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Bloom Energy Announces Third Quarter 2021 Financial Results

November 04, 2021

Q3 Revenue of $207.2 million; an increase of 3.5% year-over-year

Q3 GAAP Gross Margin of 17.8%; Non-GAAP Gross Margin of 19.2%

Record number of third quarter acceptances

Successfully launched Bloom Electrolyzer and Hydrogen Energy Server

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

Third Quarter Highlights

  • Record acceptances of 353 systems in the third quarter of 2021, an increase of 12.4% versus the third quarter of 2020.
  • Revenue of $207.2 million in the third quarter of 2021, an increase of 3.5% compared to revenue of $200.3 million in the third quarter of 2020. Revenue up 11.4% excluding a $14.2 million prior year one-time revenue benefit that did not repeat.
  • Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022 to establish leadership position in unlocking a net zero emissions future.
  • Further buildout of our gigawatt factory in Fremont, California to meet future customer demand is on schedule.
  • On October 25, 2021, Bloom Energy and SK ecoplant announced an expansion of their strategic partnership to accelerate hydrogen commercialization.

Commenting on the third quarter, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “We are excited about our new and enhanced strategic partnership with SK ecoplant, which further validates our technology. It also provides real revenue for the long term and an equity investment in the near term that will enable us to accelerate our growth in our current products and hydrogen electrolyzers around the world. As we look at the challenges of sustainability, resiliency, and cost predictability that our customers face, we are confident that these are not ‘either / or’ choices. They are “and” propositions, which we are best positioned to solve with our fuel cell technology platform.”

Greg Cameron, executive vice president and CFO of Bloom Energy added, “Bloom Energy is executing well in a challenging environment. We achieved record third quarter acceptances, expanded our hydrogen product offering and are continuing to build our manufacturing capacity. Our recently announced expansion of the SK ecoplant partnership provides the capability to accelerate investment in our expanding platform.”

Summary of Key Financial Metrics

Preliminary Summary GAAP Profit and Loss Statements

($000)

Q321

Q221

Q320

Revenue

207,228

228,470

200,305

Cost of Revenue

170,345

191,126

144,318

Gross Profit

36,883

37,344

55,987

Gross Margin

17.8%

16.3%

28.0%

Operating Expenses

80,772

80,055

56,359

Operating Loss

(43,889)

(42,711)

(372)

Operating Margin

(21.2)%

(18.7)%

(0.2)%

Non-operating Expenses1

8,481

11,152

11,582

Net Loss

(52,370)

(53,863)

(11,954)

GAAP EPS

(0.30)

(0.31)

(0.09)

1.

Non-operating expenses and tax provision and non-controlling interest

Preliminary Summary Non-GAAP Financial Information 1

($000)

Q321

Q221

Q320

Revenue

207,228

228,470

200,305

Cost of Revenue2

167,400

187,322

140,750

Gross Profit 2

39,828

41,148

59,555

Gross Margin 2

19.2%

18.0%

29.7%

Operating Expenses2

62,751

64,726

44,192

Operating Income (loss) 2

(22,923)

(23,578)

15,363

Operating Margin 2

(11.1)%

(10.3)%

7.7%

Adjusted EBITDA 3

(9,777)

(10,947)

27,673

Adjusted EPS 4

(0.20)

$ (0.23)

(0.04)

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, loss on extinguishment of debt, depreciation and amortization, provision for income tax, interest expense, fair value adjustment for PPA derivatives and stock-based compensation expense using the adjusted Weighted Average Shares Outstanding (WASO) share count

Acceptances

We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.

Balance Sheet Highlights

Bloom Energy’s cash position, including restricted cash, as of September 30, 2021 was $319.9 million, compared to $504.4 million as of September 30, 2020. Unrestricted cash as of September 30, 2021 was $121.9 million, compared to $325.2 million as of September 30, 2020. Bloom ended the third quarter of 2021 with $516.0 million of total debt, a decrease of $3.2 million from the second quarter of 2021. Non-recourse debt as of September 30, 2021 was $216.0 million, compared to $219.2 million as of June 30, 2021.

Conference Call Details

Bloom will host a conference call today, November 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: 6351508. Those calling from outside the United States may dial +1 (236) 714-2197 and enter the same passcode: 6351508. 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 6351508.

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 accelerate its growth with its current products and hydrogen electrolyzers around the world; Bloom’s expectations regarding the success of its strategic partnership with SK ecoplant; Bloom’s expectations regarding its fuel cell technology platform; 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 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 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; 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 June 30, 2021 as filed with the SEC on August 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)

 

 

September 30,

 

December 31,

 

 

2021

 

2020

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

121,861

 

 

 

$

246,947

 

 

Restricted cash

 

 

65,315

 

 

 

 

52,470

 

 

Accounts receivable

 

 

62,066

 

 

 

 

96,186

 

 

Contract asset

 

 

27,745

 

 

 

 

3,327

 

 

Inventories

 

 

182,555

 

 

 

 

142,059

 

 

Deferred cost of revenue

 

 

33,759

 

 

 

 

41,469

 

 

Customer financing receivable

 

 

5,693

 

 

 

 

5,428

 

 

Prepaid expenses and other current assets

 

 

31,946

 

 

 

 

30,718

 

 

Total current assets

 

 

530,940

 

 

 

 

618,604

 

 

Property, plant and equipment, net

 

 

615,514

 

 

 

 

600,628

 

 

Operating lease right-of-use assets

 

 

70,055

 

 

 

 

35,621

 

 

Customer financing receivable, non-current

 

 

40,981

 

 

 

 

45,268

 

 

Restricted cash, non-current

 

 

132,725

 

 

 

 

117,293

 

 

Deferred cost of revenue, non-current

 

 

2,918

 

 

 

 

2,462

 

 

Other long-term assets

 

 

38,593

 

 

 

 

34,511

 

 

Total assets

 

$

1,431,726

 

 

 

$

1,454,387

 

 

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

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

101,908

 

 

 

$

58,334

 

 

Accrued warranty

 

 

7,907

 

 

 

 

10,263

 

 

Accrued expenses and other current liabilities

 

 

85,877

 

 

 

 

112,004

 

 

Deferred revenue and customer deposits

 

 

81,894

 

 

 

 

114,286

 

 

Operating lease liabilities

 

 

6,206

 

 

 

 

7,899

 

 

Financing obligations

 

 

14,260

 

 

 

 

12,745

 

 

Recourse debt

 

 

6,034

 

 

 

 

 

 

Non-recourse debt

 

 

7,782

 

 

 

 

120,846

 

 

Total current liabilities

 

 

311,868

 

 

 

 

436,377

 

 

Deferred revenue and customer deposits, non-current

 

 

67,887

 

 

 

 

87,463

 

 

Operating lease liabilities, non-current

 

 

78,146

 

 

 

 

41,849

 

 

Financing obligations, non-current

 

 

456,315

 

 

 

 

459,981

 

 

Recourse debt, non-current

 

 

285,216

 

 

 

 

168,008

 

 

Non-recourse debt, non-current

 

 

205,164

 

 

 

 

102,045

 

 

Other long-term liabilities

 

 

26,755

 

 

 

 

17,268

 

 

Total liabilities

 

 

1,431,351

 

 

 

 

1,312,991

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

331

 

 

 

 

377

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock

 

 

18

 

 

 

 

17

 

 

Additional paid-in capital

 

 

3,183,101

 

 

 

 

3,182,753

 

 

Accumulated other comprehensive loss

 

 

(278

)

 

 

 

(9

)

 

Accumulated deficit

 

 

(3,229,752

)

 

 

 

(3,103,937

)

 

Total stockholders’ (deficit) equity

 

 

(46,911

)

 

 

 

78,824

 

 

Noncontrolling interest

 

 

46,955

 

 

 

 

62,195

 

 

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

 

$

1,431,726

 

 

 

$

1,454,387

 

 

Condensed Consolidated Statements of Operations (preliminary & unaudited)

 

(in thousands, except per share data)

 
   

 

 

Three Months Ended

 

 

September 30,

 

 

2021

 

2020

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

Product

 

$

128,550

 

 

 

$

131,076

 

 

Installation

 

 

22,172

 

 

 

 

26,603

 

 

Service

 

 

39,251

 

 

 

 

26,141

 

 

Electricity

 

 

17,255

 

 

 

 

16,485

 

 

Total revenue

 

 

207,228

 

 

 

 

200,305

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Product

 

 

93,704

 

 

 

 

72,037

 

 

Installation

 

 

25,616

 

 

 

 

27,872

 

 

Service

 

 

39,586

 

 

 

 

33,214

 

 

Electricity

 

 

11,439

 

 

 

 

11,195

 

 

Total cost of revenue

 

 

170,345

 

 

 

 

144,318

 

 

Gross profit

 

 

36,883

 

 

 

 

55,987

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

27,634

 

 

 

 

19,231

 

 

Sales and marketing

 

 

20,124

 

 

 

 

11,700

 

 

General and administrative

 

 

33,014

 

 

 

 

25,428

 

 

Total operating expenses

 

 

80,772

 

 

 

 

56,359

 

 

Loss from operations

 

 

(43,889

)

 

 

 

(372

)

 

Interest income

 

 

72

 

 

 

 

254

 

 

Interest expense

 

 

(14,514

)

 

 

 

(19,902

)

 

Interest expense - related parties

 

 

 

 

 

 

(353

)

 

Other income (expense), net

 

 

2,011

 

 

 

 

(221

)

 

Gain on extinguishment of debt

 

 

 

 

 

 

1,220

 

 

(Loss) gain on revaluation of embedded derivatives

 

 

(184

)

 

 

 

1,505

 

 

Loss before income taxes

 

 

(56,504

)

 

 

 

(17,869

)

 

Income tax provision

 

 

158

 

 

 

 

7

 

 

Net loss

 

 

(56,662

)

 

 

 

(17,876

)

 

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

 

 

(4,292

)

 

 

 

(5,922

)

 

Net loss to common stockholders

 

$

 

(52,370

)

 

 

$

 

(11,954

)

 

Net loss per share to common stockholders, basic and diluted

 

$

 

(0.30

)

 

 

$

 

(0.09

)

 

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

 

 

174,269

 

 

 

 

138,964

 

 

Condensed Consolidated Statement of Cash Flows (preliminary & unaudited)

 

(in thousands)

 
   

 

 

Nine Months Ended

 

 

September 30,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

$

(144,864

)

 

 

$

(147,496

)

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

40,079

 

 

 

 

38,888

 

 

Non-cash lease expense

 

 

7,161

 

 

 

 

4,419

 

 

Write-off of property, plant and equipment, net

 

 

 

 

 

 

36

 

 

Impairment of equity method investment

 

 

 

 

 

 

4,236

 

 

Revaluation of derivative contracts

 

 

486

 

 

 

 

(2,267

)

 

Stock-based compensation expense

 

 

57,309

 

 

 

 

57,385

 

 

Gain on remeasurement of investment

 

 

(1,966

)

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

11,785

 

 

Amortization of debt issuance costs and premium, net

 

 

2,824

 

 

 

 

(195

)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

34,291

 

 

 

 

(4,058

)

 

Contract assets

 

 

(24,418

)

 

 

 

(8,596

)

 

Inventories

 

 

(39,953

)

 

 

 

(22,772

)

 

Deferred cost of revenue

 

 

7,307

 

 

 

 

1,562

 

 

Customer financing receivable

 

 

4,022

 

 

 

 

3,790

 

 

Prepaid expenses and other current assets

 

 

236

 

 

 

 

(2,647

)

 

Other long-term assets

 

 

(374

)

 

 

 

(3,217

)

 

Accounts payable

 

 

37,973

 

 

 

 

8,704

 

 

Accrued warranty

 

 

(2,357

)

 

 

 

(525

)

 

Accrued expenses and other current liabilities

 

 

(26,178

)

 

 

 

4,932

 

 

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

 

 

(7,593

)

 

 

 

(4,467

)

 

Deferred revenue and customer deposits

 

 

(53,181

)

 

 

 

(15,658

)

 

Other long-term liabilities

 

 

1,289

 

 

 

 

(3,828

)

 

Net cash used in operating activities

 

 

(107,907

)

 

 

 

(79,989

)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(44,625

)

 

 

 

(33,066

)

 

Net cash acquired from step acquisition

 

 

3,114

 

 

 

 

 

 

Net cash used in investing activities

 

(41,511

)

 

 

 

(33,066

)

 

 

Nine Months Ended

 

 

September 30,

 

 

2021

 

2020

Cash flows from financing activities:

 

 

 

 

Proceeds from issuance of debt

 

 

 

 

 

 

300,000

 

 

Proceeds from issuance of debt to related parties

 

 

 

 

 

 

30,000

 

 

Repayment of debt

 

 

(11,017

)

 

 

 

(92,546

)

 

Repayment of debt - related parties

 

 

 

 

 

 

(2,105

)

 

Debt issuance costs

 

 

 

 

 

 

(13,247

)

 

Proceeds from financing obligations

 

 

7,534

 

 

 

 

14,807

 

 

Repayment of financing obligations

 

 

(10,174

)

 

 

 

(7,828

)

 

Contribution from noncontrolling interest

 

 

 

 

 

 

4,314

 

 

Distributions to noncontrolling interests and redeemable noncontrolling interests

 

 

(5,322

)

 

 

 

(6,103

)

 

Proceeds from issuance of common stock

 

 

72,109

 

 

 

 

12,745

 

 

Net cash provided by financing activities

 

 

53,130

 

 

 

 

240,037

 

 

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

 

 

(521

)

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(96,809

)

 

 

 

126,982

 

 

Cash, cash equivalents, and restricted cash:

 

 

 

 

 

 

 

 

Beginning of period

 

 

416,710

 

 

 

 

377,388

 

End of period

 

$

319,901

 

 

 

$

504,370

 

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:

 

Q321

Q221

Q320

Revenue

207,228

228,470

200,305

Gross profit

36,883

37,344

55,987

Gross margin %

17.8%

16.3%

28.0%

Stock-based compensation - cost of revenue

2,945

3,804

3,568

Gross profit excluding SBC

39,828

41,148

59,555

Gross margin excluding SBC %

19.2%

18.0%

29.7%

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:

 

Q321

Q221

Q320

Cost of revenue

170,345

191,126

144,318

Stock-based compensation - cost of revenue

2,945

3,804

3,568

Cost of revenue – excluding SBC

167,400

187,322

140,750

 

Q321

Q221

Q320

Operating expenses

80,772

80,055

56,359

Stock-based compensation - operating expenses

18,021

15,329

12,167

Operating expenses – excluding SBC

62,751

64,726

44,192

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

Operating 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:

 

Q321

Q221

Q320

Operating loss

(43,889)

(42,711)

(372)

Stock-based compensation

20,966

19,133

15,735

Operating Income (loss) excluding SBC

(22,923)

(23,578)

15,363

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:

 

Q321

Q221

Q320

Net loss to Common Stockholders

(52,370)

(53,863)

(11,954)

Loss on extinguishment of debt

(1,220)

Loss for non-controlling interests1

(4,292)

(4,558)

(5,922)

Loss (gain) on derivatives liabilities2

184

942

(1,505)

Loss (gain) on the fair value adjustments for certain PPA derivatives3

(125)

(735)

(726)

Stock-based compensation

20,966

19,133

15,735

Adjusted Net Loss

(35,637)

(39,081)

(5,592)

 

 

 

 

Net loss to Common Stockholders per share

$ (0.30)

$ (0.31)

$ (0.09)

Adjusted net loss per share (EPS)

$ (0.20)

$ (0.23)

$ (0.04)

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

174,269

172,749

138,964

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

174,269

172,749

138,964

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 Third 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:

 

Q321

Q221

Q320

Net loss to Common Stockholders

(52,370)

(53,863)

(11,954)

Loss on extinguishment of debt

(1,220)

Loss for non-controlling interests1

(4,292)

(4,558)

(5,922)

Loss (gain) on derivatives liabilities2

184

942

(1,505)

Loss (gain) on the fair value adjustments for certain PPA derivatives3

(125)

(735)

(726)

Stock-based compensation

20,966

19,133

15,735

Depreciation & amortization

13,271

13,366

13,036

Provision (benefit) for income tax

158

313

7

Interest expense (income), Other expense (income), net

12,431

14,455

20,222

Adjusted EBITDA

(9,777)

(10,947)

27,673

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 Third PPA company)

 

Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717
Edward.vallejo@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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