Achieves 6th Consecutive Quarter of Triple
Digit Year-Over-Year Network Throughput Growth
Raises Midpoint of Total Revenue Guidance by
$10 Million
- Revenue reached a record $66.6 million in the second quarter,
representing an increase of 32% year-over-year.
- Charging network revenue totaled $36.4 million in the second
quarter, an increase of 146% year-over-year, representing the 7th
sequential quarter of double-digit charging revenue growth.
- Network throughput reached a record 66 gigawatt-hours (“GWh”)
in the second quarter, an increase of 164% year-over-year,
representing the 6th consecutive quarter of triple digit
year-over-year growth.
- Added more than 220 new operational stalls during the second
quarter, including EVgo eXtend™ stalls.
- Ended the second quarter with approximately 3,440 stalls in
operation, including EVgo eXtend™ stalls.
- Added over 131,000 new customer accounts in the second quarter,
reaching more than 1 million overall at quarter end.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the second quarter ended June 30, 2024.
Management will host a conference call today at 11 am ET / 8 am PT
to discuss EVgo’s results and other business highlights.
Revenue reached $66.6 million in the second quarter of 2024,
compared to $50.6 million in the second quarter of 2023,
representing 32% year-over-year growth. Revenue growth was driven
by year-over-year increases in charging network revenues.
Network throughput increased to 66 GWh in the second quarter of
2024, compared to 25 GWh in the second quarter of 2023,
representing 164% year-over-year growth. The Company added over
131,000 new customer accounts during the second quarter of 2024, a
60% year-over-year increase in new accounts. The overall number of
customer accounts was more than 1 million at quarter end, an
increase of 59% year-over-year.
“EVgo delivered yet another quarter of great financial and
operating results, including the 7th sequential quarter of
double-digit charging revenue growth,” said Badar Khan, EVgo’s CEO.
“We are seeing continual record demand in the industry, which we
are well situated to capture given our position as an owner
operator and as evidenced by the tremendous growth in throughput
and new customer accounts. We look forward to continuing to execute
on our strategic priorities and building the critically important,
fast charging, OEM-agnostic infrastructure necessary to deliver an
excellent customer experience for EV drivers across the nation. We
are confident this momentum will result in strong returns for our
shareholders.”
Business Highlights
- Subaru Charging Credit: Subaru extended their charging
credit program with EVgo, giving new Subaru Solterra drivers a $500
EVgo charging credit.
- Stall Development: The Company ended the quarter with
approximately 3,440 stalls in operation, including EVgo eXtend™
stalls. EVgo added over 220 new DC fast charging stalls during the
quarter, including EVgo eXtend™ stalls.
- EVgo eXtend™: EVgo ended the quarter with 190
operational EVgo eXtend™ stalls.
- Network Utilization: Utilization on the EVgo network in
the second quarter of 2024 was 20%, up from approximately 11% in
the second quarter of 2023.
- Average Daily Network Throughput: Average daily
throughput per stall for the EVgo network was 227 kilowatt hours
per day in the second quarter of 2024, an increase of 103% compared
to 112 kilowatt hours per day in the second quarter of 2023.
- Commercial Charging: EVgo’s commercial charging business
continues to grow driven by rideshare, with throughput increasing
nearly threefold year-over-year.
- EVgo Autocharge+: Autocharge+ was over 18% of total
charging sessions initiated in the second quarter of 2024, and the
number of Autocharge+ charging sessions in the second quarter
increased 202% compared to the second quarter of 2023.
- PlugShare: PlugShare reached 5.3 million registered
users and achieved 8.5 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the second quarter of 2024.
- Revenue of $66.6 million
- Network Throughput1 of 66 gigawatt-hours
- Customer Account Additions of over 131,000 accounts
- Gross Profit of $6.4 million
- Net Loss of $29.6 million
- Adjusted Gross Profit2 of $17.7 million
- Adjusted EBITDA2 of ($8.0) million
- Net Cash Provided By Operating Activities of $7.6
million
- Capital Expenditures of $24.2 million
- Capital Expenditures, Net of Capital Offsets2 of $13.8
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)
Q2'24
Q2'23
Better (Worse)
Q2'24 YTD
Q2'23 YTD
Better (Worse)
Network Throughput (GWh)
66
25
164
%
119
43
177
%
Revenue
$
66,619
$
50,552
32
%
$
121,777
$
75,852
61
%
Gross profit
$
6,398
$
5,529
16
%
$
13,239
$
5,570
138
%
Gross margin
9.6
%
10.9
%
(130) bps
10.9
%
7.3
%
360 bps
Net loss
$
(29,610
)
$
(21,539
)
(37
)%
$
(57,803
)
$
(70,620
)
18
%
Adjusted Gross Profit1
$
17,658
$
12,853
37
%
$
34,945
$
19,258
81
%
Adjusted Gross Margin1
26.5
%
25.4
%
110 bps
28.7
%
25.4
%
330 bps
Adjusted EBITDA1
$
(7,982
)
$
(10,553
)
24
%
$
(15,189
)
$
(30,620
)
50
%
____________________
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 measures, please see “Definitions of Non-GAAP
Financial Measures” and “Reconciliations of Non-GAAP Financial
Measures” included elsewhere in these materials.
(unaudited, dollars in thousands)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
Cash flows provided by (used in) operating
activities
$
7,556
$
(3,182
)
337
%
$
(6,526
)
$
(22,525
)
71
%
GAAP capital expenditures
$
24,196
$
34,811
(30
)%
$
45,267
$
100,057
(55
)%
Capital offsets:
OEM infrastructure payments
$
5,956
$
6,022
(1
)%
$
11,782
$
9,917
19
%
Proceeds from capital-build funding
4,459
2,040
119
%
6,139
4,256
44
%
Total capital offsets
10,415
8,062
29
%
17,921
14,173
26
%
Capital Expenditures, Net of Capital
Offsets1
$
13,781
$
26,749
(48
)%
$
27,346
$
85,884
(68
)%
____________________
1
Capital Expenditures, Net of
Capital Offsets 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 measures,
please see “Definitions of Non-GAAP Financial Measures” and
“Reconciliations of Non-GAAP Financial Measures” included elsewhere
in these materials.
6/30/2024
6/30/2023
Increase
Stalls in operation or under
construction:
EVgo Network
3,690
3,180
16%
EVgo eXtend™
480
—
*
Total stalls in operation or under
construction
4,170
3,180
31%
Stalls in operation:
EVgo Network
3,250
2,520
29%
EVgo eXtend™
190
—
*
Total stalls in operation
3,440
2,520
37%
____________________
*
Percentage not meaningful.
2024 Financial Guidance
EVgo is updating 2024 guidance as follows:
- Raising the midpoint of total revenue guidance by $10 million
with total revenue guidance of $240 - $270 million
- Adjusted EBITDA* of ($44) – ($34) million
____________________
*
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 second
quarter earnings release will be held today at 11 am ET / 8 am 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 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 1,000 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 and
offsets; EVgo’s confidence that “this momentum will result in
strong returns for our shareholders”; EVgo’s progress on its
network buildout, customer experience, technological capabilities
and cost efficiencies; growth in the Company’s throughput; growth
in the Company’s commercial charging business; and the Company’s
collaboration with partners. 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
June 30,
December 31,
2024
2023
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
162,736
$
209,146
Accounts receivable, net of allowance of
$553 and $1,116 as of June 30, 2024 and December 31, 2023,
respectively
34,771
34,882
Accounts receivable, capital-build
13,217
9,297
Prepaid expenses and other current
assets
14,747
14,081
Total current assets
225,471
267,406
Property, equipment and software, net
403,418
389,227
Operating lease right-of-use assets
79,444
67,724
Other assets
2,098
2,208
Intangible assets, net
43,845
48,997
Goodwill
31,052
31,052
Total assets
$
785,328
$
806,614
Liabilities, redeemable noncontrolling
interest and stockholders’ equity (deficit)
Current liabilities
Accounts payable
$
16,165
$
10,133
Accrued liabilities
38,742
40,549
Operating lease liabilities, current
6,484
6,018
Deferred revenue, current1
28,610
32,349
Other current liabilities
94
298
Total current liabilities
90,095
89,347
Operating lease liabilities,
noncurrent
73,239
61,987
Earnout liability, at fair value
345
654
Asset retirement obligations
19,829
18,232
Capital-build liability
41,479
35,787
Deferred revenue, noncurrent
64,290
55,091
Warrant liabilities, at fair value
2,746
5,141
Total liabilities
292,023
266,239
Commitments and contingencies
Redeemable noncontrolling interest
479,710
700,964
Stockholders' equity (deficit)
13,595
(160,589
)
Total liabilities, redeemable
noncontrolling interest and stockholders' equity (deficit)
$
785,328
$
806,614
____________________
1
In 2024, deferred revenue,
current, and customer deposits 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
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share data)
2024
2023
Change %
2024
2023
Change %
Revenue
Charging, retail
$
22,336
$
9,085
146
%
$
40,662
$
15,700
159
%
Charging, commercial
7,094
2,418
193
%
12,933
4,133
213
%
Charging, OEM
3,638
986
269
%
6,370
1,538
314
%
Regulatory credit sales
1,749
1,613
8
%
3,783
2,828
34
%
Network, OEM
1,627
742
119
%
5,050
3,441
47
%
Total charging network
36,444
14,844
146
%
68,798
27,640
149
%
eXtend
27,667
33,281
(17
)%
46,818
43,573
7
%
Ancillary
2,508
2,427
3
%
6,161
4,639
33
%
Total revenue
66,619
50,552
32
%
121,777
75,852
61
%
Cost of sales
Charging network1
23,979
12,009
100
%
43,489
21,988
98
%
Other1
25,093
25,731
(2
)%
43,541
34,669
26
%
Depreciation, net of capital-build
amortization
11,149
7,283
53
%
21,508
13,625
58
%
Total cost of sales
60,221
45,023
34
%
108,538
70,282
54
%
Gross profit
6,398
5,529
16
%
13,239
5,570
138
%
Operating expenses
General and administrative
33,827
34,333
(1
)%
68,053
72,222
(6
)%
Depreciation, amortization and
accretion
4,958
4,783
4
%
9,943
9,567
4
%
Total operating expenses
38,785
39,116
(1
)%
77,996
81,789
(5
)%
Operating loss
(32,387
)
(33,587
)
4
%
(64,757
)
(76,219
)
15
%
Interest income
2,064
2,199
(6
)%
4,337
4,197
3
%
Other expense, net
(8
)
(1
)
(700
)%
(17
)
—
*
Change in fair value of earnout
liability
101
2,496
(96
)%
309
433
(29
)%
Change in fair value of warrant
liabilities
677
7,391
(91
)%
2,395
1,011
137
%
Total other income, net
2,834
12,085
(77
)%
7,024
5,641
25
%
Loss before income tax expense
(29,553
)
(21,502
)
(37
)%
(57,733
)
(70,578
)
18
%
Income tax expense
(57
)
(37
)
(54
)%
(70
)
(42
)
(67
)%
Net loss
(29,610
)
(21,539
)
(37
)%
(57,803
)
(70,620
)
18
%
Less: net loss attributable to redeemable
noncontrolling interest
(19,233
)
(14,513
)
(33
)%
(37,593
)
(50,518
)
26
%
Net loss attributable to Class A common
stockholders
$
(10,377
)
$
(7,026
)
(48
)%
$
(20,210
)
$
(20,102
)
(1
)%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.10
)
$
(0.08
)
$
(0.19
)
$
(0.25
)
Weighted average common stock outstanding,
basic and diluted
105,584
85,320
105,130
78,196
____________________
*
Not meaningful
1
In the fourth quarter of 2023,
the Company changed the presentation of cost of sales to
disaggregate such costs between “charging network” and “other.”
Previously reported amounts have been updated to conform to the
current presentation.
EVgo
Inc. and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Six Months Ended
June 30,
(in thousands)
2024
2023
Cash flows from operating
activities
Net loss
$
(57,803
)
$
(70,620
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
31,451
23,192
Net loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
5,497
6,008
Share-based compensation
10,103
14,922
Change in fair value of earnout
liability
(309
)
(433
)
Change in fair value of warrant
liabilities
(2,395
)
(1,011
)
Other
5
(155
)
Changes in operating assets and
liabilities
Accounts receivable, net
112
(11,422
)
Prepaid expenses, other current assets and
other assets
1,324
3,779
Operating lease assets and liabilities,
net
(3
)
642
Accounts payable
6,130
(2,872
)
Accrued liabilities
(5,764
)
2,925
Deferred revenue1
5,461
12,458
Other current and noncurrent
liabilities
(335
)
62
Net cash used in operating activities
(6,526
)
(22,525
)
Cash flows from investing
activities
Capital expenditures
(45,267
)
(100,057
)
Proceeds from insurance for property
losses
152
159
Net cash used in investing activities
(45,115
)
(99,898
)
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
6,139
4,256
Payments of deferred debt issuance
costs
(908
)
—
Payments of deferred equity issuance
costs
—
(4,751
)
Net cash provided by financing
activities
5,231
133,356
Net (decrease) increase in cash, cash
equivalents and restricted cash
(46,410
)
10,933
Cash, cash equivalents and restricted
cash, beginning of period
209,146
246,493
Cash, cash equivalents and restricted
cash, end of period
$
162,736
$
257,426
____________________
1
In 2024, deferred revenue,
current, and customer deposits were combined into a single line
item. 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.”
Definitions of Non-GAAP Financial Measures
This release includes some, but not all of the following
non-GAAP financial measures, in each case as defined below:
“Charging Network Margin,” “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.
Charging Network Margin, 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 Charging Network Margin as total charging network
revenue less charging network cost of sales divided by total
charging network revenue. 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 (gain) 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)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
GAAP revenue
$
66,619
$
50,552
32
%
$
121,777
$
75,852
61
%
GAAP net loss
$
(29,610
)
$
(21,539
)
(37
)%
$
(57,803
)
$
(70,620
)
18
%
GAAP net loss margin
(44.4
%)
(42.6
%)
(180) bps
(47.5
)%
(93.1
)%
4,560 bps
Adjustments:
Depreciation, net of capital-build
amortization
11,288
7,407
52
%
21,764
13,875
57
%
Amortization
4,342
4,117
5
%
8,805
8,236
7
%
Accretion
477
542
(12
)%
882
1,081
(18
)%
Interest income
(2,064
)
(2,199
)
6
%
(4,337
)
(4,197
)
(3
)%
Interest expense
—
—
* %
—
—
* %
Income tax expense
57
37
54
%
70
42
67
%
EBITDA
$
(15,510
)
$
(11,635
)
(33
)%
$
(30,619
)
$
(51,583
)
41
%
EBITDA margin
(23.3
%)
(23.0
%)
(30) bps
(25.1
)%
(68.0
)%
4,290 bps
Adjustments:
Share-based compensation
$
5,402
$
8,495
(36
)%
10,103
14,922
(32
)%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
2,757
2,389
15
%
5,497
5,849
(6
)%
Loss on investments
—
5
(100
)%
5
4
25
%
Bad debt expense
81
56
45
%
311
153
103
%
Change in fair value of earnout
liability
(101
)
(2,496
)
96
%
(309
)
(433
)
29
%
Change in fair value of warrant
liabilities
(677
)
(7,391
)
91
%
(2,395
)
(1,011
)
(137
)%
Other1
66
24
175
%
2,218
1,479
50
%
Total adjustments
7,528
1,082
596
%
15,430
20,963
(26
)%
Adjusted EBITDA
$
(7,982
)
$
(10,553
)
24
%
$
(15,189
)
$
(30,620
)
50
%
Adjusted EBITDA Margin
(12.0
%)
(20.9
%)
890 bps
(12.5
%)
(40.4
)%
2,790 bps
____________________
*
Percentage greater than 999%, bps
greater than 9,999 or not meaningful.
1
For the six months ended June 30,
2024, comprised primarily of costs related to the organizational
realignment announced by the Company on January 17, 2024. For the
six months ended June 30, 2023, comprised primarily of costs
related to the previous reorganization of Company resources
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").
The following unaudited table presents a reconciliation of
Charging Network Margin to the most directly comparable GAAP
measures:
(unaudited, dollars in thousands)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
GAAP total charging network revenue
$
36,444
$
14,844
146
%
$
68,798
$
27,640
149
%
GAAP charging network cost of sales
23,979
12,009
100
%
43,489
21,988
98
%
Charging Network Margin
34.2
%
19.1
%
1,510 bps
36.8
%
20.4
%
1,640 bps
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)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
GAAP revenue
$
66,619
$
50,552
32
%
$
121,777
$
75,852
61
%
GAAP cost of sales
60,221
45,023
34
%
108,538
70,282
54
%
GAAP gross profit
$
6,398
$
5,529
16
%
$
13,239
$
5,570
138
%
GAAP cost of sales as a percentage of
revenue
90.4
%
89.1
%
130 bps
89.1
%
92.7
%
(360) bps
GAAP gross margin
9.6
%
10.9
%
(130) bps
10.9
%
7.3
%
360 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
11,149
$
7,283
53
%
$
21,508
$
13,625
58
%
Share-based compensation
111
41
171
%
198
63
214
%
Total adjustments
11,260
7,324
54
%
21,706
13,688
59
%
Adjusted Cost of Sales
$
48,961
$
37,699
30
%
$
86,832
$
56,594
53
%
Adjusted Cost of Sales as a Percentage of
Revenue
73.5
%
74.6
%
(110) bps
71.3
%
74.6
%
(330) bps
Adjusted Gross Profit
$
17,658
$
12,853
37
%
$
34,945
$
19,258
81
%
Adjusted Gross Margin
26.5
%
25.4
%
110 bps
28.7
%
25.4
%
330 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)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
GAAP revenue
$
66,619
$
50,552
32
%
$
121,777
$
75,852
61
%
GAAP general and administrative
expenses
$
33,827
$
34,333
(1
)%
$
68,053
$
72,222
(6
)%
GAAP general and administrative expenses
as a percentage of revenue
50.8
%
67.9
%
(1,710) bps
55.9
%
95.2
%
(3,930) bps
Adjustments:
Share-based compensation
$
5,291
$
8,454
(37
)%
$
9,905
$
14,859
(33
)%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
2,757
2,389
15
%
5,497
5,849
(6
)%
Bad debt expense
81
56
45
%
311
153
103
%
Other1
66
24
175
%
2,218
1,479
50
%
Total adjustments
8,195
10,923
(25
)%
17,931
22,340
(20
)%
Adjusted General and Administrative
Expenses
$
25,632
$
23,410
9
%
$
50,122
$
49,882
0
%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
38.5
%
46.3
%
(780) bps
41.2
%
65.8
%
(2,460) bps
____________________
1
For the six months ended June 30,
2024, comprised primarily of costs related to the organizational
realignment announced by the Company on January 17, 2024. For the
six months ended June 30, 2023, comprised primarily of costs
related to the previous reorganization of Company resources
announced by the Company on February 23, 2023 and the 205
Petition.
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)
Q2'24
Q2'23
Change
Q2'24 YTD
Q2'23 YTD
Change
GAAP capital expenditures
$
24,196
$
34,811
(30
)%
$
45,267
$
100,057
(55
)%
Capital offsets:
OEM infrastructure payments
$
5,956
$
6,022
(1
)%
$
11,782
$
9,917
19
%
Proceeds from capital-build funding
4,459
2,040
119
%
6,139
4,256
44
%
Total capital offsets
10,415
8,062
29
%
17,921
14,173
26
%
Capital Expenditures, Net of Capital
Offsets
$
13,781
$
26,749
(48
)%
$
27,346
$
85,884
(68
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801376933/en/
For investors:
investors@evgo.com For Media:
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