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Bloom Energy Announces Second Quarter 2021 Financial Results

August 04, 2021

Q2 Revenue of $228.5 million; an increase of 21.6% year-over-year

Q2 GAAP Gross Margin of 16.3%; Non-GAAP Gross Margin of 18.0%

Q2 GAAP Operating Margin of (18.7%); Non-GAAP Operating Margin of (10.3%)

Q2 GAAP EPS of $(0.31); Adjusted EPS of $(0.23)

Bloom Energy Corporation (NYSE: BE) today announced financial results for its second quarter ended June 30, 2021.

Second Quarter Financial Highlights

  • Revenue of $228.5 million in the second quarter of 2021, an increase of 21.6% compared to revenue of $187.9 million in the second quarter of 2020. Product revenue of $146.9 million in the second quarter of 2021, an increase of 26.4% from the second quarter of 2020, primarily driven by a 41.5% increase in acceptances.
  • Gross margin of 16.3% in the second quarter of 2021, an increase of 2.3 percentage points compared to gross margin of 14.0% in the second quarter of 2020, primarily driven by improved product cost and favorable sales mix from growth in product and electricity.
  • Non-GAAP gross margin was 18.0% in the second quarter of 2021, an increase of 1.5 percentage points compared to non-GAAP gross margin of 16.5% in the second quarter of 2020, primarily driven by improved product cost and favorable sales mix from growth in product and electricity.
  • Operating margin of (18.7%) in the second quarter of 2021, a decline of 3.0 percentage points compared to operating margin of (15.7%) in the second quarter of 2020, driven by increases in operating expenses to expand our commercial capability, invest in technology and ensure our control environment is ready to scale for growth.
  • Non-GAAP operating margin was (10.3%) in the second quarter of 2021, a decrease of 4.5 percentage points compared to non-GAAP operating margin of (5.8%) in the second quarter of 2020, driven by increases in operating expenses to expand our commercial capability, invest in technology and ensure our control environment is ready to scale for growth.
  • GAAP EPS of $(0.31) and Adjusted EPS of $(0.23) in the second quarter of 2021, compared to GAAP EPS of $(0.34) and Adjusted EPS of $(0.23) in the second quarter of 2020, driven by a reduction in interest expenses due to refinancing of our notes at a lower interest rate in 2020 and an increase in outstanding shares.

Commenting on the second quarter, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “We believe there are three key imperatives in the energy market today – resiliency, sustainability and cost-predictability. Bloom Energy is uniquely positioned with our Bloom Energy Server to solve these challenges and the global marketplace is recognizing this. We believe our business is poised for growth given the progress we have made in deploying our products and the demand we are seeing from partners and customers around the world. We are investing in our technology, continuing to innovate, and adding people and infrastructure to meet these opportunities in the months and years ahead.”

Greg Cameron, executive vice president and CFO of Bloom Energy added, “Bloom Energy is executing well, as we achieved record revenue, acceptances, and generated positive free cash flow in the second quarter. We are making progress on our operational and financial milestones. While we face some temporary operating cost pressures, we remain confident in our business and are reaffirming our full year 2021 guidance.”

Summary of Key Financial Metrics

Preliminary Summary GAAP Profit and Loss Statements

 

($000)

Q221

 

Q121

 

Q220

Revenue

228,470

 

194,007

 

187,856

Cost of Revenue

191,126

 

139,356

 

161,607

Gross Profit

37,344

 

54,651

 

26,249

Gross Margin

16.3%

 

28.2%

 

14.0%

Operating Expenses

80,055

 

69,048

 

55,749

Operating Loss

(42,711)

 

(14,397)

 

(29,500)

Operating Margin

(18.7%)

 

(7.4%)

 

(15.7%)

Non-operating Expenses1

11,152

 

10,492

 

13,012

Net Loss

(53,863)

 

(24,889)

 

(42,512)

GAAP EPS

$ (0.31)

 

$ (0.15)

 

$ (0.34)

1.

Non-Operating Expenses and tax provision and non-controlling interest

Preliminary Summary Non-GAAP Financial Information 1

 

($000)

Q221

 

Q121

 

Q220

Revenue

228,470

 

194,007

 

187,856

Cost of Revenue2

187,322

 

136,357

 

156,871

Gross Profit 2

41,148

 

57,650

 

30,985

Gross Margin 2

18.0%

 

29.7%

 

16.5%

Operating Expenses2

64,726

 

54,837

 

41,854

Operating Income (loss) 2

(23,578)

 

2,813

 

(10,869)

Operating Margin 2

(10.3%)

 

1.5%

 

(5.8%)

Adjusted EBITDA 3

(10,947)

 

16,062

 

2,084

Adjusted EPS 4

$ (0.23)

 

$ (0.07)

 

$ (0.23)

1.

A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this news release

2.

Excludes stock-based compensation

3.

Adjusted EBITDA is net income (loss) excluding net loss attributable to non-controlling interest, gain (loss) on revaluation of embedded derivatives, fair value adjustment for PPA derivatives, stock-based compensation expense, income tax provision, depreciation and amortization, interest expense and other one-time items

4.

Adjusted EPS is net income (loss) excluding net loss attributable to non-controlling interest, gain (loss) on revaluation of embedded derivatives, fair value adjustment for PPA derivatives and stock-based compensation expense using the adjusted Weighted Average Shares Outstanding (WASO) share count

 

Revenue Highlights

Revenue of $228.5 million in the second quarter of 2021, an increase of 21.6% compared to revenue of $187.9 million in the second quarter of 2020, primarily driven by a $30.7 million increase in product revenue and a $9.5 million increase in service revenue.

Product revenue increased $30.7 million, or 26.4%, in the second quarter of 2021 as compared to the prior year period, primarily driven by a 41.5% increase in product acceptances. 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 physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power. In the second quarter of 2021, we were able to achieve a larger number of acceptances at time of delivery than in the prior year.

Service revenue increased $9.5 million in the second quarter 2021 as compared to the prior year period. This increase is driven by continued additions to our installation base.

Margin Highlights

GAAP gross margin in the second quarter of 2021 was 16.3%, up 2.3 percentage points compared to 14.0% in the second quarter of 2020. Non-GAAP gross margin in the second quarter of 2021 was 18.0%, up 1.5 percentage points compared to 16.5% in the second quarter of 2020. The improvement in gross margin was primarily driven by improved product cost and favorable sales mix from growth in product and electricity.

Balance Sheet Highlights

Bloom Energy’s cash position, including restricted cash, as of June 30, 2021 was $400.5 million, compared to $324.1 million as of June 30, 2020. Unrestricted cash as of June 30, 2021 was $204.0 million, compared to $144.1 million as of June 30, 2020. Bloom ended the second quarter of 2021 with $519.2 million of total debt, a decrease of $3.0 million from the first quarter of 2021. Non-recourse debt as of June 30, 2021 was $219.2 million, compared to $222.2 million as of March 31, 2021.

2021 Outlook

Bloom reaffirmed the following outlook for the full-year 2021:

Revenue

$950 million - $1 billion

Non-GAAP Gross Margin*:

~25%

Non-GAAP Operating Margin*:

~3%

Cash Flow from Operations:

Approaching positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation expense.

Conference Call Details

Bloom will host a conference call today, August 4, 2021, 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 (833) 520-0063 and enter the passcode: 7526169. Those calling from outside the United States may dial +1 (236) 714-2197 and enter the same passcode: 7526169. 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) 585-8367 or +1 (416) 621-4642 and entering passcode 7526169.

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 2021 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. 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 ability to solve the three key imperatives of resiliency, sustainability and cost-predictability; Bloom’s expectations of future growth; Bloom’s expectations of meeting its operational and financial milestones; and Bloom’s financial outlook for 2021. 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 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; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2021 as filed with the SEC on May 6, 2021, 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,

 

2021

 

2020

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

203,956

 

$

246,947

 

Restricted cash

60,584

 

52,470

 

Accounts receivable

54,468

 

96,186

 

Contract asset

18,638

 

3,327

 

Inventories

163,317

 

142,059

 

Deferred cost of revenue

36,273

 

41,469

 

Customer financing receivable

5,603

 

5,428

 

Prepaid expenses and other current assets

23,061

 

30,718

 

Total current assets

565,900

 

618,604

 

Property, plant and equipment, net

611,371

 

600,628

 

Operating lease right-of-use assets

69,708

 

35,621

 

Customer financing receivable, non-current

42,457

 

45,268

 

Restricted cash, non-current

135,988

 

117,293

 

Deferred cost of revenue, non-current

2,683

 

2,462

 

Other long-term assets

35,921

 

34,511

 

Total assets

$

1,464,028

 

$

1,454,387

 


Liabilities, Redeemable Noncontrolling Interest, Stockholders’ (Deficit) Equity and Noncontrolling Interest

 

 

Current liabilities:

 

 

Accounts payable

$

87,132

 

$

58,334

 

Accrued warranty

7,697

 

10,263

 

Accrued expenses and other current liabilities

96,051

 

112,004

 

Deferred revenue and customer deposits

79,262

 

114,286

 

Operating lease liabilities

5,375

 

7,899

 

Financing obligations

13,819

 

12,745

 

Recourse debt

2,020

 

 

Non-recourse debt

117,690

 

120,846

 

Total current liabilities

409,046

 

436,377

 

Deferred revenue and customer deposits, non-current

79,059

 

87,463

 

Operating lease liabilities, non-current

78,441

 

41,849

 

Financing obligations, non-current

459,887

 

459,981

 

Recourse debt, non-current

288,650

 

168,008

 

Non-recourse debt, non-current

98,093

 

102,045

 

Other long-term liabilities

20,904

 

17,268

 

Total liabilities

1,434,080

 

1,312,991

 

 

 

 

Redeemable noncontrolling interest

334

 

377

 

Stockholders’ equity (deficit):

 

 

Common stock

17

 

17

 

Additional paid-in capital

3,155,917

 

3,182,753

 

Accumulated other comprehensive loss

(124

)

(9

)

Accumulated deficit

(3,177,381

)

(3,103,937

)

Total stockholders’ (deficit) equity

(21,571

)

78,824

 

Noncontrolling interest

51,185

 

62,195

 

Total liabilities, redeemable noncontrolling interest, stockholders' (deficit) equity and noncontrolling interest

$

1,464,028

 

$

1,454,387

 

 

Condensed Consolidated Statements of Operations (preliminary & unaudited)

(in thousands, except per share data)

 

 

Three Months Ended
June 30,

 

2021

 

2020

 

 

 

Revenue:

 

 

Product

$

146,867

 

$

116,197

 

Installation

28,879

 

29,839

 

Service

35,707

 

26,208

 

Electricity

17,017

 

15,612

 

Total revenue

228,470

 

187,856

 

Cost of revenue:

 

 

Product

108,891

 

83,127

 

Installation

36,515

 

38,287

 

Service

35,565

 

28,652

 

Electricity

10,155

 

11,541

 

Total cost of revenue

191,126

 

161,607

 

Gross profit

37,344

 

26,249

 

Operating expenses:

 

 

Research and development

25,673

 

19,377

 

Sales and marketing

22,727

 

11,427

 

General and administrative

31,655

 

24,945

 

Total operating expenses

80,055

 

55,749

 

Loss from operations

(42,711

)

(29,500

)

Interest income

76

 

332

 

Interest expense

(14,553

)

(14,374

)

Interest expense - related parties

 

(794

)

Other income (expense), net

22

 

(3,913

)

(Loss) gain on revaluation of embedded derivatives

(942

)

412

 

Loss before income taxes

(58,108

)

(47,837

)

Income tax provision

313

 

141

 

Net loss

(58,421

)

(47,978

)

Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest

(4,558

)

(5,466

)

Net loss attributable to Class A and Class B common stockholders

$

(53,863

)

$

(42,512

)

Net loss per share available to Class A and Class B common stockholders, basic and diluted

$

(0.31

)

$

(0.34

)

Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted

172,749

 

125,928

 

 

Condensed Consolidated Statement of Cash Flows (preliminary & unaudited)

(in thousands)

 

 

Six Months Ended
June 30,

 

2021

 

2020

Cash flows from operating activities:

 

 

Net loss

$

(88,202

)

$

(129,620

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation and amortization

26,808

 

25,852

 

Non-cash lease expense

4,520

 

2,759

 

Impairment of equity method investment

 

4,236

 

Revaluation of derivative contracts

462

 

(72

)

Stock-based compensation expense

36,343

 

41,652

 

Loss on extinguishment of debt

 

14,098

 

Amortization of debt issuance costs and premium, net

1,900

 

(470

)

Changes in operating assets and liabilities:

 

 

Accounts receivable

41,718

 

(11,531

)

Contract assets

(15,311

)

(256

)

Inventories

(21,026

)

(3,532

)

Deferred cost of revenue

4,984

 

(9,995

)

Customer financing receivable

2,636

 

2,490

 

Prepaid expenses and other current assets

7,656

 

7,314

 

Other long-term assets

(1,410

)

(3,574

)

Accounts payable

29,449

 

8,831

 

Accrued warranty

(2,565

)

(159

)

Accrued expenses and other current liabilities

(16,225

)

13,509

 

Operating lease right-of-use assets and operating lease liabilities

(5,140

)

(2,973

)

Deferred revenue and customer deposits

(43,428

)

2,907

 

Other long-term liabilities

1,529

 

(1,701

)

Net cash used in operating activities

(35,302

)

(40,235

)

Cash flows from investing activities:

 

 

Purchase of property, plant and equipment

(34,461

)

(19,560

)

Net cash used in investing activities

(34,461

)

(19,560

)

 

Six Months Ended
June 30,

 

2021

 

2020

Cash flows from financing activities:

 

 

Proceeds from issuance of debt

 

70,000

 

Proceeds from issuance of debt to related parties

 

30,000

 

Repayment of debt

(7,838

)

(82,248

)

Repayment of debt - related parties

 

(2,105

)

Debt issuance costs

 

(3,371

)

Proceeds from financing obligations

7,123

 

 

Repayment of financing obligations

(6,387

)

(5,111

)

Distributions to noncontrolling interests and redeemable noncontrolling interests

(4,762

)

(5,815

)

Proceeds from issuance of common stock

65,668

 

5,186

 

Net cash provided by financing activities

53,804

 

6,536

 

Effect of exchange rate changes on cash, cash equivalent and restricted cash

(223

)

 

Net decrease in cash, cash equivalents, and restricted cash

(16,182

)

(53,259

)

Cash, cash equivalents, and restricted cash:

 

 

Beginning of period

416,710

 

377,388

 

End of period

$

400,528

 

$

324,129

 

 

Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands)

Gross Profit and Gross Margin to Gross Profit Excluding Stock-Based Compensation and Gross Margin Excluding Stock-Based Compensation

Gross profit and gross margin excluding stock-based compensation (SBC) are supplemental measures of operating performance that do not represent and should not be considered alternatives to gross profit or gross margin, as determined under GAAP. These measures remove the impact of stock-based compensation. We believe that gross profit and gross margin excluding stock-based compensation supplement the GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of gross profit and gross margin excluding stock-based compensation to gross profit and gross margin, the most directly comparable GAAP measures, and the computation of gross margin excluding stock-based compensation are as follows:

 

Q221

 

Q121

 

Q220

Revenue

228,470

 

194,007

 

187,856

Gross Profit

37,344

 

54,651

 

26,249

Gross Margin %

16.3%

 

28.2%

 

14.0%

Stock-based compensation (Cost of Revenue)

3,804

 

2,999

 

4,736

Gross Profit excluding SBC

41,148

 

57,650

 

30,985

Gross Margin excluding SBC %

18.0%

 

29.7%

 

16.5%

 

Cost of Revenue and Operating Expenses to Cost of Revenue and Operating Expenses Excluding Stock-Based Compensation

Cost of revenue and operating expenses excluding stock-based compensation are a supplemental measure of operating performance that does not represent and should not be considered an alternative to cost of revenue and operating expenses, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that cost of revenue and operating expenses excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of cost of revenue and operating expenses excluding stock-based compensation to cost of revenue and operating expenses, the most directly comparable GAAP measure, are as follows:

 

Q221

 

Q121

 

Q220

Cost of Revenue

191,126

 

139,356

 

161,607

Stock-Based Compensation - Cost of Revenue

3,804

 

2,999

 

4,736

Cost of Revenue – Excluding SBC

187,322

 

136,357

 

156,871

 

Q221

 

Q121

 

Q220

Operating Expenses

80,055

 

69,048

 

55,749

Stock-Based Compensation - Operating Expenses

15,329

 

14,211

 

13,895

Operating Expenses – Excluding SBC

64,726

 

54,837

 

41,854

 

Operating Loss to Operating Income (Loss) Excluding Stock-Based Compensation

Operating income (loss) excluding stock-based compensation is a supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that operating income (loss) excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of operating income (loss) excluding stock-based compensation to operating loss, the most directly comparable GAAP measure, and the computation of operating income (loss) excluding stock-based compensation are as follows:

 

Q221

 

Q121

 

Q220

Operating Loss

(42,711)

 

(14,397)

 

(29,500)

Stock-based compensation

19,133

 

17,210

 

18,631

Operating Income (loss) excluding SBC

(23,578)

 

2,813

 

(10,869)

Net Loss to Adjusted Net Loss and Computation of Adjusted Net Loss per Share (EPS)

Adjusted net loss and adjusted net loss per share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net loss and net loss per share, as determined under GAAP. These measures remove the impact of the non-controlling interests associated with our legacy PPA entities, the revaluation of derivatives, fair market value adjustment for the PPA derivatives, and stock-based compensation, all of which are non-cash charges. We believe that adjusted net loss and adjusted net loss per share supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of adjusted net loss to net loss, the most directly comparable GAAP measure, and the computation of adjusted net loss per share are as follows:

 

Q221

Q121

Q220

Net loss to Common Stockholders

(53,863)

(24,889)

(42,512)

Loss for non-controlling interests1

(4,558)

(4,892)

(5,466)

Loss (gain) on derivatives liabilities2

942

518

(412)

Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3

(735)

(193)

135

Stock-based compensation

19,133

17,210

18,631

Adjusted Net Loss

(39,081)

(12,246)

(29,624)

 

 

 

 

Net loss to Common Stockholders per share

$ (0.31)

$ (0.15)

$ (0.34)

Adjusted net loss per share (EPS)

$ (0.23)

$ (0.07)

$ (0.23)

GAAP weighted average shares outstanding attributable to common, Basic and Diluted (thousands)

172,749

170,745

125,928

Adjusted weighted average shares outstanding attributable to common, Basic and Diluted (thousands)4

172,749

170,745

130,646

  1. Represents the profits and losses allocated to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method
  2. Represents the adjustments to the fair value of the embedded derivatives associated with the convertible notes and other derivatives
  3. Represents the adjustments to the fair value of the derivative forward contract for one PPA entity (our Second PPA company), a wholly owned subsidiary
  4. Includes adjustments to reflect assumed conversion of certain convertible promissory notes

Net Loss to Adjusted EBITDA

Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense, non-controlling interest, revaluations, stock-based compensation and depreciation and amortization expense. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations. Adjusted EBITDA may not be comparable to similarly titled measures provided by other companies due to potential differences in methods of calculations. A reconciliation of Adjusted EBITDA to net loss is as follows:

 

Q221

 

Q121

 

Q220

Net loss to Common Stockholders

(53,863)

 

(24,889)

 

(42,512)

Loss for non-controlling interests1

(4,558)

 

(4,892)

 

(5,466)

Loss (gain) on derivatives liabilities2

942

 

518

 

(412)

Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3

(735)

 

(193)

 

135

Stock-based compensation

19,133

 

17,210

 

18,631

Depreciation & Amortization

13,366

 

13,442

 

12,818

Provision (benefit) for Income Tax

313

 

124

 

141

Interest Expense (Income), Other Expense (Income), net

14,455

 

14,742

 

18,749

Adjusted EBITDA

(10,947)

 

16,062

 

2,084

  1. Represents the profits and losses allocated to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method
  2. Represents the adjustments to the fair value of the embedded derivatives associated with the convertible notes and other derivatives
  3. Represents the adjustments to the fair value of the derivative forward contract for one PPA entity (our Second PPA company)

 

Investor Relations:
investor@bloomenergy.com

Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
jennifer.duffourg@bloomenergy.com

Source: Bloom Energy Corporation
Categories: Press Releases
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