Bloom Energy Corporation (NYSE: BE) today announced financial
results for its third quarter ended September 30, 2022.
Third Quarter Highlights
- Record third quarter revenue of $292.3 million in 2022, an
increase of 41.1% compared to $207.2 in the third quarter of
2021.
- Gross Margin of 17.4% in the third quarter of 2022, compared to
gross margin of 17.8% in the third quarter of 2021.
- Non-GAAP gross margin was 19.1% in the third quarter of 2022,
compared to non-GAAP gross margin of 19.2% in the third quarter of
2021.
- Raised $388.7 million through new class A common stock
offering.
- Reaffirming our 2022 financial outlook.
Commenting on third quarter results, KR Sridhar, founder,
chairman, and CEO of Bloom Energy said, “Bloom Energy is continuing
to execute at a high level. Our commercial and industrial consumers
want pragmatic solutions that can power their growth today and meet
their zero-carbon needs in the future. In Bloom, our customers have
a peerless platform that is purposeful and practical, offering
energy security, economic security, and environmental
security.”
Greg Cameron, executive vice president and CFO of Bloom Energy
added, “We had a very strong operating quarter, delivering record
third quarter revenue and strengthening our liquidity position to
fund our growth. We remain confident in our business and are
reaffirming our 2022 financial guidance.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
($000)
Q322
Q222
Q321
Revenue
292,274
243,236
207,228
Cost of Revenue
241,330
245,206
170,345
Gross Profit (loss)
50,944
(1,970
)
36,833
Gross Margin %
17.4
%
(0.8
%)
17.8
%
Operating Expenses
103,536
100,203
80,772
Operating Loss
(52,592
)
(102,173
)
(43,889
)
Operating Margin %
(18.0
%)
(42.0
%)
(21.2
)%
Non-operating Expenses1
4,485
16,627
8,481
Net Loss
(57,077
)
(118,800
)
(52,370
)
EPS
$
(0.31
)
$
(0.67
)
$
(0.30
)
1. Includes non-operating expenses, tax
provision, noncontrolling interest, and redeemable noncontrolling
interest
Preliminary Summary Non-GAAP Financial Information1
($000)
Q322
Q222
Q321
Revenue
292,274
243,236
207,228
Cost of Revenue
236,349
195,639
167,400
Gross Profit
55,925
47,597
39,828
Gross Margin %
19.1
%
19.6
%
19.2
%
Operating Expenses
84,449
72,223
62,571
Operating loss
(28,524
)
(24,626
)
(22,923
)
Operating Margin %
(9.8
%)
(10.1
%)
(11.1
%)
Adjusted EBITDA
(13,076
)
(8,314
)
(9,777
)
EPS
$
(0.20
)
$
(0.20
)
$
(0.20
)
- 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
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, November 3, 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:
450417. Those calling from outside the United States may dial +1
(929) 526-1599 and enter the same passcode: 450417. 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 + 44 204-525-0658 entering passcode
242063.
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 due to the uncertainty
regarding, and the potential variability of, reconciling items such
as stock-based compensation expense. Material changes to
reconciling items could have a significant effect on future GAAP
results and, as such, we believe that any reconciliation provided
would imply a degree of precision that could be confusing or
misleading to investors (see SEC Staff Non-GAAP C&DI 102.10 and
the Adopting Release).
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 macroeconomic conditions, including rising interest
rates, recession fears and inflationary pressures, or geopolitical
events or conflicts; 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 Reports on Form 10-Q for the quarters
ended March 31, 2022 and June 30, 2022 as filed with the SEC on May
6, 2022 and August 9, 2022, respectively, 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)
September 30,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
492,120
$
396,035
Restricted cash
42,104
92,540
Accounts receivable
71,184
87,789
Contract assets
25,768
25,201
Inventories
254,895
143,370
Deferred cost of revenue
31,812
25,040
Customer financing receivable
—
5,784
Prepaid expenses and other current
assets
46,489
30,661
Total current assets
964,372
806,420
Property, plant and equipment, net
646,768
604,106
Operating lease right-of-use assets
114,053
106,660
Customer financing receivable
—
39,484
Restricted cash
135,098
126,539
Deferred cost of revenue
3,462
1,289
Other long-term assets
38,316
41,073
Total assets
$
1,902,069
$
1,725,571
Liabilities, redeemable convertible
preferred stock, redeemable noncontrolling interest and
stockholders’ equity (deficit)
Current liabilities:
Accounts payable
$
120,444
$
72,967
Accrued warranty
13,344
11,746
Accrued expenses and other current
liabilities
102,010
114,138
Deferred revenue and customer deposits
98,841
89,975
Operating lease liabilities
12,671
13,101
Financing obligations
16,682
14,721
Recourse debt
12,792
8,348
Non-recourse debt
15,943
17,483
Total current liabilities
392,727
342,479
Deferred revenue and customer deposits
68,727
90,310
Operating lease liabilities
122,412
106,187
Financing obligations
443,665
461,900
Recourse debt
274,742
283,483
Non-recourse debt
179,955
217,416
Other long-term liabilities
8,917
16,772
Total liabilities
1,491,145
1,518,547
Redeemable convertible preferred stock
208,551
208,551
Redeemable noncontrolling interest
—
300
Stockholders’ equity (deficit):
Common stock
19
18
Additional paid-in capital
3,691,715
3,219,081
Accumulated other comprehensive loss
(1,531
)
(350
)
Accumulated deficit
(3,517,311
)
(3,263,075
)
Total equity (deficit) attributable to
Class A and Class B common stockholders
172,892
(44,326
)
Noncontrolling interest
29,481
42,499
Total stockholders' equity (deficit)
$
202,373
$
(1,827
)
Total liabilities, redeemable convertible
preferred stock, redeemable noncontrolling interest and
stockholders' equity (deficit)
$
1,902,069
$
1,725,571
Condensed Consolidated Statements of
Operations (preliminary & unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
2022
2021
Revenue:
Product
$
213,243
$
128,550
Installation
22,682
22,172
Service
37,347
39,251
Electricity
19,002
17,255
Total revenue
292,274
207,228
Cost of revenue:
Product
158,176
93,704
Installation
28,333
25,616
Service
41,792
39,586
Electricity
13,029
11,439
Total cost of revenue
241,330
170,345
Gross profit
50,944
36,883
Operating expenses:
Research and development
36,146
27,634
Sales and marketing
23,275
20,124
General and administrative
44,115
33,014
Total operating expenses
103,536
80,772
Loss from operations
(52,592
)
(43,889
)
Interest income
1,109
72
Interest expense
(13,099
)
(14,514
)
Loss on extinguishment of debt
—
—
Other income, net
4,472
2,011
Gain (loss) on revaluation of embedded
derivatives
54
(184
)
Loss before income taxes
(60,056
)
(56,504
)
Income tax provision
336
158
Net loss
(60,392
)
(56,662
)
Less: Net loss attributable to
noncontrolling interest
(3,315
)
(4,309
)
Net loss attributable to Class A and Class
B common stockholders
$
(57,077
)
$
(52,353
)
Less: Net income attributable to
redeemable noncontrolling interest
—
17
Net loss before portion attributable to
redeemable noncontrolling interest and noncontrolling interest
$
(57,077
)
$
(52,370
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.31
)
$
(0.30
)
Weighted average shares used to compute
net loss per share available to Class A and Class B common
stockholders, basic and diluted
186,487
174,269
Condensed Consolidated Statement of Cash Flows (preliminary
& unaudited)
(in thousands)
Nine Months Ended
September 30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(264,304
)
$
(144,864
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
46,182
40,079
Non-cash lease expense
18,153
7,161
Gain on sale of property, plant and
equipment
(523
)
—
Write-off of assets related to PPA
IIIa
44,800
—
Revaluation of derivative liabilities
(9,640
)
486
Stock-based compensation
81,460
57,309
Gain on remeasurement of investment
—
(1,966
)
Loss on extinguishment of debt
4,233
—
Amortization of warrants and debt issuance
costs
2,355
2,824
Unrealized foreign currency exchange
loss
3,086
184
Other
3,487
—
Changes in operating assets and
liabilities:
Accounts receivable
15,758
34,236
Contract assets
(567
)
(24,418
)
Inventories
(110,797
)
(39,953
)
Deferred cost of revenue
(8,856
)
7,307
Customer financing receivable
2,510
4,022
Prepaid expenses and other assets
(15,766
)
236
Other long-term assets
(730
)
(374
)
Operating lease right-of-use assets and
operating lease liabilities
2,162
(7,593
)
Finance lease liabilities
499
—
Accounts payable
38,642
37,795
Accrued warranty
1,597
(2,357
)
Accrued expenses and other liabilities
502
(26,178
)
Deferred revenue and customer deposits
(12,716
)
(53,181
)
Other long-term liabilities
(9,980
)
1,289
Net cash used in operating activities
(168,453
)
(107,956
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(80,907
)
(44,625
)
Net cash acquired from step
acquisition
—
3,114
Net cash used in investing activities
(80,907
)
(41,511
)
Cash flows from financing
activities:
Repayment of debt of PPA IIIa
(30,212
)
—
Repayment of debt
(17,262
)
(11,017
)
Debt make-whole payment related to PPA
IIIa debt
(2,413
)
—
Proceeds from financing obligations
—
7,534
Repayment of financing obligations
(28,821
)
(10,174
)
Contributions from noncontrolling
interests
2,815
—
Distributions to redeemable noncontrolling
interests
—
(37
)
Distributions to noncontrolling
interests
(5,972
)
(5,285
)
Proceeds from issuance of common stock
15,150
72,109
Proceeds from Class A common share
offering
385,396
—
Public share offering costs
(13,407
)
—
Other cash payments
(63
)
—
Net cash provided by financing
activities
305,211
53,130
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(1,643
)
(472
)
Net decrease in cash, cash equivalents and
restricted cash
54,208
(96,809
)
Cash, cash equivalents and restricted
cash:
Beginning of period
615,114
416,710
End of period
$
669,322
$
319,901
Reconciliation of GAAP to Non-GAAP
Financial Measures (preliminary & unaudited)
(in thousands, except percentages)
Q322
Q222
Q321
GAAP revenue
292,274
243,236
207,228
GAAP cost of sales
241,330
245,206
170,345
GAAP gross profit (loss)
50,944
(1,970
)
36,883
Non-GAAP adjustments:
Stock-based compensation expense
4,981
4,767
2,945
PPA IIIa repowering impairment charge
-
44,800
-
Non-GAAP gross profit
55,925
47,597
39,828
GAAP gross margin %
17.4
%
(0.8
%)
17.8
%
Non-GAAP adjustments
1.7
%
20.4
%
1.4
%
Non-GAAP gross margin %
19.1
%
19.6
%
19.2
%
Q322
Q222
Q321
GAAP loss from operations
(52,592
)
(102,173
)
(43,889
)
Non-GAAP adjustments:
Stock-based compensation expense
24,031
32,599
20,966
PPA IIIa repowering impairment charge
-
44,800
-
Amortization of acquired intangible
assets
37
148
-
Non-GAAP loss from operations
(28,524
)
(24,626
)
(22,923
)
GAAP operating margin %
(18.0
%)
(42.0
%)
(21.2
%)
Non-GAAP adjustments
8.2
%
31.9
%
10.1
%
Non-GAAP operating margin %
(9.8
%)
(10.1
%)
(11.1
%)
GAAP Net Loss to non-GAAP Net Loss and
Computation of non-GAAP Net Loss per Share (EPS) (preliminary &
unaudited)
(in thousands)
Q322
Diluted net earnings per
share
Q222
Diluted net earnings per
share
Q321
Diluted net earnings per
share
GAAP net loss
(57,077
)
$
(0.31
)
(118,800
)
$
(0.67
)
(52,370
)
$
(0.30
)
Non-GAAP adjustments:
Loss for non-controlling interests and
redeemable noncontrolling interest
(3,315
)
(0.02
)
(2,365
)
(0.01
)
(4,292
)
(0.02
)
Loss (gain) on derivatives liabilities
(54
)
(0.00
)
(38
)
(0.00
)
184
0.00
Gain on the fair value adjustments for
certain PPA derivatives
-
-
-
-
(125
)
(0.00
)
Goodwill impairment
-
-
1,957
0.01
-
-
Loss on JV investment
-
-
1,446
0.01
-
-
PPA IIIa repowering impairment charge
-
-
44,800
0.25
-
-
Loss on extinguishment of debt related to
PPA IIIa
-
-
4,233
0.02
-
-
Amortization of acquired intangible
assets
37
0.00
148
0.00
-
-
Stock-based compensation expense
24,031
0.13
32,599
0.18
20,966
0.12
Non-GAAP net loss
(36,378
)
$
(0.20
)
(36,020
)
$
(0.20
)
(35,637
)
$
(0.20
)
Q322
Q222
Q321
Numerator:
GAAP net loss
(57,077
)
(118,800
)
(52,370
)
Non-GAAP net loss
(36,378
)
(36,020
)
(35,637
)
Denominator:
Weighted-average shares used to compute
basic net earnings per share
186,487
178,507
174,269
Weighted-average shares used to compute
diluted net earnings per share
186,487
178,507
174,269
GAAP net earnings per share
Basic
$
(0.31
)
$
(0.67
)
$
(0.30
)
Diluted
$
(0.31
)
$
(0.67
)
$
(0.30
)
Non-GAAP net earnings per share
Basic
$
(0.20
)
$
(0.20
)
$
(0.20
)
Diluted
$
(0.20
)
$
(0.20
)
$
(0.20
)
GAAP Net Loss to Adjusted EBITDA
reconciliation (preliminary & unaudited) (in thousands)
Q322
Q222
Q321
GAAP net loss
(57,077
)
(118,800
)
(52,370
)
Non-GAAP adjustments:
Loss for non-controlling interests and
redeemable noncontrolling interest
(3,315
)
(2,365
)
(4,292
)
Loss (gain) on derivatives liabilities
(54
)
(38
)
184
Gain on the fair value adjustments for
certain PPA derivatives
-
-
(125
)
Goodwill impairment
-
1,957
-
Stock-based compensation expense
24,031
32,599
20,966
Depreciation & Amortization
15,485
16,461
13,271
Provision (benefit) for Income Tax
336
(12
)
158
Loss on China JV investment
-
1,446
-
Loss on extinguishment of debt related to
PPA IIIa repowering
-
4,233
-
PPA IIIa repowering impairment charge
-
44,800
-
Interest Expense / Other Misc
7,518
11,405
12,431
Adjusted EBITDA
(13,076
)
(8,314
)
(9,777
)
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 (loss),
non-GAAP gross 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 (loss) is gross profit (loss).
- The GAAP measure most directly comparable to non-GAAP gross
margin is gross 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
margin is operating 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 (loss) and non-GAAP gross margin are
defined to exclude charges relating to stock-based compensation
expense and PPA IIIa repowering related impairment charge. Non-GAAP
operating profit (loss) (non-GAAP earnings from operations) and
non-GAAP operating margin are defined to exclude any charges
relating to stock-based compensation expense, PPA IIIa repowering
related impairment charge and the amortization of acquired
intangible assets. 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, goodwill impairment, loss on China JV investment, PPA
IIIa repowering related impairment charge, loss on extinguishment
of debt related to PPA IIIa repowering and the amortization of
acquired intangible assets. Adjusted EBITDA is defined as net
income (loss) before interest expense, income tax expense,
depreciation and amortization expense, stock-based compensation,
loss for non-controlling interest, loss (gain) on derivatives
liabilities, loss (gain) on the fair value adjustments for certain
PPA derivatives, goodwill impairment, loss on China JV investment,
PPA IIIa repowering related impairment charge, loss on
extinguishment of debt related to PPA IIIa repowering.
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.
- PPA IIIa repowering related impairment charge represents
non-cash impairment charges on old server units decommissioned upon
repowering.
- Loss on debt extinguishment related to PPA IIIa
repowering.
- Goodwill impairment related to the acquisition of BE Japan in
Q2 2021.
- Amortization of acquired intangible assets.
- Loss on China JV investment upon sale of our equity
interest.
- 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 (loss), non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP operating profit (loss) (non-GAAP
earnings from operations), non-GAAP operating 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 (loss), non-GAAP gross 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/20221103005589/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717 Edward.vallejo@bloomenergy.com
Media: Virginia Citrano Bloom Energy
press@bloomenergy.com
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