Spire Global Announces Fourth Quarter and Full Year 2022 Results
Spire Global reported a record quarterly revenue of $22.4M, reflecting a 49% year-over-year increase. During Q4 2022, net cash used in operating activities improved by 72% year-over-year to $5.1M. The company's annual recurring revenue (ARR) reached $99.4M, up 41% year-over-year, with an ARR net retention rate of 117%. Looking ahead, Spire anticipates a strong 2023, projecting revenue between $104M and $109M for the full year, indicating a 30%-36% growth. The company continues to focus on achieving profitability and plans to be free cash flow positive in 12 to 18 months.
- Record quarterly revenue of $22.4M, a 49% YOY increase.
- Annual recurring revenue (ARR) reached $99.4M, a 41% YOY increase.
- Improved ARR net retention rate to 117%, up from 110% in the previous year.
- Net cash used in operating activities decreased by 72% YOY to $5.1M.
- 2023 revenue guidance between $104M to $109M, representing 30%-36% growth.
- GAAP operating loss of $16.3M for the quarter.
- Non-GAAP operating loss of $10.2M, indicating challenges on the path to profitability.
-
Record quarterly revenue of
$22.4M 49% year-over-year (YOY) increase -
Quarterly net cash used in operating activities of
$5.1M 72% YOY improvement -
Free cash flow1 used in the quarter of
$8.1M 66% YOY improvement -
Improved full year 2022 ARR net retention rate to
117% - Strong 2023 outlook which improves on 2022 results
“As Spire completed its tenth year, we’re incredibly proud of the growth that we’ve experienced. Achieving nearly
“Spire had a great year as we captured top line growth from new and existing customers, improved margins with scale and leverage, significantly lowered the net cash burn quarter over quarter and improved the balance sheet with additional cash sources,” said
Fourth Quarter and Full Year 2022 Highlights
Financial:
-
Fourth quarter 2022 revenue increased
49% year-over-year to a record$22.4 million -
As of
December 31, 2022 , annual recurring revenue (ARR) was$99.4 million 41% year-over-year. -
ARR net retention rate for full fiscal year 2022 was
117% , up from110% for the full fiscal year 2021, indicating the continued success of our land and expand strategy. -
Fourth quarter GAAP operating loss was
$16.3 million $7.7 million $10.2 million -
Net cash used in operating activities in the fourth quarter was
$5.1 million 72% year-over-year improvement, and free cash flow1 used in the quarter was$8.1M 66% year-over-year improvement. Improvements were driven by continued top line growth and our leveraged business model.
Business:
- Spire unveiled a dark shipping detection solution to track vessels that manipulate their reported position in order to conceal nefarious activities. With the current state of global affairs, governments have started to pay closer attention to maritime domain awareness. There are approximately 60 countries with more than 1,000 km of coastline. Spire’s near real-time, global geolocation position validation service can uncover suspicious activity and pinpoint a vessel without the need for an approximate location. The applications are critical to governments, intelligence and security agencies, and nonprofit organizations’ efforts to identify and locate vessels.
- Spire unveiled a next generation 16U satellite bus that offers the capabilities of a larger satellite, with up to double the payload capacity of conventional 16Us, while offering all the benefits of a nanosatellite. Increasingly customers’ missions require buses that offer the performance of a larger satellite with the agility of a nanosatellite. The satellite bus is tailored for customers with missions that require larger payloads and more power, volume, and data capabilities than a conventional 16U, such as Earth observation and space domain awareness missions.
-
Spire was awarded a contract by the
Defense Advanced Research Projects Agency (DARPA) to deliver a preliminary design for a satellite that would carry an array of sensors to very low Earth orbit (VLEO) for in-situ ionosphere measurements. The award is part of a DARPA’s program, which aims to use sensors on satellites to provide new insights into high-frequency (HF) radio wave propagation in the ionosphere, the area spanning the upper edges of the Earth’s atmosphere to the lower regions of space.
_______________
1 Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure.
Financial Outlook
Spire is providing guidance for the first quarter and the full year ending
Q1 FY23 |
|
Full Year FY23 |
|
Guidance |
|
Guidance |
|
| Revenue (millions) |
|
|
|
| Y/Y Growth |
|
|
|
| ARR (millions) |
|
|
|
| Y/Y Growth |
|
|
|
| ARR Solution Customers | 750 - 760 |
|
835 - 885 |
| Non-GAAP Operating Loss (millions) |
( |
|
( |
| Adjusted EBITDA (millions) |
( |
|
( |
| Non-GAAP Loss Per Share |
( |
|
( |
| Basic Weighted Average Shares (millions) | 144.7 |
|
148.4 |
The non-
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss, EBITDA, Adjusted EBITDA, non-GAAP net loss, and non-GAAP net loss per share. Spire’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating its ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Spire excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Spire’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Spire’s financial statements. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Spire’s financial information in its entirety and not rely on a single financial measure.
Spire adjusts the following items from one or more of its non-GAAP financial measures:
Loss on satellite deorbit, launch failure and decommissioning. Spire excludes loss on satellite deorbit, launch failure and decommissioning because if there was no loss, the expense would be accounted for as depreciation and would also be excluded as part of its EBITDA calculation.
Change in fair value of warrant liabilities and contingent earnout liability. Spire excludes these items as they do not reflect the underlying cash flows or operational results of the business.
Other income (expense), net. Spire excludes other income (expense), net because it includes one-time and other items that do not reflect the underlying operational results of the business.
Stock-based compensation. Spire excludes stock-based compensation expenses primarily because they are non-cash expenses that it excludes from its internal management reporting processes. Spire also finds it useful to exclude these expenses when management assesses the appropriate level of various operating expenses and resource allocations when budgeting, planning, and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Stock Compensation, Spire believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between its recurring core business operating results and those of other companies.
Amortization of purchased intangibles. Spire incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Spire excludes these expenses for its internal management reporting processes. Spire's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods.
Other acquisition accounting amortization. Spire incurs amortization expense for purchased data rights in connection with the acquisition of exactEarth and certain technologies. Amortization of this asset is a non-cash expense that can be significantly affected by the inherent subjective nature of the assigned value and useful life. Because this cost has already been incurred and cannot be recovered, and is a non-cash expense, Spire excludes this expense for its internal management reporting processes. Spire's management also finds it useful to exclude this charge when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods.
Mergers and acquisition related expenses. Spire excludes these expenses as they are transaction costs and expenses associated with the transaction that are generally one time in nature and not reflective of the underlying operational results of Spire’s business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance, and other employee costs.
Loss on extinguishment of debt. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.
Foreign exchange loss. Spire is exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As Spire does not actively hedge these currency exposures, changes in the underlying currency rates relative to the
Other unusual one-time costs. Spire excludes these as they are unusual items that do not reflect the on-going operational results of its business. Examples of these types of expenses include accounting, legal and other professional fees associated with the preparation and filing of Spire’s
Our additional non-GAAP measures include:
Free Cash Flow. Spire defines free cash flow as net cash used in operating activities reduced by purchases of property and equipment.
EBITDA. Spire defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense, and plus the provision for (or minus benefit from) income taxes.
Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for loss on satellite deorbit and launch failure, change in fair value of warrant liabilities, change in fair value of contingent earned liability, other (expense) income, net, stock-based compensation, loss on extinguishment of debt, foreign exchange loss, other acquisition accounting amortization, mergers and acquisition related expenses, and other unusual one-time costs. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying operating results and trends and an enhanced overall understanding of its financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as capital expenditures and related depreciation, principal and interest payments, and tax payments. Adjusted EBITDA is not a presentation made in accordance with GAAP, and Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in its industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
Other Definitions
Annual Recurring Revenue (ARR). We define ARR as our expected annualized revenue from customers that are under contracts with us at the end of the reporting period with a binding and renewable agreement for our subscription solution, or customers that are under a binding multi-year contract that can range from components of our Space Services solution to a project-based customer solution. Customers with project-based contracts are considered recurring when there is a multi-year binding agreement that has a renewable component in the contract. Customers are also considered recurring when they have multiple contracts over multiple years. Customer contracts for data trials and one-time transactions are excluded from the calculation of ARR.
ARR Customers. We define an ARR Customer as an entity that has a contract with us or through our reseller partners contracts, that is either a binding and renewable agreement for our subscription solutions, or a binding multi-year contract as of the measurement date independent of the number of solutions the entity has under contract. A single organization with separate subsidiaries, segments, or divisions may represent multiple customers, as we treat each entity that is invoiced separately as an individual customer. In cases where customers subscribe to our platform through our reseller partners, each end customer that meets the above definition is counted separately as an ARR Customer. All entities that have contracts for data trials and one-time transactions are excluded from the calculation of ARR Customers.
ARR Solution Customers. We define an ARR Solution Customer similarly to an ARR Customer, but we count every solution the customer has with us separately. As a result, the count of ARR Solution Customers exceeds the count of ARR Customers in each year as some customers contract with us for multiple solutions. Our multiple solutions customers are those customers that are under contract for at least two of our solutions: Maritime, Aviation, Weather, and Space Services. All entities that have contracts for data trials and one-time transactions are excluded from the calculation of ARR Solution Customers.
Conference Call
Spire will webcast a conference call to discuss the results at
Safe Harbor Statement
The forward-looking statements included in this press release and in the related conference call, including for example, the quotations of management, the statements under the heading “Financial Outlook” above, the information provided in the “GAAP to Non-GAAP Reconciliations – Q1 2023 and Full Year 2023 Financial Outlook” section of the tables below, statements regarding continued growth, statements regarding Spire’s expected timing to generate positive cash flow, statements regarding increasing its ARR, statements regarding profitability, and statements regarding the benefits of its solutions to its customers and generally, reflect management’s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions including from an economic downturn or recession in
About
Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
Three Months End |
|
Year Ended |
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| (In thousands, except share and per share amounts) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||
| Revenue | $ |
22,385 |
|
$ |
14,985 |
|
$ |
80,268 |
|
$ |
43,375 |
|
||||
| Cost of revenue |
|
10,710 |
|
|
6,327 |
|
|
40,327 |
|
|
18,720 |
|
||||
| Gross profit |
|
11,675 |
|
|
8,658 |
|
|
39,941 |
|
|
24,655 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
9,392 |
|
|
9,702 |
|
|
35,153 |
|
|
31,615 |
|
||||
| Sales and marketing |
|
7,075 |
|
|
6,018 |
|
|
28,502 |
|
|
20,387 |
|
||||
| General and administrative |
|
10,970 |
|
|
16,972 |
|
|
44,831 |
|
|
40,479 |
|
||||
| Loss on decommissioned satellites |
|
549 |
|
|
— |
|
|
549 |
|
|
— |
|
||||
| Total operating expenses |
|
27,986 |
|
|
32,692 |
|
|
109,035 |
|
|
92,481 |
|
||||
| Loss from operations |
|
(16,311 |
) |
|
(24,034 |
) |
|
(69,094 |
) |
|
(67,826 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Interest income |
|
492 |
|
|
17 |
|
|
948 |
|
|
23 |
|
||||
| Interest expense |
|
(4,230 |
) |
|
(3,150 |
) |
|
(13,955 |
) |
|
(11,417 |
) |
||||
| Change in fair value of contingent earnout liability |
|
80 |
|
|
70,390 |
|
|
9,677 |
|
|
48,248 |
|
||||
| Change in fair value of warrant liabilities |
|
(2,257 |
) |
|
21,929 |
|
|
8,757 |
|
|
(1,600 |
) |
||||
| Gain (loss) on extinguishment of debt |
|
— |
|
|
1,699 |
|
|
(22,510 |
) |
|
(3,255 |
) |
||||
| Other income (expense), net |
|
4,599 |
|
|
(2,745 |
) |
|
(2,912 |
) |
|
(1,766 |
) |
||||
| Total other (expense) income, net |
|
(1,316 |
) |
|
88,140 |
|
|
(19,995 |
) |
|
30,233 |
|
||||
| Loss before income taxes |
|
(17,627 |
) |
|
64,106 |
|
|
(89,089 |
) |
|
(37,593 |
) |
||||
| Income tax provision |
|
(84 |
) |
|
(472 |
) |
|
322 |
|
|
497 |
|
||||
| Net loss | $ |
(17,543 |
) |
$ |
64,578 |
|
$ |
(89,411 |
) |
$ |
(38,090 |
) |
||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ |
(0.12 |
) |
$ |
0.48 |
|
$ |
(0.64 |
) |
$ |
(0.61 |
) |
||||
| Diluted | $ |
(0.12 |
) |
$ |
0.41 |
|
$ |
(0.64 |
) |
$ |
(0.61 |
) |
||||
| Weighted-average number of shares: | ||||||||||||||||
| Basic |
|
140,577,594 |
|
|
135,574,466 |
|
|
139,879,423 |
|
|
62,137,434 |
|
||||
| Diluted |
|
140,577,594 |
|
|
156,093,671 |
|
|
139,879,423 |
|
|
62,137,434 |
|
||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||||||||||
Three Months End |
|
Year Ended |
|||||||||||||
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
||
| (In thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||
| Net loss | $ |
(17,543 |
) |
$ |
64,578 |
$ |
(89,411 |
) |
$ |
(38,090 |
) |
||||
| Other comprehensive gain (loss): | |||||||||||||||
| Foreign currency translation adjustments |
|
(2,374 |
) |
|
923 |
|
(7,696 |
) |
|
1,714 |
|
||||
| Net unrealized loss on investments (net of tax) |
|
53 |
|
|
— |
|
(33 |
) |
|
— |
|
||||
| Comprehensive loss | $ |
(19,864 |
) |
$ |
65,501 |
$ |
(97,140 |
) |
$ |
(36,376 |
) |
||||
CONSOLIDATED BALANCE SHEETS |
||||||||
|
||||||||
|
2022 |
|
|
|
2021 |
|
||
| (In thousands) | (Unaudited) | (Audited) | ||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
47,196 |
|
$ |
109,256 |
|
||
| Marketable securities |
|
23,084 |
|
|
— |
|
||
| Accounts receivable, net (including allowance of |
|
13,864 |
|
|
10,163 |
|
||
| Contract assets |
|
3,353 |
|
|
2,084 |
|
||
| Other current assets |
|
9,279 |
|
|
10,071 |
|
||
| Total current assets |
|
96,776 |
|
|
131,574 |
|
||
| Property and equipment, net |
|
53,752 |
|
|
48,704 |
|
||
| Operating lease assets |
|
11,687 |
|
|
— |
|
||
|
49,954 |
|
|
53,627 |
|
|||
| Customer relationships |
|
20,814 |
|
|
24,388 |
|
||
| Other intangible assets |
|
13,967 |
|
|
19,765 |
|
||
| Other long-term assets, including restricted cash |
|
9,562 |
|
|
12,136 |
|
||
| Total assets | $ |
256,512 |
|
$ |
290,194 |
|
||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
4,800 |
|
$ |
5,824 |
|
||
| Accrued wages and benefits |
|
4,502 |
|
|
5,646 |
|
||
| Contract liabilities, current portion |
|
15,856 |
|
|
8,627 |
|
||
| Other accrued expenses |
|
8,210 |
|
|
4,823 |
|
||
| Total current liabilities |
|
33,368 |
|
|
24,920 |
|
||
| Contract liabilities, non-current |
|
— |
|
|
— |
|
||
| Long-term debt |
|
98,475 |
|
|
51,124 |
|
||
| Contingent earnout liability |
|
349 |
|
|
10,026 |
|
||
| Deferred income tax liabilities |
|
771 |
|
|
835 |
|
||
| Warrant liability |
|
1,831 |
|
|
11,482 |
|
||
| Operating lease liabilities, net of current portion |
|
10,815 |
|
|
— |
|
||
| Other long-term liabilities |
|
780 |
|
|
1,600 |
|
||
| Total liabilities |
|
146,389 |
|
|
99,987 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock |
|
16 |
|
|
15 |
|
||
| Additional paid-in capital |
|
455,751 |
|
|
438,696 |
|
||
| Accumulated other comprehensive (loss) income |
|
(6,997 |
) |
|
732 |
|
||
| Accumulated deficit |
|
(338,647 |
) |
|
(249,236 |
) |
||
| Total stockholders’ equity |
|
110,123 |
|
|
190,207 |
|
||
| Total liabilities and stockholders’ equity | $ |
256,512 |
|
$ |
290,194 |
|
||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
Year Ended |
||||||||
|
2022 |
|
|
|
2021 |
|
||
| (In thousands) | (Unaudited) | (Audited) | ||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ |
(89,411 |
) |
$ |
(38,090 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization |
|
18,341 |
|
|
8,509 |
|
||
| Stock-based compensation |
|
11,491 |
|
|
11,634 |
|
||
| Amortization of operating lease assets |
|
2,344 |
|
|
— |
|
||
| Accretion on carrying value of convertible notes |
|
— |
|
|
2,103 |
|
||
| Amortization of debt issuance costs |
|
3,781 |
|
|
3,876 |
|
||
| Change in fair value of warrant liability |
|
(8,757 |
) |
|
1,600 |
|
||
| Change in fair value of contingent earnout liability |
|
(9,677 |
) |
|
(48,248 |
) |
||
| Deferred income tax liabilities |
|
23 |
|
|
497 |
|
||
| Loss on impairment of assets and decommissioned satellites |
|
784 |
|
|
91 |
|
||
| Loss on extinguishment of debt |
|
22,271 |
|
|
2,277 |
|
||
| Other, net |
|
(22 |
) |
|
— |
|
||
| Changes in operating assets and liabilities: |
|
0 |
|
|
— |
|
||
| Accounts receivable, net |
|
(4,180 |
) |
|
(5,010 |
) |
||
| Contract assets |
|
(1,364 |
) |
|
(1 |
) |
||
| Other current assets |
|
324 |
|
|
(6,565 |
) |
||
| Other long-term assets |
|
1,852 |
|
|
13 |
|
||
| Accounts payable |
|
(1,808 |
) |
|
2,291 |
|
||
| Accrued wages and benefits |
|
(923 |
) |
|
1,751 |
|
||
| Contract liabilities |
|
7,776 |
|
|
161 |
|
||
| Other accrued expenses |
|
1,012 |
|
|
2,917 |
|
||
| Operating lease liabilities |
|
(1,632 |
) |
|
— |
|
||
| Other long-term liabilities |
|
(45 |
) |
|
2,208 |
|
||
| Net cash used in operating activities |
|
(47,820 |
) |
|
(57,986 |
) |
||
| Cash flows from investing activities | ||||||||
| Purchases of short-term investments |
|
(40,213 |
) |
|
— |
|
||
| Maturities of short-term investments |
|
17,300 |
|
|
— |
|
||
| Purchase of property and equipment |
|
(18,915 |
) |
|
(15,421 |
) |
||
| Investment in intangible assets |
|
— |
|
|
(166 |
) |
||
| Payments made in connection with business acquisition, net |
|
— |
|
|
(103,892 |
) |
||
| Net cash used in investing activities |
|
(41,828 |
) |
|
(119,479 |
) |
||
| Cash flows from financing activities | ||||||||
| Proceeds from reverse recapitalization and PIPE financing |
|
— |
|
|
264,823 |
|
||
| Payments of transaction costs related to reverse recapitalization |
|
— |
|
|
(31,806 |
) |
||
| Proceeds from long-term debt |
|
100,973 |
|
|
70,515 |
|
||
| Payments on long-term debt |
|
(71,512 |
) |
|
(29,628 |
) |
||
| Proceeds from issuance of convertible notes payable |
|
— |
|
|
20,000 |
|
||
| Payments on redemption of warrants |
|
— |
|
|
(19,942 |
) |
||
| Payments of debt issuance costs |
|
(4,516 |
) |
|
(4,717 |
) |
||
| Proceeds from exercise of stock options |
|
806 |
|
|
1,289 |
|
||
| Proceeds from employee stock purchase plan |
|
622 |
|
|
— |
|
||
| Net cash provided by financing activities |
|
26,373 |
|
|
270,534 |
|
||
| Effect of foreign currency translation on cash, cash equivalent and restricted cash |
|
1,199 |
|
|
590 |
|
||
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(62,076 |
) |
|
93,659 |
|
||
| Cash, cash equivalents and restricted cash | ||||||||
| Beginning of year |
|
109,645 |
|
|
15,986 |
|
||
| End of year | $ |
47,569 |
|
$ |
109,645 |
|
||
GAAP to Non-GAAP Reconciliations |
||||||||||||||||
Three Months End |
|
Year Ended |
||||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| (In thousands, except for share and per share amounts) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Gross profit (GAAP) | $ |
11,675 |
|
$ |
8,658 |
|
$ |
39,941 |
|
$ |
24,655 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
51 |
|
|
357 |
|
|
232 |
|
|
432 |
|
||||
| Exclude amortization of purchased intangibles |
|
855 |
|
|
304 |
|
|
3,548 |
|
|
304 |
|
||||
| Exclude other acquisition accounting amortization |
|
169 |
|
|
60 |
|
|
699 |
|
|
60 |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
127 |
|
|
- |
|
||||
| Gross profit (Non-GAAP) | $ |
12,750 |
|
$ |
9,379 |
|
$ |
44,547 |
|
$ |
25,451 |
|
||||
| Research and development (GAAP) |
|
9,392 |
|
|
9,702 |
|
|
35,153 |
|
|
31,615 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(784 |
) |
|
(1,016 |
) |
|
(3,154 |
) |
|
(2,859 |
) |
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
(277 |
) |
|
- |
|
||||
| Research and development (Non-GAAP) |
|
8,608 |
|
|
8,686 |
|
|
31,722 |
|
|
28,756 |
|
||||
| Sales and marketing (GAAP) |
|
7,075 |
|
|
6,018 |
|
|
28,502 |
|
|
20,387 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(705 |
) |
|
(1,029 |
) |
|
(2,822 |
) |
|
(2,307 |
) |
||||
| Exclude amortization of purchased intangibles |
|
(506 |
) |
|
(269 |
) |
|
(2,896 |
) |
|
(269 |
) |
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
(277 |
) |
|
- |
|
||||
| Sales and marketing (Non-GAAP) |
|
5,864 |
|
|
4,720 |
|
|
22,507 |
|
|
17,811 |
|
||||
| General and administrative (GAAP) |
|
10,970 |
|
|
16,972 |
|
|
44,831 |
|
|
40,479 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(1,627 |
) |
|
(2,632 |
) |
|
(5,283 |
) |
|
(6,036 |
) |
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
(5,474 |
) |
|
(3,846 |
) |
|
(9,718 |
) |
||||
| Exclude other unusual one-time costs |
|
(844 |
) |
|
- |
|
|
(844 |
) |
|
(387 |
) |
||||
| General and administrative (Non-GAAP) |
|
8,499 |
|
|
8,866 |
|
|
34,858 |
|
|
24,338 |
|
||||
| Loss on decommissioned satellites (GAAP) |
|
549 |
|
|
- |
|
|
549 |
|
|
- |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude loss on decommissioned satellites |
|
(549 |
) |
|
- |
|
|
(549 |
) |
|
- |
|
||||
| Loss on decommissioned satellites (Non-GAAP) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Loss from operations (GAAP) | $ |
(16,311 |
) |
$ |
(24,034 |
) |
$ |
(69,094 |
) |
$ |
(67,826 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
3,167 |
|
|
5,034 |
|
|
11,491 |
|
|
11,634 |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
5,474 |
|
|
4,527 |
|
|
9,718 |
|
||||
| Exclude amortization of purchased intangibles |
|
1,361 |
|
|
573 |
|
|
6,444 |
|
|
573 |
|
||||
| Exclude other acquisition accounting amortization |
|
169 |
|
|
60 |
|
|
699 |
|
|
60 |
|
||||
| Exclude loss on decommissioned satellites |
|
549 |
|
|
- |
|
|
549 |
|
|
- |
|
||||
| Exclude other unusual one-time costs |
|
844 |
|
|
- |
|
|
844 |
|
|
387 |
|
||||
| Loss from operations (Non-GAAP) | $ |
(10,221 |
) |
$ |
(12,893 |
) |
$ |
(44,540 |
) |
$ |
(45,454 |
) |
||||
| Operating Margin (GAAP) |
|
-73 |
% |
|
-160 |
% |
|
-86 |
% |
|
-156 |
% |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
14 |
% |
|
34 |
% |
|
14 |
% |
|
27 |
% |
||||
| Exclude merger and acquisition related expenses |
|
0 |
% |
|
37 |
% |
|
6 |
% |
|
22 |
% |
||||
| Exclude amortization of purchased intangibles |
|
6 |
% |
|
4 |
% |
|
8 |
% |
|
1 |
% |
||||
| Exclude other acquisition accounting amortization |
|
1 |
% |
|
0 |
% |
|
1 |
% |
|
0 |
% |
||||
| Exclude loss on decommissioned satellites |
|
2 |
% |
|
0 |
% |
|
1 |
% |
|
0 |
% |
||||
| Exclude other unusual one-time costs |
|
4 |
% |
|
0 |
% |
|
1 |
% |
|
1 |
% |
||||
| Operating Margin (Non-GAAP) |
|
-46 |
% |
|
-86 |
% |
|
-55 |
% |
|
-105 |
% |
||||
| Net loss (GAAP) | $ |
(17,543 |
) |
$ |
64,578 |
|
$ |
(89,411 |
) |
$ |
(38,090 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
3,167 |
|
|
5,034 |
|
|
11,491 |
|
|
11,634 |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
5,474 |
|
|
4,527 |
|
|
9,718 |
|
||||
| Exclude amortization of purchased intangibles |
|
1,361 |
|
|
573 |
|
|
6,444 |
|
|
573 |
|
||||
| Exclude other acquisition accounting amortization |
|
169 |
|
|
60 |
|
|
699 |
|
|
60 |
|
||||
| Exclude change in fair value of contingent earnout liability |
|
(80 |
) |
|
(70,390 |
) |
|
(9,677 |
) |
|
(48,248 |
) |
||||
| Exclude change in fair value of warrant liabilities |
|
2,257 |
|
|
(21,929 |
) |
|
(8,757 |
) |
|
1,600 |
|
||||
| Exclude gain (loss) on extinguishment of debt |
|
- |
|
|
(1,699 |
) |
|
22,510 |
|
|
3,255 |
|
||||
| Exclude other income (expense), net |
|
(4,599 |
) |
|
2,745 |
|
|
2,912 |
|
|
1,766 |
|
||||
| Exclude loss on decommissioned satellites |
|
549 |
|
|
- |
|
|
549 |
|
|
- |
|
||||
| Exclude other unusual one-time costs |
|
844 |
|
|
- |
|
|
844 |
|
|
387 |
|
||||
| Net loss (Non-GAAP) | $ |
(13,875 |
) |
$ |
(15,554 |
) |
$ |
(57,869 |
) |
$ |
(57,345 |
) |
||||
| Net loss per share (GAAP) | $ |
(0.12 |
) |
$ |
0.41 |
|
$ |
(0.64 |
) |
$ |
(0.61 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
0.02 |
|
|
0.04 |
|
|
0.08 |
|
|
0.19 |
|
||||
| Exclude merger and acquisition related expenses and other unusual one-time costs |
|
0.01 |
|
|
0.04 |
|
|
0.04 |
|
|
0.16 |
|
||||
| Exclude amortization of purchased intangibles and other acquisition accounting amortization |
|
0.01 |
|
|
- |
|
|
0.05 |
|
|
0.01 |
|
||||
| Exclude change in fair value of warrant liabilities and change in value of contingent earnout liability |
|
0.01 |
|
|
(0.67 |
) |
|
(0.13 |
) |
|
(0.75 |
) |
||||
| Exclude loss on extinguishment of debt |
|
- |
|
|
(0.01 |
) |
|
0.16 |
|
|
0.05 |
|
||||
| Exclude loss on decommissioned satellites and other (expense) income, net |
|
(0.03 |
) |
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
||||
| Conversion from diluted to basic share count (weighted average) |
|
- |
|
|
0.06 |
|
|
- |
|
|
- |
|
||||
| Net loss per share (Non-GAAP) | $ |
(0.10 |
) |
$ |
(0.11 |
) |
|
(0.41 |
) |
$ |
(0.92 |
) |
||||
| Weighted-average shares used in computing basic net loss per share |
|
140,577,594 |
|
|
135,574,466 |
|
|
139,879,423 |
|
|
62,137,434 |
|
||||
| Weighted-average shares used in computing diluted net income per share |
|
140,577,594 |
|
|
156,093,671 |
|
|
139,879,423 |
|
|
62,137,434 |
|
||||
| Net loss (GAAP) | $ |
(17,543 |
) |
$ |
64,578 |
|
$ |
(89,411 |
) |
$ |
(38,090 |
) |
||||
| Depreciation and amortization |
|
4,285 |
|
|
2,894 |
|
|
18,341 |
|
|
8,509 |
|
||||
| Net Interest |
|
3,738 |
|
|
3,133 |
|
|
13,007 |
|
|
11,394 |
|
||||
| Taxes |
|
(84 |
) |
|
(472 |
) |
|
322 |
|
|
497 |
|
||||
| EBITDA |
|
(9,604 |
) |
|
70,133 |
|
|
(57,741 |
) |
|
(17,690 |
) |
||||
| Change in fair value of contingent earnout liability |
|
(80 |
) |
|
(70,390 |
) |
|
(9,677 |
) |
|
(48,248 |
) |
||||
| Change in fair value of warrant liabilities |
|
2,257 |
|
|
(21,929 |
) |
|
(8,757 |
) |
|
1,600 |
|
||||
| Loss on extinguishment of debt |
|
- |
|
|
(1,699 |
) |
|
22,510 |
|
|
3,255 |
|
||||
| Stock-based compensation |
|
3,167 |
|
|
5,034 |
|
|
11,491 |
|
|
11,634 |
|
||||
| Mergers and acquisition related expenses |
|
- |
|
|
5,474 |
|
|
4,527 |
|
|
9,718 |
|
||||
| Other unusual one-time costs |
|
844 |
|
|
- |
|
|
844 |
|
|
387 |
|
||||
| Other acquisition accounting amortization |
|
169 |
|
|
60 |
|
|
699 |
|
|
60 |
|
||||
| Loss on decommissioned satellites |
|
549 |
|
|
- |
|
|
549 |
|
|
- |
|
||||
| Other income (expense), net |
|
(4,599 |
) |
|
2,745 |
|
|
2,912 |
|
|
1,766 |
|
||||
| Adjusted EBITDA | $ |
(7,297 |
) |
$ |
(10,572 |
) |
$ |
(32,643 |
) |
$ |
(37,518 |
) |
||||
| Net cash used in operating activities |
|
(5,111 |
) |
|
(17,978 |
) |
|
(47,820 |
) |
|
(57,986 |
) |
||||
| Purchase of property and equipment |
|
(2,969 |
) |
|
(6,112 |
) |
|
(18,915 |
) |
|
(15,421 |
) |
||||
| Free Cash Flow | $ |
(8,080 |
) |
$ |
(24,090 |
) |
$ |
(66,735 |
) |
$ |
(73,407 |
) |
||||
GAAP to Non-GAAP Reconciliations – Q1 2023 and Full Year 2023 Financial Outlook |
||||||||
| (In thousands, except for share and per share amounts) | Q1'23 Ranges | |||||||
| Low | High | |||||||
| Revenue | $ |
21,700 |
|
$ |
23,700 |
|
||
| Low | High | |||||||
| Loss from operations (GAAP) | $ |
(17,054 |
) |
$ |
(15,054 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
3,215 |
|
|
3,215 |
|
||
| Exclude amortization of purchased intangibles |
|
871 |
|
|
871 |
|
||
| Exclude other acquisition accounting amortization |
|
168 |
|
|
168 |
|
||
| Loss from operations (Non-GAAP) | $ |
(12,800 |
) |
$ |
(10,800 |
) |
||
| Low | High | |||||||
| Operating Margin (GAAP) |
|
-79 |
% |
|
-64 |
% |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
15 |
% |
|
14 |
% |
||
| Exclude amortization of purchased intangibles |
|
4 |
% |
|
3 |
% |
||
| Exclude other acquisition accounting amortization |
|
1 |
% |
|
1 |
% |
||
| Operating Margin (Non-GAAP) |
|
-59 |
% |
|
-46 |
% |
||
| Low | High | |||||||
| Net loss per share (GAAP) | $ |
(0.1 |
) |
$ |
(0.14 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
0.02 |
|
|
0.02 |
|
||
| Exclude purch intangibles and other purch acctg amortization |
|
0.01 |
|
|
0.01 |
|
||
| Net loss per share (Non-GAAP) | $ |
(0.12 |
) |
$ |
(0.11 |
) |
||
| Weighted-average shares used in computing basic and diluted net loss per share |
|
144,736,479 |
|
|
144,736,479 |
|
||
| Low | High | |||||||
| Net loss (GAAP) | $ |
(21,917 |
) |
$ |
(19,917 |
) |
||
| Depreciation and amortization |
|
4,104 |
|
|
4,104 |
|
||
| Net Interest |
|
4,505 |
|
|
4,505 |
|
||
| Taxes |
|
325 |
|
|
325 |
|
||
| EBITDA | $ |
(12,983 |
) |
$ |
(10,983 |
) |
||
| Stock-based compensation |
|
3,215 |
|
|
3,215 |
|
||
| Other acquisition accounting amortization |
|
168 |
|
|
168 |
|
||
| Adjusted EBITDA | $ |
(9,600 |
) |
$ |
(7,600 |
) |
||
| (In thousands, except for share and per share amounts) | FY 2023 Ranges | |||||||
| Low | High | |||||||
| Revenue |
|
104,000 |
|
|
109,000 |
|
||
| Low | High | |||||||
| Loss from operations (GAAP) | $ |
(53,522 |
) |
$ |
(48,522 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
13,152 |
|
|
13,152 |
|
||
| Exclude merger and acquisition related expenses |
|
2,200 |
|
|
2,200 |
|
||
| Exclude amortization of purchased intangibles |
|
3,487 |
|
|
3,487 |
|
||
| Exclude other acquisition accounting amortization |
|
683 |
|
|
683 |
|
||
| Loss from operations (Non-GAAP) | $ |
(34,000 |
) |
$ |
(29,000 |
) |
||
| Low | High | |||||||
| Operating Margin (GAAP) |
|
-51 |
% |
|
-45 |
% |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
13 |
% |
|
12 |
% |
||
| Exclude merger and acquisition related expenses |
|
2 |
% |
|
2 |
% |
||
| Exclude amortization of purchased intangibles |
|
3 |
% |
|
3 |
% |
||
| Exclude other acquisition accounting amortization |
|
1 |
% |
|
1 |
% |
||
| Operating Margin (Non-GAAP) |
|
-33 |
% |
|
-27 |
% |
||
| Low | High | |||||||
| Net loss per share (GAAP) | $ |
(0.49 |
) |
$ |
(0.46 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
0.09 |
|
|
0.09 |
|
||
| Exclude merger and acquisition related expenses |
|
0.01 |
|
|
0.01 |
|
||
| Exclude purch intangibles and other acq acctg amortization |
|
0.03 |
|
|
0.03 |
|
||
| Net loss per share (Non-GAAP) | $ |
(0.36 |
) |
$ |
(0.33 |
) |
||
| Weighted-average shares used in computing basic and diluted net loss per share |
|
148,407,692 |
|
|
148,407,692 |
|
||
| Low | High | |||||||
| Net loss (GAAP) | $ |
(72,078 |
) |
$ |
(67,078 |
) |
||
| Depreciation and amortization |
|
18,082 |
|
|
18,082 |
|
||
| Net Interest |
|
18,499 |
|
|
18,499 |
|
||
| Taxes |
|
462 |
|
|
462 |
|
||
| EBITDA | $ |
(35,035 |
) |
$ |
(30,035 |
) |
||
| Stock-based compensation |
|
13,152 |
|
|
13,152 |
|
||
| Mergers and acquisition related expenses |
|
2,200 |
|
|
2,200 |
|
||
| Other acquisition accounting amortization |
|
683 |
|
|
683 |
|
||
| Adjusted EBITDA | $ |
(19,000 |
) |
$ |
(14,000 |
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005668/en/
For Media:
Head of Communications
Hillary.Yaffe@spire.com
For Investors:
Head of Investor Relations
Benjamin.Hackman@spire.com
Source:
FAQ
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