Clean Energy Fuels Corp. (NASDAQ: CLNE) (the “Company”) today
announced operating results for the first quarter ended March 31,
2012.
Gallons Delivered (defined below) for the first quarter of 2012
totaled 43.7 million gallons, up 23% from 35.5 million gallons
delivered in the same period a year ago.
Revenue for the first quarter ended March 31, 2012 rose to $73.6
million, up from $65.3 million for the first quarter of 2011.
Andrew J. Littlefair, Clean Energy's President and Chief
Executive Officer, stated, “Significant fuel cost savings and
environmental benefits are driving the transition to natural gas
fueling for transportation in America. To support this transition,
we are diligently working on building out America’s Natural Gas
Highway. We also continue to monitor the development of new natural
gas engines for the heavy-duty trucking market. We believe we are
approaching an inflection point when these elements all come
together, so we are working hard to maximize our lead in the
industry and preparing ourselves for anticipated increased volume
expansion in 2013 and beyond.”
Adjusted EBITDA for the first quarter of 2012 was $(2.0)
million. This compares with adjusted EBITDA of $3.9 million in the
first quarter of 2011. For comparison purposes, the volumetric
excise tax credit (VETC) revenue for the first quarter of 2012 was
$0 (as the VETC expired on December 31, 2011), and was $4.2 million
in the first quarter of 2011. Adjusted EBITDA is described below
and reconciled to the generally accepted accounting principles
(“GAAP”) measure net income (loss) attributable to Clean
Energy.
Non-GAAP loss per share for the first quarter of 2012 was $0.16,
compared with a non-GAAP loss per share for the first quarter of
2011 of $0.05. Non-GAAP earnings (loss) per share is described
below and reconciled to the GAAP measure net income (loss)
attributable to Clean Energy.
Net loss for the first quarter of 2012 was $31.9 million, or
$0.37 per share, and included a non-cash charge of $13.5 million
related to the accounting treatment that requires Clean Energy to
value its Series I warrants and mark them to market, a non-cash
charge of $4.7 million related to stock-based compensation, and
foreign currency gains of $0.4 million on its IMW purchase notes.
This compared with a net loss for the first quarter of 2011 of $9.8
million, or $0.14 per share, which included a non-cash charge of
$3.3 million related to marking to market the Series I warrants,
$3.4 million of non-cash stock-based compensation charges, and
foreign currency gains of $0.3 million on its IMW purchase
notes.
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements,
which statements are prepared and presented in accordance with
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, 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 income (loss) attributable to Clean
Energy:
Three Months Ended March 31, (in thousands, except
per-share amounts)
2011 2012 Net Income
(Loss) Attributable to Clean Energy $(9,753) $(31,905)
Stock Based Compensation, Net of Tax Benefits 3,377 4,680
Mark-to-Market (Gain) Loss on Series I Warrants 3,300 13,506
Foreign Currency (Gain) Loss on IMW Purchase Notes (341) (402)
Adjusted Net Income (Loss) (3,417) (14,121) Diluted Weighted
Average Common Shares Outstanding 70,096,000 85,677,090
Non-GAAP
Earnings (Loss) Per Share $(0.05) $(0.16)
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 income (loss) attributable to Clean
Energy:
Three Months Ended March 31, (in thousands)
2011 2012 Net Income (Loss) Attributable to
Clean Energy $(9,753) $(31,905) Income Tax (Benefit)
Expense (735) 246 Interest (Income) Expense, Net 820 3,702
Depreciation and Amortization 7,210 8,144 Foreign Currency (Gain)
Loss on IMW Purchase Notes (341) (402) Stock Based Compensation,
Net of Tax Benefits 3,377 4,680 Mark-to-Market (Gain) Loss on
Series I Warrants 3,300 13,506 $3,878 $(2,029)
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 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.877.407.4018 from the
U.S. and international callers can dial 1.201.689.8471. A telephone
replay will be available approximately two hours after the call
concludes through Thursday, June 7, 2012 by dialing 1.877.870.5176
from the U.S., or 1.858.384.5517 from international locations, and
entering Replay Pin Number 392543. There also will be a
simultaneous, live webcast with accompanying investor slides
available on the Investor Relations section of the Company's web
site at http://investors.cleanenergyfuels.com/index.cfm, which will
be available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural
gas fuel for transportation in North America and is a global leader
in the expanding natural gas vehicle market. It has operations in
CNG and LNG vehicle fueling, construction and operation of CNG and
LNG fueling stations, RNG production, vehicle conversion and
compressor technology. Today Clean Energy fuels over 25,680
vehicles at 298 strategic locations across the U.S. and Canada with
a broad customer base in the refuse, transit, trucking, shuttle,
taxi, airport and municipal fleet markets. The Company is building
“America’s Natural Gas Highway,” a network comprised initially of
approximately 150 LNG truck fueling stations connecting major
freight trucking corridors across the country. Clean Energy del
Peru, a joint venture that Clean Energy has 49% ownership of, fuels
vehicles and provides CNG to commercial customers in Peru. Clean
Energy owns (70%) and operates a landfill gas facility in Dallas
that produces RNG for delivery in the nation's gas pipeline
network, and is building a second facility in Canton, Michigan. The
Company owns and operates LNG production plants in Willis, Texas
and Boron, California with combined capacity of 260,000 LNG gallons
per day and that are designed to expand to 340,000 LNG gallons per
day as demand increases. Wholly owned subsidiaries include:
NorthStar, the recognized leader in LNG/LCNG (liquefied to
compressed natural gas) fueling system technologies and station
construction and operations; BAF Technologies, Inc., a leading
provider of natural gas vehicle systems and conversions for taxis,
vans, pick-up trucks and shuttle buses, and Canadian-based I.M.W.
Industries, Ltd., a leading supplier of compressed natural gas
equipment for vehicle fueling and industrial applications that has
more than 1,400 installations in 26 countries. For more information
about Clean Energy and its subsidiaries visit:
www.cleanenergyfuels.com.
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
fuel cost savings and environmental benefits driving the transition
to natural gas fueling for transportation in America, the
completion of America’s Natural Gas Highway, and anticipated
significant volume expansion in 2013 and beyond. 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 Company’s failure to recognize
the anticipated benefits of building America’s Natural Gas Highway,
the availability and deployment of, as well as the demand for,
natural gas engines that are well-suited for the U.S. long-haul,
heavy-duty truck market, future availability of equity or debt
financing needed to fund the growth of the Company’s business, the
Company’s ability to source and supply sufficient LNG to meet the
needs of its business, the Company’s ability to efficiently manage
its growth and retain and hire key personnel, the acceptance of
natural gas vehicles in the Company’s markets, the availability of
natural gas vehicles, relaxation or waiver of fuel emission
standards, the Company’s ability to compete successfully, the
Company’s failure to manage risks and uncertainties related its
international operations, construction and permitting delays at
station construction projects, the Company’s ability to integrate
acquisitions, the availability of tax and related government
incentives for natural gas fueling and vehicles, compliance with
governmental regulations and the Company’s ability to manage and
grow its RNG business. 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-Q
filed on May 7, 2012 with the SEC (www.sec.gov) contains risk
factors that may cause actual results to differ materially from the
forward-looking statements contained in this press release.
Clean Energy Fuels Corp. and Subsidiaries Condensed
Consolidated Balance Sheets December 31, 2011 and March 31,
2012 (Unaudited) (In thousands, except share data)
December 31, 2011
March 31,2012 Assets Current assets: Cash and
cash equivalents $238,125 $190,666 Restricted cash 4,792 8,450
Short-term investments 33,329 37,893 Accounts receivable, net of
allowance for doubtful accounts of $712 and $666 as of December 31,
2011 and March 31, 2012, respectively 56,455 61,161 Other
receivables 19,601 17,036 Inventory, net 35,287 38,536 Prepaid
expenses and other current assets 14,027 13,966 Total current
assets 401,616 367,708 Land, property and equipment, net 277,334
309,939 Restricted cash 54,804 41,512 Notes receivable and other
long-term assets 16,650 17,689 Investments in other entities 16,459
16,954 Goodwill 73,741 73,741 Intangible assets, net 102,103 99,732
Total assets $942,707 $927,275
Liabilities and Stockholders’
Equity Current liabilities: Current portion of long-term debt
and capital lease obligations $22,925 $30,837 Accounts payable
36,668 28,097 Accrued liabilities 28,255 30,080 Deferred revenue
21,267 25,948 Total current liabilities 109,115 114,962 Long-term
debt and capital lease obligations, less current portion 266,497
254,949 Other long-term liabilities 22,687 33,831 Total liabilities
398,299 403,742 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 149,000,000 shares; issued and outstanding
85,433,258 shares and 86,329,061 shares at December 31, 2011 and
March 31, 2012, respectively 9 9 Additional paid-in capital 741,650
752,276 Accumulated deficit (199,559) (231,464) Accumulated other
comprehensive income (loss) (1,216) (950) Total Clean Energy Fuels
Corp. stockholders’ equity 540,884 519,871 Noncontrolling interest
in subsidiary 3,524 3,662 Total stockholders’ equity 544,408
523,533 Total liabilities and stockholders’ equity $942,707
$927,275
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations For the
Three Months Ended March 31, 2011 and 2012 (Unaudited)
(In thousands, except share data) Three Months
EndedMarch 31, 2011 2012 Revenue:
Product revenues $ 58,532 $ 65,776 Service revenues 6,809 7,858
Total revenues 65,341 73,634 Operating expenses: Cost of
sales: Product cost of sales 43,850 51,902 Service cost of sales
3,154 3,984 Derivative (gains) losses: Series I warrant valuation
3,300 13,506 Selling, general and administrative 18,030 24,850
Depreciation and amortization 7,210 8,144 Total operating expenses
75,544 102,386 Operating loss (10,203 ) (28,752 ) Interest
expense, net (820 ) (3,702 ) Other income, net 601 841 Income from
equity method investments 211 91 Loss before income taxes (10,211 )
(31,522 ) Income tax (expense) benefit 735 (246 ) Net loss (9,476 )
(31,768 ) Income of noncontrolling interest (277 ) (137 ) Net loss
attributable to Clean Energy Fuels Corp. $ (9,753 ) $ (31,905 )
Loss per share attributable to Clean Energy Fuels Corp.
Basic and diluted $ (0.14 ) $ (0.37 ) Weighted average
common shares outstanding Basic and diluted 70,096,000 85,677,090
Included in net loss are the following
amounts (in millions):
Three Months Ended
March 31,
2011 2012 Construction Revenues 6.3 13.3 Construction
Cost of Sales (5.1) (12.9) Fuel Tax Credits 4.2 — Stock Option
Expense, Net of Tax Benefits (3.4) (4.7)
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