(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: March 7, 2024 | By: | /s/ Adam Eltoukhy | ||||||
Adam Eltoukhy | ||||||||
Executive Vice President, Chief Legal Officer and Corporate Secretary |
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 |
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 |
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 |
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 |
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) | % |
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 |
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) | % |
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 |
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