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Samsara Reports Fourth Quarter and Full Fiscal Year 2023 Financial Results

  • Q4 revenue of $186.6 million, representing 48% year-over-year growth
  • Ending ARR of $795.1 million, representing 42% year-over-year growth
  • 1,237 customers with ARR over $100,000, up 53% 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 January 28, 2023, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com.

“It’s been an exciting year of delivering on our mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. We ended fiscal year 2023 with $795 million of ARR, growing 42% year-over-year. While growing at scale, we remain committed to operating efficiently on our path to profitability,” said Sanjit Biswas, co-founder and CEO of Samsara. “We see a vast opportunity for our customers as they modernize their physical operations, which will have a profound impact on our global economy.”

Fourth Quarter Fiscal Year 2023 Financial Highlights

(In millions, except percentage, percentage points, and per share data)

 

 

Q4 FY2023

 

Q4 FY2022

 

Y/Y Change

Annual Recurring Revenue (ARR)

$

795.1

 

 

$

558.1

 

 

 

42

%

Total revenue

$

186.6

 

 

$

125.8

 

 

 

48

%

GAAP gross profit

$

135.0

 

 

$

87.0

 

 

$

48.0

 

GAAP gross margin

 

72

%

 

 

69

%

 

3

pts

Non-GAAP gross profit

$

137.5

 

 

$

93.4

 

 

$

44.1

 

Non-GAAP gross margin

 

74

%

 

 

74

%

 

pt

GAAP operating loss

$

(60.0

)

 

$

(251.7

)

 

$

191.7

 

GAAP operating margin

 

(32

%)

 

 

(200

%)

 

168

pts

Non-GAAP operating loss

$

(14.7

)

 

$

(17.5

)

 

$

2.8

 

Non-GAAP operating margin

 

(8

%)

 

 

(14

%)

 

6

pts

GAAP net loss per share

$

(0.10

)

 

$

(0.68

)

 

$

0.58

 

Non-GAAP net loss per share

$

(0.02

)

 

$

(0.05

)

 

$

0.03

 

Net cash used in operating activities

$

(4.4

)

 

$

(48.3

)

 

$

43.9

 

Adjusted free cash flow

$

(6.0

)

 

$

(50.2

)

 

$

44.2

 

Net cash used in operating activities margin

 

(2

%)

 

 

(38

%)

 

36

pts

Adjusted free cash flow margin

 

(3

%)

 

 

(40

%)

 

37

pts

Fiscal Year 2023 Financial Highlights

(In millions, except percentage, percentage points, and per share data)

 

 

FY 2023

 

FY 2022

 

Y/Y Change

Annual Recurring Revenue (ARR)

$

795.1

 

 

$

558.1

 

 

 

42

%

Total revenue

$

652.5

 

 

$

428.3

 

 

 

52

%

GAAP gross profit

$

469.9

 

 

$

303.9

 

 

$

166.0

 

GAAP gross margin

 

72

%

 

 

71

%

 

1

pt

Non-GAAP gross profit

$

479.4

 

 

$

310.2

 

 

$

169.2

 

Non-GAAP gross margin

 

73

%

 

 

72

%

 

1

pt

GAAP operating loss

$

(259.5

)

 

$

(353.8

)

 

$

94.3

 

GAAP operating margin

 

(40

%)

 

 

(83

%)

 

43

pts

Non-GAAP operating loss

$

(77.0

)

 

$

(114.1

)

 

$

37.1

 

Non-GAAP operating margin

 

(12

%)

 

 

(27

%)

 

15

pts

GAAP net loss per share

$

(0.48

)

 

$

(1.28

)

 

$

0.80

 

Non-GAAP net loss per share

$

(0.13

)

 

$

(0.42

)

 

$

0.29

 

Net cash used in operating activities

$

(103.0

)

 

$

(171.5

)

 

$

68.5

 

Adjusted free cash flow

$

(110.0

)

 

$

(179.7

)

 

$

69.7

 

Net cash used in operating activities margin

 

(16

%)

 

 

(40

%)

 

24

pts

Adjusted free cash flow margin

 

(17

%)

 

 

(42

%)

 

25

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 2024, Samsara expects the following:

 

Q1 FY2024 Outlook

 

FY 2024 Outlook

Total revenue

$190 million – $192 million

 

$838 million – $848 million

Year/Year growth

33% – 35%

 

28% – 30%

Non-GAAP operating margin

(15%)

 

(7%)

Non-GAAP net loss per share

($0.05) – ($0.06)

 

($0.05) – ($0.07)

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 allows businesses that depend on physical operations to harness Internet of Things (IoT) data to develop actionable business insights and improve their operations. Samsara operates in North America and Europe and serves tens of thousands of customers across a wide range of industries including transportation, wholesale and retail trade, construction, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, and food and beverage. 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, strategy, 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 non-GAAP gross margin, non-GAAP operating 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 ongoing COVID-19 pandemic, the Russia-Ukraine conflict, geopolitical tensions involving China, 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, adjusted free cash flow does not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. All of these 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 are excluded because 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.

Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit plus 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 Loss from Operations and Non-GAAP Operating Margin—We define non-GAAP loss from operations, or non-GAAP operating loss, as loss from operations excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, and lease modification, impairment, and related charges. Non-GAAP operating margin is defined as non-GAAP operating loss as a percentage of total revenue. We use non-GAAP loss from operations and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP 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 Loss and Non-GAAP Net Loss per Share—We define non-GAAP net loss and non-GAAP net loss per share as net loss and net loss per share excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, and lease modification, impairment, and related charges. We use non-GAAP net loss and non-GAAP net loss per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net loss and non-GAAP net loss per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as net cash used in operating activities reduced by cash used for purchases of property and equipment, plus non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, net of tenant allowances. 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.

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

 

January 28,

2023

 

January 29,

2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

200,670

 

 

$

921,218

 

Short-term investments

 

489,192

 

 

 

 

Accounts receivable, net

 

122,867

 

 

 

81,987

 

Inventories

 

40,571

 

 

 

33,067

 

Connected device costs, current

 

82,046

 

 

 

52,519

 

Prepaid expenses and other current assets

 

22,189

 

 

 

11,376

 

Total current assets

 

957,535

 

 

 

1,100,167

 

Restricted cash

 

23,096

 

 

 

23,092

 

Long-term investments

 

113,101

 

 

 

 

Property and equipment, net

 

59,278

 

 

 

36,772

 

Operating lease right-of-use assets

 

112,624

 

 

 

134,427

 

Connected device costs, non-current

 

194,852

 

 

 

141,292

 

Deferred commissions

 

140,166

 

 

 

117,757

 

Other assets, non-current

 

16,356

 

 

 

14,422

 

Total assets

$

1,617,008

 

 

$

1,567,929

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

30,144

 

 

$

54,705

 

Accrued expenses and other current liabilities

 

53,824

 

 

 

31,835

 

Accrued compensation and benefits

 

36,030

 

 

 

27,107

 

Deferred revenue, current

 

300,113

 

 

 

203,185

 

Operating lease liabilities, current

 

22,047

 

 

 

21,447

 

Total current liabilities

 

442,158

 

 

 

338,279

 

Deferred revenue, non-current

 

126,452

 

 

 

110,501

 

Operating lease liabilities, non-current

 

100,873

 

 

 

123,513

 

Other liabilities, non-current

 

9,506

 

 

 

6,689

 

Total liabilities

 

678,989

 

 

 

578,982

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Class A common stock

 

7

 

 

 

6

 

Class B common stock

 

23

 

 

 

23

 

Class C common stock

 

 

 

 

 

Additional paid-in capital

 

2,107,013

 

 

 

1,909,964

 

Accumulated other comprehensive loss

 

(652

)

 

 

(96

)

Accumulated deficit

 

(1,168,372

)

 

 

(920,950

)

Total stockholders’ equity

 

938,019

 

 

 

988,947

 

Total liabilities and stockholders’ equity

$

1,617,008

 

 

$

1,567,929

 

 

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

 

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Revenue

$

186,577

 

 

$

125,752

 

 

$

652,545

 

 

$

428,345

 

Cost of revenue

 

51,528

 

 

 

38,706

 

 

 

182,656

 

 

 

124,484

 

Gross profit

 

135,049

 

 

 

87,046

 

 

 

469,889

 

 

 

303,861

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

54,603

 

 

 

126,457

 

 

 

187,405

 

 

 

205,125

 

Sales and marketing

 

96,751

 

 

 

124,640

 

 

 

370,098

 

 

 

291,209

 

General and administrative

 

43,687

 

 

 

87,686

 

 

 

170,785

 

 

 

159,843

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

1,056

 

 

 

1,532

 

Total operating expenses

 

195,041

 

 

 

338,783

 

 

 

729,344

 

 

 

657,709

 

Loss from operations

 

(59,992

)

 

 

(251,737

)

 

 

(259,455

)

 

 

(353,848

)

Interest income and other income (expense), net

 

8,526

 

 

 

(243

)

 

 

15,620

 

 

 

(2

)

Loss before provision for income taxes

 

(51,466

)

 

 

(251,980

)

 

 

(243,835

)

 

 

(353,850

)

Provision for income taxes

 

2,132

 

 

 

787

 

 

 

3,587

 

 

 

1,174

 

Net loss

$

(53,598

)

 

$

(252,767

)

 

$

(247,422

)

 

$

(355,024

)

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

93

 

 

 

(142

)

 

 

509

 

 

 

(96

)

Change in unrealized gains (losses) on investments

 

239

 

 

 

 

 

 

(1,065

)

 

 

 

Other comprehensive income (loss)

 

332

 

 

 

(142

)

 

 

(556

)

 

 

(96

)

Comprehensive loss

$

(53,266

)

 

$

(252,909

)

 

$

(247,978

)

 

$

(355,120

)

Basic and diluted net loss per share:

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

 

$

(0.68

)

 

$

(0.48

)

 

$

(1.28

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

521,515,286

 

 

 

371,784,585

 

 

 

514,279,230

 

 

 

277,543,471

 

 

SAMSARA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Fiscal Year Ended

 

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Operating activities

 

 

 

 

 

 

 

Net loss

$

(53,598

)

 

$

(252,767

)

 

$

(247,422

)

 

$

(355,024

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

3,418

 

 

 

2,171

 

 

 

11,768

 

 

 

10,388

 

Stock-based compensation expense

 

43,983

 

 

 

224,735

 

 

 

177,473

 

 

 

228,723

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

1,056

 

 

 

1,532

 

Other non-cash adjustments

 

(1,216

)

 

 

1,202

 

 

 

2,120

 

 

 

6,630

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable, net

 

(34,167

)

 

 

(23,364

)

 

 

(47,464

)

 

 

(47,049

)

Inventories

 

3,930

 

 

 

(10,758

)

 

 

(7,504

)

 

 

(19,393

)

Prepaid expenses and other current assets

 

(5,993

)

 

 

393

 

 

 

(11,293

)

 

 

(1,426

)

Connected device costs

 

(24,093

)

 

 

(23,860

)

 

 

(83,086

)

 

 

(86,293

)

Deferred commissions

 

(11,954

)

 

 

(16,051

)

 

 

(22,409

)

 

 

(30,821

)

Other assets, non-current

 

(342

)

 

 

(11,388

)

 

 

(1,862

)

 

 

(12,327

)

Accounts payable and other liabilities

 

22,883

 

 

 

34,458

 

 

 

13,485

 

 

 

69,926

 

Deferred revenue

 

52,322

 

 

 

27,176

 

 

 

112,879

 

 

 

64,001

 

Operating lease liabilities, net

 

454

 

 

 

(252

)

 

 

(762

)

 

 

(348

)

Net cash used in operating activities

 

(4,373

)

 

 

(48,305

)

 

 

(103,021

)

 

 

(171,481

)

Investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(6,003

)

 

 

(9,400

)

 

 

(33,240

)

 

 

(19,353

)

Purchases of investments

 

(329,885

)

 

 

 

 

 

(685,615

)

 

 

 

Proceeds from maturities of investments

 

86,625

 

 

 

 

 

 

86,625

 

 

 

 

Investing other

 

(50

)

 

 

(100

)

 

 

382

 

 

 

(682

)

Net cash used in investing activities

 

(249,313

)

 

 

(9,500

)

 

 

(631,848

)

 

 

(20,035

)

Financing activities

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting discounts and commissions

 

 

 

 

846,682

 

 

 

 

 

 

846,682

 

Payment of taxes related to net share settlement of equity awards

 

 

 

 

(141,747

)

 

 

 

 

 

(141,747

)

Proceeds from issuance of common stock in connection with equity compensation plans

 

7,179

 

 

 

245

 

 

 

18,047

 

 

 

1,210

 

Proceeds from early exercise of stock options

 

 

 

 

2

 

 

 

 

 

 

154

 

Repurchase of restricted common stock

 

 

 

 

 

 

 

 

 

 

(5

)

Payment of offering costs

 

 

 

 

(1,945

)

 

 

(2,532

)

 

 

(4,105

)

Payment of principal on finance leases

 

(447

)

 

 

(209

)

 

 

(1,303

)

 

 

(545

)

Net cash provided by financing activities

 

6,732

 

 

 

703,028

 

 

 

14,212

 

 

 

701,644

 

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

 

584

 

 

 

(173

)

 

 

113

 

 

 

(127

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(246,370

)

 

 

645,050

 

 

 

(720,544

)

 

 

510,001

 

Cash, cash equivalents, and restricted cash, beginning of period

 

470,136

 

 

 

299,260

 

 

 

944,310

 

 

 

434,309

 

Cash, cash equivalents, and restricted cash, end of period

$

223,766

 

 

$

944,310

 

 

$

223,766

 

 

$

944,310

 

 

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

 

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Gross profit and gross margin reconciliation

 

 

 

 

 

 

 

GAAP gross profit

$

135,049

 

 

$

87,046

 

 

$

469,889

 

 

$

303,861

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (1)

 

2,423

 

 

 

6,334

 

 

 

9,466

 

 

 

6,344

 

Non-GAAP gross profit

$

137,472

 

 

$

93,380

 

 

$

479,355

 

 

$

310,205

 

GAAP gross margin

 

72

%

 

 

69

%

 

 

72

%

 

 

71

%

Non-GAAP gross margin

 

74

%

 

 

74

%

 

 

73

%

 

 

72

%

 

 

 

 

 

 

 

 

Operating loss and operating margin reconciliation

 

 

 

 

 

 

 

GAAP loss from operations

$

(59,992

)

 

$

(251,737

)

 

$

(259,455

)

 

$

(353,848

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (1)

 

45,331

 

 

 

234,250

 

 

 

181,424

 

 

 

238,238

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

1,056

 

 

 

1,532

 

Non-GAAP loss from operations

$

(14,661

)

 

$

(17,487

)

 

$

(76,975

)

 

$

(114,078

)

GAAP operating margin

 

(32

)%

 

 

(200

)%

 

 

(40

)%

 

 

(83

)%

Non-GAAP operating margin

 

(8

)%

 

 

(14

)%

 

 

(12

)%

 

 

(27

)%

__________

(1)

Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows:

 

Three Months Ended

 

Fiscal Year Ended

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Cost of revenue

$

2,423

 

$

6,334

 

$

9,466

 

$

6,344

Research and development

 

17,897

 

 

 

102,299

 

 

 

64,184

 

 

 

102,849

 

Sales and marketing

 

12,313

 

 

 

62,167

 

 

 

54,072

 

 

 

62,548

 

General and administrative

 

12,698

 

 

 

63,450

 

 

 

53,702

 

 

 

66,497

 

Total stock-based compensation expense-related charges (2)

$

45,331

 

 

$

234,250

 

 

$

181,424

 

 

$

238,238

 

__________

(2)

Stock-based compensation expense-related charges included 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, and $9.5 million of employer taxes on employee equity transactions for the three months and fiscal year ended January 29, 2022.

 

Three Months Ended

 

Fiscal Year Ended

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

GAAP net loss

$

(53,598

)

 

$

(252,767

)

 

$

(247,422

)

 

$

(355,024

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges, net of applicable taxes

 

45,331

 

 

 

234,250

 

 

 

181,424

 

 

 

238,238

 

Lease modification, impairment, and related charges, net of applicable taxes

 

 

 

 

 

 

 

1,056

 

 

 

1,532

 

Non-GAAP net loss

$

(8,267

)

 

$

(18,517

)

 

$

(64,942

)

 

$

(115,254

)

 

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

 

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Net loss per share, basic and diluted, reconciliation

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

 

$

(0.68

)

 

$

(0.48

)

 

$

(1.28

)

Total impact on net loss per share, basic and diluted, from non-GAAP adjustments

 

0.08

 

 

 

0.63

 

 

 

0.35

 

 

 

0.86

 

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.02

)

 

$

(0.05

)

 

$

(0.13

)

 

$

(0.42

)

 

Three Months Ended

 

Fiscal Year Ended

 

January 28,

2023

 

January 29,

2022

 

January 28,

2023

 

January 29,

2022

Adjusted free cash flow and adjusted free cash flow margin reconciliation

 

 

 

 

 

 

 

Net cash used in operating activities

$

(4,373

)

 

$

(48,305

)

 

$

(103,021

)

 

$

(171,481

)

Purchase of property and equipment

 

(6,003

)

 

 

(9,400

)

 

 

(33,240

)

 

 

(19,353

)

Purchase of property and equipment for build-out of corporate office facilities

 

4,353

 

 

 

7,490

 

 

 

26,227

 

 

 

11,096

 

Adjusted free cash flow

$

(6,023

)

 

$

(50,215

)

 

$

(110,034

)

 

$

(179,738

)

Net cash used in operating activities margin

 

(2

)%

 

 

(38

)%

 

 

(16

)%

 

 

(40

)%

Adjusted free cash flow margin

 

(3

)%

 

 

(40

)%

 

 

(17

)%

 

 

(42

)%

 

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