- Revenue grew to a record $50.6 million in the second quarter,
representing an increase of 457% year-over-year.
- Network throughput reached a record 24.9 gigawatt-hours (“GWh”)
in the second quarter, an increase of 147% year-over-year.
- Total network utilization was in the double digits in the
second quarter.
- Ended the second quarter with approximately 3,200 stalls in
operation or under construction, with 210 new stalls added to the
EVgo network during the quarter.
- Added more than 82,000 new customer accounts in the second
quarter, reaching approximately 688,000 overall at the end of the
quarter.
- Won $13.8 million of Ohio NEVI funding for EVgo owned and EVgo
eXtend sites, representing 75% of awarded funds.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the second quarter ended June 30, 2023.
Management will host a conference call today at 5:00 p.m. ET / 2:00
p.m. PT to discuss EVgo’s results and other business
highlights.
Revenue increased to $50.6 million in the second quarter of
2023, compared to $9.1 million in the second quarter of 2022,
representing 457% year-over-year growth. Revenue growth was
primarily driven by year-over-year increases in eXtend™ revenue and
charging revenues.
Network throughput increased to 24.9 GWh in the second quarter
of 2023, compared to 10.1 GWh in the second quarter of 2022,
representing 147% year-over-year growth. The Company added
approximately 82,000 new customer accounts during the second
quarter, bringing the overall number of customer accounts to
688,000 at quarter-end, an increase of 55% year-over-year.
“EVgo had a phenomenal second quarter with significant growth in
key areas including stalls, throughput, customer accounts,
utilization, and revenue,” said Cathy Zoi, EVgo’s CEO. “We are
pleased to report EVgo’s network throughput growth is accelerating,
demonstrating the leverage in our business and financial model as
the auto sector rapidly electrifies. We continue to energize new
stalls across the network and surpassed the double-digit
utilization threshold for the quarter network wide. In addition,
EVgo won 75% of Ohio’s NEVI awards and will put $13.8 million to
work in EVgo-owned and EVgo eXtend sites across the state. Our
results demonstrate the depth of our team and experience in
developing, constructing, and operating a leading fast charging
network.”
Business Highlights
- National Electric Vehicle Infrastructure Program
(“NEVI”): EVgo and its eXtend™ partners were selected by
DriveOhio, a division of the Ohio Department of Transportation, for
proposed awards of $13.8 million in funding to deploy 20 fast
charging stations in Ohio.
- GM Partnership: EVgo and General Motors opened the
1,000th stall under the program.
- EVgo eXtendTM: During the second quarter, the Company
continued delivering charging equipment and began site mobilization
for projects under the Pilot Flying J/GM program. The Company
expects to have the first Pilot site operational in the third
quarter of 2023.
- Fleet Charging: EVgo’s public fleet charging business
continues to scale with growth in rideshare throughput from last
quarter, largely driven by collaborative partnerships with Uber and
Lyft. EVgo also launched a partnership with a major car sharing
company to support their pilot of electric vehicles in San
Francisco. In the Hubs sector, the Company operationalized a new
dedicated charging hub site and broke ground on another dedicated
hub in San Francisco with an existing AV partner.
- North American Charging Standard (“NACS”) Connectors:
Announced plans to add NACS connectors to EVgo chargers.
- EVgo Autocharge+: Autocharge+ exceeded 13% of total
charging sessions initiated.
- PlugShare: PlugShare reached nearly 3.7 million
registered users and achieved 6.9 million check-ins since
inception. Signed a PlugShare deal with GM to provide comprehensive
POI data for GM’s applications for its EV customers in several
geographic regions, including North America, and South America for
the next three years.
- Equity Issuance: The Company issued approximately
890,000 shares of Class A common stock with $5.7 million raised in
net proceeds through its “at-the-market” equity offering program
followed by the issuance of approximately 30.1 million shares of
Class A common stock with $123.4 million raised in net proceeds
through a primary equity offering.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the second quarter of 2023.
- Revenue of $50.6 million
- Network Throughput of 24.9 gigawatt-hours
- Customer Account Additions of approximately 82,000
accounts
- Gross Profit of $5.5 million
- Net Loss of $21.5 million
- Adjusted Gross Profit of $12.9 million1
- Adjusted EBITDA of ($10.6) million1
- Cash Flows Used in Operating Activities of $3.2
million
- Gross Capital Expenditures of $34.8 million
1Adjusted Gross Profit 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)
Q2'23
Q2'22
Change
Q2'23 YTD
Q2'22 YTD
Change
Charging revenue, retail
$
9,085
$
4,389
107%
$
15,700
$
7,891
99%
Charging revenue, commercial
2,418
654
270%
4,133
1,363
203%
Charging revenue, OEM
986
189
422%
1,538
340
352%
Regulatory credit sales
1,613
2,128
(24)%
2,828
3,506
(19)%
Network revenue, OEM
742
887
(16)%
3,441
1,377
150%
eXtend revenue
33,281
131
* %
43,573
211
* %
Ancillary revenue
2,427
698
248%
4,639
2,088
122%
Total revenue
$
50,552
$
9,076
457%
$
75,852
$
16,776
352%
* Percentage greater than 999%.
(unaudited, dollars in thousands)
Q2'23
Q2'22
Better (Worse)
Q2'23 YTD
Q2'22 YTD
Better (Worse)
Network Throughput (GWh)
24.9
10.1
147%
42.8
18.1
136%
GAAP revenue
$
50,552
$
9,076
457%
$
75,852
$
16,776
352%
GAAP gross profit (loss)
$
5,529
$
(744)
843%
$
5,570
$
(1,344)
514%
GAAP gross margin
10.9%
(8.2)%
1,910 bps
7.3%
(8.0)%
1,530 bps
GAAP net (loss) income
$
(21,539)
$
16,997
(227)%
$
(70,620)
$
(38,269)
(85)%
Adjusted Gross Profit¹
$
12,853
$
3,383
280%
$
19,258
$
6,248
208%
Adjusted Gross Margin1
25.4%
37.3%
(1,190) bps
25.4%
37.2%
(1,180) bps
Adjusted EBITDA1
$
(10,553)
$
(19,837)
47%
$
(30,620)
$
(38,013)
19%
(unaudited, dollars in thousands)
Q2'23
Q2'22
Q2'23 YTD
Q2'22 YTD
Cash flows used in operating
activities
$
(3,182)
$
(18,539)
$
(22,525)
$
(38,370)
Capital expenditures
$
34,811
$
44,017
$
100,057
$
72,291
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 measure, please see “Definitions of Non-GAAP
Financial Measures” and “Reconciliations of Non-GAAP Measures”
included elsewhere in these materials.
2023 Financial & Operating Guidance
EVgo is updating full year 2023 guidance as follows:
- Total revenue of $120 – $150 million
- Adjusted EBITDA of ($78) – ($68) million*
Additionally, at year-end 2023, EVgo continues to expect 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 second
quarter 2023 earnings release will be held today at 5:00 p.m. ET /
2:00 p.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 across the U.S., including stations built
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; the Company’s
collaboration with partners enabling effective deployment of
chargers, including under its contract with Pilot Flying J and GM;
and anticipated awards of funding in connection with the NEVI
program and associated state programs. 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;
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; EVgo’s ability to adapt its assets and
infrastructure to changes in industry and regulatory standards for
EV charging; 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
June 30,
December 31,
2023
2022
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
257,126
$
246,193
Accounts receivable, net of allowance of
$831 and $687 as of June 30, 2023 and December 31, 2022,
respectively
22,497
11,075
Accounts receivable, capital-build
11,203
8,011
Prepaid expenses
2,783
4,953
Other current assets
3,537
5,252
Total current assets
297,146
275,484
Property, equipment and software, net
383,822
308,112
Operating lease right-of-use assets
53,895
51,856
Restricted cash
300
300
Other assets
2,115
2,308
Intangible assets, net
54,805
60,612
Goodwill
31,052
31,052
Total assets
$
823,135
$
729,724
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
6,445
$
9,128
Accrued liabilities
40,831
39,233
Operating lease liabilities, current
5,575
4,958
Deferred revenue, current
16,701
16,023
Customer deposits
11,386
17,867
Other current liabilities
280
136
Total current liabilities
81,218
87,345
Operating lease liabilities,
noncurrent
47,753
45,689
Earnout liability, at fair value
1,297
1,730
Asset retirement obligations
18,477
15,473
Capital-build liability
30,345
26,157
Deferred revenue, noncurrent
42,162
23,900
Warrant liabilities, at fair value
11,293
12,304
Total liabilities
232,545
212,598
Commitments and contingencies
Redeemable noncontrolling interest
783,200
875,226
Stockholders' deficit
(192,610
)
(358,100
)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
823,135
$
729,724
EVgo
Inc. and Subsidiaries
Condensed Consolidated Statements
of Operations
Three Months Ended
Six Months Ended
June 30,
June 30,
(unaudited, dollars in thousands, except
per share data)
2023
2022
Change %
2023
2022
Change %
Revenue
$
50,552
$
9,076
457
%
$
75,852
$
16,776
352
%
Cost of revenue
37,740
5,719
560
%
56,657
10,565
436
%
Depreciation, net of capital-build
amortization
7,283
4,101
78
%
13,625
7,555
80
%
Cost of sales
45,023
9,820
358
%
70,282
18,120
288
%
Gross profit (loss)
5,529
(744
)
843
%
5,570
(1,344
)
514
%
General and administrative expenses
34,333
32,178
7
%
72,222
57,606
25
%
Depreciation, amortization and
accretion
4,783
4,132
16
%
9,567
8,019
19
%
Total operating expenses
39,116
36,310
8
%
81,789
65,625
25
%
Operating loss
(33,587
)
(37,054
)
9
%
(76,219
)
(66,969
)
(14
)%
Interest expense
—
(13
)
100
%
—
(13
)
100
%
Interest income
2,199
636
246
%
4,197
691
507
%
Other expense, net
(1
)
(158
)
99
%
—
(422
)
100
%
Change in fair value of earnout
liability
2,496
4,891
(49
)%
433
2,627
(84
)%
Change in fair value of warrant
liabilities
7,391
48,712
(85
)%
1,011
25,839
(96
)%
Total other income, net
12,085
54,068
(78
)%
5,641
28,722
(80
)%
(Loss) income before income tax
expense
(21,502
)
17,014
(226
)%
(70,578
)
(38,247
)
(85
)%
Income tax expense
(37
)
(17
)
(118
)%
(42
)
(22
)
(91
)%
Net (loss) income
(21,539
)
16,997
(227
)%
(70,620
)
(38,269
)
(85
)%
Less: net (loss) income attributable to
redeemable noncontrolling interest
(14,513
)
12,518
(216
)%
(50,518
)
(28,349
)
(78
)%
Net (loss) income attributable to Class A
common stockholders
$
(7,026
)
$
4,479
(257
)%
$
(20,102
)
$
(9,920
)
(103
)%
Net (loss) income per share to Class A
common stockholders, basic
$
(0.08
)
$
0.06
(233
)%
$
(0.25
)
$
(0.14
)
(79
)%
Net (loss) income per share to Class A
common stockholders, diluted
$
(0.08
)
$
0.06
(233
)%
$
(0.25
)
$
(0.14
)
(79
)%
Weighted average common stock outstanding,
basic
85,320
68,545
78,196
68,449
Weighted average common stock outstanding,
diluted
85,320
69,322
78,196
68,449
EVgo
Inc. and Subsidiaries
Condensed Consolidated Statements
of Cash Flows
Six Months Ended
June 30,
(unaudited, in thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(70,620
)
$
(38,269
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
23,192
15,574
Net loss on disposal of property and
equipment and impairment expense
6,008
2,889
Share-based compensation
14,922
10,548
Change in fair value of earnout
liability
(433
)
(2,627
)
Change in fair value of warrant
liabilities
(1,011
)
(25,839
)
Other
(155
)
474
Changes in operating assets and
liabilities
Accounts receivable, net
(11,422
)
(2,302
)
Receivables from related parties
—
1,499
Prepaid expenses and other current and
noncurrent assets
3,779
3,735
Operating lease assets and liabilities,
net
642
(808
)
Accounts payable
(2,872
)
(76
)
Accrued liabilities
2,925
358
Deferred revenue
18,939
(572
)
Customer deposits
(6,481
)
(2,110
)
Other current and noncurrent
liabilities
62
(844
)
Net cash used in operating activities
(22,525
)
(38,370
)
Cash flows from investing
activities
Purchases of property, equipment and
software
(100,057
)
(72,291
)
Proceeds from insurance for property
losses
159
202
Purchases of investments
—
(34,747
)
Net cash used in investing activities
(99,898
)
(106,836
)
Cash flows from financing
activities
Proceeds from issuance of Class A common
stock under the ATM
5,828
—
Proceeds from issuance of Class A common
stock under the equity offering
128,023
—
Proceeds from capital-build funding
4,256
5,029
Proceeds from exercise of warrants
—
3
Payments of issuance costs
(4,751
)
—
Net cash provided by financing
activities
133,356
5,032
Net increase (decrease) in cash, cash
equivalents and restricted cash
10,933
(140,174
)
Cash, cash equivalents and restricted
cash, beginning of period
246,493
485,181
Cash, cash equivalents and restricted
cash, end of period
$
257,426
$
345,007
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 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,” 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 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, and (vi) 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, net of recoveries, 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:
(unaudited, dollars in thousands)
Q2'23
Q2'22
Change
Q2'23 YTD
Q2'22 YTD
Change
GAAP revenue
$
50,552
$
9,076
457%
$
75,852
$
16,776
352%
GAAP net (loss) income
$
(21,539
)
$
16,997
(227)%
$
(70,620
)
$
(38,269
)
(85)%
GAAP net (loss) income margin
(42.6
%)
187.3
%
* bps
(93.1
%)
(228.1
%)
* bps
Adjustments:
Depreciation, net of capital-build
amortization
7,407
4,170
78%
13,875
7,687
80%
Amortization
4,117
3,564
16%
8,236
6,929
19%
Accretion
542
499
9%
1,081
958
13%
Interest income
(2,199
)
(636
)
(246)%
(4,197
)
(691
)
(507)%
Interest expense
—
13
(100)%
—
13
(100)%
Income tax expense
37
17
118%
42
22
91%
EBITDA
(11,635
)
24,624
(147)%
(51,583
)
(23,351
)
(121)%
EBITDA Margin
(23.0
%)
271.3
%
* bps
(68.0
%)
(139.2
%)
7,119 bps
Adjustments:
Share-based compensation
8,495
7,042
21%
14,922
10,548
41%
Loss on disposal of property and
equipment, net of recoveries, and impairment expense1
2,389
1,879
27%
5,849
2,647
121%
Loss on investments
5
150
(97)%
4
405
(99)%
Bad debt expense
56
35
60%
153
151
1%
Change in fair value of earnout
liability
(2,496
)
(4,891
)
49%
(433
)
(2,627
)
84%
Change in fair value of warrant
liabilities
(7,391
)
(48,712
)
85%
(1,011
)
(25,839
)
96%
Other1,2
24
36
(33)%
1,479
53
* %
Adjusted EBITDA
$
(10,553
)
$
(19,837
)
47%
$
(30,620
)
$
(38,013
)
19%
Adjusted EBITDA Margin
(20.9
%)
(218.6
%)
* bps
(40.4
%)
(226.6
%)
* 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
recoveries, and impairment expense." Previously reported amounts
have been updated to conform to the current period
presentation.
2 For the six months ended June 30, 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.
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:
(unaudited, dollars in thousands)
Q2'23
Q2'22
Change
Q2'23 YTD
Q2'22 YTD
Change
GAAP revenue
$
50,552
$
9,076
457%
$
75,852
$
16,776
352%
GAAP cost of sales
45,023
9,820
358%
70,282
18,120
288%
GAAP gross profit (loss)
$
5,529
$
(744
)
843%
$
5,570
$
(1,344
)
514%
GAAP cost of sales as a percentage of
revenue
89.1
%
108.2
%
(1,910) bps
92.7
%
108.0
%
(1,530) bps
GAAP gross margin
10.9
%
(8.2
%)
1,910 bps
7.3
%
(8.0
%)
1,530 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
7,283
$
4,101
78%
$
13,625
$
7,555
80%
Share-based compensation
41
26
58%
63
37
70%
Total adjustments
7,324
4,127
77%
13,688
7,592
80%
Adjusted Cost of Sales
$
37,699
$
5,693
562%
$
56,594
$
10,528
438%
Adjusted Cost of Sales as a Percentage
of Revenue
74.6
%
62.7
%
1,190 bps
74.6
%
62.8
%
1,180 bps
Adjusted Gross Profit
$
12,853
$
3,383
280%
$
19,258
$
6,248
208%
Adjusted Gross Margin
25.4
%
37.3
%
(1,190) bps
25.4
%
37.2
%
(1,180) 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)
Q2'23
Q2'22
Change
Q2'23 YTD
Q2'22 YTD
Change
GAAP revenue
$
50,552
$
9,076
457%
$
75,852
$
16,776
352%
GAAP general and administrative
expenses
$
34,333
$
32,178
7%
$
72,222
$
57,606
25%
GAAP general and administrative
expenses as a percentage of revenue
67.9
%
354.5
%
* bps
95.2
%
343.4
%
* bps
Adjustments:
Share-based compensation
$
8,454
$
7,016
20%
$
14,859
$
10,511
41%
Loss on disposal of property and
equipment, net of recoveries, and impairment expense1
2,389
1,879
27%
5,849
2,647
121%
Bad debt expense
56
35
60%
153
151
1%
Other1,2
24
36
(33)%
1,479
53
* %
Total adjustments
10,923
8,966
22%
22,340
13,362
67%
Adjusted General and Administrative
Expenses
$
23,410
$
23,212
1%
$
49,882
$
44,244
13%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
46.3
%
255.8
%
* bps
65.8
%
263.7
%
* 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
recoveries, and impairment expense." Previously reported amounts
have been updated to conform to the current period
presentation.
2 For the six months ended June 30, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802523127/en/
For investors:
investors@evgo.com
For Media: press@evgo.com
Source: EVgo Inc.
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