Velodyne Lidar Announces Inaugural Public-Company Third Quarter 2020 Results

  • Completed business combination with Graf Industrial Corp. on September 29, 2020, and started trading on Nasdaq
  • Grew revenue 137% year-over-year to $32.1 million
  • Signed six (6) multi-year agreements during the quarter and now count 24 total contracts
  • Initiated commercial shipments of Velarrays – our next-generation, compact lidar product with best-in-class range and resolution
  • Finished the quarter with $298 million of cash
  • Continued to build upon #1 position in lidar as evidenced by our shipment of 47,500 sensors to date for cumulative revenue of over $650 million

SAN JOSE, Calif. — (BUSINESS WIRE) — November 5, 2020 — Velodyne Lidar (NASDAQ: VLDR, VLDRW), the global leader in lidar technology, today announced financial results for its third quarter ended September 30, 2020.

Dr. Anand Gopalan commented, “We are pleased to present our third quarter results for the first time as a public company. We are also excited about the continued strength we see in the overall lidar markets. Despite the continued impacts of COVID-19, we see growing interest in lidar applications across multiple industries, as evidenced by our accelerating commercial success across all of our focused markets. In this environment, Velodyne continues to demonstrate its leadership as the only at-scale lidar player, through strong technical and business execution.”

Third Quarter 2020 Financial Highlights

  • Revenue: Total revenue of $32.1 million represents a 137% increase year-over-year. Product revenue was $26.1 million in the quarter versus $11.7 million in Q3 2019, and License and Services revenue was $6.0 million, up from $1.8 million in Q3 2019.
  • Units and ASPs: We shipped 2,235 sensor units with a weighted average selling price (ASP) of approximately $5,600. We continue to build out our portfolio of sensor products at different price points that meet many industries’ needs, including those with lower-price application entry points.
  • Agreements: Total active multi-year agreements increased to 24 during the quarter.
  • Pipeline Strength: At the end of the quarter, we are tracking 175 pipeline projects across 25+ industries, representing a 34% increase over 131 projects at the end of 2019.
  • Gross Profit: GAAP and non-GAAP gross profit totaled $15.0 million compared to a third quarter 2019 gross profit of $1.1 million. Previous public guidance reflected a third quarter benefit from a one-time $11 million stocking fee, which positively impacted gross profit.
  • Net Loss and EPS: GAAP net loss was $5.3 million and non-GAAP net loss was $9.1 million. Accordingly, GAAP loss per share was $0.04 and non-GAAP loss per share was $0.06.
  • Shares Outstanding: EPS for the third quarter is calculated using weighted average shares outstanding of 140.5 million. As of September 30, actual shares outstanding were 168.7 million.
  • Liquidity: Cash of $298 million was on the balance sheet at the end of the third quarter.

A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.

Third Quarter 2020 Business Highlights

  • Consummated business combination with Graf Industrial Corp. and began trading on Nasdaq under the tickers VLDR (common stock) and VLDRW (public warrants) on September 30, 2020
  • Awarded six new agreements with diverse applications among each of our three focused market segments – moving people, moving goods, security and smart cities
  • Ongoing activities with our 300+ customers, which include nearly all the leading global automotive manufacturers and technology companies
  • Successfully defended patents with Hesai and RoboSense by entering into recurring global licensing payment agreements
  • Announced a three-year sales agreement with Baidu for our Alpha Prime lidar sensors

Financial Outlook

Velodyne is pleased to reiterate the guidance shared in early September as part of our business combination with Graf Industrial Corp.

  • For the full year 2020, we expect total revenue of approximately $101 million, as previously forecasted.
  • We expect the full year GAAP gross margin, including approximately $7.5 million of stock-based compensation, in the range of 22.6% to 25.6% and the non-GAAP gross margin to be approximately 30% to 33%.
  • For the full year, GAAP operating loss is expected to total between $208 million and $205 million. Non-GAAP operating loss is expected in the range of $67 million to $64 million for the full year of 2020. The primary difference between GAAP and Non-GAAP operating loss is the amortization of stock-based compensation equaling approximately $142 million. Stock-based compensation is calculated using the closing common share price for VLDR on October 30, 2020, which was $12.20. The charge for each employee equity incentive is based on the actual day that the incentives vest.
  • Given our business combination, we estimate fourth quarter actual and fiscal year weighted average shares outstanding of approximately 175.4 million and 148.5 million, respectively.

Conference Call Information

Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on November 5, 2020. Parties in the United States and Canada can access the call by dialing (800) 289-0462, using conference code 805709. The webcast will be accessible on Velodyne’s investor relations website at https://investors.velodynelidar.com/. A telephonic replay of the conference call will be available through November 12, 2020. To access the replay, parties in the United States and Canada should call (888) 203-1112 and enter conference code 7086125.

About Velodyne Lidar

Velodyne Lidar (NASDAQ: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities, and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, please visit  https://velodynelidar.com/ and follow us on Twitter: @VelodyneLidar.

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

September 30, 2020

 

December 31, 2019

 

(Unaudited)

 

 

Assets

 

 

 

Current assets:

 

Cash and cash equivalents

$

297,853

 

 

$

60,004

 

Short-term investments

 

 

2,199

 

Accounts receivable, net

19,405

 

 

11,863

 

Inventories, net

16,422

 

 

14,987

 

Prepaid and other current assets

10,906

 

 

12,918

 

Total current assets

344,586

 

 

101,971

 

Property, plant and equipment, net

17,808

 

 

26,278

 

Goodwill

1,189

 

 

1,189

 

Intangible assets, net

723

 

 

982

 

Contract assets

5,626

 

 

 

Other assets

632

 

 

5,755

 

Total assets

$

370,564

 

 

$

136,175

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

10,447

 

 

$

6,923

 

Accrued expense and other current liabilities

41,134

 

 

31,160

 

Contract liabilities

6,574

 

 

18,261

 

Total current liabilities

58,155

 

 

56,344

 

Long-term tax liabilities

605

 

 

1,360

 

Other long-term liabilities

26,302

 

 

2,225

 

Total liabilities

85,062

 

 

59,929

 

Commitments and contingencies

 

 

 

Stockholders’ equity (as adjusted for December 31, 2019):

 

 

 

Preferred stock

 

 

 

Common stock

17

 

 

14

 

Additional paid-in capital

489,920

 

 

240,464

 

Accumulated other comprehensive loss

(211)

 

 

(216)

 

Accumulated deficit

(204,224)

 

 

(164,016)

 

Total stockholders' equity

285,502

 

 

76,246

 

Total liabilities and stockholders' equity

$

370,564

 

 

$

136,175

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020

 

2019

 

2020

 

2019

Revenue:

 

 

 

 

 

 

 

Product

$

26,099

 

 

$

11,698

 

 

$

53,948

 

 

$

63,234

 

License and services

6,000

 

 

1,819

 

 

23,568

 

 

19,192

 

Total revenue

32,099

 

 

13,517

 

 

77,516

 

 

82,426

 

Cost of revenue:

 

 

 

 

 

 

 

Product

16,482

 

 

14,430

 

 

46,027

 

 

51,384

 

License and services

648

 

 

180

 

 

1,032

 

 

1,498

 

Total cost of revenue

17,130

 

 

14,610

 

 

47,059

 

 

52,882

 

Gross profit

14,969

 

 

(1,093)

 

 

30,457

 

 

29,544

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

10,535

 

 

16,521

 

 

39,653

 

 

42,211

 

Sales and marketing

4,126

 

 

5,126

 

 

12,798

 

 

15,945

 

General and administrative

10,579

 

 

4,148

 

 

26,942

 

 

10,637

 

Gain on sale of assets held-for-sale

(7,529)

 

 

 

 

(7,529)

 

 

 

Restructuring

 

 

 

 

1,043

 

 

 

Total operating expenses

17,711

 

 

25,795

 

 

72,907

 

 

68,793

 

Operating loss

(2,742)

 

 

(26,888)

 

 

(42,450)

 

 

(39,249)

 

Interest income

2

 

 

191

 

 

119

 

 

946

 

Interest expense

(31)

 

 

(18)

 

 

(69)

 

 

(45)

 

Other income (expense), net

38

 

 

(42)

 

 

(105)

 

 

(15)

 

Loss before income taxes

(2,733)

 

 

(26,757)

 

 

(42,505)

 

 

(38,363)

 

Provision for (benefit from) income taxes

2,562

 

 

70

 

 

(4,098)

 

 

122

 

Net loss

$

(5,295)

 

 

$

(26,827)

 

 

$

(38,407)

 

 

$

(38,485)

 

 

Net loss per share:

Basic and diluted

$

(0.04)

 

$

(0.20)

 

$

(0.28)

 

$

(0.29)

Weighted-average shares used in computing net loss per share:

 

 

 

Basic and diluted

140,490,370

133,033,927

139,425,745

133,033,927

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020

 

2019

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(5,295)

 

 

$

(26,827)

 

 

$

(38,407)

 

 

$

(38,485)

 

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

 

 

 

 

 

 

 

Depreciation and amortization

2,091

 

 

2,109

 

 

6,342

 

 

5,804

 

Stock-based compensation

85

 

 

25

 

 

241

 

 

111

 

Write-off of deferred IPO costs

3,548

 

 

 

 

3,548

 

 

 

Gain on sale of assets held-for-sale

(7,529)

 

 

 

 

(7,529)

 

 

 

Provision for doubtful accounts

16

 

 

74

 

 

525

 

 

418

 

Other

4

 

 

(82)

 

 

74

 

 

(418)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable, net

15,847

 

 

3,958

 

 

(8,067)

 

 

7,769

 

Inventories, net

1,134

 

 

(2,460)

 

 

3,329

 

 

(2,074)

 

Prepaid and other current assets

621

 

 

(4,732)

 

 

2,510

 

 

(5,164)

 

Contract assets

 

 

 

 

(8,439)

 

 

38

 

Other assets

94

 

 

249

 

 

358

 

 

703

 

Accounts payable

2,543

 

 

3,254

 

 

3,188

 

 

4,631

 

Accrued expenses and other liabilities

(1,357)

 

 

7,994

 

 

(9,812)

 

 

7,932

 

Contract liabilities

(8,885)

 

 

(1,335)

 

 

2,512

 

 

(1,275)

 

Net cash provided by (used in) operating activities

2,917

 

 

(17,773)

 

 

(49,627)

 

 

(20,010)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property, plant and equipment

(474)

 

 

(1,634)

 

 

(2,197)

 

 

(4,805)

 

Proceeds from sale of assets held-for-sale

12,275

 

 

 

 

12,275

 

 

 

Proceeds from sales of short-term investments

 

 

7,403

 

 

 

 

8,903

 

Proceeds from maturities of short-term investments

 

 

17,100

 

 

2,200

 

 

48,250

 

Purchase of short-term investments

 

 

(5,387)

 

 

 

 

(28,823)

 

Considerations paid for acquisition

 

 

(2,473)

 

 

 

 

(2,473)

 

Net cash provided by investing activities

11,801

 

 

15,009

 

 

12,278

 

 

21,052

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of preferred stock, net of issuance costs

 

 

 

 

19,919

 

 

 

 

Proceeds from Business Combination and PIPE offering, net of transaction costs

248,355

 

 

 

 

248,303

 

 

 

Repurchase of common stock

(1,801)

 

 

 

 

(1,801)

 

 

 

Cash paid for IPO costs

 

 

 

 

(1,144)

 

 

 

Proceeds from notes payable

 

 

 

 

10,000

 

 

 

Net cash provided by (used in) financing activities

246,554

 

 

 

 

275,277

 

 

 

 

Effect of exchange rate fluctuations on cash and cash equivalent

(49)

 

 

(8)

 

 

(79)

 

 

(67)

 

Net increase (decrease) in cash and cash equivalents

261,223

 

 

(2,772)

 

 

237,849

 

 

975

 

Beginning cash and cash equivalents

36,630

 

 

27,651

 

 

60,004

 

 

23,904

 

Ending cash and cash equivalents

$

297,853

 

 

$

24,879

 

 

$

297,853

 

 

$

24,879

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020

 

2019

 

2020

 

2019

Gross profit (loss) on GAAP basis

$

14,969

 

 

$

(1,093)

 

 

$

30,457

 

 

$

29,544

 

Gross margin on GAAP basis

 

47%

 

 

 

(8%)

 

 

 

39%

 

 

 

36%

 

Stock-based compensation

2

 

 

 

 

2

 

 

 

Gross profit (loss) on non-GAAP basis

$

14,971

 

 

$

(1,093)

 

 

$

30,459

 

 

$

29,544

 

Gross margin on non-GAAP basis

 

47%

 

 

 

(8%)

 

 

 

39%

 

 

 

36%

 

 

 

 

 

 

 

 

 

Operation loss on GAAP basis

$

(2,742)

 

 

$

(26,888)

 

 

$

(42,450)

 

 

$

(39,249)

 

Stock-based compensation

85

 

 

25

 

 

241

 

 

111

 

Legal settlements

 

 

 

 

2,479

 

 

 

Gain on Sale of assets held-for-sale

(7,529)

 

 

 

 

(7,529)

 

 

 

Write-off of deferred IPO costs

3,548

 

 

 

 

3,548

 

 

 

Amortization of acquisition-related intangible assets

96

 

 

92

 

 

288

 

 

92

 

Restructuring charges

 

 

 

 

1,043

 

 

 

Operation loss on non-GAAP basis

$

(6,542)

 

 

$

(26,771)

 

 

$

(42,380)

 

 

$

(39,046)

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes on GAAP basis

$

2,562

 

 

$

70

 

 

$

(4,098)

 

 

$

122

 

Non-GAAP tax reconciling adjustments

 

 

 

 

6,679

 

 

 

Provision for income taxes on non-GAAP basis

$

2,562

 

 

$

70

 

 

$

2,581

 

 

$

122

 

 

 

 

 

 

 

 

 

Net loss on GAAP basis

$

(5,295)

 

 

$

(26,827)

 

 

$

(38,407)

 

 

$

(38,485)

 

Stock-based compensation

85

 

 

25

 

 

241

 

 

111

 

Legal settlements

 

 

 

 

2,479

 

 

 

Gain on Sale of assets held-for-sale

(7,529)

 

 

 

 

(7,529)

 

 

 

Write-off of deferred IPO costs

3,548

 

 

 

 

3,548

 

 

 

Amortization of acquisition-related intangible assets

96

 

 

92

 

 

288

 

 

92

 

Restructuring charges

 

 

 

 

1,043

 

 

 

Non-GAAP tax reconciling adjustments

 

 

 

 

(6,679)

 

 

 

Net loss on non-GAAP basis

$

(9,095)

 

 

$

(26,710)

 

 

$

(45,016)

 

 

$

(38,282)

 

 

 

 

 

 

 

 

 

Net loss per share on GAAP basis

 

 

 

 

 

 

 

Basic and diluted

$

(0.04)

 

 

$

(0.20)

 

 

$

(0.28)

 

 

$

(0.29)

 

Weighted-average shares on GAAP basis

 

 

 

 

 

 

 

Basic and diluted

140,490,370

 

 

133,033,927

 

 

139,425,745

 

 

133,033,927

 

 

 

 

 

 

 

 

 

Net loss per share on non-GAAP basis

 

 

 

 

 

 

 

Basic and diluted

$

(0.06)

 

 

$

(0.20)

 

 

$

(0.32)

 

 

$

(0.29)

 

Weighted-average shares on non-GAAP basis

 

 

 

 

 

 

 

Basic and diluted

140,490,370

133,033,927

139,425,745

133,033,927


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