Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the fourth
quarter of 2020.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated “Companies, municipalities and any
organization that operates a fleet of vehicles are looking to
de-carbonize as quickly as they can. Fortunately, Clean Energy’s
previous investments in renewable natural gas and our ongoing focus
on that business is beginning to pay off, highlighted by recent
deals like LA Metro that signed a long-term high-volume RNG
agreement with us as part of their commitment to becoming carbon
neutral. Simply put, RNG is the future of our company. We believe
the road ahead is to offer RNG to every customer so that they can
make a substantial contribution towards addressing climate change.
We finished the year as expected financially and announced two
exciting RNG joint venture arrangements with Total and BP as we
grow to meet demand for our low carbon RNG.”
The Company delivered 96.0 million gallons in the fourth quarter
of 2020, a 7% decrease from 103.3 million in the fourth quarter of
2019. This decrease was principally from the continuing effects of
COVID-19, primarily impacting the airports and public transit
customer markets. For 2020 the Company delivered 382.5 million
gallons, a 5% decrease from 400.8 million in 2019. While the
airports and public transit customer markets were below 2019 levels
due to COVID-19, refuse, trucking, and bulk deliveries each
finished ahead in 2020 compared to 2019. RNG gallons delivered
increased 7% in 2020 to 153.3 million gallons despite also
experiencing negative impacts from lower fuel volumes within the
airports and public transit markets.
The Company’s revenue for the fourth quarter of 2020 was $75.0
million, a decrease of 37.3% compared to $119.6 million for the
fourth quarter of 2019. This decrease is principally attributed to
revenue for the fourth quarter of 2019 including eight quarters of
U.S. federal excise tax credits for alternative fuels ("AFTC") in
the amount of $47.1 million, which applied to vehicle fuel sales
made from January 1, 2018 through December 31, 2019, compared to
only one quarter of AFTC in the fourth quarter of 2020 in the
amount of $5.0 million, which applied to vehicle fuel sales made
from October 1, 2020 through December 31, 2020. Revenue for the
fourth quarter of 2020 was also negatively impacted by lower
volumes from the continuing effects of COVID-19. Each period
included an unrealized loss on commodity swap and customer fueling
contracts relating to the Company’s Zero Now truck financing
program in the amount of $1.9 million and $3.3 million for the
fourth quarters of 2020 and 2019, respectively. Station
construction revenue was steady at $7.1 million for the fourth
quarter of 2020 compared to $7.6 million for the fourth quarter of
2019.
The Company’s revenue for the year ended December 31, 2020 was
$291.7 million, a decrease of 15.2% compared to $344.1 million for
the year ended December 31, 2019. This decrease was attributed to
2019 including two years of AFTC in the amount of $47.1 million,
compared to one year of AFTC included in 2020 in the amount of
$19.8 million, as well as lower volumes from the pandemic and
generally lower effective pricing for gallons delivered in 2020
versus 2019. Both years included unrealized gains (losses) on
commodity swap and customer fueling contracts relating to the
Company’s Zero Now program in the amount of $2.1 million and $(6.6)
million for 2020 and 2019, respectively. Station construction sales
increased 15.2% to $26.6 million for 2020 compared to $23.1 million
for 2019.
On a GAAP (as defined below) basis, net income (loss)
attributable to Clean Energy for the fourth quarter of 2020 was
$(2.6) million, or $(0.01) per share, compared to $41.1 million, or
$0.20 per diluted share, for the fourth quarter of 2019. The
primary differences between the periods being greater AFTC in 2019
by $36.7 million due to the recognition of eight quarters of AFTC
in 2019 versus one quarter of AFTC in 2020, and $6.6 million of
additional gain on the disposal of certain assets of a subsidiary
in 2019 versus 2020. In 2020 we also delivered lower volumes of
fuel and had lower related volume gross profit margins from the
effects of COVID-19.
On a GAAP basis, net income (loss) attributable to Clean Energy
for the year ended December 31, 2020 was $(9.9) million, or $(0.05)
per share, compared to $20.4 million, or $0.10 per diluted share,
for the year ended December 31, 2019. The comparability of yearly
results is impacted by the negative effects of COVID-19 in 2020,
and the inclusion of eight quarters of AFTC in 2019 versus four
quarters in 2020, and a greater gain on disposal of certain assets
in 2019 versus 2020. Additionally, the year ended December 31, 2020
was positively affected by station installation 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 fourth quarter of 2020 was $(0.00) and $13.6
million, respectively. Non-GAAP income per share and Adjusted
EBITDA for the fourth quarter of 2019 was $0.21 and $57.0 million,
respectively.
Non-GAAP loss per share and Adjusted EBITDA for the year ended
December 31, 2020 was $(0.04) and $45.1 million, respectively.
Non-GAAP income per share and Adjusted EBITDA for the year ended
December 31, 2019 was $0.15 and $85.6 million, respectively.
Non-GAAP income (loss) per share and Adjusted EBITDA are
described below and reconciled to GAAP net income (loss) per share
attributable to Clean Energy and GAAP net income (loss)
attributable to Clean Energy, respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited 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 income (loss)
attributable to Clean Energy per share and also reconciles GAAP net
income (loss) attributable to Clean Energy to an adjusted net
income (loss) figure used in the calculation of non-GAAP income
(loss) per share:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except share and per
share data)
2019
2020
2019
2020
Net income (loss) attributable to Clean
Energy Fuels Corp.
$
41,084
$
(2,561
)
$
20,421
$
(9,864
)
Stock-based compensation
824
435
3,880
2,957
(Income) loss from equity method
investments
(4
)
(207
)
119
161
Loss (gain) from change in fair value of
derivative instruments
691
1,880
5,545
(2,175
)
Adjusted (non-GAAP) net income (loss)
$
42,595
$
(453
)
$
29,965
$
(8,921
)
Diluted weighted-average common shares
outstanding
205,852,492
198,230,811
205,987,509
200,657,912
GAAP income (loss) attributable to Clean
Energy Fuels Corp. per share
$
0.20
$
(0.01
)
$
0.10
$
(0.05
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
0.21
$
-
$
0.15
$
(0.04
)
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 income (loss) attributable to Clean Energy:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2019
2020
2019
2020
Net income (loss) attributable to Clean
Energy Fuels Corp.
$
41,084
$
(2,561
)
$
20,421
$
(9,864
)
Income tax expense
664
74
858
309
Interest expense
2,137
2,288
7,574
7,348
Interest income
(730
)
(264
)
(2,437
)
(1,345
)
Depreciation and amortization
12,294
11,964
49,625
47,682
Stock-based compensation
824
435
3,880
2,957
(Income) loss from equity method
investments
(4
)
(207
)
119
161
Loss (gain) from change in fair value of
derivative instruments
691
1,880
5,545
(2,175
)
Adjusted EBITDA
$
56,960
$
13,609
$
85,585
$
45,073
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 included in the CNG or LNG amounts as
applicable based on the form in which it was sold.
Three Months Ended
Year Ended
December 31,
December 31,
RNG gasoline gallon equivalents
delivered (in millions)
2019
2020
2019
2020
CNG
25.9
34.1
112.5
124.4
LNG
6.4
7.1
30.8
28.9
Total
32.3
41.2
143.3
153.3
The table below shows gallons delivered for the three months and
years ended December 31, 2019 and 2020:
Three Months Ended
Year Ended
December 31,
December 31,
Gallons Delivered (in millions)
2019
2020
2019
2020
CNG
87.3
81.2
335.7
321.0
LNG
16.0
14.8
65.1
61.5
Total
103.3
96.0
400.8
382.5
Sources of Revenue
The following table shows the Company's sources of revenue for
the three months and years ended December 31, 2019 and 2020:
Three Months Ended
Year Ended
December 31,
December 31,
Revenue (in millions)
2019
2020
2019
2020
Volume-related (1)
$
64.9
$
62.9
$
273.6
$
245.3
Station construction sales
7.6
7.1
23.1
26.6
AFTC (2)
47.1
5.0
47.1
19.8
Other
—
—
0.3
—
Total revenue
$
119.6
$
75.0
$
344.1
$
291.7
(1)
For the three months and year ended
December 31, 2020, volume-related revenue includes an unrealized
gain (loss) from the change in fair value of commodity swap and
customer fueling contracts of $(1.9) million and $2.1 million,
respectively. For the three months and year ended December 31,
2019, volume-related revenue includes an unrealized (loss) from the
change in fair value of commodity swap and customer contracts of
$(3.3) million and $(6.6) 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.
2021 Outlook
GAAP net income (loss) for 2021 is expected to be approximately
breakeven, assuming no unrealized gains or losses on commodity swap
and customer contracts and contemplates a prolonged effect and more
flattened recovery curve from the COVID-19 pandemic through the
middle of 2021. 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 2021. Adjusted EBITDA for 2021 is expected to
range from $60 million to $62 million. These expectations also
exclude the impact of any acquisitions, divestitures, new joint
ventures, transactions or other extraordinary events including a
deterioration in, slower or lack of any recovery from the COVID-19
pandemic. Additionally, the expectations regarding 2021 Adjusted
EBITDA assumes 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 2021 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)
2021 Outlook
GAAP Net income (loss) attributable to
Clean Energy Fuels Corp.
$
Breakeven
Income tax expense (benefit)
300
Interest expense
4,100
Interest income
(1,050)
Depreciation and amortization
48,000
Stock-based compensation
10,250
Loss (income) from equity method
investments
400
Loss (gain) from change in fair value of
derivative instruments
0
Adjusted EBITDA
$
60,000 – 62,000
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 Friday, April 9, 2021, by dialing 1.844.512.2921
from the U.S., or 1.412.317.6671 from international locations, and
entering Replay Pin Number 13715902. 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 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 60% to over 400% depending on the
source of the RNG. Clean Energy delivers RNG in the form of
compressed natural gas (CNG) and liquefied natural gas (LNG) to its
network of 565 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 2021, the expected impact of the
COVID-19 pandemic on the Company’s business and the demand for
renewable vehicle fuels, including fleets transitioning to lower
carbon solutions in transportation.
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 willingness of fleets and other consumers to adopt
natural gas as a vehicle fuel, and the rate and level of any such
adoption; 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; the
potential adoption of government policies or programs or increased
publicity or popular sentiment in favor of other vehicle fuels; the
market’s perception of the benefits of RNG and conventional natural
gas relative to other alternative vehicle fuels; 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 manage and grow its RNG
business, including its ability to procure adequate supplies of RNG
and generate revenues from sales of such RNG; the Company and its
suppliers’ ability to successfully develop and operate projects and
produce expected volumes of RNG; the potential commercial viability
of livestock waste and dairy farm projects to produce RNG; the
Company’s history of net losses and the possibility the Company
incurs additional net losses in the future; the Company’s and its
partners’ ability to acquire, finance, construct and develop other
commercial projects; the Company’s ability to potentially modify
its fueling stations to reform its RNG to fuel hydrogen and
electric vehicles; 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;
changes in the competitive environment in which we operate,
including potentially increasing competition in the market for
vehicle fuels generally; 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, as
well as its station design and construction activities;
construction, permitting and other factors that could cause delays
or other problems at station construction projects; the Company’s
ability to execute and realize the intended benefits of any
acquisitions, divestitures, investments or other strategic
relationships or transactions; future availability of and our
access to additional capital, which may include debt or equity
financing, in the amounts and at the times needed to fund 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 Company’s ability to generate sufficient cash
flows to repay its debt obligations as they come due; 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; the Company’s ability
to comply with various registration and regulatory requirements
related to its RNG projects; 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 the safety and environmental
risks inherent in its operations; the Company’s compliance with all
applicable government regulations; the impact of the foregoing on
the trading price of the Company’s common stock; 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 Annual Report on Form 10-K for the year ended
December 31, 2020 that the Company expects to file with the
Securities and Exchange Commission on March 9, 2021, 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
Consolidated Balance
Sheets
(In thousands, except share
and per share data; Unaudited)
December 31,
December 31,
2019
2020
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
49,222
$
108,977
Short-term investments
56,929
29,528
Accounts receivable, net of allowance of
$2,412 and $1,335 as of December 31, 2019 and 2020,
respectively
61,760
61,784
Other receivables
84,898
23,655
Inventory
29,874
28,100
Prepaid expenses and other current
assets
11,109
9,404
Derivative assets, related party
—
1,591
Total current assets
293,792
263,039
Operating lease right-of-use assets
28,627
25,967
Land, property and equipment, net
323,912
290,911
Long-term portion of restricted cash
4,000
11,000
Notes receivable and other long-term
assets, net
31,622
27,299
Long-term portion of derivative assets,
related party
3,270
4,057
Investments in other entities
26,305
27,962
Goodwill
64,328
64,328
Intangible assets, net
1,229
464
Total assets
$
777,085
$
715,027
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
56,013
$
3,592
Current portion of finance lease
obligations
615
840
Current portion of operating lease
obligations
3,359
2,822
Accounts payable
27,376
17,310
Accrued liabilities
67,697
52,637
Deferred revenue
7,338
2,642
Derivative liabilities, related party
164
—
Total current liabilities
162,562
79,843
Long-term portion of debt
32,872
82,088
Long-term portion of finance lease
obligations
2,715
2,552
Long-term portion of operating lease
obligations
26,206
23,698
Other long-term liabilities
9,701
3,996
Total liabilities
234,056
192,177
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 198,491,204
shares issued and outstanding as of December 31, 2019 and 2020,
respectively
20
20
Additional paid-in capital
1,203,186
1,191,791
Accumulated deficit
(668,232
)
(678,096
)
Accumulated other comprehensive loss
(1,566
)
(209
)
Total Clean Energy Fuels Corp.
stockholders’ equity
533,408
513,506
Noncontrolling interest in subsidiary
9,621
9,344
Total stockholders’ equity
543,029
522,850
Total liabilities and stockholders’
equity
$
777,085
$
715,027
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Statements of
Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2019
2020
2019
2020
Revenue:
Product revenue
$
107,522
$
65,516
$
298,469
$
251,954
Service revenue
12,093
9,442
45,596
39,770
Total revenue
119,615
74,958
344,065
291,724
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
47,861
43,211
185,557
161,705
Service cost of sales
7,876
5,425
26,550
23,705
Change in fair value of derivative
warrants
(2,626
)
—
(1,039
)
(40
)
Selling, general and administrative
19,437
16,726
73,444
68,516
Depreciation and amortization
12,294
11,964
49,625
47,682
Total operating expenses
84,842
77,326
334,137
301,568
Operating income (loss)
34,773
(2,368
)
9,928
(9,844
)
Interest expense
(2,137
)
(2,288
)
(7,574
)
(7,348
)
Interest income
730
264
2,437
1,345
Other income (expense), net
(938
)
(180
)
1,990
3,025
Income (loss) from equity method
investments
4
207
(119
)
(161
)
Gain from sale of certain assets of
subsidiary
7,455
887
7,455
1,063
Gain from formation of equity method
investment
—
700
—
700
Income (loss) before income taxes
39,887
(2,778
)
14,117
(11,220
)
Income tax expense
(664
)
(74
)
(858
)
(309
)
Net income (loss)
39,223
(2,852
)
13,259
(11,529
)
Loss attributable to noncontrolling
interest
1,861
291
7,162
1,665
Net income (loss) attributable to Clean
Energy Fuels Corp.
$
41,084
$
(2,561
)
$
20,421
$
(9,864
)
Net income (loss) attributable to Clean
Energy Fuels Corp. per share:
Basic
$
0.20
$
(0.01
)
$
0.10
$
(0.05
)
Diluted
$
0.20
$
(0.01
)
$
0.10
$
(0.05
)
Weighted-average common shares
outstanding:
Basic
204,722,556
198,230,811
204,573,287
200,657,912
Diluted
205,852,492
198,230,811
205,987,509
200,657,912
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210309005958/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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Clean Energy Fuels (NASDAQ:CLNE)
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