Velodyne Lidar Reports Second Quarter 2021 Financial Results

  • 34 total active multi-year agreements as of August 1, 2021
  • Reaffirmed full year 2021 revenue guidance of between $77 and $94 million
  • Second quarter 2021 revenue of $13.6 million
  • More than 3,800 sensor units shipped
  • Pipeline of 213 projects at August 1, 2021
  • $353.6 million of cash and short-term investments on the balance sheet at June 30, 2021

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 5, 2021-- Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), the leading lidar company, known worldwide for its broad portfolio of breakthrough lidar technologies, today announced financial results for its second quarter ended June 30, 2021.

Business and Financial Metrics

  • Units: Velodyne shipped a market leading more than 3,800 sensor units in the second quarter of 2021. The company shipped 72% of its sensors to customers as spot-buys and 28% of its sensors to customers under multi-year agreements. The company also continued its leadership position in solid state sensor sales with more than 250 sensors sold.
  • Agreements: 34 total active multi-year agreements as of August 1, 2021, already achieving the company’s stated goal for the full year 2021.
  • Pipeline Strength: Velodyne’s multi-year agreement pipeline of projects grew to 213 at August 1, 2021.
  • Second quarter 2021 revenue of $13.6 million.
  • Reaffirmed full year 2021 revenue guidance of between $77 and $94 million.
  • $353.6 million of cash and short-term investments on the balance sheet at June 30, 2021.

Drew Hamer, CFO of Velodyne Lidar, commented, “The use of lidar today in our served markets and emerging target markets continues to gain momentum. We are executing against this trend by closing deals with customers across a variety of markets, as evidenced by our growing product pipeline and our success meeting our full year 2021 goal of 34 multiyear agreements already by August 1st. We expect to continue this momentum with four additional multiyear agreements by year end.

“We continue to advance our industry leading technology as well. On the hardware side, in June we launched the next generation of our Velabit sensor, demonstrating our ability to meet market demands by addressing the cost, safety, and design challenges of autonomous solutions while delivering state-of-the-art performance. On the software side, on July 29th we unveiled a new software development kit which allows customers to utilize the advanced capabilities of our Vella lidar perception software in their autonomous solutions. Velodyne is the only lidar company currently manufacturing an off-the-shelf, full software and hardware solution that can be put into vehicles and infrastructure. As a result, we are the only lidar company providing a full circle of safety and autonomy as we continue our mission to democratize lidar-based safety and autonomy.”

Since the company’s earnings call in May, Velodyne announced multiple key business developments and operational developments which affirm the company’s ongoing success and support its long-term outlook:

  • Customer Wins
    • ANYbotics is equipping its autonomous mobile robots with Velodyne’s Puck™ sensors. ANYbotics robots provide industrial operators with an automated robotic inspection solution to support efforts in monitoring and maintaining their facilities.
    • A large company in China will use Velodyne’s current and next generation rotational lidar sensors to support their logistics with precise, reliable navigation for real-time autonomous vehicle operations.
    • A leading defense and security company signed a five-year sales agreement for Velodyne’s sensors that will be used to provide mapping and autonomy capabilities.
    • Seabed B.V., which specializes in high quality equipment for offshore surveying and dredging, selected Puck sensors for its lidar mobile mapping system that supports marine environment protection and sustainability.
  • Technology
    • Introduced the next generation of its Velabit™ sensor, which addresses the cost, safety, and design challenges of autonomous solutions while delivering state-of-the-art performance.
    • Launched a new software development kit, the Vella Development Kit (VDK) which allows customers to utilize the advanced capabilities of Velodyne’s Vella lidar perception software in their autonomous solutions.
    • Joined the NVIDIA Metropolis program for Velodyne’s Intelligent Infrastructure Solution for traffic monitoring and analytics.
  • Corporate
    • Created an Office of the Chief Executive (OCE), comprising several members of Velodyne’s senior leadership team: Jim Barnhart, Chief Operating Officer; Drew Hamer, Chief Financial Officer; Kathy McBeath, Chief People Officer; and Sinclair Vass, Chief Commercial Officer. With support from the Board of Directors, the members of the OCE will continue to execute the Company’s growth strategy developed by the former CEO, Dr. Anand Gopalan, and the executive team as the Board conducts a comprehensive search to identify a successor for Dr. Gopalan.
    • Launched its new India Design Center in Bangalore. The center furthers Velodyne’s growth strategy to drive continuous innovation in lidar sensor and software solutions that transform lives by advancing safe mobility and smart communities in global markets.

Financial Highlights

  • Second Quarter Revenue: Total revenue of $13.6 million compared to $17.7 million in the first quarter of 2021. Product revenue was $12.0 million compared to $10.6 million in the first quarter of 2021. The overall product revenue was up due to renewed demand for lidar sensors. License and Services revenue of $1.6 million compared to $7.1 million in the first quarter of 2021, which included a $5.5 million licensing fee.
  • Second Quarter Gross Profit: GAAP gross loss was $5.8 million and non-GAAP gross loss was $5.3 million, compared to a first quarter 2021 GAAP gross profit of $1.9 million and non-GAAP gross profit of $2.7 million. GAAP gross profit was reduced by $0.5 million of stock-based compensation expense, including employer taxes, compared to first quarter 2021 GAAP gross loss that included $0.8 million of stock-based compensation expense. 
  • Second Quarter Operating Expenses: GAAP operating expenses of $84.8 million and non-GAAP operating expenses of $28.8 million included increased spending in research and development that is in response to the visibility provided by the company’s multi-year agreement pipeline. First quarter 2021 GAAP operating expenses were $42.5 million and non-GAAP operating expenses were $28.6 million. GAAP operating expenses included $53.6 million of stock-based compensation expense, including employer taxes, compared to first quarter 2021 GAAP operating expenses that included $13.3 million of stock-based compensation expense.
  • Second Quarter Net Loss and EPS: GAAP net loss was $80.7 million and non-GAAP net loss was $34.4 million. GAAP net loss per share was $0.42 and non-GAAP net loss per share was $0.18. This compared to a first quarter of 2021 GAAP net loss of $40.8 million and non-GAAP net loss of $26.1 million. First quarter of 2021 GAAP net loss per share was $0.22 and non-GAAP net loss per share was $0.14. 
  • Shares Outstanding: EPS for the second quarter of 2021 is calculated using weighted average shares outstanding of 193.0 million. As of June 30, 2021, actual shares outstanding were 195.2 million.
  • Liquidity: Velodyne completed the quarter with $353.6 million in cash and short-term investments on its balance sheet.
  • First Half Revenue: Total revenue for the first half of 2021 was $31.3 million, comprised of $22.6 million in Product revenue and $8.8 million in license and service revenue. This compares to $45.4 million in the first half of 2020, of which $27.8 million was Product revenue and $17.6 million was license and service revenue.
  • First Half Net Loss: GAAP net loss for the first half of 2021 was $121.5 million and non-GAAP net loss was $60.5 million. This compares to a GAAP net loss of $33.1 million for the first half of 2020 and $35.9 million in non-GAAP net loss.

A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.

Business Outlook and 2021 Guidance

As of the end of the second quarter, Velodyne estimates that it could have the opportunity for over $1.0 billion of revenue from signed and awarded projects through 2025. The company has recently signed new ADAS multiyear agreements, which are expected to begin to ramp starting in 2026. The company estimates a pipeline of projects that are not yet signed and awarded of $4.5 billion through 2025. In addition, Velodyne continues to invest in scalable lidar architectures, advanced manufacturing technology and software solutions. This underpins the company’s long-term expectations of non-GAAP gross margin percentage ranging in the mid to high 50s and Adjusted EBITDA margin of more than 20%.

Having already met its prior target of 34 multiyear agreements for the full year 2021, the company has raised its goal and now anticipates signing four more multiyear agreements to bring its total to 38 multiyear agreements by December 31, 2021.

For the full year of 2021,

  • Revenue is expected to range between $77 and $94 million. Velodyne’s revenue comes from a global customer base, to whom the company is actively shipping product. In addition, the company is working towards securing a few large projects with significant non-recurring engineering (NRE) fees in the second half of 2021.
  • Non-GAAP Gross margins are expected to range between 13% and 24%. This reflects fewer units sold to cover remaining fixed overhead costs of the company’s factory in San Jose offset by the benefit of higher NRE revenues. On a GAAP basis, gross margins will include approximately $2 million of stock-based compensation expense.
  • On a non-GAAP basis, operating expenses are expected to range between $125 and $129 million. Based upon the visibility provided by the company’s multi-year agreement pipeline, Velodyne is increasing its spend in new product development by approximately 40% in 2021. General and administrative expenses are expected to increase by approximately 35% in 2021 due to increased public company and legal expenses. On a GAAP basis, operating expense will include approximately $87 million of stock-based compensation expense with $42 million in sales and marketing related to Velodyne’s 2020 merger with Graf Industrial and $8 million related to the recent departure of the company’s CEO.
  • On a GAAP basis, income tax expense is anticipated to be approximately $800,000.
  • Weighted average shares outstanding for the year are estimated to be 193.5 million.

Conference Call Information

Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on August 5, 2021. Parties in the United States and Canada can access the call by 877-270-2148, using conference code 10158243. The webcast will be accessible on Velodyne’s investor relations website at https://investors.velodynelidar.com/. A telephonic replay of the conference call will be available through August 12, 2021. To access the replay, parties in the United States and Canada should call 877-344-7529 and enter conference code 10158243.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "will", "should", "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact on our operations and financial condition from the effects of the current COVID-19 pandemic both on Velodyne’s business and those of its customers and suppliers; Velodyne’s ability to execute its business plan; the timing of revenue from existing customers, including uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; uncertainties related to Velodyne Lidar’s estimates of the size of the markets for its products and future revenue opportunities, including projects that are not yet signed or awarded; the rate and degree of market acceptance of Velodyne Lidar’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; rising costs adversely affecting Velodyne’s profitability; uncertainties related to Velodyne Lidar’s current litigation and potential litigation involving Velodyne Lidar or the validity or enforceability of Velodyne Lidar’s intellectual property; Velodyne Lidar’s ability to partner with and rely on third party manufacturers; general economic and market conditions impacting demand for Velodyne Lidar’s products and services; and changes in applicable laws or regulations.

Given these factors, as well as other variables that may affect Velodyne Lidar’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. Velodyne Lidar undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe the non‑GAAP measures of non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating expenses, non‑GAAP operating loss, non-GAAP net loss, non‑GAAP net loss per share, and Adjusted EBITDA are useful in evaluating our operating performance. Certain of these non-GAAP measures exclude stock-based compensation and related employer payroll taxes, litigation settlements, amortization of acquisition-related intangibles assets, restructuring, and discrete tax items. We believe that non‑GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. The non‑GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly‑titled non‑GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are used in this press release. The impact of these items in future periods is uncertain and depends on various factors. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort.

About Velodyne Lidar, Inc. 

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com. 

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

June 30,

 

December 31,

 

2021

 

2020

 

(Unaudited)

 

 

Assets

 

 

 

Current assets:

 

Cash and cash equivalents

$

76,084

 

 

 

$

204,648

 

 

Short-term investments

277,546

 

 

 

145,636

 

 

Accounts receivable, net

9,473

 

 

 

13,979

 

 

Inventories, net

16,675

 

 

 

18,132

 

 

Prepaid and other current assets

10,231

 

 

 

22,319

 

 

Total current assets

390,009

 

 

 

404,714

 

 

Property, plant and equipment, net

14,652

 

 

 

16,805

 

 

Goodwill

1,189

 

 

 

1,189

 

 

Intangible assets, net

434

 

 

 

627

 

 

Contract assets

10,378

 

 

 

8,440

 

 

Other assets

19,935

 

 

 

937

 

 

Total assets

$

436,597

 

 

 

$

432,712

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

5,940

 

 

 

$

7,721

 

 

Accrued expense and other current liabilities

26,730

 

 

 

50,349

 

 

Contract liabilities

8,736

 

 

 

7,323

 

 

Total current liabilities

41,406

 

 

 

65,393

 

 

Long-term tax liabilities

570

 

 

 

569

 

 

Other long-term liabilities

30,378

 

 

 

25,927

 

 

Total liabilities

72,354

 

 

 

91,889

 

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

20

 

 

 

18

 

 

Additional paid-in capital

800,040

 

 

 

656,717

 

 

Accumulated other comprehensive loss

(216

)

 

 

(230

)

 

Accumulated deficit

(435,601

)

 

 

(315,682

)

 

Total stockholders’ equity

364,243

 

 

 

340,823

 

 

Total liabilities and stockholders’ equity

$

436,597

 

 

 

$

432,712

 

 

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,
2021

 

March 31,
2021

 

June 30,
2020

 

June 30,
2021

 

June 30,
2020

Revenue:

 

 

 

 

 

 

 

 

 

Product

$

11,970

 

 

 

$

10,593

 

 

 

$

11,427

 

 

 

$

22,563

 

 

 

$

27,849

 

 

License and services

1,626

 

 

 

7,133

 

 

 

16,959

 

 

 

8,759

 

 

 

17,568

 

 

Total revenue

13,596

 

 

 

17,726

 

 

 

28,386

 

 

 

31,322

 

 

 

45,417

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Product

19,210

 

 

 

15,629

 

 

 

14,419

 

 

 

34,839

 

 

 

29,545

 

 

License and services

170

 

 

 

179

 

 

 

81

 

 

 

349

 

 

 

384

 

 

Total cost of revenue

19,380

 

 

 

15,808

 

 

 

14,500

 

 

 

35,188

 

 

 

29,929

 

 

Gross profit (loss)

(5,784

)

 

 

1,918

 

 

 

13,886

 

 

 

(3,866

)

 

 

15,488

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

17,009

 

 

 

18,378

 

 

 

14,591

 

 

 

35,387

 

 

 

29,118

 

 

Sales and marketing

47,176

 

 

 

7,075

 

 

 

3,373

 

 

 

54,251

 

 

 

8,672

 

 

General and administrative

20,583

 

 

 

17,036

 

 

 

5,630

 

 

 

37,619

 

 

 

16,363

 

 

Restructuring

 

 

 

 

 

 

(3

)

 

 

 

 

 

1,043

 

 

Total operating expenses

84,768

 

 

 

42,489

 

 

 

23,591

 

 

 

127,257

 

 

 

55,196

 

 

Operating loss

(90,552

)

 

 

(40,571

)

 

 

(9,705

)

 

 

(131,123

)

 

 

(39,708

)

 

Interest income

109

 

 

 

103

 

 

 

5

 

 

 

212

 

 

 

117

 

 

Interest expense

(41

)

 

 

(36

)

 

 

(32

)

 

 

(77

)

 

 

(38

)

 

Other income (expense), net

10,136

 

 

 

(17

)

 

 

22

 

 

 

10,119

 

 

 

(143

)

 

Loss before income taxes

(80,348

)

 

 

(40,521

)

 

 

(9,710

)

 

 

(120,869

)

 

 

(39,772

)

 

Provision for (benefit from) income taxes

339

 

 

 

296

 

 

 

17

 

 

 

635

 

 

 

(6,660

)

 

Net loss

$

(80,687

)

 

 

$

(40,817

)

 

 

$

(9,727

)

 

 

$

(121,504

)

 

 

$

(33,112

)

 

Net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.42

)

 

 

$

(0.22

)

 

 

$

(0.07

)

 

 

$

(0.64

)

 

 

$

(0.24

)

 

Weighted-average shares used in computing net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

193,002,807

 

 

 

189,222,807

 

 

 

139,863,194

 

 

 

191,123,251

 

 

 

138,887,585

 

 

 

 

 

 

 

 

 

 

 

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,
2021

 

June 30,
2020

 

June 30,
2021

 

June 30,
2020

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(80,687

)

 

 

$

(9,727

)

 

 

$

(121,504

)

 

 

$

(33,112

)

 

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

2,061

 

 

 

2,080

 

 

 

4,114

 

 

 

4,251

 

 

Reduction in carrying amount of ROU assets

746

 

 

 

 

 

 

1,533

 

 

 

 

 

Stock-based compensation

53,195

 

 

 

135

 

 

 

64,725

 

 

 

156

 

 

Provision for doubtful accounts

743

 

 

 

195

 

 

 

2,425

 

 

 

509

 

 

Gain from forgiveness of notes payable

(10,124

)

 

 

 

 

 

(10,124

)

 

 

 

 

Other

389

 

 

 

70

 

 

 

550

 

 

 

70

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable, net

3,254

 

 

 

(24,105

)

 

 

2,082

 

 

 

(23,914

)

 

Inventories, net

4,219

 

 

 

2,349

 

 

 

1,457

 

 

 

2,195

 

 

Prepaid and other current assets

1,810

 

 

 

7,615

 

 

 

3,512

 

 

 

2,939

 

 

Contract assets

 

 

 

(8,439

)

 

 

(2,438

)

 

 

(8,439

)

 

Other assets

8

 

 

 

166

 

 

 

6

 

 

 

264

 

 

Accounts payable

2,176

 

 

 

(3,946

)

 

 

(1,680

)

 

 

645

 

 

Accrued expenses and other liabilities

(3,844

)

 

 

(3,279

)

 

 

(7,711

)

 

 

(9,506

)

 

Contract liabilities

(1,628

)

 

 

17,629

 

 

 

264

 

 

 

11,397

 

 

Net cash used in operating activities

(27,682

)

 

 

(19,257

)

 

 

(62,789

)

 

 

(52,545

)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property, plant and equipment

(1,178

)

 

 

(894

)

 

 

(1,779

)

 

 

(1,723

)

 

Proceeds from sales of short-term investments

 

 

 

 

 

 

2,000

 

 

 

 

 

Proceeds from maturities of short-term investments

48,943

 

 

 

 

 

 

55,943

 

 

 

2,200

 

 

Purchase of short-term investments

(98,444

)

 

 

 

 

 

(190,376

)

 

 

 

 

Investment in notes receivable

(750

)

 

 

 

 

 

(750

)

 

 

 

 

Net cash provided by (used in) investing activities

(51,429

)

 

 

(894

)

 

 

(134,962

)

 

 

477

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of preferred stock, net of issuance costs

 

 

 

19,919

 

 

 

 

 

 

19,919

 

 

Payment of transaction costs related to Business Combination

1

 

 

 

 

 

 

(20,005

)

 

 

 

 

Proceeds from warrant exercises

22

 

 

 

 

 

 

89,244

 

 

 

 

 

Tax withholding payment for vested equity awards

 

 

 

 

 

 

(37

)

 

 

 

 

Cash paid for IPO costs

 

 

 

(537

)

 

 

 

 

 

(1,196

)

 

Proceeds from notes payable

 

 

 

10,000

 

 

 

 

 

 

10,000

 

 

Net cash provided by financing activities

23

 

 

 

29,382

 

 

 

69,202

 

 

 

28,723

 

 

Effect of exchange rate fluctuations on cash and cash equivalents

(33

)

 

 

(7

)

 

 

(15

)

 

 

(30

)

 

Net decrease in cash and cash equivalents

(79,121

)

 

 

9,224

 

 

 

(128,564

)

 

 

(23,375

)

 

Beginning cash and cash equivalents

155,205

 

 

 

27,405

 

 

 

204,648

 

 

 

60,004

 

 

Ending cash and cash equivalents

$

76,084

 

 

 

$

36,629

 

 

 

$

76,084

 

 

 

$

36,629

 

 

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,
2021

 

March 31,
2021

 

June 30,
2020

 

June 30,

2021

 

June 30,
2020

Gross profit (loss) on GAAP basis

$

(5,784

)

 

 

$

1,918

 

 

 

$

13,886

 

 

 

$

(3,866

)

 

 

$

15,488

 

 

Gross margin on GAAP basis

(43

)

%

 

(30

)

%

 

82

 

%

 

(30

)

%

 

34

 

%

Stock-based compensation and related employer payroll taxes

451

 

 

 

811

 

 

 

 

 

 

1,262

 

 

 

 

 

Gross profit (loss) on non-GAAP basis

$

(5,333

)

 

 

$

2,729

 

 

 

$

13,886

 

 

 

$

(2,604

)

 

 

$

15,488

 

 

Gross margin on non-GAAP basis

(39

)

%

 

15

 

%

 

82

 

%

 

(8

)

%

 

34

 

%

 

 

 

 

 

 

 

 

 

 

Operating expenses on GAAP basis

$

84,768

 

 

 

$

42,489

 

 

 

$

31,605

 

 

 

$

127,257

 

 

 

$

55,196

 

 

Stock-based compensation and related employer payroll taxes

(53,624

)

 

 

(13,345

)

 

 

(135

)

 

 

(66,969

)

 

 

(156

)

 

Legal settlements

(2,245

)

 

 

(450

)

 

 

(18

)

 

 

(2,695

)

 

 

(2,480

)

 

Amortization of acquisition-related intangible assets

(97

)

 

 

(96

)

 

 

(96

)

 

 

(193

)

 

 

(192

)

 

Restructuring charges

 

 

 

 

 

 

3

 

 

 

 

 

 

(1,043

)

 

Operating expenses on non-GAAP basis

$

28,802

 

 

 

$

28,598

 

 

 

$

31,359

 

 

 

$

57,400

 

 

 

$

51,325

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss on GAAP basis

$

(90,552

)

 

 

$

(40,571

)

 

 

$

(9,705

)

 

 

$

(131,123

)

 

 

$

(39,708

)

 

Stock-based compensation and related employer payroll taxes

54,075

 

 

 

14,156

 

 

 

135

 

 

 

68,231

 

 

 

156

 

 

Legal settlements

2,245

 

 

 

450

 

 

 

18

 

 

 

2,695

 

 

 

2,480

 

 

Amortization of acquisition-related intangible assets

97

 

 

 

96

 

 

 

96

 

 

 

193

 

 

 

192

 

 

Restructuring charges

 

 

 

 

 

 

(3

)

 

 

 

 

 

1,043

 

 

Operating loss on non-GAAP basis

$

(34,135

)

 

 

$

(25,869

)

 

 

$

(9,459

)

 

 

$

(60,004

)

 

 

$

(35,837

)

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

$

10,136

 

 

 

$

(17

)

 

 

$

(165

)

 

 

$

10,119

 

 

 

$

(143

)

 

Gain from forgiveness of notes payable

(10,124

)

 

 

 

 

 

 

 

 

(10,124

)

 

 

 

 

Other income (expense), net on non-GAAP basis

$

12

 

 

 

$

(17

)

 

 

$

(165

)

 

 

$

(5

)

 

 

$

(143

)

 

 

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes on GAAP basis

$

339

 

 

 

$

296

 

 

 

$

17

 

 

 

$

635

 

 

 

$

(6,660

)

 

Non-GAAP tax reconciling adjustments

 

 

 

 

 

 

(7

)

 

 

 

 

 

6,679

 

 

Provision for (benefit from) income taxes on non-GAAP basis

$

339

 

 

 

$

296

 

 

 

$

10

 

 

 

$

635

 

 

 

$

19

 

 

 

 

 

 

 

 

 

 

 

 

Net loss on GAAP basis

$

(80,687

)

 

 

$

(40,817

)

 

 

$

(9,727

)

 

 

$

(121,504

)

 

 

$

(33,112

)

 

Stock-based compensation

54,075

 

 

 

14,156

 

 

 

135

 

 

 

68,231

 

 

 

156

 

 

Legal settlements

2,245

 

 

 

450

 

 

 

18

 

 

 

2,695

 

 

 

2,480

 

 

Amortization of acquisition-related intangible assets

97

 

 

 

96

 

 

 

96

 

 

 

193

 

 

 

192

 

 

Restructuring charges

 

 

 

 

 

 

(3

)

 

 

 

 

 

1,043

 

 

Gain from forgiveness of notes payable

(10,124

)

 

 

 

 

 

 

 

 

(10,124

)

 

 

 

 

Non-GAAP tax reconciling adjustments

 

 

 

 

 

 

7

 

 

 

 

 

 

(6,679

)

 

Net loss on non-GAAP basis

$

(34,394

)

 

 

$

(26,115

)

 

 

$

(9,474

)

 

 

$

(60,509

)

 

 

$

(35,920

)

 

 

 

 

 

 

 

 

 

 

 

Net loss per share on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.42

)

 

 

$

(0.22

)

 

 

$

(0.07

)

 

 

$

(0.64

)

 

 

$

(0.24

)

 

Weighted-average shares on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

193,002,807

 

 

 

189,222,807

 

 

 

139,863,194

 

 

 

191,123,251

 

 

 

138,887,585

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.18

)

 

 

$

(0.14

)

 

 

$

(0.07

)

 

 

$

(0.32

)

 

 

$

(0.26

)

 

Weighted-average shares on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

193,002,807

 

 

 

189,222,807

 

 

 

139,863,194

 

 

 

191,123,251

 

 

 

138,887,585

 

 

 

Investor Contact:
Drew Hamer
Chief Financial Officer
InvestorRelations@velodyne.com

Media Contact:
Codeword
Liv Allen
velodyne@codeword.com

Source: Velodyne Lidar, Inc.