(Unaudited)
GAAP refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement 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 September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Computation of non-GAAP gross margin: |
|
|
|
|
|
|
|
|||||||||
GAAP revenue |
$ |
60,476 |
|
|
$ |
30,016 |
|
|
$ |
153,036 |
|
|
$ |
77,770 |
|
|
GAAP cost of goods sold |
|
35,187 |
|
|
|
14,970 |
|
|
|
91,370 |
|
|
|
44,340 |
|
|
Acquisition-related expenses |
|
(881 |
) |
|
|
(118 |
) |
|
|
(5,984 |
) |
|
|
(860 |
) |
|
Amortization of intangible assets |
|
(4,200 |
) |
|
|
103 |
|
|
|
(10,929 |
) |
|
|
(3,697 |
) |
|
| Inventory cost realignments |
|
(1,365 |
) |
|
|
— |
|
|
|
(1,365 |
) |
|
|
— |
|
|
| Share-based compensation |
|
(113 |
) |
|
|
(68 |
) |
|
|
(249 |
) |
|
|
(81 |
) |
|
| Non-GAAP gross profit |
$ |
31,848 |
|
|
$ |
15,129 |
|
|
$ |
80,193 |
|
|
$ |
38,068 |
|
|
| Non-GAAP gross margin |
|
52.7 |
% |
|
|
50.4 |
% |
|
|
52.4 |
% |
|
|
48.9 |
% |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended S eptember 30, |
|||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Computation of non-GAAP operating loss: |
|
|
|
|
|
|
|
|||||||||
| GAAP loss from operations |
$ |
(36,146 |
) |
|
$ |
(25,859 |
) |
|
$ |
(113,852 |
) |
|
$ |
(90,168 |
) |
|
| Acquisition-related expenses |
|
1,957 |
|
|
|
1,439 |
|
|
|
10,879 |
|
|
|
4,354 |
|
|
| Amortization of intangible assets |
|
6,991 |
|
|
|
(1,058 |
) |
|
|
17,732 |
|
|
|
5,700 |
|
|
| Inventory cost realignments |
|
1,365 |
|
|
|
— |
|
|
|
1,365 |
|
|
|
— |
|
|
| Share-based compensation |
|
12,793 |
|
|
|
9,663 |
|
|
|
37,711 |
|
|
|
30,845 |
|
|
| Non-GAAP operating loss |
$ |
(13,040 |
) |
|
$ |
(15,815 |
) |
|
$ |
(46,165 |
) |
|
$ |
(49,269 |
) |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended S eptember 30, |
|||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Computation of non-GAAP net loss: |
|
|
|
|
|
|
|
|||||||||
| Net loss |
$ |
(18,677 |
) |
|
$ |
(45,432 |
) |
|
$ |
(114,206 |
) |
|
$ |
(37,030 |
) |
|
| Acquisition-related expenses |
|
1,957 |
|
|
|
1,439 |
|
|
|
10,879 |
|
|
|
4,354 |
|
|
| Amortization of intangible assets |
|
6,991 |
|
|
|
(1,058 |
) |
|
|
17,732 |
|
|
|
5,700 |
|
|
| Inventory cost realignments |
|
1,365 |
|
|
|
— |
|
|
|
1,365 |
|
|
|
— |
|
|
| Share-based compensation |
|
12,793 |
|
|
|
9,663 |
|
|
|
37,711 |
|
|
|
30,845 |
|
|
| (Gain) loss from change in fair value of warrants |
|
(15,660 |
) |
|
|
19,059 |
|
|
|
6,626 |
|
|
|
(48,595 |
) |
|
| (Gain) loss from change in fair value of contingent considerations and acquisition-related holdbacks |
|
(3,535 |
) |
|
|
121 |
|
|
|
(4,208 |
) |
|
|
(3,546 |
) |
|
| Other expense |
|
692 |
|
|
|
— |
|
|
|
263 |
|
|
|
— |
|
|
| Non-cash interest expense |
|
222 |
|
|
|
75 |
|
|
|
721 |
|
|
|
226 |
|
|
| Income taxes (benefits) expense |
|
650 |
|
|
|
863 |
|
|
|
(2,714 |
) |
|
|
(665 |
) |
|
| Non-GAAP net loss |
$ |
(13,202 |
) |
|
$ |
(15,270 |
) |
|
$ |
(45,831 |
) |
|
$ |
(48,711 |
) |
|
|
|
Three Months Ended September 30, 2023 |
|||
| Computation of non-GAAP share count: |
|
|||
| Weighted Average Class A common stock - Basic |
|
146,962,717 |
|
|
| Weighted Average Class V common stock - Basic |
|
18,994,332 |
|
|
| Escrow Shares |
|
1,725,000 |
|
|
| TeraXion Unexercised Options |
|
927,176 |
|
|
| Non-GAAP share count |
|
168,609,225 |
|
|
|
|
|
|||
| Non-GAAP net loss |
$ |
(13,202 |
) |
|
| Non-GAAP net loss per share |
$ |
(0.08 |
) |
|
Discussion Regarding the Use of Non-GAAP Financial Measures
