- Consistent with preliminary financial results announced on
November 16, 2023:
- Third quarter fiscal 2024 revenue of $110 million
representing a 12% decrease year-over-year
- GAAP gross margin of negative 22% and non-GAAP gross margin
of negative 18%, reflecting $42 million impact from an inventory
impairment charge
- GAAP operating expense of $130 million and non-GAAP
operating expense of $81 million, partially reflecting the
reduction of operating expenses as part of previously announced
cost-saving measures
- Company reaffirms plan to achieve positive non-GAAP Adjusted
EBITDA in the fourth quarter of calendar year 2024 (Fourth quarter
of fiscal 2025)
ChargePoint Holdings, Inc. (NYSE:CHPT)
(“ChargePoint”), a leading provider of networked solutions for
charging electric vehicles (EVs), today reported results for its
third quarter of fiscal 2024 ended October 31, 2023.
“ChargePoint’s third quarter execution came up far short of its
goals in the face of continued challenging macroeconomic conditions
and execution challenges,” said Rick Wilmer, the new President and
CEO of ChargePoint. “Though the quarter overall did not meet
expectations, we did demonstrate how we continue to empower the
entire EV ecosystem, across hardware and software, and we fortified
our balance sheet, which leaves us well capitalized to execute on
our strategy. We remain firmly committed to delivering positive
non-GAAP adjusted EBITDA in the fourth quarter of calendar year
2024.”
Third Quarter Fiscal 2024 Financial Overview
- Revenue. Third quarter revenue was $110.3 million, down
12% from $125.3 million in the prior year’s same quarter. Networked
charging systems revenue for the third quarter was $73.9 million,
down 24% from $97.6 million in the prior year’s same quarter.
Subscription revenue was $30.6 million, up 41% from $21.7 million
in the prior year’s same quarter.
- Gross Margin. Third quarter GAAP gross margin was
negative 22%, down from 18% in the prior year's same quarter, and
non-GAAP gross margin was negative 18%, down from 20% in the prior
year's same quarter, in both cases primarily due to a $42.0 million
inventory impairment charge. This inventory impairment charge was
taken to address supply overruns related to product transitions and
to better align inventory with current demand.
- Net Income/Loss. Third quarter GAAP net loss was $158.2
million, up from $84.5 million in the prior year's same quarter.
Non-GAAP pre-tax net loss was $106.3 million as compared to $56.4
million in the prior year's same quarter, both reflecting the $42.0
million inventory impairment charge. Non-GAAP Adjusted EBITDA Loss
was $97.4 million also reflecting this inventory impairment charge
in the third quarter, as compared to $51.5 million in the prior
year's same quarter.
- Liquidity. As of October 31, 2023, cash, cash
equivalents and restricted cash on the balance sheet was $397.4
million, which includes $233.1 million of at-the-market share
offering gross proceeds during the third quarter. ChargePoint's
$150 million revolving credit facility remains undrawn and
ChargePoint has no debt maturities until 2028.
- Shares Outstanding. As of October 31, 2023, the Company
had approximately 418 million shares of common stock
outstanding.
Conference Call Information
ChargePoint will host a webcast today at 1:30 p.m. Pacific /
4:30 p.m. Eastern to review its third quarter fiscal 2024 financial
results.
Investors may access the webcast, supplemental financial
information and investor presentation at ChargePoint’s investor
relations website (investors.chargepoint.com) under the “Events and
Presentations” section. A replay will be available after the
conclusion of the webcast and archived for one year.
About ChargePoint
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to
hundreds-of-thousands of places to charge in North America and
Europe. For more information, visit the ChargePoint pressroom, the
ChargePoint Investor Relations site, or contact the ChargePoint
North American or European press offices or Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding our plans to be non-GAAP Adjusted EBITDA positive by the
end of calendar 2024. There are a significant number of factors
that could cause actual results to differ materially from the
statements made in this press release, including: macroeconomic
trends including changes in or sustained inflation, prolonged and
sustained increases in interest rates, or other events beyond our
control on the overall economy which may reduce demand for our
products and services, geopolitical events and conflicts, adverse
impacts to our business and those of our customers and suppliers,
including due to supply chain disruptions, component shortages, and
associated logistics expense increases; our limited operating
history as a public company; our ability as an organization to
successfully acquire and integrate other companies, products or
technologies in a successful manner; our dependence on widespread
acceptance and adoption of EVs and increased demand for
installation of charging stations; our current dependence on sales
of charging stations for most of our revenues; overall demand for
EV charging and the potential for reduced demand for EVs if
governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of EVs or decrease the use of vehicles powered by
fossil fuels, either directly or indirectly through mandated limits
on carbon emissions, are reduced, modified or eliminated; our
reliance on contract manufacturers, including those located outside
the United States, may result in supply chain interruptions, delays
and expense increases which may adversely affect our sales, revenue
and gross margins; our ability to expand our operations and market
share in Europe; the need to attract additional fleet operators as
customers; potential adverse effects on our revenue and gross
margins due to delays and costs associated with new product
introductions, inventory obsolescence, component shortages and
related expense increases; adverse impact to our revenues and gross
margins if customers increasingly claim clean energy credits and,
as a result, they are no longer available to be claimed by us; the
effects of competition; risks related to our dependence on our
intellectual property; and the risk that our technology could have
undetected defects or errors. Additional risks and uncertainties
that could affect our financial results are included under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our Form 10-Q
filed with the Securities and Exchange Commission (the “SEC”) on
September 11, 2023, which is available on our website at
investors.chargepoint.com and on the SEC’s website at www.sec.gov.
Additional information will also be set forth in other filings that
we make with the SEC from time to time. All forward-looking
statements in this press release are based on information available
to us as of the date hereof, and we do not assume any obligation to
update the forward-looking statements provided to reflect events
that occur or circumstances that exist after the date on which they
were made, except as required by applicable law.
Use of Non-GAAP Financial Measures
ChargePoint has provided financial information in this press
release that has not been prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”).
ChargePoint uses these non-GAAP financial measures internally in
analyzing its financial results. ChargePoint believes that the use
of these non-GAAP financial measures is useful to investors to
evaluate ongoing operating results and trends and believes they
provide meaningful supplemental information to investors regarding
ChargePoint’s underlying operating performance because they exclude
items the Company believes are unrelated to, and may not be
indicative of, its core operating results.
The presentation of these non-GAAP financial measures is not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with ChargePoint’s consolidated financial statements
prepared in accordance with GAAP. A reconciliation of ChargePoint’s
historical non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial
statement tables included in this press release, and investors are
encouraged to review these reconciliations.
Non-GAAP Gross Profit (Gross Margin). ChargePoint defines
non-GAAP gross profit as gross profit excluding stock-based
compensation expense, amortization expense of acquired intangible
assets, and restructuring costs for severances and
employment-related termination costs, and facility and other
contract terminations. Non-GAAP gross margin is non-GAAP gross
profit as a percentage of revenue.
Non-GAAP Cost of Revenue and Operating Expenses (includes
Non-GAAP research and development, Non-GAAP sales and marketing and
Non-GAAP general and administrative). ChargePoint defines Non-GAAP
cost of revenue and operating expenses as cost of revenue and
operating expenses excluding stock-based compensation expense,
restructuring costs for severances and employment-related
termination costs, and facility and other contract terminations,
amortization expense of acquired intangible assets, professional
services fees associated with acquisitions, registration filings
and modification of convertible debt, non-cash charges related to
tax liabilities, and non-cash charges related to the change in fair
value of assumed common stock warrant liabilities.
Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net
loss excluding stock-based compensation expense, restructuring
costs for severances and employment-related termination costs, and
facility and other contract terminations, amortization expense of
acquired intangible assets, professional services fees associated
with acquisitions, registration filings and modification of
convertible debt, non-cash charges related to tax liabilities, and
non-cash charges related to the change in fair value of assumed
common stock warrant liabilities. These amounts do not reflect the
impact of any related tax effects. Non-GAAP pre-tax net loss is
non-GAAP net loss adjusted for provision for income taxes.
Non-GAAP Adjusted EBITDA Loss. ChargePoint defines non-GAAP
adjusted EBITDA loss as net loss excluding stock-based compensation
expense, restructuring costs for severances and employment-related
termination costs, and facility and other contract terminations,
amortization expense of acquired intangible assets, professional
services fees associated with acquisitions, registration filings
and modification of convertible debt, non-cash charges related to
tax liabilities, and non-cash charges related to the change in fair
value of assumed common stock warrant liabilities, and further
adjusted for provision of income taxes, depreciation, interest
income and expense, and other income and expense (net).
Investors are cautioned that there are a number of limitations
associated with the use of non-GAAP financial measures to analyze
financial results and trends. In particular, many of the
adjustments to ChargePoint’s GAAP financial measures reflect the
exclusion of items that are recurring and will be reflected in its
financial results for the foreseeable future, such as stock-based
compensation, which is an important part of ChargePoint’s
employees’ compensation and impacts hiring, retention and
performance. Furthermore, these non-GAAP financial measures are not
based on any standardized methodology prescribed by GAAP, and the
components that ChargePoint excludes in its calculation of non-GAAP
financial measures may differ from the components that other
companies exclude when they report their non-GAAP results. In the
future, ChargePoint may also exclude other expenses it determines
do not reflect the performance of ChargePoint’s operating
results.
CHPT-IR
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per
share amounts; unaudited)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2023
2022
2023
2022
Revenue
Networked charging systems
$
73,893
$
97,592
$
286,788
$
241,291
Subscriptions
30,559
21,670
86,935
59,561
Other
5,831
6,079
17,084
14,415
Total revenue
110,283
125,341
390,807
315,267
Cost of revenue
Networked charging systems
109,452
85,821
317,335
216,439
Subscriptions
19,999
13,400
53,495
37,305
Other
4,778
3,439
12,263
8,581
Total cost of revenue
134,229
102,660
383,093
262,325
Gross profit (loss)
(23,946
)
22,681
7,714
52,942
Operating expenses
Research and development
56,524
48,132
165,563
148,237
Sales and marketing
39,834
35,382
116,545
101,842
General and administrative
33,463
22,445
82,627
66,339
Total operating expenses
129,821
105,959
364,735
316,418
Loss from operations
(153,767
)
(83,278
)
(357,021
)
(263,476
)
Interest income
1,868
1,905
6,168
3,471
Interest expense
(3,820
)
(2,606
)
(9,673
)
(6,467
)
Change in fair value of assumed common
stock warrant liabilities
—
—
—
(24
)
Other expense, net
(2,815
)
(943
)
(2,173
)
(2,646
)
Net loss before income taxes
(158,534
)
(84,922
)
(362,699
)
(269,142
)
Provision for (benefit from) income
taxes
(315
)
(442
)
162
(2,696
)
Net loss
$
(158,219
)
$
(84,480
)
$
(362,861
)
$
(266,446
)
Net loss per share, basic and diluted
$
(0.43
)
$
(0.25
)
$
(1.01
)
$
(0.79
)
Weighted average shares outstanding, basic
and diluted
376,182,783
339,595,385
360,818,131
337,037,111
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
unaudited)
October 31, 2023
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
367,012
$
264,162
Restricted cash
30,400
30,400
Short-term investments
—
104,966
Accounts receivable, net
151,804
164,892
Inventories
199,120
68,730
Prepaid expenses and other current
assets
76,111
71,020
Total current assets
824,447
704,170
Property and equipment, net
42,198
40,046
Intangible assets, net
82,636
92,673
Operating lease right-of-use assets
18,057
22,242
Goodwill
211,581
213,716
Other assets
8,742
7,110
Total assets
$
1,187,661
$
1,079,957
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
101,697
$
62,076
Accrued and other current liabilities
152,466
133,483
Deferred revenue
98,484
88,777
Total current liabilities
352,647
284,336
Deferred revenue, noncurrent
128,811
109,833
Debt, noncurrent
282,719
294,936
Operating lease liabilities
18,517
21,841
Deferred tax liabilities
10,811
12,987
Other long-term liabilities
1,594
1,032
Total liabilities
795,099
724,965
Stockholders' equity:
Common stock
42
35
Additional paid-in capital
1,931,450
1,528,104
Accumulated other comprehensive loss
(19,305
)
(16,384
)
Accumulated deficit
(1,519,625
)
(1,156,763
)
Total stockholders' equity
392,562
354,992
Total liabilities and stockholders'
equity
$
1,187,661
$
1,079,957
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands,
unaudited)
Nine Months Ended
October 31,
2023
2022
Cash flows from operating
activities
Net loss
$
(362,861
)
$
(266,446
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
21,160
18,562
Non-cash operating lease cost
3,257
3,539
Stock-based compensation
91,946
67,644
Amortization of deferred contract
acquisition costs
2,112
1,729
Inventory impairment
70,000
—
Other
7,486
11,514
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net
8,693
(50,402
)
Inventories
(183,569
)
(30,057
)
Prepaid expenses and other assets
(6,135
)
(24,730
)
Accounts payable, operating lease
liabilities, and accrued and other liabilities
31,738
23,586
Deferred revenue
28,685
28,410
Net cash used in operating activities
(287,488
)
(216,651
)
Cash flows from investing
activities
Purchases of property and equipment
(14,671
)
(14,142
)
Purchases of short term investments
—
(284,835
)
Maturities of investments
105,000
75,000
Cash paid for acquisitions, net of cash
acquired
—
(2,756
)
Net cash provided by (used in) investing
activities
90,329
(226,733
)
Cash flows from financing
activities
Proceeds from the exercise of warrants
—
6,354
Proceeds from issuance of debt, net of
discount and issuance costs
—
293,972
Debt issuance costs related to the
revolving credit facility
(2,853
)
—
Proceeds from the issuance of common stock
under employee equity plans, net of tax withholding
10,957
10,760
Proceeds from issuance of common stock in
connection with ATM offerings
287,198
—
Change in driver funds and amounts due to
customers
8,935
6,911
Settlement of contingent earnout
liability
(3,537
)
—
Net cash provided by financing
activities
300,700
317,997
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(691
)
(1,575
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
102,850
(126,962
)
Cash, cash equivalents, and restricted
cash at beginning of period
294,562
315,635
Cash, cash equivalents, and restricted
cash at end of period
$
397,412
$
188,673
ChargePoint Holdings,
Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands,
unaudited)
Three Months Ended
October 31, 2023
Three Months Ended
October 31, 2022
Nine Months Ended
October 31, 2023
Nine Months Ended
October 31, 2022
Cost of Revenue:
GAAP cost of revenue
$
134,229
$
102,660
$
383,093
$
262,325
Stock-based compensation expense
(1,847
)
(1,145
)
(4,780
)
(3,271
)
Amortization of intangible assets
(759
)
(723
)
(2,291
)
(2,091
)
Restructuring costs (1)
(996
)
—
(996
)
—
Non-GAAP cost of revenue
$
130,627
$
100,792
$
375,026
$
256,963
Non-GAAP gross profit (loss) (gross
margin as a percentage of revenue)
$
(20,344
)
(18
)%
$
24,549
20
%
$
15,781
4
%
$
58,304
18
%
Operating Expenses:
GAAP research and development
$
56,524
$
48,132
$
165,563
$
148,237
Stock-based compensation expense
(14,451
)
(10,200
)
(39,804
)
(27,598
)
Restructuring costs (1)
(4,183
)
—
(4,183
)
—
Non-GAAP research and development (as a
percentage of revenue)
$
37,890
34
%
$
37,932
30
%
$
121,576
31
%
$
120,639
38
%
GAAP sales and marketing
$
39,834
$
35,382
$
116,545
$
101,842
Stock-based compensation expense
(6,467
)
(4,962
)
(17,393
)
(12,793
)
Amortization of intangible assets
(2,249
)
(2,114
)
(6,794
)
(6,562
)
Restructuring costs (1)
(1,343
)
—
(1,343
)
—
Non-GAAP sales and marketing (as a
percentage of revenue)
$
29,775
27
%
$
28,306
23
%
$
91,015
23
%
$
82,487
26
%
GAAP general and administrative
$
33,463
$
22,445
$
82,627
$
66,339
Stock-based compensation expense
(10,118
)
(9,391
)
(29,969
)
(23,982
)
Restructuring costs (1)
(9,079
)
—
(9,079
)
—
Acquisition-related costs (2)
—
9
—
(1,002
)
Other adjustments (3)
(788
)
—
(893
)
(1,463
)
Non-GAAP general and administrative (as
a percentage of revenue)
$
13,478
12
%
$
13,063
10
%
$
42,686
11
%
$
39,892
13
%
Non-GAAP Operating Expenses (as a
percentage of revenue)
$
81,143
74
%
$
79,301
63
%
$
255,277
65
%
$
243,018
77
%
Net Loss:
GAAP net loss
$
(158,219
)
$
(84,480
)
$
(362,861
)
$
(266,446
)
Stock-based compensation expense
32,883
25,698
91,946
67,644
Amortization of intangible assets
3,008
2,837
9,085
8,653
Restructuring costs (1)
15,601
—
15,601
—
Acquisition-related costs (2)
—
(9
)
—
1,002
Other adjustments (3)
788
—
893
1,487
Non-GAAP net loss (as a percentage of
revenue)
$
(105,939
)
(96
)%
$
(55,954
)
(45
)%
$
(245,336
)
(63
)%
$
(187,660
)
(60
)%
Provision for (benefit from) income
taxes
(315
)
(442
)
162
(2,696
)
Non-GAAP pre-tax net loss (as a
percentage of revenue)
$
(106,254
)
(96
)%
$
(56,396
)
(45
)%
$
(245,174
)
(63
)%
$
(190,356
)
(60
)%
Depreciation
4,135
3,249
12,076
9,909
Interest income
(1,868
)
(1,905
)
(6,168
)
(3,471
)
Interest expense
3,820
2,606
9,673
6,467
Other expense, net
2,815
943
2,173
2,646
Non-GAAP Adjusted EBITDA Loss (as a
percentage of revenue)
$
(97,352
)
(88
)%
$
(51,503
)
(41
)%
$
(227,420
)
(58
)%
$
(174,805
)
(55
)%
(1)
Consists of restructuring costs for
severances and employment-related termination costs, and facility
and other contract terminations.
(2)
Consists of professional services fees
related to acquisitions.
(3)
Consists of professional services fees
related to registration filings and modification of convertible
debt, non-cash charges related to tax liabilities, and the change
in fair value of assumed common stock warrant liabilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231206864219/en/
Investor Relations Patrick
Hamer Vice President, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com investors@chargepoint.com
Press John Paolo Canton Vice
President, Communications JP.Canton@chargepoint.com
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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