Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the second
quarter of 2020.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated, “Our second quarter results were better
than expected given the COVID-19 circumstances. I am very proud of
our workforce for their dedication to performing their jobs safely
and with the same quality as always. We also ended the quarter with
$96 million in cash and investments and $37 million of debt. And
more recently we signed another important agreement with another
world class energy major, Chevron, that will expand the use of
clean carbon-negative RNG for trucks in the ports of Los Angeles
and Long Beach. This partnership reflects further and continued
recognition of the powerful clean air solution RNG represents,
which is available today to fuel near-zero natural gas trucks.”
The Company delivered 89.5 million gallons in the second quarter
of 2020, a 10% decrease from 99.6 million in the second quarter of
2019. This decrease was due to a slowdown in activity in the second
quarter of 2020 as a result of COVID-19, which was primarily
experienced in the airports (fleet services), public transit and
government fleet customer markets.
The Company’s revenue for the second quarter of 2020 was $59.9
million, a decrease of 17.2% compared to $72.3 million for the
second quarter of 2019. Revenue for the second quarter of 2020
included $4.4 million from U.S. federal excise tax credits for
alternative fuels ("AFTC"), which applied to vehicle fuel sales
made from April 1, 2020 through June 30, 2020, and an unrealized
loss of $1.5 million on commodity swap and customer fueling
contracts relating to the Company’s Zero Now truck financing
program. Revenue for the second quarter of 2019 included an
unrealized gain of $0.6 million on commodity swap and customer
fueling contracts relating to the Company’s Zero Now program.
Excluding the AFTC revenue in the second quarter of 2020 and the
unrealized loss and gain on commodity swap and customer fueling
contracts in the second quarter of both 2020 and 2019,
respectively, revenue for the second quarter of 2020 decreased by
20.6% to $57.0 million compared to $71.7 million for the second
quarter of 2019. This decrease was principally due to lower volumes
and lower effective fuel prices resulting from lower natural gas
prices and the fuel price mix, which is based on the variation of
fuel types and locations where we deliver fuel. Station
construction revenue was $5.3 million for the second quarter of
2020 compared to $5.9 million for the second quarter of 2019.
The Company’s revenue for the six months ended June 30, 2020 was
$145.9 million, a decrease of 2.8% compared to $150.0 million for
the six months ended June 30, 2019. Revenue for the six months
ended June 30, 2020 included $9.8 million from AFTC revenue, which
applied to vehicle fuel sales made from January 1, 2020 through
June 30, 2020, and an unrealized gain of $4.2 million on commodity
swap and customer fueling contracts relating to the Company’s Zero
Now truck financing program. Revenue for the six months ended June
30, 2019 included an unrealized loss of $4.4 million on commodity
swap and customer fueling contracts relating to the Company’s Zero
Now program. Excluding the AFTC revenue in the six months ended
June 30, 2020 and the unrealized gain and loss on commodity swap
and customer fueling contracts in both the 2020 and 2019 periods,
revenue for the six months ended June 30, 2020 decreased by 14.6%
to $131.9 million compared to $154.4 million for the six months
ended June 30, 2019. This was principally due to lower effective
fuel prices resulting from lower natural gas prices and the fuel
price mix, which is based on the variation of fuel types and
locations where we deliver fuel, and lower volumes. The decrease in
revenue from lower effective fuels price and volumes was partially
offset by higher station construction revenue, which was $10.8
million for the six months ended June 30, 2020 compared to $9.1
million for the six months ended June 30, 2019.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the second quarter of 2020 was $(6.7) million, or
$(0.03) per share, compared to $(5.4) million, or $(0.03) per
share, for the second quarter of 2019. The second quarter of 2020
was positively affected by AFTC revenue and negatively affected by
the unrealized loss on commodity swap and customer fueling
contracts, while the comparable 2019 period was positively affected
by the unrealized gain on commodity swap and customer fueling
contracts.
On a GAAP basis, net loss attributable to Clean Energy for the
six months ended June 30, 2020 was $(5.0) million, or $(0.02) per
share, compared to $(16.3) million, or $(0.08) per share, for the
six months ended June 30, 2019. The six months ended June 30, 2020
was positively affected by AFTC revenue and the unrealized gain on
commodity swap and customer fueling contracts, while the comparable
2019 period was negatively affected by the unrealized loss on
commodity swap and customer fueling contracts.
Non-GAAP loss per share and Adjusted EBITDA (each as defined
below) for the second quarter of 2020 was $(0.02) and $9.2 million,
respectively. Non-GAAP loss per share and Adjusted EBITDA for the
second quarter of 2019 was $(0.02) and $8.9 million,
respectively.
Non-GAAP loss per share and Adjusted EBITDA for the six months
ended June 30, 2020 was $(0.03) and $20.5 million, respectively.
Non-GAAP loss per share and Adjusted EBITDA for the six months
ended June 30, 2019 was $(0.04) and $20.1 million,
respectively.
Non-GAAP loss per share and Adjusted EBITDA are described below
and reconciled to GAAP net loss per share attributable to Clean
Energy and GAAP net loss attributable to Clean Energy,
respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated
financial statements presented in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”), the Company uses non-GAAP financial measures that it
calls non-GAAP income (loss) per share (“non-GAAP income (loss) per
share”) and adjusted EBITDA (“Adjusted EBITDA”). Management
presents non-GAAP income (loss) per share and Adjusted EBITDA
because it believes these measures provide meaningful supplemental
information about the Company’s performance, for the following
reasons: (1) these measures allow for greater transparency with
respect to key metrics used by management to assess the Company’s
operating performance and make financial and operational decisions;
(2) these measures exclude the effect of items that management
believes are not directly attributable to the Company’s core
operating performance and may obscure trends in the business; and
(3) these measures are used by institutional investors and the
analyst community to help analyze the Company’s business. In future
quarters, the Company may make adjustments for other expenditures,
charges or gains to present non-GAAP financial measures that the
Company’s management believes are indicative of the Company’s core
operating performance.
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 Clean Energy Fuels Corp., plus stock-based
compensation expense, plus (minus) loss (income) from equity method
investments, and plus (minus) any loss (gain) from changes in the
fair value of derivative instruments, the total of which is divided
by the Company’s weighted-average common shares outstanding on a
diluted basis. The Company’s management believes excluding non-cash
expenses related to stock-based compensation provides useful
information to investors regarding the Company’s performance
because of the varying available valuation methodologies, the
volatility of the expense (which depends on market forces outside
of management’s control), the subjectivity of the assumptions and
the variety of award types that a company can use, which may
obscure trends in a company’s core operating performance.
Similarly, the Company believes excluding the non-cash results from
equity method investments is useful to investors because these
charges are not part of or representative of the core operations of
the Company. In addition, the Company’s management believes
excluding the non-cash loss (gain) from changes in the fair value
of derivative instruments is useful to investors because the
valuation of the derivative instruments is based on a number of
subjective assumptions, the amount of the loss or gain is derived
from market forces outside of management’s control, and the
exclusion of these amounts enables investors to compare the
Company’s performance with other companies that do not use, or use
different forms of, derivative instruments.
The table below shows GAAP and non-GAAP loss attributable to
Clean Energy per share and also reconciles GAAP net loss
attributable to Clean Energy to an adjusted net loss figure used in
the calculation of non-GAAP loss per share:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except share and per
share data)
2019
2020
2019
2020
Net loss attributable to Clean Energy
Fuels Corp.
$
(5,383
)
$
(6,736
)
$
(16,329
)
$
(5,032
)
Stock-based compensation
918
760
2,164
1,814
Loss from equity method investments
33
502
500
357
Loss (gain) from change in fair value of
derivative instruments
(582
)
1,022
5,992
(4,205
)
Adjusted (non-GAAP) net loss
$
(5,014
)
$
(4,452
)
$
(7,673
)
$
(7,066
)
Diluted weighted-average common shares
outstanding
204,653,723
200,670,137
204,426,459
202,831,346
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.03
)
$
(0.03
)
$
(0.08
)
$
(0.02
)
Non-GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.02
)
$
(0.02
)
$
(0.04
)
$
(0.03
)
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP
measure of its performance, is defined as net income (loss)
attributable to Clean Energy, plus (minus) income tax expense
(benefit), plus interest expense, minus interest income, plus
depreciation and amortization expense, plus stock-based
compensation expense, plus (minus) loss (income) from equity method
investments, and plus (minus) any loss (gain) from changes in the
fair value of derivative instruments. The Company’s management
believes Adjusted EBITDA provides useful information to investors
regarding the Company’s performance for the same reasons discussed
above with respect to non-GAAP income (loss) per share. In
addition, management internally uses Adjusted EBITDA to determine
elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this
figure to GAAP net loss attributable to Clean Energy:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except share and per
share data)
2019
2020
2019
2020
Net loss attributable to Clean Energy
Fuels Corp.
$
(5,383
)
$
(6,736
)
$
(16,329
)
$
(5,032
)
Income tax expense
66
78
126
156
Interest expense
1,842
1,841
3,733
4,051
Interest income
(567
)
(273
)
(1,147
)
(654
)
Depreciation and amortization
12,605
12,050
25,084
23,974
Stock-based compensation
918
760
2,164
1,814
Loss from equity method investments
33
502
500
357
Loss (gain) from change in fair value of
derivative instruments
(582
)
1,022
5,992
(4,205
)
Adjusted EBITDA
$
8,932
$
9,244
$
20,123
$
20,461
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons sold as
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. RNG
sold as vehicle fuel, is sold under the brand name Redeem™ and is
included in the CNG or LNG amounts as applicable based on the form
in which it was sold.
The table below shows gallons delivered for the three and six
months ended June 30, 2019 and 2020:
Three Months Ended
Six Months Ended
June 30,
June 30,
Gallons Delivered (in millions)
2019
2020
2019
2020
CNG
83.8
73.6
162.3
157.7
LNG
15.8
15.9
32.5
31.1
Total
99.6
89.5
194.8
188.8
Sources of Revenue
The following table shows the Company's sources of revenue for
the three and six months ended June 30, 2019 and 2020:
Three Months Ended
Six Months Ended
June 30,
June 30,
Revenue (in millions)
2019
2020
2019
2020
Volume-related (1)
$
66.3
$
50.2
$
140.8
$
125.3
Station construction sales
5.9
5.3
9.1
10.8
AFTC (2)
—
4.4
—
9.8
Other
0.1
—
0.1
—
Total revenue
$
72.3
$
59.9
$
150.0
$
145.9
________________________
(1)
For the three and six months ended June 30, 2020, volume-related
revenue includes an unrealized gain (loss) from the change in fair
value of commodity swap and customer fueling contracts of $(1.5)
million and $4.2 million, respectively. For the three and six
months ended June 30, 2019, volume-related revenue includes an
unrealized gain (loss) from the change in fair value of commodity
swap and customer contracts of $0.6 million and $(4.4) million,
respectively.
(2)
In 2019, we recognized AFTC revenue for the vehicle fuel we sold in
2018 and 2019 in the three months ended December 31, 2019.
2020 Outlook
We revised our 2020 outlook on May 7, 2020 (the “revised 2020
outlook”) due to the evolving uncertainties surrounding the impact
of the COVID-19 pandemic on the economy, and to our company, as
well as the volatility in oil markets. During the second quarter of
2020, we saw an overall decline in volumes of 10% compared to the
same period in 2019, principally around airports and transit
authorities with year-over-year declines ranging from 25% to 45%,
with refuse and over-the-road trucking growing between 2% and 7%.
Our revised 2020 outlook assumed the overall declining volumes
would extend through June 30, 2020 with a gradual recovery going
into the third quarter of 2020 toward flat to low single digit
percentage overall volume increases on a year-over-year basis.
While we believe the overall volume decline curve hit bottom during
the second quarter and has flattened out exiting the second
quarter, the effects of the COVID-19 pandemic have been prolonged
further than our revised 2020 outlook contemplated. We now assume
such prolonged impact of COVID-19 will delay and flatten the curve
of the gradual recovery we contemplated in our revised 2020
outlook. This will also delay and flatten the recovery of AFTC
eligible volumes, AFTC revenue and volume related gross profit
margins on those sectors experiencing the effects of the prolonged
economic slowdown. However, we have also experienced lower
operating expenses than what was contemplated in our revised 2020
outlook due to lower spending as a result of reduced business
activities. We expect this trend of lower spending to continue,
which will help mitigate the prolonged reduction in gross profit
margins associated with prolonged year-over-year declines in our
overall volume. We also recorded a $2.5 million station asset
disposal gain during the second quarter, which helped mitigate the
negative impact of COVID-19 on our 2020 financial results. We
believe the lower gross profit margins from lower volumes can be
sufficiently mitigated by our continued lower operating expenses
and the station asset disposal gain, such that we are not changing
our revised 2020 outlook for our GAAP net loss or Adjusted EBITDA
at this time. As such, our GAAP net income (loss) for 2020 is still
expected to be approximately a loss of $11.0 million, assuming no
unrealized gains or losses on commodity swap and customer fueling
contracts. Changes in diesel and natural gas market conditions
resulting in unrealized gains or losses on the Company’s commodity
swap contracts could significantly impact the Company’s estimated
GAAP net income for 2020. Adjusted EBITDA for 2020 is still
expected to be approximately $45.0 million. These expectations also
exclude the impact of any acquisitions, divestitures, transactions
or other extraordinary events including a deterioration in or lack
of any recovery from the COVID-19 pandemic. Additionally, the
expectations regarding 2020 Adjusted EBITDA assume the calculation
of this non-GAAP financial measure in the same manner as described
above and without adjustments for any other items that may arise
during 2020 and that management deems appropriate to exclude. These
expectations are forward-looking statements and are qualified by
the statement under “Safe Harbor Statement” below.
(in thousands)
2020 Outlook
GAAP Net income (loss) attributable to
Clean Energy Fuels Corp.
$
(11,000
)
Income tax expense (benefit)
—
Interest expense
5,500
Interest income
(2,000
)
Depreciation and amortization
48,500
Stock-based compensation
4,000
Loss (income) from equity method
investments
—
Loss (gain) from change in fair value of
derivative instruments
—
Adjusted EBITDA
$
45,000
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 Sunday, September 6, 2020, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 13706388. There also will
be a simultaneous, live webcast available on the Investor Relations
section of the Company’s web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is North America’s leading provider of
the cleanest fuel for the transportation market. Through its sales
of Redeem™ renewable natural gas (RNG), which is derived from
biogenic methane produced by the breakdown of organic waste, Clean
Energy helps thousands of vehicles, from airport shuttles to city
buses to waste and heavy-duty trucks, to reduce their amount of
climate-harming greenhouse gas by at least 70% and up to 300%
depending on the RNG feedstock. Clean Energy can deliver Redeem
through compressed natural gas (CNG) and liquefied natural gas
(LNG) to its network of approximately 550 fueling stations across
the U.S. and Canada. Clean Energy builds and operates CNG and LNG
fueling stations for the transportation market, owns natural gas
liquefaction facilities in California and Texas, and transports
bulk CNG and LNG to non-transportation customers around the U.S.
For more information, 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, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements about, among other things, the
Company’s outlook for fiscal 2020, the expected impact of the
COVID-19 pandemic on the Company’s business, including volumes
delivered, and liquidity, and the effect, if any, of the foregoing
on the Company’s performance, financial condition and ability to
execute its strategic initiatives.
Forward-looking statements 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 COVID-19
pandemic and the measures taken to prevent its spread and the
related impact on our operations, liquidity and financial
condition; the Company’s history of net losses and the possibility
the Company incurs additional net losses in the future; 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, performance and residual value, 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 any
growth in the Company’s business and the 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 greenhouse gas emissions requirements or other
environmental regulations applicable to vehicles powered by
gasoline, diesel, natural gas or other vehicle fuels and crude oil
and natural gas fueling, drilling, production, transportation or
use; the Company’s ability to manage and grow its RNG business,
including its ability to continue to receive revenue from sales of
tradable credits the Company generates by selling conventional and
renewable natural gas as vehicle fuel and the effect of any
increase in competition for RNG supply; the Company’s ability to
manage and grow its business of transporting and selling CNG for
non-vehicle purposes via virtual natural gas pipelines and
interconnects; the Company’s ability to accurately predict natural
gas vehicle fuel demand in the geographic and customer markets in
which it operates and effectively calibrate its strategies, timing
and levels of investments to be consistent with this demand; the
Company’s ability to recognize the anticipated benefits of its CNG
and LNG fueling station network; construction, permitting and other
factors that could cause delays or other problems at station
construction projects; the Company’s ability to manage the safety
and environmental risks inherent in its operations; the Company’s
compliance with all applicable government regulations; the
Company’s ability to execute and realize the intended benefits of
any acquisitions, divestitures, investments or other strategic
relationships or transactions; and general political, regulatory,
economic and market conditions.
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 Securities and Exchange Commission (www.sec.gov),
including its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020 filed with the Securities and Exchange Commission on
May 7, 2020, contain additional information about these and other
risk factors that may cause actual results to differ materially
from the forward-looking statements contained in this press
release, and such risk factors may be amended, supplemented or
superseded from time to time by other reports the Company files
with the Securities and Exchange Commission.
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share data; Unaudited)
December 31,
June 30,
2019
2020
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
49,222
$
79,171
Short-term investments
56,929
16,529
Accounts receivable, net of allowance of
$2,412 and $2,187 as of December 31, 2019 and June 30, 2020,
respectively
61,760
48,141
Other receivables
84,898
17,363
Inventory
29,874
29,503
Prepaid expenses and other current
assets
11,109
11,862
Derivative assets, related party
—
2,861
Total current assets
293,792
205,430
Operating lease right-of-use assets
28,627
27,254
Land, property and equipment, net
323,912
306,179
Long-term portion of restricted cash
4,000
4,000
Notes receivable and other long-term
assets, net
31,622
28,923
Long-term portion of derivative assets,
related party
3,270
6,882
Investments in other entities
26,305
25,246
Goodwill
64,328
64,328
Intangible assets, net
1,229
795
Total assets
$
777,085
$
669,037
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
56,013
$
6,043
Current portion of finance lease
obligations
615
745
Current portion of operating lease
obligations
3,359
3,600
Accounts payable
27,376
15,759
Accrued liabilities
67,697
48,148
Deferred revenue
7,338
4,890
Derivative liabilities, related party
164
—
Total current liabilities
162,562
79,185
Long-term portion of debt
32,872
30,499
Long-term portion of finance lease
obligations
2,715
2,908
Long-term portion of operating lease
obligations
26,206
24,361
Other long-term liabilities
9,701
4,703
Total liabilities
234,056
141,656
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value.
1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.0001 par value.
304,000,000 shares authorized; 204,723,055 shares and 199,506,780
shares issued and outstanding as of December 31, 2019 and June 30,
2020, respectively
20
20
Additional paid-in capital
1,203,186
1,193,197
Accumulated deficit
(668,232
)
(673,264
)
Accumulated other comprehensive loss
(1,566
)
(2,475
)
Total Clean Energy Fuels Corp.
stockholders’ equity
533,408
517,478
Noncontrolling interest in subsidiary
9,621
9,903
Total stockholders’ equity
543,029
527,381
Total liabilities and stockholders’
equity
$
777,085
$
669,037
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2019
2020
2019
2020
Revenue:
Product revenue
$
59,691
$
50,426
$
128,139
$
126,128
Service revenue
12,627
9,448
21,877
19,752
Total revenue
72,318
59,874
150,016
145,880
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
40,121
33,054
94,551
79,727
Service cost of sales
7,489
5,499
11,887
11,758
Change in fair value of derivative
warrants
(17
)
(445
)
1,597
(40
)
Selling, general and administrative
17,933
16,892
36,368
35,151
Depreciation and amortization
12,605
12,050
25,084
23,974
Total operating expenses
78,131
67,050
169,487
150,570
Operating loss
(5,813
)
(7,176
)
(19,471
)
(4,690
)
Interest expense
(1,842
)
(1,841
)
(3,733
)
(4,051
)
Interest income
567
273
1,147
654
Other income, net
93
2,287
2,764
2,462
Loss from equity method investments
(33
)
(502
)
(500
)
(357
)
Loss before income taxes
(7,028
)
(6,959
)
(19,793
)
(5,982
)
Income tax expense
(66
)
(78
)
(126
)
(156
)
Net loss
(7,094
)
(7,037
)
(19,919
)
(6,138
)
Loss attributable to noncontrolling
interest
1,711
301
3,590
1,106
Net loss attributable to Clean Energy
Fuels Corp.
$
(5,383
)
$
(6,736
)
$
(16,329
)
$
(5,032
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.03
)
$
(0.03
)
$
(0.08
)
$
(0.02
)
Weighted-average common shares
outstanding:
Basic and diluted
204,653,723
200,670,137
204,426,459
202,831,346
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005884/en/
Investor Contact: investors@cleanenergyfuels.com
News Media Contact: Raleigh Gerber Manager of Corporate
Communications 949.437.1397
Clean Energy Fuels (NASDAQ:CLNE)
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