- Revenue grew to $25.3 million in the first quarter,
representing an increase of 229% year-over-year.
- Network throughput reached 17.9 gigawatt-hours (“GWh”) in the
first quarter, an increase of 124% year-over-year.
- Double-digit utilization realized in several new markets,
including markets outside of California.
- Ended the first quarter with approximately 3,100 stalls in
operation or under construction, with nearly 220 new stalls added
to the EVgo network during the quarter.
- Added more than 67,000 new customer accounts in the first
quarter, reaching approximately 614,000 overall at the end of the
quarter.
- Announced expanded agreement with Chevron, with EVgo selected
as an EV-charging provider of choice for Chevron and Texaco
stations.
- Entered into a new agreement with Audible to bring trial
memberships to EVgo customers later in 2023.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the first quarter ended March 31, 2023.
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 $25.3 million in the first quarter of 2023,
compared to $7.7 million in the first quarter of 2022, representing
229% year-over-year growth. Revenue growth was primarily driven by
year-over-year increases in charging and eXtend revenues.
Network throughput increased to 17.9 GWh in the first quarter of
2023, compared to 8.0 GWh in the first quarter of 2022,
representing 124% year-over-year growth. The Company added
approximately 67,000 new customer accounts during the first
quarter, bringing the overall number of customer accounts to
approximately 614,000 at quarter-end, an increase of approximately
63% year-over-year.
“First quarter revenue growth was fueled by triple digit
throughput growth as network utilization continues to increase
faster than operational stall growth and EV adoption, demonstrating
the strength of our business model,” said Cathy Zoi, EVgo CEO.
“EVgo is investing ahead of the mass adoption of EVs in the United
States and installed a record number of new stalls during the
quarter. We also announced an exciting expansion of our program
with Chevron, which is designed to pave the way for fast charging
at conveniently located gas stations across the country. We expect
revenue to increase over the remainder of the year as we benefit
from increasing EV adoption, the mobilization of new, faster
stations, and the deployment of EVgo eXtend sites with our
partners.”
Business Highlights
- Program with Chevron: EVgo and Chevron entered into a
new agreement to offer Chevron locations across the U.S. a turnkey
DC fast charging solution with a variety of ownership models,
including EVgo eXtend. Through the agreement, Chevron and Texaco
branded stations nationwide will have access to industry-leading
fast charging equipment and integrated solutions from EVgo through
both the Company’s traditional EVgo-owned offering as well as EVgo
eXtend. Under the agreement, EVgo will provide hardware, design,
and construction of up to 350kW charging at these sites, as well as
operations and maintenance, and networking and software
solutions.
- EVgo Advantage: Entered into a new agreement with
Audible to bring trial memberships to EVgo customers later in 2023,
making relevant audiobooks and Audible Original podcasts available
to EV drivers while they charge.
- Stall Development: The Company ended the first quarter
of 2023 with approximately 3,100 stalls in operation or under
construction. EVgo added nearly 220 new DC fast charging stalls to
its network during the quarter.
- Active Engineering and Construction (E&C) Stall
Development Pipeline: The Company’s pipeline was approximately
3,500 stalls as of the end of the first quarter of 2023.
- EVgo eXtendTM: During the first quarter, the Company
continued delivering charging equipment and pre-engineering work
for projects under the Pilot Flying J/GM program, and began site
mobilization in the second quarter of 2023.
- EVgo Autocharge+: Autocharge+ exceeded 10% of total
charging sessions initiated.
- Fleet Partnerships: EVgo won contracts for a second site
at MHX, a behind-the-fence, class 8 truck company, and a second
site at a national food and beverage company -- both of which
include EVgo Optima™, the Company’s proprietary fleet management
software.
- PlugShare: Plugshare reached nearly 3.4 million
registered users and achieved the milestone of 6.0 million
check-ins since inception.
- Public-Private Partnership: EVgo was awarded $7.3
million from the California Energy Commission’s (“CEC”) California
Electric Vehicle Infrastructure Project (“CALeVIP”) 2.0 program to
deploy more than 100 350kW chargers across 19 locations in
disadvantaged and/or low-income census tracts.
- Equity Issuance: In April 2023, the Company
issued approximately 890,000 shares of Class A common stock with
$5.7 million raised in net proceeds through an “at-the-market”
equity offering.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the first quarter of 2023.
- Revenue of $25.3 million
- Network Throughput of 17.9 gigawatt-hours
- Customer Account Additions of approximately 67,000
accounts
- Gross Profit of $41 thousand
- Net Loss of ($49.1) million
- Adjusted Gross Profit of $6.4 million1
- Adjusted EBITDA of ($20.1) million1
- Cash Flows Used in Operating Activities of ($19.3)
million
- Capital Expenditures of ($65.2) million
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
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q1'23 vs Q1'22
Charging revenue, retail
$
3,502
$
4,389
$
5,176
$
5,828
$
6,615
89
%
Charging revenue, commercial
709
654
678
1,322
1,715
142
%
Charging revenue, OEM
151
189
252
349
552
266
%
Regulatory credit sales
1,378
2,128
1,178
968
1,215
(12
)%
Network revenue, OEM
490
887
448
626
2,699
451
%
eXtend revenue
80
131
1,543
16,689
10,292
*
%
Ancillary revenue
1,390
698
1,234
1,521
2,212
59
%
Total revenue
$
7,700
$
9,076
$
10,509
$
27,303
$
25,300
229
%
___________________________________________ *Percentage greater
than 999%.
Unaudited, dollars in thousands
Q1'23
Q1'22
Better (Worse)
Network Throughput (GWh)
17.9
8.0
124%
GAAP revenue
$
25,300
$
7,700
229%
GAAP gross profit (loss)
$
41
$
(600)
107%
GAAP gross margin
0.2%
(7.8%)
800 bps
GAAP net loss
$
(49,081)
$
(55,266)
11%
Adjusted Gross Profit1
$
6,405
$
2,865
124%
Adjusted Gross Margin1
25.3%
37.2%
(1,190) bps
Adjusted EBITDA1
$
(20,067)
$
(18,176)
(10)%
Q1'23
Q1'22
Cash flows used in operating
activities
$
(19,343)
$
(19,831)
Capital expenditures
$
(65,246)
$
(28,274)
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 affirming 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.
*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 first
quarter 2023 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 2019 EVgo
has purchased renewable energy certificates to match the
electricity that powers its network. 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," “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.
These forward-looking statements include, but are not limited to,
express or implied statements regarding EVgo’s future financial and
operating 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, including the anticipated benefits of its partnership
with Chevron. 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 EVgo’s 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,
tax credits, and other support available to EVgo; 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 EVgo; 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 most recent 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 EVgo 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
March 31,
2023
December 31,
(in thousands)
(unaudited)
2022
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
163,512
$
246,193
Accounts receivable, net of allowance of
$782 and $687 as of March 31, 2023 and December 31, 2022,
respectively
29,263
11,075
Accounts receivable, capital-build
9,418
8,011
Prepaid expenses
4,077
4,953
Other current assets
10,501
5,252
Total current assets
216,771
275,484
Property, equipment and software, net
367,195
308,112
Operating lease right-of-use assets
54,670
51,856
Restricted cash
300
300
Other assets
2,137
2,308
Intangible assets, net
57,708
60,612
Goodwill
31,052
31,052
Total assets
$
729,833
$
729,724
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
18,640
$
9,128
Accrued liabilities
40,126
39,233
Operating lease liabilities, current
5,590
4,958
Deferred revenue, current
24,529
16,023
Customer deposits
12,833
17,867
Other current liabilities
415
136
Total current liabilities
102,133
87,345
Operating lease liabilities,
noncurrent
48,234
45,689
Earnout liability, at fair value
3,793
1,730
Asset retirement obligations
17,371
15,473
Capital-build liability
28,152
26,157
Deferred revenue, noncurrent
37,175
23,900
Warrant liabilities, at fair value
18,684
12,304
Total liabilities
255,542
212,598
Commitments and contingencies
Redeemable noncontrolling interest
1,525,282
875,226
Stockholders’ deficit
(1,050,991
)
(358,100
)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
729,833
$
729,724
EVgo Inc. and Subsidiaries
Consolidated Statements of
Operations
Unaudited
Three Months Ended
March 31,
(in thousands, except per share data)
2023
2022
Change %
Revenue
$
25,300
$
7,700
229
%
Cost of revenue
18,917
4,846
290
%
Depreciation, net of capital-build
amortization
6,342
3,454
84
%
Cost of sales
25,259
8,300
204
%
Gross profit (loss)
41
(600
)
107
%
General and administrative expenses
37,889
25,428
49
%
Depreciation, amortization and
accretion
4,784
3,887
23
%
Total operating expenses
42,673
29,315
46
%
Operating loss
(42,632
)
(29,915
)
(43
)%
Interest income
1,998
55
*
Other income (expense), net
1
(263
)
100
%
Change in fair value of earnout
liability
(2,063
)
(2,264
)
9
%
Change in fair value of warrant
liabilities
(6,380
)
(22,874
)
72
%
Total other expense, net
(6,444
)
(25,346
)
75
%
Loss before income tax expense
(49,076
)
(55,261
)
11
%
Income tax expense
(5
)
(5
)
—
%
Net loss
(49,081
)
(55,266
)
11
%
Less: net loss attributable to redeemable
noncontrolling interest
(36,005
)
(40,867
)
12
%
Net loss attributable to Class A common
stockholders
$
(13,076
)
$
(14,399
)
9
%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.18
)
$
(0.21
)
14
%
_______________________________________ *Percentage greater than
999%.
EVgo
Inc. and Subsidiaries
Consolidated Statements of
Cash Flows
Unaudited
Three Months Ended
March 31,
(in thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(49,081
)
$
(55,266
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
11,126
7,341
Net loss on disposal of property and
equipment and impairment expense
3,460
1,010
Share-based compensation
6,427
3,506
Change in fair value of earnout
liability
2,063
2,264
Change in fair value of warrant
liabilities
6,380
22,874
Other
—
288
Changes in operating assets and
liabilities
Accounts receivable, net
(18,188
)
(257
)
Receivables from related parties
—
1,499
Prepaid expenses and other current and
noncurrent assets
(4,415
)
3,538
Operating lease assets and liabilities,
net
365
(2,135
)
Accounts payable
6,493
154
Payables to related parties
—
25
Accrued liabilities
(799
)
(2,596
)
Deferred revenue
21,781
(561
)
Customer deposits
(5,034
)
(862
)
Other current and noncurrent
liabilities
79
(653
)
Net cash used in operating activities
(19,343
)
(19,831
)
Cash flows from investing
activities
Purchases of property, equipment and
software
(65,246
)
(28,274
)
Proceeds from insurance for property
losses
—
202
Net cash used in investing activities
(65,246
)
(28,072
)
Cash flows from financing
activities
Proceeds from capital-build funding
2,216
4,099
Proceeds from exercise of warrants
—
2
Payments of issuance costs and deferred
transaction costs
(308
)
—
Net cash provided by financing
activities
1,908
4,101
Net decrease in cash, cash equivalents and
restricted cash
(82,681
)
(43,802
)
Cash, cash equivalents and restricted
cash, beginning of period
246,493
485,181
Cash, cash equivalents and restricted
cash, end of period
$
163,812
$
441,379
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 and impairment expense,
(iii) bad debt 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, and (v) income tax expense. 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 and impairment expense,
(iii) (gain) loss on investments, (iv) bad debt expense, (v) change
in fair value of earnout liability, (vi) change in fair value of
warrant liabilities, 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
quarters ended March 31, 2023 and 2022:
Unaudited, dollars in thousands
Q1'23
Q1'22
Change
GAAP revenue
$
25,300
$
7,700
229
%
GAAP net loss
$
(49,081
)
$
(55,266
)
11
%
GAAP net loss margin
(194.0
%)
(717.7
%)
* bps
Adjustments:
Depreciation, net of capital-build
amortization
6,468
3,517
84
%
Amortization
4,119
3,365
22
%
Accretion
539
459
17
%
Interest income
(1,998
)
(55
)
*
Income tax expense
5
5
—
%
EBITDA
(39,948
)
(47,975
)
17
%
EBITDA Margin
(157.9
%)
(623.1
%)
* bps
Adjustments:
Share-based compensation
6,427
3,506
83
%
Loss on disposal of property and equipment
and impairment expense
3,460
1,010
243
%
(Gain) loss on investments
(1
)
255
(100
)%
Bad debt expense
97
116
(16
)%
Change in fair value of earnout
liability
2,063
2,264
(9
)%
Change in fair value of warrant
liabilities
6,380
22,874
(72
)%
Other1
1,455
(226
)
744
%
Adjusted EBITDA
$
(20,067
)
$
(18,176
)
(10
)%
Adjusted EBITDA Margin
(79.3
%)
(236.1
%)
* bps
_________________________________ *Percentage greater than 999%,
bps greater than 9,999 or not meaningful.
1 For the three months ended March 31, 2023, comprised primarily
of costs related to the reorganization of Company resources
previously announced by the Company on February 23, 2023 and the
petition filed by EVgo in the Delaware Court of Chancery in
February 2023 seeking validation of EVgo’s charter and share
structure (the “205 Petition”), which are not expected to recur.
For three months ended March 31, 2022 comprised primarily of
insurance proceeds for property losses.
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
quarters ended March 31, 2023 and 2022:
Unaudited, dollars in thousands
Q1'23
Q1'22
Change
GAAP revenue
$
25,300
$
7,700
229
%
GAAP cost of sales
25,259
8,300
204
%
GAAP gross profit (loss)
$
41
$
(600
)
107
%
GAAP cost of sales as a percentage of
revenue
99.8
%
107.8
%
(800) bps
GAAP gross margin
0.2
%
(7.8
%)
800 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
6,342
$
3,454
84
%
Share-based compensation
22
11
100
%
Total adjustments
6,364
3,465
84
%
Adjusted Cost of Sales
$
18,895
$
4,835
291
%
Adjusted Cost of Sales as a Percentage
of Revenue
74.7
%
62.8
%
1,190 bps
Adjusted Gross Profit
$
6,405
$
2,865
124
%
Adjusted Gross Margin
25.3
%
37.2
%
(1,190) 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 for the quarters ended March 31,
2023 and 2022:
Unaudited, dollars in thousands
Q1'23
Q1'22
Change
GAAP revenue
$
25,300
$
7,700
229
%
GAAP general and administrative
expenses
$
37,889
$
25,428
49
%
GAAP general and administrative
expenses as a percentage of revenue
149.8
%
330.2
%
* bps
Adjustments:
Share-based compensation
$
6,405
$
3,495
83
%
Loss on disposal of property and equipment
and impairment expense
3,460
1,010
243
%
Bad debt expense
97
116
(16
)%
Other1
1,455
(226
)
744
%
Total adjustments
11,417
4,395
160
%
Adjusted General and Administrative
Expenses
$
26,472
$
21,033
26
%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
104.6
%
273.2
%
* bps
_______________________________ *Bps greater than 9,999. 1 For
the three months ended March 31, 2023, comprised primarily of costs
related to the reorganization of Company resources previously
announced by the Company on February 23, 2023 and the 205 Petition,
which are not expected to recur. For the three months ended March
31, 2022, comprised primarily of insurance proceeds for property
losses.
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