210 Barton Springs RoadSuiteAustinTexas0001839341FALSECore Scientific, Inc./tx00018393412022-08-112022-08-110001839341us-gaap:CommonStockMember2022-08-112022-08-110001839341us-gaap:WarrantMember2022-08-112022-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2022
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-40046 86-1243837
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
 
210 Barton Springs Road, Suite 300
Austin, Texas
 78704
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (512) 402-5233

(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading
Symbol(s)
 Name of each exchange
on which registered
Common stock, par value $0.0001 per share CORZ The Nasdaq Global Select Market
Warrants, exercisable for shares of common stock CORZW The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02    Results of Operations and Financial Condition

On August 11, 2022, Core Scientific, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2022. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

On August 11, 2022, the Company also released a corporate presentation reporting such results. A copy of the presentation is furnished hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure
The information contained in Item 2.02 is incorporated herein by reference.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01    Financial Statement and Exhibits
(d) Exhibits
  
Exhibit
No.
Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Core Scientific, Inc.
Dated: August 11, 2022
By:/s/ Todd M. DuChene
Name:Todd M. DuChene
Title:Executive Vice President, General Counsel, Chief Compliance Officer and Secretary



Document
csheader.jpg
Exhibit 99.1
PRESS RELEASE
www.corescientific.com
Core Scientific Announces Second Quarter 2022 Results
AUSTIN, Texas—August 11, 2022—Core Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance blockchain data centers and software solutions, reported its financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights (Compared to Second Quarter 2021)1
Self-mining bitcoin production increased 1,769% to 3,365 bitcoins
1,959 bitcoins held as of June 30, 2022
Total hashrate of 17.9 EH/s consisting of 10.3 EH/s self-mining and 7.6 EH/s hosting
YTD 2022 Financial Highlights (Compared to YTD 2021)1
Self-mining bitcoin production increased 1,601% to 6,567 bitcoins

“Our team remained focused on our business objectives, delivering second quarter revenue of $164.0 million, an increase of more than 115 percent over the prior year,” said Mike Levitt, Core Scientific Chief Executive Officer. “We are now managing over 200,000 servers generating over 20 EH/s in approximately 800,000 square feet of our own custom-developed data centers across five states. We deployed 14,000 servers in July and have already deployed over 17,000 in August. This month we are averaging over 40 self-mined bitcoins per day, including producing a company record 45.7 bitcoin in a single day on August 10. With enhanced liquidity from bitcoin sales and our committed equity facility, line of sight to improved hosting margins and manageable principal and interest payments on our liabilities, we remain well positioned to navigate current market conditions and emerge from these markets a larger, stronger and more profitable company.”


Second Quarter 2022 Financial Results (Compared to Second Quarter 2021)1
Total revenue of $164.0 million increased by $88.7 million, or 118%, from $75.3 million. The increase in total revenue was driven primarily by increases in digital asset mining revenue and hosting revenue, partially offset by a decrease in equipment sales.
Total hosting revenue of $38.9 million increased by $20.4 million, or 110%, from $18.6 million. The increase in hosting revenue from customers was driven primarily by the onboarding of new clients and the execution of new related party hosting contracts for miners deployed.
Total equipment sales of $15.2 million decreased by $30.8 million, or 67%, from $46.0 million. The decrease in equipment sales to customers was primarily driven by fewer miners being deployed, partially offset by higher equipment sales to related parties driven by higher demand for new generation mining equipment.
Digital asset mining revenue of $109.8 million increased by $99.1 million, or 920%, from $10.8 million. The increase in mining revenue was driven primarily by an increase in our self-mining hash rate to 10.3 EH/s from 0.45 EH/s. The total number of bitcoins awarded was 3,365 compared to 180. The average price of bitcoin was $32,502 as compared to $46,498, a decrease of 30%.
1 Results are preliminary. The Company expects to file its Quarterly Report on Form 10-Q on August 15, 2022 and actual results may vary.
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Core Scientific, Inc. Q2 2022 Earnings Release - 2
Cost of revenue of $151.3 million increased by $100.5 million, or 198%, from $50.8 million. The increase in cost of revenue was primarily attributable to higher power consumption costs of $45.9 million driven by an increase in the number of self-mining and hosted miners operating in our fleet. Depreciation expense increased $46.3 million driven by an increase in the number of self-mining units deployed, higher personnel and facilities operating costs driven by the opening and expansion of our data centers of $25.8 million, which includes increased stock-based compensation of $16.9 million, increased payroll and benefit costs for personnel of $3.6 million. The increase in cost of revenue was partially offset by lower equipment sales costs of $17.6 million. As a percentage of total revenue, cost of revenue totaled 92% and 67% for the three months ended June 30, 2022 and 2021, respectively.

Gross profit of $12.7 million decreased by $11.8 million, or 48%, from $24.5 million. The decrease in gross profit was driven primarily by a $18.9 million decrease in gross profit in the hosting and equipment segment, partially offset by an $7.1 million increase in gross profit for the mining segment, driven by an increase in mining revenue. The decrease in gross margin for the mining segment was driven by higher miner depreciation as well as higher power costs and lower average price per bitcoin mined.

Operating loss of $1.09 billion decreased by $1.11 billion from an operating income of $15.5 million. The decrease was predominantly due to a $840.0 million impairment of goodwill, a $150.2 million impairment of digital assets, higher total operating expenses of $106.9 million and a $13.1 million loss on exchange or disposal of property, plant and equipment. The increase in total operating expenses was driven primarily by a $92.0 million increase in stock-based compensation, primarily reflecting an amendment to our restricted stock unit awards made in June 2022 that resulted in the elimination of the performance condition that had previously required a change in control or public offering before the awards could vest. The increase in operating expenses was further driven by a $4.6 million of higher professional fees, primarily related to investments made to support public company readiness, and $3.4 million of higher payroll and benefit costs for personnel.

Net loss of $861.7 million increased by $858.3 million from a net loss of $3.4 million. The increase in net loss was due to a $840.0 million impairment of goodwill, a $150.2 million impairment of digital assets and higher total operating expenses of $106.9 million, partially offset by a decrease in the fair value of the convertible notes (excluding interest expense and changes in instrument-specific credit risk) and corresponding gain of $195.1 million, a decrease in the fair value of the derivative warrant liabilities and corresponding gain of $22.2 million and an increase in the income tax benefit of $46.8 million.

Adjusted EBITDA increased $38.3 million to $59.1 million from $20.8 million. The increase was due to higher gross profit, excluding depreciation and amortization and share-based compensation, partially offset by higher operating expenses, excluding stock-based compensation and depreciation and amortization.

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Core Scientific, Inc. Q2 2022 Earnings Release - 3
YTD 2022 Financial Results (Compared to YTD 2021)1
Total revenue of $356.5 million increased by $226.9 million, or 175%, from $129.5 million. The increase in total revenue was driven primarily by increases in digital asset mining revenue and hosting revenue, partially offset by a decrease in equipment sales.
Total hosting revenue of $72.2 million increased by $40.9 million, or 131%, from $31.3 million. The increase in hosting revenue from customers was driven primarily by the onboarding of new clients and the execution of new related party hosting contracts for miners deployed.
Total equipment sales of $41.5 million decreased by $36.4 million, or 47%, from $77.9 million. The decrease in equipment sales to customers was primarily driven by fewer miners being deployed, partially offset by higher equipment sales to related parties driven by higher demand for new generation mining equipment.
Digital asset mining revenue of $242.8 million increased by $222.4 million, from $20.4 million. The year over year increase in mining revenue was driven primarily by an increase in our self-mining hash rate. The total number of bitcoins awarded was 6,567 compared to 386. The average price of bitcoin was $36,876 as compared to $45,914, a decrease of 20%.
Cost of revenue of $273.8 million increased by $183.3 million, or 203%, from $90.5 million. The increase in cost of revenue was primarily attributable to higher power consumption costs of $83.5 million driven by an increase in the number of self-mining and hosted miners operating in our fleet . Depreciation expense increased $85.3 million driven by an increase in the number of self-mining units deployed, higher personnel and facilities operating costs driven by the opening and expansion of our data centers of $35.7 million, which includes increased stock-based compensation of $18.9 million, increased payroll and benefit costs for personnel of $6.7 million. The increase in cost of revenue was partially offset by lower equipment sales costs of $21.3 million. As a percentage of total revenue, cost of revenue totaled 77% and 70% for the six months ended June 30, 2022 and 2021, respectively.

Gross profit of $82.7 million increased by $43.6 million, or 112%, from $39.1 million. The increase in gross profit was driven primarily by a $63.4 million increase in gross profit for the mining segment, driven by higher mining revenue as described above, partially offset by a $19.7 million decrease in the hosting and equipment segment. The decrease in gross margin for the mining segment was driven by higher miner depreciation as well as higher power costs and lower average price per bitcoin mined.

Operating loss of $1.12 billion decreased by $1.15 billion from an operating income of $24.6 million. The decrease was predominantly due to a $840.0 million impairment of goodwill, a $204.2 million impairment of digital assets, higher total operating expenses of $146.3 million and a $13.1 million loss on exchange or disposal of property, plant and equipment. The increase in total operating expenses was driven primarily by a $115.2 million increase in stock-based compensation, primarily reflecting an amendment to our restricted stock unit awards made in June 2022 that resulted in the elimination of the performance condition that had previously required a change in control or public offering before the awards could vest. The increase in operating expenses was further driven by a $12.4 million of higher professional fees, primarily related to investments made to support public company readiness, and $5.6 million of higher payroll and benefit costs for personnel. These decreases in operating income were partially offset by an increase in gross profit of $43.6 million and an increase on gain from sales of digital assets of $14.0 million.

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Core Scientific, Inc. Q2 2022 Earnings Release - 4
Net loss of $1.33 billion decreased by $1.33 billion from net income of $3.4 million. The decrease in net income was due to a $840.0 million impairment of goodwill, a $204.2 million increase in impairment of digital assets, an increase in the fair value of the convertible notes (excluding interest expense and changes in instrument-specific credit risk) and corresponding loss of $191.0 million, higher total operating expenses of $146.3 million and an increase in interest expense, net of $35.8 million. These decreases in net income were partially offset by an increase in gross profit of $43.6 million, a decrease in the fair value of the derivative warrant liabilities and corresponding gain of $32.5 million, an increase on gain from sales of digital assets of $14.0 million and an increase in the income tax benefit of $4.4 million.

Adjusted EBITDA increased $118.9 million to $152.2 million from $33.3 million. The increase was due to higher gross profit, excluding depreciation and amortization and share-based compensation, partially offset by higher operating expenses, excluding stock-based compensation and depreciation and amortization.


LIQUIDITY
As of June 30, 2022, cash and cash equivalents totaled $128.5 million and restricted cash totaled $11.9 million.

As of June 30, 2022, the Company’s Bitcoin balance totaled 1,959. The carrying value of our digital assets was $40.7 million, which reflects accumulated impairment losses of $20.1 million year-to-date.

B. Riley Equity Line of Credit

Under the agreement with B. Riley Principal Capital II, LLC (“B. Riley”), Core Scientific has the right, without obligation, to sell and issue up to $100.0 million of shares of its common stock to B. Riley, subject to certain limitations and satisfaction of certain conditions. Purchase notices may be issued to B. Riley over a 24-month period. Core Scientific issued B. Riley 573,381 shares of common stock as consideration for B. Riley’s commitment to purchase Core Scientific common stock under the purchase agreement. Further details are contained in a Current Report on Form 8-K Core Scientific was filed with the Securities and Exchange Commission.




OUTLOOK
For 2022, the Company continues to expect to achieve total hashrate of between 30 EH/s and 32 EH/s, with total power of approximately 1 GW.
The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.
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Core Scientific, Inc. Q2 2022 Earnings Release - 5
CONFERENCE CALL AND WEBCAST
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Thursday, August 11, 2022, at 4:30 pm Eastern Time that will be webcast live. Mike Levitt, Chief Executive Officer, Denise Sterling, Chief Financial Officer and Steven A. Gitlin, Senior Vice President Investor Relations, will host the call.
Investors may dial into the call by using the following telephone numbers, 1 (844) 200-6205 (U.S. toll-free), 1 (646) 904-5544 (U.S. local) or 1 (929) 526-1599 (international) and providing the access code 481493 five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com. Please allow 15 minutes prior to the call to download and install any necessary audio software. A replay of the audio webcast will be available for one year.
A supplementary investor presentation for the full fiscal year 2021 can be accessed at https://investors.corescientific.com/investors/events-and-presentations/default.aspx.
AUDIO REPLAY
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com and via telephone by dialing 1 (866) 813-9403 (U.S. toll free), 1 (929) 458-6194 (U.S. local) or 44 (204) 525-0658 (all other locations) and entering Access Code 168925.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. Core Scientific has operated blockchain data centers in North America since 2017, using its facilities and intellectual property portfolio for colocated digital asset mining and self-mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas, and expects to commence operations in Oklahoma in the second half of 2022. Core Scientific’s proprietary Minder® fleet management software combines the Company’s colocation expertise with data analytics to deliver maximum uptime, alerting, monitoring and management of all miners in the Company’s network. To learn more, visit http://www.corescientific.com. Information on our website and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.
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Core Scientific, Inc. Q2 2022 Earnings Release - 6
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our and our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example, statements about:
meet future liquidity requirements and comply with restrictive covenants related to indebtedness;
effectively respond to general economic and business conditions, including the price of bitcoin;
maintain the listing on, or to prevent the delisting of our securities from, Nasdaq or another national securities exchange;
obtain additional capital, whether equity or debt;
enhance future operating and financial results;
successfully execute expansion plans;
attract and retain employees, officers or directors;
anticipate rapid changes in laws, regulations and technology;
execute its business strategy, including enhancement of the profitability of services provided;
realize the benefits expected from the acquisition of Blockcap, including any related synergies;
anticipate the uncertainties inherent in the development of new business strategies;
anticipate the impact of the COVID-19 pandemic, including variant strains of COVID-19, and its effect on business and financial conditions;
manage risks associated with operational changes in response to the COVID-19 pandemic, including the emergence of variant strains of COVID-19;
increase brand awareness;
upgrade and maintain effective business controls and information technology systems;
acquire and protect intellectual property;
comply with laws and regulations applicable to its business, including tax laws and laws and regulations related to data privacy and the protection of the environment;
stay abreast of modified or new laws and regulations applicable to its business or withstand the impact of any new laws and regulations related to its industry;
anticipate the impact of, and response to, new accounting standards;
anticipate the significance and timing of contractual obligations;
maintain key strategic relationships with partners and distributors;
respond to uncertainties associated with product and service development and market acceptance;
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Core Scientific, Inc. Q2 2022 Earnings Release - 7
anticipate the impact of changes in U.S. federal income tax laws, including the impact on deferred tax assets; and
successfully defend litigation.
These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
You should read this press release with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.


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Core Scientific, Inc. Q2 2022 Earnings Release - 8
Core Scientific, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
June 30, 20221
December 31,
2021
AssetsUnaudited
Current Assets:
Cash and cash equivalents$128,542 $117,871 
Restricted cash11,938 13,807 
Accounts receivable, net2,840 1,382 
Accounts receivable from related parties677 300 
Deposits for equipment165,662 358,791 
Digital assets40,664 234,298 
Prepaid expenses and other current assets161,234 30,111 
Total Current Assets511,557 756,560 
Property, plant and equipment, net1,049,070 597,304 
Goodwill214,759 1,055,760 
Intangible assets, net5,622 8,195 
Other noncurrent assets14,903 21,045 
Total Assets$1,795,911 $2,438,864 
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
Current Liabilities:
Accounts payable$31,252 $11,617 
Accrued expenses and other124,173 67,862 
Deferred revenue71,837 63,417 
Deferred revenue from related parties36,923 72,945 
Derivative warrant liabilities5,808 — 
Finance lease liabilities, current portion28,570 28,452 
Notes payable, current portion217,674 75,996 
Total Current Liabilities516,237 320,289 
Finance lease liabilities, net of current portion48,701 62,145 
Notes payable, net of current portion (includes $726,555 and $557,007 at fair value)
852,323 652,213 
Other noncurrent liabilities13,393 18,531 
Total Liabilities1,430,654 1,053,178 
Contingently redeemable convertible preferred stock; $0.0001 par value; 2,000,000 shares authorized; — and 10,826 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively; $— and $45,164 total liquidation preference at June 30, 2022 and December 31, 2021, respectively
— 44,476 
Commitments and contingencies
Stockholders’ Equity:
Common stock; $0.0001 par value; 10,000,000 shares authorized at both June 30, 2022 and December 31, 2021; 353,481 and 271,576 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
35 27 
Additional paid-in capital1,695,748 1,379,581 
Accumulated deficit(1,355,306)(27,432)
Accumulated other comprehensive income (loss)24,780 (10,966)
Total Stockholders’ Equity365,257 1,341,210 
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity$1,795,911 $2,438,864 
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Core Scientific, Inc. Q2 2022 Earnings Release - 9
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
20221
2021
20221
2021
Revenue:
Hosting revenue from customers$31,338 $11,895 $58,676 $20,251 
Hosting revenue from related parties
7,598 6,667 13,474 11,003 
Equipment sales to customers
3,507 36,457 3,923 60,499 
Equipment sales to related parties
11,687 9,519 37,576 17,403 
Digital asset mining revenue
109,842 10,765 242,842 20,393 
Total revenue
163,972 75,303 356,491 129,549 
Cost of revenue:
Cost of hosting services43,644 17,550 74,875 29,379 
Cost of equipment sales13,541 31,100 36,076 57,331 
Cost of digital asset mining94,070 2,115 162,820 3,768 
Total cost of revenue
151,255 50,765 273,771 90,478 
Gross profit
12,717 24,538 82,720 39,071 
Gain (loss) from sales of digital assets
11,808 (16)13,971 14 
Impairment of digital assets(150,213)— (204,198)— 
Impairment of goodwill(840,000)— (840,000)— 
Losses on exchange or disposal of property, plant and equipment(13,057)(17)(13,057)(17)
Operating expenses:
Research and development
14,773 1,437 18,113 2,645 
Sales and marketing
10,238 720 11,636 1,254 
General and administrative
90,874 6,822 131,034 10,617 
Total operating expenses
115,885 8,979 160,783 14,516 
Operating (loss) income
(1,094,630)15,526 (1,121,347)24,552 
Non-operating (income) expenses, net:
Loss on debt extinguishment
— 7,974 — 8,016 
Interest expense, net
27,116 10,846 48,792 12,981 
Fair value adjustments on convertible notes(195,061)— 190,976 — 
Fair value adjustments on derivative warrant liabilities(22,189)— (32,464)— 
Other non-operating expenses, net
3,876 3,519 
Total non-operating (income) expenses, net
(186,258)18,822 210,823 20,999 
(Loss) income before income taxes
(908,372)(3,296)(1,332,170)3,553 
Income tax (benefit) expense
(46,702)118 (4,296)118 
Net (loss) income
$(861,670)$(3,414)$(1,327,874)$3,435 
Net (loss) income per share
Basic
$(2.65)$(0.02)$(4.20)$0.02 
Diluted
$(2.65)$(0.02)$(4.20)$0.02 
Weighted average shares outstanding:
Basic
324,967 158,890 316,269 158,338 
Diluted
324,967 158,890 316,269 177,342 
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Core Scientific, Inc. Q2 2022 Earnings Release - 10
Core Scientific, Inc.
Segment Results
(in thousands, except percentages)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Equipment Sales and Hosting Segment
Revenue:
Hosting revenue$38,936 $18,562 $72,150 $31,254 
Equipment sales15,194 45,976 41,499 77,902 
Total revenue54,130 64,538 113,649 109,156 
Cost of revenue:
Cost of hosting services43,644 17,550 $74,875 $29,379 
Cost of equipment sales13,541 31,100 36,076 57,331 
Total cost of revenue$57,185 $48,650 $110,951 $86,710 
Gross (loss) profit$(3,055)$15,888 $2,698 $22,446 
Gross margin2
(6)%25 %%21 %
Mining Segment
Digital asset mining revenue$109,842 $10,765 $242,842 $20,393 
Total revenue109,842 10,765 242,842 20,393 
Cost of revenue94,070 2,115 162,820 3,768 
Gross profit$15,772 $8,650 $80,022 $16,625 
Gross margin214 %80 %33 %82 %
Consolidated
Consolidated total revenue$163,972 $75,303 $356,491 $129,549 
Consolidated cost of revenue$151,255 $50,765 $273,771 $90,478 
Consolidated gross profit$12,717 $24,538 $82,720 $39,071 
Consolidated gross margin2
%33 %23 %30 %
2 Gross margin is calculated as gross profit (loss) as a percentage of total revenue.
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Core Scientific, Inc. Q2 2022 Earnings Release - 11
Core Scientific, Inc.
Total notes payable and finance lease liabilities
(in thousands)
(Unaudited)

The following table summarizes the Company’s debt consisting of notes payable and finance lease liabilities: (in thousands):
Notes payable:Current
(next twelve months)
Noncurrent (greater than 12 months)Total
Equipment financing$145,766 $125,832 $271,598 
Convertible notes— 536,278 536,278 
Bridge loan75,000 — 75,000 
Other734 324 1,058 
Total221,500 662,434 883,934 
Unamortized discount and debt issuance costs(3,826)(388)(4,214)
Fair value adjustment on convertible notes— 190,277 190,277 
Total notes payable$217,674 $852,323 $1,069,997 
Leases:
Equipment financing lease liabilities$28,570 $48,701 $77,271 
Total notes payable and finance lease liabilities$246,244 $901,024 $1,147,268 











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Core Scientific, Inc. Q2 2022 Earnings Release - 12
Core Scientific, Inc. and Subsidiaries
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net income or (loss), adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) gain on sale of intangible assets; (vi) restructuring charges; and (vii) certain additional non-cash or non-recurring items, that do not reflect our ongoing business operations. Adjusted earnings per share (“Adjusted EPS”) is defined as our net income or (loss) divided by our weighted-average diluted shares outstanding, adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) gain on sale of intangible assets; (vi) restructuring charges; and (vii) certain additional non-cash or non-recurring items, that do not reflect our ongoing business operations. For additional information, including the reconciliation of net income (loss) to Adjusted EBITDA and the reconciliation of net income (loss) per diluted share to Adjusted EPS, please refer to the tables below. We believe Adjusted EBITDA and Adjusted EPS are important measures because they allow management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges, and timing differences. Moreover, we have included Adjusted EBITDA in this press release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.
The above items are excluded from our Adjusted EBITDA and Adjusted EPS measures because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA and Adjusted EPS, we may incur future expenses similar to those excluded when calculating these measures. Our presentation of these measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. Further, these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA and Adjusted EPS on a supplemental basis. Our computation of Adjusted EBITDA and Adjusted EPS may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion. You should review the reconciliation of net (loss) income to Adjusted EBITDA and net (loss) income per diluted share to Adjusted EPS below and not rely on any single financial measure to evaluate our business.




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Core Scientific, Inc. Q2 2022 Earnings Release - 13
The following tables reconcile the non-GAAP financial measures to the most directly comparable U.S. GAAP financial performance measure, which is net (loss) income, for the periods presented (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
20221
2021
20221
2021
Adjusted EBITDA
Net (loss) income
$(861,670)$(3,414)$(1,327,874)$3,435 
Adjustments:
Interest expense, net27,116 10,846 48,792 12,981 
Income tax (benefit) expense(46,702)118 (4,296)118 
Depreciation and amortization49,835 3,075 91,974 5,991 
Loss on debt extinguishment— 7,974 — 8,016 
Stock-based compensation expense110,998 2,136 136,795 2,724 
Fair value adjustment on derivative warrant liabilities(22,189)— (32,464)— 
Fair value adjustment on convertible notes(195,061)— 190,976 — 
(Gain) loss from sales of digital assets(11,808)16 (13,971)(14)
Impairment of digital assets150,213 — 204,198 — 
Impairment of goodwill840,000 — 840,000 — 
Losses on exchange or disposal of property, plant and equipment13,057 17 13,057 17 
Gain on sale of intangible assets(5,904)— (5,904)— 
Restructuring charges1,445 — 1,445 — 
Other non-cash or non-recurring items9,781 — 9,424 — 
Adjusted EBITDA$59,111 $20,768 $152,152 $33,268 
Three Months Ended June 30,Six Months Ended June 30,
20221
2021
20221
2021
Adjusted earnings per share (“Adjusted EPS”)
Net (loss) income$(2.65)$(0.02)$(4.20)$0.02 
Adjustments:
Interest expense, net0.08 0.07 0.15 0.07 
Income tax (benefit) expense(0.14)— (0.01)— 
Depreciation and amortization0.15 0.02 0.29 0.03 
Loss on debt extinguishment— 0.05 — 0.05 
Stock-based compensation expense0.34 0.01 0.43 0.02 
Fair value adjustment on derivative warrant liabilities(0.07)— (0.10)— 
Fair value adjustment on convertible notes(0.60)— 0.60 — 
(Gain) loss from sales of digital assets(0.04)— (0.04)— 
Impairment of digital assets0.46 — 0.65 — 
Impairment of goodwill2.59 — 2.66 — 
Losses on exchange or disposal of property, plant and equipment0.04 — 0.04 — 
Gain on sale of intangible assets(0.02)— (0.02)— 
Restructuring charges— — — — 
Other non-cash or non-recurring items0.04 — 0.03 — 
Adjusted EPS$0.18 $0.13 $0.48 $0.19 
Weighted average shares outstanding - diluted324,967 158,890 316,269 177,342 
-more-

Core Scientific, Inc. Q2 2022 Earnings Release - 14
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-end-

draftcorzf22q2erfinal
1AUG 11, 2022 Second Quarter Fiscal Year 2022 Earnings Presentation August 11, 2022


 
2AUG 11, 2022 Legal Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements'' within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, those related to the Company’s ability to scale and grow its business, source clean and renewable energy, the advantages and expected growth of the Company, future estimates of revenue, net income, adjusted EBITDA, liquidity and cash flow, and availability of capital, future estimates of computing capacity and operating power, future demand for hosting capacity, future estimate of hashrate (including mix of self-mining and hosting), operating gigawatts and power, future projects in construction or negotiation and future expectations of operation location, orders for miners and critical infrastructure, future estimates of self-mining capacity, the public float of the Company’s shares, future infrastructure additions and their operational capacity, and operating power and site features of the Company’s operations center in Denton, Texas. These statements are provided for illustrative purposes only and are based on various assumptions and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the U.S. Securities and Exchange Commission (”SEC”) from time to time, including the Company’s definitive proxy statement filed with the SEC on January 3, 2022, and other subsequent filings the Company files with the SEC from time to time, including its Annual Report on Form 10-K for the year ended December 31, 2021, and Current Report on Form 8-K filed on January 24, 2022, and Quarterly Report on form 10-Q for the second quarter ended June 30, 2022, to be filed with the SEC by August 15, 2022. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Year over year comparisons are based on the combined results of Core Scientific and its acquired entities. Non-GAAP Financial Measures This presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and adjusted earnings (loss) per diluted share. The Company believes that these non- GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses certain of these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses and for budgeting and planning purposes. The Company urges investors not to rely on any single financial measure to evaluate its business.


 
3AUG 11, 2022 Core Scientific Snapshot Digital Asset Self-Mining | Colocation Services | Blockchain Technology $164.0M Second Quarter 2022 Revenue +/- Year End 31 EH/s Expected 2022 Hashrate1 $(861.7)M Second Quarter 2022 Net Loss Driven Primarily by Goodwill Impairment +/- Year End 1 GW Expected 2022 Power $59.1M Second Quarter 2022 Adjusted EBITDA +/- Year End 300,000 Servers Expected 2022 Fleet Size Nasdaq: CORZ 1 Represents midpoint of 30 EH/s to 32 EH/s guidance range for 2022E performance


 
4AUG 11, 2022 Second Quarter 2022 Performance Summary 1 Adjusted EBITDA is a non-GAAP financial measure. See slide 19 for a reconciliation of adjusted EBITDA to its most comparable GAAP figure. 2 Adjusted earnings per diluted share is a non-GAAP financial measure. See slide 20 for a reconciliation of adjusted earnings (loss) per diluted share to its most comparable GAAP figure. Metric (dollars in millions except per share amounts) Second Quarter 2022 Notes Total ending hashrate 17.9 EH/s 10% increase from 3/31/22 (16.2 EH/s) Bitcoins produced 3,365 Increased from 3,202 bitcoins in first quarter Bitcoins held 1,959 $40.7 million carrying value as of 6/30/22, including effect of accounting impairment Revenue $164.0 118% increase over prior year Net loss $(861.7) $858.3 million increase in loss over prior year Adjusted EBITDA 1 $59.1 185% increase over prior year Loss per diluted share $(2.65) — Adjusted earnings per diluted share 2 $0.18 38% increase over prior year


 
5AUG 11, 2022 Core Scientific Mined More Bitcoins in the First Half of 2022 than Any Other Listed Digital Asset Miner Sources - BTC mined from monthly update press releases 6,567 2,800 2,218 1,966 1,888 1,863 1,608 939 Core Scientific Riot Blockchain Bitfarms Marathon Digital Hut8 Cleanspark Hive Argo BTC Mined First Half 2022


 
6AUG 11, 2022 Digital Asset Mining Revenue Represented 67% of Second Quarter Revenue and Grew 10x Year-Over-Year (Unaudited) 24% 9% 67% Hosting Equipment Sales Digital Asset Mining Second Quarter 2022 Revenue Mix (In Millions, Unaudited) $18.6 $38.9 $46.0 $15.2 $10.8 $109.8 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 Q2 2021 Q2 2022 Hosting Equipment Sales Digital Asset Mining Second Quarter Revenue by Segment


 
7AUG 11, 2022 Second Quarter Net Loss Driven Primarily by $840 Million Goodwill Impairment (In Millions, Unaudited) SECOND QUARTER 2022 LOSS DRIVERS Revenue Cost of Revenue Gain from Sale of Digital Assets Impairment of Digital Assets Operating Expenses Interest Expense Fair Value Adjustments on Convertible Notes Fair Value Adjustment to Warrant Derivatives Other Non- Operating Expenses Impairment of Goodwill Net Loss $(861.7)M


 
8AUG 11, 2022 Developed and Manage Data Centers Totaling Approximately 800,000 Square Feet Across Five States 100 MW 150 MW 104 MW 195 MW up to 500 MW up to 200 MW up to 200 MW


 
9AUG 11, 2022 Continued Progress on Three Texas Data Center Projects Barstow, TX Pecos, TXDenton, TX Denton, TX


 
10AUG 11, 2022 Metric 2021 Results 2022 Expectations Hashrate 13.5 EH/s 30 to 32 EH/s Power 450+ MW Approximately 1 GW 1 Expectations for Fiscal Year 2022


 
11AUG 11, 2022 Visibility toward 2022 Hashrate Goal 31 EH/s Middle of Guidance Range Year-End 2021 Hashrate Hashrate from Miners Ordered and Hosting Contracted to Install in 2022 New Hashrate Activated in the First Quarter of 2022 New Hashrate Activated in the Second Quarter of 2022 New Hashrate Activated in the Third Quarter of 2022 as of 8/10/22


 
12AUG 11, 2022 $ 536.3 $ 348.9 $ 75.0 $ 1.1 $ 961.2 Convertible Notes Equipment Financing Bridge Loan Facility Mortgages Total Total Debt of ~$1 Billion1 Being Restructured to Improve Cash Flow in the Second Half of 2022 (in thousands) Repayment of principal in April 2025; 4% cash interest, no amortization, 6% payment in kind Payable over approximately 2 years current principal is now $335mm Amended to extend maturity date and timing of principal payments. Modified schedule shifts $37.5M of principal payments from H2 2022 to H1 20232. Current principal is now $58mm 1 Does not include $190,277k Fair Value Adjustment on Convertible Notes or $(4,214)k Unamortized Discount and Debt Issuance Costs 2 Note, under the terms of the amendment, 25% of any ELOC proceeds will be applied to principal amortization of the Bridge Notes with the payments applied in reverse chronological order beginning with the 6/1/2023 payment


 
13AUG 11, 2022 Year-to-Date Q2 2022 Cash to Mine a BTC1 Total Cost (thousands) Per BTC Power Costs $ 55,500 $ 8,500 Operational Costs 2 11,400 1,700 Cash to Mine a BTC $ 66,850 $ 10,200 Total Costs / 6,567 BTC Self-Mining Economics: Year-to-Date Second Quarter Cash (Cost) to Mine a Bitcoin 1 Produced 6,567 Bitcoins during Q1 and Q2 2022 at an average BTC price of ~$37.0K 2 Includes personnel and related costs, software, telecommunications, security, etc. Amount excludes stock-based compensation and depreciation


 
14AUG 11, 2022 Why Core Scientific? A Blockchain Data Center Developer and Operator at Leading Scale Integrated Data Centers for Self- Mining and Hosting Consistent Growth in Capacity and Capability Deep, Experienced Team Proprietary Technology A MARKET LEADER FULL SPECTRUM TRACK RECORD TEAM IP


 
15 Blockchain Computing Data Centers for Self-Mining and Colocation Services


 
16AUG 11, 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $192,519 $163,972 - - Cost of Revenue 122,516 151,255 - - Gross Profit 70,003 12,717 Research and Development 3,340 14,773 - - Sales, Marketing, G&A 41,558 101,112 - - Operating (Loss) Income (26,717) (1,094,630) Net (Loss) Income (466,204) (861,670) - - Adjusted EBITDA 1 93,041 59,111 - - Adjusted EBITDA Margin 48.3% 36.0% - - 2022 Selected Quarterly Results 1 Adjusted EBITDA is a non-GAAP financial measure. See slide slide #19 for a reconciliation of adjusted EBITDA to its most comparable GAAP figure. Unaudited (Thousands) YTD Fiscal Year 2022 Full Fiscal Year 2021 $356,491 $544,483 273,771 305,621 82,720 238,862 18,113 7,674 142,670 64,666 (1,121,347) 131,494 (1,327,874) 47,312 152,152 238,940 42.7% 43.9% Unaudited


 
17AUG 11, 2022 Key Financial and Operating Metrics Quarter Ended Change 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 Y/Y Hosting Hash Rate (EOP) 7.6 7.9 7.0 4.6 5.0 3.2 52% Self-Mining Hash Rate (EOP) 10.3 8.3 6.7 2.7 0.5 0.4 NM Total Hash Rate (EOP) 17.9 16.2 13.7 7.3 5.5 3.6 227% Network Hash Rate (EOP) 214.6 201.8 168.2 140.2 89.0 164.9 141% Core Share of Network 8% 8% 8% 5% 6% 2% 36% # of BTC Mined 3,365 3,202 2,498 1,588 928 753 263% Number of BTC Hosted Miners ('000) 79 82 74 56 61 47 29% Number of BTC Self-Miners ('000) 103 82 67 29 5 4 NM Total BTC Miners est. ('000) 182 164 141 85 66 51 177% Unaudited


 
18AUG 11, 2022 Condensed Consolidated Income Statement Quarter Ended Change ($ Millions) 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 Y/Y Hosting Revenue $38.9 $33.2 $27.6 $20.5 $18.6 $12.7 110% Equipment Sales $15.2 $26.3 $134.8 $35.5 $46.0 $31.9 -67% Digital Asset Mining $109.8 $133.0 $139.4 $57.1 $10.8 $9.6 920% Total Revenue $164.0 $192.5 $301.8 $113.1 $75.3 $54.2 118% Cost of Revenue (excl. SBC) $134.4 $120.5 $156.0 $55.1 $50.8 $39.7 165% Stock-Based Compensation (SBC) $16.9 $2.0 $4.1 $0.0 $0.0 $0.0 - Total Cost of Revenue $151.3 $122.5 $160.1 $55.1 $50.8 $39.7 198% Gross profit $12.7 $70.0 $141.7 $58.1 $24.5 $14.5 -48% Gain on legal settlements $0.0 $0.0 ($0.0) ($2.6) $0.0 $0.0 - Gain from sales of digital currency assets $11.8 $2.2 $4.4 $0.4 ($0.0) $0.0 NM Impairment on goodwill ($840.0) $0.0 $0.0 $0.0 $0.0 $0.0 - Impairment of digital currency assets ($150.2) ($54.0) ($24.7) ($12.6) $0.0 $0.0 - Losses on exchange of disposal or property, plant, and equipment ($13.1) $0.0 $0.0 $0.0 $0.0 $0.0 - Operating Expenses: Research and Development (excl. SBC) $1.6 $1.5 $2.3 $1.6 $1.4 $1.2 11% Sales and Marketing (excl. SBC) $1.2 $1.0 $1.0 $0.9 $0.7 $0.5 63% General and Administrative (excl. SBC) $19.0 $18.7 $12.1 $7.7 $4.7 $3.2 304% Stock-Based Compensation (SBC) $94.1 $23.8 $3.8 $28.3 $2.1 $0.6 NM Total Operating Expenses $115.9 $44.9 $19.3 $38.5 $9.0 $5.5 NM Operating Income ($1,094.6) ($26.7) $102.2 $4.8 $15.5 $9.0 NM Total Non-Operating Income $186.3 ($397.1) ($25.2) ($22.2) ($18.8) ($2.2) NM Net (Loss) Income Before Tax ($908.4) ($423.8) $77.0 ($17.4) ($3.3) $6.8 NM Income Tax (Benefit) Expense ($46.7) $42.4 $16.5 ($0.8) $0.1 $0.0 NM Net (Loss) Income ($861.7M) ($466.2M) $60.5M ($16.6M) ($3.4M) $6.8M NM Adjusted EBITDA $59.1M $93.0M $150.9M $54.7M $20.8M $12.5M 185% Unaudited


 
19AUG 11, 2022 Appendix A Three Months Ended June 30, 2022 2021 Net (loss) income $ (861,670) $ (3,414) Adjustments: Interest expense, net 27,116 10,846 Income tax (benefit) expense (46,702) 118 Depreciation and amortization 49,835 3,075 Loss on debt from extinguishment — 7,974 Stock-based compensation expense 110,998 2,136 Fair value adjustments on derivative warrant liabilities (22,189) — Fair value adjustment on convertible notes (195,061) — Gain (loss) from sales of digital assets (11,808) 16 Impairment of digital assets 150,213 — Impairment of goodwill 840,000 — Losses on exchange or disposal of property, plant and equipment 13,057 17 Gain on sale of intangible assets (5,904) — Restructuring charges 1,445 — Other non-cash and non-recurring items 9,781 — Adjusted EBITDA $ 59,111 $ 20,768 Reconciliation of Second Quarter Fiscal Year 2021-2022 Adjusted EBITDA (Unaudited, Thousands)


 
20AUG 11, 2022 Appendix B Three Months Ended June 30, 2022 2021 Net (loss) income per diluted share $ (2.65) $ (0.02) Adjustments: Interest expense, net 0.08 0.07 Income tax (benefit) expense (0.14) — Depreciation and amortization 0.15 0.02 Loss on debt from extinguishment — 0.05 Stock-based compensation expense 0.34 0.01 Fair value adjustments on derivative warrant liabilities (0.07) — Fair value adjustment on convertible notes (0.60) — Gain (loss) from sales of digital assets (0.04) — Impairment of digital assets 0.46 — Impairment of goodwill 2.59 — Losses on exchange or disposal of property, plant and equipment 0.04 — Gain on sale of intangible assets (0.02) — Restructuring charges — — Other non-cash and non-recurring items 0.04 — Adjusted earnings per diluted share $ 0.18 $ 0.13 Weighted average shares outstanding - diluted 324,967 158,890 Reconciliation of Second Quarter Fiscal Year 2021-2022 Adjusted earnings per share (Unaudited, Shares in Thousands)


 

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