News
Samsara Reports First Quarter Fiscal Year 2025 Financial Results
-
Q1 revenue of $280.7 million, representing 37% year-over-year growth
-
Ending ARR of $1.176 billion, representing 37% year-over-year growth
-
1,964 customers with ARR over $100,000, up 43% year-over-year
SAN FRANCISCO, June 06, 2024–(BUSINESS WIRE)–Samsara Inc. (NYSE: IOT), the pioneer of the Connected Operations Cloud, reported financial results for the first quarter ended May 4, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com.
“We delivered a strong first quarter of the new fiscal year with Q1 revenue of $280.7 million, growing 37% year-over-year, the same year-over-year adjusted revenue growth (1) as last quarter at a larger scale,” said Sanjit Biswas, CEO and co-founder of Samsara. “As the strategic partner to the world’s leading and most complex physical operations organizations, we are focused on delivering clear and fast ROI for our customers and improving their operations.”
First Quarter Fiscal Year 2025 Financial Highlights
(In millions, except percentage, percentage points, and per share data)
|
|
Q1 FY2025 |
|
Q1 FY2024 |
|
Y/Y Change |
||||||
|
Annual Recurring Revenue (ARR) |
$ |
1,175.7 |
|
|
$ |
856.2 |
|
|
|
37 |
% |
|
Total revenue |
$ |
280.7 |
|
|
$ |
204.3 |
|
|
|
37 |
% |
|
GAAP gross profit |
$ |
212.1 |
|
|
$ |
146.8 |
|
|
$ |
65.3 |
|
|
GAAP gross margin |
|
76 |
% |
|
|
72 |
% |
|
4 pts |
||
|
Non-GAAP gross profit |
$ |
215.9 |
|
|
$ |
149.7 |
|
|
$ |
66.2 |
|
|
Non-GAAP gross margin |
|
77 |
% |
|
|
73 |
% |
|
4 pts |
||
|
GAAP operating loss |
$ |
(66.0 |
) |
|
$ |
(75.8 |
) |
|
$ |
9.8 |
|
|
GAAP operating margin |
|
(24 |
%) |
|
|
(37 |
%) |
|
14 pts |
||
|
Non-GAAP operating income (loss) |
$ |
6.2 |
|
|
$ |
(19.0 |
) |
|
$ |
25.2 |
|
|
Non-GAAP operating margin |
|
2 |
% |
|
|
(9 |
%) |
|
12 pts |
||
|
GAAP net loss per share, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.13 |
) |
|
$ |
0.03 |
|
|
Non-GAAP net income (loss) per share, basic and diluted |
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
Net cash provided by operating activities |
$ |
23.7 |
|
|
$ |
10.5 |
|
|
$ |
13.2 |
|
|
Net cash provided by operating activities margin |
|
8 |
% |
|
|
5 |
% |
|
3 pts |
||
|
Adjusted free cash flow |
$ |
18.6 |
|
|
$ |
(2.2 |
) |
|
$ |
20.8 |
|
|
Adjusted free cash flow margin |
|
7 |
% |
|
|
(1 |
%) |
|
8 pts |
||
|
__________ |
|
|
(1) |
Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. |
We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles (“GAAP”). See the section titled “Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures and the tables in the section titled “Reconciliation Between GAAP and Non-GAAP Financial Measures” for a reconciliation of GAAP to non-GAAP financial measures.
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Financial Outlook
Our guidance includes GAAP and non-GAAP financial measures. For the second quarter and fiscal year 2025, Samsara expects the following:
|
|
Q2 FY2025 Outlook |
|
FY 2025 Outlook |
|
Total revenue |
$288 million – $290 million |
|
$1.205 billion – $1.213 billion |
|
Year/Year revenue growth |
31% – 32% |
|
29% |
|
Year/Year adjusted revenue growth (1) |
|
|
31% – 32% |
|
Non-GAAP operating margin |
(2%) |
|
3% |
|
Non-GAAP net income per share, diluted |
$0.00 – $0.01 |
|
$0.13 – $0.15 |
|
__________ |
|
|
(1) |
Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. |
A reconciliation of non-GAAP guidance financial measures to corresponding GAAP guidance financial measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty and potential variability of expenses, such as stock-based compensation expense-related charges, that may be incurred in the future and cannot be reasonably determined or predicted at this time. It is important to note that these factors could be material to our results of operations computed in accordance with GAAP.
About Samsara
Samsara is the pioneer of the Connected Operations™ Cloud, which is a system of record that enables businesses that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world’s leading organizations across industries in transportation, construction, wholesale and retail trade, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, food and beverage, and others. The company’s mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.
Investor Day and Customer Conference
Samsara will host an Investor Day on Thursday, June 27, 2024 at 12:30 p.m. Pacific Time (3:30 p.m. Eastern Time), where we will provide additional insights into Samsara’s trajectory and the overall state of physical operations. This event will be held in conjunction with our customer conference, Samsara Beyond, in Chicago, IL.
A live webcast of Investor Day may be accessed at https://investors.samsara.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, the calculation of certain of our key financial and operating metrics, our market opportunity, industry developments and trends, customer demand for our solution, macroeconomic conditions and any expected benefits of our products, and our competitive position, as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and could cause actual results and events to differ. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these terms or other comparable expressions that concern our expectations, strategies, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made, including information furnished to us by third parties that we have not independently verified, and/or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
These risks and uncertainties include our ability to retain customers and expand the Applications used by our customers, our ability to attract new customers, our future financial performance, including trends in revenue and annual recurring revenue, net retention rate, costs of revenue, gross profit or gross margin, operating expenses, customer counts, non-GAAP financial measures (such as adjusted revenue, adjusted revenue growth rate, non-GAAP gross margin, non-GAAP operating margin, free cash flow margin, and adjusted free cash flow margin), our ability to achieve or maintain profitability, the demand for our products or for solutions for connected operations in general, the impact of the Russia-Ukraine conflict, geopolitical tensions involving China, the conflict in Israel and Gaza, the emergence of pandemics and epidemics, and macroeconomic conditions globally on our and our customers’, partners’ and suppliers’ operations and future financial performance, possible harm caused by silicon component shortages and other supply chain constraints, the length of our sales cycles, possible harm caused by a security breach or other incident affecting our or our customers’ assets or data, our ability to compete successfully in competitive markets, our ability to respond to rapid technological changes, and our ability to continue to innovate and develop new Applications. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings and reports that we may file from time to time with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Use of Non-GAAP Financial Measures
This document includes certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to our financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.
Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.
We present these non-GAAP financial measures to assist investors in seeing Samsara’s operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to evaluate our business.
Expenses Excluded from Non-GAAP Performance Financial Measures—Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and employer taxes on employee equity transactions. Stock-based compensation expense-related charges are excluded because they are primarily a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business.
Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance.
Operating Metrics and Non-GAAP Financial Measures
Annual Recurring Revenue—We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date.
Adjusted Revenue and Adjusted Revenue Growth Rate—Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.
Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin—We define non-GAAP income (loss) from operations, or non-GAAP operating income (loss), as income (loss) from operations excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Non-GAAP operating margin is defined as non-GAAP operating income (loss) as a percentage of total revenue. We use non-GAAP income (loss) from operations and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP income (loss) from operations and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share—We define non-GAAP net income (loss) as net loss excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Our non-GAAP net income (loss) per share–basic is calculated by dividing non-GAAP net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share–diluted is calculated by giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and shares issued under our 2021 Employee Stock Purchase Plan) to the extent they are dilutive. Non-GAAP net loss per share–diluted is the same as non-GAAP net loss per share–basic as the inclusion of all potential dilutive common stock equivalents would be antidilutive. We use non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.
Free Cash Flow and Free Cash Flow Margin—We define free cash flow as net cash provided by (used in) operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives.
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as free cash flow excluding the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of total revenue. We believe that adjusted free cash flow and adjusted free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives by excluding the impact of non-recurring events.
Webcast Information and Shareholder Letter
An investor presentation and accompanying shareholder letter is accessible from the Samsara investor relations website at https://investors.samsara.com/. Samsara will host a live webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. The live webcast may be accessed at https://investors.samsara.com/. Following the webcast, a replay will be accessible from the same website.
|
SAMSARA INC. |
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In thousands) |
|||||||
|
(Unaudited) |
|||||||
|
|
|
|
|
||||
|
|
As of |
||||||
|
|
May 4, 2024 |
|
February 3, 2024 |
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
162,466 |
|
|
$ |
135,536 |
|
|
Short-term investments |
|
431,862 |
|
|
|
412,126 |
|
|
Accounts receivable, net |
|
143,786 |
|
|
|
161,829 |
|
|
Inventories |
|
30,510 |
|
|
|
22,238 |
|
|
Connected device costs, current |
|
107,819 |
|
|
|
104,008 |
|
|
Prepaid expenses and other current assets |
|
47,289 |
|
|
|
51,221 |
|
|
Total current assets |
|
923,732 |
|
|
|
886,958 |
|
|
Restricted cash |
|
19,202 |
|
|
|
19,202 |
|
|
Long-term investments |
|
250,623 |
|
|
|
276,166 |
|
|
Property and equipment, net |
|
55,913 |
|
|
|
54,969 |
|
|
Operating lease right-of-use assets |
|
77,337 |
|
|
|
81,974 |
|
|
Connected device costs, non-current |
|
233,030 |
|
|
|
230,782 |
|
|
Deferred commissions |
|
182,679 |
|
|
|
177,562 |
|
|
Other assets, non-current |
|
6,917 |
|
|
|
7,232 |
|
|
Total assets |
$ |
1,749,433 |
|
|
$ |
1,734,845 |
|
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
41,228 |
|
|
$ |
46,281 |
|
|
Accrued expenses and other current liabilities |
|
60,566 |
|
|
|
61,437 |
|
|
Accrued compensation and benefits |
|
32,465 |
|
|
|
37,068 |
|
|
Deferred revenue, current |
|
447,031 |
|
|
|
426,369 |
|
|
Operating lease liabilities, current |
|
20,005 |
|
|
|
20,661 |
|
|
Total current liabilities |
|
601,295 |
|
|
|
591,816 |
|
|
Deferred revenue, non-current |
|
140,986 |
|
|
|
139,117 |
|
|
Operating lease liabilities, non-current |
|
73,618 |
|
|
|
78,830 |
|
|
Other liabilities, non-current |
|
9,646 |
|
|
|
9,935 |
|
|
Total liabilities |
|
825,545 |
|
|
|
819,698 |
|
|
Stockholders’ equity: |
|
|
|
||||
|
Preferred stock |
|
— |
|
|
|
— |
|
|
Class A common stock |
|
10 |
|
|
|
9 |
|
|
Class B common stock |
|
23 |
|
|
|
23 |
|
|
Class C common stock |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
2,435,213 |
|
|
|
2,368,597 |
|
|
Accumulated other comprehensive income |
|
29 |
|
|
|
1,616 |
|
|
Accumulated deficit |
|
(1,511,387 |
) |
|
|
(1,455,098 |
) |
|
Total stockholders’ equity |
|
923,888 |
|
|
|
915,147 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,749,433 |
|
|
$ |
1,734,845 |
|
|
|
|||||||
|
SAMSARA INC. |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||
|
(In thousands, except share and per share data) |
|||||||
|
(Unaudited) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Revenue |
$ |
280,726 |
|
|
$ |
204,320 |
|
|
Cost of revenue |
|
68,625 |
|
|
|
57,557 |
|
|
Gross profit |
|
212,101 |
|
|
|
146,763 |
|
|
Operating expenses: |
|
|
|
||||
|
Research and development |
|
72,973 |
|
|
|
60,366 |
|
|
Sales and marketing |
|
147,437 |
|
|
|
118,955 |
|
|
General and administrative |
|
57,688 |
|
|
|
43,266 |
|
|
Total operating expenses |
|
278,098 |
|
|
|
222,587 |
|
|
Loss from operations |
|
(65,997 |
) |
|
|
(75,824 |
) |
|
Interest income and other income, net |
|
10,084 |
|
|
|
8,895 |
|
|
Loss before provision for income taxes |
|
(55,913 |
) |
|
|
(66,929 |
) |
|
Provision for income taxes |
|
376 |
|
|
|
927 |
|
|
Net loss |
$ |
(56,289 |
) |
|
$ |
(67,856 |
) |
|
Other comprehensive loss: |
|
|
|
||||
|
Foreign currency translation adjustments, net of tax |
|
100 |
|
|
|
(913 |
) |
|
Unrealized losses on investments, net of tax |
|
(1,687 |
) |
|
|
(41 |
) |
|
Other comprehensive loss |
|
(1,587 |
) |
|
|
(954 |
) |
|
Comprehensive loss |
$ |
(57,876 |
) |
|
$ |
(68,810 |
) |
|
Basic and diluted net loss per share: |
|
|
|
||||
|
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.13 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
548,652,306 |
|
|
|
526,403,398 |
|
|
|
|||||||
|
SAMSARA INC. |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(In thousands) |
|||||||
|
(Unaudited) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Operating activities |
|
|
|
||||
|
Net loss |
$ |
(56,289 |
) |
|
$ |
(67,856 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
4,455 |
|
|
|
3,484 |
|
|
Stock-based compensation expense |
|
64,656 |
|
|
|
52,948 |
|
|
Net accretion of discounts on investments |
|
(3,993 |
) |
|
|
(4,219 |
) |
|
Other non-cash adjustments |
|
1,330 |
|
|
|
(1,944 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable, net |
|
15,862 |
|
|
|
20,822 |
|
|
Inventories |
|
(8,272 |
) |
|
|
8,168 |
|
|
Prepaid expenses and other current assets |
|
3,932 |
|
|
|
(1,179 |
) |
|
Connected device costs |
|
(6,059 |
) |
|
|
(9,707 |
) |
|
Deferred commissions |
|
(5,117 |
) |
|
|
(3,518 |
) |
|
Other assets, non-current |
|
315 |
|
|
|
533 |
|
|
Accounts payable and other liabilities |
|
(9,664 |
) |
|
|
(8,511 |
) |
|
Deferred revenue |
|
22,531 |
|
|
|
23,377 |
|
|
Operating lease right-of-use assets and liabilities, net |
|
(17 |
) |
|
|
(1,944 |
) |
|
Net cash provided by operating activities |
|
23,670 |
|
|
|
10,454 |
|
|
Investing activities |
|
|
|
||||
|
Purchase of property and equipment |
|
(5,062 |
) |
|
|
(2,499 |
) |
|
Purchases of investments |
|
(142,313 |
) |
|
|
(192,389 |
) |
|
Proceeds from maturities and redemptions of investments |
|
150,426 |
|
|
|
177,159 |
|
|
Net cash provided by (used in) investing activities |
|
3,051 |
|
|
|
(17,729 |
) |
|
Financing activities |
|
|
|
||||
|
Proceeds from issuance of common stock in connection with equity compensation plans |
|
808 |
|
|
|
159 |
|
|
Payment of principal on finance leases |
|
(496 |
) |
|
|
(448 |
) |
|
Net cash provided by (used in) financing activities |
|
312 |
|
|
|
(289 |
) |
|
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash |
|
(103 |
) |
|
|
146 |
|
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
26,930 |
|
|
|
(7,418 |
) |
|
Cash, cash equivalents, and restricted cash, beginning of period |
|
154,738 |
|
|
|
223,766 |
|
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
181,668 |
|
|
$ |
216,348 |
|
|
|
|||||||
|
SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Gross profit and gross margin reconciliation |
|
|
|
||||
|
GAAP gross profit |
$ |
212,101 |
|
|
$ |
146,763 |
|
|
Add: |
|
|
|
||||
|
Stock-based compensation expense-related charges (1) |
|
3,766 |
|
|
|
2,915 |
|
|
Non-GAAP gross profit |
$ |
215,867 |
|
|
$ |
149,678 |
|
|
GAAP gross margin |
|
76 |
% |
|
|
72 |
% |
|
Non-GAAP gross margin |
|
77 |
% |
|
|
73 |
% |
|
|
|
|
|
||||
|
Operating income (loss) and operating margin reconciliation |
|
|
|
||||
|
GAAP loss from operations |
$ |
(65,997 |
) |
|
$ |
(75,824 |
) |
|
Add: |
|
|
|
||||
|
Stock-based compensation expense-related charges (1) |
|
72,156 |
|
|
|
56,793 |
|
|
Non-GAAP income (loss) from operations |
$ |
6,159 |
|
|
$ |
(19,031 |
) |
|
GAAP operating margin |
|
(24 |
%) |
|
|
(37 |
%) |
|
Non-GAAP operating margin |
|
2 |
% |
|
|
(9 |
%) |
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
GAAP net loss |
$ |
(56,289 |
) |
|
$ |
(67,856 |
) |
|
Add: |
|
|
|
||||
|
Stock-based compensation expense-related charges |
|
72,156 |
|
|
|
56,793 |
|
|
Non-GAAP net income (loss) (3) |
$ |
15,867 |
|
|
$ |
(11,063 |
) |
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Net income (loss) per share, basic and diluted, reconciliation |
|
|
|
||||
|
GAAP net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.13 |
) |
|
Total impact on net loss per share, basic and diluted, from non-GAAP adjustments |
|
0.13 |
|
|
|
0.11 |
|
|
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted (4) |
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted |
|
548,652,306 |
|
|
|
526,403,398 |
|
|
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, basic |
|
548,652,306 |
|
|
|
526,403,398 |
|
|
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (4) |
|
573,154,525 |
|
|
|
526,403,398 |
|
|
|
|||||||
|
SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation |
|
|
|
||||
|
Net cash provided by operating activities |
$ |
23,670 |
|
|
$ |
10,454 |
|
|
Purchase of property and equipment |
|
(5,062 |
) |
|
|
(2,499 |
) |
|
Free cash flow |
|
18,608 |
|
|
|
7,955 |
|
|
Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (5) |
|
— |
|
|
|
(10,179 |
) |
|
Adjusted free cash flow |
$ |
18,608 |
|
|
$ |
(2,224 |
) |
|
Net cash provided by operating activities margin |
|
8 |
% |
|
|
5 |
% |
|
Free cash flow margin |
|
7 |
% |
|
|
4 |
% |
|
Adjusted free cash flow margin |
|
7 |
% |
|
|
(1 |
%) |
|
__________ |
|
|
(1) |
Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows: |
|
|
Three Months Ended |
||||||
|
|
May 4, 2024 |
|
April 29, 2023 |
||||
|
Cost of revenue |
$ |
3,766 |
|
$ |
2,915 |
||
|
Research and development |
|
26,264 |
|
|
22,053 |
||
|
Sales and marketing |
|
20,682 |
|
|
16,320 |
||
|
General and administrative |
|
21,444 |
|
|
15,505 |
||
|
Total stock-based compensation expense-related charges (2) |
$ |
72,156 |
|
$ |
56,793 |
||
|
(2) |
Stock-based compensation expense-related charges included approximately $7.0 million and $3.8 million of employer taxes on employee equity transactions for the three months ended May 4, 2024 and April 29, 2023, respectively. |
|
(3) |
There were no material income tax effects on our non-GAAP adjustments for all periods presented. |
|
(4) |
For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period. |
|
(5) |
In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606077327/en/
Contacts
Investor Contact:
Mike Chang
ir@samsara.com
Media Contact:
Adam Simons
media@samsara.com
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
-
Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
-
Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
-
Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
-
Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
|
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
|||
|
a. Position/status |
Director |
|||||
|
b. Initial Notification/Amendment |
Initial notification |
|||||
|
||||||
|
a name |
Volta Finance Limited |
|||||
|
b. LAW |
2138004N6QDNAZ2V3W80 |
|||||
|
a. Description of the financial instrument, type of instrument |
Ordinary actions |
|||||
|
b. Identification code |
GG00B1GHHH78 |
|||||
|
c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
|||||
|
d. Price(s) |
€5.2 per share |
|||||
|
e. Volume(s) |
Total: 3380 |
|||||
|
f. Transaction date |
August 1, 2024 |
|||||
|
g. Location of transaction |
At the Market – London |
|||||
|
The) |
B) |
w) |
It is) |
|||
|
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
|||
CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
Bitcoin Big Bang is near – Lyn Alden emits a red code.
Once this happens, Bitcoin is pushing towards $ 200k without brakes – Matt Hugan
The next Bitcoin event will be so large, it will make 2021 look like heating – James Lumo
I’m 100% sure that Bitcoin will challenge the financial rules and soon reach $ 1 million
“Tom Lee and Matt Hugan: the next Run Crypto Bull will change everything!”
Modiv Industrial to release Q2 2024 financial results on August 6
Volta Finance Limited – Director/PDMR Shareholding
Apple to report third-quarter earnings as Wall Street eyes China sales
Leeds hospitals trust says finances are “critical” amid £110m deficit
Inventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
Bitcoin Big Bang is near – Lyn Alden emits a red code.
Once this happens, Bitcoin is pushing towards $ 200k without brakes – Matt Hugan
The next Bitcoin event will be so large, it will make 2021 look like heating – James Lumo
I’m 100% sure that Bitcoin will challenge the financial rules and soon reach $ 1 million
“Tom Lee and Matt Hugan: the next Run Crypto Bull will change everything!”
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