Acquisition d’EJF : les actionnaires approuvent le projet de regroupement d’entreprises avec Pagaya Technologies Ltd – Formulaire 8-K







Les actionnaires d’EJF Acquisition Corp. approuvent le projet de regroupement d’entreprises avec Pagaya Technologies Ltd.

New York, NY, Tel Aviv, Israël et Arlington, VA, juin 17, 2022 – EJF Acquisition Corp. (« EJFA ») (NASDAQ : EJFAU, EJFA, EJFAW), une société d’acquisition à vocation spéciale cotée en bourse, et Pagaya Technologies Ltd. (« Pagaya ») ont annoncé aujourd’hui que les actionnaires d’EJFA avaient voté en faveur du projet de regroupement d’entreprises ( le « rapprochement d’entreprises ») avec Pagaya, une société technologique mondiale qui construit une infrastructure d’intelligence artificielle pour l’écosystème financier, lors d’une assemblée spéciale de ses actionnaires (« assemblée spéciale ») qui s’est tenue aujourd’hui, le 17 juin 2022. Les actionnaires de Pagaya ont également approuvé le regroupement d’entreprises lors d’une assemblée générale extraordinaire de ses actionnaires tenue le 16 juin 2022.

La clôture du regroupement d’entreprises devrait avoir lieu le ou vers le 22 juin 2022. Comme annoncé précédemment, après la clôture, la société cotée en bourse s’appellera Pagaya Technologies Ltd. et ses actions ordinaires de catégorie A et ses bons de souscription publics devraient commencer négociées sur le marché boursier du Nasdaq sous les symboles « PGY » et « PGYWW », respectivement.

Un formulaire 8-K divulguant les résultats complets du vote sera déposé par l’EJFA auprès de la Securities and Exchange Commission.

À propos de Pagaya

Pagaya est une société de technologie financière qui s’efforce de remodeler le marché des prêts en utilisant l’apprentissage automatique, l’analyse de données volumineuses et une technologie sophistiquée d’analyse et de crédit basée sur l’IA. Pagaya a été conçu pour fournir une solution complète permettant au secteur du crédit d’offrir à ses clients une expérience positive tout en améliorant simultanément l’écosystème du crédit au sens large. Son API propriétaire s’intègre de manière transparente dans son réseau d’infrastructure de nouvelle génération de partenaires pour offrir une expérience utilisateur premium et un meilleur accès au crédit.

Pour plus d’informations sur la technologie, les services et les carrières de Pagaya, veuillez visiter www.Pagaya.com.

À propos de l’EJFA

EJF Acquisition Corp. est une société à chèque en blanc parrainée par EJF Capital LLC et des sociétés affiliées formées dans le but de s’associer à une entreprise de services financiers de haute qualité. L’équipe de direction et le conseil d’administration de l’EJFA sont composés de dirigeants et de fondateurs chevronnés du secteur des services financiers, dont Manny Friedman, président, Neal Wilson, vice-président, Kevin Stein, directeur général, et Thomas Mayrhofer, directeur financier.

Pour plus d’informations sur EJF Acquisition Corp., veuillez visiter www.ejfacquisition.com.

Énoncés prospectifs

Ce document contient des « déclarations prospectives » au sens des dispositions de la « sphère de sécurité » de la loi américaine Private Securities Litigation Reform Act de 1995. Les déclarations prospectives peuvent être identifiées par l’utilisation de mots tels que « prévision », « « avoir l’intention », « chercher », « cibler », « anticiper », « croire », « pourrait », « continuer », « s’attendre à », « estimer », « peut », « planifier », « perspectives », « futur » et « projet » et autres expressions similaires qui prédisent ou indiquent des événements ou des tendances futurs ou qui ne sont pas des déclarations de questions historiques. Ces déclarations prospectives comprennent des informations financières estimées. Ces déclarations prospectives concernant les revenus, les bénéfices, les performances, les stratégies, les perspectives et d’autres aspects des activités d’EJFA, de Pagaya ou de la société combinée après la réalisation du regroupement d’entreprises proposé sont basées sur les attentes actuelles qui sont soumises à des risques et des incertitudes. . Un certain nombre de facteurs pourraient faire en sorte que les résultats ou résultats réels diffèrent sensiblement de ceux indiqués par ces déclarations prospectives. Ces facteurs comprennent, mais sans s’y limiter : (1) la survenance de tout événement, changement ou autre circonstance susceptible de donner lieu à la résiliation de l’Accord et du Plan de Fusion prévoyant le regroupement d’entreprises (l’« Accord ») et la le regroupement d’entreprises proposé ainsi envisagé ; (2) l’incapacité de réaliser les opérations envisagées par l’Accord en raison du non-respect des autres conditions de clôture de l’Accord ; (3) la capacité à respecter les normes d’inscription du Nasdaq après la réalisation des transactions envisagées par l’Accord ; (4) le risque que la transaction proposée perturbe les plans et opérations actuels de Pagaya à la suite de l’annonce et de la réalisation des transactions décrites dans les présentes ; (5) la capacité à reconnaître les avantages attendus du regroupement d’entreprises proposé, qui peuvent être affectés, entre autres, par la concurrence, la capacité de l’entreprise combinée à croître et à gérer la croissance de manière rentable, à entretenir des relations avec les clients et les fournisseurs et à conserver ses la direction et les employés clés ; (6) les coûts liés au regroupement d’entreprises proposé ; (7) les modifications des lois ou réglementations applicables ; (8) la possibilité que Pagaya soit affectée négativement par d’autres facteurs économiques, commerciaux et/ou concurrentiels ; et (9) d’autres risques et incertitudes indiqués de temps à autre dans d’autres documents déposés ou à déposer auprès de la SEC par l’EJFA ou Pagaya. Vous êtes averti de ne pas vous fier indûment aux déclarations prospectives, qui ne sont valables qu’à la date de leur formulation. L’EJFA et Pagaya ne s’engagent pas à mettre à jour ou à réviser les déclarations prospectives, que ce soit à la suite de nouvelles informations, d’événements futurs ou autrement, sauf si la loi l’exige.

Contacts

Pour toutes les demandes de Pagaya IR, veuillez contacter ICR au PagayaIR@icrinc.com

Pour toutes les demandes des médias Pagaya, veuillez contacter Edelman au Pagaya@edelman.com.

Pour toutes les demandes des médias de l’EJFA, veuillez contacter Nathaniel Garnick/Kevin FitzGerald de Gasthalter & Co. au (212) 257-4170 ou pagaya@gasthalter.com

Clause de non-responsabilité

EJF Acquisition Corp. publié ce contenu sur 17 juin 2022 et est seul responsable des informations qui y sont contenues. Distribué par Public, non édité et non modifié, sur 17 juin 2022 21:23:03 UTC.

Publiquemaintenant 2022

Toutes les actualités sur EJF ACQUISITION CORP.

Soldes 2021

Résultat net 2021 -8,16 M

Trésorerie nette 2021 0,38 millions

Ratio PER 2021 -37,8x
Rendement 2021
Capitalisation 198 M
198 M
VE / Ventes 2020
VE / Ventes 2021
Nbre d’employés
Flottant 80,0%

Graphique EJF ACQUISITION CORP.


Durée :

Période :




EJF Acquisition Corp. Graphique d'analyse technique |  MarketScreener



Évolution du compte de résultat


VIEW, INC. Rapport de gestion et analyse de la situation financière et des résultats d’exploitation (formulaire 10-Q)

As described in the Explanatory Note above and in Note 2 of "Notes to the
Condensed Consolidated Financial Statements" included elsewhere in this
Quarterly Report on Form 10-Q, we have restated our unaudited quarterly
financial statements for the three and nine months ended September 30, 2020 and
we have restated our condensed consolidated balance sheet as of December 31,
2020. This Item 2, Management's Discussion and Analysis of Financial Condition
and Results of Operations, reflects the restatement of the previously reported
financial information for these periods, including but not limited to,
information within the Results of Operations section.

The following management's discussion and analysis is provided in addition to
the accompanying condensed consolidated financial statements and notes, and for
a full understanding of View's results of operations and financial condition
should be read in conjunction with the condensed consolidated financial
statements and notes included in this Quarterly Report on Form 10-Q included in
Part I, Item 1, "Financial Statements (Unaudited)."

Aperçu

Notre affaire

View est une plate-forme et une entreprise technologique de premier plan pour les bâtiments intelligents qui transforme les bâtiments pour améliorer la santé et l’expérience humaines, réduire la consommation d’énergie et les émissions de carbone et générer des revenus supplémentaires pour les propriétaires de bâtiments.


Our innovative products are designed to enable people to lead healthier and more
productive lives by increasing access to daylight and views, while minimizing
associated glare and heat from the sun and keeping occupants comfortable. These
products also simultaneously reduce energy consumption from lighting and HVAC,
thus reducing carbon emissions. To achieve these benefits, we design,
manufacture, and provide electrochromic or smart glass panels to which we add a
1 micrometer (~1/100th the thickness of human hair) proprietary electrochromic
coating. These smart glass panels, in combination with our proprietary network
infrastructure, software and algorithms, intelligently adjust in response to the
sun by tinting from clear to dark states, and vice versa, to minimize heat and
glare without ever blocking the view. In addition, we offer a suite of fully
integrated, cloud-connected smart-building products that are designed to enable
us to further optimize the human experience within buildings, improve
cybersecurity, further reduce energy usage and carbon footprint, reduce real
estate operating costs, provide real estate owners greater visibility into and
control over the utilization of their assets, and provide a platform on which to
integrate and deploy new technologies into buildings.

View's earlier generation products are described best as "smart glass," which
are primarily composed of three components that all work together to produce a
solution:

•le vitrage isolant ; qui est à double ou triple vitrage avec un revêtement semi-conducteur micrométrique (ou électrochromique).

•l’infrastructure réseau ; qui est composé des contrôleurs, des connecteurs, des capteurs et du câblage.

•le logiciel : qui comprend les algorithmes prédictifs, l’intelligence artificielle, les outils de gestion à distance et les applications iOS et Android destinées à l’utilisateur, pour contrôler la teinte du verre.


After the Company completed installations in a few hundred buildings, it
identified an opportunity to use its network infrastructure and cabling as the
backbone on which different smart and connected devices in a typical building
could operate. We believe customers using View Smart Glass can leverage View's
network as their building's operations technology infrastructure to reduce
duplicative labor costs, reduce materials usage, provide better cyber security,
improve visibility and management of connected devices, and future-proof the
building through easy upgradability.

Recognizing the opportunity to significantly improve the human experience,
energy performance and carbon footprint in buildings, and real estate operating
costs through adoption of technology, View began selling a Smart Building
Platform, which is a fully integrated smart window platform, to building owners
starting in 2021. Concurrent with the commencement of the sales efforts, View
also began hiring an extensive team of construction managers, project managers,
and building specialists to enable the Company to work towards delivering the
fully installed and integrated Smart Building Platform, which had historically
been the responsibility of the general contractor's glazing and
low-voltage electricians ("LVE") subcontractors.

L’intelligent Plate-forme de construction comprend une infrastructure réseau mise à niveau et des services de conception et de déploiement de bout en bout, et permet également les technologies de construction intelligentes de nouvelle génération. Nous avons commencé à offrir notre Smart Plate-forme de construction pour les raisons stratégiques suivantes :


•To optimize the design, aesthetics, energy performance and cost of the entire
smart façade (or digital skin) of the building, rather than just one component
(smart glass), thus benefiting both customers and View.
                                       49

————————————————– ——————————

Table des matières

• Pour élever la sélection de fenêtres et la décision d’achat à un client et un décideur qui a une vue plus globale du projet et est dans une bien meilleure position pour prendre une décision éclairée concernant tous les avantages fournis par View’s Smart Plate-forme de construction.

•Accélérer l’intégration des nouvelles technologies dans le tissu du bâtiment. Aujourd’hui, cela inclut l’intégration de capteurs de qualité environnementale et d’écrans immersifs, transparents et haute définition dans des fenêtres intelligentes. Il est important de noter que notre conception de façade intelligente permet de futures mises à niveau matérielles et logicielles dans l’infrastructure du bâtiment.


•We believe delivering a digital, connected façade and smart building platform
will enable future business opportunities and pricing models as buildings, both
existing and new, incorporate additional technology and connected products.

View's next generation, smart building network is designed as a scalable and
open infrastructure in which the smart window is now another node of the
network; in addition, the network is now equipped to host other connected
devices and applications, from both View and third parties, as additional nodes
on the network. The network has its own 48v direct current power and
power-over-ethernet ports to incorporate other connected devices on a standard
protocol. Also integrated into the network throughout the building is gigabit
speed linear ethernet coaxial cable, as well as optical fiber. Computer
processing is also built into the backbone of the network with x86 and ARM
processing cores. The network also includes an operating system with
capabilities to run third party applications and services, security protocol to
protect buildings from cyberattacks, and several elements of a digital twin of
the building. View's smart building network also hosts artificial intelligence
and machine learning engines, which View developed, and also provides access to
artificial intelligence and machine learning engines that are in the cloud. The
exterior of the building is the largest in surface area. With the smart building
network, the entire exterior of the building can be digitized. Activating the
exterior through digitization creates multiple opportunities for building owners
and occupants.

View's Smart Building Platform enables other devices and smart building
applications to be built and connected to the View smart building network. A few
applications View has already built and deployed on its next generation network
include:

Transparent Displays: View Immersive Display. Integrated into the smart window
and connected to the same network as the glass, Immersive Display allows users
to turn their windows into the equivalent of an iPad or tablet - an interactive
digital display that allows users a new way to digest multi-media content.
Immersive Displays are large-format (55 inches and larger), digital,
high-definition, interactive canvases that can be used to broadcast content,
host video calls and display information and digital art to large groups of
people, while maintaining a view of the outdoors through the window on which it
is integrated.

Personalized Health: View Sense. An integrated, enterprise-grade, secure, sensor
module that monitors multiple environmental variables (e.g., CO2, Temperature,
Volatile Organic Compounds, Humidity, Dust, Light, and Noise) to provide
illustrative data and information to building management teams in order to
improve building performance and enhance human health and comfort.

View's R&D continues to focus on not only improving the smart glass product but
also on continually bringing more smart building applications and capabilities
to market, as well as collaborating with other industry partners to integrate
their devices and applications with View's smart building network, with the aim
of making building occupants more comfortable, healthier, and more productive,
making buildings more sustainable, and providing better information to building
owners to streamline operations and reduce operating costs.

In terms of the value propositions to View's customers, its earlier generation
smart glass product focused primarily on improving occupant experience and
reducing energy costs through adjustments of the glass tint. The current
generation of the product focuses not only on improving energy savings and user
experience through smart glass, it also focuses on increasing occupant
productivity, creating healthier buildings, and using data from other devices to
develop broader insights that further improve building operations and reduce
energy usage. Current scientific research supports that cognitive function and
in turn, productivity goes up when building occupants are exposed to more
natural light and comfortable workspaces; they sleep better, and they experience
less eye strain, fewer headaches, and lower stress. In a study published in the
International Journal of Environmental Health and Public Health in 2020,
researchers at the University of Illinois and SUNY Upstate Medical University
found that employees working next to View Smart Glass during the day slept 37
minutes longer each night, experienced half as many headaches, and performed 42%
better on cognitive tests. The research was sponsored in part by View.

View also recognized that the new Smart Building Platform offering would
potentially enable the company to move 'up' the supply chain of the construction
industry. Whereas the Company's traditional offering placed it in the role of a
supplier to subcontractors of the General Contractor ("GC"), the level of
integration and oversight needed to ensure a quality installation and
integration of the complete smart building platform is designed to incentivize
building owners and GCs to engage directly with View, engaging View to assume
the role of the prime contractor for the platform rather than supplier of
subcomponent materials. This would also better position View to upsell
additional goods and services to the building owners in the future, which could
be more efficiently integrated into the smart building platform than with the
traditional offering.

                                       50
--------------------------------------------------------------------------------
  Table of Contents
Today, View's Smart Glass products are installed into approximately 40 million
square feet of buildings, including offices, hospitals, airports, educational
facilities, hotels, and multi-family residences. In addition to our Smart
Building Platform, View continues to sell smart windows through our Smart Glass
offering and several individual smart building products through our Smart
Building Technologies offerings.

To date, we have devoted our efforts and resources towards the development,
manufacture, and sale of our product platforms, which we believe have begun to
show strong market traction. We have also devoted significant resources to
enable our View Smart Building Platform, a new offering beginning in 2021. For
the three months ended September 30, 2021 and September 30, 2020, our revenue
was $18.9 million and $8.5 million, respectively, representing
period-over-period growth of 122.1%. For the nine months ended September 30,
2021 and September 30, 2020, our revenue was $45.6 million and $23.2 million,
respectively, representing period-over-period growth of 96.6%.

Principaux facteurs affectant les résultats d’exploitation

Exécution des stratégies de croissance


We believe that we are just beginning to address our market opportunity, which
we expect to be driven by four multi-decade, secular trends: (i) climate change,
Environmental, Social and Governance ("ESG") and sustainability, (ii) a growing
focus on human health inside buildings, (iii) an increased desire for better
human experiences in buildings, and (iv) a growing demand for smart and
connected buildings.

To capitalize on these trends and our market opportunity, we must execute on
multiple growth initiatives, the success of which may depend on our ability to
develop mainstream acceptance of our products, including (i) increasing
awareness of our products and their benefits across major markets in North
America and internationally, (ii) increasing recurring sales, (iii) expanding
our product portfolio, (iv) expanding our sales channels to include real estate
brokers, (v) continuing to develop strong relationships with ecosystem partners
such as building owners, developers, tenants, architects, contractors, low
voltage electricians and glaziers, and (vi) expanding outside North America into
international markets.

The above growth strategies depend upon our ability to continue as a going
concern. As of the date of the filing of this Form 10-Q, the Company has
determined that there is substantial doubt about its ability to continue as a
going concern, as the Company does not currently have adequate financial
resources to fund its forecasted operating costs and meet its obligations for at
least twelve months from the filing of this Form 10-Q. The Company's continued
existence is dependent upon its ability to obtain additional financing, enter
into profitable sales contracts and generate sufficient cash flow to meet its
obligations on a timely basis. The Company's business will require significant
amounts of capital to sustain operations and the Company will need to make the
investments it needs to execute these long-term business plans.

Innovation technologique


With approximately 1,300 patents and patent filings and 14 years of research and
development experience, we have a history of technological innovation. We have a
strong research and development team, including employees with expertise in all
aspects of the development process, including materials science, electronics,
networking, hardware, software, and human factors research. As we have since
inception, we intend to continue making significant investments in research and
development and hiring top technical and engineering talent to improve our
existing products and develop new products, which will increase our
differentiation in the market. In 2021 and 2020, we introduced a new suite of
products to complement our market-leading smart glass and optimize the human
experience while making buildings more intelligent, which include the following:

•View Net. Our next generation controls, software and services ("CSS"), a
cloud-connected, network infrastructure offering that powers View's smart glass
products and can incorporate and power other smart building devices from View
and other companies. This high bandwidth data and low voltage power network
serves as the backbone to an intelligent building platform and provides
future-proofing by enabling the addition of new capabilities during a building's
lifetime.

•View Immersive Experiences. Our transparent, digital, interactive surface
product that incorporates see-through, high definition displays directly onto
the smart window.

• Voir Sens. Des modules qui permettent de mesurer et d’optimiser la lumière, l’humidité, la température, la qualité de l’air, la poussière et le bruit pour améliorer le bien-être des occupants.

                                       51

————————————————– ——————————

Table des matières


•View Secure Edge. Our plug-and-play edge-to-cloud solution that enables IT and
digital innovation teams to securely connect new and existing buildings to the
cloud; centrally manage building networks, systems, and data in the cloud; and
deploy edge applications for real-time processing, insights, and optimizations.
•View Remote Access. Our secure access portal that enables IT teams to reduce
the cost and cybersecurity risks of maintaining smart buildings by providing
vendors and technicians with secure, auditable, time-bound remote access to
building networks and devices.

Nous nous attendons à ce que nos dépenses de recherche et développement augmentent en dollars absolus au fil du temps afin de maintenir notre différenciation sur le marché.

Concurrence


We compete in the commercial window industry and the electrochromic glass
industry, as well as within the larger smart building products industry, each of
which is highly competitive and continually evolving as participants strive to
distinguish themselves within their markets, including through product
improvement, addition of new features, and price. We believe that our main
sources of competition are existing commercial window manufacturers,
electrochromic glass manufacturers, and companies developing smart building
products and intrusion detection solution technologies. We believe the primary
competitive factors in our markets are:

•Innovation technologique;

•Capacité à intégrer plusieurs systèmes de manière efficace et efficiente ;

•Performance du produit ;

•Qualité, durabilité et prix du produit ;

• Historique d’exécution ; et

•Efficacité de fabrication.

Capacité


View currently manufactures the insulating glass units ("IGUs") included in the
View Smart Glass and View Smart Building Platform product offerings at our
production facility located in Olive Branch, Mississippi. We operate a
sophisticated manufacturing facility designed for performance, scale,
durability, and repeatability. Our manufacturing combines talent, equipment, and
processes from the semiconductor, flat panel display, solar and glass processing
industries. Our proprietary manufacturing facility has been in use since 2010.
We currently operate one production line in our facility with a name-plate
capacity of approximately 5 million square feet of smart glass per year. In
addition, we have partially completed the construction of a second production
line at our Olive Branch facility. Once operational, we expect our facility's
name-plate capacity to increase by an additional 7.5 million square feet of
smart glass per year, bringing our total name-plate capacity of our facility to
12.5 million square feet per year. We believe our facility, including the second
production line expected to be in operation by the end of 2022, will enable us
to achieve economies of scale, meet future demand, and achieve profitability.

As of September 30, 2021, we have invested approximately $400 million in capital
expenditures primarily in our factory. We expect to incur additional factory
capital expenditure of up to approximately $90 million over the next four years
with respect to facility automation and completion of the second production line
to support the expected growth in demand for our products. This will require
additional financing in order to make these additional investments. Refer to the
Liquidity and Capital resources section below for further discussion.

Impact de la COVID-19


The COVID-19 pandemic has impacted health and economic conditions throughout the
United States, including the construction industry. The COVID-19 pandemic
continues to be dynamic and evolving, and the extent to which COVID-19 impacts
our operations will depend on future developments that cannot be predicted with
certainty, including the duration of the
                                       52

————————————————– ——————————

Table des matières


outbreak, resurgences of COVID-19 infections, the availability and efficacy of
vaccines, new information that may emerge concerning the severity of COVID-19
and the governmental measures to contain or treat its impact, among others.

COVID-19's disruptions to the construction industry may reduce or delay new
construction projects or result in cancellations or delays of existing planned
construction. Supply of certain materials used by the Company in the
manufacturing of its products that are sourced from a limited number of
suppliers may also be disrupted. For example, we utilize semiconductor chips in
certain products that we manufacture and semiconductor chips have been recently
subject to an ongoing global shortage. This shortage can cause possible delays
in our production and increase the cost to obtain semiconductor chips and
components that use semiconductor chips. Any one or a combination of such events
could have a material adverse effect on the Company's financial results.

To address these conditions, the Company established protocols to continue
business operations as an essential industry, insulate its supply chain from
delays and disruptions, and assessed its business operations and financial plans
as a result of COVID-19. The Company optimized its financial plan by focusing on
sales growth and by reducing and delaying incremental spending on operating and
capital expenditures compared with the pre-COVID business plan. In particular,
in the second quarter of 2020, the Company began reducing operating costs in
absolute dollars through headcount reductions and reduction of operating
expenditures for third party contractors. During 2021, these cost reduction
efforts were relaxed and headcount increased in order to respond to increased
demand for our product and services.

The long-term effects of COVID-19 on one of our key markets, office space,
cannot be accurately predicted as employers continue to design their long-term
work-from-home policies. Conversely, we expect to see an accelerated interest in
the renovation market, potential increased spending on public buildings and
infrastructure, movement to suburban office spaces, and increased investment in
life sciences and laboratory buildings. We also expect to see changes in the
market in response to COVID-19, including increased aversion to blinds that
collect dirt and dust. Finally, we have seen COVID-19 accelerate societal
perspective on the importance of the environment on personal health, which could
drive adoption of our sensor products that measure and monitor health aspects in
buildings.

Composantes des résultats d’exploitation

Revenu

Voir le verre intelligent


We have historically generated revenue as a materials provider from (i) the
manufacturing and sale of View Smart Glass IGUs that are coated on the inside
with our proprietary technology and are designed, programmed, and built to
customer specifications that include sizes for specific windows, skylights, and
doors in specified or designated areas of a building and (ii) selling the View
Smart Glass CSS, which includes sky sensors, window controllers and control
panels with embedded software, cables and connectors, that, when combined with
the IGUs enable the IGUs to tint. Also included in CSS is a system design
service, in which a design document is prepared to lay out the IGUs and CSS
hardware for the building, as well as a commissioning service, in which the
installed IGUs and CSS components are tested and tinting configurations are set
by the Company. The glaziers and LVEs subcontracted by the end user are
responsible for ensuring satisfactory adherence to the design document as the
products are installed.

Our View Smart Glass revenue primarily relies on securing design wins with end
users of our products and services, which typically are the owners, tenants or
developers of buildings. We start the selling process by pitching the View Smart
Glass benefits and business outcomes to the building owners, tenants, or
developers. The pricing for a project is primarily driven by the make-up, size,
shape, total units of the IGU, and associated CSS. The design win is typically
secured through a non-binding agreement with the owners, tenants or developers
of the buildings. Once a design win is secured, we negotiate and enter into
legally binding agreements with our Smart Glass customers (typically glaziers
for the IGUs and LVEs or general contractors for CSS) to deliver the Smart Glass
products and services.

Our IGUs are custom-built and sold to customers through legally binding
contracts. Each contract to provide IGUs includes multiple distinct IGUs. We
recognize revenue from our IGU contracts over time as the IGU manufacturing work
progresses.

Our contracts to provide the CSS network infrastructure include the sale of
electrical connections schema, sky sensors, window controllers and control
panels with embedded software, cables and connectors, and professional services
to provide a system design and commission the installed products. The Company
recognizes revenue at a point in time upon shipment of the control
                                       53

————————————————– ——————————

Table des matières


panels and electrical components, and upon customer acceptance for the design
and commissioning services, both of which have a relatively short period of time
over which the services are provided.

In limited circumstances, we contract to provide extended or enhanced warranties
of our products outside of the terms of its standard assurance warranty, which
are recognized as revenue over the respective term of the warranty period.

Afficher intelligent Plate-forme de construction


During 2021, we entered into and commenced work on the first contract under our
new offering, View Smart Building Platform, a complete interrelated and
integrated platform that combines our smart glass IGUs, the fabrication,
unitization and installation of the framing of those IGUs, any combination of
View Smart Building Technologies, and installation of the completed smart glass
windows and CSS components into a fully installed Smart Building Platform. We
enter into contracts to provide our View Smart Building Platform with our
customers, which typically are the owners, tenants or developers of buildings,
or with the general contractor acting on behalf of our customers.

In contrast to the View Smart Glass product delivery method, View is the
principal party responsible for delivering the fully integrated Smart Building
Platform. In doing so, View takes responsibility for all activities needed to
fulfill its single performance obligation of transferring control to the
customer of a fully operational Smart Building Platform deliverable; from
design, fabrication, installation, integration, commissioning, and testing.
Underlying these activities is View's responsibility for performing an essential
and significant service of integrating each of the inputs of its completed
solution. These inputs include View's smart network infrastructure and IGUs,
both of which are integrated into the window glazing system, which is fabricated
by an unrelated subcontractor contracted by View to work on its behalf, as well
as designing how the entire Smart Building Platform will be integrated and
installed into the customer's architectural specifications for the building that
is being constructed or retrofitted. View's integration services also include
the activities of installing, commissioning and testing the Smart Building
Platform to enable the transfer of a complete and operational system. The
Company also uses subcontractors it selects and hires for portions of the
installation labor. Given that View is responsible for providing the service of
integrating each of the inputs into a single combined output, View controls that
output before it is transferred to the customer and accordingly, View is the
principal in the arrangement and will recognize the entire arrangement fee as
its revenue, with any fees that View pays to its subcontractors recognized in
its cost of revenue.

The pricing for a Smart Building Platform project is primarily driven by the
make-up, size, shape, total units of the IGU, associated CSS, and costs
associated with the management and performance of system design, fabrication,
unitization and installation efforts. View assumes the risk of delivery and
performance of the Smart Building Platform to its customer, and manages this
through three key elements to ensure a pleasant end-user experience: 1) View has
a contractual right and obligation to direct the activities of the
subcontractors; 2) View performs quality inspections; and 3) View engages
qualified personnel to protect the company's interest and direct the actions of
the subcontractors. The end product to the customer is a single-solution Smart
Building Platform that uses artificial intelligence to adjust the building
environment to improve occupant health and productivity, as well as reduce
building energy usage and carbon footprint.

We recognize View Smart Building Platform revenue over time as services are
performed using a cost-to-cost input method where progress on the performance
obligation is measured by the proportion of actual costs incurred to the total
costs expected to complete the contract.

In the course of providing the View Smart Building Platform, the Company
routinely engages subcontractors it selects for fabricating and unitizing the
specific smart glass products and for installation of the framed IGUs and smart
building infrastructure components, and incurs other direct costs. View is
responsible for the performance of the entire contract, including subcontracted
work. Thus, View may be subject to increased costs associated with the failure
of one or more subcontractors to perform as anticipated.

Contrats pour View Smart Building Technologies


The Company's View Smart Building Technologies includes a suite of products that
can be either integrated into the View Smart Building Platform, added-on to View
Smart Glass contracts or sold separately. Our customers are typically the owners
or tenants of buildings. Revenue generated from these products has not been
material to date.

Certains de nos contrats View Smart Building Technologies proposent un logiciel en tant que tarification de service, qui comprend l’utilisation de nos applications logicielles, en tant que service, généralement facturé sur une base mensuelle ou annuelle. Les contrats de la Société associés à ces produits, y compris la mise en œuvre, le support et d’autres services, représentent une promesse unique de fournir un accès continu à

                                       54

————————————————– ——————————

Table des matières ses solutions logicielles et leurs capacités de traitement sous forme de service. Les revenus de ces services sont comptabilisés sur la durée du contrat. Les revenus comptabilisés pour ces contrats n’ont pas été significatifs à ce jour.

Coût des revenus


Cost of revenue consists primarily of the costs to manufacture and source our
products, including the costs of materials, customer support, outside services,
shipping, personnel expenses, including salaries and related personnel expenses
and stock-based compensation expense, equipment and facility expenses including
depreciation of manufacturing equipment, rent and utilities, and insurance and
taxes, warranty costs, and inventory valuation provisions.

The primary factor that impacts our cost of revenue as a percentage of revenues
is the significant base operating costs that we incur as a result of our
investment in manufacturing capacity to provide for future demand. At current
production volume, these significant base operating costs result in higher costs
to manufacture each IGU when compared to the sales price per IGU. As demand for
our products increases and we achieve higher production yields, our cost of
revenue as a percentage of revenue will decrease. Additional factors that impact
our cost of revenue as a percentage of revenues include manufacturing
efficiencies, cost of material, and mix of products. We expect to continue to
incur significant base operating costs that will be absorbed over larger volumes
of production as we scale our business.

Beginning in 2021 with our new View Smart Building Platform offering, cost of
revenues also includes the cost of subcontractors engaged to fabricate and
unitize the specific smart glass products.and for installation of IGUs and smart
building infrastructure components. Further, and in contrast to View Smart Glass
contracts in which losses associated with IGUs are recognized over time, our
cost of revenue for our Smart Building Platform contracts includes the
recognition of contract losses recorded upfront at contract execution within an
initial loss accrual when the total current estimated costs for these contracts
exceeds total contracted revenue. Revenue for these contracts is recognized as
progress is made toward fulfillment of the performance obligation and cost of
revenue is recognized equal to the revenue recognized. Actual costs incurred in
excess of the revenue recognized are recorded against the initial loss accrual,
which is then reduced. Given the growing nature of our business, we incur
significant base operating costs attributable to our IGU production costs, which
is a significant factor to the losses on these contracts. As we continue to ramp
up our manufacturing volumes, we expect to absorb these base operating costs
over larger volumes of production; therefore, we expect that the contract loss
for individual contracts will decrease over time as a percentage of the total
contract value. These economies of production have not been realized to date and
the total amount of contract losses may not decrease in the near term as we
continue to grow this business.

Frais de recherche et développement


Research and development expenses consist primarily of costs related to
research, design, maintenance, and enhancements of our products, including
software, that are expensed as incurred. Research and development expenses
consist primarily of costs incurred for salaries and related personnel expenses,
including stock-based compensation expense, for personnel related to the
development of improvements and expanded features for our products, materials
and supplies used in development and testing, payments to consultants, outside
manufacturers, patent related legal costs, facility costs and depreciation. We
expect that our research and development expenses will increase in absolute
dollars as our business grows, particularly as we incur additional costs related
to continued investments in the development of new products and offerings.
However, we expect that our research and development expenses will decrease as a
percentage of our revenue over time.

Frais de vente, frais généraux et administratifs


Selling, general, and administrative expenses consist primarily of salaries and
related personnel expenses, including stock-based compensation, costs related to
sales and marketing, finance, legal and human resource functions, contractor and
professional services fees, audit and compliance expenses, insurance costs,
advertising and promotional expenses and general corporate expenses, including
facilities and information technology expenses.

We expect our selling, general, and administrative expenses to increase in
absolute dollars for the foreseeable future as we scale headcount to grow our
presence in key geographies to support our customers and growing business, and
as a result of operating as a public company, including compliance with the
rules and regulations of the SEC and Nasdaq, legal, audit, higher expenses for
directors and officer insurance, investor relations activities, and other
administrative and professional services. Over time, we expect our selling,
general and administrative expenses to decline as a percentage of revenue.

Le revenu d’intérêts

Les intérêts créditeurs se composent principalement des intérêts reçus ou gagnés sur nos soldes de trésorerie et d’équivalents de trésorerie.

                                       55

————————————————– ——————————

Table des matières

Frais d’intérêts

Les intérêts débiteurs se composent principalement des intérêts payés sur nos facilités de crédit et de l’amortissement des escomptes sur la dette et des frais d’émission.

Autres dépenses, nettes

Les autres charges, nettes, comprennent principalement les pénalités que nous prévoyons encourir pour le règlement d’une question environnementale en 2021, les gains et pertes de change et les gains et pertes réalisés sur la vente de placements à court terme.

Gain sur variation de la juste valeur, net


Our Sponsor Earn-out Shares, Private Warrants and redeemable convertible
preferred stock warrants are or were subject to remeasurement to fair value at
each balance sheet date. Changes in fair value as a result of the remeasurement
are recognized in gain (loss) on fair value change, net in the condensed
consolidated statements of operations. The redeemable convertible preferred
stock warrants were converted to common stock as a result of the Merger. We will
continue to adjust the remaining outstanding instruments for changes in fair
value until the Earn-Out Triggering Events are met, the earlier of the exercise
or expiration of the Warrants.

Perte sur extinction de dette

La perte sur l’extinction de la dette comprend une perte découlant de l’extinction de la dette à la suite du remboursement intégral de notre facilité de crédit renouvelable au cours de l’exercice 2021.

Provision pour impôts sur le revenu


Our provision for income taxes consists of an estimate of federal, state, and
foreign income taxes based on enacted federal, state, and foreign tax rates, as
adjusted for allowable credits, deductions, uncertain tax positions, changes in
deferred tax assets and liabilities, and changes in tax law. Due to the level of
historical losses, we maintain a valuation allowance against U.S. federal and
state deferred tax assets as we have concluded it is more likely than not that
these deferred tax assets will not be realized.
                                       56

————————————————– ——————————

Table des matières

Résultats d’exploitation

Le tableau suivant présente nos résultats d’exploitation historiques pour les périodes indiquées (en milliers, sauf les pourcentages) :


                                                       Three Months Ended September 30,                                                             

Période de neuf mois terminée 30 septembre,

                                                           2020                                                                                      2020
                                   2021                (As Restated)          Change ($)             Change (%)                2021              (As Restated)          Change ($)             Change (%)
Revenue                     $     18,884             $        8,502          $   10,382                    122.1  %       $    45,579          $       23,181          $   22,398                     96.6  %
Costs and expenses:
Cost of revenue                   51,828                     22,950              28,878                    125.8  %           137,617                  95,247              42,370                     44.5  %
Research and development          36,314                     15,373              20,941                    136.2  %            73,924                  51,822              22,102                     42.6  %
Selling, general, and
administrative                    38,210                     16,872              21,338                    126.5  %            94,543                  54,832              39,711                     72.4  %
Total costs and expenses         126,352                     55,195              71,157                    128.9  %           306,084                 201,901             104,183                     51.6  %
Loss from operations            (107,468)                   (46,693)            (60,775)                   130.2  %          (260,505)               (178,720)            (81,785)                    45.8  %
Interest and other income
(expense), net:
Interest income                       25                         15                  10                     66.7  %                45                     501                (456)                   (91.0) %
Interest expense                    (312)                    (7,760)              7,448                    (96.0) %            (5,951)                (19,191)             13,240                    (69.0) %
Other expense, net                   100                         (4)                104                 (2,600.0) %            (6,320)                   (109)             (6,211)                 5,698.2  %
Gain (loss) on fair value
change, net                       13,078                     (3,656)             16,734                   (457.7) %            18,426                  (2,296)             20,722                   (902.5) %
Loss on extinguishment of
debt                                   -                          -                   -                           *           (10,018)                      -             (10,018)                          *
Interest and other income
(expense), net                    12,891                    (11,405)             24,296                   (213.0) %            (3,818)                (21,095)             17,277                    (81.9) %
Loss before benefit
(provision) of income taxes      (94,577)                   (58,098)            (36,479)                    62.8  %          (264,323)               (199,815)            (64,508)                    32.3  %
Benefit (provision) for
income taxes                         425                        (34)                459                 (1,350.0) %               416                    (137)                553                   (403.6) %
Net and comprehensive loss  $    (94,152)            $      (58,132)         $  (36,020)                    62.0  %       $  (263,907)         $     (199,952)         $  (63,955)                    32.0  %




*not meaningful
                                       57
--------------------------------------------------------------------------------
  Table of Contents
Revenue

Le tableau suivant présente nos revenus par offre de produits majeure (en milliers, sauf pourcentages) :

                                                 Three Months Ended September 30,                                              Nine Months Ended September 30,
                                                                                         Change                                                                         Change
                                  2021              2020           Change ($)              (%)                 2021              2020             Change ($)              (%)
Smart Glass                   $      8,410       $    8,502       $      (92)                (1.1) %       $     28,205       $    23,181       $     5,024                 21.7  %
Percentage of total revenue        44.5  %         100.0  %                                                    61.9   %         100.0   %
Smart Building Platform              9,876             -               9,876                100.0  %             15,012             -                15,012                100.0  %
Percentage of total revenue        52.3  %             -  %                                                    32.9   %             -   %
Smart Building Technologies            598             -                 598                100.0  %              2,362             -                 2,362                100.0  %
Percentage of total revenue         3.2  %             -  %                                                     5.2   %             -   %
Total                           $18,884            $8,502            $10,382                122.1  %         $45,579            $23,181            $22,398                  96.6  %

Le tableau suivant présente nos revenus par zone géographique et est basé sur l’adresse de livraison des clients (en milliers, sauf pourcentages) :

                                               Three Months Ended September 30,                                               Nine Months Ended September 30,
                                                                                        Change                                                                         Change
                                2021              2020            Change ($)              (%)                 2021              2020             Change ($)              (%)
United States               $     15,682       $    7,856       $     7,826                 99.6  %       $     37,400       $    21,865       $    15,535                 71.0  %
Percentage of total revenue     83.0   %          92.4  %                                                     82.1   %          94.3   %
Canada                             2,968              574             2,394                417.1  %              7,475             1,194             6,281                526.0  %
Percentage of total revenue     15.7   %           6.8  %                                                     16.4   %           5.2   %
Other                                234               72               162                225.0  %                704               122               582                477.0  %
Percentage of total revenue      1.2   %           0.8  %                                                      1.5   %           0.5   %
Total                       $     18,884       $    8,502       $    10,382                122.1  %       $     45,579       $    23,181       $    22,398                 96.6  %


Our total revenue increased during the three and nine months ended September 30,
2021 compared to the same periods in the prior year. This increase was primarily
driven by higher volumes due to increased customer demand for Smart Glass,
expanded revenues associated with the new View Smart Building Platform offering,
and revenue from new Smart Building Technologies products, including the IoTium
products acquired in July 2021. The increased demand is attributable to a
continued increase in market awareness of our products and stronger
relationships with our ecosystem partners.

Costs and Expenses

Cost of Revenue

                                                 Three Months Ended September 30,                                                       Nine Months Ended September 30,
                                2021               2020             Change ($)            Change (%)                  2021                  2020      
      Change ($)            Change (%)
Cost of revenue            $    51,828          $ 22,950          $    28,878                   125.8  %       $    137,617              $ 95,247          $    42,370                    44.5  %


Cost of revenue increased during the three and nine months ended September 30,
2021 compared to the same period in the prior year, mainly due to contract
losses associated with View Smart Building Platform contracts, where total
estimated costs exceeded total contracted revenue at the time of contract
execution and an upfront loss was recognized as cost of revenue within an
initial loss accrual prior to any costs actually being incurred on the contract.
The balance of estimated contract losses for work that had not yet been
completed totaled as of $17.0 million September 30, 2021 In addition to the
contract loss accruals, our cost of sales were driven by higher volume of IGU
production and CSS shipments associated with the increased customer demand for
Smart Glass and Smart Building Platform products. Additionally, subcontractor
costs related to framing, unitization and installation were incurred during the
quarter ended September 30, 2021, consistent with the recognition of revenue for
the new View Smart Building Platform.


                                       58

————————————————– ——————————

Table des matières


Cost of revenue for the three months ended September 30, 2021 and September 30,
2020 included $1.3 million and $0.5 million of stock-based compensation expense,
respectively. Cost of revenue for the nine months ended September 30, 2021 and
September 30, 2020 included $3.5 million and $1.6 million of stock-based
compensation expense, respectively.

Research and Development

                                                        Three Months Ended September 30,                                                        Nine Months Ended September 30,
                                       2021               2020             Change ($)            Change (%)                  2021                  2020             Change ($)             Change (%)

Recherche et développement 36 314 $ 15 373 $ $

   20,941                   136.2  %       $    73,924               $ 51,822          $    22,102                     42.6  %


Research and development expenses increased during the three and nine months
ended September 30, 2021 compared to the same period in 2020. The increase was
primarily related to an increase in depreciation expense of $16.7 million, of
which $14.4 million relates to accelerated depreciation on abandoned and
written-off assets. In 2021, the Company determined that additional production
space was required to meet future expected demand. Accordingly, the Company
evaluated the space availability in its manufacturing facility and determined
that certain assets used for research and development purposes would be
disassembled to make room for additional production capacity. Consequently, the
Company made the decision to abandon and shorten the life of these assets to
coincide with their removal date, resulting in accelerated depreciation of $14.4
million included in research and development expenses. The remaining increase
was due to higher headcount and materials spending for the enhancement of
existing products and development of new products, as well as higher levels of
stock-based compensation expense resulting from the Officer RSUs and Officer
Options granted as part of the Merger.

Research and development expenses for the three months ended September 30, 2021
and September 30, 2020 included $2.7 million and $0.5 million of stock-based
compensation expense, respectively. Research and development expenses for the
nine months ended September 30, 2021 and September 30, 2020 included $6.2
million and $4.0 million of stock-based compensation expense, respectively.

Frais de vente, généraux et administratifs

                                                   Three Months Ended September 30,                                                        Nine Months Ended September 30,
                                 2021               2020             Change ($)             Change (%)                  2021                  2020             Change ($)             Change (%)
Selling, general and
administrative              $    38,210          $ 16,872          $    21,338                    126.5  %       $    94,543               $ 54,832          $    39,711                     72.4  %


Selling, general, and administrative expenses increased during the three and
nine months ended September 30, 2021 compared to the same period in the prior
year primarily due to an increase in stock-based compensation resulting from the
CEO Option Awards, Officer RSUs and Officer Options granted as part of the
Merger. The Company also incurred legal and accounting expenses during the third
quarter of 2021 to assist in the Investigation, as described in Note 2 of "Notes
to the Condensed Consolidated Financial Statements."

Frais de vente, généraux et administratifs pour les trois mois clos
30 septembre 2021 et 30 septembre 2020 inclus 18,5 millions de dollars et 5,5 millions de dollars de la charge de rémunération à base d’actions, respectivement. Frais de vente, généraux et administratifs pour les neuf mois clos 30 septembre 2021 et
30 septembre 2020 inclus 45,5 millions de dollars et 17,0 millions de dollars de la charge de rémunération à base d’actions, respectivement.

Intérêts et autres charges, nets

                                                   Three Months Ended September 30,                                                      Nine Months Ended September 30,
                                 2021               2020             Change ($)             Change (%)                 2021                 2020       
    Change ($)             Change (%)
Interest income             $        25          $     15          $        10                     66.7  %       $          45          $     501          $     (456)                   (91.0) %
Interest expense                   (312)           (7,760)               7,448                    (96.0) %              (5,951)           (19,191)             13,240                    (69.0) %
Other expense, net                  100                (4)                 104                 (2,600.0) %              (6,320)              (109)             (6,211)                 5,698.2  %
Gain (loss) on fair value
change, net                      13,078            (3,656)              16,734                   (457.7) %              18,426             (2,296)             20,722                   (902.5) %
Loss on extinguishment of
debt                        $         -          $      -          $         -                  *                $     (10,018)         $       -          $  (10,018)                 *




*not meaningful
                                       59

————————————————– ——————————

Table des matières

Le revenu d’intérêts

Le revenu d’intérêts n’a pas fluctué de façon importante au cours des périodes de trois et neuf mois terminées 30 septembre 2021 par rapport à la même période de l’année précédente.

Frais d’intérêts


Interest expense decreased during the three and nine months ended September 30,
2021 compared to the same periods in the prior year primarily due to the full
repayment of the revolving debt facility at Closing, resulting in lower interest
expense.

Other Expense, Net

Other expense, net did not fluctuate materially during the three months ended
September 30, 2021 compared to the same period in the prior year. Other expense,
net increased during the nine months ended September 30, 2021 compared to the
same period in the prior year primarily due to $5.0 million of penalties
incurred in conjunction with a settlement between View and the United States
government to resolve claims and charges against View relating to its discharges
of water into publicly owned treatment works without first obtaining a
pretreatment permit. See   Note     6   of the "Notes to the Condensed
Consolidated Financial Statements" included in Part I, Item 1. "Financial
Statements (Unaudited)" for further discussion of this matter.

Gain (perte) sur variation de la juste valeur, net


The gain on fair value change, net during the three and nine months ended
September 30, 2021 was primarily related to changes in the fair value of our
sponsor earn-out liability. The loss on fair value change, net during the three
and nine months ended September 30, 2020 was primarily related to changes in the
fair value of our redeemable convertible preferred stock warrants prior to
conversion to common stock.

Perte sur extinction de dette

Au cours des neuf mois terminés 30 septembre 2021la Société a enregistré une perte de
10,0 millions de dollars sur l’extinction de la dette liée au remboursement intégral de la facilité de crédit renouvelable à la clôture.

Provision pour impôts sur le revenu

Pour les trois et neuf mois terminés 30 septembre 2021 et 30 septembre 2020la charge d’impôts sur les bénéfices de la Société était négligeable.

Liquidités et ressources en capital


As of September 30, 2021, we had $373.1 million in cash and cash equivalents and
$331.2 million in working capital. The Company's accumulated deficit totaled
$2,178.3 million as of September 30, 2021. For the nine months ended
September 30, 2021, we had a net loss of approximately 263.9 million and
negative cash flows from operations of approximately $188.7 million. In
addition, for the nine months ended September 31, 2020, we had a net loss of
approximately $200.0 million and negative cash flows from operations of
approximately $123.7 million. The Company has determined that there is
substantial doubt about its ability to continue as a going concern, as the
Company does not currently have adequate financial resources to fund its
forecasted operating costs and meet its obligations for at least twelve months
from the filing of this Quarterly Report on Form 10-Q.

While the Company intends to raise additional capital, there can be no assurance
the necessary financing will be available on terms acceptable to the Company, or
at all. If the Company raises funds by issuing equity securities, dilution to
stockholders will occur and may be substantial. Any equity securities issued may
also provide for rights, preferences or privileges senior to those of holders of
common stock. If we raise funds by issuing debt securities, these debt
securities would have rights, preferences and privileges senior to those of
preferred and common stockholders. The terms of debt securities or borrowings
could impose significant restrictions on our operations and will increase the
cost of capital due to interest payment requirements. The capital markets have
in the past, and may in the future, experience periods of upheaval that could
impact the availability and cost of equity and debt financing. In addition,
recent and anticipated future increases in federal fund rates set by the Federal
Reserve, which serve as a benchmark for rates on borrowing, will impact the cost
of debt financing.

If we are unable to obtain adequate capital resources to fund operations, we
would not be able to continue to operate our business pursuant to our current
business plan, which would require us to modify our operations to reduce
spending to a sustainable level by, among other things, delaying, scaling back
or eliminating some or all of our ongoing or planned investments in corporate
infrastructure, business development, sales and marketing, research and
development and other
                                       60
--------------------------------------------------------------------------------
  Table of Contents
activities, which could have a material adverse impact on our operations and our
ability to increase revenues, or we may be forced to discontinue our operations
entirely.

Our principal uses of cash in recent periods have been funding operations and
investing in capital expenditures. Our future capital requirements will depend
on many factors, including revenue growth rate, achieving profitability on our
revenue contracts, the timing and the amount of cash received from customers,
the expansion of sales and marketing activities, the timing and extent of
spending to support research and development efforts, capital expenditures
associated with our capacity expansion, the introduction of new products and the
continuing market adoption of our products.

Our total current liabilities as of September 30, 2021 are $82.6 million,
including $12.5 million accrued as estimated loss on our Smart Building Platform
contracts. Our long term liabilities as of September 30, 2021 that will come due
during the next 12 months from the date of the issuance of this Quarterly Report
on Form 10-Q include $3.6 million in operating and capital lease payments, $4.2
million in estimated settlements of warranty liabilities and $0.7 million for
the next semi-annual payment on our Term Loan. In addition, as disclosed in Note
6 of the "Notes to the Condensed Consolidated Financial Statements" included in
Part I, Item 1, we have an agreement with one customer that could result in the
issuance of cash for a promissory note in the amount of up to $10 million over
the next 12 months.

As a result of the Merger in March 2021, we raised gross proceeds of
$815.2 million including the contribution of $374.1 million of cash held in CF
II's trust account from its initial public offering, net of redemption of CF II
Class A Common Stock held by CF II's public stockholders of $125.9 million,
$260.8 million of private investment in public equity ("PIPE") at $10.00 per
share of CF II's Class A Common Stock, and $180.3 million of additional PIPE at
$11.25 per share of CF II's Class A Common Stock. In conjunction with the
Merger, we repaid in full our revolving debt facility of $276.8 million,
including accrued interest and future interest through maturity of the notes of
$26.8 million. In April 2021, the Company terminated an industry facility
operating lease with IDIG Crossroads I, LLC. The total future rental payments
related to this terminated lease was $19.5 million. Both the repayment of the
debt facility and lease termination discussed above decreased our contractual
obligations since December 31, 2020.

The Company has historically financed its operations through the issuance and
sale of redeemable convertible preferred stock, the issuance of debt financing,
the gross proceeds associated with the Merger and revenue generation from
product sales. The Company's continued existence is dependent upon its ability
to obtain additional financing, achieve production volumes such that our
significant base operating costs are better absorbed, thus allowing for
negotiation of profitable sales contracts, and generate sufficient cash flow to
meet its obligations on a timely basis. The Company's business will require
significant amounts of capital to sustain operations and the Company will need
to make the investments it needs to execute its long-term business plans.

Dette

Prêt à terme


As of September 30, 2021, we had $15.4 million outstanding under our term loan
debt arrangement. On October 22, 2020, we entered into an amended and restated
debt arrangement with the lender, which temporarily suspended the payments until
June 30, 2022. Starting June 30, 2022, we are required to make semi-annual
payments of $0.7 million through June 30, 2032. As of September 30, 2021, $0.7
million of the outstanding amount under this arrangement has been classified as
a current liability, and the remaining $14.7 million has been classified as a
long term liability.

The debt arrangement required us to invest certain amounts in land, building and
equipment and create a certain number of jobs. As of September 30, 2021, we had
met the requirements. The debt arrangement, as amended, has customary
affirmative and negative covenants. As of September 30, 2021, we were in
compliance with all covenants.

Flux de trésorerie

Le tableau suivant présente un résumé des données de flux de trésorerie (en milliers) :


                                                   Nine Months Ended 

30 septembre,

                                                        2021                

2020

Net cash used in operating activities       $       (188,744)                $ (123,680)
Net cash used in investing activities                (20,357)               

(1 845)

Net cash provided by financing activities            515,958                

97 390

                                       61

————————————————– ——————————

Table des matières

Flux de trésorerie liés aux activités d’exploitation


Net cash used in operating activities was $188.7 million for the nine months
ended September 30, 2021. The most significant component of our cash used during
this period was a net loss of $263.9 million adjusted for non-cash charges of
$55.2 million related to stock-based compensation, $35.2 million related to
depreciation and amortization, loss on extinguishment of debt of $10.0 million,
partially offset by $18.4 million non-cash gain related to change in fair value
of our Sponsor Earn-Out liability and other derivative liabilities. This loss
was increased by net cash outflows of $8.4 million from changes in operating
assets and liabilities. The net cash outflows from changes in operating assets
and liabilities were primarily due to a $7.7 million increase in prepaid and
other operating assets as a result of increases in contract assets with
customers for the new View Smart Building Platform offering, an increase of $6.7
million in accounts receivable as a result of increased revenue and timing of
collections, a $3.3 million increase in inventory and a $2.2 million decrease in
accounts payable due to timing of payments to our suppliers. These increases to
cash outflows were offset by a $10.6 million increase in accrued compensation,
expenses and other liabilities as a result of an increase in accruals for
expenses also consistent with the growth of operations and a $1.0 million
increase in deferred revenue due to timing of satisfaction of our performance
obligations relating to our revenue generating contracts with customers.

Net cash used in operating activities was $123.7 million for the nine months
ended September 30, 2020. The most significant component of our cash used during
this period was a net loss of $200.0 million adjusted for non-cash charges of
$22.6 million related to stock-based compensation, $18.9 million related to
depreciation and amortization and $2.3 million non-cash loss related to change
in fair value of our redeemable convertible preferred stock warrant liability.
This was offset by net cash inflows of $30.7 million from changes in operating
assets and liabilities. The net cash inflows from changes in operating assets
and liabilities were primarily due to a $22.2 million decrease in prepaid and
other assets driven by $22.5 million cash collected on a malpractice legal
settlement from one of our former attorneys, a decrease of $4.7 million in
accounts receivable due to timing of collections, a decrease of $1.0 million in
inventories and an increase of $6.7 million due to reduction in accrued
compensation, expenses and other liabilities, partially offset by a $3.2 million
decrease in accounts payable due to timing of payments and $0.4 million decrease
in deferred revenue due to timing of satisfaction of our performance obligations
relating to our revenue generating contracts with customers.

Flux de trésorerie provenant des activités d’investissement

La trésorerie nette affectée aux activités d’investissement a été 20,4 millions de dollars pour les neuf mois terminés 30 septembre 2021qui s’explique par les achats d’immobilisations corporelles et la trésorerie versée pour les acquisitions.

La trésorerie nette provenant des activités d’investissement a été 1,8 million de dollars pour les neuf mois terminés 30 septembre 2020qui s’explique principalement par le produit de l’échéance des placements à court terme de 32,9 millions de dollars compensée par des acquisitions d’immobilisations corporelles de 34,7 millions de dollars principalement liés à l’expansion de nos installations de fabrication.

Flux de trésorerie provenant des activités de financement


Net cash provided by financing activities was $516.0 million for the nine months
ended September 30, 2021, which was primarily due to proceeds related to the
reverse recapitalization and PIPE offering of $773.5 million, net of transaction
costs, partially offset by repayment in full of our revolving debt facility of
$257.5 million.

Net cash used in financing activities was $97.4 million for the nine months
ended September 30, 2020, which was primarily due to proceeds from draws related
to revolving debt facility of $206.7 million as reduced by repayments of $108.4
million under the same facility and other debt and payment of capital lease
obligations of $1.1 million.

Arrangements hors bilan


During the periods presented, we did not have any off-balance sheet financing
arrangements or any relationships with unconsolidated entities or financial
partnerships, including entities sometimes referred to as structured finance or
special purpose entities, that were established for the purpose of facilitating
off-balance sheet arrangements or other contractually narrow or limited
purposes.

Principales conventions comptables et estimations


The preparation of financial statements and related disclosures in conformity
with generally accepted accounting principles in the United States of America
("U.S. GAAP") requires us to make judgments, assumptions, and estimates that
affect the amounts reported in our condensed consolidated financial statements
and accompanying notes. Note 1 of Notes to Consolidated
                                       62

————————————————– ——————————

Table des matières


Financial Statements in View's 2021 Annual Report on Form 10-K filed on June 15,
2022 describes the significant accounting policies and methods used in the
preparation of these financial statements. The accounting policies described
below are significantly affected by critical accounting estimates. Such
accounting policies require significant judgments, assumptions, and estimates
used in the preparation of the condensed consolidated financial statements, and
actual results could differ materially from the amounts reported based on these
policies.

The inputs into certain of our judgments, assumptions and estimates considered
the economic implications of the COVID-19 pandemic on our critical and
significant accounting estimates. The COVID-19 pandemic did not have a material
impact on our significant judgments, assumptions and estimates that are
reflected in our results for the three and nine months ended September 30, 2021.
As the COVID-19 pandemic continues to develop, many of our estimates could
require increased judgment and carry a higher degree of variability and
volatility. As events continue to evolve our estimates may change materially in
future periods.

We believe the following accounting estimates to be most critical to aid in
fully understanding and evaluating our reported financial results, and they
require management's most difficult, subjective or complex judgments, resulting
from the need to make estimates about the effect of matters that are inherently
uncertain.

Revenue Recognition

View Smart Glass

We have historically generated revenue as a materials provider from (i) the
manufacturing and sale of View Smart Glass IGUs that are coated on the inside
with our proprietary technology and are designed, programmed, and built to
customer specifications that include sizes for specific windows, skylights, and
doors in specified or designated areas of a building and (ii) selling the View
Smart Glass controls, software and services ("CSS"), which includes sky sensors,
window controllers and control panels with embedded software, cables and
connectors, that when combined with the IGUs enable the IGUs to tint. Also
included in CSS is a system design service, in which a design document is
prepared to lay out the IGUs and CSS hardware for the building, as well as a
commissioning service, in which the installed IGUs and CSS components are tested
and tinting configurations are set by the Company.

Our contracts to deliver IGUs contain multiple performance obligations for each
customized IGU. Revenue is recognized over time as each IGU is manufactured.
While management judgment is required in estimating the future costs necessary
to complete each IGU, the amount of work in process at the end of any financial
reporting period has historically been insignificant. The Company therefore does
not consider this a significant estimate.

Our contracts to deliver CSS contain multiple performance obligations for each
promise in the CSS arrangement. Transaction price is allocated among the
performance obligations in a manner that reflects the consideration that we
expect to be entitled to for the promised goods or services based on standalone
selling prices ("SSP"). Management judgment is required in determining SSP for
contracts that contain products and services for which revenue is recognized
both over time and at a point in time, and where such revenue recognition
transcends multiple financial reporting periods due to the timing of delivery of
such products and services. SSP is estimated based on the price at which the
performance obligation is sold separately. If the SSP is not observable through
past transactions, we apply judgment to estimate it taking into account
available information, such as internally approved pricing guidelines with
respect to geographies, customer type, internal costs, and gross margin
objectives, for the related performance obligations. We recognize revenue upon
transfer of control of promised goods or services in a contract with a customer
in an amount that reflects the consideration we expect to receive in exchange
for those products or services. The allocation of transaction price for CSS
contracts with performance obligations that cross multiple periods has not
historically risen to a level that could have a material impact to reported
revenues. The Company therefore does not consider this a significant estimate.

Afficher intelligent Plate-forme de construction


During 2021, we entered into and commenced work on the first contract under our
new offering, View Smart Building Platform, a complete interrelated and
integrated platform that combines our smart glass IGUs, the fabrication,
unitization and installation of the framing of those IGUs, and installation of
the completed smart glass windows and CSS components into a fully functional
Smart Building Platform. We enter into contracts to provide our View Smart
Building Platform with our
                                       63

————————————————– ——————————

Table des matières

clients, qui sont généralement les propriétaires, les locataires ou les promoteurs de bâtiments, ou l’entrepreneur général agissant pour le compte de nos clients.


In contrast to the View Smart Glass product delivery method, View is the
principal party responsible for delivering the fully integrated Smart Building
Platform. In doing so, View takes responsibility for all activities needed to
fulfill its single performance obligation of transferring control to the
customer of a fully operational Smart Building Platform deliverable; from
design, fabrication, installation, integration, commissioning, and testing.
Underlying these activities is View's responsibility for performing an essential
and significant service of integrating each of the inputs of its completed
solution. These inputs include View's smart network infrastructure and IGUs,
both of which are integrated into the window glazing system, which is fabricated
by an unrelated subcontractor contracted by View to work on its behalf, as well
as designing how the entire Smart Building Platform will be integrated and
installed into the customer's architectural specifications for the building that
is being constructed or retrofitted. View's integration services also include
the activities of installing, commissioning and testing the Smart Building
Platform to enable the transfer of a complete and operational system. The
Company also uses subcontractors it selects and hires for portions of the
installation labor. Given that View is responsible for providing the service of
integrating each of the inputs into a single combined output, View controls that
output before it is transferred to the customer and accordingly, View is the
principal in the arrangement and will recognize the entire arrangement fee as
its revenue, with any fees that View pays to its subcontractors recognized in
its cost of revenue.

The pricing for a Smart Building Platform project is primarily driven by the
make-up, size, shape, total units of the IGU, associated CSS, and costs
associated with the management and performance of system design, fabrication,
unitization and installation efforts. View assumes the risk of delivery and
performance of the Smart Building Platform to its customer, and manages this
through three key elements to ensure a pleasant end-user experience: 1) View has
a contractual right and obligation to direct the activities of the
subcontractors; 2) View performs quality inspections; and 3) View engages
qualified personnel to protect the company's interest and direct the actions of
the subcontractors. The end product to the customer is a single-solution Smart
Building Platform that uses artificial intelligence to adjust the building
environment to improve occupant health and productivity, as well as reduce
building energy usage and carbon footprint.

Our View Smart Building Platform contracts to deliver a fully installed and
functioning smart window curtain wall platform are typically considered one
performance obligation that is satisfied as construction progresses. We
recognize revenue over time as we provide services to satisfy our performance
obligation. These contracts are typically long-term in nature and services are
provided over an extended period transcending multiple financial reporting
periods. We generally use a cost-to-cost input method to measure progress as it
best depicts how control transfers to our customers.

The estimates used in the cost-to-cost input method are based on a comparison of
the contract expenditures incurred to the estimated final costs. We believe the
cost-to-cost input method is a faithful depiction of the transfer of goods and
services as changes in job performance and estimated profitability, which result
in revisions to costs and income, are recognized in the period in which the
revisions are determined. When estimates of total costs to be incurred on a
contract exceed total estimates of the transaction price, a provision for the
entire loss is determined at the contract level and is recorded in the period in
which we enter into the contract and adjusted periodically as estimates are
revised.

The estimated future costs associated with the View Smart Building Platform
contracts are a critical estimate when determining timing and amount of revenue
recognition. Such costs are primarily related to the future cost to manufacture
and source the smart glass IGUs and CSS components, future subcontractor costs
associated with the fabrication, unitization and installation of the framing of
the IGUs, future subcontractor costs to install the completed smart glass
windows and CSS components, and future personnel costs associated with
construction management. The costs to manufacture the smart glass IGUs are based
on future production costs for IGUs, which take into consideration the Company's
expectations regarding future reductions in the total cost due to planned cost
savings, as well as fixed cost absorption as production increases. In addition,
the impacts of delays of the contract, change orders and supply chain issues may
impact the total future costs incurred for each project. Actual total costs
incurred to date are subject to review by the customer or one of its
representatives, which assists management in validating these actual costs used
in the determination of timing and amount of revenue recognition.

If actual costs differ substantially from the Company's estimates, revisions to
the estimated loss associated with the project is recognized in the period
incurred,and could also result in changes to the estimated contract loss
accrual. The total change in estimated costs from initial estimates was not
material for the nine months ended September 30, 2021. There were no Smart
Building Platform contracts during the nine months ended September 30, 2020. If
there were a 10% change in future estimated costs for all Smart Building
Platform contracts as of September 30, 2021, the impact to Cost of revenue would
be approximately $5.3 million.
                                       64

————————————————– ——————————

Table des matières

Garanties des produits


In 2019, the Company identified a quality issue with certain material purchased
from one of its suppliers utilized in the manufacturing of certain IGUs. The
Company stopped using the affected materials upon identification in 2019. The
Company has replaced and expects to continue to replace the affected IGUs
related to this quality issue for the remainder of the period covered by the
warranty. The Company developed a statistical model to analyze the risk of
failure of the affected IGUs and predict the potential number of future failures
that may occur during the remaining warranty period, as well as the timing of
the expected failures. Management judgment is necessary to determine the
distribution fit and covariates utilized in the statistical model, as well as
the relative tolerance to declare convergence. The statistical model considers
the volume, data patterns, and other characteristics associated with the failed
IGUs as well as the IGUs that had not yet failed as of each financial reporting
period. These characteristics include, but are not limited to, time to failure,
manufacture date, location of installation, and environmental factors (i.e.,
heat and humidity factors at installed location). Based on this analysis, the
Company has recorded a specific warranty liability using the estimated number of
affected IGUs expected to fail in the remaining warranty period and applying
estimated costs the Company expects to incur to replace the IGUs based on
warranty contractual terms and its customary business practices.

The Company monitors the cost to fulfill warranty obligations and may make
revisions to its warranty liabilities if actual costs of product repair and
replacement are significantly higher or lower than estimated. This warranty
liability is based on estimates of failure rates and future replacement costs
that are updated periodically, taking into consideration inputs such as changes
in the number of failures compared with the Company's historical experience, and
changes in the cost of servicing warranty claims. Management judgment is
necessary to estimate the future cost of servicing warranty claims. This
estimated cost includes the Company's expectations regarding future total cost
of replacement, as well as fixed cost absorption as production increases. If
estimated future costs are 10% higher than projected, the Company's warranty
liability associated with these affected IGUs would be approximately $3.9
million higher than that recorded as of September 30, 2021.

There is uncertainty inherent in the failure rate analysis and the projected
costs to replace the defective products in future years, as such we evaluate
warranty accruals on an ongoing basis and account for the effect of changes in
estimates prospectively.

Compte tenu de l’incertitude inhérente à l’analyse des défaillances, y compris le moment réel des défaillances et le nombre d’UGI défectueuses, ainsi que l’incertitude concernant les coûts futurs de la chaîne d’approvisionnement et les volumes de production qui pourraient avoir une incidence sur les coûts projetés pour remplacer les IGU défectueuses dans les années à venir, il est raisonnablement possible que le montant des coûts à engager pour remplacer les UGT défectueuses soit sensiblement différent de l’estimation.

Dépréciation des actifs à long terme


We regularly review our long-lived assets for triggering events or other
circumstances that could indicate impairment. If such events arise, we compare
the carrying amount of the asset group comprising the long-lived assets to the
estimated future undiscounted cash flows expected to be generated by the asset
group. If the estimated aggregate undiscounted cash flows are less than the
carrying amount of the asset group, an impairment charge is recorded as the
amount by which the carrying amount of the asset group exceeds the fair value of
the assets, as based on the expected discounted future cash flows attributable
to those assets.

The amount and timing of any impairment charges requires the estimation of
future cash flows based on management's best estimates and projections of
certain key factors, including future selling prices and volumes, operating and
material costs, various other projected operating economic factors and other
intended uses of the assets. As of September 30, 2021, no triggering events or
other circumstances were identified.

Rémunération à base d’actions – Options des employés et des non-employés


We measure stock-based awards, including stock options, granted to employees and
nonemployees based on the estimated fair value as of the grant date. The fair
value of stock options are estimated using the Black-Scholes option pricing
model, which requires the input of highly subjective assumptions, including the
fair value of the underlying common stock, the expected term of the stock
option, the expected volatility of the price of our common stock, risk-free
interest rates, and the expected dividend yield of our common stock. Changes in
the assumptions can materially affect the fair value and ultimately how much
stock-based compensation expense is recognized. These inputs are subjective and
generally require significant analysis and judgment to develop.

Compensation expense for stock awards only subject to service vesting conditions
is recognized on a straight-line basis over the requisite service period of the
awards. Stock-based compensation expense is based on the value of the portion of
stock-based
                                       65
--------------------------------------------------------------------------------
  Table of Contents
awards that is ultimately expected to vest. As such, our stock-based
compensation for these awards is reduced for the estimated forfeitures at the
date of grant and revised, if necessary, in subsequent periods if actual
forfeitures differ from those estimates.

Compensation cost for stock awards subject to service and market-based vesting
conditions is recognized for each vesting tranche of an award with a market
condition using the accelerated attribution method over the longer of the
requisite service period and derived service period, irrespective of whether the
market condition is satisfied. If a recipient of these awards terminates
employment before completion of the requisite service period, any compensation
cost previously recognized is reversed unless the market condition has been
satisfied prior to termination. If the market condition has been satisfied
during the vesting period, the remaining unrecognized compensation cost is
accelerated.

The following table summarizes the assumptions used in estimating the fair value
of employee and nonemployee stock options granted during each of the periods
presented:

                                 Nine Months Ended September 30,
                                 2021                        2020
Expected volatility             53.0%                         70%
Expected terms (in years)        6.0                       5.4-10.0
Expected dividends                0%                          0%
Risk-free rate                  1.07%                      0.4%-1.6%


Expected volatility: As our common stock only recently became publicly traded,
the expected volatility for our stock options was determined by using an average
of historical volatilities of selected industry peers deemed to be comparable to
our business corresponding to the expected term of the awards.

Expected term: The expected term represents the period these stock awards are
expected to remain outstanding and is based on historical experience of similar
awards, giving consideration to the contractual terms of the stock-based awards,
vesting schedules, and expectations of future employee behavior.

Rendement de dividende attendu : Le taux de dividende attendu est de zéro, car nous n’avons actuellement aucun historique ni aucune attente de déclaration de dividendes sur nos actions ordinaires dans un avenir prévisible.

Taux d’intérêt sans risque : Le taux d’intérêt sans risque est basé sur le NOUS
Trésorerie courbe des taux en vigueur au moment de l’attribution du zéro-coupon NOUS
Trésorerie billets dont les échéances correspondent à la durée prévue des attributions.

Évaluation des actions ordinaires


Prior to our common stock being publicly traded, the fair value of our common
stock was historically determined by our board of directors with the assistance
of management. In the absence of a public trading market for our common stock,
on each grant date, we developed an estimate of the fair value of our common
stock based on the information known on the date of grant, upon a review of any
recent events and their potential impact on the estimated fair value per share
of our, and in part on input from third-party valuations.

The fair value of our common stock was determined in accordance with the
guidelines outlined in the American Institute of Certified Public Accountants
Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as
Compensation. The assumptions used to determine the estimated fair value of our
common stock are based on numerous objective and subjective factors, combined
with management's judgment, including:

•les valorisations de nos actions ordinaires réalisées par des tiers spécialistes indépendants ;

•les prix, droits, préférences et privilèges de nos actions privilégiées convertibles par rapport à ceux de nos actions ordinaires ;

•les prix payés pour les actions privilégiées ordinaires ou convertibles que nous vendons à des investisseurs tiers ;

•pour les actions que nous avons rachetées dans des conditions normales de concurrence ;

•le manque de négociabilité inhérent à nos actions ordinaires ;

•notre performance opérationnelle et financière réelle ;

•notre conjoncture économique actuelle et nos prévisions ;

•l’embauche de personnel clé et l’expérience de notre direction;

                                       66

————————————————– ——————————

Table des matières

•l’histoire de l’entreprise et l’introduction de nouveaux produits ;

•notre stade de développement ;

•la probabilité de réalisation d’un événement de liquidité, tel qu’une offre publique initiale (IPO), une fusion ou une acquisition de notre société donnée ;

•les conditions de marché en vigueur ;

•la performance opérationnelle et financière de sociétés comparables cotées en bourse ; et

•la NOUS et les conditions du marché mondial des capitaux et les conditions économiques globales.


In valuing our common stock, the fair value of our business was determined using
various valuation methods, including combinations of income and market
approaches with input from management. The income approach estimates value based
on the expectation of future cash flows that a company will generate. These
future cash flows are discounted to their present values using a discount rate
that is derived from an analysis of the cost of capital of comparable publicly
traded companies in our industry or similar business operations as of each
valuation date and is adjusted to reflect the risks inherent in our cash flows.
The market approach estimates value based on a comparison of the subject company
to comparable public companies in a similar line of business. From the
comparable companies, a representative market value multiple is determined and
then applied to the subject company's financial forecasts to estimate the value
of the subject company. The valuation methodology also considers both actual
transactions of the convertible preferred stock and expected liquidity values
where appropriate.

Rémunération en actions – attribution d’options du chef de la direction et UAR des dirigeants


We measure the fair value of our market condition-based CEO Option Award and
Officer RSUs using a Monte Carlo simulation model that utilizes significant
assumptions, including volatility, expected term, risk free rate that determine
the probability of satisfying the market condition stipulated in the award to
calculate the fair value of the award. Application of these approaches and
methodologies involves the use of estimates, judgments, and assumptions that are
highly complex and subjective, such as determining the expected volatility of
our common stock. Due to the limited history of trading of our common stock, we
determined expected volatility based on a peer group of publicly traded
companies. Changes in any or all of these estimates and assumptions or the
relationships between those assumptions could have a material impact on the
valuation of these awards and the related stock-based compensation expense.

Le tableau suivant résume les hypothèses utilisées pour estimer la juste valeur de l’attribution d’options du chef de la direction et des UAR des dirigeants :

                                         CEO Option
                                           Award          Officer RSUs
Expected stock price                       $9.19             $9.19
Expected volatility                        54.0%             56.0%
Risk-free rate                             1.59%             0.60%
Expected terms (in years)                   10.0              4.0
Expected dividends                           0%                0%
Discount for lack of marketability          20%               n/a


Following the completion of the Merger, the fair value of our common stock is
now based on the closing price as reported on the date of grant on the primary
stock exchange on which our common stock is traded.

Responsabilité relative aux compléments de prix du sponsor


We account for Sponsor Earn-Out shares as liability classified instruments
because the earn-out triggering events that determine the number of
Sponsor Earn-Out shares to be earned back by the Sponsor include events that are
not solely indexed to the common stock of the Company. The fair value of this
liability is determined using a Monte Carlo simulation model that utilizes
significant assumptions, including volatility, expected term, risk free rate
that determine the probability of achieving the earn-out conditions to calculate
the fair value.
                                       67

————————————————– ——————————

Table des matières

Le tableau suivant résume les hypothèses utilisées pour estimer la juste valeur du Sponsor Actions Complémentaires à chacune des périodes concernées :

                            September 30, 2021       March 8, 2021 (Closing Date)
Stock price                       $5.42                         $9.19
Expected volatility               48.40%                        29.20%
Risk free rate                    0.87%                         0.86%
Expected term (in years)           4.4                           5.0
Expected dividends                  0%                            0%

Prises de position comptables récentes


For a description of recent accounting pronouncements, including the expected
dates of adoption and estimated effects, if any, on our condensed consolidated
financial statements, see Part I, Item 1, Note 1, "Organization and Summary of
Significant Accounting Policies," in our notes to condensed consolidated
financial statements in this Quarterly Report on Form 10-Q.

© Edgar Online, source Aperçus

GCP APPLIED TECHNOLOGIES INC. RAPPORT DE GESTION DE LA SITUATION FINANCIÈRE ET DES RÉSULTATS D’EXPLOITATION (formulaire 10-Q)

Énoncés prospectifs


This Quarterly Report on Form 10-Q contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and these
statements involve substantial risks and uncertainties. All statements other
than statements of historical fact contained in this Quarterly Report on Form
10-Q are forward-looking statements. Forward-looking statements generally relate
to future events and our future financial or operating performance. Such
statements generally include the words "believes," "plans," "intends,"
"targets," "will," "expects," "suggests," "anticipates," "outlook," "continues"
or the negative of these words or other similar terms or expressions that
concern our expectations, strategy, plans or intentions. Forward-looking
statements include, without limitation, expected financial positions; results of
operations; cash flows; financing plans; business strategy; operating plans;
strategic alternatives; capital and other expenditures; competitive positions;
growth opportunities for existing products; benefits from new technology and
cost reduction initiatives, plans and objectives; and markets for securities.
Like other businesses, we are subject to risks and uncertainties that could
cause our actual results to differ materially from our projections or that could
cause other forward-looking statements to prove incorrect. Factors that could
cause actual results to materially differ from those contained in the
forward-looking statements, or that could cause other forward-looking statements
to prove incorrect, include, without limitation, risks related to the cyclical
and seasonal nature of the industries that GCP serves; foreign operations,
especially in emerging regions; changes in currency exchange rates; business
disruptions due to public health or safety emergencies, such as the novel strain
of coronavirus ("COVID-19") pandemic; the cost and availability of raw materials
and energy; the effectiveness of GCP's research and development, new product
introductions and growth investments; acquisitions and divestitures of assets
and gains and losses from dispositions; developments affecting GCP's outstanding
liquidity and indebtedness, including debt covenants and interest rate exposure;
developments affecting GCP's funded and unfunded pension obligations; the timing
of the closing of the proposed merger, including the risks that a condition to
closing would not be satisfied within the expected timeframe and the occurrence
of any event, change or other circumstance or condition that could give rise to
the termination of the proposed merger agreement; warranty and product liability
claims; legal proceedings; the inability to establish or maintain certain
business relationships and relationships with customers and suppliers or the
inability to retain key personnel; the handling of hazardous materials and the
costs of compliance with environmental regulations; extreme weather events and
natural disasters. These and other factors are identified and described in more
detail in Item 1A in our Annual Report on Form 10-K.

The forward-looking statements made in this Quarterly Report on Form 10-Q and
our reported results should not be considered as an indication of our future
performance. The forward-looking statements made in this Quarterly Report on
Form 10-Q relate only to events as of the date on which the statements are made.
We undertake no obligation to update any forward-looking statements made in this
Quarterly Report on Form 10-Q to reflect events or circumstances after the date
of this Quarterly Report on Form 10-Q or to reflect new information or the
occurrence of unanticipated events, except as required by law.

RÉSULTATS DES OPÉRATIONS

Nous sommes engagés dans la production et la vente de produits chimiques de construction spécialisés et de matériaux de construction spécialisés à travers deux segments d’exploitation mondiaux :


•Specialty Construction Chemicals ("SCC"). Our SCC operating segment provides
products, services and technologies to the concrete and cement industries,
including concrete addmixtures and cement, as well as in-transit monitoring and
management systems, which reduce the cost and improve the performance and
quality of cement, concrete, mortar, masonry, and other cementitious-based
construction materials.

•Specialty Building Materials ("SBM"). Our SBM operating segment produces and
sells sheet and liquid membrane systems and other products that protect both new
and existing structures from water, air, and vapor penetration, as well as from
fire damage. We also manufacture and sell specialized cementitious and chemical
grouts used for soil consolidation and leak-sealing applications in addition to
a moisture barrier system and installation tools for the flooring industry.

We operate our business on a global scale. During the three months ended
March 31, 2022, approximately 47% of our net sales were generated outside of the
U.S. We operate and have locations in over 30 countries and transact business in
over 30 currencies.

                                       21
--------------------------------------------------------------------------------

Table des matières

Projet de fusion


  On December 5, 2021, we entered into the Merger Agreement with Saint-Gobain.
Pursuant to the terms of the Merger Agreement, at the effective time of the
Merger, each share of our common stock that is issued and outstanding
immediately prior to the effective time of the Merger shall be automatically
converted into the right to receive $32.00 in cash, without interest. Because
the Merger is not yet complete, and except as otherwise specifically stated, the
descriptions and disclosures presented elsewhere in this Quarterly Report on
Form 10-Q, including those that present forward-looking information, assume the
continuation of GCP as a public company. If the Merger is consummated, our
actions and results may be different than those anticipated by such
forward-looking statements. See Note 20, "Proposed Merger" in the Notes to the
Consolidated Financial Statements included in Item 8, "Financial Statements and
Supplementary Data" of the 2021 Annual Report on Form 10-K for further
information.

Mise à jour de l’entreprise


The global health crisis caused by the COVID-19 outbreak and its resurgences has
and will continue to impact global economic activity, particularly the timing of
fulfilling demands for our products. Furthermore, macroeconomic factors such as
the conflict in Ukraine and historic inflation headwinds impacted our results of
operation in the first quarter of 2022.

Our net sales in the first quarter of 2022 increased 6.5%. Despite this positive
momentum, inflation, specifically raw material prices, logistic costs and global
supply chain disruptions, had a tangible impact on our quarterly performance.
The combination of these factors adversely affected gross margins by
approximately 800 basis points. We took actions to protect margins in 2021 and
in the first quarter of 2022 by announcing new price increases in all regions to
offset the inflationary headwinds we are experiencing. However, the effect of
the ongoing global supply chain disruptions and continued increases in the cost
of raw materials and freight transportation have outpaced our mitigating efforts
and we expect margin compression to remain into the first half of 2022.

Voici un aperçu de notre performance financière pour le premier trimestre terminé 31 mars 2022 par rapport au trimestre de l’année précédente.

                                                                            Three Months Ended
                                                                                 March 31,
                                                            2022                  2021                  % Change
                                                                  (in millions, except per share amounts)
Net sales                                            $        237.3           $    222.8                        6.5  %
Cost of goods sold                                            164.3                136.3                       20.5  %
Gross profit                                                   73.0                 86.5                      (15.6) %
Gross margin                                                   30.8   %             38.8  %                  (800) bps
Selling, general and administrative expenses                   62.5                 66.6                       (6.2) %

Interest expense, net                                           5.6                  5.6                          -  %
Restructuring and repositioning expenses                        3.5                  8.9                      (60.7) %

Other expense, net                                              3.1                  2.8                       10.7  %

(Loss) income from continuing operations before
income taxes                                                   (1.7)                 2.6                            NM
Income tax expense                                             (1.9)                (1.0)                      90.0  %

Loss from discontinued operations, net of income
taxes                                                          (0.3)                   -                     (100.0) %
Net (loss) income                                              (3.9)                 1.6                            NM
Less: Net income attributable to noncontrolling
interests                                                      (0.1)                (0.1)                         -  %

Bénéfice (perte) net(te) attribuable aux actionnaires de GCP (4,0) $

   $      1.5                            NM
(Loss) income from continuing operations
attributable to GCP shareholders                     $         (3.7)          $      1.5                            NM
Diluted EPS from continuing operations attributable
to GCP shareholders                                  $        (0.05)          $     0.02                            NM


                                       22
--------------------------------------------------------------------------------

  Table of Contents

                                                                         Three Months Ended
                                                                             March 31,
                                                         2022                   2021                 % Change
                                                              (in millions, except per share amounts)
Net sales:
SCC                                              $           135.6          $    123.9                       9.4  %
SBM                                                          101.7                98.9                       2.8  %
Total GCP net sales                              $           237.3          $    222.8                       6.5  %
Net sales by region:
North America                                    $           132.2          $    118.1                      11.9  %
Europe, Middle East, Africa ("EMEA")                          45.8                44.6                       2.7  %
Asia Pacific                                                  42.1                46.7                      (9.9) %
Latin America                                                 17.2                13.4                      28.4  %
Total net sales by region                        $           237.3          $    222.8                       6.5  %

Résumé des performances du premier trimestre

Voici un résumé de notre performance financière pour le premier trimestre terminé
31 mars 2022 par rapport au trimestre de l’année précédente.

• Les ventes nettes ont augmenté de 6,5 % pour atteindre 237,3 millions de dollars.

• Le bénéfice brut a diminué de 15,6 % pour 73,0 millions de dollars; la marge brute a diminué d’environ 800 points de base à 30,8 %.

• Les frais de vente, généraux et administratifs (« SG&A ») ont diminué de 6,2 % pour atteindre 62,5 millions de dollars.

• La perte des activités poursuivies attribuable aux actionnaires de GCP a été 3,7 millions de dollarsou alors 0,05 $ par action diluée, par rapport à un résultat des activités poursuivies de 1,5 million de dollarsou alors 0,02 $ par action diluée, pour la période de l’année précédente.


GCP Overview

Net Sales and Gross Margin

                    [[Image Removed: gcpwi-20220331_g1.jpg]]

                                       23
--------------------------------------------------------------------------------

Table des matières


The following table identifies the period-over-period increase or decrease in
sales attributable to changes in volume and/or mix, product price, and the
impact of currency translation for the three months ended March 31, 2022 from
the same period in the prior year.
                                                                             Three Months Ended
Net Sales Variance Analysis                     Volume                Price            Currency Translation        Total Change
SCC                                                 6.0  %                6.2  %                    (2.8) %                9.4  %
SBM                                                 0.7  %                3.5  %                    (1.4) %                2.8  %
Net sales                                           3.8  %                4.8  %                    (2.1) %                6.5  %
By Region:
North America                                       7.2  %                4.7  %                       -  %               11.9  %
EMEA                                                1.6  %                4.8  %                    (3.7) %                2.7  %
Asia Pacific                                       (7.5) %                1.0  %                    (3.4) %               (9.9) %
Latin America                                      13.8  %               18.8  %                    (4.2) %               28.4  %


Net sales of $237.3 million for the first quarter ended March 31, 2022 increased
$14.5 million, or 6.5%, from the prior-year quarter primarily due to favorable
sale pricing of 4.8% and volume of 3.8% particularly in Latin America, North
America and EMEA. This was partially offset by decreases in volume in Asia
Pacific and foreign currency translation.

Bénéfice brut de 73,0 millions de dollars pour le premier trimestre terminé 31 mars 2022
diminué 13,5 millions de dollars, ou 15,6 %, par rapport au trimestre de l’année précédente. La marge brute a diminué de 800 points de base à 30,8 %, principalement en raison d’une hausse significative des coûts des matières premières et de la logistique.

SG&A


SG&A costs of $62.5 million decreased $4.1 million or 6.2%, for the first
quarter ended March 31, 2022 compared to the prior-year quarter primarily due to
lower employee and Cambridge headquarters-related costs resulting from
restructuring programs and lower incentives compensation costs. These favorable
impacts were partially offset by additional Merger-related costs.

Frais de restructuration et de repositionnement

Plan de Restructuration 2021


Cumulative costs incurred under the 2021 Plan since its inception were $34.9
million with expected total costs of up to $37.0 million. We have achieved total
annualized pre-tax cost savings through a reduction in general and
administrative expenses and a reduction in overhead costs under the 2021 Plan of
approximately $12 million at March 31, 2022, which benefited both the SCC and
the SBM operating segments and corporate functions. We expect to realize total
pre-tax cost structure savings associated with the 2021 Plan of approximately
$13 million to $15 million mostly in general, administrative and overhead costs,
with most of the savings occurring in 2022. Substantially all of the
restructuring actions under the 2021 Plan are expected to be completed by June
2022. With the exception of asset write offs, substantially all of the
restructuring and repositioning activities are expected to be settled in cash.

Plan de restructuration et de repositionnement de la phase 2 2019


Cumulative costs incurred under the 2019 Phase 2 Plan since its inception were
$33.2 million. We have achieved total annualized pre-tax cost savings through a
reduction in general and administrative expenses under the 2019 Phase 2 Plan of
approximately $20.2 million at March 31, 2022, which benefited both the SCC and
the SBM operating segments and corporate functions. Substantially all of the
activities under the 2019 Phase 2 Plan were completed by March 2021.

Pour plus d’informations sur nos dépenses de restructuration, veuillez vous reporter à la note 3, « Frais de restructuration et de repositionnement » des notes aux états financiers consolidés résumés non audités.

                                       24
--------------------------------------------------------------------------------

Table des matières

Charge de retraite


Defined benefit expense includes costs relating to U.S. and non-U.S. defined
benefit pension and other postretirement benefit plans that provide benefits for
retirees and former employees of divested businesses where we retained these
obligations.

Certain pension costs represent ongoing costs recognized quarterly, including
service and interest costs, expected return on plan assets and amortization of
prior service costs/credits. Certain pension costs during the first quarter
ended March 31, 2022 and 2021 were $1.5 million and $1.4 million, respectively.

Autres dépenses, nettes

Les autres dépenses, nettes, comprennent principalement les dépenses de recherche et développement, les ajustements des régimes de retraite à la valeur du marché, les revenus d’intérêts nets, les gains (pertes) de change et les charges de retraite à prestations définies, à l’exclusion des coûts des services.

Les autres charges, nettes, sont restées relativement stables à 3,1 millions de dollars au cours du premier trimestre terminé 31 mars 2022 par rapport à 2,8 millions de dollars dans la période précédente.

Impôts sur le revenu

Impôts sur les bénéfices attribuables aux activités poursuivies au cours du premier trimestre terminé 31 mars 2022 et le trimestre de l’année précédente était une charge d’impôt sur le revenu de 1,9 million de dollars et 1,0 million de dollarsrespectivement, représentant des taux d’imposition effectifs de 111,8 % et 38,5 %, respectivement.


The difference between the U.S. federal income tax rate of 21.0% and our overall
income tax rate for the first quarter was primarily due to income tax expense of
$2.2 million for valuation allowances recorded, primarily in China due to
declined profitability. The difference between the U.S. federal income tax rate
of 21.0% and our overall income tax rate for the prior-year first quarter was
primarily due to income tax expense on unrecognized benefits of $0.3 million.

En général, nous avons pour pratique et intention de réinvestir en permanence les bénéfices de nos filiales étrangères et de ne rapatrier les bénéfices que lorsqu’ils sont fiscalement avantageux.

Résultat des activités poursuivies attribuable aux actionnaires de GCP

                    [[Image Removed: gcpwi-20220331_g2.jpg]]

La perte des activités poursuivies attribuable aux actionnaires de GCP a été 3,7 millions de dollars pour le premier trimestre 2022 par rapport au résultat des activités poursuivies attribuable aux parts de GCP de 1,5 million de dollars dans la période de l’année précédente.

                                       25
--------------------------------------------------------------------------------

Table des matières

Présentation du secteur opérationnel


The following is an overview of the financial performance of the SCC and SBM
operating segments for the first quarter compared with the prior-year period.
For further information on our accounting policies related to allocating certain
functional and corporate costs and measuring segment operating income, please
refer to Note 14, "Segments" in the Notes to the unaudited Condensed
Consolidated Financial Statements included in Item 1, "Financial Statements" on
this Quarterly Report on Form 10-Q.

Segment operating margin is defined as segment operating income divided by
segment net sales. It represents an operating performance measure related to
ongoing earnings and trends in our operating segments that are engaged in
revenue generation and other core business activities. We use this metric to
allocate resources between the segments and assess our strategic and operating
decisions related to core operations of our business.


CSC

Ventes nettes et marge brute

                    [[Image Removed: gcpwi-20220331_g3.jpg]]

Net sales were $135.6 million for the first quarter ended March 31, 2022, an
increase of $11.7 million or 9.4%, compared with the prior-year quarter. The
increase was primarily due to the favorable impact of price increase and volume.
SCC had favorable price increases of 6.2% during the first quarter.

Gross profit was $37.1 million for the first quarter ended March 31, 2022, a
decrease of $8.3 million or 18.3%, compared with the prior-year quarter. Gross
margin decreased 920 basis points to 27.4% compared with the prior-year quarter
primarily due to historically higher raw material and logistic costs, partially
offset by price.

                                       26
--------------------------------------------------------------------------------

Table des matières

Résultat opérationnel et marge opérationnelle du secteur

                    [[Image Removed: gcpwi-20220331_g4.jpg]]

Segment operating income of $1.3 million for the first quarter ended March 31,
2022 decreased $4.8 million, or 78.7%, compared with the prior-year quarter
primarily due to lower gross profit. Segment operating margin of 1.0% decreased
390 basis points compared with the prior-year quarter primarily due to higher
raw material costs, offset by lower SG&A.


SBM

Ventes nettes et marge brute

                    [[Image Removed: gcpwi-20220331_g5.jpg]]

Net sales were $101.7 million for the first quarter ended March 31, 2022, an
increase of $2.8 million or 2.8%, compared with the prior-year quarter primarily
due to the favorable impact of price increases. North America increased volumes
by 8.1%, offset by decreases in Asia Pacific and EMEA.

Gross profit was $36.3 million for the first quarter ended March 31, 2022, a
decrease of $5.1 million or 12.3%, from the prior-year quarter. Gross margin
decreased 620 basis points to 35.7% primarily due to higher raw material costs,
partially offset by price increases.

                                       27
--------------------------------------------------------------------------------

Table des matières

Résultat opérationnel et marge opérationnelle du secteur

                    [[Image Removed: gcpwi-20220331_g6.jpg]]
Segment operating income of $15.8 million for the first quarter ended March 31,
2022 decreased by $3.6 million, or 18.6%, compared with the prior-year quarter
primarily due to lower gross profit, partially offset by lower SG&A. Segment
operating margin decreased 410 basis points to 15.5% primarily due to higher raw
material costs.

SITUATION FINANCIÈRE, TRÉSORERIE ET ​​RESSOURCES EN CAPITAL

Voici une analyse de notre situation financière, de nos liquidités et de nos ressources en capital au 31 mars 2022.


Proposed Merger

On December 5, 2021, we entered into the Merger Agreement, with Saint-Gobain.
Pursuant to the terms of the Merger Agreement, we are prohibited from certain
actions without Saint-Gobain's consent, including the incurrence of debt,
capital expenditures above certain thresholds, share repurchases and payment of
dividends. Further, we may be required to pay a cash termination fee to
Saint-Gobain of up to $71 million, as required under the Merger Agreement under
certain circumstances, including in the event GCP terminates the Merger
Agreement to enter into a "Superior Proposal," as defined in the Merger
Agreement, or in the event GCP enters into an alternative transaction within
nine months of termination of the Merger Agreement in certain circumstances and
such alternative transaction is consummated.

Trésorerie et facilités de crédit disponibles


At March 31, 2022 we had $471.3 million in cash and cash equivalents of which
$323.2 million was held in the U.S. We had additional available liquidity of
$347.2 million under the U.S. revolving line agreement and $41.1 million was
available under various non-U.S. credit facilities. We expect to meet our U.S.
cash and liquidity requirements with cash on hand, cash we expect to generate
during 2022 and thereafter, future borrowings, if any, and other available
liquidity, including royalties and service fees from our foreign subsidiaries.
We may also repatriate future earnings from foreign subsidiaries if that results
in minimal or no U.S. tax consequences. We expect to have sufficient cash and
liquidity to finance our U.S. operations and growth strategy and meet our debt
obligations. Our non-U.S. credit facilities are extended to various subsidiaries
that use them primarily to issue bank guarantees supporting trade activity and
provide working capital during occasional cash shortfalls in certain foreign
entities. We generally renew these credit facilities as they expire.

                                       28
--------------------------------------------------------------------------------

Table des matières

Analyse des flux de trésorerie

Le tableau suivant résume nos flux de trésorerie pour le premier trimestre terminé
31 mars 2022 et le trimestre de l’année précédente :

                                                              Three Months Ended
                                                                   March 31,
                                                               2022            2021
                                                                 (in millions)

Flux de trésorerie (utilisés dans) fournis par les activités poursuivies

Operating activities                                     $    (16.0)         $   0.7
Investing activities                                          (12.5)            (8.1)
Financing activities                                              -              0.6
Effect of exchange rate changes on cash                        (0.8)        

(3.0)

Change in cash and cash equivalents                           (29.3)        

(9.8)

Cash and cash equivalents, beginning of period                500.6         

482.7

Cash and cash equivalents, end of period                 $    471.3         

472,9 $



Cash flows from operating activities. As shown in the table below, our cash
flows provided by operating activities from continuing operations decreased by
$16.7 million

                                                                                Three Months Ended
                                                                                     March 31,
                                                                             2022                  2021
                                                                                   (in millions)
Collections from customers                                             $     231.3             $    230.3
Other disbursements, other than interest and income tax payments            (246.8)                (228.4)

Income tax payments, net                                                      (0.5)                  (1.2)

Trésorerie (utilisée dans) fournie par les activités d’exploitation des activités poursuivies

                                                             $     (16.0)            $      0.7


For the first quarter ended March 31, 2022, our collection from customers
increased $1.0 million due to higher days sales outstanding. The increase in
disbursements, other than interest and income tax payments of $18.4 million was
due mostly to increase in raw material and logistic costs.

Cash flows from investing activities. Net cash used by investing activities from
continuing operations during the first quarter was $12.5 million compared to
$8.1 million during the prior-year quarter.

Cash flows from financing activities. There was no cash provided by financing
activities during the first quarter compared to $0.6 million during the
prior-year quarter. The period-over-period change was primarily due to higher
tax withholding obligations related to employee equity awards and payments for
finance lease obligations, partially offset by proceeds received from the
exercise of stock options.

Régimes de retraite à prestations déterminées


Based on the U.S. advance-funded plans' status during the first quarter and the
prior-year period, there were no minimum required payments under ERISA. We made
contributions of $0.1 million and $0.3 million, respectively, to the U.S. and
non-U.S. pension plans during the first quarter and ended March 31, 2022,
respectively. We intend to fund non-U.S. pension plans based upon applicable
legal requirements, as well as actuarial and trustee recommendations.

                                       29
--------------------------------------------------------------------------------

Table des matières

Dette


Total debt outstanding at March 31, 2022 was $349.3 million. Our debt service
requirements are expected to be funded through our existing sources of liquidity
and operating cash flows. Subject to certain conditions stated in the Indenture,
we may, at our option and at any time and from time to time, redeem the 5.5%
Senior Notes prior to their maturity date in whole or in part at certain
redemption prices, as discussed in Note 6, "Debt", in the Notes to the
Consolidated Financial Statements included in Item 8, "Financial Statements and
Supplementary Data" of the 2021 Annual Report on Form 10-K.

For further information on our 5.5% Senior Notes and Credit Agreement, please
refer to Note 4, "Debt" in the Notes to the unaudited Condensed Consolidated
Financial Statements included in Item 1, "Financial Statements" on this
Quarterly Report on Form 10-Q.

Autres obligations contractuelles et éventualités


We have various future contractual obligations, including those for debt and
related interest payments, pension funding requirements, operating leases and
other operating commitments. Please refer to Note 12, "Commitments and
Contingencies", in the Notes to the unaudited Condensed Consolidated Financial
Statements included in Item 1, "Financial Statements" of this Quarterly Report
on Form 10-Q for a discussion of financial assurances and other contingencies.

MÉTHODES ET ESTIMATIONS COMPTABLES CRITIQUES


For information on our significant accounting policies and estimates, please
refer to the Notes to our audited Consolidated Financial Statements included in
Item 8, "Financial Statements and Supplementary Data" of our 2021 Annual Report
on Form 10-K for the year ended December 31, 2021.


                                       30
--------------------------------------------------------------------------------

Table des matières

© Edgar Online, source Aperçus

SQL TECHNOLOGIES CORP. : Conclusion d’un accord définitif important, création d’une obligation financière directe ou d’une obligation en vertu d’un arrangement hors bilan d’une personne inscrite, états financiers et pièces (formulaire 8-K)

Article 1.01 Conclusion d’un accord définitif important.

Sur 28 avril 2022, SQL Technologies Corp. (d/b/a Sky Technologies) (la « Société »), en tant que sous-locataire, a conclu un contrat de sous-location (le « Contrat de sous-location ») avec Sicart Associates LLCun Delaware société à responsabilité limitée (le « sous-locateur »), en tant que sous-locateur, pour sous-louer environ 3 400 pieds carrés d’espace de bureau situé au 54e étage de l’immeuble connu sous le nom de Tour Carnegie Hallsitué à 152 57e rue ouest, New York, New York (les « Locaux »). Le contrat de sous-location est soumis et subordonné à ce contrat de location conclu par et entre le sous-locateur, en tant que locataire, et le propriétaire, en date du 31 août 2016
(le bail »). La Société prévoit d’utiliser les Locaux pour soutenir ses fonctions générales et administratives, ses ventes et son marketing, et son développement commercial.

La durée du contrat de sous-location (la « durée de la sous-location ») commencera à la signature du consentement au contrat de sous-location par le propriétaire des locaux et expirera le 27 février 2027, sauf résiliation anticipée conformément aux termes du contrat de sous-location. La livraison des Locaux est soumise au consentement du propriétaire et, s’il n’est pas obtenu dans les 45 jours suivant la date d’exécution du Contrat de sous-location, la Société aura le droit de résilier le Contrat de sous-location.

Conformément au Contrat de sous-location, la Société louera les Locaux moyennant un loyer de base annuel fixe de 322 715 $ par an, soit un loyer de base mensuel d’environ 26 893 $, au cours de la première année de la durée de la sous-location, avec des augmentations annuelles composées cumulatives de 3 % pour chaque année de la durée de la sous-location. La Société paiera également une charge d’électricité fixe d’environ 920 $ par mois et certains autres coûts ou montants découlant du bail. Dans le cadre de la conclusion du contrat de sous-location, la Société a versé un dépôt de garantie remboursable d’environ 161 358 $ et le premier mois de loyer et la charge fixe d’électricité d’environ 27 813 $. Le contrat de sous-location ne prévoit aucun loyer dû pour les deuxième et troisième mois de la durée de sous-location.

Le résumé ci-dessus de l’accord de sous-location ne prétend pas être complet et est soumis et qualifié dans son intégralité par référence au texte intégral de l’accord de sous-location, dont une copie est déposée en tant que pièce 10.1 du présent rapport actuel sur formulaire 8-K et est incorporé ici à titre de référence.

Rubrique 2.03 Création d’une obligation financière directe ou d’une obligation en vertu d’un

          Off-Balance Sheet Arrangement of a Registrant



L’information présentée à la rubrique 1.01 du présent rapport actuel sur formulaire 8-K est incorporée par renvoi dans la présente rubrique 2.03.

Point 9.01 États financiers et pièces justificatives.





(d) Exhibits.



  10.1+†   Sublease Agreement, executed as of April 28, 2022, by and between SQL
         Technologies Corp. and Sicart Associates LLC.

  104    Cover Page Interactive Data File (embedded within the Inline XBRL
         document).

  +      Certain of the exhibits and schedules to this exhibit have been omitted
         in accordance with Regulation S-K Item 601(a)(5). The Company agrees to
         furnish a copy of all omitted exhibits and schedules to the Securities
         and Exchange Commission (the "SEC") upon its request.

  †      Portions of this exhibit (indicated by bracketed asterisks) are omitted
         in accordance with the rules of the SEC because they are both not
         material and the Company customarily and actually treats such information
         as private or confidential.

© Edgar Online, source Aperçus

HONEYWELL INTERNATIONAL INC RAPPORT DE GESTION ET ANALYSE DE LA SITUATION FINANCIÈRE ET DES RÉSULTATS D’EXPLOITATION (formulaire 10-Q)

(Dollars dans les tableaux et graphiques en millions)


The following Management Discussion and Analysis is intended to help the reader
understand the results of operations and financial condition of Honeywell
International Inc. and its consolidated subsidiaries (Honeywell or the Company)
for the three months ended March 31, 2022. The financial information as of March
31, 2022, should be read in conjunction with the Consolidated Financial
Statements for the year ended December 31, 2021, contained in our 2021 Annual
Report on Form 10-K. See Note 3 Acquisitions and Divestitures of Notes to
Consolidated Financial Statements for a discussion of acquisition and
divestiture activity during the three months ended March 31, 2022.

MISE À JOUR DE L’ENTREPRISE


We continue to monitor several macroeconomic and geopolitical trends, that have
impacted our business, including changing conditions from the COVID-19 pandemic,
the on-going Russia-Ukraine conflict, inflationary cost pressures, supply chain
disruptions, and labor shortages.

MISE À JOUR COVID-19


The COVID-19 pandemic continues to impact our business operations, and our
customers' and suppliers' ability to operate at normal levels. Disruptions in
normal operating levels continue to create supply chain disruptions and
inflationary cost pressures within our end-markets. We anticipate supply chain
constraints, and the inflationary environment will continue during 2022. As
such, we implemented short-term and long-term strategies to reduce the impact of
current and future effects.

During the first quarter of 2022, governments around the world removed many
restrictions on businesses and the general public. We continue to operate our
manufacturing sites at normal production levels. As of March 31, 2022, we have
returned over 90% of our non-manufacturing employees to the workplace. For our
remaining non-manufacturing employees, we continue to utilize our procedures for
a phased return of our employees to the workplace.

Nous continuons de surveiller activement les épidémies régionales de COVID-19, ainsi que les restrictions gouvernementales et les activités de confinement associées dans les zones où nous opérons. À ce jour, les impacts de ces actions n’ont pas été significatifs.


See the section titled Review of Business Segments for additional information on
the impacts of COVID-19, inflationary cost pressures, supply chain disruptions,
and labor shortages, to our businesses.

RUSSIEUKRAINE CONFLIT


In response to the Russian invasion of Ukraine, on March 9, 2022, we suspended
substantially all of our sales, distribution, and service activities in Russia
and Belarus (the Suspension), any future actions are unknown as we continue to
evaluate the situation. During March 2022, we created a Ukraine Relief Fund,
allowing employees to make donations to support organizations that are providing
direct assistance to Ukrainians and those that are assisting them in the midst
of this humanitarian crisis. Through March 31, 2022, employee contributions to
this fund, along with the Company match, exceeded $1 million. To further support
employees in the impacted region, we accelerated payroll payments to those
affected by the conflict and the Suspension of our operations.

Due to the Suspension, sanctions, and deteriorating trade relations, during
March 2022, we recorded $183 million of reserves against outstanding accounts
receivable, contract assets, and impairments of other assets. The respective
impacts to revenues, net income, net assets, cash flow from operations, or our
global workforce are not material. For the year ended December 31, 2021,
revenues from sales in Russia represented approximately 1% of our global
revenues, while assets in Russia represented less than 1% of our total assets.
Based on available information to date, the Company's estimate of potential
future impairments on our businesses in Russia would not be material with
respect to the Company's consolidated financial position. As the conflict
continues to evolve, existing conditions may worsen, or other impacts that are
unknown at this time, may arise that could have a material adverse effect on our
consolidated financial position.

The Russia-Ukraine conflict caused certain commodity prices to spike, adding to
the inflationary pressures in the global economy. We considered the impacts of
the conflict on oil and gas prices in our short-term and long-term strategies
discussed in the above.

Voir l’article 1A. Facteurs de risque pour des informations supplémentaires sur les risques potentiels pour notre entreprise.

27 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

RÉSULTATS DES OPÉRATIONS

Résultats financiers consolidés

                     [[Image Removed: hon-20220331_g2.jpg]]

Ventes nettes par segment

                     [[Image Removed: hon-20220331_g3.jpg]]

28 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

Bénéfice de segment par segment

                     [[Image Removed: hon-20220331_g4.jpg]]

29 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

RÉSULTATS OPÉRATIONNELS CONSOLIDÉS

Ventes nettes

                     [[Image Removed: hon-20220331_g5.jpg]]

La variation du chiffre d’affaires net est attribuable aux éléments suivants :

                                                 Q1 2022 Versus Q1 2021
            Volume                                                     (6) %
            Price                                                       7  %
            Foreign Currency Translation                               (2) %

                                                                       (1) %


Q1 2022 compared with Q1 2021
Net sales decreased due to the following:

• Baisse des volumes de ventes dans notre segment Solutions de sécurité et de productivité, et


•The unfavorable impact of foreign currency translation, driven by the
strengthening of the U.S. Dollar against the currencies of the majority of our
international markets, primarily the Euro, Turkish Lira, Australian Dollar, and
British Pound,

• Partiellement compensée par des prix favorables pour compenser la hausse des coûts directs et indirects des matériaux et la hausse des coûts de main-d’œuvre.

30 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

Coût des produits et services vendus

                     [[Image Removed: hon-20220331_g6.jpg]]

Q1 2022 compared with Q1 2021
Cost of products and services sold decreased due to the following:

• Baisse des volumes de ventes dans notre activité Solutions de sécurité et de productivité, ce qui a entraîné une baisse des coûts directs et indirects des matériaux et des coûts de main-d’œuvre,

•Partiellement compensée par des coûts de matériaux directs et indirects plus élevés et des coûts de main-d’œuvre plus élevés dans nos autres activités, ainsi que des charges de repositionnement et autres charges plus élevées.

Marge brute

                     [[Image Removed: hon-20220331_g7.jpg]]

Q1 2022 compared with Q1 2021
Gross margin as a percentage of net sales decreased due to the following:

• Frais de repositionnement et autres frais plus élevés,

• Partiellement compensée par des prix avantageux.

31 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

Frais de vente, frais généraux et administratifs

                     [[Image Removed: hon-20220331_g8.jpg]]

T1 2022 par rapport au T1 2021 Les frais de vente, généraux et administratifs ont augmenté en raison des éléments suivants :


•Accrual of reserves against outstanding accounts receivable, contract assets,
and impairments of other assets due to the suspension of substantially all of
our sales, distribution, and service activities in Russia and Belarus.

Other (Income) Expense

                                       Three Months Ended March 31,
                                                      2022                2021
Other (Income) Expense                                                     $ (319)     $ (442)


Q1 2022 compared with Q1 2021
Other income decreased due to the following:

• Gain de l’année précédente sur la vente de l’activité de vente au détail de chaussures, et

•Revenu de pension inférieur.

32 Honeywell International Inc.

————————————————– ——————————

  TABLE OF CONTENTS

Tax Expense

                     [[Image Removed: hon-20220331_g9.jpg]]

Q1 2022 compared with Q1 2021
The effective tax rate increased, and was higher than the U.S. federal statutory
rate of 21%, due to the following:

•Accrual of reserves against outstanding accounts receivable, contract assets,
and impairments of other assets due to the suspension of substantially all of
our sales, distribution, and service activities in Russia and Belarus with no
corresponding tax benefit,

• Réduction des avantages fiscaux pour la rémunération en actions des employés, et

• Réserves fiscales supplémentaires et impôts d’État,

•Partiellement compensée par le règlement favorable de certaines questions fiscales étrangères.

Pour plus d’informations sur les modifications du taux d’imposition effectif, se reporter à la note 6 Impôts sur les bénéfices des notes aux états financiers consolidés.

Résultat net attribuable à Honeywell

                    [[Image Removed: hon-20220331_g10.jpg]]

Q1 2022 compared to Q1 2021
Earnings per share of common stock-assuming dilution decreased, driven by the
following:

•Higher repositioning and other charges, including the accrual of reserves
against outstanding accounts receivable, contract assets, and impairments of
other assets due to the suspension of substantially all of our sales,
distribution, and service activities in Russia and Belarus, and

• Gain de l’année précédente sur la vente de l’activité chaussures de détail,

•Partiellement compensée par une baisse des impôts sur le revenu.

33 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

REVUE DES SECTEURS D’ACTIVITE


We globally manage our business operations through four segments: Aerospace,
Honeywell Building Technologies, Performance Materials and Technologies, and
Safety and Productivity Solutions.

AEROSPACE

Net Sales

                    [[Image Removed: hon-20220331_g11.jpg]]

                                                                    Three Months Ended
                                                                         March 31,
                                                                                                       %
                                                                           2022        2021          Change
Net sales                                                                                       $ 2,749          $ 2,632              4  %
Cost of products and services sold                                                                1,759            1,656
Selling, general and administrative and other expenses                                              237              214
Segment profit                                                                                  $   753          $   762             (1) %


                                                                                                       2022 vs. 2021
                                                                              Three Months Ended
                                                                                   March 31,
                                                                                    Net            Segment
Factors Contributing to Year-Over-Year Change                                      Sales           Profit
Organic(1)                                                                                                   5  %          (1) %
Foreign currency translation                                                                                (1) %           -  %
Acquisitions, divestitures and other, net                                                                    -  %           -  %
Total % Change                                                                                               4  %          (1) %


(1) Organic sales % change, presented for all of our reportable business
segments, is defined as the change in net sales, excluding the impact on sales
from foreign currency translation and acquisitions, net of divestitures, for the
first 12 months following the transaction date. We believe this non-GAAP measure
is useful to investors and management in understanding the ongoing operations
and analysis of ongoing operating trends.

34 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES


Q1 2022 compared to Q1 2021
Sales increased primarily due to favorable pricing and higher demand from our
aftermarket products and services, as flight hours increase from pandemic lows,
and commercial OEMs, partially offset by supply chain constraints.

•Les ventes première monte de l’aviation commerciale ont augmenté de 11 % (croissance organique de 11 %) en raison de la hausse de la demande du transport aérien, partiellement compensée par la baisse des volumes de ventes dans l’aviation régionale et d’affaires.

•Les ventes du marché secondaire de l’aviation commerciale ont augmenté de 28 % (augmentation organique de 28 %) grâce à des prix favorables et à une demande accrue dans le transport aérien et l’aviation régionale et d’affaires.

•Les ventes de Défense et Espace ont diminué de 15 % (diminution organique de 14 %) en raison de la baisse des volumes de ventes dans la défense nationale et internationale.

Le coût des produits et services vendus a augmenté en raison de volumes de ventes plus élevés de produits à faible marge, de coûts de matières directs et indirects plus élevés et de coûts de main-d’œuvre plus élevés.

Le bénéfice sectoriel a diminué en raison de volumes de ventes plus élevés de produits à faible marge, partiellement compensés par des prix favorables.

TECHNOLOGIES DE CONSTRUCTION HONEYWELL


Net Sales

                    [[Image Removed: hon-20220331_g12.jpg]]

                                                                    Three Months Ended
                                                                         March 31,
                                                                                                       %
                                                                           2022        2021          Change
Net sales                                                                                       $ 1,429          $ 1,358              5  %
Cost of products and services sold                                                                  839              789
Selling, general and administrative and other expenses                                              254              264
Segment profit                                                                                  $   336          $   305             10  %

35 Honeywell International Inc.

————————————————– ——————————

  TABLE OF CONTENTS

                                                                                                            2022 vs. 2021
                                                                                   Three Months Ended
                                                                                        March 31,
                                                                                         Net            Segment
Factors Contributing to Year-Over-Year Change                                           Sales           Profit
Organic                                                                                                           8  %          14  %
Foreign currency translation                                                                                     (3) %          (4) %
Acquisitions, divestitures and other, net                                                                         -  %           -  %
Total % Change                                                                                                    5  %          10  %


Q1 2022 compared to Q1 2021
Sales increased due to favorable pricing, partially offset by the unfavorable
impact of foreign currency translation.

•Les ventes de produits ont augmenté de 12 % (augmentation organique de 14 %) en raison de prix favorables et d’une demande accrue pour certaines offres de produits, partiellement compensées par l’impact défavorable de la conversion des devises étrangères.

• Ventes en Solutions de construction a diminué de 4 % (diminution organique de 1 %) en raison de la baisse des volumes de ventes et de l’impact défavorable de la conversion des devises, partiellement compensé par des prix favorables.


Cost of products and services sold increased primarily due to higher direct and
indirect material costs and higher labor costs, and lower productivity,
partially offset by the favorable impact of foreign currency translation and
higher volumes of higher margin products.

Segment profit increased due to favorable pricing and higher demand for certain
product offerings, partially offset by higher direct and indirect material costs
and higher labor costs, and the unfavorable impact of foreign currency
translation.

MATÉRIAUX ET TECHNOLOGIES PERFORMANTS

Net Sales

                    [[Image Removed: hon-20220331_g13.jpg]]

                                                                    Three Months Ended
                                                                         March 31,
                                                                                                       %
                                                                           2022        2021          Change
Net sales                                                                                       $ 2,453          $ 2,346              5  %
Cost of products and services sold                                                                1,601            1,591
Selling, general and administrative and other expenses                                              342              321
Segment profit                                                                                  $   510          $   434             18  %

36 Honeywell International Inc.

————————————————– ——————————

  TABLE OF CONTENTS

                                                                                                       2022 vs. 2021
                                                                              Three Months Ended
                                                                                   March 31,
                                                                                    Net            Segment
Factors Contributing to Year-Over-Year Change                                      Sales           Profit
Organic                                                                                                      6  %          19  %
Foreign currency translation                                                                                (2) %          (1) %
Acquisitions, divestitures and other, net                                                                    1  %           -  %
Total % Change                                                                                               5  %          18  %


Q1 2022 compared to Q1 2021
Sales increased due to favorable pricing and the acquisition of Sparta Systems,
partially offset by lower sales volumes and the unfavorable impact of foreign
currency translation.

•Les ventes d’UOP ont diminué de 9 % (baisse organique de 9 %) en raison d’une demande plus faible pour les nouveaux projets pétroliers et gaziers.


•Process Solutions sales increased 5% (increased 7% organic) due to favorable
pricing, higher demand for certain products and services, and the acquisition of
Sparta Systems, partially offset by the unfavorable impact of foreign currency
translation and the impact of the Russia-Ukraine conflict.

•Les ventes d’Advanced Materials ont augmenté de 14 % (augmentation organique de 16 %) grâce à des prix favorables, partiellement compensés par une baisse de la demande de produits fluorés et l’impact défavorable de la conversion des devises étrangères.


Cost of products and services sold increased due to higher direct and indirect
material costs and higher labor costs, partially offset by lower sales volumes
and the favorable impact of foreign currency translation.

Segment profit increased due to favorable pricing and higher sales of higher
margin products, partially offset by higher direct and indirect material costs
and higher labor costs.

SOLUTIONS DE SÉCURITÉ ET DE PRODUCTIVITÉ

Ventes nettes

                    [[Image Removed: hon-20220331_g14.jpg]]

37 Honeywell International Inc.

————————————————– ——————————

  TABLE OF CONTENTS

                                                                    Three Months Ended
                                                                         March 31,
                                                                                                       %
                                                                           2022        2021          Change
Net sales                                                                                       $ 1,744          $ 2,118            (18) %
Cost of products and services sold                                                                1,218            1,550
Selling, general and administrative and other expenses                                              273              265
Segment profit                                                                                  $   253          $   303            (17) %


                                                                                                       2022 vs. 2021
                                                                              Three Months Ended
                                                                                   March 31,
                                                                                    Net            Segment
Factors Contributing to Year-Over-Year Change                                      Sales           Profit
Organic                                                                                                    (15) %         (14) %
Foreign currency translation                                                                                (1) %          (1) %
Acquisitions, divestitures and other, net                                                                   (2) %          (2) %
Total % Change                                                                                             (18) %         (17) %


Q1 2022 compared to Q1 2021
Sales decreased due to lower sales volumes, the sale of the retail footwear
business, and the unfavorable impact of foreign currency translation, partially
offset by favorable pricing.

•Les ventes de la sécurité et de la vente au détail ont diminué de 31 % (diminution organique de 26 %) en raison d’une baisse de la demande d’équipements de protection individuelle et de la vente de l’activité de vente au détail de chaussures, partiellement compensées par des prix favorables.


•Sales in Productivity Solutions and Services increased 13% (increased 16%
organic) due to favorable pricing and higher demand, partially offset by the
unfavorable impact of foreign currency translation.

•Sales in Warehouse and Workflow Solutions decreased 28% (decreased 28% organic)
due to lower sales volumes as a result of supply chain constraints and timing of
projects.

•Sales in Advanced Sensing Technologies increased 23% (increased 24% organic)
due to higher demand and favorable pricing, partially offset by the unfavorable
impact of foreign currency translation.

Cost of products and services sold decreased due to lower sales volumes, the
divestiture of the retail footwear business, and the favorable impact of foreign
currency translation, partially offset by higher direct and indirect material
costs and higher labor costs, and lower productivity.

Le bénéfice sectoriel a diminué principalement en raison d’une productivité et d’un volume de ventes inférieurs, partiellement compensés par des prix favorables.

CORPORATIF ET TOUT AUTRE


Corporate and All Other primarily includes unallocated corporate costs, interest
expense on holding-company debt, and the controlling majority-owned interest in
Quantinuum. Corporate and All Other is not considered a separate reportable
business segment as segment reporting criteria is not met for the activities
reported with Corporate and All Other. The Company continues to monitor the
activities in Corporate and All Other to determine the need for further
reportable business segment disaggregation.

FRAIS DE REPOSITIONNEMENT


See Note 5 Repositioning and Other Charges of Notes to Consolidated Financial
Statements for a discussion of our repositioning actions and related charges
incurred in the three months ended March 31, 2022 and 2021. Cash spending
related to our repositioning actions was $69 million in the three months ended
March 31, 2022, and was funded through operating cash flows.

38 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

TRÉSORERIE ET ​​RESSOURCES EN CAPITAL

(Dollars en tableaux en millions)


We continue to manage our businesses to maximize operating cash flows as the
primary source of liquidity. Each of our businesses is focused on increasing
operating cash flows through revenue growth, margin expansion, and improved
working capital turnover. Additional sources of liquidity include committed
credit lines, short-term debt from the commercial paper market, long-term
borrowings, access to the public debt and equity markets, U.S. cash balances,
and the ability to access non-U.S. cash balances.

ESPÈCES


We monitor the third-party depository institutions that hold our cash and cash
equivalents on a daily basis. Our emphasis is primarily safety of principal and
secondarily maximizing yield of those funds. We diversify our cash and cash
equivalents among counterparties to minimize exposure to any one of these
entities. As of March 31, 2022, and December 31, 2021, we held $9.8 billion and
$11.5 billion, respectively, of cash and cash equivalents, including our
short-term investments.

EMPRUNTS

Les emprunts totaux consolidés ont été 19,4 milliards de dollars et 19,6 milliards de dollars dès 31 mars 2022et 31 décembre 2021.


                                                     March 31, 2022      December 31, 2021
Commercial paper and other short-term borrowings            $  3,526               $  3,542
Variable rate notes                                                622                    622
Fixed rate notes                                                15,231                 15,314
Other                                                              197                    332
Debt issuance costs                                             (207)                  (211)
Total borrowings                                            $ 19,369               $ 19,599


A source of liquidity is our ability to access the commercial paper market.
Commercial paper notes are sold at a discount or premium and have a maturity of
not more than 365 days from date of issuance. Borrowings under the commercial
paper program are available for general corporate purposes as well as for
financing acquisitions.

Nous avons également les contrats de crédit renouvelable suivants :


•A $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement) with a
syndicate of banks, dated March 24, 2022. Amounts borrowed under the 364-Day
Credit Agreement are required to be repaid no later than March 23, 2023, unless
(i) we elect to convert all then outstanding amounts into a term loan, upon
which such amounts shall be repaid in full on March 23, 2024, or (ii) the
364-Day Credit Agreement is terminated earlier pursuant to its terms. The
364-Day Credit Agreement replaced the previously reported $1.5 billion 364-day
credit agreement dated as of March 31, 2021, which was terminated in accordance
with its terms effective March 24, 2022. As of March 31, 2022, there were no
outstanding borrowings under our 364-Day Credit Agreement.

•A $4.0 billion Five Year Credit Agreement (the 5-Year Credit Agreement) with a
syndicate of banks, dated March 24, 2022. Commitments under the 5-Year Credit
Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement
to an aggregate amount not to exceed $4.5 billion. The 5-Year Credit Agreement
amended and restated the previously reported $4.0 billion amended and restated
five year credit agreement dated as of March 31, 2021. As of March 31, 2022,
there were no outstanding borrowings under our 5-Year Credit Agreement.

We also have a current shelf registration statement filed with the SEC under
which we may issue additional debt securities, common stock, and preferred stock
that may be offered in one or more offerings on terms to be determined at the
time of the offering. We anticipate that net proceeds of any offering would be
used for general corporate purposes, including repayment of existing
indebtedness, share repurchases, capital expenditures and acquisitions.

39 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES

COTES DE CRÉDIT


Our ability to access the global debt capital markets and the related cost of
these borrowings is affected by the strength of our credit rating and market
conditions. Our credit ratings are periodically reviewed by the major
independent debt-rating agencies. As of March 31, 2022, S&P Global Inc. (S&P),
Fitch Ratings Inc. (Fitch), and Moody's Investor Service (Moody's) have ratings
on our debt set forth in the table below:

               S&P        Fitch        Moody's
Outlook       Stable      Stable       Stable
Short-term     A-1          F1           P1
Long-term       A           A            A2


CASH FLOW SUMMARY

Nos flux de trésorerie provenant des activités d’exploitation, d’investissement et de financement, tels qu’ils sont reflétés dans l’état consolidé des flux de trésorerie, se résument comme suit :

Trois mois terminés 31 mars,

                                                                        2022               2021            Variance
Cash and cash equivalents at beginning of period                         $ 

10 959 14 275 $ (3 316) $


Operating activities
Net income attributable to Honeywell                                        1,134             1,427              (293)
Noncash adjustments                                                           537               239               298
Changes in working capital                                                   (815)               42              (857)
Other operating activities                                                   (820)             (730)              (90)
Net cash provided by operating activities                                      36               978              (942)
Net cash provided by (used for) investing activities                          (10)           (1,304)            1,294
Net cash used for financing activities                                     (1,719)           (2,217)              498
Effect of exchange rate changes on cash                                        15               (14)               29
Net increase (decrease) in cash and cash equivalents                       (1,678)           (2,557)              879
Cash and cash equivalents at end of period                               $  

9 281 11 718 $ (2 437) $



Cash provided by operating activities decreased due to an unfavorable impact to
working capital and a decrease in net income, partially offset by an increase in
noncash adjustments, primarily driven by an increase in repositioning and other
charges.

Cash used for investing activities decreased by $1,294 million primarily due to
a $1,127 million decrease in cash paid for acquisitions, $205 million net
increase in investments, and $197 million cash receipts from Garrett Motion Inc.
(Garrett), partially offset by $190 million in proceeds from the 2021 sale of
the retail footwear business.

Cash used for financing activities decreased by $498 million primarily due to
$777 million decrease of proceeds from the issuance of long-term debt, partially
offset by $196 million increase in repurchases of common stock and $44 million
decrease in proceeds from the issuance of common stock.

BESOINS DE TRÉSORERIE ET ​​ÉVALUATION DE LA LIQUIDITÉ ACTUELLE


In addition to our normal operating cash requirements, our principal future cash
requirements will be to fund capital expenditures, share repurchases, dividends,
strategic acquisitions and debt repayments. On February 12, 2021, the Board of
Directors authorized the repurchase of up to a total of $10 billion of Honeywell
common stock, which included amounts remaining under, and replaced, the
previously approved share repurchase program. During the three months ended
March 31, 2022, the Company repurchased common stock of $1,018 million. Refer to
the section titled Liquidity and Capital Resources of our 2021 Form 10-K for a
discussion of our expected capital expenditures, share repurchases, and
dividends for 2022.

Nous continuons d’identifier des opportunités pour améliorer nos liquidités et l’efficacité de notre fonds de roulement, ce qui comprend l’extension des délais de paiement avec nos fournisseurs et la vente de nos créances clients à des institutions financières non affiliées sans recours. L’impact de ces programmes n’est pas significatif sur nos liquidités globales.

40 Honeywell International Inc.

————————————————– ——————————

TABLE DES MATIÈRES


We continue to assess the relative strength of each business in our portfolio as
to strategic fit, market position, profit, and cash flow contribution in order
to identify target investment and acquisition opportunities in order to upgrade
our combined portfolio. We identify acquisition candidates that will further our
strategic plan and strengthen our existing core businesses. We also identify
businesses that do not fit into our long-term strategic plan based on their
market position, relative profitability, or growth potential. These businesses
are considered for potential divestiture, restructuring, or other repositioning
actions, subject to regulatory constraints.

Based on past performance and current expectations, we believe that our
operating cash flows will be sufficient to meet our future operating cash needs.
Our available cash, committed credit lines and access to the public debt and
equity markets provide additional sources of short-term and long-term liquidity
to fund current operations, debt maturities, and future investment
opportunities.

Se reporter à la note 8 Dette à long terme et conventions de crédit des notes afférentes aux états financiers consolidés pour une analyse supplémentaire des éléments ayant une incidence sur nos liquidités.


OTHER MATTERS

LITIGATION

We are subject to a number of lawsuits, investigations, and claims (some of
which involve substantial amounts) arising out of the conduct of our business.
See Note 14 Commitments and Contingencies of Notes to Consolidated Financial
Statements for further discussion of environmental, asbestos and other
litigation matters.

ESTIMATIONS COMPTABLES CRITIQUES

Il n’y a eu aucun changement important dans nos estimations comptables critiques présentées dans notre rapport annuel 2021 sur formulaire 10-K. Pour une discussion sur les estimations comptables critiques de la société, voir la section intitulée Estimations comptables critiques dans notre rapport annuel 2021 sur formulaire 10-K.

PRISES DE POSITION RÉCENTES EN COMPTABILITÉ

Se reporter à la note 2 Résumé des principales méthodes comptables des notes aux états financiers consolidés pour une analyse des récentes prises de position comptables.

© Edgar Online, source Aperçus

PROCORE TECHNOLOGIES, INC. Rapport de gestion et analyse de la situation financière et des résultats d’exploitation. (formulaire 10-K)

You should read the following discussion and analysis of our financial condition
and results of operations in conjunction with our consolidated financial
statements and the related notes and other financial information included
elsewhere in this Annual Report on Form 10-K. You should review the disclosure
under Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K for a
discussion of forward-looking statements and important factors that could cause
actual results to differ materially from the results described in or implied by
the forward-looking statements contained in the following discussion and
analysis. These statements, like all statements in this report, speak only as of
their date (unless another date is indicated), and we undertake no obligation to
update or revise these statements in light of future developments. Unless the
context requires otherwise, references in this Annual Report on Form 10-K to the
"Company", "Procore," "we," "us" and "our" refer to Procore Technologies, Inc.
and its consolidated subsidiaries. A discussion of the year ended December 31,
2020 compared to the year ended December 31, 2019 has been reported previously
in our final prospectus dated May 19, 2021 filed with the SEC on May 21, 2021
pursuant to Rule 424(b)(4) (File No. 333-236789) of the Securities Act, under
the heading "Management's Discussion and Analysis of Financial Condition and
Results of Operations".

                                    Overview

Notre mission est de connecter tout le monde dans la construction sur une plateforme mondiale.


We are a leading provider of cloud-based construction management software, and
are helping transform one of the oldest, largest, and least digitized industries
in the world. We focus exclusively on construction, connecting and empowering
the industry's key stakeholders, such as owners, general contractors, specialty
contractors, architects, and engineers, to collaborate from any location, on any
internet-connected device. Our platform is modernizing and digitizing
construction management by enabling real-time access to critical project
information, simplifying complex workflows, and facilitating seamless
communication among key stakeholders, all of which we believe positions us to
serve as the system of record for the construction industry. Adoption of our
platform helps customers increase productivity and efficiency, reduce rework and
costly delays, improve safety and compliance, and enhance financial transparency
and accountability.

En bref, nous construisons le logiciel pour les personnes qui construisent le monde.


We serve customers ranging from small businesses managing a couple million
dollars of annual construction volume to global enterprises managing billions of
dollars of annual construction volume. Our core customers are owners, general
contractors, and specialty contractors operating across the commercial,
residential, industrial, and infrastructure segments of the construction
industry. We primarily sell subscriptions to access our products through our
direct sales team, which is specialized by stakeholder, region, size, and type.

Our products are offered on our cloud-based platform and are designed to be easy
to configure and deploy. Our users can access our products on computers,
smartphones, and tablets through any web browser or from our mobile application
available for both the iOS and Android platforms.

We generate substantially all of our revenue from subscriptions to access our
products and have an unlimited user model that is designed to facilitate
adoption and maximize usage of our platform by all project stakeholders. We sell
our products on a subscription basis for a fixed fee with pricing generally
based on the number and mix of products and the annual construction volume
contracted to run on our platform. As our customers subscribe to additional
products, or increase the annual construction volume contracted to run on our
platform, we generate more revenue. We do not provide refunds for unused
construction volume, or charge customers based on consumption or on a per
project basis. Subscriptions to access our products include customer support and
allow for unlimited users as we do not charge a per-seat or per-user fee.
Customers can invite all project participants to engage with our platform as
part of a project team. This includes the customer's employees and its
collaborators, who are other project participants who engage with our platform
but do not pay us for such use. Further, multiple stakeholders can be customers
on the same project and retain access to project information for the duration of
their subscription.

Recent Developments

On May 24, 2021, we completed our IPO, in which we issued and
sold 10,410,000 shares of our common stock at a price of $67.00 per share,
including 940,000 shares of common stock pursuant to the exercise in full of the
underwriters' option to purchase additional shares. We received net proceeds of
$665.1 million, after deducting underwriting discounts and commissions. In
connection with the IPO, all outstanding shares of convertible preferred stock
were automatically converted into an aggregate of 85,331,278 shares of our
common stock on a one-for-one basis.

                                       45

--------------------------------------------------------------------------------


On October 21, 2021, the Company completed the acquisition of all outstanding
equity of LaborChart, a labor management solution that facilitates labor
scheduling, forecasting, office-to-field communications, certification tracking,
data management, and labor analysis. The purchase consideration to acquire
LaborChart was $76.2 million, subject to customary adjustments for working
capital, transaction expenses, cash, indebtedness, and the determination of any
consideration for post-combination services.

On November 2, 2021, the Company completed the acquisition of all outstanding
equity of Levelset, a lien rights management company. Levelset also has a
materials finance business that offers customers deferred payment terms on their
purchases of construction materials. The materials finance business is currently
immaterial, but may grow in the future. Pursuant to the merger agreement, the
purchase consideration to acquire Levelset was $484.1 million, which consisted
of $426.1 million in cash, subject to customary adjustments for working capital,
transaction expenses, cash, indebtedness, and the determination of any
consideration for post-combination services, and $58.0 million in shares of
Procore common stock.

                   Certain Factors Affecting Our Performance

Acquérir de nouveaux clients et fidéliser et développer l’utilisation de notre plate-forme par les clients existants


We are highly focused on continuing to acquire new customers to support our
long-term growth. We intend to efficiently drive new customer acquisitions by
continuing to invest across our sales and marketing engine to engage our
prospective customers, increase brand awareness, and drive adoption of our
products and platform. The number of customers on our platform has increased
from 8,506 as of December 31, 2019, to 10,166 as of December 31, 2020, to 12,193
as of December 31, 2021, reflecting a consistent year-over-year growth rate of
20% in both 2020 and 2021. All customer counts aforementioned exclude the
customers acquired from Levelset, LaborChart, and Esticom, as they are on
non-standard legacy contracts. Levelset, LaborChart, and Esticom customers will
be included in our customer and ARR metrics when they are renewed onto standard
Procore annual contracts. Levelset has more than 3,000 customers as of December
31, 2021. We define ARR at the end of a particular period as the annualized
dollar value of our subscriptions from customers as of such period end date. For
multi-year subscriptions, ARR at the end of a particular period is measured by
using the stated contractual subscription fees as of the period end date on
which ARR is measured. For example, if ARR is measured during the first year of
a multi-year contract, the first-year subscription fees are used to calculate
ARR. ARR at the end of a particular period includes the annualized dollar value
of subscriptions for which the term has not ended, and subscriptions for which
we are negotiating a subscription renewal. ARR should be viewed independently of
revenue and does not represent our GAAP revenue on an annualized basis. ARR is
not intended to be a replacement or forecast of revenue.

Our ability to continue to grow our business and serve the broader needs of the
construction industry depends on acquiring new customers, customers purchasing
new products, renewing and expanding their use of existing products, and
maintaining or increasing the price of our existing products.

Innovation technologique continue et expansion de notre plateforme


We plan to continue to invest in technology innovation and product development
to enhance the capabilities of our platform. Additional features and products
will also enable customers and collaborators to manage new workflows on our
platform and allow us to attract a broader set of stakeholders. We have
introduced new products developed in-house and through our acquisitions of
Zimfly, Inc., Honest Buildings, Construction BI, LLC, Esticom, LaborChart, and
Levelset. We intend to continue to invest in building additional products,
financial offerings, features, and functionality that expand our capabilities
and facilitate the extension of our platform. We also intend to continue to
evaluate strategic acquisitions and investments in businesses and technologies
to drive product and market expansion, such as our recent acquisitions of
LaborChart and Levelset in October and November 2021, respectively. The
acquisitions closed in the fourth fiscal quarter, and therefore the financial
results post-acquisition of LaborChart and Levelset are included in the
accompanying financial statements. In addition, we expect that expenses, both in
dollars and as a percentage of total revenues, may increase from the current or
historical periods. Our future success is dependent on our ability to
successfully develop or acquire, market, and sell existing and new products to
both new and existing customers.

Croissance internationale


We see international expansion as a major, and largely greenfield, opportunity
for growth as we look to capture a larger part of the worldwide construction
market. We have started to grow our presence internationally with the opening of
sales and marketing offices in Sydney, Australia and Vancouver and Toronto,
Canada in 2017, London, England in 2018 and Mexico City, Mexico in 2019. We have
also developed focused sales and marketing efforts in Singapore, the United Arab
Emirates, France, and Germany in 2021, where we do not yet maintain office
locations. As a result of our international efforts, we support multiple
languages and currencies. Non-U.S. revenue as a percentage of our total revenue
was 14.6% in 2021, 12.2% in 2020, and 11.3% in 2019. We determine the percentage
of non-U.S. revenue based on the billing location of each subscription.

                                       46

--------------------------------------------------------------------------------


Furthermore, we believe global demand for our products will continue to increase
as we expand our international sales and marketing efforts, and the awareness of
our products and platform grows. However, our ability to conduct our operations
internationally will require considerable management attention and resources and
is subject to the particular challenges of supporting a rapidly growing business
in an environment of multiple languages, cultures, customs, legal, tax and
regulatory systems, alternative dispute systems, and commercial markets. We have
made, and plan to continue to make, significant investments in existing and
select additional international markets. While these investments may adversely
affect our operating results in the near term, we believe they will contribute
to our long-term growth.

COVID-19 Update

The ongoing COVID-19 pandemic has caused general business disruption worldwide
beginning in January 2020. Some local governments temporarily closed
construction jobsites or imposed restrictions on construction activity, such as
limiting the number of workers allowed on site. Construction teams had to learn
to navigate pandemic safety protocols on jobsites and coordinate already complex
construction processes with increasingly distributed workforces. Owners had to
reconfigure existing buildings to improve safety and consider new distancing
requirements in project designs, all amid increased materials and labor costs.
We believe that the COVID-19 pandemic has begun to change the way construction
stakeholders operate by pushing them to adopt digital solutions that enable
distanced, distributed workforces. The impact of the COVID-19 pandemic and its
effects on the construction industry continue to evolve, and the impact on our
financial condition and results of operations remains uncertain.

Furthermore, the COVID-19 pandemic has spurred changes in the way we work as we
move to a more hybrid workforce. We are currently planning for a number of our
employees to return to in-person offices in 2022; however, our plans may change
if the number of COVID-19 cases rises where our offices are located or if there
is an increase in new variants, and we may take further actions as may be
required by government authorities or that we determine are in the best
interests of our employees, customers, and business partners.

The full extent to which the COVID-19 pandemic, including any new variants, may
directly or indirectly impact our business, results of operations, and financial
condition will depend on future developments that are highly uncertain and
cannot be accurately predicted. See the section titled "Risk Factors" for
further discussion of the possible impact of the COVID-19 pandemic on our
business and financial results.

                      Components of Results of Operations

Revenu


We generate substantially all of our revenue from subscriptions to access our
products and related support. Subscriptions are sold for a fixed fee and revenue
is recognized ratably over the term of the subscription. Our subscriptions
generally have annual or multi-year terms, are typically subject to renewal at
the end of the subscription term, and are non-cancelable. To the extent we
invoice our customers in advance of revenue recognition, we record deferred
revenue. Consequently, a portion of the revenue that we report each period is
attributable to the recognition of revenue previously deferred related to
subscriptions that we entered into during previous periods.

Coût des revenus


Cost of revenue primarily consists of customer support personnel-related
compensation expenses, including salaries, bonuses, benefits, payroll taxes, and
stock-based compensation expense, third-party hosting costs, software license
fees, amortization of capitalized software development costs, amortization of
acquired technology intangible assets, and allocated overhead. We expect our
cost of revenue to increase on an absolute dollar basis as our revenue and
acquisition activities increase. We intend to continue to invest additional
resources in platform hosting, customer support, and software development as we
grow our business and to ensure that our customers are realizing the full
benefit of our products. The level and timing of investment in these areas could
affect our cost of revenue in the future.

Costs related to the development of internal-use software for new products and
major platform enhancements are capitalized until the software is substantially
complete and ready for its intended use. Capitalized software development costs
are amortized on a straight-line basis over the developed software's estimated
useful life of two years and the amortization is recorded in cost of revenue.

We incurred significant additional cost of revenue expenses starting the second
quarter of 2021 as a result of stock-based compensation expense associated with
RSUs where the performance condition was satisfied upon the effective date of
the registration statement for our IPO. In addition, subsequent to our IPO, we
have incurred higher employer payroll taxes related to employee stock
transactions. We anticipate additional stock-based compensation expense and
employer payroll tax related

                                       47

--------------------------------------------------------------------------------


to employee stock transactions going forward. In addition, we recorded and will
continue to record significant amortization of acquired developed technology
intangible assets as a result of the recent acquisitions in the fourth quarter
of 2021.

Operating Expenses

Our operating expenses consist of sales and marketing, research and development,
and general and administrative expenses. For each of these categories of
expense, personnel-related compensation expenses are the most significant
component, which include salaries, stock-based compensation, commissions,
benefits, payroll taxes, and bonuses. To support the growth of our business, we
also increased our headcount in each of these categories both organically and,
to a lesser extent, through our acquisitions.

We incurred significant additional operating expenses starting the second
quarter of 2021 as a result of stock-based compensation expense associated with
RSUs where the performance condition was satisfied upon the effective date of
the registration statement for our IPO. In addition, subsequent to our IPO, we
have incurred higher employer payroll taxes related to employee stock
transactions. We anticipate additional stock-based compensation expense and
employer payroll tax related to employee stock transactions going forward.

Ventes et marketing


Sales and marketing expenses primarily consist of personnel-related compensation
expenses for our sales and marketing organizations, advertising costs, marketing
events, travel, trade shows and other marketing activities, contractor costs to
supplement our staff levels, consulting services, amortization of acquired
customer relationship intangible assets, and allocated overhead. We expense
advertising and other promotional expenditures as incurred. We expect sales and
marketing expenses to increase on an absolute dollar basis and vary from period
to period as a percentage of revenue, as we increase our investment in sales and
marketing efforts over the foreseeable future, primarily from increased
headcount in sales and marketing as well as investment in marketing to drive
customer growth.

Research and Development

Research and development expenses primarily consist of personnel-related
compensation expenses for our engineering, product, and design teams, contractor
costs to supplement our staff levels, consulting services, amortization of
certain acquired intangible assets used in research and development activities,
and allocated overhead. We expect research and development expenses to increase
on an absolute dollar basis and vary from period to period as a percentage of
revenue for the foreseeable future as we continue to invest in headcount to
build, enhance, maintain, and scale our products and platform.

Général et administratif


General and administrative expenses primarily consist of personnel-related
compensation expenses for our finance, human resources, executive, information
technology, legal, and other administrative functions. Additionally, general and
administrative expenses include non-personnel-related expenses, such as
professional fees for audit, legal, tax, and other external consulting services,
including acquisition-related transaction expenses, costs associated with
operating as a public company, including insurance costs, professional services,
investor relations, and other compliance costs, property and use taxes,
licenses, travel and entertainment costs, and allocated overhead. We expect to
increase the size of our general and administrative functions to support the
growth of our business, including our international expansion.

Intérêts débiteurs, nets


Interest expense, net consists primarily of interest expense associated with our
finance leases and undrawn fees associated with our Credit Facility, which is
partially offset by interest income from money market funds.

Variation de la juste valeur du passif lié aux bons de souscription d’actions privilégiées convertibles rachetables de série I


Change in fair value of Series I redeemable convertible preferred stock warrant
liability consisted of losses from the remeasurement of the Series I redeemable
convertible preferred stock warrant to fair value from issuance in March 2020 to
December 2020 when the warrants were exercised.

Autres (charges) revenus, nets

Les autres (charges) produits, nets, comprennent principalement les gains ou les pertes sur les transactions en devises et divers autres produits.

                                       48

--------------------------------------------------------------------------------

(Bénéficier de) provision pour impôts sur le revenu


(Benefit from) provision for income taxes consists primarily of income taxes of
U.S. state franchise taxes and certain foreign jurisdictions in which we conduct
business, net of the release of valuation allowance as a result of deferred tax
liabilities from acquisitions that are an available source of income to realize
our deferred tax assets. As we expand our international operations, we expect to
incur increased foreign tax expenses. We have a full valuation allowance for net
U.S. and U.K. deferred tax assets. The U.S. valuation allowance includes NOL
carryforwards, and tax credits related primarily to research and development for
our operations in the United States. The U.K. valuation allowance is primarily
comprised of NOL carryforwards. We expect to maintain this full valuation
allowance for our net U.S. and U.K. deferred tax assets for the foreseeable
future.

                             Results of Operations

Les tableaux suivants présentent les données de nos états consolidés des résultats et ces données en pourcentage des produits pour chacune des périodes indiquées. Certains pourcentages ci-dessous peuvent ne pas s’additionner en raison des arrondis.

                                                         Year Ended December 31,
                                                    2021           2020           2019
                                                              (in thousands)
Revenue                                          $  514,821     $  400,291     $  289,194
Cost of revenue (1)(2)(3)(4)(5)                      98,312         71,663  

53 166

Gross profit                                        416,509        328,628  

236 028

Operating expenses:
Sales and marketing (1)(2)(3)(4)(5)                 308,511        189,032  

173 472

Research and development (1)(2)(3)(4)(5)            237,290        124,661  

87 022

General and administrative (1)(3)(4)(5)             156,635         73,465         58,158
Total operating expenses                            702,436        387,158        318,652
Loss from operations                               (285,927 )      (58,530 )      (82,624 )
Interest expense, net                                (2,153 )       (2,060 )         (930 )
Change in fair value of Series I redeemable
  convertible preferred stock warrant
liability                                                 -        (36,990 )            -
Other (expense) income, net                            (843 )          420  

518

Loss before (benefit from) provision for
income taxes                                       (288,923 )      (97,160 )      (83,036 )
(Benefit from) provision for income taxes           (23,758 )         (993 )           71
Net loss                                         $ (265,165 )   $  (96,167 )   $  (83,107 )



                                                             Year Ended December 31,
                                                    2021                  2020             2019
                                                           (as a percentage of revenue)
Revenue                                                  100 %                 100 %           100 %
Cost of revenue (1)(2)(3)(4)(5)                           19 %                  18 %            18 %
Gross profit                                              81 %                  82 %            82 %
Operating expenses:
Sales and marketing (1)(2)(3)(4)(5)                       60 %                  47 %            60 %
Research and development (1)(2)(3)(4)(5)                  46 %                  31 %            30 %
General and administrative (1)(3)(4)(5)                   30 %                  18 %            20 %
Total operating expenses                                 136 %                  97 %           110 %
Loss from operations                                     (56 %)                (15 %)          (29 %)
Interest expense, net                                     (0 %)                 (1 %)           (0 %)

Variation de la juste valeur de la série I rachetable

  convertible preferred stock warrant
liability                                                  0 %                  (9 %)            0 %
Other (expense) income, net                               (0 %)                  0 %             0 %
Loss before (benefit from) provision for
income taxes                                             (56 %)                (24 %)          (29 %)
(Benefit from) provision for income taxes                 (5 %)                 (0 %)            0 %
Net loss                                                 (52 %)                (24 %)          (29 %)




                                       49
--------------------------------------------------------------------------------


  (1) Includes stock-based compensation expense as follows:



                                               Year Ended December 31,
                                           2021          2020         2019
                                                   (in thousands)
Cost of revenue                          $   8,094     $  1,722     $  1,095
Sales and marketing                         68,755       13,385        7,463
Research and development                    85,040       12,930        6,584
General and administrative                  65,272       15,923        4,096

Charge totale de rémunération à base d’actions 227 161 $ 43 960 $ 19 238 $





  (2) Includes amortization of acquired intangible assets as follows:



                                                       Year Ended December 31,
                                                     2021        2020        2019
                                                            (in thousands)
Cost of revenue                                    $  7,522     $ 3,315     $ 1,643
Sales and marketing                                   3,600       1,728         728
Research and development                              2,674         721           -

Amortissement total des immobilisations incorporelles acquises 13 796 $ 5 764 $ 2 371 $




(3) Includes employer payroll tax on employee stock transactions as follows:



                                                   Year Ended December 31,
                                                  2021          2020      2019
                                                        (in thousands)
Cost of revenue                                $      457       $   7     $   7
Sales and marketing                                 2,325         205        71
Research and development                            2,606          88        16
General and administrative                          1,127         272        18

Total des charges sociales patronales sur les actions des salariés

  transactions                                 $    6,515       $ 572     $ 112


(4) Inclut les dépenses liées aux acquisitions comme suit :



                                         Year Ended December 31,
                                       2021         2020       2019
                                              (in thousands)
Cost of revenue                      $       2      $   -     $     -
Sales and marketing                        488          -           -
Research and development                 1,348          -           -
General and administrative               7,442        792       1,218

Total des dépenses liées à l’acquisition 9 280 $ 792 $ 1 218 $

(5) Inclut les charges liées à la restructuration comme suit :



                                           Year Ended December 31,
                                      2021            2020         2019
                                                (in thousands)
Cost of revenue                       $   -       $        127     $   -
Sales and marketing                       -              1,824         -
Research and development                  -              1,681         -
General and administrative                -                801         -

Total des charges liées à la restructuration – $ 4 433 $ $ –




                                       50
--------------------------------------------------------------------------------

Comparaison des exercices clos 31 décembre 2021 et 2020

Revenu



            Year Ended December 31,                Change
              2021             2020         Dollar        Percent
                           (dollars in thousands)
Revenue   $    514,821       $ 400,291     $ 114,530            29 %


In 2021, our revenue increased by $114.5 million, or 29%, compared to 2020,
which is primarily due to expansion within our existing customers and revenue
from new customers added during the year. The acquisition of Levelset in
November 2021 contributed $4.2 million in revenue in 2021. Revenue from our
other acquisitions in 2021 was not material. The increase in revenue from
existing customers includes the net benefit of a full year of subscription
revenue in 2021 from customers that were new in 2020 and continued their
subscriptions in 2021, and customers that expanded their subscriptions in 2021
through the purchase of additional construction volume or products, as well as
price increases.

Coût des revenus, bénéfice brut et marge brute



                    Year Ended December 31,                Change
                      2021             2020         Dollar       Percent
                                  (dollars in thousands)
Cost of revenue   $     98,312       $  71,663     $ 26,649            37 %
Gross profit           416,509         328,628       87,881            27 %
Gross margin                81 %            82 %


The increase in cost of revenue in 2021 was primarily attributable to an
increase of $14.1 million in personnel-related expenses, including an increase
of $6.4 million in stock-based compensation expense and $5.5 million in salaries
and wages driven by headcount and merit increases. Stock-based compensation
expense increased primarily due to RSUs where the performance condition was
satisfied upon the effectiveness date of the registration statement for the IPO.
The increase in cost of revenue was also attributable to a $4.5 million increase
in third-party cloud hosting and related services as we grow our customer base,
a $4.2 million increase in amortization of acquired developed technology
intangible assets related to recent acquisitions, and a $1.5 million increase in
amortization of capitalized software. We increased our cost of revenue headcount
by 44% since December 31, 2020 in order to support the growth of our business.

Operating Expenses


                        Year Ended December 31,                Change
                          2021             2020         Dollar        Percent
                                       (dollars in thousands)
Sales and marketing   $    308,511       $ 189,032     $ 119,479            63 %


The increase in sales and marketing expenses during 2021 was primarily
attributable to an increase of $92.0 million in personnel-related expenses,
including an increase of $55.4 million in stock-based compensation expense, a
$23.1 million increase in salaries and wages driven by headcount and merit
increases, and a $2.1 million increase in employer payroll tax related to
employee stock transactions. Stock-based compensation expense increased
primarily due to RSUs where the performance condition was satisfied upon the
effectiveness date of the registration statement for the IPO. The increase in
sales and marketing expenses was also attributable to a $9.6 million increase in
professional fees primarily for contractors to supplement our staff levels, a
$9.1 million increase in marketing events and expenses, a $2.0 million increase
in travel-related costs, and a $1.9 million increase in amortization of acquired
customer relationship intangible assets related to recent acquisitions. We
increased our sales and marketing headcount by 47% since December 31, 2020 in
order to continue to drive customer growth.



                                       51

--------------------------------------------------------------------------------

                             Year Ended December 31,                Change
                               2021             2020         Dollar        Percent
                                            (dollars in thousands)
Research and development   $    237,290       $ 124,661     $ 112,629            90 %


The increase in research and development expenses during 2021 was primarily
attributable to an increase of $102.0 million in personnel-related expenses,
including an increase of $72.1 million in stock-based compensation expense, a
$25.3 million increase in salaries and wages driven by headcount and merit
increases, and a $2.5 million increase in employer payroll tax related to
employee stock transactions. Stock-based compensation expense increased
primarily due to RSUs where the performance condition was satisfied upon the
effectiveness date of the registration statement for the IPO. The increase in
research and development expenses was also attributable to a $5.5 million
increase in professional fees primarily for contractors to supplement our staff
levels, and a $2.0 million increase in amortization of acquired developed
technology intangible assets. We increased our research and development
headcount by 60% since December 31, 2020 in order to continue to build, enhance,
maintain, and scale our products and platform.


                               Year Ended December 31,                Change
                                 2021              2020        Dollar       Percent
                                             (dollars in thousands)

général et administratif 156 635 $ 73 465 $ 83 170 $

113 %



The increase in general and administrative expenses during 2021 was primarily
due to an increase of $61.1 million in personnel-related expenses, including an
increase of $49.3 million in stock-based compensation expense and an $8.9
million increase in salaries and wages driven by headcount and merit increases.
Stock-based compensation expense increased primarily due to RSUs where the
performance condition was satisfied upon the effectiveness date of the
registration statement for the IPO. The increase in general and administrative
expenses was also attributable to a $10.2 million increase in non-acquisition
related professional fees primarily for contractors and consultants to
supplement our staff levels, a $6.7 million increase in acquisition-related
expenses primarily as a result of acquisitions in the fourth quarter of 2021, a
$3.1 million increase in insurance related costs associated with operating as a
public company, and a $1.6 million increase in travel-related costs. We
increased our general and administrative headcount by 48% since December 31,
2020 in order to continue to support the growth of our business.

Interest Expense, Net, Change in Fair Value of Series I Redeemable Convertible
Preferred Stock Warrant Liability, Other (Expense) Income, Net, and Benefit from
Income Taxes
                                              Year Ended December 31,                  Change
                                               2021              2020         Dollar         Percent
                                                              (dollars in thousands)
Interest expense, net                      $       2,153       $   2,060     $      93                5 %
Change in fair value of Series I
redeemable
  convertible preferred stock warrant
liability                                              -          36,990       (36,990 )              *
Other (expense) income, net                         (843 )           420        (1,263 )              *
Benefit from income taxes                        (23,758 )          (993 )     (22,765 )              *


* Percentage not meaningful

In 2020, we recognized an expense of $37.0 million related to an increase in the
fair value of warrants to purchase Series I redeemable convertible preferred
stock which were remeasured to fair value each period. The warrants were
exercised in December 2020, at which time remeasurement ceased. The loss
recognized was primarily due to the increase in the fair value of the Series I
redeemable convertible preferred stock from the issuance date through December
2020.

La variation des autres (charges) revenus, nette en 2021, était principalement due aux pertes de change liées aux variations des taux de change des dollars australien et canadien.


The change in benefit from income taxes during 2021 was primarily due to income
tax benefits related to the release of a portion of our valuation allowance as a
result of deferred tax liabilities recorded related to the acquisitions of
Levelset and LaborChart that are available sources of income to realize our
deferred tax assets.

                                       52

--------------------------------------------------------------------------------

Mesures financières non conformes aux PCGR


In addition to our results determined in accordance with accounting principles
generally accepted in the United States of America ("GAAP"), we believe certain
non-GAAP measures, as described below, are useful in evaluating our operating
performance. We use this non-GAAP financial information, collectively, to
evaluate our ongoing operations as well as for internal planning and forecasting
purposes. We believe that non-GAAP financial information, when taken
collectively, is helpful to investors because it provides consistency and
comparability with past financial performance, and may assist in comparisons
with other companies, some of which use similar non-GAAP financial information
to supplement their GAAP results.

The non-GAAP financial information is presented for supplemental informational
purposes only, and should not be considered a substitute for financial
information presented in accordance with GAAP, and may be different from
similarly-titled non-GAAP measures used by other companies. A reconciliation is
provided below for each non-GAAP financial measure to the most directly
comparable financial measure stated in accordance with GAAP. Investors are
encouraged to review the related GAAP financial measures and the reconciliation
of these non-GAAP financial measures to their most directly comparable GAAP
financial measures.

Bénéfice brut non conforme aux PCGR, marge brute non conforme aux PCGR, dépenses d’exploitation non conformes aux PCGR, perte d’exploitation non conforme aux PCGR et marge d’exploitation non conforme aux PCGR


We define these non-GAAP financial measures as the respective GAAP measures,
excluding stock-based compensation expense, amortization of acquired intangible
assets, employer payroll tax related to employee stock transactions,
acquisition-related expenses, and restructuring-related charges. We excluded
acquisition-related expenses for the first time during 2021 and have
retrospectively adjusted comparable periods. Acquisition-related expenses
include external and incremental transaction costs, such as legal and due
diligence costs, and retention payments. These expenses are unpredictable, and
generally would not have otherwise been incurred in the periods presented as
part of our continuing operations. In addition, the size and complexity of an
acquisition, which often drives the magnitude of acquisition-related expenses,
may not be indicative of such future costs. We believe excluding
acquisition-related expenses facilitates the comparison of our financial results
to the Company's historical operating results and to other companies in our
industry. Restructuring-related charges are the result of the Company
streamlining our organization in 2020 to better align with our strategic goals
and future scale. Refer to Note 17 in the audited consolidated financial
statements included elsewhere in this Annual Report on Form 10-K regarding the
2020 restructuring event.

Les tableaux suivants présentent des rapprochements de nos mesures financières conformes aux PCGR avec nos mesures financières non conformes aux PCGR pour les périodes présentées :


Reconciliation of gross profit and gross margin to non-GAAP gross profit and
non-GAAP gross margin:
                                                              Year Ended December 31,
                                                         2021           2020           2019
                                                               (dollars in thousands)
Revenue                                               $  514,821     $  400,291     $  289,194
Gross profit                                             416,509        328,628        236,028
Stock-based compensation expense                           8,094          1,722          1,095
Amortization of acquired intangible assets                 7,522          3,315          1,643
Employer payroll tax on employee stock transactions          457              7              7
Acquisition-related expenses                                   2              -              -
Restructuring-related charges                                  -            127              -
Non-GAAP gross profit                                 $  432,584     $  333,799     $  238,773
Gross margin                                                  81 %           82 %           82 %
Non-GAAP gross margin                                         84 %           83 %           83 %




                                       53
--------------------------------------------------------------------------------

Rapprochement des charges d’exploitation avec les charges d’exploitation non-GAAP :

                                                         Year Ended December 31,
                                                    2021           2020           2019
                                                          (dollars in thousands)
Revenue                                          $  514,821     $  400,291     $  289,194
GAAP sales and marketing                            308,511        189,032        173,472
Stock-based compensation expense                    (68,755 )      (13,385 )       (7,463 )
Amortization of acquired intangible assets           (3,600 )       (1,728 )         (728 )
Employer payroll tax on employee stock
transactions                                         (2,325 )         (205 )          (71 )
Acquisition-related expenses                           (488 )            -              -
Restructuring-related charges                             -         (1,824 )            -
Non-GAAP sales and marketing                     $  233,343     $  171,890     $  165,210
GAAP sales and marketing as a percentage of
revenue                                                  60 %           47 %           60 %

Ventes et marketing non conformes aux PCGR en pourcentage

  of revenue                                             45 %           43 %           57 %

GAAP research and development                       237,290        124,661         87,022
Stock-based compensation expense                    (85,040 )      (12,930 )       (6,584 )
Amortization of acquired intangible assets           (2,674 )         (721 )            -
Employer payroll tax on employee stock
transactions                                         (2,606 )          (88 )          (16 )
Acquisition-related expenses                         (1,348 )            -              -
Restructuring-related charges                             -         (1,681 )            -
Non-GAAP research and development                $  145,622     $  109,241     $   80,422
GAAP research and development as a percentage
of revenue                                               46 %           31 %           30 %

Recherche et développement non conformes aux PCGR en tant que

  percentage of revenue                                  28 %           27 %           28 %

GAAP general and administrative                     156,635         73,465  

58 158

Stock-based compensation expense                    (65,272 )      (15,923 )       (4,096 )
Employer payroll tax on employee stock
transactions                                         (1,127 )         (272 )          (18 )
Acquisition-related expenses                         (7,442 )         (792 )       (1,218 )
Restructuring-related charges                             -           (801 )            -
Non-GAAP general and administrative              $   82,794     $   55,677     $   52,826
GAAP general and administrative as a
percentage of revenue                                    30 %           18 %           20 %

Non-GAAP général et administratif en tant que

  percentage of revenue                                  16 %           14 %           18 %


Rapprochement de la perte d’exploitation et de la marge opérationnelle avec la perte d’exploitation non-GAAP et la marge opérationnelle non-GAAP :

                                                               Year Ended December 31,
                                                         2021            2020            2019
                                                                (dollars in thousands)
Revenue                                               $  514,821      $  400,291      $  289,194
Loss from operations                                    (285,927 )       (58,530 )       (82,624 )
Stock-based compensation expense                         227,161          43,960          19,238
Amortization of acquired intangible assets                13,796           5,764           2,371
Employer payroll tax on employee stock transactions        6,515             572             112
Acquisition-related expenses                               9,280             792           1,218
Restructuring-related charges                                  -           4,433               -
Non-GAAP loss from operations                         $  (29,175 )    $   (3,009 )    $  (59,685 )
Operating margin                                             (56 %)          (15 %)          (29 %)
Non-GAAP operating margin                                     (6 %)           (1 %)          (21 %)


                                       54
--------------------------------------------------------------------------------



                        Liquidity and Capital Resources

Historiquement, nous financions nos opérations principalement par des placements privés de nos titres de participation. Dans Mai 2021nous avons reçu 665,1 millions de dollars du produit net de notre introduction en bourse.


As of December 31, 2021, our principal sources of liquidity are cash and cash
equivalents of $589.2 million, which were held in checking accounts, savings
accounts, and highly liquid money market funds. A portion of the cash and cash
equivalents were used to complete the acquisitions of LaborChart and Levelset
during the fourth quarter of 2021, and Indus.ai, Inc. ("Indus") in the second
quarter of 2021. The preliminary purchase consideration to acquire Levelset was
$484.1 million, of which $426.1 million was paid in cash on the acquisition date
of November 2, 2021. The preliminary purchase consideration to acquire
LaborChart was $76.2 million, all of which was paid in cash on the acquisition
date of October 21, 2021. The purchase consideration to acquire Indus was $24.3
million, of which $20.3 million was paid in cash on the acquisition date of May
3, 2021.

We also have our Credit Facility that may be used for general corporate purposes
and is available until the Credit Facility's maturity on May 7, 2022. As of
December 31, 2021, $75.0 million, less $6.5 million in outstanding letters of
credit, was available to be drawn under the Credit Facility.

Levelset also has a materials finance business that finances customers'
purchases of construction materials and offers customers deferred payment terms.
The materials finance business is currently immaterial, but is expected to grow
in the future, which may impact our liquidity.

In the next 12 months, we have contractual commitments consisting of operating
lease obligations of $12.9 million, finance lease obligations of $3.7 million,
and non-cancelable purchase commitments of $19.8 million, as disclosed in Note 4
and Note 10 of the audited consolidated financial statements included elsewhere
in this Annual Report on Form 10-K. We believe our existing cash and cash
equivalents will be sufficient to meet our needs for at least the next 12
months. While we have generated positive cash flows from operations in recent
years, we have generated losses from operations in the past as reflected in our
accumulated deficit of $662.2 million as of December 31, 2021. We may not
achieve profitability in the foreseeable future due to the investments we intend
to make and may require additional capital resources to execute strategic
initiatives to grow our business.

This assessment is a forward-looking statement and involves risks and
uncertainties. Beyond the next 12 months, we have contractual commitments that
we are reasonably likely to incur consisting of operating lease obligations of
$46.8 million, finance lease obligations of $64.0 million, and non-cancelable
purchase commitments of $21.8 million, as disclosed in Note 4 and Note 10 of the
audited consolidated financial statements included elsewhere in this Annual
Report on Form 10-K. Our additional future capital requirements will depend on
many factors, including our revenue growth rate, new customer acquisition and
subscription renewal activity, timing of billing activities, our ability to
integrate the companies or technologies we acquire and realize strategic and
financial benefits from our investments and acquisitions, the timing and extent
of spending to support further sales and marketing and research and development
efforts, general and administrative expenses to support our growth, including
international expansion, and the ongoing impact of the COVID-19 pandemic. We may
in the future enter into arrangements to acquire or invest in complementary
businesses, services, and technologies, including intellectual property rights.
We may be required to seek additional equity or debt financing to fund these
activities. If we are unable to raise additional capital when desired, or on
acceptable terms, our business, results of operations, and financial condition
could be materially adversely affected.

Further, as of December 31, 2021, we did not have any relationships with
unconsolidated organizations or financial partnerships, such as structured
finance or special purpose entities, that would have been established for the
purpose of facilitating off-balance sheet arrangements or other contractually
narrow or limited purposes.

Le tableau suivant résume nos flux de trésorerie pour les périodes présentées :

                                                              Year Ended December 31,
                                                         2021           2020           2019
                                                                   (in thousands)

Trésorerie nette fournie par (utilisée dans) les activités opérationnelles 36 730 $ 21 853 $ (7 004 $)
Trésorerie nette utilisée dans les activités d’investissement

                   (541,768 )      (33,511 )      (66,685 )
Net cash provided by financing activities                711,826        272,117         92,757


                                       55
--------------------------------------------------------------------------------

Activités opérationnelles


Our largest source of cash from operating activities is collections from the
sales of subscriptions to our customers. Our primary uses of cash from operating
activities are for personnel expenses, marketing expenses, hosting and software
license expenses, and overhead.

Net cash provided by operating activities was $36.7 million in 2021 which
resulted from a net loss of $265.2 million, adjusted for non-cash charges of
$247.9 million and a net cash inflow of $54.0 million from changes in operating
expenses and liabilities. The $54.0 million of net cash inflows provided as a
result of changes in our operating assets and liabilities primarily reflected
the following:

• une 78,7 millions de dollars augmentation des produits différés principalement attribuable à la croissance

de nos activités et du calendrier de facturation ;

• une 38,2 millions de dollars augmentation des charges à payer et autres passifs

principalement en raison du calendrier des paies et des paiements en espèces à nos fournisseurs, et

les cotisations accumulées au régime d’achat d’actions des employés (« ESPP ») ; et

• une 4,0 millions de dollars augmentation des créditeurs principalement due au calendrier

paiements en espèces à nos fournisseurs.

Ces variations de nos actifs et passifs d’exploitation ont été partiellement compensées par les éléments suivants :

• une 34,2 millions de dollars augmentation des débiteurs principalement attribuable au calendrier

facturations et encaissements des clients ;

• une 16,7 millions de dollars augmentation des charges payées d’avance et autres actifs principalement

en raison des paiements de retenue en espèces versés à certains employés de Levelset à la

clôture de l’acquisition qui sont soumis à l’acquisition en fonction des futurs

service, décrit plus en détail à la note 5 de nos états financiers consolidés audités

        statements, and timing of cash payments to our vendors;


    •   a $10.2 million increase in deferred contract cost assets related to

commissions suite à des contrats clients supplémentaires clôturés au cours de

point final; et

• une 5,7 millions de dollars diminution des dettes de location simple liées aux contrats de location

Paiements.



Net cash provided by operating activities was $21.9 million in 2020, which
resulted from a net loss of $96.2 million, adjusted for non-cash charges of
$114.9 million and net cash inflow of $3.1 million from changes in operating
assets and liabilities. The $3.1 million of net cash inflows provided as a
result of changes in our operating assets and liabilities primarily reflected
the following:

• une 41,8 millions de dollars augmentation des produits différés principalement attribuable à la croissance

de nos activités et le calendrier de facturation.

Ces variations de nos actifs et passifs d’exploitation ont été partiellement compensées par les éléments suivants :

• une 19,6 millions de dollars augmentation des débiteurs principalement attribuable au calendrier

facturations et encaissements des clients ;

• une 6,2 millions de dollars diminution des dettes de location simple liées aux contrats de location

Paiements;

• une 6,2 millions de dollars augmentation des charges payées d’avance et autres actifs principalement

        to timing of cash payments to our vendors; and


    •   a $5.4 million decrease in accrued expenses and other liabilities
        primarily due to timing of cash payments to our vendors and timing of
        payroll.


Investing Activities

Net cash used in investing activities of $541.8 million in 2021 consisted of the
acquisitions of Levelset, LaborChart and Indus, net of cash acquired, of $509.8
million, capitalized software development costs of $15.2 million, purchases of
property, plant, and equipment of $12.4 million, and strategic investments of
$4.3 million.

Trésorerie nette affectée aux activités d’investissement de 33,5 millions de dollars en 2020 a consisté en l’acquisition de Esticom et Avata Intelligence Inc. (« Avata »), déduction faite de la trésorerie acquise, de 14,5 millions de dollarsdes frais de développement de logiciels capitalisés de 11,8 millions de dollarset les achats d’immobilisations corporelles de 7,2 millions de dollars principalement liés à l’amélioration de nos espaces de bureaux loués et à l’achat de matériel informatique.

Activités de financement

La trésorerie nette provenant des activités de financement a été 711,8 millions de dollars en 2021, qui consistait principalement en 665,1 millions de dollars du produit net de notre introduction en bourse, 43,1 millions de dollars du produit des levées d’options d’achat d’actions, et 9,5 millions de dollars du produit de l’ESPP partiellement compensé par 3,9 millions de dollars en paiements de frais d’offre reportés et 1,5 million de dollars en paiements sur nos obligations de location-financement.

                                       56

--------------------------------------------------------------------------------


Net cash provided by financing activities of $272.1 million in 2020 primarily
consisted of the proceeds of $189.8 million from the issuance of our Series I
redeemable convertible preferred stock and preferred stock warrant, proceeds
from the exercise of the Series I redeemable convertible preferred stock warrant
of $55.0 million, and proceeds from stock option exercises of $31.2 million,
partially offset by payments of offering costs of $2.3 million in connection
with the anticipated sale of our common stock.

                                Credit Facility

Our Credit Facility provides for debt financing of up to $75.0 million to be
used for general corporate purposes, including the financing of working capital
requirements, and is secured by a blanket lien on the Company's assets. The
Credit Facility has a maturity date of May 7, 2022, and carries a fee of 0.225%
applied to unused balances and an interest rate equal to the Wall Street Journal
prime rate plus 1.25% applied to all amounts outstanding, with a floor of 3.25%.
The Credit Facility contains financial covenants that require us to maintain
minimum annual recurring revenue, as defined in the loan and security agreement,
and a liquidity ratio, if the Credit Facility is drawn, of at least 1.25 to
1.00. The Credit Facility also contains restrictions on our ability to dispose
of our business or property, engage in changes in business, merge with or
acquire another business, incur indebtedness, encumber the collateral securing
the Credit Facility, pay dividends, make distributions or payments to
stockholders or redeem, retire, or repurchase any capital stock, or make any
restricted investments. As of December 31, 2021, no amounts had been drawn down
under the Credit Facility, and we were in compliance with all covenants.

The Credit Facility also provides us with the ability to issue standby letters
of credit for up to $15.0 million, which if issued reduce the amount available
for borrowing under the Credit Facility. As of December 31, 2021, we had issued
letters of credit totaling $6.5 million to secure various U.S. and Australia
leased office facilities. We may need to secure our leases with restricted cash
in the future if the Credit Facility is not renewed at maturity.

                       Remaining Performance Obligations

Our subscriptions typically have a term of one to three years. The transaction
price allocated to remaining performance obligations under our subscriptions
represents the contracted transaction price that has not yet been recognized as
revenue, which includes deferred revenue and amounts under non-cancelable
subscriptions that will be invoiced and recognized as revenue in future periods.
As of December 31, 2021, the aggregate amount of the transaction price allocated
to remaining performance obligations was $602.6 million, of which approximately
70% is expected to be recognized as revenue in the next 12 months and
substantially all of the remainder between 12 and 36 months thereafter. We
expect remaining performance obligations to change from period to period
primarily due to the size, timing and duration of new customer contracts and
customer renewals. Remaining performance obligations are also impacted by
acquisitions

                   Critical Accounting Policies and Estimates

Critical accounting policies and estimates are those accounting policies and
estimates that are both the most important to the portrayal of our net assets
and results of operations and require the most difficult, subjective, or complex
judgments, often as a result of the need to make estimates about the effect of
matters that are inherently uncertain. These estimates are developed based on
historical experience and various other assumptions that we believe to be
reasonable under the circumstances. Critical accounting estimates are accounting
estimates where the nature of the estimates are material due to the levels of
subjectivity and judgment necessary to account for highly uncertain matters or
the susceptibility of such matters to change and the impact of the estimates on
financial condition or operating performance is material.

Les principales conventions comptables et estimations, hypothèses et jugements qui, selon nous, ont l’incidence la plus importante sur nos états financiers consolidés audités sont décrites ci-dessous.

Comptabilisation des revenus

Nous comptabilisons les produits lorsqu’un client obtient le contrôle des services promis. Le montant des produits comptabilisés reflète la contrepartie que nous prévoyons recevoir en échange de ces services.

Nous déterminons la comptabilisation des produits selon les étapes suivantes :

  • Identification of the contract, or contracts, with the customer;


  • Identification of the performance obligations in the contract;


  • Determination of the transaction price;


    •   Allocation of the transaction price to the performance obligations in the
        contract; and


                                       57
--------------------------------------------------------------------------------

• Comptabilisation du chiffre d’affaires lorsque, ou au fur et à mesure, nous satisfaisons à une obligation de performance.



We execute a signed contract with the customer that specifies the services to be
provided, the payment amounts and terms, and the period of service, among other
terms. The transaction price is determined by the stated fixed fees in the
contract, excluding any sales related taxes.

Our subscriptions often include promises to transfer multiple services.
Determining whether services are considered distinct performance obligations
that should be accounted for separately or together may require judgment. Our
subscriptions include access to our products and customer support over the
subscription period. Access to the products and customer support represent a
series of distinct services as we fulfill our obligation to the customer and the
customer receives and consumes the benefits of the products and support over the
subscription term. The series of distinct services represents a single
performance obligation.

Nous comptabilisons les revenus au prorata sur la durée de l’abonnement à compter de la date à laquelle le service est mis à la disposition du client.

Coûts pour obtenir un contrat avec un client


We recognize an asset for the incremental and recoverable costs of obtaining a
contract with a customer if we expect the benefit of those costs to be one year
or longer. We have determined that sales commissions and bonuses paid for new
contracts, including certain incremental sales to existing customers, meet the
requirements to be capitalized as contract acquisition costs. The contract cost
assets are deferred and then recognized on a straight-line basis over the
expected period of benefit, which we estimate to be four years, which may exceed
the term of the initial contract if commissions expected to be paid upon renewal
are not commensurate with that of the original contract. Judgment is required to
determine the expected period of benefit, which is based on estimates of
customer lives and product technology life.

Regroupements d’entreprises


We account for business combinations using the acquisition method of accounting.
We allocate the fair value of purchase consideration to the tangible assets
acquired, liabilities assumed, and intangible assets acquired based on their
estimated fair values. The excess of the fair value of purchase consideration
over the fair values of these identifiable assets and liabilities is recorded as
goodwill. Accounting for business combinations requires us to make estimates
primarily relating to the valuation of intangible assets. Intangible assets
consist primarily of acquired developed technology and acquired customer
relationships. Valuations of acquired intangible assets require us to make
judgments about the selection of valuation methodologies and also significant
estimates and assumptions, including, but not limited to, (1) the estimated
level of effort and related costs of reproducing or replacing the assets
acquired, (2) future expected cash flows from using the acquired customer
relationships and technology, including future expected revenue, the rate of
customer non-renewals of subscriptions, and operating expenses to deliver such
expected revenue, (3) discount rates, (4) estimated royalty rate specifically
used to value the acquired technology, and (5) selection of comparable
companies. Fair value estimates are based on the assumptions management believes
a market participant would use in valuing the asset or liability. Amounts
recorded in a business combination may change during the measurement period,
which is a period not to exceed one year from the date of acquisition, as
additional information about conditions existing at the acquisition date becomes
available.

Stock-Based Compensation

Stock-based compensation expense related to stock awards is recognized based on
the fair value of the awards granted. The fair value of RSUs and restricted
stock awards ("RSAs") is based on the estimated fair value of our common stock
on the grant date. The fair value of each option award and ESPP purchase right
is estimated on the grant date using the Black-Scholes option pricing model. The
primary input in determining the fair value of the stock- based awards is the
value of our common stock. Prior to becoming publicly traded, the valuation of
our common stock required estimates which involve inherent uncertainties and the
application of management's judgment, as described below. The determination of
the grant date fair value using the Black-Scholes option-pricing model is
affected by the estimated fair value of our common stock as well as volatility,
expected term, dividend yield, and risk-free rate. These assumptions represent
management's best estimates and if different assumptions had been used, our
stock-based compensation expense could have been materially different.

For awards that vest solely based on continued service, the grant date fair
value is recognized as compensation expense on a straight-line basis over the
requisite service period of the awards, which is generally four years. For
awards that contain both performance and service vesting conditions, the grant
date fair value is recognized as compensation expense using a graded vesting
attribution model. No expense is recognized for awards with performance
conditions until that condition is probable of being met. We account for
forfeitures as they occur instead of estimating the number of awards expected to
be forfeited.

                                       58
--------------------------------------------------------------------------------


Prior to our IPO, we had granted RSUs to certain employees and non-employee
consultants that contained both liquidity- and service-based vesting conditions.
Upon the effective date of the registration statement for our IPO in May 2021,
the liquidity-based condition for all RSUs granted was satisfied and we
recognized a cumulative catch-up stock-based compensation adjustment of $115.3
million in our consolidated statement of operations and comprehensive loss for
the portion of the service period satisfied from the grant date through the
effective date of the registration statement. All RSUs granted subsequent to the
IPO vest based on continued service, which is generally over four years. As of
December 31, 2021, the total unrecognized stock-based compensation cost for all
RSUs outstanding at that date was $281.0 million, which is expected to be
recognized over a weighted-average vesting period of 2.0 years.

As of December 31, 2021, the total unrecognized stock-based compensation cost
for unvested stock options was $12.2 million, which is expected to be recognized
over a weighted-average period of 1.1 years.

We issued RSAs to certain employees in connection with the acquisition of Honest
Buildings in July 2019. The fair value of the RSAs was based on the fair value
of the underlying stock issued. These shares were released from restriction 50%
on the first anniversary and 50% on the second anniversary of the acquisition
date based on the continued service of the key employees. As of December 31,
2021, all of the RSAs have vested. During 2021 and 2020, we recognized
stock-based compensation expense of $1.6 million and $2.7 million, respectively,
relating to these RSAs.

We issued 199,670 RSAs to certain Levelset employees in connection with the
acquisition of Levelset in November 2021 that vest based on their continued
service over a two-year period. The fair value of the RSAs issued was $95.05 per
share which was the closing trading stock price of our common stock on the
acquisition date. These shares are released from restriction quarterly over a
two-year period assuming the continued service of the employees. As of December
31, 2021, no shares have vested. During 2021, we recognized stock-based
compensation expense of $1.6 million relating to these shares.

We issued 166,370 shares of common stock in connection with the ESPP in November
2021. Employee payroll contributions used to purchase these shares were
reclassified to stockholders' equity on the purchase date. Stock-based
compensation expense related to the ESPP is recognized on a straight-line basis
over the offering period. During 2021, we recognized stock-based compensation
expense of $8.5 million relating to the ESPP.

Évaluations des actions ordinaires


Subsequent to the completion of our IPO in May 2021, the fair value of our
common stock is determined based on the trading price of our common stock. Prior
to the IPO, given our common stock was not publicly traded, our board of
directors exercised significant judgment in determining the fair value of our
common stock with input from management, based on several objective and
subjective factors. Factors considered by our board of directors include:

• nos performances historiques, notre situation financière et nos perspectives à

moment approximatif de l’octroi des attributions d’actions ;

• la valeur des sociétés que nous avons considérées comme des pairs en fonction de plusieurs facteurs,

y compris la similitude avec nous en ce qui concerne l’industrie, le modèle commercial,

rentabilité, stade de croissance et risque financier ;

• ventes récentes de nos actions privilégiées convertibles rachetables et actions privées

transactions de vente d’actions;

• l’environnement économique et concurrentiel, y compris l’industrie dans laquelle

nous opérons;

• les droits, préférences et privilèges de nos titres convertibles rachetables

actions privilégiées par rapport à celles de nos actions ordinaires ;

• la probabilité de réalisation d’un événement de liquidité, tel qu’une introduction en bourse ou la vente de

        all or a portion of the company;


  • the lack of an active market for our common stock; and


  • third-party valuations completed near the time of the grant.


Since our inception, we have prepared valuations in a manner consistent with the
method outlined in the American Institute of Certified Public Accountants
Practice Guide, Valuation of Privately- Held-Company Equity Securities Issued as
Compensation.

Pour chaque évaluation effectuée depuis 2016, nous avons estimé l’évaluation de nos actions ordinaires sur la base des valeurs impliquées par les transactions récentes sur nos actions à proximité de la date d’évaluation, le cas échéant, et sur la base d’une méthode de rendement attendu pondérée par la probabilité (« PWERM »). modèle de valorisation. Les valorisations de chacune de ces méthodes sont étroitement rapprochées les unes des autres.

Lors de l’estimation de la valorisation de nos actions ordinaires à l’aide du PWERM, nous avons calculé la valeur de nos capitaux propres en tenant compte de divers scénarios de sortie, y compris les transactions d’introduction en bourse et de vente, et en restant privé.

                                       59

--------------------------------------------------------------------------------


Our equity value in an IPO scenario was determined using the Guideline Public
Company Method. Under the Guideline Public Company Method we analyzed the equity
value compared to trailing and forecast revenues multiples of our Guideline
Public Companies in the software and technology industry and then applied those
multiples to our 12 months trailing and projected revenue, as of the estimated
liquidity, or exit, date.

Our equity value in the sale transactions scenario was determined using the
Recent Transaction Method. Under the Recent Transaction Method, we analyzed
trailing and forecasted revenue multiples implied by recent acquisitions of
companies similar to our business and then applied those multiples to our 12
months trailing and projected revenue, as of the estimated liquidity, or exit,
date. Judgment is required on the selection of comparable companies,
transactions, and the selection of the multiples. The selection of the multiples
included judgments of our relative growth prospects, margin, and risks compared
to the guideline companies. In addition, we are required to estimate our
forecast revenues at the time of the exit event. We allocated the overall equity
value implied by each of these scenarios to our common stock to estimate a per
share value of our common stock.

The fair value of our common stock in a stay private scenario was determined
using an income approach and market approach. Under the income approach, we
forecast discrete cash flows over several years and a terminal value for a
residual period beyond the discrete forecast period, which we discount at our
estimated weighted-average cost of capital to estimate our enterprise value.
Under the market approach, we estimated revenue multiples based on comparable
guideline companies and applied these revenue multiples to our trailing 12
months and forecasted revenue. Judgment is required in estimating our future
cash flows, discount rates, comparable companies, and multiples. We allocated
the equity value implied by these valuation models in the private company
scenario to our common stock using an option pricing model.

Chacune des évaluations ci-dessus a été préparée sur la base d’intérêts minoritaires non négociables.


After determining a per share equity value for each scenario, we discounted the
per share value for the estimated timing of the exit and then assigned a
probability to each scenario to determine a probability weighted per share value
of our common stock. Lastly, we applied a discount for lack of marketability as
our stock is not publicly traded. Judgment is required on estimating the timing
and exit event probabilities and discount for lack of marketability.

                          JOBS Act Accounting Election

The JOBS Act, permits an "emerging growth company" such as us to delay the
adoption of new or revised accounting standards issued subsequent to the
enactment of the JOBS Act until such time as those standards apply to private
companies. We have irrevocably elected not to avail ourselves of this exemption
from new or revised accounting standards, and therefore, we will be subject to
the same new or revised accounting standards as other public companies that are
not emerging growth companies. We intend to rely on other exemptions provided by
the JOBS Act, including not being required to comply with the auditor
attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.

We will remain an emerging growth company until the earliest to occur of: (1)
the last day of our first fiscal year in which we have total annual revenues of
more than $1.07 billion; (2) the date we qualify as a "large accelerated filer,"
with at least $700 million of equity securities held by non-affiliates; (3) the
date on which we have issued more than $1.0 billion in non-convertible debt
securities during the prior three-year period; and (4) the last day of the
fiscal year ending after the fifth anniversary of our IPO.

                        Recent Accounting Pronouncements

Voir « Résumé des activités et principales conventions comptables » à la note 2 de nos états financiers consolidés audités inclus ailleurs dans le présent rapport annuel sur formulaire 10-K pour une description des prises de position comptables récemment publiées.

                                       60

————————————————– ——————————

© Edgar Online, source Aperçus

mPhase Technologies : nomme James Engler, Jr., vétéran du secteur financier, à son conseil d’administration – Formulaire 8-K

mPhase nomme le vétéran de l’industrie financière James Engler, Jr. à son conseil d’administration

Gaithersburg, MD – 20 janvier 2022 – mPhase Technologies, Inc. (OTC Pink : XDSL) (« mPhase » ou la « Société »), une société technologique développant le réseau de recharge mPower EV+ (véhicule électrique) et la plate-forme d’engagement des consommateurs, est heureuse d’annoncer la nomination de l’industrie financière vétéran James Engler, Jr. à son conseil d’administration.

James est actuellement vice-président et directeur financier de Rosemore Inc., une société de gestion de placements privée dont l’héritage dans les secteurs de l’énergie et des transports remonte à plus d’un siècle depuis la fondation de l’American Oil Company (AMOCO) en 1910. En plus de trois ans d’expérience dans la gestion de l’énergie et des investissements chez Rosemore, il a auparavant été cadre supérieur chez PricewaterhouseCoopers LLP (PwC) pendant 15 ans, au service de grands déclarants auprès de la SEC et de sociétés privées du secteur de l’électricité et des services publics. Son principal client chez PwC était le géant des services publics Exelon, où il a géré les audits des 10Qs/Ks pour trois services publics réglementés et a travaillé sur l’audit des unités commerciales de produits de base et de production de l’entreprise.

En plus de son travail sur les audits externes de la SEC, il a passé une rotation de 2 ans au bureau national de PwC où il a soutenu plusieurs équipes de mission à travers le pays lors d’inspections par le Public Company Accounting Oversight Board (PCAOB); a été consultant technique auprès des équipes d’audit de PwC ; et a participé à des discussions avec la SEC, le PCAOB et d’autres organismes de réglementation. Il est titulaire d’un diplôme de premier cycle de l’Université de Towson, est expert-comptable agréé et candidat de niveau II au programme CAIA.

«Avec 18 ans d’expérience en supervision dans un ensemble diversifié d’entreprises dans le domaine de l’énergie, James est un ajout exceptionnel à notre conseil d’administration», a déclaré le PDG de mPhase, Anshu Bhatnagar. « Il a une compréhension approfondie des secteurs du pétrole et du gaz et des services publics – qui occupent tous deux une place importante dans notre avenir en tant qu’entreprise de recharge de véhicules électriques. Ces groupes seront les plus touchés par le passage aux véhicules électriques, donc ses connaissances seront bénéfiques car nous travailler pour faire de notre écosystème mPower un pont vers cet avenir. Nous prévoyons d’avoir James à la tête de notre comité d’audit pour donner à nos clients potentiels et à nos clients une confiance encore plus grande dans notre capacité à devenir un partenaire solide à long terme.

« C’est une période passionnante et anxieuse pour de nombreuses entreprises confrontées à la transition vers les véhicules électriques, qui devrait connaître un point de basculement historique dans les prochaines années », a expliqué James Engler, Jr., membre du conseil d’administration. « J’ai passé près de deux décennies à m’impliquer dans entreprises dans différents segments de la production et de la consommation d’énergie, j’ai donc une perspective opérationnelle et historique unique sur les exigences comptables et réglementaires nécessaires au succès dans le secteur de l’énergie.Je pense que l’écosystème mPower peut jouer un rôle important pour aider les entreprises et les consommateurs à s’adapter à un style de vie EV qui sera fondamentalement différent de ce que nous connaissons aujourd’hui. J’ai hâte de travailler avec mes collègues membres du conseil d’administration pour faire partie de cet avenir passionnant.

À propos de mPhase Technologies

mPhase est une entreprise technologique émergente centrée sur les véhicules électriques et axée sur l’engagement des consommateurs en utilisant l’analyse de données et l’intelligence artificielle pour créer un lien monétisable entre les consommateurs et les détaillants à des moments et à des endroits opportunistes. La Société construit actuellement un écosystème connecté de recharge de véhicules électriques, de connectivité Internet 5G et de solutions logicielles qui optimisent l’engagement des consommateurs dans le cadre d’un modèle SaaS/TaaS, complété par une place de marché conforme à l’ESG qui encourage les actions respectueuses de l’environnement. Marqué sous le mPuissance nom, cet écosystème renforcera la façon dont les gens achètent, dînent, font le plein et interagissent avec le monde pour créer une expérience de vie plus riche. le mPuissance L’écosystème est adapté aux goûts et aux besoins de chacun, avec un accent particulier sur l’autonomisation du consommateur vert de demain. mPhase possède également des unités commerciales axées sur les données générant des revenus récurrents en dehors de son écosystème de consommateurs, en plus de la technologie de nanobatterie héritée et d’un portefeuille de brevets connexe qui sont prévus pour un développement futur. Des informations supplémentaires peuvent être trouvées sur le site Web de mPhase, www.mphasetech.com; et à www.mpower.co. Veuillez nous suivre sur Twitter : @mPhase_Tech pour les dernières mises à jour.

Déclaration de sphère de sécurité

Ce communiqué de presse contient certaines déclarations prospectives au sens des dispositions d’exonération de la loi Private Securities Litigation Reform Act de 1995. Ces déclarations sont identifiées par l’utilisation des mots « pourrait », « croire », « anticiper », « avoir l’intention », « estimer », « s’attendre à », « peut », « continuer », « prédire », « potentiel », « projeter » et autres expressions similaires destinées à identifier les énoncés prospectifs. Toutes les déclarations prospectives ne sont valables qu’à la date de ce communiqué de presse. Vous ne devez pas vous fier indûment à ces déclarations prospectives. Bien que nous estimions que nos plans, objectifs, attentes et intentions reflétés ou suggérés par les déclarations prospectives sont raisonnables, nous ne pouvons garantir que ces plans, objectifs, attentes ou intentions seront atteints. Les déclarations prospectives impliquent des risques et des incertitudes importants (dont certains échappent à notre contrôle) et des hypothèses qui pourraient faire en sorte que les résultats réels diffèrent sensiblement de l’expérience historique et des attentes ou projections actuelles. Les résultats réels diffèrent sensiblement de ceux indiqués dans les déclarations prospectives et le cours de nos actions ordinaires peut fluctuer considérablement. Les déclarations prospectives sont également affectées par les facteurs de risque décrits dans les documents déposés par la Société auprès de la Securities and Exchange Commission des États-Unis. Sauf si la loi l’exige, nous n’assumons aucune obligation de mettre à jour ou de réviser publiquement les déclarations prospectives, que ce soit à la suite de nouvelles informations, d’événements futurs ou autrement, après la date à laquelle les déclarations sont faites ou pour refléter la survenance d’événements imprévus. événements.

Contact investisseurs :

ir@mphasetech.com

Contact Investisseur

Brian M. Prénoveau, CFA

Groupe MZ – MZ Amérique du Nord

561-489-5315

XDSL@mzgroup.us

www.mzgroup.us

Summit Wireless Technologies : nomme l’expert en marketing des marques grand public David M. Howitt au conseil d’administration – Formulaire 8-K

Summit Wireless Technologies nomme des marques grand public

L’expert en marketing David M. Howitt au conseil d’administration

SAN JOSE, Californie– 20 décembre 2021 (BUSINESS WIRE)– Summit Wireless Technologies, Inc. (Nasdaq : WISA), l’un des principaux fournisseurs de technologies sonores immersives et sans fil pour les appareils intelligents et les systèmes de divertissement de nouvelle génération, a nommé David M. Howitt, expert en marque grand public et PDG et fondateur de Meriwether Group, LLC, à son conseil d’administration. Cette nomination porte à huit le nombre de membres du conseil d’administration.

« Avec plus de vingt ans d’expérience dans la fourniture de conseils en matière de marque, de marketing et de stratégie à des marques de consommation perturbatrices, emblématiques et authentiques, allant de la mise à l’échelle aux sociétés Fortune 100, David est un ajout important à notre conseil d’administration », a déclaré Brett Moyer, PDG, président , et président de Summit Wireless Technologies. « Son expérience en tant que vice-président des licences chez adidas et conseiller de marques emblématiques comme Airstream, Dave’s Killer Bread, Handel’s Ice Cream, Stumptown Coffee et Voodoo Donuts, contribuera de manière significative à faire de WiSA une marque mondiale pour l’audio sans fil pour les appareils intelligents.  »

Howitt a déclaré : « Summit Wireless dispose de la technologie pour la prochaine génération d’audio spatial au monde et WiSA construit la marque leader que les consommateurs reconnaissent pour son son spatial haute performance. Combinés, ces actifs créent une opportunité incroyable de stimuler l’innovation et la perturbation du marché. Je suis hâte de travailler avec Brett et le conseil d’administration pour créer des partenariats innovants et un développement commercial clé afin de perturber la catégorie des technologies du son. »

David M. Howitt

Howitt, fondateur et PDG de Groupe Meriwether et auteur de Heed Your Call, est un leader d’opinion inspirant et un entrepreneur accompli. Howitt aide les entreprises à intégrer leurs visions, leurs stratégies de croissance, à faire évoluer leurs marques, à augmenter leurs revenus et à créer de la valeur pour l’entreprise. Pendant près de deux décennies, Meriwether a travaillé avec des marques perturbatrices qui changent le statu quo et créent une évolution ou une révolution dans leurs catégories fatiguées et périmées. Howitt a fourni des conseils à Stumptown Coffee, Dave’s Killer Bread, Pendleton, adidas, Voodoo Doughnut, Salomon, Airstream, Klim, Bloch, Handel’s Ice Cream et bien d’autres. Avant Meriwether, il a travaillé chez adidas en gérant les licences et le développement commercial de 2004 à 2008 et en tant que conseiller juridique de 1997 à 2001. Au cours de la décennie écoulée, il a été conseiller juridique et associé chez Oregon Chai. Howitt a commencé sa carrière en tant qu’associé chez Schwabe Williamson & Wyatt et procureur de district adjoint au bureau du procureur de district du comté de Multnomah.

Howitt est également membre du conseil consultatif de Bloch International. Il a obtenu son baccalauréat en sciences politiques/philosophie à l’Université Denison et son JD, droit de l’environnement et des ressources naturelles à la Lewis & Clark Law School.

Acheter des produits certifiés WiSA

Les produits WiSA Certified™ sont disponibles dans de nombreux magasins et boutiques en ligne. Recherchez le système WiSA qui convient le mieux à votre style de vie. Pour économiser 100 $ sur les systèmes Milan 5.1 ou Monaco 5.1, tous deux livrés avec le WiSA SoundSend inclus, utilisez le code de réduction WISA 100 $ sur le Platin Audio – Enceintes sans fil et son surround.

À propos de Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ : WISA) est l’un des principaux fournisseurs de technologies sonores immersives et sans fil pour les appareils intelligents et les systèmes de divertissement à domicile de nouvelle génération. Travaillant avec les principales marques et fabricants CE tels que Harman International, une division de Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, une filiale de Microsoft et d’autres, Summit Wireless offre des expériences audio fluides et dynamiques pour le contenu haute définition, y compris les films et les vidéos, la musique, les sports, les jeux/esports, et plus encore. Summit Wireless est un membre fondateur de WiSA, la Wireless Speaker and Audio Association et travaille en partenariat commun pour défendre la norme d’interopérabilité la plus fiable dans l’industrie audio. Summit Wireless a son siège à San Jose, en Californie, avec des équipes de vente à Taïwan, en Chine, au Japon et en Corée. Pour plus d’informations, s’il vous plaît visitez: www.summitwireless.com.

À propos de WiSA, LLC

WiSA®, la Wireless Speaker and Audio Association, est un consortium d’électronique grand public dédié à la création d’une norme d’interopérabilité utilisée par les principales marques et fabricants pour fournir un son immersif via des appareils intelligents. Les composants WiSA Certified™ de n’importe quelle marque membre peuvent être combinés pour augmenter considérablement le plaisir des films et des vidéos, de la musique, des sports, des jeux/esports, et plus encore. WiSA combine également un son surround robuste, haute définition, multicanal et à faible latence avec la configuration simple d’une barre de son. Pour plus d’informations sur WiSA, veuillez visiter: www.wisaassociation.org.

© 2021 Summit Wireless Technologies, Inc. Tous droits réservés. Summit Wireless Technologies et le logo Summit Wireless sont des marques commerciales de Summit Wireless Technologies, Inc. Le logo WiSA, WiSA, WiSA Ready et WiSA Certified sont des marques commerciales ou des marques de certification de WiSA LLC. Les noms commerciaux, marques déposées et noms de produits de tiers sont la propriété intellectuelle de leurs propriétaires respectifs et les noms de produits sont la propriété intellectuelle de leurs propriétaires respectifs.

Déclaration de sphère de sécurité

Ce communiqué de presse contient des déclarations prospectives, qui ne sont pas des faits historiques, au sens de l’article 27A du Securities Act de 1933, tel qu’amendé, et de l’article 21E du Securities Exchange Act de 1934, tel qu’amendé. Nos résultats, performances ou réalisations réels peuvent différer sensiblement de ceux exprimés ou sous-entendus par ces déclarations prospectives. Dans certains cas, vous pouvez identifier les déclarations prospectives en utilisant des mots tels que « peut », « pourrait », « s’attendre à », « avoir l’intention de », « planifier », « rechercher », « anticiper », « croire », « estimer », « prédire », « potentiel », « continuer », « probablement », « sera », « sera » et les variations de ces termes et expressions similaires, ou le négatif de ces termes ou expressions similaires. Ces déclarations prospectives sont nécessairement basées sur des estimations et des hypothèses qui, bien que considérées comme raisonnables par nous et notre direction, sont intrinsèquement incertaines. Par conséquent, les lecteurs sont priés de ne pas se fier indûment à ces déclarations prospectives. Les résultats réels peuvent différer sensiblement de ceux indiqués dans ces déclarations prospectives en raison des risques et des incertitudes affectant les activités de Summit Wireless, y compris les incertitudes macroéconomiques actuelles associées à la pandémie de COVID-19, notre incapacité à prévoir ou à mesurer les perturbations de la chaîne d’approvisionnement résultant de la pandémie de COVID-19 et d’autres facteurs, notre capacité à prédire le moment où les conceptions gagnantes entrent en production et les revenus potentiels futurs associés à nos conceptions gagnantes ; notre taux de croissance; notre capacité à prévoir la demande des clients pour nos produits existants et futurs et à garantir une capacité de fabrication adéquate ; les conditions de la demande des consommateurs affectant les marchés finaux de nos clients ; notre capacité à embaucher, retenir et motiver les employés ; les effets de la concurrence, y compris la concurrence par les prix ; évolutions technologiques, réglementaires et juridiques ; l’évolution de l’économie et des marchés financiers et d’autres risques détaillés de temps à autre dans les documents déposés par Summit Wireless auprès de la Securities and Exchange Commission.

Contacts

Kirsten Chapman, LHA Relations avec les investisseurs, 415.433.3777, sommet@lhai.com

Sarah Cox, Idem PR pour WiSA, 765.546.1036, sarah@dittoepr.com

Keith Washo, Association WiSA, 984.349.2727, kwasho@wisaassociation.org