ChargePoint Holdings Files 8-K on Financials and Exit Costs
Ticker: CHPT · Form: 8-K · Filed: Sep 4, 2024 · CIK: 1777393
Sentiment: neutral
Topics: financial-reporting, corporate-actions, exit-costs
Related Tickers: CPRT
TL;DR
CPRT dropped an 8-K detailing financial results and exit costs - check the numbers.
AI Summary
ChargePoint Holdings, Inc. filed an 8-K on September 4, 2024, reporting on its results of operations and financial condition, as well as costs associated with exit or disposal activities. The filing also includes financial statements and exhibits. The company's principal executive offices are located at 240 East Hacienda Avenue, Campbell, CA 95008.
Why It Matters
This filing provides investors with crucial updates on ChargePoint's financial performance and any restructuring or disposal activities, impacting its future operational strategy and profitability.
Risk Assessment
Risk Level: medium — 8-K filings often contain material financial information or significant business events that can lead to stock price volatility.
Key Players & Entities
- ChargePoint Holdings, Inc. (company) — Registrant
- September 4, 2024 (date) — Date of Report
- 240 East Hacienda Avenue, Campbell, CA 95008 (location) — Principal Executive Offices
- Switchback Energy Acquisition Corp (company) — Former Company Name
FAQ
What specific financial results are being reported in this 8-K?
The filing indicates it pertains to 'Results of Operations and Financial Condition' but does not provide specific figures within the provided text.
What are the 'Cost Associated with Exit or Disposal Activities' mentioned?
The filing lists this as an item information category, suggesting the company is incurring costs related to exiting or disposing of certain operations or assets, but details are not in the provided text.
When was ChargePoint Holdings, Inc. formerly known as Switchback Energy Acquisition Corp?
The date of the name change from Switchback Energy Acquisition Corp to ChargePoint Holdings, Inc. was May 21, 2019.
What is the primary business classification for ChargePoint Holdings, Inc. according to the SEC?
The Standard Industrial Classification (SIC) code provided is 3790, categorized as 'MISCELLANEOUS TRANSPORTATION EQUIPMENT'.
What is the fiscal year end for ChargePoint Holdings, Inc.?
The fiscal year end for ChargePoint Holdings, Inc. is January 31.
Filing Stats: 894 words · 4 min read · ~3 pages · Grade level 13.4 · Accepted 2024-09-04 16:11:34
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 CHPT New York Stock Exchange Indicate
- $41 million — rating expense savings of approximately $41 million and $38 million, respectively, while cr
- $38 m — avings of approximately $41 million and $38 million, respectively, while creating eff
- $10 m — the Reorganization to be approximately $10 million, primarily consisting of severanc
Filing Documents
- chpt-20240904.htm (8-K) — 34KB
- chpt8-kerfy2025q2exx991.htm (EX-99.1) — 326KB
- chargepoint_logoa.jpg (GRAPHIC) — 67KB
- 0001777393-24-000137.txt ( ) — 595KB
- chpt-20240904.xsd (EX-101.SCH) — 2KB
- chpt-20240904_lab.xml (EX-101.LAB) — 21KB
- chpt-20240904_pre.xml (EX-101.PRE) — 12KB
- chpt-20240904_htm.xml (XML) — 3KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On September 4, 2024, ChargePoint Holdings, Inc. (the "Company") issued a press release announcing its financial results for its fiscal second quarter ended July 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities. On September 4, 2024, the Company announced the reorganization of its operations including a reduction of the Company's current global workforce by approximately 15% (the "Reorganization"). The Reorganization is expected to result in estimated annualized GAAP and non-GAAP operating expense savings of approximately $41 million and $38 million, respectively, while creating efficiencies by streamlining functions across the Company. The Company estimates the aggregate restructuring costs associated with the Reorganization to be approximately $10 million, primarily consisting of severance benefits, employee benefits and related costs. The Company expects to incur these costs primarily during its third and fourth fiscal quarters. The estimates of the charges and expenditures that the Company expects to incur in connection with the Reorganization, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Reorganization.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K (this "Current Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the Reorganization, the charges the Company expects to recognize in connection therewith and the timing of such recognition, and the annual operating expense savings expected from the Reorganization. The Company cautions you that these forward-looking statements are subject to numerous risk and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Additional risks and uncertainties that could affect the Company and its financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on June 6, 2024, which is available on the Company's website at investors.chargepoint.com and on the SEC's website at www.sec.gov. All forward-looking statements in this report are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 99.1 Press release dated September 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHARGEPOINT HOLDINGS, INC. By: /s/ Mansi Khetani Name: Mansi Khetani Title: Chief Financial Officer Date: September 4, 2024