- Revenue increase of 29% quarter-over-quarter as retail and
fleet segments realized solid activity increases over the second
quarter of 2021
- Network throughput rose to an all-time high of 8.0
Gigawatt-hours (GWh), a 31% increase over the second quarter of
2021
- Gross loss of ($1.7) million, compared to ($1.7) million in the
prior quarter, with gross margin of (27%) compared to (35%) in the
prior quarter
- Adjusted gross profit of $1.4 million, up from $1.0 million in
the prior quarter with adjusted gross margin expanding to 22.2%
from 21.4% in the prior quarter
- Ended third quarter of 2021 with total cash and cash
equivalents of $521 million
- Customer accounts continue to increase, ending the quarter at
approximately 310,000
- Active Engineering and Construction pipeline increased in the
quarter to nearly 2,500 fast charging stalls
- Revised and expanded agreement with General Motors (GM) to
increase the size of the build-out program by 500 fast charging
stalls, taking the total program to 3,250 stalls through 2025
- Introduction of new loyalty, pricing, and per transaction
payment
- Launch of EVgo OptimaTM, sophisticated fleet management
software platform
- Expanding fleet strategy including new fleet partnerships with
General Motors, Merchants Fleet, Electric Last Mile Solutions and a
large trucking company partner
- Increasing full-year 2021 revenue guidance to $20-22 million
and network throughput guidance to 24-26 GWh
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the third quarter ending September 30, 2021.
The Company generated continued growth in revenue, network
throughput and customer accounts. EV adoption has accelerated with
approximately 130,000 EVs sold in the US during the third quarter
of 2021 proving the continued expansion of the EV sector and
bringing more drivers on EVgo network.
Revenue increased to $6.2 million for the third quarter of 2021,
compared to $4.8 million for the second quarter of 2021, exhibiting
29% quarter-over-quarter growth. Network throughput has reached 8.0
GWh with 31% quarter-over-quarter growth. Total customer accounts
grew to more than 310,000 at the end of the third quarter of
2021.
“EVgo’s operations in the quarter demonstrated further progress
toward an electrified transportation future, with more drivers
using our DC fast charging services generating the highest network
throughput EVgo has ever delivered to its EV-driving customer
base,” said Cathy Zoi, CEO of EVgo. “With customer accounts
exceeding 310,000, and both the fleet and retail segments realizing
impressive revenue growth, EVgo’s commitment to creating the best
located and highest-reliability fast-charging network is being
validated and rewarded by EV drivers across the U.S.”
Business Highlights
- Station Development: The entirety of EVgo’s station
development pipeline expanded during the third quarter of 2021,
emblematic of the expansion of the overall EV sector. This includes
agreements with new national and regional site hosts eager to
participate in transportation electrification, dozens of local
government authorities reviewing applications for fast charging
stations within their localities, major utilities issuing new
EV-friendly electricity rates, and government agencies launching
new programs to provide financial support for charging
infrastructure. In particular, EVgo’s Active Engineering and
Construction (E&C) Pipeline grew to nearly 2,500 DCFC charging
stalls. Additionally, EVgo placed 47 new stalls into service in 9
metro-markets, bringing total stalls in operation to 1,595 at the
end of the third quarter of 2021.
- General Motors Charger Deployment Program: After the
quarter concluded, EVgo and GM expanded their relationship, with
EVgo increasing the number of DC fast charging stalls it will
deploy for GM by the end of 2025 by 500 stalls to a new total of
3,250.
- EVgo OptimaTM: Anticipating the needs of electrification
of the fleet segment, the Company introduced its EVgo OptimaTM
software product suite during the third quarter of 2021. Optima is
a sophisticated fleet management platform designed to deliver
highly efficient charging performance. This package includes
optimization of energy demand, cost structures, and grid conditions
that are fully integrated with operational imperatives of the
fleets it is servicing.
- Fleet Partnerships: EVgo’s continued leadership on fleet
electrification included new charging partnerships with General
Motors, Merchants Fleet, Electric Last Mile Solutions and a large
trucking company partner. These collaborations span light and
medium-duty vehicles serving small, medium, and large businesses
focused on the movement of goods and people over last mile,
regional, and other applications. Fleets continue to play a
critical role in EVgo’s strategy.
- New Customer Programs: During the third quarter, EVgo
launched a comprehensive customer loyalty scheme, new pricing
programs, as well as per transaction billing. Coupled with EVgo’s
existing reservations, coupon, and seamless parking garage access,
these efforts are aimed at deepening relationships with customers,
incentivizing charging at different times during the day, and
creating a world-class customer experience.
- Community Partnerships & Environmental Alignment:
EVgo entered into a new agreement in Sacramento in which the
Sacramento Metropolitan Air Quality Management District (SMAQMD)
will provide charging credits for use on EVgo’s network to
low-income Californians who have purchased an EV through the
California Air Resources Board’s Clean Cars 4 All program. This
latest partnership builds on EVgo’s unwavering commitment to
environmental justice through community partnerships.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the third quarter ended September 30, 2021.
- Revenue of $6.2 million
- Network throughput of 8.0 gigawatt-hours
- Customer account additions of 36,368 accounts
- Charger stalls in operation: EVgo placed 47 stalls into
operation in Q3, bringing total stalls in operation to 1,595
- Gross profit/(loss) of ($1.7) million
- Net income of $23.6 million
- Adjusted gross profit of $1.4 million
- Adjusted EBITDA of ($14.3) million
- Cash Flow from Operations of ($16.4) million for the
third quarter, and ($17.8) million for the nine months ended
September 30, 2021
- Capital Expenditures of $16.3 million for the third
quarter (excluding Recargo acquisition), and $39.7 million for the
nine months ended September 30, 2021
($ in 000s)
Q3 2021
Q2 2021
Q3 2020
Network Throughput (GWh)
8.0
6.1
4.0
Revenue
$6,181
$4,783
$3,572
Cost of Sales (GAAP) Cost of Revenues (excl.
D&A shown separately below)
($4,814)
($3,753)
($3,468)
Depreciation & Amortization
($3,020)
($2,705)
($2,651)
Total Cost of Sales (GAAP)
($7,834)
($6,458)
($6,119)
GAAP Gross Profit / (Loss)
($1,653)
($1,675)
($2,547)
GAAP G&A Expenses
($20,882)
($13,338)
($7,996)
GAAP Net Income/(Loss)
$23,591
($18,421)
($7,476)
Adj. Gross Profit/(Loss)1
$1,370
$1,024
$95
Adj. Gross Margin1
22.2%
21.4%
2.7%
Adj. EBITDA1
($14,273)
($11,009)
($5,407)
Q3 2021
YTD 2021
Cash flow from operations
($16,440)
($17,797)
Capital expenditures2
($16,338)
($39,679)
1. Adjusted Gross Profit / (Loss),
Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin
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 “Definition of non-GAAP Financial Measures” and “Reconciliation
of non-GAAP Measures” included elsewhere in this release. COGS
consists primarily of energy usage fees, depreciation and
amortization expenses, site O&M expenses, customer service and
network charges, warranty and repair services, and site lease and
rental expense associated with charging equipment. Adjusted Gross
Profit / (Loss) is defined as Gross Profit / (Loss) less: (i)
depreciation and ARO accretion, (ii) stock option expense, and
(iii) other non-recurring expenses.
2. Excludes acquisition cost of
Recargo.
EVgo realized 31% quarter-over-quarter increase in kilowatt-hour
network throughput during the third quarter of 2021, and 101%
increase in throughput year-over-year.
Revenue realized similar growth trends, with 29%
quarter-over-quarter growth, and a 73% year-over-year increase.
Change in Presentation of COGS and
G&A
During the third quarter of 2021, the Company updated its
presentation of certain costs, including network platform service
fees, certain storage and freight costs, pre-operational
rent/license fees, call center expenses and certain costs related
to field and customer operations. In previous periods, these costs
were included as a component of cost of sales. The Company now
presents these costs as a component of general and administrative
expenses. Management believes this presentation more appropriately
reflects the nature of the costs, the financial performance of our
business, enables better alignment between revenues and cost of
sales and provides more clarity about the changes in cost of sales
and general and administrative expenses, resulting in improved
financial reporting and comparability and consistency of financial
results.
All periods presented have been retrospectively revised to
reflect the effects of the change to cost of sales and general and
administrative expenses. There was no net impact to loss from
operations, net income (loss) attributable to EVgo or net income
(loss) per share for any periods presented. The condensed
consolidated balance sheets, condensed consolidated statements of
stockholders’/member’s equity (deficit), and the condensed
consolidated statements of cash flows are not affected by these
changes in presentation of certain costs. The effect of the change
is presented at the end of this release.
Gross loss during the third quarter of 2021 of ($1.7) million
was relatively unchanged sequentially, while Gross margin improved
from negative 35% in the second quarter of 2021 to negative 27% in
the third quarter of 2021.
Adjusted gross profit and adjusted gross margin improved in the
third quarter of 2021. Adjusted gross profit increased to $1.4
million in the third quarter of 2021, up from $1.0 million in the
prior quarter. Adjusted gross margin in the third quarter of 2021
was 22.2%, representing an improvement of approximately 75 basis
points over the second quarter of 2021.
Adjusted EBITDA in the third quarter of 2021 was ($14.3)
million, compared to ($11.0) million in the prior quarter, driven
by increased G&A expenses results from continued operational
and personnel investments to support EVgo’s network expansion.
Cash from Operations was ($16.4) million in the third quarter
and ($17.8) million for the first nine months of 2021.
Capital expenditures in the third quarter was $16.3 million and
$39.7 million for the first nine months of 2021, as stall
development work accelerated.
Cash and cash equivalents at the end of the third quarter of
2021 were $521 million.
2021 Guidance
Following a strong year-to-date performance through September
30, 2021, EVgo is increasing its full-year 2021 guidance as
follows:
- Total revenue of $20-22 million, up from $20 million
previously
- Network throughput of 24-26 GWh, up from 24 GWh previously
- Adjusted EBITDA of ($54-58) million, up from ($58) million
previously
Additionally, EVgo is initiating operational stall target
guidance. For the full-year 2021, EVgo expects to deliver 280-320
newly operational stalls. Additionally, EVgo anticipates that
between 220-260 stalls will be under construction at the end of
2021, resulting in a forecasted total of between 1,890 and 1,970
operational or under construction stalls as of December 31.
Conference Call Information
A live audio webcast and conference call for our third quarter
2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on
November 10, 2021. The webcast will be available at
investors.evgo.com, and the dial-in information for those wishing
to access via phone is:
Toll Free: 1-877-407-4018 Toll/International:
1-201-689-8471 Conference ID: 13724359
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 the nation’s largest public fast charging
network for electric vehicles, and the first to be powered by 100%
renewable energy. With more than 800 fast charging locations,
EVgo’s owned and operated charging network serves over 68
metropolitan areas across 35 states and more than 310,000
customers. Founded in 2010, EVgo leads the way on transportation
electrification, partnering with automakers; fleet and rideshare
operators; retail hosts such as hotels, shopping centers, gas
stations and parking lot operators; and other stakeholders to
deploy advanced charging technology to expand network availability
and make it easier for drivers across the U.S. to enjoy the
benefits of driving an EV. As a charging technology first mover,
EVgo works closely with business and government leaders to
accelerate the ubiquitous adoption of EVs by providing a reliable
and convenient charging experience close to where drivers live,
work and play, whether for a daily commute or a commercial
fleet.
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 and capital expenditures, EVgo’s expectation
of acceleration in our business due to factors including a
re-opening economy and increased EV adoption; and the Company’s
strong liquidity position 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 impact from COVID-19 on our
business, customers, and suppliers; macro political, economic, and
business conditions; our limited operating history as a public
company; our dependence on widespread adoption of EVs and increased
installation of charging station; mechanisms surrounding energy and
non-energy costs for our charging stations; the impact of
governmental support and mandates that could reduce, modify, or
eliminate financial incentives, rebates, and tax credits; supply
chain interruptions; impediments to our expansion plans; the need
to attract additional fleet operators as customers; potential
adverse effects on our 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; the effects of
competition; risks related to our dependence on our intellectual
property; and risks 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 of EVgo” in EVgo’s registration
statement on Form S-1 originally filed with the Securities and
Exchange Commission (the “SEC”) on July 20, 2021, as well as its
other filings with the SEC, 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
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
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
This press release includes the non-GAAP financial measures:
“Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross
Margin,” “EBITDA,” “Adjusted EBITDA.” EVgo believes these measures
are useful to investors in evaluating EVgo’s financial performance.
In addition, EVgo uses these measures internally to establish
forecasts, budgets, and operational goals to manage and monitor its
business. EVgo believes that these non-GAAP financial measures help
to depict a more realistic representation of the performance of the
underlying business, enabling EVgo to evaluate and plan more
effectively for the future. EVgo believes that investors should
have access to the same set of tools that its management uses in
analyzing operating results.
Adjusted COGS is defined as cost of goods sold before: (i)
depreciation and ARO accretion, (ii) stock option expense, and
(iii) other non-recurring expenses. Adjusted Gross Profit (Loss) is
defined as Gross Profit (Loss) less (i) depreciation and ARO
accretion, (ii) stock option expense, an (iii) other non-recurring
expenses. Adjusted Gross Margin is defined as Adjusted Gross Profit
(Loss) as a percentage of revenue. EBITDA is defined as net income
(loss) before (i) interest expense, (ii) income taxes and (iii)
depreciation and amortization. Adjusted EBITDA is defined as EBITDA
plus other unusual or nonrecurring income (expenses) such as bad
debt expense. Adjusted EBITDA Margin is defined as Adjusted EBITDA
as a percentage of revenue. Adjusted COGS, Adjusted Gross Profit
(Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not
prepared in accordance with GAAP and that 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 Measures
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
GAAP Gross Profit / (Loss)
($1,522)
($2,124)
($2,547)
($2,852)
($1,678)
($1,675)
($1,653)
Less: Site Depreciation & ARO Accretion
$2,095
$2,255
$2,651
$2,528
$2,447
$2,705
$3,020
Stock Option Expense and Other
(1)
(13)
(9)
(9)
(6)
(6)
3
Adjusted Gross Profit / (Loss)
$572
$118
$95
($333)
$763
$1,024
$1,370
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
GAAP COGS
$5,375
$5,081
$6,119
$7,046
$5,808
$6,458
$7,834
Less: Site Depreciation & ARO Accretion
$2,095
$2,255
$2,651
$2,528
$2,447
$2,705
$3,020
Stock Option Expense and Other
(1)
(13)
(9)
(9)
(6)
(6)
3
Adjusted COGS
$3,281
$2,839
$3,477
$4,527
$3,367
$3,759
$4,811
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Net Income
($14,810)
($10,406)
($7,476)
($15,519)
($16,610)
($18,421)
$23,591
+ Taxes
8
(1)
(11)
7
(1)
1
–
+ Depreciation, ARO, Amortization
4,202
4,706
5,125
4,999
4,957
5,250
6,414
+ Interest Income / Expense
122
280
410
602
876
1,038
(22)
EBITDA
($10,478)
($5,421)
($1,952)
($9,911)
($10,778)
($12,132)
$29,983
+ Bad Debt, Non-Recurring Costs, Other Adj.
$5,783
$388
($3,455)
$1,089
$999
$1,123
($44,255)
Adj. EBITDA
($4,695)
($5,033)
($5,407)
($8,822)
($9,779)
($11,009)
($14,272)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Adjusted Gross Profit / (Loss) - As Previously Reported
*
($441)
($711)
($735)
($1,205)
($162)
($61)
$217
Adjusted COGS Reclassification to G&A
1,013
829
830
872
925
1,085
1,153
Adjusted Gross Profit / (Loss)
$572
$118
$95
($333)
$763
$1,024
$1,370
* Q3 2021 computed under the original method.
Financial Statements
EVgo Inc. (Successor) and EVgo
Services LLC (Predecessor) Condensed Consolidated Balance
Sheets
September 30,
December 31,
2021
2020
(in thousands)
(unaudited)
(unaudited)
Assets Current assets Cash $
520,356
$
7,914
Restricted cash
472
—
Accounts receivable, net
5,981
2,164
Accounts receivable, capital build
5,971
3,259
Receivables from related parties
147
—
Prepaid expenses and other current assets
8,599
6,635
Total current assets
541,526
19,972
Property, equipment and software, net
110,010
71,266
Other assets
1,702
836
Restricted cash
300
—
Intangible assets, net
75,011
67,956
Goodwill
31,052
22,111
Total assets $
759,601
$
182,141
Liabilities, redeemable noncontrolling interest and
stockholders'/member's equity (deficit) Current liabilities
Accounts payable $
7,013
$
2,998
Payables to related parties
1,362
135
Accrued liabilities
15,757
10,945
Deferred revenue, current
3,950
1,653
Customer deposits
12,301
7,660
Note payable, related party
—
39,164
Capital-build, buyout liability
—
628
Other current liabilities
133
398
Total current liabilities
40,516
63,581
Earnout liability
3,730
—
Asset retirement obligations
11,572
8,802
Capital-build liability, excluding buyout liability
19,438
17,388
Deferred revenue, noncurrent
21,921
2,732
Warrant liability
33,638
—
Other liabilities
—
151
Total liabilities
130,815
92,654
EVgo Inc. (Successor) and EVgo
Services LLC (Predecessor) Condensed Consolidated Balance Sheets
(continued)
September 30,
December 31,
2021
2020
(in thousands, except share data)
(unaudited)
(unaudited)
Redeemable noncontrolling interest
1,595,770
—
Stockholder's/member's equity (deficit) Preferred stock, $0.0001
par value; 10,000,000 shares authorized as of September 30, 2021;
none issued and outstanding
—
—
Class A common stock, $0.0001 par value; 1,200,000,000 shares
authorized as of September 30, 2021; 68,018,020 shares issued and
outstanding (excluding 718,750 shares subject to possible
forfeiture) as of September 30, 2021
7
—
Class B common stock, $0.0001 par value; 400,000,000 shares
authorized as of September 30, 2021; 195,800,000 shares issued and
outstanding as of September 30, 2021
20
—
LLC interests
—
136,348
Additional paid-in capital
—
929
Accumulated deficit
(967,011)
(47,790)
Total stockholder's/member's equity (deficit)
(966,984)
89,487
Total liabilities, redeemable noncontrolling interest and
stockholder's/member's equity (deficit) $
759,601
$
182,141
EVgo Inc. (Successor) and EVgo
Services LLC (Predecessor) Condensed Consolidated Statements of
Operations
Successor
Predecessor
(unaudited)
January 16,
January 1,
Three
Three
Nine
2020
2020
Months Ended
Months Ended
Months Ended
through
through
September 30,
September 30,
September 30,
September 30,
January 15,
(in thousands, except per share data)
2021
2020
2021
2020
2020
Revenue $
6,181
$
2,818
$
14,533
$
8,101
$
1,461
Revenue from related parties
—
754
562
754
65
Total revenue
6,181
3,572
15,095
8,855
1,526
Cost of revenues (exclusive of depreciation and amortization shown
separately below)
4,814
3,468
11,927
8,899
675
Depreciation and amortization
3,020
2,651
8,172
6,703
298
Cost of sales
7,834
6,119
20,099
15,602
973
Gross (loss) profit
(1,653)
(2,547)
(5,004)
(6,747)
553
General and administrative
20,882
7,996
46,227
22,260
1,247
Transaction bonus
—
—
—
5,316
—
Depreciation, amortization, and accretion
3,394
2,474
8,448
6,963
69
Total operating expenses
24,276
10,470
54,675
34,539
1,316
Operating loss
(25,929)
(13,017)
(59,679)
(41,286)
(763)
Interest expense, related party
11
410
1,926
812
—
Interest income
(33)
—
(34)
—
—
Other income, related party
—
(54)
—
(54)
(342)
Other expense (income), net
143
(5,897)
(489)
(9,773)
—
Change in fair value of earnout liability
(3,695)
—
(3,695)
—
—
Change in fair value of warrant liability
(45,946)
—
(45,946)
—
—
Total other income, net
(49,520)
(5,541)
(48,238)
(9,015)
(342)
Net income (loss)
23,591
(7,476)
(11,441)
(32,271)
(421)
Less: net income (loss) attributable to noncontrolling interest
17,461
(7,476)
(17,571)
(32,271)
(421)
Net income attributable to Class A common stockholders $
6,130
$
—
$
6,130
$
—
$
—
Net income per share to Class A common stockholders, basic
and diluted $
0.09
N/A
$
0.09
N/A
N/A
Weighted-average shares used in computation of earnings per share:
Basic and diluted
68,018
N/A
68,018
N/A
N/A
EVgo Inc. (Successor) and EVgo
Services LLC (Predecessor) Condensed Consolidated Statements of
Cash Flows
Successor
Predecessor
(unaudited)
January 16,
January 1,
Nine
2020
2020
Months Ended
through
through
September 30,
September 30,
January 15,
(in thousands)
2021
2020
2020
Cash flows from operating activities Net loss $
(11,441)
(32,271)
(421)
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation, amortization, and accretion
16,620
13,666
368
Net loss on disposal of property and equipment
639
442
—
Share-based compensation
5,293
695
13
Relief of contingent consideration
—
(3,978)
—
Interest on note payable, related party
1,926
812
—
Change in fair value of earnout liability
(3,695)
—
—
Change in fair value of warrant liability
(45,946)
—
—
Other
454
—
—
Changes in operating assets and liabilities Accounts receivable,
net
(3,505)
95
33
Receivables from related parties
(71)
—
(333)
Prepaid expenses and other current and noncurrent assets
(5,188)
288
(46)
Accounts payable
(204)
(413)
315
Payables to related parties
458
112
(1)
Accrued liabilities
2,321
1,083
(248)
Deferred revenue
20,943
(384)
(37)
Customer deposits
4,641
(207)
13
Other current and noncurrent liabilities
(1,042)
142
—
Net cash used in operating activities
(17,797)
(19,918)
(344)
Cash flows from investing activities Purchases of property,
equipment and software
(39,679)
(11,769)
(166)
Acquisition of business, net of cash received
(22,762)
—
—
Net cash used in investing activities
(62,441)
(11,769)
(166)
Cash flows from financing activities Proceeds from CRIS
Business Combination
601,579
—
—
Proceeds from note payable, related party
24,000
27,750
—
Payments on note payable, related party
(5,500)
—
—
Capital-build funding, net
1,516
4,335
—
Payment of transaction costs for CRIS Business Combination
(28,143)
—
—
Contributions
—
5,316
—
Net cash provided by financing activities
593,452
37,401
—
Net increase (decrease) in cash and restricted cash
513,214
5,714
(510)
Cash and restricted cash, beginning of period
7,914
257
1,403
Cash and restricted cash, end of period $
521,128
5,971
893
EVgo Inc. (Successor) and EVgo
Services LLC (Predecessor) Condensed Consolidated Statements of
Cash Flows (continued)
Successor
Predecessor
(unaudited)
January 16,
January 1,
Nine
2020
2020
Months Ended
through
through
September 30,
September 30,
January 15,
(in thousands)
2021
2020
2020
Supplemental disclosure of noncash investing and financing
activities Accrued transaction costs for CRIS Business
Combination $
300
$
—
$
—
Asset retirement obligations incurred
1,671
900
—
Non-cash increase in accounts receivable, capital-build, and
capital-build liability
4,228
7,529
—
Reclassification of contingent earnout liability to equity upon
triggering event
10,853
—
—
Purchases of property and equipment in accounts payable and accrued
liabilities
10,848
2,366
1,759
Contingent earnout liability recognized upon the closing of the
CRIS Business Combination
18,278
—
—
Conversion of notes payable, related party, to equity
59,590
—
—
Reclassification of noncontrolling interest on Closing Date
436,739
—
—
Fair value adjustment to noncontrolling interest $
1,141,037
$
—
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110005445/en/
EVgo
For investors: Ted Brooks, VP of
Investor Relations investors.evgo.com 310-954-2943
For Media: press@evgo.com
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