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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EVgo Inc | NASDAQ:EVGO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -7.04% | 1.85 | 1.80 | 1.87 | 2.03 | 1.80 | 1.99 | 4,081,771 | 01:00:00 |
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue increased to $35.1 million in the third quarter of 2023, compared to $10.5 million in the third quarter of 2022, representing 234% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.
Network throughput increased to 37 GWh in the third quarter of 2023, compared to 12 GWh in the third quarter of 2022, representing 208% year-over-year growth. The Company added over 106,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 785,000 at quarter-end, an increase of 58% year-over-year.
“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization,” said Cathy Zoi, EVgo’s CEO. “We continue to deliver for our partners and customers. This quarter we opened the first EVgo eXtend™ stations at Pilot and Flying J locations, which are receiving great feedback from EV drivers. The EVgo team is making important progress on our network build out, customer experience, tech-enabled infrastructure, and ongoing cost efficiencies to develop the nation’s leading public fast charging company.”
Business Highlights
Financial & Operational Highlights
The below represent summary financial and operational figures for the third quarter of 2023.
1Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
Charging revenue, retail
$
13,357
$
5,176
158%
$
29,057
$
13,067
122%
Charging revenue, commercial
4,042
678
496%
8,175
2,041
301%
Charging revenue, OEM
1,477
252
486%
3,015
592
409%
Regulatory credit sales
1,807
1,178
53%
4,635
4,684
(1)%
Network revenue, OEM
1,114
448
149%
4,555
1,825
150%
eXtend revenue
10,475
1,543
579%
54,048
1,754
* %
Ancillary revenue
2,835
1,234
130%
7,474
3,322
125%
Total revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
* Percentage greater than 999%.
(unaudited, dollars in thousands)
Q3'23
Q3'22
Better (Worse)
Q3'23 YTD
Q3'22 YTD
Better (Worse)
Network Throughput (GWh)
37
12
208%
80
30
167%
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP gross profit (loss)
$
604
$
(3,208)
119%
$
6,174
$
(4,552)
236%
GAAP gross margin
1.7%
(30.5)%
3,220 bps
5.6%
(16.7)%
2,230 bps
GAAP net loss
$
(28,257)
$
(50,922)
45%
$
(98,877)
$
(89,191)
(11)%
Adjusted Gross Profit1
$
9,281
$
2,006
363%
$
28,539
$
8,254
246%
Adjusted Gross Margin1
26.4%
19.1%
730 bps
25.7%
30.3%
(460) bps
Adjusted EBITDA1
$
(14,248)
$
(22,153)
36%
$
(44,868)
$
(60,166)
25%
(unaudited, dollars in thousands)
Q3'23
Q3'22
Q3'23 YTD
Q3'22 YTD
Cash flows used in operating activities
$
(7,256)
$
(18,967)
$
(29,781)
$
(57,337)
Total capital expenditures
$
24,028
$
61,594
$
124,085
$
133,885
1 Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in these materials.
2023 Financial & Operating Guidance
EVgo is updating full year 2023 guidance as follows:
Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 3,700 DC fast charging stalls, including EVgo eXtend™, in operation or under construction.
*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA and a reconciliation to the most directly comparable GAAP measure for historical periods presented in this release, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s third quarter 2023 earnings release will be held today at 11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers) Toll/International: (646) 960-0363 (for callers outside the U.S.) Conference ID: 6304708
This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s charging network, including EVgo eXtend™ sites, includes more than 950 fast charging locations, 65 metropolitan areas and 35 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial and operating performance, revenues, capital expenditures, stalls in operation or under construction and network throughput; EVgo’s expectation of market position and progress on its network buildout, customer experience, technological capabilities and cost efficiencies; the Company’s collaboration with partners enabling effective deployment of chargers, including under its contract with the Pilot Company and GM; the potential integration of EVgo’s application programming interfaces under a partnership with Honda; and anticipated awards of funding in connection with the NEVI program and associated state programs. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes or developments in the broader general market; macro political, economic, and business conditions, including inflation and geopolitical conflicts that could impact EVgo’s supply chains; increased competition, including from new and existing entrants in the EV charging market; unfavorable conditions or further disruptions in the capital and credit markets and EVgo's ability to obtain additional capital on commercially reasonable terms; EVgo’s limited operating history as a public company; EVgo’s dependence on widespread adoption of EVs and increased installation of charging stations; mechanisms surrounding energy and non-energy costs for EVgo’s charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, tax credits, and other support available to EVgo; supply chain disruptions; EVgo’s ability to expand into new service markets, grow its customer base, and manage its operations; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards for EV charging; impediments to EVgo’s expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on EVgo’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by EVgo; risks related to EVgo’s dependence on its intellectual property; and risks that EVgo’s technology could have undetected defects or errors. Additional risks and uncertainties that could affect the Company’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”), as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Financial Statements
EVgo Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30,
December 31,
2023
2022
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted cash
$
228,709
$
246,193
Accounts receivable, net of allowance of $1,016 and $687 as of September 30, 2023 and December 31, 2022, respectively
25,655
11,075
Accounts receivable, capital-build
13,179
8,011
Prepaid expenses and other current assets1
10,796
10,205
Total current assets
278,339
275,484
Property, equipment and software, net
397,927
308,112
Operating lease right-of-use assets
56,190
51,856
Restricted cash
—
300
Other assets
1,888
2,308
Intangible assets, net
51,901
60,612
Goodwill
31,052
31,052
Total assets
$
817,297
$
729,724
Liabilities, redeemable noncontrolling interest and stockholders’ deficit
Current liabilities
Accounts payable
$
17,605
$
9,128
Accrued liabilities
38,112
39,233
Operating lease liabilities, current
5,719
4,958
Deferred revenue, current
19,904
16,023
Customer deposits
10,908
17,867
Other current liabilities
61
136
Total current liabilities
92,309
87,345
Operating lease liabilities, noncurrent
50,216
45,689
Earnout liability, at fair value
855
1,730
Asset retirement obligations
19,355
15,473
Capital-build liability
33,434
26,157
Deferred revenue, noncurrent
46,174
23,900
Warrant liabilities, at fair value
6,519
12,304
Total liabilities
248,862
212,598
Commitments and contingencies
Redeemable noncontrolling interest
661,804
875,226
Stockholders' deficit
(93,369
)
(358,100
)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit
$
817,297
$
729,724
1 In the third quarter of 2023, prepaid expenses and other current assets were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation.
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Three Months Ended
Nine Months Ended
September 30,
September 30,
(unaudited, dollars in thousands, except per share data)
2023
2022
Change %
2023
2022
Change %
Revenue
$
35,107
$
10,509
234
%
$
110,959
$
27,285
307
%
Cost of revenue
25,884
8,530
203
%
82,541
19,095
332
%
Depreciation, net of capital-build amortization
8,619
5,187
66
%
22,244
12,742
75
%
Cost of sales
34,503
13,717
152
%
104,785
31,837
229
%
Gross profit (loss)
604
(3,208
)
119
%
6,174
(4,552
)
236
%
General and administrative expenses
32,001
32,322
(1
)%
104,223
89,928
16
%
Depreciation, amortization and accretion
4,975
4,516
10
%
14,542
12,535
16
%
Total operating expenses
36,976
36,838
0
%
118,765
102,463
16
%
Operating loss
(36,372
)
(40,046
)
9
%
(112,591
)
(107,015
)
(5
)%
Interest expense
—
(8
)
100
%
—
(21
)
100
%
Interest income
2,898
1,636
77
%
7,095
2,327
205
%
Other income (expense), net
1
(347
)
100
%
1
(769
)
100
%
Change in fair value of earnout liability
442
(1,299
)
134
%
875
1,328
(34
)%
Change in fair value of warrant liabilities
4,774
(10,858
)
144
%
5,785
14,981
(61
)%
Total other income (expense), net
8,115
(10,876
)
175
%
13,756
17,846
(23
)%
Loss before income tax expense
(28,257
)
(50,922
)
45
%
(98,835
)
(89,169
)
(11
)%
Income tax expense
—
—
*
(42
)
(22
)
(91
)%
Net loss
(28,257
)
(50,922
)
45
%
(98,877
)
(89,191
)
(11
)%
Less: net loss attributable to redeemable noncontrolling interest
(18,536
)
(37,704
)
51
%
(69,054
)
(66,053
)
(5
)%
Net loss attributable to Class A common stockholders
$
(9,721
)
$
(13,218
)
26
%
$
(29,823
)
$
(23,138
)
(29
)%
Net loss per share to Class A common stockholders, basic and diluted
$
(0.09
)
$
(0.19
)
53
%
$
(0.34
)
$
(0.33
)
(3
)%
Weighted average common stock outstanding, basic and diluted
102,687
68,621
86,449
68,507
*Not meaningful
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Nine Months Ended
September 30,
(unaudited, in thousands)
2023
2022
Cash flows from operating activities
Net loss
$
(98,877
)
$
(89,191
)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, amortization and accretion
36,786
25,277
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense
8,065
4,618
Share-based compensation
21,023
17,441
Change in fair value of earnout liability
(875
)
(1,328
)
Change in fair value of warrant liabilities
(5,785
)
(14,981
)
Other
23
521
Changes in operating assets and liabilities
Accounts receivable, net
(14,581
)
(3,987
)
Receivables from related parties
—
1,500
Prepaid expenses, other current assets and other assets
(289
)
840
Operating lease assets and liabilities, net
955
(1,082
)
Accounts payable
2,781
(45
)
Payables to related parties
—
24
Accrued liabilities
2,247
1,567
Deferred revenue
26,155
3,544
Customer deposits
(6,959
)
(1,795
)
Other current and noncurrent liabilities
(450
)
(260
)
Net cash used in operating activities
(29,781
)
(57,337
)
Cash flows from investing activities
Purchases of property, equipment and software
(124,085
)
(133,885
)
Proceeds from insurance for property losses
242
729
Purchases of investments
—
(37,332
)
Proceeds from sale of investments
—
37,166
Net cash used in investing activities
(123,843
)
(133,322
)
Cash flows from financing activities
Proceeds from issuance of Class A common stock under the ATM
5,828
—
Proceeds from issuance of Class A common stock under the equity offering
128,023
—
Proceeds from capital-build funding
7,079
6,864
Proceeds from exercise of warrants
—
3
Payments of deferred transaction costs
(5,090
)
(409
)
Net cash provided by financing activities
135,840
6,458
Net decrease in cash, cash equivalents and restricted cash
(17,784
)
(184,201
)
Cash, cash equivalents and restricted cash, beginning of period
246,493
485,181
Cash, cash equivalents and restricted cash, end of period
$
228,709
$
300,980
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.
EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release.
Definitions of Non-GAAP Financial Measures
This release includes the following non-GAAP financial measures, in each case as defined below: “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin.” EVgo believes these measures are useful to investors in evaluating EVgo’s performance. In addition, EVgo management uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these measures help to depict a more meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of recoveries, and impairment expense, (iii) bad debt expense, and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest income, (v) interest expense, and (vi) income tax expense. EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of recoveries, and impairment expense, (iii) (gain) loss on investments, (iv) bad debt expense, (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue.
Reconciliations of Non-GAAP Measures
The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP net loss
$
(28,257
)
$
(50,922
)
45%
$
(98,877
)
$
(89,191
)
(11)%
GAAP net loss margin
(80.5
%)
(484.6
%)
* bps
(89.1
%)
(326.9
%)
* bps
Adjustments:
Depreciation, net of capital-build amortization
8,746
5,275
66%
22,621
12,963
75%
Amortization
4,264
3,915
9%
12,500
10,843
15%
Accretion
584
513
14%
1,665
1,471
13%
Interest income
(2,898
)
(1,636
)
(77)%
(7,095
)
(2,327
)
(205)%
Interest expense
—
8
(100)%
—
21
(100)%
Income tax expense
—
—
* %
42
22
91%
EBITDA
(17,561
)
(42,847
)
59%
(69,144
)
(66,198
)
(4)%
EBITDA margin
(50.0
%)
(407.7
%)
* bps
(62.3
%)
(242.6
%)
* bps
Adjustments:
Share-based compensation
6,101
6,893
(11)%
21,023
17,441
21%
Loss on disposal of property and equipment, net of recoveries, and impairment expense1
2,216
1,242
78%
8,065
3,889
107%
Loss on investments
12
344
(97)%
16
749
(98)%
Bad debt expense
199
(84
)
337%
352
67
425%
Change in fair value of earnout liability
(442
)
1,299
(134)%
(875
)
(1,328
)
34%
Change in fair value of warrant liabilities
(4,774
)
10,858
(144)%
(5,785
)
(14,981
)
61%
Other1,2
1
142
(99)%
1,480
195
659%
Adjusted EBITDA
$
(14,248
)
$
(22,153
)
36%
$
(44,868
)
$
(60,166
)
25%
Adjusted EBITDA margin
(40.6
%)
(210.8
%)
* bps
(40.4
%)
(220.5
%)
* bps
* Percentage greater than 999%, bps greater than 9,999 or not meaningful
1In the second quarter of 2023, the Company reclassified insurance proceeds from property losses from "other" to "loss on disposal of property and equipment, net of recoveries, and impairment expense." Previously reported amounts have been updated to conform to the current period presentation.
2For the nine months ended September 30, 2023, comprised primarily of costs related to the reorganization of Company resources previously announced by the Company on February 23, 2023 and the petition filed by EVgo in the Delaware Court of Chancery in February 2023 seeking validation of EVgo's charter and share structure (the “205 Petition”), which are not expected to recur.
The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss) and Adjusted Gross Margin to the most directly comparable GAAP measures:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP cost of sales
34,503
13,717
152%
104,785
31,837
229%
GAAP gross profit (loss)
$
604
$
(3,208
)
119%
$
6,174
$
(4,552
)
236%
GAAP cost of sales as a percentage of revenue
98.3
%
130.5
%
(3,220) bps
94.4
%
116.7
%
(2,230) bps
GAAP gross margin
1.7
%
(30.5
%)
3,220 bps
5.6
%
(16.7
%)
2,230 bps
Adjustments:
Depreciation, net of capital-build amortization
$
8,619
$
5,187
66%
$
22,244
$
12,742
75%
Share-based compensation
58
27
115%
121
64
89%
Total adjustments
8,677
5,214
66%
22,365
12,806
75%
Adjusted cost of sales
$
25,826
$
8,503
204%
$
82,420
$
19,031
333%
Adjusted cost of sales as a percentage of revenue
73.6
%
80.9
%
(730) bps
74.3
%
69.7
%
460 bps
Adjusted gross profit
$
9,281
$
2,006
363%
$
28,539
$
8,254
246%
Adjusted gross margin
26.4
%
19.1
%
730 bps
25.7
%
30.3
%
(460) bps
The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP general and administrative expenses
$
32,001
$
32,322
(1)%
$
104,223
$
89,928
16%
GAAP general and administrative expenses as a percentage of revenue
91.2
%
307.6
%
* bps
93.9
%
329.6
%
* bps
Adjustments:
Share-based compensation
$
6,043
$
6,866
(12)%
$
20,902
$
17,377
20%
Loss on disposal of property and equipment, net of recoveries, and impairment expense1
2,216
1,242
78%
8,065
3,889
107%
Bad debt expense
199
(84
)
337%
352
67
425%
Other1,2
1
142
(99)%
1,480
195
659%
Total adjustments
8,459
8,166
4%
30,799
21,528
43%
Adjusted general and administrative expenses
$
23,542
$
24,156
(3)%
$
73,424
$
68,400
7%
Adjusted general and administrative expenses as a percentage of revenue
67.1
%
229.9
%
* bps
66.2
%
250.7
%
* bps
* Percentage greater than 999% or bps greater than 9,999
1In the second quarter of 2023, the Company reclassified insurance proceeds from property losses from "other" to "loss on disposal of property and equipment, net of recoveries, and impairment expense." Previously reported amounts have been updated to conform to the current period presentation.
2For the nine months ended September 30, 2023, comprised primarily of costs related to the reorganization of Company resources previously announced by the Company on February 23, 2023 and the 205 Petition, which are not expected to recur.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108121849/en/
For investors: investors@evgo.com
For Media: press@evgo.com
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