(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of principal executive offices, including zip code) |
Not Applicable |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description of Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SAMSARA INC. | ||||||||
Date: August 31, 2023 | By: | /s/ Adam Eltoukhy | ||||||
Adam Eltoukhy | ||||||||
Executive Vice President, Chief Legal Officer and Corporate Secretary |
Q2 FY2024 | Q2 FY2023 | Y/Y Change | |||||||||||||||
Annual Recurring Revenue (ARR) | $ | 930.0 | $ | 662.8 | 40 | % | |||||||||||
Total revenue | $ | 219.3 | $ | 153.5 | 43 | % | |||||||||||
GAAP gross profit | $ | 160.4 | $ | 109.3 | $ | 51.1 | |||||||||||
GAAP gross margin | 73 | % | 71 | % | 2 | pts | |||||||||||
Non-GAAP gross profit | $ | 163.7 | $ | 111.9 | $ | 51.8 | |||||||||||
Non-GAAP gross margin | 75 | % | 73 | % | 2 | pts | |||||||||||
GAAP operating loss | $ | (69.8) | $ | (65.8) | $ | (4.0) | |||||||||||
GAAP operating margin | (32 | %) | (43 | %) | 11 | pts | |||||||||||
Non-GAAP operating loss | $ | (5.9) | $ | (20.2) | $ | 14.3 | |||||||||||
Non-GAAP operating margin | (3 | %) | (13 | %) | 10 | pts | |||||||||||
GAAP net loss per share, basic and diluted | $ | (0.11) | $ | (0.13) | $ | 0.02 | |||||||||||
Non-GAAP net income (loss) per share, basic and diluted | $ | 0.01 | $ | (0.04) | $ | 0.05 | |||||||||||
Net cash provided by (used in) operating activities | $ | 7.7 | $ | (37.0) | $ | 44.7 | |||||||||||
Free cash flow | $ | 4.7 | $ | (43.2) | $ | 47.9 | |||||||||||
Adjusted free cash flow | $ | 4.7 | $ | (38.4) | $ | 43.1 | |||||||||||
Net cash provided by (used in) operating activities margin | 4 | % | (24 | %) | 28 | pts | |||||||||||
Free cash flow margin | 2 | % | (28 | %) | 30 | pts | |||||||||||
Adjusted free cash flow margin | 2 | % | (25 | %) | 27 | pts |
Q3 FY2024 Outlook | FY 2024 Outlook | ||||||||||
Total revenue | $223 million – $225 million | $896 million – $900 million | |||||||||
Year/Year growth | 31% – 33% | 37% – 38% | |||||||||
Non-GAAP operating margin | (2%) | (3%) | |||||||||
Non-GAAP net income per share, diluted | $0.00 – $0.01 | $0.00 – $0.02 |
SAMSARA INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
As of | |||||||||||
July 29, 2023 | January 28, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 196,037 | $ | 200,670 | |||||||
Short-term investments | 528,766 | 489,192 | |||||||||
Accounts receivable, net | 115,422 | 122,867 | |||||||||
Inventories | 21,767 | 40,571 | |||||||||
Connected device costs, current | 94,061 | 82,046 | |||||||||
Prepaid expenses and other current assets | 21,902 | 22,189 | |||||||||
Total current assets | 977,955 | 957,535 | |||||||||
Restricted cash | 24,086 | 23,096 | |||||||||
Long-term investments | 109,723 | 113,101 | |||||||||
Property and equipment, net | 58,405 | 59,278 | |||||||||
Operating lease right-of-use assets | 92,683 | 112,624 | |||||||||
Connected device costs, non-current | 210,500 | 194,852 | |||||||||
Deferred commissions | 153,244 | 140,166 | |||||||||
Other assets, non-current | 16,036 | 16,356 | |||||||||
Total assets | $ | 1,642,632 | $ | 1,617,008 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 34,675 | $ | 30,144 | |||||||
Accrued expenses and other current liabilities | 49,508 | 53,824 | |||||||||
Accrued compensation and benefits | 29,869 | 36,030 | |||||||||
Deferred revenue, current | 348,820 | 300,113 | |||||||||
Operating lease liabilities, current | 16,469 | 22,047 | |||||||||
Total current liabilities | 479,341 | 442,158 | |||||||||
Deferred revenue, non-current | 128,217 | 126,452 | |||||||||
Operating lease liabilities, non-current | 89,424 | 100,873 | |||||||||
Other liabilities, non-current | 9,283 | 9,506 | |||||||||
Total liabilities | 706,265 | 678,989 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Class A common stock | 8 | 7 | |||||||||
Class B common stock | 23 | 23 | |||||||||
Class C common stock | — | — | |||||||||
Additional paid-in capital | 2,233,533 | 2,107,013 | |||||||||
Accumulated other comprehensive loss | (1,001) | (652) | |||||||||
Accumulated deficit | (1,296,196) | (1,168,372) | |||||||||
Total stockholders’ equity | 936,367 | 938,019 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,642,632 | $ | 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 | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Revenue | $ | 219,257 | $ | 153,523 | $ | 423,577 | $ | 296,168 | |||||||||||||||
Cost of revenue | 58,866 | 44,257 | 116,423 | 83,875 | |||||||||||||||||||
Gross profit | 160,391 | 109,266 | 307,154 | 212,293 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 63,969 | 41,847 | 124,335 | 82,832 | |||||||||||||||||||
Sales and marketing | 117,908 | 91,842 | 236,863 | 179,291 | |||||||||||||||||||
General and administrative | 48,268 | 41,359 | 91,534 | 85,101 | |||||||||||||||||||
Lease modification, impairment, and related charges | — | — | — | 1,056 | |||||||||||||||||||
Total operating expenses | 230,145 | 175,048 | 452,732 | 348,280 | |||||||||||||||||||
Loss from operations | (69,754) | (65,782) | (145,578) | (135,987) | |||||||||||||||||||
Interest income and other income (expense), net | 10,220 | 1,541 | 19,115 | 1,481 | |||||||||||||||||||
Loss before provision for income taxes | (59,534) | (64,241) | (126,463) | (134,506) | |||||||||||||||||||
Provision for income taxes | 434 | 40 | 1,361 | 763 | |||||||||||||||||||
Net loss | $ | (59,968) | $ | (64,281) | $ | (127,824) | $ | (135,269) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 2,009 | (77) | 1,096 | 101 | |||||||||||||||||||
Unrealized gains (losses) on investments, net of tax | (1,404) | — | (1,445) | — | |||||||||||||||||||
Other comprehensive income (loss) | 605 | (77) | (349) | 101 | |||||||||||||||||||
Comprehensive loss | $ | (59,363) | $ | (64,358) | $ | (128,173) | $ | (135,168) | |||||||||||||||
Basic and diluted net loss per share: | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.11) | $ | (0.13) | $ | (0.24) | $ | (0.27) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 531,751,683 | 511,758,439 | 529,077,540 | 509,526,709 | |||||||||||||||||||
SAMSARA INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net loss | $ | (59,968) | $ | (64,281) | $ | (127,824) | $ | (135,269) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 3,709 | 2,645 | 7,193 | 5,005 | |||||||||||||||||||
Stock-based compensation expense | 59,656 | 44,340 | 112,604 | 87,952 | |||||||||||||||||||
Lease modification, impairment, and related charges | — | — | — | 1,056 | |||||||||||||||||||
Other non-cash adjustments | (2,351) | 765 | (8,514) | 2,882 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | (14,055) | 6,427 | 6,767 | 1,637 | |||||||||||||||||||
Inventories | 10,635 | 2,937 | 18,803 | (5,988) | |||||||||||||||||||
Prepaid expenses and other current assets | 1,422 | 84 | 243 | (2,912) | |||||||||||||||||||
Connected device costs | (17,957) | (20,402) | (27,664) | (36,714) | |||||||||||||||||||
Deferred commissions | (9,560) | (4,075) | (13,078) | (6,333) | |||||||||||||||||||
Other assets, non-current | (162) | (2,922) | 371 | 70 | |||||||||||||||||||
Accounts payable and other liabilities | 3,262 | (26,986) | (5,249) | (37,218) | |||||||||||||||||||
Deferred revenue | 27,094 | 24,712 | 50,471 | 40,884 | |||||||||||||||||||
Operating lease right-of-use assets and liabilities, net | 5,995 | (222) | 4,051 | (812) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 7,720 | (36,978) | 18,174 | (85,760) | |||||||||||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property and equipment | (3,004) | (6,262) | (5,503) | (16,930) | |||||||||||||||||||
Purchases of investments | (182,000) | — | (374,389) | — | |||||||||||||||||||
Proceeds from sales of investments | 4,474 | — | 4,474 | — | |||||||||||||||||||
Proceeds from maturities and redemptions of investments | 163,719 | — | 340,878 | — | |||||||||||||||||||
Other investing activities | (50) | — | (50) | — | |||||||||||||||||||
Net cash used in investing activities | (16,861) | (6,262) | (34,590) | (16,930) | |||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from issuance of common stock in connection with equity compensation plans | 13,011 | 10,455 | 13,170 | 10,704 | |||||||||||||||||||
Payment of offering costs | — | (466) | — | (2,208) | |||||||||||||||||||
Payment of principal on finance leases | (467) | (246) | (915) | (487) | |||||||||||||||||||
Net cash provided by financing activities | 12,544 | 9,743 | 12,255 | 8,009 | |||||||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 372 | (205) | 518 | (396) | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 3,775 | (33,702) | (3,643) | (95,077) | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 216,348 | 882,935 | 223,766 | 944,310 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 220,123 | $ | 849,233 | $ | 220,123 | $ | 849,233 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Gross profit and gross margin reconciliation | |||||||||||||||||||||||
GAAP gross profit | $ | 160,391 | $ | 109,266 | $ | 307,154 | $ | 212,293 | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges (1) | 3,292 | 2,598 | 6,207 | 4,358 | |||||||||||||||||||
Non-GAAP gross profit | $ | 163,683 | $ | 111,864 | $ | 313,361 | $ | 216,651 | |||||||||||||||
GAAP gross margin | 73 | % | 71 | % | 73 | % | 72 | % | |||||||||||||||
Non-GAAP gross margin | 75 | % | 73 | % | 74 | % | 73 | % | |||||||||||||||
Operating loss and operating margin reconciliation | |||||||||||||||||||||||
GAAP loss from operations | $ | (69,754) | $ | (65,782) | $ | (145,578) | $ | (135,987) | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges (1) | 63,850 | 45,557 | 120,643 | 89,224 | |||||||||||||||||||
Lease modification, impairment, and related charges | — | — | — | 1,056 | |||||||||||||||||||
Non-GAAP loss from operations | $ | (5,904) | $ | (20,225) | $ | (24,935) | $ | (45,707) | |||||||||||||||
GAAP operating margin | (32) | % | (43) | % | (34) | % | (46) | % | |||||||||||||||
Non-GAAP operating margin | (3) | % | (13) | % | (6) | % | (15) | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Cost of revenue | $ | 3,292 | $ | 2,598 | $ | 6,207 | $ | 4,358 | |||||||||||||||
Research and development | 24,069 | 14,347 | 46,122 | 27,867 | |||||||||||||||||||
Sales and marketing | 18,771 | 14,699 | 35,091 | 29,058 | |||||||||||||||||||
General and administrative | 17,718 | 13,913 | 33,223 | 27,941 | |||||||||||||||||||
Total stock-based compensation expense-related charges (2) | $ | 63,850 | $ | 45,557 | $ | 120,643 | $ | 89,224 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
GAAP net loss | $ | (59,968) | $ | (64,281) | $ | (127,824) | $ | (135,269) | |||||||||||||||
Add: | |||||||||||||||||||||||
Stock-based compensation expense-related charges, net of applicable taxes | 63,850 | 45,557 | 120,643 | 89,224 | |||||||||||||||||||
Lease modification, impairment, and related charges, net of applicable taxes | — | — | — | 1,056 | |||||||||||||||||||
Non-GAAP net income (loss) | $ | 3,882 | $ | (18,724) | $ | (7,181) | $ | (44,989) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Net income (loss) per share, basic and diluted, reconciliation | |||||||||||||||||||||||
GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.11) | $ | (0.13) | $ | (0.24) | $ | (0.27) | |||||||||||||||
Total impact on net loss per share, basic and diluted, from non-GAAP adjustments | 0.12 | 0.09 | 0.23 | 0.18 | |||||||||||||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted (1) | $ | 0.01 | $ | (0.04) | $ | (0.01) | $ | (0.09) | |||||||||||||||
Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted | 531,751,683 | 511,758,439 | 529,077,540 | 509,526,709 | |||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, basic | 531,751,683 | 511,758,439 | 529,077,540 | 509,526,709 | |||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (1) | 562,834,657 | 511,758,439 | 529,077,540 | 509,526,709 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022 | ||||||||||||||||||||
Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,720 | $ | (36,978) | $ | 18,174 | $ | (85,760) | |||||||||||||||
Purchase of property and equipment | (3,004) | (6,262) | (5,503) | (16,930) | |||||||||||||||||||
Free cash flow (1) | 4,716 | (43,240) | 12,671 | (102,690) | |||||||||||||||||||
Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (1) | — | 4,797 | (10,179) | 13,565 | |||||||||||||||||||
Adjusted free cash flow (1) | $ | 4,716 | $ | (38,443) | $ | 2,492 | $ | (89,125) | |||||||||||||||
Net cash provided by (used in) operating activities margin | 4 | % | (24) | % | 4 | % | (29) | % | |||||||||||||||
Free cash flow margin (1) | 2 | % | (28) | % | 3 | % | (35) | % | |||||||||||||||
Adjusted free cash flow margin (1) | 2 | % | (25) | % | 1 | % | (30) | % |
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