Palantir Reports Its Fourth Consecutive Quarter of GAAP Profitability; GAAP EPS of $0.03

Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended September 30, 2023.

Q3 2023 Highlights

  • GAAP net income of $72 million, representing a 13% margin
    • Fourth consecutive quarter of GAAP profitability
  • GAAP income from operations of $40 million, representing a 7% margin
    • Third consecutive quarter of GAAP operating profitability
  • GAAP earnings per share (“EPS”) of $0.03
  • Adjusted EPS of $0.07
  • Revenue grew 17% year-over-year to $558 million
  • Commercial revenue grew 23% year-over-year to $251 million
    • US commercial revenue grew 33% year-over-year to $116 million
  • Government revenue grew 12% year-over-year to $308 million
  • Customer count grew 34% year-over-year
    • US commercial customer count grew 37% year-over-year, from 132 customers in Q3 2022 to 181 customers in Q3 2023
  • Adjusted income from operations of $163 million, representing a margin of 29%
    • Fourth consecutive quarter of expanding adjusted operating margins
  • Cash from operations of $133 million, representing a 24% margin
  • Adjusted free cash flow of $141 million, representing a 25% margin
  • Cash, cash equivalents, and short-term US treasury securities of $3.3 billion

Q3 2023 TTM Highlights

  • Revenue grew 16% year-over-year to $2.1 billion
  • US commercial revenue grew 23% year-over-year to $403 million
  • GAAP net income of $147 million, representing a 7% margin
  • GAAP income from operations of $36 million, representing a 2% margin
  • Cash from operations of $490 million, representing a 23% margin
  • Adjusted free cash flow of $502 million, representing a 24% margin
  • Adjusted income from operations of $538 million, representing a 25% margin

Q3 2023 Financial Summary

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

Third Quarter

Amount

Revenue

$

558,159

 

Year-over-year growth

 

17

%

 

Amount

 

Margin

Income from Operations

$

39,983

 

 

7

%

Adjusted Income from Operations

$

163,272

 

 

29

%

Cash from Operations

$

133,443

 

 

24

%

Adjusted Free Cash Flow

$

140,847

 

 

25

%

Net Income Attributable to Common Stockholders

$

71,505

 

 

Adjusted Net Income Attributable to Common Stockholders

$

155,019

 

 

Adjusted EBITDA

$

171,935

 

 

31

%

GAAP EPS, Diluted

$

0.03

 

 

Adjusted EPS, Diluted

$

0.07

 

 

Outlook

For Q4 2023, we expect:

  • Revenue of between $599 - $603 million.
  • Adjusted income from operations of $184 - $188 million.
  • GAAP net income.

For full year 2023:

  • We are raising our revenue guidance to between $2.216 - $2.220 billion.
  • We are raising our adjusted income from operations guidance to between $607 - $611 million.
  • We continue to expect GAAP net income in each quarter of this year.

CEO Letter

Palantir CEO Alex Karp’s quarterly letter to shareholders is available through Palantir’s website at https://www.palantir.com/q3-2023-letter.

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 third quarter ended September 30, 2023 and financial outlook. The webcast can be accessed by registering online at https://palantir.events/palantir-earnings-q3-2023. 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.

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 and related timing, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating to our Artificial Intelligence Platform (“AIP”), 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 existing and potential investments in, and commercial contracts with, various entities, our expectations regarding macroeconomic events, our expectations regarding potential eligibility or inclusion in market indices, our expectations regarding our share repurchase program, 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, 2022 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 September 30, 2023. 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, product offerings, and services 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 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 and product offerings easier to install, consume, and use; our ability to maintain and enhance our brand and reputation; our ability to maintain and enhance our culture as our business grows and as we pursue our business and financial goals; 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 the ongoing Russia-Ukraine conflict and Hamas’ recent attack against Israel and ensuing conflicts, rising inflation and interest rates in the U.S. and in other countries, monetary policy changes, financial services sector instability, and foreign currency fluctuations, on the business and operations of our company or of our existing or prospective customers and partners; issues raised by the use of artificial intelligence in our platforms; and any breach or access to our or 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:

  • Total contract value (“TCV”) is the total potential lifetime value of contracts entered into with, or awarded by, our customers at the time of contract execution and remaining deal value (“RDV”) is the total remaining value of contracts as of the end of the reporting period. Except as noted below, TCV and RDV each 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. Further, RDV may exclude all or some portion of the value of certain commercial contracts as a result of our ongoing assessments of customers’ financial condition, including the consideration of such customers’ ability and intention to pay, and whether such contracts continue to meet the criteria for revenue recognition, among other factors.
  • Remaining performance obligations (“RPO”) reflect the total values of contracts that have been entered into with, or awarded by, our customers and represent non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected the practical expedient, as permitted under Accounting Standards Codification 606—Revenue from Contracts with Customers, to not disclose remaining performance obligations for contracts with original terms of twelve months or less.
  • The term “strategic commercial contracts” is as defined in our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2023.
  • “Dollar-weighted duration basis” is the total value of contracts closed in the applicable period, divided by the dollar-weighted average duration of those same contracts.
  • “Annualized run rate” is the revenue for the applicable quarterly period, multiplied by four (representing four quarters to illustrate the annualized rate). Our actual results in subsequent periods may differ.

Non-GAAP Financial Measures

This press release and the accompanying tables, as well as our earnings webcast, 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 attributable to common stockholders; 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.

 

Palantir Technologies Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

558,159

 

 

$

477,880

 

 

$

1,616,662

 

 

$

1,397,247

 

Cost of revenue (1)

 

107,922

 

 

 

107,611

 

 

 

322,466

 

 

 

304,238

 

Gross profit

 

450,237

 

 

 

370,269

 

 

 

1,294,196

 

 

 

1,093,009

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing (1)

 

176,373

 

 

 

182,918

 

 

 

547,629

 

 

 

512,278

 

Research and development (1)

 

105,708

 

 

 

100,863

 

 

 

295,341

 

 

 

277,635

 

General and administrative (1)

 

128,173

 

 

 

148,679

 

 

 

397,054

 

 

 

446,471

 

Total operating expenses

 

410,254

 

 

 

432,460

 

 

 

1,240,024

 

 

 

1,236,384

 

Income (loss) from operations

 

39,983

 

 

 

(62,191

)

 

 

54,172

 

 

 

(143,375

)

Interest income

 

36,864

 

 

 

5,540

 

 

 

88,027

 

 

 

7,559

 

Interest expense

 

(742

)

 

 

(1,082

)

 

 

(3,334

)

 

 

(2,346

)

Other income (expense), net

 

3,864

 

 

 

(65,046

)

 

 

(8,021

)

 

 

(260,714

)

Income (loss) before provision for income taxes

 

79,969

 

 

 

(122,779

)

 

 

130,844

 

 

 

(398,876

)

Provision for income taxes

 

6,530

 

 

 

1,096

 

 

 

10,382

 

 

 

5,707

 

Net income (loss)

 

73,439

 

 

 

(123,875

)

 

 

120,462

 

 

 

(404,583

)

Less: Net income attributable to noncontrolling interests

 

1,934

 

 

 

 

 

 

4,028

 

 

 

 

Net income (loss) attributable to common stockholders

$

71,505

 

 

$

(123,875

)

 

$

116,434

 

 

$

(404,583

)

Net earnings (loss) per share attributable to common stockholders, basic

$

0.03

 

 

$

(0.06

)

 

$

0.05

 

 

$

(0.20

)

Net earnings (loss) per share attributable to common stockholders, diluted

$

0.03

 

 

$

(0.06

)

 

$

0.05

 

 

$

(0.20

)

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

 

2,162,530

 

 

 

2,073,265

 

 

 

2,134,045

 

 

 

2,054,926

 

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

 

2,325,600

 

 

 

2,073,265

 

 

 

2,281,347

 

 

 

2,054,926

 

—————

(1)

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

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Cost of revenue

$

7,814

 

$

10,525

 

$

24,995

 

$

33,413

Sales and marketing

 

39,290

 

 

48,824

 

 

116,956

 

 

147,501

Research and development

 

21,952

 

 

25,113

 

 

65,068

 

 

76,996

General and administrative

 

45,324

 

 

55,846

 

 

136,276

 

 

177,490

Total stock-based compensation

$

114,380

 

$

140,308

 

$

343,295

 

$

435,400

 

Palantir Technologies Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

As of September 30,

 

As of December 31,

 

 

2023

 

 

 

2022

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,040,310

 

 

$

2,598,540

 

Marketable securities

 

2,243,264

 

 

 

35,135

 

Accounts receivable, net

 

430,269

 

 

 

258,346

 

Prepaid expenses and other current assets

 

95,554

 

 

 

149,556

 

Total current assets

 

3,809,397

 

 

 

3,041,577

 

Property and equipment, net

 

50,133

 

 

 

69,170

 

Operating lease right-of-use assets

 

190,191

 

 

 

200,240

 

Other assets

 

143,696

 

 

 

150,252

 

Total assets

$

4,193,417

 

 

$

3,461,239

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

9,475

 

 

$

44,788

 

Accrued liabilities

 

174,753

 

 

 

172,715

 

Deferred revenue

 

223,507

 

 

 

183,350

 

Customer deposits

 

228,986

 

 

 

141,989

 

Operating lease liabilities

 

52,204

 

 

 

45,099

 

Total current liabilities

 

688,925

 

 

 

587,941

 

Deferred revenue, noncurrent

 

34,880

 

 

 

9,965

 

Customer deposits, noncurrent

 

2,234

 

 

 

3,936

 

Operating lease liabilities, noncurrent

 

184,067

 

 

 

204,305

 

Other noncurrent liabilities

 

11,414

 

 

 

12,655

 

Total liabilities

 

921,520

 

 

 

818,802

 

Stockholders’ equity:

 

 

 

Common stock

 

2,174

 

 

 

2,099

 

Additional paid-in capital

 

8,938,050

 

 

 

8,427,998

 

Accumulated other comprehensive loss

 

(7,205

)

 

 

(5,333

)

Accumulated deficit

 

(5,743,004

)

 

 

(5,859,438

)

Total stockholders’ equity

 

3,190,015

 

 

 

2,565,326

 

Noncontrolling interests

 

81,882

 

 

 

77,111

 

Total equity

 

3,271,897

 

 

 

2,642,437

 

Total liabilities and stockholders’ equity

$

4,193,417

 

 

$

3,461,239

 

 

Palantir Technologies Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Nine Months Ended September 30,

 

 

2023

 

 

 

2022

 

Operating activities

 

 

 

Net income (loss)

$

120,462

 

 

$

(404,583

)

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

 

 

 

Depreciation and amortization

 

25,382

 

 

 

15,149

 

Stock-based compensation

 

343,295

 

 

 

435,400

 

Noncash operating lease expense

 

34,810

 

 

 

30,130

 

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

 

11,810

 

 

 

260,720

 

Noncash consideration

 

(34,852

)

 

 

(7,971

)

Other operating activities

 

(13,328

)

 

 

9,001

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

(159,752

)

 

 

(154,591

)

Prepaid expenses and other current assets

 

(75

)

 

 

(4,497

)

Other assets

 

1,941

 

 

 

10,490

 

Accounts payable

 

(32,387

)

 

 

(15,165

)

Accrued liabilities

 

2,552

 

 

 

(828

)

Deferred revenue, current and noncurrent

 

64,464

 

 

 

(44,912

)

Customer deposits, current and noncurrent

 

84,272

 

 

 

44,263

 

Operating lease liabilities, current and noncurrent

 

(37,767

)

 

 

(27,437

)

Other noncurrent liabilities

 

184

 

 

 

(195

)

Net cash provided by operating activities

 

411,011

 

 

 

144,974

 

Investing activities

 

 

 

Purchases of property and equipment

 

(10,254

)

 

 

(35,109

)

Purchases of marketable securities

 

(4,791,670

)

 

 

(124,500

)

Proceeds from sales and redemption of marketable securities

 

2,608,898

 

 

 

41,101

 

Proceeds from sales of alternative investments

 

51,072

 

 

 

 

Net cash used in investing activities

 

(2,141,954

)

 

 

(118,508

)

Financing activities

 

 

 

Proceeds from the exercise of common stock options

 

166,829

 

 

 

72,108

 

Other financing activities

 

778

 

 

 

(269

)

Net cash provided by financing activities

 

167,607

 

 

 

71,839

 

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

 

(2,113

)

 

 

(12,470

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(1,565,449

)

 

 

85,835

 

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

 

2,627,335

 

 

 

2,366,914

 

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

$

1,061,886

 

 

$

2,452,749

 

 

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

September 30,

 

Nine Months Ended

September 30,

 

Trailing Twelve Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

Income (loss) from operations

$

39,983

 

 

$

(62,191

)

 

$

54,172

 

 

$

(143,375

)

 

$

36,346

 

Add: stock-based compensation

 

114,380

 

 

 

140,308

 

 

 

343,295

 

 

 

435,400

 

 

 

472,693

 

Add: employer payroll taxes related to stock-based compensation

 

8,909

 

 

 

3,133

 

 

 

25,954

 

 

 

14,464

 

 

 

28,646

 

Adjusted income from operations

$

163,272

 

 

$

81,250

 

 

$

423,421

 

 

$

306,489

 

 

$

537,685

 

Adjusted operating margin

 

29

%

 

 

17

%

 

 

26

%

 

 

22

%

 

 

25

%

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

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

Trailing Twelve Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

Net cash provided by operating activities

$

133,443

 

 

$

47,066

 

 

$

411,011

 

 

$

144,974

 

 

$

489,774

 

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

 

8,969

 

 

 

3,930

 

 

 

25,015

 

 

 

17,387

 

 

 

26,933

 

Less: purchases of property and equipment

 

(1,565

)

 

 

(14,436

)

 

 

(10,254

)

 

 

(35,109

)

 

 

(15,172

)

Adjusted free cash flow

$

140,847

 

 

$

36,560

 

 

$

425,772

 

 

$

127,252

 

 

$

501,535

 

Adjusted free cash flow margin

 

25

%

 

 

8

%

 

 

26

%

 

 

9

%

 

 

24

%

Adjusted EBITDA and Adjusted EBITDA Margin (in thousands, except percentages)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to common stockholders

$

71,505

 

 

$

(123,875

)

 

$

116,434

 

 

$

(404,583

)

Add: net income (loss) attributable to noncontrolling interests

 

1,934

 

 

 

 

 

 

4,028

 

 

 

 

Less: interest income

 

(36,864

)

 

 

(5,540

)

 

 

(88,027

)

 

 

(7,559

)

Add: interest expense

 

742

 

 

 

1,082

 

 

 

3,334

 

 

 

2,346

 

Add: other (income) expense, net

 

(3,864

)

 

 

65,046

 

 

 

8,021

 

 

 

260,714

 

Add: provision for income taxes

 

6,530

 

 

 

1,096

 

 

 

10,382

 

 

 

5,707

 

Add: depreciation and amortization

 

8,663

 

 

 

5,942

 

 

 

25,382

 

 

 

15,149

 

Add: stock-based compensation

 

114,380

 

 

 

140,308

 

 

 

343,295

 

 

 

435,400

 

Add: employer payroll taxes related to stock-based compensation

 

8,909

 

 

 

3,133

 

 

 

25,954

 

 

 

14,464

 

Adjusted EBITDA

$

171,935

 

 

$

87,192

 

 

$

448,803

 

 

$

321,638

 

Adjusted EBITDA margin

 

31

%

 

 

18

%

 

 

28

%

 

 

23

%

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

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to common stockholders

$

71,505

 

 

$

(123,875

)

 

$

116,434

 

 

$

(404,583

)

Add: stock-based compensation

 

114,380

 

 

 

140,308

 

 

 

343,295

 

 

 

435,400

 

Add: employer payroll taxes related to stock-based compensation

 

8,909

 

 

 

3,133

 

 

 

25,954

 

 

 

14,464

 

Less: income tax effects and adjustments (1)

(39,775

)

 

(3,491

)

 

(103,714

)

 

(5,613

)

Adjusted net income attributable to common stockholders, diluted

$

155,019

 

 

$

16,075

 

 

$

381,969

 

 

$

39,668

 

Weighted-average shares used in computing GAAP earnings (loss) per share, diluted

 

2,325,600

 

 

 

2,073,265

 

 

 

2,281,347

 

 

 

2,054,926

 

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

 

2,325,600

 

 

 

2,142,506

 

 

 

2,281,347

 

 

 

2,156,288

 

Adjusted earnings per share, diluted

$

0.07

 

 

$

0.01

 

 

$

0.17

 

 

$

0.02

 

————

(1)

Income tax effect is based on long-term estimated annual effective tax rates of 23.0% and 22.2% for the periods ended 2023 and 2022, respectively.

(2)

Includes an additional 69 million and 101 million dilutive securities for the three and nine months ended September 30, 2022, respectively, that were excluded from a GAAP perspective due to the Company’s net loss position.

 

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