EVgo Inc. Reports Fourth Quarter and Full-Year 2021 Results
EVgo Inc. reported significant growth in 2021, achieving a 52% revenue increase to $22.2 million and a 68% rise in network throughput to 26.4 GWh. The company ended the year with approximately 340,000 customer accounts, marking an 80% share of non-Tesla US EV sales. Adjusted gross profit surged to $5.2 million, while the GAAP gross loss narrowed to ($6.8 million). EVgo aims for revenue of $48-$55 million in 2022, targeting 3,000-3,300 charging stalls operational or under construction. Recent partnerships with Toyota and Subaru bolster its market position.
- 52% revenue increase to $22.2 million year-over-year
- 68% growth in network throughput to 26.4 GWh
- 340,000 customer accounts, 109,000 increase year-over-year
- Adjusted gross profit rose to $5.2 million from $0.5 million
- New partnerships with Toyota and Subaru enhance market position
- Expansion of operational stall count to 1,676 with plans for 3,000-3,300 stalls in 2022
- GAAP net loss increased to ($57.8 million) in 2021 from ($48.2 million) in 2020
- Cash flow from operations was negative at ($29.6 million) for full-year 2021
- Adjusted EBITDA loss of ($51.4 million) indicates ongoing financial strain
-
2021 Revenue increased by
52% year-over-year -
Network throughput in 2021 rose to 26.4 Gigawatt-hours (GWh), a
68% increase over prior year -
GAAP gross loss narrowed in 2021 to
( from$6.8) million ( in 2020$9.0) million -
Adjusted gross profit grew to
$5.2 million $0.5 million 3% in 2020 to23% in 2021, demonstrating operating leverage in the model from increasing vehicles in operation and throughput -
Ended year with approximately 340,000 customer accounts, marking an approximate 109,000 year-over-year increase, equating to approximately
80% of non-Tesla US EV sales - Active Engineering and Construction pipeline increased to more than 3,100 fast charging stalls as of year-end 2021 vs approximately 2,500 at the year-end of Q3 2021
-
Recently announced new charging partnerships with
Toyota and Subaru -
Introduced
EVgo eXtendTM business line to increase customer and geographic expansion
Revenue increased to
Network throughput increased to 8.2 GWh for the fourth quarter of 2021, compared to 4.2 GWh in the fourth quarter of 2020, exhibiting
“EVgo finished 2021 strong, with momentum in revenue growth, customer acquisition and station development,”
Business Highlights
-
Toyota Charging Program: In
February 2022 ,EVgo andToyota , the world’s largest automaker, announced a charging credit relationship that will provide charging benefits atEVgo charging stalls for customers who buy or lease Toyota’s new EV, the bZ4X.Toyota expects the first bZ4X models to be available in 2022. -
Subaru Charging Program: In
February 2022 ,EVgo and Subaru announced a preferred charging credit relationship that will provideEVgo charging credits for customers of Subaru’s new SUV EV, theSolterra . TheSolterra is expected to be introduced in 2022. -
Introduced
EVgo eXtend: Introduced white label charging solution to capture growing public charging demand in corridors and less urban areas currently underserved by the charging market while retaining attractive return potential. -
Station Development : The company’s operational stall count expanded to 1,676 with the addition of 286 charging stalls energized during full-year 2021. The company ended the year with 1,903 stalls either in operation or under construction. In addition, EVgo’s Active Engineering & Development Pipeline grew to approximately 3,100 stalls as of year-end 2021, up from approximately 2,500 at the end of the third quarter 2021. - PlugShare User Growth: PlugShare continues to grow as the world’s largest user-generated EV charging platform, surpassing 2 million registered users for the first time, with 1 million downloads in 2021.
Financial & Operational Highlights
The below represent summary financial and operational figures for the fourth quarter of 2021.
-
Revenue of
$7.1 million - Network throughput of 8.2 gigawatt-hours
-
Gross loss of
$1.8 million -
Net loss of
$46.3 million -
Adjusted gross profit of
$2.0 million -
Adjusted EBITDA of
( $16.3) million -
Cash Flow from Operations of
( for the fourth quarter of 2021$11.8) million -
Capital Expenditures of
$25.3 million
The below represent summary financial and operational figures for full-year 2021.
-
Revenue of
$22.2 million - Network throughput of 26.4 gigawatt-hours
- Customer account additions of approximately 109,000 accounts
-
Gross loss of
$6.8 million -
Net loss of
$57.8 million -
Adjusted gross profit of
$5.2 million -
Adjusted EBITDA of
( $51.4) million -
Cash Flow from Operations of
( for full-year 2021$29.6) million -
Capital Expenditures of
$65.0 million
| ($ in 000s) | Q4'21 |
Q3'21 |
FY 2021 |
FY 2020 |
||||
| Network Throughput (GWh) | 8.2 |
|
8.0 |
|
26.4 |
|
15.7 |
|
| Revenue |
|
|
|
|
|
|
|
|
| GAAP Gross Profit / (Loss) |
( |
) |
( |
) |
( |
) |
( |
) |
| GAAP Net Income/(Loss) |
( |
) |
|
|
( |
) |
( |
) |
| Adj. Gross Profit/(Loss)1 |
|
|
|
|
|
|
|
|
| Adj. Gross Margin1 | 28.0 |
% |
22.2 |
% |
23.2 |
% |
3.1 |
% |
| Adj. EBITDA1 |
( |
) |
( |
) |
( |
) |
( |
) |
| Q4'21 | Q3'21 | FY 2021 | FY 2020 | |||||
| Cash flow from operations |
( |
) |
( |
) |
( |
) |
( |
) |
| Capital expenditures2 |
( |
) |
( |
) |
( |
) |
( |
) |
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures and have not been prepared in accordance with Generally Accepted Accounting Principles in
2. Excludes acquisition cost of Recargo/PlugShare.
2022 Financial & Operating Guidance
-
Total revenue of
$48 $55 million - Network throughput of 50 – 60 GWh
-
Adjusted EBITDA of (
$75 ( $85) million
Additionally,
“As demonstrated by our recent partnership announcements, we continue to see substantial interest in EVgo’s market-leading solutions and are prioritizing the rapid expansion of our best-in-class charging network and services,” said Olga Shevorenkova, EVgo’s CFO. “Such a market opportunity necessitates the investments we are making both into SG&A and capex, with a continued focus on prudent capital allocation practices and long-term value creation of the business. We believe the investments we are making will deliver substantial returns as EV adoption accelerates throughout the decade.”
Conference Call Information
A live audio webcast and conference call for our fourth quarter and year-end 2021 earnings release will be held at
Toll Free: 877-407-4018
Toll/International: 201-689-8471
Conference ID: 13726739
This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About
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" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial performance, revenues and capital expenditures, EVgo’s expectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption; and the Company’s strong liquidity position enabling effective deployment of chargers. 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; ongoing impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our 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 registration statement on Form S-1 originally filed with the
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP,
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release.
Definitions of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin.”
Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA and Adjusted EBITDA.
Reconciliations of Non-GAAP Measures ($ in 000s)
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| GAAP Gross Profit / (Loss) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||
| Less: | ||||||||||||||||
| Site Depreciation & ARO Accretion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Stock Option Expense and Other | (10 |
) |
(6 |
) |
(6 |
) |
3 |
|
7 |
|
(33 |
) |
(2 |
) |
||
| Adjusted Gross Profit / (Loss) |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| GAAP Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Less: | ||||||||||||||||
| Site Depreciation & ARO Accretion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Stock Option Expense and Other | (10 |
) |
(6 |
) |
(6 |
) |
3 |
|
7 |
|
(33 |
) |
(2 |
) |
||
| Adjusted Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| Net Income |
( |
) |
( |
) |
( |
) |
|
|
( |
) |
( |
) |
( |
) |
||
| + Taxes | 6 |
|
(1 |
) |
1 |
|
– |
|
– |
|
2 |
|
1 |
|
||
| + Depreciation, ARO Accretion, Amortization | 5,000 |
|
4,957 |
|
5,250 |
|
6,414 |
|
7,280 |
|
19,033 |
|
23,901 |
|
||
| + Interest Income / Expense | 602 |
|
876 |
|
1,038 |
|
(22 |
) |
(35 |
) |
1,414 |
|
1,857 |
|
||
| EBITDA |
( |
) |
( |
) |
( |
) |
|
|
( |
) |
( |
) |
( |
) |
||
| + Bad Debt, Non-Recurring Costs, Other Adj. |
|
|
|
|
|
|
( |
) |
|
|
|
|
( |
) |
||
| Adj. EBITDA |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| Adjusted Gross Profit / (Loss) - As Previously Reported * |
( |
) |
( |
) |
( |
) |
|
|
|
|
( |
) |
|
|
||
| Adjusted Cost of Sales Reclassification to G&A | 871 |
|
925 |
|
1,085 |
|
1,153 |
|
1,328 |
|
3,543 |
|
4,491 |
|
||
| Adjusted Gross Profit / (Loss) |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
| * Q3 2021 and Q4 2021 computed under the original method. | ||||||||||||||||
Note: Figures may not sum due to rounding.
Financial Statements
|
||||||
Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
(in thousands) |
|
2021 |
|
2020 |
||
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and restricted cash |
|
$ |
484,881 |
|
$ |
7,914 |
Accounts receivable, net |
|
|
2,559 |
|
|
2,164 |
Accounts receivable, capital build |
|
|
9,621 |
|
|
3,259 |
Receivable from related party |
|
|
1,500 |
|
|
— |
Prepaid expenses |
|
|
6,395 |
|
|
4,598 |
Other current assets |
|
|
1,389 |
|
|
2,037 |
Total current assets |
|
|
506,345 |
|
|
19,972 |
Property, equipment and software, net |
|
|
133,282 |
|
|
71,266 |
Intangible assets, net |
|
|
72,227 |
|
|
67,956 |
|
|
|
31,052 |
|
|
22,111 |
Restricted cash |
|
|
300 |
|
|
— |
Other assets |
|
|
3,115 |
|
|
836 |
Total assets |
|
$ |
746,321 |
|
$ |
182,141 |
|
|
|
|
|
|
|
Liabilities, redeemable noncontrolling interest and stockholders’/member’s (deficit) equity |
||||||
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,946 |
|
$ |
2,998 |
Payables to related parties |
|
|
— |
|
|
135 |
Accrued liabilities |
|
|
27,078 |
|
|
10,945 |
Deferred revenue, current |
|
|
5,144 |
|
|
1,653 |
Customer deposits |
|
|
11,592 |
|
|
7,660 |
Note payable, related party |
|
|
— |
|
|
39,164 |
Capital-build, buyout liability |
|
|
— |
|
|
628 |
Other current liabilities |
|
|
111 |
|
|
398 |
Total current liabilities |
|
|
46,871 |
|
|
63,581 |
Earnout liability, at fair value |
|
|
5,211 |
|
|
— |
Asset retirement obligations |
|
|
12,833 |
|
|
8,802 |
Capital-build liability, excluding buyout liability |
|
|
23,169 |
|
|
17,388 |
Deferred revenue, noncurrent |
|
|
21,709 |
|
|
2,732 |
Warrant liability, at fair value |
|
|
48,461 |
|
|
— |
Other liabilities |
|
|
146 |
|
|
151 |
Total liabilities |
|
|
158,400 |
|
|
92,654 |
|
||||||||
Consolidated Balance Sheets (continued) |
||||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
(in thousands, except share data) |
|
2021 |
|
2020 |
||||
Redeemable noncontrolling interest |
|
|
1,946,252 |
|
|
|
— |
|
Stockholders’/member’s (deficit) equity |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Class A common stock, |
|
|
7 |
|
|
|
— |
|
Class B common stock, |
|
|
20 |
|
|
|
— |
|
LLC interests |
|
|
— |
|
|
|
136,348 |
|
Additional paid-in capital |
|
|
— |
|
|
|
929 |
|
Accumulated deficit |
|
|
(1,358,358 |
) |
|
|
(47,790 |
) |
Total stockholders’/member’s (deficit) equity |
|
|
(1,358,331 |
) |
|
|
89,487 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’/member’s (deficit) equity |
|
$ |
746,321 |
|
|
$ |
182,141 |
|
|
|||||||||||||
Consolidated Statements of Operations |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Successor |
|
|
Predecessor |
||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
2020 |
|
|
2020 |
||||||
|
|
Year Ended |
|
Through |
|
|
Through |
||||||
|
|
|
|
|
|
|
|
||||||
(in thousands, except per share data) |
|
2021 |
|
2020 |
|
|
2020 |
||||||
Revenue |
|
$ |
21,652 |
|
|
$ |
11,759 |
|
|
|
$ |
1,461 |
|
Revenue from related parties |
|
|
562 |
|
|
|
1,290 |
|
|
|
|
65 |
|
Total revenue |
|
|
22,214 |
|
|
|
13,049 |
|
|
|
|
1,526 |
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
|
17,058 |
|
|
|
13,416 |
|
|
|
|
675 |
|
Depreciation and amortization |
|
|
11,986 |
|
|
|
9,231 |
|
|
|
|
298 |
|
Cost of sales |
|
|
29,044 |
|
|
|
22,647 |
|
|
|
|
973 |
|
Gross (loss) profit |
|
|
(6,830 |
) |
|
|
(9,598 |
) |
|
|
|
553 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
General and administrative |
|
|
71,086 |
|
|
|
34,088 |
|
|
|
|
1,247 |
|
Transaction bonus |
|
|
— |
|
|
|
5,316 |
|
|
|
|
— |
|
Depreciation, amortization and accretion |
|
|
11,915 |
|
|
|
9,435 |
|
|
|
|
69 |
|
Total operating expenses |
|
|
83,001 |
|
|
|
48,839 |
|
|
|
|
1,316 |
|
Operating loss |
|
|
(89,831 |
) |
|
|
(58,437 |
) |
|
|
|
(763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense, related party |
|
|
1,926 |
|
|
|
1,414 |
|
|
|
|
— |
|
Interest income |
|
|
(69 |
) |
|
|
— |
|
|
|
|
— |
|
Other income, related parties |
|
|
— |
|
|
|
— |
|
|
|
|
(342 |
) |
Other income, net |
|
|
(607 |
) |
|
|
(12,061 |
) |
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
(2,214 |
) |
|
|
— |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
(31,105 |
) |
|
|
— |
|
|
|
|
— |
|
Total other income, net |
|
|
(32,069 |
) |
|
|
(10,647 |
) |
|
|
|
(342 |
) |
Net loss |
|
|
(57,762 |
) |
|
|
(47,790 |
) |
|
|
|
(421 |
) |
Less: net loss attributable to redeemable noncontrolling interest |
|
|
(51,856 |
) |
|
|
(47,790 |
) |
|
|
|
(421 |
) |
Net loss attributable to Class A common stockholders |
|
$ |
(5,906 |
) |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net loss per share to Class A common stockholders, basic and diluted |
|
$ |
(0.09 |
) |
|
|
N/A |
|
|
|
|
N/A |
|
Weighted-average basic and diluted shares used in computation of earnings per share |
|
|
68,015 |
|
|
|
N/A |
|
|
|
|
N/A |
|
|
|||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||
|
|
Successor |
|
|
Predecessor |
||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
2020 |
|
|
2020 |
||||||
|
|
Year Ended |
|
Through |
|
|
Through |
||||||
|
|
|
|
|
|
|
|
||||||
(in thousands) |
|
2021 |
|
2020 |
|
|
2020 |
||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(57,762 |
) |
|
$ |
(47,790 |
) |
|
|
$ |
(421 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
— |
|
|
|
|
|
||
Depreciation, amortization and accretion |
|
|
23,901 |
|
|
|
18,665 |
|
|
|
|
368 |
|
Net loss on disposal of property and equipment |
|
|
1,311 |
|
|
|
1,301 |
|
|
|
|
— |
|
Share-based compensation |
|
|
10,942 |
|
|
|
929 |
|
|
|
|
13 |
|
Relief of contingent consideration |
|
|
— |
|
|
|
(3,978 |
) |
|
|
|
— |
|
Interest expense, related party |
|
|
1,926 |
|
|
|
1,414 |
|
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
(2,214 |
) |
|
|
— |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
(31,105 |
) |
|
|
— |
|
|
|
|
— |
|
Other |
|
|
761 |
|
|
|
— |
|
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
— |
|
|
|
|
|
||
Accounts receivable, net |
|
|
(195 |
) |
|
|
50 |
|
|
|
|
33 |
|
Receivables from related parties |
|
|
(1,425 |
) |
|
|
— |
|
|
|
|
(333 |
) |
Prepaid expenses and other current and noncurrent assets |
|
|
(5,691 |
) |
|
|
1,059 |
|
|
|
|
(46 |
) |
Accounts payable |
|
|
(1,294 |
) |
|
|
519 |
|
|
|
|
315 |
|
Payables to related parties |
|
|
(904 |
) |
|
|
135 |
|
|
|
|
(1 |
) |
Accrued liabilities |
|
|
7,027 |
|
|
|
4,331 |
|
|
|
|
(248 |
) |
Deferred revenue |
|
|
21,925 |
|
|
|
(591 |
) |
|
|
|
(37 |
) |
Customer deposits |
|
|
3,931 |
|
|
|
3,591 |
|
|
|
|
13 |
|
Other current and noncurrent liabilities |
|
|
(737 |
) |
|
|
288 |
|
|
|
|
— |
|
Net cash used in operating activities |
|
|
(29,603 |
) |
|
|
(20,077 |
) |
|
|
|
(344 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|||
Purchases of property, equipment and software |
|
|
(65,003 |
) |
|
|
(19,344 |
) |
|
|
|
(166 |
) |
Acquisition of business, net of cash received |
|
|
(22,762 |
) |
|
|
— |
|
|
|
|
— |
|
Net cash used in investing activities |
|
|
(87,765 |
) |
|
|
(19,344 |
) |
|
|
|
(166 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from CRIS Business Combination |
|
|
601,579 |
|
|
|
— |
|
|
|
|
— |
|
Proceeds from note payable, related party |
|
|
24,000 |
|
|
|
37,750 |
|
|
|
|
— |
|
Payments on note payable, related party |
|
|
(5,500 |
) |
|
|
— |
|
|
|
|
— |
|
Proceeds from exercise of warrants |
|
|
30 |
|
|
|
— |
|
|
|
|
— |
|
Capital-build funding, net |
|
|
2,909 |
|
|
|
7,083 |
|
|
|
|
— |
|
Payment of transaction costs for CRIS Business Combination |
|
|
(28,383 |
) |
|
|
(3,071 |
) |
|
|
|
— |
|
Contributions |
|
|
— |
|
|
|
5,316 |
|
|
|
|
— |
|
Net cash provided by financing activities |
|
|
594,635 |
|
|
|
47,078 |
|
|
|
|
— |
|
Net increase (decrease) in cash and restricted cash |
|
|
477,267 |
|
|
|
7,657 |
|
|
|
|
(510 |
) |
Cash and restricted cash, beginning of period |
|
|
7,914 |
|
|
|
257 |
|
|
|
|
1,403 |
|
Cash and restricted cash, end of period1 |
|
$ |
485,181 |
|
|
$ |
7,914 |
|
|
|
$ |
893 |
|
| _________________________ | |||||||||||||
1 As of |
|||||||||||||
|
||||||||||
Consolidated Statements of Cash Flows (continued) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|||||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
2020 |
|
|
2020 |
||
|
|
Year Ended |
|
|
Through |
|
|
Through |
||
|
|
|
|
|
|
|
|
|
||
(in thousands) |
|
2021 |
|
|
2020 |
|
|
2020 |
||
Supplemental disclosure of noncash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
Accrued transaction costs for CRIS Business Combination |
|
$ |
175 |
|
$ |
— |
|
|
$ |
— |
Asset retirement obligations incurred |
|
$ |
2,456 |
|
$ |
902 |
|
|
$ |
— |
Non-cash increase in accounts receivable, capital-build, and capital-build liability |
|
$ |
9,272 |
|
$ |
— |
|
|
$ |
— |
Reclassification of contingent earnout liability to equity upon triggering event |
|
$ |
10,853 |
|
$ |
— |
|
|
$ |
— |
Purchases of property and equipment in accounts payable and accrued liabilities |
|
$ |
14,485 |
|
$ |
1,931 |
|
|
$ |
1,759 |
Contingent earnout liability recognized upon closing of CRIS Business Combination |
|
$ |
18,278 |
|
$ |
— |
|
|
$ |
— |
Conversion of note payable, related party, to equity |
|
$ |
59,590 |
|
$ |
— |
|
|
$ |
— |
Reclassification of redeemable noncontrolling interest on CRIS Close Date |
|
$ |
436,739 |
|
$ |
— |
|
|
$ |
— |
Fair value adjustment to redeemable noncontrolling interest |
|
$ |
1,525,297 |
|
$ |
— |
|
|
$ |
— |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220323005109/en/
For investors:
investors.evgo.com
310-954-2943
For Media:
press@evgo.com
Source:
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