EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
-
Revenue reached
$50.0 million in the fourth quarter, representing an increase of 83% year-over-year. -
For the full year 2023, revenue reached
$161.0 million , an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range. - Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.
-
Ended 2023 with approximately 3,550 stalls in operation or under construction, including
EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter. - Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.
-
Net loss was
$36.6 million for the fourth quarter of 2023 and$135.5 million for the full year 2023. -
Adjusted EBITDA1 was
($14.0) million for the fourth quarter of 2023, and($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.
Revenue reached
Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.
“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said
1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in
2 A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
Business Highlights
-
Stall Development : The Company ended 2023 with 2,990 stalls in operation, including 100EVgo eXtend™ stalls.EVgo added more than 260 new DC fast charging stalls during the quarter and over 930 over the full year. -
Network Utilization: Utilization on the
EVgo network inDecember 2023 was over 19%, up from 8% inDecember 2022 . -
Network Throughput: Average daily throughput per stall for the
EVgo network was 201 kilowatt hours per day inDecember 2023 , an increase of 179% compared to 72 kilowatt hours per day inDecember 2022 . -
Fleet Charging : EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput grew over five times above full year 2022 fleet throughput driven by rideshare. -
National Electric Vehicle Infrastructure Program (“NEVI”):
EVgo and its eXtend™ partners opened the first and third sites in the country under theNEVI program inOhio andPennsylvania , respectively. -
EVgo eXtendTM:EVgo ended 2023 with 100 operationalEVgo eXtend™ stalls. - EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered users and achieved 7.9 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the fourth quarter of 2023.
-
Revenue of
$50.0 million - Network Throughput 1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000 accounts
-
Gross Profit of
$3.5 million -
Net Loss of
$36.6 million -
Adjusted Gross Profit
2 of
$13.3 million -
Adjusted EBITDA
2 of
($14.0) million -
Cash Flows Used in Operating Activities of
$7.3 million -
Capital Expenditures of
$34.8 million -
Capital Expenditures, Net of Capital Offsets
2
of
$21.8 million
The below represent summary financial and operational figures for the full year 2023.
-
Revenue of
$161.0 million - Network Throughput 1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000 accounts
-
Gross Profit of
$9.7 million -
Net Loss of
$135.5 million -
Adjusted Gross Profit
2 of
$41.8 million -
Adjusted EBITDA
2 of
($58.8) million -
Cash Flows Used in Operating Activities of
$37.1 million -
Capital Expenditures of
$158.9 million -
Capital Expenditures, Net of Capital Offsets
2
of
$122.8 million
1 Network throughput for
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Better (Worse) |
|
FY 2023 |
|
FY 2022 |
|
Better (Worse) |
||||||||||
Network Throughput (GWh) |
|
|
50 |
|
|
|
14 |
|
|
257 |
% |
|
|
130 |
|
|
|
45 |
|
|
189 |
% |
Revenue |
|
$ |
49,994 |
|
|
$ |
27,303 |
|
|
83 |
% |
|
$ |
160,953 |
|
|
$ |
54,588 |
|
|
195 |
% |
Gross profit (loss) |
|
$ |
3,540 |
|
|
$ |
(1,099 |
) |
|
422 |
% |
|
$ |
9,714 |
|
|
$ |
(5,651 |
) |
|
272 |
% |
Gross margin |
|
|
7.1 |
% |
|
|
(4.0 |
)% |
|
1,110 bps |
|
|
6.0 |
% |
|
|
(10.4 |
)% |
|
1,640 bps |
||
Net loss |
|
$ |
(36,589 |
) |
|
$ |
(17,049 |
) |
|
(115 |
)% |
|
$ |
(135,466 |
) |
|
$ |
(106,240 |
) |
|
(28 |
)% |
Adjusted Gross Profit1 |
|
$ |
13,253 |
|
|
$ |
4,993 |
|
|
165 |
% |
|
$ |
41,792 |
|
|
$ |
13,246 |
|
|
216 |
% |
Adjusted Gross Margin1 |
|
|
26.5 |
% |
|
|
18.3 |
% |
|
820 bps |
|
|
26.0 |
% |
|
|
24.3 |
% |
|
170 bps |
||
Adjusted EBITDA1 |
|
$ |
(13,962 |
) |
|
$ |
(20,058 |
) |
|
30 |
% |
|
$ |
(58,830 |
) |
|
$ |
(80,246 |
) |
|
27 |
% |
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Change |
|
FY 2023 |
|
FY 2022 |
|
Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows used in operating activities |
|
$ |
(7,274 |
) |
|
$ |
(1,457 |
) |
|
(399 |
)% |
|
$ |
(37,055 |
) |
|
$ |
(58,794 |
) |
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures |
|
$ |
34,811 |
|
|
$ |
66,366 |
|
|
(48 |
)% |
|
$ |
158,896 |
|
|
$ |
200,251 |
|
|
(21 |
)% |
Capital offsets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OEM infrastructure payments |
|
|
5,695 |
|
|
|
7,000 |
|
|
(19 |
)% |
|
|
21,633 |
|
|
|
7,000 |
|
|
209 |
% |
Proceeds from capital-build funding |
|
|
7,353 |
|
|
|
3,224 |
|
|
128 |
% |
|
|
14,432 |
|
|
|
10,088 |
|
|
43 |
% |
Total capital offsets |
|
|
13,048 |
|
|
|
10,224 |
|
|
28 |
% |
|
|
36,065 |
|
|
|
17,088 |
|
|
111 |
% |
Capital Expenditures, Net of Capital Offsets1 |
|
$ |
21,763 |
|
|
$ |
56,142 |
|
|
(61 |
)% |
|
$ |
122,831 |
|
|
$ |
183,163 |
|
|
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase |
|
Stalls in operation or under construction: |
|
|
|
|
|
|
|
|
|
EVgo Network |
|
|
3,360 |
|
|
2,830 |
|
19 |
% |
|
|
|
190 |
|
|
— |
|
* % |
|
Total stalls in operation or under construction |
|
|
3,550 |
|
|
2,830 |
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
Stalls in operation: |
|
|
|
|
|
|
|
|
|
EVgo Network |
|
|
2,890 |
|
|
2,180 |
|
33 |
% |
|
|
|
100 |
|
|
— |
|
* % |
|
Total stalls in operation |
|
|
2,990 |
|
|
2,180 |
|
37 |
% |
|
|
|
|
|
|
|
|
||
* Percentage not meaningful. |
|
|
|
|
|
|
|
|
1 Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in
2024 Financial Guidance
-
Total revenue of
$220 –$270 million -
Adjusted EBITDA1 of (
$48 ) –($30) million
1 A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s fourth quarter and full year 2023 earnings release will be held today at
Toll Free: (800) 715-9871 (for
Toll/International: (646) 307-1963 (for callers outside the
Conference ID: 6304708
This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial and operating performance, revenues, market size and opportunity, capital expenditures, stalls in operation or under construction, network throughput, business strategies and utilization growth;
Financial Statements
Condensed Consolidated Balance Sheets |
||||||||
|
||||||||
|
|
|
|
|
||||
|
|
2023 |
|
2022 |
||||
(in thousands) |
|
(unaudited) |
|
|
|
|||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash |
|
$ |
209,146 |
|
|
$ |
246,193 |
|
Accounts receivable, net of allowance of |
|
|
34,882 |
|
|
|
11,075 |
|
Accounts receivable, capital-build |
|
|
9,297 |
|
|
|
8,011 |
|
Prepaid expenses and other current assets1 |
|
|
14,081 |
|
|
|
10,205 |
|
Total current assets |
|
|
267,406 |
|
|
|
275,484 |
|
Property, equipment and software, net |
|
|
389,227 |
|
|
|
308,112 |
|
Operating lease right-of-use assets |
|
|
67,724 |
|
|
|
51,856 |
|
Restricted cash |
|
|
— |
|
|
|
300 |
|
Other assets |
|
|
2,208 |
|
|
|
2,308 |
|
Intangible assets, net |
|
|
48,997 |
|
|
|
60,612 |
|
|
|
|
31,052 |
|
|
|
31,052 |
|
Total assets |
|
$ |
806,614 |
|
|
$ |
729,724 |
|
|
|
|
|
|
|
|
||
Liabilities, redeemable noncontrolling interest and stockholders’ deficit |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
10,133 |
|
|
$ |
9,128 |
|
Accrued liabilities |
|
|
40,549 |
|
|
|
39,233 |
|
Operating lease liabilities, current |
|
|
6,018 |
|
|
|
4,958 |
|
Deferred revenue, current |
|
|
23,114 |
|
|
|
16,023 |
|
Customer deposits |
|
|
9,235 |
|
|
|
17,867 |
|
Other current liabilities |
|
|
298 |
|
|
|
136 |
|
Total current liabilities |
|
|
89,347 |
|
|
|
87,345 |
|
Operating lease liabilities, noncurrent |
|
|
61,987 |
|
|
|
45,689 |
|
Earnout liability, at fair value |
|
|
654 |
|
|
|
1,730 |
|
Asset retirement obligations |
|
|
18,232 |
|
|
|
15,473 |
|
Capital-build liability |
|
|
35,787 |
|
|
|
26,157 |
|
Deferred revenue, noncurrent |
|
|
55,091 |
|
|
|
23,900 |
|
Warrant liabilities, at fair value |
|
|
5,141 |
|
|
|
12,304 |
|
Total liabilities |
|
|
266,239 |
|
|
|
212,598 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Redeemable noncontrolling interest |
|
|
700,964 |
|
|
|
875,226 |
|
Stockholders' deficit |
|
|
(160,589 |
) |
|
|
(358,100 |
) |
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit |
|
$ |
806,614 |
|
|
$ |
729,724 |
|
|
|
|
|
|
|
|
||
1 During the year ended |
Consolidated Statements of Operations (unaudited) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
(in thousands, except per share data) |
|
2023 |
|
2022 |
|
Change % |
|
2023 |
|
2022 |
|
Change % |
||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Charging, retail |
|
$ |
16,678 |
|
|
$ |
5,828 |
|
|
186 |
% |
|
$ |
45,735 |
|
|
$ |
18,895 |
|
|
142 |
% |
Charging, commercial |
|
|
6,316 |
|
|
|
1,322 |
|
|
378 |
% |
|
|
14,491 |
|
|
|
3,363 |
|
|
331 |
% |
Charging, OEM |
|
|
2,171 |
|
|
|
349 |
|
|
522 |
% |
|
|
5,186 |
|
|
|
941 |
|
|
451 |
% |
Regulatory credit sales |
|
|
2,044 |
|
|
|
968 |
|
|
111 |
% |
|
|
6,679 |
|
|
|
5,652 |
|
|
18 |
% |
Network, OEM |
|
|
1,126 |
|
|
|
626 |
|
|
80 |
% |
|
|
5,681 |
|
|
|
2,451 |
|
|
132 |
% |
Total charging network |
|
|
28,335 |
|
|
|
9,093 |
|
|
212 |
% |
|
|
77,772 |
|
|
|
31,302 |
|
|
148 |
% |
eXtend |
|
|
18,314 |
|
|
|
16,689 |
|
|
10 |
% |
|
|
72,362 |
|
|
|
18,443 |
|
|
292 |
% |
Ancillary |
|
|
3,345 |
|
|
|
1,521 |
|
|
120 |
% |
|
|
10,819 |
|
|
|
4,843 |
|
|
123 |
% |
Total revenue |
|
|
49,994 |
|
|
|
27,303 |
|
|
83 |
% |
|
|
160,953 |
|
|
|
54,588 |
|
|
195 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Charging network1 |
|
|
18,490 |
|
|
|
9,259 |
|
|
100 |
% |
|
|
56,034 |
|
|
|
26,536 |
|
|
111 |
% |
Other1 |
|
|
18,353 |
|
|
|
13,106 |
|
|
40 |
% |
|
|
63,350 |
|
|
|
14,924 |
|
|
324 |
% |
Depreciation, net of capital-build amortization |
|
|
9,611 |
|
|
|
6,037 |
|
|
59 |
% |
|
|
31,855 |
|
|
|
18,779 |
|
|
70 |
% |
Total cost of sales |
|
|
46,454 |
|
|
|
28,402 |
|
|
64 |
% |
|
|
151,239 |
|
|
|
60,239 |
|
|
151 |
% |
Gross profit (loss) |
|
|
3,540 |
|
|
|
(1,099 |
) |
|
422 |
% |
|
|
9,714 |
|
|
|
(5,651 |
) |
|
272 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General and administrative |
|
|
38,792 |
|
|
|
36,785 |
|
|
5 |
% |
|
|
143,015 |
|
|
|
126,713 |
|
|
13 |
% |
Depreciation, amortization and accretion |
|
|
5,564 |
|
|
|
4,604 |
|
|
21 |
% |
|
|
20,106 |
|
|
|
17,139 |
|
|
17 |
% |
Total operating expenses |
|
|
44,356 |
|
|
|
41,389 |
|
|
7 |
% |
|
|
163,121 |
|
|
|
143,852 |
|
|
13 |
% |
Operating loss |
|
|
(40,816 |
) |
|
|
(42,488 |
) |
|
4 |
% |
|
|
(153,407 |
) |
|
|
(149,503 |
) |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense |
|
|
— |
|
|
|
— |
|
|
* % |
|
|
— |
|
|
|
(21 |
) |
|
100 |
% |
|
Interest income |
|
|
2,659 |
|
|
|
2,152 |
|
|
24 |
% |
|
|
9,754 |
|
|
|
4,479 |
|
|
118 |
% |
Other expense, net |
|
|
(11 |
) |
|
|
(46 |
) |
|
76 |
% |
|
|
(10 |
) |
|
|
(815 |
) |
|
99 |
% |
Change in fair value of earnout liability |
|
|
201 |
|
|
|
2,153 |
|
|
(91 |
)% |
|
|
1,076 |
|
|
|
3,481 |
|
|
(69 |
)% |
Change in fair value of warrant liabilities |
|
|
1,378 |
|
|
|
21,176 |
|
|
(93 |
)% |
|
|
7,163 |
|
|
|
36,157 |
|
|
(80 |
)% |
Total other income, net |
|
|
4,227 |
|
|
|
25,435 |
|
|
(83 |
)% |
|
|
17,983 |
|
|
|
43,281 |
|
|
(58 |
)% |
Loss before income tax benefit (expense) |
|
|
(36,589 |
) |
|
|
(17,053 |
) |
|
(115 |
)% |
|
|
(135,424 |
) |
|
|
(106,222 |
) |
|
(27 |
)% |
Income tax benefit (expense) |
|
|
— |
|
|
|
4 |
|
|
(100 |
)% |
|
|
(42 |
) |
|
|
(18 |
) |
|
(133 |
)% |
Net loss |
|
|
(36,589 |
) |
|
|
(17,049 |
) |
|
(115 |
)% |
|
|
(135,466 |
) |
|
|
(106,240 |
) |
|
(28 |
)% |
Less: net loss attributable to redeemable noncontrolling interest |
|
|
(23,985 |
) |
|
|
(12,612 |
) |
|
(90 |
)% |
|
|
(93,039 |
) |
|
|
(78,665 |
) |
|
(18 |
)% |
Net loss attributable to Class A common stockholders |
|
$ |
(12,604 |
) |
|
$ |
(4,437 |
) |
|
(184 |
)% |
|
$ |
(42,427 |
) |
|
|
(27,575 |
) |
|
(54 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loss per share to Class A common stockholders, basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
|
|
|
$ |
(0.46 |
) |
|
$ |
(0.40 |
) |
|
|
||
Weighted average common stock outstanding, basic and diluted |
|
|
102,874 |
|
|
|
69,330 |
|
|
|
|
|
90,589 |
|
|
|
68,714 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1 During the year ended |
||||||||||||||||||||||
* Not meaningful |
Consolidated Statements of Cash Flows |
||||||||
|
|
Year Ended |
||||||
|
|
|
||||||
|
|
2023 |
|
2022 |
||||
(in thousands) |
|
(unaudited) |
|
|
|
|||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(135,466 |
) |
|
$ |
(106,240 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
||
Depreciation, amortization and accretion |
|
|
51,961 |
|
|
|
35,918 |
|
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
11,496 |
|
|
|
8,278 |
|
Share-based compensation |
|
|
29,724 |
|
|
|
25,048 |
|
Change in fair value of earnout liability |
|
|
(1,076 |
) |
|
|
(3,481 |
) |
Change in fair value of warrant liabilities |
|
|
(7,163 |
) |
|
|
(36,157 |
) |
Other |
|
|
34 |
|
|
|
777 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(23,810 |
) |
|
|
(8,516 |
) |
Receivables from related parties |
|
|
1 |
|
|
|
1,500 |
|
Prepaid expenses and other current assets and other assets |
|
|
(2,697 |
) |
|
|
(2,364 |
) |
Operating lease assets and liabilities, net |
|
|
1,492 |
|
|
|
(519 |
) |
Accounts payable |
|
|
654 |
|
|
|
1,371 |
|
Accrued liabilities |
|
|
8,287 |
|
|
|
7,320 |
|
Deferred revenue |
|
|
38,282 |
|
|
|
13,070 |
|
Customer deposits |
|
|
(8,632 |
) |
|
|
6,275 |
|
Other current and noncurrent liabilities |
|
|
(142 |
) |
|
|
(1,074 |
) |
Net cash used in operating activities |
|
|
(37,055 |
) |
|
|
(58,794 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(158,896 |
) |
|
|
(200,251 |
) |
Proceeds from sale-leaseback transactions |
|
|
15,273 |
|
|
|
— |
|
Proceeds from insurance for property losses |
|
|
311 |
|
|
|
710 |
|
Purchases of investments |
|
|
— |
|
|
|
(37,332 |
) |
Proceeds from sale of investments |
|
|
— |
|
|
|
37,166 |
|
Net cash used in investing activities |
|
|
(143,312 |
) |
|
|
(199,707 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from issuance of Class A common stock under the ATM |
|
|
5,828 |
|
|
|
10,654 |
|
Proceeds from issuance of Class A common stock under the equity offering |
|
|
128,023 |
|
|
|
— |
|
Proceeds from capital-build funding |
|
|
14,432 |
|
|
|
10,088 |
|
Proceeds from exercise of warrants |
|
|
— |
|
|
|
3 |
|
Payments of withholding tax on net issuance of restricted stock units |
|
|
— |
|
|
|
(25 |
) |
Payments of deferred debt issuance costs |
|
|
(286 |
) |
|
|
— |
|
Payments of deferred equity issuance costs |
|
|
(4,977 |
) |
|
|
(907 |
) |
Net cash provided by financing activities |
|
|
143,020 |
|
|
|
19,813 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(37,347 |
) |
|
|
(238,688 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
246,493 |
|
|
|
485,181 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
209,146 |
|
|
$ |
246,493 |
1 During the year ended
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP,
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included at the end of this release.
Definitions of Non-GAAP Financial Measures
This release includes the following non-GAAP financial measures, in each case as defined below: “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts,
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
Reconciliations of Non-GAAP Financial Measures
The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Change |
|
FY 2023 |
|
FY 2022 |
|
Change |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
49,994 |
|
|
$ |
27,303 |
|
|
83 |
% |
|
|
$ |
160,953 |
|
|
$ |
54,588 |
|
|
195 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loss |
|
$ |
(36,589 |
) |
|
$ |
(17,049 |
) |
|
(115 |
)% |
|
|
$ |
(135,466 |
) |
|
$ |
(106,240 |
) |
|
(28 |
)% |
Net loss margin |
|
|
(73.2 |
)% |
|
|
(62.4 |
)% |
|
(1,080) bps |
|
|
|
(84.2 |
)% |
|
|
(194.6 |
)% |
|
* bps |
||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation, net of capital-build amortization |
|
|
9,729 |
|
|
|
6,140 |
|
|
58 |
% |
|
|
|
32,350 |
|
|
|
19,103 |
|
|
69 |
% |
Amortization |
|
|
4,831 |
|
|
|
4,057 |
|
|
19 |
% |
|
|
|
17,331 |
|
|
|
14,900 |
|
|
16 |
% |
Accretion |
|
|
615 |
|
|
|
444 |
|
|
39 |
% |
|
|
|
2,280 |
|
|
|
1,915 |
|
|
19 |
% |
Interest income |
|
|
(2,659 |
) |
|
|
(2,152 |
) |
|
(24 |
)% |
|
|
|
(9,754 |
) |
|
|
(4,479 |
) |
|
(118 |
)% |
Interest expense |
|
|
— |
|
|
|
— |
|
|
* % |
|
|
|
— |
|
|
|
21 |
|
|
(100 |
)% |
|
Income tax (benefit) expense |
|
|
— |
|
|
|
(4 |
) |
|
100 |
% |
|
|
|
42 |
|
|
|
18 |
|
|
133 |
% |
EBITDA |
|
|
(24,073 |
) |
|
|
(8,564 |
) |
|
(181 |
)% |
|
|
|
(93,217 |
) |
|
|
(74,762 |
) |
|
(25 |
)% |
EBITDA margin |
|
|
(48.2 |
)% |
|
|
(31.4 |
)% |
|
(1,680) bps |
|
|
|
(57.9 |
)% |
|
|
(137.0 |
)% |
|
7,910 bps |
||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Share-based compensation |
|
|
8,701 |
|
|
|
7,607 |
|
|
14 |
% |
|
|
|
29,724 |
|
|
|
25,048 |
|
|
19 |
% |
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
3,431 |
|
|
|
4,411 |
|
|
(22 |
)% |
|
|
|
11,496 |
|
|
|
8,278 |
|
|
39 |
% |
Loss on investments |
|
|
10 |
|
|
|
34 |
|
|
(71 |
)% |
|
|
|
26 |
|
|
|
783 |
|
|
(97 |
)% |
Bad debt expense (recoveries) |
|
|
118 |
|
|
|
(85 |
) |
|
239 |
% |
|
|
|
470 |
|
|
|
(18 |
) |
|
* % |
|
Change in fair value of earnout liability |
|
|
(201 |
) |
|
|
(2,153 |
) |
|
91 |
% |
|
|
|
(1,076 |
) |
|
|
(3,481 |
) |
|
69 |
% |
Change in fair value of warrant liabilities |
|
|
(1,378 |
) |
|
|
(21,176 |
) |
|
93 |
% |
|
|
|
(7,163 |
) |
|
|
(36,157 |
) |
|
80 |
% |
Other1,2 |
|
|
(570 |
) |
|
|
(132 |
) |
|
(332 |
)% |
|
|
|
910 |
|
|
|
63 |
|
|
* % |
|
Adjusted EBITDA |
|
$ |
(13,962 |
) |
|
$ |
(20,058 |
) |
|
30 |
% |
|
|
$ |
(58,830 |
) |
|
$ |
(80,246 |
) |
|
27 |
% |
Adjusted EBITDA Margin |
|
|
(27.9 |
)% |
|
|
(73.5 |
)% |
|
4,560 bps |
|
|
|
(36.6 |
)% |
|
|
(147.0 |
)% |
|
* bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
* Percentage greater than 999%, bps greater than 9,999 or not meaningful. |
|||||||||||||||||||||||
1
During the year ended |
|||||||||||||||||||||||
2
For the year ended |
The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Change |
|
|
FY 2023 |
|
FY 2022 |
|
Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
49,994 |
|
|
$ |
27,303 |
|
|
83 |
% |
|
|
$ |
160,953 |
|
|
$ |
54,588 |
|
|
195 |
% |
Cost of sales |
|
|
46,454 |
|
|
|
28,402 |
|
|
64 |
% |
|
|
|
151,239 |
|
|
|
60,239 |
|
|
151 |
% |
Gross profit (loss) |
|
$ |
3,540 |
|
|
$ |
(1,099 |
) |
|
422 |
% |
|
|
$ |
9,714 |
|
|
$ |
(5,651 |
) |
|
272 |
% |
Cost of sales as a percentage of revenue |
|
|
92.9 |
% |
|
|
104.0 |
% |
|
(1,110) bps |
|
|
|
94.0 |
% |
|
|
110.4 |
% |
|
(1,640) bps |
||
Gross margin |
|
|
7.1 |
% |
|
|
(4.0 |
)% |
|
1,110 bps |
|
|
|
6.0 |
% |
|
|
(10.4 |
)% |
|
1,640 bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Depreciation, net of capital-build amortization |
|
$ |
9,611 |
|
|
$ |
6,037 |
|
|
59 |
% |
|
|
$ |
31,855 |
|
|
$ |
18,779 |
|
|
70 |
% |
Share-based compensation |
|
|
102 |
|
|
|
55 |
|
|
85 |
% |
|
|
|
223 |
|
|
|
118 |
|
|
89 |
% |
Total adjustments |
|
|
9,713 |
|
|
|
6,092 |
|
|
59 |
% |
|
|
|
32,078 |
|
|
|
18,897 |
|
|
70 |
% |
Adjusted Cost of Sales |
|
$ |
36,741 |
|
|
$ |
22,310 |
|
|
65 |
% |
|
|
$ |
119,161 |
|
|
$ |
41,342 |
|
|
188 |
% |
Adjusted Cost of Sales as a Percentage of Revenue |
|
|
73.5 |
% |
|
|
81.7 |
% |
|
(820) bps |
|
|
|
74.0 |
% |
|
|
75.7 |
% |
|
(170) bps |
||
Adjusted Gross Profit |
|
$ |
13,253 |
|
|
$ |
4,993 |
|
|
165 |
% |
|
|
$ |
41,792 |
|
|
$ |
13,246 |
|
|
216 |
% |
Adjusted Gross Margin |
|
|
26.5 |
% |
|
|
18.3 |
% |
|
820 bps |
|
|
|
26.0 |
% |
|
|
24.3 |
% |
|
170 bps |
The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Change |
|
|
FY 2023 |
|
FY 2022 |
|
Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
49,994 |
|
|
$ |
27,303 |
|
|
83 |
% |
|
|
$ |
160,953 |
|
|
$ |
54,588 |
|
|
195 |
% |
General and administrative expenses |
|
$ |
38,792 |
|
|
$ |
36,785 |
|
|
5 |
% |
|
|
$ |
143,015 |
|
|
$ |
126,713 |
|
|
13 |
% |
General and administrative expenses as a percentage of revenue |
|
|
77.6 |
% |
|
|
134.7 |
% |
|
(5,710) bps |
|
|
|
88.9 |
% |
|
|
232.1 |
% |
|
* bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Share-based compensation |
|
$ |
8,599 |
|
|
$ |
7,553 |
|
|
14 |
% |
|
|
$ |
29,501 |
|
|
$ |
24,929 |
|
|
18 |
% |
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
3,431 |
|
|
|
4,411 |
|
|
(22 |
)% |
|
|
|
11,496 |
|
|
|
8,278 |
|
|
39 |
% |
Bad debt expense (recoveries) |
|
|
118 |
|
|
|
(85 |
) |
|
239 |
% |
|
|
|
470 |
|
|
|
(18 |
) |
|
* % |
|
Other1,2 |
|
|
(570 |
) |
|
|
(132 |
) |
|
(332 |
)% |
|
|
|
910 |
|
|
|
63 |
|
|
* % |
|
Total adjustments |
|
|
11,578 |
|
|
|
11,747 |
|
|
(1 |
)% |
|
|
|
42,377 |
|
|
|
33,252 |
|
|
27 |
% |
Adjusted General and Administrative Expenses |
|
$ |
27,214 |
|
|
$ |
25,038 |
|
|
9 |
% |
|
|
$ |
100,638 |
|
|
$ |
93,461 |
|
|
8 |
% |
Adjusted General and Administrative Expenses as a Percentage of Revenue |
|
|
54.4 |
% |
|
|
91.7 |
% |
|
(3,730) bps |
|
|
|
62.5 |
% |
|
|
171.2 |
% |
|
* bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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* Percentage greater than 999% or bps greater than 9,999 |
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1
During the year ended |
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2
For the year ended |
The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:
(unaudited, dollars in thousands) |
|
Q4'23 |
|
Q4'22 |
|
Change |
|
|
FY 2023 |
|
FY 2022 |
|
Change |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
$ |
34,811 |
|
$ |
66,366 |
|
(48 |
)% |
|
|
$ |
158,896 |
|
$ |
200,251 |
|
(21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital offsets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
OEM infrastructure payments |
|
$ |
5,695 |
|
$ |
7,000 |
|
(19 |
)% |
|
|
$ |
21,633 |
|
$ |
7,000 |
|
209 |
% |
Proceeds from capital-build funding |
|
|
7,353 |
|
|
3,224 |
|
128 |
% |
|
|
|
14,432 |
|
|
10,088 |
|
43 |
% |
Total capital offsets |
|
|
13,048 |
|
|
10,224 |
|
28 |
% |
|
|
|
36,065 |
|
|
17,088 |
|
111 |
% |
Capital Expenditures, Net of Capital Offsets |
|
$ |
21,763 |
|
$ |
56,142 |
|
(61 |
)% |
|
|
$ |
122,831 |
|
$ |
183,163 |
|
(33 |
)% |
Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306916176/en/
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