(Unaudited)
GAAP refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. We believe that our presentation of non-GAAP financial measures provides useful supplementary information to investors. The presentation of non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
The reconciliations of our preliminary GAAP to non-GAAP measures are as follows (in thousands, except share and per share amounts):
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Computation of non-GAAP gross margin: |
|
|
|
|
|
|
|
||||||||
GAAP revenue |
$ |
52,355 |
|
|
$ |
52,108 |
|
|
$ |
104,708 |
|
|
$ |
92,560 |
|
GAAP cost of goods sold |
|
30,241 |
|
|
|
32,127 |
|
|
|
60,330 |
|
|
|
56,183 |
|
Acquisition-related expenses |
|
(109 |
) |
|
|
(2,898 |
) |
|
|
(219 |
) |
|
|
(5,546 |
) |
Amortization of intangible assets |
|
(3,727 |
) |
|
|
(4,267 |
) |
|
|
(7,462 |
) |
|
|
(6,286 |
) |
| Inventory cost realignments |
|
— |
|
|
|
— |
|
|
|
(145 |
) |
|
|
— |
|
| Share-based compensation |
|
(388 |
) |
|
|
(68 |
) |
|
|
(488 |
) |
|
|
(136 |
) |
| Non-GAAP gross profit |
$ |
26,338 |
|
|
$ |
27,214 |
|
|
$ |
52,692 |
|
|
$ |
48,345 |
|
| Non-GAAP gross margin |
|
50.3 |
% |
|
|
52.2 |
% |
|
|
50.3 |
% |
|
|
52.2 |
% |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
| Computation of non-GAAP operating loss: |
|
|
|
|
|
|
|
||||||||
| GAAP loss from operations |
$ |
(36,634 |
) |
|
$ |
(40,725 |
) |
|
$ |
(86,281 |
) |
|
$ |
(77,706 |
) |
| Acquisition-related expenses |
|
558 |
|
|
|
7,431 |
|
|
|
1,753 |
|
|
|
12,564 |
|
| Amortization of intangible assets |
|
5,970 |
|
|
|
3,676 |
|
|
|
11,741 |
|
|
|
7,099 |
|
| Inventory cost realignments |
|
— |
|
|
|
— |
|
|
|
145 |
|
|
|
— |
|
| Share-based compensation |
|
12,900 |
|
|
|
13,292 |
|
|
|
38,284 |
|
|
|
24,918 |
|
| Non-GAAP operating loss |
$ |
(17,206 |
) |
|
$ |
(16,326 |
) |
|
$ |
(34,358 |
) |
|
$ |
(33,125 |
) |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
| Computation of non-GAAP net loss: |
|
|
|
|
|
|
|
||||||||
| Net loss |
$ |
(21,000 |
) |
|
$ |
(13,563 |
) |
|
$ |
(55,223 |
) |
|
$ |
(95,529 |
) |
| Acquisition-related expenses |
|
558 |
|
|
|
7,431 |
|
|
|
1,753 |
|
|
|
12,564 |
|
| Amortization of intangible assets |
|
5,970 |
|
|
|
3,676 |
|
|
|
11,741 |
|
|
|
7,099 |
|
| Inventory cost realignments |
|
— |
|
|
|
— |
|
|
|
145 |
|
|
|
— |
|
| Share-based compensation |
|
12,900 |
|
|
|
13,292 |
|
|
|
38,284 |
|
|
|
24,918 |
|
| (Gain) loss from change in fair value of warrants |
|
— |
|
|
|
(25,046 |
) |
|
|
— |
|
|
|
22,286 |
|
| Gain from change in fair value of contingent considerations and acquisition-related holdbacks |
|
(17,331 |
) |
|
|
(2,303 |
) |
|
|
(32,690 |
) |
|
|
(673 |
) |
| Other income (expense) |
|
553 |
|
|
|
(429 |
) |
|
|
800 |
|
|
|
(429 |
) |
| Non-cash interest expense |
|
265 |
|
|
|
240 |
|
|
|
515 |
|
|
|
499 |
|
| Income tax benefit (provision) |
|
86 |
|
|
|
342 |
|
|
|
(1,023 |
) |
|
|
(3,364 |
) |
| Non-GAAP net loss |
$ |
(17,999 |
) |
|
$ |
(16,360 |
) |
|
$ |
(35,698 |
) |
|
$ |
(32,629 |
) |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
| Computation of Non-GAAP EBITDA: |
|
|
|
|
|
|
|
||||||||
| Net loss |
$ |
(21,000 |
) |
|
$ |
(13,563 |
) |
|
$ |
(55,223 |
) |
|
$ |
(95,529 |
) |
| Interest income |
|
(1,076 |
) |
|
|
(1,870 |
) |
|
|
(2,385 |
) |
|
|
(4,289 |
) |
| Interest expense |
|
2,134 |
|
|
|
2,144 |
|
|
|
4,240 |
|
|
|
4,292 |
|
| (Gain) loss from change in fair value of warrants |
|
— |
|
|
|
(25,046 |
) |
|
|
— |
|
|
|
22,286 |
|
| Gain from change in fair value of contingent considerations and acquisition-related holdbacks |
|
(17,331 |
) |
|
|
(2,303 |
) |
|
|
(32,690 |
) |
|
|
(673 |
) |
| Other expenses |
|
553 |
|
|
|
(429 |
) |
|
|
800 |
|
|
|
(429 |
) |
| Income tax benefit (provision) |
|
86 |
|
|
|
342 |
|
|
|
(1,023 |
) |
|
|
(3,364 |
) |
| Depreciation and amortization |
|
7,393 |
|
|
|
8,055 |
|
|
|
14,700 |
|
|
|
11,478 |
|
| Stock-based compensation |
|
12,900 |
|
|
|
13,292 |
|
|
|
38,284 |
|
|
|
24,918 |
|
| Inventory cost realignments |
|
— |
|
|
|
— |
|
|
|
145 |
|
|
|
— |
|
| Acquisition-related expenses |
|
558 |
|
|
|
7,431 |
|
|
|
1,753 |
|
|
|
12,564 |
|
| Non-GAAP EBITDA |
$ |
(15,783 |
) |
|
$ |
(11,947 |
) |
|
$ |
(31,399 |
) |
|
$ |
(28,746 |
) |
|
|
Three Months Ended
|
||
| Computation of non-GAAP share count: |
|
||
| Weighted Average Class A common stock - Basic |
|
170,164,241 |
|
| Weighted Average Class V common stock - Basic |
|
18,509,442 |
|
| Escrow Shares |
|
1,725,000 |
|
| TeraXion Unexercised Options |
|
692,347 |
|
| Non-GAAP share count |
|
191,091,030 |
|
|
|
|
||
| Non-GAAP net loss |
$ |
(17,999 |
) |
| Non-GAAP net loss per share |
$ |
(0.09 |
) |
Discussion Regarding the Use of Non-GAAP Financial Measures
