View, Inc. (Nasdaq: VIEW, “View” or the “Company”), a leading smart
buildings platform and technologies company, today announced
financial results for the full year 2021.
“2021 was a pivotal year for View, with challenges and many
accomplishments as we continue to drive real estate industry
transformation, improve human health, and address climate change.
At the beginning of the year, we said that we would more than
double revenues and we did just that, finishing the year with
revenues of $74 million and 125% growth from the prior year,” said
Dr. Rao Mulpuri, CEO of View.
“The restatement of our financials is a challenging process with
many lessons learned, and we are building the foundations needed to
emerge stronger as a company. I am proud of our team’s
demonstration of the ‘View Spirit’ by staying focused and committed
to supporting our customers and driving business growth.”
“The real estate industry is going through a once-in-a-lifetime
change driven by sustainability, user experience, human health, and
digital transformation. View is committed to this journey, and we
intend to play a leadership role in driving this transformation,”
Dr. Mulpuri said. Completion of Audit Committee
Investigation and Financial Restatement Process UpdateAs
previously reported, the investigation by the Company’s Audit
Committee into its previously reported warranty accrual is now
complete and View is reporting financial results for the full year
2021 and restated financial results for prior years.
Outside of the previously reported misstatements in
warranty-related accruals, no material misstatements have been
identified by the Company.
The table below shows the results of changes to previously
reported warranty-related accruals, which cover the Company’s
expected obligations over the course of the ten-year product
warranty period. These results are within the ranges for
warranty-related accruals previously disclosed on November 9th,
2021.
Warranty-related Accruals(unaudited) |
|
|
|
|
|
|
|
As of December 31, |
|
2021 |
|
2020 |
|
2019 |
|
Warranty-related accrual as previously reported |
|
|
$23 million |
|
$25 million |
|
November 2021 guidance range |
|
|
$38 to 55 million |
|
$46 to 70 million |
|
Restated warranty-related accrual |
$42 million |
|
$48 million |
|
$53 million |
|
Full Year 2021 ResultsTotal revenue of $74
million represents a 125% year-over-year increase from 2020 driven
by increased customer demand, and introduction of the View Smart
Building Platform and View Smart Building Technologies. The Company
believes 2021 represents an inflection point in the business and
broader market adoption of smart windows. There are four
contributing factors to this growth inflection: growing market
awareness, repeat purchases from customers with large real estate
portfolios, strong ASPs, and the Company’s ability to increase
value delivered per building square foot through its Smart Building
Platform and Smart Building Technologies products.
Total cost of revenues of $195 million represents a 61% increase
from 2020 reflecting the benefit of leveraging fixed costs in the
Company’s manufacturing operations over higher volumes. The
increase in cost of revenues was primarily driven by higher
volumes, increased overhead costs as the Company scaled its factory
from two shifts at the beginning of 2021 to four shifts by the end
of the year, costs associated with the delivery of its Smart
Building Platform and $21 million of estimated contract losses for
work that has not been completed. As the Company ramps
manufacturing volumes, it expects to absorb the fixed costs over
greater volumes and expects contract losses will decrease over time
as the Company achieves profitability milestones.
View incurred $93 million in Research and Development expenses
in 2021, an increase of $25 million or 36% from 2020. The Company
continues to invest in next generation Smart Building Technologies
to accelerate the digital transformation of buildings and
successfully rolled out several new product lines, including View
Immersive Experiences, View Sense, View Security Suite, and View
Building Analytics. The increase in Research and Development
expenses from 2020 relates to a one-time depreciation charge of $14
million. Research and Development expenses include $9 million of
non-cash, stock-based compensation.
The Company incurred $131 million in Selling, General and
Administrative (“SG&A”) expenses, an increase of $57 million,
or 77%, from 2020. SG&A expenses include $60 million of
non-cash, stock-based compensation as part of View’s business
combination completed in March 2021, a $38 million increase from
2020. The increase was also related to additional expenses in
consulting, legal, accounting and insurance expenses during 2021 to
assist in the financial restatement and related work. In addition,
the Company grew its presence in key geographies to support its
customers and growing business.
Launch of the View Smart Building PlatformIn
2021, View launched its Smart Building Platform, which is a full
performance solution that includes a converged secure network
infrastructure, Smart Glass panel, Smart Building Technologies and
end-to-end deployment services. View began offering its Smart
Building Platform for the following strategic reasons:
- View optimizes the design, aesthetics, energy performance and
cost of the entire smart envelope (or digital skin) of the
building, rather than just one component (smart glass), thus
benefiting both customers and View.
- View is able to accelerate the integration of new technologies
into the fabric of the building. Today, this includes environmental
quality sensors and immersive, transparent, high-definition
displays into the smart window. Importantly, View’s smart envelope
design enables future hardware and software upgrades into the
building infrastructure.
- View believes delivering a digital, connected envelope and
smart building platform will enable future business opportunities
and pricing models as buildings, both existing and new, incorporate
additional technology and connected products.
- View elevates the window selection and purchase decision to a
customer and decision maker that has a more global view of the
project, and is in a much better position to make an informed
decision regarding the benefits provided by the View Smart Building
Platform.
The successful launch of the View Smart Building Platform
yielded $29 million of revenue in 2021. By offering a fully
integrated solution, View believes it will increase industry
adoption of smart windows and accelerate technology infusion into
buildings as the industry moves to smarter, more connected, more
sustainable and healthier buildings that are designed to better
serve users and occupants.
|
Revenue by Product Offering(unaudited) (in
thousands) |
|
|
|
Full Year Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
Smart Building Platform |
$ |
28,686 |
|
$ |
- |
|
$ |
- |
Smart Glass |
$ |
41,740 |
|
$ |
32,926 |
|
$ |
23,955 |
Smart
Building Technologies |
$ |
3,581 |
|
$ |
- |
|
$ |
- |
Total |
$ |
74,007 |
|
$ |
32,926 |
|
$ |
23,955 |
LiquidityAs previously disclosed, the Company
will be disclosing in its upcoming SEC filings substantial doubt
about the Company’s ability to continue as a going concern, as the
Company does not currently have adequate financial resources to
fund its forecasted operating costs and meet its obligations for at
least twelve months from the expected issuance date of its 2021
Annual Report on Form 10-K. The Company plans to address this by
raising additional capital and driving reduction in cash burn
through business growth and leveraging fixed costs over higher
revenues. While the Company has not pursued raising additional
capital during the restatement period, we intend to raise
additional capital after the conclusion of the restatement.
Full Year 2022 OutlookFollowing strong growth
in 2021, the Company expects to see continued momentum in 2022. For
the full year 2022, the Company expects revenues to be in the range
of $100 million to $110 million, driven by volume growth, strong
ASPs, and increased contribution from its Smart Building Platform
and Smart Building Technologies products.
Recent Business Highlights and Key Customer
WinsOn December 15, 2021, View announced (link) its smart
windows were installed at Bozeman Yellowstone International Airport
(BZN). Bozeman Airport joins the growing list of airports across
the country with View Smart Windows, including BOS, DFW, SFO, LGA,
CLT, ORD, PHX, SEA and MEM, among others.
On November 18, 2021, View announced (link) its smart windows
were selected for The Block, a 17-story office tower and Mission
Group project in downtown Kelowna, British Columbia, one of
Canada’s fastest growing cities and technology hubs.
On November 11, 2021, View announced (link) the installation of
its smart windows at Avocet Tower, a 370,000 square-foot, 22-story
office building with wellness-focused amenities designed by the
award-winning architecture firm Pickard Chilton.
On November 2, 2021, View announced (link) Sacred Heart
University selected View Smart Windows for its brand-new Martire
Family Hockey Arena in Fairfield, CT.
On October 28, 2021, View announced (link) the installation of
its smart windows at Parque Kirkland, a new mixed-use apartment
residence in Kirkland, WA. The development represents the second
project for Henbart LLC and View, following the installation of
View Smart Windows at Henbart’s Lake Union office building.
On October 12, 2021, View announced (link) Fremont Bank selected
View Smart Windows for the new headquarters in the Bay Area. The
new headquarters feature sustainability and wellness, and View
Smart Windows were selected to improve building energy efficiency
while enhancing productivity and wellbeing for Fremont Bank
associates.
On October 7, 2021, View announced (link) Nickel Developments
selected View Smart Windows for Carlisle Square, a large-scale
residential development in Ontario, Canada. The multifamily
development is a 200,000 square-foot, 18-story tower boasting 228
residential units and mixed-use ground space.
On October 5, 2021, View announced (link) installation of its
smart windows at Memphis International Airport (MEM) as part of the
Concourse B modernization program to elevate the passenger
experience and improve building energy efficiency.
On September 22, 2021, View announced (link) installation of its
smart windows at NTT Research’s new U.S. headquarters, the NTT
OneVision Center, in Sunnyvale, CA. The property, developed and
owned by Hines, will be leveraged to expand NTT’s presence in the
United States.
On September 16, 2021, View announced (link) its smart windows
will be installed at Callan Ridge campus, a new life science
project under development by Healthpeak Properties in the Torrey
Pines submarket of San Diego, CA. Callan Ridge will be a Class-A,
two building campus totaling 185,000 square feet and is 100%
pre-leased to Turning Point Therapeutics.
On August 10, 2021, View announced (link) Atria Development
Corp. selected View Smart Windows to be installed at 80 Bond Street
in Oshawa, Ontario, a new 304,394 square-foot luxury multi-family
project. The property in the Greater Toronto Area will be the first
large-scale installation of View Smart Windows in a multi-family
building in Canada.
On August 4, 2021, View announced (link) its smart windows were
selected to be installed at The Current, River North, a 235,000
square-foot, Class-A office building in Denver, CO. The
development, a joint venture between Schnitzer West, LLC and Craft
Companies, represents the second View project for Schnitzer
West.
On June 18, 2021, View announced (link) its smart windows were
selected to be installed at 111 Wall Street, a 25-story, 1.2
million square-foot waterfront office tower in Manhattan’s
Financial District. 111 Wall Street is the first property to
receive funding through New York City’s recently launched C-PACE
program, a financing structure that supports energy efficiency
improvements.
On May 26, 2021, View announced (link) the completion of 825
Third Avenue, a newly-renovated, 530,000 square-foot, 40-story
office tower in New York City. 825 Third Avenue is the first office
building in New York City to feature smart windows that also
incorporate View Immersive Experience.
On April 30, 2021, View announced (link) Walmart reached an
agreement with View for the expected purchase of $26 million of
smart glass for use in its Home Office campus in Bentonville, AR.
Home Office is Walmart’s new corporate office campus, with 12
office buildings across 350 acres.
On March 16, 2021, View announced (link) its smart windows were
selected to be installed in the expansion of Terminal 5 at
Chicago’s O’Hare International Airport (ORD). The expansion is part
of O’Hare 21, an $8.5 billion project to modernize the airport,
with Delta, Southwest and select international carriers having
gates in Terminal 5, along with a new Delta Sky Club lounge.
On March 1, 2021, View announced (link) the completion of 730
Third Avenue, a 665,000 square-foot, 27-story office tower recently
transformed through a $120 million renovation by Nuveen Real Estate
and its development advisor, Taconic Partners. TIAA, the parent
company of Nuveen, owns 730 Third Avenue, and both firms will
continue to be headquartered at that location.
On February 25, 2021, View announced (link) its smart windows
were selected to be installed at 3.0 University Place, the 250,000
square-foot commercial lab and office building in the heart of
Philadelphia’s innovation corridor.
On February 18, 2021, View announced (link) that View Smart
Windows are being installed at St. John’s Terminal, the 12-story,
1.3 million square-foot, cutting-edge commercial office under
development by Oxford Properties Group. This landmark Manhattan
building will be the center of Google’s Hudson Square campus.
On February 2, 2021, View announced (link) that its smart
windows were selected to be installed into multiple buildings
across Lake Nona, the 17 square-mile visionary community developed
by Tavistock Development Company. View Smart Windows have already
been installed in five buildings in Lake Nona across office, retail
and hospitality projects, and are expected to be installed in more
than 30 additional buildings.
On January 13, 2021, View announced (link) that its smart
windows were selected to be installed in Dallas Fort Worth
International Airport’s (DFW) new expansion of Terminal D South, a
project that adds four gates to the terminal and showcases DFW’s
“Gate of the Future.” The expansion will be the first airport to
deploy View’s latest smart building digital network, AI and machine
learning-powered environmental sensor modules and transparent
ultra-high-definition displays.
Conference Call and Webcast DetailsView will
host a conference call to discuss its results at 2:00 p.m. Pacific
Time / 5:00 p.m. Eastern Time on May 31, 2022. The live webcast of
the call can be accessed at the View Investor Relations website at
https://investors.view.com, along with the Company's earnings press
release.
The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028
for non-U.S. callers). Callers should ask to join the View, Inc.
call. A replay of the conference call will be available for 1 week
after the call, while an archived version of the webcast will be
available on the View Investor Relations website for 90 days. The
U.S. dial-in for the conference call replay is 1-877-660-6853
(1-201-612-7415 for non-U.S. callers). The replay access code is
13730246.
Forward-Looking StatementsThis press release
and certain materials View files with the U.S. Securities and
Exchange Commission (the “SEC”), as well as information included in
oral statements or other written statements made or to be made by
View, other than statements of historical fact, contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These
forward-looking statements are based on current expectations,
estimates, assumptions, projections, and management’s beliefs, that
are subject to change. There can be no assurance that these
forward-looking statements will be achieved; these statements are
not guarantees of future performance and are subject to certain
risks, uncertainties, and other factors, many of which are beyond
View’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. View’s business
is subject to a number of risks, which are described more fully in
View’s definitive proxy statement filed with the SEC on February
16, 2021, as supplemented on February 23, 2021, which is
incorporated by reference into its Current Report on Form 8-K filed
on March 12, 2021. Such risks include, but are not
limited to, (i) View’s ability to raise additional capital on
acceptable terms or at all, (ii) View’s ability to timely regain
compliance with The Nasdaq Stock Market LLC's ("Nasdaq") continued
listing standards and maintain the listing of its securities on
Nasdaq, (iii) View’s ability to execute on its business plans,
including expected revenue growth, and (iv) the risk that View's
audited financial results may differ from the unaudited financial
results presented in this communication. View undertakes no
obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
Financial Information; Non-GAAP Financial
MeasuresThe financial information and data contained in
this press release is unaudited and does not conform to Regulation
S-X. Accordingly, such information and data may not be included in,
may be adjusted in or may be presented differently in, the Annual
Report on Form 10-K to be filed by View. This press release
contains certain financial information and data that was not
prepared in accordance with United States generally accepted
accounting principles (“GAAP”), including non-GAAP cost of
revenues, non-GAAP research and development expense, non-GAAP
selling, general and administrative expense, non-GAAP loss from
operations, non-GAAP net loss, and non-GAAP adjusted EBITDA. These
non-GAAP measures, and other measures that are calculated using
such non-GAAP measures, are an addition to, and not a substitute
for or superior to, measures of financial performance prepared in
accordance with GAAP and should not be considered as an alternative
to any performance measures derived in accordance with GAAP.
The Company presents these non-GAAP amounts because management
believes they provide useful information to management and
investors regarding certain financial and business trends relating
to View’s financial condition and results of operations, and they
assist management and investors in comparing the Company's
performance across reporting periods on a consistent basis. View’s
management uses these non-GAAP measures for trend analyses, for
purposes of determining management incentive compensation and for
budgeting and planning purposes. View believes that the use of
these non-GAAP financial measures provides an additional tool for
investors to use in evaluating operating results and trends in and
in comparing View’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. View’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP.
However, there are a number of limitations related to the use of
these non-GAAP measures and their nearest GAAP equivalents. For
example, other companies may calculate non-GAAP measures
differently, or may use other measures to calculate their financial
performance, and therefore View’s non-GAAP measures may not be
directly comparable to similarly-titled measures of other
companies.
Reconciliations from GAAP to non-GAAP results is included in the
financial statements contained in this release.
About ViewView is the leader in smart building
technologies that transform buildings to improve human health and
experience, reduce energy consumption and carbon emissions, and
generate additional revenue for building owners. View Smart Windows
use artificial intelligence to automatically adjust in response to
the sun, eliminating the need for blinds and increasing access to
natural light. Every View installation includes a cloud-connected
smart building platform that can easily be extended to reimagine
the occupant experience. View is installed into more than 40
million square feet of buildings including offices, hospitals,
airports, educational facilities, hotels, and multi-family
residences. For more information, please visit: www.view.com.
For further information:
Investors: Samuel
MeehanView, Inc. IR@View.com 408-493-1358
|
VIEW, INC.Condensed Consolidated
Statements of Comprehensive Loss(unaudited) (in
thousands, except share and per share data) |
|
|
|
Full Year Results |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
(as restated) |
Revenue |
$ |
74,007 |
|
|
$ |
32,926 |
|
Costs and expenses: |
|
|
|
|
|
Cost of revenue |
|
194,714 |
|
|
|
120,634 |
|
Research and development |
|
93,477 |
|
|
|
68,822 |
|
Selling, general, and administrative |
|
131,214 |
|
|
|
73,958 |
|
Total costs and expenses |
|
419,405 |
|
|
|
263,414 |
|
Loss from operations |
|
(345,398 |
) |
|
|
(230,488 |
) |
Interest and other income
(expense), net |
|
|
|
|
|
Interest income |
|
65 |
|
|
|
499 |
|
Interest expense |
|
(5,954 |
) |
|
|
(26,820 |
) |
Other expense, net |
|
(6,355 |
) |
|
|
(32 |
) |
Gain on fair value change, net |
|
24,290 |
|
|
|
7,155 |
|
Loss on extinguishment of debt |
|
(10,018 |
) |
|
|
- |
|
Interest and other income (expense), net |
|
2,028 |
|
|
|
(19,198 |
) |
Loss before benefit
(provision) of income taxes |
|
(343,370 |
) |
|
|
(249,686 |
) |
Benefit (provision) for income
taxes |
|
392 |
|
|
|
(40 |
) |
Net and comprehensive
loss |
$ |
(342,978 |
) |
|
$ |
(249,726 |
) |
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(1.97 |
) |
|
$ |
(148.81 |
) |
Weighted-average shares used
in calculation of net loss per share, basic and diluted |
|
173,692,582 |
|
|
|
1,678,098 |
|
|
VIEW, INC.Condensed Consolidated Balance
Sheets (unaudited) (in thousands) |
|
|
|
December 31, 2021 |
|
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
(as restated) |
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
281,081 |
|
|
$ |
63,232 |
|
Accounts receivable, net of allowances |
|
30,605 |
|
|
|
12,252 |
|
Inventories |
|
10,267 |
|
|
|
6,483 |
|
Prepaid expenses and other current assets |
|
21,579 |
|
|
|
6,213 |
|
Total current assets |
|
343,532 |
|
|
|
88,180 |
|
Property and equipment,
net |
|
268,401 |
|
|
|
282,560 |
|
Restricted cash |
|
16,462 |
|
|
|
10,461 |
|
Right-of-use assets |
|
21,178 |
|
|
|
- |
|
Deposits with suppliers |
|
7,566 |
|
|
|
1,084 |
|
Other assets |
|
21,927 |
|
|
|
7,862 |
|
Total assets |
$ |
679,066 |
|
|
$ |
390,147 |
|
Liabilities,
Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit) |
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
24,186 |
|
|
$ |
14,562 |
|
Accrued expenses and other current liabilities |
|
57,986 |
|
|
|
42,150 |
|
Accrued compensation |
|
9,508 |
|
|
|
10,827 |
|
Deferred revenue |
|
11,460 |
|
|
|
2,649 |
|
Debt, current |
|
1,470 |
|
|
|
247,248 |
|
Total current liabilities |
|
104,610 |
|
|
|
317,436 |
|
Debt, non-current |
|
13,960 |
|
|
|
15,430 |
|
Redeemable convertible
preferred stock warrant liability |
|
- |
|
|
|
12,323 |
|
Sponsor earn-out
liability |
|
7,624 |
|
|
|
- |
|
Lease liabilities |
|
22,997 |
|
|
|
- |
|
Other liabilities |
|
50,537 |
|
|
|
56,844 |
|
Total liabilities |
|
199,728 |
|
|
|
402,033 |
|
|
|
|
|
|
|
Redeemable convertible
preferred stock |
|
- |
|
|
|
1,812,678 |
|
Stockholders’ equity
(deficit): |
|
|
|
|
|
Common stock |
|
22 |
|
|
|
- |
|
Additional paid-in capital |
|
2,736,647 |
|
|
|
89,789 |
|
Accumulated deficit |
|
(2,257,331 |
) |
|
|
(1,914,353 |
) |
Total stockholders' equity (deficit) |
|
479,338 |
|
|
|
(1,824,564 |
) |
Total liabilities, redeemable convertible preferred stock, and
stockholders’ equity (deficit) |
$ |
679,066 |
|
|
$ |
390,147 |
|
|
VIEW, INC.Condensed Consolidated
Statements of Cash Flow(unaudited) (in
thousands) |
|
|
|
Full Year Results |
|
|
2021 |
|
|
2020 |
Cash flows from operating
activities: |
|
|
|
|
(as restated) |
Net loss |
$ |
(342,978 |
) |
|
$ |
(249,726 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
41,757 |
|
|
|
24,958 |
|
Gain on fair value change, net |
|
(24,290 |
) |
|
|
(7,155 |
) |
Accrued interest expense and amortization of debt discount |
|
1,507 |
|
|
|
2,379 |
|
Loss on extinguishment of debt |
|
10,018 |
|
|
|
- |
|
Stock-based compensation |
|
73,620 |
|
|
|
28,932 |
|
Other |
|
464 |
|
|
|
- |
|
Changes in operating assets
and liabilities |
|
|
|
|
|
Accounts receivable |
|
(18,218 |
) |
|
|
(105 |
) |
Inventories |
|
(3,784 |
) |
|
|
566 |
|
Prepaid expenses and other current assets |
|
(17,191 |
) |
|
|
23,073 |
|
Other assets |
|
(2,673 |
) |
|
|
(1,361 |
) |
Accounts payable |
|
5,339 |
|
|
|
3,005 |
|
Deferred revenue |
|
6,222 |
|
|
|
544 |
|
Accrued compensation |
|
(1,319 |
) |
|
|
3,435 |
|
Accrued expenses and other liabilities |
|
10,213 |
|
|
|
5,765 |
|
Net cash used in operating activities |
|
(261,313 |
) |
|
|
(165,690 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
Purchases of property and
equipment |
|
(26,099 |
) |
|
|
(37,638 |
) |
Maturities of short-term
investments |
|
- |
|
|
|
32,866 |
|
Acquisitions, net of cash
acquired |
|
(4,938 |
) |
|
|
- |
|
Net cash used in investing activities |
|
(31,037 |
) |
|
|
(4,772 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
Proceeds from draws related to
revolving debt facility, net of issuance costs |
|
- |
|
|
|
250,000 |
|
Repayment of revolving debt
facility |
|
(257,454 |
) |
|
|
(150,000 |
) |
Repayment of other debt
obligations |
|
- |
|
|
|
(1,714 |
) |
Payments of obligations under
capital leases |
|
(1,278 |
) |
|
|
(1,515 |
) |
Proceeds from issuance of
common stock upon exercise of stock options and warrants |
|
403 |
|
|
|
455 |
|
Proceeds from reverse
recapitalization and PIPE financing |
|
815,184 |
|
|
|
- |
|
Payment of transaction
costs |
|
(41,655 |
) |
|
|
(745 |
) |
Net cash provided by financing activities |
|
515,200 |
|
|
|
96,481 |
|
Net (decrease) increase in
cash, cash equivalents and restricted cash |
|
222,850 |
|
|
|
(73,981 |
) |
Cash, cash equivalents, and
restricted cash, beginning of period |
|
74,693 |
|
|
|
148,674 |
|
Cash, cash
equivalents, and restricted cash, end of period |
$ |
297,543 |
|
|
$ |
74,693 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
Cash paid for interest |
$ |
19,380 |
|
|
$ |
12,703 |
|
Cash paid for income
taxes |
|
28 |
|
|
|
40 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
Conversion of redeemable
convertible preferred stock to common stock |
$ |
1,812,678 |
|
|
$ |
- |
|
Conversion of redeemable
convertible preferred stock warrants to common stock warrants |
$ |
7,267 |
|
|
$ |
- |
|
Common stock issued in
exchange for services associated with the reverse
recapitalization |
$ |
7,500 |
|
|
$ |
- |
|
Holdback related to
acquisition |
$ |
1,061 |
|
|
$ |
- |
|
Change in accounts payable and
other liabilities related to purchase of property and
equipment |
$ |
6,254 |
|
|
$ |
(10,494 |
) |
Change in right-of-use assets
exchanged for lease obligations |
$ |
1,094 |
|
|
$ |
- |
|
Deferred transaction costs
included in accounts payable and accrued expenses and other current
liabilities |
$ |
- |
|
|
$ |
3,687 |
|
VIEW, INC.Selected Financials and
Reconciliation of GAAP Measures to Non-GAAP
Measures(unaudited) (in thousands) |
|
|
|
|
|
|
|
|
Full Year Results |
|
|
2021 |
|
|
|
2020 |
|
Revenue |
|
|
|
|
(as restated) |
Revenue |
$ |
74,007 |
|
|
$ |
32,926 |
|
|
|
|
|
|
|
Cost of
Revenue |
|
|
|
|
|
GAAP Cost of Revenue |
$ |
194,714 |
|
|
$ |
120,634 |
|
Stock-Based Compensation |
|
(4,930 |
) |
|
|
(2,240 |
) |
Non-GAAP Cost of Revenue |
$ |
189,784 |
|
|
$ |
118,394 |
|
|
|
|
|
|
|
R&D
Expense |
|
|
|
|
|
GAAP R&D Expense |
$ |
93,477 |
|
|
$ |
68,822 |
|
Stock-Based Compensation |
|
(8,725 |
) |
|
|
(4,438 |
) |
Non-GAAP R&D Expense |
$ |
84,752 |
|
|
$ |
64,384 |
|
|
|
|
|
|
|
SG&A
Expense |
|
|
|
|
|
GAAP SG&A Expense |
$ |
131,214 |
|
|
$ |
73,958 |
|
Stock-Based Compensation |
|
(59,965 |
) |
|
|
(22,254 |
) |
Non-GAAP SG&A Expense |
$ |
71,249 |
|
|
$ |
51,704 |
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
GAAP Net and Comprehensive
Loss |
$ |
(342,978 |
) |
|
$ |
(249,726 |
) |
Stock-Based Compensation |
|
73,620 |
|
|
|
28,932 |
|
Gain on Fair Value Change, net |
|
(24,290 |
) |
|
|
(7,155 |
) |
Loss on Extinguishment of Debt |
|
10,018 |
|
|
|
- |
|
Non-GAAP Net Loss |
$ |
(283,630 |
) |
|
$ |
(227,949 |
) |
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
GAAP Loss from Operations |
$ |
(345,398 |
) |
|
$ |
(230,488 |
) |
Stock-Based Compensation |
|
73,620 |
|
|
|
28,932 |
|
Non-GAAP Loss from
Operations |
|
(271,778 |
) |
|
|
(201,556 |
) |
Depreciation and Amortization |
|
41,757 |
|
|
|
24,958 |
|
Adjusted EBITDA |
$ |
(230,021 |
) |
|
$ |
(176,598 |
) |
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