RKLB Rocket Lab USA Inc

Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today shared the financial results for fiscal fourth quarter and full year, ended December 31, 2023.

Rocket Lab founder and CEO, Peter Beck, said: “Rocket Lab had another strong year in 2023 across our launch and space systems businesses. We grew revenue 16% year-on year, while expanding our GAAP and non-GAAP gross margins by 12.0 and 6.9 percentage points, respectively, and rounded out the fourth quarter with our largest contract – an award up to $515 million from the Space Development Agency which will see us act as prime contractor for the first time to build 18 satellites for the Tranche 2 Transport Layer-Beta. We also reached a new annual launch record, with ten Electron missions flown in 2023. It was also a record year for securing Electron and HASTE contracts, with 25 new orbital and suborbital missions signed in 2023. We rounded out the year with some significant milestones for Neutron development, including the opening of a new manufacturing complex in Baltimore that will support the production of Neutron’s carbon composite structures, and Archimedes engine development entered the final stages ahead of the first hot fire. Continuing this strong momentum, we started 2024 off strong with the issuance of $355 million in convertible senior notes, adding additional funding to the Rocket Lab balance sheet at an attractive cost of capital and enabling us to take advantage of potential M&A as well as other strategic growth investment opportunities.”

Fourth Quarter 2023 Business Highlights:

• Selected as prime contractor by the Space Development Agency for a $515 million contract to design, build and operate 18 satellites for the Tranche 2 Transport Layer-Beta.
• Electron successfully returned to flight in the fourth quarter, deploying a synthetic aperture radar satellite to orbit for Japanese constellation operator iQPS.
• Closed 2023 with a record number of 25 launches signed across Electron and HASTE.
• Progressed major infrastructure milestones at Launch Complex 3 for Neutron, including foundations for the launch mount, water tower and liquid oxygen tanks.
• Established a Space Structures Complex in the former Lockheed Martin Vertical Launch Building in Middle River, Maryland to support the development and manufacture of carbon composite spacecraft structures and components, as well as the long-term supply of carbon composite structures for Neutron.
• Refinanced our $100M term loan facility with Hercules Capital, into a larger, longer duration and cost-effective $120M equipment lending facility with Trinity Capital.

Business Highlights Since December 31, 2023:

• Successfully launched two Electron missions, including a Space Situational Awareness mission for Spire and NorthStar, as well as an orbital debris observation demonstration mission for Astroscale Japan Inc.
• Progressed Electron’s reusability program with a successful ocean splashdown and recovery in January 2024, bringing Electron’s first stage back in the best condition yet.
• Entered the commissioning phase at the Archimedes Test Complex at NASA Stennis Space Center in preparation for Neutron engine hot fires.
• Closed an upsized offering of $355 million convertible senior notes to open up a mix of opportunities including potential M&A and other strategic growth and scaling investments.
• Successful re-entry of Rocket Lab-built in-space manufacturing satellite developed for Varda Space Industries. The successful reentry marked the completion of the first commercial in-space manufacturing demonstration.

First Quarter 2024 Guidance

For the first quarter of 2024, Rocket Lab expects:

• Revenue between $92 million and $98 million.
• Space Systems revenue between $60 million and $65 million.
• Launch Services revenue between $32 million and $33 million.
• GAAP Gross Margins between 24% and 26%.
• Non-GAAP Gross Margins between 29% and 31%.
• GAAP Operating Expenses between $73 million and $75 million.
• Non-GAAP Operating Expenses between $62 million and $64 million.
• Expected Interest Expense (Income), net $1.5 million.
• Adjusted EBITDA loss of $28 million to $30 million.
• Basic Shares Outstanding of 490 million.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q1 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $12 million to $13 million in Q1 2024.

Conference Call Information

Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our fourth quarter, to provide our outlook for the first quarter, and other updates.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events

About Rocket Lab

Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle and the Photon satellite platform and is developing the Neutron launch vehicle for large spacecraft and constellation deployment. From its first orbital launch in January 2018 to date, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 177 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s Photon spacecraft platform has been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch site in Virginia, USA. To learn more, visit www.rocketlabusa.com.

+ FORWARD LOOKING STATEMENTS

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our expectations of financial results for the first quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers’ ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design. in engineering, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 7, 2023, and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Notes to Editor: All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise stated.

+ USE OF NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

+ ADJUSTED EDITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

+ OTHER NON-GAAP FINANCIAL MEASURES

Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 AND 2022

(unaudited; in thousands, except share and per share data)

 

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

Revenues

 

$

59,991

 

 

$

51,762

 

 

$

244,592

 

 

$

210,996

 

Cost of revenues

 

 

44,499

 

 

 

49,932

 

 

 

193,183

 

 

 

192,006

 

Gross profit

 

 

15,492

 

 

 

1,830

 

 

 

51,409

 

 

 

18,990

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development, net

 

 

37,488

 

 

 

15,018

 

 

 

119,054

 

 

 

65,168

 

Selling, general and administrative

 

 

25,887

 

 

 

24,035

 

 

 

110,273

 

 

 

89,026

 

Total operating expenses

 

 

63,375

 

 

 

39,053

 

 

 

229,327

 

 

 

154,194

 

Operating loss

 

 

(47,883

)

 

 

(37,223

)

 

 

(177,918

)

 

 

(135,204

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(1,405

)

 

 

(892

)

 

 

(4,248

)

 

 

(7,799

)

Loss on foreign exchange

 

 

(394

)

 

 

(488

)

 

 

(470

)

 

 

(4,435

)

Change in fair value of liability classified warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,482

 

Other income (expense), net

 

 

196

 

 

 

385

 

 

 

3,715

 

 

 

1,010

 

Total other income (expense), net

 

 

(1,603

)

 

 

(995

)

 

 

(1,003

)

 

 

2,258

 

Loss before income taxes

 

 

(49,486

)

 

 

(38,218

)

 

 

(178,921

)

 

 

(132,946

)

Benefit (provision) for income taxes

 

 

(1,011

)

 

 

1,010

 

 

 

(3,650

)

 

 

(2,998

)

Net loss

 

$

(50,497

)

 

$

(37,208

)

 

$

(182,571

)

 

$

(135,944

)

Net loss per share attributable to Rocket Lab USA, Inc.:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.38

)

 

$

(0.29

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

486,959,454

 

 

 

473,644,862

 

 

 

481,768,060

 

 

 

466,214,095

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2023 AND 2022

(unaudited; in thousands, except share and per share data)

 

 

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

162,518

 

 

$

242,515

 

Marketable securities, current

 

 

82,255

 

 

 

229,276

 

Accounts receivable, net

 

 

35,176

 

 

 

36,572

 

Contract assets

 

 

12,951

 

 

 

9,451

 

Inventories

 

 

107,857

 

 

 

92,279

 

Prepaids and other current assets

 

 

66,949

 

 

 

52,201

 

Assets held for sale

 

 

9,016

 

 

 

—

 

Total current assets

 

 

476,722

 

 

 

662,294

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

145,409

 

 

 

101,514

 

Intangible assets, net

 

 

68,094

 

 

 

79,692

 

Goodwill

 

 

71,020

 

 

 

71,020

 

Right-of-use assets - operating leases

 

 

59,401

 

 

 

35,239

 

Right-of-use assets - finance leases

 

 

14,987

 

 

 

15,614

 

Marketable securities, non-current

 

 

79,247

 

 

 

9,193

 

Restricted cash

 

 

3,916

 

 

 

3,356

 

Deferred income tax assets, net

 

 

3,501

 

 

 

3,898

 

Other non-current assets

 

 

18,914

 

 

 

7,303

 

Total assets

 

$

941,211

 

 

$

989,123

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Trade payables

 

$

29,303

 

 

$

12,084

 

Accrued expenses

 

 

5,590

 

 

 

8,723

 

Employee benefits payable

 

 

16,342

 

 

 

8,634

 

Contract liabilities

 

 

139,338

 

 

 

108,344

 

Current installments of long-term borrowings

 

 

17,764

 

 

 

2,906

 

Other current liabilities

 

 

15,036

 

 

 

22,249

 

Total current liabilities

 

 

223,373

 

 

 

162,940

 

Non-current liabilities:

 

 

 

 

Long-term borrowings, excluding current installments

 

 

87,587

 

 

 

100,043

 

Non-current operating lease liabilities

 

 

56,099

 

 

 

34,266

 

Non-current finance lease liabilities

 

 

15,238

 

 

 

15,568

 

Deferred tax liabilities

 

 

426

 

 

 

95

 

Other non-current liabilities

 

 

3,944

 

 

 

3,005

 

Total liabilities

 

 

386,667

 

 

 

315,917

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 488,923,055 and 475,356,517 at December 31, 2023 and December 31, 2022, respectively

 

 

49

 

 

 

48

 

Additional paid-in capital

 

 

1,176,484

 

 

 

1,112,977

 

Accumulated deficit

 

 

(623,526

)

 

 

(440,955

)

Accumulated other comprehensive income

 

 

1,537

 

 

 

1,136

 

Total stockholders’ equity

 

 

554,544

 

 

 

673,206

 

Total liabilities and stockholders’ equity

 

$

941,211

 

 

$

989,123

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

(unaudited; in thousands)

 

 

 

Years Ended December 31,

 

 

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(182,571

)

 

$

(135,944

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

29,744

 

 

 

29,947

 

Stock-based compensation expense

 

 

53,461

 

 

 

55,649

 

(Gain) loss on disposal of assets

 

 

(111

)

 

 

923

 

Loss on extinguishment of long-term debt

 

 

1,732

 

 

 

—

 

Amortization of debt issuance costs and discount

 

 

2,904

 

 

 

2,827

 

Noncash lease expense

 

 

5,787

 

 

 

3,199

 

Noncash income associated with liability-classified warrants

 

 

—

 

 

 

(13,482

)

Change in the fair value of contingent consideration

 

 

1,343

 

 

 

—

 

Accretion of marketable securities purchased at a discount

 

 

(4,571

)

 

 

(1,395

)

Deferred income taxes

 

 

708

 

 

 

(576

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

1,452

 

 

 

(9,430

)

Contract assets

 

 

(3,501

)

 

 

(7,545

)

Inventories

 

 

(15,562

)

 

 

(25,964

)

Prepaids and other current assets

 

 

(14,586

)

 

 

(15,059

)

Other non-current assets

 

 

(11,470

)

 

 

(7,072

)

Trade payables

 

 

15,585

 

 

 

(2,129

)

Accrued expenses

 

 

(3,275

)

 

 

(3,518

)

Employee benefits payables

 

 

5,484

 

 

 

2,108

 

Contract liabilities

 

 

30,992

 

 

 

22,661

 

Other current liabilities

 

 

(7,563

)

 

 

1,280

 

Non-current lease liabilities

 

 

(5,076

)

 

 

(3,686

)

Other non-current liabilities

 

 

227

 

 

 

668

 

Net cash used in operating activities

 

 

(98,867

)

 

 

(106,538

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, equipment and software

 

 

(54,707

)

 

 

(42,412

)

Proceeds on disposal of assets, net

 

 

3,660

 

 

 

—

 

Cash paid for business combinations and asset acquisitions, net of acquired cash and restricted cash

 

 

(18,966

)

 

 

(65,824

)

Purchases of marketable securities

 

 

(207,266

)

 

 

(259,567

)

Maturities of marketable securities

 

 

269,204

 

 

 

21,724

 

Sale of marketable securities

 

 

20,093

 

 

 

—

 

Net cash provided by (used in) investing activities

 

 

12,018

 

 

 

(346,079

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from the exercise of stock options and public warrants

 

 

2,444

 

 

 

3,874

 

Proceeds from Employee Stock Purchase Plan

 

 

4,988

 

 

 

4,380

 

Proceeds from sale of employees restricted stock units to cover taxes

 

 

15,995

 

 

 

31,166

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

 

(15,722

)

 

 

(31,164

)

Tax payment for net settled option shares

 

 

—

 

 

 

(444

)

Payment of contingent consideration

 

 

(1,000

)

 

 

(5,500

)

Finance lease principal payments

 

 

(336

)

 

 

(271

)

Proceeds from secured term loan

 

 

110,000

 

 

 

—

 

Repayments on secured term loan

 

 

(107,573

)

 

 

—

 

Payment of debt issuance costs

 

 

(1,427

)

 

 

—

 

Net cash provided by financing activities

 

 

7,369

 

 

 

2,041

 

Effect of exchange rate changes on cash and cash equivalents

 

 

43

 

 

 

4,372

 

Net decrease in cash and cash equivalents and restricted cash

 

 

(79,437

)

 

 

(446,204

)

Cash and cash equivalents, and restricted cash, beginning of period

 

 

245,871

 

 

 

692,075

 

Cash and cash equivalents, and restricted cash, end of period

 

$

166,434

 

 

$

245,871

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2023 AND 2022

(unaudited; in thousands)

 

The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.

 

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

NET LOSS

 

$

(50,497

)

 

$

(37,208

)

 

$

(182,571

)

 

$

(135,944

)

Depreciation

 

 

4,571

 

 

 

4,809

 

 

 

16,034

 

 

 

16,720

 

Amortization

 

 

3,596

 

 

 

3,548

 

 

 

13,710

 

 

 

13,227

 

Stock-based compensation expense

 

 

10,063

 

 

 

12,337

 

 

 

53,461

 

 

 

55,649

 

Transaction costs

 

 

30

 

 

 

144

 

 

 

341

 

 

 

649

 

Interest expense, net

 

 

1,405

 

 

 

892

 

 

 

4,248

 

 

 

7,799

 

Change in fair value of liability classified warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,482

)

Change in fair value of contingent consideration

 

 

205

 

 

 

(200

)

 

 

1,343

 

 

 

—

 

Performance reserve escrow

 

 

31

 

 

 

1,895

 

 

 

5,457

 

 

 

7,579

 

Amortization of inventory step-up

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,618

 

(Benefit) provision for income taxes

 

 

1,011

 

 

 

(1,010

)

 

 

3,650

 

 

 

2,998

 

Loss on foreign exchange

 

 

394

 

 

 

488

 

 

 

470

 

 

 

4,435

 

Accretion of marketable securities and cash equivalents purchased at a discount

 

 

(1,179

)

 

 

(1,092

)

 

 

(4,780

)

 

 

(1,696

)

(Gain) loss on disposal of assets

 

 

(351

)

 

 

891

 

 

 

(111

)

 

 

923

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

(3,841

)

 

 

—

 

Loss on extinguishment of debt

 

 

1,732

 

 

 

—

 

 

 

1,732

 

 

 

—

 

ADJUSTED EBITDA

 

$

(28,989

)

 

$

(14,506

)

 

$

(90,857

)

 

$

(38,525

)

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

GAAP Gross profit

 

$

15,492

 

 

$

1,830

 

 

$

51,409

 

 

$

18,990

 

Stock-based compensation

 

 

2,196

 

 

 

3,857

 

 

 

12,521

 

 

 

17,948

 

Amortization of purchased intangibles

 

 

1,710

 

 

 

1,710

 

 

 

6,839

 

 

 

4,782

 

Amortization of inventory step-up

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,618

 

Performance reserve escrow

 

 

1

 

 

 

114

 

 

 

210

 

 

 

456

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

(2,130

)

 

 

—

 

Non-GAAP Gross profit

 

$

19,399

 

 

$

7,511

 

 

$

68,849

 

 

$

44,794

 

Non-GAAP Gross margin

 

 

32.3

%

 

 

14.5

%

 

 

28.1

%

 

 

21.2

%

 

 

 

 

 

 

 

 

 

GAAP Research and development, net

 

$

37,488

 

 

$

15,018

 

 

$

119,054

 

 

$

65,168

 

Stock-based compensation

 

 

(3,828

)

 

 

(4,442

)

 

 

(21,721

)

 

 

(21,127

)

Amortization of purchased intangibles and favorable lease

 

 

(314

)

 

 

(9

)

 

 

(647

)

 

 

(3,342

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

631

 

 

 

—

 

Non-GAAP Research and development, net

 

$

33,346

 

 

$

10,567

 

 

$

97,317

 

 

$

40,699

 

 

 

 

 

 

 

 

 

 

GAAP Selling, general and administrative

 

$

25,887

 

 

$

24,035

 

 

$

110,273

 

 

$

89,026

 

Stock-based compensation

 

 

(4,039

)

 

 

(4,038

)

 

 

(19,219

)

 

 

(16,574

)

Amortization of purchased intangibles

 

 

(1,378

)

 

 

(1,494

)

 

 

(5,585

)

 

 

(4,401

)

Transaction costs

 

 

(30

)

 

 

(144

)

 

 

(341

)

 

 

(649

)

Performance reserve escrow

 

 

(30

)

 

 

(1,780

)

 

 

(5,247

)

 

 

(7,123

)

Change in fair value of contingent consideration

 

 

(205

)

 

 

200

 

 

 

(1,343

)

 

 

—

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

1,080

 

 

 

—

 

Non-GAAP Selling, general and administrative

 

$

20,205

 

 

$

16,779

 

 

$

79,618

 

 

$

60,279

 

 

 

 

 

 

 

 

 

 

GAAP Operating expenses

 

$

63,375

 

 

$

39,053

 

 

$

229,327

 

 

$

154,194

 

Stock-based compensation

 

 

(7,867

)

 

 

(8,480

)

 

 

(40,940

)

 

 

(37,701

)

Amortization of purchased intangibles

 

 

(1,692

)

 

 

(1,503

)

 

 

(6,232

)

 

 

(7,743

)

Transaction costs

 

 

(30

)

 

 

(144

)

 

 

(341

)

 

 

(649

)

Performance reserve escrow

 

 

(30

)

 

 

(1,780

)

 

 

(5,247

)

 

 

(7,123

)

Change in fair value of contingent consideration

 

 

(205

)

 

 

200

 

 

 

(1,343

)

 

 

—

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

1,711

 

 

 

—

 

Non-GAAP Operating expenses

 

$

53,551

 

 

$

27,346

 

 

$

176,935

 

 

$

100,978

 

 

 

 

 

 

 

 

 

 

GAAP Operating loss

 

$

(47,883

)

 

$

(37,223

)

 

$

(177,918

)

 

$

(135,204

)

Total non-GAAP adjustments

 

 

13,731

 

 

 

17,388

 

 

 

69,832

 

 

 

79,020

 

Non-GAAP Operating loss

 

$

(34,152

)

 

$

(19,835

)

 

$

(108,086

)

 

$

(56,184

)

 

 

 

 

 

 

 

 

 

GAAP Total other income (expense), net

 

$

(1,603

)

 

$

(995

)

 

$

(1,003

)

 

$

2,258

 

Change in fair value of liability classified warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13,482

)

Loss on foreign exchange

 

 

394

 

 

 

488

 

 

 

470

 

 

 

4,435

 

Non-GAAP Total other expense, net

 

$

(1,209

)

 

$

(507

)

 

$

(533

)

 

$

(6,789

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240227634541/en/

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