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,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
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 |
|
Velodyne Lidar Reports Third Quarter 2022 Financial Results
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