EVgo Inc. Reports Record First Quarter 2024 Results
-
Revenue reached a record
$55.2 million in the first quarter, representing an increase of 118% year-over-year. - Network throughput reached a record 53 gigawatt-hours (“GWh”) in the first quarter, an increase of 194% year-over-year.
-
Added 250 new operational stalls during the first quarter, including
EVgo eXtend™ stalls. -
Ended the first quarter with approximately 3,780 stalls in operation or under construction, including
EVgo eXtend™ stalls. - Added nearly 109,000 new customer accounts in the first quarter, reaching more than 981,000 overall at quarter end.
Revenue reached
Network throughput increased to 53 GWh in the first quarter of 2024, compared to 18 GWh in the first quarter of 2023, representing 194% year-over-year growth. The Company added nearly 109,000 new customer accounts during the first quarter of 2024, a 63% year-over-year increase in new accounts. The overall number of customer accounts was more than 981,000 at quarter end, an increase of 60% year-over-year.
“EVgo’s business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles,” said
Business Highlights
-
Stall Development : The Company ended the quarter with approximately 3,240 stalls in operation, includingEVgo eXtend™ stalls.EVgo added 250 new DC fast charging stalls during the quarter, includingEVgo eXtend™ stalls. -
EVgo eXtend™:EVgo ended the quarter with 130 operationalEVgo eXtend™ stalls. -
Network Utilization: Utilization on the
EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023. -
Network Throughput: Average daily throughput per stall for the
EVgo network was 193 kilowatt hours per day in the first quarter of 2024, an increase of 124% compared to 86 kilowatt hours per day in the first quarter of 2023. -
Fleet Charging : EVgo’s public fleet charging business continues to grow driven by rideshare traffic that increased over 3x year-over-year. - EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the first quarter of 2024, and the number of Autocharge+ charging sessions in the first quarter increased 358% compared to the first quarter of 2023.
- PlugShare: PlugShare reached approximately 5.0 million registered users and achieved 8.3 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the first quarter of 2024.
-
Revenue of
$55.2 million - Network Throughput 1 of 53 gigawatt-hours
- Customer Account Additions of nearly 109,000 accounts
-
Gross Profit of
$6.8 million -
Net Loss of
$28.2 million -
Adjusted Gross Profit
2 of
$17.3 million -
Adjusted EBITDA
2 of
($7.2) million -
Cash Flows Used in Operating Activities of
$14.1 million -
Capital Expenditures of
$21.1 million -
Capital Expenditures, Net of Capital Offsets
2
of
$13.6 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) |
|
Q1'24 |
|
Q1'23 |
|
Better (Worse) |
||||
Network Throughput (GWh) |
|
|
53 |
|
|
|
18 |
|
|
194% |
Revenue |
|
$ |
55,158 |
|
|
$ |
25,300 |
|
|
118% |
Gross profit |
|
$ |
6,841 |
|
|
$ |
41 |
|
|
* |
Gross margin |
|
|
12.4 |
% |
|
|
0.2 |
% |
|
1,220 bps |
Net loss |
|
$ |
(28,193 |
) |
|
$ |
(49,081 |
) |
|
43% |
Adjusted Gross Profit1 |
|
$ |
17,287 |
|
|
$ |
6,405 |
|
|
170% |
Adjusted Gross Margin1 |
|
|
31.3 |
% |
|
|
25.3 |
% |
|
600 bps |
Adjusted EBITDA1 |
|
$ |
(7,207 |
) |
|
$ |
(20,067 |
) |
|
64% |
_______________ |
||||||||||
1 Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials. |
(unaudited, dollars in thousands) |
|
Q1'24 |
|
Q1'23 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
||
Cash flows used in operating activities |
|
$ |
(14,082 |
) |
|
$ |
(19,343 |
) |
|
27% |
|
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
$ |
21,071 |
|
|
$ |
65,246 |
|
|
(68)% |
Capital offsets: |
|
|
|
|
|
|
|
|
||
OEM infrastructure payments |
|
|
5,826 |
|
|
|
3,895 |
|
|
50% |
Proceeds from capital-build funding |
|
|
1,680 |
|
|
|
2,216 |
|
|
(24)% |
Total capital offsets |
|
|
7,506 |
|
|
|
6,111 |
|
|
23% |
Capital Expenditures, Net of Capital Offsets1 |
|
$ |
13,565 |
|
|
$ |
59,135 |
|
|
(77)% |
_______________ |
||||||||||
1 Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials. |
|
|
|
|
|
|
|
|
Increase |
||
Stalls in operation or under construction: |
|
|
|
|
|
|
|
|
||
EVgo Network |
|
|
3,510 |
|
|
3,080 |
|
14% |
||
|
|
|
270 |
|
|
|
— |
|
|
* |
Total stalls in operation or under construction |
|
|
3,780 |
|
|
|
3,080 |
|
|
23% |
|
|
|
|
|
|
|
|
|
||
Stalls in operation: |
|
|
|
|
|
|
|
|
||
EVgo Network |
|
|
3,110 |
|
|
|
2,350 |
|
|
32% |
|
|
|
130 |
|
|
|
— |
|
|
* |
Total stalls in operation |
|
|
3,240 |
|
|
|
2,350 |
|
|
38% |
_______________ |
||||||||||
* Percentage not meaningful. |
2024 Financial Guidance
-
Total revenue of
$220 –$270 million -
Adjusted EBITDA* of (
$48 ) –($30) million
_______________ |
* 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. |
CFO Transition
“On behalf of the Board and management team, I would like to thank and recognize Olga for her many contributions to
Conference Call Information
A live audio webcast and conference call for EVgo’s first quarter earnings release will be held today at
Toll Free: (888) 340-5044 (for
Toll/International: (646) 960-0363 (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 and offsets; EVgo’s “confidence that [it] will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value;” EVgo’s expectation of market position and progress on its network buildout, customer experience, technological capabilities and cost efficiencies; growth in the Company’s throughput versus the growth in electric vehicles (“EVs”) in operation; growth in the Company’s fleet business; the Company’s collaboration with partners enabling effective deployment of chargers, including under its contract with the
Condensed Consolidated Balance Sheets |
||||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
|
2024 |
|
2023 |
||||
(in thousands) |
|
(unaudited) |
|
|
|
|||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash |
|
$ |
175,526 |
|
$ |
209,146 |
|
|
Accounts receivable, net of allowance of |
|
|
35,262 |
|
|
|
34,882 |
|
Accounts receivable, capital-build |
|
|
12,096 |
|
|
|
9,297 |
|
Prepaid expenses and other current assets1 |
|
|
16,143 |
|
|
|
14,081 |
|
Total current assets |
|
|
239,027 |
|
|
|
267,406 |
|
Property, equipment and software, net |
|
|
393,693 |
|
|
|
389,227 |
|
Operating lease right-of-use assets |
|
|
75,232 |
|
|
|
67,724 |
|
Other assets |
|
|
2,149 |
|
|
|
2,208 |
|
Intangible assets, net |
|
|
46,392 |
|
|
|
48,997 |
|
|
|
|
31,052 |
|
|
|
31,052 |
|
Total assets |
|
$ |
787,545 |
|
|
$ |
806,614 |
|
|
|
|
|
|
|
|
||
Liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit) |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
10,087 |
|
|
$ |
10,133 |
|
Accrued liabilities |
|
|
34,971 |
|
|
|
40,549 |
|
Operating lease liabilities, current |
|
|
6,515 |
|
|
|
6,018 |
|
Deferred revenue, current2 |
|
|
29,898 |
|
|
|
32,349 |
|
Other current liabilities |
|
|
154 |
|
|
|
298 |
|
Total current liabilities |
|
|
81,625 |
|
|
|
89,347 |
|
Operating lease liabilities, noncurrent |
|
|
69,039 |
|
|
|
61,987 |
|
Earnout liability, at fair value |
|
|
446 |
|
|
|
654 |
|
Asset retirement obligations |
|
|
18,968 |
|
|
|
18,232 |
|
Capital-build liability |
|
|
38,103 |
|
|
|
35,787 |
|
Deferred revenue, noncurrent |
|
|
58,808 |
|
|
|
55,091 |
|
Warrant liabilities, at fair value |
|
|
3,423 |
|
|
|
5,141 |
|
Total liabilities |
|
|
270,412 |
|
|
|
266,239 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Redeemable noncontrolling interest |
|
|
491,458 |
|
|
|
700,964 |
|
Stockholders' equity (deficit) |
|
|
25,675 |
|
|
|
(160,589 |
) |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit) |
|
$ |
787,545 |
|
|
$ |
806,614 |
|
_______________ |
||||||||
1 In the third quarter of 2023, prepaid expenses and other current assets were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation. |
||||||||
2 In the first quarter of 2024, deferred revenue, current, and customer deposits were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation. |
Condensed Consolidated Statements of Operations (unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||||
|
|
|
||||||||
(in thousands, except per share data) |
|
2024 |
|
2023 |
|
Change % |
||||
Revenue |
|
|
|
|
|
|
|
|
||
Charging, retail |
|
$ |
18,326 |
|
|
$ |
6,615 |
|
|
177% |
Charging, commercial |
|
|
5,839 |
|
|
|
1,715 |
|
|
240% |
Charging, OEM |
|
|
2,732 |
|
|
|
552 |
|
|
395% |
Regulatory credit sales |
|
|
2,034 |
|
|
|
1,215 |
|
|
67% |
Network, OEM |
|
|
3,423 |
|
|
|
2,699 |
|
|
27% |
Total charging network |
|
|
32,354 |
|
|
|
12,796 |
|
|
153% |
eXtend |
|
|
19,151 |
|
|
|
10,292 |
|
|
86% |
Ancillary |
|
|
3,653 |
|
|
|
2,212 |
|
|
65% |
Total revenue |
|
|
55,158 |
|
|
|
25,300 |
|
|
118% |
|
|
|
|
|
|
|
|
|
||
Cost of sales |
|
|
|
|
|
|
|
|
||
Charging network1 |
|
|
19,510 |
|
|
|
9,979 |
|
|
96% |
Other1 |
|
|
18,448 |
|
|
|
8,938 |
|
|
106% |
Depreciation, net of capital-build amortization |
|
|
10,359 |
|
|
|
6,342 |
|
|
63% |
Total cost of sales |
|
|
48,317 |
|
|
|
25,259 |
|
|
91% |
Gross profit |
|
|
6,841 |
|
|
|
41 |
|
|
* |
|
|
|
|
|
|
|
|
|
||
Operating expenses |
|
|
|
|
|
|
|
|
||
General and administrative |
|
|
34,226 |
|
|
|
37,889 |
|
|
(10)% |
Depreciation, amortization and accretion |
|
|
4,985 |
|
|
|
4,784 |
|
|
4% |
Total operating expenses |
|
|
39,211 |
|
|
|
42,673 |
|
|
(8)% |
Operating loss |
|
|
(32,370 |
) |
|
|
(42,632 |
) |
|
24% |
|
|
|
|
|
|
|
|
|
||
Interest income |
|
|
2,273 |
|
|
|
1,998 |
|
|
14% |
Other (expense) income, net |
|
|
(9 |
) |
|
|
1 |
|
|
* |
Change in fair value of earnout liability |
|
|
208 |
|
|
|
(2,063 |
) |
|
110% |
Change in fair value of warrant liabilities |
|
|
1,718 |
|
|
|
(6,380 |
) |
|
127% |
Total other income (expense), net |
|
|
4,190 |
|
|
|
(6,444 |
) |
|
165% |
Loss before income tax expense |
|
|
(28,180 |
) |
|
|
(49,076 |
) |
|
43% |
Income tax expense |
|
|
(13 |
) |
|
|
(5 |
) |
|
(160)% |
Net loss |
|
|
(28,193 |
) |
|
|
(49,081 |
) |
|
43% |
Less: net loss attributable to redeemable noncontrolling interest |
|
|
(18,360 |
) |
|
|
(36,005 |
) |
|
49% |
Net loss attributable to Class A common stockholders |
|
$ |
(9,833 |
) |
|
$ |
(13,076 |
) |
|
25% |
|
|
|
|
|
|
|
|
|
||
Net loss per share to Class A common stockholders, basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.18 |
) |
|
|
Weighted average common stock outstanding, basic and diluted |
|
|
104,676 |
|
|
|
70,994 |
|
|
|
_______________ |
||||||||||
* Not meaningful |
||||||||||
1 In the fourth quarter of 2023, the Company changed the presentation of cost of sales to disaggregate such costs between “charging network” and “other.” Previously reported amounts have been updated to conform to the current presentation. |
Condensed Consolidated Statements of Cash Flows (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
|
||||||
(in thousands) |
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(28,193 |
) |
|
$ |
(49,081 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
||
Depreciation, amortization and accretion |
|
|
15,344 |
|
|
|
11,126 |
|
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
2,740 |
|
|
|
3,460 |
|
Share-based compensation |
|
|
4,701 |
|
|
|
6,427 |
|
Change in fair value of earnout liability |
|
|
(208 |
) |
|
|
2,063 |
|
Change in fair value of warrant liabilities |
|
|
(1,718 |
) |
|
|
6,380 |
|
Other |
|
|
5 |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(379 |
) |
|
|
(18,188 |
) |
Prepaid expenses, other current assets and other assets |
|
|
(1,763 |
) |
|
|
(4,415 |
) |
Operating lease assets and liabilities, net |
|
|
40 |
|
|
|
365 |
|
Accounts payable |
|
|
(137 |
) |
|
|
6,493 |
|
Accrued liabilities |
|
|
(5,595 |
) |
|
|
(799 |
) |
Deferred revenue2 |
|
|
1,266 |
|
|
|
16,747 |
|
Other current and noncurrent liabilities |
|
|
(185 |
) |
|
|
79 |
|
Net cash used in operating activities |
|
|
(14,082 |
) |
|
|
(19,343 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(21,071 |
) |
|
|
(65,246 |
) |
Proceeds from insurance for property losses |
|
|
48 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(21,023 |
) |
|
|
(65,246 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from capital-build funding |
|
|
1,680 |
|
|
|
2,216 |
|
Payments of deferred debt issuance costs |
|
|
(195 |
) |
|
|
— |
|
Payments of deferred equity issuance costs |
|
|
— |
|
|
|
(308 |
) |
Net cash provided by financing activities |
|
|
1,485 |
|
|
|
1,908 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(33,620 |
) |
|
|
(82,681 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
209,146 |
|
|
|
246,493 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
175,526 |
|
|
$ |
163,812 |
|
_______________ |
||||||||
1 During the year ended |
||||||||
2 In the first quarter of 2024, deferred revenue, current, and customer deposits were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation. |
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.”
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) |
|
Q1'24 |
|
Q1'23 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
||
GAAP revenue |
|
$ |
55,158 |
|
|
$ |
25,300 |
|
|
118% |
|
|
|
|
|
|
|
|
|
||
GAAP net loss |
|
$ |
(28,193 |
) |
|
$ |
(49,081 |
) |
|
43% |
GAAP net loss margin |
|
|
(51.1 |
%) |
|
|
(194.0 |
%) |
|
* bps |
|
|
|
|
|
|
|
|
|
||
Adjustments: |
|
|
|
|
|
|
|
|
||
Depreciation, net of capital-build amortization |
|
|
10,476 |
|
|
|
6,468 |
|
|
62% |
Amortization |
|
|
4,463 |
|
|
|
4,119 |
|
|
8% |
Accretion |
|
|
405 |
|
|
|
539 |
|
|
(25)% |
Interest income |
|
|
(2,273 |
) |
|
|
(1,998 |
) |
|
(14)% |
Income tax expense |
|
|
13 |
|
|
|
5 |
|
|
160% |
EBITDA |
|
$ |
(15,109 |
) |
|
$ |
(39,948 |
) |
|
62% |
EBITDA margin |
|
|
(27.4 |
%) |
|
|
(157.9 |
%) |
|
* bps |
|
|
|
|
|
|
|
|
|
||
Adjustments: |
|
|
|
|
|
|
|
|
||
Share-based compensation |
|
$ |
4,701 |
|
|
$ |
6,427 |
|
|
(27)% |
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
2,740 |
|
|
|
3,460 |
|
|
(21)% |
Loss (gain) on investments |
|
|
5 |
|
|
|
(1 |
) |
|
600% |
Bad debt expense |
|
|
230 |
|
|
|
97 |
|
|
137% |
Change in fair value of earnout liability |
|
|
(208 |
) |
|
|
2,063 |
|
|
(110)% |
Change in fair value of warrant liabilities |
|
|
(1,718 |
) |
|
|
6,380 |
|
|
(127)% |
Other1,2 |
|
|
2,152 |
|
|
|
1,455 |
|
|
48% |
Total adjustments |
|
|
7,902 |
|
|
|
19,881 |
|
|
(60)% |
Adjusted EBITDA |
|
$ |
(7,207 |
) |
|
$ |
(20,067 |
) |
|
64% |
Adjusted EBITDA Margin |
|
|
(13.1 |
%) |
|
|
(79.3 |
%) |
|
6,620 bps |
_______________ |
||||||||||
* Percentage greater than 999%, bps greater than 9,999 or not meaningful. |
||||||||||
1 In the second quarter of 2023, the Company reclassified insurance proceeds from property losses from "other" to "loss on disposal of property and equipment, net of insurance recoveries, and impairment expenses." Previously reported amounts have been updated to conform to the current period presentation. |
||||||||||
2 For the three months 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) |
|
Q1'24 |
|
Q1'23 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
||
GAAP revenue |
|
$ |
55,158 |
|
|
$ |
25,300 |
|
|
118% |
GAAP cost of sales |
|
|
48,317 |
|
|
|
25,259 |
|
|
91% |
GAAP gross profit |
|
$ |
6,841 |
|
|
$ |
41 |
|
|
* % |
GAAP cost of sales as a percentage of revenue |
|
|
87.6 |
% |
|
|
99.8 |
% |
|
(1,220) bps |
GAAP gross margin |
|
|
12.4 |
% |
|
|
0.2 |
% |
|
1,220 bps |
|
|
|
|
|
|
|
|
|
||
Adjustments: |
|
|
|
|
|
|||||
Depreciation, net of capital-build amortization |
|
$ |
10,359 |
|
|
$ |
6,342 |
|
|
63% |
Share-based compensation |
|
|
87 |
|
|
|
22 |
|
|
295% |
Total adjustments |
|
|
10,446 |
|
|
|
6,364 |
|
|
64% |
Adjusted Cost of Sales |
|
$ |
37,871 |
|
|
$ |
18,895 |
|
|
100% |
Adjusted Cost of Sales as a Percentage of Revenue |
|
|
68.7 |
% |
|
|
74.7 |
% |
|
(600) bps |
|
|
|
|
|
|
|
|
|
||
Adjusted Gross Profit |
|
$ |
17,287 |
|
|
$ |
6,405 |
|
|
170% |
Adjusted Gross Margin |
|
|
31.3 |
% |
|
|
25.3 |
% |
|
600 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) |
|
Q1'24 |
|
Q1'23 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
||
GAAP revenue |
|
$ |
55,158 |
|
|
$ |
25,300 |
|
|
118% |
GAAP general and administrative expenses |
|
$ |
34,226 |
|
|
$ |
37,889 |
|
|
(10)% |
GAAP general and administrative expenses as a percentage of revenue |
|
|
62.1 |
% |
|
|
149.8 |
% |
|
(8,770) bps |
|
|
|
|
|
|
|
|
|
||
Adjustments: |
|
|
|
|
|
|
|
|
||
Share-based compensation |
|
|
4,614 |
|
|
|
6,405 |
|
|
(28)% |
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense1 |
|
|
2,740 |
|
|
|
3,460 |
|
|
(21)% |
Bad debt expense |
|
|
230 |
|
|
|
97 |
|
|
137% |
Other1,2 |
|
|
2,152 |
|
|
|
1,455 |
|
|
48% |
Total adjustments |
|
|
9,736 |
|
|
|
11,417 |
|
|
(15)% |
Adjusted General and Administrative Expenses |
|
$ |
24,490 |
|
|
$ |
26,472 |
|
|
(7)% |
Adjusted General and Administrative Expenses as a Percentage of Revenue |
|
|
44.4 |
% |
|
|
104.6 |
% |
|
(6,020) bps |
_______________ |
||||||||||
* Percentage greater than 999% or bps greater than 9,999 |
||||||||||
1 In the second quarter of 2023, the Company reclassified insurance proceeds from property losses from "other" to "loss on disposal of property and equipment, net of insurance recoveries, and impairment expenses." Previously reported amounts have been updated to conform to the current period presentation. |
||||||||||
2 For the three months 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) |
|
Q1'24 |
|
Q1'23 |
|
Change |
||||
|
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
$ |
21,071 |
|
$ |
65,246 |
|
(68)% |
||
|
|
|
|
|
|
|
|
|
||
Capital offsets: |
|
|
|
|
|
|
|
|
||
OEM infrastructure payments |
|
|
5,826 |
|
|
|
3,895 |
|
|
50% |
Proceeds from capital-build funding |
|
|
1,680 |
|
|
|
2,216 |
|
|
(24)% |
Total capital offsets |
|
|
7,506 |
|
|
|
6,111 |
|
|
23% |
Capital Expenditures, Net of Capital Offsets |
|
$ |
13,565 |
|
|
$ |
59,135 |
|
|
(77)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507503910/en/
For investors:
investors@evgo.com
For Media:
press@evgo.com
Source: