false000164289600016428962024-03-072024-03-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 7, 2024
SAMSARA INC.
(Exact name of registrant as specified in its charter)
Delaware
001-41140
47-3100039
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1 De Haro Street
San Francisco, California 94107
(Address of principal executive offices, including zip code)
(415) 985-2400
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per shareIOTThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02    Results of Operations and Financial Condition.
On March 7, 2024, Samsara Inc. (“Samsara” or the “Company”) issued a press release announcing its financial results for the three months and fiscal year ended February 3, 2024. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including the exhibit attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by Samsara under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberDescription of Exhibit
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SAMSARA INC.
Date: March 7, 2024
By:/s/ Adam Eltoukhy
Adam Eltoukhy
Executive Vice President, Chief Legal Officer and Corporate Secretary


Exhibit 99.1
samsara_logoa.jpg
Samsara Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results
•Q4 revenue of $276.3 million, representing 48% year-over-year growth, or 37% year-over-year adjusted revenue growth
•Ending ARR of $1.102 billion, representing 39% year-over-year growth
•1,848 customers with ARR over $100,000, up 49% year-over-year
SAN FRANCISCO, March 7, 2024 — Samsara Inc. (NYSE: IOT), the pioneer of the Connected Operations Cloud, reported financial results for the fourth quarter and fiscal year ended February 3, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com.
“Fiscal year 2024 was another year of durable and efficient growth. We ended the year with $1.1 billion of ARR, growing 39% year-over-year. While sustaining high growth at scale, we remain committed to operating efficiently and recorded our first year of positive adjusted free cash flow,” said Sanjit Biswas, CEO and co-founder of Samsara. “We continue to see a vast opportunity for our customers and are excited to deliver on our mission to increase the safety, efficiency, and sustainability of the operations that power the global economy.”
Fourth Quarter Fiscal Year 2024 Financial Highlights
(In millions, except percentage, percentage points, and per share data)
Q4 FY2024Q4 FY2023Y/Y Change
Annual Recurring Revenue (ARR)$1,102.0 $795.1 39 %
Total revenue$276.3 $186.6 48 %
Adjusted total revenue (1)
$256.5 $186.6 37 %
GAAP gross profit$207.3 $135.0 $72.3 
GAAP gross margin75 %72 %3  pts
Non-GAAP gross profit$210.7 $137.5 $73.2 
Non-GAAP gross margin76 %74 %3  pts
GAAP operating loss$(123.0)$(60.0)$(63.0)
GAAP operating margin(45 %)(32 %)(13  pts)
Non-GAAP operating income (loss)$13.5 $(14.7)$28.2 
Non-GAAP operating margin5 %(8 %)13  pts
GAAP net loss per share, basic and diluted$(0.21)$(0.10)$(0.11)
Non-GAAP net income (loss) per share, basic and diluted$0.04 $(0.02)$0.06 
Net cash used in operating activities$(41.9)$(4.4)$(37.5)
Net cash used in operating activities margin(15 %)(2 %)(13  pts)
Adjusted free cash flow$16.0 $(6.0)$22.0 
Adjusted free cash flow margin6 %(3 %)9  pts
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Fiscal Year 2024 Financial Highlights
(In millions, except percentage, percentage points, and per share data)
FY 2024FY 2023Y/Y Change
ARR$1,102.0 $795.1 39 %
Total revenue$937.4 $652.5 44 %
Adjusted total revenue (1)
$917.7 $652.5 41 %
GAAP gross profit$690.4 $469.9 $220.5 
GAAP gross margin74 %72 %2  pts
Non-GAAP gross profit$703.1 $479.4 $223.7 
Non-GAAP gross margin75 %73 %2  pts
GAAP operating loss$(323.3)$(259.5)$(63.8)
GAAP operating margin(34 %)(40 %)6  pts
Non-GAAP operating income (loss)$1.3 $(77.0)$78.3 
Non-GAAP operating margin0 %(12 %)12  pts
GAAP net loss per share, basic and diluted$(0.54)$(0.48)$(0.06)
Non-GAAP net income (loss) per share, basic and diluted$0.07 $(0.13)$0.20 
Net cash used in operating activities$(11.8)$(103.0)$91.2 
Net cash used in operating activities margin(1 %)(16 %)15  pts
Adjusted free cash flow$27.1 $(110.0)$137.1 
Adjusted free cash flow margin3 %(17 %)20  pts
We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles (“GAAP”). See the section titled “Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures and the tables in the section titled “Reconciliation Between GAAP and Non-GAAP Financial Measures” for a reconciliation of GAAP to non-GAAP financial measures.
Financial Outlook
Our guidance includes GAAP and non-GAAP financial measures. For the first quarter and fiscal year 2025, Samsara expects the following:
Q1 FY2025 OutlookFY 2025 Outlook
Total revenue$271 million – $273 million$1,186 million – $1,196 million
Year/Year revenue growth33% – 34%27% – 28%
Year/Year adjusted revenue growth (1)
29% – 30%
Non-GAAP operating margin(3%)2%
Non-GAAP net income per share, diluted$0.00 – $0.01$0.11 – $0.13
__________
(1)Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.
A reconciliation of non-GAAP guidance financial measures to corresponding GAAP guidance financial measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty and potential variability of expenses, such as stock-based compensation expense-related charges, that may be incurred in the future and cannot be reasonably determined or predicted at this time. It is important to note that these factors could be material to our results of operations computed in accordance with GAAP.
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About Samsara
Samsara is the pioneer of the Connected Operations™ Cloud, which is a platform that enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world’s leading organizations across construction, transportation and warehousing, field services, manufacturing, retail, logistics, and the public sector. The company’s mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, the calculation of certain of our key financial and operating metrics, our market opportunity, industry developments and trends, customer demand for our solution, macroeconomic conditions and any expected benefits of our products, and our competitive position, as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and could cause actual results and events to differ. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these terms or other comparable expressions that concern our expectations, strategies, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made, including information furnished to us by third parties that we have not independently verified, and/or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
These risks and uncertainties include our ability to retain customers and expand the Applications used by our customers, our ability to attract new customers, our future financial performance, including trends in revenue and annual recurring revenue, net retention rate, costs of revenue, gross profit or gross margin, operating expenses, customer counts, non-GAAP financial measures (such as adjusted revenue, adjusted revenue growth rate, non-GAAP gross margin, non-GAAP operating margin, free cash flow margin, and adjusted free cash flow margin), our ability to achieve or maintain profitability, the demand for our products or for solutions for connected operations in general, the impact of the Russia-Ukraine conflict, geopolitical tensions involving China, the conflict in Israel and Gaza, the emergence of pandemics and epidemics, and macroeconomic conditions globally on our and our customers’, partners’ and suppliers’ operations and future financial performance, possible harm caused by silicon component shortages and other supply chain constraints, the length of our sales cycles, possible harm caused by a security breach or other incident affecting our or our customers’ assets or data, our ability to compete successfully in competitive markets, our ability to respond to rapid technological changes, and our ability to continue to innovate and develop new Applications. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings and reports that we may file from time to time with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Use of Non-GAAP Financial Measures
This document includes certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to our financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.
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Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.
We present these non-GAAP financial measures to assist investors in seeing Samsara’s operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to evaluate our business.
Expenses Excluded from Non-GAAP Financial Measures—Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which is a cash expense, is excluded because such taxes are tied to the timing and size of the vesting of the underlying equity awards and the price of our common stock at the time of vesting, which may vary from period to period independent of the operating performance of our business. Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance.
Operating Metrics and Non-GAAP Financial Measures
Annual Recurring Revenue—We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date.
Adjusted Revenue / Adjusted Revenue Growth—Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.
Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin—We define non-GAAP income (loss) from operations, or non-GAAP operating income (loss), as income (loss) from operations excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, lease modification, impairment, and related charges, and legal settlements. Non-GAAP operating margin is defined as non-GAAP operating income (loss) as a percentage of total revenue. We use non-GAAP income (loss) from operations and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP income (loss) from operations and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share—We define non-GAAP net income (loss) as net loss excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, lease modification, impairment, and related charges, and legal settlements. Our non-GAAP net income (loss) per share–basic is calculated by dividing non-GAAP net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share–diluted is calculated by giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and shares issued under our 2021 Employee Stock Purchase Plan) to the extent they are dilutive. Non-GAAP net loss per share–diluted is the same as non-GAAP net loss per share–basic as the inclusion of all potential dilutive common stock equivalents would be antidilutive. We use non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
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Free Cash Flow and Free Cash Flow Margin—We define free cash flow as net cash used in operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives.
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as free cash flow excluding the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of total revenue. We believe that adjusted free cash flow and adjusted free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives by excluding the impact of non-recurring events.
Webcast Information and Shareholder Letter
An investor presentation and accompanying shareholder letter is accessible from the Samsara investor relations website at https://investors.samsara.com/. Samsara will host a live webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. The live webcast may be accessed at https://investors.samsara.com/. Following the webcast, a replay will be accessible from the same website.
Investor Contact:
Mike Chang
ir@samsara.com
Media Contact:
Adam Simons
media@samsara.com
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SAMSARA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
As of
February 3, 2024January 28, 2023
Assets
Current assets:
Cash and cash equivalents$135,536 $200,670 
Short-term investments412,126 489,192 
Accounts receivable, net161,829 122,867 
Inventories22,238 40,571 
Connected device costs, current104,008 82,046 
Prepaid expenses and other current assets51,221 22,189 
Total current assets886,958 957,535 
Restricted cash19,202 23,096 
Long-term investments276,166 113,101 
Property and equipment, net54,969 59,278 
Operating lease right-of-use assets81,974 112,624 
Connected device costs, non-current230,782 194,852 
Deferred commissions177,562 140,166 
Other assets, non-current7,232 16,356 
Total assets$1,734,845 $1,617,008 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$46,281 $30,144 
Accrued expenses and other current liabilities61,437 53,824 
Accrued compensation and benefits37,068 36,030 
Deferred revenue, current426,369 300,113 
Operating lease liabilities, current20,661 22,047 
Total current liabilities591,816 442,158 
Deferred revenue, non-current139,117 126,452 
Operating lease liabilities, non-current78,830 100,873 
Other liabilities, non-current9,935 9,506 
Total liabilities819,698 678,989 
Commitments and contingencies
Stockholders’ equity:
Preferred stock— — 
Class A common stock9 7 
Class B common stock23 23 
Class C common stock— — 
Additional paid-in capital2,368,597 2,107,013 
Accumulated other comprehensive income (loss)1,616 (652)
Accumulated deficit(1,455,098)(1,168,372)
Total stockholders’ equity915,147 938,019 
Total liabilities and stockholders’ equity$1,734,845 $1,617,008 
6

SAMSARA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Revenue$276,274 $186,577 $937,385 $652,545 
Cost of revenue69,024 51,528 247,032 182,656 
Gross profit207,250 135,049 690,353 469,889 
Operating expenses
Research and development73,426 54,603 258,581 187,405 
Sales and marketing133,006 96,751 486,649 370,098 
General and administrative55,155 43,687 195,043 170,785 
Lease modification, impairment, and related charges— — 4,762 1,056 
Legal settlement68,665 — 68,665 — 
Total operating expenses330,252 195,041 1,013,700 729,344 
Loss from operations(123,002)(59,992)(323,347)(259,455)
Interest income and other income (expense), net11,471 8,526 39,964 15,620 
Loss before provision for income taxes(111,531)(51,466)(283,383)(243,835)
Provision for income taxes1,840 2,132 3,343 3,587 
Net loss$(113,371)$(53,598)$(286,726)$(247,422)
Other comprehensive income (loss):
Foreign currency translation adjustments562 93 838 509 
Unrealized gains (losses) on investments, net of tax2,493 239 1,430 (1,065)
Other comprehensive income (loss)3,055 332 2,268 (556)
Comprehensive loss$(110,316)$(53,266)$(284,458)$(247,978)
Basic and diluted net loss per share:
Net loss per share attributable to common stockholders, basic and diluted$(0.21)$(0.10)$(0.54)$(0.48)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted543,250,066 521,515,286 534,878,501 514,279,230 
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SAMSARA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Operating activities
Net loss$(113,371)$(53,598)$(286,726)$(247,422)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization4,687 3,418 15,526 11,768 
Stock-based compensation expense64,687 43,983 237,082 177,473 
Net accretion of discounts on investments(4,161)(3,326)(16,888)(4,368)
Lease modification, impairment, and related charges— — 4,762 1,056 
Non-cash legal settlement8,666 — 8,666 — 
Other non-cash adjustments2,525 2,110 4,571 6,488 
Changes in operating assets and liabilities:
Accounts receivable, net(50,244)(34,167)(46,420)(47,464)
Inventories4,865 3,930 18,332 (7,504)
Prepaid expenses and other current assets(11,628)(5,993)(29,076)(11,293)
Connected device costs(20,896)(24,093)(57,893)(83,086)
Deferred commissions(16,099)(11,954)(37,396)(22,409)
Other assets, non-current242 (342)509 (1,862)
Accounts payable and other liabilities26,802 22,883 26,596 13,485 
Deferred revenue61,765 52,322 138,920 112,879 
Operating lease right-of-use assets and liabilities, net282 454 7,620 (762)
Net cash used in operating activities(41,878)(4,373)(11,815)(103,021)
Investing activities
Purchase of property and equipment(2,095)(6,003)(10,953)(33,240)
Purchases of investments(199,145)(329,885)(740,546)(685,615)
Proceeds from sales of investments1,994 — 8,168 — 
Proceeds from maturities and redemptions of investments156,601 86,625 664,694 86,625 
Other investing activities— (50)(50)382 
Net cash used in investing activities(42,645)(249,313)(78,687)(631,848)
Financing activities
Proceeds from issuance of common stock in connection with equity compensation plans9,767 7,179 23,202 18,047 
Payment of offering costs— — — (2,532)
Payment of principal on finance leases(789)(447)(2,205)(1,303)
Net cash provided by financing activities
8,978 6,732 20,997 14,212 
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash501 584 477 113 
Net decrease in cash, cash equivalents, and restricted cash
(75,044)(246,370)(69,028)(720,544)
Cash, cash equivalents, and restricted cash, beginning of period229,782 470,136 223,766 944,310 
Cash, cash equivalents, and restricted cash, end of period$154,738 $223,766 $154,738 $223,766 
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SAMSARA INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages and per share data)
(Unaudited)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Total revenue and revenue growth rate reconciliation
GAAP revenue$276,274 $186,577 $937,385 $652,545 
Less:
Additional week in Q4 FY2419,734 — 19,734 — 
Adjusted revenue (1)
$256,540 $186,577 $917,651 $652,545 
GAAP revenue growth rate48 %48 %44 %52 %
Adjusted revenue growth rate (1)
37 %48 %41 %52 %
Gross profit and gross margin reconciliation
GAAP gross profit$207,250 $135,049 $690,353 $469,889 
Add:
Stock-based compensation expense-related charges (2)
3,418 2,423 12,725 9,466 
Non-GAAP gross profit$210,668 $137,472 $703,078 $479,355 
GAAP gross margin75 %72 %74 %72 %
Non-GAAP gross margin76 %74 %75 %73 %
Operating income (loss) and operating margin reconciliation
GAAP loss from operations$(123,002)$(59,992)$(323,347)$(259,455)
Add:
Stock-based compensation expense-related charges (2)
67,835 45,331 251,190 181,424 
Lease modification, impairment, and related charges— — 4,762 1,056 
Legal settlement (4)
68,665 — 68,665 — 
Non-GAAP income (loss) from operations$13,498 $(14,661)$1,270 $(76,975)
GAAP operating margin(45)%(32)%(34)%(40)%
Non-GAAP operating margin5 %(8)%0 %(12)%
9

SAMSARA INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages and per share data)
(Unaudited)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
GAAP net loss$(113,371)$(53,598)$(286,726)$(247,422)
Add:
Stock-based compensation expense-related charges67,835 45,331 251,190 181,424 
Lease modification, impairment, and related charges— — 4,762 1,056 
Legal settlement (4)
68,665 — 68,665 — 
Non-GAAP net income (loss) (5)
$23,129 $(8,267)$37,891 $(64,942)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Net income (loss) per share, basic and diluted, reconciliation
GAAP net loss per share attributable to common stockholders, basic and diluted$(0.21)$(0.10)$(0.54)$(0.48)
Total impact on net loss per share, basic and diluted, from non-GAAP adjustments0.25 0.08 0.61 0.35 
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted (6)
$0.04 $(0.02)$0.07 $(0.13)
Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted543,250,066 521,515,286 534,878,501 514,279,230 
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, basic543,250,066 521,515,286 534,878,501 514,279,230 
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (6)
571,102,601 521,515,286 562,651,874 514,279,230 
10

SAMSARA INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages and per share data)
(Unaudited)
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation
Net cash used in operating activities$(41,878)$(4,373)$(11,815)$(103,021)
Purchase of property and equipment(2,095)(6,003)(10,953)(33,240)
Free cash flow
(43,973)(10,376)(22,768)(136,261)
Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (7)
— 4,353 (10,179)26,227 
Legal settlement (8)
60,000 — 60,000 — 
Adjusted free cash flow
$16,027 $(6,023)$27,053 $(110,034)
Net cash used in operating activities margin(15)%(2)%(1)%(16)%
Free cash flow margin
(16)%(6)%(2)%(21)%
Adjusted free cash flow margin
6 %(3)%3 %(17)%
__________
(1)Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.
(2)Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows:
Three Months EndedFiscal Year Ended
February 3, 2024January 28, 2023February 3, 2024January 28, 2023
Cost of revenue$3,418 $2,423 $12,725 $9,466 
Research and development26,504 17,897 95,220 64,184 
Sales and marketing19,893 12,313 75,203 54,072 
General and administrative18,020 12,698 68,042 53,702 
Total stock-based compensation expense-related charges (3)
$67,835 $45,331 $251,190 $181,424 
__________
(3)Stock-based compensation expense-related charges included approximately $3.1 million and $14.1 million of employer taxes on employee equity transactions for the three months and fiscal year ended February 3, 2024, respectively, and approximately $1.3 million and $4.0 million of employer taxes on employee equity transactions for the three months and fiscal year ended January 28, 2023, respectively.
(4)In January 2024, we settled non-recurring lease-related litigation and recognized a one-time operating expense charge of $68.7 million for the three months and fiscal year ended February 3, 2024. The settlement amount consisted of a $60.0 million cash payment and $8.7 million associated with a previously drawn letter of credit.
(5)There were no material income tax effects on our non-GAAP adjustments for all periods presented.
(6)For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period.
(7)In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million.
11

(8)In January 2024, we settled non-recurring lease-related litigation and made a one-time cash payment of $60.0 million.
12
v3.24.0.1
Cover
Mar. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 07, 2024
Entity Registrant Name SAMSARA INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-41140
Entity Tax Identification Number 47-3100039
Entity Address, Address Line One 1 De Haro Street
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code 415
Local Phone Number 985-2400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share
Trading Symbol IOT
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001642896
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