Clean Energy Reports Gallons Delivered Rose 24% During The Third Quarter of 2012
Gallons delivered (defined below) for the third quarter of 2012 totaled
50.9 million gallons, up 24% from 40.9 million gallons delivered in the
same period a year ago. For the nine months ended
Revenue for the third quarter ended
Adjusted EBITDA for the third quarter of 2012 was
Non-GAAP loss per share for the third quarter of 2012 was
On a GAAP basis, net loss for the third quarter of 2012 was
Net loss for the nine month period ended
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements, which statements are prepared and presented in accordance with generally accepted accounting principles (GAAP), the Company uses non-GAAP financial measures called non-GAAP earnings per share (non-GAAP EPS or non-GAAP earnings/loss per share) and Adjusted EBITDA. Management has presented non-GAAP EPS and Adjusted EBITDA because it uses these non-GAAP financial measures to assess its operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash or non-recurring expenses that are not directly attributable to its core operating results. In addition, management believes these non-GAAP financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making; (2) they exclude the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company's core operating performance and that may obscure trends in the core operating performance of the business; and (3) they are used by institutional investors and the analyst community to help them analyze the results of Clean Energy's business. In future quarters, the Company may make adjustments for other non-recurring significant expenditures or significant non-cash charges in order to present non-GAAP financial measures that are indicative of the Company's core operating performance.
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 the Company expects to continue to incur expenses similar to the non-cash, non-GAAP adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-cash, 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 earnings/loss per share or operating income (loss) as an indicator of operating performance or any other GAAP measure. Moreover, because not all companies use identical measures and calculations, the presentation of non-GAAP EPS or Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. These limitations are compensated for by management by using non-GAAP EPS and Adjusted EBITDA in conjunction with traditional GAAP operating performance and cash flow measures.
Non-GAAP EPS
Non-GAAP EPS is defined as net income (loss) attributed to Clean Energy, plus stock-based compensation charges, net of related tax benefits, plus or minus any mark-to-market losses or gains on the Company's Series I warrants, and plus or minus the foreign currency losses or gains on the Company's purchase notes issued as part of the acquisition of IMW, the total of which is divided by the Company's weighted average shares outstanding on a diluted bases. The Company's management believes that excluding non-cash charges related to stock-based compensation provides useful information to investors because of varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management's control), and the subjectivity of the assumptions and the variety of award types that a company can use under the relevant accounting guidance may obscure trends in the Company's core operating performance. Similarly, the Company's management believes that excluding the non-cash, mark-to-market losses or gains on the Company's Series I warrants is useful to investors because the valuation of the Series I warrants is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside management's control, and it enables investors to compare our performance with other companies that have different capital structures. The Company's management believes that excluding the foreign currency gains and losses on the notes it issued to purchase IMW provides useful information to investors as the amounts are based on market conditions outside of management's control and the amounts relate to financing the acquisition of the business as opposed to the core operations of the Company.
The table below shows non-GAAP EPS and also reconciles these figures to
the GAAP measure net loss attributable to
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
(in 000s, except per-share amounts) | 2011 | 2012 | 2011 | 2012 | ||||||||||||||||
Net Loss Attributable to |
(11,354 | ) | (16,321 | ) | (26,726 | ) | (59,520 | ) | ||||||||||||
Stock Based Compensation, Net of Tax Benefits | 3,161 | 6,044 | 10,093 | 16,492 | ||||||||||||||||
Mark-to-Market Gain on Series I Warrants | (1,524 | ) | (5,692 | ) | (3,059 | ) | (1,085 | ) | ||||||||||||
Foreign Currency (Gain) Loss on IMW Purchase Notes | 1,699 | (741 | ) | 1,238 | (691 | ) | ||||||||||||||
Adjusted Net Income (Loss) | (8,018 | ) | (16,710 | ) | (18,454 | ) | (44,804 | ) | ||||||||||||
Diluted Weighted Average Common Shares Outstanding | 70,364,202 | 87,006,024 | 70,255,311 | 86,441,196 | ||||||||||||||||
Non-GAAP Loss Per Share | $ | (0.11 | ) | $ | (0.19 | ) | $ | (0.26 | ) | $ | (0.52 | ) | ||||||||
Adjusted EBITDA
Adjusted EBITDA is defined as net income (loss) attributable to Clean Energy, plus or minus income tax expense or benefit, plus or minus interest expense or income, net, plus depreciation and amortization expense, plus or minus the foreign currency losses or gains on the Company's notes issued as part of its acquisition of IMW, plus stock-based compensation charges, net of related tax benefits, and plus or minus any mark-to-market losses or gains on the Company's Series I warrants. The Company's management believes that Adjusted EBITDA provides useful information to investors for the same reasons discussed above for Non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles these figures
to the GAAP measure net loss attributable to
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(in 000s) | 2011 | 2012 | 2011 | 2012 | ||||||||||||
Net Loss Attributable to |
(11,354 | ) | (16,321 | ) | (26,726 | ) | (59,520 | ) | ||||||||
Income Tax (Benefit) Expense | (960 | ) | 277 | (2,872 | ) | 695 | ||||||||||
Interest Expense, Net | 3,194 | 4,314 | 5,520 | 11,337 | ||||||||||||
Depreciation and Amortization | 7,554 | 9,047 | 22,396 | 26,098 | ||||||||||||
Foreign Currency (Gain) Loss on IMW Purchase Notes | 1,699 | (741 | ) | 1,238 | (691 | ) | ||||||||||
Stock Based Compensation, Net of Tax Benefits | 3,161 | 6,044 | 10,093 | 16,492 | ||||||||||||
Mark-to-Market Gain on Series I Warrants | (1,524 | ) | (5,692 | ) | (3,059 | ) | (1,085 | ) | ||||||||
Adjusted EBITDA | 1,770 | (3,072 | ) | 6,590 | (6,674 | ) | ||||||||||
Gallons Delivered
The Company defines Gallons Delivered as its compressed natural gas (CNG), liquefied natural gas (LNG), renewable natural gas (RNG) and the gallons associated with providing operations and maintenance services delivered to its customers during the period.
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 that involve risks, uncertainties
and assumptions, such as statements regarding America's
Condensed Consolidated Statements of Operations
For the Three Months and Nine Months Ended (Unaudited) (In thousands, except share and per share data) |
|||||||||||||||||
Three Months Ended |
Nine Months Ended September 30, |
||||||||||||||||
2011 | 2012 | 2011 | 2012 | ||||||||||||||
Revenue: | |||||||||||||||||
Product revenues | $ | 64,237 | $ | 82,720 | $ | 184,292 | $ | 206,201 | |||||||||
Service revenues | 7,845 | 8,739 | 22,244 | 28,734 | |||||||||||||
Total revenue | 72,082 | 91,459 | 206,536 | 234,935 | |||||||||||||
Operating expenses: | |||||||||||||||||
Cost of sales: | |||||||||||||||||
Product cost of sales | 48,853 | 67,392 | 139,591 | 162,985 | |||||||||||||
Service cost of sales | 3,901 | 3,839 | 10,591 | 12,662 | |||||||||||||
Derivative gains: | |||||||||||||||||
Series I warrant valuation | (1,524 | ) | (5,692 | ) | (3,059 | ) | (1,085 | ) | |||||||||
Selling, general and administrative | 20,140 | 30,557 | 59,823 | 83,323 | |||||||||||||
Depreciation and amortization | 7,554 | 9,047 | 22,396 | 26,098 | |||||||||||||
Total operating expenses | 78,924 | 105,143 | 229,342 | 283,983 | |||||||||||||
Operating loss | (6,842 | ) | (13,684 | ) | (22,806 | ) | (49,048 | ) | |||||||||
Interest expense, net | (3,194 | ) | (4,314 | ) | (5,520 | ) | (11,337 | ) | |||||||||
Other income (expense), net | (2,450 | ) | 1,914 | (1,662 | ) | 1,578 | |||||||||||
Income from equity method investments | 99 | 152 | 474 | 315 | |||||||||||||
Loss before income taxes | (12,387 | ) | (15,932 | ) | (29,514 | ) | (58,492 | ) | |||||||||
Income tax benefit (expense) | 960 | (277 | ) | 2,872 | (695 | ) | |||||||||||
Net loss | (11,427 | ) | (16,209 | ) | (26,642 | ) | (59,187 | ) | |||||||||
Loss (income) of noncontrolling interest | 73 | (112 | ) | (84 | ) | (333 | ) | ||||||||||
Net loss attributable to |
$ | (11,354 | ) | (16,321 | ) | $ | (26,726 | ) | (59,520 | ) | |||||||
Loss per share attributable to |
|||||||||||||||||
Basic | $ | (0.16 | ) | (0.19 | ) | $ | (0.38 | ) | (0.69 | ) | |||||||
Diluted | $ | (0.16 | ) | (0.19 | ) | $ | (0.38 | ) | (0.69 | ) | |||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic | 70,364,202 | 87,006,024 | 70,255,311 | 86,441,196 | |||||||||||||
Diluted | 70,364,202 | 87,006,024 | 70,255,311 | 86,441,196 | |||||||||||||
Included in net loss are the following amounts (in millions): |
||||||||||||||||
Three Months Ended
|
Nine Months Ended
September 30, |
|||||||||||||||
2011 |
2012 |
2011 |
2012 |
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Construction Revenues | 8.5 | 30.2 | 20.1 | 51.0 | ||||||||||||
Construction Cost of Sales | (7.6 | ) | (27.9 | ) | (17.3 | ) | (47.4 | ) | ||||||||
Fuel Tax Credits | 4.5 | — | 13.4 | — | ||||||||||||
Stock-based Compensation Expense, Net of Tax Benefits | (3.2 | ) | (6.0 | ) | (10.1 | ) | (16.5 | ) | ||||||||
Investor Contact:
Director
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