FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider
of solar tracker systems, software and engineering services, today
announced financial results for the second quarter
ended June 30, 2021.
“Revenue for the second quarter came in above the high-end of
our guidance range for the period,
with lower-than-expected non-GAAP operating
expenses,” said Tony Etnyre, FTC Solar President and Chief
Executive
Officer. “Despite an additional $10 million of expense incurred
in a continued challenging and tightening global
logistics environment, our Non-GAAP net loss
was within our guidance range.”
“While the solar industry continues to contend
with higher commodities and
logistics pricing, FTC Solar has
taken meaningful actions to mitigate the impact
to our business, while providing compelling
solutions for our customers. During this difficult time
for the industry, we continue to work with our
customers to limit the impact of
these short-term cost disruptions, while at the
same time developing innovative logistics solutions that
provide price certainty for our
customers and drive significant
improvement towards profitability for Q4.
“This approach has helped support
a continued growth in demand for our
products. This demand is reflected in growth of our
contracted and awarded orders, which have grown 385% on a
year-to-date basis through August 1, with another
$203 million added since our last update as
of June 1. Excluding the amount included in reported
first-half revenue, executed contracts and awarded orders as of
August 1 were $478 million, with expected
delivery dates in 2021 and 2022.”
Summary Financial Performance: Q2 2021 and Q2 2020 (in
thousands, except per share data and percentages)
|
GAAP |
|
|
Non-GAAP |
|
|
Three Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
$ |
50,108 |
|
|
$ |
51,157 |
|
|
$ |
50,108 |
|
|
$ |
51,157 |
|
Gross margin |
|
-32.04 |
% |
|
|
-2.70 |
% |
|
|
-16.82 |
% |
|
|
-2.54 |
% |
Operating expense |
$ |
59,906 |
|
|
$ |
4,576 |
|
|
$ |
8,325 |
|
|
$ |
4,179 |
|
Operating loss |
$ |
(75,963 |
) |
|
$ |
(5,958 |
) |
|
$ |
(16,746 |
) |
|
$ |
(5,479 |
) |
Net loss |
$ |
(55,841 |
) |
|
$ |
(6,776 |
) |
|
$ |
(16,971 |
) |
|
$ |
(5,623 |
) |
Diluted EPS |
$ |
(0.70 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.08 |
) |
See reconciliations of all non-GAAP to GAAP measures presented
in this release in the tables below.
*Includes amounts included in first
and second quarter reported revenue. We define
executed contracts and awarded orders as orders that have been
documented and signed through a contract or where we are in the
process of documenting a contract but for which a contract has not
yet been signed. See press release text for current
balance of executed contracts and awarded orders.
Second Quarter 2021 Results Total second
quarter revenue was $50.1 million, ahead of the
company’s target range. This represents a decline of
approximately 2% compared
with the second quarter of 2020, on slightly
lower product volume.
GAAP Gross loss was $16.1 million, up from
$1.4 million in the prior year period, driven primarily
by $10 million in increased logistics expense
that was not passed along to customers, a strong ramp up in
employee count and other overhead expenses to support the
company’s strong growth trajectory, and a
$7.2 million increase in stock-based
compensation associated with the transition to a public
company.
GAAP operating expenses were $59.9 million, including $49.0
million in stock-based compensation as a result of the company’s
IPO, relating to one-time or catch-up charges for prior-issued
stock. On a non-GAAP basis, excluding stock-based compensation
and certain other expenses, operating
expenses were $8.3 million, better than the
company’s original guidance range due to timing
between
quarters, which compares to $4.2 million
in the year-ago
quarter. The year-over-year increase was driven
primarily by necessary growth in staffing and other public-company
preparations. GAAP net loss was
$55.8 million, or $0.70 per share, compared
to a net loss of $6.8 million, or
$0.09 per share in the year-ago quarter. Non-GAAP net
loss, which excludes a $20.6 million gain from the sale
of a minority investment in Dimension
Energy, and a $56.2 million impact of
stock-based compensation, IPO related expenses and consulting fees
and other non-cash items, was $17.0 million, or $0.21 per
share. This was also within the company’s guidance
range, despite absorbing an additional $10 million
in logistics expense in the quarter as the global logistics
environment worsened, and not all of these costs
were able to be passed along to customers. This
result compares to a non-GAAP net loss of
$5.6 million, or $0.08 per share in the year-ago quarter.
Second Half 2021 Outlook Looking
ahead, the company expects to see sequential revenue
growth for the remainder of the year. The third
quarter should see improved revenue; however, a
continued worsening of logistics costs will delay improvement
in profitability until the fourth quarter. In the fourth
quarter, the company expects to see significant sequential
revenue growth and a
transition toward profitability, driven by the
timing of deliveries on contracted projects,
cost-saving initiatives and the implementation in the
quarter of alternative shipping methods.
Several factors are included in FTC Solar’s outlook
for the second half of 2021, including:
- Strong demand for the company’s solar solutions, which
is expected to drive significant increase in 2H
shipments, even in the face of elevated
steel, logistics and other
solar project input costs that are causing
solar developers to re-evaluate construction timelines for
uncontracted projects;
- Innovative ways to reduce project logistics
costs using alternative shipping methods, which will
help to mitigate
the margin impacts during the second half of
the year, primarily in the fourth quarter. The anticipated
logistics impact to Q3 is approximately
$12-$15 million;
- Continued implementation of a cost-reduction roadmap that
is expected to yield measurable results in the second half of this
year, further
mitigating potentially unfavorable commodity and
logistics impacts;
- Customer decision and steel
procurement timelines driving more volume to Q4 vs. Q3;
and
- The potential for revenue shifts between periods which,
given FTC Solar’s size, fast pace of growth and the large
size of several projects in the pipeline, can have
a meaningful impact.
Based on these and other factors, including our current backlog
and forecasts, and accounting for direct cost uncertainty for the
third quarter, the company expects:
($ in millions) |
2Q 2021 Actual |
3Q 2021 |
Revenue |
$50.1 |
$56.0-$62.0 |
Non-GAAP Operating
Expenses |
$8.3 |
$8.7-$9.7 |
Adjusted EBITDA |
$(16.7) |
$(19.7)-$(14.7) |
For the fourth quarter the company currently expects a
significant increase in revenue relative to the third quarter. With
the partial implementation of our new logistics methods beginning
to take effect in the quarter, as well as our cost roadmap
reduction initiatives, we are targeting significant progress toward
profitability on an Adjusted EBITDA basis.
For the full year 2021, we expect revenue to exceed $310
million.
This outlook would result in full-year revenue growth in excess
of 65% which is anticipated to be substantially faster than overall
market growth expectations.
Second Quarter 2021 Earnings Conference
Call FTC Solar’s senior management will host a
conference call for members of the investment community that will
be held at 8:30 a.m. E.T. today, during which the company will
discuss its second quarter results, its outlook and other
business items. This call will be webcast and can be accessed
within the Investor Relations section of the FTC Solar website at
investor.ftcsolar.com. A replay of the conference call will also be
available on the website for 30 days following the webcast.
About FTC Solar Inc. Founded in 2017 by a
group of renewable energy industry veterans, FTC Solar is
a fast-growing, global provider of solar tracker systems,
technology, software, and engineering services. Solar trackers
significantly increase energy production at solar power
installations by dynamically optimizing solar panel
orientation to the sun. FTC Solar’s innovative tracker designs
provide compelling performance and reliability, with an
industry-leading installation cost-per-watt advantage.
Forward-Looking StatementsThis press release
contains forward looking statements. These statements are not
historical facts but rather are based on our current expectations
and projections regarding our business, operations and other
factors relating thereto. Words such as “may,” “will,” “could,”
“would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
You should not rely on our forward-looking statements as
predictions of future events, as actual results may differ
materially from those in the forward-looking statements because of
several factors, including those described in more detail in our
filings with the U.S. Securities and Exchange Commission, including
the section entitled “Risk Factors” contained therein. FTC Solar
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in its expectations, except
as required by law.
FTC Solar Investor Contact:Bill Michalek
Vice President, Investor Relations FTC Solar T: (737)
241-8618 E: IR@FTCSolar.com
FTC Solar Media Contact:Scott Deitz On behalf
of FTC Solar T: (336) 908-7759
FTC Solar, Inc.Condensed
Consolidated Statements of Comprehensive Loss(in
thousands, except share and per share
data)(unaudited)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
35,755 |
|
|
$ |
42,849 |
|
|
$ |
92,217 |
|
|
$ |
73,318 |
|
Service |
|
|
14,353 |
|
|
|
8,308 |
|
|
|
23,598 |
|
|
|
10,215 |
|
Total revenue |
|
|
50,108 |
|
|
|
51,157 |
|
|
|
115,815 |
|
|
|
83,533 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
43,885 |
|
|
|
44,623 |
|
|
|
98,881 |
|
|
|
68,370 |
|
Service |
|
|
22,280 |
|
|
|
7,916 |
|
|
|
32,872 |
|
|
|
9,565 |
|
Total cost of revenue |
|
|
66,165 |
|
|
|
52,539 |
|
|
|
131,753 |
|
|
|
77,935 |
|
Gross profit
(loss) |
|
|
(16,057 |
) |
|
|
(1,382 |
) |
|
|
(15,938 |
) |
|
|
5,598 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
5,585 |
|
|
|
1,515 |
|
|
|
7,539 |
|
|
|
2,609 |
|
Selling and marketing |
|
|
3,258 |
|
|
|
818 |
|
|
|
4,358 |
|
|
|
1,333 |
|
General and administrative (Note. 9) |
|
|
51,063 |
|
|
|
2,243 |
|
|
|
56,147 |
|
|
|
4,718 |
|
Total operating expenses |
|
|
59,906 |
|
|
|
4,576 |
|
|
|
68,044 |
|
|
|
8,660 |
|
Loss from
operations |
|
|
(75,963 |
) |
|
|
(5,958 |
) |
|
|
(83,982 |
) |
|
|
(3,062 |
) |
Interest expense |
|
|
(200 |
) |
|
|
(121 |
) |
|
|
(214 |
) |
|
|
(233 |
) |
Gain from disposal in equity investment |
|
|
20,619 |
|
|
|
- |
|
|
|
20,619 |
|
|
|
- |
|
Gain (loss) on extinguishment of debt |
|
|
- |
|
|
|
(41 |
) |
|
|
790 |
|
|
|
(41 |
) |
Other expense |
|
|
(46 |
) |
|
|
- |
|
|
|
(46 |
) |
|
|
- |
|
Loss before income
taxes |
|
|
(55,590 |
) |
|
|
(6,120 |
) |
|
|
(62,833 |
) |
|
|
(3,336 |
) |
(Expense) benefit from income taxes |
|
|
(115 |
) |
|
|
(19 |
) |
|
|
(96 |
) |
|
|
139 |
|
Loss from unconsolidated subsidiary |
|
|
(136 |
) |
|
|
(637 |
) |
|
|
(354 |
) |
|
|
(159 |
) |
Net loss |
|
$ |
(55,841 |
) |
|
$ |
(6,776 |
) |
|
$ |
(63,283 |
) |
|
$ |
(3,356 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
7 |
|
|
|
(16 |
) |
|
|
6 |
|
|
|
(8 |
) |
Comprehensive
loss |
|
$ |
(55,834 |
) |
|
$ |
(6,792 |
) |
|
$ |
(63,277 |
) |
|
$ |
(3,364 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.70 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.05 |
) |
Diluted |
|
$ |
(0.70 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.05 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
79,229,174 |
|
|
|
74,612,811 |
|
|
|
73,106,935 |
|
|
|
70,994,078 |
|
Diluted |
|
|
79,229,174 |
|
|
|
74,612,811 |
|
|
|
73,106,935 |
|
|
|
70,994,078 |
|
FTC Solar, Inc.Condensed
Consolidated Balance Sheets(in thousands, except
share and per share data)(unaudited)
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
149,672 |
|
|
$ |
32,359 |
|
Restricted cash |
|
|
— |
|
|
|
1,014 |
|
Accounts receivable, net |
|
|
46,981 |
|
|
|
23,734 |
|
Inventories |
|
|
7,810 |
|
|
|
1,686 |
|
Prepaid and other current assets |
|
|
30,950 |
|
|
|
6,924 |
|
Total current assets |
|
|
235,413 |
|
|
|
65,717 |
|
Investments in unconsolidated
subsidiary |
|
|
— |
|
|
|
1,857 |
|
Other assets |
|
|
5,252 |
|
|
|
3,819 |
|
Total assets |
|
$ |
240,665 |
|
|
$ |
71,393 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
27,620 |
|
|
$ |
17,127 |
|
Line of credit |
|
|
— |
|
|
|
1,000 |
|
Accrued expenses and other liabilities |
|
|
19,525 |
|
|
|
18,495 |
|
Accrued interest – related party |
|
|
— |
|
|
|
207 |
|
Deferred revenue |
|
|
8,201 |
|
|
|
22,980 |
|
Total current liabilities |
|
|
55,346 |
|
|
|
59,809 |
|
Long-term debt and other borrowings |
|
|
— |
|
|
|
784 |
|
Other non-current liabilities |
|
|
4,547 |
|
|
|
3,349 |
|
Total liabilities |
|
|
59,893 |
|
|
|
63,942 |
|
Commitments and contingencies
(Note 8) |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock par value of $0.0001 per share, 10,000,000
sharesauthorized; none issued as of December 31, 2020 and June 30,
2021 |
|
|
— |
|
|
|
— |
|
Common stock par value of $0.0001 per share, 850,000,000 shares
authorized; 66,155,340 and 84,301,595 shares issued and outstanding
as of December 31, 2020 and June 30, 2021 |
|
|
8 |
|
|
|
1 |
|
Treasury stock, at cost; 9,896,666 and 10,762,566 shares as of
December 31, 2020 and June 30, 2021 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
286,687 |
|
|
|
50,096 |
|
Accumulated other comprehensive income (loss) |
|
|
3 |
|
|
|
(3 |
) |
Accumulated deficit |
|
|
(105,926 |
) |
|
|
(42,643 |
) |
Total stockholders’
equity |
|
|
180,772 |
|
|
|
7,451 |
|
Total liabilities and
stockholders’ equity |
|
$ |
240,665 |
|
|
$ |
71,393 |
|
FTC Solar, Inc.Condensed
Consolidated Statements of Cash Flows(in
thousands)(unaudited)
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(63,283 |
) |
|
$ |
(3,356 |
) |
Adjustments to reconcile net
loss to cash used in operating activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
56,641 |
|
|
|
933 |
|
Depreciation and amortization |
|
|
42 |
|
|
|
40 |
|
Loss from unconsolidated subsidiary |
|
|
354 |
|
|
|
160 |
|
Gain from disposal of equity investment |
|
|
(20,619 |
) |
|
|
— |
|
(Gain) loss on extinguishment of debt |
|
|
(790 |
) |
|
|
41 |
|
Warranty provision |
|
|
1,627 |
|
|
|
4,091 |
|
Warranty asset |
|
|
(511 |
) |
|
|
(447 |
) |
Bad debt expense |
|
|
23 |
|
|
|
— |
|
Deferred income taxes |
|
|
— |
|
|
|
(2 |
) |
Other non-cash items |
|
|
— |
|
|
|
32 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(23,270 |
) |
|
|
(29,067 |
) |
Inventories |
|
|
(6,123 |
) |
|
|
4,121 |
|
Prepaid and other current assets |
|
|
(23,892 |
) |
|
|
(6,191 |
) |
Other assets |
|
|
678 |
|
|
|
(137 |
) |
Accounts payable |
|
|
9,719 |
|
|
|
149 |
|
Accruals and other current liabilities |
|
|
190 |
|
|
|
16,684 |
|
Accrued interest – related party debt |
|
|
(207 |
) |
|
|
(153 |
) |
Deferred revenue |
|
|
(14,779 |
) |
|
|
(9,836 |
) |
Other non-current liabilities |
|
|
224 |
|
|
|
424 |
|
Other, net |
|
|
(319 |
) |
|
|
(401 |
) |
Net cash used in operating activities |
|
|
(84,295 |
) |
|
|
(22,915 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(293 |
) |
|
|
— |
|
Proceeds from disposal of equity method investment |
|
|
22,122 |
|
|
|
— |
|
Net cash provided by investing activities: |
|
|
21,829 |
|
|
|
— |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from borrowings |
|
|
— |
|
|
|
784 |
|
Repayments of borrowings |
|
|
(1,000 |
) |
|
|
(2,000 |
) |
Repurchase and retirement of common stock |
|
|
(54,155 |
) |
|
|
— |
|
Offering costs paid |
|
|
(5,334 |
) |
|
|
— |
|
Deferred financing costs for revolving credit facility |
|
|
(1,959 |
) |
|
|
— |
|
Proceeds from stock issuance |
|
|
241,207 |
|
|
|
30,000 |
|
Net cash provided by financing activities |
|
|
178,759 |
|
|
|
28,784 |
|
Effect of exchange rate
changes on cash and restricted cash |
|
|
6 |
|
|
|
(8 |
) |
Net increase in cash and
restricted cash |
|
|
116,299 |
|
|
|
5,861 |
|
Cash and restricted cash at
beginning of period |
|
|
33,373 |
|
|
|
8,235 |
|
Cash and restricted cash at
end of period |
|
|
149,672 |
|
|
|
14,096 |
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
Purchase of property and equipment included in accounts
payable |
|
$ |
154 |
|
|
$ |
— |
|
Unpaid offering costs included in accounts payable |
|
$ |
619 |
|
|
$ |
— |
|
Non-cash gain on extinguishment of debt from PPP loan
forgiveness |
|
$ |
(790 |
) |
|
$ |
— |
|
Cash paid during the period for interest |
|
$ |
247 |
|
|
$ |
378 |
|
|
|
|
|
|
|
|
Reconciliation of cash
and restricted cash at period end |
|
June 30,2021 |
|
|
December 31, 2020 |
|
Cash |
|
|
149,672 |
|
|
|
32,359 |
|
Restricted cash |
|
|
— |
|
|
|
1,014 |
|
Total cash and restricted cash |
|
$ |
149,672 |
|
|
$ |
33,373 |
|
Because of these limitations, Non-GAAP Gross
Margin, Non-GAAP Operating Expense, Non-GAAP Net Loss and Adjusted
Non-GAAP Net Loss Per Share (Adjusted EPS) should not be considered
in isolation or as substitutes for performance measures calculated
in accordance with GAAP and you should not rely on any single
financial measure to evaluate our business. These Non-GAAP
financial measures, when presented, are reconciled to the most
closely applicable GAAP measure as disclosed below.
The following table reconciles Non-GAAP Gross
Margin for the three and six months ended June 30, 2021 and 2020,
respectively:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
GAAP gross profit (loss) |
|
$ |
(16,057 |
) |
|
$ |
(1,382 |
) |
|
|
(15,938 |
) |
|
$ |
5,598 |
|
Stock-based compensation |
|
|
7,170 |
|
|
|
82 |
|
|
|
7,236 |
|
|
|
164 |
|
Other costs |
|
|
460 |
|
|
|
- |
|
|
|
460 |
|
|
|
- |
|
Non-GAAP gross profit
(loss) |
|
|
(8,427 |
) |
|
|
(1,300 |
) |
|
|
(8,242 |
) |
|
|
5,762 |
|
Non-GAAP revenue |
|
$ |
50,108 |
|
|
$ |
51,157 |
|
|
|
115,815 |
|
|
$ |
83,533 |
|
Non-GAAP gross margin |
|
|
-16.82 |
% |
|
|
-2.54 |
% |
|
|
-7.12 |
% |
|
|
6.90 |
% |
The following table reconciles GAAP Operating
Expense to Non-GAAP Operating Expense for the three and six months
ended June 30, 2021 and 2020, respectively:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
GAAP Operating expense |
|
$ |
59,906 |
|
|
$ |
4,576 |
|
|
$ |
68,044 |
|
|
$ |
8,660 |
|
Depreciation expense |
|
|
(19 |
) |
|
|
(4 |
) |
|
|
(28 |
) |
|
|
(7 |
) |
Amortization of
intangibles |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(33 |
) |
Stock-based compensation |
|
|
(49,022 |
) |
|
|
(393 |
) |
|
|
(49,405 |
) |
|
|
(769 |
) |
Other costs |
|
|
(2,540 |
) |
|
$ |
- |
|
|
|
(3,437 |
) |
|
$ |
- |
|
Non-GAAP Operating
expense |
|
$ |
8,325 |
|
|
$ |
4,179 |
|
|
$ |
15,174 |
|
|
$ |
7,851 |
|
The following table reconciles GAAP Operating
Loss to Non-GAAP Operating Loss for the three and six months ended
June 30, 2021 and 2020, respectively:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
GAAP Operating loss |
|
$ |
(75,963 |
) |
|
$ |
(5,958 |
) |
|
$ |
(83,982 |
) |
|
$ |
(3,062 |
) |
Depreciation expense |
|
|
33 |
|
|
|
4 |
|
|
|
42 |
|
|
|
7 |
|
Amortization of
intangibles |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
33 |
|
Stock-based compensation |
|
|
56,192 |
|
|
|
475 |
|
|
|
56,641 |
|
|
|
933 |
|
Other costs |
|
|
2,992 |
|
|
$ |
- |
|
|
|
3,889 |
|
|
$ |
- |
|
Non-GAAP Operating loss |
|
$ |
(16,746 |
) |
|
$ |
(5,479 |
) |
|
$ |
(23,410 |
) |
|
$ |
(2,089 |
) |
The following table reconciles Net Loss to
Adjusted Non-GAAP Net Loss and Adjusted EPS for the three and six
months ended June 30, 2021 and 2020, respectively. All shares and
per share amounts have been adjusted for a 8.25-for-1 share forward
stock split which took effect on April 27, 2021:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands, except per share data) |
|
Net loss |
|
$ |
(55,841 |
) |
|
$ |
(6,776 |
) |
|
$ |
(63,283 |
) |
|
$ |
(3,356 |
) |
Amortization of
intangibles |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33 |
|
Amortization of debt issuance
costs |
|
|
115 |
|
|
|
— |
|
|
|
115 |
|
|
|
— |
|
Stock-based compensation |
|
|
56,192 |
|
|
|
475 |
|
|
|
56,641 |
|
|
|
933 |
|
(Gain) loss on extinguishment
of debt |
|
|
— |
|
|
|
41 |
|
|
|
(790 |
) |
|
|
41 |
|
(Gain) from disposal of equity
investment |
|
|
(20,619 |
) |
|
|
— |
|
|
|
(20,619 |
) |
|
|
— |
|
Non-routine legal fees |
|
|
775 |
|
|
|
— |
|
|
|
775 |
|
|
|
— |
|
Severance |
|
|
295 |
|
|
|
— |
|
|
|
295 |
|
|
|
— |
|
Other costs |
|
|
1,968 |
|
|
|
— |
|
|
|
2,865 |
|
|
|
— |
|
Loss from unconsolidated
subsidiary |
|
|
136 |
|
|
|
637 |
|
|
|
354 |
|
|
|
159 |
|
Income tax expense of
adjustments (a) |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
Adjusted Non-GAAP net
loss |
|
$ |
(16,971 |
) |
|
$ |
(5,623 |
) |
|
$ |
(23,647 |
) |
|
$ |
(2,193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.21 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.03 |
) |
Diluted |
|
$ |
(0.21 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
Non-GAAP common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
79,229,174 |
|
|
|
74,612,811 |
|
|
|
73,106,935 |
|
|
|
70,994,078 |
|
Diluted |
|
|
79,229,174 |
|
|
|
74,612,811 |
|
|
|
73,106,935 |
|
|
|
70,994,078 |
|
(a) Represents incremental tax expense of
adjustments made to reconcile Net Loss to Adjusted Non-GAAP Net
Loss driven from loss from unconsolidated subsidiary.
Notes to Reconciliations of Non-GAAP Financial Measures
to Nearest Comparable GAAP Measures
We present Adjusted EBITDA, Adjusted Non-GAAP
Net Loss and Adjusted EPS as supplemental measures of our
performance. We define Adjusted EBITDA as net loss plus (i) income
tax (benefit) or expense, (ii) interest expense, (iii) depreciation
expense, (iv) amortization of intangibles, (v) amortization of debt
issuance costs, (vi) stock-based compensation (vii) gain on
extinguishment of debt, (viii) gain from disposal in equity
investment, (ix) non-routine legal fees, (x) severance, (xi) other
costs and (xii) loss from unconsolidated subsidiary. We define
Adjusted Net Loss as net loss plus (i) amortization of intangibles,
(ii) amortization of debt issuance costs (iii) stock-based
compensation, (iv) gain on extinguishment of debt, (v) gain from
disposal in equity investment, (vi) non-routine legal fees, (vii)
severance, (viii) other costs, (ix) loss from unconsolidated
subsidiary and (x) income tax expense of adjustments. Adjusted EPS
is defined as Adjusted Non-GAAP Net Loss Per Share using the
weighted average basic and diluted shares outstanding. Adjusted
EBITDA, Adjusted Non-GAAP Net Loss and Adjusted EPS are intended as
supplemental measures of performance that are neither required by,
nor presented in accordance with, U.S. generally accepted
accounting principles (“GAAP”). We present Adjusted EBITDA,
Adjusted Non-GAAP Net Loss and Adjusted EPS because we believe they
assist investors and analysts in comparing our performance across
reporting periods on an ongoing basis by excluding items that we do
not believe are indicative of our core operating performance. In
addition, we use Adjusted EBITDA, Adjusted Non-GAAP Net Loss and
Adjusted EPS to evaluate the effectiveness of our business
strategies.
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