- Q4 revenue of $276.3 million, representing 48% year-over-year
growth, or 37% year-over-year adjusted revenue growth
- Ending ARR of $1.102 billion, representing 39% year-over-year
growth
- 1,848 customers with ARR over $100,000, up 49%
year-over-year
Samsara Inc. (NYSE: IOT), the pioneer of the Connected
Operations Cloud, reported financial results for the fourth quarter
and fiscal year ended February 3, 2024, and released a shareholder
letter accessible from the Samsara investor relations website at
investors.samsara.com.
“Fiscal year 2024 was another year of durable and efficient
growth. We ended the year with $1.1 billion of ARR, growing 39%
year-over-year. While sustaining high growth at scale, we remain
committed to operating efficiently and recorded our first year of
positive adjusted free cash flow,” said Sanjit Biswas, CEO and
co-founder of Samsara. “We continue to see a vast opportunity for
our customers and are excited to deliver on our mission to increase
the safety, efficiency, and sustainability of the operations that
power the global economy.”
Fourth Quarter Fiscal Year 2024
Financial Highlights
(In millions, except percentage,
percentage points, and per share data)
Q4 FY2024
Q4 FY2023
Y/Y Change
Annual Recurring Revenue (ARR)
$
1,102.0
$
795.1
39
%
Total revenue
$
276.3
$
186.6
48
%
Adjusted total revenue (1)
$
256.5
$
186.6
37
%
GAAP gross profit
$
207.3
$
135.0
$
72.3
GAAP gross margin
75
%
72
%
3 pts
Non-GAAP gross profit
$
210.7
$
137.5
$
73.2
Non-GAAP gross margin
76
%
74
%
3 pts
GAAP operating loss
$
(123.0
)
$
(60.0
)
$
(63.0
)
GAAP operating margin
(45
%)
(32
%)
(13 pts)
Non-GAAP operating income (loss)
$
13.5
$
(14.7
)
$
28.2
Non-GAAP operating margin
5
%
(8
%)
13 pts
GAAP net loss per share, basic and
diluted
$
(0.21
)
$
(0.10
)
$
(0.11
)
Non-GAAP net income (loss) per share,
basic and diluted
$
0.04
$
(0.02
)
$
0.06
Net cash used in operating activities
$
(41.9
)
$
(4.4
)
$
(37.5
)
Net cash used in operating activities
margin
(15
%)
(2
%)
(13 pts)
Adjusted free cash flow
$
16.0
$
(6.0
)
$
22.0
Adjusted free cash flow margin
6
%
(3
%)
9 pts
Fiscal Year 2024 Financial
Highlights
(In millions, except percentage,
percentage points, and per share data)
FY 2024
FY 2023
Y/Y Change
ARR
$
1,102.0
$
795.1
39
%
Total revenue
$
937.4
$
652.5
44
%
Adjusted total revenue (1)
$
917.7
$
652.5
41
%
GAAP gross profit
$
690.4
$
469.9
$
220.5
GAAP gross margin
74
%
72
%
2 pts
Non-GAAP gross profit
$
703.1
$
479.4
$
223.7
Non-GAAP gross margin
75
%
73
%
2 pts
GAAP operating loss
$
(323.3
)
$
(259.5
)
$
(63.8
)
GAAP operating margin
(34
%)
(40
%)
6 pts
Non-GAAP operating income (loss)
$
1.3
$
(77.0
)
$
78.3
Non-GAAP operating margin
0
%
(12
%)
12 pts
GAAP net loss per share, basic and
diluted
$
(0.54
)
$
(0.48
)
$
(0.06
)
Non-GAAP net income (loss) per share,
basic and diluted
$
0.07
$
(0.13
)
$
0.20
Net cash used in operating activities
$
(11.8
)
$
(103.0
)
$
91.2
Net cash used in operating activities
margin
(1
%)
(16
%)
15 pts
Adjusted free cash flow
$
27.1
$
(110.0
)
$
137.1
Adjusted free cash flow margin
3
%
(17
%)
20 pts
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.
Financial Outlook
Our guidance includes GAAP and non-GAAP financial measures. For
the first quarter and fiscal year 2025, Samsara expects the
following:
Q1 FY2025 Outlook
FY 2025 Outlook
Total revenue
$271 million – $273 million
$1,186 million – $1,196
million
Year/Year revenue growth
33% – 34%
27% – 28%
Year/Year adjusted revenue growth (1)
29% – 30%
Non-GAAP operating margin
(3%)
2%
Non-GAAP net income per share, diluted
$0.00 – $0.01
$0.11 – $0.13
(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 platform that enables organizations 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
construction, transportation and warehousing, field services,
manufacturing, retail, logistics, and the public sector. The
company’s mission is to increase the safety, efficiency, and
sustainability of the operations that power the global economy.
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 Financial
Measures—Stock-based compensation expense is excluded primarily
because it is a non-cash expense that management believes is not
reflective of our ongoing operational performance. Employer taxes
on employee equity transactions, which is a cash expense, is
excluded because such taxes are tied to the timing and size of the
vesting of the underlying equity awards and the price of our common
stock at the time of vesting, 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 / Adjusted Revenue Growth—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, including
employer taxes on employee equity transactions, 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, including employer taxes on employee equity transactions,
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,
including employer taxes on employee equity transactions, 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 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
February 3, 2024
January 28, 2023
Assets
Current assets:
Cash and cash equivalents
$
135,536
$
200,670
Short-term investments
412,126
489,192
Accounts receivable, net
161,829
122,867
Inventories
22,238
40,571
Connected device costs, current
104,008
82,046
Prepaid expenses and other current
assets
51,221
22,189
Total current assets
886,958
957,535
Restricted cash
19,202
23,096
Long-term investments
276,166
113,101
Property and equipment, net
54,969
59,278
Operating lease right-of-use assets
81,974
112,624
Connected device costs, non-current
230,782
194,852
Deferred commissions
177,562
140,166
Other assets, non-current
7,232
16,356
Total assets
$
1,734,845
$
1,617,008
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
46,281
$
30,144
Accrued expenses and other current
liabilities
61,437
53,824
Accrued compensation and benefits
37,068
36,030
Deferred revenue, current
426,369
300,113
Operating lease liabilities, current
20,661
22,047
Total current liabilities
591,816
442,158
Deferred revenue, non-current
139,117
126,452
Operating lease liabilities,
non-current
78,830
100,873
Other liabilities, non-current
9,935
9,506
Total liabilities
819,698
678,989
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Class A common stock
9
7
Class B common stock
23
23
Class C common stock
—
—
Additional paid-in capital
2,368,597
2,107,013
Accumulated other comprehensive income
(loss)
1,616
(652
)
Accumulated deficit
(1,455,098
)
(1,168,372
)
Total stockholders’ equity
915,147
938,019
Total liabilities and stockholders’
equity
$
1,734,845
$
1,617,008
SAMSARA INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Revenue
$
276,274
$
186,577
$
937,385
$
652,545
Cost of revenue
69,024
51,528
247,032
182,656
Gross profit
207,250
135,049
690,353
469,889
Operating expenses
Research and development
73,426
54,603
258,581
187,405
Sales and marketing
133,006
96,751
486,649
370,098
General and administrative
55,155
43,687
195,043
170,785
Lease modification, impairment, and
related charges
—
—
4,762
1,056
Legal settlement
68,665
—
68,665
—
Total operating expenses
330,252
195,041
1,013,700
729,344
Loss from operations
(123,002
)
(59,992
)
(323,347
)
(259,455
)
Interest income and other income
(expense), net
11,471
8,526
39,964
15,620
Loss before provision for income taxes
(111,531
)
(51,466
)
(283,383
)
(243,835
)
Provision for income taxes
1,840
2,132
3,343
3,587
Net loss
$
(113,371
)
$
(53,598
)
$
(286,726
)
$
(247,422
)
Other comprehensive income (loss):
Foreign currency translation
adjustments
562
93
838
509
Unrealized gains (losses) on investments,
net of tax
2,493
239
1,430
(1,065
)
Other comprehensive income (loss)
3,055
332
2,268
(556
)
Comprehensive loss
$
(110,316
)
$
(53,266
)
$
(284,458
)
$
(247,978
)
Basic and diluted net loss per share:
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.21
)
$
(0.10
)
$
(0.54
)
$
(0.48
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
543,250,066
521,515,286
534,878,501
514,279,230
SAMSARA INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Operating activities
Net loss
$
(113,371
)
$
(53,598
)
$
(286,726
)
$
(247,422
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
4,687
3,418
15,526
11,768
Stock-based compensation expense
64,687
43,983
237,082
177,473
Net accretion of discounts on
investments
(4,161
)
(3,326
)
(16,888
)
(4,368
)
Lease modification, impairment, and
related charges
—
—
4,762
1,056
Non-cash legal settlement
8,666
—
8,666
—
Other non-cash adjustments
2,525
2,110
4,571
6,488
Changes in operating assets and
liabilities:
Accounts receivable, net
(50,244
)
(34,167
)
(46,420
)
(47,464
)
Inventories
4,865
3,930
18,332
(7,504
)
Prepaid expenses and other current
assets
(11,628
)
(5,993
)
(29,076
)
(11,293
)
Connected device costs
(20,896
)
(24,093
)
(57,893
)
(83,086
)
Deferred commissions
(16,099
)
(11,954
)
(37,396
)
(22,409
)
Other assets, non-current
242
(342
)
509
(1,862
)
Accounts payable and other liabilities
26,802
22,883
26,596
13,485
Deferred revenue
61,765
52,322
138,920
112,879
Operating lease right-of-use assets and
liabilities, net
282
454
7,620
(762
)
Net cash used in operating activities
(41,878
)
(4,373
)
(11,815
)
(103,021
)
Investing activities
Purchase of property and equipment
(2,095
)
(6,003
)
(10,953
)
(33,240
)
Purchases of investments
(199,145
)
(329,885
)
(740,546
)
(685,615
)
Proceeds from sales of investments
1,994
—
8,168
—
Proceeds from maturities and redemptions
of investments
156,601
86,625
664,694
86,625
Other investing activities
—
(50
)
(50
)
382
Net cash used in investing activities
(42,645
)
(249,313
)
(78,687
)
(631,848
)
Financing activities
Proceeds from issuance of common stock in
connection with equity compensation plans
9,767
7,179
23,202
18,047
Payment of offering costs
—
—
—
(2,532
)
Payment of principal on finance leases
(789
)
(447
)
(2,205
)
(1,303
)
Net cash provided by financing
activities
8,978
6,732
20,997
14,212
Effect of foreign exchange rate changes on
cash, cash equivalents, and restricted cash
501
584
477
113
Net decrease in cash, cash equivalents,
and restricted cash
(75,044
)
(246,370
)
(69,028
)
(720,544
)
Cash, cash equivalents, and restricted
cash, beginning of period
229,782
470,136
223,766
944,310
Cash, cash equivalents, and restricted
cash, end of period
$
154,738
$
223,766
$
154,738
$
223,766
SAMSARA INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Total revenue and revenue growth rate
reconciliation
GAAP revenue
$
276,274
$
186,577
$
937,385
$
652,545
Less:
Additional week in Q4 FY24
19,734
—
19,734
—
Adjusted revenue (1)
$
256,540
$
186,577
$
917,651
$
652,545
GAAP revenue growth rate
48
%
48
%
44
%
52
%
Adjusted revenue growth rate (1)
37
%
48
%
41
%
52
%
Gross profit and gross margin
reconciliation
GAAP gross profit
$
207,250
$
135,049
$
690,353
$
469,889
Add:
Stock-based compensation expense-related
charges (2)
3,418
2,423
12,725
9,466
Non-GAAP gross profit
$
210,668
$
137,472
$
703,078
$
479,355
GAAP gross margin
75
%
72
%
74
%
72
%
Non-GAAP gross margin
76
%
74
%
75
%
73
%
Operating income (loss) and operating
margin reconciliation
GAAP loss from operations
$
(123,002
)
$
(59,992
)
$
(323,347
)
$
(259,455
)
Add:
Stock-based compensation expense-related
charges (2)
67,835
45,331
251,190
181,424
Lease modification, impairment, and
related charges
—
—
4,762
1,056
Legal settlement (4)
68,665
—
68,665
—
Non-GAAP income (loss) from operations
$
13,498
$
(14,661
)
$
1,270
$
(76,975
)
GAAP operating margin
(45
)%
(32
)%
(34
)%
(40
)%
Non-GAAP operating margin
5
%
(8
)%
0
%
(12
)%
SAMSARA INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
GAAP net loss
$
(113,371
)
$
(53,598
)
$
(286,726
)
$
(247,422
)
Add:
Stock-based compensation expense-related
charges
67,835
45,331
251,190
181,424
Lease modification, impairment, and
related charges
—
—
4,762
1,056
Legal settlement (4)
68,665
—
68,665
—
Non-GAAP net income (loss) (5)
$
23,129
$
(8,267
)
$
37,891
$
(64,942
)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Net income (loss) per share, basic and
diluted, reconciliation
GAAP net loss per share attributable to
common stockholders, basic and diluted
$
(0.21
)
$
(0.10
)
$
(0.54
)
$
(0.48
)
Total impact on net loss per share, basic
and diluted, from non-GAAP adjustments
0.25
0.08
0.61
0.35
Non-GAAP net income (loss) per share
attributable to common stockholders, basic and diluted (6)
$
0.04
$
(0.02
)
$
0.07
$
(0.13
)
Weighted-average shares used in computing
GAAP net loss per share attributable to common stockholders, basic
and diluted
543,250,066
521,515,286
534,878,501
514,279,230
Weighted-average shares used in computing
non-GAAP net income (loss) per share attributable to common
stockholders, basic
543,250,066
521,515,286
534,878,501
514,279,230
Weighted-average shares used in computing
non-GAAP net income (loss) per share attributable to common
stockholders, diluted (6)
571,102,601
521,515,286
562,651,874
514,279,230
SAMSARA INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Free cash flow, adjusted free cash
flow, free cash flow margin, and adjusted free cash flow margin
reconciliation
Net cash used in operating activities
$
(41,878
)
$
(4,373
)
$
(11,815
)
$
(103,021
)
Purchase of property and equipment
(2,095
)
(6,003
)
(10,953
)
(33,240
)
Free cash flow
(43,973
)
(10,376
)
(22,768
)
(136,261
)
Purchase of property and equipment for
build-out of corporate office facilities, net of tenant allowances
(7)
—
4,353
(10,179
)
26,227
Legal settlement (8)
60,000
—
60,000
—
Adjusted free cash flow
$
16,027
$
(6,023
)
$
27,053
$
(110,034
)
Net cash used in operating activities
margin
(15
)%
(2
)%
(1
)%
(16
)%
Free cash flow margin
(16
)%
(6
)%
(2
)%
(21
)%
Adjusted free cash flow margin
6
%
(3
)%
3
%
(17
)%
(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.
(2)
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
Fiscal Year Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023
Cost of revenue
$
3,418
$
2,423
$
12,725
$
9,466
Research and development
26,504
17,897
95,220
64,184
Sales and marketing
19,893
12,313
75,203
54,072
General and administrative
18,020
12,698
68,042
53,702
Total stock-based compensation
expense-related charges (3)
$
67,835
$
45,331
$
251,190
$
181,424
(3)
Stock-based compensation expense-related
charges included approximately $3.1 million and $14.1 million of
employer taxes on employee equity transactions for the three months
and fiscal year ended February 3, 2024, respectively, and
approximately $1.3 million and $4.0 million of employer taxes on
employee equity transactions for the three months and fiscal year
ended January 28, 2023, respectively.
(4)
In January 2024, we settled non-recurring
lease-related litigation and recognized a one-time operating
expense charge of $68.7 million for the three months and fiscal
year ended February 3, 2024. The settlement amount consisted of a
$60.0 million cash payment and $8.7 million associated with a
previously drawn letter of credit.
(5)
There were no material income tax effects
on our non-GAAP adjustments for all periods presented.
(6)
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.
(7)
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.
(8)
In January 2024, we settled non-recurring
lease-related litigation and made a one-time cash payment of $60.0
million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240307057357/en/
Investor Contact: Mike Chang ir@samsara.com
Media Contact: Adam Simons media@samsara.com
Samsara (NYSE:IOT)
Historical Stock Chart
From May 2024 to Jun 2024
Samsara (NYSE:IOT)
Historical Stock Chart
From Jun 2023 to Jun 2024