Luminar Provides Business Update with Q4 and Full-Year 2022 Financials

Providing Guidance for Near-term and Long-term Profitability;
Exponential Revenue Acceleration Anticipated with Triple-Digit Percentage Growth for Coming Years

ORLANDO, Fla.--(BUSINESS WIRE)-- Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced at Luminar Day its quarterly business update and financial results for the fourth quarter and full year of 2022, ended December 31, 2022. The company is also providing insight into its long-term forecast and guidance, which is being webcast live at www.luminartech.com/day.

“In 2022, we achieved or exceeded all four key company-level milestones including: achieving the start of production with Iris, advancing our software, and exceeding our previously raised sixty percent year-over-year growth targets for both major commercial wins and our forward-looking order book,” said Tom Fennimore, CFO of Luminar. “This year is already off to a strong start. Existing customers are expanding their business with us, our dialogue with new customers is increasing, and the team is doing a great job executing our industrialization and scaling plans to support upcoming vehicle launches.”

Today, the company also hosted Luminar Day at its headquarters, where it announced several new commercial agreements, revealed its new Iris+ sensor and reported positive industrialization progress, ahead of prior guidance, to meet the strong, forecasted customer demand. A replay of Luminar Day presentations is available at www.luminartech.com/day.

Key Q4 & Full-Year 2022 Financials:

Key financial highlights for the fourth-quarter and full-year ended December 31, 2022:

  • Revenue: Q4 revenue of $11.1 million and full-year revenue of $40.7 million. Both are at the lower end of guidance range primarily due to timing of program and service revenue recognition.
  • GAAP and Non-GAAP net loss: Q4 GAAP net loss was $144.8 million, or $(0.40) per share; Q4 Non-GAAP net loss was $94.9 million, or $(0.26) per share, slightly higher than expectations as we invested in industrialization and ongoing software development. For the full year, GAAP net loss was $445.9 million, or $(1.25) per share; Non-GAAP net loss was $279.3 million, or $(0.78) per share.
  • Cash, Cash Equivalents and Marketable Securities: Cash position, including marketable securities, of $488.9 million as of December 31, 2022, compared to $792.1 million as of December 31, 2021. Net cash used in operating activities was $(74.7) million in Q4 and $(208.2) million for the full year. Free Cash Flow (operating cash flow less capital expenditures) was $(79.5) million in Q4 and $(226.3) million for the full year. Net cash used in operating activities was higher and Free Cash Flow was lower sequentially from Q3 primarily due to operating loss from industrialization & software investments.

Major 2023 Milestone Targets and Financial Guidance:

Today, Luminar updated its annual business milestone targets and financial guidance for the full year of 2023.

Top 3 Critical Business Milestones to Achieve by Year-End 2023:

  1. Bring new high volume, automated manufacturing facility in Mexico online and validate to Volvo’s series production requirements for global vehicle launches
  2. Execute Product and Technology Roadmap
    • Enter Iris+ C-phase
    • Build next-gen lidar prototype
    • Complete software to support Volvo and Mercedes-Benz series production programs
  3. Execute and Grow the Business
    • Add at least $1 billion to forward-looking Order Book in 2023

2023 Financial Outlook:

  • Revenue Growth: The company expects revenue growth of at least 100% in 2023
  • Gross Margin: The company expects to reach positive gross margin by the fourth quarter
  • Cash, Cash Equivalents and Marketable Securities (including liquidity): The company expects to end the year with a balance of greater than $300 million

Plan for Profitability:

At Luminar Day, the company unveiled its plan to achieve near-term as well as long-term profitability, with target metrics beginning this year. Luminar maintains the balance sheet and liquidity required to execute on its current plan and achieve profitability.

For additional information or to be added to our investor distribution list, please visit us at https://investors.luminartech.com/news-events/email-alerts.

Non-GAAP Financial Measures and Other Metrics

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures and certain other metrics. Non-GAAP financial measures and these other metrics do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures and metrics presented by other companies. Luminar considers these non-GAAP financial measures and metrics to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures and metrics to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures and metrics are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures and metrics should not be considered a substitute for financial information presented in accordance with GAAP.

This release includes non-GAAP financial measures, including non-GAAP net loss and Free Cash Flow. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus impairment of investments and certain other assets, plus legal reserve related to employee matters, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 or Form S-3 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus provision for (benefit from) income taxes. Free Cash Flow is defined as operating cash flow less capital expenditures.

We use “Order Book” as a metric to measure performance against anticipated achievement of planned key milestones of our business. Order Book is defined as the forward-looking cumulative billings estimate of Luminar’s hardware and software products over the lifetime of given vehicle production programs which Luminar’s technology is expected to be integrated into or provided for, based primarily on projected / actual contractual pricing terms and our good faith estimates of “take rate” of Luminar’s technology on vehicles. “Take rates” are the anticipated percentage of new vehicles to be equipped with Luminar’s technology based on a combination of original equipment manufacturer (“OEM”) product offering decisions and predicted end consumer purchasing decisions. We include programs in our Order Book when (a) we have obtained a written agreement (e.g. non-binding expression of interest arrangement or an agreement for non-recurring engineering project) or public announcement with a major industry player, and (b) we expect to ultimately be awarded a significant commercial program.

We believe Order Book provides useful information to investors as a supplemental performance metric as our products are currently in a pre-production stage and therefore there are currently no billings or revenues from commercial grade product sales. OEMs customarily place non-cancelable purchase orders with their automotive component suppliers only shortly before or during production. Consequently, we use Order Book to inform investors about the progress of expected adoption of our technologies by OEMs because there is, in our view, no other better metric available at our stage. The Order Book estimate may be impacted by various factors, as described in “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent filings with the Securities and Exchange Commission, including, but not limited to the following:

(i) None of our customers make contractual commitments to use our lidar sensors and software until all test and validation activities have been completed, they have finalized plans for integrating our systems, have a positive expectation of the market demand for our features, and unrelated to us, have determined that their vehicle is ready for market and there is appropriate consumer demand. Consequently, there is no assurance or guarantee that any of our customers, including any programs which we included in our Order Book estimates will ever complete such testing and validation or enter into a definitive volume production agreement with us or that we will receive any billings or revenues forecasted in connection with such programs.
(ii) The development cycles of our products with new customers vary widely depending on the application, market, customer and the complexity of the product. In the automotive market, for example, this development cycle can be as long as seven or more years. Variability in development cycles make it difficult to reliably estimate the pricing, volume or timing of purchases of our products by our customers.
(iii) Customers cancel or postpone implementation of our technology.
(iv) We may not be able to integrate our technology successfully into a larger system with other sensing modalities.
(v) The product or vehicle model that is expected to include our lidar products may be unsuccessful, including for reasons unrelated to our technology.

These risks and uncertainties may cause our future actual sales to be materially different than that implied by the Order Book metric.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected achievement and timing of manufacturing scale up, OEM production readiness, next-gen lidar prototype delivery, Iris+ program milestones and Order Book growth, and expectations for 2023 revenue growth, gross margin improvement, operating expense growth, year-end cash, cash equivalents and marketable securities (including liquidity) balance, and year-end share count. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar’s management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

About Luminar

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology Company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

December 31,

 

2022

 

2021

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

69,552

 

 

$

329,977

 

Restricted cash

 

1,553

 

 

 

725

 

Marketable securities

 

419,314

 

 

 

462,141

 

Accounts receivable

 

11,172

 

 

 

13,013

 

Inventory

 

8,792

 

 

 

10,342

 

Prepaid expenses and other current assets

 

44,203

 

 

 

29,195

 

Total current assets

 

554,586

 

 

 

845,393

 

Property and equipment, net

 

30,260

 

 

 

11,009

 

Operating lease right-of-use assets

 

21,244

 

 

 

9,145

 

Intangible assets, net

 

22,077

 

 

 

2,424

 

Goodwill

 

18,816

 

 

 

3,110

 

Other non-current assets

 

40,344

 

 

 

12,455

 

Total assets

$

687,327

 

 

$

883,536

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

18,626

 

 

$

14,419

 

Accrued and other current liabilities

 

52,962

 

 

 

19,844

 

Operating lease liabilities

 

5,953

 

 

 

4,735

 

Total current liabilities

 

77,541

 

 

 

38,998

 

Warrant liabilities

 

3,005

 

 

 

31,230

 

Convertible senior notes

 

612,192

 

 

 

608,957

 

Operating lease liabilities, non-current

 

16,989

 

 

 

5,768

 

Other non-current liabilities

 

4,005

 

 

 

598

 

Total liabilities

 

713,732

 

 

 

685,551

 

Stockholders’ equity (deficit):

 

 

 

Class A common stock

 

29

 

 

 

27

 

Class B common stock

 

10

 

 

 

10

 

Additional paid-in capital

 

1,558,685

 

 

 

1,257,214

 

Accumulated other comprehensive loss

 

(4,226

)

 

 

(908

)

Treasury stock

 

(312,477

)

 

 

(235,871

)

Accumulated deficit

 

(1,268,426

)

 

 

(822,487

)

Total stockholders’ equity (deficit)

 

(26,405

)

 

 

197,985

 

Total liabilities and stockholders’ equity (deficit)

$

687,327

 

 

$

883,536

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

Products

$

8,357

 

 

$

3,857

 

 

$

18,492

 

 

$

10,118

 

Services

 

2,769

 

 

 

8,487

 

 

 

22,206

 

 

 

21,826

 

Total revenue

 

11,126

 

 

 

12,344

 

 

 

40,698

 

 

 

31,944

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

14,816

 

 

 

9,369

 

 

 

61,985

 

 

 

23,484

 

Services

 

12,910

 

 

 

10,469

 

 

 

38,998

 

 

 

22,608

 

Total cost of sales

 

27,726

 

 

 

19,838

 

 

 

100,983

 

 

 

46,092

 

Gross loss

 

(16,600

)

 

 

(7,494

)

 

 

(60,285

)

 

 

(14,148

)

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

64,925

 

 

 

29,048

 

 

 

185,283

 

 

 

88,861

 

Sales and marketing

 

11,974

 

 

 

5,848

 

 

 

38,672

 

 

 

17,858

 

General and administrative

 

47,178

 

 

 

28,572

 

 

 

158,162

 

 

 

93,685

 

Total operating expenses

 

124,077

 

 

 

63,468

 

 

 

382,117

 

 

 

200,404

 

Loss from operations

 

(140,677

)

 

 

(70,962

)

 

 

(442,402

)

 

 

(214,552

)

Other income (expense), net:

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

2,577

 

 

 

(3,477

)

 

 

9,222

 

 

 

(26,126

)

Impairment of investments and certain other assets

 

(6,016

)

 

 

 

 

 

(6,016

)

 

 

 

Interest expense and other

 

(2,007

)

 

 

(1,168

)

 

 

(11,095

)

 

 

(2,028

)

Interest income and other

 

1,412

 

 

 

1,714

 

 

 

5,024

 

 

 

3,458

 

Total other income (expense), net

 

(4,034

)

 

 

(2,931

)

 

 

(2,865

)

 

 

(24,696

)

Loss before provision for (benefit from) income taxes

 

(144,711

)

 

 

(73,893

)

 

 

(445,267

)

 

 

(239,248

)

Provision for (benefit from) income taxes

 

106

 

 

 

 

 

 

672

 

 

 

(1,262

)

Net loss

$

(144,817

)

 

$

(73,893

)

 

$

(445,939

)

 

$

(237,986

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.40

)

 

$

(0.21

)

 

$

(1.25

)

 

$

(0.69

)

Shares used in computing net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

363,996,601

 

 

 

359,483,729

 

 

 

356,265,774

 

 

 

346,300,975

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Twelve Months Ended December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net loss

$

(445,939

)

 

$

(237,986

)

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

 

 

 

Depreciation and amortization

 

6,566

 

 

 

4,162

 

Amortization of operating lease right-of-use assets

 

5,237

 

 

 

3,705

 

Amortization of premium on marketable securities

 

1,288

 

 

 

1,792

 

Change in fair value of warrants

 

(9,222

)

 

 

26,126

 

Vendor stock-in-lieu of cash program

 

41,459

 

 

 

10,817

 

Amortization of debt discount and issuance costs

 

3,236

 

 

 

 

Impairment of inventories

 

12,154

 

 

 

2,918

 

Loss on sale or disposal of property and equipment

 

 

 

 

752

 

Share-based compensation

 

162,405

 

 

 

77,684

 

Impairment of investments and other assets

 

6,016

 

 

 

 

Expense related to Volvo Warrants

 

 

 

 

959

 

Warranty related to sensors

 

2,481

 

 

 

1,538

 

Deferred taxes

 

232

 

 

 

(1,262

)

Other

 

 

 

 

305

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

5,144

 

 

 

(6,233

)

Inventories

 

(10,477

)

 

 

(10,751

)

Prepaid expenses and other current assets

 

(6,557

)

 

 

(24,340

)

Other non-current assets

 

(3,289

)

 

 

(6

)

Accounts payable

 

5,301

 

 

 

3,838

 

Accrued and other current liabilities

 

17,768

 

 

 

3,578

 

Other non-current liabilities

 

(2,035

)

 

 

(6,017

)

Net cash used in operating activities

 

(208,232

)

 

 

(148,421

)

Cash flows from investing activities:

 

 

 

Acquisition of Freedom Photonics LLC

 

(2,759

)

 

 

 

Acquisition of certain assets from Solfice Research, Inc.

 

(2,001

)

 

 

 

Cash received from acquisition of Optogration, Inc.

 

 

 

 

358

 

Purchases of marketable securities

 

(404,598

)

 

 

(716,933

)

Proceeds from maturities of marketable securities

 

367,367

 

 

 

366,857

 

Proceeds from sales/redemptions of marketable securities

 

88,041

 

 

 

161,910

 

Purchases of property and equipment

 

(15,614

)

 

 

(6,433

)

Disposal of property and equipment

 

 

 

 

53

 

Advances for capital projects and equipment

 

(2,450

)

 

 

 

Net cash provided by (used in) investing activities

 

27,986

 

 

 

(194,188

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of convertible senior notes, net of debt discounts of $15,625

 

 

 

 

609,375

 

Purchases of capped call options

 

 

 

 

(73,438

)

Repayment of debt

 

 

 

 

(112

)

Principal payments on finance leases (capital leases prior to adoption of ASC 842)

 

 

 

 

(289

)

Proceeds from exercise of warrants

 

 

 

 

153,927

 

Proceeds from exercise of stock options

 

3,986

 

 

 

5,859

 

Proceeds from sale of Class A common stock under ESPP

 

1,271

 

 

 

 

Payments of employee taxes related to stock-based awards

 

(3,730

)

 

 

 

Repurchases of common stock and redemption of warrants

 

(80,878

)

 

 

(231,600

)

Other financing activities

 

 

 

 

(130

)

Net cash provided by (used in) financing activities

 

(79,351

)

 

 

463,592

 

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

 

(259,597

)

 

 

120,983

 

Beginning cash, cash equivalents and restricted cash

 

330,702

 

 

 

209,719

 

Ending cash, cash equivalents and restricted cash

$

71,105

 

 

$

330,702

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales

(In thousands)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

GAAP cost of sales

$

27,726

 

 

$

19,838

 

 

$

100,983

 

 

$

46,092

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

6,525

 

 

 

(3,593

)

 

 

(7,680

)

 

 

(6,422

)

Amortization of intangible assets

 

(166

)

 

 

(29

)

 

 

(635

)

 

 

(48

)

Non-GAAP cost of sales

$

34,085

 

 

$

16,216

 

 

$

92,668

 

 

$

39,622

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss

(In thousands)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

GAAP gross loss

$

(16,600

)

 

$

(7,494

)

 

$

(60,285

)

 

$

(14,148

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(6,525

)

 

 

3,593

 

 

 

7,680

 

 

 

6,422

 

Amortization of intangible assets

 

166

 

 

 

29

 

 

 

635

 

 

 

48

 

Non-GAAP gross loss

$

(22,959

)

 

$

(3,872

)

 

$

(51,970

)

 

$

(7,678

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

(In thousands)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

GAAP operating expenses

$

124,077

 

 

$

63,468

 

 

$

382,117

 

 

$

200,404

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(51,056

)

 

 

(24,204

)

 

 

(154,725

)

 

 

(71,262

)

Amortization of intangible assets

 

(525

)

 

 

(35

)

 

 

(1,602

)

 

 

(178

)

Reserve related to employee matters

 

(1,100

)

 

 

 

 

 

(3,100

)

 

 

 

Transaction costs relating to acquisition activities

 

(192

)

 

 

 

 

 

(1,955

)

 

 

 

Expenses related to registration statement on Form S-1 or Form S-3 on behalf of selling stockholders

 

 

 

 

 

 

 

 

 

 

(1,982

)

Non-GAAP operating expenses

$

71,204

 

 

$

39,229

 

 

$

220,735

 

 

$

126,982

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2022

 

2021

 

2022

 

2021

GAAP net loss

$

(144,817

)

 

$

(73,893

)

 

$

(445,939

)

 

$

(237,986

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

44,531

 

 

 

27,797

 

 

 

162,405

 

 

 

77,684

 

Amortization of intangible assets

 

691

 

 

 

64

 

 

 

2,237

 

 

 

226

 

Impairment of investments and certain other assets

 

6,002

 

 

 

 

 

 

6,002

 

 

 

 

Legal reserve related to employee matters

 

1,100

 

 

 

 

 

 

3,100

 

 

 

 

Transaction costs relating to acquisition activities

 

192

 

 

 

 

 

 

1,955

 

 

 

 

Expenses related to registration statement on Form S-1 or Form S-3 on behalf of selling stockholders

 

 

 

 

 

 

 

 

 

 

1,982

 

Change in fair value of warrant liabilities

 

(2,577

)

 

 

3,477

 

 

 

(9,222

)

 

 

26,126

 

Provision for (benefit from) income taxes

 

 

 

 

 

 

 

165

 

 

 

(1,262

)

Non-GAAP net loss

$

(94,878

)

$

(42,555

)

 

$

(279,297

)

 

$

(133,230

)

GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.40

)

 

$

(0.21

)

 

$

(1.25

)

 

$

(0.69

)

Non-GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.26

)

 

$

(0.12

)

 

$

(0.78

)

 

$

(0.38

)

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

363,996,601

 

 

 

359,483,729

 

 

 

356,265,774

 

 

 

346,300,975

 

Shares used in computing Non-GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

363,996,601

 

 

 

359,483,729

 

 

 

356,265,774

 

 

 

346,300,975

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow

(In thousands)

(Unaudited)

 

 

Twelve Months Ended December 31,

 

2022

 

2021

GAAP operating cash flow

$

(208,232

)

 

$

(148,421

)

Non-GAAP adjustments:

 

 

 

Capital expenditures

 

(18,064

)

 

 

(6,433

)

Non-GAAP free cash flow

$

(226,296

)

 

$

(154,854

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Summary of Stock-Based Compensation and Intangibles Amortization

(In thousands)

(Unaudited)

 

 

Three Months Ended December 31,

 

2022

 

2021

 

Stock-Based
Compensation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Intangibles
Amortization

Cost of Sales

$

(6,525

)

 

$

166

 

$

3,593

 

$

29

Research and development

 

13,756

 

 

 

192

 

 

7,473

 

 

15

Sales and marketing

 

6,384

 

 

 

333

 

 

1,567

 

 

20

General and administrative

 

30,916

 

 

 

 

 

15,164

 

 

Total

$

44,531

 

 

$

691

 

$

27,797

 

$

64

 

Twelve Months Ended December 31,

 

2022

 

2021

 

Stock-Based
Compensation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Intangibles
Amortization

Cost of Sales

$

7,680

 

$

635

 

$

6,422

 

$

48

Research and development

 

40,898

 

 

585

 

 

20,216

 

 

25

Sales and marketing

 

15,814

 

 

1,017

 

 

4,546

 

 

153

General and administrative

 

98,013

 

 

 

 

46,500

 

 

Total

$

162,405

 

$

2,237

 

$

77,684

 

$

226

 

Media Relations:
Press@luminartech.com

Investor Relations:
Trey Campbell
trey.campbell@luminartech.com

Source: Luminar