- Q1 revenue of $204.3 million, representing 43% year-over-year
growth
- Ending ARR of $856.2 million, representing 41% year-over-year
growth
- 1,375 customers with ARR over $100,000, up 53%
year-over-year
Samsara Inc. (NYSE: IOT), the pioneer of the Connected
Operations Cloud, reported financial results for the first quarter
ended April 29, 2023, and released a shareholder letter accessible
from the Samsara investor relations website at
investors.samsara.com.
“We delivered another strong quarter of growth, with ending ARR
of over $850 million, growing more than 40% year-over-year,” said
Sanjit Biswas, CEO and co-founder of Samsara. “In this current
environment, our customers are prioritizing investments in
solutions that help them control costs and deliver rapid ROI by
running safer, smarter, and more efficient operations. I continue
to be inspired by the strength and resilience of our customer base,
and we are proud to empower the people who power the world.”
First Quarter Fiscal Year 2024 Financial Highlights
(In millions, except percentage, percentage points, and per
share data)
Q1 FY2024
Q1 FY2023
Y/Y Change
Annual Recurring Revenue (ARR)
$
856.2
$
607.2
41
%
Total revenue
$
204.3
$
142.6
43
%
GAAP gross profit
$
146.8
$
103.0
$
43.8
GAAP gross margin
72
%
72
%
—
pt
Non-GAAP gross profit
$
149.7
$
104.8
$
44.9
Non-GAAP gross margin
73
%
73
%
—
pt
GAAP operating loss
$
(75.8
)
$
(70.2
)
$
(5.6
)
GAAP operating margin
(37
%)
(49
%)
12
pts
Non-GAAP operating loss
$
(19.0
)
$
(25.5
)
$
6.5
Non-GAAP operating margin
(9
%)
(18
%)
9
pts
GAAP net loss per share
$
(0.13
)
$
(0.14
)
$
0.01
Non-GAAP net loss per share
$
(0.02
)
$
(0.05
)
$
0.03
Net cash provided by (used in) operating
activities
$
10.5
$
(48.8
)
$
59.3
Adjusted free cash flow
$
(2.2
)
$
(50.7
)
$
48.5
Net cash provided by (used in) operating
activities margin
5
%
(34
%)
39
pts
Adjusted free cash flow margin
(1
%)
(36
%)
35
pts
We report non-GAAP financial measures in addition to, and not as
a substitute for, or superior to, financial measures calculated in
accordance with generally accepted accounting principles (“GAAP”).
See the section titled “Use of Non-GAAP Financial Measures” for an
explanation of non-GAAP financial measures and the tables in the
section titled “Reconciliation Between GAAP and Non-GAAP Financial
Measures” for a reconciliation of GAAP to non-GAAP financial
measures.
Financial Outlook
Our guidance includes GAAP and non-GAAP financial measures. For
the second quarter and fiscal year 2024, Samsara expects the
following:
Q2 FY2024 Outlook
FY 2024 Outlook
Total revenue
$206 million – $208 million
$866 million – $874 million
Year/Year growth
34% – 35%
33% – 34%
Non-GAAP operating margin
(9%)
(5%)
Non-GAAP net loss per share
($0.03) – ($0.02)
($0.02) – $0.00
A reconciliation of non-GAAP guidance financial measures to
corresponding GAAP guidance financial measures is not available on
a forward-looking basis without unreasonable effort due to the
uncertainty and potential variability of expenses, such as
stock-based compensation expense-related charges, that may be
incurred in the future and cannot be reasonably determined or
predicted at this time. It is important to note that these factors
could be material to our results of operations computed in
accordance with GAAP.
About Samsara
Samsara is the pioneer of the Connected Operations™ Cloud, which
allows businesses that depend on physical operations to harness
Internet of Things (IoT) data to develop actionable business
insights and improve their operations. Samsara operates in North
America and Europe and serves tens of thousands of customers across
a wide range of industries including transportation, wholesale and
retail trade, construction, field services, logistics, utilities
and energy, government, healthcare and education, manufacturing,
and food and beverage. The company’s mission is to increase the
safety, efficiency, and sustainability of the operations that power
the global economy.
Investor Day and Customer Conference
Samsara will host an Investor Day on Thursday, June 22, 2023 at
12:30 p.m. Pacific Time (3:30 p.m. Eastern Time), where we will
provide additional insights into Samsara’s trajectory and the
overall state of physical operations. This event will be held in
conjunction with our customer conference, Samsara Beyond, in
Austin, TX.
A live webcast of Investor Day may be accessed at
https://investors.samsara.com/.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements may relate to, but are not limited to, expectations of
future operating results or financial performance, the calculation
of certain of our key financial and operating metrics, our market
opportunity, industry developments and trends, customer demand for
our solution, macroeconomic conditions and any expected benefits of
our products, and our competitive position, as well as assumptions
relating to the foregoing.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified and
could cause actual results and events to differ. In some cases, you
can identify forward-looking statements by terminology such as
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “goal,” “guidance,” “intend,” “may,”
“objective,” “ongoing,” “plan,” “potential,” “predict,” “project,”
“seek,” “should,” “target,” “will,” “would,” or the negative of
these terms or other comparable expressions that concern our
expectations, strategies, plans, or intentions. You should not put
undue reliance on any forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved, if at all. Forward-looking statements are based on
information available at the time those statements are made,
including information furnished to us by third parties that we have
not independently verified, and/or management’s good faith beliefs
and assumptions as of that time with respect to future events and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. In light of these
risks and uncertainties, the forward-looking events and
circumstances discussed in this press release may not occur and
actual results could differ materially from those anticipated or
implied in the forward-looking statements.
These risks and uncertainties include our ability to retain
customers and expand the Applications used by our customers, our
ability to attract new customers, our future financial performance,
including trends in revenue and annual recurring revenue, net
retention rate, costs of revenue, gross profit or gross margin,
operating expenses, customer counts, non-GAAP financial measures
(such as non-GAAP gross margin, non-GAAP operating margin, and
adjusted free cash flow margin), our ability to achieve or maintain
profitability, the demand for our products or for solutions for
connected operations in general, the impact of the Russia-Ukraine
conflict, geopolitical tensions involving China, the COVID-19
pandemic, and macroeconomic conditions globally on our and our
customers’, partners’ and suppliers’ operations and future
financial performance, possible harm caused by silicon component
shortages and other supply chain constraints, the length of our
sales cycles, possible harm caused by a security breach or other
incident affecting our or our customers’ assets or data, our
ability to compete successfully in competitive markets, our ability
to respond to rapid technological changes, and our ability to
continue to innovate and develop new Applications. The
forward-looking statements contained in this press release are also
subject to other risks and uncertainties, including those more
fully described in our filings and reports that we may file from
time to time with the Securities and Exchange Commission, including
our Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q.
Except as required by law, we do not undertake any obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise.
Use of Non-GAAP Financial Measures
This document includes certain non-GAAP financial measures.
Reconciliations of non-GAAP financial measures to our financial
results as determined in accordance with GAAP are included at the
end of this press release following the accompanying financial
data.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation or as substitutes for
financial information presented under GAAP. There are a number of
limitations related to the use of non-GAAP financial measures
versus comparable financial measures determined under GAAP. For
example, other companies in our industry may calculate these
non-GAAP financial measures differently or may use other measures
to evaluate their performance. In addition, adjusted free cash flow
does not reflect our future contractual commitments or the total
increase or decrease of our cash balance for a given period. These
and other limitations could reduce the usefulness of these non-GAAP
financial measures as analytical tools. Investors are encouraged to
review the related GAAP financial measures and the reconciliations
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures and to not rely on any single
financial measure to evaluate our business.
We present these non-GAAP financial measures to assist investors
in seeing Samsara’s operating results through the eyes of
management, and because we believe that these measures provide an
additional tool for investors to evaluate our business.
Expenses Excluded from Non-GAAP Financial
Measures—Stock-based compensation expense is excluded primarily
because it is a non-cash expense that management believes is not
reflective of our ongoing operational performance. Employer taxes
on employee equity transactions, which is a cash expense, is
excluded because such taxes are tied to the timing and size of the
vesting of the underlying equity awards and the price of our common
stock at the time of vesting, which may vary from period to period
independent of the operating performance of our business. Lease
modification, impairment, and related charges are excluded because
such charges are not reflective of our ongoing operational
performance.
Operating Metrics and Non-GAAP Financial Measures
Annual Recurring Revenue—We define ARR as the annualized value
of subscription contracts that have commenced revenue recognition
as of the measurement date.
Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define
non-GAAP gross profit as gross profit plus stock-based compensation
expense-related charges, including employer taxes on employee
equity transactions, included in cost of revenue. Non-GAAP gross
margin is defined as non-GAAP gross profit as a percentage of total
revenue. We use non-GAAP gross profit and non-GAAP gross margin in
conjunction with traditional GAAP measures to evaluate our
financial performance. We believe that non-GAAP gross profit and
non-GAAP gross margin provide our management and investors
consistency and comparability with our past financial performance
and facilitate period-to-period comparisons of operations.
Non-GAAP Loss from Operations and Non-GAAP Operating Margin—We
define non-GAAP loss from operations, or non-GAAP operating loss,
as loss from operations excluding the effect of stock-based
compensation expense-related charges, including employer taxes on
employee equity transactions, and lease modification, impairment,
and related charges. Non-GAAP operating margin is defined as
non-GAAP operating loss as a percentage of total revenue. We use
non-GAAP loss from operations and non-GAAP operating margin in
conjunction with traditional GAAP measures to evaluate our
financial performance. We believe that non-GAAP loss from
operations and non-GAAP operating margin provide our management and
investors consistency and comparability with our past financial
performance and facilitate period-to-period comparisons of
operations.
Non-GAAP Net Loss and Non-GAAP Net Loss per Share—We define
non-GAAP net loss and non-GAAP net loss per share as net loss and
net loss per share excluding the effect of stock-based compensation
expense-related charges, including employer taxes on employee
equity transactions, and lease modification, impairment, and
related charges. We use non-GAAP net loss and non-GAAP net loss per
share in conjunction with traditional GAAP measures to evaluate our
financial performance. We believe that non-GAAP net loss and
non-GAAP net loss per share provide our management and investors
consistency and comparability with our past financial performance
and facilitate period-to-period comparisons of operations.
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We
define adjusted free cash flow as net cash provided by (used in)
operating activities reduced by cash used for purchases of property
and equipment, plus non-recurring capital expenditures associated
with the build-out of our corporate office facilities in San
Francisco, California, net of tenant allowances. Adjusted free cash
flow margin is calculated as adjusted free cash flow as a
percentage of total revenue. We believe that adjusted free cash
flow and adjusted free cash flow margin, even if negative, are
useful in evaluating liquidity and provide information to
management and investors about our ability to fund future operating
needs and strategic initiatives.
Webcast Information and Shareholder Letter
An investor presentation and accompanying shareholder letter is
accessible from the Samsara investor relations website at
https://investors.samsara.com/. Samsara will host a live webcast to
discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern
Time) today. The live webcast may be accessed at
https://investors.samsara.com/. Following the webcast, a replay
will be accessible from the same website.
SAMSARA INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
As of
April 29, 2023
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
192,052
$
200,670
Short-term investments
533,931
489,192
Accounts receivable, net
102,564
122,867
Inventories
32,403
40,571
Connected device costs, current
86,277
82,046
Prepaid expenses and other current
assets
23,324
22,189
Total current assets
970,551
957,535
Restricted cash
24,296
23,096
Long-term investments
87,770
113,101
Property and equipment, net
58,695
59,278
Operating lease right-of-use assets
97,400
112,624
Connected device costs, non-current
200,327
194,852
Deferred commissions
143,684
140,166
Other assets, non-current
15,823
16,356
Total assets
$
1,598,546
$
1,617,008
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
29,239
$
30,144
Accrued expenses and other current
liabilities
55,718
53,824
Accrued compensation and benefits
26,598
36,030
Deferred revenue, current
319,141
300,113
Operating lease liabilities, current
10,169
22,047
Total current liabilities
440,865
442,158
Deferred revenue, non-current
130,802
126,452
Operating lease liabilities,
non-current
95,209
100,873
Other liabilities, non-current
9,075
9,506
Total liabilities
675,951
678,989
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Class A common stock
7
7
Class B common stock
23
23
Class C common stock
—
—
Additional paid-in capital
2,160,399
2,107,013
Accumulated other comprehensive loss
(1,606
)
(652
)
Accumulated deficit
(1,236,228
)
(1,168,372
)
Total stockholders’ equity
922,595
938,019
Total liabilities and stockholders’
equity
$
1,598,546
$
1,617,008
SAMSARA INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended
April 29, 2023
April 30, 2022
Revenue
$
204,320
$
142,645
Cost of revenue
57,557
39,618
Gross profit
146,763
103,027
Operating expenses
Research and development
60,366
40,985
Sales and marketing
118,955
87,449
General and administrative
43,266
43,742
Lease modification, impairment, and
related charges
—
1,056
Total operating expenses
222,587
173,232
Loss from operations
(75,824
)
(70,205
)
Interest income and other income
(expense), net
8,895
(60
)
Loss before provision for income taxes
(66,929
)
(70,265
)
Provision for income taxes
927
723
Net loss
$
(67,856
)
$
(70,988
)
Other comprehensive income (loss):
Foreign currency translation
adjustments
(913
)
178
Unrealized gains (losses) on investments,
net of tax
(41
)
—
Other comprehensive income (loss)
(954
)
178
Comprehensive loss
$
(68,810
)
$
(70,810
)
Basic and diluted net loss per share:
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.13
)
$
(0.14
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
526,403,398
507,295,982
SAMSARA INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
April 29, 2023
April 30, 2022
Operating activities
Net loss
$
(67,856
)
$
(70,988
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
3,484
2,360
Stock-based compensation expense
52,948
43,612
Lease modification, impairment, and
related charges
—
1,056
Other non-cash adjustments
(6,163
)
2,117
Changes in operating assets and
liabilities:
Accounts receivable, net
20,822
(4,790
)
Inventories
8,168
(8,925
)
Prepaid expenses and other current
assets
(1,179
)
(2,996
)
Connected device costs
(9,707
)
(16,312
)
Deferred commissions
(3,518
)
(2,258
)
Other assets, non-current
533
2,992
Accounts payable and other liabilities
(8,511
)
(10,232
)
Deferred revenue
23,377
16,172
Operating lease right-of-use assets and
liabilities, net
(1,944
)
(590
)
Net cash provided by (used in) operating
activities
10,454
(48,782
)
Investing activities
Purchase of property and equipment
(2,499
)
(10,668
)
Purchases of investments
(192,389
)
—
Proceeds from maturities and redemptions
of investments
177,159
—
Net cash used in investing activities
(17,729
)
(10,668
)
Financing activities
Proceeds from issuance of common stock in
connection with equity compensation plans
159
249
Payment of offering costs
—
(1,742
)
Payment of principal on finance leases
(448
)
(241
)
Net cash used in financing activities
(289
)
(1,734
)
Effect of foreign exchange rate changes on
cash, cash equivalents, and restricted cash
146
(191
)
Net decrease in cash, cash equivalents,
and restricted cash
(7,418
)
(61,375
)
Cash, cash equivalents, and restricted
cash, beginning of period
223,766
944,310
Cash, cash equivalents, and restricted
cash, end of period
$
216,348
$
882,935
SAMSARA INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
April 29, 2023
April 30, 2022
Gross profit and gross margin
reconciliation
GAAP gross profit
$
146,763
$
103,027
Add:
Stock-based compensation expense-related
charges (1)
2,915
1,760
Non-GAAP gross profit
$
149,678
$
104,787
GAAP gross margin
72
%
72
%
Non-GAAP gross margin
73
%
73
%
Operating loss and operating margin
reconciliation
GAAP loss from operations
$
(75,824
)
$
(70,205
)
Add:
Stock-based compensation expense-related
charges (1)
56,793
43,667
Lease modification, impairment, and
related charges
—
1,056
Non-GAAP loss from operations
$
(19,031
)
$
(25,482
)
GAAP operating margin
(37
)%
(49
)%
Non-GAAP operating margin
(9
)%
(18
)%
__________
(1)
Stock-based compensation expense-related
charges were included in the following line items of our condensed
consolidated statements of operations and comprehensive loss as
follows:
Three Months Ended
April 29, 2023
April 30, 2022
Cost of revenue
$
2,915
$
1,760
Research and development
22,053
13,520
Sales and marketing
16,320
14,359
General and administrative
15,505
14,028
Total stock-based compensation
expense-related charges (2)
$
56,793
$
43,667
__________
(2)
Stock-based compensation expense-related
charges included approximately $3.8 million and $0.1 million of
employer taxes on employee equity transactions for the three months
ended April 29, 2023 and April 30, 2022, respectively.
Three Months Ended
April 29, 2023
April 30, 2022
GAAP net loss
$
(67,856
)
$
(70,988
)
Add:
Stock-based compensation expense-related
charges, net of applicable taxes
56,793
43,667
Lease modification, impairment, and
related charges, net of applicable taxes
—
1,056
Non-GAAP net loss
$
(11,063
)
$
(26,265
)
SAMSARA INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
April 29, 2023
April 30, 2022
Net loss per share, basic and diluted,
reconciliation
GAAP net loss per share attributable to
common stockholders, basic and diluted
$
(0.13
)
$
(0.14
)
Total impact on net loss per share, basic
and diluted, from non-GAAP adjustments
0.11
0.09
Non-GAAP net loss per share attributable
to common stockholders, basic and diluted
$
(0.02
)
$
(0.05
)
Three Months Ended
April 29, 2023
April 30, 2022
Adjusted free cash flow and adjusted
free cash flow margin reconciliation
Net cash provided by (used in) operating
activities
$
10,454
$
(48,782
)
Purchase of property and equipment
(2,499
)
(10,668
)
Purchase of property and equipment for
build-out of corporate office facilities, net of tenant allowances
(1)
(10,179
)
8,768
Adjusted free cash flow (1)
$
(2,224
)
$
(50,682
)
Net cash provided by (used in) operating
activities margin
5
%
(34
)%
Adjusted free cash flow margin (1)
(1
)%
(36
)%
__________
(1)
In April 2023, we settled a lease dispute
which was primarily related to lease incentives associated with
leasehold improvements in the form of a tenant allowance and
received $11.3 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230601005154/en/
Investor Contact: Mike Chang ir@samsara.com
Media Contact: Adam Simons media@samsara.com
Samsara (NYSE:IOT)
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