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Published: 2022-08-08 00:00:00 ET
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Exhibit 99.1

Palantir Reports Revenue Growth of 26% Y/Y for Q2 2022, US Commercial Revenue Up 120% Y/Y in Q2 2022

8/8/2022

DENVER — (BUSINESS WIRE) — Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the second quarter ended June 30, 2022.

Q2 2022 Highlights

 

   

Revenue grew 26% year-over-year to $473 million

 

   

US revenue grew 45% year-over-year to $290 million

 

   

Commercial revenue grew 46% year-over-year

 

   

US commercial revenue grew 120% year-over-year

 

   

US government revenue grew 27% year-over-year

 

   

US commercial customer count increased 250% year-over-year, from 34 customers in Q2 2021 to 119 customers in Q2 2022

 

   

Total contract value (“TCV”) closed of $792 million, including US TCV closed of $588 million

 

   

Loss from operations of $(42) million, representing a margin of (9)%, up 3,000 basis points year-over-year

 

   

Adjusted income from operations of $108 million, representing a margin of 23%

 

   

Cash from operations of $62 million, representing a 13% margin

 

   

Adjusted free cash flow of $61 million, representing a 13% margin

Q2 2022 TTM Highlights

 

   

US revenue of $1.04 billion on a trailing-twelve-months (“TTM”) basis

 

   

Cash from operations of $292 million, representing a 17% margin

 

   

Adjusted free cash flow of $314 million, representing an 18% margin


Q2 2022 Financial Summary

 

(Amounts in thousands, except percentages and per share amounts)    Second Quarter
     Amount

Revenue

   $ 473,010        

Year-over-year growth

     26%     
         Amount         

    Margin      

Loss from Operations

   $ (41,745)        (9)% 

Adjusted Income from Operations

   $ 107,849         23%  

Cash from Operations

   $ 62,431         13%  

Adjusted Free Cash Flow

   $ 60,906         13%  

Net Loss

   $ (179,329)       

Adjusted Net Income

   $ (21,120)       

Adjusted EBITDA

   $ 112,744         24%  

GAAP Net Loss Per Share, Diluted

   $ (0.09)       

Adjusted Loss Per Share, Diluted

   $ (0.01)       

Outlook

For Q3 2022, we expect revenue of between $474 - $475 million and adjusted income from operations of $54 - $55 million.

For full year 2022, we now expect revenue of between $1.9 - $1.902 billion and adjusted income from operations of $341 - $343 million. This revised guidance excludes any new major U.S. government awards and we believe this to be the base case.

Earnings Webcast

A live public webcast will be held at 6:00 a.m. MT / 8:00 a.m. ET today to discuss the results for our second quarter ended June 30, 2022 and financial outlook. The webcast can be accessed by registering online at https://palantir.events/palantir-2022-q2. A replay of the webcast will be available at https://investors.palantir.com following the event.

An investor presentation, including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through Palantir’s Investor Relations website at https://investors.palantir.com, as well as a letter from our Chief Executive Officer, which will be available through Palantir’s website at https://www.palantir.com.

Forward-Looking Statements

This press release and statements on our earnings webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook, product development, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy, and plans (including strategy and plans relating to our sales and marketing efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, opportunities (including growth opportunities), our expectations regarding our recent and potential investments in, and commercial contracts with, various entities, including special purpose acquisition companies and other privately-held or publicly-traded companies, our expectations regarding macroeconomic events, and positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securities and Exchange Commission (the “SEC”), including in our annual report on Form 10-K for the fiscal year ended December 31, 2021 and other filings and reports that we may file from time to time with the SEC, including our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2022. In particular, the following factors, among others, could cause our results to differ materially from those expressed or implied by such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficiency of our cash and cash equivalents to meet our liquidity needs; the demand for our platforms in general; our ability to increase our number of new customers and revenue generated from customers; our ability to realize some or all of the total contract value of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; our long and unpredictable sales cycle; our ability to successfully grow our direct sales force and to successfully execute our channel sales and other strategic initiatives with third parties; our ability to retain and expand our customer base; the fluctuation of our results of operations and our key business measures on a quarterly basis in future periods; the seasonality of our business; the implementation process for our platforms, which may be complex and lengthy; our ability to successfully develop and deploy new technologies to address the needs of our existing or prospective customers; our ability to make our platforms easier to install and consume; our ability to maintain and enhance our brand and reputation; our ability to maintain and enhance our culture as our business grows; news or social media coverage about us, including but not limited to coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information; the impact of recent or future global macroeconomic and geopolitical events, such as Russia’s invasion of Ukraine, foreign currency fluctuations, or rising inflation or interest rates in the U.S. and in other countries, on the business and operations of our company or of our existing or prospective customers and partners; and any breach or access to customer or third-party data.


The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results.

Additional Definitions

For the purpose of this press release and our earnings webcast, the value of deals closed and TCV closed each reflect the total contract value of contracts that have been entered into with, or awarded by, our government and commercial customers. Annual contract value (“ACV”) closed is defined as the total value of contracts closed in the period divided by the dollar-weighted average contract duration of those same contracts.

The value of deals closed, TCV closed, and ACV closed include existing contractual obligations and presume the exercise of all contract options available to our customers and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the non-GAAP financial measures adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes; adjusted operating margin; adjusted free cash flow; adjusted free cash flow margin; adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”); adjusted EBITDA margin; adjusted net income; and adjusted earnings (loss) per share (“EPS”), diluted.

We believe these non-GAAP financial measures and other metrics described in this press release help us evaluate our business, identify trends affecting Palantir’s business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. We exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of Palantir’s control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations as they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. For example, adjusted free cash flow does not reflect our future contractual commitments or the total increase or decrease in our cash balances for a given period. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.

A reconciliation table of the most comparable GAAP financial measure to each non-GAAP financial measure used in this press release is included at the end of this release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future, such as stock-based compensation and related employer payroll taxes, the effect of which may be significant.

Available Information

Palantir uses its Investor Relations website at https://investors.palantir.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Palantir’s Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, and webcasts.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Contact

Investor Relations

investors@palantir.com

Media

media@palantir.com


Palantir Technologies Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

     Three Months Ended
June 30,
  Six Months Ended
June 30,
     2022   2021   2022   2021

Revenue

   $ 473,010     $ 375,642     $ 919,367     $ 716,876  

Cost of revenue (1)

     102,224       90,926       196,627       165,037  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

     370,786       284,716       722,740       551,839  

Operating expenses:

        

Sales and marketing (1)

     168,875       162,379       329,360       298,476  

Research and development (1)

     88,171       110,524       176,772       208,995  

General and administrative (1)

     155,485       157,961       297,792       304,530  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

     412,531       430,864       803,924       812,001  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

     (41,745     (146,148     (81,184     (260,162

Interest income

     1,472       372       2,019       748  

Interest expense

     (670     (590     (1,264     (2,430

Other income (expense), net

     (135,798     2,125       (195,668     (2,769
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before provision for (benefit from) income taxes

     (176,741     (144,241     (276,097     (264,613

Provision for (benefit from) income taxes

     2,588       (5,661     4,611       (2,559
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

   $ (179,329   $ (138,580   $ (280,708   $ (262,054
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic

   $ (0.09   $ (0.07   $ (0.14   $ (0.14
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, diluted

   $ (0.09   $ (0.07   $ (0.14   $ (0.14
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic

     2,054,799       1,894,606       2,045,604       1,858,085  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted

     2,054,799       1,894,606       2,045,604       1,858,085  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 

Includes stock-based compensation expense as follows (in thousands):

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2022      2021      2022      2021  

Cost of revenue

   $ 11,211        $ 24,029        $ 22,888        $ 40,006    

Sales and marketing

     49,405          72,008          98,677          129,294    

Research and development

     24,978          50,630          51,883          88,504    

General and administrative

     60,175          86,075          121,644          168,669    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation

   $     145,769        $     232,742        $     295,092        $     426,473    
  

 

 

    

 

 

    

 

 

    

 

 

 


Palantir Technologies Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

                                                     
     As of June 30,   As of December 31,
     2022   2021

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 2,358,393     $ 2,290,674  

Restricted cash

     28,125       36,628  

Accounts receivable, net

     265,826       190,923  

Marketable securities

     99,210       234,153  

Prepaid expenses and other current assets

     150,885       110,872  
  

 

 

 

 

 

 

 

Total current assets

     2,902,439       2,863,250  

Property and equipment, net

     47,644       31,304  

Restricted cash, noncurrent

     28,647       39,612  

Operating lease right-of-use assets

     211,410       216,898  

Other assets

     92,198       96,386  
  

 

 

 

 

 

 

 

Total assets

   $ 3,282,338     $ 3,247,450  
  

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Accounts payable

   $ 56,798     $ 74,907  

Accrued liabilities

     187,568       155,806  

Deferred revenue

     219,441       227,816  

Customer deposits

     161,026       161,605  

Operating lease liabilities

     40,909       39,927  
  

 

 

 

 

 

 

 

Total current liabilities

     665,742       660,061  

Deferred revenue, noncurrent

     34,143       40,217  

Customer deposits, noncurrent

     15,412       33,699  

Operating lease liabilities, noncurrent

     216,059       220,146  

Other noncurrent liabilities

     2,158       2,297  
  

 

 

 

 

 

 

 

Total liabilities

     933,514       956,420  

Stockholders’ equity:

    

Common stock

     2,063       2,027  

Additional paid-in capital

     8,119,876       7,777,085  

Accumulated other comprehensive loss

     (6,674     (2,349

Accumulated deficit

     (5,766,441     (5,485,733
  

 

 

 

 

 

 

 

Total stockholders’ equity

     2,348,824       2,291,030  
  

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

   $ 3,282,338     $ 3,247,450  
  

 

 

 

 

 

 

 


Palantir Technologies Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Six Months Ended June 30,
     2022   2021

Operating activities

    

Net loss

   $ (280,708   $ (262,054

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     9,207       7,999  

Stock-based compensation

     295,092       426,473  

Deferred income taxes

     (14     (2,162

Non-cash operating lease expense

     20,246       14,435  

Unrealized and realized (gain) loss from marketable securities, net

     201,341       —    

Other operating activities

     (3,678     560  

Changes in operating assets and liabilities:

    

Accounts receivable

     (75,739     (83,883

Prepaid expenses and other current assets

     (36,351     12,770  

Other assets

     8,087       (7,360

Accounts payable

     (19,985     14,589  

Accrued liabilities

     28,850       9,070  

Deferred revenue, current and noncurrent

     (11,681     (3,679

Customer deposits, current and noncurrent

     (19,314     28,668  

Operating lease liabilities, current and noncurrent

     (17,331     (15,795

Other noncurrent liabilities

     (114     —    
  

 

 

 

 

 

 

 

Net cash provided by operating activities

     97,908       139,631  

Investing activities

    

Purchases of property and equipment

     (20,673     (1,405

Purchases of marketable securities

     (89,500     —    

Proceeds from sales of marketable securities

     19,009       —    
  

 

 

 

 

 

 

 

Net cash used in investing activities

     (91,164     (1,405

Financing activities

    

Principal payments on borrowings

     —         (200,000

Proceeds from the exercise of common stock options

     47,541       376,688  

Other financing activities

     307       (1,744
  

 

 

 

 

 

 

 

Net cash provided by financing activities

     47,848       174,944  

Effect of foreign exchange on cash, cash equivalents, and restricted cash

     (6,341     (1,496
  

 

 

 

 

 

 

 

Net increase in cash, cash equivalents, and restricted cash

     48,251       311,674  

Cash, cash equivalents, and restricted cash - beginning of period

     2,366,914       2,128,146  
  

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash - end of period

   $ 2,415,165     $ 2,439,820  
  

 

 

 

 

 

 

 


Palantir Technologies Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

Non-GAAP Reconciliations

Adjusted Income from Operations and Adjusted Operating Margin (in thousands, except percentages)

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
          2022               2021               2022               2021      

Loss from operations

   $ (41,745)       $ (146,148)       $ (81,184)       $ (260,162)   

Add: stock-based compensation

     145,769          232,742          295,092          426,473    

Add: employer payroll taxes related to stock-based compensation

     3,825          30,133          11,331          66,999    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted income from operations

   $ 107,849        $ 116,727        $ 225,239        $ 233,310    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted operating margin

     23%        31%        24%        33%  

 

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin (in thousands, except percentages)

 

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
         2022              2021              2022              2021      

Net cash provided by operating activities

   $ 62,431        $ 22,750        $ 97,908        $ 139,631    

Add: cash paid for employer payroll taxes related to stock-based compensation

     3,933          27,770          13,457          62,572    

Less: purchases of property and equipment

     (5,458)         (697)         (20,673)         (1,405)   
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted free cash flow

   $ 60,906        $ 49,823        $ 90,692        $ 200,798    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted free cash flow margin

     13%        13%        10%        28%  

 

Adjusted EBITDA (in thousands)

 

           
     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
         2022              2021              2022              2021      

Net loss

   $ (179,329)       $ (138,580)       $ (280,708)       $ (262,054)   

Less: interest income

     (1,472)         (372)         (2,019)         (748)   

Add: interest expense

     670          590         1,264          2,430    

Add: other (income) expense, net

     135,798          (2,125)         195,668          2,769    

Add: provision for (benefit from) income taxes

     2,588          (5,661)         4,611          (2,559)   

Add: depreciation and amortization

     4,895          4,762          9,207          7,999    

Add: stock-based compensation

     145,769          232,742          295,092          426,473    

Add: employer payroll taxes related to stock-based compensation

     3,825          30,133          11,331          66,999    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $ 112,744        $ 121,489        $ 234,446        $ 241,309    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Adjusted Earnings (Loss) Per Share, Diluted (in thousands, except per share amounts)

 

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
         2022              2021              2022              2021      

Net loss

   $ (179,329)       $ (138,580)       $ (280,708)       $ (262,054)   

Add: stock-based compensation

     145,769          232,742          295,092          426,473    

Add: employer payroll taxes related to stock-based compensation

     3,825          30,133          11,331          66,999    

Add (less): income tax effect and adjustments (1)

     8,615          (26,340)         (2,122)         (50,812)   
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net income (loss) attributable to common stockholders, diluted

   $ (21,120)       $ 97,955        $ 23,593        $ 180,606    
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted-average shares used in computing GAAP net loss per share, diluted

     2,054,799          1,894,606          2,045,604          1,858,085    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted weighted-average shares used in computing adjusted earnings (loss) per share, diluted (2)

     2,054,799          2,310,731          2,170,385          2,323,271    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted earnings (loss) per share, diluted

   $ (0.01)       $ 0.04        $ 0.01        $ 0.08    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Income tax effect is based on long-term estimated annual effective tax rates of 22.2% for the periods ended 2022 and 2021.

(2) 

There were no additional dilutive securities included for the three months ended June 30, 2022 and an additional 125 million dilutive securities for the six months ended June 30, 2022 that were excluded from a GAAP perspective due to the Company’s net loss position. There was an additional 416 million and 465 million dilutive securities for the three and six months ended June 30, 2021, respectively, that were excluded from a GAAP perspective due to the Company’s net loss position.