Clean Energy Reports 92.3 Million Gallons Delivered and Revenue of $77.3 Million for Third Quarter of 2018
The Company delivered 92.3 million gallons in the third quarter of 2018,
an increase from 91.5 million for the third quarter of 2017. For the
nine months ended
The Company’s revenue for the third quarter of 2018 was
On a GAAP basis, net loss for the third quarter of 2018 improved by
Revenue for the nine months ended
On a GAAP basis, net loss for the nine months ended
Non-GAAP loss per share and Adjusted EBITDA for the third quarter of
2018 was
Non-GAAP loss per share and Adjusted EBITDA for the nine months ended
Non-GAAP loss per share and Adjusted EBITDA are described below and
reconciled to GAAP net loss and loss per share attributable to
Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated financial
statements presented in accordance with accounting principles generally
accepted in
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP loss, GAAP loss per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP EPS and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP EPS
Non-GAAP EPS, which the Company presents as a non-GAAP measure of its
performance, is defined as net loss attributable to
The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net
loss attributable to
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
(in thousands, except share and per-share amounts) | 2017 | 2018 | 2017 | 2018 | ||||||||||||||
Net Loss Attributable to Clean Energy Fuels Corp. | $ | (94,141 | ) | $ | (10,899 | ) | $ | (50,890 | ) | $ | (10,652 | ) | ||||||
Stock-Based Compensation | 2,216 | 1,206 | 6,904 | 4,312 | ||||||||||||||
Loss from Equity Method Investments | 30 | 542 | 100 | 2,739 | ||||||||||||||
Adjusted (Non-GAAP) Net Loss | $ | (91,895 | ) | $ | (9,151 | ) | $ | (43,886 | ) | $ | (3,601 | ) | ||||||
Diluted Weighted-Average Common Shares Outstanding | 150,927,825 | 203,469,222 | 150,128,204 | 172,946,896 | ||||||||||||||
GAAP Loss Per Share | $ | (0.62 | ) | $ | (0.05 | ) | $ | (0.34 | ) | $ | (0.06 | ) | ||||||
Non-GAAP Loss Per Share | $ | (0.61 | ) | $ | (0.04 | ) | $ | (0.29 | ) | $ | (0.02 | ) | ||||||
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its
performance, is defined as net loss attributable to
The table below shows Adjusted EBITDA and also reconciles this figure to
GAAP net loss attributable to
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
(in thousands) | 2017 | 2018 | 2017 | 2018 | ||||||||||||||
Net Loss Attributable to Clean Energy Fuels Corp. | $ | (94,141 | ) | $ | (10,899 | ) | $ | (50,890 | ) | $ | (10,652 | ) | ||||||
Income Tax Expense (Benefit) | (44 | ) | 89 | (2,183 | ) | 266 | ||||||||||||
Interest Expense | 4,270 | 4,096 | 13,466 | 13,126 | ||||||||||||||
Interest Income | (465 | ) | (1,129 | ) | (1,156 | ) | (2,193 | ) | ||||||||||
Depreciation and Amortization | 14,104 | 13,363 | 43,757 | 39,496 | ||||||||||||||
Stock-Based Compensation | 2,216 | 1,206 | 6,904 | 4,312 | ||||||||||||||
Loss from Equity Method Investments | 30 | 542 | 100 | 2,739 | ||||||||||||||
Adjusted EBITDA | $ | (74,030 | ) | $ | 7,268 | $ | 9,998 | $ | 47,094 | |||||||||
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons of renewable natural gas (“RNG”), compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period.
The table below shows gallons delivered for the three and nine months
ended
Three Months Ended |
Nine Months Ended September 30, |
||||||||||
Gallons Delivered (in millions) | 2017 | 2018 | 2017 | 2018 | |||||||
CNG | 73.5 | 75.4 | 213.1 | 220.0 | |||||||
LNG | 17.3 | 16.9 | 50.0 | 46.8 | |||||||
RNG (1) | 0.7 | — | 1.9 | — | |||||||
Total | 91.5 | 92.3 | 265.0 | 266.8 |
(1) | Represents RNG sold as non-vehicle fuel. RNG sold as vehicle fuel is sold under the brand name Redeem™, and is included in this table in the CNG or LNG amounts as applicable based on the form in which it was sold. | |
Sources of Revenue
The following table represents our sources of revenue for the three and
nine months ended
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||
Revenue (in Millions) | 2017 | 2018 | 2017 | 2018 | |||||||||||||
Volume -Related (1) | $ | 63.1 | $ | 67.8 | $ | 200.0 | $ | 197.8 | |||||||||
Compressor Sales | 5.9 | — | 17.6 | — | |||||||||||||
Station Construction Sales | 12.5 | 9.4 | 34.1 | 20.9 | |||||||||||||
AFTC | — | — | — | 26.9 | |||||||||||||
Other | 0.3 | 0.1 | 0.6 | 4.6 | |||||||||||||
Total | $ | 81.8 | $ | 77.3 | $ | 252.3 | $ | 250.2 |
(1) | Volume -related revenue primarily consists of sales of RNG, CNG and LNG fuel, performance of operations and maintenance services, and sales of certain tradable credits the Company generates by selling RNG, CNG and LNG as vehicle fuel. | |
Today’s Conference Call
The Company will host an investor conference call today at
About
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about, among other things, the Company’s expectations regarding its performance, including continued improvement in its operating results; the success of the Company’s Zero Now Financing program and its impact on the expansion, if any, of the U.S. natural gas trucking market and the Company’s performance, financial condition and ability to execute its strategic initiatives; the state of the natural gas vehicle fuel market, including the level of adoption of natural gas vehicle fuels generally, and specifically in the trucking sector; the Company’s joint marketing agreement with BP and such agreement’s effect on the Redeem renewable natural gas business; and the Company’s overall financial and strategic position.
Forward-looking statements are statements other than historical facts
and relate to future events or circumstances or the Company’s future
performance, and they are based on the Company’s current assumptions,
expectations and beliefs concerning future developments and their
potential effect on the Company and its business. As a result, actual
results, performance or achievements and the timing of events could
differ materially from those anticipated in or implied by these
forward-looking statements as a result of many factors including, among
others: future supply, demand, use and prices of crude oil, gasoline,
diesel, natural gas, other vehicle fuels, and heavy-duty trucks and
other vehicles and engines powered by these fuels, including overall
levels of and volatility in these factors; the willingness of fleets and
other consumers to adopt natural gas as a vehicle fuel, and the rate of
any such adoption; the Company’s ability to execute its strategic
initiatives related to the market for natural gas heavy-duty trucks, one
of the Company’s target customer markets, including the Company’s Zero
Now Financing program, and the impact of these initiatives on the
Company and its industry; the Company’s ability to capture a substantial
share of the market for alternative vehicle fuels and vehicle fuels
generally and otherwise compete successfully in these markets, including
in the event of advances or improvements in or perceived advantages of
non-natural gas vehicle fuels or engines powered by these fuels or other
competitive developments and particularly in light of increasing
competition from new entrants in these markets, expanded programs by
existing competitors, or other factors; the Company’s ability to execute
and realize the intended benefits of any mergers, acquisitions,
divestitures, investments or other strategic measures, transactions or
relationships, including, for example, the investment of and other
proposed relationships with an affiliate of
The forward-looking statements made in this press release speak only as
of the date of this press release and the Company undertakes no
obligation to update publicly such forward-looking statements to reflect
subsequent events or circumstances, except as otherwise required by law.
The Company’s periodic reports filed with the
Clean Energy Fuels Corp. and Subsidiaries |
||||||||||
December 31, |
September 30, 2018 |
|||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash, cash equivalents and restricted cash | $ | 37,208 | $ | 160,020 | ||||||
Short-term investments | 141,462 | 95,964 | ||||||||
Accounts receivable, net of allowance for doubtful accounts of $1,276 and $1,507 as of December 31, 2017 and September 30, 2018, respectively | 63,961 | 69,822 | ||||||||
Other receivables | 19,235 | 17,890 | ||||||||
Inventory | 35,238 | 37,103 | ||||||||
Prepaid expenses and other current assets | 7,793 | 8,096 | ||||||||
Total current assets |
304,897 | 388,895 | ||||||||
Land, property and equipment, net | 367,305 | 344,077 | ||||||||
Notes receivable and other long-term assets, net | 21,397 | 15,978 | ||||||||
Investments in other entities | 30,395 | 27,674 | ||||||||
Goodwill | 64,328 | 64,328 | ||||||||
Intangible assets, net | 3,590 | 2,478 | ||||||||
Total assets | $ | 791,912 | $ | 843,430 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Current liabilities: | ||||||||||
Current portion of debt and capital lease obligations | $ | 139,699 | $ | 115,879 | ||||||
Accounts payable | 17,901 | 12,849 | ||||||||
Accrued liabilities |
42,268 |
48,322 | ||||||||
Deferred revenue | 3,432 | 8,830 | ||||||||
Total current liabilities | 203,300 | 185,880 | ||||||||
Long-term portion of debt and capital lease obligations | 120,388 | 122,817 | ||||||||
Other long-term liabilities | 18,566 | 15,348 | ||||||||
Total liabilities | 342,254 | 324,045 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders’ equity: | ||||||||||
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares | — | — | ||||||||
Common stock, $0.0001 par value. Authorized 224,000,000 shares and 304,000,000 shares as of December 31, 2017 and September 30, 2018, respectively; issued and outstanding 151,650,969 shares and 203,472,977 shares as of December 31, 2017 and September 30, 2018, respectively | 15 | 20 | ||||||||
Additional paid-in capital | 1,111,432 | 1,196,720 | ||||||||
Accumulated deficit | (683,570 | ) | (695,515 | ) | ||||||
Accumulated other comprehensive loss | (887 | ) | (273 | ) | ||||||
Total Clean Energy Fuels Corp. stockholders’ equity | 426,990 | 500,952 | ||||||||
Noncontrolling interest in subsidiary | 22,668 | 18,433 | ||||||||
Total stockholders’ equity | 449,658 | 519,385 | ||||||||
Total liabilities and stockholders’ equity | $ | 791,912 | $ | 843,430 | ||||||
Clean Energy Fuels Corp. and Subsidiaries |
||||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||||
Revenue: | ||||||||||||||||||
Product revenue | $ | 67,669 | $ | 67,441 | $ | 211,747 | $ | 220,812 | ||||||||||
Service revenue | 14,123 | 9,879 | 40,552 | 29,378 | ||||||||||||||
Total revenue | 81,792 | 77,320 | 252,299 | 250,190 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below): | ||||||||||||||||||
Product cost of sales | 52,884 | 48,063 | 158,306 | 139,658 | ||||||||||||||
Service cost of sales | 7,283 | 4,743 | 20,066 | 13,595 | ||||||||||||||
Inventory valuation provision | 13,158 | — | 13,158 | — | ||||||||||||||
Selling, general and administrative | 24,798 | 18,396 | 71,875 | 57,101 | ||||||||||||||
Depreciation and amortization | 14,104 | 13,363 | 43,757 | 39,496 | ||||||||||||||
Asset impairments and other charges | 60,666 | — | 60,666 | — | ||||||||||||||
Total operating expenses | 172,893 | 84,565 | 367,828 | 249,850 | ||||||||||||||
Operating income (loss) | (91,101 | ) | (7,245 | ) | (115,529 | ) | 340 | |||||||||||
Interest expense | (4,270 | ) | (4,096 | ) | (13,466 | ) | (13,126 | ) | ||||||||||
Interest income | 465 | 1,129 | 1,156 | 2,193 | ||||||||||||||
Other income (expense), net | 4 | (193 | ) | (28 | ) | (126 | ) | |||||||||||
Loss from equity method investments | (30 | ) | (542 | ) | (100 | ) | (2,739 | ) | ||||||||||
Gain from extinguishment of debt | — | — | 3,195 | — | ||||||||||||||
Gain from sale of certain assets of subsidiary | — | — | 69,886 | — | ||||||||||||||
Loss from formation of equity method investment | — | (1,163 | ) | — | (1,163 | ) | ||||||||||||
Loss before income taxes | (94,932 | ) | (12,110 | ) | (54,886 | ) | (14,621 | ) | ||||||||||
Income tax benefit (expense) | 44 | (89 | ) | 2,183 | (266 | ) | ||||||||||||
Net loss | (94,888 | ) | (12,199 | ) | (52,703 | ) | (14,887 | ) | ||||||||||
Loss attributable to noncontrolling interest | 747 | 1,300 | 1,813 | 4,235 | ||||||||||||||
Net loss attributable to Clean Energy Fuels Corp. | $ | (94,141 | ) | $ | (10,899 | ) | $ | (50,890 | ) | $ | (10,652 | ) | ||||||
Loss per share: | ||||||||||||||||||
Basic | $ | (0.62 | ) | $ | (0.05 | ) | $ | (0.34 | ) | $ | (0.06 | ) | ||||||
Diluted | $ | (0.62 | ) | $ | (0.05 | ) | $ | (0.34 | ) | $ | (0.06 | ) | ||||||
Weighted-average common shares outstanding: | ||||||||||||||||||
Basic | 150,927,825 | 203,469,222 | 150,128,204 | 172,946,896 | ||||||||||||||
Diluted | 150,927,825 | 203,469,222 | 150,128,204 | 172,946,896 | ||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005768/en/
Source:
Clean Energy Fuels Corp.
Investor Contact:
investors@cleanenergyfuels.com
or
News
Media Contact:
Raleigh Gerber
Manager of Corporate
Communications
949.437.1397