- Revenue reached $50.0 million in the fourth quarter,
representing an increase of 83% year-over-year.
- For the full year 2023, revenue reached $161.0 million, an
increase of 195% over full year 2022, and exceeding the high-end of
the Company’s guidance range.
- Network throughput reached a record 50 gigawatt-hours (“GWh”)
in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh,
representing growth of 189% over full year 2022.
- Ended 2023 with approximately 3,550 stalls in operation or
under construction, including EVgo eXtend™ stalls, with over 260
new operational stalls added during the fourth quarter.
- Added over 110,000 new customer accounts in the fourth quarter
and approximately 366,000 during 2023, reaching more than 884,000
overall at the end of the year.
- Net loss was $36.6 million for the fourth quarter of 2023 and
$135.5 million for the full year 2023.
- Adjusted EBITDA1 was ($14.0) million for the fourth quarter of
2023, and ($58.8) million for the full year 2023, outperforming the
high-end of the Company’s guidance range.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the fourth quarter and full year ended
December 31, 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 reached $50.0 million in the fourth quarter of 2023,
compared to $27.3 million in the fourth quarter of 2022,
representing 83% year-over-year growth. For the full year 2023,
revenue reached $161.0 million, compared to $54.6 million for the
full year 2022, an increase of 195% year-over-year. Revenue growth
was primarily driven by year-over-year increases in charging
revenues and eXtendrevenue.
Network throughput increased to 50 GWh in the fourth quarter of
2023, compared to 14 GWh in the fourth quarter of 2022,
representing 257% year-over-year growth. For the full year 2023,
network throughput reached 130 GWh, reflecting an increase of 189%
year-over-year. The Company added over 110,000 new customer
accounts during the fourth quarter of 2023, bringing the overall
number of customer accounts to more than 884,000 at the end of the
year, an increase of 60% year-over-year.
“EVgo had a fantastic 2023 as we relentlessly focused on
customer experience, a digital-first approach, and station
development resulting in revenue growth that nearly tripled,” said
Badar Khan, EVgo’s CEO. “Our throughput growth continues to
significantly exceed growth in EVs in operation. We added over 930
new stalls during the year including opening the first NEVI-funded
site in the U.S. in London, Ohio with the Pilot Company and GM.
Utilization and throughput growth accelerated driven by retail and
fleet drivers.”
Mr. Khan concluded, “EVgo passed an important inflection point
in 2023 in that as a result of the utilization and throughput
levels we are now seeing across our network, the installed base is
now profitable on a stand-alone basis. In 2024, we are well
positioned to continue to expand our network and increase revenues
while continuing to realize operational leverage as we target
Adjusted EBITDA2 breakeven in 2025.”
1 Adjusted EBITDA is a non-GAAP measure and has not been
prepared in accordance with generally accepted accounting
principles in the United States of America (“GAAP”). For additional
information, please see “Definitions of Non-GAAP Financial
Measures” and “Reconciliations of Non-GAAP Financial Measures”
included elsewhere in this release. 2 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, please see “Definitions of Non-GAAP Financial
Measures” included elsewhere in this release.
Business Highlights
- Stall Development: The Company ended 2023 with 2,990
stalls in operation, including 100 EVgo eXtend™ stalls. EVgo added
more than 260 new DC fast charging stalls during the quarter and
over 930 over the full year.
- Network Utilization: Utilization on the EVgo network in
December 2023 was over 19%, up from 8% in December 2022.
- Network Throughput: Average daily throughput per stall
for the EVgo network was 201 kilowatt hours per day in December
2023, an increase of 179% compared to 72 kilowatt hours per day in
December 2022.
- Fleet Charging: EVgo’s public fleet charging business
continues to grow, as full year 2023 fleet throughput grew over
five times above full year 2022 fleet throughput driven by
rideshare.
- National Electric Vehicle Infrastructure Program
(“NEVI”): EVgo and its eXtend™ partners opened the first and
third sites in the country under the NEVI program in Ohio and
Pennsylvania, respectively.
- EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo
eXtend™ stalls.
- EVgo Autocharge+: Autocharge+ was approximately 17% of
total charging sessions initiated in the fourth quarter and
Autocharge+ charging sessions in the fourth quarter increased 191%
compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered
users and achieved 7.9 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the fourth quarter of 2023.
- Revenue of $50.0 million
- Network Throughput1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000
accounts
- Gross Profit of $3.5 million
- Net Loss of $36.6 million
- Adjusted Gross Profit2 of $13.3 million
- Adjusted EBITDA2 of ($14.0) million
- Cash Flows Used in Operating Activities of $7.3
million
- Capital Expenditures of $34.8 million
- Capital Expenditures, Net of Capital Offsets2 of $21.8
million
The below represent summary financial and operational figures
for the full year 2023.
- Revenue of $161.0 million
- Network Throughput1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000
accounts
- Gross Profit of $9.7 million
- Net Loss of $135.5 million
- Adjusted Gross Profit2 of $41.8 million
- Adjusted EBITDA2 of ($58.8) million
- Cash Flows Used in Operating Activities of $37.1
million
- Capital Expenditures of $158.9 million
- Capital Expenditures, Net of Capital Offsets2 of $122.8
million
1 Network throughput for EVgo network excludes EVgo eXtend™
sites. 2 Adjusted Gross Profit, Adjusted EBITDA, and Capital
Expenditures, Net of Capital Offsets 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
Financial Measures” included elsewhere in this release.
(unaudited, dollars in thousands)
Q4'23
Q4'22
Better (Worse)
FY 2023
FY 2022
Better (Worse)
Network Throughput (GWh)
50
14
257
%
130
45
189
%
Revenue
$
49,994
$
27,303
83
%
$
160,953
$
54,588
195
%
Gross profit (loss)
$
3,540
$
(1,099
)
422
%
$
9,714
$
(5,651
)
272
%
Gross margin
7.1
%
(4.0
)%
1,110 bps
6.0
%
(10.4
)%
1,640 bps
Net loss
$
(36,589
)
$
(17,049
)
(115
)%
$
(135,466
)
$
(106,240
)
(28
)%
Adjusted Gross Profit1
$
13,253
$
4,993
165
%
$
41,792
$
13,246
216
%
Adjusted Gross Margin1
26.5
%
18.3
%
820 bps
26.0
%
24.3
%
170 bps
Adjusted EBITDA1
$
(13,962
)
$
(20,058
)
30
%
$
(58,830
)
$
(80,246
)
27
%
(unaudited, dollars in thousands)
Q4'23
Q4'22
Change
FY 2023
FY 2022
Change
Cash flows used in operating
activities
$
(7,274
)
$
(1,457
)
(399
)%
$
(37,055
)
$
(58,794
)
37
%
Capital expenditures
$
34,811
$
66,366
(48
)%
$
158,896
$
200,251
(21
)%
Capital offsets:
OEM infrastructure payments
5,695
7,000
(19
)%
21,633
7,000
209
%
Proceeds from capital-build funding
7,353
3,224
128
%
14,432
10,088
43
%
Total capital offsets
13,048
10,224
28
%
36,065
17,088
111
%
Capital Expenditures, Net of Capital
Offsets1
$
21,763
$
56,142
(61
)%
$
122,831
$
183,163
(33
)%
12/31/2023
12/31/2022
Increase
Stalls in operation or under
construction:
EVgo Network
3,360
2,830
19
%
EVgo eXtend™
190
—
* %
Total stalls in operation or under
construction
3,550
2,830
25
%
Stalls in operation:
EVgo Network
2,890
2,180
33
%
EVgo eXtend™
100
—
* %
Total stalls in operation
2,990
2,180
37
%
* Percentage not meaningful.
1 Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA,
and Capital Expenditures, Net of Capital Offsets 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 Financial Measures” included elsewhere
in this release.
2024 Financial Guidance
EVgo is introducing 2024 guidance as follows:
- Total revenue of $220 – $270 million
- Adjusted EBITDA1 of ($48) – ($30) million
1 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, please
see “Definitions of Non-GAAP Financial Measures” included elsewhere
in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s fourth
quarter and full year 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: (800) 715-9871 (for U.S. callers)
Toll/International: (646) 307-1963 (for callers outside the
U.S.) Conference ID: 6304708
This press release, along with other investor materials that
will be used or referred to during the webcast and conference call,
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 electric vehicle 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. EVgo is one of the nation’s largest public fast
charging networks, featuring over 950 fast charging locations
across more than 35 states, 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 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.
You are cautioned, therefore, against relying on any of these
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, market size and opportunity, capital expenditures, stalls
in operation or under construction, network throughput, business
strategies and utilization growth; EVgo being “well positioned to
continue to expand [its] network and increase revenues while
continuing to realize operational leverage” and “target Adjusted
EBITDA breakeven in 2025;” EVgo’s expectation of market position
and progress on its network buildout, customer experience,
technological capabilities and cost efficiencies; growth in the
Company’s throughput versus the growth in electric vehicles (“EVs”)
in operation; growth in the Company’s fleet business; the Company’s
collaboration with partners enabling effective deployment of
chargers, including under its contract with the Pilot Company and
GM; 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;
EVgo’s dependence on the widespread adoption of EVs and growth of
the EV and EV charging markets; competition from existing and new
competitors; EVgo’s ability to expand into new service markets,
grow its customer base and manage its operations; the risks
associated with cyclical demand for EVgo’s services and
vulnerability to industry downturns and regional or national
downturns; fluctuations in EVgo’s revenue and operating results;
unfavorable conditions or disruptions in the capital and credit
markets and EVgo’s ability to obtain additional financing on
commercially reasonable terms; EVgo’s ability to generate cash,
service indebtedness and incur additional indebtedness; any
current, pending or future legislation, regulations or policies
that could impact EVgo’s business, results of operations and
financial condition, including regulations impacting the EV
charging market and government programs designed to drive broader
adoption of EVs and any reduction, modification or elimination of
such programs; EVgo’s ability to adapt its assets and
infrastructure to changes in industry and regulatory standards and
market demands related to EV charging; impediments to EVgo’s
expansion plans, including permitting and utility-related delays;
EVgo’s ability to integrate any businesses it acquires; EVgo’s
ability to recruit and retain experienced personnel; risks related
to legal proceedings or claims, including liability claims; EVgo’s
dependence on third parties, including hardware and software
vendors and service providers, utilities and permit-granting
entities; supply chain disruptions, inflation and other increases
in expenses; safety and environmental requirements or regulations
that may subject EVgo to unanticipated liabilities or costs; EVgo’s
ability to enter into and maintain valuable partnerships with
commercial or public-entity property owners, landlords and/or
tenants (collectively “Site Hosts”), original equipment
manufacturers (“OEMs”), fleet operators and suppliers; EVgo’s
ability to maintain, protect and enhance EVgo’s intellectual
property; and general economic or political conditions, including
the conflicts in Ukraine, Israel and the broader Middle East
region, and elevated rates of inflation and associated changes in
monetary policy. 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
December 31,
December 31,
2023
2022
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
209,146
$
246,193
Accounts receivable, net of allowance of
$1,116 and $687 as of December 31, 2023 and 2022, respectively
34,882
11,075
Accounts receivable, capital-build
9,297
8,011
Prepaid expenses and other current
assets1
14,081
10,205
Total current assets
267,406
275,484
Property, equipment and software, net
389,227
308,112
Operating lease right-of-use assets
67,724
51,856
Restricted cash
—
300
Other assets
2,208
2,308
Intangible assets, net
48,997
60,612
Goodwill
31,052
31,052
Total assets
$
806,614
$
729,724
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
10,133
$
9,128
Accrued liabilities
40,549
39,233
Operating lease liabilities, current
6,018
4,958
Deferred revenue, current
23,114
16,023
Customer deposits
9,235
17,867
Other current liabilities
298
136
Total current liabilities
89,347
87,345
Operating lease liabilities,
noncurrent
61,987
45,689
Earnout liability, at fair value
654
1,730
Asset retirement obligations
18,232
15,473
Capital-build liability
35,787
26,157
Deferred revenue, noncurrent
55,091
23,900
Warrant liabilities, at fair value
5,141
12,304
Total liabilities
266,239
212,598
Commitments and contingencies
Redeemable noncontrolling interest
700,964
875,226
Stockholders' deficit
(160,589
)
(358,100
)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
806,614
$
729,724
1 During the year ended December 31,2023,
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
Consolidated Statements of
Operations
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except per share data)
2023
2022
Change %
2023
2022
Change %
Revenue
Charging, retail
$
16,678
$
5,828
186
%
$
45,735
$
18,895
142
%
Charging, commercial
6,316
1,322
378
%
14,491
3,363
331
%
Charging, OEM
2,171
349
522
%
5,186
941
451
%
Regulatory credit sales
2,044
968
111
%
6,679
5,652
18
%
Network, OEM
1,126
626
80
%
5,681
2,451
132
%
Total charging network
28,335
9,093
212
%
77,772
31,302
148
%
eXtend
18,314
16,689
10
%
72,362
18,443
292
%
Ancillary
3,345
1,521
120
%
10,819
4,843
123
%
Total revenue
49,994
27,303
83
%
160,953
54,588
195
%
Cost of sales
Charging network1
18,490
9,259
100
%
56,034
26,536
111
%
Other1
18,353
13,106
40
%
63,350
14,924
324
%
Depreciation, net of capital-build
amortization
9,611
6,037
59
%
31,855
18,779
70
%
Total cost of sales
46,454
28,402
64
%
151,239
60,239
151
%
Gross profit (loss)
3,540
(1,099
)
422
%
9,714
(5,651
)
272
%
Operating expenses
General and administrative
38,792
36,785
5
%
143,015
126,713
13
%
Depreciation, amortization and
accretion
5,564
4,604
21
%
20,106
17,139
17
%
Total operating expenses
44,356
41,389
7
%
163,121
143,852
13
%
Operating loss
(40,816
)
(42,488
)
4
%
(153,407
)
(149,503
)
(3
)%
Interest expense
—
—
* %
—
(21
)
100
%
Interest income
2,659
2,152
24
%
9,754
4,479
118
%
Other expense, net
(11
)
(46
)
76
%
(10
)
(815
)
99
%
Change in fair value of earnout
liability
201
2,153
(91
)%
1,076
3,481
(69
)%
Change in fair value of warrant
liabilities
1,378
21,176
(93
)%
7,163
36,157
(80
)%
Total other income, net
4,227
25,435
(83
)%
17,983
43,281
(58
)%
Loss before income tax benefit
(expense)
(36,589
)
(17,053
)
(115
)%
(135,424
)
(106,222
)
(27
)%
Income tax benefit (expense)
—
4
(100
)%
(42
)
(18
)
(133
)%
Net loss
(36,589
)
(17,049
)
(115
)%
(135,466
)
(106,240
)
(28
)%
Less: net loss attributable to redeemable
noncontrolling interest
(23,985
)
(12,612
)
(90
)%
(93,039
)
(78,665
)
(18
)%
Net loss attributable to Class A common
stockholders
$
(12,604
)
$
(4,437
)
(184
)%
$
(42,427
)
(27,575
)
(54
)%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.12
)
$
(0.06
)
$
(0.46
)
$
(0.40
)
Weighted average common stock outstanding,
basic and diluted
102,874
69,330
90,589
68,714
1 During the year ended December 31, 2023,
charging network and other were broken out from cost of revenue and
presented separately. Previously reported amounts have been updated
to conform to the current period presentation.
* Not meaningful
EVgo
Inc. and Subsidiaries
Consolidated Statements of
Cash Flows
Year Ended
December 31,
2023
2022
(in thousands)
(unaudited)
Cash flows from operating
activities
Net loss
$
(135,466
)
$
(106,240
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
51,961
35,918
Net loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense1
11,496
8,278
Share-based compensation
29,724
25,048
Change in fair value of earnout
liability
(1,076
)
(3,481
)
Change in fair value of warrant
liabilities
(7,163
)
(36,157
)
Other
34
777
Changes in operating assets and
liabilities
Accounts receivable, net
(23,810
)
(8,516
)
Receivables from related parties
1
1,500
Prepaid expenses and other current assets
and other assets
(2,697
)
(2,364
)
Operating lease assets and liabilities,
net
1,492
(519
)
Accounts payable
654
1,371
Accrued liabilities
8,287
7,320
Deferred revenue
38,282
13,070
Customer deposits
(8,632
)
6,275
Other current and noncurrent
liabilities
(142
)
(1,074
)
Net cash used in operating activities
(37,055
)
(58,794
)
Cash flows from investing
activities
Capital expenditures
(158,896
)
(200,251
)
Proceeds from sale-leaseback
transactions
15,273
—
Proceeds from insurance for property
losses
311
710
Purchases of investments
—
(37,332
)
Proceeds from sale of investments
—
37,166
Net cash used in investing activities
(143,312
)
(199,707
)
Cash flows from financing
activities
Proceeds from issuance of Class A common
stock under the ATM
5,828
10,654
Proceeds from issuance of Class A common
stock under the equity offering
128,023
—
Proceeds from capital-build funding
14,432
10,088
Proceeds from exercise of warrants
—
3
Payments of withholding tax on net
issuance of restricted stock units
—
(25
)
Payments of deferred debt issuance
costs
(286
)
—
Payments of deferred equity issuance
costs
(4,977
)
(907
)
Net cash provided by financing
activities
143,020
19,813
Net decrease in cash, cash equivalents and
restricted cash
(37,347
)
(238,688
)
Cash, cash equivalents and restricted
cash, beginning of period
246,493
485,181
Cash, cash equivalents and restricted
cash, end of period
$
209,146
$
246,493
1 During the year ended December 31, 2023, the Company
reclassified insurance proceeds from property losses from “other”
to “loss on disposal of property and equipment, net of insurance
recoveries, and impairment expense.” Previously reported amounts
have been updated to conform to the current period
presentation.
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 Financial 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,” “Adjusted EBITDA Margin,” and “Capital
Expenditures, Net of Capital Offsets.” With respect to Capital
Expenditures, Net of Capital Offsets, pursuant to the terms of
certain OEM contracts, EVgo is paid well in advance of when revenue
can be recognized, and usually, the payment is tied to the number
of stalls that commence operations under the applicable contractual
arrangement while the related revenue is deferred at the time of
payment and is recognized as revenue over time as EVgo provides
charging and other services to the OEM and the OEM’s customers.
EVgo management therefore uses these measures internally to
establish forecasts, budgets, and operational goals to manage and
monitor its business, including the cash used for, and the return
on, its investment in its charging infrastructure. EVgo believes
that these measures are useful to investors in evaluating EVgo’s
performance and help to depict a 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, Adjusted EBITDA Margin, and Capital
Expenditures, Net of Capital Offsets 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 insurance
recoveries, and impairment expense, (iii) bad debt expense
(recoveries), 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 (benefit). 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 insurance recoveries,
and impairment expense, (iii) loss on investments, (iv) bad debt
expense (recoveries), (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. EVgo
defines Capital Expenditures, Net of Capital Offsets as capital
expenditures adjusted for the following capital offsets: (i) all
payments under OEM infrastructure agreements excluding any amounts
directly attributable to OEM customer charging credit programs and
pass-through of non-capital expense reimbursements, and (ii)
proceeds from capital-build funding. The tables below present
quantitative reconciliations of these measures to their most
directly comparable GAAP measures as described in this
paragraph.
Reconciliations of Non-GAAP Financial 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)
Q4'23
Q4'22
Change
FY 2023
FY 2022
Change
Revenue
$
49,994
$
27,303
83
%
$
160,953
$
54,588
195
%
Net loss
$
(36,589
)
$
(17,049
)
(115
)%
$
(135,466
)
$
(106,240
)
(28
)%
Net loss margin
(73.2
)%
(62.4
)%
(1,080) bps
(84.2
)%
(194.6
)%
* bps
Adjustments:
Depreciation, net of capital-build
amortization
9,729
6,140
58
%
32,350
19,103
69
%
Amortization
4,831
4,057
19
%
17,331
14,900
16
%
Accretion
615
444
39
%
2,280
1,915
19
%
Interest income
(2,659
)
(2,152
)
(24
)%
(9,754
)
(4,479
)
(118
)%
Interest expense
—
—
* %
—
21
(100
)%
Income tax (benefit) expense
—
(4
)
100
%
42
18
133
%
EBITDA
(24,073
)
(8,564
)
(181
)%
(93,217
)
(74,762
)
(25
)%
EBITDA margin
(48.2
)%
(31.4
)%
(1,680) bps
(57.9
)%
(137.0
)%
7,910 bps
Adjustments:
Share-based compensation
8,701
7,607
14
%
29,724
25,048
19
%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense1
3,431
4,411
(22
)%
11,496
8,278
39
%
Loss on investments
10
34
(71
)%
26
783
(97
)%
Bad debt expense (recoveries)
118
(85
)
239
%
470
(18
)
* %
Change in fair value of earnout
liability
(201
)
(2,153
)
91
%
(1,076
)
(3,481
)
69
%
Change in fair value of warrant
liabilities
(1,378
)
(21,176
)
93
%
(7,163
)
(36,157
)
80
%
Other1,2
(570
)
(132
)
(332
)%
910
63
* %
Adjusted EBITDA
$
(13,962
)
$
(20,058
)
30
%
$
(58,830
)
$
(80,246
)
27
%
Adjusted EBITDA Margin
(27.9
)%
(73.5
)%
4,560 bps
(36.6
)%
(147.0
)%
* bps
* Percentage greater than 999%, bps
greater than 9,999 or not meaningful.
1 During the year ended December 31, 2023,
the Company reclassified insurance proceeds from property losses
from "other" to "loss on disposal of property and equipment, net of
insurance recoveries, and impairment expense." Previously reported
amounts have been updated to conform to the current period
presentation.
2 For the year ended December 31, 2023,
comprised primarily of costs related to the reorganization of
Company resources previously announced by the Company on February
23, 2023, 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”), and employee retention tax
credits (“ERCs”) earned under the Coronavirus Aid, Relief, and
Economic Security Act (the “CARES Act”).
The following unaudited table presents a reconciliation of
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of
Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the
most directly comparable GAAP measures:
(unaudited, dollars in thousands)
Q4'23
Q4'22
Change
FY 2023
FY 2022
Change
Revenue
$
49,994
$
27,303
83
%
$
160,953
$
54,588
195
%
Cost of sales
46,454
28,402
64
%
151,239
60,239
151
%
Gross profit (loss)
$
3,540
$
(1,099
)
422
%
$
9,714
$
(5,651
)
272
%
Cost of sales as a percentage of
revenue
92.9
%
104.0
%
(1,110) bps
94.0
%
110.4
%
(1,640) bps
Gross margin
7.1
%
(4.0
)%
1,110 bps
6.0
%
(10.4
)%
1,640 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
9,611
$
6,037
59
%
$
31,855
$
18,779
70
%
Share-based compensation
102
55
85
%
223
118
89
%
Total adjustments
9,713
6,092
59
%
32,078
18,897
70
%
Adjusted Cost of Sales
$
36,741
$
22,310
65
%
$
119,161
$
41,342
188
%
Adjusted Cost of Sales as a Percentage of
Revenue
73.5
%
81.7
%
(820) bps
74.0
%
75.7
%
(170) bps
Adjusted Gross Profit
$
13,253
$
4,993
165
%
$
41,792
$
13,246
216
%
Adjusted Gross Margin
26.5
%
18.3
%
820 bps
26.0
%
24.3
%
170 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)
Q4'23
Q4'22
Change
FY 2023
FY 2022
Change
Revenue
$
49,994
$
27,303
83
%
$
160,953
$
54,588
195
%
General and administrative expenses
$
38,792
$
36,785
5
%
$
143,015
$
126,713
13
%
General and administrative expenses as a
percentage of revenue
77.6
%
134.7
%
(5,710) bps
88.9
%
232.1
%
* bps
Adjustments:
Share-based compensation
$
8,599
$
7,553
14
%
$
29,501
$
24,929
18
%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense1
3,431
4,411
(22
)%
11,496
8,278
39
%
Bad debt expense (recoveries)
118
(85
)
239
%
470
(18
)
* %
Other1,2
(570
)
(132
)
(332
)%
910
63
* %
Total adjustments
11,578
11,747
(1
)%
42,377
33,252
27
%
Adjusted General and Administrative
Expenses
$
27,214
$
25,038
9
%
$
100,638
$
93,461
8
%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
54.4
%
91.7
%
(3,730) bps
62.5
%
171.2
%
* bps
* Percentage greater than 999% or bps
greater than 9,999
1 During the year ended December 31, 2023,
the Company reclassified insurance proceeds from property losses
from "other" to "loss on disposal of property and equipment, net of
insurance recoveries, and impairment expense." Previously reported
amounts have been updated to conform to the current period
presentation.
2 For the year ended December 31, 2023,
comprised primarily of costs related to the reorganization of
Company resources previously announced by the Company on February
23, 2023, the 205 petition, and ERCs earned under the CARES
Act.
The following unaudited table presents a reconciliation of
Capital Expenditures, Net of Capital Offsets, to the most directly
comparable GAAP measure:
(unaudited, dollars in thousands)
Q4'23
Q4'22
Change
FY 2023
FY 2022
Change
Capital expenditures
$
34,811
$
66,366
(48
)%
$
158,896
$
200,251
(21
)%
Capital offsets:
OEM infrastructure payments
$
5,695
$
7,000
(19
)%
$
21,633
$
7,000
209
%
Proceeds from capital-build funding
7,353
3,224
128
%
14,432
10,088
43
%
Total capital offsets
13,048
10,224
28
%
36,065
17,088
111
%
Capital Expenditures, Net of Capital
Offsets
$
21,763
$
56,142
(61
)%
$
122,831
$
183,163
(33
)%
Source: EVgo Inc.
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