Company Announcements

Samsara Reports Second Quarter Fiscal Year 2025 Financial Results

  • Q2 revenue of $300.2 million, representing 37% year-over-year growth
  • Ending ARR of $1.264 billion, representing 36% year-over-year growth
  • 2,133 customers with ARR over $100,000, up 41% year-over-year

SAN FRANCISCO--(BUSINESS WIRE)--Sep. 5, 2024-- Samsara Inc. (NYSE: IOT), the pioneer of the Connected Operations® Cloud, reported financial results for the second quarter ended August 3, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com.

“We achieved another strong quarter of durable and efficient growth at a greater scale,” said Sanjit Biswas, CEO and co-founder of Samsara. “Q2 ended at $1.264 billion in ARR, growing 36% year-over-year, and at a quarterly record non-GAAP operating margin. As we grow our business, our data asset also scales. We’re proud to have achieved an important company milestone this quarter—we now collect more than 10 trillion data points annually on the Samsara platform.”

Second Quarter Fiscal Year 2025 Financial Highlights

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

 

Q2 FY2025

 

Q2 FY2024

 

Y/Y Change

Annual Recurring Revenue (ARR)

$

1,264.0

 

 

$

930.0

 

 

 

36

%

Total revenue

$

300.2

 

 

$

219.3

 

 

 

37

%

GAAP gross profit

$

226.8

 

 

$

160.4

 

 

$

66.4

 

GAAP gross margin

 

76

%

 

 

73

%

 

2 pts

Non-GAAP gross profit

$

230.8

 

 

$

163.7

 

 

$

67.1

 

Non-GAAP gross margin

 

77

%

 

 

75

%

 

2 pts

GAAP operating loss

$

(58.2

)

 

$

(69.8

)

 

$

11.6

 

GAAP operating margin

 

(19

%)

 

 

(32

%)

 

12 pts

Non-GAAP operating income (loss)

$

17.6

 

 

$

(5.9

)

 

$

23.5

 

Non-GAAP operating margin

 

6

%

 

 

(3

%)

 

9 pts

GAAP net loss per share, basic and diluted

$

(0.09

)

 

$

(0.11

)

 

$

0.02

 

Non-GAAP net income per share, basic and diluted

$

0.05

 

 

$

0.01

 

 

$

0.04

 

Net cash provided by operating activities

$

18.1

 

 

$

7.7

 

 

$

10.4

 

Net cash provided by operating activities margin

 

6

%

 

 

4

%

 

3 pts

Adjusted free cash flow

$

13.1

 

 

$

4.7

 

 

$

8.4

 

Adjusted free cash flow margin

 

4

%

 

 

2

%

 

2 pts

__________

Note: Numbers are rounded for presentation purposes.

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 third quarter, fourth quarter, and fiscal year 2025, Samsara expects the following:

 

Q3 FY2025 Outlook

 

Implied Q4 FY2025 Outlook

 

FY 2025 Outlook

Total revenue

$309 million$311 million

 

$334 million$336 million

 

$1.224 billion$1.228 billion

Year/Year revenue growth

30% – 31%

 

21% – 22%

 

31%

Year/Year adjusted revenue growth (1)

 

 

30% – 31%

 

33% – 34%

Non-GAAP operating margin

4%

 

8%

 

5%

Non-GAAP net income per share, diluted

$0.03$0.04

 

$0.06$0.07

 

$0.16$0.18

__________

(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 system of record that enables businesses 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 industries in transportation, construction, wholesale and retail trade, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, food and beverage, and others. 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 the surrounding region, 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 Performance Financial Measures—Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and employer taxes on employee equity transactions. Stock-based compensation expense-related charges are excluded because they are primarily a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, 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 and Adjusted Revenue Growth Rate—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 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, 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 income (loss) excluding the effect of stock-based compensation expense-related charges, 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 provided by (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

 

August 3, 2024

 

February 3, 2024

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

159,272

 

 

$

135,536

 

Short-term investments

 

513,361

 

 

 

412,126

 

Accounts receivable, net

 

178,794

 

 

 

161,829

 

Inventories

 

38,623

 

 

 

22,238

 

Connected device costs, current

 

111,323

 

 

 

104,008

 

Prepaid expenses and other current assets

 

38,264

 

 

 

51,221

 

Total current assets

 

1,039,637

 

 

 

886,958

 

Restricted cash

 

19,431

 

 

 

19,202

 

Long-term investments

 

207,705

 

 

 

276,166

 

Property and equipment, net

 

57,556

 

 

 

54,969

 

Operating lease right-of-use assets

 

72,617

 

 

 

81,974

 

Connected device costs, non-current

 

234,354

 

 

 

230,782

 

Deferred commissions

 

188,444

 

 

 

177,562

 

Other assets, non-current

 

6,398

 

 

 

7,232

 

Total assets

$

1,826,142

 

 

$

1,734,845

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

47,345

 

 

$

46,281

 

Accrued expenses and other current liabilities

 

59,636

 

 

 

61,437

 

Accrued compensation and benefits

 

34,875

 

 

 

37,068

 

Deferred revenue, current

 

485,909

 

 

 

426,369

 

Operating lease liabilities, current

 

19,398

 

 

 

20,661

 

Total current liabilities

 

647,163

 

 

 

591,816

 

Deferred revenue, non-current

 

136,813

 

 

 

139,117

 

Operating lease liabilities, non-current

 

68,300

 

 

 

78,830

 

Other liabilities, non-current

 

9,183

 

 

 

9,935

 

Total liabilities

 

861,459

 

 

 

819,698

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Class A common stock

 

10

 

 

 

9

 

Class B common stock

 

23

 

 

 

23

 

Class C common stock

 

 

 

 

 

Additional paid-in capital

 

2,524,042

 

 

 

2,368,597

 

Accumulated other comprehensive income

 

1,605

 

 

 

1,616

 

Accumulated deficit

 

(1,560,997

)

 

 

(1,455,098

)

Total stockholders’ equity

 

964,683

 

 

 

915,147

 

Total liabilities and stockholders’ equity

$

1,826,142

 

 

$

1,734,845

 

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

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Revenue

$

300,202

 

 

$

219,257

 

 

$

580,928

 

 

$

423,577

 

Cost of revenue

 

73,365

 

 

 

58,866

 

 

 

141,990

 

 

 

116,423

 

Gross profit

 

226,837

 

 

 

160,391

 

 

 

438,938

 

 

 

307,154

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

76,476

 

 

 

63,969

 

 

 

149,449

 

 

 

124,335

 

Sales and marketing

 

151,493

 

 

 

117,908

 

 

 

298,930

 

 

 

236,863

 

General and administrative

 

57,062

 

 

 

48,268

 

 

 

114,750

 

 

 

91,534

 

Total operating expenses

 

285,031

 

 

 

230,145

 

 

 

563,129

 

 

 

452,732

 

Loss from operations

 

(58,194

)

 

 

(69,754

)

 

 

(124,191

)

 

 

(145,578

)

Interest income and other income, net

 

9,626

 

 

 

10,220

 

 

 

19,710

 

 

 

19,115

 

Loss before provision for income taxes

 

(48,568

)

 

 

(59,534

)

 

 

(104,481

)

 

 

(126,463

)

Provision for income taxes

 

1,042

 

 

 

434

 

 

 

1,418

 

 

 

1,361

 

Net loss

$

(49,610

)

 

$

(59,968

)

 

$

(105,899

)

 

$

(127,824

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax

 

(1,510

)

 

 

2,009

 

 

 

(1,410

)

 

 

1,096

 

Unrealized gains (losses) on investments, net of tax

 

3,086

 

 

 

(1,404

)

 

 

1,399

 

 

 

(1,445

)

Other comprehensive income (loss)

 

1,576

 

 

 

605

 

 

 

(11

)

 

 

(349

)

Comprehensive loss

$

(48,034

)

 

$

(59,363

)

 

$

(105,910

)

 

$

(128,173

)

Basic and diluted net loss per share:

 

 

 

 

 

 

 

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

$

(0.09

)

 

$

(0.11

)

 

$

(0.19

)

 

$

(0.24

)

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

 

553,917,926

 

 

 

531,751,683

 

 

 

551,285,115

 

 

 

529,077,540

 

SAMSARA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Operating activities

 

 

 

 

 

 

 

Net loss

$

(49,610

)

 

$

(59,968

)

 

$

(105,899

)

 

$

(127,824

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

4,633

 

 

 

3,709

 

 

 

9,088

 

 

 

7,193

 

Stock-based compensation expense

 

71,604

 

 

 

59,656

 

 

 

136,260

 

 

 

112,604

 

Net accretion of discounts on investments

 

(4,296

)

 

 

(4,404

)

 

 

(8,289

)

 

 

(8,623

)

Other non-cash adjustments

 

382

 

 

 

2,053

 

 

 

1,712

 

 

 

109

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable, net

 

(36,022

)

 

 

(14,055

)

 

 

(20,160

)

 

 

6,767

 

Inventories

 

(10,134

)

 

 

10,635

 

 

 

(18,406

)

 

 

18,803

 

Prepaid expenses and other current assets

 

9,025

 

 

 

1,422

 

 

 

12,957

 

 

 

243

 

Connected device costs

 

(4,828

)

 

 

(17,957

)

 

 

(10,887

)

 

 

(27,664

)

Deferred commissions

 

(5,765

)

 

 

(9,560

)

 

 

(10,882

)

 

 

(13,078

)

Other assets, non-current

 

619

 

 

 

(162

)

 

 

934

 

 

 

371

 

Accounts payable and other liabilities

 

7,687

 

 

 

3,262

 

 

 

(1,977

)

 

 

(5,249

)

Deferred revenue

 

34,705

 

 

 

27,094

 

 

 

57,236

 

 

 

50,471

 

Operating lease right-of-use assets and liabilities, net

 

117

 

 

 

5,995

 

 

 

100

 

 

 

4,051

 

Net cash provided by operating activities

 

18,117

 

 

 

7,720

 

 

 

41,787

 

 

 

18,174

 

Investing activities

 

 

 

 

 

 

 

Purchases of property and equipment

 

(4,992

)

 

 

(3,004

)

 

 

(10,054

)

 

 

(5,503

)

Purchases of investments

 

(187,744

)

 

 

(182,000

)

 

 

(330,057

)

 

 

(374,389

)

Proceeds from sales of investments

 

1,247

 

 

 

4,474

 

 

 

1,247

 

 

 

4,474

 

Proceeds from maturities and redemptions of investments

 

155,300

 

 

 

163,719

 

 

 

305,726

 

 

 

340,878

 

Other investing activities

 

(100

)

 

 

(50

)

 

 

(100

)

 

 

(50

)

Net cash used in investing activities

 

(36,289

)

 

 

(16,861

)

 

 

(33,238

)

 

 

(34,590

)

Financing activities

 

 

 

 

 

 

 

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

 

16,115

 

 

 

13,011

 

 

 

16,923

 

 

 

13,170

 

Payment of principal on finance leases

 

(448

)

 

 

(467

)

 

 

(944

)

 

 

(915

)

Net cash provided by financing activities

 

15,667

 

 

 

12,544

 

 

 

15,979

 

 

 

12,255

 

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

 

(460

)

 

 

372

 

 

 

(563

)

 

 

518

 

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

 

(2,965

)

 

 

3,775

 

 

 

23,965

 

 

 

(3,643

)

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

 

181,668

 

 

 

216,348

 

 

 

154,738

 

 

 

223,766

 

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

$

178,703

 

 

$

220,123

 

 

$

178,703

 

 

$

220,123

 

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Gross profit and gross margin reconciliation

 

 

 

 

 

 

 

GAAP gross profit

$

226,837

 

 

$

160,391

 

 

$

438,938

 

 

$

307,154

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (1)

 

3,939

 

 

 

3,292

 

 

 

7,705

 

 

 

6,207

 

Non-GAAP gross profit

$

230,776

 

 

$

163,683

 

 

$

446,643

 

 

$

313,361

 

GAAP gross margin

 

76

%

 

 

73

%

 

 

76

%

 

 

73

%

Non-GAAP gross margin

 

77

%

 

 

75

%

 

 

77

%

 

 

74

%

 

 

 

 

 

 

 

 

Operating income (loss) and operating margin reconciliation

 

 

 

 

 

 

 

GAAP loss from operations

$

(58,194

)

 

$

(69,754

)

 

$

(124,191

)

 

$

(145,578

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (1)

 

75,746

 

 

 

63,850

 

 

 

147,902

 

 

 

120,643

 

Non-GAAP income (loss) from operations

$

17,552

 

 

$

(5,904

)

 

$

23,711

 

 

$

(24,935

)

GAAP operating margin

 

(19

%)

 

 

(32

%)

 

 

(21

%)

 

 

(34

%)

Non-GAAP operating margin

 

6

%

 

 

(3

%)

 

 

4

%

 

 

(6

%)

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Net income (loss) reconciliation

 

 

 

 

 

 

 

GAAP net loss

$

(49,610

)

 

$

(59,968

)

 

$

(105,899

)

 

$

(127,824

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges

 

75,746

 

 

 

63,850

 

 

 

147,902

 

 

 

120,643

 

Non-GAAP net income (loss) (3)

$

26,136

 

 

$

3,882

 

 

$

42,003

 

 

$

(7,181

)

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Net income (loss) per share, basic and diluted, reconciliation

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders, basic

$

(0.09

)

 

$

(0.11

)

 

$

(0.19

)

 

$

(0.24

)

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

 

0.14

 

 

 

0.12

 

 

 

0.27

 

 

 

0.23

 

Non-GAAP net income (loss) per share attributable to common stockholders, basic

$

0.05

 

 

$

0.01

 

 

$

0.08

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders, diluted

$

(0.09

)

 

$

(0.11

)

 

$

(0.19

)

 

$

(0.24

)

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

 

0.14

 

 

 

0.12

 

 

 

0.26

 

 

 

0.23

 

Non-GAAP net income (loss) per share attributable to common stockholders, diluted (4)

$

0.05

 

 

$

0.01

 

 

$

0.07

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

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

 

553,917,926

 

 

 

531,751,683

 

 

 

551,285,115

 

 

 

529,077,540

 

Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, basic

 

553,917,926

 

 

 

531,751,683

 

 

 

551,285,115

 

 

 

529,077,540

 

Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (4)

 

575,967,894

 

 

 

562,834,657

 

 

 

574,561,208

 

 

 

529,077,540

 

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation

 

 

 

 

 

 

 

Net cash provided by operating activities

$

18,117

 

 

$

7,720

 

 

$

41,787

 

 

$

18,174

 

Purchases of property and equipment

 

(4,992

)

 

 

(3,004

)

 

 

(10,054

)

 

 

(5,503

)

Free cash flow

 

13,125

 

 

 

4,716

 

 

 

31,733

 

 

 

12,671

 

Purchases of property and equipment for build-out of corporate office facilities, net of tenant allowances (5)

 

 

 

 

 

 

 

 

 

 

(10,179

)

Adjusted free cash flow

$

13,125

 

 

$

4,716

 

 

$

31,733

 

 

$

2,492

 

Net cash provided by operating activities margin

 

6

%

 

 

4

%

 

 

7

%

 

 

4

%

Free cash flow margin

 

4

%

 

 

2

%

 

 

5

%

 

 

3

%

Adjusted free cash flow margin

 

4

%

 

 

2

%

 

 

5

%

 

 

1

%

__________

(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

 

Six Months Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

Cost of revenue

$

3,939

 

$

3,292

 

$

7,705

 

$

6,207

Research and development

 

27,238

 

 

 

24,069

 

 

 

53,502

 

 

 

46,122

 

Sales and marketing

 

22,720

 

 

 

18,771

 

 

 

43,402

 

 

 

35,091

 

General and administrative

 

21,849

 

 

 

17,718

 

 

 

43,293

 

 

 

33,223

 

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

$

75,746

 

 

$

63,850

 

 

$

147,902

 

 

$

120,643

 

(2)

Stock-based compensation expense-related charges included approximately $3.6 million and $10.7 million of employer taxes on employee equity transactions for the three and six months ended August 3, 2024, respectively, and approximately $4.2 million and $8.0 million of employer taxes on employee equity transactions for the three and six months ended July 29, 2023, respectively.

(3)

There were no material income tax effects on our non-GAAP adjustments for all periods presented.

(4)

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.

(5)

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.

 

Investor Contact:
Mike Chang
ir@samsara.com

Media Contact:
Adam Simons
media@samsara.com

Source: Samsara