(7,657

)

Inventories

 

(18,239

)

 

 

5,620

 

Prepaid expenses and other assets

 

(9,964

)

 

 

(9,325

)

Operating lease liabilities

 

(2,465

)

 

 

(953

)

Accounts payable

 

14,907

 

 

 

9,293

 

Accrued and other liabilities

 

16,454

 

 

 

3,027

 

Deferred revenue

 

20,773

 

 

 

15,938

 

Net cash used in operating activities

 

(133,672

)

 

 

(61,198

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(8,872

)

 

 

(7,788

)

Purchases of short term investments

 

(284,835

)

 

 

 

Cash paid for acquisitions, net of cash acquired

 

(2,756

)

 

 

 

Net cash used in investing activities

 

(296,463

)

 

 

(7,788

)

Cash flows from financing activities

 

 

 

Proceeds from the exercise of public warrants

 

 

 

 

117,598

 

Merger and PIPE financing

 

 

 

 

511,646

 

Payments of transaction costs related to Merger

 

 

 

 

(32,468

)

Payment of tax withholding obligations on settlement of earnout shares

 

 

 

 

(20,894

)

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

 

293,972

 

 

 

 

Repayment of borrowings

 

 

 

 

(36,051

)

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

 

5,419

 

 

 

1,759

 

Change in driver funds and amounts due to customers

 

4,238

 

 

 

 

Net cash provided by financing activities

 

303,629

 

 

 

541,590

 

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

 

(1,067

)

 

 

(6

)

Net increase in cash, cash equivalents, and restricted cash

 

(127,573

)

 

 

472,598

 

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

 

315,635

 

 

 

145,891

 

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

$

188,062

 

 

$

618,489

 

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three Months Ended
July 31, 2022

 

Three Months Ended
July 31, 2021

 

Six

Months Ended
July 31, 2022

 

Six

Months Ended
July 31, 2021

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

90,139

 

 

 

 

$

45,344

 

 

 

 

$

159,665

 

 

 

 

$

76,637

 

 

 

Stock-based compensation expense

 

 

(1,341

)

 

 

 

 

(2,164

)

 

 

 

 

(2,126

)

 

 

 

 

(2,188

)

 

 

Amortization of intangible assets

 

 

(748

)

 

 

 

 

 

 

 

 

 

(1,368

)

 

 

 

 

 

 

 

Non-GAAP cost of revenue

 

$

88,050

 

 

 

 

$

43,180

 

 

 

 

$

156,171

 

 

 

 

$

74,449

 

 

 

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

 

$

20,242

 

 

19

%

 

$

12,941

 

 

23

%

 

$

33,754

 

 

18

%

 

$

22,182

 

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

51,804

 

 

 

 

$

40,410

 

 

 

 

$

100,105

 

 

 

 

$

65,784

 

 

 

Stock-based compensation expense

 

 

(11,420

)

 

 

 

 

(13,682

)

 

 

 

 

(17,398

)

 

 

 

 

(14,357

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

(358

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(86

)

 

 

 

 

 

 

 

 

 

(86

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

(80

)

 

 

 

 

 

 

 

 

 

(80

)

 

 

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

 

$

40,384

 

 

37

%

 

$

26,550

 

 

47

%

 

$

82,707

 

 

44

%

 

$

50,902

 

 

53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

33,873

 

 

 

 

$

21,923

 

 

 

 

$

66,460

 

 

 

 

$

37,897

 

 

 

Stock-based compensation expense

 

 

(5,285

)

 

 

 

 

(4,169

)

 

 

 

 

(7,831

)

 

 

 

 

(4,766

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

(424

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(43

)

 

 

 

 

 

 

 

 

 

(43

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

 

 

 

 

(40

)

 

 

Amortization of intangible assets

 

 

(2,207

)

 

 

 

 

 

 

 

 

 

(4,448

)

 

 

 

 

 

 

 

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

 

$

26,381

 

 

24

%

 

$

17,665

 

 

31

%

 

$

54,182

 

 

29

%

 

$

32,624

 

 

34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

22,846

 

 

 

 

$

22,732

 

 

 

 

$

43,893

 

 

 

 

$

37,199

 

 

 

Stock-based compensation expense

 

 

(8,373

)

 

 

 

 

(8,278

)

 

 

 

 

(14,591

)

 

 

 

 

(14,558

)

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

(378

)

 

 

 

 

 

 

 

 

 

(713

)

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

(2,683

)

 

 

 

 

(1,011

)

 

 

 

 

(2,683

)

 

 

Cost related to registration filings

 

 

(473

)

 

 

 

 

(2,503

)

 

 

 

 

(473

)

 

 

 

 

(2,503

)

 

 

Tax exposures

 

 

(990

)

 

 

 

 

 

 

 

 

 

(990

)

 

 

 

 

 

 

 

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

 

$

13,010

 

 

12

%

 

$

8,890

 

 

16

%

 

$

26,828

 

 

14

%

 

$

16,742

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

79,775

 

 

74

%

 

$

53,105

 

 

95

%

 

$

163,717

 

 

86

%

 

$

100,269

 

 

104

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(92,700

)

 

 

 

$

(84,938

)

 

 

 

$

(181,966

)

 

 

 

$

(2,649

)

 

 

Stock-based compensation expense

 

 

26,419

 

 

 

 

 

28,293

 

 

 

 

 

41,946

 

 

 

 

 

35,869

 

 

 

Earn-out-related taxes (1)

 

 

 

 

 

 

 

396

 

 

 

 

 

 

 

 

 

 

1,495

 

 

 

Acquisition-related costs (2)

 

 

 

 

 

 

 

2,812

 

 

 

 

 

1,011

 

 

 

 

 

2,812

 

 

 

Cost related to registration filings

 

 

473

 

 

 

 

 

2,623

 

 

 

 

 

473

 

 

 

 

 

2,623

 

 

 

Tax exposures

 

 

990

 

 

 

 

 

 

 

 

 

 

990

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

2,955

 

 

 

 

 

 

 

 

 

 

5,816

 

 

 

 

 

 

 

 

Change in fair value of preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,237

)

 

 

Change in fair value of assumed common stock warrant liability

 

 

 

 

 

 

 

10,421

 

 

 

 

 

24

 

 

 

 

 

(33,340

)

 

 

Change in fair value of contingent earn-out liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(84,420

)

 

 

Offering costs allocated to warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,031

 

 

 

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

 

$

(61,863

)

 

(57

) %

 

$

(40,393

)

 

(72

) %

 

$

(131,706

)

 

(69

) %

 

$

(79,816

)

 

(83

) %

Provision for income taxes

 

 

(392

)

 

 

 

 

65

 

 

 

 

 

(2,254

)

 

 

 

 

103

 

 

 

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

 

$

(62,255

)

 

(57

) %

 

$

(40,328

)

 

(72

) %

 

$

(133,960

)

 

(71

) %

 

$

(79,714

)

 

(82

) %

(1)

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

(2)

Consists of professional services fees related to acquisitions.

 

Investor Relations
Patrick Hamer
VP, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com
investors@chargepoint.com

Press
AJ Gosselin
Director, Corporate Communications
AJ.Gosselin@chargepoint.com
media@chargepoint.com

Source: ChargePoint Holdings, Inc.

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