FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology—with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy—today reported financial results for its
first quarter ended January 31, 2021 and key business highlights.
“During the first quarter, we strengthened our
balance sheet by raising capital, paying down debt and executing
against our core business backlog,” said Mr. Jason Few, President
and CEO. “We are excited to announce that we made tangible progress
in our decarbonization development efforts by producing hydrogen
with our solid oxide electrolysis platform at our headquarters in
Connecticut. Additionally, we continued to advance our joint
research with ExxonMobil Research and Engineering Company (“EMRE”)
on fuel cell carbon capture solutions.”
“Recent weather events in Texas along with
electric grid reliability challenges experienced in other locations
such as California, Greece, the UK, and around the world, highlight
the benefits and capabilities of our platform,” continued Mr. Few.
“Fuel cells provide reliability and always on power platforms, and
we have a number of installations that serve as the backbone of
micro-grid applications. Our fuel cells help stabilize the power
grid, ensuring that electricity is available through challenging
weather and natural disaster events, while avoiding costly
disruptions to installations where continuous energy supply is
critical to operate.”
Mr. Few continued, “Under our Powerhouse
business strategy, we have an improved financial foundation
allowing us to focus on driving commercial availability of our
Advanced Technologies solutions including distributed hydrogen,
electrolysis and hydrogen production and long duration energy
storage and to focus on expanding our geographic markets. We
believe our proprietary technologies will continue to contribute to
the decarbonization of the grid and generate revenue growth in the
future by addressing the promising market opportunities in the
global energy transition that is currently underway.”
Consolidated Financial
MetricsIn this press release, FuelCell Energy refers to
various GAAP (U.S. generally accepted accounting principles) and
non-GAAP financial measures. The non-GAAP financial measures
may not be comparable to similarly titled measures being used and
disclosed by other companies. FuelCell Energy believes that
this non-GAAP information is useful to an understanding of its
operating results and the ongoing performance of its business. A
reconciliation of EBITDA, Adjusted EBITDA and any other non-GAAP
measures is contained in the appendix to this press release.
|
Three Months Ended January
31, |
(Amounts in thousands) |
|
2021 |
|
|
|
2020 |
|
|
Change |
Total revenues |
$ |
14,877 |
|
|
$ |
16,264 |
|
|
-9 |
% |
Gross (loss) profit |
|
(3,618 |
) |
|
|
3,281 |
|
|
-210 |
% |
Loss from operations |
|
(14,373 |
) |
|
|
(3,140 |
) |
|
358 |
% |
Net Loss |
|
(45,960 |
) |
|
|
(40,151 |
) |
|
14 |
% |
EBITDA |
|
(8,769 |
) |
|
|
1,490 |
|
|
-689 |
% |
Net loss attributable to common stockholders |
|
(46,760 |
) |
|
|
(41,082 |
) |
|
14 |
% |
Net loss per basic and diluted share |
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
|
-25 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(7,352 |
) |
|
$ |
(222 |
) |
|
3212 |
% |
First Quarter of Fiscal 2021
Results
Note: All comparisons between periods are
between the first quarter of fiscal 2021 and the first quarter of
fiscal 2020, unless otherwise specified.
First quarter revenue of $14.9 million
represents a decrease of 9% from the prior-year quarter, which
included $4.0 million in license revenues associated with the
Company’s Joint Development Agreement (“JDA”) with EMRE.
Additionally, generation revenues and advanced technologies
contract revenues declined.
- Service agreements and
license revenues decreased 12% to $4.9 million from $5.6
million. Revenue recognized in the first quarter primarily includes
revenue recorded for module replacements and routine maintenance
activities, whereas revenue recognized in the first quarter of
fiscal 2020 included license revenues of $4.0 million associated
with our JDA with EMRE and $1.6 million associated with routine
monitoring and maintenance activities for projects under service
agreements.
- Generation
revenues decreased 10% to $4.9 million from $5.4 million due to a
temporary shut-down of several of the Bridgeport Fuel Cell Project
plants for scheduled module exchanges.
- Advanced
Technologies contract revenues decreased 3% to $5.1
million from $5.2 million. Compared to the first fiscal quarter of
2020, Advanced Technologies contract revenues recognized under the
Joint Development Agreement with EMRE were approximately $0.3
million higher during the first fiscal quarter of 2021, reflecting
continued advancement of our joint research with EMRE on fuel cell
carbon capture solutions during the quarter. However, the increased
revenues under the Joint Development Agreement with EMRE were
offset by $0.4 million less revenue recognized under government
contracts during the first fiscal quarter of 2021 than during the
first fiscal quarter of 2020.
Gross loss for the first fiscal quarter of 2021
totaled $(3.6) million, compared to a gross profit of $3.3 million
in the comparable prior-year quarter. Results for the first fiscal
quarter of 2021 reflected the lack of license revenues under the
JDA with EMRE during the quarter, as well as the temporary
shut-down of several of the Bridgeport Fuel Cell Project plants for
module exchanges during the quarter and higher manufacturing
variances and service-related costs compared to the comparable
prior year period.
Operating expenses for the first fiscal quarter
of 2021 increased to $10.8 million from $6.4 million in the first
fiscal quarter of 2020. Administrative and selling expenses in the
first fiscal quarter of 2021 included additional stock compensation
expense of $0.8 million due to the grants made in August 2020 and
November 2020 and an increase in the value of a deferred director
compensation liability due to an increase in the Company’s share
price. The first fiscal quarter of 2020 included a legal settlement
of $2.2 million which was recorded as an offset to Administrative
and selling expenses. Research and development expenses of $1.8
million during the quarter reflect increased spending on the
Company’s hydrogen commercialization initiatives.
Net loss was $(46.0) million in the first
fiscal quarter of 2021, compared to net loss of $(40.2) million in
the first fiscal quarter of 2020. Both periods were significantly
impacted by an increase in the net loss due to charges associated
with a change in the fair value of the liability associated with
the warrants issued to the lenders under our now extinguished
credit agreement with Orion Energy Partners Investment Agent, LLC
and its affiliated lenders. Additionally, the first fiscal quarter
of 2021 included a loss on extinguishment of debt and a loss on
extinguishment of preferred stock obligation of subsidiary totaling
$(12.1) million, partially offset by lower interest expense.
Adjusted EBITDA totaled $(7.4) million in the
first fiscal quarter of 2021, compared to Adjusted EBITDA of $(0.2)
million in the first fiscal quarter of 2020. Please see the
discussion of non-GAAP financial measures, including Adjusted
EBITDA, in the appendix at the end of this release.
The net loss per share attributable to common
stockholders in the first fiscal quarter of 2021 was $(0.15),
compared to $(0.20) in the first fiscal quarter of 2020. The lower
net loss per common share, despite a higher net loss attributable
to common stockholders, is due to the higher weighted average
shares outstanding due to share issuances since January 31, 2020.
The net loss per share in the first quarter of fiscal 2021 includes
the change in the fair value of the liability associated with the
warrants issued to the lenders under our now extinguished credit
agreement with Orion Energy Partners Investment Agent, LLC and its
affiliated lenders of $16.0 million, accounting for approximately a
$(0.05) per share impact on the reported net loss per share,
compared to $34.2 million, or $(0.17) in the comparable prior year
period. The net loss per share attributable to common stockholders
in the quarter ended January 31, 2021 also included a loss on
extinguishment of debt and a loss on extinguishment of preferred
stock obligation of subsidiary totaling $(12.1) million, or $(0.04)
per share.
“In order to fund our strategic initiatives and
growth plans, over the past year we have improved our balance sheet
through a series of strategic capital raises, which have also
allowed us to retire high-cost debt and reduce our cost of
capital,” added Mr. Few. “As future distributed generation projects
become operational, we expect to execute long-term financing at an
efficient cost of capital, recycling cash back to the Company to
redeploy into other projects and development that will further
facilitate growth.”
Cash, Restricted Cash and Financing
Update
Cash and cash equivalents and restricted cash
and cash equivalents totaled $209.6 million as of January 31, 2021
compared to $192.1 million as of October 31, 2020. As of January
31, 2021, restricted cash and cash equivalents was $31.0 million,
of which $12.2 million was classified as current and $18.8 million
was classified as non-current, compared to $42.2 million of
restricted cash and cash equivalents as of October 31, 2020, of
which $9.2 million was classified as current and $33.0 million was
classified as non-current.
Net cash provided by financing activities was
$52.4 million during the three months ended January 31, 2021,
resulting from the receipt of net proceeds of $156.4 million from
the equity capital raise completed in the quarter and proceeds of
$0.7 million from warrant exercises, partially offset by the
repayment of $82.3 million of debt obligations under our now
extinguished credit facility with Orion Energy Partners Investment
Agent, LLC and its affiliated lenders, the payment of $21.5 million
to satisfy our obligations under the terms of the Series 1
Preferred Shares of our subsidiary, and the payment of preferred
dividends and return of capital of $0.8 million.
Operations Update
During the quarter, the Company continued to
make progress on projects, including nearing completion on new
power platforms at the U.S. Navy Base in Groton, Connecticut and at
the wastewater treatment facility in San Bernardino, California.
Both projects are awaiting the completion of third-party
interconnection and other safety-related work. Early-stage
construction activity also began on projects in Yaphank, New York
and Derby, Connecticut, as well as on the Toyota project in Long
Beach California. In support of the Toyota project, the Company
recently placed an order with Xebec Adsorption, Inc. for a Pressure
Swing Adsorption (PSA) based system that will purify the hydrogen
produced by the SureSourceTM Hydrogen platform to meet
required standards for fueling zero-emission fuel cell
vehicles.
During the quarter, the Company successfully
commenced operation and testing of a prototype solid oxide
electrolysis hydrogen platform in Danbury, CT. This technology
platform is scheduled to be delivered to the Idaho National
Laboratory for advanced testing for high temperature applications
for up to 100% energy efficient production of hydrogen. We believe
that this achievement advances the development of the Company’s
reversible solid oxide fuel cell platform, progressing
hydrogen-based long duration storage closer to full
commercialization.
Subsequent to the end of the quarter, the
Company entered into a 20-year power purchase agreement (“PPA”)
with United Illuminating for a 2.8 MW project in Derby, CT, which
was awarded to FuelCell Energy as part of the state-sponsored
Shared Clean Energy Facility program. This FuelCell Energy power
plant will supply 2.8 MW of clean power to the Connecticut electric
grid and will be our second project located in Derby. This contract
is not included in the Company’s backlog as of January 31, 2021,
but is expected to add $59.4 million in future revenue to the
Company’s reported generation backlog going forward. The clean
baseload power generated by this 2.8 MW platform will be enough to
power approximately 3,000 homes with continuous clean energy. The
next steps in developing the project include obtaining siting
approvals and interconnection agreements and finalizing site
engineering.
Backlog
|
As of January 31, |
|
|
(Amounts in thousands) |
|
2021 |
|
|
2020 |
|
Change |
Service |
|
141,690 |
|
|
167,828 |
|
-16 |
% |
Generation |
|
1,062,337 |
|
|
1,108,978 |
|
-4 |
% |
License |
|
22,182 |
|
|
22,650 |
|
-2 |
% |
Advanced Technologies |
|
44,080 |
|
|
64,605 |
|
-32 |
% |
Total Backlog |
$ |
1,270,289 |
|
$ |
1,364,061 |
|
-7 |
% |
Backlog decreased 7% to $1.27 billion as of
January 31, 2021, reflecting the continued execution of backlog and
adjustments to generation backlog, primarily resulting from the
decrease in fuel pricing which has lowered estimated future
revenue.
Only projects for which we have an executed PPA
are included in generation backlog, which represents future revenue
under long-term PPAs. Together, the service and generation portion
of backlog had a weighted average term of approximately 18 years,
with weighting based on the dollar amount of backlog and utility
service contracts of up to 20 years in duration at inception.
Backlog represents definitive agreements
executed by the Company and our customers. Projects sold to
customers (and not retained by the Company) are included in product
sales and service backlog and the related generation backlog is
removed upon the sale.
Conference Call Information
FuelCell Energy will host a conference call
today beginning at 10:00 a.m. EDT to discuss first quarter fiscal
2021 results and key business highlights. Participants can access
the live call via webcast on the Company website or by telephone as
follows:
- The live webcast of the call and
supporting slide presentation will be available at
www.fuelcellenergy.com. To listen to the call, select “Investors”
on the home page, proceed to the “Events & Presentations” page
and then click on the “Webcast” link listed under the March 16th
earnings call event, or click here.
- Alternatively, participants can
dial 647-689-4106 and state FuelCell Energy or the conference ID
number 5238568.
The replay of the conference call will be
available via webcast on the Company’s Investors’ page
at www.fuelcellenergy.com approximately two hours after the
conclusion of the call.
Cautionary Language
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and its business plans and strategies. All
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. Factors that could cause such a difference include,
without limitation, changes to projected deliveries and order flow,
changes to production rate and product costs, general risks
associated with product development, manufacturing, changes in the
regulatory environment, customer strategies, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets,
changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Paycheck Protection Program or related
administrative matters, and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to
customers’ capital budgets and investment plans, impacts to the
Company’s project schedules, impacts to the Company’s ability to
service existing projects, and impacts on the demand for the
Company’s products, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
Our fuel cell solution is a clean, efficient alternative to
traditional combustion-based power generation, and is complementary
to an energy mix consisting of intermittent sources of energy, such
as solar and wind turbines. Our customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Capital, FuelCell Energy, and FuelCell Energy logo are
all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
|
January 31,2021 |
|
|
October 31, 2020 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents, unrestricted |
$ |
178,570 |
|
|
$ |
149,867 |
|
Restricted cash and cash equivalents – short-term |
|
12,252 |
|
|
|
9,233 |
|
Accounts receivable, net |
|
10,021 |
|
|
|
9,563 |
|
Unbilled receivables |
|
8,243 |
|
|
|
8,041 |
|
Inventories |
|
61,901 |
|
|
|
50,971 |
|
Other current assets |
|
7,422 |
|
|
|
6,306 |
|
Total current assets |
|
278,409 |
|
|
|
233,981 |
|
|
|
|
|
|
|
Restricted cash and cash
equivalents – long-term |
|
18,772 |
|
|
|
32,952 |
|
Project assets |
|
164,593 |
|
|
|
161,809 |
|
Inventories – long-term |
|
4,586 |
|
|
|
8,986 |
|
Property, plant and equipment,
net |
|
35,304 |
|
|
|
36,331 |
|
Operating lease right-of-use
assets, net |
|
8,524 |
|
|
|
10,098 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets, net |
|
19,643 |
|
|
|
19,967 |
|
Other assets |
|
18,488 |
|
|
|
15,339 |
|
Total assets |
$ |
552,394 |
|
|
$ |
523,538 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of long-term debt |
$ |
14,594 |
|
|
$ |
21,366 |
|
Current portion of operating lease liabilities |
|
955 |
|
|
|
939 |
|
Accounts payable |
|
8,034 |
|
|
|
9,576 |
|
Accrued liabilities |
|
10,763 |
|
|
|
15,681 |
|
Deferred revenue |
|
18,728 |
|
|
|
10,399 |
|
Preferred stock obligation of subsidiary |
|
- |
|
|
|
938 |
|
Total current liabilities |
|
53,074 |
|
|
|
58,899 |
|
|
|
|
|
|
|
Long-term deferred
revenue |
|
25,579 |
|
|
|
31,501 |
|
Long-term preferred stock
obligation of subsidiary |
|
- |
|
|
|
18,265 |
|
Long-term operating lease
liabilities |
|
8,327 |
|
|
|
9,817 |
|
Long-term debt and other
liabilities |
|
78,051 |
|
|
|
150,651 |
|
Total liabilities |
|
165,031 |
|
|
|
269,133 |
|
|
|
|
|
|
|
Redeemable Series B preferred
stock (liquidation preference of $64,020
as of January 31, 2021 and October 31,
2020) |
|
59,857 |
|
|
|
59,857 |
|
Total equity: |
|
|
|
|
|
Stockholders’ equity Common stock
($0.0001 par value); 337,500,000 shares
authorized as of January 31, 2021 and October 31, 2020;
322,412,296 and 294,706,758 shares
issued and outstanding as of
January 31, 2021 and October 31, 2020, respectively |
|
32 |
|
|
|
29 |
|
Additional paid-in capital |
|
1,538,311 |
|
|
|
1,359,454 |
|
Accumulated deficit |
|
(1,210,156 |
) |
|
|
(1,164,196 |
) |
Accumulated other comprehensive
loss |
|
(681 |
) |
|
|
(739 |
) |
Treasury stock, Common, at cost
(58,080 and 56,411 shares as of
January 31, 2021 and October 31, 2020,
respectively) |
|
(462 |
) |
|
|
(432 |
) |
Deferred compensation |
|
462 |
|
|
|
432 |
|
Total stockholders’ equity |
|
327,506 |
|
|
|
194,548 |
|
Total liabilities and
stockholders’ equity |
$ |
552,394 |
|
|
$ |
523,538 |
|
FUELCELL ENERGY,
INC.Consolidated Statements of Operations and
Comprehensive Loss(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
Three Months EndedJanuary
31, |
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
- |
|
|
$ |
- |
|
Service and license |
|
4,913 |
|
|
|
5,612 |
|
Generation |
|
4,891 |
|
|
|
5,442 |
|
Advanced Technologies |
|
5,073 |
|
|
|
5,210 |
|
Total revenues |
|
14,877 |
|
|
|
16,264 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
2,366 |
|
|
|
2,016 |
|
Service and license |
|
5,099 |
|
|
|
1,618 |
|
Generation |
|
7,115 |
|
|
|
5,557 |
|
Advanced Technologies |
|
3,915 |
|
|
|
3,792 |
|
Total cost of revenues |
|
18,495 |
|
|
|
12,983 |
|
|
|
|
|
|
|
Gross (loss) profit |
|
(3,618 |
) |
|
|
3,281 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Administrative and selling expenses |
|
8,932 |
|
|
|
5,266 |
|
Research and development expense |
|
1,823 |
|
|
|
1,155 |
|
Total costs and expenses |
|
10,755 |
|
|
|
6,421 |
|
|
|
|
|
|
|
Loss from operations |
|
(14,373 |
) |
|
|
(3,140 |
) |
|
|
|
|
|
|
Interest expense |
|
(2,545 |
) |
|
|
(3,277 |
) |
Loss on
extinguishment of debt |
|
(11,156 |
) |
|
|
- |
|
Loss on
extinguishment of preferred stock obligation of subsidiary |
|
(934 |
) |
|
|
- |
|
Change in fair value of common stock warrant liability |
|
(15,974 |
) |
|
|
(34,245 |
) |
Other (expense) income, net |
|
(978 |
) |
|
|
531 |
|
|
|
|
|
|
|
Loss before provision for
income taxes |
|
(45,960 |
) |
|
|
(40,131 |
) |
|
|
|
|
|
|
Provision for income taxes |
|
- |
|
|
|
(20 |
) |
|
|
|
|
|
|
Net loss |
|
(45,960 |
) |
|
|
(40,151 |
) |
|
|
|
|
|
|
Series B preferred stock dividends |
|
(800 |
) |
|
|
(931 |
) |
|
|
|
|
|
|
Net loss attributable to
common stockholders |
$ |
(46,760 |
) |
|
$ |
(41,082 |
) |
|
|
|
|
|
|
Loss per share basic and
diluted: |
|
|
|
|
|
Net loss per share attributable to common stockholders |
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
Basic and diluted weighted average shares outstanding |
|
312,109,888 |
|
|
|
202,216,493 |
|
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance
with accounting principles generally accepted in the United States
(“GAAP”). Management also uses non-GAAP measures to analyze
and make operating decisions on the business. Earnings before
interest, taxes, depreciation and amortization (“EBITDA”) and
Adjusted EBITDA are alternate, non-GAAP measures of cash
utilization by the Company.
These supplemental non-GAAP measures are
provided to assist readers in determining operating performance.
Management believes EBITDA and Adjusted EBITDA are useful in
assessing performance and highlighting trends on an overall basis.
Management also believes these measures are used by companies in
the fuel cell sector and by securities analysts and investors when
comparing the results of the Company with those of other companies.
EBITDA differs from the most comparable GAAP measure, net loss
attributable to the Company, primarily because it does not include
finance expense, income taxes and depreciation of property, plant
and equipment and project assets. Adjusted EBITDA adjusts EBITDA
for stock-based compensation, restructuring charges and other
unusual items such as the legal settlement recorded during the
first quarter of fiscal 2020, which are considered either non-cash
or non-recurring.
While management believes that these non-GAAP
financial measures provide useful supplemental information to
investors, there are limitations associated with the use of these
measures. The measures are not prepared in accordance with GAAP and
may not be directly comparable to similarly titled measures of
other companies due to potential differences in the exact method of
calculation. The Company’s non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures, and should be read only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with GAAP.
The following table calculates EBITDA and
Adjusted EBITDA and reconciles these figures to the GAAP financial
statement measure Net loss.
|
Three Months Ended January 31, |
(Amounts in thousands) |
|
2021 |
|
|
|
2020 |
|
Net loss |
$ |
(45,960 |
) |
|
$ |
(40,151 |
) |
Depreciation and amortization
(1) |
|
5,604 |
|
|
|
4,630 |
|
Provision for income
taxes |
|
- |
|
|
|
20 |
|
Other expenses (income),
net(2) |
|
978 |
|
|
|
(531 |
) |
Loss on extinguishment of
preferred stock obligation of subsidiary |
|
934 |
|
|
|
- |
|
Loss on extinguishment of
debt |
|
11,156 |
|
|
|
- |
|
Change in fair value of common
stock warrant liability |
|
15,974 |
|
|
|
34,245 |
|
Interest expense |
|
2,545 |
|
|
|
3,277 |
|
EBITDA |
$ |
(8,769 |
) |
|
$ |
1,490 |
|
Share-based compensation |
|
1,417 |
|
|
|
488 |
|
Legal settlement (3) |
|
- |
|
|
|
(2,200 |
) |
Adjusted EBITDA |
$ |
(7,352 |
) |
|
$ |
(222 |
) |
(1) |
Includes depreciation and amortization on our Generation portfolio
of $4.4 million and $3.3 million for the three months ended January
31, 2021 and 2020, respectively. |
(2) |
Other (income)/expense, net
includes gains and losses from transactions denominated in foreign
currencies, changes in fair value of derivatives, and other items
incurred periodically, which are not the result of the Company’s
normal business operations. |
(3) |
The Company received a legal
settlement of $2.2 million during the three months ended January
31, 2020, which was recorded as an offset to administrative and
selling expenses. |
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