Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results
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NAVITAS SEMICONDUCTOR CORPORATION | |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |
(dollars in thousands, except per-share amounts) | | | | | | | | | | | |
Three Months Ended | |
Year Ended | | |
December 31, | |
December 31, | | | |
2022 | | | |
2021 | | | |
2022 | | | |
2021 | | |
RECONCILIATION OF GROSS PROFIT MARGIN | | | | | | | | | GAAP gross profit | $ | 5,008 | | | $ | 3,250 | | | $ | 11,947 | | | $ | 10,686 | | | GAAP gross profit margin | | 40.6 | % | | | 44.3 | % | | | 31.5 | % | | | 45.0 | % | | Stock-based compensation expense included in net revenues | $ | - | | | $ | - | | | $ | - | | | $ | 163 | | | Reserves for write-down of inventory | | - | | | | - | | | | 2,833 | | | | - | | | Inventory write-off related to purchase accounting step-up | | - | | | | - | | | | 539 | | | | - | | | Other operational charges | | - | | | | - | | | | 172 | | | | - | | | Non-GAAP gross profit | $ | 5,008 | | | $ | 3,250 | | | $ | 15,491 | | | $ | 10,849 | | | Non-GAAP gross profit margin | | 40.6 | % | | | 44.3 | % | | | 40.8 | % | | | 45.4 | % | |
RECONCILIATION OF OPERATING EXPENSES | | | | | | | | | GAAP Operating expenses | $ | 33,564 | | | $ | 39,156 | | | $ | 132,940 | | | $ | 79,194 | | | Less: Stock-based compensation expenses included in: | | | | | | | | | Research and development | | 3,729 | | | | 4,926 | | | | 19,487 | | | | 6,624 | | | Selling, general and administrative | | 7,465 | | | | 21,713 | | | | 43,843 | | | | 34,617 | | | Total | | 11,194 | | | | 26,639 | | | | 63,330 | | | | 41,241 | | | Acquisition-related expenses | | 465 | | | | 2,295 | | | | 5,907 | | | | 2,295 | | | Amortization of acquisition-related intangible assets | | 4,521 | | | | 87 | | | | 6,934 | | | | 361 | | | Payroll taxes on vesting of employee stock-based compensation | | 438 | | | | - | | | | 592 | | | | - | | | Non-GAAP operating expenses | $ | 16,946 | | | $ | 10,135 | | | $ | 56,177 | | | $ | 35,297 | | |
RECONCILIATION OF LOSS FROM OPERATIONS | | | | | | | | | GAAP loss from operations | $ | (28,556 | ) | | $ | (35,906 | ) | | $ | (120,993 | ) | | $ | (68,508 | ) | | GAAP operating margin | | -231.2 | % | | | -489.3 | % | | | -318.9 | % | | | -288.6 | % | | Add: Stock-based compensation expenses included in: | | | | | | | | | Net revenues | | - | | | | - | | | | - | | | | 163 | | | Research and development | | 3,729 | | | | 4,926 | | | | 19,487 | | | | 6,624 | | | Selling, general and administrative | | 7,465 | | | | 21,713 | | | | 43,843 | | | | 34,617 | | | Total | | 11,194 | | | | 26,639 | | | | 63,330 | | | | 41,404 | | | Acquisition-related expenses | | 465 | | | | 2,295 | | | | 5,907 | | | | 2,295 | | | Reserves for write-down of inventory | | - | | | | - | | | | 2,833 | | | | - | | | Inventory write-off related to purchase accounting step-up | | - | | | | - | | | | 539 | | | | - | | | Other operational charges | | - | | | | - | | | | 172 | | | | - | | | Amortization of acquisition-related intangible assets | | 4,521 | | | | 87 | | | | 6,934 | | | | 361 | | | Payroll taxes on vesting of employee stock-based compensation | | 438 | | | | - | | | | 592 | | | | - | | | Non-GAAP loss from operations | $ | (11,938 | ) | | $ | (6,885 | ) | | $ | (40,686 | ) | | $ | (24,448 | ) | | Non-GAAP operating margin | | -96.7 | % | | | -93.8 | % | | | -107.2 | % | | | -103.0 | % | |
RECONCILIATION OF NET LOSS PER SHARE | | | | | | | | | GAAP net income (loss) attributable to controlling interest | $ | (6,055 | ) | | $ | (119,847 | ) | | $ | 74,984 | | | $ | (152,685 | ) | | Adjustments to GAAP net loss | | | | | | | | | Total stock-based compensation | | 11,194 | | | | 26,639 | | | | 63,330 | | | | 41,404 | | | Acquisition-related expenses | | 465 | | | | 2,295 | | | | 5,907 | | | | 2,295 | | | Reserves for write-down of inventory | | - | | | | - | | | | 2,833 | | | | - | | | Inventory write-off related to purchase accounting step-up | | - | | | | - | | | | 539 | | | | - | | | Other operational charges | | - | | | | - | | | | 172 | | | | - | | | Amortization of acquisition-related intangible assets | | 4,521 | | | | 87 | | | | 6,934 | | | | 361 | | | Payroll taxes on vesting of employee stock-based compensation | | 438 | | | | - | | | | 592 | | | | - | | | Gain from change in fair value of warrants | | - | | | | 45,625 | | | | (51,763 | ) | | | 45,625 | | | Loss (Gain) from change in fair value of earnout liabilities | | (9,547 | ) | | | 38,105 | | | | (121,709 | ) | | | 38,105 | | | Release of valuation allowance in connection with acquisition | | (10,599 | ) | | | - | | | | (20,514 | ) | | | - | | | Other expense | | (69 | ) | | | 143 | | | | 1,146 | | | | 143 | | | Non-GAAP net loss | $ | (9,652 | ) | | $ | (6,953 | ) | | $ | (37,549 | ) | | $ | (24,752 | ) | | Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | | 152,416 | | | | 97,400 | | | | 133,668 | | | | 39,167 | | | Non-GAAP net loss per share (basic and diluted) | $ | (0.06 | ) | | $ | (0.07 | ) | | $ | (0.28 | ) | | $ | (0.63 | ) | | | | | | | | | | | | | | | | | |
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