Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the second
quarter of 2022.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated “We are pleased with how the second
quarter turned out with an increase in fuel volume and revenues.
But more importantly, the margin on our fuel volumes increased by
double digits despite the softness in RIN and LCFS prices, which is
a testament to the diverse and recurring nature of our business
model. Our RNG upstream investing and construction activities
remained on pace, if not ahead of the plan that we announced in
January. We also continued good progress with the construction of
new RNG stations to accommodate Amazon’s growing fleet of trucks
and volumes.”
The Company delivered 106.9 million gallons in the second
quarter of 2022, a 5.4% increase from 101.4 million in the second
quarter of 2021. This increase was principally from continued
growth in Amazon and in our airports, public transit and refuse
customer markets. Renewable natural gas (“RNG”) delivered was 50.0
million gallons in the second quarter of 2022, a 16.6% increase
compared to the second quarter of 2021.
The Company’s revenue for the second quarter of 2022 was $97.2
million, an increase of $96.7 million compared to $0.5 million in
the second quarter of 2021. Revenue for the second quarter of 2022
was reduced by $4.8 million of 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”), compared to Amazon warrant charges of $78.1
million in the second quarter of 2021. Revenue for the second
quarter of 2022 also included an unrealized loss of $1.1 million on
commodity swap and customer fueling contracts relating to the
Company’s Zero Now truck financing program, compared to an
unrealized loss of $0.5 million in the second quarter of 2021. The
increase in revenue was principally the result of the decrease in
the Amazon warrant charges, as well as higher fuel prices driven by
higher natural gas prices and renewable identification number
(“RIN”) prices, along with an increase in the number of gallons
delivered. No alternative fuel excise tax credit (“AFTC”) revenue
was included in the second quarter of 2022 due to the expiration of
AFTC for vehicle fuel sales after December 31, 2021, whereas second
quarter 2021 included $5.2 million of AFTC revenue. Station
construction revenue was $6.0 million for the second quarter of
2022 compared to $6.1 million for the second quarter of 2021.
The Company’s revenue for the six months ended June 30, 2022 was
$180.7 million, an increase of $103.1 million compared to $77.6
million in the six months ended June 30, 2021. Revenue for the six
months ended June 30, 2022 was reduced by $8.5 million of Amazon
warrant charges, compared to Amazon warrant charges of $78.1
million in the six months ended June 30, 2021. Revenue for the six
months ended June 30, 2022 also included an unrealized loss of $2.1
million on commodity swap and customer fueling contracts relating
to the Company’s Zero Now truck financing program, compared to an
unrealized loss of $2.5 million in the six months ended June 30,
2021. The increase in revenue was principally the result of the
decrease in the Amazon warrant charges as well as higher fuel
prices driven by higher natural gas prices and RIN prices, along
with an increase in the number of gallons delivered. Revenue for
the six months ended June 30, 2022 included carryover AFTC revenue
of $0.2 million, compared to AFTC revenue of $9.7 million in the
six months ended June 30, 2021. Station construction revenue was
$9.3 million for the six months ended June 30, 2022 compared to
$10.6 million for the six months ended June 30, 2021.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the second quarter of 2022 was $(13.2) million, or
$(0.06) per share, compared to $(79.7) million, or $(0.38) per
share, for the second quarter of 2021. Compared to the second
quarter of 2021, the second quarter of 2022 was positively affected
by lower Amazon warrant charges, partially offset by higher stock
compensation expense and costs associated with ramping up our RNG
supply investments. The second quarter of 2021 included $5.2
million in income from AFTC, whereas there was no AFTC income in
the second quarter of 2022.
On a GAAP basis, net loss attributable to Clean Energy for the
six months ended June 30, 2022 was $(37.4) million, or $(0.17) per
share, compared to $(86.8) million, or $(0.43) per share, for the
six months ended June 30, 2021. Compared to that of 2021, the six
months ended June 30, 2022 was positively affected by lower Amazon
warrant charges, partially offset by higher stock compensation
expense, costs associated with ramping up our RNG supply
investments and a loss on extinguishment (refinancing) of debt at
our NG Advantage majority-controlled subsidiary. The six months
ended June 30, 2021 included $9.7 million in income from AFTC,
whereas there was $0.2 million of carryover AFTC income in the six
months ended June 30, 2022.
Non-GAAP loss per share and Adjusted EBITDA (each as defined
below) for the second quarter of 2022 was $(0.00) and $10.0
million, respectively, without AFTC income. Non-GAAP income per
share and Adjusted EBITDA for the second quarter of 2021 was $0.01
and $14.0 million, respectively, which included $5.2 million of
income from the AFTC.
Non-GAAP loss per share and Adjusted EBITDA for the six months
ended June 30, 2022 was $(0.05) and $13.3 million, respectively,
including $0.2 million of carryover income from the AFTC. Non-GAAP
income per share and Adjusted EBITDA for the six months ended June
30, 2021 was $0.00 and $25.6 million, respectively, which included
$9.7 million in income from the AFTC.
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
income (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
Six Months Ended
June 30,
June 30,
(in thousands, except share and per
share data)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(79,667
)
$
(13,235
)
$
(86,836
)
$
(37,426
)
Amazon warrant charges
78,053
4,777
78,053
8,533
Stock-based compensation
3,419
6,468
6,786
14,721
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(508
)
63
(112
)
221
Loss (gain) from change in fair value of
derivative instruments
462
1,079
2,507
2,114
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
1,759
$
(848
)
$
398
$
(11,837
)
Diluted weighted-average common shares
outstanding
211,227,848
222,433,900
207,830,496
222,496,426
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.38
)
$
(0.06
)
$
(0.43
)
$
(0.17
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
0.01
$
(0.00
)
$
0.00
$
(0.05
)
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 Fuels Corp., plus (minus) income tax
expense (benefit), plus interest expense (including any losses from
the extinguishment of debt), 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 S.r.l. 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
Six Months Ended
June 30,
June 30,
(in thousands)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(79,667
)
$
(13,235
)
$
(86,836
)
$
(37,426
)
Income tax expense
56
68
139
117
Interest expense
1,002
732
2,438
3,809
Interest income
(240
)
(490
)
(494
)
(754
)
Depreciation and amortization
11,381
10,556
23,116
21,946
Amazon warrant charges
78,053
4,777
78,053
8,533
Stock-based compensation
3,419
6,468
6,786
14,721
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(508
)
63
(112
)
221
Loss from change in fair value of
derivative instruments
462
1,079
2,507
2,114
Adjusted EBITDA
$
13,958
$
10,018
$
25,597
$
13,281
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
Six Months Ended
June 30,
June 30,
Gallons of RNG delivered (in
millions)
2021
2022
2021
2022
CNG
35.8
43.1
65.9
77.7
LNG
7.1
6.9
14.0
12.0
Total
42.9
50.0
79.9
89.7
The table below shows gallons delivered for the three and six
months ended June 30, 2021 and 2022:
Three Months Ended
Six Months Ended
June 30,
June 30,
Gallons Delivered (in millions)
2021
2022
2021
2022
CNG
88.5
92.5
167.1
174.9
LNG
12.9
14.4
26.7
27.8
Total
101.4
106.9
193.8
202.7
Sources of Revenue
The following table shows the Company's sources of revenue for
the three and six months ended June 30, 2021 and 2022:
Three Months Ended
Six Months Ended
June 30,
June 30,
Revenue (in millions)
2021
2022
2021
2022
Volume-related (1) (2)
$
(10.8
)
$
91.2
$
57.3
$
171.2
Station construction sales
6.1
6.0
10.6
9.3
AFTC
5.2
—
9.7
0.2
Total revenue
$
0.5
$
97.2
$
77.6
$
180.7
(1)
For the three and six months ended June 30, 2022, volume-related
revenue includes an unrealized loss from the change in fair value
of commodity swap and customer fueling contracts of $(1.1) million
and $(2.1) million, respectively. For the three and six months
ended June 30, 2021, volume-related revenue includes an unrealized
loss from the change in fair value of commodity swap and customer
fueling contracts of $(0.5) million and $(2.5) million,
respectively.
(2)
Includes $4.8 million and $8.5 million of Amazon warrant
contra-revenue charges for the three and six months ended June 30,
2022, respectively. For the three and six months ended June 30,
2021, $78.1 million of Amazon warrant contra-revenue charges are
included in volume-related revenue.
2022 Outlook
GAAP net loss for 2022 is expected to range from approximately
$(60) to $(68) million, assuming no unrealized gains or losses on
commodity swap and customer contracts relating to the Company’s
Zero Now truck financing program and including Amazon warrant
charges estimated to range from $28 to $38 million. Changes in
diesel and natural gas market conditions resulting in unrealized
gains or losses on the Company’s commodity swap and customer
fueling contracts relating to the Company’s Zero Now truck
financing program, and significant variations in the vesting by
Amazon of the Amazon warrant could significantly affect the
Company’s estimated GAAP net loss for 2022. Adjusted EBITDA for
2022 is estimated to range from approximately $60 to $65 million.
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 2022 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 2022 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)
2022 Outlook
GAAP Net loss attributable to Clean Energy
Fuels Corp.
$
(59,700) - (67,700)
Income tax expense (benefit)
—
Interest expense
9,400
Interest income
(1,050)
Depreciation and amortization
54,700 - 57,700
Stock-based compensation
28,350
Loss (income) from SAFE&CEC S.r.l.
equity method investment
—
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
28,300 - 38,300
Adjusted EBITDA
$
60,000 - 65,000
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 1.888.220.8451 from the
U.S. and international callers can dial 1.646.828.8193. A telephone
replay will be available approximately two hours after the call
concludes through Sunday, September 4, 2022, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 9973154. 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_renewables 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
2022 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
June 30, 2022 that the Company expects to file with the Securities
and Exchange Commission on or about August 4, 2022, 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,
2021
2022
Assets
Current assets:
Cash and cash equivalents
$
99,448
$
57,495
Short-term investments
129,722
130,018
Accounts receivable, net of allowance of
$1,205 and $1,451 as of December 31, 2021 and June 30, 2022,
respectively
87,433
83,356
Other receivables
24,447
4,750
Inventory
31,302
34,931
Prepaid expenses and other current
assets
37,584
67,501
Total current assets
409,936
378,051
Operating lease right-of-use assets
42,537
42,389
Land, property and equipment, net
261,761
253,583
Restricted cash
7,008
—
Notes receivable and other long-term
assets, net
56,189
32,399
Investments in other entities
109,811
157,588
Goodwill
64,328
64,328
Intangible assets, net
5,500
5,915
Total assets
$
957,070
$
934,253
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
12,845
$
7,321
Current portion of finance lease
obligations
846
865
Current portion of operating lease
obligations
3,551
3,712
Accounts payable
24,352
31,753
Accrued liabilities
75,159
69,339
Deferred revenue
7,251
5,926
Derivative liabilities, related party
1,900
7,116
Total current liabilities
125,904
126,032
Long-term portion of debt
23,215
25,089
Long-term portion of finance lease
obligations
2,427
2,133
Long-term portion of operating lease
obligations
39,431
39,062
Long-term portion of derivative
liabilities, related party
2,483
3,918
Other long-term liabilities
8,199
8,513
Total liabilities
201,659
204,747
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.
454,000,000 shares authorized; 222,684,923 shares and 222,177,172
shares issued and outstanding as of December 31, 2021 and June 30,
2022, respectively
22
22
Additional paid-in capital
1,519,918
1,533,118
Accumulated deficit
(771,242
)
(808,668
)
Accumulated other comprehensive loss
(1,622
)
(2,789
)
Total Clean Energy Fuels Corp.
stockholders’ equity
747,076
721,683
Noncontrolling interest in subsidiary
8,335
7,823
Total stockholders’ equity
755,411
729,506
Total liabilities and stockholders’
equity
$
957,070
$
934,253
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,
2021
2022
2021
2022
Revenue:
Product revenue
$
(8,965
)
$
85,853
$
58,727
$
158,360
Service revenue
9,445
11,371
18,896
22,361
Total revenue
480
97,224
77,623
180,721
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
41,294
65,933
86,102
123,548
Service cost of sales
5,617
6,127
11,210
12,749
Selling, general and administrative
21,606
26,481
43,047
54,408
Depreciation and amortization
11,381
10,556
23,116
21,946
Total operating expenses
79,898
109,097
163,475
212,651
Operating loss
(79,418
)
(11,873
)
(85,852
)
(31,930
)
Interest expense
(1,002
)
(732
)
(2,438
)
(3,809
)
Interest income
240
490
494
754
Other income, net
166
14
844
34
Income (loss) from equity method
investments
121
(1,193
)
(305
)
(2,870
)
Loss before income taxes
(79,893
)
(13,294
)
(87,257
)
(37,821
)
Income tax expense
(56
)
(68
)
(139
)
(117
)
Net loss
(79,949
)
(13,362
)
(87,396
)
(37,938
)
Loss attributable to noncontrolling
interest
282
127
560
512
Net loss attributable to Clean Energy
Fuels Corp.
$
(79,667
)
$
(13,235
)
$
(86,836
)
$
(37,426
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.38
)
$
(0.06
)
$
(0.43
)
$
(0.17
)
Weighted-average common shares
outstanding:
Basic and diluted
207,047,221
222,433,900
203,043,580
222,496,426
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803006001/en/
Investor Contact: investors@cleanenergyfuels.com News
Media Contact: Raleigh Gerber Director of Corporate
Communications 949.437.1397
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