Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the third
quarter of 2021.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated “Volumes have increased as the economy
continues to open and as we see more Amazon trucks fueling across
our network. I look forward to seeing my daily reports that show
such a big fleet utilizing our network and conducting their
transportation in the cleanest way we believe possible. We’re also
moving into the marine sector with our new customer Pasha and its
brand-new LNG ships, which we expect to be an important and
significant improvement to their carbon profile. Our expansion into
owning and developing dairy RNG production projects made solid
progress with our JV’s. Between the demand side growth with new
large fleets like Amazon, and our investment in additional RNG
supply beginning to see momentum, our team is executing on all
cylinders to be the continued leader in providing low carbon
solutions for customers.”
The Company delivered 104.2 million gallons in the third quarter
of 2021, a 6.7% increase from 97.7 million in the third quarter of
2020. This increase was principally from the continued return to a
more normal travel and goods movements environment primarily in our
airports and public transit customer markets, which were negatively
impacted by the COVID-19 pandemic in 2020. Renewable natural gas
(“RNG”) delivered was 42.2 million gallons in the third quarter of
2021, a 5% increase compared to the third quarter of 2020.
The Company’s revenue for the third quarter of 2021 was $86.1
million, an increase of 21.5% compared to $70.9 million for the
third quarter of 2020. Revenue for the third quarter of 2021
included non-cash stock-based sales incentive contra-revenue
charges (“Amazon warrant charges”) related to the warrant issued to
Amazon.com NV Investment Holdings LLC (the “Amazon Warrant”) of
$2.2 million. Revenue for the third quarter of 2021 also included
an unrealized gain of $0.3 million on commodity swap and customer
fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized loss of $0.1 million
in the third quarter of 2020. Excluding the effects of the Amazon
warrant charges and the commodity swap and customer fueling
contracts unrealized gains and losses, revenue for the third
quarter of 2021 increased by 23.9% to $88.0 million compared to
$71.0 million for the third quarter of 2020. This increase in
revenue was principally due to higher effective fuel prices
resulting from higher natural gas prices, a favorable fuel price
mix, which is based on the variation of fuel types and locations
where we deliver fuel, and an increase in the number of gallons
delivered. Station construction revenue was $2.6 million for the
third quarter of 2021 compared to $8.8 million for the third
quarter of 2020.
The Company’s revenue for the nine months ended September 30,
2021 was $163.7 million, a decrease of 24.5% compared to $216.8
million for the nine months ended September 30, 2020. Revenue for
the nine months ended September 30, 2021 included Amazon warrant
charges of $80.2 million. Revenue for the nine months ended
September 30, 2021 also included an unrealized loss of $2.2 million
on commodity swap and customer fueling contracts relating to the
Company’s Zero Now truck financing program, compared to an
unrealized gain of $4.0 million in the nine months ended September
30, 2020. Excluding the effects of the Amazon warrant charges and
the commodity swap and customer fueling contracts unrealized gains
and losses, revenue for the nine months ended September 30, 2021
increased by 15.7% to $246.2 million compared to $212.8 million for
the nine months ended September 30, 2020. This increase in revenue
was principally due to higher effective fuel prices resulting from
higher natural gas prices, a favorable fuel price mix, which is
based on the variation of fuel types and locations where we deliver
fuel, and an increase in the number of gallons delivered. Station
construction revenue was $13.2 million for the nine months ended
September 30, 2021, compared to $19.6 million for the nine months
ended September 30, 2020.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the third quarter of 2021 was $(3.9) million, or
$(0.02) per share, compared to $(2.3) million, or $(0.01) per
share, for the third quarter of 2020. The third quarter of 2021 was
negatively affected by the Amazon warrant charges.
On a GAAP basis, net loss attributable to Clean Energy for the
nine months ended September 30, 2021, was $(90.8) million, or
$(0.43) per share, compared to $(7.3) million, or $(0.04) per
share, for the nine months ended September 30, 2020. The nine
months ended September 30, 2021 was negatively affected by the
Amazon warrant charges and the unrealized loss on commodity swap
and customer fueling contracts, while the comparable 2020 period
was positively affected by the unrealized gain on commodity swap
and customer fueling contracts.
Non-GAAP income per share and Adjusted EBITDA (each as defined
below) for the third quarter of 2021 was $0.01 and $13.4 million,
respectively. Non-GAAP loss per share and Adjusted EBITDA for the
third quarter of 2020 was $(0.01) and $11.0 million,
respectively.
Non-GAAP income per share and Adjusted EBITDA for the nine
months ended September 30, 2021 was $0.01 and $39.0 million,
respectively. Non-GAAP loss per share and Adjusted EBITDA for the
nine months ended September 30, 2020 was $(0.04) and $31.5 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 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 adjust 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 like 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 Amazon
warrant charges, plus stock-based compensation expense, plus
(minus) loss (income) from the SAFE&CEC S.r.l. equity method
investment, 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 the Amazon warrant charges provides useful
information to investors regarding the Company’s performance
because the Amazon warrant charges are measured based upon a fair
value determined using a variety of assumptions and estimates, and
the Amazon warrant charges do not impact the Company’s operating
cash flows related to the delivery and sale of vehicle fuel to its
customer. 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
the SAFE&CEC S.r.l. equity method investment 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
loss attributable to Clean Energy to the non-GAAP net income (loss)
attributable to Clean Energy figure used in the calculation of
non-GAAP income (loss) per share:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except share and per
share data)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,271
)
$
(3,934
)
$
(7,303
)
$
(90,770
)
Amazon warrant charges
-
2,184
-
80,237
Stock-based compensation
708
3,435
2,522
10,220
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(1
)
134
448
22
Loss (gain) from change in fair value of
derivative instruments
150
(267
)
(4,055
)
2,240
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
(1,414
)
$
1,552
$
(8,388
)
$
1,949
Diluted weighted-average common shares
outstanding
198,785,394
226,412,718
201,472,851
214,144,066
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.01
)
$
(0.02
)
$
(0.04
)
$
(0.43
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
(0.01
)
$
0.01
$
(0.04
)
$
0.01
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 Amazon warrant charges,
plus stock-based compensation expense, plus (minus) loss (income)
from the SAFE&CEC equity method investment, 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
Nine Months Ended
September 30,
September 30,
(in thousands)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,271
)
$
(3,934
)
$
(7,303
)
$
(90,770
)
Income tax expense
79
60
235
199
Interest expense
1,009
1,038
5,060
3,476
Interest income
(427
)
(334
)
(1,081
)
(828
)
Depreciation and amortization
11,744
11,092
35,718
34,208
Amazon warrant charges
-
2,184
-
80,237
Stock-based compensation
708
3,435
2,522
10,220
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(1
)
134
448
22
Loss (gain) from change in fair value of
derivative instruments
150
(267
)
(4,055
)
2,240
Adjusted EBITDA
$
10,991
$
13,408
$
31,544
$
39,004
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
Nine Months Ended
September 30,
September 30,
Gallons of RNG delivered (in
millions)
2020
2021
2020
2021
Total
40.1
42.2
111.7
122.1
The table below shows gallons delivered for the three and nine
months ended September 30, 2020 and 2021:
Three Months Ended
Nine Months Ended
September 30,
September 30,
Gallons Delivered (in millions)
2020
2021
2020
2021
CNG
82.1
89.7
239.8
256.8
LNG
15.6
14.5
46.7
41.2
Total
97.7
104.2
286.5
298.0
Sources of Revenue
The following table shows the Company's sources of revenue for
the three and nine months ended September 30, 2020 and 2021:
Three Months Ended
Nine Months Ended
September 30,
September 30,
Revenue (in millions)
2020
2021
2020
2021
Volume-related (1) (2)
$
57.1
$
78.2
$
182.4
$
135.5
Station construction sales
8.8
2.6
19.6
13.2
AFTC
5.0
5.3
14.8
15.0
Total revenue
$
70.9
$
86.1
$
216.8
$
163.7
_______________________________
(1)
For the three and nine months ended
September 30, 2021, volume-related revenue includes an unrealized
gain (loss) from the change in fair value of commodity swap and
customer fueling contracts of $0.3 million and $(2.2) million,
respectively. For the three and nine months ended September 30,
2020, volume-related revenue includes an unrealized gain (loss)
from the change in fair value of commodity swap and customer
contracts of $(0.1) million and $4.0 million, respectively.
(2)
Includes $2.2 million and $80.2 million of
Amazon warrant contra-revenue charges for the three and nine months
ended September 30, 2021, respectively.
2021 Outlook
Our latest 2021 outlook given on August 5, 2021 contemplated an
increase in the Amazon warrant charges as a result of the issuance
of additional common shares under the Company’s at-the-market
offering programs during the second quarter of 2021, assumed 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 affect the Company’s estimated
GAAP net loss for 2021) and contemplated a gradual recovery from
the COVID-19 pandemic in the second half of 2021. This resulted in
an outlook given on August 5, 2021 of estimated GAAP net loss for
2021 of approximately $(86) million, and an expectation of Adjusted
EBITDA ranging from $60 million to $62 million. We continue to hold
this view of our estimated GAAP net loss and Adjusted EBITDA for
2021 as depicted in the table below. These expectations 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 adding back the estimated
Amazon warrant charges described above and without adjustments for
any other items that may arise during 2021 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.
$
(86,000
)
Income tax expense (benefit)
300
Interest expense
4,100
Interest income
(1,050
)
Depreciation and amortization
48,000
Stock-based compensation
13,250
Loss (income) from SAFE&CEC S.r.l.
equity method investment
400
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
83,000
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 1.877.300.8521 from the
U.S. and international callers can dial 1.412.317.6026. A telephone
replay will be available approximately two hours after the call
concludes through Saturday, December 4, 2021 by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 10160722. 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 the country’s largest provider of
the cleanest fuel for the transportation market. Our mission is to
decarbonize transportation through the development and delivery of
renewable natural gas (RNG), a sustainable fuel derived from
organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to
reduce their amount of climate-harming greenhouse gas. We operate a
vast network of fueling stations across the U.S. and Canada. Visit
www.cleanenergyfuels.com and follow @CE_NatGas on Twitter.
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, our fiscal
2021 outlook, our volume growth, customer expansion, production
sources, joint ventures, and the benefits of our fuels.
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 invest in hydrogen
stations or modify its fueling stations to reform its RNG to fuel
hydrogen and electric vehicles; the Company’s ability to realize
the expected benefits from the commercial arrangement with Amazon
and related transactions; 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 Quarterly Report on Form 10-Q for the quarter ended
September 30, 2021 that the Company expects to file with the
Securities and Exchange Commission on November 4, 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
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share data; Unaudited)
December 31,
September 30,
2020
2021
Assets
Current assets:
Cash and cash equivalents
$
108,977
$
139,906
Short-term investments
29,528
120,190
Accounts receivable, net of allowance of
$1,335 and $1,268 as of December 31, 2020 and September 30, 2021,
respectively
61,784
71,176
Other receivables
23,655
12,901
Inventory
28,100
29,332
Prepaid expenses and other current
assets
9,404
23,749
Derivative assets, related party
1,591
502
Total current assets
263,039
397,756
Operating lease right-of-use assets
25,967
33,959
Land, property and equipment, net
290,911
271,540
Restricted cash
11,000
7,006
Notes receivable and other long-term
assets, net
27,299
65,800
Long-term portion of derivative assets,
related party
4,057
85
Investments in other entities
27,962
76,953
Goodwill
64,328
64,328
Intangible assets, net
464
24
Total assets
$
715,027
$
917,451
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
3,592
$
11,053
Current portion of finance lease
obligations
840
830
Current portion of operating lease
obligations
2,822
3,250
Accounts payable
17,310
17,403
Accrued liabilities
52,637
60,854
Deferred revenue
2,642
2,034
Total current liabilities
79,843
95,424
Long-term portion of debt
82,088
25,900
Long-term portion of finance lease
obligations
2,552
2,536
Long-term portion of operating lease
obligations
23,698
31,067
Other long-term liabilities
3,996
7,593
Total liabilities
192,177
162,520
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 and 454,000,000 shares authorized; 198,491,204 shares
and 223,085,469 shares issued and outstanding as of December 31,
2020 and September 30, 2021, respectively
20
22
Additional paid-in capital
1,191,791
1,516,452
Accumulated deficit
(678,096
)
(768,866
)
Accumulated other comprehensive loss
(209
)
(1,237
)
Total Clean Energy Fuels Corp.
stockholders’ equity
513,506
746,371
Noncontrolling interest in subsidiary
9,344
8,560
Total stockholders’ equity
522,850
754,931
Total liabilities and stockholders’
equity
$
715,027
$
917,451
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2021
2020
2021
Revenue:
Product revenue
$
60,310
$
74,354
$
186,438
$
133,081
Service revenue
10,576
11,741
30,328
30,637
Total revenue
70,886
86,095
216,766
163,718
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
38,767
48,254
118,494
134,356
Service cost of sales
6,522
7,547
18,280
18,757
Change in fair value of derivative
warrants
—
—
(40
)
—
Selling, general and administrative
16,639
22,303
51,790
65,350
Depreciation and amortization
11,744
11,092
35,718
34,208
Total operating expenses
73,672
89,196
224,242
252,671
Operating loss
(2,786
)
(3,101
)
(7,476
)
(88,953
)
Interest expense
(1,009
)
(1,038
)
(5,060
)
(3,476
)
Interest income
427
334
1,081
828
Other income, net
919
62
3,381
906
Loss from equity method investments
(11
)
(355
)
(368
)
(660
)
Loss before income taxes
(2,460
)
(4,098
)
(8,442
)
(91,355
)
Income tax expense
(79
)
(60
)
(235
)
(199
)
Net loss
(2,539
)
(4,158
)
(8,677
)
(91,554
)
Loss attributable to noncontrolling
interest
268
224
1,374
784
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,271
)
$
(3,934
)
$
(7,303
)
$
(90,770
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.01
)
$
(0.02
)
$
(0.04
)
$
(0.43
)
Weighted-average common shares
outstanding:
Basic and diluted
198,785,394
223,008,202
201,472,851
209,771,584
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104005248/en/
Investor Contact: investors@cleanenergyfuels.com
News Media Contact: Raleigh Gerber Director of Corporate
Communications 949.437.1397
Clean Energy Fuels (NASDAQ:CLNE)
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