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Samsara Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

  • Q4 revenue of $276.3 million, representing 48% year-over-year growth, or 37% year-over-year adjusted revenue growth
  • Ending ARR of $1.102 billion, representing 39% year-over-year growth
  • 1,848 customers with ARR over $100,000, up 49% year-over-year

Samsara Inc. (NYSE: IOT), the pioneer of the Connected Operations Cloud, reported financial results for the fourth quarter and fiscal year ended February 3, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com.

“Fiscal year 2024 was another year of durable and efficient growth. We ended the year with $1.1 billion of ARR, growing 39% year-over-year. While sustaining high growth at scale, we remain committed to operating efficiently and recorded our first year of positive adjusted free cash flow,” said Sanjit Biswas, CEO and co-founder of Samsara. “We continue to see a vast opportunity for our customers and are excited to deliver on our mission to increase the safety, efficiency, and sustainability of the operations that power the global economy.”

Fourth Quarter Fiscal Year 2024 Financial Highlights

 

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

 

 

Q4 FY2024

 

Q4 FY2023

 

Y/Y Change

Annual Recurring Revenue (ARR)

$

1,102.0

 

 

$

795.1

 

 

 

39

%

Total revenue

$

276.3

 

 

$

186.6

 

 

 

48

%

Adjusted total revenue (1)

$

256.5

 

 

$

186.6

 

 

 

37

%

GAAP gross profit

$

207.3

 

 

$

135.0

 

 

$

72.3

 

GAAP gross margin

 

75

%

 

 

72

%

 

3 pts

Non-GAAP gross profit

$

210.7

 

 

$

137.5

 

 

$

73.2

 

Non-GAAP gross margin

 

76

%

 

 

74

%

 

3 pts

GAAP operating loss

$

(123.0

)

 

$

(60.0

)

 

$

(63.0

)

GAAP operating margin

 

(45

%)

 

 

(32

%)

 

(13 pts)

Non-GAAP operating income (loss)

$

13.5

 

 

$

(14.7

)

 

$

28.2

 

Non-GAAP operating margin

 

5

%

 

 

(8

%)

 

13 pts

GAAP net loss per share, basic and diluted

$

(0.21

)

 

$

(0.10

)

 

$

(0.11

)

Non-GAAP net income (loss) per share, basic and diluted

$

0.04

 

 

$

(0.02

)

 

$

0.06

 

Net cash used in operating activities

$

(41.9

)

 

$

(4.4

)

 

$

(37.5

)

Net cash used in operating activities margin

(15

%)

(2

%)

(13 pts)

Adjusted free cash flow

$

16.0

 

 

$

(6.0

)

 

$

22.0

 

Adjusted free cash flow margin

 

6

%

 

 

(3

%)

 

9 pts

 

Fiscal Year 2024 Financial Highlights

 

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

 

 

FY 2024

 

FY 2023

 

Y/Y Change

ARR

$

1,102.0

 

 

$

795.1

 

 

 

39

%

Total revenue

$

937.4

 

 

$

652.5

 

 

 

44

%

Adjusted total revenue (1)

$

917.7

 

 

$

652.5

 

 

 

41

%

GAAP gross profit

$

690.4

 

 

$

469.9

 

 

$

220.5

 

GAAP gross margin

 

74

%

 

 

72

%

 

2 pts

Non-GAAP gross profit

$

703.1

 

 

$

479.4

 

 

$

223.7

 

Non-GAAP gross margin

 

75

%

 

 

73

%

 

2 pts

GAAP operating loss

$

(323.3

)

 

$

(259.5

)

 

$

(63.8

)

GAAP operating margin

 

(34

%)

 

 

(40

%)

 

6 pts

Non-GAAP operating income (loss)

$

1.3

 

 

$

(77.0

)

 

$

78.3

 

Non-GAAP operating margin

 

0

%

 

 

(12

%)

 

12 pts

GAAP net loss per share, basic and diluted

$

(0.54

)

 

$

(0.48

)

 

$

(0.06

)

Non-GAAP net income (loss) per share, basic and diluted

$

0.07

 

 

$

(0.13

)

 

$

0.20

 

Net cash used in operating activities

$

(11.8

)

 

$

(103.0

)

 

$

91.2

 

Net cash used in operating activities margin

(1

%)

(16

%)

15 pts

Adjusted free cash flow

$

27.1

 

 

$

(110.0

)

 

$

137.1

 

Adjusted free cash flow margin

 

3

%

 

 

(17

%)

 

20 pts

We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles (“GAAP”). See the section titled “Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures and the tables in the section titled “Reconciliation Between GAAP and Non-GAAP Financial Measures” for a reconciliation of GAAP to non-GAAP financial measures.

Financial Outlook

Our guidance includes GAAP and non-GAAP financial measures. For the first quarter and fiscal year 2025, Samsara expects the following:

 

Q1 FY2025 Outlook

 

FY 2025 Outlook

Total revenue

$271 million – $273 million

 

$1,186 million – $1,196 million

Year/Year revenue growth

33% – 34%

 

27% – 28%

Year/Year adjusted revenue growth (1)

 

 

29% – 30%

Non-GAAP operating margin

(3%)

 

2%

Non-GAAP net income per share, diluted

$0.00 – $0.01

 

$0.11 – $0.13

 

(1)

 

Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.

A reconciliation of non-GAAP guidance financial measures to corresponding GAAP guidance financial measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty and potential variability of expenses, such as stock-based compensation expense-related charges, that may be incurred in the future and cannot be reasonably determined or predicted at this time. It is important to note that these factors could be material to our results of operations computed in accordance with GAAP.

About Samsara

Samsara is the pioneer of the Connected Operations™ Cloud, which is a platform that enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world’s leading organizations across construction, transportation and warehousing, field services, manufacturing, retail, logistics, and the public sector. The company’s mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, the calculation of certain of our key financial and operating metrics, our market opportunity, industry developments and trends, customer demand for our solution, macroeconomic conditions and any expected benefits of our products, and our competitive position, as well as assumptions relating to the foregoing.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and could cause actual results and events to differ. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these terms or other comparable expressions that concern our expectations, strategies, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made, including information furnished to us by third parties that we have not independently verified, and/or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

These risks and uncertainties include our ability to retain customers and expand the Applications used by our customers, our ability to attract new customers, our future financial performance, including trends in revenue and annual recurring revenue, net retention rate, costs of revenue, gross profit or gross margin, operating expenses, customer counts, non-GAAP financial measures (such as adjusted revenue, adjusted revenue growth rate, non-GAAP gross margin, non-GAAP operating margin, free cash flow margin, and adjusted free cash flow margin), our ability to achieve or maintain profitability, the demand for our products or for solutions for connected operations in general, the impact of the Russia-Ukraine conflict, geopolitical tensions involving China, the conflict in Israel and Gaza, the emergence of pandemics and epidemics, and macroeconomic conditions globally on our and our customers’, partners’ and suppliers’ operations and future financial performance, possible harm caused by silicon component shortages and other supply chain constraints, the length of our sales cycles, possible harm caused by a security breach or other incident affecting our or our customers’ assets or data, our ability to compete successfully in competitive markets, our ability to respond to rapid technological changes, and our ability to continue to innovate and develop new Applications. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings and reports that we may file from time to time with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Use of Non-GAAP Financial Measures

This document includes certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to our financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

We present these non-GAAP financial measures to assist investors in seeing Samsara’s operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to evaluate our business.

Expenses Excluded from Non-GAAP Financial Measures—Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which is a cash expense, is excluded because such taxes are tied to the timing and size of the vesting of the underlying equity awards and the price of our common stock at the time of vesting, which may vary from period to period independent of the operating performance of our business. Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance.

Operating Metrics and Non-GAAP Financial Measures

Annual Recurring Revenue—We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date.

Adjusted Revenue / Adjusted Revenue Growth—Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.

Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.

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

Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share—We define non-GAAP net income (loss) as net loss excluding the effect of stock-based compensation expense-related charges, including employer taxes on employee equity transactions, lease modification, impairment, and related charges, and legal settlements. Our non-GAAP net income (loss) per share–basic is calculated by dividing non-GAAP net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share–diluted is calculated by giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and shares issued under our 2021 Employee Stock Purchase Plan) to the extent they are dilutive. Non-GAAP net loss per share–diluted is the same as non-GAAP net loss per share–basic as the inclusion of all potential dilutive common stock equivalents would be antidilutive. We use non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations.

Free Cash Flow and Free Cash Flow Margin—We define free cash flow as net cash used in operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives.

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as free cash flow excluding the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of total revenue. We believe that adjusted free cash flow and adjusted free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives by excluding the impact of non-recurring events.

Webcast Information and Shareholder Letter

An investor presentation and accompanying shareholder letter is accessible from the Samsara investor relations website at https://investors.samsara.com/. Samsara will host a live webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. The live webcast may be accessed at https://investors.samsara.com/. Following the webcast, a replay will be accessible from the same website.

SAMSARA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

 

 

As of

 

February 3, 2024

 

January 28, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

135,536

 

 

$

200,670

 

Short-term investments

 

412,126

 

 

 

489,192

 

Accounts receivable, net

 

161,829

 

 

 

122,867

 

Inventories

 

22,238

 

 

 

40,571

 

Connected device costs, current

 

104,008

 

 

 

82,046

 

Prepaid expenses and other current assets

 

51,221

 

 

 

22,189

 

Total current assets

 

886,958

 

 

 

957,535

 

Restricted cash

 

19,202

 

 

 

23,096

 

Long-term investments

 

276,166

 

 

 

113,101

 

Property and equipment, net

 

54,969

 

 

 

59,278

 

Operating lease right-of-use assets

 

81,974

 

 

 

112,624

 

Connected device costs, non-current

 

230,782

 

 

 

194,852

 

Deferred commissions

 

177,562

 

 

 

140,166

 

Other assets, non-current

 

7,232

 

 

 

16,356

 

Total assets

$

1,734,845

 

 

$

1,617,008

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

46,281

 

 

$

30,144

 

Accrued expenses and other current liabilities

 

61,437

 

 

 

53,824

 

Accrued compensation and benefits

 

37,068

 

 

 

36,030

 

Deferred revenue, current

 

426,369

 

 

 

300,113

 

Operating lease liabilities, current

 

20,661

 

 

 

22,047

 

Total current liabilities

 

591,816

 

 

 

442,158

 

Deferred revenue, non-current

 

139,117

 

 

 

126,452

 

Operating lease liabilities, non-current

 

78,830

 

 

 

100,873

 

Other liabilities, non-current

 

9,935

 

 

 

9,506

 

Total liabilities

 

819,698

 

 

 

678,989

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Class A common stock

 

9

 

 

 

7

 

Class B common stock

 

23

 

 

 

23

 

Class C common stock

 

 

 

 

 

Additional paid-in capital

 

2,368,597

 

 

 

2,107,013

 

Accumulated other comprehensive income (loss)

 

1,616

 

 

 

(652

)

Accumulated deficit

 

(1,455,098

)

 

 

(1,168,372

)

Total stockholders’ equity

 

915,147

 

 

 

938,019

 

Total liabilities and stockholders’ equity

$

1,734,845

 

 

$

1,617,008

 

 

SAMSARA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

Revenue

$

276,274

 

 

$

186,577

 

 

$

937,385

 

 

$

652,545

 

Cost of revenue

 

69,024

 

 

 

51,528

 

 

 

247,032

 

 

 

182,656

 

Gross profit

 

207,250

 

 

 

135,049

 

 

 

690,353

 

 

 

469,889

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

73,426

 

 

 

54,603

 

 

 

258,581

 

 

 

187,405

 

Sales and marketing

 

133,006

 

 

 

96,751

 

 

 

486,649

 

 

 

370,098

 

General and administrative

 

55,155

 

 

 

43,687

 

 

 

195,043

 

 

 

170,785

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

4,762

 

 

 

1,056

 

Legal settlement

 

68,665

 

 

 

 

 

 

68,665

 

 

 

 

Total operating expenses

 

330,252

 

 

 

195,041

 

 

 

1,013,700

 

 

 

729,344

 

Loss from operations

 

(123,002

)

 

 

(59,992

)

 

 

(323,347

)

 

 

(259,455

)

Interest income and other income (expense), net

 

11,471

 

 

 

8,526

 

 

 

39,964

 

 

 

15,620

 

Loss before provision for income taxes

 

(111,531

)

 

 

(51,466

)

 

 

(283,383

)

 

 

(243,835

)

Provision for income taxes

 

1,840

 

 

 

2,132

 

 

 

3,343

 

 

 

3,587

 

Net loss

$

(113,371

)

 

$

(53,598

)

 

$

(286,726

)

 

$

(247,422

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

562

 

 

 

93

 

 

 

838

 

 

 

509

 

Unrealized gains (losses) on investments, net of tax

 

2,493

 

 

 

239

 

 

 

1,430

 

 

 

(1,065

)

Other comprehensive income (loss)

 

3,055

 

 

 

332

 

 

 

2,268

 

 

 

(556

)

Comprehensive loss

$

(110,316

)

 

$

(53,266

)

 

$

(284,458

)

 

$

(247,978

)

Basic and diluted net loss per share:

 

 

 

 

 

 

 

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

$

(0.21

)

 

$

(0.10

)

 

$

(0.54

)

 

$

(0.48

)

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

 

543,250,066

 

 

 

521,515,286

 

 

 

534,878,501

 

 

 

514,279,230

 

 

SAMSARA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

Operating activities

 

 

 

 

 

 

 

Net loss

$

(113,371

)

 

$

(53,598

)

 

$

(286,726

)

 

$

(247,422

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

4,687

 

 

 

3,418

 

 

 

15,526

 

 

 

11,768

 

Stock-based compensation expense

 

64,687

 

 

 

43,983

 

 

 

237,082

 

 

 

177,473

 

Net accretion of discounts on investments

 

(4,161

)

 

 

(3,326

)

 

 

(16,888

)

 

 

(4,368

)

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

4,762

 

 

 

1,056

 

Non-cash legal settlement

 

8,666

 

 

 

 

 

 

8,666

 

 

 

 

Other non-cash adjustments

 

2,525

 

 

 

2,110

 

 

 

4,571

 

 

 

6,488

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable, net

 

(50,244

)

 

 

(34,167

)

 

 

(46,420

)

 

 

(47,464

)

Inventories

 

4,865

 

 

 

3,930

 

 

 

18,332

 

 

 

(7,504

)

Prepaid expenses and other current assets

 

(11,628

)

 

 

(5,993

)

 

 

(29,076

)

 

 

(11,293

)

Connected device costs

 

(20,896

)

 

 

(24,093

)

 

 

(57,893

)

 

 

(83,086

)

Deferred commissions

 

(16,099

)

 

 

(11,954

)

 

 

(37,396

)

 

 

(22,409

)

Other assets, non-current

 

242

 

 

 

(342

)

 

 

509

 

 

 

(1,862

)

Accounts payable and other liabilities

 

26,802

 

 

 

22,883

 

 

 

26,596

 

 

 

13,485

 

Deferred revenue

 

61,765

 

 

 

52,322

 

 

 

138,920

 

 

 

112,879

 

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

 

282

 

 

 

454

 

 

 

7,620

 

 

 

(762

)

Net cash used in operating activities

 

(41,878

)

 

 

(4,373

)

 

 

(11,815

)

 

 

(103,021

)

Investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(2,095

)

 

 

(6,003

)

 

 

(10,953

)

 

 

(33,240

)

Purchases of investments

 

(199,145

)

 

 

(329,885

)

 

 

(740,546

)

 

 

(685,615

)

Proceeds from sales of investments

 

1,994

 

 

 

 

 

 

8,168

 

 

 

 

Proceeds from maturities and redemptions of investments

 

156,601

 

 

 

86,625

 

 

 

664,694

 

 

 

86,625

 

Other investing activities

 

 

 

 

(50

)

 

 

(50

)

 

 

382

 

Net cash used in investing activities

 

(42,645

)

 

 

(249,313

)

 

 

(78,687

)

 

 

(631,848

)

Financing activities

 

 

 

 

 

 

 

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

 

9,767

 

 

 

7,179

 

 

 

23,202

 

 

 

18,047

 

Payment of offering costs

 

 

 

 

 

 

 

 

 

 

(2,532

)

Payment of principal on finance leases

 

(789

)

 

 

(447

)

 

 

(2,205

)

 

 

(1,303

)

Net cash provided by financing activities

 

8,978

 

 

 

6,732

 

 

 

20,997

 

 

 

14,212

 

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

 

501

 

 

 

584

 

 

 

477

 

 

 

113

 

Net decrease in cash, cash equivalents, and restricted cash

 

(75,044

)

 

 

(246,370

)

 

 

(69,028

)

 

 

(720,544

)

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

 

229,782

 

 

 

470,136

 

 

 

223,766

 

 

 

944,310

 

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

$

154,738

 

 

$

223,766

 

 

$

154,738

 

 

$

223,766

 

 

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

Total revenue and revenue growth rate reconciliation

 

 

 

 

 

 

 

GAAP revenue

$

276,274

 

 

$

186,577

 

 

$

937,385

 

 

$

652,545

 

Less:

 

 

 

 

 

 

 

Additional week in Q4 FY24

 

19,734

 

 

 

 

 

 

19,734

 

 

 

 

Adjusted revenue (1)

$

256,540

 

 

$

186,577

 

 

$

917,651

 

 

$

652,545

 

GAAP revenue growth rate

 

48

%

 

 

48

%

 

 

44

%

 

 

52

%

Adjusted revenue growth rate (1)

 

37

%

 

 

48

%

 

 

41

%

 

 

52

%

 

 

 

 

 

 

 

 

Gross profit and gross margin reconciliation

 

 

 

 

 

 

 

GAAP gross profit

$

207,250

 

 

$

135,049

 

 

$

690,353

 

 

$

469,889

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (2)

 

3,418

 

 

 

2,423

 

 

 

12,725

 

 

 

9,466

 

Non-GAAP gross profit

$

210,668

 

 

$

137,472

 

 

$

703,078

 

 

$

479,355

 

GAAP gross margin

 

75

%

 

 

72

%

 

 

74

%

 

 

72

%

Non-GAAP gross margin

 

76

%

 

 

74

%

 

 

75

%

 

 

73

%

 

 

 

 

 

 

 

 

Operating income (loss) and operating margin reconciliation

 

 

 

 

 

 

 

GAAP loss from operations

$

(123,002

)

 

$

(59,992

)

 

$

(323,347

)

 

$

(259,455

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges (2)

 

67,835

 

 

 

45,331

 

 

 

251,190

 

 

 

181,424

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

4,762

 

 

 

1,056

 

Legal settlement (4)

 

68,665

 

 

 

 

 

 

68,665

 

 

 

 

Non-GAAP income (loss) from operations

$

13,498

 

 

$

(14,661

)

 

$

1,270

 

 

$

(76,975

)

GAAP operating margin

 

(45

)%

 

 

(32

)%

 

 

(34

)%

 

 

(40

)%

Non-GAAP operating margin

 

5

%

 

 

(8

)%

 

 

0

%

 

 

(12

)%

 

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

GAAP net loss

$

(113,371

)

 

$

(53,598

)

 

$

(286,726

)

 

$

(247,422

)

Add:

 

 

 

 

 

 

 

Stock-based compensation expense-related charges

 

67,835

 

 

 

45,331

 

 

 

251,190

 

 

 

181,424

 

Lease modification, impairment, and related charges

 

 

 

 

 

 

 

4,762

 

 

 

1,056

 

Legal settlement (4)

 

68,665

 

 

 

 

 

 

68,665

 

 

 

 

Non-GAAP net income (loss) (5)

$

23,129

 

 

$

(8,267

)

 

$

37,891

 

 

$

(64,942

)

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

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

 

 

 

 

 

 

 

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

$

(0.21

)

 

$

(0.10

)

 

$

(0.54

)

 

$

(0.48

)

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

 

0.25

 

 

 

0.08

 

 

 

0.61

 

 

 

0.35

 

Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted (6)

$

0.04

 

 

$

(0.02

)

 

$

0.07

 

 

$

(0.13

)

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

 

543,250,066

 

 

 

521,515,286

 

 

 

534,878,501

 

 

 

514,279,230

 

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

 

543,250,066

 

 

 

521,515,286

 

 

 

534,878,501

 

 

 

514,279,230

 

Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted (6)

 

571,102,601

 

 

 

521,515,286

 

 

 

562,651,874

 

 

 

514,279,230

 

 

SAMSARA INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(In thousands, except percentages and per share data)

(Unaudited)

 

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

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

 

 

 

 

 

 

 

Net cash used in operating activities

$

(41,878

)

 

$

(4,373

)

 

$

(11,815

)

 

$

(103,021

)

Purchase of property and equipment

 

(2,095

)

 

 

(6,003

)

 

 

(10,953

)

 

 

(33,240

)

Free cash flow

 

(43,973

)

 

 

(10,376

)

 

 

(22,768

)

 

 

(136,261

)

Purchase of property and equipment for build-out of corporate office facilities, net of tenant allowances (7)

 

 

 

 

4,353

 

 

 

(10,179

)

 

 

26,227

 

Legal settlement (8)

 

60,000

 

 

 

 

 

 

60,000

 

 

 

 

Adjusted free cash flow

$

16,027

 

 

$

(6,023

)

 

$

27,053

 

 

$

(110,034

)

Net cash used in operating activities margin

 

(15

)%

 

 

(2

)%

 

 

(1

)%

 

 

(16

)%

Free cash flow margin

 

(16

)%

 

 

(6

)%

 

 

(2

)%

 

 

(21

)%

Adjusted free cash flow margin

 

6

%

 

 

(3

)%

 

 

3

%

 

 

(17

)%

 

(1)

 

Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24.

(2)

 

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

 

Three Months Ended

 

Fiscal Year Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023

Cost of revenue

$

3,418

 

$

2,423

 

$

12,725

 

$

9,466

Research and development

 

26,504

 

 

 

17,897

 

 

 

95,220

 

 

 

64,184

 

Sales and marketing

 

19,893

 

 

 

12,313

 

 

 

75,203

 

 

 

54,072

 

General and administrative

 

18,020

 

 

 

12,698

 

 

 

68,042

 

 

 

53,702

 

Total stock-based compensation expense-related charges (3)

$

67,835

 

 

$

45,331

 

 

$

251,190

 

 

$

181,424

 

 

(3)

 

Stock-based compensation expense-related charges included approximately $3.1 million and $14.1 million of employer taxes on employee equity transactions for the three months and fiscal year ended February 3, 2024, respectively, and approximately $1.3 million and $4.0 million of employer taxes on employee equity transactions for the three months and fiscal year ended January 28, 2023, respectively.

(4)

 

In January 2024, we settled non-recurring lease-related litigation and recognized a one-time operating expense charge of $68.7 million for the three months and fiscal year ended February 3, 2024. The settlement amount consisted of a $60.0 million cash payment and $8.7 million associated with a previously drawn letter of credit.

(5)

 

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

(6)

 

For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period.

(7)

 

In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million.

(8)

 

In January 2024, we settled non-recurring lease-related litigation and made a one-time cash payment of $60.0 million.

 

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