Clean Energy Reports 95.2 Million Gallons Delivered and Revenue of $77.7 Million for First Quarter of 2019
The Company delivered 95.2 million gallons in the first quarter of 2019, an 11.9% increase from 85.1 million in the first quarter of 2018. This increase was due to growth in CNG and LNG volumes principally from increased sales of Redeem.
The Company’s revenue for the first quarter of 2019 was
On a GAAP (as defined below) basis, net income (loss) attributable to
Non-GAAP income (loss) per share and Adjusted EBITDA (each as defined
below) for the first quarter of 2019 was
Non-GAAP income (loss) per share and Adjusted EBITDA are described below
and reconciled to GAAP net income (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 are limited 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 income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (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 income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as a
non-GAAP measure of its performance, is defined as net income (loss)
attributable to
The table below shows GAAP and non-GAAP income (loss) per share and also
reconciles GAAP net income (loss) attributable to
|
Three Months Ended |
||||||||||
| (in thousands, except share and per-share amounts) | 2018 | 2019 | ||||||||
| Net Income (Loss) Attributable to Clean Energy Fuels Corp. | $ | 12,222 | $ | (10,946 | ) | |||||
| Stock-Based Compensation | 1,898 | 1,246 | ||||||||
| Loss from Equity Method Investments | 1,468 | 467 | ||||||||
| Loss (Gain) from Change in Fair Value of Derivative Instruments | (21 | ) | 6,584 | |||||||
| Adjusted (Non-GAAP) Net Income (Loss) | $ | 15,567 | $ | (2,649 | ) | |||||
| Diluted Weighted-Average Common Shares Outstanding | 156,643,092 | 204,196,669 | ||||||||
| GAAP Income (Loss) Per Share | $ | 0.08 | $ | (0.05 | ) | |||||
| Non-GAAP Income (Loss) Per Share | $ | 0.10 | $ | (0.01 | ) | |||||
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its
performance, is defined as net income (loss) attributable to
The table below shows Adjusted EBITDA and also reconciles this figure to
GAAP net income (loss) attributable to
| Three Months Ended March 31, |
||||||||||
| (in thousands) | 2018 | 2019 | ||||||||
| Net Income (Loss) Attributable to Clean Energy Fuels Corp. | $ | 12,222 | $ | (10,946 | ) | |||||
| Income Tax Expense | 88 | 60 | ||||||||
| Interest Expense | 4,503 | 1,891 | ||||||||
| Interest Income | (575 | ) | (580 | ) | ||||||
| Depreciation and Amortization | 12,801 | 12,479 | ||||||||
| Stock-Based Compensation | 1,898 | 1,246 | ||||||||
| Loss from Equity Method Investments | 1,468 | 467 | ||||||||
| Loss (Gain) from Change in Fair Value of Derivative Instruments | (21 | ) | 6,584 | |||||||
| Adjusted EBITDA | $ | 32,384 | $ | 11,201 | ||||||
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 months ended
| Three Months Ended March 31, |
||||||
| Gallons Delivered (in millions) | 2018 | 2019 | ||||
| CNG | 70.8 | 78.5 | ||||
| LNG | 14.3 | 16.7 | ||||
| Total | 85.1 | 95.2 | ||||
Sources of Revenue
The following table represents our sources of revenue for the three
months ended
| Three Months Ended March 31, |
||||||||
| Revenue (in millions) | 2018 | 2019 | ||||||
| Volume -Related (1) | $ | 67.2 | $ | 74.5 | ||||
| Station Construction Sales | 5.8 | 3.2 | ||||||
| AFTC | 25.5 | — | ||||||
| Other | 3.9 | — | ||||||
| Total Revenue | $ | 102.4 | $ | 77.7 | ||||
| (1) | For the three months ended March 31, 2019, volume -related revenue includes an unrealized loss from the change in fair value of commodity swap contracts of $5.0 million. | |
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, the Company’s expectations regarding its 2019 results; the Company’s ability to convert heavy -duty truck fleets with whom it is in discussions into participants in the Company’s Zero Now truck financing program; the success of the Zero Now program generally and its effect, if any, on 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 fuels market, including the level of adoption of natural gas vehicle fuels generally, and specifically in the trucking sector, and with respect to renewable natural gas; and the Company’s supply agreement with BP and its effect, if any, on the Company’s Redeem renewable natural gas business.
Forward-looking 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: the willingness of
fleets and other consumers to adopt natural gas as a vehicle fuel, and
the rate and level of any such adoption; future supply, demand, use and
prices of crude oil, gasoline, diesel, natural gas, and other vehicle
fuels, including overall levels of and volatility in these factors;
natural gas vehicle and engine cost, fuel usage, availability, quality,
safety, convenience, design and performance, as well as operator
perception with respect to these factors, in general and in the
Company’s key customer markets, including heavy-duty trucking; the
Company’s ability to execute its Zero Now truck financing
program, a key strategic initiative related to the market for natural
gas heavy-duty trucks and the effect of this initiative on the Company’s
business, prospects, performance and liquidity; 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 improvements in or perceived
advantages of non-natural gas vehicle fuels or engines powered by these
fuels or other competitive developments; the availability of
environmental, tax and other government regulations, programs and
incentives that promote natural gas, such as AFTC, or other alternatives
as a vehicle fuel, including long-standing support for gasoline- and
diesel-powered vehicles and growing support for electric and
hydrogen-powered vehicles that could result in programs or incentives
that favor these or other vehicles or vehicle fuels over natural gas;
future availability of capital, which may include equity or debt
financing, in the amounts and at the times needed to fund the growth of
the Company’s business, repayment of its debt obligations (whether at or
before their due dates) or other expenditures, as well as the terms and
other effects of any such capital-raising transaction; the effect of, or
potential for changes to federal, state or local greenhouse gas
emissions regulations or other environmental regulations applicable to
natural gas production, transportation or use; the Company’s ability to
manage and grow its RNG business, in particular after the
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 | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
|
(In thousands, except share and per share data, Unaudited) |
||||||||||
| December 31, 2018 |
March 31, 2019 |
|||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash, cash equivalents and current portion of restricted cash | $ | 30,624 | $ | 28,763 | ||||||
| Short-term investments | 65,646 | 66,164 | ||||||||
| Accounts receivable, net of allowance for doubtful accounts of $1,919 and $1,984 as of December 31, 2018 and March 31, 2019, respectively | 68,865 | 70,341 | ||||||||
| Other receivables | 15,544 | 9,198 | ||||||||
| Derivative assets, related party | 1,508 | 728 | ||||||||
| Inventory | 34,975 | 32,653 | ||||||||
| Prepaid expenses and other current assets | 8,444 | 8,769 | ||||||||
| Total current assets | 225,606 | 216,616 | ||||||||
| Operating lease right-of-use assets | — | 23,801 | ||||||||
| Land, property and equipment, net | 350,568 | 338,192 | ||||||||
| Long-term portion of restricted cash | 4,000 | 4,848 | ||||||||
| Notes receivable and other long-term assets, net | 17,470 | 16,948 | ||||||||
| Long-term portion of derivative assets, related party | 8,824 | 4,634 | ||||||||
| Investments in other entities | 26,079 | 25,842 | ||||||||
| Goodwill | 64,328 | 64,328 | ||||||||
| Intangible assets, net | 2,207 | 1,951 | ||||||||
| Total assets | $ | 699,082 | $ | 697,160 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of debt | $ | 4,712 | $ | 5,344 | ||||||
| Current portion of finance lease obligations | 693 | 695 | ||||||||
| Current portion of operating lease obligations | — | 3,545 | ||||||||
| Accounts payable | 19,024 | 15,413 | ||||||||
| Accrued liabilities | 48,469 | 36,754 | ||||||||
| Deferred revenue | 7,361 | 6,858 | ||||||||
| Total current liabilities | 80,259 | 68,609 | ||||||||
| Long-term portion of debt | 75,003 | 76,501 | ||||||||
| Long-term portion of finance lease obligations | 3,776 | 3,718 | ||||||||
| Long-term portion of operating lease obligations | — | 21,621 | ||||||||
| Other long-term liabilities | 15,035 | 12,732 | ||||||||
| Total liabilities | 174,073 | 183,181 | ||||||||
| 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 304,000,000 shares as of December 31, 2018 and March 31, 2019, respectively; issued and outstanding 203,599,892 shares and 204,651,932 shares as of December 31, 2018 and March 31, 2019, respectively | 20 | 20 | ||||||||
| Additional paid-in capital | 1,198,769 | 1,200,418 | ||||||||
| Accumulated deficit | (688,653 | ) | (699,599 | ) | ||||||
| Accumulated other comprehensive loss | (2,138 | ) | (1,764 | ) | ||||||
| Total Clean Energy Fuels Corp. stockholders’ equity | 507,998 | 499,075 | ||||||||
| Noncontrolling interest in subsidiary | 17,011 | 14,904 | ||||||||
| Total stockholders’ equity | 525,009 | 513,979 | ||||||||
| Total liabilities and stockholders’ equity | $ | 699,082 | $ | 697,160 | ||||||
| Clean Energy Fuels Corp. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| (In thousands, except share and per share data, Unaudited) | ||||||||||
| Three Months Ended March 31, |
||||||||||
| 2018 | 2019 | |||||||||
| Revenue: | ||||||||||
| Product revenue | $ | 92,251 | $ | 68,448 | ||||||
| Service revenue | 10,152 | 9,250 | ||||||||
| Total revenue | 102,403 | 77,698 | ||||||||
| Operating expenses: | ||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below): | ||||||||||
| Product cost of sales | 50,199 | 54,430 | ||||||||
| Service cost of sales | 4,597 | 4,398 | ||||||||
| Change in fair value of derivative warrants | (21 | ) | 1,614 | |||||||
| Selling, general and administrative | 18,858 | 18,434 | ||||||||
| Depreciation and amortization | 12,801 | 12,479 | ||||||||
| Total operating expenses | 86,434 | 91,355 | ||||||||
| Operating income (loss) | 15,969 | (13,657 | ) | |||||||
| Interest expense | (4,503 | ) | (1,891 | ) | ||||||
| Interest income | 575 | 580 | ||||||||
| Other income (expense), net | (12 | ) | 2,670 | |||||||
| Loss from equity method investments | (1,468 | ) | (467 | ) | ||||||
| Income (loss) before income taxes | 10,561 | (12,765 | ) | |||||||
| Income tax expense | (88 | ) | (60 | ) | ||||||
| Net income (loss) | 10,473 | (12,825 | ) | |||||||
| Loss attributable to noncontrolling interest | 1,749 | 1,879 | ||||||||
| Net income (loss) attributable to Clean Energy Fuels Corp. | $ | 12,222 | $ | (10,946 | ) | |||||
| Income (loss) per share: | ||||||||||
| Basic | $ | 0.08 | $ | (0.05 | ) | |||||
| Diluted | $ | 0.08 | $ | (0.05 | ) | |||||
| Weighted-average common shares outstanding: | ||||||||||
| Basic | 152,194,695 | 204,196,669 | ||||||||
| Diluted | 156,643,092 | 204,196,669 | ||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005833/en/
Source:
Investor Contact:
investors@cleanenergyfuels.com
News Media Contact:
Raleigh Gerber
Manager of Corporate
Communications
949.437.1397