- Revenue grew to $27.3 million in the fourth quarter,
representing an increase of 283% year-over-year driven by
increasing throughput and execution of Pilot Flying J
contract.
- For the full year 2022, revenue grew to $54.6 million, an
increase of 146% over 2021.
- Network throughput reached 14.4 Gigawatt-hours (“GWh”) in the
fourth quarter, an increase of 76% year-over-year.
- 2022 network throughput of 44.6 GWh grew 69% over 2021.
- Ended the fourth quarter with over 2,800 stalls in operation or
under construction, with more than 180 new stalls added to the EVgo
network during the quarter and approximately 670 added during
2022.
- Added approximately 59,000 new customer accounts in the fourth
quarter and approximately 224,000 during 2022, reaching
approximately 553,000 overall at the end of 2022.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the fourth quarter and full year ended
December 31, 2022. Management will host a conference call today at
11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other
business highlights.
Revenue increased to $27.3 million in the fourth quarter of
2022, compared to $7.1 million in the fourth quarter of 2021,
representing 283% year-over-year growth. For the full year 2022,
revenue increased to $54.6 million, compared to $22.2 million for
the full year 2021, an increase of 146% year-over-year and at the
high end of the Company’s revenue guidance range. Revenue growth
was primarily driven by retail charging, eXtend, and ancillary
revenues.
Network throughput increased to 14.4 GWh in the fourth quarter
of 2022, compared to 8.2 GWh in the fourth quarter of 2021,
representing 76% year-over-year growth. For the full year 2022,
network throughput reached 44.6 GWh, reflecting growth of 69%
year-over-year. The Company added approximately 59,000 new customer
accounts during the fourth quarter, bringing the overall number of
customer accounts to approximately 553,000 at quarter-end, an
increase of approximately 63% year-over-year.
“In 2022 EVgo achieved record revenue reflecting the continued
growth of EVgo’s ultra-fast DC charging network, blue-ribbon
partnerships, and industry-leading technology offerings,” said
Cathy Zoi, EVgo’s CEO. “EVgo remains focused on operational
excellence and continuing to strengthen our network by adding new
fast charging locations and upgrading stalls on our public network.
Committed to creating a seamless charging experience for EV drivers
and fleet operators, EVgo added new technology features like
Autocharge+, PlugShare Premium, charging with Amazon Alexa, and we
expanded EVgo AdvantageTM and EVgo OptimaTM. We expect 2023 will be
another banner year for EVgo as we expand our network and revenue
base, and deliver financial results that demonstrate discipline,
agility, and innovation in serving the rapidly growing EV
sector.”
Business Highlights
- Stall Development: The Company ended the fourth quarter
of 2022 with over 2,800 stalls in operation or under construction.
EVgo added more than 180 new DC fast charging stalls to its network
during the quarter and approximately 670 for the year.
- Active Engineering and Construction (E&C) Stall
Development Pipeline: The Company’s pipeline grew to
approximately 4,000 stalls as of the end the fourth quarter of 2022
versus approximately 3,100 at the end of the fourth quarter of
2021.
- EVgo eXtendTM: During the fourth quarter, the Company
began delivery of charging equipment for projects under the Pilot
Flying J/GM program.
- EVgo ReNewTM: In 2022 EVgo launched ReNew, an enhanced
maintenance and upgrade program designed to ensure stations across
the EVgo network meet its quality and technology standards. For the
year, the Company upgraded more than 100 stalls and retired
approximately 160 stalls.
- EVgo Autocharge+: After its nationwide launch in
September 2022, Autocharge+ is nearing 10% of total charging
sessions initiated in recent months.
- Fleet Partnerships: EVgo expanded its project
development portfolio with an autonomous vehicle company, added a
national food and beverage company as a fleet partner who will take
advantage of Optima™, EVgo’s proprietary fleet management software,
and announced a national program with Lyft to serve their
high-volume EV driver network.
- Connect the WattsTM: In January 2023, EVgo’s “Connect
the Watts” program announced its inaugural class of “EV Charging
Heroes,” recognizing leaders in the utility, site host, equipment
and contracting sectors who are driving progress towards an
all-electric future.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the fourth quarter of 2022.
- Revenue of $27.3 million
- Network Throughput of 14.4 gigawatt-hours
- Customer Account Additions of approximately 59,000
accounts
- Gross Loss of ($1.1) million
- Net Loss of ($17.0) million
- Adjusted Gross Profit of $5.0 million1
- Adjusted EBITDA of ($20.1) million1
- Cash Flows Used in Operating Activities of ($1.5)
million
- Capital Expenditures of ($66.4) million
- Equity Issuance of 1.6 million Class A common stock
shares with $10.4 million raised in net proceeds through an
“at-the-market” equity offering
The below represent summary financial and operational figures
for full year 2022.
- Revenue of $54.6 million
- Network Throughput of 44.6 gigawatt-hours
- Customer Account Additions of approximately 224,000
accounts
- Gross Loss of ($5.7) million
- Net Loss of ($106.2) million
- Adjusted Gross Profit of $13.2 million1
- Adjusted EBITDA of ($80.2) million1
- Cash Flows Used in Operating Activities of ($58.8)
million
- Capital Expenditures of ($200.3) million
- Equity Issuance of 1.6 million Class A common stock
shares with $10.4 million raised in net proceeds through an
“at-the-market” equity offering
1Adjusted Gross Profit / (Loss) and Adjusted EBITDA are non-GAAP
measures and have not been prepared in accordance with Generally
Accepted Accounting Principles in the United States of America
(“GAAP”). For a definition of these non-GAAP measures and a
reconciliation to the most directly comparable GAAP measure, please
see “Definitions of Non-GAAP Financial Measures” and
“Reconciliations of Non-GAAP Measures” included elsewhere in this
release.
Unaudited, dollars in thousands
Q4'22
Q4'21
Change
FY'22
FY'21
Change
Charging revenue, retail
$
5,828
$
3,537
65
%
$
18,895
$
11,041
71
%
Charging revenue, commercial
1,322
695
90
%
3,363
2,420
39
%
Charging revenue, OEM
349
179
95
%
941
812
16
%
Regulatory credit sales
968
1,096
(12)
%
5,652
3,023
87
%
Network revenue, OEM
626
352
78
%
2,451
1,510
62
%
eXtend revenue
16,689
114
*
%
18,443
789
*
%
Ancillary revenue
1,521
1,147
33
%
4,843
2,619
85
%
Total revenue
$
27,303
$
7,120
283
%
$
54,588
$
22,214
146
%
Unaudited, dollars in thousands
Q4'22
Q4'21
Better (Worse)
FY'22
FY’21
Better (Worse)
Network Throughput (GWh)
14.4
8.2
76
%
44.6
26.4
69
%
GAAP revenue
$
27,303
$
7,120
283
%
$
54,588
$
22,214
146
%
GAAP gross loss
$
(1,099)
$
(1,824)
40
%
$
(5,651)
$
(6,830)
17
%
GAAP net loss
$
(17,049)
$
(46,322)
63
%
$
(106,240)
$
(57,762)
(84)
%
Adjusted Gross Profit1
$
4,993
$
2,006
149
%
$
13,246
$
5,189
155
%
Adjusted Gross Margin1
18.3%
28.2%
(990)
bps
24.3%
23.4%
90
bps
Adjusted EBITDA1
$
(20,058)
$
(16,310)
(23)
%
$
(80,246)
$
(51,370)
(56)
%
Unaudited, dollars in thousands
Q4'22
Q4'21
FY'22
FY'21
Cash flows used in operating
activities
$
(1,457)
$
(11,806)
$
(58,794)
$
(29,603)
Capital expenditures
$
(66,366)
$
(25,324)
$
(200,251)
$
(65,003)
___________________________________________ *Percentage greater
than 999%.
1
Adjusted Gross Profit / (Loss),
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 measure, please see “Definitions of Non-GAAP
Financial Measures” and “Reconciliations of Non-GAAP Measures”
included elsewhere in this release.
2023 Financial & Operating Guidance
EVgo is introducing 2023 guidance as follows:
- Total revenue of $105 – $150 million
- Adjusted EBITDA of ($78) – ($60) million*
Additionally, at year-end 2023, EVgo expects to have a total of
3,400 – 4,000 DC fast charging stalls in operation or under
construction.
EVgo's 2023 guidance range is informed by federal regulatory
guidance regarding domestic assembly and content requirements for
NEVI-funded projects which was issued in late February. Impacts on
specific project timelines remain uncertain and are dependent on
domestic capacity coming online.
*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 and a
reconciliation to the most directly comparable GAAP measure for
historical periods presented in this release, please see
“Definitions of Non-GAAP Financial Measures” and “Reconciliations
of Non-GAAP Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s fourth
quarter and full year 2022 earnings release will be held today at
11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at
investors.evgo.com, and the dial-in information for those wishing
to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the
U.S.) Conference ID: 6304708
This press release, along with other investor materials,
including a slide presentation and reconciliations of certain
non-GAAP measures to their nearest GAAP measures, will also be
available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building
and operating the infrastructure and tools needed to expedite the
mass adoption of electric vehicles for individual drivers,
rideshare and commercial fleets, and businesses. Since its founding
in 2010, EVgo has led the way to a cleaner transportation future
and its network has been powered by 100% renewable energy since
2019 through the purchase of renewable energy certificates. As one
of the nation’s largest public fast charging networks, EVgo’s owned
and operated charging network includes around 900 fast charging
locations, 60 metropolitan areas and 30 states. EVgo continues to
add more DC fast charging locations through EVgo eXtend™, its white
label service offering. EVgo is accelerating transportation
electrification through partnerships with automakers, fleet and
rideshare operators, retail hosts such as grocery stores, shopping
centers, and gas stations, policy leaders, and other organizations.
With a rapidly growing network, robust software products and unique
service offerings for drivers and partners including EVgo Optima™,
EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a
world-class charging experience where drivers live, work, travel
and play.
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" 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.
These forward-looking statements include, but are not limited to,
express or implied statements regarding EVgo’s future financial
performance, revenues, capital expenditures, chargers in operation
or under construction and network throughput, EVgo’s expectation of
market position and acceleration in its business due to factors
including increased EV adoption; and the Company’s collaboration
with partners enabling effective deployment of chargers. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of EVgo’s management and are not predictions of actual performance.
There are a significant number of factors that could cause actual
results to differ materially from the statements made in this press
release, including changes or developments in the broader general
market; ongoing impacts from COVID-19 on EVgo’s business,
customers, and suppliers; macro political, economic, and business
conditions, including inflation and geopolitical conflicts that
could impact our supply chains; increased competition, including
from new and existing entrants in the EV charging market;
unfavorable conditions or further disruptions in the capital and
credit markets and EVgo's ability to obtain additional capital on
commercially reasonable terms; EVgo’s limited operating history as
a public company; EVgo’s dependence on widespread adoption of EVs
and increased installation of charging stations; mechanisms
surrounding energy and non-energy costs for EVgo’s charging
stations; the impact of governmental support and mandates that
could reduce, modify, or eliminate financial incentives, rebates,
and tax credits; supply chain disruptions; EVgo’s ability to expand
into new service markets, grow its customer base, and manage its
operations; impediments to EVgo’s expansion plans, including
permitting delays; the need to attract additional fleet operators
as customers; potential adverse effects on EVgo’s revenue and gross
margins if customers increasingly claim clean energy credits and,
as a result, they are no longer available to be claimed by us;
risks related to EVgo’s dependence on its intellectual property;
and risks that EVgo’s technology could have undetected defects or
errors. Additional risks and uncertainties that could affect the
Company’s financial results are included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations of EVgo” in EVgo’s Annual
Report on Form 10-K, filed with the Securities and Exchange
Commission (the “SEC”), as well as its other SEC filings, copies of
which are available on EVgo’s website at investors.evgo.com, and on
the SEC’s website at www.sec.gov. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and EVgo does 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.
Financial Statements
EVgo
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
December 31,
December 31,
(in thousands)
2022
2021
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
246,193
$
484,881
Accounts receivable, net of allowance of
$687 and $718 as of December 31, 2022 and 2021, respectively
11,075
2,559
Accounts receivable, capital-build
8,011
9,621
Receivable from related party
—
1,500
Prepaid expenses
4,953
6,395
Other current assets
5,252
1,389
Total current assets
275,484
506,345
Property, equipment and software, net
308,112
133,282
Operating lease right-of-use assets
51,856
—
Restricted cash
300
300
Other assets
2,308
3,115
Intangible assets, net
60,612
72,227
Goodwill
31,052
31,052
Total assets
$
729,724
$
746,321
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
9,128
$
2,946
Accrued liabilities
39,233
27,078
Operating lease liabilities, current
4,958
—
Deferred revenue, current
16,023
5,144
Customer deposits
17,867
11,592
Other current liabilities
136
111
Total current liabilities
87,345
46,871
Operating lease liabilities,
noncurrent
45,689
—
Earnout liability, at fair value
1,730
5,211
Asset retirement obligations
15,473
12,833
Capital-build liability
26,157
23,169
Deferred revenue, noncurrent
23,900
21,709
Warrant liability, at fair value
12,304
48,461
Other liabilities
—
146
Total liabilities
$
212,598
$
158,400
Commitments and contingencies
Redeemable noncontrolling interest
875,226
1,946,252
Stockholders’ deficit
(358,100)
(1,358,331)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
729,724
$
746,321
EVgo
Inc. and Subsidiaries
Consolidated Statements of
Operations
Unaudited
Three Months Ended
Years Ended
December 31,
December 31,
(in thousands, except per share data)
2022
2021
Change %
2022
2021
Change %
Revenue
$
27,228
$
7,120
282%
$
54,513
$
21,652
152%
Revenue from related party
75
—
*
75
562
(87)%
Total revenue
27,303
7,120
283%
54,588
22,214
146%
Cost of revenue
22,365
5,130
336%
41,460
17,058
143%
Depreciation, net of capital-build
amortization
6,037
3,814
58%
18,779
11,986
57%
Cost of sales
28,402
8,944
218%
60,239
29,044
107%
Gross loss
(1,099)
(1,824)
40%
(5,651)
(6,830)
17%
General and administrative expenses
36,785
24,859
48%
126,713
71,086
78%
Depreciation, amortization and
accretion
4,604
3,470
33%
17,139
11,915
44%
Total operating expenses
41,389
28,329
46%
143,852
83,001
73%
Operating loss
(42,488)
(30,153)
(41)%
(149,503)
(89,831)
(66)%
Interest expense
—
—
*
(21)
—
*
Interest expense, related party
—
—
*
—
(1,926)
100%
Interest income
2,152
35
*
4,479
69
*
Other (expense) income, net
(46)
118
(139)%
(815)
607
(234)%
Change in fair value of earnout
liability
2,153
(1,481)
245%
3,481
2,214
57%
Change in fair value of warrant
liability
21,176
(14,841)
243%
36,157
31,105
16%
Total other income (expense), net
25,435
(16,169)
257%
43,281
32,069
35%
Loss before income tax benefit
(expense)
(17,053)
(46,322)
63%
(106,222)
(57,762)
(84)%
Income tax benefit (expense)
4
—
*
(18)
—
*
Net loss
(17,049)
(46,322)
63%
(106,240)
(57,762)
(84)%
Less: net loss attributable to redeemable
noncontrolling interest
(12,612)
(34,286)
63%
(78,665)
(51,856)
(52)%
Net loss attributable to Class A common
stockholders
$
(4,437)
$
(12,036)
63%
$
(27,575)
$
(5,906)
(367)%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.06)
$
(0.18)
67%
$
(0.40)
$
(0.09)
(344)%
*Percentage greater than 999% or not
meaningful.
EVgo
Inc. and Subsidiaries
Consolidated Statements of
Cash Flows
Unaudited
Years Ended
December 31,
(in thousands)
2022
2021
Cash flows from operating
activities
Net loss
$
(106,240)
$
(57,762)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
35,918
23,901
Net loss on disposal of property and
equipment and impairment expense
8,988
1,311
Share-based compensation
25,048
10,942
Interest expense, related party
—
1,926
Change in fair value of earnout
liability
(3,481)
(2,214)
Change in fair value of warrant
liability
(36,157)
(31,105)
Other
67
761
Changes in operating assets and
liabilities
Accounts receivable, net
(8,516)
(195)
Receivables from related parties
1,500
(1,425)
Prepaid expenses and other current and
noncurrent assets
(2,364)
(5,691)
Operating lease assets and liabilities,
net
(519)
—
Accounts payable
1,371
(1,294)
Payables to related parties
—
(904)
Accrued liabilities
7,320
7,027
Deferred revenue
13,070
21,925
Customer deposits
6,275
3,931
Other current and noncurrent
liabilities
(1,074)
(737)
Net cash used in operating activities
(58,794)
(29,603)
Cash flows from investing
activities
Purchases of property, equipment and
software
(200,251)
(65,003)
Proceeds from insurance for property
losses
710
—
Purchases of investments
(37,332)
—
Proceeds from sale of investments
37,166
—
Acquisition of business, net of cash
received
—
(22,762)
Net cash used in investing activities
(199,707)
(87,765)
Cash flows from financing
activities
Issuance of common stock under the ATM
10,654
—
Capital-build funding, net
10,088
2,909
Proceeds from exercise of warrants
3
30
Proceeds from CRIS Business
Combination
—
601,579
Proceeds from note payable, related
party
—
24,000
Payments on note payable, related
party
—
(5,500)
Payment of transaction costs for CRIS
Business Combination
—
(28,383)
Payments of withholding tax on net
issuance of restricted stock units
(25)
—
Payments of issuance costs and deferred
transaction costs
(907)
—
Net cash provided by financing
activities
19,813
594,635
Net (decrease) increase in cash, cash
equivalents and restricted cash
(238,688)
477,267
Cash and restricted cash, beginning of
period
485,181
7,914
Cash, cash equivalents and restricted
cash, end of period
$
246,493
$
485,181
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared
and presented in accordance with GAAP, EVgo uses certain non-GAAP
financial measures. The presentation of non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP. EVgo uses these non-GAAP
financial measures for financial and operational decision-making
and as a means to evaluate period-to-period comparisons. EVgo
believes that these non-GAAP financial measures provide meaningful
supplemental information regarding the Company’s performance by
excluding certain items that may not be indicative of EVgo’s
recurring core business operating results.
EVgo believes that both management and investors benefit from
referring to these non-GAAP financial measures in assessing EVgo’s
performance. These non-GAAP financial measures also facilitate
management’s internal comparisons to the Company’s historical
performance. EVgo believes these non-GAAP financial measures are
useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
EVgo’s institutional investors and the analyst community to help
them analyze the health of EVgo’s business.
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 Measures” included at
the end of this release.
Definitions of Non-GAAP Financial Measures
EVgo uses 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,” and “Adjusted EBITDA Margin.” EVgo believes these measures
are useful to investors in evaluating EVgo’s performance. In
addition, EVgo management uses these measures internally to
establish forecasts, budgets, and operational goals to manage and
monitor its business. EVgo believes that these measures help to
depict a more meaningful representation of the performance of the
underlying business, enabling EVgo to evaluate and plan more
effectively for the future.
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 and Adjusted EBITDA Margin 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.
EVgo defines Adjusted Cost of Sales as cost of sales before: (i)
depreciation, net of capital-build amortization, and (ii)
share-based compensation. EVgo defines Adjusted Cost of Sales as a
Percentage of Revenue as Adjusted Cost of Sales as a percentage of
revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less
Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as
Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo
defines Adjusted General and Administrative Expenses as general and
administrative expenses before (i) share-based compensation, (ii)
loss on disposal of property and equipment, net of recoveries, and
impairment expense, (iii) bad debt (recovery) expense, and (iv)
certain other items that management believes are not indicative of
EVgo’s ongoing performance. EVgo defines Adjusted General and
Administrative Expenses as a Percentage of Revenue as Adjusted
General and Administrative Expenses as a percentage of revenue.
EVgo defines EBITDA as net income (loss) before (i) depreciation,
net of capital-build amortization, (ii) amortization, (iii)
accretion, (iv) interest income, (v) interest expense, (vi)
interest expense, related party, and (vii) income taxes. EVgo
defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo
defines Adjusted EBITDA as EBITDA plus (i) share-based
compensation, (ii) loss on disposal of property and equipment, net
of recoveries, and impairment expense, (iii) loss (gain) on
investments, (iv) bad debt (recovery) expense, (v) change in fair
value of earnout liability, (vi) change in fair value of warrant
liability, and (vii) certain other items that management believes
are not indicative of EVgo’s ongoing performance. EVgo defines
Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of
revenue.
Reconciliations of Non-GAAP 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, in each case, for the
years and quarters ended December 31, 2022 and 2021:
Unaudited, dollars in thousands
Q4'22
Q4'21
Change
FY'22
FY'21
Change
GAAP revenue
$
27,303
$
7,120
283 %
$
54,588
$
22,214
146 %
GAAP net loss
$
(17,049)
$
(46,322)
63 %
$
(106,240)
$
(57,762)
(84)%
GAAP net loss margin
(62.4%)
(650.6%)
* bps
(194.6%)
(260.0%)
6,540 bps
Adjustments:
Depreciation, net of capital-build
amortization
6,140
3,814
61 %
19,103
12,122
58 %
Amortization
4,057
2,930
38 %
14,900
10,177
46 %
Accretion
444
536
(17)%
1,915
1,602
20 %
Interest income
(2,152)
(35)
*
(4,479)
(69)
*
Interest expense
—
—
*
21
—
*
Interest expense, related party
—
—
*
—
1,926
100%
Income tax (benefit) expense
(4)
—
*
18
—
*
EBITDA
(8,564)
(39,077)
78%
(74,762)
(32,004)
(134)%
EBITDA Margin
(31.4%)
(548.8%)
* bps
(137.0%)
(144.1%)
710 bps
Adjustments:
Share-based compensation
7,607
5,649
35 %
25,048
10,942
129 %
Loss on disposal of property and
equipment, net of recoveries, and impairment expense
3,660
672
445 %
8,278
1,311
531 %
Loss (gain) on investments
34
(118)
129 %
783
(554)
241 %
Bad debt (recovery) expense
(85)
113
(175)%
(18)
405
(104)%
Change in fair value of earnout
liability
(2,153)
1,481
(245)%
(3,481)
(2,214)
(57)%
Change in fair value of warrant
liability
(21,176)
14,841
(243)%
(36,157)
(31,105)
(16)%
Other1
619
129
380 %
63
1,849
(97)%
Adjusted EBITDA
$
(20,058)
$
(16,310)
(23)%
$
(80,246)
$
(51,370)
(56)%
Adjusted EBITDA Margin
(73.5%)
(229.1%)
* bps
(147.0%)
(231.3%)
8,430 bps
______________________________________________ *Percentage greater
than 999%. bps greater than 9,999 or not meaningful.
1
For FY'21, comprised primarily of
$1.8 million in transaction costs related to the Company's merger
with Climate Change Crisis Real Impact I Acquisition Corporation
and the acquisition of PlugShare LLC.
The following unaudited table presents a reconciliation of
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of
Revenue, Adjusted Gross Profit (Loss) and Adjusted Gross Margin to
the most directly comparable GAAP measures, in each case, for the
years and quarters ended December 31, 2022 and 2021:
Unaudited, dollars in thousands
Q4'22
Q4'21
Change
FY'22
FY'21
Change
GAAP revenue
$
27,303
$
7,120
283%
$
54,588
$
22,214
146%
GAAP cost of sales
28,402
8,944
218%
60,239
29,044
107%
GAAP gross loss
$
(1,099)
$
(1,824)
40%
$
(5,651)
$
(6,830)
17%
GAAP cost of sales as a percentage of
revenue
104.0%
125.6%
(2,160) bps
110.4%
130.7%
(2,030) bps
GAAP gross margin
(4.0%)
(25.6%)
2,160 bps
(10.4%)
(30.7%)
2,030 bps
GAAP cost of sales adjustments:
Depreciation, net of capital-build
amortization
$
6,037
$
3,814
58%
$
18,779
$
11,986
57%
Share-based compensation
55
16
244%
118
33
258%
6,092
3,830
59%
18,897
12,019
57%
Adjusted Cost of Sales1
$
22,310
$
5,114
336%
$
41,342
$
17,025
143%
Adjusted Cost of Sales as a Percentage
of Revenue1
81.7%
71.8%
990 bps
75.7%
76.6%
(90) bps
Adjusted Gross Profit1
$
4,993
$
2,006
149%
$
13,246
$
5,189
155%
Adjusted Gross Margin1
18.3%
28.2%
(990) bps
24.3%
23.4%
90 bps
___________________________________________
1
In the first quarter of 2023, the Company updated its definition
and presentation of Adjusted Cost of Sales to provide further
clarity regarding the differences between GAAP Cost of Sales and
Adjusted Cost of Sales, and to remove OEM reimbursement as an
adjustment in the definition. The Company believes that omitting
OEM reimbursement from the calculation of Adjusted Cost of Sales is
appropriate due to the immateriality of this adjustment in recent
periods. Prior period figures have been revised to conform to the
updated definition and presentation.
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 for the years and quarters ended
December 31, 2022 and 2021:
Unaudited, dollars in thousands
Q4'22
Q4'21
Change
FY'22
FY'21
Change
GAAP revenue
$
27,303
$
7,120
283%
$
54,588
$
22,214
146%
GAAP general and administrative
expenses
$
36,785
$
24,859
48%
$
126,713
$
71,086
78%
GAAP general and administrative
expenses as a percentage of revenue
134.7%
349.1%
* bps
232.1%
320.0%
(8,790) bps
GAAP general and administrative
expenses adjustments:
Share-based compensation
$
7,553
$
5,634
34%
$
24,929
$
10,909
129%
Loss on disposal of property and
equipment, net of recoveries, and impairment expense
3,660
672
445%
8,278
1,311
531%
Bad debt (recovery) expense
(85)
113
(175)%
(18)
405
(104)%
Other
619
129
380%
63
1,849
(97)%
11,747
6,548
79%
33,252
14,474
130%
Adjusted General and Administrative
Expenses
$
25,038
$
18,311
37%
$
93,461
$
56,612
65%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
91.7%
257.2%
* bps
171.2%
254.8%
(8,360) bps
*Bps greater than 9,999.
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