UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 29, 2023 (
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition |
On March 29, 2023, View, Inc. (the “Company” or “View”) issued a press release announcing its financial results for the fiscal year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On March 27, 2023, the Board of Directors of the Company (the “Board”) approved a restructuring plan to reduce structural costs, including with respect to the Company’s workforce (the “Plan”). Pursuant to the Plan, the Company expects to decrease overall headcount by approximately 170 employees, which represents approximately 23% of full-time employees as of March 28, 2023. The reduction in workforce is expected to be substantially implemented in March 2023.
The implementation of the Plan is expected to reduce expenses by approximately $23 million over the next 12 months. All employees affected by the reduction in workforce will be eligible to receive, among other things, severance payments based on the applicable employee’s level at the Company and the continuation of benefits for a specified time period post-termination. Each affected employee’s eligibility for severance benefits is contingent upon such employee’s execution of a separation agreement, which includes a general release of claims against the Company.
The Company expects to incur a one-time charge of approximately $5 million in the first quarter of 2023 related to the Plan, consisting primarily of one-time severance payments upon termination of the employees impacted by the reduction in workforce and continued benefits for a specific period of time with related cash payments expected to be substantially paid out by April 30, 2023. The Company expects such payments to be the only direct expense of the Plan. The Company does not expect to recognize a stock-based compensation expense for impacted employees related to vested awards and does not anticipate modifying the affected employees’ stock awards in a manner that would result in additional expenses. The estimated charges that the Company expects to incur in connection with, or as a result of, the reduction in workforce and the Plan, are subject to a number of assumptions, and actual results may differ materially.
The Company may also incur additional costs not currently contemplated due to unanticipated events that may occur as a result of, or that are associated with, the Plan.
Forward-Looking Statements
This Current Report on Form 8-K and certain materials View files with the U.S. Securities and Exchange Commission, as well as information included in oral statements or other written statements made or to be made by View, other than statements of historical fact, contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on current expectations, estimates, assumptions, projections and management’s beliefs, that are subject to change. There can be no assurance that these forward-looking statements will be achieved; these statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond View’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. View’s business is subject to a number of risks which are described more fully in View’s Annual Report on Form 10-K for the year ended December 31, 2021, and its subsequent Quarterly Reports on Form 10-Q. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1 | Press release, dated March 29, 2023, issued by View, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VIEW, INC. | ||||||
| Date: March 29, 2023 |
|
By: | /s/ Bill Krause | |||
| Name: | Bill Krause | |||||
| Title: | Chief Legal Officer | |||||
Exhibit 99.1
View Announces Q4 2022 and Full Year 2022 Earnings
Q4 2022 and Full-Year Highlights
| • | Annual revenue of $101 million, exceeding $100 million for the first time in View’s history, representing 37% year-over-year growth compared to annual revenue of $74 million in 2021 and within management guidance of $100 to $110 million. |
| • | Record revenues of $44 million for Q4 2022, representing 56% year-over-year growth compared to $28 million in Q4 2021. |
| • | As of January 1, 2023, View Smart Windows qualify for the Investment Tax Credit (ITC), a 30% to 50% U.S. Federal tax credit intended to drive widespread adoption of smart windows, similar to solar, wind and stand-alone storage technologies. |
| • | View launched its residential product offering to capitalize on the large and growing opportunity for smart windows in the multi-family sector. |
| • | View completed a $212 million financing through the sale of convertible senior notes to support View’s continued growth and path to profitability. |
| • | View ended Q4 2022 with $198 million of cash, cash equivalents, and short-term investments. |
Milpitas, CA, March 29, 2023: View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building technologies, today announced financial results for the fourth quarter and full year 2022.
“The View team delivered a record year in 2022, achieving $100 million revenue for the first time in the Company’s history,” said Dr. Rao Mulpuri, CEO of View. “This is a significant milestone not only for View but for the industry’s continued march towards more sustainable and healthier buildings. We are redoubling our focus to achieve our profitability milestones and have taken proactive measures to reduce our structural costs while benefiting from economies of scale as we continue to grow the business.”
2022 Results
2022 revenue of $101 million represents a 37% year-over-year increase from 2021 revenue of $74 million, due to growth in Smart Building Platform and Smart Building Technologies. This strong growth was driven by the Company’s recent success in multi-family residential buildings, continued strength in airports, and repeat purchases from existing customers.
2022 cost of revenues of $203 million represents a 4% year-over-year increase from 2021 cost of revenues of $195 million, as higher costs associated with support for increased Smart Building Platform revenues and higher production requirements was mostly offset by a decrease in new contract loss accruals and factory cost savings initiatives. Cost of revenues continue to decrease as a percentage of revenues, reflecting the benefit of higher revenues over fixed costs.
View incurred $70 million in Research and Development expenses in 2022, a decrease of 25% from $93 million in 2021, primarily driven by a reduction in depreciation related to a one-time charge taken in 2021.
View incurred $160 million in Selling, General and Administrative expenses in 2022, an increase of 22% from $131 million in 2021, primarily due to an increase in legal, consulting and accounting expenses, an increase in non-cash Employee Stock Based Compensation expense, and an increased investment in sales support for the growing business.
Liquidity, Restructuring and Cost Reduction
In Q4 2022, View completed a $212 million financing through the sale of convertible senior notes and ended the year with $198 million of cash, cash equivalents, and short-term investments. View has also taken steps to pursue
greater efficiency and lower its structural costs. The Company expects these actions to result in annualized fixed cost and cash savings of approximately $50 million. In the coming year, View intends to continue its focus on growing an efficient business as it progresses on its path to profitability and raising additional capital to support this path.
These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Conference Call and Webcast Details
View will host a conference call to discuss its financial results on March 29, 2023, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The live webcast of the call can be accessed at the View Investor Relations website at https://investors.view.com, along with the Company’s earnings press release.
The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028 for non-U.S. callers). Callers should ask to join the View, Inc. call. A replay of the conference call will be available for 1 week after the call, while an archived version of the webcast will be available on the View Investor Relations website. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415 for non-U.S. callers). The replay access code is 13736645.
Forward-Looking Statements
This press release and certain materials View files with the SEC, as well as information included in oral statements or other written statements made or to be made by View, other than statements of historical fact, contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on current expectations, estimates, assumptions, projections, and management’s beliefs, that are subject to change. There can be no assurance that these forward-looking statements will be achieved; these statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond View’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. View’s business is subject to a number of risks, which are described more fully in View’s filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent filings, including Quarterly Reports on Form 10-Q. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Financial Information; Non-GAAP Financial Measures
This press release contains certain financial information and data that was not prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP.
The Company presents these non-GAAP amounts because management believes they provide useful information to management and investors regarding certain financial and business trends relating to View’s financial condition and results of operations, and they assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis. View’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. View believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends in and in comparing View’s financial measures with those of other similar companies, many of which present similar non-GAAP financial measures to investors. View’s management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP.
However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore View’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations from GAAP to non-GAAP results are included in the financial statements contained in this release.
About View
View is the leader in smart building technologies that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically adjust in response to outdoor conditions, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to reimagine the occupant experience. View’s products are installed in offices, apartments, airports, hotels, and educational facilities. For more information, please visit: www.view.com.
For further information:
Investors:
Samuel Meehan
View, Inc.
IR@View.com
408-493-1358
VIEW, INC.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)
| Three Months Ended December 31, |
Fiscal Year Ended December 31, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue |
$ | 44,238 | $ | 28,428 | $ | 101,328 | $ | 74,007 | ||||||||
| Costs and expenses: |
||||||||||||||||
| Cost of revenue |
73,938 | 57,097 | 203,157 | 194,714 | ||||||||||||
| Research and development |
14,163 | 19,553 | 70,320 | 93,477 | ||||||||||||
| Selling, general, and administrative |
34,800 | 36,670 | 159,688 | 131,214 | ||||||||||||
| Impairment of goodwill |
9,097 | — | 9,097 | — | ||||||||||||
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|||||||||
| Total costs and expenses |
131,998 | 113,320 | 442,262 | 419,405 | ||||||||||||
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|||||||||
| Loss from operations |
(87,760 | ) | (84,892 | ) | (340,934 | ) | (345,398 | ) | ||||||||
| Interest and other expense (income), net |
||||||||||||||||
| Interest expense, net |
2,602 | (17 | ) | 2,926 | 5,889 | |||||||||||
| Other expense (income), net |
108 | 36 | 367 | 6,355 | ||||||||||||
| Gain on fair value change, net |
(773 | ) | (5,865 | ) | (7,285 | ) | (24,290 | ) | ||||||||
| Loss on extinguishment of debt |
— | — | — | 10,018 | ||||||||||||
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|||||||||
| Interest and other (income) expense, net |
1,937 | (5,846 | ) | (3,992 | ) | (2,028 | ) | |||||||||
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|
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|
|||||||||
| Loss before provision (benefit) for income taxes |
(89,697 | ) | (79,046 | ) | (336,942 | ) | (343,370 | ) | ||||||||
| Provision (benefit) for income taxes |
70 | 24 | 147 | (392 | ) | |||||||||||
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|
|||||||||
| Net and comprehensive loss |
$ | (89,767 | ) | $ | (79,070 | ) | $ | (337,089 | ) | $ | (342,978 | ) | ||||
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| Net loss per share, basic and diluted |
$ | (0.41 | ) | $ | (0.37 | ) | $ | (1.56 | ) | $ | (1.97 | ) | ||||
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|||||||||
| Weighted-average shares used in calculation of net loss per share, basic and diluted |
218,929,607 | 212,847,503 | 215,558,271 | 173,692,582 | ||||||||||||
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VIEW, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 95,858 | $ | 281,081 | ||||
| Short-term investments |
102,284 | — | ||||||
| Accounts receivable, net of allowances |
42,407 | 30,605 | ||||||
| Inventories |
17,373 | 10,267 | ||||||
| Prepaid expenses and other current assets |
38,297 | 21,579 | ||||||
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|
|||||
| Total current assets |
296,219 | 343,532 | ||||||
| Property and equipment, net |
262,360 | 268,401 | ||||||
| Restricted cash |
16,448 | 16,462 | ||||||
| Right-of-use assets |
18,485 | 21,178 | ||||||
| Other assets |
25,514 | 29,493 | ||||||
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|||||
| Total assets |
$ | 619,026 | $ | 679,066 | ||||
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|||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 21,099 | $ | 24,186 | ||||
| Accrued expenses and other current liabilities |
72,410 | 59,456 | ||||||
| Accrued compensation |
9,799 | 9,508 | ||||||
| Deferred revenue |
9,199 | 11,460 | ||||||
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|||||
| Total current liabilities |
112,507 | 104,610 | ||||||
| Debt, non-current |
218,837 | 13,960 | ||||||
| Sponsor earn-out liability |
506 | 7,624 | ||||||
| Lease liabilities |
19,589 | 22,997 | ||||||
| Other liabilities |
47,095 | 50,537 | ||||||
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|||||
| Total liabilities |
398,534 | 199,728 | ||||||
| Stockholders’ equity: |
||||||||
| Common stock |
23 | 22 | ||||||
| Additional paid-in capital |
2,814,889 | 2,736,647 | ||||||
| Accumulated deficit |
(2,594,420 | ) | (2,257,331 | ) | ||||
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| Total stockholders’ equity |
220,492 | 479,338 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 619,026 | $ | 679,066 | ||||
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VIEW, INC.
Condensed Consolidated Statements of Cash Flow
(unaudited)
(in thousands)
| Fiscal Year Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Cash flows from operating activities: |
||||||||
| Net loss |
$ | (337,089 | ) | $ | (342,978 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Depreciation and amortization |
23,955 | 41,757 | ||||||
| Loss on extinguishment of debt |
— | 10,018 | ||||||
| Gain on fair value change, net |
(7,285 | ) | (24,290 | ) | ||||
| Stock-based compensation |
72,783 | 73,620 | ||||||
| Impairment of goodwill |
9,097 | — | ||||||
| Other |
5,205 | 1,971 | ||||||
| Net changes in operating assets and liabilities |
(26,357 | ) | (21,411 | ) | ||||
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| Net cash used in operating activities |
(259,691 | ) | (261,313 | ) | ||||
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| Cash flows from investing activities: |
||||||||
| Purchases of property and equipment |
(15,767 | ) | (26,099 | ) | ||||
| Purchase of short-term investments |
(140,623 | ) | — | |||||
| Maturities of short-term investments |
39,000 | — | ||||||
| Disbursement under loan receivable |
(6,999 | ) | — | |||||
| Acquisition, net of cash acquired |
— | (4,938 | ) | |||||
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| Net cash used in investing activities |
(124,389 | ) | (31,037 | ) | ||||
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| Cash flows from financing activities: |
||||||||
| Proceeds from issuance of debt |
212,307 | — | ||||||
| Payment of debt issuance costs |
(6,122 | ) | — | |||||
| Repayment of revolving debt facility |
— | (257,454 | ) | |||||
| Repayment of other debt obligations |
(1,470 | ) | — | |||||
| Payments of obligations under finance leases |
(531 | ) | (1,278 | ) | ||||
| Proceeds from issuance of common stock upon exercise of stock options and warrants |
— | 403 | ||||||
| Proceeds from reverse recapitalization and PIPE financing |
— | 815,184 | ||||||
| Payment of transaction costs |
— | (41,655 | ) | |||||
| Taxes paid related to the net share settlement of equity awards |
(3,482 | ) | — | |||||
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| Net cash provided by financing activities |
200,702 | 515,200 | ||||||
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| Net (decrease) increase in cash, cash equivalents, and restricted cash |
(183,378 | ) | 222,850 | |||||
| Cash, cash equivalents, and restricted cash, beginning of period |
297,543 | 74,693 | ||||||
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| Cash, cash equivalents, and restricted cash, end of period |
$ | 114,165 | $ | 297,543 | ||||
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| Supplemental disclosure of cash flow information: |
||||||||
| Cash paid for interest |
$ | 68 | $ | 19,380 | ||||
| Non-cash investing and financing activities: |
||||||||
| Payables and accrued liabilities related to purchases of property and equipment |
$ | 2,737 | $ | 8,658 | ||||
| Conversion of redeemable convertible preferred stock to common stock |
$ | — | $ | 1,812,678 | ||||
| Conversion of redeemable convertible preferred stock warrants to common stock warrants |
$ | — | $ | 7,267 | ||||
| Common stock issued in exchange for services associated with the reverse recapitalization |
$ | — | $ | 7,500 | ||||
| Common stock issued upon vesting of restricted stock units |
$ | 7,481 | $ | 726 | ||||
| Holdback related to acquisition |
$ | — | $ | 1,061 | ||||
| Change in right-of-use assets or property and equipment exchanged for lease obligations |
$ | — | $ | 1,094 | ||||
VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands)
| Three Months Ended December 31, |
Fiscal Year Ended December 31, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Cost of revenue |
||||||||||||||||
| GAAP cost of revenue |
$ | 73,938 | $ | 57,097 | $ | 203,157 | $ | 194,714 | ||||||||
| Stock-based compensation |
(652 | ) | (1,469 | ) | (1,777 | ) | (4,930 | ) | ||||||||
| Non-cash warrants impact 1 |
(1,636 | ) | — | (1,636 | ) | — | ||||||||||
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| Non-GAAP cost of revenue |
$ | 71,650 | $ | 55,628 | $ | 199,744 | $ | 189,784 | ||||||||
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| Research and development expense |
||||||||||||||||
| GAAP Research and development expense |
$ | 14,163 | $ | 19,553 | $ | 70,320 | $ | 93,477 | ||||||||
| Stock-based compensation |
(1,525 | ) | (2,512 | ) | (5,113 | ) | (8,725 | ) | ||||||||
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| Non-GAAP research and development expense |
$ | 12,638 | $ | 17,041 | $ | 65,207 | $ | 84,752 | ||||||||
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| Selling, general, and administrative expense |
||||||||||||||||
| GAAP selling, general, and administrative expense |
$ | 34,800 | $ | 36,670 | $ | 159,688 | $ | 131,214 | ||||||||
| Stock-based compensation |
(11,770 | ) | (14,432 | ) | (65,893 | ) | (59,965 | ) | ||||||||
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| Non-GAAP selling, general, and administrative expense |
$ | 23,030 | $ | 22,238 | $ | 93,795 | $ | 71,249 | ||||||||
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| Net loss |
||||||||||||||||
| GAAP net loss |
$ | (89,767 | ) | $ | (79,070 | ) | $ | (337,089 | ) | $ | (342,978 | ) | ||||
| Impairment of goodwill |
9,097 | — | 9,097 | — | ||||||||||||
| Stock-based compensation |
13,947 | 18,413 | 72,783 | 73,620 | ||||||||||||
| Non-cash warrants impact 1 |
2,043 | — | 2,043 | — | ||||||||||||
| Gain on fair value change, net |
(773 | ) | (5,865 | ) | (7,285 | ) | (24,290 | ) | ||||||||
| Loss on extinguishment of debt |
— | — | — | 10,018 | ||||||||||||
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| Non-GAAP net loss |
$ | (65,453 | ) | $ | (66,522 | ) | $ | (260,451 | ) | $ | (283,630 | ) | ||||
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| Adjusted EBITDA |
||||||||||||||||
| GAAP loss from operations |
$ | (87,760 | ) | $ | (84,892 | ) | $ | (340,934 | ) | $ | (345,398 | ) | ||||
| Impairment of goodwill |
9,097 | — | 9,097 | — | ||||||||||||
| Stock-based compensation |
13,947 | 18,413 | 72,783 | 73,620 | ||||||||||||
| Non-cash warrants impact 1 |
2,043 | — | 2,043 | — | ||||||||||||
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| Non-GAAP loss from operations |
(62,673 | ) | (66,479 | ) | (257,011 | ) | (271,778 | ) | ||||||||
| Depreciation and amortization |
6,158 | 6,556 | 23,955 | 41,757 | ||||||||||||
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| Adjusted EBITDA |
$ | (56,515 | ) | $ | (59,923 | ) | $ | (233,056 | ) | $ | (230,021 | ) | ||||
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| 1 | Related to the accounting for warrants issued to RXR FP (“RXR Warrants)” on October 25, 2022 which have been accounted for under U.S. GAAP as consideration payable to a customer and result in non-cash impacts to revenue and cost of revenue. |