Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the third
quarter of 2022.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated: “A significant highlight in the third
quarter was the passing of the Inflation Reduction Act which
extended the alternative fuel tax credit, included qualified biogas
projects in the investment tax credit and a new clean fuel
production credit applicable to our dairy RNG projects. RNG
continues to be a big winner for us with volumes growing 28% in the
quarter compared to last year and great progress on RNG supply
projects at dairies, which will help us meet continued demand. We
are also pleased to see our agreement with World Fuels Services to
supply LNG for Pasha ships begin to move the needle in our fuel
volumes.”
The Company sold 54.1 million gallons of renewable natural gas
(“RNG”) in the third quarter of 2022, a 28.2% increase compared to
the third quarter of 2021. For the nine months ended September 30,
2022, the Company sold 143.8 million gallons of RNG compared to
122.1 million gallons sold in the same period in 2021, a 17.8%
increase.
The Company’s revenue for the third quarter of 2022 was $125.7
million, an increase of $39.6 million compared to $86.1 million in
the third quarter of 2021. Revenue for the third quarter of 2022
was reduced by $7.0 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 $2.2
million in the third quarter of 2021. Revenue for the third quarter
of 2022 also included an unrealized gain of $0.5 million on
commodity swap and customer fueling contracts relating to the
Company’s Zero Now truck financing program, compared to an
unrealized gain of $0.3 million in the third quarter of 2021. The
increase in revenue was principally the result of higher sales
price of natural gas and higher average renewable identification
number (“RIN”) prices, along with an increase in the number of
gallons sold and serviced, partially offset by lower average low
carbon fuel standards (“LCFS”) credit prices during the quarter.
Alternative fuel excise tax credit (“AFTC”) revenue was $16.1
million in the third quarter of 2022, compared to AFTC revenue of
$5.3 million in the third quarter of 2021. The increase in AFTC
revenue was due to the reinstatement and extension of the AFTC
incentive, beginning retroactively to January 1, 2022, under the
Inflation Reduction Act of 2022 which was passed into law in August
2022. Station construction revenue was $6.4 million for the third
quarter of 2022 compared to $2.6 million for the third quarter of
2021.
The Company’s revenue for the nine months ended September 30,
2022 was $306.4 million, an increase of $142.7 million compared to
$163.7 million in the nine months ended September 30, 2021. Revenue
for the nine months ended September 30, 2022 was reduced by $15.5
million of Amazon warrant charges, compared to Amazon warrant
charges of $80.2 million in the nine months ended September 30,
2021. Revenue for the nine months ended September 30, 2022 also
included an unrealized loss of $1.6 million on commodity swap and
customer fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized loss of $2.2 million
in the nine months ended September 30, 2021. The increase in
revenue was principally the result of higher sales price of natural
gas and higher RIN prices, along with an increase in the number of
gallons sold and serviced, partially offset by lower average LCFS
credit prices during the period. Revenue for the nine months ended
September 30, 2022 included AFTC revenue of $16.3 million, compared
to AFTC revenue of $15.0 million in the nine months ended September
30, 2021. The increase in AFTC revenue was due to higher number of
gallons of fuel sold. Station construction revenue was $15.7
million for the nine months ended September 30, 2022, compared to
$13.2 million for the nine months ended September 30, 2021.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the third quarter of 2022 was $(9.0) million, or
$(0.04) per share, compared to $(3.9) million, or $(0.02) per
share, for the third quarter of 2021. Compared to the third quarter
of 2021, the third quarter of 2022 was positively affected by
higher AFTC revenue due to reinstatement of the incentive, offset
by higher Amazon warrant charges, higher stock compensation
expense, and higher depreciation expense associated with the
removal of fueling station equipment from select Pilot Travel
Centers LLC (“Pilot”) locations.
On a GAAP basis, net loss attributable to Clean Energy for the
nine months ended September 30, 2022 was $(46.4) million, or
$(0.21) per share, compared to $(90.8) million, or $(0.43) per
share, for the nine months ended September 30, 2021. Compared to
that of 2021, the nine months ended September 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, a loss on extinguishment
(refinancing) of debt at our NG Advantage majority-controlled
subsidiary, and higher depreciation expense associated with the
removal of fueling station equipment from select Pilot
locations.
Non-GAAP income per share and Adjusted EBITDA (each as defined
below) for the third quarter of 2022 was $0.06 and $24.1 million,
respectively, which included $15.8 million, net AFTC income
relating to vehicle fuel sales made beginning January 1, 2022.
Non-GAAP income per share and Adjusted EBITDA for the third quarter
of 2021 was $0.01 and $13.4 million, respectively, which included
$5.3 million, net AFTC income.
Non-GAAP income per share and Adjusted EBITDA for the nine
months ended September 30, 2022 was $0.00 and $37.4 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 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
accelerated depreciation expense relating to the removal of fueling
station equipment located on certain Pilot premises, 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. The
Company’s management believes excluding non-cash accelerated
depreciation expense relating to the removal of fueling station
equipment located on certain Pilot premises is helpful to investors
because the expense is not part of or representative of the
on-going operations of the Company and may reduce comparability or
obscure trends in the Company’s 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
Nine Months Ended
September 30,
September 30,
(in thousands, except share and per
share data)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(3,934
)
$
(8,973
)
$
(90,770
)
$
(46,399
)
Amazon warrant charges
2,184
6,967
80,237
15,500
Stock-based compensation
3,435
5,964
10,220
20,685
Accelerated depreciation expense
associated with station equipment removal
—
8,766
—
8,766
Loss from SAFE&CEC S.r.l. equity
method investment
134
333
22
554
Loss (gain) from change in fair value of
derivative instruments
(267
)
(508
)
2,240
1,606
Non-GAAP net income attributable to Clean
Energy Fuels Corp.
$
1,552
$
12,549
$
1,949
$
712
Diluted weighted-average common shares
outstanding
226,412,718
224,760,621
214,144,066
225,045,445
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.02
)
$
(0.04
)
$
(0.43
)
$
(0.21
)
Non-GAAP income attributable to Clean
Energy Fuels Corp. per share
$
0.01
$
0.06
$
0.01
$
0.00
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
Nine Months Ended
September 30,
September 30,
(in thousands)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(3,934
)
$
(8,973
)
$
(90,770
)
$
(46,399
)
Income tax expense
60
106
199
223
Interest expense
1,038
670
3,476
4,479
Interest income
(334
)
(1,019
)
(828
)
(1,773
)
Depreciation and amortization
11,092
20,539
34,208
42,485
Amazon warrant charges
2,184
6,967
80,237
15,500
Stock-based compensation
3,435
5,964
10,220
20,685
Loss from SAFE&CEC S.r.l. equity
method investment
134
333
22
554
Loss (gain) from change in fair value of
derivative instruments
(267
)
(508
)
2,240
1,606
Adjusted EBITDA
$
13,408
$
24,079
$
39,004
$
37,360
Fuel and Service Volume
The following tables present, for the three and nine months
ended September 30, 2021 and 2022, (1) the amount of total fuel
volume the Company sold to customers with particular focus on RNG
volume as a subset of total fuel volume and (2) O&M services
volume dispensed at facilities the Company does not own but where
it provides O&M services on a per-gallon or fixed fee basis.
Certain gallons are included in both fuel and service volumes when
the Company sells fuel (product revenue) to a customer and provides
maintenance services (service revenue) to the same customer.
Three Months Ended
Nine Months Ended
Fuel volume, GGEs(2) sold (in
millions),
September 30,
September 30,
correlating to total volume-related
product revenue
2021
2022
2021
2022
RNG(1)
42.2
54.1
122.1
143.8
Conventional natural gas(1)
21.7
19.3
58.3
53.9
Total fuel volume
63.9
73.4
180.4
197.7
Three Months Ended
Nine Months Ended
O&M services volume, GGEs(2)
serviced (in millions),
September 30,
September 30,
correlating to volume-related O&M
services revenue
2021
2022
2021
2022
O&M services volume
60.0
62.8
171.0
178.8
(1)
All RNG and conventional natural gas sold
were sourced from third-party suppliers.
(2)
The Company calculates one gasoline gallon
equivalent (“GGE”) to equal 125,000 British Thermal Units (“BTUs”),
and, as such, one million BTUs (“MMBTU”) equal eight GGEs.
Sources of Revenue
The following table shows the Company's sources of revenue for
the three and nine months ended September 30, 2021 and 2022:
Three Months Ended
Nine Months Ended
September 30,
September 30,
Revenue (in millions)
2021
2022
2021
2022
Product revenue:
Volume-related
Fuel sales(1)
$
52.3
$
78.5
$
72.2
$
204.2
Change in fair value of derivative
instruments(2)
0.3
0.5
(2.2
)
(1.6
)
RIN Credits
8.1
9.3
21.9
27.0
LCFS Credits
5.7
2.6
13.0
10.1
AFTC
5.3
16.1
15.0
16.3
Total volume-related product revenue
71.7
107.0
119.9
256.0
Station construction sales
2.6
6.4
13.2
15.7
Total product revenue
74.3
113.4
133.1
271.7
Service revenue:
Volume-related, O&M services
11.7
12.0
30.5
33.7
Other services
0.1
0.3
0.1
1.0
Total service revenue
11.8
12.3
30.6
34.7
Total revenue
$
86.1
$
125.7
$
163.7
$
306.4
(1)
Includes $7.0 million and $15.5 million of
Amazon warrant contra-revenue charges for the three and nine months
ended September 30, 2022, respectively. For the three and nine
months ended September 30, 2021, $2.2 million and $80.2 million,
respectively, of Amazon warrant contra-revenue charges are
included.
(2)
The change in fair value of derivative
instruments is related to the Company’s commodity swap and customer
fueling contracts. The amounts are classified as revenue because
the Company’s commodity swap contracts are used to economically
offset the risk associated with the diesel-to-natural gas price
spread resulting from customer fueling contracts under the
Company’s Zero Now truck financing program.
2022 Outlook
GAAP net loss for 2022 is expected to be approximately $(58)
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
be $28 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 be approximately $60 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.
$
(58,000)
Income tax expense (benefit)
—
Interest expense
6,500
Interest income
(2,150)
Depreciation and amortization
57,000
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
Adjusted EBITDA
$
60,000
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 1.800.458.4121 from the
U.S. and international callers can dial 1.646.828.8193. A telephone
replay will be available approximately three hours after the call
concludes through Thursday, December 8, 2022, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 3761917. 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
legislation, 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, 2022 that the Company expects to file with the
Securities and Exchange Commission on or about November 8, 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,
September 30,
2021
2022
Assets
Current assets:
Cash and cash equivalents
$
99,448
$
23,123
Short-term investments
129,722
110,989
Accounts receivable, net of allowance of
$1,205 and $1,457 as of December 31, 2021 and September 30, 2022,
respectively
87,433
92,161
Other receivables
24,447
35,112
Inventory
31,302
35,927
Prepaid expenses and other current
assets
37,584
58,262
Total current assets
409,936
355,574
Operating lease right-of-use assets
42,537
45,144
Land, property and equipment, net
261,761
248,902
Restricted cash
7,008
—
Notes receivable and other long-term
assets, net
56,189
28,155
Investments in other entities
109,811
193,428
Goodwill
64,328
64,328
Intangible assets, net
5,500
5,915
Total assets
$
957,070
$
941,446
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
12,845
$
4,165
Current portion of finance lease
obligations
846
939
Current portion of operating lease
obligations
3,551
3,920
Accounts payable
24,352
31,038
Accrued liabilities
75,159
85,200
Deferred revenue
7,251
4,927
Derivative liabilities, related party
1,900
3,912
Total current liabilities
125,904
134,101
Long-term portion of debt
23,215
24,390
Long-term portion of finance lease
obligations
2,427
2,223
Long-term portion of operating lease
obligations
39,431
41,682
Long-term portion of derivative
liabilities, related party
2,483
1,694
Other long-term liabilities
8,199
8,633
Total liabilities
201,659
212,723
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 222,413,908
shares issued and outstanding as of December 31, 2021 and September
30, 2022, respectively
22
22
Additional paid-in capital
1,519,918
1,543,511
Accumulated deficit
(771,242
)
(817,641
)
Accumulated other comprehensive loss
(1,622
)
(4,877
)
Total Clean Energy Fuels Corp.
stockholders’ equity
747,076
721,015
Noncontrolling interest in subsidiary
8,335
7,708
Total stockholders’ equity
755,411
728,723
Total liabilities and stockholders’
equity
$
957,070
$
941,446
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,
2021
2022
2021
2022
Revenue:
Product revenue
$
74,354
$
113,360
$
133,081
$
271,720
Service revenue
11,741
12,327
30,637
34,688
Total revenue
86,095
125,687
163,718
306,408
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
48,254
79,710
134,356
203,258
Service cost of sales
7,547
7,565
18,757
20,314
Selling, general and administrative
22,303
26,501
65,350
80,909
Depreciation and amortization
11,092
20,539
34,208
42,485
Total operating expenses
89,196
134,315
252,671
346,966
Operating loss
(3,101
)
(8,628
)
(88,953
)
(40,558
)
Interest expense
(1,038
)
(670
)
(3,476
)
(4,479
)
Interest income
334
1,019
828
1,773
Other income, net
62
25
906
59
Loss from equity method investments
(355
)
(728
)
(660
)
(3,598
)
Loss before income taxes
(4,098
)
(8,982
)
(91,355
)
(46,803
)
Income tax expense
(60
)
(106
)
(199
)
(223
)
Net loss
(4,158
)
(9,088
)
(91,554
)
(47,026
)
Loss attributable to noncontrolling
interest
224
115
784
627
Net loss attributable to Clean Energy
Fuels Corp.
$
(3,934
)
$
(8,973
)
$
(90,770
)
$
(46,399
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.02
)
$
(0.04
)
$
(0.43
)
$
(0.21
)
Weighted-average common shares
outstanding:
Basic and diluted
223,008,202
222,239,376
209,771,584
222,409,802
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107006190/en/
Investor Contact: investors@cleanenergyfuels.com
News Media Contact: Raleigh Gerber Director of Corporate
Communications 949.437.1397
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jul 2024 to Aug 2024
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Aug 2023 to Aug 2024