Velodyne Lidar Reports Third Quarter 2022 Financial Results

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,
2022

 

June 30,
2022

 

September 30,
2021

 

September 30,
2022

 

September 30,
2021

Gross loss on GAAP basis

$

(10,877

)

 

$

(7,097

)

 

$

(4,740

)

 

$

(27,257

)

 

$

(8,606

)

Gross margin on GAAP basis

 

(113

)%

 

 

(62

)%

 

 

(36

)%

 

 

(100

)%

 

 

(19

)%

Discontinued product line

 

 

 

 

2,151

 

 

 

 

 

 

2,151

 

 

 

 

Inventory reserves and losses related to product transition

 

4,608

 

 

 

 

 

 

 

 

 

4,608

 

 

 

 

Terminated contract expense

 

2,436

 

 

 

 

 

 

 

 

 

2,436

 

 

 

 

Stock-based compensation and related employer payroll taxes

 

565

 

 

 

767

 

 

 

545

 

 

 

1,860

 

 

 

1,807

 

Gross loss on non-GAAP basis

$

(3,268

)

 

$

(4,179

)

 

$

(4,195

)

 

$

(16,202

)

 

$

(6,799

)

Gross margin on non-GAAP basis

 

(34

)%

 

 

(36

)%

 

 

(32

)%

 

 

(59

)%

 

 

(15

)%

 

 

 

 

 

 

 

 

 

 

Operating expenses on GAAP basis

$

31,379

 

 

$

37,527

 

 

$

50,039

 

 

$

108,525

 

 

$

175,846

 

Terminated contract expense

 

(1,064

)

 

 

 

 

 

 

 

 

(1,064

)

 

 

 

Stock-based compensation and related employer payroll taxes

 

(4,370

)

 

 

(5,600

)

 

 

(16,262

)

 

 

(14,444

)

 

 

(83,233

)

Legal settlements

 

 

 

 

 

 

 

(275

)

 

 

 

 

 

(1,520

)

Amortization of acquisition-related intangible assets

 

 

 

 

(96

)

 

 

(96

)

 

 

(192

)

 

 

(288

)

Severance

 

(894

)

 

 

 

 

 

 

 

 

(894

)

 

 

 

Operating expenses on non-GAAP basis

$

25,051

 

 

$

31,831

 

 

$

33,406

 

 

$

91,931

 

 

$

90,805

 

 

 

 

 

 

 

 

 

 

 

Operating loss on GAAP basis

$

(42,256

)

 

$

(44,624

)

 

$

(54,779

)

 

$

(135,782

)

 

$

(184,452

)

Discontinued product line

 

 

 

 

2,151

 

 

 

 

 

 

2,151

 

 

 

 

Inventory reserves and losses related to product transition

 

4,608

 

 

 

 

 

 

 

 

 

4,608

 

 

 

 

Terminated contract expense

 

3,500

 

 

 

 

 

 

 

 

 

3,500

 

 

 

 

Stock-based compensation and related employer payroll taxes

 

4,934

 

 

 

6,367

 

 

 

16,807

 

 

 

16,303

 

 

 

85,040

 

Legal settlements

 

 

 

 

 

 

 

275

 

 

 

 

 

 

1,520

 

Amortization of acquisition-related intangible assets

 

 

 

 

96

 

 

 

96

 

 

 

192

 

 

 

288

 

Severance

 

894

 

 

 

 

 

 

 

 

 

894

 

 

 

 

Operating loss on non-GAAP basis

$

(28,320

)

 

$

(36,010

)

 

$

(37,601

)

 

$

(108,134

)

 

$

(97,604

)

 

 

 

 

 

 

 

 

 

 

Other income (expense), net on GAAP basis

$

2

 

 

$

(110

)

 

$

(22

)

 

$

(104

)

 

$

10,097

 

Gain from forgiveness of PPP loan

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,124

)

Other income (expense), net on non-GAAP basis

$

2

 

 

$

(110

)

 

$

(22

)

 

$

(104

)

 

$

(27

)

 

 

 

 

 

 

 

 

 

 

Net loss on GAAP basis

$

(41,563

)

 

$

(44,299

)

 

$

(54,712

)

 

$

(134,983

)

 

$

(174,766

)

Discontinued product line

 

 

 

 

2,151

 

 

 

 

 

 

2,151

 

 

 

 

Inventory reserves and losses related to product transition

 

4,608

 

 

 

 

 

 

 

 

 

4,608

 

 

 

 

Terminated contract expense

 

3,500

 

 

 

 

 

 

 

 

 

3,500

 

 

 

 

Stock-based compensation and related employer payroll taxes

 

4,934

 

 

 

6,367

 

 

 

16,807

 

 

 

16,303

 

 

 

85,040

 

Legal settlements

 

 

 

 

 

 

 

275

 

 

 

 

 

 

1,520

 

Amortization of acquisition-related intangible assets

 

 

 

 

96

 

 

 

96

 

 

 

192

 

 

 

288

 

Severance

 

894

 

 

 

 

 

 

 

 

 

894

 

 

 

 

Gain from forgiveness of PPP loan

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,124

)

Net loss on non-GAAP basis

$

(27,627

)

 

$

(35,685

)

 

$

(37,534

)

 

$

(107,335

)

 

$

(98,042

)

 

 

 

 

 

 

 

 

 

 

Net loss per share on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.19

)

 

$

(0.22

)

 

$

(0.28

)

 

$

(0.66

)

 

$

(0.91

)

Weighted-average shares on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

 

213,518,699

 

 

 

198,947,058

 

 

 

196,204,671

 

 

 

203,504,556

 

 

 

192,835,674

 

Net loss per share on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.13

)

 

$

(0.18

)

 

$

(0.19

)

 

$

(0.53

)

 

$

(0.51

)

Weighted-average shares on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

 

213,518,699

 

 

 

198,947,058

 

 

 

196,204,671

 

 

 

203,504,556

 

 

 

192,835,674

 


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