Achieves 7th Consecutive Quarter of Triple
Digit Year-Over-Year Network Throughput Growth
Raises Mid-Point of 2024 Revenue and Adjusted
EBITDA Guidance
- Record revenue of $67.5 million in the third quarter,
representing an increase of 92% year-over-year.
- Charging network revenue totaled $43.1 million in the third
quarter, an increase of 98% year-over-year, representing the 8th
sequential quarter of double-digit charging revenue growth.
- Network throughput reached a record 78 gigawatt-hours (“GWh”)
in the third quarter, an increase of 111% year-over-year,
representing the 7th consecutive quarter of triple digit
year-over-year growth.
- Added more than 270 new operational stalls during the third
quarter, including EVgo eXtend™ stalls.
- Ended the third quarter with approximately 3,680 stalls in
operation, including EVgo eXtend stalls.
- Added over 147,000 new customer accounts in the third quarter,
reaching more than 1.2 million overall at quarter end.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the third quarter ended September 30, 2024.
Management will host a conference call today at 8 a.m. ET / 5 a.m.
PT to discuss EVgo’s results and other business highlights.
Revenue for the third quarter of 2024 reached $67.5 million,
compared to $35.1 million in the third quarter of 2023,
representing 92% year-over-year growth. Revenue growth was driven
by year-over-year increases in charging network and eXtend
revenues.
Network throughput increased to 78 GWh in the third quarter of
2024, compared to 37 GWh in the third quarter of 2023, representing
111% year-over-year growth. The Company added more than 147,000 new
customer accounts during the third quarter of 2024, a 39%
year-over-year increase in new accounts. The overall number of
customer accounts was more than 1.2 million at quarter end, an
increase of 57% year-over-year.
“I’m pleased to report another record quarter anchored by strong
revenues and triple digit year-over-year network throughput
growth,” said Badar Khan, EVgo’s CEO. “Our deployment team
continued to meet demand head-on bringing a record number of stalls
online in the third quarter. With our conditional commitment from
DOE for a loan guarantee of up to $1.05 billion announced last
month, EVgo is poised to lead the industry as the charging provider
of choice. As we look ahead to the end of the year and into fiscal
2025, we are working diligently to complete the loan process, drive
our next phase of growth as an owner and operator of fast charging
infrastructure, and deliver continued and sustainable value
creation for our shareholders.”
Business Highlights
- DOE Conditional Commitment: On October 3, 2024, EVgo
received conditional commitment for a loan guarantee of up to $1.05
billion from the U.S. Department of Energy Loan Programs Office
(“DOE LPO”) under its Title 17 program, to build approximately
7,500 fast charging stalls across the U.S. The loan is expected to
support the Company in its efforts to double its deployment rate of
critical charging infrastructure in high-growth markets and enable
the expansion of EV charging access in rural and lower income
communities. The Company is working towards satisfying certain
technical, legal, environmental and financial conditions to enter
into a definitive agreement with the DOE.
- Co-Development Agreement for Next Generation Charging
Architecture: EVgo and Delta Electronics signed a memorandum of
understanding in October 2024 to co-develop the next generation of
chargers to improve customer experience, enhance charger
reliability, and drive cost efficiencies with advanced firmware and
hardware design.
- 30C Income Tax Credits: EVgo sold its 2023 portfolio of
30C income tax credits for $11.0 million, before estimated
transaction costs of $2.0 million, most of which is expected to be
incurred in the fourth quarter.
- California Low Carbon Fuel Standard (“LCFS”): On
November 8, 2024, the California Air Resources Board voted to adopt
amendments to the LCFS, which are expected to strengthen regulatory
credit values for years to come.
- Stall Development: The Company ended the quarter with
approximately 3,680 stalls in operation, including EVgo eXtend™
stalls. EVgo added over 270 new DC fast charging stalls during the
quarter, including EVgo eXtend™ stalls.
- Average Daily Network Throughput: Average daily
throughput per stall for the EVgo network was 254 kilowatt hours
per day in the third quarter of 2024, an increase of 64% compared
to 155 kilowatt hours per day in the third quarter of 2023.
- EVgo Autocharge+: Autocharge+ was 21% of total charging
sessions initiated in the third quarter of 2024, and the number of
Autocharge+ charging sessions in the third quarter increased 132%
compared to the third quarter of 2023.
- PlugShare: PlugShare reached 5.7 million registered
users and achieved 8.8 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the third quarter of 2024.
- Revenue of $67.5 million
- Network Throughput1 of 78 gigawatt-hours
- Customer Account Additions of over 147,000 accounts
- Gross Profit of $6.4 million
- Net Loss of $33.3 million
- Adjusted Gross Profit2 of $18.0 million
- Adjusted EBITDA2 of ($8.9) million
- Net Cash Provided by Operating Activities of $12.1
million
- Capital Expenditures of $25.8 million
- Capital Expenditures, Net of Capital Offsets2 of $5.2
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 the United States of
America (“GAAP”). For a definition of these non-GAAP measures and a
reconciliation to the most directly comparable GAAP measure, please
see “Definitions of Non-GAAP Financial Measures” and
“Reconciliations of Non-GAAP Financial Measures” included elsewhere
in this release.
(unaudited, dollars in thousands)
Q3'24
Q3'23
Better (Worse)
Q3'24 YTD
Q3'23 YTD
Better (Worse)
Network Throughput (GWh)
78
37
111
%
197
80
146
%
Revenue
$
67,535
$
35,107
92
%
$
189,312
$
110,959
71
%
Gross profit
$
6,368
$
604
*
%
$
19,607
$
6,174
218
%
Gross margin
9.4
%
1.7
%
770 bps
10.4
%
5.6
%
480 bps
Net loss
$
(33,290
)
$
(28,257
)
(18
)%
$
(91,093
)
$
(98,877
)
8
%
Adjusted Gross Profit1
$
17,989
$
9,281
94
%
$
52,934
$
28,539
85
%
Adjusted Gross Margin1
26.6
%
26.4
%
20 bps
28.0
%
25.7
%
230 bps
Adjusted EBITDA1
$
(8,881
)
$
(14,248
)
38
%
$
(24,070
)
$
(44,868
)
46
%
____________________
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.
*
Percentage over 999%
(unaudited, dollars in thousands)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
Cash flows provided by (used in) operating
activities
$
12,101
$
(7,256
)
267
%
$
5,575
$
(29,781
)
119
%
GAAP capital expenditures
$
25,835
$
24,028
8
%
$
71,102
$
124,085
(43
)%
Less capital offsets:
OEM infrastructure payments
4,909
6,022
(18
)%
16,691
15,939
5
%
Proceeds from capital-build funding
5,740
2,823
103
%
11,879
7,079
68
%
Proceeds from transfer of 30C income tax
credits, net
9,978
—
*
%
9,978
—
*
%
Total capital offsets
20,627
8,845
133
%
38,548
23,018
67
%
Capital Expenditures, Net of Capital
Offsets1
$
5,208
$
15,183
(66
)%
$
32,554
$
101,067
(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.
*
Percentage not meaningful
9/30/2024
9/30/2023
Increase
Stalls in operation or under
construction:
EVgo Network
3,800
3,240
17
%
EVgo eXtend™
620
140
343
%
Total stalls in operation or under
construction
4,420
3,380
31
%
Stalls in operation:
EVgo Network
3,390
2,700
26
%
EVgo eXtend™
290
40
625
%
Total stalls in operation
3,680
2,740
34
%
2024 Financial Guidance
EVgo is updating 2024 guidance as follows:
- Raising the midpoint of total revenue guidance by $2.5 million
with total revenue guidance of $250 - $265 million
- Raising the midpoint of Adjusted EBITDA* guidance by $4 million
with Adjusted EBITDA guidance of ($38) – ($32) 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 third
quarter earnings release will be held today at 8 a.m. ET / 5 a.m.
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 U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the
U.S.) 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 40 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 progress on its network buildout, customer
experience, technological capabilities and cost efficiencies;
anticipated benefits and growth from the conditional commitment
from the DOE for a loan guarantee; 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;
EVgo’s ability to satisfy the required conditions, enter into
definitive agreements and receive loan funding in connection with,
and to realize any anticipated benefits and growth from, the
conditional commitment from the DOE for a loan guarantee;
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 due to the results of the 2024 Presidential and
Congressional elections; 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 Ukraine, Israel and the broader Middle East
region, and elevated rates of inflation and associated changes in
monetary policy. Additional risks and uncertainties that could
affect the Company’s financial results are included under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations of EVgo” in EVgo’s
most recent Annual Report on Form 10-K, filed with the Securities
and Exchange Commission (the “SEC”), as well as its other SEC
filings, copies of which are available on EVgo’s website at
investors.evgo.com, and on the SEC’s website at www.sec.gov. All
forward-looking statements in this press release are based on
information available to EVgo as of the date hereof, and EVgo does
not assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
Financial Statements
EVgo
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
September 30,
December 31,
2024
2023
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
153,406
$
209,146
Accounts receivable, net of allowance of
$838 and $1,116 as of September 30, 2024 and December 31, 2023,
respectively
35,395
34,882
Accounts receivable, capital-build
15,812
9,297
Prepaid expenses and other current
assets
19,292
14,081
Total current assets
223,905
267,406
Property, equipment and software, net
407,650
389,227
Operating lease right-of-use assets
85,609
67,724
Other assets
2,173
2,208
Intangible assets, net
41,297
48,997
Goodwill
31,052
31,052
Total assets
$
791,686
$
806,614
Liabilities, redeemable noncontrolling
interest and stockholders' deficit
Current liabilities
Accounts payable
$
12,583
$
10,133
Accrued liabilities
40,283
40,549
Operating lease liabilities, current
6,471
6,018
Deferred revenue, current1
31,782
32,349
Other current liabilities
11,146
298
Total current liabilities
102,265
89,347
Operating lease liabilities,
noncurrent
79,464
61,987
Earnout liability, at fair value
719
654
Asset retirement obligations
20,109
18,232
Capital-build liability
47,021
35,787
Deferred revenue, noncurrent
70,666
55,091
Warrant liabilities, at fair value
5,656
5,141
Total liabilities
325,900
266,239
Commitments and contingencies
Redeemable noncontrolling interest
810,612
700,964
Stockholders' deficit
(344,826
)
(160,589
)
Total liabilities, redeemable
noncontrolling interest and stockholders' deficit
$
791,686
$
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
Nine Months Ended
September 30,
September 30,
(in thousands, except per share data)
2024
2023
Change %
2024
2023
Change %
Revenue
Charging, retail
$
26,656
$
13,357
100
%
$
67,318
$
29,057
132
%
Charging, commercial
8,622
4,042
113
%
21,555
8,175
164
%
Charging, OEM
4,305
1,477
191
%
10,675
3,015
254
%
Regulatory credit sales
2,191
1,807
21
%
5,974
4,635
29
%
Network, OEM
1,278
1,114
15
%
6,328
4,555
39
%
Total charging network
43,052
21,797
98
%
111,850
49,437
126
%
eXtend
21,912
10,475
109
%
68,730
54,048
27
%
Ancillary
2,571
2,835
(9
)%
8,732
7,474
17
%
Total revenue
67,535
35,107
92
%
189,312
110,959
71
%
Cost of sales
Charging network1
28,872
15,556
86
%
72,361
37,544
93
%
Other1
20,753
10,328
101
%
64,294
44,997
43
%
Depreciation, net of capital-build
amortization
11,542
8,619
34
%
33,050
22,244
49
%
Total cost of sales
61,167
34,503
77
%
169,705
104,785
62
%
Gross profit
6,368
604
954
%
19,607
6,174
218
%
Operating expenses
General and administrative
33,114
32,001
3
%
101,167
104,223
(3
)%
Depreciation, amortization and
accretion
5,043
4,975
1
%
14,986
14,542
3
%
Total operating expenses
38,157
36,976
3
%
116,153
118,765
(2
)%
Operating loss
(31,789
)
(36,372
)
13
%
(96,546
)
(112,591
)
14
%
Interest income
1,809
2,898
(38
)%
6,146
7,095
(13
)%
Other (expense) income, net
(1
)
1
(200
)%
(18
)
1
*
%
Change in fair value of earnout
liability
(374
)
442
(185
)%
(65
)
875
(107
)%
Change in fair value of warrant
liabilities
(2,910
)
4,774
(161
)%
(515
)
5,785
(109
)%
Total other (expense) income, net
(1,476
)
8,115
(118
)%
5,548
13,756
(60
)%
Loss before income tax expense
(33,265
)
(28,257
)
(18
)%
(90,998
)
(98,835
)
8
%
Income tax expense
(25
)
—
*
%
(95
)
(42
)
(126
)%
Net loss
(33,290
)
(28,257
)
(18
)%
(91,093
)
(98,877
)
8
%
Less: net loss attributable to redeemable
noncontrolling interest
(21,581
)
(18,536
)
(16
)%
(59,174
)
(69,054
)
14
%
Net loss attributable to Class A common
stockholders
$
(11,709
)
$
(9,721
)
(20
)%
$
(31,919
)
$
(29,823
)
(7
)%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.11
)
$
(0.09
)
$
(0.30
)
$
(0.34
)
Weighted average common stock outstanding,
basic and diluted
106,206
102,687
105,491
86,449
____________________
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)
Nine Months Ended
September 30,
(in thousands)
2024
2023
Cash flows from operating
activities
Net loss
$
(91,093
)
$
(98,877
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities
Depreciation, amortization and
accretion
48,036
36,786
Net loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
6,228
8,065
Share-based compensation
15,473
21,023
Change in fair value of earnout
liability
65
(875
)
Change in fair value of warrant
liabilities
515
(5,785
)
Other
5
23
Changes in operating assets and
liabilities
Accounts receivable, net
(512
)
(14,581
)
Prepaid expenses, other current assets and
other assets
(2,051
)
(289
)
Operating lease assets and liabilities,
net
45
955
Accounts payable
210
2,781
Accrued liabilities
3,121
2,247
Deferred revenue1
15,008
19,196
Other current and noncurrent
liabilities
10,525
(450
)
Net cash provided by (used in) operating
activities
5,575
(29,781
)
Cash flows from investing
activities
Capital expenditures
(71,102
)
(124,085
)
Proceeds from insurance for property
losses
234
242
Net cash used in investing activities
(70,868
)
(123,843
)
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
11,879
7,079
Payments of deferred debt issuance
costs
(2,326
)
—
Payments of deferred equity issuance
costs
—
(5,090
)
Net cash provided by financing
activities
9,553
135,840
Net decrease in cash, cash equivalents and
restricted cash
(55,740
)
(17,784
)
Cash, cash equivalents and restricted
cash, beginning of period
209,146
246,493
Cash, cash equivalents and restricted
cash, end of period
$
153,406
$
228,709
____________________
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, (ii) proceeds
from capital-build funding and (iii) proceeds from the transfer of
30C income tax credits, net of transaction costs. 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)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
GAAP revenue
$
67,535
$
35,107
92
%
$
189,312
$
110,959
71
%
GAAP net loss
$
(33,290
)
$
(28,257
)
(18
)%
$
(91,093
)
$
(98,877
)
8
%
GAAP net loss margin
(49.3
%)
(80.5
%)
3,120 bps
(48.1
)%
(89.1
)%
4,100 bps
Adjustments:
Depreciation, net of capital-build
amortization
11,706
8,746
34
%
33,470
22,621
48
%
Amortization
4,354
4,264
2
%
13,159
12,500
5
%
Accretion
525
584
(10
)%
1,407
1,665
(15
)%
Interest income
(1,809
)
(2,898
)
38
%
(6,146
)
(7,095
)
13
%
Income tax expense
25
—
*
%
95
42
126
%
EBITDA
$
(18,489
)
$
(17,561
)
(5
)%
$
(49,108
)
$
(69,144
)
29
%
EBITDA margin
(27.4
%)
(50.0
%)
2,260 bps
(25.9
)%
(62.3
)%
3,640 bps
Adjustments:
Share-based compensation
$
5,370
$
6,101
(12
)%
15,473
21,023
(26
)%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
731
2,216
(67
)%
6,228
8,065
(23
)%
Loss on investments
—
12
(100
)%
5
16
(69
)%
Bad debt expense
216
199
9
%
527
352
50
%
Change in fair value of earnout
liability
374
(442
)
185
%
65
(875
)
107
%
Change in fair value of warrant
liabilities
2,910
(4,774
)
161
%
515
(5,785
)
109
%
Other1
7
1
600
%
2,225
1,480
50
%
Total adjustments
9,608
3,313
190
%
25,038
24,276
3
%
Adjusted EBITDA
$
(8,881
)
$
(14,248
)
38
%
$
(24,070
)
$
(44,868
)
46
%
Adjusted EBITDA Margin
(13.2
%)
(40.6
%)
2,740 bps
(12.7
%)
(40.4
)%
2,770 bps
____________________
*
Percentage greater than 999%, bps
greater than 9,999 or not meaningful.
1
For the nine months ended
September 30, 2024, comprised primarily of costs and adjustments
related to the organizational realignment announced by the Company
on January 17, 2024. For the nine months ended September 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 Delaware Court of Chancery in
February 2023 seeking validation of EVgo's charter and share
structure (the "205 Petition").
The following unaudited table presents a reconciliation of
Charging Network Margin to the most directly comparable GAAP
measures:
(unaudited, dollars in thousands)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
GAAP total charging network revenue
$
43,052
$
21,797
98
%
$
111,850
$
49,437
126
%
GAAP charging network cost of sales
28,872
15,556
86
%
72,361
37,544
93
%
Charging Network Margin
32.9
%
28.6
%
430 bps
35.3
%
24.1
%
1,120 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)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
GAAP revenue
$
67,535
$
35,107
92
%
$
189,312
$
110,959
71
%
GAAP cost of sales
61,167
34,503
77
%
169,705
104,785
62
%
GAAP gross profit
$
6,368
$
604
*
%
$
19,607
$
6,174
218
%
GAAP cost of sales as a percentage of
revenue
90.6
%
98.3
%
(770) bps
89.6
%
94.4
%
(480) bps
GAAP gross margin
9.4
%
1.7
%
770 bps
10.4
%
5.6
%
480 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
11,542
$
8,619
34
%
$
33,050
$
22,244
49
%
Share-based compensation
79
58
36
%
277
121
129
%
Total adjustments
11,621
8,677
34
%
33,327
22,365
49
%
Adjusted Cost of Sales
$
49,546
$
25,826
92
%
$
136,378
$
82,420
65
%
Adjusted Cost of Sales as a Percentage of
Revenue
73.4
%
73.6
%
(20) bps
72.0
%
74.3
%
(230) bps
Adjusted Gross Profit
$
17,989
$
9,281
94
%
$
52,934
$
28,539
85
%
Adjusted Gross Margin
26.6
%
26.4
%
20 bps
28.0
%
25.7
%
230 bps
____________________
*
Percentage greater than 999%
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)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
GAAP revenue
$
67,535
$
35,107
92
%
$
189,312
$
110,959
71
%
GAAP general and administrative
expenses
$
33,114
$
32,001
3
%
$
101,167
$
104,223
(3
)%
GAAP general and administrative expenses
as a percentage of revenue
49.0
%
91.2
%
(4,220) bps
53.4
%
93.9
%
(4,050) bps
Adjustments:
Share-based compensation
$
5,291
$
6,043
(12
)%
$
15,196
$
20,902
(27
)%
Loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
731
2,216
(67
)%
6,228
8,065
(23
)%
Bad debt expense
216
199
9
%
527
352
50
%
Other1
7
1
600
%
2,225
1,480
50
%
Total adjustments
6,245
8,459
(26
)%
24,176
30,799
(22
)%
Adjusted General and Administrative
Expenses
$
26,869
$
23,542
14
%
$
76,991
$
73,424
5
%
Adjusted General and Administrative
Expenses as a Percentage of Revenue
39.8
%
67.1
%
(2,730) bps
40.7
%
66.2
%
(2,550) bps
____________________
1
For the nine months ended
September 30, 2024, comprised primarily of costs and adjustments
related to the organizational realignment announced by the Company
on January 17, 2024. For the nine months ended September 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)
Q3'24
Q3'23
Change
Q3'24 YTD
Q3'23 YTD
Change
GAAP capital expenditures
$
25,835
$
24,028
8
%
$
71,102
$
124,085
(43
)%
Less capital offsets:
OEM infrastructure payments
4,909
6,022
(18
)%
16,691
15,939
5
%
Proceeds from capital-build funding
5,740
2,823
103
%
11,879
7,079
68
%
Proceeds from transfer of 30C tax credits,
net
9,978
—
*
%
9,978
—
*
%
Total capital offsets
20,627
8,845
133
%
38,548
23,018
67
%
Capital Expenditures, Net of Capital
Offsets
$
5,208
$
15,183
(66
)%
$
32,554
$
101,067
(68
)%
____________________
*
Percentage not meaningful
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