RKLB Rocket Lab USA Inc

Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab”, “the Company”, “we,” “us,” or “our”), a global leader in launch services and space systems, today shared the financial results for fiscal third quarter, ended September 30, 2024.

Rocket Lab founder and CEO, Sir Peter Beck, said: “In the third quarter 2024 we once again executed against our end-to-end space strategy with successes and key achievements reached across small and medium launch, as well as space systems. Revenue grew 55% year-on-year to $105 million and we continue to see strong demand growth with our backlog at $1.05 billion. Significant achievements for the quarter included signing a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation customer; successfully launching twelve Electron launches year-to-date, making 2024 a record year for launches with more still to come; signing $55 million in new Electron launches, further cementing Electron’s position as a global launch leader; and being selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth as part of a world-first mission. We expect to close out the year strongly with more Electron launches scheduled in November and December, alongside continued progress across Neutron and space systems, that is behind our guidance for a record $125-$135 million revenue quarter in Q4.”

Business Highlights for the Third Quarter 2024, plus updates since September 30, 2024.

Electron:

• Achieved a new annual launch record of 12 Electron launches to date, with more scheduled across November and December 2024. Electron is the world’s third most-frequently launched rocket annually by vehicle type and remains the United States’ second most-frequently launched rocket annually.
• Signed several new Electron launch contracts in Q3 2024 with a total value of $55m, demonstrating an increased average selling price of $8.4m and showcasing a 67% pricing increase since the rocket’s debut launch.
• Successful Electron launches for three separate commercial satellite constellation operators in Q3, including two missions launched within just eight days. In addition to these, Electron’s most recent mission, launched in the fourth quarter on November 5th, 2024, included an expedited turnaround of just 10 weeks between contract signing and launch.

Neutron:

• Signed a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation operator that signifies the beginning of a productive collaboration that could see Neutron deploy the entire constellation.
• Announced a federal defense contract that supports Neutron and the development of its Archimedes engine with the U.S. Air Force’s Research Laboratory.
• Doubled engine testing cadence for Archimedes over the quarter at Rocket Lab’s engine test site in Mississippi, alongside strong production execution at the Company’s Engine Development Complex in California which included multiple engines manufactured, assembled, and shipped for engine testing.
• Significant progress made across Neutron’s structures and infrastructure, including the completion of construction on the rocket’s Assembly, Integration, and Test (A.I.T.) facility in Virginia.
• Well-positioned to on-ramp to the U.S. Space Force’s National Security Space Launch (NSSL) Lane 1 program, which began accepting proposals in November 2024 to on-ramp new launch providers to an indefinite delivery indefinite quantity (IDIQ) contract valued at $5.6 billion over a five-year period.

Space Systems:

• Completed production and delivery of two spacecraft on time and on budget for NASA’s ESCAPADE mission to Mars.
• Selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth, a first-of-its-kind mission.
• Completed two new spacecraft for Varda Space Industries to conduct the 2nd and 3rd missions to return in-space manufacturing capsules to Earth.
• Executed on schedule against the Company’s $515 million prime contract with the Space Development Agency to build 18 spacecraft for its Tranche 2 Transport Layer program.

Fourth Quarter 2024 Guidance

For the fourth quarter of 2024, Rocket Lab expects:

• Revenue between $125 million and $135 million.
• GAAP Gross Margins between 26% and 28%.
• Non-GAAP Gross Margins between 32% and 34%.
• GAAP Operating Expenses between $84 million and $86 million.
• Non-GAAP Operating Expenses between $75 million and $77 million.
• Expected Interest Expense (Income), net $1.5 million.
• Adjusted EBITDA loss of $27 million and $29 million.
• Basic Shares Outstanding of 501 million.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q4 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $12 million to $14 million in Q4 2024.

Conference Call Information

Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our third quarter, to provide our outlook for the fourth quarter, and other updates.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events

+ About Rocket Lab

Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier, and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, a family of spacecraft platforms, and the Company is developing the large Neutron launch vehicle for constellation deployment. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 198 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s spacecraft platforms have been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch pad in Virginia. To learn more, visit www.rocketlabusa.com.

+ Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of financial results for the fourth quarter of 2024, launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.rocketlabusa.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

+ Use of Non-GAAP Financial Measures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

+ Adjusted EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

+ Other Non-GAAP Financial Measures

Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(unaudited; in thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues

 

$

104,808

 

 

$

67,661

 

 

$

303,826

 

 

$

184,601

 

Cost of revenues

 

 

76,812

 

 

 

52,694

 

 

 

224,494

 

 

 

148,684

 

Gross profit

 

 

27,996

 

 

 

14,967

 

 

 

79,332

 

 

 

35,917

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development, net

 

 

47,723

 

 

 

26,626

 

 

 

126,139

 

 

 

81,566

 

Selling, general and administrative

 

 

32,172

 

 

 

27,200

 

 

 

91,445

 

 

 

84,386

 

Total operating expenses

 

 

79,895

 

 

 

53,826

 

 

 

217,584

 

 

 

165,952

 

Operating loss

 

 

(51,899

)

 

 

(38,859

)

 

 

(138,252

)

 

 

(130,035

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(454

)

 

 

(1,413

)

 

 

(2,176

)

 

 

(2,843

)

Loss on foreign exchange

 

 

(490

)

 

 

(120

)

 

 

(465

)

 

 

(76

)

Other income, net

 

 

1,848

 

 

 

1,176

 

 

 

3,152

 

 

 

3,519

 

Total other income (expense), net

 

 

904

 

 

 

(357

)

 

 

511

 

 

 

600

 

Loss before income taxes

 

 

(50,995

)

 

 

(39,216

)

 

 

(137,741

)

 

 

(129,435

)

Provision for income taxes

 

 

(944

)

 

 

(1,352

)

 

 

(89

)

 

 

(2,639

)

Net loss

 

$

(51,939

)

 

$

(40,568

)

 

$

(137,830

)

 

$

(132,074

)

Net loss per share attributable to Rocket Lab USA, Inc.:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.28

)

 

$

(0.28

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

497,701,715

 

 

 

484,034,071

 

 

 

493,976,025

 

 

 

480,018,578

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(unaudited; in thousands, except share and per share data)

 

 

 

September 30, 2024

 

December 31,

 

 

(unaudited)

 

2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

292,470

 

 

$

162,518

 

Marketable securities, current

 

 

149,919

 

 

 

82,255

 

Accounts receivable, net

 

 

22,148

 

 

 

35,176

 

Contract assets

 

 

49,461

 

 

 

12,951

 

Inventories

 

 

114,435

 

 

 

107,857

 

Prepaids and other current assets

 

 

67,066

 

 

 

66,949

 

Assets held for sale

 

 

—

 

 

 

9,016

 

Total current assets

 

 

695,499

 

 

 

476,722

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

170,983

 

 

 

145,409

 

Intangible assets, net

 

 

61,582

 

 

 

68,094

 

Goodwill

 

 

71,020

 

 

 

71,020

 

Right-of-use assets - operating leases

 

 

53,985

 

 

 

59,401

 

Right-of-use assets - finance leases

 

 

14,518

 

 

 

14,987

 

Marketable securities, non-current

 

 

61,292

 

 

 

79,247

 

Restricted cash

 

 

4,322

 

 

 

3,916

 

Deferred income tax assets, net

 

 

1,419

 

 

 

3,501

 

Other non-current assets

 

 

18,409

 

 

 

18,914

 

Total assets

 

$

1,153,029

 

 

$

941,211

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Trade payables

 

$

42,434

 

 

$

29,303

 

Accrued expenses

 

 

8,063

 

 

 

5,590

 

Employee benefits payable

 

 

19,335

 

 

 

16,342

 

Contract liabilities

 

 

167,129

 

 

 

139,338

 

Current installments of long-term borrowings

 

 

11,758

 

 

 

17,764

 

Other current liabilities

 

 

20,480

 

 

 

15,036

 

Total current liabilities

 

 

269,199

 

 

 

223,373

 

Non-current liabilities:

 

 

 

 

Convertible senior notes, net

 

 

344,865

 

 

 

—

 

Long-term borrowings, net, excluding current installments

 

 

46,915

 

 

 

87,587

 

Non-current operating lease liabilities

 

 

51,906

 

 

 

56,099

 

Non-current finance lease liabilities

 

 

15,042

 

 

 

15,238

 

Deferred tax liabilities

 

 

726

 

 

 

426

 

Other non-current liabilities

 

 

4,541

 

 

 

3,944

 

Total liabilities

 

 

733,194

 

 

 

386,667

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 499,700,976 and 488,923,055 at September 30, 2024 and December 31, 2023, respectively

 

 

50

 

 

 

49

 

Additional paid-in capital

 

 

1,178,828

 

 

 

1,176,484

 

Accumulated deficit

 

 

(761,356

)

 

 

(623,526

)

Accumulated other comprehensive income

 

 

2,313

 

 

 

1,537

 

Total stockholders’ equity

 

 

419,835

 

 

 

554,544

 

Total liabilities and stockholders’ equity

 

$

1,153,029

 

 

$

941,211

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(unaudited; in thousands)

 

 

 

For the Nine Months Ended September 30,

 

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(137,830

)

 

$

(132,074

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

24,516

 

 

 

21,577

 

Stock-based compensation expense

 

 

39,944

 

 

 

43,398

 

(Gain) loss on disposal of assets

 

 

(2,356

)

 

 

240

 

Loss on extinguishment of long-term debt

 

 

1,330

 

 

 

—

 

Amortization of debt issuance costs and discount

 

 

2,272

 

 

 

2,166

 

Noncash lease expense

 

 

4,437

 

 

 

4,062

 

Change in the fair value of contingent consideration

 

 

(218

)

 

 

1,138

 

Accretion of marketable securities purchased at a discount

 

 

(2,272

)

 

 

(3,399

)

Deferred income taxes

 

 

2,310

 

 

 

644

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

12,928

 

 

 

13,798

 

Contract assets

 

 

(36,510

)

 

 

(3,592

)

Inventories

 

 

(7,118

)

 

 

(10,933

)

Prepaids and other current assets

 

 

1,951

 

 

 

(15,819

)

Other non-current assets

 

 

544

 

 

 

(10,712

)

Trade payables

 

 

13,853

 

 

 

12,026

 

Accrued expenses

 

 

2,980

 

 

 

(2,187

)

Employee benefits payables

 

 

3,525

 

 

 

5,285

 

Contract liabilities

 

 

27,791

 

 

 

25,450

 

Other current liabilities

 

 

4,088

 

 

 

(4,632

)

Non-current lease liabilities

 

 

(4,321

)

 

 

(3,316

)

Other non-current liabilities

 

 

1,653

 

 

 

230

 

Net cash used in operating activities

 

 

(46,503

)

 

 

(56,650

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, equipment and software

 

 

(45,539

)

 

 

(44,293

)

Proceeds on disposal of assets, net

 

 

11,756

 

 

 

—

 

Cash paid for asset acquisition

 

 

—

 

 

 

(16,934

)

Purchases of marketable securities

 

 

(149,548

)

 

 

(207,266

)

Maturities of marketable securities

 

 

102,930

 

 

 

219,340

 

Net cash used in investing activities

 

 

(80,401

)

 

 

(49,153

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from the exercise of stock options

 

 

2,074

 

 

 

2,293

 

Proceeds from Employee Stock Purchase Plan

 

 

4,098

 

 

 

3,780

 

Proceeds from sale of employees restricted stock units to cover taxes

 

 

14,991

 

 

 

12,390

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

 

(15,169

)

 

 

(12,352

)

Payment of contingent consideration

 

 

—

 

 

 

(1,000

)

Purchase of capped calls related to issuance of convertible senior notes

 

 

(43,168

)

 

 

—

 

Proceeds from issuance of convertible senior notes

 

 

355,000

 

 

 

—

 

Repayments on Trinity Loan Agreement

 

 

(48,853

)

 

 

—

 

Payment of debt issuance costs

 

 

(12,205

)

 

 

—

 

Finance lease principal payments

 

 

(269

)

 

 

(248

)

Net cash provided by financing activities

 

 

256,499

 

 

 

4,863

 

Effect of exchange rate changes on cash and cash equivalents

 

 

763

 

 

 

(439

)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

130,358

 

 

 

(101,379

)

Cash and cash equivalents, and restricted cash, beginning of period

 

 

166,434

 

 

 

245,871

 

Cash and cash equivalents, and restricted cash, end of period

 

$

296,792

 

 

$

144,492

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(unaudited; in thousands)

 

The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

2024

 

2023

NET LOSS

 

$

(51,939

)

 

$

(40,568

)

 

$

(137,830

)

 

$

(132,074

)

Depreciation

 

 

4,793

 

 

 

4,237

 

 

 

14,513

 

 

 

11,463

 

Amortization

 

 

3,302

 

 

 

3,555

 

 

 

10,003

 

 

 

10,114

 

Stock-based compensation expense

 

 

12,896

 

 

 

14,098

 

 

 

39,944

 

 

 

43,398

 

Transaction costs

 

 

23

 

 

 

142

 

 

 

407

 

 

 

311

 

Interest expense, net

 

 

454

 

 

 

1,413

 

 

 

2,176

 

 

 

2,843

 

Change in fair value of contingent consideration

 

 

—

 

 

 

(462

)

 

 

(218

)

 

 

1,138

 

Performance reserve escrow

 

 

—

 

 

 

1,800

 

 

 

—

 

 

 

5,426

 

Provision for income taxes

 

 

944

 

 

 

1,352

 

 

 

89

 

 

 

2,639

 

Loss on foreign exchange

 

 

490

 

 

 

120

 

 

 

465

 

 

 

76

 

Accretion of marketable securities purchased at a discount

 

 

(666

)

 

 

(1,447

)

 

 

(2,272

)

 

 

(3,601

)

(Gain) loss on disposal of assets

 

 

(1,164

)

 

 

213

 

 

 

(2,356

)

 

 

240

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,841

)

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

1,330

 

 

 

—

 

ADJUSTED EBITDA

 

$

(30,867

)

 

$

(15,547

)

 

$

(73,749

)

 

$

(61,868

)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

2023

 

2024

 

2023

GAAP Gross profit

 

$

27,996

 

 

$

14,967

 

 

$

79,332

 

 

$

35,917

 

Stock-based compensation

 

 

3,029

 

 

 

3,182

 

 

 

10,205

 

 

 

10,325

 

Amortization of purchased intangibles and favorable lease

 

 

1,763

 

 

 

1,710

 

 

 

5,247

 

 

 

5,129

 

Performance reserve escrow

 

 

—

 

 

 

76

 

 

 

—

 

 

 

209

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,130

)

Non-GAAP Gross profit

 

$

32,788

 

 

$

19,935

 

 

$

94,784

 

 

$

49,450

 

Non-GAAP Gross margin

 

 

31.3

%

 

 

29.5

%

 

 

31.2

%

 

 

26.8

%

 

 

 

 

 

 

 

 

 

GAAP Research and development, net

 

$

47,723

 

 

$

26,626

 

 

$

126,139

 

 

$

81,566

 

Stock-based compensation

 

 

(4,626

)

 

 

(6,219

)

 

 

(13,660

)

 

 

(17,893

)

Amortization of purchased intangibles and favorable lease

 

 

(302

)

 

 

(315

)

 

 

(686

)

 

 

(333

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

631

 

Non-GAAP Research and development, net

 

$

42,795

 

 

$

20,092

 

 

$

111,793

 

 

$

63,971

 

 

 

 

 

 

 

 

 

 

GAAP Selling, general and administrative

 

$

32,172

 

 

$

27,200

 

 

$

91,445

 

 

$

84,386

 

Stock-based compensation

 

 

(5,241

)

 

 

(4,697

)

 

 

(16,079

)

 

 

(15,180

)

Amortization of purchased intangibles and favorable lease

 

 

(960

)

 

 

(1,378

)

 

 

(3,274

)

 

 

(4,207

)

Transaction costs

 

 

(23

)

 

 

(142

)

 

 

(407

)

 

 

(311

)

Performance reserve escrow

 

 

—

 

 

 

(1,724

)

 

 

—

 

 

 

(5,217

)

Change in fair value of contingent consideration

 

 

—

 

 

 

462

 

 

 

218

 

 

 

(1,138

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,080

 

Non-GAAP Selling, general and administrative

 

$

25,948

 

 

$

19,721

 

 

$

71,903

 

 

$

59,413

 

 

 

 

 

 

 

 

 

 

GAAP Operating expenses

 

$

79,895

 

 

$

53,826

 

 

$

217,584

 

 

$

165,952

 

Stock-based compensation

 

 

(9,867

)

 

 

(10,916

)

 

 

(29,739

)

 

 

(33,073

)

Amortization of purchased intangibles and favorable lease

 

 

(1,262

)

 

 

(1,693

)

 

 

(3,960

)

 

 

(4,540

)

Transaction costs

 

 

(23

)

 

 

(142

)

 

 

(407

)

 

 

(311

)

Performance reserve escrow

 

 

—

 

 

 

(1,724

)

 

 

—

 

 

 

(5,217

)

Change in fair value of contingent consideration

 

 

—

 

 

 

462

 

 

 

218

 

 

 

(1,138

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,711

 

Non-GAAP Operating expenses

 

$

68,743

 

 

$

39,813

 

 

$

183,696

 

 

$

123,384

 

 

 

 

 

 

 

 

 

 

GAAP Operating loss

 

$

(51,899

)

 

$

(38,859

)

 

$

(138,252

)

 

$

(130,035

)

Total non-GAAP adjustments

 

 

15,944

 

 

 

18,981

 

 

 

49,340

 

 

 

56,101

 

Non-GAAP Operating loss

 

$

(35,955

)

 

$

(19,878

)

 

$

(88,912

)

 

$

(73,934

)

 

 

 

 

 

 

 

 

 

GAAP Total other income (expense), net

 

$

904

 

 

$

(357

)

 

$

511

 

 

$

600

 

Loss on foreign exchange

 

 

490

 

 

 

120

 

 

 

465

 

 

 

76

 

(Gain) loss on disposal of assets

 

 

(1,164

)

 

 

213

 

 

 

(2,356

)

 

 

240

 

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

1,330

 

 

 

—

 

Non-GAAP Total other income (expense), net

 

$

230

 

 

$

(24

)

 

$

(50

)

 

$

916

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112640424/en/

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