Astera Labs Announces Financial Results for the First Quarter of Fiscal Year 2024

____________________

(1) Stock-based compensation expense recognized in connection with the vesting and settlement of RSUs that had previously met the time vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

(2) Employer payroll taxes related to the vesting and settlement of RSUs, that had previously met the time vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

(3) For the three months ended March 31, 2024, the non-GAAP tax rate of approximately 22% is calculated based on the tax laws in the jurisdictions in which we operate and exclude the impact of stock-based compensation expense and associated employer payroll taxes. The adjustments for the three months ended December 31, 2023 and March 31, 2023 were not material.

(4) GAAP basic and diluted net income per share attributable to common stockholders for the three months ended December 31, 2023 was zero as all net income was attributable to preferred stockholders.

(5) Reconciliation of GAAP weighted-average shares to pro forma Non-GAAP weighted-average shares. We present the pro-forma non-GAAP weighted-average shares to provide meaningful supplemental information of comparable shares for each periods presented. The pro forma weighted-average shares is calculated as follows:

 

 

Three Months Ended

 

 

March 31,
2024

 

December 31,
2023

 

March 31,
2023

Shares used to compute GAAP net (loss) income per share attributable to common stockholders - diluted

 

52,532

 

47,636

 

35,826

Weighted-average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the quarter

 

78,905

 

 

90,891

 

 

90,891

 

Effect of potentially dilutive equivalent shares

 

16,077

 

 

 

 

 

Shares used to compute pro forma non-GAAP net income (loss) per share- diluted

 

147,514

 

 

138,527

 

 

126,717

 

ASTERA LABS, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

STOCK-BASED COMPENSATION EXPENSE (Unaudited)

(In thousands)

   

 

 

Three Months Ended

 

 

March 31,
2024

 

December 31,
2023

 

March 31,
2023

Cost of revenue

 

$

528

 

$

8

 

$

5

Research and development

 

 

30,007

 

 

 

2,303

 

 

 

1,679

 

Sales and marketing

 

 

49,258

 

 

 

681

 

 

 

1

 

General and administrative

 

 

17,975

 

 

 

307

 

 

 

312

 

Total stock-based compensation expense (1)

 

$

97,768

 

 

$

3,299

 

 

$

1,997

 


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