Bloom Energy Corporation (NYSE: BE) reported today its total
revenue for the first quarter ended March 31, 2023 grew 37%
compared with the first quarter of 2022. The record revenue for the
quarter was driven by continued growth in Product and Service
revenue and supported an improvement in operating margin of over
five percentage points.
First Quarter Highlights
- Revenue of $275.2 million in the first quarter of 2023, an
increase of 36.9% compared to $201.0 million in the first quarter
of 2022. Product and Service revenue of $234.4 million in the first
quarter of 2023, an increase of 38.9% compared to $168.8 million in
the first quarter of 2022.
- Gross margin of 19.7% in the first quarter of 2023, an increase
of 5.8 percentage points compared to 13.9% in the first quarter of
2022.
- Non-GAAP gross margin of 21.2% in the first quarter of 2023, an
increase of 5.4 percentage points compared to 15.8% in the first
quarter of 2022.
- Operating loss of ($63.7) million in the first quarter of 2023,
an improvement of $2.0 million compared to ($65.7) million in the
first quarter of 2022.
- Non-GAAP operating loss of ($34.1) million in the first quarter
of 2023, an improvement of $5.3 million compared to ($39.4) million
in the first quarter of 2022.
Commenting on first quarter results, KR Sridhar founder,
Chairman and CEO of Bloom Energy said, “Bloom Energy is off to a
very strong start in 2023. Our company is operating well and
delivering on our goals. We are making great strides in developing
products that serve the needs of our customers today, will help
them to position well for the future and, importantly, create
revenue growth for us.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had
record first quarter revenue driven by strong domestic acceptances.
Our margins improved as we maintained price while reducing our
product costs. We are reaffirming our 2023 framework for revenue
and profitability.”
Summary of Key Financial Metrics
Preliminary Summary of GAAP Profit and Loss
Statements
($000)
Q1’23
Q4’22
Q1’22
Revenue
275,191
462,577
201,039
Cost of Revenue
220,924
391,199
173,102
Gross Profit
54,267
71,377
27,937
Gross Margin
19.7%
15.4%
13.9%
Operating Expenses
117,948
111,945
93,596
Operating Loss
(63,681)
(40,568)
(65,659)
Operating Margin
(23.1%)
(8.8%)
(32.7%)
Non-operating Expenses
7,886
6,604
12,700
Net Loss to Common Stockholders
(71,567)
(47,172)
(78,359)
GAAP EPS
($0.35)
($0.23)
($0.44)
Preliminary Summary of Non-GAAP Financial
Information1
($000)
Q1’23
Q4’22
Q1’22
Revenue
275,191
462,577
201,039
Cost of Revenue
216,763
321,823
169,242
Gross Profit
58,428
140,754
31,797
Gross Margin
21.2%
30.4%
15.8%
Operating Expenses
92,520
81,722
71,148
Operating Income (Loss)
(34,092)
59,032
(39,351)
Operating Margin
(12.4%)
12.8%
(19.6%)
Adjusted EBITDA
(15,942)
74,449
(24,967)
EPS
($0.22)
$0.27
$ (0.32)
- 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 2023:
• Revenue:
$1.4 - $1.5 billion
• Product & Service Revenue:
$1.25 - $1.35 billion
• Non-GAAP Gross Margin:
∼25%
• Non-GAAP Operating Margin:
Positive
Bloom Will host an investor conference at the NYSE on May 23,
2023.
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 9, 2023, 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 (404) 975-4839 and enter the passcode: 984263. Those
calling from outside the United States may dial +44 204-525-0658
and enter the same passcode: 984263. 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 and entering passcode 878051.
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 2023 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.
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 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: Bloom’s positioning operationally and with respect to
its goals; Bloom’s product development, serving customers’ needs
and revenue growth; Bloom’s 2023 framework for revenue and
profitability; Bloom’s financial outlook for 2023. 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; supply
constraints; 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 Annual Report on Form
10-K for the year ended December 31, 2022 as filed with the SEC on
February 21, 2023, 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,
2023
2022
Assets
Current assets:
Cash and cash equivalents1
$
320,431
$
348,498
Restricted cash1
47,241
51,515
Accounts receivable less allowance for
doubtful accounts of $119 as of March 31, 2023 and December 31,
20221
329,757
250,995
Contract assets
47,778
46,727
Inventories1
397,689
268,394
Deferred cost of revenue
40,390
46,191
Loan commitment asset
5,259
—
Prepaid expenses and other current
assets1
56,384
43,643
Total current assets
1,244,929
1,055,963
Property, plant and equipment, net1
602,961
600,414
Operating lease right-of-use assets1
129,377
126,955
Restricted cash1
115,773
118,353
Deferred cost of revenue
4,667
4,737
Loan commitment asset
47,533
—
Other long-term assets1
46,970
40,205
Total assets
$
2,192,210
$
1,946,627
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable1
$
130,061
$
161,770
Accrued warranty
9,456
17,332
Accrued expenses and other current
liabilities1
111,761
144,183
Deferred revenue and customer
deposits1
148,530
159,048
Operating lease liabilities1
16,148
16,227
Financing obligations
20,272
17,363
Recourse debt
12,971
12,716
Non-recourse debt1
11,435
13,307
Redeemable convertible preferred stock,
Series B
310,957
—
Total current liabilities
771,591
541,946
Deferred revenue and customer
deposits1
29,059
56,392
Operating lease liabilities1
135,287
132,363
Financing obligations
436,306
442,063
Recourse debt
269,382
273,076
Non-recourse debt1
108,564
112,480
Other long-term liabilities
8,187
9,491
Total liabilities
1,758,376
1,567,811
Stockholders’ equity:
Common stock: $0.0001 par value; Class A
shares - 600,000,000 shares authorized and 192,657,993 shares and
189,864,722 shares issued and outstanding and Class B shares -
600,000,000 shares authorized and 15,675,652 shares and 15,799,968
shares issued and outstanding at March 31, 2023 and December 31,
2022, respectively
20
20
Additional paid-in capital
4,036,697
3,906,491
Accumulated other comprehensive loss
(1,352
)
(1,251
)
Accumulated deficit
(3,636,050
)
(3,564,483
)
Total equity attributable to Class A and
Class B common stockholders
399,315
340,777
Noncontrolling interest
34,519
38,039
Total stockholders’ equity
$
433,834
$
378,816
Total liabilities and stockholders’
equity
$
2,192,210
$
1,946,627
1
We have variable interest entity related
to PPA V and joint venture in the Republic of Korea which represent
a portion of the consolidated balances recorded within these
financial statement line items in the condensed consolidated
balance sheets.
Condensed Consolidated Statements of
Operations (preliminary & unaudited) (in thousands, except per
share data)
Three Months Ended
March 31,
2023
2022
Revenue:
Product
$
193,745
$
133,547
Installation
20,525
13,553
Service
40,663
35,239
Electricity
20,258
18,700
Total revenue
275,191
201,039
Cost of revenue:
Product
129,613
105,742
Installation
25,100
12,773
Service
51,244
41,826
Electricity
14,967
12,761
Total cost of revenue
220,924
173,102
Gross profit
54,267
27,937
Operating expenses:
Research and development
45,690
34,526
Sales and marketing
27,111
21,334
General and administrative
45,147
37,736
Total operating expenses
117,948
93,596
Loss from operations
(63,681
)
(65,659
)
Interest income
1,995
59
Interest expense
(11,746
)
(14,087
)
Other expense, net
(1,343
)
(3,027
)
Gain on revaluation of embedded
derivatives
117
531
Loss before income taxes
(74,658
)
(82,183
)
Income tax provision
259
564
Net loss
(74,917
)
(82,747
)
Less: Net loss attributable to
noncontrolling interest
(3,350
)
(4,088
)
Net loss attributable to Class A and Class
B common stockholders
(71,567
)
(78,659
)
Less: Net loss attributable to redeemable
noncontrolling interest
—
(300
)
Net loss before portion attributable to
redeemable noncontrolling interest and noncontrolling interest
$
(71,567
)
$
(78,359
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.35
)
$
(0.44
)
Weighted average shares used to compute
net loss per share available to Class A and Class B common
stockholders, basic and diluted
206,724
177,189
Condensed Consolidated Statement of Cash
Flows (preliminary & unaudited)
(in thousands)
Three Months Ended March
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(74,917
)
$
(82,747
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
18,150
14,384
Non-cash lease expense
7,934
3,072
Loss on disposal of property, plant and
equipment
191
—
Revaluation of derivative contracts
(117
)
2,407
Stock-based compensation
27,743
25,542
Amortization of warranty balance
—
150
Amortization of warrants and debt issuance
costs
665
706
Unrealized foreign currency exchange
loss
28
210
Changes in operating assets and
liabilities:
Accounts receivable
(78,872
)
(23,046
)
Contract assets
(1,051
)
11,668
Inventories
(127,666
)
(39,542
)
Deferred cost of revenue
5,793
5,865
Customer financing receivable
—
1,388
Prepaid expenses and other current
assets
(4,527
)
(6,340
)
Other long-term assets
(128
)
703
Operating lease right-of-use assets and
operating lease liabilities
(7,507
)
3,436
Finance lease liabilities
244
—
Accounts payable
(26,835
)
15,900
Accrued warranty
(7,876
)
2,925
Accrued expenses and other current
liabilities
(32,277
)
(25,144
)
Deferred revenue and customer deposits
(13,108
)
(5,783
)
Other long-term liabilities
(577
)
1,803
Net cash used in operating activities
(314,710
)
(92,443
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(26,574
)
(18,510
)
Net cash used in investing activities
(26,574
)
(18,510
)
Cash flows from financing
activities:
Repayment of debt
(9,892
)
(4,774
)
Proceeds from financing obligations
1,163
—
Repayment of financing obligations
(4,266
)
(9,423
)
Distributions and payments to
noncontrolling interests
—
(2,876
)
Proceeds from issuance of common stock
8,525
6,961
Proceeds from issuance of redeemable
convertible preferred stock
310,957
—
Net cash provided by (used in) financing
activities
306,487
(10,112
)
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(124
)
(153
)
Net decrease in cash, cash equivalents and
restricted cash
(34,921
)
(121,218
)
Cash, cash equivalents and restricted
cash:
Beginning of period
518,366
615,114
End of period
$
483,445
$
493,896
Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary
& unaudited) (in thousands, except percentages)
Q123
Q422
Q122
GAAP revenue
275,191
462,577
201,039
GAAP cost of sales
220,924
391,199
173,102
GAAP gross profit
54,267
71,377
27,937
Non-GAAP adjustments:
Stock-based compensation expense
4,161
5,346
3,860
PPA IV repowering related impairment
charges
-
64,030
-
Non-GAAP gross profit
58,428
140,754
31,797
GAAP gross margin %
19.7%
15.4%
13.9%
Non-GAAP adjustments
1.5%
15.0%
1.9%
Non-GAAP gross margin %
21.2%
30.4%
15.8%
Q123
Q422
Q122
GAAP loss from operations
(63,681)
(40,568)
(65,659)
Non-GAAP adjustments:
Stock-based compensation expense
29,553
31,027
26,308
PPA IV repowering related impairment
charges
-
68,535
-
Amortization of acquired intangible
assets
37
37
-
Non-GAAP loss from operations
(34,092)
59,032
(39,351)
GAAP operating margin %
(23.1%)
(8.8%)
(32.7%)
Non-GAAP adjustments
10.8%
21.5%
13.1%
Non-GAAP operating margin %
(12.4%)
12.8%
(19.6%)
GAAP Net Loss to non-GAAP Net Loss and
Computation of non-GAAP Net Loss per Share (EPS) (preliminary &
unaudited) (in thousands)
Q123
Q422
Q122
Net loss to Common Stockholders
(71,567)
(47,172)
(78,359)
Non-GAAP adjustments:
Loss for non-controlling interests
(3,350)
(3,611)
(4,388)
Loss (gain) on derivative liabilities
(117)
56
(531)
PPA IV repowering related impairment
charges and loss on extinguishment of debt of PPA IV
—
73,257
—
Stock-based compensation expense
29,553
31,027
26,308
Amortization of intangible assets
37
37
—
Adjusted Net Loss
(45,445)
53,596
(56,970)
Net loss to Common Stockholders per
share
$ (0.35)
$ (0.23)
$ (0.44)
Adjusted net loss per share
(EPS)
$ (0.22)
$ 0.27
$ (0.32)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted
206,724
201,200
177,189
GAAP Net Loss to Adjusted EBITDA
reconciliation (preliminary & unaudited) (in thousands)
Q123
Q422
Q122
Net loss to Common Stockholders
(71,567)
(47,172)
(78,359)
Loss for non-controlling interests
(3,350)
(3,611)
(4,388)
Loss (gain) on derivative liabilities
(117)
56
(531)
PPA IV repowering related impairment
charges and loss on extinguishment of debt of PPA IV
—
73,257
—
Stock-based compensation expense
29,553
31,027
26,308
Amortization of intangible assets
37
37
—
Adjusted Net Income (Loss)
(45,445)
53,596
(56,970)
Depreciation & amortization
18,150
15,418
14.384
Provision for income tax
259
209
564
Interest expense (income), Other expense
(income), net
11,094
5,227
17.055
Adjusted EBITDA
(15,942)
74,449
(24,967)
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 margin and non-GAAP operating 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 IV 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 IV 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,
PPA IV repowering related impairment charges, loss on
extinguishment of debt related to PPA IV 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, PPA IV repowering related impairment
charge, loss on extinguishment of debt related to PPA IV
repowering.
Bloom Energy management uses these non-GAAP financial measures
for purposes of evaluating Bloom Energy’s historical and
prospective financial performance, as well as Bloom Energy’s
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’s 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.
- PPA IV repowering related impairment charge represents non-cash
impairment charges on old server units decommissioned upon
repowering.
- Loss on debt extinguishment related to PPA IV repowering.
- Amortization of acquired intangible assets.
- Adjusted EBITDA is defined as Adjusted Net Income (Loss) before
depreciation and amortization expense, provision for income tax,
interest expense (income), other expense (income), net. 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, 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’s results “through the eyes” of management. Bloom Energy
further believes that providing this information better enables
Bloom Energy investors to understand Bloom Energy’s 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’s operating
performance with the performance of other companies in Bloom
Energy’s 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/20230509005951/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717
Media: Virginia Citrano Bloom Energy
press@bloomenergy.com
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