Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Entity Listings [Line Items] | ||
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Document Type | 10-Q | |
Entity Registrant Name | EVgo Inc. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity File Number | 001-39572 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-2326098 | |
Entity Address, Address Line One | 11835 West Olympic Boulevard, Suite 900E | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90064 | |
City Area Code | 877 | |
Local Phone Number | 494-3833 | |
Entity Central Index Key | 0001821159 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 69,359,004 | |
Title of 12(b) Security | Class A common stock, $0.0001 par value per share | |
Trading Symbol | EVGO | |
Security Exchange Name | NASDAQ | |
Redeemable Warrants For Class Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | EVGOW | |
Security Exchange Name | NASDAQ | |
Class B Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 195,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and restricted cash | $ 300,680 | $ 484,881 |
Accounts receivable, net of allowance of $773 and $718 as of September 30, 2022 and December 31, 2021, respectively | 6,545 | 2,559 |
Accounts receivable, capital build | 8,957 | 9,621 |
Receivable from related party | 1,500 | |
Prepaid expenses | 4,797 | 6,395 |
Other current assets | 1,831 | 1,389 |
Total current assets | 322,810 | 506,345 |
Property, equipment and software, net | 264,465 | 133,282 |
Operating lease right-of-use assets | 44,507 | |
Restricted cash | 300 | 300 |
Other assets | 2,553 | 3,115 |
Intangible assets, net | 63,516 | 72,227 |
Goodwill | 31,052 | 31,052 |
Total assets | 729,203 | 746,321 |
Current liabilities | ||
Accounts payable | 3,665 | 2,946 |
Payables to related parties | 24 | |
Accrued liabilities | 46,050 | 27,078 |
Operating lease liabilities, current | 4,701 | |
Deferred revenue, current | 9,479 | 5,144 |
Customer deposits | 9,797 | 11,592 |
Other current liabilities | 611 | 111 |
Total current liabilities | 74,327 | 46,871 |
Operating lease liabilities, noncurrent | 38,326 | |
Earnout liability, at fair value | 3,883 | 5,211 |
Asset retirement obligations | 16,478 | 12,833 |
Capital-build liability | 25,617 | 23,169 |
Deferred revenue, noncurrent | 20,918 | 21,709 |
Warrant liability, at fair value | 33,480 | 48,461 |
Other liabilities | 146 | |
Total liabilities | 213,029 | 158,400 |
Commitments and contingencies (Note 9) | ||
Redeemable noncontrolling interest | 1,548,778 | 1,946,252 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2022 and December 31, 2021; none issued and outstanding | ||
Accumulated deficit | (1,032,631) | (1,358,358) |
Total stockholders' deficit | (1,032,604) | (1,358,331) |
Total liabilities, redeemable noncontrolling interest and stockholders' deficit | 729,203 | 746,321 |
Class A Common Stock [Member] | ||
Stockholders' deficit | ||
Common stock | 7 | 7 |
Class B Common Stock [Member] | ||
Stockholders' deficit | ||
Common stock | $ 20 | $ 20 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Stockholders' Equity | ||
Allowance for accounts receivable | $ 773 | $ 718 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock [Member] | ||
Liabilities, redeemable noncontrolling interest and stockholders' deficit | ||
Class A common stock subject to possible redemption (in shares) | 718,750 | 718,750 |
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (in shares) | 68,665,545 | 68,020,630 |
Common stock, shares outstanding (in shares) | 68,665,545 | 68,020,630 |
Class B Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 195,800,000 | 195,800,000 |
Common stock, shares outstanding (in shares) | 195,800,000 | 195,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Operations [Abstract] | ||||
Revenue | $ 10,509 | $ 6,181 | $ 27,285 | $ 14,533 |
Revenue from related party | 562 | |||
Total revenue | 10,509 | 6,181 | 27,285 | 15,095 |
Cost of revenue | 8,530 | 4,814 | 19,095 | 11,927 |
Depreciation and amortization | 5,187 | 3,020 | 12,742 | 8,172 |
Cost of sales | 13,717 | 7,834 | 31,837 | 20,099 |
Gross loss | (3,208) | (1,653) | (4,552) | (5,004) |
General and administrative | 32,322 | 20,882 | 89,928 | 46,227 |
Depreciation, amortization and accretion | 4,516 | 3,394 | 12,535 | 8,448 |
Total operating expenses | 36,838 | 24,276 | 102,463 | 54,675 |
Operating loss | (40,046) | (25,929) | (107,015) | (59,679) |
Interest expense | 8 | 21 | ||
Interest expense, related party | (11) | (1,926) | ||
Interest income | 1,636 | 33 | 2,327 | 34 |
Other (expense) income, net | (347) | (143) | (769) | 489 |
Change in fair value of earnout liability | (1,299) | 3,695 | 1,328 | 3,695 |
Change in fair value of warrant liability | (10,858) | 45,946 | 14,981 | 45,946 |
Total other (expense) income, net | (10,876) | 49,520 | 17,846 | 48,238 |
Loss (income) before income tax expense | (50,922) | 23,591 | (89,169) | (11,441) |
Income tax expense | (22) | |||
Net (loss) income | (50,922) | 23,591 | (89,191) | (11,441) |
Less: net (loss) income attributable to redeemable noncontrolling interest | (37,704) | 17,461 | (66,053) | (17,571) |
Net (loss) income attributable to Class A common stockholders | $ (13,218) | $ 6,130 | $ (23,138) | $ 6,130 |
Net (loss) income per share to Class A common stockholders, basic (in dollars per shares) | $ (0.19) | $ 0.09 | $ (0.33) | $ 0.09 |
Net (loss) income per share to Class A common stockholders, diluted (in dollars per share) | $ (0.19) | $ 0.09 | $ (0.33) | $ 0.09 |
Other comprehensive income, net of tax: | ||||
Net change in unrealized gain on available-for-sale securities | $ 47 | |||
Comprehensive (loss) income | (50,875) | $ 23,591 | $ (89,191) | $ (11,441) |
Less: comprehensive (loss) income attributable to redeemable noncontrolling interest | (37,669) | 17,461 | (66,053) | (17,571) |
Comprehensive (loss) income attributable to Class A common stockholders | $ (13,206) | $ 6,130 | $ (23,138) | $ 6,130 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' and Member's Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | LLC Interests [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | LLC Interests [Member] | Common Stock [Member] Class A Common Stock [Member] | Common Stock [Member] Class B Common Stock [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Retroactive application of recapitalization (in shares) | 195,800 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ 136,348 | $ 136,348 | $ 929 | $ 929 | $ (47,790) | $ (47,790) | $ 89,487 | $ 89,487 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 195,800 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 480 | 480 | |||||||||
Net income (loss) | (16,610) | (16,610) | |||||||||
Ending balance at Mar. 31, 2021 | $ 136,348 | 1,409 | (64,400) | 73,357 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 195,800 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 531 | 531 | |||||||||
Net income (loss) | (18,422) | (18,422) | |||||||||
Ending balance at Jun. 30, 2021 | $ 136,348 | 1,940 | (82,822) | 55,466 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 195,800 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Equitization of note payable, related party | $ 59,590 | 59,590 | |||||||||
CRIS Business Combination, net of expenses | $ (195,938) | $ 7 | $ 20 | 234,175 | 38,264 | ||||||
CRIS Business Combination, net of expenses (in shares) | (195,800) | 67,299 | 195,800 | ||||||||
Share-based compensation | 3,750 | 3,750 | |||||||||
Vesting of earnout shares | $ 0 | 10,853 | 10,853 | ||||||||
Vesting of earnout shares (in shares) | 719 | ||||||||||
Redeemable noncontrolling interest adjustment to fair value | (250,718) | (890,319) | (1,141,037) | ||||||||
Net income (loss) | 6,130 | 6,130 | |||||||||
Ending balance at Sep. 30, 2021 | $ 7 | $ 20 | (967,011) | (966,984) | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 68,018 | 195,800 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 7 | $ 20 | (1,358,358) | (1,358,331) | |||||||
Beginning balance (in shares) at Dec. 31, 2021 | 68,021 | 195,800 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 2,999 | 2,999 | |||||||||
Warrants exercised and release of warrant liability | $ 0 | 2 | 2 | ||||||||
Issuance of stock under share-based compensation plans, including income tax effect | $ 0 | 0 | 0 | ||||||||
Issuance of stock under share-based compensation plans, including income tax effect (in shares) | 248 | ||||||||||
Redeemable noncontrolling interest adjustment to fair value | (3,001) | (609,095) | (612,096) | ||||||||
Net income (loss) | (14,399) | (14,399) | |||||||||
Ending balance at Mar. 31, 2022 | $ 7 | $ 20 | (1,981,852) | (1,981,825) | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 68,269 | 195,800 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 6,582 | 6,582 | |||||||||
Warrants exercised and release of warrant liability | $ 0 | 1 | 1 | ||||||||
Issuance of stock under share-based compensation plans, including income tax effect | $ 0 | 0 | 0 | ||||||||
Issuance of stock under share-based compensation plans, including income tax effect (in shares) | 309 | ||||||||||
Net change in unrealized gain on available-for-sale securities | $ (47) | (47) | |||||||||
Redeemable noncontrolling interest adjustment to fair value | 1,354,074 | 1,354,074 | |||||||||
Net income (loss) | 4,479 | 4,479 | |||||||||
Ending balance at Jun. 30, 2022 | $ 7 | $ 20 | 6,583 | (623,299) | (47) | (616,736) | |||||
Ending balance (in shares) at Jun. 30, 2022 | 68,578 | 195,800 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 6,450 | 6,450 | |||||||||
Issuance of stock under share-based compensation plans, including income tax effect | $ 0 | 0 | 0 | ||||||||
Issuance of stock under share-based compensation plans, including income tax effect (in shares) | 88 | ||||||||||
Net change in unrealized gain on available-for-sale securities | $ 47 | 47 | |||||||||
Redeemable noncontrolling interest adjustment to fair value | $ (13,033) | (396,114) | (409,147) | ||||||||
Net income (loss) | (13,218) | (13,218) | |||||||||
Ending balance at Sep. 30, 2022 | $ 7 | $ 20 | $ (1,032,631) | $ (1,032,604) | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 68,666 | 195,800 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' and Member's Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Condensed Consolidated Statements of Stockholders' and Member's Equity (Deficit) | ||||||
Net income (loss) attributable to redeemable noncontrolling interest | $ (37,704) | $ 12,500 | $ (40,900) | $ 17,461 | $ (66,053) | $ (17,571) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (89,191) | $ (11,441) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, amortization and accretion | 25,277 | 16,620 |
Net loss on disposal of property and equipment | 4,618 | 639 |
Share-based compensation | 17,441 | 5,293 |
Interest expense, related party | 1,926 | |
Change in fair value of earnout liability | (1,328) | (3,695) |
Change in fair value of warrant liability | (14,981) | (45,946) |
Other | 521 | 454 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | (3,987) | (3,505) |
Receivables from related parties | 1,500 | (71) |
Prepaid expenses and other current and noncurrent assets | 840 | (5,188) |
Operating lease assets and liabilities, net | (1,082) | |
Accounts payable | (45) | (204) |
Payables to related parties | 24 | 458 |
Accrued liabilities | 1,567 | 2,321 |
Deferred revenue | 3,544 | 20,943 |
Customer deposits | (1,795) | 4,641 |
Other current and noncurrent liabilities | (260) | (1,042) |
Net cash used in operating activities | (57,337) | (17,797) |
Cash flows from investing activities | ||
Purchases of property, equipment and software | (133,885) | (39,679) |
Proceeds from insurance for property losses | 729 | |
Purchases of investments | (37,332) | |
Proceeds from sale of investments | 37,166 | |
Acquisition of business, net of cash received | (22,762) | |
Net cash used in investing activities | (133,322) | (62,441) |
Cash flows from financing activities | ||
Proceeds from CRIS Business Combination | 601,579 | |
Proceeds from note payable, related party | 24,000 | |
Payments on note payable, related party | (5,500) | |
Proceeds from exercise of warrants | 3 | |
Capital-build funding, net | 6,864 | 1,516 |
Payment of transaction costs for CRIS Business Combination | (28,143) | |
Payment of deferred transaction costs | (409) | |
Net cash provided by financing activities | 6,458 | 593,452 |
Net (decrease) increase in cash and restricted cash | (184,201) | 513,214 |
Cash and restricted cash, beginning of period | 485,181 | 7,914 |
Cash and restricted cash, beginning of period | 300,980 | 521,128 |
Supplemental disclosure of noncash investing and financing activities | ||
Accrued transaction costs | 152 | 300 |
Asset retirement obligations incurred | 2,841 | 1,671 |
Non-cash increase in accounts receivable, capital-build and capital-build liability | 6,199 | 4,228 |
Purchases of property and equipment in accounts payable and accrued liabilities | 32,939 | 10,848 |
Reclassification of contingent earnout liability to equity upon triggering event | 10,853 | |
Contingent earnout liability recognized upon closing of CRIS Business Combination | 18,278 | |
Conversion of note payable, related party, to equity | 59,590 | |
Reclassification of redeemable noncontrolling interest on CRIS Close Date | 436,739 | |
Fair value adjustment to redeemable noncontrolling interest | $ 332,831 | $ 1,141,037 |
Description of Business and Nat
Description of Business and Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Description of Business and Nature of Operations | |
Description of Business and Nature of Operations | Note 1 – Description of Business and Nature of Operations EVgo owns and operates a public direct current (“DC”) fast charging network in the United States (“U.S.”). EVgo was founded in October 2010 as NRG EV Services, LLC, a Delaware corporation and wholly owned subsidiary of NRG Energy, Inc., an integrated power company based in Houston, Texas. EVgo’s network of charging stations provides EV charging infrastructure to consumers and businesses. Its network is capable of natively charging (i.e., charging without an adaptor) all EV models and charging standards currently available in the U.S. EVgo partners with national and regional chains of grocery stores, automotive OEMs, hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners in order to locate and deploy its EV charging infrastructure. COVID-19 Outbreak The global outbreak of COVID-19 has resulted in significant volatility in the global and domestic economies, changes in consumer and business behavior, market downturns and restrictions on business and individual activities, which has led to overall reduced economic activity. This disruption contributed to reduced network throughput on EVgo’s chargers. The COVID-19 pandemic also impacted the Company’s operations through construction delays and supply chain and shipping constraints. EVgo also experienced delays in its negotiations with commercial or public-entity property owners, landlords and/or tenants (collectively, the “Site Hosts”) as they devoted more time to day-to-day operations and employee health and safety. Finally, for some contractual commitments, EVgo is required to adhere to a construction schedule over specific timeframes. Those timelines were impacted due to delays associated with COVID-19, and it is possible that the ongoing pandemic could continue to impact these timelines in the future. How COVID-19 will affect EVgo’s future business results is unclear. While the disruption is expected to be temporary, there is considerable uncertainty around the duration and magnitude of this disruption. Development and commissioning lead times may be extended as a result of the measures taken by the state and local governments to mitigate the spread of COVID-19. The extent of the financial impact and duration cannot be reasonably estimated at this time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation The condensed consolidated financial statements are unaudited and prepared in accordance with GAAP for interim financial information, as set by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. References to GAAP issued by the FASB in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements include all adjustments considered necessary, in the opinion of management, for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss), condensed consolidated statements of stockholders’ and member’s equity (deficit) and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year ending December 31, 2022 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”). GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, charging station depreciable lives, costs associated with asset retirement obligations, the fair value of the share-based compensation, earnout liability, warrant liability and the fair value measurements of assets and liabilities allocated for acquired businesses. Accordingly, the actual results could differ significantly from those estimates. Concentration of Business and Credit Risk The Company maintains its cash accounts in a commercial bank. The total cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. At various times, the Company has uninsured balances. The Company has not experienced any losses on such accounts and believes it is not exposed to any significant credit risk on cash. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions. The Company had three customers that comprised 36.2% of the Company’s total accounts receivable as of September 30, 2022. The Company had two customers that comprised 32.4% of the Company’s total accounts receivable as of December 31, 2021. For the nine months ended September 30, 2022 and 2021, one customer represented 17.2% and one customer represented 12.0% of total revenue, respectively. For the three and nine months ended September 30, 2022, EVgo had three vendors that provided 87.3% and 78.3%, respectively, of total charging equipment and services to the Company. For the three and nine months ended September 30, 2021, EVgo had one vendor that provided 11.0% and 13.0%, respectively, of total charging equipment and services to the Company. Cash and Restricted Cash Cash and restricted cash include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. The Company does not hold any highly liquid assets that can be considered cash equivalents. Cash that is held by a major bank and has restrictions on its availability to the Company is classified as restricted cash. The Company had unused letters of credit of $0.7 million as of September 30, 2022 and December 31, 2021, associated with the construction of its charging stations and in connection with one of its operating leases. Cash balances collateralizing these letters of credit are considered restricted cash. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all attempts to collect an account receivable have failed, the account receivable is written off against the allowance for doubtful accounts. Investments Available-for-sale Debt Securities Available-for-sale debt securities are recorded at fair value, and unrealized gains and losses that are considered to be temporary are recorded, net of tax, as a component of accumulated other comprehensive income. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. All other investments are classified as long-term. The Company evaluates the available-for-sale securities for other-than-temporary impairment on a quarterly basis. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. The Company reviews several factors to determine whether a loss is other than temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer and whether the Company has the intent to sell or will more likely than not be required to sell the securities before the securities' anticipated recovery, which may be at maturity. Realized gains and losses are accounted for using the specific identification method. Purchases and sales of securities are recorded on a trade-date basis. All of the Company’s available-for-sale debt securities were sold during the three months ended September 30, 2022, resulting in a realized loss of $0.2 million. Prior to the sale, EVgo’s investment portfolio primarily included corporate debt securities, asset backed securities, U.S. government treasury securities, certificates of deposit and commercial paper. Newly Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Shar (Topic 260) Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue From Contracts With Customers In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2022 | |
Acquisition | |
Acquisition | Note 3 – Acquisition PlugShare LLC On July 9, 2021, the Company entered into the PlugShare Agreement to acquire 100% of the outstanding common stock of PlugShare (f/k/a Recargo, Inc.). Effective as of December 29, 2021, Recargo Inc., a California corporation, converted into EVgo Recargo, LLC, a California limited liability company. Effective as of March 16, 2022, EVgo Recargo, LLC changed its name to PlugShare LLC. PlugShare operates as a cloud-based data solutions provider in the EV sector and generates revenue through a variety of services that leverage its user base and its generated data. The Company accounted for the acquisition of PlugShare as a business combination under ASC 805, Business Combinations The following unaudited pro forma financial information presents consolidated revenue and net loss for the periods indicated as if the PlugShare acquisition had occurred on January 1, 2021: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2021 Pro forma revenue $ 6,322 $ 16,031 Pro forma net income (loss) $ 23,738 $ (14,488) The above unaudited pro forma results have been calculated by combining the historical results of the Company and PlugShare, as if the acquisition had occurred as of the beginning of the earliest period presented in the Company’s condensed consolidated financial statements and exclude the impact of acquisition-related expenses. The pro forma table above also includes estimates for additional depreciation, amortization and accretion related to the fair values of property, plant and equipment, intangible assets, capital-build liability, and asset retirement obligations that were included as the basis of those assets acquired and liabilities assumed in the business acquisition. Pro forma net loss was adjusted to exclude acquisition-related costs incurred during the periods presented. No other material pro forma adjustments were deemed necessary. The pro forma financial information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the date indicated or that may be achieved in the future. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition | |
Revenue Recognition | Note 4 – Revenue Recognition The table below presents a disaggregation of EVgo’s revenue for the three and nine months ended September 30, 2022 and 2021: Disaggregation of Revenue Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Charging revenue, retail $ 5,176 $ 3,203 $ 13,067 $ 7,505 Charging revenue, OEM 252 151 592 633 Charging revenue, commercial 678 688 2,041 1,725 Network revenue, OEM 448 351 1,825 1,158 Ancillary revenue 2,777 1,104 5,076 2,147 Regulatory credit sales 1,178 684 4,684 1,927 Total revenue $ 10,509 $ 6,181 $ 27,285 $ 15,095 The following table provides information about contract assets and liabilities from contracts with customers: September 30, December 31, (in thousands) 2022 2021 Contract assets $ 1,837 $ 32 Contract liabilities $ 40,194 $ 38,445 The following table provides the activity for contract liabilities during the period presented: Nine Months Ended September 30, (in thousands) 2022 Balance as of December 31, 2021 $ 38,445 Additions 7,284 Recognized in revenue (4,375) Marketing activities (1,160) Balance as of September 30, 2022 $ 40,194 It is anticipated that deferred revenue as of September 30, 2022, excluding variable consideration allocated entirely to wholly unsatisfied performance obligations, will be recognized for the years ending December 31, as follows: (in thousands) 2022 $ 622 2023 2,189 2024 3,178 2025 5,989 2026 11,119 $ 23,097 ASC 606 does not require disclosure of, and the table above does not include, the transaction price allocated to remaining performance obligations if the contract contains variable consideration allocated entirely to a wholly unsatisfied performance obligation. Under many customer contracts, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and disclosure of the transaction price allocated to wholly unsatisfied performance obligations is not required. Under these contracts, variability arises as both volume and pricing are not known until the product is delivered. As of September 30, 2022 and December 31, 2021, there was $7.3 million and $22.9 million, respectively, in variable consideration for wholly unsatisfied performance obligations, which is included in deferred revenue on the condensed consolidated balance sheets. |
Lease Accounting
Lease Accounting | 9 Months Ended |
Sep. 30, 2022 | |
Lease Accounting | |
Lease Accounting | Note 5 – Lease Accounting As disclosed in Note 2, the Company adopted ASC 842 as of January 1, 2022. As a lessee, the Company enters into agreements with various Site Hosts, which allow the Company to lease space to operate the charging stations on their property, and with various parties to lease its office and laboratory space. The Company, at the inception of the contract, determines whether a contract is or contains a lease. For leases with an initial contractual term in excess of 12 months, the Company records the related operating or finance right-of-use asset and lease liability. Some leases also include renewal and/or early termination options, which can be exercised under specific conditions. Renewal and termination options are not included in the measurement of the right-of-use assets and lease liabilities unless the Company is reasonably certain to exercise the options. The Company’s lease agreements primarily require lease payments based on a minimum annual rental amount. In addition to minimum lease payments, the Company’s lease agreements may contain variable lease payments based on revenue sharing or inflation adjustments. The Company has elected the practical expedient to not separate non-lease components from lease components in the measurement of liabilities for all asset classes. Lease liabilities are recognized at the present value of the fixed lease payments using an implicit rate and, if not available, an incremental borrowing rate based on estimated collateralized borrowings available to the Company. The Company incurs initial direct costs and receives landlord incentives that increase or decrease the calculated right-of-use asset, respectively. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company expenses variable lease payments as incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company has not entered into any finance leases. As a lessor, the Company has entered into agreements to lease charging equipment, charging stations and other technical installations or sublease properties leased from Site Hosts to third parties. The Company, at the inception of a lease contract, determines if it is an operating, sales-type or direct financing lease. The leases generally provide for fixed monthly payments and sometimes include provisions for contingent variable rent based on the number of charging sessions and minutes used, which are recognized when earned. Fixed payments received under lease agreements for operating leases are recognized on a straight-line basis over the lease term and are reported in revenue in the condensed consolidated statements of operations and comprehensive income (loss). Lessee Accounting The Company has entered into agreements with Site Hosts, which allow the Company to operate the charging stations on the Site Hosts’ property. Additionally, the Company leases offices and laboratory space under agreements with third-party landlords. The agreements with the Site Hosts and landlords are deemed to be operating leases. Original lease terms range from one one The Company has estimated operating lease commitments of $48.0 million for leases where the Company has not yet taken possession of the underlying asset as of September 30, 2022. As such, the related operating lease right-of-use assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheet as of September 30, 2022. For the three and nine months ended September 30, 2022, the Company’s lease costs consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2022 Operating lease costs 1 Cost of sales $ 824 $ 1,915 Selling, general and administrative expenses 1,036 2,316 Variable lease costs Cost of sales 122 309 Selling, general and administrative expenses 34 70 Short-term lease costs 24 68 $ 2,040 $ 4,678 1 As of September 30, 2022, the maturities of operating lease liabilities for the years ending December 31, are as follows: (in thousands) 2022 $ 1,670 2023 8,076 2024 7,483 2025 6,545 2026 6,024 2027 5,381 Thereafter 26,453 Total undiscounted operating lease payments 61,632 Less: imputed interest (18,605) Total discounted operating lease liabilities $ 43,027 The following table shows future minimum payments under noncancellable operating leases with initial terms of greater than one year, based on the expected due dates of the various installments as of December 31, 2021, as previously reported in the Company’s Annual Report, prior to the adoption of ASC 842: (in thousands) 2022 $ 3,486 2023 3,515 2024 2,987 2025 2,093 2026 1,767 Thereafter 5,570 $ 19,418 Other supplemental information, as of September 30, 2022, consisted of the following: September 30, 2022 Weighted-average remaining lease term 8.9 Weighted-average discount rate 7.86 % Other supplemental cash flow information, for the nine months ended September 30, 2022, consisted of the following: (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 4,106 Right-of-use assets obtained in exchange for new operating lease liabilities $ 26,548 Lessor Accounting The Company leases charging equipment, charging stations and other technical installations and subleases properties leased from Site Hosts to third parties under operating leases where EVgo is the lessor. Initial lease terms are generally five Since the leasing arrangements the Company enters into with lessees are operating leases, the underlying asset is carried at its carrying value as owned and operated systems within property, equipment and software, net, on the condensed consolidated balance sheets and is depreciated to estimated residual value over its expected useful life. For the three and nine months ended September 30, 2022, the Company’s lease income consisted of the following components: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2022 Operating lease income: Fixed lease income $ 152 $ 616 Variable lease income 106 404 Sublease income 99 117 Total lease income 1 $ 357 $ 1,137 1 As of September 30, 2022, future minimum rental payments due to the Company as lessor under operating leases (including subleases) for the Company’s fiscal years ending December 31, were as follows: (in thousands) 2022 $ 356 2023 1,422 2024 1,110 2025 485 2026 242 $ 3,615 The components of charging equipment and charging stations leased to third parties under operating leases, which are included within the Company’s property, equipment and software, net, were as follows as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) 2022 2021 Charging station equipment and construction costs $ 2,532 $ 4,114 Less: accumulated depreciation (419) (815) $ 2,113 $ 3,299 |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Equipment and Software, Net | |
Property, Equipment and Software, Net | Note 6 – Property, Equipment and Software, Net Property, equipment and software, net, consisted of the following as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) 2022 2021 Construction in process $ 91,181 $ 39,116 Charging equipment 13,988 8,611 Charging station equipment 67,258 42,799 Charging station installation costs 111,712 63,932 Land 10,489 — Software 12,479 5,295 Office equipment, vehicles and other 1,462 846 308,569 160,599 Less accumulated depreciation and amortization (44,104) (27,317) Total property, equipment and software, net $ 264,465 $ 133,282 Depreciation and amortization expense consisted of the following for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Cost of sales Depreciation of property and equipment $ 6,508 $ 4,048 $ 16,493 $ 10,829 Amortization of capital-build liability (1,321) (1,028) (3,751) (2,657) General and administrative expenses Depreciation of property and equipment 88 59 221 136 Amortization of software 1,011 — 2,132 — $ 6,286 $ 3,079 $ 15,095 $ 8,308 Losses on disposal of property and equipment, which are included in general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), were $1.7 million and $4.6 million for the three and nine months ended September 30, 2022, respectively, and $0.3 million and $0.6 million for the three and nine months ended September 30, 2021, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Assets, Net | |
Intangible Assets, Net | Note 7 – Intangible Assets, Net Intangible assets, net, consisted of the following as of September 30, 2022: September 30, 2022 Remaining Weighted Gross Net Average Carrying Accumulated Carrying Amortization (in thousands) Amount Amortization Value Period Trade name $ 5,000 $ (772) $ 4,228 13.8 years Site Host relationships 41,500 (9,371) 32,129 9.3 years Customer relationships 19,000 (11,069) 7,931 2.0 years Developed technology 14,000 (2,401) 11,599 11.8 years User base 11,000 (3,371) 7,629 2.8 years $ 90,500 $ (26,984) $ 63,516 Amortization of intangible assets for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Amortization of intangible assets $ 2,904 $ 2,951 $ 8,711 $ 7,246 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligations | |
Asset Retirement Obligations | Note 8 – Asset Retirement Obligations Asset retirement obligations represent the present value of the estimated costs to remove commercial charging stations and restore the sites to the condition prior to installation. The Company reviews estimates of removal costs on an ongoing basis. Accretion expense for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Accretion expense $ 513 $ 384 $ 1,471 $ 1,066 Asset retirement obligation activity for the nine months ended September 30, 2022 was as follows: (in thousands) Beginning balance $ 12,833 Liabilities incurred 2,841 Accretion expense 1,471 Change in estimate (51) Liabilities settled (616) Ending balance $ 16,478 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Pilot Infrastructure Agreement On July 5, 2022, EVgo entered into a charging infrastructure agreement (the “Pilot Infrastructure Agreement”) and an operations and maintenance agreement (the “Pilot O&M”) with Pilot Travel Centers LLC (“Pilot Company”) and General Motors LLC (“GM”) to build, operate, and maintain up to 2,000 stalls served by DC chargers that Pilot Company will own. The stalls will be located at approximately 500 Pilot Company sites across more than 40 states. Pursuant to the Pilot Infrastructure Agreement, EVgo is required to meet certain construction milestones measured by the number of sites commissioned, and Pilot Company is required to make certain payments each month based on completion of pre-engineering and development work, the progress of construction at each site and for each charger procured by EVgo. Subject to extensions of time for specified excusable events, if EVgo is unable to meet its commissioning obligations, Pilot Company will be entitled to liquidated damages calculated per day, subject to a cap of $30,000 at each site. The Pilot Infrastructure Agreement contains various provisions that may permit or cause early termination, including Pilot’s right to terminate after 1,000 stalls have been completed, the inability of EVgo to secure certain chargers and a material increase in the price of chargers due to a change in law. If Pilot Company elects to terminate the Pilot Infrastructure Agreement after 1,000 stalls have been completed, Pilot Company must pay EVgo a termination fee per stall for those not built; such fee varies based on the number of stalls already built. If EVgo is wholly or partially unable to perform its obligations under the Pilot Infrastructure Agreement due to certain circumstances outside its control, including delays by permitting authorities and utilities or certain force majeure events, such inability will not be considered a breach or default under the Pilot Infrastructure Agreement. Under the Pilot O&M, EVgo is required to perform operations, maintenance and networking services on stalls built and commissioned under the Pilot Infrastructure Agreement in exchange for payment of a monthly fee by Pilot to EVgo. EVgo is subject to certain performance criteria under the Pilot O&M. Delta Charger Supply Agreement and Purchase Order On July 12, 2022, EVgo entered into a General Terms and Conditions for Sale of EV Charger Products (the “Delta Charger Supply Agreement”) with Delta Electronics, Inc. (“Delta”), including an initial purchase order (the “Purchase Order”), pursuant to which EVgo will purchase and Delta will sell EV chargers manufactured by Delta in specified quantities at certain delivery dates. EVgo expects to use a portion of the chargers purchased under the Purchase Order to meet the requirements of the Pilot Infrastructure Agreement. EVgo is required to purchase a minimum of 1,000 chargers (which will enable the construction of 2,000 stalls) from Delta under the Purchase Order and may, at EVgo’s election, increase the number of chargers it purchases from Delta to 1,100. Nissan EVgo has executed two agreements with Nissan North America, Inc. (“Nissan”) under which EVgo has provided charger construction and installation and certain other services. Pursuant to the first agreement, entered into in March 2016 (the “Nissan 2016 Agreement”), the Company was required to support, maintain and make available at least 850 chargers through July 7, 2021, and purchasers or lessees of Nissan LEAF EVs in certain markets could receive charging services at EVgo stations or participating third-party charging stations. The Company fulfilled all build, support and maintenance obligations under the Nissan 2016 Agreement. The second agreement between EVgo and Nissan, entered into in June 2019 (the “Nissan 2.0 Agreement”), provides for joint marketing activities, charging credit programs for purchasers or lessees of Nissan EVs, and a capital-build program. The Nissan 2.0 Agreement has been amended several times, including most recently in the fourth quarter of 2022 (the “Nissan Amendment”) to, among other things, adjust the allocation of the value of unused charging credits and to provide new offerings for purchasers or lessees of certain Nissan EV models. Under the joint-marketing activities provisions of the Nissan 2.0 Agreement, EVgo is obligated to spend a specified amount annually on joint-marketing activities that are mutually agreed-upon with Nissan. Under the charging credit program provisions in the Nissan 2.0 Agreement, credits for charging are allocated to purchasers or lessees of Nissan EVs, and such purchasers or lessees are permitted to charge their EV for 12 months at no charge to the participant, up to the amount of the charging credit allocated to such participant or on an unlimited basis, depending on the model of Nissan EV purchased or leased. In the event a participant does not use the entire amount of the allocated charging credit or if the annual charging credit pool is not exhausted within a specific period, a portion of the remaining dollar value of such credit rolls over to subsequent periods, and a portion is retained by the Company. The capital-build program provided for in the Nissan 2.0 Agreement requires the Company to install, operate and maintain public, high-power dual-standard chargers in specified markets pursuant to a schedule that outlines the build timelines for the chargers to be constructed (the “Build Schedule”). If the Company fails to meet its Build Schedule obligations, Nissan may invoke a penalty of up to $70,000 per delayed site beyond a designated cure period, up to 48 sites, which could result in an adjustment to the consideration received by the Company under the Nissan 2.0 Agreement. EVgo and Nissan previously agreed to amend the Nissan 2.0 Agreement to extend the installation deadlines under the Build Schedule by up to 12 months , and Nissan has waived penalties for installation delays relating to program year one. EVgo’s ability to meet its Build Schedule obligations may be impacted by delays in permitting, slower than expected third-party approvals of certain site acquisitions, delays in utility interconnection resulting from industry adaptation to the requirements of high-powered charger installation, as well as supply chain issues. Going forward, EVgo is uncertain if these, or other potential issues in the procurement, installation, or energization of DCFC, will be resolved in a timely fashion. At this time, EVgo’s ability to meet future Build Schedule obligations may continue to be impacted by circumstances similar to those experienced during the first half of 2021, or other potential issues including, but not limited to, equipment design and procurement, timing of third-party funding agreements, and the siting, permitting, construction, energizing of DCFC or delays in releasing public grant funding. The contract is accounted for under ASC 606, which includes performance obligations related to memberships, charging credits and joint marketing activities. The capital-build program is considered a set-up activity and not a performance obligation under ASC 606. Nissan has the right to terminate the Nissan 2.0 Agreement, without penalty or obligation of any kind, upon 30 days’ written notice if it is unable to secure funding to make payments required under the Nissan 2.0 Agreement. Nissan receives budget approvals annually from Nissan Motor Company Limited. As of September 30, 2022, Nissan has fulfilled its annual payment obligations under the Nissan 2.0 Agreement. If Nissan terminates the Nissan 2.0 Agreement due to a lack of funding, EVgo will still be required to perform the following: (i) pay any existing Build Schedule penalties due at the time of termination; (ii) meet a specified charger installation milestone of 80 chargers in certain designated markets within two years of such termination; (iii) provide an aggregate of $1.6 million in joint marketing activities; and (iv) provide $4.8 million worth of charging credits that shall continue to be administered. Pursuant to the Nissan 2.0 Agreement, as modified by the aforementioned extensions and other amendments, EVgo is required to install an aggregate of 210 chargers by February 29, 2024. Pursuant to the current Build Schedule, EVgo is required to install 48 chargers by February 28, 2023. General Motors Agreement On July 20, 2020, EVgo entered into a five-year contract (the “GM Agreement”) with GM to build 2,750 fast chargers that EVgo will own and operate as part of the Company’s public network. On November 2, 2021, EVgo entered into an amendment agreement with GM in order to adjust stall installation targets and expand the overall number of chargers to be installed to 3,250 fast chargers. EVgo believes this agreement will serve to accelerate the Company’s development plans and enhance customer acquisition and brand equity among retail drivers. Pursuant to the GM Agreement, EVgo is required to meet certain quarterly milestones measured by the number of charger stalls installed, and GM is required to make certain payments based on chargers installed. Under the GM Agreement, EVgo is required to install a total of 3,250 chargers by December 31, 2025, 72% of which are required to be installed by December 31, 2023. Meeting these milestones will require additional funds beyond the amounts committed by GM, and EVgo may face delays in construction, commission or aspects of installation of the chargers the Company is obligated to develop. EVgo is also required to maintain network availability (i.e., the percentage of time a charger is operational and available on the network) of at least 93%. In addition to the capital-build program, EVgo committed to providing a certain number of new GM EV cars with an EVgo charging credit and limited time access to other EVgo services at a discounted rate. The GM Agreement is subject to early termination in certain circumstances, including in the event EVgo fails to meet the quarterly charger-installation milestones or maintain the specified level of network availability. If GM opts to terminate the agreement, EVgo may not be entitled to receive continued payments from GM and instead may be required to pay liquidated damages to GM. In the event EVgo fails to meet a charger-installation milestone or maintain the required network availability in a calendar quarter, GM has the right to provide EVgo with a notice of such deficiency within 30 days of the end of the quarter. If the same deficiency still exists at the end of the quarter immediately following the quarter for which a deficiency notification was delivered, GM may immediately terminate the agreement and seek pre-agreed liquidated damages of up to $15.0 million. As of September 30, 2022, there were approximately 3,191 stalls already in the active engineering and construction development pipeline, of which 2,840 stalls had been approved by GM. As of September 30, 2022, EVgo had 457 stalls left to install in order to meet its charger-installation milestone. EVgo is required to open to the public 607 additional stalls by December 31, 2022 or GM will have the right, if it so chooses, to send EVgo a stall count breach notice, which would trigger a cure period through December 31, 2022. EVgo may not meet the charger-installation milestones under the GM Agreement in the future, particularly as a consequence of delays in permitting, commissioning and utility interconnection resulting from COVID-19 and supply chain disruptions in business operations across the utility, engineering and permitting chain, as well as industry and regulatory adaptation to the requirements of high-powered charger installation, including slower than expected third-party approvals between utilities and landowners of sites where charger stations will be located. Legal Proceedings In the ordinary course of the Company’s business, the Company may be subject to lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes or employment, health and safety matters. Although the outcome of any potential future litigation is uncertain, the Company believes it has adequate insurance coverage in the event of any future litigation or disputes. Although the Company is not currently facing any material pending or threatened litigation, future events or circumstances, currently unknown to management, may potentially have a material effect on its financial position, liquidity or results of operations in any future reporting period. Purchase Commitments As of September 30, 2022, EVgo had $10.7 million in outstanding purchase order commitments to EVgo’s contract manufacturers and component suppliers for charging equipment. In certain instances, EVgo is permitted to cancel, reschedule or adjust these orders. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions | |
Related Party Transactions | Note 10 – Related Party Transactions Receivable from Related Party As of December 31, 2021, the Company had a $1.5 million receivable from EVgo Holdings pursuant to an indemnification obligation relating to a matter settled between SAF Partners II, LLC and EV Holdings Investments, LLC on January 14, 2022. Payables to Related Parties As of September 30, 2022, the Company owed $24,488 for tax refunds received on behalf of EVgo Holdings and EVgo Management Holdings, LLC. Note Payable, Related Party On January 16, 2020, EVgo Services entered into the Secured Demand Grid Promissory Note (“Demand Note”) with EVgo Holdings whereby EVgo Services funded the operations of EVgo Holdco with loans upon request at an interest rate of the Federal Reserve discount rate plus 7.0% (compounded annually) with a maturity date of January 16, 2027. The Demand Note was secured by the assets of EVgo Holdco and did not have a stated credit limit. Interest expense incurred was de minimis Consulting Services LS Power Equity Advisors, LLC provides consulting and corporate development services to the Company from time to time. There were no such services rendered during the three and nine months ended September 30, 2022. The Company recorded $1.3 million for consulting and corporate development services rendered by LS Power Equity Advisors, LLC to general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2021. The costs incurred after the CRIS Close Date through September 30, 2021 were de minimis. Low Carbon Fuel Standard Credits The Company may enter into agreements to facilitate the purchase and sale of California Low Carbon Fuel Standard (“LCFS”) credits with a subsidiary of LS Power at prevailing market prices. For the three and nine months ended September 30, 2022 and the three months ended September 30, 2021, there was no regulatory credit income recognized from related parties. For the nine months ended September 30, 2021, the Company recognized $0.6 million of such regulatory credit income, which is included in revenue from related party in the condensed consolidated statement of operations and comprehensive income (loss). |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | Note 11 – Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis and indicates the level within the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value as of September 30, 2022: September 30, (in thousands) Level 2022 Earnout liability 3 $ 3,883 Warrant liability – Public Warrants 1 $ 27,655 Warrant liability – Private Placement Warrants 2 $ 5,825 The earnout liability was valued using a Monte Carlo simulation methodology. The warrants are accounted for as liabilities in accordance with ASC 815 and are presented as warrant liabilities on the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liability in the condensed consolidated statements of operations and comprehensive income (loss). The closing price of the Public Warrants was used as the fair value as of each reporting date. As of September 30, 2022 and December 31, 2021, the carrying values of certain accounts such as accounts receivable, accounts payable and accrued expenses were deemed to approximate their fair values due to their short-term nature. There were no assets measured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2022 or December 31, 2021. There were no other transfers between The following table presents a reconciliation for all liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022: Private Placement Warrant Earnout (in thousands) Liability Liability Fair value as of December 31, 2021 $ 8,847 $ 5,211 Change in fair value of liability (4,912) (1,328) Transfers out of Level 3 (3,935) — Fair value as of September 30, 2022 $ — $ 3,883 Net change in unrealized gain (loss) for instruments still held at September 30, 2022 $ — $ (1,328) The fair value of the Private Placement Warrants issued was initially measured using a Monte Carlo simulation model. As of June 30, 2022, the fair value of the Private Placement Warrants was measured by reference to the trading price of the Public Warrants, which is considered to be a Level 2 fair value measurement. Earnout Liability The estimated fair value of the 1,437,500 shares of Class A common stock held by the Company’s initial stockholders that are subject to potential forfeiture (the “Earnout Shares”) issued and outstanding at the closing of the CRIS Business Combination on the CRIS Close Date was $18.3 million based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the earnout period between the CRIS Close Date and the five-year anniversary of the CRIS Close Date using the most reliable information available. On July 2, 2021, the volume-weighted average price (“VWAP”) of shares of Class A common stock equaled or exceeded $12.50 for 20 trading days within a 30-trading day period within five years of the CRIS Close Date and, as a result, 718,750 Earnout Shares valued at $10.9 million were deemed to be earned and reclassified into equity on that date. The estimated fair value of the earnout liability related to the 718,750 Earnout Shares subject to a VWAP of $15.00 (the “$15.00 Triggering Event”) originally valued at $8.8 million was remeasured to $5.2 million as of December 31, 2021 and to $3.9 million as of September 30, 2022. Assumptions used in the valuation of the earnout liability are as follows: September 30, 2022 Stock price $ 7.91 Risk-free interest rate 4.18 % Expected term 2.8 years Expected volatility 90.0 % Dividend rate — % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes | |
Income Taxes | Note 12 – Income Taxes The Company’s provision for income taxes consists primarily of income taxes, in federal and state jurisdictions where EVgo OpCo and its subsidiaries conduct business, that are incurred by the Company as a result of the Company’s ownership interest in EVgo OpCo. For the three and nine months ended September 30, 2022 and 2021, the Company’s provision for income taxes and effective tax rate were de minimis primarily due to the Company’s current income tax benefit being offset by a change in the full valuation allowance on its deferred tax assets and a significant portion of income (loss) being allocated to a nontaxable partnership. Prior to July 1, 2021, EVgo Holdco and its subsidiaries were not taxable entities for U.S. federal income tax purposes or for any of the states in which such entities operated. On July 1, 2021, pursuant to the CRIS Business Combination, the Company acquired an interest in EVgo Holdco and its subsidiaries through EVgo OpCo, and the Company’s allocable share of EVgo OpCo’s income became subject to U.S. federal and state income taxes in jurisdictions in which EVgo OpCo and its subsidiaries operate. In assessing the realization of its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Management considered all available material evidence, both positive and negative, in assessing the appropriateness of a valuation allowance for the Company’s deferred tax assets, including the generation of future taxable income, the scheduled reversal of deferred tax liabilities and other available material evidence. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore maintained a full valuation allowance against its net deferred tax assets as of September 30, 2022 and December 31, 2021 . In addition, there were no unrecognized tax benefits for uncertain tax positions, nor any amounts accrued for interest and penalties as of September 30, 2022 or December 31, 2021. |
Tax Receivable Agreement
Tax Receivable Agreement | 9 Months Ended |
Sep. 30, 2022 | |
Tax Receivable Agreement | |
Tax Receivable Agreement | Note 13 – Tax Receivable Agreement In connection with the CRIS Business Combination, EVgo entered into the Tax Receivable Agreement with EVgo Holdings (along with permitted assigns, the “TRA Holders”) and LS Power Equity Advisors, LLC, as agent. The Tax Receivable Agreement generally provides for payment by the Company Group to the TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company Group actually realizes or is deemed to realize in certain circumstances after the CRIS Business Combination as a result of (i) certain increases in tax basis that occur as a result of the Company Group’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of the TRA Holders’ EVgo OpCo Units pursuant to the CRIS Business Combination or the exercise of the redemption or call rights set forth in the EVgo OpCo A&R LLC Agreement and (ii) imputed interest deemed to be paid by the Company Group as a result of, and additional tax basis arising from, any payments the Company Group makes under the Tax Receivable Agreement. The Company Group will retain the benefit of any remaining net cash savings. If the Company Group elects to terminate the Tax Receivable Agreement early (or it is terminated early due to the Company Group’s failure to honor a material obligation thereunder or due to certain mergers, asset sales, other forms of business combinations or other changes of control), the Company Group is required to make an immediate payment equal to the present value of the anticipated future payments to be made by it under the Tax Receivable Agreement (based upon certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) that the Company Group has sufficient taxable income on a current basis to fully utilize the tax benefits covered by the Tax Receivable Agreement, and (ii) that any EVgo OpCo Units (other than those held by the Company Group) outstanding on the termination date or change of control date, as applicable, are deemed to be redeemed on such date). Amounts payable by the Company under the Tax Receivable Agreement are accrued through a charge to income when it is probable that a liability has been incurred and the amount is estimable. As of September 30, 2022 and December 31, 2021, no transactions have occurred that would result in a cash tax savings benefit that would trigger the recording of a liability by the Company based on the terms of the Tax Receivable Agreement. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Net Income (Loss) Per Share | |
Net Income (Loss) Per Share | Note 14 – Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator Net (loss) income $ (50,922) $ 23,591 $ (89,191) $ (11,441) Less: net (loss) income attributable to redeemable noncontrolling interest (37,704) 17,461 (66,053) (17,571) Net (loss) income attributable to Class A common stockholders (13,218) 6,130 (23,138) 6,130 Less: net (loss) income attributable to participating securities (137) 64 (240) 64 Net (loss) income attributable to Class A common stockholders, basic and diluted $ (13,081) $ 6,066 $ (22,898) $ 6,066 Denominator Weighted average common stock outstanding 69,340 68,737 69,226 68,737 Less: weighted average unvested Earnout Shares outstanding (719) (719) (719) (719) Weighted average common stock outstanding, basic and diluted 68,621 68,018 68,507 68,018 Net (loss) income per share – basic and diluted $ (0.19) $ 0.09 $ (0.33) $ 0.09 Prior to the consummation of the CRIS Business Combination, EVgo OpCo was wholly owned by EVgo Holdings. In connection with the CRIS Business Combination, EVgo Holdings contributed all of the equity interests in EVgo Holdco to EVgo OpCo in exchange for 195,800,000 EVgo OpCo Units, the Company contributed all of its assets and 195,800,000 shares of Class B common stock to Thunder Sub, Thunder Sub transferred 195,800,000 shares of Class B common stock and the right to enter into the Tax Receivable Agreement to EVgo Holdings, and Thunder Sub contributed all of its remaining assets to EVgo OpCo in exchange for EVgo OpCo Units equal to the number of shares of Class A common stock outstanding. The shares of Class B common stock owned by EVgo Holdings have been evaluated and are excluded from net income or loss per share calculations as they do not participate in earnings or loss of the Company. Therefore, retrospective application of the conversion of these ownership interests into shares of Class B common stock would not result in an appropriate or meaningful presentation of earnings (loss) per common share (“EPS”). Therefore, the EPS information presented only relates to the periods subsequent to the consummation of the CRIS Business Combination on July 1, 2021. The Company’s potentially dilutive securities consist of the Company’s Public Warrants, Private Placement Warrants, restricted stock units (“RSUs”), stock options and unvested Earnout Shares. For the periods in which EPS is presented, the Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to Class A common stockholders since their impact would have been antidilutive: Three and Nine Months Ended September 30, (in thousands) 2022 2021 Public Warrants 14,949 11,500 Private Placement Warrants 3,149 6,600 RSUs 3,462 1,891 Stock options 375 — 21,935 19,991 Additionally, 718,750 unvested Earnout Shares (participating securities) were excluded from the computation of diluted EPS since their vesting threshold (i.e., the $15.00 Triggering Event) had not been met as of September 30, 2022. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Compensation | |
Share-Based Compensation | Note 15 – Share-Based Compensation On July 1, 2021, concurrent with the closing of the CRIS Business Combination, the stockholders also approved the Board of Directors-approved EVgo Inc. 2021 Long Term Incentive Plan (the “2021 Incentive Plan”), effective March 26, 2021 (the “Effective Date”). The 2021 Incentive Plan reserves 33,918,000 shares of Class A common stock for issuance to employees, non-employee directors and other service providers. As of September 30, 2022, there were 29,435,928 shares of Class A common stock available for grant. The 2021 Incentive Plan provides for potential grants of: (i) incentive stock options qualified as such under U.S. Federal income tax laws; (ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) RSUs; (vi) vested stock awards; (vii) dividend equivalents; (viii) other share- or cash-based awards; (ix) cash awards; and (x) substitute awards. Unless earlier terminated by action of the Company’s Board of Directors, the 2021 Incentive Plan will terminate on the tenth anniversary of the Effective Date. The following table sets forth the Company’s total share-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 28 $ 12 $ 65 $ 18 General and administrative 6,865 4,270 17,376 5,275 Total share-based compensation expense $ 6,893 $ 4,282 $ 17,441 $ 5,293 Stock Options On April 1, 2022, the Company granted stock options covering 375,428 underlying shares of Class A common stock to employees The following table summarizes stock option activity for the nine months ended September 30, 2022: Weighted Average Shares Underlying Weighted Average Remaining Aggregate (shares in thousands) Options Exercise Price Contractual Life Intrinsic Value Outstanding as of December 31, 2021 — Granted 375 $ 12.86 $ — Outstanding as of September 30, 2022 375 $ 12.86 9.5 years $ — As of September 30, 2022, the Company’s unrecognized share-based compensation expense related to stock options was approximately $2.2 million, which is expected to be recognized over a period of 1.6 years. The weighted average grant date fair value per share of options granted during the nine months ended September 30, 2022 was $8.79. No stock options were granted during the three months ended September 30, 2022 and there were no stock options vested or exercisable as of September 30, 2022. The fair value of the stock options granted on April 1, 2022 was computed using Black-Scholes option-pricing model using the following key assumptions: Risk-free interest rate 2.5 % Dividend yield — % Expected volatility 81.4 % Expected life (in years) 5.67 Risk-free interest rate. Dividend yield. Expected volatility. Expected life. Restricted Stock Units RSUs granted by EVgo typically vest annually over a period of three years from the date of grant. The fair value of RSUs is based on the closing price of the Company’s Class A common stock on the grant date. The table below represents the Company’s RSU activity under the 2021 Incentive Plan during the nine months ended September 30, 2022: Weighted Average Number of Grant Date (shares in thousands) Shares Fair Value Outstanding as of December 31, 2021 1,955 $ 11.40 Granted 2,548 $ 11.51 Vested (645) $ 11.39 Forfeited (396) $ 11.92 Outstanding as of September 30, 2022 3,462 $ 11.42 As of September 30, 2022, the Company’s unrecognized share-based compensation expense related to unvested RSUs was approximately $23.1 million, which is expected to be recognized over a period of 1.5 years . Incentive Units Certain employees of EVgo Services have received share-based compensation in the form of units in EVgo Management that track incentive units issued by EVgo Holdings to EVgo Management (“Incentive Units”). The Incentive Units typically vest annually over a period of four year s from the date of grant. Presented below is a summary of the activity of the Company’s Incentive Units during the nine months ended 30, 2022: Weighted Average Grant Date (units in thousands) Units Fair Value Outstanding and expected to vest as of December 31, 2021 659 $ 18.19 Vested (123) $ 17.08 Forfeited (63) $ 17.00 Outstanding and expected to vest as of September 30, 2022 473 $ 18.64 As of 30, 2022, there was $7.5 million of unrecognized share-based compensation expense related to unvested Incentive Units, which is expected to be recognized over a period of 1.9 years. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2022 | |
Redeemable Noncontrolling Interest | |
Redeemable Noncontrolling Interest | Note 16 – Redeemable Noncontrolling Interest As of September 30, 2022, EVgo Holdings held 195,800,000 EVgo OpCo Units, representing a 74.0% economic ownership interest in EVgo OpCo (reflecting the exclusion of 718,750 shares of Class A common stock held by other entities that were subject to possible forfeiture), and a corresponding number of shares of Class B common stock, representing an approximately 74% voting interest in the Company. EVgo Holdings is entitled to one vote per share of Class B common stock but is not entitled to receive dividends or any assets upon liquidation, dissolution, distribution or winding-up of the Company. Each EVgo OpCo Unit is redeemable, together with one share of Class B common stock, for either one share of Class A common stock or, at EVgo OpCo’s election, the cash equivalent market value of one share of Class A common stock in accordance with the terms of the EVgo OpCo A&R LLC Agreement. The EVgo OpCo Units held by EVgo Holdings have been classified as a redeemable noncontrolling interest in the Company. The cash redemption feature of the EVgo OpCo Units, together with a corresponding number of shares of Class B common stock, at the option of EVgo OpCo is considered outside of the control of the Company. Therefore, in accordance with ASC Topic 480, Distinguishing Liabilities from Equity The redeemable noncontrolling interest held by EVgo Holdings in EVgo OpCo, through its ownership of EVgo OpCo Units, was initially measured at its carrying amount on the CRIS Close Date. Net income or loss and other comprehensive income or loss are attributed to the redeemable noncontrolling interest during each reporting period based on its ownership percentage, as appropriate. Subsequent to that, the redeemable noncontrolling interest is measured at its fair value (i.e., based on the Class A common stock price) at the end of each reporting period, with the remeasurement amount being no less than the initial carrying amount, as adjusted for the redeemable noncontrolling interest’s share of net income or loss and other comprehensive income or loss. The offset of any fair value adjustment is recorded to equity, with no impact to net income or loss. The table below presents the reconciliation of changes in redeemable noncontrolling interest for the nine months ended September 30, 2022: (in thousands) Balance as of December 31, 2021 $ 1,946,252 Net income attributable to redeemable noncontrolling interest for the period (66,053) Equity-based compensation attributable to redeemable noncontrolling interest during the period 1,410 Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end (332,831) Balance as of September 30, 2022 $ 1,548,778 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events | |
Subsequent Events | Note 17 – Subsequent Events In October 2022, the Company granted 510,999 restricted stock units to employees and other service providers under the 2021 Incentive Plan. The fair value of the restricted stock units awarded was $4.0 million, which was estimated on the dates of grant based on the fair value of the Company’s Class A common stock, using similar methods and assumptions as those previously disclosed by the Company. The awards will vest based on continued service, generally over a period of three years. The grant date fair value of the awards will be recognized as share-based compensation expense over the requisite service periods. During October 2022, EVgo entered into the Nissan Amendment. As a result of the Nissan Amendment, the timing of revenue for the charging credit programs will shift during the contract term starting in the fourth quarter of 2022. See Note 9 for additional information, including regarding changes to the capital-build program under the Nissan Amendment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The condensed consolidated financial statements are unaudited and prepared in accordance with GAAP for interim financial information, as set by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. References to GAAP issued by the FASB in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements include all adjustments considered necessary, in the opinion of management, for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss), condensed consolidated statements of stockholders’ and member’s equity (deficit) and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year ending December 31, 2022 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”). GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates made by management include, but are not limited to, charging station depreciable lives, costs associated with asset retirement obligations, the fair value of the share-based compensation, earnout liability, warrant liability and the fair value measurements of assets and liabilities allocated for acquired businesses. Accordingly, the actual results could differ significantly from those estimates. |
Concentration of Business and Credit Risk | Concentration of Business and Credit Risk The Company maintains its cash accounts in a commercial bank. The total cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. At various times, the Company has uninsured balances. The Company has not experienced any losses on such accounts and believes it is not exposed to any significant credit risk on cash. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions. The Company had three customers that comprised 36.2% of the Company’s total accounts receivable as of September 30, 2022. The Company had two customers that comprised 32.4% of the Company’s total accounts receivable as of December 31, 2021. For the nine months ended September 30, 2022 and 2021, one customer represented 17.2% and one customer represented 12.0% of total revenue, respectively. For the three and nine months ended September 30, 2022, EVgo had three vendors that provided 87.3% and 78.3%, respectively, of total charging equipment and services to the Company. For the three and nine months ended September 30, 2021, EVgo had one vendor that provided 11.0% and 13.0%, respectively, of total charging equipment and services to the Company. |
Cash and Restricted Cash | Cash and Restricted Cash Cash and restricted cash include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. The Company does not hold any highly liquid assets that can be considered cash equivalents. Cash that is held by a major bank and has restrictions on its availability to the Company is classified as restricted cash. The Company had unused letters of credit of $0.7 million as of September 30, 2022 and December 31, 2021, associated with the construction of its charging stations and in connection with one of its operating leases. Cash balances collateralizing these letters of credit are considered restricted cash. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all attempts to collect an account receivable have failed, the account receivable is written off against the allowance for doubtful accounts. |
Investments Available-for-sale Debt Securities | Investments Available-for-sale Debt Securities Available-for-sale debt securities are recorded at fair value, and unrealized gains and losses that are considered to be temporary are recorded, net of tax, as a component of accumulated other comprehensive income. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. All other investments are classified as long-term. The Company evaluates the available-for-sale securities for other-than-temporary impairment on a quarterly basis. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. The Company reviews several factors to determine whether a loss is other than temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer and whether the Company has the intent to sell or will more likely than not be required to sell the securities before the securities' anticipated recovery, which may be at maturity. Realized gains and losses are accounted for using the specific identification method. Purchases and sales of securities are recorded on a trade-date basis. All of the Company’s available-for-sale debt securities were sold during the three months ended September 30, 2022, resulting in a realized loss of $0.2 million. Prior to the sale, EVgo’s investment portfolio primarily included corporate debt securities, asset backed securities, U.S. government treasury securities, certificates of deposit and commercial paper. |
Newly Adopted Accounting Standards and Recently Issued Accounting Standards | Newly Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Shar (Topic 260) Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue From Contracts With Customers In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Acquisition | |
Schedule of pro forma consolidated revenue and net loss | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2021 Pro forma revenue $ 6,322 $ 16,031 Pro forma net income (loss) $ 23,738 $ (14,488) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition | |
Disaggregation of revenue | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Charging revenue, retail $ 5,176 $ 3,203 $ 13,067 $ 7,505 Charging revenue, OEM 252 151 592 633 Charging revenue, commercial 678 688 2,041 1,725 Network revenue, OEM 448 351 1,825 1,158 Ancillary revenue 2,777 1,104 5,076 2,147 Regulatory credit sales 1,178 684 4,684 1,927 Total revenue $ 10,509 $ 6,181 $ 27,285 $ 15,095 |
Contract assets and liabilities and liabilities activity | September 30, December 31, (in thousands) 2022 2021 Contract assets $ 1,837 $ 32 Contract liabilities $ 40,194 $ 38,445 Nine Months Ended September 30, (in thousands) 2022 Balance as of December 31, 2021 $ 38,445 Additions 7,284 Recognized in revenue (4,375) Marketing activities (1,160) Balance as of September 30, 2022 $ 40,194 |
Schedule of deferred revenue to be recognized | (in thousands) 2022 $ 622 2023 2,189 2024 3,178 2025 5,989 2026 11,119 $ 23,097 |
Lease Accounting (Tables)
Lease Accounting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | |
Schedule of lease cost | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2022 Operating lease costs 1 Cost of sales $ 824 $ 1,915 Selling, general and administrative expenses 1,036 2,316 Variable lease costs Cost of sales 122 309 Selling, general and administrative expenses 34 70 Short-term lease costs 24 68 $ 2,040 $ 4,678 1 |
Schedule of future fixed minimum payments | (in thousands) 2022 $ 1,670 2023 8,076 2024 7,483 2025 6,545 2026 6,024 2027 5,381 Thereafter 26,453 Total undiscounted operating lease payments 61,632 Less: imputed interest (18,605) Total discounted operating lease liabilities $ 43,027 |
Schedule of future minimum payments under non-cancellable operating leases | (in thousands) 2022 $ 3,486 2023 3,515 2024 2,987 2025 2,093 2026 1,767 Thereafter 5,570 $ 19,418 |
Schedule of operating lease liability supplemental information | September 30, 2022 Weighted-average remaining lease term 8.9 Weighted-average discount rate 7.86 % |
Schedule of operating lease liability cash flow information | (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 4,106 Right-of-use assets obtained in exchange for new operating lease liabilities $ 26,548 |
Schedule of operating lease income | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2022 Operating lease income: Fixed lease income $ 152 $ 616 Variable lease income 106 404 Sublease income 99 117 Total lease income 1 $ 357 $ 1,137 1 |
Schedule of future minimum rental payments due to as lessor under operating leases (including subleases) | (in thousands) 2022 $ 356 2023 1,422 2024 1,110 2025 485 2026 242 $ 3,615 |
Schedule of property and equipment, net | September 30, December 31, (in thousands) 2022 2021 Construction in process $ 91,181 $ 39,116 Charging equipment 13,988 8,611 Charging station equipment 67,258 42,799 Charging station installation costs 111,712 63,932 Land 10,489 — Software 12,479 5,295 Office equipment, vehicles and other 1,462 846 308,569 160,599 Less accumulated depreciation and amortization (44,104) (27,317) Total property, equipment and software, net $ 264,465 $ 133,282 |
Charging station equipment and construction costs | |
Lessee, Lease, Description [Line Items] | |
Schedule of property and equipment, net | September 30, December 31, (in thousands) 2022 2021 Charging station equipment and construction costs $ 2,532 $ 4,114 Less: accumulated depreciation (419) (815) $ 2,113 $ 3,299 |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Equipment and Software, Net | |
Schedule of property and equipment, net | September 30, December 31, (in thousands) 2022 2021 Construction in process $ 91,181 $ 39,116 Charging equipment 13,988 8,611 Charging station equipment 67,258 42,799 Charging station installation costs 111,712 63,932 Land 10,489 — Software 12,479 5,295 Office equipment, vehicles and other 1,462 846 308,569 160,599 Less accumulated depreciation and amortization (44,104) (27,317) Total property, equipment and software, net $ 264,465 $ 133,282 |
Schedule of allocation of depreciation and amortization of property and equipment | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Cost of sales Depreciation of property and equipment $ 6,508 $ 4,048 $ 16,493 $ 10,829 Amortization of capital-build liability (1,321) (1,028) (3,751) (2,657) General and administrative expenses Depreciation of property and equipment 88 59 221 136 Amortization of software 1,011 — 2,132 — $ 6,286 $ 3,079 $ 15,095 $ 8,308 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Intangible Assets, Net | |
Schedule of finite-lived intangible assets, net | September 30, 2022 Remaining Weighted Gross Net Average Carrying Accumulated Carrying Amortization (in thousands) Amount Amortization Value Period Trade name $ 5,000 $ (772) $ 4,228 13.8 years Site Host relationships 41,500 (9,371) 32,129 9.3 years Customer relationships 19,000 (11,069) 7,931 2.0 years Developed technology 14,000 (2,401) 11,599 11.8 years User base 11,000 (3,371) 7,629 2.8 years $ 90,500 $ (26,984) $ 63,516 |
Schedule of amortization of intangible assets | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Amortization of intangible assets $ 2,904 $ 2,951 $ 8,711 $ 7,246 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligations | |
Schedule of accretion expense | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Accretion expense $ 513 $ 384 $ 1,471 $ 1,066 |
Schedule of asset retirement obligation activity | (in thousands) Beginning balance $ 12,833 Liabilities incurred 2,841 Accretion expense 1,471 Change in estimate (51) Liabilities settled (616) Ending balance $ 16,478 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of liabilities measured on recurring basis | September 30, (in thousands) Level 2022 Earnout liability 3 $ 3,883 Warrant liability – Public Warrants 1 $ 27,655 Warrant liability – Private Placement Warrants 2 $ 5,825 |
Schedule of changes in the fair value of warrant and earnout liabilities | Private Placement Warrant Earnout (in thousands) Liability Liability Fair value as of December 31, 2021 $ 8,847 $ 5,211 Change in fair value of liability (4,912) (1,328) Transfers out of Level 3 (3,935) — Fair value as of September 30, 2022 $ — $ 3,883 Net change in unrealized gain (loss) for instruments still held at September 30, 2022 $ — $ (1,328) |
Earnout Liability [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assumptions used in valuation of liability | September 30, 2022 Stock price $ 7.91 Risk-free interest rate 4.18 % Expected term 2.8 years Expected volatility 90.0 % Dividend rate — % |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Net Income (Loss) Per Share | |
Schedule of basic and diluted net earnings per common share | Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator Net (loss) income $ (50,922) $ 23,591 $ (89,191) $ (11,441) Less: net (loss) income attributable to redeemable noncontrolling interest (37,704) 17,461 (66,053) (17,571) Net (loss) income attributable to Class A common stockholders (13,218) 6,130 (23,138) 6,130 Less: net (loss) income attributable to participating securities (137) 64 (240) 64 Net (loss) income attributable to Class A common stockholders, basic and diluted $ (13,081) $ 6,066 $ (22,898) $ 6,066 Denominator Weighted average common stock outstanding 69,340 68,737 69,226 68,737 Less: weighted average unvested Earnout Shares outstanding (719) (719) (719) (719) Weighted average common stock outstanding, basic and diluted 68,621 68,018 68,507 68,018 Net (loss) income per share – basic and diluted $ (0.19) $ 0.09 $ (0.33) $ 0.09 |
Schedule of antidilutive securities excluded from computation of diluted EPS | Three and Nine Months Ended September 30, (in thousands) 2022 2021 Public Warrants 14,949 11,500 Private Placement Warrants 3,149 6,600 RSUs 3,462 1,891 Stock options 375 — 21,935 19,991 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expense | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Cost of sales $ 28 $ 12 $ 65 $ 18 General and administrative 6,865 4,270 17,376 5,275 Total share-based compensation expense $ 6,893 $ 4,282 $ 17,441 $ 5,293 |
Schedule of options activity | Weighted Average Shares Underlying Weighted Average Remaining Aggregate (shares in thousands) Options Exercise Price Contractual Life Intrinsic Value Outstanding as of December 31, 2021 — Granted 375 $ 12.86 $ — Outstanding as of September 30, 2022 375 $ 12.86 9.5 years $ — |
Schedule of assumptions used for grants of awards | Risk-free interest rate 2.5 % Dividend yield — % Expected volatility 81.4 % Expected life (in years) 5.67 |
Schedule of RSU activity | Weighted Average Number of Grant Date (shares in thousands) Shares Fair Value Outstanding as of December 31, 2021 1,955 $ 11.40 Granted 2,548 $ 11.51 Vested (645) $ 11.39 Forfeited (396) $ 11.92 Outstanding as of September 30, 2022 3,462 $ 11.42 |
Incentive Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the activity of Incentive Units | Weighted Average Grant Date (units in thousands) Units Fair Value Outstanding and expected to vest as of December 31, 2021 659 $ 18.19 Vested (123) $ 17.08 Forfeited (63) $ 17.00 Outstanding and expected to vest as of September 30, 2022 473 $ 18.64 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Redeemable Noncontrolling Interest | |
Schedule of reconciliation of changes in redeemable noncontrolling interest | (in thousands) Balance as of December 31, 2021 $ 1,946,252 Net income attributable to redeemable noncontrolling interest for the period (66,053) Equity-based compensation attributable to redeemable noncontrolling interest during the period 1,410 Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end (332,831) Balance as of September 30, 2022 $ 1,548,778 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Concentration of Business and Credit Risk (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Sep. 30, 2022 USD ($) customer individual | Sep. 30, 2021 customer individual | Dec. 31, 2021 customer | |
Concentration Risk [Line Items] | |||||
Federal Depositary Insurance Coverage | $ | $ 250,000 | $ 250,000 | |||
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Major Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 3 | 2 | |||
Concentration risk percentage | 36.20% | 32.40% | |||
Total Revenue [Member] | Customer Concentration Risk [Member] | Major Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 1 | 1 | |||
Concentration risk percentage | 17.20% | 12% | |||
Total Purchases [Member] | Supplier Concentration Risk [Member] | Major Supplier [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of vendors | individual | 3 | 1 | |||
Concentration risk percentage | 87.30% | 11% | 78.30% | 13% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Letter of Credit [Member] | ||
Unused letter of credit | $ 0.7 | $ 0.7 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Available-for-sale Debt Securities (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Summary of Significant Accounting Policies | |
Realized loss on sale of available-for-sale debt securities | $ 0.2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Newly Adopted Accounting Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jan. 01, 2022 |
Summary of Significant Accounting Policies | ||
Operating lease right-of-use assets | $ 44,507 | $ 19,100 |
Operating lease liabilities | $ 43,027 | $ 18,400 |
Acquisition - Recargo Inc (Deta
Acquisition - Recargo Inc (Details) $ in Millions | Jul. 09, 2021 USD ($) |
Business Combination | |
Cash purchase consideration | $ 25 |
Recargo Inc [Member] | |
Business Combination | |
Percentage of outstanding common stock acquired | 100% |
Acquisition - Recargo Inc - Pro
Acquisition - Recargo Inc - Pro forma information (Details) - Recargo Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Combination | ||
Pro forma revenue | $ 6,322 | $ 16,031 |
Pro forma net income (loss) | $ 23,738 | $ (14,488) |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 10,509 | $ 6,181 | $ 27,285 | $ 15,095 |
Charging Revenue Retail [Member] | ||||
Revenue | 5,176 | 3,203 | 13,067 | 7,505 |
Charging Revenue OEM [Member] | ||||
Revenue | 252 | 151 | 592 | 633 |
Charging Revenue Commercial [Member] | ||||
Revenue | 678 | 688 | 2,041 | 1,725 |
Network Revenue, OEM [Member] | ||||
Revenue | 448 | 351 | 1,825 | 1,158 |
Ancillary Revenue [Member] | ||||
Revenue | 2,777 | 1,104 | 5,076 | 2,147 |
Regulatory Credit Sales [Member] | ||||
Revenue | $ 1,178 | $ 684 | $ 4,684 | $ 1,927 |
Revenue Recognition - Contract
Revenue Recognition - Contract assets and liabilities and liabilities activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Revenue Recognition | ||
Contract assets | $ 1,837 | $ 32 |
Contract liabilities | 40,194 | $ 38,445 |
Contract balances | ||
Beginning balance | 38,445 | |
Additions | 7,284 | |
Recognized in revenue | (4,375) | |
Marketing activities | (1,160) | |
Ending balance | $ 40,194 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred revenue to be recognized (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation expected period of satisfaction | $ 23,097 | |
Deferred revenue | $ 7,300 | $ 22,900 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation | 3 months | |
Revenue remaining performance obligation expected period of satisfaction | $ 622 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation | 1 year | |
Revenue remaining performance obligation expected period of satisfaction | $ 2,189 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation | 1 year | |
Revenue remaining performance obligation expected period of satisfaction | $ 3,178 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation | 1 year | |
Revenue remaining performance obligation expected period of satisfaction | $ 5,989 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation | 1 year | |
Revenue remaining performance obligation expected period of satisfaction | $ 11,119 |
Lease Accounting - Lessee Accou
Lease Accounting - Lessee Accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |||||
Operating lease commitments | $ 48,000 | $ 48,000 | ||||
Weighted-average remaining lease term | 8 years 10 months 24 days | 8 years 10 months 24 days | ||||
Weighted-average discount rate | 7.86% | 7.86% | ||||
Cash paid for amounts included in measurement of operating lease liabilities | $ 4,106 | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 26,548 | |||||
Lease costs | ||||||
Short-term lease costs | $ 24 | 68 | ||||
Total lease costs | 2,040 | 4,678 | ||||
Rent expense | $ 700 | $ 1,800 | ||||
Future fixed minimum payments | ||||||
2022 | 1,670 | 1,670 | ||||
2023 | 8,076 | 8,076 | ||||
2024 | 7,483 | 7,483 | ||||
2025 | 6,545 | 6,545 | ||||
2026 | 6,024 | 6,024 | ||||
2027 | 5,381 | 5,381 | ||||
Thereafter | 26,453 | 26,453 | ||||
Total undiscounted operating lease payments | 61,632 | 61,632 | ||||
Less: imputed interest | (18,605) | (18,605) | ||||
Total discounted operating lease liabilities | 43,027 | 43,027 | $ 18,400 | |||
Sublease income | $ 99 | $ 117 | ||||
Future Minimum Payments Due | ||||||
2022 | $ 3,486 | |||||
2023 | 3,515 | |||||
2024 | 2,987 | |||||
2025 | 2,093 | |||||
2026 | 1,767 | |||||
Thereafter | 5,570 | |||||
Future minimum payments | $ 19,418 | |||||
Minimum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 1 year | 1 year | ||||
Renewal term | 1 year | 1 year | ||||
Maximum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 15 years | 15 years | ||||
Renewal term | 10 years | 10 years | ||||
Cost of Sales [Member] | ||||||
Lease costs | ||||||
Operating lease costs | $ 824 | $ 1,915 | ||||
Variable lease costs | 122 | 309 | ||||
General and Administrative Expense [Member] | ||||||
Lease costs | ||||||
Operating lease costs | 1,036 | 2,316 | ||||
Variable lease costs | $ 34 | $ 70 |
Lease Accounting - Lessor accou
Lease Accounting - Lessor accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Lessor, Operating Lease, Existence of Option to Extend [true false] | true | |||
Operating lease income: | ||||
Fixed lease income | $ 152 | $ 616 | ||
Variable lease income | 106 | 404 | ||
Sublease income | 99 | 117 | ||
Total lease income | 357 | $ 900 | 1,137 | $ 1,400 |
Future minimum rental payments due to lessor under operating leases (including subleases) | ||||
2022 | 356 | 356 | ||
2023 | 1,422 | 1,422 | ||
2024 | 1,110 | 1,110 | ||
2025 | 485 | 485 | ||
2026 | 242 | 242 | ||
Total | $ 3,615 | $ 3,615 | ||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Initial lease terms | 5 years | 5 years | ||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Initial lease terms | 10 years | 10 years |
Lease Accounting - Components o
Lease Accounting - Components of charging equipment and charging stations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Charging station equipment and construction costs | $ 308,569 | $ 160,599 |
Less: accumulated depreciation | (44,104) | (27,317) |
Total | 264,465 | 133,282 |
Charging station equipment and construction costs | ||
Lessee, Lease, Description [Line Items] | ||
Charging station equipment and construction costs | 2,532 | 4,114 |
Less: accumulated depreciation | (419) | (815) |
Total | $ 2,113 | $ 3,299 |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 308,569 | $ 160,599 |
Less accumulated depreciation and amortization | (44,104) | (27,317) |
Total property, equipment and software, net | 264,465 | 133,282 |
Construction in process | ||
Property, plant and equipment, gross | 91,181 | 39,116 |
Software | ||
Property, plant and equipment, gross | 12,479 | 5,295 |
Charging equipment | ||
Property, plant and equipment, gross | 13,988 | 8,611 |
Charging station equipment | ||
Property, plant and equipment, gross | 67,258 | 42,799 |
Charging station installation costs | ||
Property, plant and equipment, gross | 111,712 | 63,932 |
Land | ||
Property, plant and equipment, gross | 10,489 | |
Office equipment, vehicles and other | ||
Property, plant and equipment, gross | $ 1,462 | $ 846 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Schedule of allocation of depreciation and amortization of property and equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation and amortization of property and equipment | $ 25,277 | $ 16,620 | ||
Net loss on disposal of property and equipment | $ (1,700) | $ (300) | (4,618) | (639) |
Property And Equipment [Member] | ||||
Depreciation and amortization of property and equipment | 6,286 | 3,079 | 15,095 | 8,308 |
Property And Equipment [Member] | Cost of Sales [Member] | ||||
Depreciation | 6,508 | 4,048 | 16,493 | 10,829 |
Property And Equipment [Member] | General and Administrative Expense [Member] | ||||
Depreciation | 88 | 59 | 221 | 136 |
Construction in Progress [Member] | Cost of Sales [Member] | ||||
Amortization | 1,321 | $ 1,028 | 3,751 | $ 2,657 |
Software [Member] | General and Administrative Expense [Member] | ||||
Amortization | $ 1,011 | $ 2,132 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of finite-lived intangible assets, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gross carrying amount, finite-lived | $ 90,500 | $ 90,500 | ||
Accumulated amortization, finite-lived | (26,984) | (26,984) | ||
Net carrying value, finite-lived | 63,516 | 63,516 | ||
Amortization of intangible assets | 2,904 | $ 2,951 | 8,711 | $ 7,246 |
Trade Names [Member] | ||||
Gross carrying amount, finite-lived | 5,000 | 5,000 | ||
Accumulated amortization, finite-lived | (772) | (772) | ||
Net carrying value, finite-lived | 4,228 | $ 4,228 | ||
Remaining weighted average amortization period | 13 years 9 months 18 days | |||
Site Host relationships [Member] | ||||
Gross carrying amount, finite-lived | 41,500 | $ 41,500 | ||
Accumulated amortization, finite-lived | (9,371) | (9,371) | ||
Net carrying value, finite-lived | 32,129 | $ 32,129 | ||
Remaining weighted average amortization period | 9 years 3 months 18 days | |||
Customer Relationships [Member] | ||||
Gross carrying amount, finite-lived | 19,000 | $ 19,000 | ||
Accumulated amortization, finite-lived | (11,069) | (11,069) | ||
Net carrying value, finite-lived | 7,931 | $ 7,931 | ||
Remaining weighted average amortization period | 2 years | |||
Developed Technology Rights [Member] | ||||
Gross carrying amount, finite-lived | 14,000 | $ 14,000 | ||
Accumulated amortization, finite-lived | (2,401) | (2,401) | ||
Net carrying value, finite-lived | 11,599 | $ 11,599 | ||
Remaining weighted average amortization period | 11 years 9 months 18 days | |||
User Base | ||||
Gross carrying amount, finite-lived | 11,000 | $ 11,000 | ||
Accumulated amortization, finite-lived | (3,371) | (3,371) | ||
Net carrying value, finite-lived | $ 7,629 | $ 7,629 | ||
Remaining weighted average amortization period | 2 years 9 months 18 days |
Asset Retirement Obligations -
Asset Retirement Obligations - Accretion expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Asset Retirement Obligations | ||||
Accretion expense | $ 513 | $ 384 | $ 1,471 | $ 1,066 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Asset retirement obligation activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Asset Retirement Obligations | ||||
Beginning balance | $ 12,833 | |||
Liabilities incurred | 2,841 | $ 1,671 | ||
Accretion expense | $ 513 | $ 384 | 1,471 | $ 1,066 |
Change in estimate | (51) | |||
Liabilities settled | (616) | |||
Ending balance | $ 16,478 | $ 16,478 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 9 Months Ended | ||||
Jul. 12, 2022 item | Jul. 05, 2022 USD ($) state item site | Nov. 02, 2021 item | Jul. 20, 2020 item | Sep. 30, 2022 USD ($) item site | |
Purchase Commitment for Charging Equipment [Member] | |||||
Purchase order commitments outstanding | $ | $ 10,700,000 | ||||
Scenario Plan Date December 31, 2023 [Member] | |||||
Percentage of chargers installation completed | 72% | ||||
Second Two Year Period | |||||
Number of chargers to be installed | 48 | ||||
Pilot Flying J Agreement [Member] | |||||
Threshold number of stalls to be built, operated and maintained | 2,000 | ||||
Number of sites where chargers are installed | site | 500 | ||||
Number of states in which stalls will be installed | state | 40 | ||||
Charger installation, maximum liquidated damages | $ | $ 30,000 | ||||
Early termination rights, threshold charging stalls | 1,000 | ||||
Delta Charger Supply Agreement and Purchase Order [Member] | |||||
Minimum number of chargers committed to be purchased | 1,000 | ||||
Number of stalls to be constructed | 2,000 | ||||
Increased purchase commitment, number of chargers | 1,100 | ||||
Nissan Agreement [Member] | |||||
Number of chargers | 850 | ||||
Nissan Agreement 2.0 [Member] | |||||
Joint marketing expense | $ | $ 1,600,000 | ||||
Charging credits | $ | 4,800,000 | ||||
Future build schedule penalty amount, per site | $ | $ 70,000 | ||||
Future build schedule penalty site maximum number | site | 48 | ||||
Period of charging credit | 12 months | ||||
Extension term of installation deadline under build schedule | 12 months | ||||
Period for completion of charger installation milestone | 2 years | ||||
Number of chargers under charger installation milestone | 80 | ||||
Nissan Agreement 2.0 [Member] | First Two Year Period | |||||
Number of chargers to be installed | 210 | ||||
GM Agreement [Member] | |||||
Number of chargers to be installed | 3,250 | 2,750 | |||
Number of chargers remaining to be installed | 457 | ||||
Number of additional stalls to be opened for public | 607 | ||||
Contract term | 5 years | ||||
Charger station operational percentage benchmark | 93% | ||||
Agreement liquidation damage amount if counterparty terminates | $ | $ 15,000,000 | ||||
Number of chargers installation completed | 2,840 | ||||
Number Of Chargers Installation In Construction Pipeline Stages | 3,191 | ||||
GM Agreement [Member] | Scenario Plan Date December 31, 2025 [Member] | |||||
Number of sites where chargers are installed | 3,250 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Receivable from related party | $ 1,500,000 | ||||
Payables to related parties | $ 24,000 | $ 24,000 | |||
Revenue | 10,509,000 | $ 6,181,000 | 27,285,000 | $ 14,533,000 | |
Entities Controlled by LS Power [Member] | Regulatory Credit Sales [Member] | |||||
Revenue | 0 | $ 0 | 0 | 600,000 | |
LS Power Equity Advisors, LLC [[Member] | Consulting And Corporate Development Services [Member] | General and Administrative Expense [Member] | |||||
Fee for services | 0 | $ 1,300,000 | |||
EVgo Holdings [Member] | |||||
Receivable from related party | $ 1,500,000 | ||||
EVgo Holdings and EVgo Management Holdings, LLC [Member] | |||||
Payables to related parties | $ 24,488 | $ 24,488 |
Related Party Transactions - No
Related Party Transactions - Note payable, related party (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Jul. 01, 2021 | Jan. 16, 2020 | |
Interest expense, related party | $ 11 | $ 1,926 | ||
Secured Demand Grid Promissory Note | Secured Debt | ||||
Debt instrument, interest rate, stated percentage | 7% | |||
Interest expense, related party | $ 1,900 | |||
Accrued interest, related parties | $ 1,900 | |||
Note payable, related party | $ 59,600 |
Fair Value Measurements - Liabi
Fair Value Measurements - Liabilities measured at recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 01, 2021 |
Liabilities [Abstract] | |||
Earnout liability, at fair value | $ 3,883 | $ 5,211 | $ 18,300 |
Warrant liability | $ 8,847 | ||
Recurring [Member] | Level 1 [Member] | Public Warrant [Member] | |||
Liabilities [Abstract] | |||
Warrant liability | 27,655 | ||
Recurring [Member] | Level 3 [Member] | |||
Liabilities [Abstract] | |||
Earnout liability, at fair value | 3,883 | ||
Recurring [Member] | Level 3 [Member] | Private Placement Warrants | |||
Liabilities [Abstract] | |||
Warrant liability | $ 5,825 |
Fair Value Measurements - Narra
Fair Value Measurements - Narratives (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value Measurements | |
Fair value assets transfer from level 1 to level 2 | $ 0 |
Fair value assets transfer from level 2 to level 1 | 0 |
Fair value assets transfer into level 3 | 0 |
Fair value assets transfer out of level 3 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in fair value of liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Changes in Fair Value of Warrant Liabilities [Roll Forward] | ||||
Fair value as of beginning period | $ 8,847 | |||
Change in fair value of liability | (4,912) | |||
Transfers out of Level 3 | (3,935) | |||
Changes in Fair Value of Earnout Liabilities [Roll Forward] | ||||
Fair value as of beginning period | 5,211 | |||
Change in fair value of earnout liability | $ 1,299 | $ (3,695) | (1,328) | $ (3,695) |
Fair value as of ending period | $ 3,883 | 3,883 | ||
Net change in unrealized gain (loss) for investments still held | $ (1,328) |
Fair Value Measurements - Earno
Fair Value Measurements - Earnout Liability - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jul. 02, 2021 | Jul. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Earnout shares related to business combination | 1,437,500 | ||||||
Change in fair value of earnout liability | $ (1,299) | $ 3,695 | $ 1,328 | $ 3,695 | |||
Earnout liability, at fair value | $ 18,300 | 3,883 | $ 3,883 | $ 5,211 | |||
$12.50 Triggering Event [[Member] | |||||||
Earnout shares related to business combination | 718,750 | ||||||
Earnout triggering share price | $ 12.50 | ||||||
Earnout liability, at fair value | $ 10,900 | ||||||
$15.00 Triggering Event | |||||||
Earnout shares related to business combination | 718,750 | ||||||
Earnout triggering share price | $ 15 | $ 15 | |||||
Earnout liability, at fair value | $ 8,800 | $ 3,900 | $ 3,900 | $ 5,200 |
Fair Value Measurements - Ear_2
Fair Value Measurements - Earnout Liability - Schedule of Assumptions of the liability (Details) | Sep. 30, 2022 Y $ / shares |
Stock price | |
Earnout liability measurement input | $ / shares | 7.91 |
Risk-free interest rate | |
Earnout liability measurement input | 4.18 |
Expected term | |
Earnout liability measurement input | Y | 2.8 |
Expected Volatility | |
Earnout liability measurement input | 90 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Income Taxes | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Tax Receivable Agreement (Detai
Tax Receivable Agreement (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Tax Receivable Agreement | |
Percentage Of Net Cash Savings Owed Per Agreement | 85% |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | ||||||
Net (loss) income | $ (50,922) | $ 23,591 | $ (89,191) | $ (11,441) | ||
Less: net (loss) income attributable to redeemable noncontrolling interest | (37,704) | $ 12,500 | $ (40,900) | 17,461 | (66,053) | (17,571) |
Net (loss) income attributable to Class A common stockholders | (13,218) | 6,130 | (23,138) | 6,130 | ||
Less: net (loss) income attributable to participating securities | (137) | 64 | (240) | 64 | ||
Net (loss) income attributable to Class A common stockholders, basic | (13,081) | 6,066 | (22,898) | 6,066 | ||
Net (loss) income attributable to Class A common stockholders, diluted | $ (13,081) | $ 6,066 | $ (22,898) | $ 6,066 | ||
Denominator | ||||||
Weighted average common stock outstanding | 69,340 | 68,737 | 69,226 | 68,737 | ||
Less: weighted average unvested Earnout Shares outstanding | (719) | (719) | (719) | (719) | ||
Weighted average common stock outstanding, basic (in shares) | 68,621 | 68,018 | 68,507 | 68,018 | ||
Weighted average common stock outstanding - diluted (in shares) | 68,621 | 68,018 | 68,507 | 68,018 | ||
Net (loss) income per share | ||||||
Basic (in dollars per share) | $ (0.19) | $ 0.09 | $ (0.33) | $ 0.09 | ||
Diluted (in dollars per share) | $ (0.19) | $ 0.09 | $ (0.33) | $ 0.09 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - Class B Common Stock [Member] | Jul. 01, 2021 shares |
Earnings per share | |
Shares issued | 195,800,000 |
EVgo OpCo | |
Earnings per share | |
Shares transferred per agreement | 195,800,000 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of antidilutive securities excluded from computation of diluted EPS (Details) - $ / shares | 9 Months Ended | ||
Jul. 02, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Securities excluded from computation of diluted weighted average common shares (in shares) | 21,935 | 19,991 | |
Public Warrants | |||
Securities excluded from computation of diluted weighted average common shares (in shares) | 14,949 | 11,500 | |
Private Placement Warrants | |||
Securities excluded from computation of diluted weighted average common shares (in shares) | 3,149 | 6,600 | |
RSUs | |||
Securities excluded from computation of diluted weighted average common shares (in shares) | 3,462 | 1,891 | |
Stock options | |||
Securities excluded from computation of diluted weighted average common shares (in shares) | 375 | ||
$15.00 Triggering Event | |||
Earnout triggering share price | $ 15 | $ 15 | |
$15.00 Triggering Event | Earnout Shares | |||
Securities excluded from computation of diluted weighted average common shares (in shares) | 718,750 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of share-based compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation recognized | $ 6,893 | $ 4,282 | $ 17,441 | $ 5,293 |
Cost of Sales [Member] | ||||
Share-based compensation recognized | 28 | 12 | 65 | 18 |
General and Administrative Expense [Member] | ||||
Share-based compensation recognized | $ 6,865 | $ 4,270 | $ 17,376 | $ 5,275 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Apr. 01, 2022 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration] | us-gaap:ShareBasedPaymentArrangementEmployeeMember | |
Options granted, shares | 375,000 | |
Stock options | ||
Options granted, shares | 0 | |
Vesting period | 3 years | |
Expiration term | 10 years | |
Unrecognized compensation cost | $ 2.2 | |
Unrecognized compensation cost, period of recognition | 1 year 7 months 6 days | |
Granted, weighted average grant fair value | $ 8.79 | |
Options vested or exercisable | 0 | |
Stock options | Class A Common Stock [Member] | ||
Options granted, shares | 375,428 |
Share-Based Compensation - St_2
Share-Based Compensation - Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares Underlying Options, Granted | shares | 375 |
Shares Underlying Options, Outstanding, Ending Balance | shares | 375 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Granted | $ / shares | $ 12.86 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 12.86 |
Weighted Average Remaining Contractual Life (Years), Outstanding | 9 years 6 months |
Share-Based Compensation - St_3
Share-Based Compensation - Stock Option Assumptions (Details) | Apr. 01, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Risk-free interest rate | 2.50% |
Expected volatility | 81.40% |
Expected life (in years) | 5 years 8 months 1 day |
Share-Based Compensation - RSU
Share-Based Compensation - RSU Activity (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Jul. 01, 2021 | |
Incentive Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Unrecognized compensation cost | $ 7.5 | |
Unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | |
2021 Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 33,918,000 | |
Shares available for grant | 29,435,928 | |
2021 Incentive Plan | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Unrecognized compensation cost | $ 23.1 | |
Unrecognized compensation cost, period of recognition | 1 year 6 months |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of nonvested stock units activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shares Underlying Options, Granted | 375 |
Incentive Units | |
Nonvested beginning balance, shares | 659 |
Vested, shares | (123) |
Forfeited, shares | (63) |
Nonvested ending balance, shares | 473 |
Nonvested beginning balance, weighted average grant date fair value | $ / shares | $ 18.19 |
Vested, weighted average grant fair value | $ / shares | 17.08 |
Forfeited, weighted average grant fair value | $ / shares | 17 |
Nonvested ending balance, weighted average grant date fair value | $ / shares | $ 18.64 |
2021 Incentive Plan | RSUs | |
Nonvested beginning balance, shares | 1,955 |
Shares Underlying Options, Granted | 2,548 |
Vested, shares | (645) |
Forfeited, shares | (396) |
Nonvested ending balance, shares | 3,462 |
Nonvested beginning balance, weighted average grant date fair value | $ / shares | $ 11.40 |
Granted, weighted average grant fair value | $ / shares | 11.51 |
Vested, weighted average grant fair value | $ / shares | 11.39 |
Forfeited, weighted average grant fair value | $ / shares | 11.92 |
Nonvested ending balance, weighted average grant date fair value | $ / shares | $ 11.42 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Narrative (Details) - EVgo OpCo | 9 Months Ended |
Sep. 30, 2022 Vote shares | |
Units owned | 195,800,000 |
Common shares subject to possible forfeiture | 718,750 |
Post-transaction ownership percentage of the target business | 74% |
Class B Common Stock [Member] | |
Post-transaction ownership percentage of the target business | 74% |
Number of votes per share | Vote | 1 |
Redeemable stock conversion ratio | 1 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest - Schedule of reconciliation of changes in redeemable noncontrolling interest (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Redeemable Noncontrolling Interest | |
Beginning balance | $ 1,946,252 |
Net income attributable to redeemable noncontrolling interest for the period | (66,053) |
Equity-based compensation attributable to redeemable noncontrolling interest during the period | 1,410 |
Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end | (332,831) |
Ending balance | $ 1,548,778 |
Subsequent Events (Details)
Subsequent Events (Details) - 2021 Incentive Plan - RSUs - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Oct. 31, 2022 | Sep. 30, 2022 | |
Subsequent Event [Line Items] | ||
Vesting period | 3 years | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Restricted stock units granted, shares | 510,999 | |
Fair value of the restricted stock units | $ 4 | |
Vesting period | 3 years |