Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the fourth
quarter of 2022 and year ended December 31, 2022.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated: “We finished the year with another
strong quarter of RNG deliveries with a 21% increase from the
fourth quarter of 2021. We continue to execute on our growth plans
around RNG supply and the build out of new stations to accommodate
Amazon and other fleets. We addressed our near-term capital needs
with a $150 million debt raise to support RNG growth and bridge us
well into 2023 when our dairy projects and volumes at new stations
are anticipated to add to our cash flow profile. Despite some
formidable head winds around lower environmental credits prices and
a spike in California natural gas prices during the fourth quarter
we finished the year with solid financial results and a well-funded
balance sheet.”
The Company sold 54.4 million gallons of renewable natural gas
(“RNG”) in the fourth quarter of 2022, a 21.2% increase compared to
the fourth quarter of 2021. For the year ended December 31, 2022,
the Company sold 198.2 million gallons of RNG compared to 167.0
million gallons sold in the same period in 2021, an 18.7%
increase.
The Company’s revenue for the fourth quarter of 2022 was $113.8
million, an increase of $21.9 million compared to $91.9 million in
the fourth quarter of 2021. Revenue for the fourth quarter of 2022
was reduced by $8.8 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 $3.4
million in the fourth quarter of 2021. Revenue for the fourth
quarter of 2022 also included an unrealized gain 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 $1.3 million in the fourth quarter of 2021. The
increase in revenue was principally the result of higher sales
price of natural gas and an increase in the number of gallons sold
and serviced, partially offset by lower average low carbon fuel
standards (“LCFS”) credit prices and lower average renewable
identification number (“RIN”) prices during the quarter.
Alternative fuel excise tax credit (“AFTC”) revenue was $5.5
million in the fourth quarter of 2022, compared to AFTC revenue of
$5.7 million in the fourth quarter of 2021. Station construction
revenue increased by $3.4 million to $6.6 million for the fourth
quarter of 2022, compared to $3.2 million for the fourth quarter of
2021, due to increased construction activities.
The Company’s revenue for the year ended December 31, 2022 was
$420.2 million, an increase of $164.6 million compared to $255.6
million in the year ended December 31, 2021. Revenue for the year
ended December 31, 2022 was reduced by $24.3 million of Amazon
warrant charges, compared to Amazon warrant charges of $83.6
million in the year ended December 31, 2021. Revenue for the year
ended December 31, 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 loss of $3.5 million in the year ended December 31,
2021. The increase in revenue was principally the result of higher
sales price of natural gas and an increase in the number of gallons
sold and serviced, partially offset by lower average LCFS credit
prices in 2022. Revenue for the year ended December 31, 2022
included AFTC revenue of $21.8 million, compared to AFTC revenue of
$20.7 million in the year ended December 31, 2021. The increase in
AFTC revenue was due to higher number of gallons of fuel sold.
Station construction revenue increased by $5.9 million to $22.3
million for the year ended December 31, 2022, compared to $16.4
million for the year ended December 31, 2021, due to increased
construction activities.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the fourth quarter of 2022 was $(12.3) million, or
$(0.06) per share, compared to $(2.4) million, or $(0.01) per
share, for the fourth quarter of 2021. Compared to the fourth
quarter of 2021, the fourth quarter of 2022 was positively affected
by an unrealized gain on commodity swap and customer fueling
contracts relating to the Company’s Zero Now truck financing
program, offset by higher Amazon warrant charges, higher stock
compensation expense, a loss on extinguishment of debt at our NG
Advantage majority-controlled subsidiary, 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
year ended December 31, 2022 was $(58.7) million, or $(0.26) per
share, compared to $(93.1) million, or $(0.44) per share, for the
year ended December 31, 2021. Compared to that of 2021, the year
ended December 31, 2022 was positively affected by lower Amazon
warrant charges and an unrealized gain on commodity swap and
customer fueling contracts relating to the Company’s Zero Now truck
financing program, partially offset by higher stock compensation
expense, costs associated with ramping up our RNG supply
investments, losses on extinguishment 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 (loss) per share and Adjusted EBITDA (each as
defined below) for the fourth quarter of 2022 was $0.01 and $12.6
million, respectively. Non-GAAP income (loss) per share and
Adjusted EBITDA for the fourth quarter of 2021 was $0.03 and $18.0
million, respectively.
Non-GAAP income (loss) per share and Adjusted EBITDA for the
year ended December 31, 2022 was $0.01 and $50.0 million,
respectively. Non-GAAP income (loss) per share and Adjusted EBITDA
for the year ended December 31, 2021 was $0.04 and $57.0 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 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
Year Ended
December 31,
December 31,
(in thousands, except share and per
share data)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,376
)
$
(12,334
)
$
(93,146
)
$
(58,733
)
Amazon warrant charges
3,404
8,802
83,641
24,302
Stock-based compensation
4,772
5,788
14,994
26,473
Accelerated depreciation expense
associated with station equipment removal
—
1,818
—
10,584
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(620
)
96
(598
)
650
Loss (gain) from change in fair value of
derivative instruments
1,250
(2,123
)
3,490
(517
)
Non-GAAP net income attributable to Clean
Energy Fuels Corp.
$
6,430
$
2,047
$
8,381
$
2,759
Diluted weighted-average common shares
outstanding
226,660,312
224,842,864
217,401,748
225,039,110
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.01
)
$
(0.06
)
$
(0.44
)
$
(0.26
)
Non-GAAP income attributable to Clean
Energy Fuels Corp. per share
$
0.03
$
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 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
Year Ended
December 31,
December 31,
(in thousands)
2021
2022
2021
2022
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,376
)
$
(12,334
)
$
(93,146
)
$
(58,733
)
Income tax expense
(80
)
(3
)
119
220
Interest expense
954
1,829
4,430
6,308
Interest income
(254
)
(1,601
)
(1,082
)
(3,374
)
Depreciation and amortization
10,976
12,189
45,184
54,674
Amazon warrant charges
3,404
8,802
83,641
24,302
Stock-based compensation
4,772
5,788
14,994
26,473
Loss (income) from SAFE&CEC S.r.l.
equity method investment
(620
)
96
(598
)
650
Loss (gain) from change in fair value of
derivative instruments
1,250
(2,123
)
3,490
(517
)
Adjusted EBITDA
$
18,026
$
12,643
$
57,032
$
50,003
Fuel and Service Volume
The following tables present, for the three months and year
ended December 31, 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) operation and
maintenance (“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
Year Ended
Fuel volume, GGEs(2) sold (in
millions),
December 31,
December 31,
correlating to total volume-related
product revenue
2021
2022
2021
2022
RNG(1)
44.9
54.4
167.0
198.2
Conventional natural gas(1)
20.6
15.7
78.8
69.6
Total fuel volume
65.5
70.1
245.8
267.8
Three Months Ended
Year Ended
O&M services volume, GGEs(2)
serviced (in millions),
December 31,
December 31,
correlating to volume-related O&M
services revenue
2021
2022
2021
2022
O&M services volume
58.8
61.6
229.8
240.4
_________________ (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 months and year ended December 31, 2021 and 2022:
Three Months Ended
Year Ended
December 31,
December 31,
Revenue (in millions)
2021
2022
2021
2022
Product revenue:
Volume-related (1)
Fuel sales(2)
$
58.8
$
76.9
$
131.0
$
281.1
Change in fair value of derivative
instruments(3)
(1.3
)
2.1
(3.5
)
0.5
RIN Credits
9.8
7.7
31.7
34.7
LCFS Credits
3.8
2.5
16.8
12.6
AFTC
5.7
5.5
20.7
21.8
Total volume-related product revenue
76.8
94.7
196.7
350.7
Station construction sales
3.2
6.6
16.4
22.3
Total product revenue
80.0
101.3
213.1
373.0
Service revenue:
Volume-related, O&M services
11.4
12.2
41.9
45.9
Other services
0.5
0.3
0.6
1.3
Total service revenue
11.9
12.5
42.5
47.2
Total revenue
$
91.9
$
113.8
$
255.6
$
420.2
_______________ (1)
The Company’s volume-related product
revenue primarily consists of sales of RNG and conventional natural
gas, in the form of CNG and LNG, and sales of RINs and LCFS Credits
in addition to changes in fair value of our derivative
instruments.
(2)
Includes $8.8 million and $24.3 million of
Amazon warrant non-cash stock-based sales incentive contra-revenue
charges for the three months and year ended December 31, 2022,
respectively. For the three months and year ended December 13,
2021, $3.4 million and $83.6 million, respectively, of Amazon
warrant non-cash stock-based sales incentive contra-revenue charges
are included.
(3)
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.
2023 Outlook
GAAP net loss for 2023 is expected to range from approximately
$(105) million to $(115) 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 $60 million to $70 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 2023. Adjusted EBITDA for
2023 is estimated to range from approximately $50 million to $60
million. These expectations exclude the impact of any acquisitions,
divestitures, new joint ventures, transactions or other
extraordinary events including any lingering negative effects
associated directly or indirectly with the COVID-19 pandemic,
including macroeconomic conditions and global supply chain issues.
Additionally, the expectations regarding 2023 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 2023 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)
2023 Outlook
GAAP Net loss attributable to Clean Energy
Fuels Corp.
$
(105,000) - (115,000)
Income tax expense (benefit)
600
Interest expense
18,000
Interest income
(5,600)
Depreciation and amortization
53,500
Stock-based compensation
32,500
Loss (income) from SAFE&CEC S.r.l.
equity method investment
—
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
66,000
Adjusted EBITDA
$
50,000 - 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 1.877.407.0784 from the
U.S. and international callers can dial 1.201.689.8560. A telephone
replay will be available approximately three hours after the call
concludes through Tuesday, March 28, 2023, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 13735987. 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
2023 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 direct and
indirect impact of the COVID-19 pandemic, including macroeconomic
conditions and supply chain issues, 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 Annual Report on Form 10-K for the year ended
December 31, 2022 that the Company expects to file with the
Securities and Exchange Commission on or about February 28, 2023,
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)
December 31,
December 31,
2021
2022
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
99,448
$
125,950
Short-term investments
129,722
139,569
Accounts receivable, net of allowance of
$1,205 and $1,375 as of December 31, 2021 and December 31, 2022,
respectively
87,433
91,430
Other receivables
24,447
17,026
Inventory
31,302
37,144
Prepaid expenses and other current
assets
37,584
60,601
Total current assets
409,936
471,720
Operating lease right-of-use assets
42,537
52,586
Land, property and equipment, net
261,761
264,068
Long-term portion of restricted cash
7,008
—
Notes receivable and other long-term
assets, net
56,189
30,467
Investments in other entities
109,811
193,273
Goodwill
64,328
64,328
Intangible assets, net
5,500
5,915
Total assets
$
957,070
$
1,082,357
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
12,845
$
93
Current portion of finance lease
obligations
846
948
Current portion of operating lease
obligations
3,551
4,206
Accounts payable
24,352
44,435
Accrued liabilities
75,159
90,079
Deferred revenue
7,251
5,970
Derivative liabilities, related party
1,900
2,415
Total current liabilities
125,904
148,146
Long-term portion of debt
23,215
145,471
Long-term portion of finance lease
obligations
2,427
2,134
Long-term portion of operating lease
obligations
39,431
48,911
Long-term portion of derivative
liabilities, related party
2,483
1,430
Other long-term liabilities
8,199
8,794
Total liabilities
201,659
354,886
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 222,437,429
shares issued and outstanding as of December 31, 2021 and December
31, 2022, respectively
22
22
Additional paid-in capital
1,519,918
1,553,668
Accumulated deficit
(771,242
)
(829,975
)
Accumulated other comprehensive loss
(1,622
)
(3,722
)
Total Clean Energy Fuels Corp.
stockholders’ equity
747,076
719,993
Noncontrolling interest in subsidiary
8,335
7,478
Total stockholders’ equity
755,411
727,471
Total liabilities and stockholders’
equity
$
957,070
$
1,082,357
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,
2021
2022
2021
2022
Revenue:
Product revenue
$
80,052
$
101,275
$
213,133
$
372,995
Service revenue
11,876
12,481
42,513
47,169
Total revenue
91,928
113,756
255,646
420,164
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
55,244
76,490
189,600
279,748
Service cost of sales
7,247
7,679
26,004
27,993
Selling, general and administrative
24,556
28,547
89,906
109,456
Depreciation and amortization
10,976
12,189
45,184
54,674
Total operating expenses
98,023
124,905
350,694
471,871
Operating loss
(6,095
)
(11,149
)
(95,048
)
(51,707
)
Interest expense
(954
)
(1,829
)
(4,430
)
(6,308
)
Interest income
254
1,601
1,082
3,374
Other income (loss), net
(1
)
36
905
95
Income (loss) from equity method
investments
230
(1,226
)
(430
)
(4,824
)
Gain from sale of certain assets of
subsidiary
3,885
—
3,885
—
Loss before income taxes
(2,681
)
(12,567
)
(94,036
)
(59,370
)
Income tax (expense) benefit
80
3
(119
)
(220
)
Net loss
(2,601
)
(12,564
)
(94,155
)
(59,590
)
Loss attributable to noncontrolling
interest
225
230
1,009
857
Net loss attributable to Clean Energy
Fuels Corp.
$
(2,376
)
$
(12,334
)
$
(93,146
)
$
(58,733
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic
$
(0.01
)
$
(0.06
)
$
(0.44
)
$
(0.26
)
Diluted
$
(0.01
)
$
(0.06
)
$
(0.44
)
$
(0.26
)
Weighted-average common shares
outstanding:
Basic
223,050,879
222,429,591
213,118,694
222,414,790
Diluted
223,050,879
222,429,591
213,118,694
222,414,790
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230227005832/en/
Investor Contact: investors@cleanenergyfuels.com
News Media Contact: Raleigh Gerber Director of Corporate
Communications 949.437.1397
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