Filed pursuant to Rule 424(b)(3)
Registration No. 333-253759
PROSPECTUS SUPPLEMENT NO. 1
(to Prospectus dated March 11, 2021)
ChargePoint Holdings, Inc.
Up to 246,020,583 Shares of Common Stock
6,521,568 Warrants to Purchase
Common Stock
This prospectus supplement supplements the prospectus dated March 11, 2021 (the “Prospectus”), which forms a part of our registration statement on Form S-1 (No. 333-253759). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 11, 2021 and (the “Current Report”). Accordingly, we have attached the Current Report to this prospectus supplement.
The Prospectus and this prospectus supplement relate to the issuance by us of up to an aggregate of up to 10,470,562 shares of our common stock, $0.0001 par value per share (“Common Stock”) that are issuable upon the exercise of our publicly-traded warrants (the “Public Warrants”), up to 6,521,568 shares of our Common Stock issuable upon exercise of private placement warrants issued to NGP Switchback, LLC (the “Private Warrants”), and other warrants to purchase up to 8,266,681 shares of our Common Stock. The Prospectus and this prospectus supplement also relate to the resale from time to time, upon the expiration of lock-up agreements, by (i) the selling stockholders named in the Prospectus or their permitted transferees of up to 220,761,772 shares of our common stock and (ii) the selling holders of Private Warrants.
Our Common Stock and Public Warrants are listed on the New York Stock Exchange under the symbols “CHPT” and “CHPT WS,” respectively. On March 10, 2021, the closing price of our Common Stock was $28.63 and the closing price for our Public Warrants was $13.75.
We are an “emerging growth company” under applicable federal securities laws and will be subject to reduced public company reporting requirements.
INVESTING IN OUR SECURITIES INVOLVES RISKS THAT ARE DESCRIBED IN THE “RISK FACTORS” SECTION BEGINNING ON PAGE 10 OF THE PROSPECTUS.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued under this prospectus supplement or the Prospectus or determined if this prospectus supplement or the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is March 11, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported): March 11, 2021
ChargePoint Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-39004 | 84-1747686 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
240 East Hacienda Avenue Campbell, CA | 95008 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
(408) 841-4500
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 | CHPT | New York Stock Exchange | ||
Warrants, each whole warrant exercisable for Common Stock at an exercise price of $11.50 per share | CHPT WS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 11, 2021, ChargePoint Holdings, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal fourth quarter and fiscal year ended January 31, 2021. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description of Exhibit | |
| 99.1 | Press release dated as of March 11, 2021 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHARGEPOINT HOLDINGS, INC. | ||
| By | /s/ Rex Jackson | |
| Name: Rex Jackson | ||
| Title: Chief Financial Officer | ||
Date: March 11, 2021
Exhibit 99.1
ChargePoint Reports Fourth Quarter and Fiscal 2021 Financial Results
| • | Fiscal Year 2021 revenue of $146 million, exceeding forecast |
| • | Completed business combination with Switchback Energy Acquisition Corporation; began trading on the NYSE on March 1, 2021 |
| • | Increased total cash balance to $615 million at the close of the business combination to fund growth initiatives |
Campbell, Calif. – March 11, 2021 – ChargePoint Holdings, Inc. (NYSE:CHPT) (the “Company” or “ChargePoint”), a world-leading electric vehicle (EV) charging network, today announced fourth quarter and full-year fiscal 2021 financial results.
“Last year the global EV sector continued to show strength as EV sales grew despite a slow overall vehicle market, bolstered by policy trends that continued to accelerate the shift to electric in North America and Europe,” said Pasquale Romano, President and CEO of ChargePoint. “In 2020, we continued to strengthen our market leadership position and expect our growth to be fueled by dozens of new EV models anticipated in 2021 across a wide range of segments and price points. With a strong balance sheet and a capital light business model, ChargePoint is well positioned to create shareholder value through broad attachment to the electrification of mobility for fleet and consumer vehicle markets.”
Financial Highlights
| • | Revenue. For the fourth quarter that ended January 31, 2021, revenue was $42.4 million compared to $43.2 million in the fourth quarter of the prior year period. For the fiscal year ended January 31, 2021, revenue was $146.5 million, up from $144.5 million in the prior year period. |
| • | Gross Margin. Fourth quarter GAAP (as defined below) gross margin was 21.0%, up from 20.4% in the prior year’s fourth quarter. Fourth quarter non-GAAP gross margin was 21.6% compared to 20.5% in the prior year’s fourth quarter. Fiscal year 2021 GAAP gross margin was 22.5%, a 10 percentage point improvement over gross margin of 12.5% in the prior year period. Non-GAAP gross margin for fiscal 2021 was 22.6%, compared to 12.5% in the prior year period. |
| • | Net loss. Fourth quarter GAAP net loss was $90.7 million compared to $33.8 million in the fourth quarter of the prior year, primarily due to a change in fair value of the company’s redeemable convertible preferred stock warrant liability. Fourth quarter non-GAAP net loss was $33.6 million compared to $32.5 million in the prior year’s fourth quarter. Fiscal year 2021 GAAP net loss was $197.0 million compared to $134.3 million in the prior year period, primarily reflecting the fiscal fourth quarter warrant charge. Non-GAAP net loss for fiscal 2021 was $117.8 million compared to $129.9 million in the prior year period. |
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| • | Liquidity. As of January 31, 2021, cash on the balance sheet was $145 million. At the close of the business combination on February 26, 2021, cash on the balance sheet was $615 million. |
| • | Shares Outstanding. At the close of the business combination on February 26, 2021, there were 277.8 million shares of common stock outstanding. |
For a reconciliation of our GAAP to non-GAAP results, please see the tables below.
Fiscal 2022 Guidance
ChargePoint provides guidance based on current market conditions and expectations. For the first quarter ending April 30, 2021, which typically experiences seasonally lower networked station sales compared to the fourth quarter, ChargePoint expects revenue of $35 - $40 million. The Company expects revenue for fiscal 2022 of $195 - $205 million, consistent with its previously published estimates, and representing 37% year-over-year growth at the midpoint.
Conference Call Information
ChargePoint will host a webcast today at 1:30 p.m. PST/4:30 p.m. EST to review its fourth quarter and fiscal 2021 financial results and its outlook for the first quarter of fiscal 2022 and fiscal 2022. A question and answer session will follow prepared remarks.
Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint’s investor relations website (investors.chargepoint.com) under the “Events and Presentations” section. A replay will be available three hours after the conclusion of the webcast and archived for one year.
About ChargePoint
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for a wide range of charging scenarios from home and multifamily to workplace, parking, hospitality, retail and fleets. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 89 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or the Investor Relations team.
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Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our financial outlook for the first fiscal quarter of 2022 and fiscal 2022. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions; our ability to expand in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2021, which is available on our website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Use of Non-GAAP Financial Measures
ChargePoint has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing the Company’s financial results with other companies in its industry as well other technology companies, many of which present similar non-GAAP financial measures.
The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
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Non-GAAP Gross Margin. ChargePoint defines non-GAAP gross margin as gross margin excluding amortization expense of acquired intangible assets, share-based compensation expense, and non-recurring costs associated with a restructuring.
Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net loss, excluding amortization expense of acquired intangible assets, share-based compensation-expense and the associated share-based payroll tax expense, non-recurring costs associated with restructuring, acquisitions and litigation settlements, and non-cash charges related to the revaluation of warrants and other financial instruments. These amounts do not reflect the impact of any related tax effects.
Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures to analyze financial results and trends. In particular, many of the adjustments to ChargePoint’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future, such as share-based compensation, which is an important part of ChargePoint’s employees’ compensation and impacts hiring, retention and performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that ChargePoint excludes in its calculation of non-GAAP financial measures may differ from the components that other companies exclude when they report their non-GAAP results. ChargePoint compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, ChargePoint may also exclude other expenses it determines do not reflect the performance of the Company’s operating results.
CHPT-IR
Contacts
Press
Darryll Harrison
Senior Director, Global Communications and Social Media
669-237-3380
media@chargepoint.com
Investor Relations
Dan Oppenheim, Financial Profiles, Inc.
310-622-8235
Megan McGrath, Financial Profiles, Inc.
310-622-8248
investors@chargepoint.com
# # #
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ChargePoint, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
| January 31, | January 31, | |||||||
| 2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 145,491 | $ | 72,753 | ||||
Restricted cash | 400 | 400 | ||||||
Short-term investments | — | 47,037 | ||||||
Accounts receivable, net | 35,075 | 38,488 | ||||||
Inventories | 33,592 | 25,419 | ||||||
Prepaid expenses and other current assets | 12,074 | 7,221 | ||||||
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Total current assets | 226,632 | 191,318 | ||||||
Property and equipment, net | 29,988 | 27,941 | ||||||
Operating lease right-of-use assets | 21,817 | 10,269 | ||||||
Goodwill | 1,215 | 1,215 | ||||||
Other assets | 10,468 | 3,448 | ||||||
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Total assets | $ | 290,120 | $ | 234,191 | ||||
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Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19,784 | $ | 19,631 | ||||
Accrued and other current liabilities | 47,162 | 37,659 | ||||||
Deferred revenue | 40,934 | 39,408 | ||||||
Debt, current | 10,208 | — | ||||||
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Total current liabilities | 118,088 | 96,698 | ||||||
Deferred revenue, noncurrent | 48,896 | 33,266 | ||||||
Debt, noncurrent | 24,686 | 34,261 | ||||||
Operating lease liabilities | 22,459 | 8,230 | ||||||
Redeemable convertible preferred stock warrant liability | 75,843 | 2,718 | ||||||
Other long-term liabilities | 972 | 798 | ||||||
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Total liabilities | 290,944 | 175,971 | ||||||
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Redeemable convertible preferred stock | 615,697 | 520,241 | ||||||
Stockholders’ deficit: | ||||||||
Common stock | 2 | 1 | ||||||
Additional paid-in capital | 62,736 | 20,331 | ||||||
Accumulated other comprehensive income (loss) | 155 | 37 | ||||||
Accumulated deficit | (679,414 | ) | (482,390 | ) | ||||
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Total stockholders’ deficit | (616,521 | ) | (462,021 | ) | ||||
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Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | $ | 290,120 | $ | 234,191 | ||||
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ChargePoint, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
| Three Months Ended January 31, | Twelve Months Ended January 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | ||||||||||||||||
Networked charging systems | $ | 28,303 | $ | 29,873 | $ | 91,893 | $ | 101,012 | ||||||||
Subscriptions | 10,965 | 7,865 | 40,563 | 28,930 | ||||||||||||
Other | 3,123 | 5,506 | 14,034 | 14,573 | ||||||||||||
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Total revenue | 42,391 | 43,244 | 146,490 | 144,515 | ||||||||||||
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Cost of revenue | ||||||||||||||||
Networked charging systems | 25,677 | 28,056 | 87,083 | 105,940 | ||||||||||||
Subscriptions | 5,838 | 4,725 | 20,385 | 16,244 | ||||||||||||
Other | 1,973 | 1,626 | 6,073 | 4,289 | ||||||||||||
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Total cost of revenue | 33,488 | 34,407 | 113,541 | 126,473 | ||||||||||||
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Gross profit | 8,903 | 8,837 | 32,949 | 18,042 | ||||||||||||
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Operating expenses | ||||||||||||||||
Research and development | 20,946 | 19,233 | 75,017 | 69,464 | ||||||||||||
Sales and marketing | 15,700 | 15,766 | 53,002 | 56,997 | ||||||||||||
General and administrative | 7,577 | 6,294 | 25,922 | 23,945 | ||||||||||||
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Total operating expenses | 44,223 | 41,293 | 153,941 | 150,406 | ||||||||||||
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Loss from operations | (35,320 | ) | (32,456 | ) | (120,992 | ) | (132,364 | ) | ||||||||
Interest income | 17 | 508 | 315 | 3,245 | ||||||||||||
Interest expense | (810 | ) | (863 | ) | (3,253 | ) | (3,544 | ) | ||||||||
Change in fair value of redeemable convertible preferred stock warrant liability | (54,824 | ) | (219 | ) | (73,125 | ) | (875 | ) | ||||||||
Other income (expense), net | 185 | (655 | ) | 229 | (565 | ) | ||||||||||
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Net loss before income taxes | (90,752 | ) | (33,685 | ) | (196,826 | ) | (134,103 | ) | ||||||||
Provision for income taxes | (5 | ) | 126 | 198 | 224 | |||||||||||
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Net loss | $ | (90,747 | ) | $ | (33,811 | ) | $ | (197,024 | ) | $ | (134,327 | ) | ||||
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Accretion of beneficial conversion feature of redeemable convertible preferred stock | — | — | (60,377 | ) | — | |||||||||||
Cumulative undeclared dividends on redeemable convertible preferred stock | (12,839 | ) | — | (16,799 | ) | — | ||||||||||
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Net loss attributable to common stockholders | $ | (103,586 | ) | $ | (33,811 | ) | $ | (274,200 | ) | $ | (134,327 | ) | ||||
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Net loss per share attributable to common stockholders, basic and diluted | $ | (5.29 | ) | $ | (3.05 | ) | $ | (18.08 | ) | $ | (15.05 | ) | ||||
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Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 19,563,550 | 11,085,077 | 15,168,335 | 8,924,129 | ||||||||||||
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ChargePoint, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
| Year Ended January 31, | ||||||||
| 2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (197,024 | ) | $ | (134,327 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 10,083 | 7,698 | ||||||
Non-cash operating lease cost | 3,762 | 3,121 | ||||||
Stock-based compensation | 4,947 | 2,937 | ||||||
Amortization of deferred contract acquisition costs | 1,206 | 675 | ||||||
Change in fair value of redeemable convertible preferred stock warrant liability | 73,125 | 875 | ||||||
Inventory reserves | 1,412 | 1,425 | ||||||
Other | 446 | 589 | ||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||||
Accounts receivable, net | 3,292 | (8,702 | ) | |||||
Inventories | (9,585 | ) | (1,472 | ) | ||||
Prepaid expenses and other assets | (8,914 | ) | (2,961 | ) | ||||
Operating lease liabilities | (2,815 | ) | (1,181 | ) | ||||
Accounts payable | (493 | ) | 15,704 | |||||
Accrued and other liabilities | 11,556 | 93 | ||||||
Deferred revenue | 17,156 | 27,590 | ||||||
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Net cash used in operating activities | (91,846 | ) | (87,936 | ) | ||||
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Cash flows from investing activities | ||||||||
Purchases of property and equipment | (11,484 | ) | (14,885 | ) | ||||
Purchases of investments | — | (179,514 | ) | |||||
Maturities of investments | 47,014 | 132,500 | ||||||
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Net cash provided by (used in) investing activities | 35,530 | (61,899 | ) | |||||
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Cash flows from financing activities | ||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 95,456 | 14,756 | ||||||
Proceeds from issuance of common stock warrants, net of issuance costs | 31,547 | 185 | ||||||
Payments made toward deferred offering costs | (4,003 | ) | — | |||||
Proceeds from exercises of vested and unvested stock options | 5,913 | 2,217 | ||||||
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Net cash provided by financing activities | 128,913 | 17,158 | ||||||
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 141 | 132 | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 72,738 | (132,545 | ) | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 73,153 | 205,698 | ||||||
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Cash, cash equivalents, and restricted cash at end of period | $ | 145,891 | $ | 73,153 | ||||
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ChargePoint, Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts; unaudited)
| Three Months Ended January 31, 2021 | Three Months Ended January 31, 2020 | Twelve Months Ended January 31, 2021 | Twelve Months Ended January 31, 2020 | |||||||||||||||||||||||||||||
Reconciliation of GAAP gross profit (margin) to Non-GAAP gross profit (margin): | ||||||||||||||||||||||||||||||||
GAAP gross profit | $ | 8,903 | $ | 8,837 | $ | 32,949 | $ | 18,042 | ||||||||||||||||||||||||
Stock-based compensation expense | 22 | 10 | 115 | 39 | ||||||||||||||||||||||||||||
Restructuring costs (1) | 214 | — | 114 | — | ||||||||||||||||||||||||||||
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Non-GAAP gross profit (margin) | $ | 9,139 | 22 | % | $ | 8,847 | 20 | % | $ | 33,178 | 23 | % | $ | 18,081 | 13 | % | ||||||||||||||||
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Reconciliation of GAAP Net Loss to Non-GAAP net loss: | ||||||||||||||||||||||||||||||||
GAAP net loss | $ | (90,747 | ) | $ | (33,811 | ) | $ | (197,024 | ) | $ | (134,327 | ) | ||||||||||||||||||||
Amortization of acquired intangible assets | — | 351 | — | 568 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 1,639 | 780 | 4,947 | 2,937 | ||||||||||||||||||||||||||||
Restructuring costs (1) | 674 | — | 1,149 | — | ||||||||||||||||||||||||||||
Change in fair value of preferred stock warrant liability | 54,824 | 219 | 73,125 | 875 | ||||||||||||||||||||||||||||
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Non-GAAP net loss (as a percentage of revenue) | $ | (33,610 | ) | -79 | % | $ | (32,461 | ) | -75 | % | $ | (117,803 | ) | -80 | % | $ | (129,947 | ) | -90 | % | ||||||||||||
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| (1) | Consists of restructuring costs for severances and related termination costs |