Clean Energy Fuels Corp. (NASDAQ:CLNE) today announced operating
results for the fourth quarter and year ended December 31,
2009.
Gasoline gallon equivalents (Gallons) delivered during the
fourth quarter of 2009 totaled 29.5 million, up 58% from 18.7
million Gallons in the same period a year ago. For the year, volume
increased 37% to 101.0 million Gallons, compared with 73.5 million
Gallons in 2008. Gallons include the Company’s sales of CNG, LNG,
and biomethane and the Gallons associated with providing operations
and maintenance services.
Adjusted EBITDA for the fourth quarter of 2009 was $5.6 million,
compared to a loss of $3.2 million in the fourth quarter of 2008.
Adjusted EBITDA for 2009 was $15.5 million, compared with a loss of
$6.8 million for 2008. Adjusted EBITDA is described below and
reconciled to the GAAP measure operating income (loss) attributable
to Clean Energy.
Non-GAAP earnings per share for the fourth quarter of 2009 was
$0.02, compared to a non-GAAP loss per share of $0.12 in the fourth
quarter of 2008. Non-GAAP loss per share for 2009 was $0.03,
compared with $0.33 for 2008. Non-GAAP EPS (or Non-GAAP
earnings/loss per share) is described below and reconciled to the
GAAP measure net income (loss) per share.
Net loss for the fourth quarter of 2009 was $1.9 million, or
$0.03 per share, and was $23.7 million, or $0.49 per share, in the
fourth quarter of 2008. For 2009, the net loss was $33.2 million,
or $0.60 per share, compared to a net loss of $44.5 million, or
$0.98 per share, for 2008. The fourth quarter and full year 2008
amounts include non-recurring charges of $14.9 million and $18.6
million, respectively, related to a California bond initiative. The
fourth quarter and full year 2009 amounts include a gain of $0.4
million and a loss of $17.4 million, respectively, related to
accounting treatment that requires the Company to value its Series
I warrants and mark them to market.
Revenue for the quarter ended December 31, 2009 totaled $42.2
million, compared with $28.3 million for the fourth quarter of
2008. For the year ended December 31, 2009, revenue totaled $131.5
million, compared with $125.9 million for 2008.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated, “We are pleased with our improved
financial results and our volume growth for the year, which was
achieved through growth in each of our key markets of refuse,
regional trucking, airports and transit. This is particularly
noteworthy in light of the tough economic climate in 2009. The fact
that we saw acceleration in station construction and deal flow at a
time when all of our customers were focused on cutting their costs
is really a testament to the elevated importance of cleaner fuels
that we are seeing in this country. With $67.1 million in cash and
cash equivalents on hand at year end, we believe we are well
positioned to continue to grow our business in 2010.”
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements,
which statements are prepared and presented in accordance with
generally accepted accounting principals (“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 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 our 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 additional non-recurring
significant expenditures or other 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, 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 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 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) attributable to
Clean Energy, plus employee-related 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 for 2008, plus certain non-recurring charges related to a
California bond initiative, the total of which is divided by the
Company’s weighted average shares outstanding on a diluted basis.
The Company’s management believes that presenting non-GAAP EPS,
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 subject to a number of subjective assumptions, and
the amount of the loss or gain is derived from market forces
outside of management’s control.
The table below shows non-GAAP EPS and also reconciles these
figures to the GAAP measure net income (loss) attributable to Clean
Energy:
Three Months Ended Dec. 31, Year Ended Dec.
31, 2008* 2009 2008* 2009
Net Income (Loss) Attributable to Clean Energy
$
(23,740,099
) $ (1,917,305 ) $ (44,462,674 ) $ (33,248,701 ) Employee Stock
Based Compensation, Net of Tax Benefits 2,953,323
3,498,752
10,735,861 14,070,888 California Ballot Initiative Expenditures
14,900,000 -- 18,647,250 -- Mark-to-Market (Gain) Loss on Series I
Warrants -- (441,919 ) --
17,366,754 Adjusted Net Income (Loss) (5,886,776 )
1,139,528
(15,079,563 ) (1,811,059 ) Diluted Weighted Average Common Shares
Outstanding
48,041,811
59,750,687
45,367,991
55,021,961
Non-GAAP Earnings (Loss) Per Share
$
(0.12
) $ 0.02 $ (0.33 ) $ (0.03 )
*The three-month and year ended December 31, 2008 loss amounts
include approximately $0.3 million and $0.6 million, respectively,
of losses on certain futures contracts related to a fixed-price
customer contract bid that did not qualify for hedge accounting. We
no longer enter into fixed-price customer contracts unless we hedge
our natural gas commodity exposure under the contract or obtain
pre-approval from our Derivative Committee not to hedge the
contract.
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 employee-related 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 for 2008, plus certain non-recurring charges related
to a California bond initiative. Management internally uses
Adjusted EBITDA to monitor compliance with certain financial
covenants in the Company’s credit agreement with PlainsCapital Bank
and to determine elements of executive and employee
compensation.
The table below shows Adjusted EBITDA and also reconciles these
figures to the GAAP measure net income (loss) attributable to Clean
Energy:
Three Months Ended Dec. 31, Year Ended Dec.
31, 2008* 2009 2008* 2009
Net Income (Loss) Attributable to Clean Energy
$
(23,740,099
) $ (1,917,305 ) $ (44,462,674 ) $ (33,248,701 ) Income Tax Expense
90,000 94,299 289,141 303,501 Interest (Income) Expense, Net
(447,474 ) (336,197 ) (1,630,436 ) 31,989 Depreciation and
Amortization 3,065,705 4,735,092 9,623,672 16,991,695 Employee
Stock Based Compensation, Net of Tax Benefits 2,953,323
3,498,752
10,735,861 14,070,888 California Ballot Initiative Expenditures
14,900,000 -- 18,647,250 -- Mark-to-Market (Gain) Loss on Series I
Warrants -- (441,919 ) --
17,366,754
Adjusted EBITDA
$
(3,178,545
) $
5,632,722
$ (6,797,186 ) $ 15,516,126
*The three-month and year ended December 31, 2008 loss amounts
include approximately $0.3 million and $0.6 million, respectively,
of losses on certain futures contracts related to a fixed-price
customer contract bid that did not qualify for hedge accounting. We
no longer enter into fixed-price customer contracts unless we hedge
our natural gas commodity exposure under the contract or obtain
pre-approval from our Derivative Committee not to hedge the
contract.
Conference Call
The Company will host an investor conference call today at 4:30
p.m. Eastern (1:30 p.m. Pacific). The live call can be accessed
from the U.S. by dialing 877.407.4018 from the U.S. International
callers can dial 201.689.8471. A telephone replay will be available
approximately two hours after the call concludes and will be
available through Wednesday, March 24, 2010, by dialing
877.660.6853 from the U.S., or 201.612.7415 from international
locations, and entering account number 3055 and conference ID
number 344398.
There also will be a simultaneous webcast available on the
Investor Relations section of the Company's web site at
www.cleanenergyfuels.com, which will be archived on the Company’s
web site for 30 days.
About Clean Energy Fuels
Clean Energy Fuels is the leading provider of natural gas (CNG
and LNG) for transportation in North America. It has a broad
customer base in the refuse, transit, ports, shuttle, taxi,
trucking, airport and municipal fleet markets, fueling
approximately 17,800 vehicles at 196 strategic locations across the
U.S. and Canada. Clean Energy owns and operates two LNG production
plants, one in Willis, Texas and one in Boron California, with
combined capacity of 260,000 LNG gallons per day and designed to
expand to 340,000 LNG gallons per day as demand increases. It also
owns and operates a landfill gas processing facility in Dallas, TX
that produces renewable biomethane gas for delivery in the nation’s
gas pipeline network. Clean Energy also owns BAF Technologies,
Inc., which is a leading provider of natural gas vehicle systems
and conversions for taxis, limousines, vans, pickup trucks and
shuttle busses.
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
the demand for products and services from new and existing
customers and the Company’s ability to continue to grow its
business. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking
statements as a result of several factors including, but not
limited to, changes in the prices of natural gas relative to
gasoline and diesel, the U.S. government’s failure to renew the
Volumetric Excise Tax Credit for CNG and LNG, the acceptance of
natural gas vehicles in fleet markets, the availability of natural
gas vehicles, the progress of the clean air plans at the Ports of
Los Angeles and Long Beach, relaxation or waiver of fuel emission
standards, the inability of fleets to access capital to purchase
natural gas vehicles, the Company’s success in obtaining government
grants or subsidies for alternative fuel providers, the
unpredictability of the legislative process, construction and
permitting delays at station construction projects and the
development of competing technologies that are perceived to be
cleaner and more cost-effective than natural gas. The
forward-looking statements made herein 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. Additionally, the Company’s Form 10-K filed on March 10, 2010
with the SEC (www.sec.gov) contain risk factors which may cause
actual results to differ materially from the forward-looking
statements contained in this press release.
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Balance
Sheets
December 31, 2008 and
2009
December 31, 2008
2009 Assets Current assets: Cash and cash
equivalents $ 36,284,431 $ 67,086,965 Restricted cash 2,500,000
2,500,000 Accounts receivable, net of allowance for doubtful
accounts of $657,734 and $898,423 as of December 31, 2008 and
December 31, 2009, respectively 10,530,638 16,339,730 Other
receivables 12,995,507 8,862,213 Inventory, net 3,110,731 6,217,133
Deposits on LNG trucks 6,197,746 445,372 Prepaid expenses and other
current assets 3,542,387 6,948,520
Total current assets 75,161,440 108,399,933 Land, property and
equipment, net 160,593,665 172,182,436 Capital lease receivables
364,500 1,311,054 Notes receivable and other long-term assets
7,176,755 6,875,364 Investments in other entities 4,879,604
10,536,405 Goodwill 20,797,878 21,572,020 Intangible assets, net of
accumulated amortization 21,400,558 34,921,361
Total assets $ 290,374,400 $ 355,798,573
Liabilities and Stockholders’ Equity Current liabilities:
Current portion of long-term debt and capital lease obligations $
2,232,875 $ 2,439,263 Accounts payable 14,276,591 14,775,406
Accrued liabilities 10,253,454 9,695,443 Deferred revenue
1,060,582 2,691,007 Total current liabilities
27,823,502 29,601,119 Long-term debt and capital lease obligations,
less current portion 22,850,927 9,781,425 Other long-term
liabilities 2,297,446 36,039,864 Total
liabilities 52,971,875 75,422,408 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 99,000,000 shares;
issued and outstanding 50,238,212 shares and 59,840,151 shares at
December 31, 2008 and December 31, 2009, respectively 5,024 5,984
Additional paid-in capital 346,466,999 424,580,895 Accumulated
deficit (113,549,257 ) (149,410,111 ) Accumulated other
comprehensive income 853,837 2,012,573
Total stockholders’ equity of Clean Energy Fuels Corp. 233,776,603
277,189,341 Noncontrolling interest in subsidiary 3,625,922
3,186,824 Total equity 237,402,525
280,376,165 Total liabilities and equity $
290,374,400 $ 355,798,573
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Statements of
Operations
For the Three Months Periods
and Years Ended
December 31, 2008 and
2009
Three Months EndedDecember 31, Year
EndedDecember 31, 2008 2009 2008
2009 Revenue: Product revenues $ 26,538,990 $
37,134,776 $ 120,160,795 $ 116,635,271 Service revenues 1,748,518
5,068,500 5,705,738 14,868,006 Total revenues 28,287,508 42,203,276
125,866,533 131,503,277 Operating expenses: Cost of sales: Product
cost of sales 20,978,550 23,980,457 97,014,917 76,766,162 Service
cost of sales 650,275 2,333,965 1,752,668 6,154,705 Derivative
(gains) losses: Futures contracts 270,429 — 611,175 — Series I
warrant valuation — (441,919 ) — 17,366,754 Selling, general and
administrative 27,290,790 13,860,235 62,415,554 47,509,662
Depreciation and amortization 3,065,705 4,735,092 9,623,672
16,991,695 Total operating expenses 52,255,749 44,467,830
171,417,986 164,788,978 Operating loss (23,968,241 ) (2,264,554 )
(45,551,453 ) (33,285,701 ) Interest income (expense), net 447,474
336,197 1,630,436 (31,989 ) Other income (expense), net (180,336 )
(16,575 ) (169,159 ) (310,570 ) Income (loss) from equity method
investments
(67,745 ) 113,800 (188,186 ) 243,962 Loss before income taxes
(23,768,848 ) (1,831,132 ) (44,278,362 ) (33,384,298 ) Income tax
expense (90,000 ) (94,299 ) (289,141 ) (303,501 ) Net loss
(23,858,848 ) (1,925,431 ) (44,567,503 ) (33,687,799 ) Loss
(income) of noncontrolling interest 118,749 8,126 104,829 439,098
Net loss attributable to Clean Energy Fuels Corp. $ (23,740,099 ) $
(1,917,305 ) $ (44,462,674 ) $ (33,248,701 ) Loss per share
attributable to Clean Energy Fuels Corp. Basic $ (0.49 ) $ (0.03 )
$ (0.98 ) $ (0.60 ) Diluted $ (0.49 ) $ (0.03 ) $ (0.98 ) $ (0.60 )
Weighted average common shares outstanding Basic 48,041,811
59,750,687 45,367,991 55,021,961 Diluted 48,041,811 59,750,687
45,367,991 55,021,961
Included in net loss are the
following amounts (in millions):
Three Months Ended
December 31,
Year Ended
December 31,
2008 2009
2008 2009
Construction Revenues 1.1 2.1 1.7 7.3 Construction Cost of Sales
(1.0 ) (2.0 ) (1.4 ) (6.6 ) Fuel Tax Credits 4.0 3.7 17.2 15.5
Stock Option Expense, Net of Tax Benefits (2.9 ) (3.5 ) (10.7 )
(14.1 )
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