EVgo Inc. Reports Record Second Quarter 2024 Results
EVgo Inc. (Nasdaq: EVGO) reported record second quarter 2024 results, with revenue reaching $66.6 million, a 32% year-over-year increase. The company achieved its 6th consecutive quarter of triple-digit year-over-year network throughput growth, reaching 66 GWh, a 164% increase. Charging network revenue grew 146% year-over-year to $36.4 million. EVgo added over 220 new operational stalls, ending the quarter with approximately 3,440 stalls in operation. The company gained over 131,000 new customer accounts, surpassing 1 million total accounts. EVgo raised the midpoint of its total revenue guidance by $10 million, now projecting $240-$270 million for 2024. The company's Adjusted EBITDA guidance is ($44)-($34) million.
EVgo Inc. (Nasdaq: EVGO) ha riportato risultati record per il secondo trimestre del 2024, con ricavi che hanno raggiunto i 66,6 milioni di dollari, un incremento del 32% rispetto all'anno precedente. L'azienda ha registrato il suo 6° trimestre consecutivo di crescita a tre cifre nel throughput della rete rispetto all'anno precedente, raggiungendo 66 GWh, un aumento del 164%. I ricavi della rete di ricarica sono aumentati del 146% rispetto all'anno precedente, toccando i 36,4 milioni di dollari. EVgo ha aggiunto oltre 220 nuovi stalli operativi, chiudendo il trimestre con circa 3.440 stalli in funzione. L'azienda ha guadagnato oltre 131.000 nuovi conti clienti, superando così il milione di conti totali. EVgo ha alzato la media delle stime sui ricavi totali di 10 milioni di dollari, ora prevedendo tra i 240 e i 270 milioni di dollari per il 2024. Le stime dell'EBITDA rettificato dell'azienda sono comprese tra i -44 e i -34 milioni di dollari.
EVgo Inc. (Nasdaq: EVGO) reportó resultados récord en el segundo trimestre de 2024, con ingresos que alcanzaron los 66.6 millones de dólares, un incremento del 32% en comparación con el año anterior. La compañía consiguió su sexto trimestre consecutivo de crecimiento del throughput de red de tres dígitos en comparación con el año anterior, alcanzando 66 GWh, un aumento del 164%. Los ingresos de la red de carga crecieron un 146% interanual, llegando a 36.4 millones de dólares. EVgo añadió más de 220 nuevos puestos operativos, cerrando el trimestre con aproximadamente 3,440 puestos en funcionamiento. La compañía ganó más de 131,000 nuevas cuentas de clientes, superando así el millón de cuentas totales. EVgo elevó el punto medio de su guía de ingresos totales en 10 millones de dólares, proyectando ahora entre 240 y 270 millones de dólares para 2024. La guía de EBITDA ajustado de la compañía es de (-44)-(-34) millones de dólares.
EVgo Inc. (Nasdaq: EVGO)는 2024년 2분기 기록적인 결과를 발표했습니다. 수익은 6660만 달러에 달했으며, 작년 대비 32% 증가한 수치를 기록했습니다. 회사는 연속 6분기 동안 네트워크 처리량이 3자리수로 성장한 것을 달성했습니다. 처리량은 66GWh에 이르러 164% 증가했습니다. 충전 네트워크 수익은 연간 146% 증가하여 3640만 달러에 도달했습니다. EVgo는 220개 이상의 새로운 운영 스톨을 추가하여 분기를 약 3440개의 운영 스톨로 마감했습니다. 회사는 131,000개 이상의 새로운 고객 계정을 확보하여 총 계정이 100만 개를 초과했습니다. EVgo는 2024년 총 수익 지침의 중간값을 1000만 달러 인상하여 2억 4000만 달러에서 2억 7000만 달러로 예측했습니다. 회사의 조정된 EBITDA 가이드는 (-4400만)-(-3400만) 달러입니다.
EVgo Inc. (Nasdaq: EVGO) a rapporté des résultats records pour le deuxième trimestre 2024, avec des revenus atteignant 66,6 millions de dollars, soit une augmentation de 32% par rapport à l'année précédente. L'entreprise a réalisé son 6e trimestre consécutif de croissance à trois chiffres du volume de la réseau d'une année sur l'autre, atteignant 66 GWh, ce qui représente une augmentation de 164%. Les revenus du réseau de recharge ont crû de 146% par rapport à l'année précédente, atteignant 36,4 millions de dollars. EVgo a ajouté plus de 220 nouveaux points opérationnels, terminant le trimestre avec environ 3440 points en fonctionnement. L'entreprise a gagné plus de 131 000 nouveaux comptes clients, dépassant ainsi 1 million de comptes au total. EVgo a relevé le point médian de ses prévisions de revenus totaux de 10 millions de dollars, prévoyant désormais entre 240 et 270 millions de dollars pour 2024. Les prévisions d'EBITDA ajusté de l'entreprise sont comprises entre (-44) et (-34) millions de dollars.
EVgo Inc. (Nasdaq: EVGO) berichtete über Rekordzahlen für das zweite Quartal 2024, mit Einnahmen von 66,6 Millionen Dollar, was einem Anstieg von 32% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete das 6. aufeinanderfolgende Quartal mit dreistelligem Wachstum des Netz-Durchsatzes im Jahresvergleich und erreichte 66 GWh, was einem Anstieg von 164% entspricht. Die Einnahmen des Lade-Netzwerks stiegen um 146% im Jahresvergleich auf 36,4 Millionen Dollar. EVgo fügte über 220 neue Betriebsstände hinzu und schloss das Quartal mit etwa 3440 betriebenen Ständen ab. Das Unternehmen gewann über 131.000 neue Kundenkonten und überschritt damit die Millionengrenze bei den Gesamtkonten. EVgo erhöhte den Mittelwert seiner Umsatzprognose um 10 Millionen Dollar und prognostiziert nun für 2024 zwischen 240 und 270 Millionen Dollar. Die angepasste EBITDA-Prognose des Unternehmens liegt zwischen (-44) und (-34) Millionen Dollar.
- Record revenue of $66.6 million, up 32% year-over-year
- Network throughput increased 164% year-over-year to 66 GWh
- Charging network revenue grew 146% year-over-year to $36.4 million
- Added over 131,000 new customer accounts, reaching more than 1 million total
- Raised midpoint of total revenue guidance by $10 million for 2024
- Net loss of $29.6 million, worsening by 37% year-over-year
- Gross margin decreased from 10.9% to 9.6% year-over-year
- Projected negative Adjusted EBITDA for 2024 between ($44) and ($34) million
Insights
EVgo's Q2 2024 results demonstrate impressive growth across key metrics, signaling strong momentum in the EV charging market. The company reported record revenue of
The network throughput surge of
EVgo's customer base expansion is equally impressive, with over 131,000 new accounts added in Q2, bringing the total to more than 1 million. This
However, investors should note that despite the strong top-line growth, EVgo still reported a net loss of
The updated guidance, raising the midpoint of total revenue by
EVgo's Q2 results offer valuable insights into the rapidly evolving EV charging market. The
The company's expansion of operational stalls to approximately 3,440, including EVgo eXtend™ stalls, demonstrates its commitment to infrastructure growth. This expansion is important for addressing range anxiety, a key barrier to EV adoption. The increase in network utilization to
EVgo's partnership with Subaru, extending charging credits to new Solterra drivers, highlights the growing importance of charging networks in automakers' EV strategies. Such collaborations can drive customer acquisition and loyalty for both parties.
The significant growth in commercial charging, particularly in the rideshare sector, points to an emerging market segment with substantial potential. As more fleet operators transition to EVs, this could become a major revenue driver for charging networks.
The increase in Autocharge+ usage, now accounting for over
EVgo's Q2 results highlight the rapid technological advancements in the EV charging sector. The average daily throughput per stall increase of
The growth of EVgo's Autocharge+ feature, with a
The expansion of EVgo eXtend™ to 190 operational stalls represents progress in the company's white-label charging solution. This technology allows EVgo to expand its network more rapidly by partnering with other businesses, potentially accelerating the overall growth of charging infrastructure.
The PlugShare platform's growth to 5.3 million registered users and 8.5 million check-ins demonstrates the increasing importance of digital tools in the EV ecosystem. Such platforms not only help drivers locate charging stations but also provide valuable data for network optimization and expansion planning.
While these technological advancements are impressive, it's worth noting that the EV charging industry is still in its early stages. Continued innovation in areas such as battery technology, charging speeds and grid integration will be important for supporting the mass adoption of electric vehicles.
Achieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth
Raises Midpoint of Total Revenue Guidance by
-
Revenue reached a record
$66.6 million 32% year-over-year. -
Charging network revenue totaled
$36.4 million 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.
Revenue reached
Network throughput increased to 66 GWh in the second quarter of 2024, compared to 25 GWh in the second quarter of 2023, representing
“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 - 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 approximately11% 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 increased202% 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 |
(unaudited, dollars in thousands) |
|
Q2'24 |
|
Q2'23 |
|
Better
|
|
|
Q2'24
|
|
Q2'23
|
|
Better
|
||||||||||
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
|
|
Q2'23
|
|
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 |
|
|
EVgo eXtend™ |
|
480 |
|
— |
|
* |
Total stalls in operation or under construction |
|
4,170 |
|
3,180 |
|
|
|
|
|
|
|
|
|
Stalls in operation: |
|
|
|
|
|
|
EVgo Network |
|
3,250 |
|
2,520 |
|
|
EVgo eXtend™ |
|
190 |
|
— |
|
* |
Total stalls in operation |
|
3,440 |
|
2,520 |
|
|
| ____________________ | |
* |
Percentage not meaningful. |
2024 Financial Guidance
EVgo is updating 2024 guidance as follows:
-
Raising the midpoint of total revenue guidance by
$10 million $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
Toll/International: (646) 960-0363 (for callers outside the
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
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 |
|
|
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 |
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 |
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:
press@evgo.com
Source: EVgo
FAQ
What was EVgo's revenue for Q2 2024?
How much did EVgo's network throughput grow in Q2 2024?
How many new customer accounts did EVgo add in Q2 2024?
What is EVgo's updated revenue guidance for 2024?
