SAN JOSE, Calif.--(BUSINESS WIRE)--Feb 9, 2023--
Bloom Energy Corporation (NYSE: BE) today announced its financial results for the fourth quarter and full year ended December 31, 2022. The company surpassed $1 billion for full year revenues for the first time.
Fourth Quarter Highlights
Total Year Highlights
Increases in fourth quarter and total year revenue of 35.1% and 23.3%, respectively, were primarily driven by increases in product acceptances and improved pricing. Cost of goods sold was impacted by non-cash impairment charges relating to the repowering of PPA IV in the fourth quarter and the repowering of PPA IIIa in the second quarter, which were excluded in our non-GAAP reporting.
Commenting on the fourth quarter and full year earnings, KR Sridhar founder, chairman and CEO of Bloom Energy said, "Bloom Energy finished 2022 in a very strong position as our resilient and sustainable energy solutions experienced wider adoption and we were aided by good tailwinds. We expect this trend to continue in 2023 and beyond. Our revenue and non-GAAP gross margin were records for the fourth quarter and for the full year and we closed 2022 with a $10 billion backlog, the strongest order book in our company's history. Bloom is now a predictable growth company. We offer the world a unique, mature, and proven platform solution at scale - a solution that can be deployed today with a clear pathway to a net-zero future."
Greg Cameron, executive vice president and CFO of Bloom Energy, added, “This year was about achieving strong commercial, operational and financial results which positions us to be a leader in the global energy transition. The demand for our AlwaysOn energy server is evidenced by our record backlog. The company is clearly at an inflection point to build on our mature technology platform, solid record of accomplishment and robust growth roadmap. We’re extremely excited about our future.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
($000) | Q422 | Q322 | Q421 | FY22 | FY21 | ||||||
Revenue | 462,577 |
| 292,274 |
| 342,471 |
| 1,199,125 |
| 972,176 |
| |
Cost of Revenue | 391,199 |
| 241,330 |
| 273,768 |
| 1,050,837 |
| 774,595 |
| |
Gross Profit | 71,377 |
| 50,944 |
| 68,703 |
| 148,288 |
| 197,581 |
| |
Gross Margin | 15.4 | % | 17.4 | % | 20.1 | % | 12.4 | % | 20.3 | % | |
Operating Expenses | 111,945 |
| 103,536 |
| 82,208 |
| 409,280 |
| 312,083 |
| |
Operating Loss | (40,568 | ) | (52,592 | ) | (13,505 | ) | (260,992 | ) | (114,502 | ) | |
Operating Margin | (8.8 | %) | (18.0 | %) | (3.9 | %) | (21.8 | %) | (11.8 | %) | |
Non-operating Expenses | 6,604 |
| 4,485 |
| 19,818 |
| 40,416 |
| 49,943 |
| |
Net Loss | (47,172 | ) | (57,077 | ) | (33,323 | ) | (301,408 | ) | (164,445 | ) | |
GAAP EPS |
| ($0.23 | ) | ($0.31 | ) | ($0.19 | ) | ($1.62 | ) | ($0.95 | ) |
Preliminary Summary Non-GAAP Financial Information1
($000) | Q422 | Q322 | Q421 | FY22 | FY21 | |||||
Revenue | 462,577 |
| 292,274 |
| 342,471 |
| 1,199,125 |
| 972,176 |
|
Cost of Revenue | 321,823 |
| 236,349 |
| 269,706 |
| 923,052 |
| 760,784 |
|
Gross Profit | 140,754 |
| 55,925 |
| 72,765 |
| 276,073 |
| 211,392 |
|
Gross Margin | 30.4 | % | 19.1 | % | 21.2 | % | 23.0 | % | 21.7 | % |
Operating Expenses | 81,722 |
| 84,449 |
| 67,448 |
| 309,542 |
| 249,762 |
|
Operating Income (Loss) | 59,032 |
| (28,524 | ) | 5,317 |
| (33,469 | ) | (38,370 | ) |
Operating Margin | 12.8 | % | (9.8 | %) | 1.6 | % | (2.8 | %) | (3.9 | %) |
Adjusted EBITDA | 74,449 |
| (13,076 | ) | 18,692 |
| 30,131 |
| 14,031 |
|
EPS | $0.27 |
| ($0.20 | ) | ($0.05 | ) | ($0.41 | ) | ($0.55 | ) |
| 1. | A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release |
Outlook
Full-year 2023 Outlook:
| • | Revenue: | $1.4 - $1.5 billion | |
| • | Product & Service Revenue: | $1.25 - $1.35 billion | |
| • | Non-GAAP Gross Margin: | 25% | |
| • | Non-GAAP Operating Margin: | Positive |
Bloom Will host an investor conference at the NYSE on May 23, 2023.
Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.
Conference Call Details
Bloom will host a conference call today, February 9, 2023, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 200-6205 and enter the passcode: 531331. Those calling from outside the United States may dial +1 (929) 526-1599 and enter the same passcode: 531331. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (866) 813-9403 or + 44 204-525-0658 and entering passcode 527751.
Use of Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2023 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: adoption of Bloom’s energy servers; the predictability of Bloom’s growth; pathway to a net-zero future; Bloom’s positioning operationally and financially; demand for Bloom’s energy servers; being at an inflection point; Bloom’s growth roadmap; Bloom’s expectations regarding its growth plans and future; Bloom’s financial outlook for 2023. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; supply constraints; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 as filed with the SEC on May 6, 2022, August 9, 2022 and November 3, 2022, 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.
Condensed Consolidated Balance Sheets (preliminary & unaudited) (in thousands)
|
| December 31, | ||||||
|
|
| 2022 |
|
|
| 2021 |
|
Assets |
|
|
|
| ||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents 1 |
| $ | 348,498 |
|
| $ | 396,035 |
|
Restricted cash 1 |
|
| 51,515 |
|
|
| 92,540 |
|
Accounts receivable less allowance for doubtful accounts of $119 as of December 31, 2022 and 2021 1 |
|
| 250,995 |
|
|
| 87,789 |
|
Contract assets |
|
| 46,727 |
|
|
| 25,201 |
|
Inventories 1 |
|
| 268,394 |
|
|
| 143,370 |
|
Deferred cost of revenue |
|
| 46,191 |
|
|
| 25,040 |
|
Customer financing receivable 1 |
|
| — |
|
|
| 5,784 |
|
Prepaid expenses and other current assets 1 |
|
| 43,643 |
|
|
| 30,661 |
|
Total current assets |
|
| 1,055,963 |
|
|
| 806,420 |
|
Property, plant and equipment, net 1 |
|
| 600,414 |
|
|
| 604,106 |
|
Operating lease right-of-use assets 1 |
|
| 126,955 |
|
|
| 106,660 |
|
Customer financing receivable 1 |
|
| — |
|
|
| 39,484 |
|
Restricted cash 1 |
|
| 118,353 |
|
|
| 126,539 |
|
Deferred cost of revenue |
|
| 4,737 |
|
|
| 1,289 |
|
Other long-term assets 1 |
|
| 40,205 |
|
|
| 41,073 |
|
Total assets |
| $ | 1,946,627 |
|
| $ | 1,725,571 |
|
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity (deficit) |
|
|
|
| ||||
Current liabilities: |
|
|
|
| ||||
Accounts payable 1 |
| $ | 161,770 |
|
| $ | 72,967 |
|
Accrued warranty |
|
| 17,332 |
|
|
| 11,746 |
|
Accrued expenses and other current liabilities 1 |
|
| 144,183 |
|
|
| 114,138 |
|
Deferred revenue and customer deposits 1 |
|
| 159,048 |
|
|
| 89,975 |
|
Operating lease liabilities 1 |
|
| 16,227 |
|
|
| 13,101 |
|
Financing obligations |
|
| 17,363 |
|
|
| 14,721 |
|
Recourse debt |
|
| 12,716 |
|
|
| 8,348 |
|
Non-recourse debt 1 |
|
| 13,307 |
|
|
| 17,483 |
|
Total current liabilities |
|
| 541,946 |
|
|
| 342,479 |
|
Deferred revenue and customer deposits 1 |
|
| 56,392 |
|
|
| 90,310 |
|
Operating lease liabilities 1 |
|
| 132,363 |
|
|
| 106,187 |
|
Financing obligations |
|
| 442,063 |
|
|
| 461,900 |
|
Recourse debt |
|
| 273,076 |
|
|
| 283,483 |
|
Non-recourse debt 1 |
|
| 112,480 |
|
|
| 217,416 |
|
Other long-term liabilities |
|
| 9,491 |
|
|
| 16,772 |
|
Total liabilities |
| $ | 1,567,811 |
|
| $ | 1,518,547 |
|
Commitments and contingencies |
|
|
|
| ||||
Redeemable convertible preferred stock, Series A: no shares and 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively. |
|
| — |
|
|
| 208,551 |
|
Redeemable noncontrolling interest |
|
| — |
|
|
| 300 |
|
Stockholders’ (deficit) equity: |
|
|
|
| ||||
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 179,165,539 shares and 160,627,544 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,802,146 shares and 15,832,863 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively. |
|
| 20 |
|
|
| 18 |
|
Additional paid-in capital |
|
| 3,906,491 |
|
|
| 3,219,081 |
|
Accumulated other comprehensive loss |
|
| (1,251 | ) |
|
| (350 | ) |
Accumulated deficit |
|
| (3,564,483 | ) |
|
| (3,263,075 | ) |
Total stockholders' equity (deficit) attributable to Class A and Class B common stockholders |
|
| 340,777 |
|
|
| (44,326 | ) |
Noncontrolling interest |
|
| 38,039 |
|
|
| 42,499 |
|
Total stockholders' equity (deficit) |
| $ | 378,816 |
|
| $ | (1,827 | ) |
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity (deficit) |
| $ | 1,946,627 |
|
| $ | 1,725,571 |
|
| 1 | We have variable interest entities related to PPAs and joint venture in the Republic of Korea, which represent a portion of the consolidated balances recorded within these financial statement line items in the consolidated balance sheets. |
Condensed Consolidated Statements of Operations (preliminary & unaudited) (in thousands, except per share data)
|
| Years Ended December 31, | ||||||||||
|
|
| 2022 |
|
|
| 2021 |
|
|
| 2020 |
|
|
|
|
|
|
|
| ||||||
Revenue: |
|
|
|
|
|
| ||||||
Product |
| $ | 880,664 |
|
| $ | 663,512 |
|
| $ | 518,633 |
|
Installation |
|
| 92,120 |
|
|
| 96,059 |
|
|
| 101,887 |
|
Service |
|
| 150,954 |
|
|
| 144,184 |
|
|
| 109,633 |
|
Electricity |
|
| 75,387 |
|
|
| 68,421 |
|
|
| 64,094 |
|
Total revenue |
|
| 1,199,125 |
|
|
| 972,176 |
|
|
| 794,247 |
|
Cost of revenue: |
|
|
|
|
|
| ||||||
Product |
|
| 616,178 |
|
|
| 471,654 |
|
|
| 332,724 |
|
Installation |
|
| 104,111 |
|
|
| 110,214 |
|
|
| 116,542 |
|
Service |
|
| 168,491 |
|
|
| 148,286 |
|
|
| 132,329 |
|
Electricity |
|
| 162,057 |
|
|
| 44,441 |
|
|
| 46,859 |
|
Total cost of revenue |
|
| 1,050,837 |
|
|
| 774,595 |
|
|
| 628,454 |
|
Gross profit |
|
| 148,288 |
|
|
| 197,581 |
|
|
| 165,793 |
|
Operating expenses: |
|
|
|
|
|
| ||||||
Research and development |
|
| 150,606 |
|
|
| 103,396 |
|
|
| 83,577 |
|
Sales and marketing |
|
| 90,934 |
|
|
| 86,499 |
|
|
| 55,916 |
|
General and administrative |
|
| 167,740 |
|
|
| 122,188 |
|
|
| 107,085 |
|
Total operating expenses |
|
| 409,280 |
|
|
| 312,083 |
|
|
| 246,578 |
|
Loss from operations |
|
| (260,992 | ) |
|
| (114,502 | ) |
|
| (80,785 | ) |
Interest income |
|
| 3,887 |
|
|
| 262 |
|
|
| 1,475 |
|
Interest expense |
|
| (53,493 | ) |
|
| (69,025 | ) |
|
| (76,276 | ) |
Interest expense - related parties |
|
| — |
|
|
| — |
|
|
| (2,513 | ) |
Loss on extinguishment of debt |
|
| (8,955 | ) |
|
| — |
|
|
| (12,878 | ) |
Other income (expense), net |
|
| 4,998 |
|
|
| (8,139 | ) |
|
| (8,318 | ) |
Gain (loss) on revaluation of embedded derivatives |
|
| 566 |
|
|
| (919 | ) |
|
| 464 |
|
Loss before income taxes |
|
| (313,989 | ) |
|
| (192,323 | ) |
|
| (178,831 | ) |
Income tax provision |
|
| 1,097 |
|
|
| 1,046 |
|
|
| 256 |
|
Net loss |
|
| (315,086 | ) |
|
| (193,369 | ) |
|
| (179,087 | ) |
Less: Net loss attributable to noncontrolling interest |
|
| (13,378 | ) |
|
| (28,896 | ) |
|
| (21,513 | ) |
Net loss attributable to Class A and Class B common stockholders |
|
| (301,708 | ) |
|
| (164,473 | ) |
|
| (157,574 | ) |
Less: Net income (loss) attributable to redeemable noncontrolling interest |
|
| (300 | ) |
|
| (28 | ) |
|
| (21 | ) |
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest |
| $ | (301,408 | ) |
| $ | (164,445 | ) |
| $ | (157,553 | ) |
Net loss per share available to Class A and Class B common stockholders, basic and diluted |
| $ | (1.62 | ) |
| $ | (0.95 | ) |
| $ | (1.14 | ) |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
|
| 185,907 |
|
|
| 173,438 |
|
|
| 138,722 |
|
Condensed Consolidated Statement of Cash Flows (preliminary & unaudited) (in thousands)
|
| Years Ended December 31, | ||||||||||
|
|
| 2022 |
|
|
| 2021 |
|
|
| 2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
| ||||||
Net loss |
| $ | (315,086 | ) |
| $ | (193,369 | ) |
| $ | (179,087 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| ||||||
Depreciation and amortization |
|
| 61,608 |
|
|
| 53,454 |
|
|
| 52,279 |
|
Non-cash lease expense |
|
| 20,155 |
|
|
| 9,708 |
|
|
| 5,328 |
|
Write-off of assets related to PPA IIIa and PPA IV |
|
| 113,514 |
|
|
| — |
|
|
| — |
|
Revaluation of derivative contracts |
|
| (9,583 | ) |
|
| 17,532 |
|
|
| (497 | ) |
Stock-based compensation expense |
|
| 112,259 |
|
|
| 73,274 |
|
|
| 73,893 |
|
Gain on remeasurement of investment |
|
| — |
|
|
| (1,966 | ) |
|
| — |
|
Contingent consideration remeasurement |
|
| — |
|
|
| (3,623 | ) |
|
| — |
|
Interest expense on interest rate swap settlement |
|
| — |
|
|
| (641 | ) |
|
| — |
|
Loss on extinguishment of debt |
|
| 8,955 |
|
|
| — |
|
|
| 11,785 |
|
Amortization of warrants and debt issuance costs |
|
| 3,032 |
|
|
| 3,797 |
|
|
| 6,455 |
|
Unrealized foreign currency exchange loss (gain) |
|
| (3,267 | ) |
|
| 44 |
|
|
| 19 |
|
Other |
|
| 3,532 |
|
|
| — |
|
|
| 4,346 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
| ||||||
Accounts receivable |
|
| (162,864 | ) |
|
| 8,608 |
|
|
| (61,702 | ) |
Contract assets |
|
| (21,525 | ) |
|
| (21,874 | ) |
|
| — |
|
Inventories |
|
| (124,878 | ) |
|
| (885 | ) |
|
| (33,004 | ) |
Deferred cost of revenue |
|
| (24,282 | ) |
|
| 17,567 |
|
|
| 19,910 |
|
Customer financing receivable |
|
| 2,510 |
|
|
| 5,428 |
|
|
| 5,159 |
|
Prepaid expenses and other current assets |
|
| (17,590 | ) |
|
| 1,520 |
|
|
| (3,124 | ) |
Other long-term assets |
|
| (2,617 | ) |
|
| (2,854 | ) |
|
| 2,904 |
|
Operating lease right-of-use assets and operating lease liabilities |
|
| 3,016 |
|
|
| (12,953 | ) |
|
| (2,855 | ) |
Financing lease liabilities |
|
| 896 |
|
|
| 1,142 |
|
|
| — |
|
Accounts payable |
|
| 86,498 |
|
|
| 13,017 |
|
|
| (622 | ) |
Accrued warranty |
|
| 5,586 |
|
|
| 1,481 |
|
|
| (241 | ) |
Accrued expenses and other current liabilities |
|
| 43,243 |
|
|
| (2,144 | ) |
|
| 17,753 |
|
Deferred revenue and customer deposits |
|
| 35,156 |
|
|
| (22,677 | ) |
|
| (12,972 | ) |
Other long-term liabilities |
|
| (9,991 | ) |
|
| (4,300 | ) |
|
| (4,523 | ) |
Net cash used in operating activities |
|
| (191,723 | ) |
|
| (60,714 | ) |
|
| (98,796 | ) |
Cash flows from investing activities: |
|
|
|
|
|
| ||||||
Purchase of property, plant and equipment |
|
| (116,823 | ) |
|
| (49,810 | ) |
|
| (37,913 | ) |
Net cash acquired from step acquisition |
|
| — |
|
|
| 3,114 |
|
|
| — |
|
Net cash used in investing activities |
|
| (116,823 | ) |
|
| (46,696 | ) |
|
| (37,913 | ) |
Cash flows from financing activities: |
|
|
|
|
|
| ||||||
Proceeds from issuance of debt |
|
| — |
|
|
| 135,989 |
|
|
| 300,000 |
|
Proceeds from issuance of debt to related parties |
|
| — |
|
|
| — |
|
|
| 30,000 |
|
Repayment of debt of PPA IIIa and PPA IV |
|
| (100,705 | ) |
|
| — |
|
|
| — |
|
Repayment of debt |
|
| (19,881 | ) |
|
| (123,374 | ) |
|
| (176,522 | ) |
Repayment of debt - related parties |
|
| — |
|
|
| — |
|
|
| (2,105 | ) |
Make-whole payment related to PPA IIIa and PPA IV debt |
|
| (6,553 | ) |
|
| — |
|
|
| — |
|
Debt issuance costs |
|
| — |
|
|
| (1,950 | ) |
|
| (13,247 | ) |
Proceeds from financing obligations |
|
| 3,261 |
|
|
| 16,849 |
|
|
| 26,279 |
|
Repayment of financing obligations |
|
| (35,543 | ) |
|
| (13,642 | ) |
|
| (10,756 | ) |
Contributions from noncontrolling interest |
|
| 2,815 |
|
|
| — |
|
|
| 6,513 |
|
Distributions to redeemable noncontrolling interests |
|
| — |
|
|
| (49 | ) |
|
| (45 | ) |
Distributions and payments to noncontrolling interests |
|
| (6,854 | ) |
|
| (5,789 | ) |
|
| (7,577 | ) |
Purchase of noncontrolling interest of PPA IV and PPA V |
|
| (12,000 | ) |
|
| — |
|
|
| — |
|
Proceeds from issuance of common stock |
|
| 15,279 |
|
|
| 89,790 |
|
|
| 23,491 |
|
Proceeds from issuance of redeemable convertible preferred stock, net |
|
| — |
|
|
| 208,551 |
|
|
| — |
|
Proceeds from Class A common share offering |
|
| 385,396 |
|
|
| — |
|
|
| — |
|
Public share offering costs |
|
| (13,775 | ) |
|
| — |
|
|
| — |
|
Other |
|
| (76 | ) |
|
| — |
|
|
| — |
|
Net cash provided by financing activities |
|
| 211,364 |
|
|
| 306,375 |
|
|
| 176,031 |
|
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
| 434 |
|
|
| (561 | ) |
|
| — |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
| (96,748 | ) |
|
| 198,404 |
|
|
| 39,322 |
|
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
| ||||||
Beginning of period |
|
| 615,114 |
|
|
| 416,710 |
|
|
| 377,388 |
|
End of period |
| $ | 518,366 |
|
| $ | 615,114 |
|
| $ | 416,710 |
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands, except percentages)
| Q422 | Q322 | Q421 | FY22 | FY21 | |||||
GAAP revenue | 462,577 |
| 292,274 |
| 342,471 |
| 1,199,125 |
| 972,126 |
|
GAAP cost of sales | 391,199 |
| 241,330 |
| 273,768 |
| 1,050,837 |
| 774,595 |
|
GAAP gross profit | 71,377 |
| 50,944 |
| 68,703 |
| 148,288 |
| 197,581 |
|
Non-GAAP adjustments: |
|
|
|
|
| |||||
Stock-based compensation expense | 5,346 |
| 4,981 |
| 4,062 |
| 18,955 |
| 13,811 |
|
PPA IIIa and PPA IV repowering related impairment charges | 64,030 |
| - |
| - |
| 108,830 |
| - |
|
Non-GAAP gross profit | 140,754 |
| 55,925 |
| 72,765 |
| 276,073 |
| 211,392 |
|
|
|
|
|
|
| |||||
GAAP gross margin % | 15.4 | % | 17.4 | % | 20.1 | % | 12.4 | % | 20.3 | % |
Non-GAAP adjustments | 15.0 | % | 1.7 | % | 1.2 | % | 10.7 | % | 1.4 | % |
Non-GAAP gross margin % | 30.4 | % | 19.1 | % | 21.2 | % | 23.0 | % | 21.7 | % |
| Q422 | Q322 | Q421 | FY22 | FY21 | |||||
GAAP loss from operations | (40,568 | ) | (52,592 | ) | (13,505 | ) | (260,992 | ) | (114,502 | ) |
Non-GAAP adjustments: |
|
|
|
|
| |||||
Stock-based compensation expense | 31,027 |
| 24,031 |
| 18,823 |
| 113,965 |
| 76,132 |
|
PPA IIIa and PPA IV repowering related impairment charges | 68,535 |
| - |
| - |
| 113,335 |
| - |
|
Amortization of acquired intangible assets | 37 |
| 37 |
| - |
| 223 |
| - |
|
Non-GAAP loss from operations | 59,032 |
| (28,524 | ) | 5,318 |
| (33,469 | ) | (38,370 | ) |
|
|
|
|
|
| |||||
GAAP operating margin % | (8.8 | %) | (18.0 | %) | (3.9 | %) | (21.8 | %) | (11.8 | %) |
Non-GAAP adjustments | 21.5 | % | 8.2 | % | 5.5 | % | 19.0 | % | 7.8 | % |
Non-GAAP operating margin % | 12.8 | % | (9.8 | %) | 1.6 | % | (2.8 | %) | (3.9 | %) |
GAAP Net Loss to non-GAAP Net Loss and Computation of non-GAAP Net Loss per Share (EPS) (preliminary & unaudited) (in thousands)
| Q422 | Q322 | Q421 | FY22 | FY21 | ||||||||||
Net loss to Common Stockholders |
| (47,172 | ) |
| (57,077 | ) |
| (33,323 | ) |
| (301,408 | ) |
| (164,445 | ) |
Non-GAAP adjustments: |
|
|
|
|
| ||||||||||
Loss for non-controlling interests |
| (3,611 | ) |
| (3,315 | ) |
| (15,182 | ) |
| (13,678 | ) |
| (28,924 | ) |
Loss (gain) on derivative liabilities |
| 56 |
|
| (54 | ) |
| 13,356 |
|
| (566 | ) |
| 15,000 |
|
Loss (gain) on the fair value adjustments for certain PPA Contracts |
| 73,252 |
|
| — |
|
| — |
|
| 122,290 |
|
| (1,053 | ) |
Interest expense on Interest rate swap settlement |
| — |
|
| — |
|
| 10,879 |
|
| — |
|
| 10,879 |
|
Contingent consideration remeasurement |
| — |
|
| — |
|
| (3,623 | ) |
| — |
|
| (3,623 | ) |
Stock-based compensation expense |
| 31,027 |
|
| 24,031 |
|
| 18,822 |
|
| 113,965 |
|
| 76,132 |
|
Amortization of intangible assets |
| 37 |
|
| 37 |
|
| — |
|
| 223 |
|
| — |
|
Loss on China JV Investment |
| — |
|
| — |
|
| — |
|
| 1,446 |
|
| — |
|
Goodwill Impairment |
| — |
|
| — |
|
| — |
|
| 2,000 |
|
| — |
|
Adjusted Net Loss |
| 53,596 |
|
| (36,378 | ) |
| (9,071 | ) |
| (75,728 | ) |
| (96,034 | ) |
|
|
|
|
|
| ||||||||||
Net loss to Common Stockholders per share | $ | (0.23 | ) | $ | (0.31 | ) | $ | (0.19 | ) | $ | (1.62 | ) | $ | (0.95 | ) |
Adjusted net loss per share (EPS) | $ | 0.27 |
| $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.41 | ) | $ | (0.55 | ) |
GAAP weighted average shares outstanding attributable to common, Basic and Diluted |
| 201,200 |
|
| 186,487 |
|
| 175,922 |
|
| 185,907 |
|
| 173,438 |
|
GAAP Net Loss to Adjusted EBITDA reconciliation (preliminary & unaudited) (in thousands)
| Q422 | Q322 | Q421 | FY22 | FY21 | |||||
Net loss to Common Stockholders | (47,172 | ) | (57,077 | ) | (33,323 | ) | (301,408 | ) | (164,445 | ) |
Loss for non-controlling interests | (3,611 | ) | (3,315 | ) | (15,182 | ) | (13,678 | ) | (28,924 | ) |
Loss (gain) on derivative liabilities | 56 |
| (54 | ) | 13,356 |
| (566 | ) | 15,000 |
|
Loss (gain) on the fair value adjustments for certain PPA Contracts | 73,257 |
| — |
| — |
| 122,290 |
| (1,053 | ) |
Interest expense on Interest rate swap settlement | — |
| — |
| 10,879 |
| — |
| 10,879 |
|
Contingent consideration remeasurement | — |
| — |
| (3,623 | ) | — |
| (3,623 | ) |
Stock-based compensation expense | 31,027 |
| 24,031 |
| 18,822 |
| 113,965 |
| 76,132 |
|
Amortization of intangible assets | 37 |
| 37 |
| — |
| 223 |
| — |
|
Loss on China JV Investment | — |
| — |
| — |
| 1,446 |
| — |
|
Goodwill impairment | — |
| — |
| — |
| 2,000 |
| — |
|
Adjusted Net Income (Loss) | 53,596 |
| (36,378 | ) | (9,071 | ) | (75,728 | ) | (96,034 | ) |
Depreciation & amortization | 15,418 |
| 15,448 |
| 13,375 |
| 61,600 |
| 53,454 |
|
Provision for income tax | 209 |
| 336 |
| 451 |
| 1,097 |
| 1,046 |
|
Interest expense (income), Other expense (income), net | 5,227 |
| 7,518 |
| 13,937 |
| 43,162 |
| 55,545 |
|
Adjusted EBITDA | 74,449 |
| (13,076 | ) | 18,692 |
| 30,131 |
| 14,031 |
|
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial statement information presented on GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss), (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP basic, diluted net earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.
Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures used by Bloom Energy
Non-GAAP gross profit (loss) and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense and PPA IIIa/PPA IV repowerings related impairment charge. Non-GAAP operating profit (loss) (non-GAAP earnings from operations) and non-GAAP operating margin are defined to exclude any charges relating to stock-based compensation expense, PPA IIIa/PPA IV repowerings related impairment charge and the amortization of acquired intangible assets. Non-GAAP net earnings and non-GAAP diluted net earnings per share consist of net earnings or diluted net earnings per share excluding stock-based compensation, loss for non-controlling interest, loss (gain) on derivatives liabilities, loss (gain) on the fair value adjustments for certain PPA derivatives, goodwill impairment, loss on China JV investment, PPA IIIa/PPA IV repowerings related impairment charge, loss on extinguishment of debt related to PPA IIIa/PPA IV repowerings and the amortization of acquired intangible assets. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense, depreciation and amortization expense, stock-based compensation, loss for non-controlling interest, loss (gain) on derivatives liabilities, loss (gain) on the fair value adjustments for certain PPA derivatives, goodwill impairment, loss on China JV investment, PPA IIIa repowering related impairment charge, loss on extinguishment of debt related to PPA IIIa/PPA IV repowerings.
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:
Backlog is defined as the total Product, Installation and Service Revenue associated with systems that have not yet been accepted and the Service revenue associated with systems that have been accepted but not yet placed into service. Investors rely on our backlog to make estimates of future Company revenue. Backlog is used by the Company's management to project future revenue, manufacturing, and CAPEX investments. When assessing backlog, management assumes annual renewals per contract terms, which generally varies from 6, 10, 15 or 20 years.
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:
Compensation for limitations associated with use of non-GAAP financial measures
Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to investors
Bloom Energy believes that providing financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP diluted net earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230209005625/en/
CONTACT: Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717Media:
Virginia Citrano
Bloom Energy
press@bloomenergy.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER ENERGY ENERGY
SOURCE: Bloom Energy
Copyright Business Wire 2023.
PUB: 02/09/2023 04:03 PM/DISC: 02/09/2023 04:02 PM
http://www.businesswire.com/news/home/20230209005625/en