Bloom Energy Corporation (NYSE: BE) today announced financial
results for its fourth quarter ended December 31, 2021.
Fourth Quarter Highlights
- Revenue of $342.5 million in the fourth quarter of 2021, an
increase of 37.3% compared to $249.4 million in the fourth quarter
of 2020.
- Record acceptances of 735 systems in the fourth quarter of
2021, an increase of 63.3% compared to the fourth quarter of
2020.
- Cash flows from operating activities of $47.2 million, compared
to ($18.7) million in the fourth quarter of 2020.
- Ending cash balance of $615.1 million in the fourth quarter of
2021, compared to $416.7 million in the fourth quarter of
2020.
Total Year Highlights
- Record ending backlog of 6,549 systems in the fourth quarter of
2021, compared to 1,994 in 2020.
- Revenue of $972.2 million in 2021, an increase of 22.4%
compared to $794.2 million in 2020.
- Record acceptances of 1,879 systems in 2021, an increase of
41.8% compared to 2020.
- GAAP gross margin of 20.3% in 2021, a decline of 0.6 percentage
points compared to a gross margin of 20.9% in 2020.
- Non-GAAP gross margin of 21.7% in 2021, a decline of 1.3
percentage points compared to gross margin of 23.1% in 2020.
- Launched commercial availability of Bloom Electrolyzer and
Hydrogen Energy Server starting in 2022 to establish leadership
position in unlocking a net zero emissions future.
- In the fourth quarter of 2021, announced an expansion of the
strategic partnership with SK ecoplant Co., Ltd. to accelerate
hydrogen commercialization resulting in 450 MW of equipment backlog
to be recognized over the next three years.
Commenting on the fourth quarter and full year earnings, KR
Sridhar, founder, chairman, and CEO of Bloom Energy said, “This was
a record quarter and year for Bloom Energy. With nearly $1 billion
in revenue, we are now at an inflection point. In many ways, as the
energy industry transforms, we are in a category of our own with
growing revenue, margin expansion, strong backlog and the best,
most innovative solutions for customers who want low-carbon and
resilient power today and a zero-emissions energy tomorrow. We are
poised to capitalize on demand for clean energy, decarbonization,
and the growth of the hydrogen and renewable fuels economy.”
Greg Cameron, executive vice president and CFO of Bloom Energy
added, “This year was about execution, and we are in an excellent
position both operationally and financially. We had another record
year for revenue and acceptances. Our backlog is up nearly 100%
year-on-year, our pipeline is stronger than it has ever been, and
our balance sheet is sound. We have the products, team, strategy,
and track-record to execute on our growth plans.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
($000)
Q421
Q321
Q420
FY21
FY20
Revenue
342,471
207,228
249,387
972,176
794,247
Cost of Revenue
273,768
170,345
185,761
774,595
628,454
Gross Profit
68,703
36,883
63,626
197,581
165,793
Gross Margin
20.1%
17.8%
25.5%
20.3%
20.9%
Operating Expenses
82,208
80,772
68,144
312,083
246,578
Operating Loss
(13,505)
(43,889)
(4,518)
(114,502)
(80,785)
Operating Margin
(3.9%)
(21.2%)
(1.8%)
(11.8%)
(10.2%)
Non-operating Expenses1
19,818
8,481
22,620
49,943
76,768
Net Loss
(33,323)
(52,370)
(27,138)
(164,445)
(157,553)
GAAP EPS
(0.19)
(0.30)
($0.16)
($0.95)
($1.14)
1.
Non-operating expenses and tax provision
and non-controlling interest
Preliminary Summary Non-GAAP Financial Information1
($000)
Q421
Q321
Q420
FY21
FY20
Revenue
342,471
207,228
249,387
972,176
794,247
Cost of Revenue2
269,706
167,400
182,097
760,784
610,979
Gross Profit2
72,765
39,828
67,290
211,392
183,268
Gross Margin2
21.2%
19.2%
27.0%
21.7%
23.1%
Operating Expenses2
67,448
62,751
55,300
249,762
190,160
Operating Income (loss) 2
5,317
(22,923)
11,990
(38,370)
(6,892)
Operating Margin2
1.6%
(11.1%)
4.8%
(3.9%)
(0.9%)
Adjusted EBITDA4
18,692
(9,777)
25,521
14,031
45,497
Adjusted EPS3
(0.05)
(0.20)
($0.08)
($0.55)
($0.67)
1.
A detailed reconciliation of GAAP to
Non-GAAP financial measures is provided at the end of this press
release
2.
Excludes stock-based compensation
3.
Adjusted EPS is net income (loss)
excluding net loss attributable to non-controlling interest, gain
(loss) on revaluation of embedded derivatives, loss on
extinguishment of debt, fair value adjustment for PPA derivatives,
stock-based compensation expense, interest rate swap settlement,
contingent consideration remeasurement using the adjusted Weighted
Average Shares Outstanding (WASO) share count
4.
Adjusted EBITDA is net income (loss) excluding net loss
attributable to non-controlling interest, gain (loss) on
revaluation of embedded derivatives, loss on extinguishment of
debt, fair value adjustment for PPA derivatives, stock-based
compensation expense, interest rate swap settlement, contingent
consideration remeasurement, depreciation and amortization,
provision for income tax, and interest expense
Outlook
- Bloom increases long-term revenue growth outlook five points to
30-35% over next 10 years.
- Bloom provides the following outlook for the full-year 2022:
- Revenue: $1.1 - $1.15 billion
- Product & Service Revenue: ~27%
- Non-GAAP Gross Margin*: ~24%
- Non-GAAP Operating Margin*: ~1%
- Cash Flow from Operations: Positive
*Non-GAAP gross margin and non-GAAP operating margin only
exclude stock-based compensation.
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.
Balance Sheet Highlights
Bloom Energy’s cash position, including restricted cash, as of
December 31, 2021 was $615.1 million, compared to $416.7 million as
of December 31, 2020. Unrestricted cash as of December 31, 2021 was
$396.0 million, compared to $246.9 million as of December 31, 2020.
Bloom ended the fourth quarter of 2021 with $539.7 million of total
debt, an increase of $23.7 million from the third quarter of 2021.
Recourse debt as of December 31, 2021 was $300.0 million, unchanged
from September 30, 2021.
Conference Call Details
Bloom will host a conference call today, February 10, 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:
689359. Those calling from outside the United States may dial +1
(833) 950-0062 and enter the same passcode: 689359. 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) 621-4642 entering passcode
219118.
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; and
Bloom’s financial outlook for 2022. 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 Quarterly Report on Form 10-Q for the
quarter ended on September 30, 2021 as filed with the SEC on
November 5, 2021, 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)
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
396,035
$
246,947
Restricted cash
92,540
52,470
Accounts receivable
87,789
96,186
Contract assets
25,201
3,327
Inventories
143,370
142,059
Deferred cost of revenue
25,040
41,469
Customer financing receivable
5,784
5,428
Prepaid expenses and other current
assets
30,661
30,718
Total current assets
806,420
618,604
Property, plant and equipment, net
604,106
600,628
Operating lease right-of-use assets
106,660
35,621
Customer financing receivable,
non-current
39,484
45,268
Restricted cash, non-current
126,539
117,293
Deferred cost of revenue, non-current
1,289
2,462
Goodwill
1,957
Other long-term assets
39,116
34,511
Total assets
$
1,725,571
$
1,454,387
Liabilities, Redeemable Convertible
Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’
(Deficit) Equity and Noncontrolling Interest
Current liabilities:
Accounts payable
$
72,967
$
58,334
Accrued warranty
11,746
10,263
Accrued expenses and other current
liabilities
114,139
112,004
Deferred revenue and customer deposits
82,080
114,286
Operating lease liabilities
13,101
7,899
Financing obligations
14,721
12,745
Recourse debt
8,348
Non-recourse debt
17,483
120,846
Total current liabilities
334,585
436,377
Deferred revenue and customer deposits,
non-current
63,880
87,463
Operating lease liabilities,
non-current
106,187
41,849
Financing obligations, non-current
461,899
459,981
Recourse debt, non-current
283,483
168,008
Non-recourse debt, non-current
217,416
102,045
Other long-term liabilities
51,097
17,268
Total liabilities
1,518,547
1,312,991
Redeemable convertible preferred stock,
Series A: 10,000,000 shares authorized and 10,000,000 shares and no
shares issued and outstanding at December 31, 2021 and December 31,
2020, respectively.
208,551
—
Redeemable noncontrolling interest
300
377
Stockholders’ equity (deficit):
Common stock: $0.0001 par value; Class A
shares - 600,000,000 shares authorized and 160,627,544 shares and
140,094,633 shares issued and outstanding and Class B shares -
600,000,000 shares authorized and 15,832,863 shares and 27,908,093
shares issued and outstanding at December 31, 2021 and December 31,
2020, respectively.
18
17
Additional paid-in capital
3,219,081
3,182,753
Accumulated other comprehensive loss
(350
)
(9
)
Accumulated deficit
(3,263,075
)
(3,103,937
)
Total stockholders’ (deficit) equity
(44,326
)
78,824
Noncontrolling interest
42,499
62,195
Total liabilities, redeemable
noncontrolling interest, stockholders' (deficit) equity and
noncontrolling interest
$
1,725,571
$
1,454,387
Condensed Consolidated Statements of
Operations (preliminary & unaudited)
(in thousands, except per share
data)
Three Months Ended December
31,
Years Ended December
31,
2021
2020
2021
2020
Revenue:
Product
$
250,165
$
171,801
$
663,512
$
518,633
Installation
42,349
28,827
96,059
101,887
Service
32,809
32,137
144,184
109,633
Electricity
17,148
16,622
68,421
64,094
Total revenue
342,471
249,387
972,176
794,247
Cost of revenue:
Product
181,765
105,071
471,654
332,724
Installation
43,458
29,604
110,214
116,542
Service
37,017
39,493
148,286
132,329
Electricity
11,528
11,593
44,441
46,859
Total cost of revenue
273,768
185,761
774,595
628,454
Gross profit
68,703
63,626
197,581
165,793
Operating expenses:
Research and development
26,794
21,690
103,396
83,577
Sales and marketing
23,696
18,840
86,499
55,916
General and administrative
31,718
27,614
122,188
107,085
Total operating expenses
82,208
68,144
312,083
246,578
Loss from operations
(13,505
)
(4,518
)
(114,502
)
(80,785
)
Interest income
40
70
262
1,475
Interest expense
(25,227
)
(21,246
)
(69,025
)
(76,276
)
Interest expense to related parties
—
—
—
(2,513
)
Other income (expense), net
(10,087
)
(4,176
)
(8,139
)
(8,318
)
Loss on extinguishment of debt
—
—
—
(12,878
)
Gain (loss) on revaluation of embedded
derivatives
725
(1,737
)
(919
)
464
Loss before income taxes
(48,054
)
(31,607
)
(192,323
)
(178,831
)
Income tax provision
451
(16
)
1,046
256
Net loss
(48,505
)
(31,591
)
(193,369
)
(179,087
)
Less: Net loss attributable to
noncontrolling interests and redeemable noncontrolling
interests
(15,182
)
(4,453
)
(28,924
)
(21,534
)
Net loss attributable to Class A and Class
B common stockholders
(33,323
)
(27,138
)
(164,445
)
(157,553
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.19
)
$
(0.16
)
$
(0.95
)
$
(1.14
)
Weighted average shares used to compute
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted
175,922
165,975
173,438
138,722
Condensed Consolidated Statement of Cash Flows (preliminary
& unaudited)
(in thousands)
Years Ended December
31,
2021
2020
Cash flows from operating
activities:
Net loss
$
(193,369
)
$
(179,087
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
53,454
52,279
Non-cash lease expense
9,708
5,328
Write-off of property, plant and
equipment, net
—
38
Impairment of equity method investment
—
4,236
Revaluation of derivative contracts
17,532
(425
)
Stock-based compensation expense
73,274
73,893
Gain on remeasurement of investment
(1,966
)
—
Contingent consideration remeasurement
(3,623
)
—
Interest Rate Swap Settlement
10,879
—
Termination of interest rate swap
contracts
(11,520
)
—
Loss on extinguishment of debt
—
11,785
Amortization of debt issuance costs and
premium, net
3,797
6,455
Changes in operating assets and
liabilities:
Accounts receivable
8,570
(61,685
)
Contract assets
(21,874
)
—
Inventories
(885
)
(33,004
)
Deferred cost of revenue
17,567
19,910
Customer financing receivable
5,428
5,159
Prepaid expenses and other current
assets
1,520
(3,124
)
Other long-term assets
(2,854
)
2,904
Accounts payable
13,132
(620
)
Accrued warranty
1,482
(241
)
Accrued expenses and other current
liabilities
(2,145
)
17,753
Operating lease right-of-use assets and
operating lease liabilities
(11,810
)
(2,855
)
Deferred revenue and customer deposits
(57,002
)
(12,972
)
Other long-term liabilities
30,024
(4,523
)
Net cash used in operating activities
(60,681
)
(98,796
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(49,810
)
(37,913
)
Net cash acquired from step
acquisition
3,114
—
Net cash used in investing activities
(46,696
)
(37,913
)
Cash flows from financing
activities:
Proceeds from issuance of debt, net
134,039
300,000
Proceeds from issuance of debt to related
parties
—
30,000
Repayment of debt
(123,374
)
(176,522
)
Repayment of debt - related parties
—
(2,105
)
Debt issuance costs
—
(13,247
)
Proceeds from financing obligations
16,849
26,279
Repayment of financing obligations
(13,642
)
(10,756
)
Contribution from noncontrolling
interest
—
6,513
Distributions to noncontrolling interests
and redeemable noncontrolling interests
(5,838
)
(7,622
)
Proceeds from issuance of common stock
89,790
23,491
Proceeds from issuance of redeemable
convertible preferred stock, net
208,551
—
Net cash provided by financing
activities
306,375
176,031
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(594
)
—
Net (decrease) increase in cash, cash
equivalents and restricted cash
198,404
39,322
Cash, cash equivalents, and restricted
cash:
Beginning of period
416,710
377,388
End of period
$
615,114
$
416,710
Reconciliation of GAAP to Non-GAAP Financial Measures
(preliminary & unaudited) (in thousands)
Gross Profit and Gross Margin to
Gross Profit Excluding Stock-Based Compensation and Gross Margin
Excluding Stock-Based Compensation
Gross profit and gross margin excluding stock-based compensation
(SBC) are supplemental measures of operating performance that do
not represent and should not be considered alternatives to gross
profit or gross margin, as determined under GAAP. These measures
remove the impact of stock-based compensation. We believe that
gross profit and gross margin excluding stock-based compensation
supplement the GAAP measures and enable us to more effectively
evaluate our performance period-over-period. A reconciliation of
gross profit and gross margin excluding stock-based compensation to
gross profit and gross margin, the most directly comparable GAAP
measures, and the computation of gross margin excluding stock-based
compensation are as follows:
Q421
Q321
Q420
FY21
FY20
Revenue
342,471
207,228
249,387
972,176
794,247
Gross profit
68,703
36,883
63,626
197,581
165,793
Gross margin %
20.1%
17.8%
25.5%
20.3%
20.9%
Stock-based compensation - cost of
revenue
4,062
2,945
3,664
13,811
17,475
Gross profit excluding SBC
72,765
39,828
67,290
211,392
183,268
Gross margin excluding SBC %
21.2%
19.2%
27.0%
21.7%
23.1%
Cost of Revenue and Operating Expenses to Cost of Revenue and
Operating Expenses Excluding Stock-Based Compensation
Cost of revenue and operating expenses excluding stock-based
compensation are a supplemental measure of operating performance
that does not represent and should not be considered an alternative
to cost of revenue and operating expenses, as determined under
GAAP. This measure removes the impact of stock-based compensation.
We believe that cost of revenue and operating expenses excluding
stock-based compensation supplements the GAAP measure and enables
us to more effectively evaluate our performance period-over-period.
A reconciliation of cost of revenue and operating expenses
excluding stock-based compensation to cost of revenue and operating
expenses, the most directly comparable GAAP measure, are as
follows:
Q421
Q321
Q420
FY21
FY20
Cost of revenue
273,768
170,345
185,761
774,595
628,454
Stock-based compensation - cost of
revenue
4,062
2,945
3,664
13,811
17,475
Cost of revenue – excluding SBC
269,706
167,400
182,097
760,784
610,979
Q421
Q321
Q420
FY21
FY20
Operating expenses
82,208
80,772
68,144
312,083
246,578
Stock-based compensation - operating
expenses
14,760
18,021
12,844
62,321
56,418
Operating expenses – excluding
SBC
67,448
62,751
55,300
249,762
190,160
Operating Loss to Operating
Income (Loss) Excluding Stock-Based Compensation
Operating loss excluding stock-based compensation is a
supplemental measure of operating performance that does not
represent and should not be considered an alternative to operating
loss, as determined under GAAP. This measure removes the impact of
stock-based compensation. We believe that operating income (loss)
excluding stock-based compensation supplements the GAAP measure and
enables us to more effectively evaluate our performance
period-over-period. A reconciliation of operating income (loss)
excluding stock-based compensation to operating loss, the most
directly comparable GAAP measure, and the computation of operating
income (loss) excluding stock-based compensation are as
follows:
Q421
Q321
Q420
FY21
FY20
Operating loss
(13,505)
(43,889)
(4,518)
(114,502)
(80,785)
Stock-based compensation
18,822
20,966
16,508
76,132
73,893
Operating Income (loss) excluding
SBC
5,317
(22,923)
11,990
(38,370)
(6,892)
Net Loss to Adjusted Net Loss and Computation of Adjusted Net
Loss per Share (EPS)
Adjusted net loss and adjusted net loss per share are
supplemental measures of operating performance that do not
represent and should not be considered alternatives to net loss and
net loss per share, as determined under GAAP. These measures remove
the impact of the non-controlling interests associated with our
legacy PPA entities, the revaluation of derivatives, fair market
value adjustment for the PPA derivatives, the loss on termination
of interest rate swaps related to PPA V debt that was extinguished,
contingent consideration related to the BE Japan acquisition, and
stock-based compensation, all of which are non-cash charges. We
believe that adjusted net loss and adjusted net loss per share
supplement GAAP measures and enable us to more effectively evaluate
our performance period-over-period. A reconciliation of adjusted
net loss to net loss, the most directly comparable GAAP measure,
and the computation of adjusted net loss per share are as
follows:
Q421
Q321
Q420
FY21
FY20
Net loss to Common Stockholders
(33,323)
(52,370)
(27,138)
(164,445)
(157,553)
Loss on extinguishment of debt
—
—
—
—
12,878
Loss for non-controlling interests1
(15,182)
(4,292)
(4,453)
(28,924)
(21,534)
Loss (gain) on derivatives
liabilities2
13,356
184
1,737
15,000
(464)
Loss (gain) on the fair value adjustments
for certain PPA derivatives3
—
(125)
140
(1,053)
110
Interest Rate Swap Settlement4
10,879
—
—
10,879
—
Contingent Consideration
Remeasurement5
(3,623)
—
—
(3,623)
—
Stock-based compensation
18,822
20,966
16,508
76,132
73,893
Adjusted Net Loss
(9,071)
(35,637)
(13,206)
(96,034)
(92,670)
Net loss to Common Stockholders per
share
$ (0.19)
$ (0.30)
$ (0.16)
$ (0.95)
$ (1.14)
Adjusted net loss per share
(EPS)
$ (0.05)
$ (0.20)
$ (0.08)
$ (0.55)
$ (0.67)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted (thousands)
175,922
174,269
165,975
173,438
138,722
Adjusted weighted average shares
outstanding attributable to common, Basic and Diluted
(thousands)6
175,922
174,269
165,975
173,438
138,722
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity, a
wholly owned subsidiary
4.
Represents the loss on termination of
interest rate swaps related to PPA V debt that was extinguished
5.
Represents the gain on the contingent
consideration relating to the BE Japan acquisition
6.
Includes adjustments to reflect assumed
conversion of certain convertible promissory notes
Net Loss to Adjusted EBITDA
Adjusted EBITDA is a non-GAAP supplemental measure of operating
performance that does not represent and should not be considered an
alternative to operating loss or cash flow from operations, as
determined by GAAP. Adjusted EBITDA is defined as net income (loss)
before interest expense, income tax expense, non-controlling
interest, revaluations, stock-based compensation and depreciation
and amortization expense. We use Adjusted EBITDA to measure the
operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
Adjusted EBITDA may not be comparable to similarly titled measures
provided by other companies due to potential differences in methods
of calculations. A reconciliation of Adjusted EBITDA to net loss is
as follows:
Q421
Q321
Q420
FY21
FY20
Net loss to Common Stockholders
(33,323)
(52,370)
(27,138)
(164,445)
(157,553)
Loss on extinguishment of debt
—
—
—
—
12,878
Loss for non-controlling interests1
(15,182)
(4,292)
(4,453)
(28,924)
(21,534)
Loss (gain) on derivative liabilities2
13,356
184
1,737
15,000
(464)
Loss (gain) on the fair value adjustments
for certain PPA derivatives3
—
(125)
140
(1,053)
110
Interest Rate Swap Settlement4
10,879
—
—
10,879
—
Contingent Consideration
Remeasurement5
(3,623)
—
—
(3,623)
—
Stock-based compensation
18,822
20,966
16,508
76,132
73,893
Adjusted Net Loss
(9,071)
(35,637)
(13,206)
(96,034)
(92,670)
Depreciation & amortization
13,375
13,271
13,391
53,454
52,279
Provision (benefit) for income tax
451
158
(16)
1,046
256
Interest expense (income), Other expense
(income), net
13,937
12,431
25,352
55,565
85,632
Adjusted EBITDA
18,692
(9,777)
25,521
14,031
45,497
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity, a
wholly owned subsidiary
4.
Represents the loss on termination of
interest rate swaps related to PPA V debt that was extinguished
5.
Represents the gain on the contingent
consideration relating to the BE Japan acquisition
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005393/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717 Edward.vallejo@bloomenergy.com
Media: Jennifer Duffourg Bloom Energy +1 (480) 341-5464
jennifer.duffourg@bloomenergy.com
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