Bloom Energy Announces First Quarter 2022 Financial Results
SAN JOSE, Calif.–(BUSINESS WIRE)–$BE #earnings–Bloom Energy Corporation (NYSE: BE) today announced financial results for its first quarter ended March 31, 2022.
First Quarter Highlights
- Record first quarter revenue of $201.0 million in 2022 on 375 acceptances.
- $493.9 million in cash to fund our near-term investments.
- On-track to add a gigawatt of capacity by 2023.
- Reaffirming our 2022 financial outlook.
- Hosting Investor Conference in our new manufacturing facility in Fremont, CA on May 25th.
Commenting on first quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy, said, “We are very pleased with our operating and financial performance in the first quarter. We have done exactly what we set out to do. In many ways, Bloom Energy’s long-term view of the macro factors that would drive growth for our business are becoming reality. We have an important ability through our product and commercialization strategy to be a meaningful contributor to the energy sector’s efforts to support decarbonization. This is creating significant demand and reaffirming our strategy to build a flexible energy platform to decarbonize major segments of the global economy, and every single one of Bloom Energy’s products are effective tools in the global decarbonization effort. This has made Bloom Energy’s solutions not simply an option, but increasingly a necessity. Our focus now is very much on execution.”
Greg Cameron, executive vice president and CFO of Bloom Energy, added, “We’re off to a great start to the year – we delivered record Q1 revenue and our commercial pipeline is strong, in line with our expectations. We remain confident in our business and are reaffirming our 2022 financial guidance. We look forward to hosting our Investor Conference on May 25th in Fremont, CA.”
Summary of Key Financial Metrics
|
Preliminary Summary GAAP Profit and Loss Statements |
|||||||
|
($000) |
Q122 |
Q421 |
Q121 |
||||
|
Revenue |
201,039 |
342,471 |
194,007 |
||||
|
Cost of Revenue |
173,102 |
273,768 |
139,356 |
||||
|
Gross Profit |
27,937 |
68,703 |
54,651 |
||||
|
Gross Margin |
13.9% |
20.1% |
28.2% |
||||
|
Operating Expenses |
93,596 |
82,208 |
69,048 |
||||
|
Operating Loss |
(65,659) |
(13,505) |
(14,397) |
||||
|
Operating Margin |
(32.7%) |
(3.9%) |
(7.4%) |
||||
|
Non-operating Expenses1 |
12,700 |
19,818 |
10,492 |
||||
|
Net Loss |
(78,359) |
(33,323) |
(24,889) |
||||
|
EPS |
$ (0.44) |
$ (0.19) |
$ (0.15) |
||||
- Non-operating expenses and tax provision and non-controlling interest
|
Preliminary Summary Non-GAAP Financial Information1 |
||||||
|
($000) |
Q122 |
Q421 |
Q121 |
|||
|
Revenue |
201,039 |
342,471 |
194,007 |
|||
|
Cost of Revenue |
169,242 |
269,706 |
136,357 |
|||
|
Gross Profit |
31,797 |
72,765 |
57,650 |
|||
|
Gross Margin |
15.8% |
21.2% |
29.7% |
|||
|
Operating Expenses |
71,148 |
67,448 |
54,837 |
|||
|
Operating Income (loss) |
(39,351) |
5,317 |
2,813 |
|||
|
Operating Margin |
(19.6%) |
1.6% |
1.4% |
|||
|
Adjusted EBITDA |
(24,967) |
18,692 |
16,062 |
|||
|
EPS |
$ (0.32) |
$ (0.05) |
$ (0.07) |
|||
- A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release
Outlook
- Bloom reaffirms outlook for the full-year 2022:
|
• Revenue: |
$1.1 – $1.15 billion |
||
|
• Product & Service Revenue: |
$1 billion |
||
|
• Non-GAAP Gross Margin*: |
~24% |
||
|
• Non-GAAP Operating Margin*: |
~1% |
||
|
• Cash Flow from Operations: |
Positive |
*GAAP to non-GAAP reconciliation in appendix.
Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.
Conference Call Details
Bloom will host a conference call today, May 5, 2022, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 200-6205 and enter the passcode: 708677. Those calling from outside the United States may dial +1 (833) 950-0062 and enter the same passcode: 708677. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (866) 813-9403 or + 1 (226) 828-7578 entering passcode 006370.
Investor Conference Details
Bloom Energy’s management team will be hosting an Investor Conference at our new manufacturing plant in Fremont, California on May 25, 2022. The live event will begin at 9:00 a.m. Pacific Time (PT) / 12:00 p.m. Eastern Time (ET) with a technology showcase featuring Bloom’s power generation, hydrogen production, and marine decarbonization solutions. The management presentations will begin at 9:30 a.m. Pacific Time (PT) / 12:30 p.m. Eastern Time (ET), when we will share our vision of a decarbonized energy future and our plans to execute on an aggressive multiyear growth strategy. This event will also be webcast live and archived on our investor website. Additional details are available at https://investor.bloomenergy.com/ or at https://bloomenergyinvestorconference.com.
Use of Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2022 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding revenue growth, margin expansion and its innovative solutions; Bloom’s expectations regarding its growth plans, Bloom’s financial outlook for 2022 and Bloom’s plans to host an investor conference and related programming. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended on December 31, 2021 as filed with the SEC on February 25, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
|
Condensed Consolidated Balance Sheets (preliminary & unaudited) |
||||||||
|
(in thousands) |
||||||||
|
|
|
March 31, |
|
December 31, |
||||
|
|
|
2022 |
|
2021 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
286,007 |
|
|
$ |
396,035 |
|
|
Restricted cash |
|
|
70,141 |
|
|
|
92,540 |
|
|
Accounts receivable |
|
|
110,842 |
|
|
|
87,789 |
|
|
Contract assets |
|
|
13,533 |
|
|
|
25,201 |
|
|
Inventories |
|
|
183,066 |
|
|
|
143,370 |
|
|
Deferred cost of revenue |
|
|
17,143 |
|
|
|
25,040 |
|
|
Customer financing receivable |
|
|
5,875 |
|
|
|
5,784 |
|
|
Prepaid expenses and other current assets |
|
|
37,000 |
|
|
|
30,661 |
|
|
Total current assets |
|
|
723,607 |
|
|
|
806,420 |
|
|
Property, plant and equipment, net |
|
|
608,912 |
|
|
|
604,106 |
|
|
Operating lease right-of-use assets |
|
|
98,119 |
|
|
|
106,660 |
|
|
Customer financing receivable, non-current |
|
|
38,005 |
|
|
|
39,484 |
|
|
Restricted cash, non-current |
|
|
137,748 |
|
|
|
126,539 |
|
|
Deferred cost of revenue, non-current |
|
|
3,212 |
|
|
|
1,289 |
|
|
Goodwill |
|
|
1,957 |
|
|
|
1,957 |
|
|
Other long-term assets |
|
|
38,412 |
|
|
|
39,116 |
|
|
Total assets |
|
$ |
1,649,972 |
|
|
$ |
1,725,571 |
|
|
Liabilities, Redeemable Convertible Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ (Deficit) Equity and Noncontrolling Interest |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
89,012 |
|
|
$ |
72,967 |
|
|
Accrued warranty |
|
|
14,671 |
|
|
|
11,746 |
|
|
Accrued expenses and other current liabilities |
|
|
92,170 |
|
|
|
114,138 |
|
|
Deferred revenue and customer deposits |
|
|
94,044 |
|
|
|
89,975 |
|
|
Operating lease liabilities |
|
|
11,598 |
|
|
|
13,101 |
|
|
Financing obligations |
|
|
15,172 |
|
|
|
14,721 |
|
|
Recourse debt |
|
|
12,355 |
|
|
|
8,348 |
|
|
Non-recourse debt |
|
|
17,936 |
|
|
|
17,483 |
|
|
Total current liabilities |
|
|
346,958 |
|
|
|
342,479 |
|
|
Deferred revenue and customer deposits, non-current |
|
|
80,457 |
|
|
|
90,310 |
|
|
Operating lease liabilities, non-current |
|
|
105,656 |
|
|
|
106,187 |
|
|
Financing obligations, non-current |
|
|
452,229 |
|
|
|
461,900 |
|
|
Recourse debt, non-current |
|
|
280,056 |
|
|
|
283,483 |
|
|
Non-recourse debt, non-current |
|
|
212,465 |
|
|
|
217,416 |
|
|
Other long-term liabilities |
|
|
18,356 |
|
|
|
16,772 |
|
|
Total liabilities |
|
|
1,496,177 |
|
|
|
1,518,547 |
|
|
Redeemable convertible preferred stock |
|
|
208,551 |
|
|
|
208,551 |
|
|
Redeemable noncontrolling interest |
|
|
— |
|
|
|
300 |
|
|
Stockholders’equity (deficit): |
|
|
|
|
||||
|
Common stock |
|
|
18 |
|
|
|
18 |
|
|
Additional paid-in capital |
|
|
3,251,128 |
|
|
|
3,219,081 |
|
|
Accumulated other comprehensive loss |
|
|
(503 |
) |
|
|
(350 |
) |
|
Accumulated deficit |
|
|
(3,341,434 |
) |
|
|
(3,263,075 |
) |
|
Total stockholders’ equity (deficit) |
|
|
(90,791 |
) |
|
|
(44,326 |
) |
|
Noncontrolling interest |
|
|
36,035 |
|
|
|
42,499 |
|
|
Total liabilities, redeemable noncontrolling interest, stockholders’ (deficit) equity and noncontrolling interest |
|
$ |
1,649,972 |
|
|
$ |
1,725,571 |
|
|
Condensed Consolidated Statements of Operations (preliminary & unaudited) |
||||||||
|
(in thousands, except per share data) |
||||||||
|
|
|
Three Months Ended March 31, |
||||||
|
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
|
||||
|
Revenue: |
|
|
|
|
||||
|
Product |
|
$ |
133,547 |
|
|
$ |
137,930 |
|
|
Installation |
|
|
13,553 |
|
|
|
2,659 |
|
|
Service |
|
|
35,239 |
|
|
|
36,417 |
|
|
Electricity |
|
|
18,700 |
|
|
|
17,001 |
|
|
Total revenue |
|
|
201,039 |
|
|
|
194,007 |
|
|
Cost of revenue: |
|
|
|
|
||||
|
Product |
|
|
105,742 |
|
|
|
87,294 |
|
|
Installation |
|
|
12,773 |
|
|
|
4,625 |
|
|
Service |
|
|
41,826 |
|
|
|
36,118 |
|
|
Electricity |
|
|
12,761 |
|
|
|
11,319 |
|
|
Total cost of revenue |
|
|
173,102 |
|
|
|
139,356 |
|
|
Gross profit |
|
|
27,937 |
|
|
|
54,651 |
|
|
Operating expenses: |
|
|
|
|
||||
|
Research and development |
|
|
34,526 |
|
|
|
23,295 |
|
|
Sales and marketing |
|
|
21,334 |
|
|
|
19,952 |
|
|
General and administrative |
|
|
37,736 |
|
|
|
25,801 |
|
|
Total operating expenses |
|
|
93,596 |
|
|
|
69,048 |
|
|
Loss from operations |
|
|
(65,659 |
) |
|
|
(14,397 |
) |
|
Interest income |
|
|
59 |
|
|
|
74 |
|
|
Interest expense |
|
|
(14,087 |
) |
|
|
(14,731 |
) |
|
Other income (expense), net |
|
|
(3,027 |
) |
|
|
(85 |
) |
|
(Loss) gain on revaluation of embedded derivatives |
|
|
531 |
|
|
|
(518 |
) |
|
Loss before income taxes |
|
|
(82,183 |
) |
|
|
(29,657 |
) |
|
Income tax provision |
|
|
564 |
|
|
|
124 |
|
|
Net loss |
|
|
(82,747 |
) |
|
|
(29,781 |
) |
|
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest |
|
|
(4,388 |
) |
|
|
(4,892 |
) |
|
Net loss attributable to Class A and Class B common stockholders |
|
$ |
(78,359 |
) |
|
$ |
(24,889 |
) |
|
Net loss per share available to Class A and Class B common stockholders, basic and diluted |
|
$ |
(0.44 |
) |
|
$ |
(0.15 |
) |
|
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
|
|
177,189 |
|
|
|
170,745 |
|
|
Condensed Consolidated Statement of Cash Flows (preliminary & unaudited) |
||||||||
|
(in thousands) |
||||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2022 |
|
2021 |
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(82,747 |
) |
|
$ |
(29,781 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
14,384 |
|
|
|
13,442 |
|
|
Non-cash lease expense |
|
|
3,072 |
|
|
|
2,115 |
|
|
Revaluation of derivative contracts |
|
|
2,407 |
|
|
|
290 |
|
|
Stock-based compensation expense |
|
|
25,542 |
|
|
|
17,210 |
|
|
Amortization of warranty balance |
|
|
150 |
|
|
|
— |
|
|
Amortization of debt issuance costs and premium, net |
|
|
706 |
|
|
|
971 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
(23,053 |
) |
|
|
(7,135 |
) |
|
Contract assets |
|
|
11,668 |
|
|
|
(1,680 |
) |
|
Inventories |
|
|
(39,542 |
) |
|
|
(10,820 |
) |
|
Deferred cost of revenue |
|
|
5,865 |
|
|
|
(13,952 |
) |
|
Customer financing receivable |
|
|
1,388 |
|
|
|
1,302 |
|
|
Prepaid expenses and other current assets |
|
|
(6,340 |
) |
|
|
3,908 |
|
|
Other long-term assets |
|
|
703 |
|
|
|
(687 |
) |
|
Accounts payable |
|
|
16,117 |
|
|
|
14,145 |
|
|
Accrued warranty |
|
|
2,925 |
|
|
|
(4,305 |
) |
|
Accrued expenses and other current liabilities |
|
|
(25,144 |
) |
|
|
(24,941 |
) |
|
Operating lease right-of-use assets and operating lease liabilities |
|
|
3,436 |
|
|
|
(2,474 |
) |
|
Deferred revenue and customer deposits |
|
|
(5,783 |
) |
|
|
(48,036 |
) |
|
Other long-term liabilities |
|
|
1,803 |
|
|
|
1,393 |
|
|
Net cash (used in) provided by operating activities |
|
|
(92,443 |
) |
|
|
(89,035 |
) |
|
Cash flows from investing activities: |
|
|
|
|
||||
|
Purchase of property, plant and equipment |
|
|
(18,510 |
) |
|
|
(12,932 |
) |
|
Net cash (used in) provided by investing activities |
|
|
(18,510 |
) |
|
|
(12,932 |
) |
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Repayment of debt |
|
|
(4,774 |
) |
|
|
(4,862 |
) |
|
Proceeds from financing obligations |
|
|
— |
|
|
|
5,016 |
|
|
Repayment of financing obligations |
|
|
(9,423 |
) |
|
|
(3,077 |
) |
|
Distributions and payments to noncontrolling interests and redeemable noncontrolling interests |
|
|
(2,876 |
) |
|
|
(3,880 |
) |
|
Proceeds from issuance of common stock |
|
|
6,961 |
|
|
|
57,953 |
|
|
Net cash (used in) provided by financing activities |
|
|
(10,112 |
) |
|
|
51,150 |
|
|
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
|
(153 |
) |
|
|
(229 |
) |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(121,218 |
) |
|
|
(51,046 |
) |
|
Cash, cash equivalents, and restricted cash: |
|
|
|
|
||||
|
Beginning of period |
|
|
615,114 |
|
|
|
416,710 |
|
|
End of period |
|
$ |
493,896 |
|
|
$ |
365,664 |
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands, except percentages) |
||||||
|
|
Q122 |
Q421 |
Q121 |
|||
|
GAAP revenue |
201,039 |
342,471 |
194,007 |
|||
|
GAAP cost of sales |
173,102 |
273,768 |
139,356 |
|||
|
GAAP gross profit |
27,937 |
68,703 |
54,651 |
|||
|
Non-GAAP adjustments: |
|
|
|
|||
|
Stock-based compensation expense |
3,860 |
4,062 |
2,999 |
|||
|
Non-GAAP gross profit |
31,797 |
72,765 |
57,650 |
|||
|
|
|
|
|
|||
|
GAAP gross profit margin |
13.9% |
20.1% |
28.2% |
|||
|
Non-GAAP adjustments |
1.9% |
1.2% |
1.5% |
|||
|
Non-GAAP gross profit margin |
15.8% |
21.2% |
29.7% |
|||
|
|
Q122 |
Q421 |
Q121 |
|||
|
GAAP loss from operations |
(65,659) |
(13,505) |
(14,397) |
|||
|
Non-GAAP adjustments: |
|
|
|
|||
|
Stock-based compensation expense |
26,308 |
18,822 |
17,210 |
|||
|
Non-GAAP earnings (loss) from operations |
(39,351) |
5,317 |
2,813 |
|||
|
|
|
|
|
|||
|
GAAP operating profit (loss) margin |
(32.7%) |
(3.9%) |
(7.4%) |
|||
|
Non-GAAP adjustments |
13.1% |
5.5% |
8.9% |
|||
|
Non-GAAP operating profit (loss) margin |
(19.6%) |
1.6% |
1.4% |
|||
|
GAAP Net Loss to non-GAAP Net Loss and Computation of non-GAAP Net Loss per Share (EPS) (preliminary & unaudited) (in thousands) |
||||||||||||
|
|
Q122 |
Diluted net earnings per share |
Q421 |
Diluted net earnings per share |
Q121 |
Diluted net earnings per share |
||||||
|
GAAP net loss |
(78,359) |
$ (0.44) |
(33,323) |
$ (0.19) |
(24,889) |
$ (0.15) |
||||||
|
Non-GAAP adjustments: |
|
|
|
|
|
|
||||||
|
Loss for non-controlling interests |
(4,388) |
(0.02) |
(15,182) |
(0.09) |
(4,892) |
(0.03) |
||||||
|
Loss (gain) on derivatives liabilities |
(531) |
(0.00) |
13,356 |
0.08 |
518 |
0.00 |
||||||
|
Gain on the fair value adjustments for certain PPA derivatives |
– |
– |
– |
– |
(193) |
(0.00) |
||||||
|
Interest Rate Swap Settlement |
– |
– |
10,879 |
0.06 |
– |
– |
||||||
|
Contingent Consideration Remeasurement |
– |
– |
(3,623) |
(0.02) |
– |
– |
||||||
|
Stock-based compensation expense |
26,308 |
0.15 |
18,822 |
0.11 |
17,210 |
0.10 |
||||||
|
Non-GAAP net loss |
(56,970) |
$ (0.32) |
(9,071) |
$ (0.05) |
(12,246) |
$ (0.07) |
||||||
|
|
|
Q122 |
Q421 |
Q121 |
||
|
Numerator: |
|
|
|
|
||
|
GAAP net loss |
|
(78,359) |
(33,323) |
(24,889) |
||
|
Non-GAAP net loss |
|
(56,970) |
(9,071) |
(12,246) |
||
|
|
|
|
|
|
||
|
Denominator: |
|
|
|
|
||
|
Weighted-average shares used to compute basic net earnings per share |
|
177,189 |
175,922 |
170,745 |
||
|
Weighted-average shares used to compute diluted net earnings per share |
|
177,189 |
175,922 |
170,745 |
||
|
|
|
|
|
|
||
|
GAAP net earnings per share |
|
|
|
|
||
|
Basic |
|
$ (0.44) |
$ (0.19) |
$ (0.15) |
||
|
Diluted |
|
$ (0.44) |
$ (0.19) |
$ (0.15) |
||
|
|
|
|
|
|
||
|
Non-GAAP net earnings per share |
|
|
|
|
||
|
Basic |
|
$ (0.32) |
$ (0.05) |
$ (0.07) |
||
|
Diluted |
|
$ (0.32) |
$ (0.05) |
$ (0.07) |
||
|
GAAP Net Loss to Adjusted EBITDA reconciliation (preliminary & unaudited) (in thousands) |
||||||
|
|
Q122 |
Q421 |
Q121 |
|||
|
GAAP net loss |
(78,359) |
(33,323) |
(24,889) |
|||
|
Non-GAAP adjustments: |
|
|
|
|||
|
Loss for non-controlling interests |
(4,388) |
(15,182) |
(4,892) |
|||
|
Loss (gain) on derivatives liabilities |
(531) |
13,356 |
518 |
|||
|
Gain on the fair value adjustments for certain PPA derivatives |
– |
– |
(193) |
|||
|
Interest Rate Swap Settlement |
– |
10,879 |
– |
|||
|
Contingent Consideration Remeasurement |
– |
(3,623) |
– |
|||
|
Stock-based compensation expense |
26,308 |
18,822 |
17,210 |
|||
|
Depreciation & Amortization |
14,384 |
13,375 |
13,442 |
|||
|
Provision (benefit for Income Tax |
564 |
451 |
124 |
|||
|
Interest Expense / Other Misc |
17,055 |
13,937 |
14,742 |
|||
|
Adjusted EBITDA |
(24,967) |
18,692 |
16,062 |
|||
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial statement information presented on GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP basic, diluted net earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross profit margin and non-GAAP operating profit (loss) margin.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.
- The GAAP measure most directly comparable to non-GAAP gross profit is gross profit.
- The GAAP measure most directly comparable to non-GAAP gross profit margin is gross profit margin.
- The GAAP measure most directly comparable to non-GAAP operating profit (loss) (non-GAAP earnings from operations) is operating profit (loss) (earnings from operations).
- The GAAP measure most directly comparable to non-GAAP operating profit (loss) margin is operating profit (loss) margin.
- The GAAP measure most directly comparable to non-GAAP net earnings is net earnings.
- The GAAP measure most directly comparable to non-GAAP diluted net earnings per share is diluted net earnings per share.
- The GAAP measure most directly comparable to Adjusted EBITDA is net earnings.
Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures used by Bloom Energy
Non-GAAP gross profit and non-GAAP gross profit margin are defined to exclude charges relating to stock-based compensation expense. Non-GAAP operating profit (loss) (non-GAAP earnings from operations) and non-GAAP operating profit (loss) margin are defined to exclude any charges relating to stock-based compensation expense. Non-GAAP net earnings and non-GAAP diluted net earnings per share consist of net earnings or diluted net earnings per share excluding stock-based compensation, loss for non-controlling interest, loss (gain) on derivatives liabilities, loss (gain) on the fair value adjustments for certain PPA derivatives. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense, depreciation and amortization expense, stock-based compensation, allocation for non-controlling interest, and loss (gain) on derivative instruments.
Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy historical and prospective financial performance, as well as Bloom Energy performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results.
Contacts
Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717
Edward.vallejo@bloomenergy.com
Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
