Spire Global Announces Preliminary Fourth Quarter and Full Year Fiscal 2021 Results; Provides First Quarter and Full Year 2022 Guidance
Spire Global, Inc. (NYSE: SPIR) announced robust preliminary fiscal year 2021 results, achieving a total revenue of $43.4 million, marking a 52% increase year-over-year. The company reported fourth-quarter revenue of $15.0 million, up 106% from the previous year. Annual recurring revenue (ARR) reached $70.8 million, a 96% increase, exceeding prior guidance. Spire's acquisition of exactEarth integrated 343 new customers, bringing total ARR solution customers to 598. Looking ahead, Spire provided optimistic guidance for Q1 FY22, projecting revenue between $16.5 - $17.5 million.
- Fourth quarter revenue increased by 106% year-over-year to $15.0 million.
- Full year 2021 revenue reached $43.4 million, a 52% increase from the previous year.
- Annual recurring revenue (ARR) as of December 31, 2021, was $70.8 million, a 96% increase.
- Total ARR solution customers grew to 598, a 288% increase year-over-year.
- Positive Q1 FY22 guidance projects revenue of $16.5 - $17.5 million, representing 70% - 80% year-over-year growth.
- Non-GAAP operating loss projected for FY22 between $48.3 - $43.3 million.
- Adjusted EBITDA loss expected between $34.0 - $29.0 million for FY22.
- Acquisition accounting adjustments reduced revenue from exactEarth by $0.3 million.
Full Year Revenue at the top end of guidance range
Strong 2022 Outlook based on a
(Graphic: Business Wire)
“Our strong growth in 2021 revenue, ARR and customer count validates the massive opportunity for Spire,” said
“The fourth quarter was a great way to close out what was an exciting year for Spire, becoming a public company and then shortly thereafter acquiring exactEarth,” said
Fourth Quarter and Full Year Fiscal 2021 Highlights
Financial:
-
Fourth quarter 2021 revenue was
$15.0 million 106% versus that of the prior year period. Excluding the$1.5 million $13.5 million 86% versus that of the prior year period. The exactEarth revenue is lower by$0.3 million January 31, 2022 due to a reduction from the treatment required by acquisition accounting. -
Full year 2021 revenue was
$43.4 million 52% versus that of the prior fiscal year. Excluding the$1.5 million December 31, 2021 , full year 2021 revenue would have been$41.9 million 47% versus that of the prior fiscal year. -
As of
December 31, 2021 , annual recurring revenue (ARR) was$70.8 million 96% versus that as ofDecember 31, 2020 . Excluding the$18.5 million December 31, 2021 ARR was$52.3 million 44% versus that as ofDecember 31, 2020 . Spire’s$52.3 million December 31, 2021 exceeded our guidance issued onNovember 10, 2021 and was an increase of$7.0 million September 30, 2021 , representing a sequential quarterly increase of16% . -
Spire had 255 organic ARR solution customers under contract which exceeded our guidance issued on
November 10, 2021 , and added 343 from exactEarth, ending the fourth quarter with 598 ARR solution customers, a288% increase year-over-year.
Business:
- In Q4 2021, we completed the acquisition of exactEarth and have been focused on the integration of the company into Spire’s Maritime organization. The business integration is proceeding at a rapid pace and is on track to be completed within the next few weeks. The integrated team is excited about the growth opportunity for the combined business in 2022.
-
Spire continued its expansion in the
Asia-Pacific market, working with Southern Launch, providing the company with hyper-local weather forecasting for their rocket launch sites acrossAustralia , helping them conduct their business in a safe and efficient manner. -
Spire won a public bid for the largest Port in
Europe , thePort of Rotterdam . Spire will be working with thePort of Rotterdam to assist with increasing port efficiency and improving trade flows thereby aiding thePort of Rotterdam as they move towards their public goal of carbon neutral shipping.
Technology:
- Geolocation is a new capability that Spire has in-orbit today, with over 40 geolocation-capable satellites. Geolocation aids in identifying illegal RF transmission in geopolitical hot-spots; examples include dark ships in maritime and GPS jamming on land. Spire has developed and demonstrated the capability to geolocate in multiple bands. The company recently won a multi-year, eight figure contract with a large defense contractor for a space services solution to detect and geolocate targeted RF emissions.
Financial Outlook
Spire is providing guidance for its fiscal first quarter ending
Q1 FY22 |
|
Full Year FY22 |
|
Guidance |
|
Guidance |
|
| Revenue (millions) |
|
|
|
| Y/Y Growth |
|
|
|
| ARR (millions) |
|
|
|
| Y/Y Growth |
|
|
|
| ARR Solution Customers | 620 - 630 |
|
720 - 740 |
| Non-GAAP Operating Loss (millions) |
( |
|
( |
| Adjusted EBITDA (millions) |
( |
|
( |
| Non-GAAP Loss Per Share |
( |
|
( |
| Basic Weighted Average Shares (millions) | 139.1 |
|
139.4 |
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 non-GAAP gross profit, non-GAAP operating loss, EBITDA, Adjusted EBITDA and non-GAAP 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. 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 and launch failure. Spire excludes loss on satellite deorbit and launch failure 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 earned liabilities. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.
Other expense, net. Spire excludes other 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. Investors should note that the use of intangible assets contributed to Spire's revenues earned during the periods presented and will contribute to Spire's future period revenues as well.
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. Investors should note that the use of this asset contributed to Spire's revenues earned during the periods presented and will contribute to Spire's future period revenues as well.
Mergers and acquisition related expenses. Spire excludes these expenses as these are associated with transaction costs that are generally one time in nature and not reflective of the underlying operational results of its business.
Other unusual one-time costs. Spire excludes these as these are generally non-recurring items that do not reflect the on-going operational results of its business.
Our additional non-GAAP measures include:
EBITDA. We define 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. We define 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 value of contingent earned liability, other (expense) income, net, stock-based compensation, other acquisition accounting amortization, mergers and acquisition related costs and expenses, and other unusual one-time costs. We believe Adjusted EBITDA can be useful in providing an understanding of the underlying operating results and trends and an enhanced overall understanding of our 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 our use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our 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 contract with us at the end of the reporting period with a binding and renewable agreement for our subscription solutions, or a customer that has a binding multi-year contract that can range from components of our Space Services solution to a project based customer solution. These customers are considered recurring when they have signed a multi-year binding agreement that has a renewable component in the contract or a customer that has multiple contracts that we continue to have under contract over multiple years.
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. All entities that have customer contracts for data trials are excluded from the calculation of ARR Customers. 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.
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.
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 accompanying 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 2022 and Fiscal Year 2022 Financial Outlook” section of the tables below, statements about the integration of exactEarth and the growth opportunities of the combined company, statements regarding Spire’s expected cash balance at the end of 2022, statements regarding increasing its ARR Net Revenue Retention Rate, and statements regarding the benefits of its solutions to its customers, 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 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 Ended |
Year Ended |
|||||||||||
| (In thousands, except per share data) | 2021 |
|
2020 |
|
2021 |
|
2020 |
|
||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Revenue |
|
|
|
|
|
|
|
|
||||
| Cost of revenue | 6,327 |
|
2,464 |
|
18,720 |
|
10,285 |
|
||||
| Gross profit | 8,658 |
|
4,805 |
|
24,655 |
|
18,205 |
|
||||
| Operating expenses | ||||||||||||
| Research and development | 9,702 |
|
6,166 |
|
31,615 |
|
20,751 |
|
||||
| Sales and marketing | 6,018 |
|
3,197 |
|
20,387 |
|
10,279 |
|
||||
| General and administrative | 16,972 |
|
3,666 |
|
40,479 |
|
12,520 |
|
||||
| Loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
666 |
|
||||
| Total operating expenses | 32,692 |
|
13,029 |
|
92,481 |
|
44,216 |
|
||||
| Loss from operations | (24,034 |
) |
(8,224 |
) |
(67,826 |
) |
(26,011 |
) |
||||
| Other income (expense) | ||||||||||||
| Interest income | 17 |
|
9 |
|
23 |
|
54 |
|
||||
| Interest expense | (3,150 |
) |
(2,294 |
) |
(11,417 |
) |
(6,773 |
) |
||||
| Change in fair value of contingent earnout liability | 65,761 |
|
- |
|
67,026 |
|
- |
|
||||
| Change in fair value of warrant liabilities | 21,929 |
|
(198 |
) |
(1,600 |
) |
(198 |
) |
||||
| Other (expense) income, net | (1,046 |
) |
643 |
|
(5,021 |
) |
824 |
|
||||
| Total other income (expense), net | 83,511 |
|
(1,840 |
) |
49,011 |
|
(6,093 |
) |
||||
| Income (loss) before income taxes | 59,477 |
|
(10,064 |
) |
(18,815 |
) |
(32,104 |
) |
||||
| Income tax (benefit) provision | (472 |
) |
100 |
|
497 |
|
400 |
|
||||
| Net income (loss) |
|
|
|
) |
|
) |
|
) |
||||
| Net income (loss) per share: | ||||||||||||
| Basic |
|
|
|
) |
|
) |
|
) |
||||
| Diluted |
|
|
|
) |
|
) |
|
) |
||||
| Weighted-average number of shares: | ||||||||||||
| Basic | 135,574,466 |
|
17,626,609 |
|
62,137,434 |
|
17,610,405 |
|
||||
| Diluted | 156,093,671 |
|
17,626,609 |
|
62,137,434 |
|
17,610,405 |
|
||||
| Three Months Ended |
Year Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||
| Net income (loss) |
|
|
|
) |
|
) |
|
) |
||||
| Other comprehensive income (loss): | ||||||||||||
| Foreign currency translation adjustments | 928 |
|
(384 |
) |
1,719 |
|
(354 |
) |
||||
| Comprehensive income (loss) |
|
|
|
) |
|
) |
|
) |
||||
CONSOLIDATED BALANCE SHEETS |
|||||
2021 |
|
2020 |
|
||
| (In thousands) | (Unaudited) | (Unaudited) | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents |
|
|
|
|
|
| Accounts receivable, net (including allowance for doubtful accounts of and |
10,163 |
|
3,738 |
|
|
| Contract assets | 2,084 |
|
853 |
|
|
| Other current assets | 10,071 |
|
2,112 |
|
|
| Total current assets | 131,574 |
|
22,274 |
|
|
| Property and equipment, net | 48,704 |
|
20,458 |
|
|
53,627 |
|
- |
|
||
| Customer relationships | 24,388 |
|
- |
|
|
| Intangible assets, net | 19,765 |
|
751 |
|
|
| Other long-term assets, including restricted cash | 12,136 |
|
939 |
|
|
| Total assets |
|
|
|
|
|
| Liabilities and Stockholders’ Equity (Deficit) | |||||
| Current liabilities | |||||
| Accounts payable |
|
|
|
|
|
| Accrued wages and benefits | 5,646 |
|
1,590 |
|
|
| Contract liabilities, current portion | 8,627 |
|
8,110 |
|
|
| Other accrued expenses | 4,881 |
|
1,813 |
|
|
| Total current liabilities | 24,978 |
|
13,288 |
|
|
| Long-term debt | 51,124 |
|
26,645 |
|
|
| Contingent earnout liability | 11,369 |
|
- |
|
|
| Convertible notes payable, net (including related parties of as of |
- |
|
48,631 |
|
|
| Deferred income tax liabilities | 777 |
|
338 |
|
|
| Warrant liability | 11,482 |
|
4,007 |
|
|
| Other long-term liabilities | 1,600 |
|
249 |
|
|
| Total liabilities | 101,330 |
|
93,158 |
|
|
| Commitments and contingencies | |||||
| Stockholders’ equity (deficit) | |||||
| Series A preferred stock | - |
|
52,809 |
|
|
| Series B preferred stock | - |
|
35,228 |
|
|
| Series C preferred stock | - |
|
65,222 |
|
|
| Common stock | 15 |
|
2 |
|
|
| Additional paid-in capital | 418,575 |
|
10,131 |
|
|
| Accumulated other comprehensive income (loss) | 732 |
|
(982 |
) |
|
| Accumulated deficit | (230,458 |
) |
(211,146 |
) |
|
| Total stockholders’ equity (deficit) | 188,864 |
|
(48,736 |
) |
|
| Total liabilities and stockholders’ equity (deficit) |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
| Year Ended |
||||||||
2021 |
|
2020 |
|
|||||
| (In thousands) | (Unaudited) | (Unaudited) | ||||||
| Cash flows from operating activities | ||||||||
| Net loss |
|
) |
|
) |
||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 8,509 |
|
5,546 |
|
||||
| Stock-based compensation | 11,634 |
|
2,160 |
|
||||
| Accretion on carrying value of convertible notes | 2,103 |
|
4,490 |
|
||||
| Amortization of debt issuance costs | 3,361 |
|
338 |
|
||||
| Change in fair value of warrant liability | 1,600 |
|
198 |
|
||||
| Change in fair value of contingent earnout liability | (67,026 |
) |
- |
|
||||
| Deferred income tax liabilities | 451 |
|
133 |
|
||||
| Loss on extinguishment of debt | 2,955 |
|
171 |
|
||||
| Loss on disposal of property and equipment | - |
|
705 |
|
||||
| Loss on impairment of intangible assets | 91 |
|
- |
|
||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (5,010 |
) |
(429 |
) |
||||
| Contract assets | (1 |
) |
(1,057 |
) |
||||
| Other current assets | (6,687 |
) |
400 |
|
||||
| Other long-term assets | 135 |
|
(152 |
) |
||||
| Accounts payable | 2,291 |
|
1,106 |
|
||||
| Accrued wages and benefits | 1,751 |
|
987 |
|
||||
| Contract liabilities | 161 |
|
3,159 |
|
||||
| Other accrued expenses | 2,813 |
|
493 |
|
||||
| Other long-term liabilities | 2,208 |
|
(517 |
) |
||||
| Net cash used in operating activities | (57,973 |
) |
(14,773 |
) |
||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (15,421 |
) |
(10,314 |
) |
||||
| Investment in intangible assets | (166 |
) |
(101 |
) |
||||
| Payments made in connection with business acquisition, net | (105,260 |
) |
- |
|
||||
| Net cash used in investing activities | (120,847 |
) |
(10,415 |
) |
||||
| 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 | 70,515 |
|
30,937 |
|
||||
| Proceeds from issuance of convertible notes payable | 20,000 |
|
550 |
|
||||
| Payments on redemption of long-term debt | (29,628 |
) |
(14,130 |
) |
||||
| Payments on redemption of warrants | (19,942 |
) |
- |
|
||||
| Payments of debt issuance costs | (4,717 |
) |
(808 |
) |
||||
| Proceeds from exercise of stock options | 1,289 |
|
75 |
|
||||
| Net cash provided by financing activities | 270,534 |
|
16,624 |
|
||||
| Effect of foreign currency translation on cash, cash equivalent and restricted cash | 1,945 |
|
19 |
|
||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 93,659 |
|
(8,545 |
) |
||||
| Cash, cash equivalents and restricted cash | ||||||||
| Beginning of year | 15,986 |
|
24,531 |
|
||||
| End of year |
|
|
|
|
||||
GAAP to Non-GAAP Reconciliations |
||||||||||||
| Three Months Ended |
Year Ended |
|||||||||||
| (In thousands, except per share data) | 2021 |
|
2020 |
|
2021 |
|
2020 |
|
||||
| Gross profit (GAAP) |
|
|
|
|
|
|
|
|
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | 357 |
|
13 |
|
432 |
|
39 |
|
||||
| Exclude amortization of purchased intangibles | 304 |
|
- |
|
304 |
|
- |
|
||||
| Exclude other acquisition accounting amortization | 60 |
|
60 |
|
||||||||
| Gross profit (Non-GAAP) |
|
|
|
|
|
|
|
|
||||
| Research and development (GAAP) | 9,702 |
|
6,166 |
|
31,615 |
|
20,751 |
|
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | (1,016 |
) |
- |
(332 |
) |
(2,859 |
) |
(1,000 |
) |
|||
| Research and development (Non-GAAP) | 8,686 |
|
5,834 |
|
28,756 |
|
19,751 |
|
||||
| Sales and marketing (GAAP) | 6,018 |
|
3,197 |
|
20,387 |
|
10,279 |
|
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | (1,029 |
) |
- |
(108 |
) |
(2,307 |
) |
(327 |
) |
|||
| Exclude amortization of purchased intangibles | (269 |
) |
- |
|
(269 |
) |
- |
|
||||
| Sales and marketing (Non-GAAP) | 4,720 |
|
3,089 |
|
17,811 |
|
9,952 |
|
||||
| General and administrative (GAAP) | 16,972 |
|
3,666 |
|
40,479 |
|
12,520 |
|
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | (2,632 |
) |
(256 |
) |
(6,036 |
) |
(794 |
) |
||||
| Exclude merger and acquisition related expenses | (5,474 |
) |
- |
|
(9,718 |
) |
- |
|
||||
| Exclude other unusual one-time costs | - |
|
- |
|
(387 |
) |
- |
|
||||
| General and administrative (Non-GAAP) | 8,866 |
|
3,410 |
|
24,338 |
|
11,726 |
|
||||
| Loss on satellite deorbit and launch failure (GAAP) | - |
|
- |
|
- |
|
666 |
|
||||
| Adjustments: | ||||||||||||
| Exclude loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
(666 |
) |
||||
| Loss on satellite deorbit and launch failure (Non-GAAP) | - |
|
- |
|
- |
|
- |
|
||||
| Loss from operations (GAAP) |
|
) |
|
) |
|
) |
|
) |
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | 5,034 |
|
709 |
|
11,634 |
|
2,160 |
|
||||
| Exclude merger and acquisition related expenses | 5,474 |
|
- |
|
9,718 |
|
- |
|
||||
| Exclude amortization of purchased intangibles | 573 |
|
- |
|
573 |
|
- |
|
||||
| Exclude other acquisition accounting amortization | 60 |
|
- |
|
60 |
|
- |
|
||||
| Exclude other unusual one-time costs | - |
|
- |
|
387 |
|
- |
|
||||
| Exclude loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
666 |
|
||||
| Loss from operations (Non-GAAP) |
|
) |
|
) |
|
) |
|
) |
||||
| Net income (loss) (GAAP) |
|
|
|
) |
|
) |
|
) |
||||
| Adjustments: | ||||||||||||
| Exclude stock-based compensation | 5,034 |
|
709 |
|
11,634 |
|
2,160 |
|
||||
| Exclude merger and acquisition related expenses | 5,474 |
|
- |
|
9,718 |
|
- |
|
||||
| Exclude amortization of purchased intangibles | 573 |
|
- |
|
573 |
|
- |
|
||||
| Exclude other acquisition accounting amortization | 60 |
|
- |
|
60 |
|
- |
|
||||
| Exclude other unusual one-time costs | - |
|
- |
|
387 |
|
- |
|
||||
| Exclude loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
666 |
|
||||
| Exclude change in fair value of contingent earnout liability | (65,761 |
) |
- |
|
(67,026 |
) |
- |
|
||||
| Exclude change in fair value of warrant liabilities | (21,929 |
) |
198 |
|
1,600 |
|
198 |
|
||||
| Exclude other income (expense), net | 1,046 |
|
(643 |
) |
5,021 |
|
(824 |
) |
||||
| Net income (loss) (Non-GAAP) |
|
) |
|
) |
|
) |
|
) |
||||
| Net income (loss) per share (GAAP) |
|
|
|
) |
|
) |
|
) |
||||
| Conversion from diluted to basic share count (weighted average) | 0.06 |
|
- |
|
- |
|
- |
|
||||
| Exclude stock-based compensation | 0.04 |
|
0.05 |
|
0.18 |
|
0.12 |
|
||||
| Exclude merger and acquisition related expenses | 0.04 |
|
- |
|
0.16 |
|
- |
|
||||
| Exclude other unusual one-time costs | - |
|
- |
|
0.01 |
|
- |
|
||||
| Exclude loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
0.04 |
|
||||
| Exclude change in fair value of contingent earnout liability | (0.48 |
) |
- |
|
(1.08 |
) |
- |
|
||||
| Exclude change in fair value of warrant liabilities | (0.16 |
) |
0.01 |
|
0.02 |
|
0.01 |
|
||||
| Exclude other income (expense), net, amortization of purchased intangibles and other acquisition accounting amortization |
0.01 |
|
(0.04 |
) |
0.09 |
|
(0.04 |
) |
||||
| Net income (loss) per share (Non-GAAP) |
|
) |
|
) |
(0.93 |
) |
|
) |
||||
| Weighted-average number of shares: | ||||||||||||
| Basic | 135,574,466 |
|
17,626,609 |
|
62,137,434 |
|
17,610,405 |
|
||||
| Diluted | 156,093,671 |
|
17,626,609 |
|
62,137,434 |
|
17,610,405 |
|
||||
| Net income (loss) (GAAP) |
|
|
|
) |
|
) |
|
) |
||||
| Depreciation and amortization | 2,894 |
|
- |
1,685 |
|
8,509 |
|
5,546 |
|
|||
| Net Interest | 3,133 |
|
2,285 |
|
11,394 |
|
6,719 |
|
||||
| Taxes | (472 |
) |
100 |
|
497 |
|
400 |
|
||||
| EBITDA | 65,504 |
|
(6,094 |
) |
1,088 |
|
(19,839 |
) |
||||
| Loss on satellite deorbit and launch failure | - |
|
- |
|
- |
|
666 |
|
||||
| Change in fair value of contingent earnout liability | (65,761 |
) |
- |
|
(67,026 |
) |
- |
|
||||
| Change in fair value of warrant liabilities | (21,929 |
) |
198 |
|
1,600 |
|
198 |
|
||||
| Other income (expense), net | 1,046 |
|
(643 |
) |
5,021 |
|
(824 |
) |
||||
| Stock-based compensation | 5,034 |
|
709 |
|
11,634 |
|
2,160 |
|
||||
| Mergers and acquisition related expenses | 5,474 |
|
- |
|
9,718 |
|
- |
|
||||
| Other unusual one-time costs | - |
|
- |
|
387 |
|
- |
|
||||
| Other acquisition accounting amortization | 60 |
|
- |
|
60 |
|
- |
|
||||
| Adjusted EBITDA |
|
) |
|
) |
|
) |
|
) |
||||
GAAP to Non-GAAP Reconciliations – Q1 2022 and Fiscal Year 2022 Financial Outlook |
||||||
| (In thousands, except per share data) | Q1'22 Ranges | |||||
Low |
High |
|||||
| Revenue |
|
|
|
|
||
Low |
High |
|||||
| Income (loss) from operations (GAAP) |
|
) |
|
) |
||
| Adjustments: | ||||||
| Exclude stock based compensation | 2,164 |
|
2,164 |
|
||
| Exclude merger and acquisition related expenses | 2,200 |
|
2,200 |
|
||
| Exclude amortization of purchased intangibles | 1,600 |
|
1,600 |
|
||
| Exclude other acquisition accounting amortization | 200 |
|
200 |
|
||
| Income (loss) from operations (Non-GAAP) |
|
) |
|
) |
||
Low |
High |
|||||
| Net income (loss) per share (GAAP) |
|
) |
|
) |
||
| Adjustments: | ||||||
| Exclude stock based compensation | 0.02 |
|
0.02 |
|
||
| Exclude merger and acquisition related expenses | 0.02 |
|
0.02 |
|
||
| Exclude purch intangibles and other purch acctg amortization | 0.01 |
|
0.01 |
|
||
| Net income (loss) per share (Non-GAAP) |
|
) |
|
) |
||
| Weighted-average shares used in computing basic and diluted net loss per share | 139,097,813 |
|
139,097,813 |
|
||
Low |
High |
|||||
| Net income (loss) (GAAP) |
|
) |
|
) |
||
| Depreciation and amortization | 5,034 |
|
5,034 |
|
||
| Net Interest | 3,022 |
|
3,022 |
|
||
| Taxes | 421 |
|
421 |
|
||
| EBITDA |
|
) |
|
) |
||
| Stock-based compensation | 2,164 |
|
2,164 |
|
||
| Mergers and acquisition related expenses | 2,152 |
|
2,152 |
|
||
| Other acquisition accounting amortization | 200 |
|
200 |
|
||
| Adjusted EBITDA |
|
) |
|
) |
||
| (In thousands, except per share data) | FY 2022 Ranges | |||||
Low |
High |
|||||
| Revenue | 85,000 |
|
90,000 |
|
||
Low |
High |
|||||
| Income (loss) from operations (GAAP) |
|
) |
|
) |
||
| Adjustments: | ||||||
| Exclude stock based compensation | 9,051 |
|
9,051 |
|
||
| Exclude merger and acquisition related expenses | 3,660 |
|
3,660 |
|
||
| Exclude amortization of purchased intangibles | 6,646 |
|
6,646 |
|
||
| Exclude other acquisition accounting amortization | 729 |
|
729 |
|
||
| Income (loss) from operations (Non-GAAP) |
|
) |
|
) |
||
Low |
High |
|||||
| Net income (loss) per share (GAAP) |
|
) |
|
) |
||
| Adjustments: | ||||||
| Exclude stock based compensation | 0.06 |
|
0.06 |
|
||
| Exclude merger and acquisition related expenses | 0.03 |
|
0.03 |
|
||
| Exclude purch intangibles and other acq acctg amortization | 0.05 |
|
0.05 |
|
||
| Net income (loss) per share (Non-GAAP) |
|
) |
|
) |
||
| Weighted-average shares used in computing basic and diluted net loss per share | 139,388,340 |
|
139,388,340 |
|
||
Low |
High |
|||||
| Net income (loss) (GAAP) |
|
) |
|
) |
||
| Depreciation and amortization | 21,027 |
|
21,027 |
|
||
| Net Interest | 12,089 |
|
12,089 |
|
||
| Taxes | 1,136 |
|
1,136 |
|
||
| EBITDA |
|
) |
|
) |
||
| Stock-based compensation | 9,051 |
|
9,051 |
|
||
| Mergers and acquisition related expenses | 3,660 |
|
3,660 |
|
||
| Other acquisition accounting amortization | 700 |
|
700 |
|
||
| Adjusted EBITDA |
|
) |
|
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005832/en/
Head of Communications
Hillary.Yaffe@spire.com
Eileen@nmnadvisors.com
Source:
FAQ
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