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
March 31,
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. More
specifically, Bloom Energy management excludes each of those items
mentioned above for the following reasons:
- Stock-based compensation expense consists of equity awards
granted based on the estimated fair value of those awards at grant
date. Although stock-based compensation is a key incentive offered
to our employees, Bloom Energy excludes these charges for the
purpose of calculating these non-GAAP measures, primarily because
they are non-cash expenses and such an exclusion facilitates a more
meaningful evaluation of Bloom Energy current operating performance
and comparisons to Bloom Energy operating performance in other
periods.
- Loss for non-controlling interest represents allocation to the
non-controlling interests under the hypothetical liquidation at
book value (HLBV) method and are associated with our Bloom Energy
legacy PPA entities.
- Loss (gain) on derivatives liabilities represents non-cash
adjustments to the fair value of the embedded derivatives
associated with the convertible notes and other derivatives.
- Loss (gain) on the fair value adjustments for certain PPA
derivatives represents non-cash adjustments to the fair value of
the derivative forward contract for one PPA entity (our Third PPA
company), a wholly owned subsidiary.
- Adjusted weighted average shares outstanding attributable to
common (Basic and Diluted) includes adjustments to reflect assumed
conversion of certain convertible promissory notes.
- 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.
Material limitations associated with use of non-GAAP
financial measures
These non-GAAP financial measures have limitations as analytical
tools, and these measures should not be considered in isolation or
as a substitute for analysis of Bloom Energy results as reported
under GAAP. Some of the limitations in relying on these non-GAAP
financial measures are:
- Items such as stock-based compensation expense that is excluded
from non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP
operating expenses, non-GAAP operating profit (loss) (non-GAAP
earnings from operations), non-GAAP operating profit (loss) margin,
non-GAAP net earnings, and non-GAAP diluted net earnings per share
can have a material impact on the equivalent GAAP earnings
measure.
- Loss for non-controlling interest, loss (gain) on derivatives
liabilities, loss (gain) on the fair value adjustments for certain
PPA derivatives, though not directly affecting Bloom Energy cash
position, represents the loss (gain) in value of certain assets and
liabilities. The expense associated with this loss (gain) in value
is excluded from non-GAAP net earnings, and non-GAAP diluted net
earnings per share and can have a material impact on the equivalent
GAAP earnings measure.
- Other companies may calculate non-GAAP gross profit, non-GAAP
gross profit margin, non-GAAP operating profit (non-GAAP earnings
from operations), non-GAAP operating profit margin, non-GAAP net
earnings, non-GAAP diluted net earnings per share and Adjusted
EBITDA differently than Bloom Energy does, limiting the usefulness
of those measures for comparative purposes.
Compensation for limitations associated with use of non-GAAP
financial measures
Bloom Energy compensates for the limitations on its use of
non-GAAP financial measures by relying primarily on its GAAP
results and using non-GAAP financial measures only as a supplement.
Bloom Energy also provides a reconciliation of each non-GAAP
financial measure to its most directly comparable GAAP measure
within this news release and in other written materials that
include these non-GAAP financial measures, and Bloom Energy
encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to
investors
Bloom Energy believes that providing financial measures
including non-GAAP gross profit, non-GAAP gross profit margin,
non-GAAP operating profit (non-GAAP earnings from operations),
non-GAAP operating profit (loss) margin, non-GAAP net earnings,
non-GAAP diluted net earnings per share in addition to the related
GAAP measures provides investors with greater transparency to the
information used by Bloom Energy management in its financial and
operational decision making and allows investors to see Bloom
Energy results “through the eyes” of management. Bloom Energy
further believes that providing this information better enables
Bloom Energy investors to understand Bloom Energy operating
performance and to evaluate the efficacy of the methodology and
information used by Bloom Energy management to evaluate and measure
such performance. Disclosure of these non-GAAP financial measures
also facilitates comparisons of Bloom Energy operating performance
with the performance of other companies in Bloom Energy industry
that supplement their GAAP results with non-GAAP financial measures
that may be calculated in a similar manner.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505005456/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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