- Quarterly revenue increased 79% year over year
- Full-year revenue guidance raised to $235 – $240
million
- Activated ports of approximately 163,000 as of October 31;
with approximately 45,000 in Europe
- Closed acquisitions of European e-mobility technology
provider has·to·be and eBus and commercial vehicle management
provider ViriCiti
ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a
leading electric vehicle (EV) charging network, today reported
results for its third quarter of fiscal 2022 ended October 31,
2021.
“ChargePoint has delivered another strong quarter, as we have
continued to scale our commercial, fleet and residential verticals
across two continents,” said Pasquale Romano, President and CEO of
ChargePoint. “The investments we have made over many years have
enabled us to capture charging demand from customers preparing for
an electric future. This quarter we added more customers at an
accelerated rate, while also successfully closing two
acquisitions."
Third Quarter Fiscal 2022 Financial Overview
- Revenue. For the third quarter, revenue was $65.0
million, an increase of 79% from $36.4 million in the prior year’s
same quarter. Networked charging revenue for the third quarter was
$47.5 million, an increase of 111% from $22.6 million and
subscription revenue was $13.4 million, up 24% from $10.8 million
in the prior year’s same quarter. Revenue growth was significant in
North America and Europe across ChargePoint's commercial, fleet and
residential verticals.
- Gross Margin. Third quarter GAAP gross margin was 25%,
up from 20% in the prior year's same quarter primarily as a result
of product cost improvements and the impact of acquisitions. Third
quarter non-GAAP gross margin, which primarily excludes stock-based
compensation expense and amortization from acquired intangible
assets, was 27% compared to 20% in the prior year's same
quarter.
- Net Income/Loss. Third quarter GAAP net loss was $69.4
million, which included a $2.4 million loss from the change in fair
value of warrant liabilities and $16.0 million in stock-based
compensation expense. Non-GAAP pre-tax net loss, which excludes
stock-based compensation expense and other items, in the third
quarter was $47.3 million as compared to $32.5 million in the prior
year's same quarter.
- Liquidity. As of October 31, 2021, cash on the balance
sheet was $365.9 million following approximately $210 million of
cash payments for both acquisitions.
- Shares Outstanding. As of October 31, 2021, there were
approximately 331 million shares of common stock outstanding.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
Fourth Quarter and Full-year Guidance
ChargePoint expects revenue of $73 - $78 million for its fourth
quarter ending January 31, 2022, and is raising its full year
revenue outlook to $235 - $240 million, from $225 - $235 million,
for the fiscal year ending January 31, 2022.
Conference Call Information
ChargePoint will host a webcast today at 1:30 p.m. Pacific /
4:30 p.m. Eastern to review its third quarter fiscal 2022 financial
results and its outlook for the fourth quarter of and full-year
fiscal 2022.
Investors may access the webcast, supplemental financial
information and investor presentation at ChargePoint’s investor
relations website (investors.chargepoint.com) under the “Events and
Presentations” section. A replay will be available three hours
after the conclusion of the webcast and archived for one year.
About ChargePoint
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions available today. ChargePoint’s cloud
subscription platform and software-defined charging hardware are
designed to include options for every charging scenario from home
and multifamily to workplace, parking, hospitality, retail and
transport fleets of all types. Today, one ChargePoint account
provides access to hundreds-of-thousands of places to charge in
North America and Europe. To date, more than 98 million charging
sessions have been delivered, with drivers plugging into the
ChargePoint network every two seconds or less. For more
information, visit the ChargePoint pressroom, the ChargePoint
Investor Relations site, or contact ChargePoint’s North American or
European press offices or Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding our financial outlook for the fourth fiscal quarter and
fiscal year ending January 31, 2022. There are a significant number
of factors that could cause actual results to differ materially
from the statements made in this press release, including:
developments and changes in the general market; the continuing
impact of COVID-19, including in our business and those of our
customers and suppliers; political, economic, and business
conditions; our limited operating history as a public company; our
ability as an organization to successfully integrate ViriCiti and
has·to·be and acquire and integrate other companies, products or
technologies in a successful manner; our dependence on widespread
acceptance and adoption of EVs and increased installation of
charging stations; our current dependence on sales of charging
stations for most of our revenues; overall demand for EV charging
and the potential for reduced demand for EVs if governmental
rebates, tax credits and other financial incentives are reduced,
modified or eliminated or governmental mandates to increase the use
of EVs or decrease the use of vehicles powered by fossil fuels,
either directly or indirectly through mandated limits on carbon
emissions, are reduced, modified or eliminated; supply chain
interruptions and expense increases; unexpected delays in new
product introductions; our ability to expand our operations and
market share in Europe; the need to attract additional fleet
operators as customers; potential adverse effects on our revenue
and gross margins if customers increasingly claim clean energy
credits and, as a result, they are no longer available to be
claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”) on September 10, 2021, which is available on
our website at investors.chargepoint.com and on the SEC’s website
at www.sec.gov. Additional information will also be set forth in
other filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do 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.
Use of Non-GAAP Financial Measures
ChargePoint has provided in this press release financial
information that has not been prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”). The
Company uses these non-GAAP financial measures internally in
analyzing its financial results and believes that the use of these
non-GAAP financial measures is useful to investors to evaluate
ongoing operating results and trends, and in comparing the
Company’s financial results with other companies in its industry as
well other technology companies, many of which present similar
non-GAAP financial measures.
The presentation of these non-GAAP financial measures is not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with GAAP. A reconciliation of the company’s
historical non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial
statement tables included in this press release, and investors are
encouraged to review these reconciliations.
Non-GAAP Gross Profit (Gross Margin). ChargePoint defines
non-GAAP gross profit as gross profit excluding amortization
expense of acquired intangible assets, stock-based compensation
expense, and non-recurring costs associated with restructuring.
Non-GAAP gross margin is non-GAAP gross profit as a percentage of
revenue.
Non-GAAP Cost of Revenue and Operating Expenses (includes
Non-GAAP research and development, Non-GAAP sales and marketing and
Non-GAAP general and administrative). ChargePoint defines Non-GAAP
cost of revenue and operating expenses as cost of revenue and
operating expenses excluding amortization expense of acquired
intangible assets, stock-based compensation expense,
earn-out-related payroll tax expense, non-recurring costs
associated with restructuring and professional services fees
related to acquisitions and security offerings.
Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net
income (loss) excluding amortization expense of acquired intangible
assets, stock-based compensation expense and the associated
stock-based payroll tax expense, non-recurring costs associated
with restructuring, offering costs allocated to warrant liabilities
or for share offerings, professional services fees related to
acquisitions and security offerings, and non-cash charges related
to the revaluation of warrants, earn-out liabilities, and other
financial instruments. These amounts do not reflect the impact of
any related tax effects. Non-GAAP pre-tax net loss is non-GAAP net
loss adjusted for provision for income taxes.
Investors are cautioned that there are a number of limitations
associated with the use of non-GAAP financial measures to analyze
financial results and trends. In particular, many of the
adjustments to ChargePoint’s GAAP financial measures reflect the
exclusion of items that are recurring and will be reflected in its
financial results for the foreseeable future, such as stock-based
compensation, which is an important part of ChargePoint’s
employees’ compensation and impacts hiring, retention and
performance. Furthermore, these non-GAAP financial measures are not
based on any standardized methodology prescribed by GAAP, and the
components that ChargePoint excludes in its calculation of non-GAAP
financial measures may differ from the components that other
companies exclude when they report their non-GAAP results.
ChargePoint compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from these non-GAAP
financial measures. In the future, ChargePoint may also exclude
other expenses it determines do not reflect the performance of the
Company’s operating results.
CHPT-IR
ChargePoint Holdings,
Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share amounts; unaudited)
Three Months Ended October
31,
Nine Months Ended
October31,
2021
2020
2021
2020
Revenue
Networked charging systems
$
47,511
$
22,566
$
115,185
$
63,591
Subscriptions
13,397
10,782
36,303
29,597
Other
4,126
3,017
10,177
10,910
Total revenue
65,034
36,365
161,665
104,098
Cost of revenue
Networked charging systems
38,720
22,382
97,846
61,406
Subscriptions
7,637
5,322
21,107
14,547
Other
2,621
1,408
6,662
4,100
Total cost of revenue
48,978
29,112
125,615
80,053
Gross profit
16,056
7,253
36,050
24,045
Operating expenses
Research and development
36,751
18,919
102,535
54,071
Sales and marketing
24,361
12,134
62,258
37,301
General and administrative
20,268
8,790
57,467
18,345
Total operating expenses
81,380
39,843
222,260
109,717
Loss from operations
(65,324
)
(32,590
)
(186,210
)
(85,672
)
Interest income
25
18
72
298
Interest expense
(3
)
(815
)
(1,502
)
(2,443
)
Change in fair value of redeemable
convertible preferred stock warrant liability
—
(7,320
)
9,237
(18,301
)
Change in fair value of assumed common
stock warrant liabilities
(2,429
)
—
30,911
—
Change in fair value of contingent earnout
liability
—
—
84,420
—
Transaction costs expensed
—
—
(7,031
)
—
Other (expense) income, net
(2,025
)
(85
)
(2,200
)
46
Net loss before income taxes
(69,756
)
(40,792
)
(72,303
)
(106,072
)
Provision for income taxes
(314
)
98
(211
)
203
Net loss
$
(69,442
)
$
(40,890
)
$
(72,092
)
$
(106,275
)
Accretion of beneficial conversion feature
of redeemable convertible preferred stock
—
(1,752
)
—
(60,377
)
Cumulative undeclared dividends on
redeemable convertible preferred stock
—
(3,960
)
(4,292
)
(3,960
)
Deemed dividends attributable to vested
option holders
—
—
(51,855
)
—
Deemed dividends attributable to common
stock warrants holders
—
—
(110,635
)
—
Net loss attributable to common
stockholders, basic
$
(69,442
)
$
(46,602
)
$
(238,874
)
$
(170,612
)
Gain attributable earnout shares
issued
—
—
(84,420
)
—
Change in fair value of dilutive
warrants
—
—
(51,106
)
—
Net loss attributable to common
stockholders, diluted
$
(69,442
)
$
(46,602
)
$
(374,400
)
$
(170,612
)
Net loss per share - Basic
$
(0.21
)
$
(3.11
)
$
(0.84
)
$
(12.59
)
Net loss per share - Diluted
$
(0.21
)
$
(3.11
)
$
(1.28
)
$
(12.59
)
Weighted average shares outstanding -
Basic
325,034,920
14,990,866
286,025,483
13,550,552
Weighted average shares outstanding -
Diluted
325,034,920
14,990,866
292,575,318
13,550,552
ChargePoint Holdings,
Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands,
unaudited)
October 31, 2021
January 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
365,491
$
145,491
Restricted cash
400
400
Accounts receivable, net
66,104
35,075
Inventories
29,893
33,592
Prepaid expenses and other current
assets
32,695
12,074
Total current assets
494,583
226,632
Property and equipment, net
34,726
29,988
Intangible assets, net
147,439
—
Operating lease right-of-use assets
23,621
21,817
Goodwill
196,098
1,215
Other assets
12,620
10,468
Total assets
$
909,087
$
290,120
Liabilities, Redeemable Convertible
Preferred Stock, and Stockholders' Deficit
Current liabilities:
Accounts payable
$
32,084
$
19,784
Accrued and other current liabilities
76,473
47,162
Deferred revenue
58,877
40,934
Debt, current
—
10,208
Total current liabilities
167,434
118,088
Deferred revenue, noncurrent
62,364
48,896
Debt, noncurrent
—
24,686
Operating lease liabilities
23,795
22,459
Deferred Tax Liabilities
35,962
—
Common stock warrant liability
29,282
—
Redeemable convertible preferred stock
warrant liability
—
75,843
Other long-term liabilities
4,852
972
Total liabilities
323,689
290,944
Redeemable convertible preferred stock
—
615,697
Stockholders' equity (deficit):
Common stock
33
2
Additional paid-in capital
1,337,247
62,736
Accumulated other comprehensive income
(loss)
(376
)
155
Accumulated deficit
(751,506
)
(679,414
)
Total stockholders' equity (deficit)
585,398
(616,521
)
Total liabilities, redeemable
convertible preferred stock, and stockholders' equity
(deficit)
$
909,087
$
290,120
ChargePoint Holdings,
Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands,
unaudited)
Nine Months Ended October
31,
2021
2020
Cash flows from operating
activities
Net loss
$
(72,092
)
$
(106,275
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
10,158
7,463
Non-cash operating lease cost
3,066
2,865
Stock-based compensation
51,893
3,308
Amortization of deferred contract
acquisition costs
1,291
858
Deferred tax benefit
(370
)
—
Change in fair value of redeemable
convertible preferred stock warrant liability
(9,237
)
18,301
Change in fair value of common stock
warrant liabilities
(30,911
)
—
Change in fair value of contingent earnout
liabilities
(84,420
)
—
Transaction costs expensed
7,031
—
Other
2,203
1,043
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net
(26,579
)
10,053
Inventories
3,498
(5,975
)
Prepaid expenses and other assets
(18,879
)
(8,388
)
Operating lease liabilities
(2,193
)
(2,431
)
Accounts payable
10,633
(2,397
)
Accrued and other liabilities
16,110
1,569
Deferred revenue
29,715
9,085
Net cash used in operating activities
(109,083
)
(70,921
)
Cash flows from investing
activities
Purchases of property and equipment
(12,064
)
(8,913
)
Maturities of investments
—
47,014
Cash paid for acquisition, net of cash
acquired
(205,329
)
—
Net cash (used in) provided by investing
activities
(217,393
)
38,101
Cash flows from financing
activities
Proceeds from issuance of redeemable
convertible preferred stock
—
95,514
Proceeds from issuance of common stock
warrants, net of issuance costs
—
31,545
Proceeds from the exercise of public
warrants
118,845
—
Merger and PIPE financing
511,646
—
Payment of deferred transaction costs
—
(513
)
Payments of transaction costs related to
Merger
(32,468
)
—
Payment of tax withholding obligations on
settlement of earnout shares
(20,895
)
—
Repayment of borrowings
(36,051
)
—
Proceeds from issuance of stock in
connection with stock plans, net of withholding taxes
4,214
2,201
Change in driver funds and amounts due to
customers
1,933
—
Net cash provided by financing
activities
547,224
128,747
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(748
)
13
Net increase in cash, cash equivalents,
and restricted cash
220,000
95,940
Cash, cash equivalents, and restricted
cash at beginning of period
145,891
73,153
Cash, cash equivalents, and restricted
cash at end of period
$
365,891
$
169,093
ChargePoint Holdings,
Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands,
unaudited)
Three Months Ended October 31,
2021
Three Months Ended October 31,
2020
Nine Months Ended October 31,
2021
Nine Months Ended October 31,
2020
Cost of Revenue:
GAAP cost of revenue
$
48,978
$
29,112
$
125,615
$
80,053
Stock-based compensation expense
(885
)
(29
)
(3,073
)
(93
)
Restructuring subsidies (1)
—
49
—
100
Amortization of intangible assets
(426
)
—
(426
)
—
Non-GAAP cost of revenue
$
47,667
$
29,132
$
122,116
$
80,060
Non-GAAP gross profit (gross margin as
a percentage of revenue)
$
17,367
27
%
$
7,233
20
%
$
39,549
24
%
$
24,039
23
%
Operating Expenses:
GAAP research and development
$
36,751
$
18,919
$
102,535
$
54,071
Stock-based compensation expense
(5,840
)
(448
)
(20,198
)
(1,205
)
Restructuring subsidies (costs) (1)
—
27
—
(169
)
Earn-out-related taxes (2)
—
—
(358
)
—
Acquisition-related costs (3)
—
—
(86
)
—
Cost related to secondary offering
—
—
(80
)
—
Non-GAAP research and development (as a
percentage of revenue)
$
30,911
48
%
$
18,498
51
%
$
81,813
51
%
$
52,697
51
%
GAAP sales and marketing
$
24,361
$
12,134
$
62,258
$
37,301
Stock-based compensation expense
(2,251
)
(333
)
(7,018
)
(988
)
Restructuring subsidies (costs) (1)
—
143
—
(68
)
Earn-out-related taxes (2)
—
—
(424
)
—
Acquisition-related costs (3)
—
—
(43
)
—
Cost related to secondary offering
—
—
(40
)
—
Amortization of intangible assets
(1,092
)
—
(1,092
)
—
Non-GAAP sales and marketing (as a
percentage of revenue)
$
21,018
32
%
$
11,944
33
%
$
53,641
33
%
$
36,245
35
%
GAAP general and administrative
$
20,268
$
8,790
$
57,467
$
18,345
Stock-based compensation expense
(7,046
)
(398
)
(21,604
)
(1,022
)
Restructuring costs (1)
—
27
—
(339
)
Earn-out-related taxes (2)
—
—
(713
)
—
Acquisition-related costs (3)
(2,435
)
—
(5,118
)
—
Cost related to secondary offering
(15
)
—
(2,517
)
—
Non-GAAP general and administrative (as
a percentage of revenue)
$
10,772
17
%
$
8,419
23
%
$
27,515
17
%
$
16,984
16
%
Non-GAAP Operating Expenses (as a
percentage of revenue)
$
62,701
96
%
$
38,861
107
%
$
162,969
101
%
$
105,926
102
%
Net Loss:
GAAP net loss
$
(69,442
)
$
(40,890
)
$
(72,092
)
$
(106,275
)
Stock-based compensation expense
16,022
1,208
51,893
3,308
Restructuring subsidies (costs) (1)
—
(246
)
—
476
Earn-out-related taxes (2)
—
—
1,495
—
Acquisition-related costs (3)
2,435
—
5,247
—
Cost related to secondary offering
15
—
2,637
—
Amortization of intangible assets
1,518
—
1,518
—
Change in fair value of preferred stock
warrant liability
—
7,320
(9,237
)
18,301
Change in fair value of assumed common
stock warrant liability
2,429
—
(30,911
)
—
Change in fair value of contingent
earn-out liability
—
—
(84,420
)
—
Offering costs allocated to warrant
liabilities
—
—
7,031
—
Non-GAAP net loss (as a percentage of
revenue)
$
(47,023
)
(72)
%
$
(32,608
)
(90)
%
$
(126,839
)
(78)
%
$
(84,190
)
(81)
%
Provision for income taxes
(314
)
98
(211
)
203
Non-GAAP pre-tax net loss (as a
percentage of revenue)
$
(47,337
)
(73)
%
$
(32,510
)
(89)
%
$
(127,050
)
(79)
%
$
(83,987
)
(81)
%
(1)
Consists of restructuring costs for
severances and related termination costs, net of any governmental
assistance programs.
(2)
Consists of employment taxes paid related
to shares issued as part of the earnout.
(3)
Consists of professional services fees
related to acquisitions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211207006050/en/
Investor Relations Patrick
Hamer VP, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com investors@chargepoint.com
Press Jennifer Bowcock VP,
Communications Jennifer.Bowcock@chargepoint.com
media@chargepoint.com
ChargePoint (NYSE:CHPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
ChargePoint (NYSE:CHPT)
Historical Stock Chart
From Apr 2023 to Apr 2024