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Fluence Energy, Inc. Reports Fourth Quarter and Fiscal Year 2021 Results

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Fiscal year 2021 results are setting the stage for substantial growth in fiscal year 2022

ARLINGTON, Va., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a leading global pure-play provider of energy storage products, services, as well as digital applications for renewables and storage, today announced its financial results, including record revenue and contracting, for the fiscal year ended September 30, 2021.

Strategic Highlights

  • Record order intake for all offerings

    • Entered into record 1,311 MW of energy storage product contracts during the fiscal year;

    • Entered into record 1,959 MW of energy services contracts during the fiscal year; and

    • Entered into record 2,744 MW of Fluence IQ digital contracts during the fiscal year;

  • Major achievements in all areas of the Fluence Ecosystem

    • Signed the largest energy storage portfolio contract in Europe at 105 total MW (across two different locations);

    • Deployed our Fluence IQ platform to optimize the trading of the largest solar farm in the southern hemisphere at 333 MW; and

    • Awarded the largest privately funded energy storage systems in Australia at 150 MW; accompanied by two cross selling awards for Fluence IQ optimization as well as a 20 year service contract;

  • Strengthened balance sheet for continued growth and solidified market leading position

    • Completed initial public offering (“IPO”) that resulted in gross proceeds of $998 million and commenced trading on the NASDAQ Global Select Market on October 28, 2021;

    • Paid down all outstanding loans and currently debt free following the IPO; and

    • Entered into $190 million revolving credit facility.

Fourth Quarter Financial Highlights

  • Delivered total revenues of $188 million for the fourth fiscal quarter, compared to $239 million for the same quarter last year, in-line with our prior disclosures;

  • Delivered a gross loss of $59 million for the fourth fiscal quarter, compared to a gross profit of $12 million for the same quarter last year;

  • Delivered adjusted gross profit* of $8 million for the fourth fiscal quarter, compared to $12 million for the same quarter last year;

  • Delivered a net loss of $87 million for the fourth fiscal quarter, compared to a net loss of $1 million for the same quarter last year; and

  • Adjusted EBITDA* for the fourth fiscal quarter was $(15) million, compared to $1 million for the same quarter last year, in-line with our prior disclosures.

Fiscal Year 2021 Financial Highlights

  • Delivered record total revenues of approximately $681 million for fiscal year 2021, an increase of 21% from the prior year;

  • Delivered a gross loss of $69 million for fiscal year 2021, compared to a gross profit of $8 million in the prior year;

  • Delivered fiscal year adjusted gross profit* of $15 million, compared to $9 million for the prior year;

  • Delivered a net loss of $162 million for fiscal year 2021, compared to a net loss of $47 million in the prior year;

  • Adjusted EBITDA* for the fiscal year 2021 was $(65) million, compared to $(36) million for the prior year, in-line with expectations;

  • Basic and diluted earnings per share of $(1.38), compared to $(0.40) for the prior year, in-line with expectations; and

  • Industry leading backlog of $1.7 billion as of September 30, 2021.

*Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures“ for details, as well as reconciliations to the most directly comparable financials measures stated in accordance with GAAP.

“I would like to thank the entire Fluence team for their dedication to delivering our products, services and digital applications to our customers,” said President and Chief Executive Officer, Manuel Perez Dubuc. “We achieved numerous milestones this past year that culminated in the initial public offering of our company which successfully placed 35,650,000 class A shares and resulted in almost one billion dollars in proceeds. These funds will provide us the ability to continue to grow and expand our products and services as we look to further establish ourselves as a market leader.”

“Fluence is in an exceptional position with its strong balance sheet that is now debt free and primed to enable the execution of our strategic objectives to further increase shareholder value,” said Chief Financial Officer, Dennis Fehr.

Dubuc concluded, “As we begin a new fiscal year, we will remain focused on providing innovative solutions for our customers while looking to expand our offerings. We are excited by our current and future prospects, and we are gaining improved visibility to additional opportunities as evident by our growing pipeline. We envision 2022 to be a year of substantial growth for our company as the need for energy storage and digital applications continues to expand. We are also extremely encouraged by the recent announcements from both foreign and domestic governments regarding the need to expand emission reduction targets to mitigate climate change as well as polices enhancing the development of renewables and energy storage, these announcements are the first of many steps towards a more sustainable future and provides further upside for our business.”

Fiscal year 2021 achieved many milestones and company records as a result of the tremendous growth experienced throughout the year. Among them, total revenue increased year over year by approximately 21% to a record of approximately $681 million driven mostly by revenue from sales of energy storage products including our proprietary sixth-generation technology stack, which is the foundation of our energy storage products. The technology stack is comprised of our modular, factory-built hardware, Fluence Cube, our proprietary operating system, Fluence OS, and our AI-enabled digital platform, Fluence IQ.

This record setting performance even includes the previously disclosed fourth quarter revenue delays resulting from the COVID-19 global pandemic, such as delays in shipping of our energy storage products and temporary closures of customer construction sites. We expect many of these delayed projects to be resolved in fiscal year 2022 and thus the Company expects revenue recognition related thereto will coincide with the project resolutions in fiscal year 2022 and bolster our results during that time period.

We delivered a net loss of $162 million in fiscal year 2021, an increase from the net loss of $47 million in the prior fiscal year. The increase in net loss was mainly driven by (i) capacity constraints within the shipping industry and increased shipping costs, both of which are caused primarily as a result of the COVID-19 pandemic, (ii) cost overruns and delays experienced in some projects currently under construction, (iii) the previously disclosed Cargo Loss Incident, and (iv) increased expenses in general and administrative, sales and marketing and research and development due to the growth and expansion of our business and the build out of our corporate functions.

Share Count

The shares of the Company’s common stock following the consummation of the IPO are presented below:

in millions

Common Shares

Class B-1 common stock held by AES Grid Stability, LLC

58.587

Class B-1 common stock held by Siemens Industry, Inc.

58.587

Class A common stock held by Qatar Holding LLC

18.493

Class A common stock issued in IPO

35.650

Total class A and class B-1 common stock outstanding (1)

171.317

(1) Before incentive compensation award plans

Fiscal Year 2022 Total Revenue Guidance and Annual Seasonality

The Company expects its fiscal year 2022 total revenue to be approximately $1.1 billion to approximately $1.3 billion. This guidance is based on our expectation that the aforementioned delays in shipping of our energy storage products and temporary closures of customer constructions sites are resolved as we currently anticipate during fiscal year 2022. However, there is no guarantee that we will achieve these results.

Fluence’s business has historically been subject to seasonality due to the timing of many projects coming online around the northern hemisphere summer peak season. As a result, revenue recognition as a percentage of annual revenue has historically been approximately 15% during Q1, approximately 15% during Q2, approximately 40% during Q3, and approximately 30% during Q4 of the Company’s fiscal year ending September 30.

Fiscal year ending September 30

FY Q1
(Oct – Dec)

FY Q2
(Jan – Mar)

FY Q3
(Apr – Jun)

FY Q4
(Jul – Sep)

Approximate Percentage of Annual Revenue

15

%

15

%

40

%

30

%


Calendar year ending December 31

CY Q1
(Jan – Mar)

CY Q2
(Apr – Jun)

CY Q3
(Jul – Sep)

CY Q4
(Oct – Dec)

Approximate Percentage of Annual Revenue

15

%

40

%

30

%

15

%

Conference Call Information

Fluence will conduct a teleconference starting at 8:30 a.m. EST on Thursday, December 9th, 2021, to discuss the fourth quarter and fiscal year 2021 results. To participate, dial +1 (855)-638-9362 (US/Canada toll-free) or +1 (281)-456-4059 (international) and refer to conference ID 9084579 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: https://edge.media-server.com/mmc/p/xvhgex5h, or on https://ir.fluenceenergy.com/news-events. Supplemental materials that may be referenced during the teleconference will be available on our website.

A replay of the conference call will be available after 1 p.m. EST on Thursday, December 9, 2021. The replay will be available on the company’s website at https://ir.fluenceenergy.com/news-events.

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin %, Adjusted Net Income (Loss), and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables contained at the end of this release.

About Fluence

Fluence is a leading global provider of energy storage products and services and AI-enabled digital applications for renewables and storage. Our energy storage products are built on our sixth-generation technology stack (“Tech Stack”), which combines our modular, factory-built hardware (“Fluence Cube”) with a proprietary edge-based controls system (“Fluence OS”). Our service offerings include delivery services and recurring operational services, as well as financing structuring services, such as energy-storage-as-a-service (“ESaaS”). The Fluence IQ Digital Platform includes the Fluence Bidding Application, which delivers AI-powered market bidding optimization for solar, wind, and energy storage assets, including non-Fluence energy storage systems.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Guidance and Annual Seasonality” and other statements regarding future financial performance, business strategies, expansion plans, future results of operations, future revenue recognition and estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this presentation, words such as such as “may,” ”possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our ability to achieve or maintain profitability, our ability to successfully execute our business and growth strategy, our ability to develop new product offerings and services, the potential adverse effects of the ongoing global COVID-19 pandemic, including capacity constraints within the shipping industry, increased shipping costs and delays in the shipping of our energy storage products, and other factors set forth under the caption “Risk Factors” in our prospectus dated October 27, 2021, filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b) and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Contacts

Analyst
Samuel Chong
+1 872-301-2501
Email : InvestorRelations@fluenceenergy.com

Lexington May
+1 713-909-5629
Email : InvestorRelations@fluenceenergy.com

Media
Alison Mickey
+1 703-721-8818



FLUENCE ENERGY, LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
(U.S. Dollars in Thousands, except unit and per unit amounts)

Three Months Ended
September 30,

Fiscal Year Ended
September 30,

2021

2020

2021

2020

Revenue

$

163,658

$

224,551

$

594,055

$

401,676

Revenue from related parties

24,547

14,913

86,711

159,647

Total Revenue

188,205

239,464

680,766

561,323

Cost of goods and services

247,266

227,456

749,910

553,400

Gross (loss) profit

(59,061

)

12,008

(69,144

)

7,923

Operating expenses:

Research and development

6,176

2,989

23,427

11,535

Sales and marketing

5,742

3,977

22,624

16,239

General and administrative

15,003

5,249

38,162

17,940

Depreciation and amortization

1,618

769

5,112

3,018

Interest expense

536

85

1,435

128

Other (expenses) income, net

(108

)

698

(270

)

648

Loss before income taxes

(88,244

)

(363

)

(160,174

)

(40,289

)

Income tax expense (benefit)

(1,045

)

743

1,829

6,421

Net loss

$

(87,199

)

$

(1,106

)

$

(162,003

)

$

(46,710

)

Loss Per Unit

Basic and Diluted

$

(0.74

)

$

(0.01

)

$

(1.38

)

$

(0.40

)

Weighted Average Number of Units

Basic and Diluted

117,173,390

117,173,390

117,173,390

117,173,390

Foreign currency translation (loss) gain, net of income tax benefit (expense) of $0 in each period

96

280

(614

)

1,270

Actuarial gain (loss) on pension liabilities, net of income tax (expense) benefit of $0 in each period

128

210

128

210

Total other comprehensive income (loss)

224

490

(486

)

1,480

Total comprehensive loss

$

(86,975

)

$

(616

)

$

(162,489

)

$

(45,230

)


FLUENCE ENERGY, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(U.S. Dollars in Thousands, except unit amounts)

September 30,

2021

2020

Assets

Current assets:

Cash and cash equivalents

$

36,829

$

93,815

Trade receivables

46,664

32,097

Unbilled receivables

101,975

100,037

Receivables from related parties

33,362

52,452

Advances to suppliers

9,741

2,876

Inventory, net

389,787

37,310

Other current assets

43,157

8,886

Total current assets

661,515

327,473

Non-current assets:

Property and equipment, net

8,206

5,170

Intangible assets, net

36,057

26,298

Goodwill

9,176

4,731

Deferred income tax asset

1,184

Other non-current assets

1,537

353

Total non-current assets

56,160

36,552

Total assets

$

717,675

$

364,025

Liabilities, mezzanine equity, and members’ equity (deficit)

Current liabilities:

Accounts payable

$

158,366

$

78,132

Deferred revenue

71,365

123,841

Borrowing from line of credit

50,000

Borrowing from related parties

50,000

Personnel related liabilities

12,861

8,534

Accruals and provisions

186,143

137,696

Payables and deferred revenue with related parties

227,925

22,464

Taxes payable

12,892

5,937

Other current liabilities

1,941

1,636

Total current liabilities

771,493

378,240

Non-current liabilities:

Personnel related liabilities

1,607

1,829

Accruals and provisions

257

257

Deferred income tax liability

163

Other non-current liabilities

517

761

Total non-current liabilities

2,381

3,010

Total liabilities

773,874

381,250

Commitments and Contingencies

Mezzanine equity (18,493,275 and 0 Class B units issued and outstanding as of September 30, 2021 and 2020, respectively)

117,235

Total mezzanine equity

117,235

Members’ equity (deficit):

Capital contributions (117,173,390 Class A units issued and outstanding as of September 30, 2021 and 2020, respectively)

106,152

99,872

Accumulated other comprehensive (loss) income

(285

)

201

Deficit

(279,301

)

(117,298

)

Total members’ equity (deficit)

(173,434

)

(17,225

)

Total liabilities, mezzanine equity, and members’ equity (deficit)

$

717,675

$

364,025


FLUENCE ENERGY, LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. Dollars in Thousands)

Fiscal Year Ended
September 30,

2021

2020

Operating activities

Net loss

$

(162,003

)

$

(46,710

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Depreciation and amortization

5,112

3,018

Inventory provision

14,197

Deferred income taxes

(1,346

)

1,900

Provision (benefit) on loss contracts

27,161

(2,946

)

Changes in operating assets and liabilities:

Trade receivables

(14,567

)

(25,149

)

Unbilled receivables

(1,938

)

(90,333

)

Receivables from related parties

15,901

(45,781

)

Advances to suppliers

(6,865

)

1,160

Inventory

(366,674

)

(26,626

)

Other current assets

(32,369

)

(4,420

)

Other non-current assets

(1,184

)

2,468

Accounts payable

73,914

63,086

Payables and deferred revenue with related parties

205,461

(41,147

)

Deferred revenue

(52,476

)

70,861

Current accruals and provisions

21,286

122,840

Taxes payable

6,955

762

Other current liabilities

4,632

4,069

Other non-current liabilities

(466

)

(1,068

)

Net cash (used in) provided by operating activities

(265,269

)

(14,016

)

Investing activities

Proceeds from (purchases of) short-term investments

20,000

Cash paid for business acquisition

(18,000

)

Purchase of property and equipment

(4,292

)

(1,780

)

Net cash (used in) provided by investing activities

(22,292

)

18,220

Financing activities

Capital contribution from Members

6,280

2,500

Proceeds from issuance of Class B membership units

125,000

Borrowing from promissory notes – related parties

125,000

Repayment of promissory notes – related parties

(75,000

)

Borrowing from line of credit

100,000

14,500

Repayment of line of credit

(50,000

)

(14,500

)

Payment of equity issuance costs

(3,343

)

Other

3,189

Net cash provided by financing activities

231,126

2,500

Effect of exchange rate changes on cash and cash equivalents

(547

)

1,327

Net (decrease) increase in cash and cash equivalents

(56,982

)

8,031

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

95,051

87,020

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

$

38,069

$

95,051


FLUENCE ENERGY, LLC

KEY OPERATING METRICS (Unaudited)

The following tables present our key operating metrics as of September 30, 2021 and 2020, and for the three months and fiscal years ended September 30, 2021 and 2020.

September 30,

(amounts in MW)

2021

2020

Change

Change %

Energy Storage Products

Deployed

971

460

511

111.1

%

Contracted Backlog

2,679

1,879

800

42.6

%

Pipeline

14,161

11,320

2,841

25.1

%

Service Contracts

Asset under Management

772

276

496

179.7

%

Contracted Backlog

1,918

455

1,463

321.5

%

Pipeline

10,930

7,889

3,041

38.5

%

Digital Contracts

Asset under Management

3,108

3,108

n/a

Contracted Backlog

1,629

1,629

n/a

Pipeline

3,301

3,301

n/a


Three Months Ended
September 30,

Fiscal Year Ended
September 30,

(amounts in MW)

2021

2020

Change

Change %

2021

2020

Change

Change %

Energy Storage Products

Contracted

821

279

542

194.3

%

1,311

844

467

55.3

%

Service Contracts

Contracted

749

205

544

265.4

%

1,959

232

1,727

744.4

%

Digital Contracts

Contracted

1,010

1,010

n/a

2,744

2,744

n/a


FLUENCE ENERGY, LLC

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Unaudited)

The following tables present our non-GAAP measures for the periods indicated.

Three Months Ended
September 30,

Fiscal Year Ended
September 30,

($ in thousands)

2021

2020

Change

Change %

2021

2020

Change

Change %

Net loss

$

(87,199

)

$

(1,106

)

$

(86,093

)

(7784.2

)%

$

(162,003

)

$

(46,710

)

$

(115,293

)

(246.8

)%

Add (deduct):

Interest expense (income), net

528

77

451

585.7

1,429

(379

)

1,808

477.0

Income tax expense (benefit)

(1,045

)

743

(1,788

)

(240.6

)

1,829

6,421

(4,592

)

(71.5

)

Depreciation and amortization

1,618

769

849

110.4

5,112

3,018

2,094

69.4

Non-recurring expenses(a)

70,809

773

70,036

9,060.3

88,959

1,767

87,192

4,934.5

Adjusted EBITDA

$

(15,289

)

$

1,256

$

(16,545

)

(1317.3

)%

$

(64,674

)

$

(35,883

)

$

(28,791

)

(80.2

)%

(a) Amount for fiscal year 2021 included $23.6 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, $12.4 million related to the 2021 cargo loss incident, and $4.8 million non-recurring IPO-related expenses which did not qualify for capitalization. Amount in fiscal year2020 included $0.8 million of costs associated with the AMS acquisition and a $1.0 million expense associated with a safety incident in 2019;

Amount for the three months ended September 30, 2021 included $16.7 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, $2.6 million related to the 2021 cargo loss incident, and $3.3 million non-recurring IPO-related expenses which did not qualify for capitalization. Amount for the three months ended September 30, 2020 included $0.8 million of costs associated with the AMS acquisition.

Three Months Ended
September 30,

Fiscal Year Ended
September 30,

($ in thousands)

2021

2020

Change

Change %

2021

2020

Change

Change %

Total Revenue

$

188,205

$

239,464

$

(51,259

)

(21.4

)%

$

680,766

$

561,323

$

119,443

21.3

%

Cost of goods and services

247,266

227,456

19,810

8.7

749,910

553,400

196,510

35.5

Gross profit (loss)

(59,061

)

12,008

(71,069

)

(591.8

)

(69,144

)

7,923

(77,067

)

(972.7

)

Add (deduct):

Non-recurring expenses (income)(a)

67,516

(16

)

67,532

(422075.0

)

84,153

978

83,175

8504.6

Adjusted Gross Profit

$

8,455

$

11,992

$

(3,537

)

(29.5

)%

$

15,009

$

8,901

$

6,108

68.6

%

Adjusted Gross Profit Margin %

4.5

%

5.0

%

2.2

%

1.6

%

​​​(a) Amount in fiscal year 2021 included $23.6 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, and $12.4 million related to the 2021 cargo loss incident. Amount in fiscal year 2020 included a $1.0 million expense associated with a safety incident in 2019.

Amount for the three months ended September 30, 2021 included $16.7 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, and $2.6 million related to the 2021 cargo loss incident.

Three Months Ended
September 30,

Fiscal Year Ended
September 30,

($ in thousands)

2021

2020

Change

Change %

2021

2020

Change

Change %

Net loss

$

(87,199

)

$

(1,106

)

$

(86,093

)

(7784.2

)%

$

(162,003

)

$

(46,710

)

$

(115,293

)

(246.8

)%

Add (deduct):

Amortization of intangible

$

915

$

624

291

46.6

$

3,552

$

2,484

1,068

43.0

Non-recurring expenses(a)

70,809

773

70,036

9060.3

88,959

1,767

87,192

4934.5

Adjusted Net (Loss) Income

$

(15,475

)

$

291

$

(15,766

)

(5417.9

)%

$

(69,492

)

$

(42,459

)

$

(27,033

)

(63.7

)%

​​​​(a) Amount in fiscal year 2021 included $23.6 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, $12.4 million related to the 2021 cargo loss incident, and $4.8 million non-recurring IPO-related expenses which did not qualify for capitalization. Amount in fiscal year 2020 included $0.8 million of costs associated with the AMS acquisition and a $1.0 million expense associated with a safety incident in 2019.

Amount for the three months ended September 30, 2021 included $16.7 million related to non-recurring excess shipping costs and $48.2 million of project charges which are compounding effects of the COVID-19 pandemic, $2.6 million related to the 2021 cargo loss incident, and $3.3 million non-recurring IPO-related expenses which did not qualify for capitalization. Amount for the three months ended September 30, 2020 included $0.8 million of costs associated with the AMS acquisition.

Three Months Ended
September 30,

Fiscal Year Ended
September 30,

($ in thousands)

2021

2020

Change

Change %

2021

2020

Change

Change %

Net cash (used in) provided by operating activities

$

(125,992

)

$

61,849

$

(187,841

)

(303.7

)%

$

(265,269

)

$

(14,016

)

$

(251,253

)

(1792.6

)%

Less: Purchase of property and equipment

(1,293

)

(767

)

(526

)

68.6

(4,292

)

(1,780

)

(2,512

)

141.1

Free Cash Flows

$

(127,285

)

$

61,082

$

(188,367

)

(308.4

)%

$

(269,561

)

$

(15,796

)

$

(253,765

)

(1606.5

)%


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