Bloom Energy Corporation (NYSE: BE) reported today its total
revenue for the second quarter ended June 30, 2023 grew 24%
compared with the second quarter of 2022. The record revenue for
the quarter was driven by continued growth in Product and Service
revenue.
Second Quarter Highlights
- Revenue of $301.1 million in the second quarter of 2023, an
increase of 23.8% compared to $243.2 million in the second quarter
of 2022. Product and Service revenue of $257.0 million in the
second quarter of 2023, an increase of 21.2% compared to $212.1
million in the second quarter of 2022.
- Gross margin of 18.7% in the second quarter of 2023, an
increase of 19.5 percentage points compared to (0.8%) in the second
quarter of 2022.
- Non-GAAP gross margin of 20.4% in the second quarter of 2023,
an increase of 0.8 percentage points compared to 19.6% in the
second quarter of 2022.
- Operating loss of ($54.5) million in the second quarter of
2023, an improvement of $47.7 million compared to ($102.2) million
in the second quarter of 2022.
- Non-GAAP operating loss of ($25.9) million in the second
quarter of 2023, an increase of ($1.3) million compared to ($24.6)
million in the second quarter of 2022.
Commenting on second quarter results, KR Sridhar, founder,
Chairman and CEO of Bloom Energy, said, “Bloom continued to make
great progress in the second quarter. We grew revenues, reduced
costs, and strengthened our balance sheet. We are dedicated as ever
to building a great company that continues to innovate and offers
real solutions. As we look forward, we are excited about the recent
launch of Series 10 and our enhanced CHP product which we believe
will resonate strongly with customers.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had
record second quarter revenue on strong product shipments. Our
product costs declined 13% over last year, significantly improving
our product margins. With total cash of over $900 million, we are
in a strong liquidity position. We are reaffirming our 2023 outlook
for revenues and profitability.”
Summary of Key Financial Metrics
Preliminary Summary of GAAP Profit and Loss
Statements
($000)
Q2’23
Q1’23
Q2’22
Revenue
301,095
275,191
243,236
Cost of Revenue
244,745
220,924
245,206
Gross Profit
56,350
54,267
(1,970)
Gross Margin
18.7%
19.7%
(0.8%)
Operating Expenses
110,806
117,948
100,203
Operating Loss
(54,456)
(63,681)
(102,173)
Operating Margin
(18.1%)
(23.1%)
(42.0%)
Non-operating Expenses
11,607
7,886
16,627
Net Loss to Common Stockholders
(66,061)
(71,567)
(118,800)
GAAP EPS
($0.32)
($0.35)
($0.67)
Preliminary Summary of Non-GAAP Financial
Information1
($000)
Q2’23
Q1’23
Q2’22
Revenue
301,095
275,191
243,236
Cost of Revenue
239,678
216,763
195,639
Gross Profit
61,418
58,428
47,597
Gross Margin
20.4%
21.2%
19.6%
Operating Expenses
87,357
92,520
72,223
Operating Income (Loss)
(25,939)
(34,092)
(24,626)
Operating Margin
(8.6%)
(12.4%)
(10.1%)
Adjusted EBITDA
(8,421)
(15,942)
(8,314)
Non-GAAP EPS
($0.17)
($0.22)
($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 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
Conference Call Details
Bloom will host a conference call today, Aug 3, 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 toll-free dial-in number: +1 (888) 330-2443 and
toll-dial-in-number +1 (240) 789-2728. The conference ID is
4781037. 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 (800) 770-2030 or +1
(647) 362 9199 and entering passcode 4781037.
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: innovation and solutions; customer reaction to Bloom’s
products; Bloom’s liquidity position; Bloom’s 2023 outlook for
revenue and profitability. 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; 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 and our Quarterly Report on Form 10-Q for the
quarter ended May 31, 2023, as filed with the SEC on May 9, 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)
June 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents1
$
767,055
$
348,498
Restricted cash1
45,811
51,515
Accounts receivable less allowance for
doubtful accounts of $119 as of June 30, 2023 and December 31,
20221
351,021
250,995
Contract assets
35,182
46,727
Inventories1
468,266
268,394
Deferred cost of revenue
53,982
46,191
Loan commitment asset
5,259
—
Prepaid expenses and other current
assets1
49,823
43,643
Total current assets
1,776,399
1,055,963
Property, plant and equipment, net1
606,007
600,414
Operating lease right-of-use assets1
132,452
126,955
Restricted cash1
109,678
118,353
Deferred cost of revenue
4,407
4,737
Loan commitment asset
47,533
—
Other long-term assets1
43,426
40,205
Total assets
$
2,719,902
$
1,946,627
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable1
$
194,503
$
161,770
Accrued warranty
14,906
17,332
Accrued expenses and other current
liabilities1
113,848
144,183
Deferred revenue and customer
deposits1
137,704
159,048
Operating lease liabilities1
17,168
16,227
Financing obligations
29,097
17,363
Recourse debt
—
12,716
Non-recourse debt1
10,814
13,307
Redeemable convertible preferred stock,
Series B
310,508
—
Total current liabilities
828,548
541,946
Deferred revenue and customer
deposits1
26,226
56,392
Operating lease liabilities1
137,667
132,363
Financing obligations
424,811
442,063
Recourse debt1
839,223
273,076
Non-recourse debt1
107,793
112,480
Other long-term liabilities
9,399
9,491
Total liabilities
2,373,667
1,567,811
Commitments and contingencies (Note
12)
Stockholders’ equity:
Common stock: $0.0001 par value; Class A
shares - 600,000,000 shares authorized and 193,506,252 shares and
189,864,722 shares issued and outstanding and Class B shares -
600,000,000 shares authorized and 15,675,130 shares and 15,799,968
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively
20
20
Additional paid-in capital
4,011,900
3,906,491
Accumulated other comprehensive loss
(2,053
)
(1,251
)
Accumulated deficit
(3,702,111
)
(3,564,483
)
Total equity attributable to Class A and
Class B common stockholders
307,756
340,777
Noncontrolling interest
38,479
38,039
Total stockholders’ equity
$
346,235
$
378,816
Total liabilities and stockholders’
equity
$
2,719,902
$
1,946,627
1We have a variable interest entity
related to PPA V and a joint venture in the Republic of Korea which
represent a portion of the consolidated balances recorded within
these financial statement line items.
Condensed Consolidated Statements
of Operations (preliminary & unaudited)
(in thousands, except per share
data)
Three Months Ended
June 30,
2023
2022
Revenue:
Product
$
214,706
$
173,625
Installation
24,321
12,729
Service
42,298
38,426
Electricity
19,770
18,456
Total revenue
301,095
243,236
Cost of revenue:
Product
145,146
129,419
Installation
26,879
16,730
Service
57,263
41,028
Electricity
15,457
58,029
Total cost of revenue
244,745
245,206
Gross profit (loss)
56,350
(1,970
)
Operating expenses:
Research and development
41,493
41,614
Sales and marketing
26,822
20,475
General and administrative
42,491
38,114
Total operating expenses
110,806
100,203
Loss from operations
(54,456
)
(102,173
)
Interest income
4,357
196
Interest expense
(13,953
)
(13,814
)
Other expense, net
(740
)
(1,191
)
Loss on extinguishment of debt
(2,873
)
(4,233
)
(Loss) gain on revaluation of embedded
derivatives
(1,216
)
38
Loss before income taxes
(68,881
)
(121,177
)
Income tax provision (benefit)
178
(12
)
Net loss
(69,059
)
(121,165
)
Less: Net loss attributable to
noncontrolling interest
(2,998
)
(2,365
)
Net loss attributable to Class A and Class
B common stockholders
(66,061
)
(118,800
)
Less: Net loss attributable to redeemable
noncontrolling interest
—
—
Net loss before portion attributable to
redeemable noncontrolling interest and noncontrolling interest
$
(66,061
)
$
(118,800
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.32
)
$
(0.67
)
Weighted average shares used to compute
net loss per share available to Class A and Class B common
stockholders, basic and diluted
208,692
178,507
Condensed Consolidated Statement of Cash
Flows (preliminary & unaudited)
(in thousands)
Six Months Ended
June 30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(143,976
)
$
(203,912
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
35,668
30,697
Non-cash lease expense
16,184
8,800
Loss (gain) on disposal of property, plant
and equipment
196
(523
)
Revaluation of derivative contracts
1,099
1,680
Write-off of assets related to PPA
IIIa
—
44,800
Stock-based compensation
55,845
57,774
Amortization of warrants and debt issuance
costs
1,786
1,651
Loss on extinguishment of debt
2,873
4,233
Unrealized foreign currency exchange
loss
1,512
2,276
Other
—
3,487
Changes in operating assets and
liabilities:
Accounts receivable
(99,951
)
8,938
Contract assets
11,544
(8,173
)
Inventories
(197,346
)
(62,824
)
Deferred cost of revenue
(7,544
)
(8,995
)
Customer financing receivable
—
2,510
Prepaid expenses and other current
assets
1,958
(5,813
)
Other long-term assets
3,415
—
Operating lease right-of-use assets and
operating lease liabilities
(15,447
)
2,422
Finance lease liabilities
736
48
Accounts payable
35,894
50,585
Accrued warranty
(2,426
)
—
Accrued expenses and other current
liabilities
(35,719
)
(18,017
)
Deferred revenue and customer deposits
(26,766
)
(10,158
)
Other long-term liabilities
(730
)
—
Net cash used in operating activities
(361,195
)
(98,514
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(46,150
)
(44,728
)
Proceeds from sale of property, plant and
equipment
25
—
Net cash used in investing activities
(46,125
)
(44,728
)
Cash flows from financing
activities:
Proceeds from issuance of debt
634,018
—
Payment of debt issuance costs
(15,828
)
—
Repayment of debt of PPA IIIa
—
(30,212
)
Debt make-whole payment related to PPA
IIIa debt
—
(2,413
)
Repayment of recourse debt
(72,852
)
(10,729
)
Proceeds from financing obligations
2,702
—
Repayment of financing obligations
(8,728
)
(16,475
)
Distributions and payments to
noncontrolling interests
—
(4,415
)
Proceeds from issuance of common stock
9,258
5,981
Proceeds from exercise of options
—
1,317
Proceeds from issuance of redeemable
convertible preferred stock
310,957
—
Contributions from noncontrolling
interest
6,979
—
Purchase of capped call related to
convertible notes
(54,522
)
—
Other
(158
)
—
Net cash provided by (used in) financing
activities
811,826
(56,946
)
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(328
)
(747
)
Net decrease in cash, cash equivalents and
restricted cash
404,178
(200,935
)
Cash, cash equivalents and restricted
cash:
Beginning of period
518,366
615,114
End of period
$
922,544
$
414,179
Reconciliation of GAAP to Non-GAAP
Financial Measures (preliminary & unaudited) (in thousands,
except percentages)
Q223
Q123
Q222
GAAP revenue
301,095
275,191
243,236
GAAP cost of sales
244,745
220,924
245,206
GAAP gross profit (loss)
56,350
54,267
(1,970)
Non-GAAP adjustments:
Stock-based compensation expense
5,067
4,161
4,767
PPA IIIa repowering-related
impairment charges
-
-
44,800
Non-GAAP gross profit
61,417
58,428
47,597
GAAP gross margin %
18.7%
19.7%
(0.8%)
Non-GAAP adjustments
1.7%
1.5%
20.4%
Non-GAAP gross margin %
20.4%
21.2%
19.6%
Q223
Q123
Q222
GAAP loss from operations
(54,456)
(63,681)
(102,173)
Non-GAAP adjustments:
Stock-based compensation expense
28,479
29,553
32,599
PPA IIIa repowering-related
impairment charges
-
-
44,800
Amortization of acquired intangible
assets
37
37
148
Non-GAAP loss from operations
(25,940)
(34,092)
(24,626)
GAAP operating margin %
(18.1%)
(23.1%)
(42.0%)
Non-GAAP adjustments
9.5%
10.8%
31.9%
Non-GAAP operating margin %
(8.6%)
(12.4%)
(10.1%)
Reconciliation of GAAP Net Loss to
non-GAAP Net Loss and Computation of non-GAAP Net Loss per Share
(EPS) (preliminary & unaudited) (in thousands, except per share
data)
Q223
Q123
Q222
Net loss to Common Stockholders
(66,061)
(71,567)
(118,800)
Non-GAAP adjustments:
Add back:
Loss for non-controlling interests
(2,998)
(3,350)
(2,365)
Loss (gain) on derivative liabilities
1,216
(117)
(38)
Goodwill Impairment
-
-
1,957
JV investment loss
-
-
1,446
PPA IIIa repowering-related impairment
charges
-
-
44,800
Loss on extinguishment of debt
2,873
-
4,233
Amortization of acquired intangible
assets
37
37
148
Stock-based compensation expense
28,479
29,553
32,599
Adjusted Net Loss
(36,454)
(45,445)
(36,020)
Net loss to Common Stockholders per
share
($0.32)
($0.35)
($0.67)
Adjusted net loss per share
(EPS)
($0.17)
($0.22)
($0.20)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted
208,692
206,724
178,507
Reconciliation of GAAP Net Loss to
Adjusted EBITDA (preliminary & unaudited) (in thousands)
Q223
Q123
Q222
Net loss to Common Stockholders
(66,061)
(71,567)
(118,800)
Add back:
Loss for non-controlling interests
(2,998)
(3,350)
(2,365)
Loss (gain) on derivative liabilities
1,216
(117)
(38)
Goodwill Impairment
-
-
1,957
JV investment loss
-
-
1,446
PPA IIIa repowering-related impairment
charges
-
-
44,800
Loss on extinguishment of debt
2,873
-
4,233
Amortization of acquired intangible
assets
37
37
148
Stock-based compensation expense
28,479
29,553
32,599
Adjusted Net Loss
(36,454)
(45,445)
(36,020)
Depreciation & amortization
17,519
18,150
16,313
Income tax provision (benefit)
178
259
(12)
Interest expense (income), Other expense
(income), net
10,336
11,094
11,405
Adjusted EBITDA
(8,421)
(15,942)
(8,314)
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. 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 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 on
derivatives liabilities, loss on extinguishment of debt related to
redemption of 10.25% senior secured notes due March 2027, and the
amortization of acquired intangible assets. Adjusted EBITDA is
defined as net loss before interest expense, provision for income
tax, depreciation and amortization expense, stock-based
compensation, amortization of acquired intangible assets, loss for
non-controlling interest, loss on derivatives liabilities and loss
on extinguishment of debt related to redemption of 10.25% senior
secured notes due March 2027.
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.
- Loss on debt extinguishment related to the redemption on July
1, 2023 of 10.25% senior secured notes due March 2027 and comprises
of 4% premium upon redemption of $2.3 million and $0.6 million of
debt issuance cost write off.
- 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/20230803198038/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717
Media: Virginia Citrano Bloom Energy
press@bloomenergy.com
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