Bloom Energy Corporation (NYSE: BE) reported today its financial
results for the fourth quarter and the full year ended December 31,
2023. The company had record revenue of $1.3 billion for the full
year driven by continued growth in product and service revenue.
Fourth Quarter Highlights
- Revenue of $356.9 million in the fourth quarter of 2023, a
decrease of 22.8% compared to $462.6 million in the fourth quarter
of 2022. Product and service revenue of $314.4 million in the
fourth quarter of 2023, a decrease of 21.4% compared to $400.2
million in the fourth quarter of 2022.
- Gross margin of 25.9% in the fourth quarter of 2023, an
increase of 10.5 percentage points compared to 15.4% in the fourth
quarter of 2022.
- Non-GAAP gross margin of 27.4% in the fourth quarter of 2023, a
decrease of 3.0 percentage points compared to 30.4% in the fourth
quarter of 2022.
- Operating profit of $12.9 million in the fourth quarter of
2023, an improvement of $53.5 million compared to operating loss of
$40.6 million in the fourth quarter of 2022.
- Non-GAAP operating profit of $27.4 million in the fourth
quarter of 2023, a decrease of $31.6 million compared to a non-GAAP
operating profit of $59.0 million in the fourth quarter of
2022.
Total Year Highlights
- Revenue of $1,333.5 million in 2023, an increase of 11.2%
compared to $1,199.1 million in 2022. Product and service revenue
of $1,158.3 million in 2023, an increase of 12.3% compared to
$1,031.6 million in 2022.
- Gross margin of 14.8% in 2023, an increase of 2.4 percentage
points compared to 12.4% in 2022.
- Non-GAAP gross margin of 25.8% in 2023, an increase of 2.8
percentage points compared to 23.0% in 2022.
- Operating loss of $208.9 million in 2023, an improvement of
$52.1 million compared to operating loss of $261.0 million in
2022.
- Non-GAAP operating profit of $19.2 million in 2023, an
improvement of $52.7 million compared to a non-GAAP operating loss
of $33.5 million in 2022.
“At Bloom Energy, our relentless focus on operational excellence
and innovation helped us achieve a year of record revenue in 2023,”
said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “In
order to meet the growing demand for fast, efficient, clean energy
across industries from data centers to industrial applications, we
have continued to develop and commercialize innovative new
offerings, including our Combined Heat and Power system announced
in 2023, and our Be Flexible™ load following product offering
announced this week. We look forward to building on this momentum
in 2024 and beyond.”
Greg Cameron, President and CFO of Bloom Energy, added, “This
year we reached critical milestones by delivering record revenues
and positive Non-GAAP Operating Income. We continue to execute
across the company, and I remain excited about Bloom’s future. The
last four years have been an amazing professional journey and I’m
proud of what we’ve been able to accomplish.”
Chief Financial Officer Transition
Bloom today announced that President and CFO Greg Cameron has
notified the company of his intention to depart from his role. The
company has retained Caldwell Partners to identify candidates to
fill the Chief Financial Officer role. Mr. Cameron’s departure is
not the result of any disagreement with the company on any matter
relating to the company’s operations, policies, or practices.
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
($000), except EPS data
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Revenue
356,917
400,268
462,577
1,333,470
1,199,125
Cost of Revenue
264,526
405,482
391,199
1,135,676
1,050,837
Gross Profit (Loss)
92,391
(5,214
)
71,377
197,794
148,288
Gross Margin
25.9
%
(1.3
) %
15.4
%
14.8
%
12.4
%
Operating Expenses
79,452
98,494
111,945
406,701
409,280
Operating (Loss) Profit
12,939
(103,708
)
(40,568
)
(208,907
)
(260,992
)
Operating Margin
3.6
%
(25.9
) %
(8.8
) %
(15.7
) %
(21.8
) %
Non-operating Expenses
8,428
65,291
6,604
93,209
40,416
Net (Loss) Profit to Common
Stockholders
4,511
(168,999
)
(47,172
)
(302,116
)
(301,408
)
GAAP EPS, Basic
$
0.02
$
(0.80
)
$
(0.23
)
$
(1.42
)
$
(1.62
)
GAAP EPS, Diluted
$
0.02
$
(0.80
)
$
(0.23
)
$
(1.42
)
$
(1.62
)
Summary of Non-GAAP Financial Information1
($000), except EPS data
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Revenue
356,917
400,268
462,577
1,333,470
1,199,125
Cost of Revenue
259,138
273,888
321,823
989,464
923,052
Gross Profit
97,779
126,380
140,754
344,006
276,073
Gross Margin
27.4
%
31.6
%
30.4
%
25.8
%
23.0
%
Operating Expenses
70,368
74,580
81,722
324,825
309,542
Operating Profit (Loss)
27,411
51,800
59,032
19,181
(33,469
)
Operating Margin
7.7
%
12.9
%
12.8
%
1.4
%
(2.8
) %
Adjusted EBITDA
39,760
66,415
74,458
81,791
30,139
Non-GAAP EPS, Basic
$
0.09
$
0.20
$
0.27
$
(0.10
)
$
(0.41
)
Non-GAAP EPS, Diluted
$
0.07
$
0.15
$
0.22
$
(0.10
)
$
(0.41
)
- A detailed reconciliation of GAAP to Non-GAAP financial
measures is provided at the end of this press release
Outlook
Bloom provides outlook for the full-year 2024:
• Revenue:
$1.4 - $1.6B
• Non-GAAP Gross Margin:
~28%
• Non-GAAP Operating Income:
$75-$100M
Conference Call Details
Bloom will host a conference call today, February 15,
2024, 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 press 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 2024 Outlook, Bloom is not able
to provide a quantitative reconciliation of non-GAAP gross margin
and non-GAAP operating income 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; market demand for energy
solutions; and Bloom’s 2024 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; adapting to the new government bidding
process 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 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,
including inventories with distributors; 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;
management transitions; 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 Reports on Form 10-Q for the
quarters ended March 31, 2023, June 30, 2023, and September 30,
2023, as filed with the SEC on May 9, 2023, August 3, 2023, and
November 8, 2023, 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.
Consolidated Balance Sheets
(in thousands, except share
data)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents1
$
664,593
$
348,498
Restricted cash1
46,821
51,515
Accounts receivable less allowance for
credit losses of $119 as of December 31, 2023 and $119 as of
December 31, 20221, 2
340,740
250,995
Contract assets3
41,366
46,727
Inventories1
502,515
268,394
Deferred cost of revenue4
45,984
46,191
Prepaid expenses and other current
assets1, 5
51,148
43,643
Total current assets
1,693,167
1,055,963
Property, plant and equipment, net1
493,352
600,414
Operating lease right-of-use assets1,
6
139,732
126,955
Restricted cash1
33,764
118,353
Deferred cost of revenue
3,454
4,737
Other long-term assets1, 7
50,208
40,205
Total assets
$
2,413,677
$
1,946,627
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable1, 8
$
132,078
$
161,770
Accrued warranty
19,326
17,332
Accrued expenses and other current
liabilities1, 9
130,879
144,183
Deferred revenue and customer deposits1,
10
128,922
159,048
Operating lease liabilities1, 11
20,245
16,227
Financing obligations
38,972
17,363
Recourse debt
—
12,716
Non-recourse debt1
—
13,307
Total current liabilities
470,422
541,946
Deferred revenue and customer deposits1,
12
19,140
56,392
Operating lease liabilities1, 13
141,939
132,363
Financing obligations
405,824
442,063
Recourse debt
842,006
273,076
Non-recourse debt1, 14
4,627
112,480
Other long-term liabilities
9,049
9,491
Total liabilities
$
1,893,007
$
1,567,811
Commitments and contingencies
Stockholders’ equity:
Common stock: $0.0001 par value; Class A
shares — 600,000,000 shares authorized, and 224,717,533 shares and
189,864,722 shares issued and outstanding and Class B shares —
600,000,000 shares authorized, and no shares and 15,799,968 shares
issued and outstanding at December 31, 2023 and December 31, 2022,
respectively.
21
20
Additional paid-in capital
4,370,343
3,906,491
Accumulated other comprehensive loss
(1,687
)
(1,251
)
Accumulated deficit
(3,866,599
)
(3,564,483
)
Total equity attributable to common
stockholders
502,078
340,777
Noncontrolling interest
18,592
38,039
Total stockholders’ equity
$
520,670
$
378,816
Total liabilities and stockholders’
equity
$
2,413,677
$
1,946,627
1
We have variable interest entities related
to the 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.
In August 2023, we sold the PPA V as a
result of the PPA V Repowering of the Energy Servers as such the
consolidated balances recorded within these financial statement
line items as of December 31, 2023 exclude the PPA V balances.
2
Including amounts from related parties of
$262.0 million and $4.3 million as of December 31, 2023 and
December 31, 2022, respectively.
3
Including amounts from related parties of
$6.9 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
4
Including amounts from related parties of
$0.9 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
5
Including amounts from related parties of
$2.3 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
6
Including amounts from related parties of
$2.0 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
7
Including amounts from related parties of
$9.1 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
8
Including amounts from related parties of
$0.1 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
9
Including amounts from related parties of
$3.4 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
10
Including amounts from related parties of
$1.7 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
11
Including amounts from related parties of
$0.4 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
12
Including amounts from related parties of
$6.7 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
13
Including amounts from related parties of
$1.6 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
14
Including amounts from related parties of
$4.6 million as of December 31, 2023. There were no respective
related party amounts as of December 31, 2022.
Consolidated Statements of
Operations
(in thousands, except per share
data)
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Revenue:
Product
$
261,819
$
304,976
$
360,249
$
975,245
$
880,664
Installation
26,033
21,916
43,156
92,796
92,120
Service
52,569
47,535
39,942
183,065
150,954
Electricity
16,496
25,841
19,230
82,364
75,387
Total revenue1
356,917
400,268
462,577
1,333,470
1,199,125
Cost of revenue:
Product
172,514
182,832
222,841
630,105
616,178
Installation
27,854
25,902
46,275
105,735
104,111
Service
55,050
57,370
43,845
220,927
168,491
Electricity
9,108
139,378
78,238
178,909
162,057
Total cost of revenue2
264,526
405,482
391,199
1,135,676
1,050,837
Gross profit (loss)
92,391
(5,214
)
71,377
197,794
148,288
Operating expenses:
Research and development
33,556
35,126
38,320
155,865
150,606
Sales and marketing
16,026
20,002
25,850
89,961
90,934
General and administrative3
29,871
43,366
47,775
160,875
167,740
Total operating expenses
79,452
98,494
111,945
406,701
409,280
(Loss) profit from operations
12,939
(103,708
)
(40,568
)
(208,907
)
(260,992
)
Interest income
6,114
7,419
2,523
19,885
3,887
Interest expense4
(14,563
)
(68,037
)
(12,493
)
(108,299
)
(53,493
)
Other (expense) income, net
867
(1,577
)
4,743
(2,793
)
4,998
Loss on extinguishment of debt
—
(1,415
)
(4,723
)
(4,288
)
(8,955
)
(Loss) gain on revaluation of embedded
derivatives
(428
)
(114
)
(56
)
(1,641
)
566
(Loss) profit before income taxes
4,930
(167,432
)
(50,574
)
(306,043
)
(313,989
)
Income tax provision
811
646
209
1,894
1,097
Net (loss) profit
4,117
(168,078
)
(50,783
)
(307,937
)
(315,086
)
Less: Net (loss) gain attributable to
noncontrolling interest
(394
)
921
(3,611
)
(5,821
)
(13,378
)
Net (loss) gain attributable to common
stockholders
4,511
(168,999
)
(47,172
)
(302,116
)
(301,708
)
Less: Net loss attributable to redeemable
noncontrolling interest
—
—
—
—
(300
)
Net (loss) gain before portion
attributable to redeemable noncontrolling interest and
noncontrolling interest
$
4,511
$
(168,999
)
$
(47,172
)
$
(302,116
)
$
(301,408
)
Net (loss) gain per share available to
common stockholders, basic
$
0.02
$
(0.80
)
$
(0.23
)
$
(1.42
)
$
(1.62
)
Net (loss) gain per share available to
common stockholders, diluted
$
0.02
$
(0.80
)
$
(0.23
)
$
(1.42
)
$
(1.62
)
Weighted average shares used to compute
net loss per share available to common stockholders, basic
224,204
210,930
201,173
212,681
185,907
Weighted average shares used to compute
net loss per share available to common stockholders, diluted
274,366
210,930
201,173
212,681
185,907
1
Including related party revenue of $126.2
million, $125.7 million and $6.1 million for the three months ended
December 31, 2023, September 30, 2023, and December 31, 2022,
respectively, and $487.2 million and $36.3 million for the years
ended December 31, 2023 and 2022, respectively.
2
Including related party cost of revenue of
$0.1 million for the year ended December 31, 2023. There was no
related party cost of revenue for the three months ended December
31, 2023, September 30, 2023, and December 31, 2022, and for the
year ended December 31, 2022.
3
Including related party general and
administrative expenses of $0.2 million and $0.2 million for the
three months ended December 31, 2023, and September 30, 2023,
respectively, and $0.8 million for the year ended December 31,
2023. There were no related party general and administrative
expenses for the three months ended December 31, 2022, and for the
year ended December 31, 2022.
4
Including related party interest expense
of $0.1 million for the year ended December 31, 2023. There was no
related party interest expense for the three months ended December
31, 2023, September 30, 2023, and December 31, 2022, and for the
year ended December 31, 2022.
Consolidated Statement of Cash
Flows
(in thousands)
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Cash flows from operating
activities:
Net (loss) gain
$
4,117
$
(168,078
)
$
(50,783
)
$
(307,937
)
$
(315,086
)
Adjustments to reconcile net (loss) gain
to net cash used in operating activities:
Depreciation and amortization
12,349
14,615
15,426
62,609
61,608
Non-cash lease expense
9,079
8,356
2,002
33,619
20,155
Loss (gain) on disposal of property, plant
and equipment
234
(19
)
523
411
—
Revaluation of derivative contracts
428
114
56
1,641
(9,583
)
Impairment of assets related to PPAs
—
130,088
68,714
130,088
113,514
Derecognition of loan commitment asset
related to SK ecoplant Second Tranche Closing
—
52,792
—
52,792
—
Stock-based compensation expense
7,320
21,315
30,799
84,480
112,259
Amortization of warrants and debt issuance
costs
1,472
1,514
677
4,772
3,032
Loss on extinguishment of debt
—
1,415
4,723
4,288
8,955
Unrealized foreign currency exchange loss
(gain)
(2,411
)
1,517
(6,353
)
618
(3,267
)
Other
404
23
45
450
3,532
Changes in operating assets and
liabilities:
Accounts receivable1
(6,037
)
16,100
(178,622
)
(89,888
)
(162,864
)
Contract assets2
102,509
(108,692
)
(20,958
)
5,361
(21,525
)
Inventories
(25,374
)
(8,969
)
(14,081
)
(231,689
)
(124,878
)
Deferred cost of revenue3
17,569
(8,370
)
(15,426
)
1,655
(24,282
)
Customer financing receivable
—
—
—
—
2,510
Prepaid expenses and other assets4
15,095
(22,807
)
(1,824
)
(5,754
)
(17,590
)
Other long-term assets5
(17,000
)
10,219
(1,887
)
(3,366
)
(2,617
)
Operating lease right-of-use assets and
operating lease liabilities
(8,922
)
(8,432
)
854
(32,801
)
3,016
Financing lease liabilities
104
171
397
1,011
896
Accounts payable6
(23,385
)
(41,589
)
47,856
(29,080
)
86,498
Accrued warranty
2,789
1,631
3,989
1,994
5,586
Accrued expenses and other
liabilities7
17,152
4,782
42,741
(13,785
)
43,243
Deferred revenue and customer
deposits8
14,406
(30,275
)
47,872
(42,635
)
35,156
Other long-term liabilities
(65
)
(590
)
(11
)
(1,385
)
(9,991
)
Net cash (used in) provided by operating
activities
121,833
(133,169
)
(23,271
)
(372,531
)
(191,723
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(16,254
)
(21,335
)
(35,916
)
(83,739
)
(116,823
)
Proceeds from sale of property, plant and
equipment
11
(22
)
—
14
—
Net cash used in investing activities
(16,243
)
(21,357
)
(35,916
)
(83,725
)
(116,823
)
Cash flows from financing
activities:
Proceeds from issuance of debt9
3,144
—
—
637,127
—
Payment of debt issuance costs
(197
)
(3,711
)
—
(19,736
)
—
Repayment of debt
—
(118,538
)
(73,112
)
(191,390
)
(120,586
)
Make-whole payment related to PPA IIIa and
PPA IV debt
—
—
(4,140
)
—
(6,553
)
Purchase of capped call options related to
convertible notes
—
—
—
(54,522
)
—
Proceeds from financing obligations
2,291
—
3,261
4,993
3,261
Repayment of financing obligations
(4,970
)
(4,747
)
(6,722
)
(18,445
)
(35,543
)
Distributions and payments to
noncontrolling interest
—
(2,265
)
(882
)
(2,265
)
(6,854
)
Proceeds from issuance of common stock
942
6,745
129
16,945
15,279
Proceeds from public share offering
—
—
—
—
385,396
Payment of public share offering costs
—
—
(368
)
(35
)
(13,775
)
Buyout of noncontrolling interest
—
(6,864
)
(12,000
)
(6,864
)
(12,000
)
Proceeds from issuance of redeemable
convertible preferred stock
—
—
—
310,957
—
Payment of issuance costs related to
redeemable convertible preferred stock
(22
)
—
—
(395
)
—
Contributions from noncontrolling
interest
—
—
—
6,979
2,815
Other
—
(285
)
(13
)
—
(76
)
Net cash provided by (used in) financing
activities
1,188
(129,665
)
(93,847
)
683,349
211,364
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
704
(657
)
2,078
(281
)
434
Net increase (decrease) increase in cash,
cash equivalents and restricted cash
107,482
(284,848
)
(150,956
)
226,812
(96,748
)
Cash, cash equivalents and restricted
cash:
Beginning of period
637,696
922,544
669,322
518,366
615,114
End of period
$
745,178
$
637,696
$
518,366
$
745,178
$
518,366
1
Including changes in related party
balances of $14.2 million, $241.9 million and $8.1 million for the
three months ended December 31, 2023, September 30, 2023, and
December 31, 2022, respectively, and related party balances of
$257.8 million and $0.1 million for the years ended December 31,
2023 and 2022, respectively.
2
Including changes in related party
balances of $3.5 million and $3.4 million for the three months
ended December 31, 2023, and September 30, 2023, respectively, and
related party balance of $6.9 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
3
Including changes in related party
balances of $22.5 million and $23.4 million for the three months
ended December 31, 2023, and September 30, 2023, respectively, and
related party balance of $0.9 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
4
Including changes in related party
balances of $7.6 million and $9.9 million for the three months
ended December 31, 2023, and September 30, 2023, respectively, and
related party balance of $2.3 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
5
Including changes in related party
balances of $7.1 million and $2.0 million for the three months
ended December 31, 2023, and September 30, 2023, respectively, and
related party balance of $9.1 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
6
Including changes in related party balance
of $0.1 million for the three months ended December 31, 2023 and
the year ended December 31, 2023. There were no related party
balances as of September 30, 2023, June 30, 2022, September 30,
2022 and December 31, 2022.
7
Including changes in related party
balances of $2.3 million and $5.7 million for the three months
ended December 31, 2023, and September 30, 2023, respectively, and
related party balance of $3.4 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
8
Including changes in related party
balances of $2.7 million and $11.1 million for the three months
ended December 31, 2023 and September 30, 2023, respectively, and
related party balance of $8.4 million for the year ended December
31, 2023. There were no associated related party balances as of
June 30, 2022, September 30, 2022 and December 31, 2022.
9
Including changes in related party balance
of $4.6 million for the three months ended December 31, 2023 and
the year ended December 31, 2023. There were no related party
balances as of September 30, 2023, June 30, 2022, September 30,
2022 and December 31, 2022.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(unaudited)
(in thousands, except
percentages)
Q4'23
Q3'23
Q4'22
FY 23
FY 22
GAAP revenue
356,917
400,268
462,577
1,333,470
1,199,125
GAAP cost of sales
264,526
405,482
391,199
1,135,676
1,050,837
GAAP gross profit (loss)
92,391
(5,214
)
71,377
197,794
148,288
Non-GAAP adjustments:
Stock-based compensation expense
2,693
5,581
5,346
17,504
18,955
Impairment charge (PPA V, PPA IV, PPA
IIIa)
—
123,700
64,030
123,700
108,830
Restructuring charges
2,695
725
—
3,420
—
PPA V Sales property tax
—
1,588
—
1,588
—
Non-GAAP gross profit
97,779
126,380
140,754
344,006
276,073
GAAP gross margin %
25.9
%
(1.3
) %
15.4
%
14.8
%
12.4
%
Non-GAAP adjustments
1.5
%
32.9
%
15.0
%
11.0
%
10.7
%
Non-GAAP gross margin %
27.4
%
31.6
%
30.4
%
25.8
%
23.0
%
Q4'23
Q3'23
Q4'22
FY 23
FY 22
GAAP (loss) profit from
operations
12,939
(103,708
)
(40,568
)
(208,907
)
(260,992
)
Non-GAAP adjustments:
Stock-based compensation expense
7,500
21,564
31,027
87,095
113,965
Impairment charge (PPA V, PPA IV, PPA
IIIa)
—
130,088
68,535
130,088
113,335
PPA V Sales property tax
—
1,588
—
1,588
—
Restructuring charges
6,940
2,226
—
9,166
—
Amortization of acquired intangible
assets
34
42
37
151
223
Non-GAAP profit (loss) from
operations
27,411
51,800
59,032
19,181
(33,469
)
GAAP operating margin %
3.6
%
(25.9
) %
(8.8
) %
(15.7
) %
(21.8
) %
Non-GAAP adjustments
4.1
%
38.9
%
21.5
%
17.1
%
19.0
%
Non-GAAP operating margin %
7.7
%
12.9
%
12.8
%
1.4
%
(2.8
) %
Reconciliation of GAAP Net Profit
(loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP
Net Profit (Loss) per Share (EPS)
(unaudited)
(in thousands, except share
data)
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Net (loss) profit to Common
Stockholders
4,511
(168,999
)
(47,172
)
(302,116
)
(301,408
)
Non-GAAP adjustments:
Add back: (Loss) gain for non-controlling
interests
(394
)
921
(3,611
)
(5,821
)
(13,678
)
Loss (gain) on derivative liabilities
428
114
56
1,641
(566
)
Impairment charge (PPA V, PPA IV, PPA
IIIa)
—
130,088
68,535
130,088
113,335
Loss on China JV investment
—
—
—
—
1,446
Loss on extinguishment of debt
—
1,415
4,723
4,288
8,955
Amortization of acquired intangible
assets
34
42
37
151
223
Restructuring charges
6,940
2,226
—
9,166
—
PPA V Sales property tax
—
1,588
—
1,588
—
Goodwill impairment
—
—
—
—
2,000
Interest expense on SK loan commitment
—
52,792
—
52,792
—
Stock-based compensation expense
7,500
21,564
31,027
87,095
113,965
Other loss
403
—
—
403
—
Adjusted Net (Loss) Profit
19,421
41,751
53,596
(20,724
)
(75,728
)
Adjusted net (loss) profit per share
(EPS), Basic
$
0.09
$
0.20
$
0.27
$
(0.10
)
$
(0.41
)
Adjusted net (loss) profit per share
(EPS), Diluted
$
0.07
$
0.15
$
0.22
$
(0.10
)
$
(0.41
)
Weighted average shares outstanding
attributable to common, Basic
224,204
210,930
201,173
212,681
185,907
Weighted-average shares outstanding
attributable to common, Diluted
274,366
274,337
238,775
212,681
185,907
Reconciliation of GAAP Net Profit
(loss) to Adjusted EBITDA
(unaudited)
(in thousands)
Q4'23
Q3'23
Q4'22
FY 23
FY 22
Net (loss) profit to Common
Stockholders
4,511
(168,999
)
(47,172
)
(302,116
)
(301,408
)
Add back: (Loss) gain for non-controlling
interests
(394
)
921
(3,611
)
(5,821
)
(13,678
)
Loss (gain) on derivative liabilities
428
114
56
1,641
(566
)
Impairment charge (PPA V, PPA IV, PPA
IIIa)
—
130,088
68,535
130,088
113,335
Loss on China JV investment
—
—
—
—
1,446
Loss on extinguishment of debt
—
1,415
4,723
4,288
8,955
Amortization of acquired intangible
assets
34
42
37
151
223
Restructuring charges
6,940
2,226
—
9,166
—
PPA V Sales property tax
—
1,588
—
1,588
—
Goodwill impairment
—
—
—
—
2,000
Interest expense on SK loan commitment
—
52,792
—
52,792
—
Stock-based compensation expense
7,500
21,564
31,027
87,095
113,965
Other loss
403
—
—
403
—
Adjusted Net (Loss) Profit
19,421
41,751
53,596
(20,724
)
(75,728
)
Depreciation & amortization
12,349
14,615
15,426
62,609
61,608
Income tax provision
811
646
209
1,894
1,097
Interest expense, Other expense, net
7,179
9,403
5,227
38,012
43,162
Adjusted EBITDA
39,760
66,415
74,458
81,791
30,139
Use of non-GAAP financial measures
To supplement Bloom Energy consolidated financial statement
information presented on a 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 and diluted 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
earnings per share is diluted 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, PPA V, PPA IV and PPA IIIa repowering related impairment
charges, restructuring charges, and PPA V Sales property tax.
Non-GAAP net earnings and non-GAAP diluted earnings per share
consist of net earnings or diluted net earnings per share excluding
charges relating to stock-based compensation expense, (loss) gain
for non-controlling interest, loss (gain) on derivatives
liabilities, PPA V, PPA IV and PPA IIIa repowering related
impairment charges, goodwill impairment, interest expense on SK
loan commitment, restructuring charges, PPA V Sales property tax,
managed services impairment loss, loss on debt extinguishment, loss
on China JV investment and the amortization of acquired intangible
assets. Adjusted EBITDA is defined as net profit (loss) before
interest expense, provision for income tax, depreciation and
amortization expense, charges relating to stock-based compensation
expense, (loss) gain for non-controlling interest, loss (gain) on
derivatives liabilities, PPA V. PPA IV and PPA IIIa repowering
related impairment charges, goodwill impairment, interest expense
on SK loan commitment, restructuring charges, PPA V Sales property
tax, managed services impairment loss, loss on debt extinguishment,
loss on China JV investment and the amortization of acquired
intangible assets. 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) gain 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 and the joint venture in the Republic of
Korea.
- Loss (gain) on derivatives liabilities represents non-cash
adjustments to the fair value of the embedded derivatives.
- PPA V repowering related impairment charge represents non-cash
impairment charge on old server units decommissioned upon
repowering of $123.7 million and non-cash impairment charge on
non-recoverable production insurance of $6.4 million.
- PPA IV repowering related impairment charge represents non-cash
impairment charges on old server units decommissioned upon
repowering of $64.0 million and non-cash impairment charge on
non-recoverable production insurance of $4.5 million.
- PPA IIIa repowering related impairment charge represents
non-cash impairment charges on old server units decommissioned upon
repowering of $44.8 million.
- Goodwill impairment related to the acquisition of BE Japan in
Q2 2021.
- Interest expense on SK loan commitment recognized as a result
of automatic conversion of 13.5 million shares of our Series B
redeemable convertible preferred stock to shares of our Class A
common stock.
- Restructuring charges represented by severance expense of $5.3
million, facility closure costs of $2.6 million, and other
restructuring expenses of $1.3 million recorded in fiscal
2023.
- PPA V Sales property tax related to PPA V repowering of old
server units.
- Other loss incurred upon closure of one of our managed services
deals in the fourth quarter of fiscal 2023.
- Loss on debt extinguishment related to PPA V, PPA IV and PPA
IIIa repowering.
- Loss on China JV investment upon sale of our equity
interest.
- 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.
For more information about these non-GAAP financial measures,
please see the tables captioned “Reconciliation of GAAP to Non-GAAP
Financial Measures,” “Reconciliation of GAAP Net Loss to non-GAAP
Net Profit (Loss) and Computation of non-GAAP Net Profit (Loss) per
Share (EPS),” and “Reconciliation of GAAP Net Loss to Adjusted
EBITDA” set forth in this release, which should be read together
with the preceding financial statements prepared in accordance with
GAAP.
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 earnings per share can have a
material impact on the equivalent GAAP earnings measure.
- Gain (loss) for non-controlling interest and loss (gain) on
derivatives liabilities, though not directly affecting Bloom
Energy’s cash position, represent 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 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 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 (loss) (non-GAAP earnings from
operations), non-GAAP operating profit (loss) margin, non-GAAP net
earnings, non-GAAP diluted 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/20240215785733/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717
Media: Amanda Song Bloom Energy press@bloomenergy.com
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