Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the fourth
quarter of 2023 and year ended December 31, 2023.
Financial Highlights
- Revenue of $106.9 million in Q4 2023 compared to $113.8 million
in Q4 2022.
- Revenue of $425.2 million for the year 2023, compared to $420.2
million for 2022.
- Net loss attributable to Clean Energy for Q4 2023 was $(18.7)
million, or $(0.08) per share, on a GAAP (as defined below) basis,
compared to $(12.3) million, or $(0.06) per share, for Q4
2022.
- Net loss attributable to Clean Energy for the year 2023 was
$(99.5) million, or $(0.45) per share, on a GAAP (as defined below)
basis, compared to $(58.7) million, or $(0.26) per share, for
2022.
- Adjusted EBITDA (as defined below) was $21.2 million for Q4
2023, compared to $12.2 million for Q4 2022.
- Adjusted EBITDA (as defined below) was $43.6 million for the
year 2023, compared to $49.1 million for 2022.
- Cash, Cash Equivalents (less restricted cash) and Short-Term
Investments totaled $263.1 million as of December 31, 2023.
- 2024 outlook:
- GAAP net loss of approximately $(111) million to $(101)
million.
- Adjusted EBITDA of $62 million to $72 million.
Operational and Strategic Highlights
- Renewable natural gas (“RNG”) gallons sold of 57.0 million
gallons in Q4 2023, a 4.8% increase compared to Q4 2022. RNG
gallons sold for the year 2023 were 225.7 versus 198.2 in 2022, a
13.9% increase.
- Completed construction on two dairy farm RNG digester projects
totaling $72 million in construction costs and 11,500 dairy
cows.
- Obtained a $300 million senior secured term loan with a
two-year delayed draw loan commitment for an additional $100
million.
Commentary by Andrew J. Littlefair, President and Chief
Executive Officer
“We have fully moved into the operational stage at multiple RNG
production projects around the country with one already generating
state and federal environmental credits. The important process of
capturing what would have been harmful methane from dairy cow
manure and turning it into a transportation fuel, is being
recognized as an important component in the overall transition to a
clean energy world. Our engineering and construction, RNG digester,
and sustainability teams have already become best-in-class and will
be a valuable competitive advantage as we expand our production
footprint and provide our growing fueling infrastructure with the
lowest carbon-intensity RNG. We also ended the year with a balance
sheet that has never been stronger by upsizing our credit
availability, which allows us to expand our RNG production
portfolio and add to our fueling station network as 2024 becomes a
critical year with the commercial introduction of the Cummins X15N
engine. We couldn’t have a better financial partner in Stonepeak,
which issued the credit facility as we continue to follow our plan
of maintaining our leadership position in the clean fuel
space.”
Summary and Review of Results
The Company’s revenue for the fourth quarter of 2023 was reduced
by $16.1 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 $8.8
million in the fourth quarter of 2022. Q4 2023 includes $5.9
million of alternative fuel excise tax credit (“AFTC”) revenue
versus $5.5 million of AFTC in the fourth quarter of 2022. Q4 2023
station construction revenues of $8.9 million versus $6.6 million
of station construction revenues in Q4 2022. Revenue for the fourth
quarter of 2023 also included an unrealized gain of $0.1 million on
commodity swap and customer fueling contracts relating to the
Company’s Zero Now truck financing program, compared to an
unrealized gain of $2.1 million in the fourth quarter of 2022. Q4
2023 renewable identification number (“RIN”) and low carbon fuel
standards (“LCFS”) revenues of $11.5 million versus $10.2 million
of RIN and LCFS revenues in the fourth quarter of 2022 reflecting
principally higher RIN credit prices and an increase in gallons of
fuel sold, partially offset by lower LCFS credit prices and lower
share of RIN and LCFS values in the fourth quarter of 2023 versus
2022. Natural gas costs were lower in the fourth quarter of 2023
compared to the fourth quarter of 2022 resulting in lower sales
prices, which are based off the costs of natural gas. Effects of
lower sales prices in Q4 2023 were offset by an increase in gallons
of fuel and services sold and serviced, respectively, in the fourth
quarter of 2023 compared to the fourth quarter of 2022.
Net loss attributable to Clean Energy for the fourth quarter of
2023 had higher Amazon warrant charges and lower unrealized gains
on derivative instruments relating to the Company’s Zero Now truck
financing program when compared to Q4 2022. In addition, Q4 2023
non-operating net interest expenses and losses from equity method
investments were higher than Q4 2022 due to our
sustainability-linked term loan under the Riverstone credit
agreement and extinguishment of such term loan pursuant to the
Riverstone credit agreement and expansion of RNG investment,
respectively. Selling, general and administrative expenses were
lower in Q4 2023 by approximately $2.9 million from the receipt of
insurance recovery funds related to our Texas LNG plant that has
been down for repairs throughout 2023, offset partially by
increased scoping costs for fueling stations.
Non-GAAP income (loss) per share (as defined below) for the
fourth quarter of 2023 was $0.01, compared to $0.01 per share for
the fourth quarter of 2022.
Adjusted EBITDA (as defined below) was $21.2 million for the
fourth quarter of 2023, compared to $12.2 million for the fourth
quarter of 2022.
In this press release, Clean Energy refers to various GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures. The non-GAAP financial measures may not be comparable to
similarly titled measures being used and disclosed by other
companies. Clean Energy believes that this non-GAAP information is
useful to an understanding of its operating results and the ongoing
performance of its business. Non-GAAP income (loss) per share and
Adjusted EBITDA are defined below and reconciled to GAAP net income
(loss) per share attributable to Clean Energy and GAAP net income
(loss) attributable to Clean Energy, respectively.
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)
2022
2023
2022
2023
Net loss attributable to Clean Energy
Fuels Corp.
$
(12,334
)
$
(18,687
)
$
(58,733
)
$
(99,497
)
Amazon warrant charges
8,802
16,136
24,302
60,609
Stock-based compensation
5,788
5,056
26,473
23,336
Accelerated depreciation expense
associated with station equipment removal
1,818
—
10,584
—
Loss (income) from SAFE&CEC S.r.l.
equity method investment
96
376
650
1,700
Loss (gain) from change in fair value of
derivative instruments
(2,123
)
(146
)
(517
)
158
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
2,047
$
2,735
$
2,759
$
(13,694
)
Diluted weighted-average common shares
outstanding
224,842,864
224,461,577
225,039,110
222,904,785
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.06
)
$
(0.08
)
$
(0.26
)
$
(0.45
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
0.01
$
0.01
$
0.01
$
(0.06
)
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)
2022
2023
2022
2023
Net loss attributable to Clean Energy
Fuels Corp.
$
(12,334
)
$
(18,687
)
$
(58,733
)
$
(99,497
)
Income tax expense (benefit)
(3
)
(257
)
220
(423
)
Interest expense
1,829
10,312
6,308
22,924
Interest income
(1,601
)
(3,114
)
(3,374
)
(11,148
)
Depreciation and amortization
12,189
10,714
54,674
45,674
Amazon warrant charges
8,802
16,136
24,302
60,609
Stock-based compensation
5,788
5,056
26,473
23,336
Loss (income) from SAFE&CEC S.r.l.
equity method investment
96
376
650
1,700
Loss (gain) from change in fair value of
derivative instruments
(2,123
)
(146
)
(517
)
158
Depreciation and amortization from RNG
equity method investments
—
957
—
1,666
Interest expense from RNG equity method
investments
—
266
—
992
Interest income from RNG equity method
investments
(483
)
(462
)
(863
)
(2,420
)
Adjusted EBITDA
$
12,160
$
21,151
$
49,140
$
43,571
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2022
2023
2022
2023
Net loss attributable to fuel
distribution
$
(11,731
)
$
(15,045
)
$
(55,797
)
$
(92,606
)
Income tax expense (benefit)
(3
)
(257
)
220
(423
)
Interest expense
1,829
10,312
6,308
22,924
Interest income
(1,601
)
(3,114
)
(3,374
)
(11,148
)
Depreciation and amortization
12,189
10,714
54,674
45,674
Amazon warrant charges
8,802
16,136
24,302
60,609
Stock-based compensation
5,788
5,056
26,473
23,336
Loss (income) from SAFE&CEC S.r.l.
equity method investment
96
376
650
1,700
Loss (gain) from change in fair value of
derivative instruments
(2,123
)
(146
)
(517
)
158
Adjusted EBITDA attributable to fuel
distribution
$
13,246
$
24,032
$
52,939
$
50,224
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2022
2023
2022
2023
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(603
)
$
(3,642
)
$
(2,936
)
$
(6,891
)
Depreciation and amortization from RNG
equity method investments
—
957
—
1,666
Interest expense from RNG equity method
investments
—
266
—
992
Interest income from RNG equity method
investments
(483
)
(462
)
(863
)
(2,420
)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(1,086
)
$
(2,881
)
$
(3,799
)
$
(6,653
)
Fuel and Service Volume
The following tables present, for the three months and year
ended December 31, 2022 and 2023, (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 at which 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(1) sold (in
millions),
December 31,
December 31,
correlating to total volume-related
product revenue
2022
2023
2022
2023
RNG
54.4
57.0
198.2
225.7
Conventional natural gas
15.7
15.9
69.6
62.5
Total fuel volume
70.1
72.9
267.8
288.2
Three Months Ended
Year Ended
O&M services volume, GGEs(1)
serviced (in millions),
December 31,
December 31,
correlating to volume-related O&M
services revenue
2022
2023
2022
2023
O&M services volume
61.6
64.9
240.4
256.9
____________________
(1)
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, 2022 and 2023:
Three Months Ended
Year Ended
December 31,
December 31,
Revenue (in millions)
2022
2023
2022
2023
Product revenue:
Volume-related (1)
Fuel sales(2)
$
76.9
$
66.8
$
281.1
$
287.0
Change in fair value of derivative
instruments(3)
2.1
0.1
0.5
(0.2
)
RIN Credits
7.7
9.2
34.7
25.9
LCFS Credits
2.5
2.4
12.6
9.9
AFTC
5.5
5.9
21.8
20.9
Total volume-related product revenue
94.7
84.4
350.7
343.5
Station construction sales
6.6
8.8
22.3
26.4
Total product revenue
101.3
93.2
373.0
369.9
Service revenue:
Volume-related, O&M services
12.2
13.1
45.9
52.7
Other services
0.3
0.6
1.3
2.6
Total service revenue
12.5
13.7
47.2
55.3
Total revenue
$
113.8
$
106.9
$
420.2
$
425.2
(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. Includes $16.1 million and $60.6 million of
Amazon warrant non-cash stock-based sales incentive contra-revenue
charges for the three months and year ended December 31, 2023,
respectively.
(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.
2024 Outlook
GAAP net loss for 2024 is expected to range from approximately
$(111) million to $(101) 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 approximately $69 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 of the
Amazon warrant could significantly affect the Company’s estimated
GAAP net loss for 2024. Adjusted EBITDA for 2024 is estimated to
range from approximately $62 million to $72 million. These
expectations exclude the impact of any acquisitions, divestitures,
new joint ventures, transactions and other extraordinary events;
any lingering negative effects associated directly or indirectly
with the COVID-19 pandemic; and macroeconomic conditions and global
supply chain issues. Additionally, the expectations regarding 2024
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 2024 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)
2024 Outlook
GAAP Net loss attributable to Clean Energy
Fuels Corp.
$
(111,000) - (101,000)
Income tax expense (benefit)
—
Interest expense
28,100
Interest income
(8,000)
Depreciation and amortization
52,000
Stock-based compensation
18,000
Loss (income) from SAFE&CEC S.r.l. and
Rimere equity method investments
10,000
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
69,000
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
900
Interest income from RNG equity method
investments
(1,000)
Adjusted EBITDA
$
62,000 - 72,000
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
(in thousands)
2024 Outlook
GAAP Net loss attributable to fuel
distribution
$
(93,000) - (87,000)
Income tax expense (benefit)
—
Interest expense
28,100
Interest income
(8,000)
Depreciation and amortization
52,000
Stock-based compensation
18,000
Loss (income) from SAFE&CEC S.r.l. and
Rimere equity method investments
10,000
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
69,000
Adjusted EBITDA attributable to fuel
distribution
$
76,100 - 82,100
(in thousands)
2024 Outlook
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(18,000) - (14,000)
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
900
Interest income from RNG equity method
investments
(1,000)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(14,100) - (10,100)
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 1.888.886.7786 from the
U.S. and international callers can dial 1.416.764.8658. A telephone
replay will be available approximately three hours after the call
concludes through Wednesday, March 27, 2024, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 47982980. 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 X (formerly
known as Twitter).
Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial
statements presented in accordance with 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) they 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) they 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) they 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 affect 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.
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, plus (minus)
any loss (gain) from changes in the fair value of derivative
instruments, plus depreciation and amortization expense from RNG
equity method investments, plus interest expense from RNG equity
method investments, and minus interest income from RNG equity
method investments. 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.
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
2024 outlook, our volume growth, customer expansion, production
sources, joint ventures, governmental regulations, 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 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; 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 to 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
further develop and manage 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 that the Company could incur
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 charge electric vehicles; the Company’s ability to
realize the expected benefits from the commercial arrangement with
Amazon and related transactions; the 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
increase 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; the future availability of and the
Company’s 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, 2023 that the Company expects to file with the
Securities and Exchange Commission on or about February 27, 2024,
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,
2022
2023
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
125,950
$
106,963
Short-term investments
139,569
158,186
Accounts receivable, net of allowance of
$1,375 and $1,475 as of December 31, 2022 and December 31, 2023,
respectively
91,430
98,426
Other receivables
17,026
19,770
Inventory
37,144
45,335
Prepaid expenses and other current
assets
60,601
41,495
Total current assets
471,720
470,175
Operating lease right-of-use assets
52,586
92,324
Land, property and equipment, net
264,068
331,758
Long-term portion of restricted cash
—
—
Notes receivable and other long-term
assets, net
30,467
35,735
Investments in other entities
193,273
258,773
Goodwill
64,328
64,328
Intangible assets, net
5,915
6,365
Total assets
$
1,082,357
$
1,259,458
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
93
$
38
Current portion of finance lease
obligations
948
1,758
Current portion of operating lease
obligations
4,206
6,687
Accounts payable
44,435
56,995
Accrued liabilities
90,079
91,534
Deferred revenue
5,970
4,936
Derivative liabilities, related party
2,415
1,875
Total current liabilities
148,146
163,823
Long-term portion of debt
145,471
261,123
Long-term portion of finance lease
obligations
2,134
1,839
Long-term portion of operating lease
obligations
48,911
89,065
Long-term portion of derivative
liabilities, related party
1,430
—
Other long-term liabilities
8,794
9,961
Total liabilities
354,886
525,811
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; 222,437,429 shares and 223,026,966
shares issued and outstanding as of December 31, 2022 and December
31, 2023, respectively
22
22
Additional paid-in capital
1,553,668
1,658,339
Accumulated deficit
(829,975
)
(929,472
)
Accumulated other comprehensive loss
(3,722
)
(2,119
)
Total Clean Energy Fuels Corp.
stockholders’ equity
719,993
726,770
Noncontrolling interest in subsidiary
7,478
6,877
Total stockholders’ equity
727,471
733,647
Total liabilities and stockholders’
equity
$
1,082,357
$
1,259,458
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Statements of
Operations
(In thousands, except share
and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2023
2022
2023
Revenue:
Product revenue
$
101,275
$
93,189
$
372,995
$
369,824
Service revenue
12,481
13,668
47,169
55,335
Total revenue
113,756
106,857
420,164
425,159
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
76,490
69,246
279,748
309,901
Service cost of sales
7,679
8,515
27,993
33,719
Selling, general and administrative
28,547
24,951
109,456
112,265
Depreciation and amortization
12,189
10,714
54,674
45,674
Total operating expenses
124,905
113,426
471,871
501,559
Operating loss
(11,149
)
(6,569
)
(51,707
)
(76,400
)
Interest expense
(1,829
)
(10,312
)
(6,308
)
(22,924
)
Interest income
1,601
3,114
3,374
11,148
Other income (loss), net
36
80
95
165
Income (loss) from equity method
investments
(1,226
)
(5,401
)
(4,824
)
(12,510
)
Loss before income taxes
(12,567
)
(19,088
)
(59,370
)
(100,521
)
Income tax (expense) benefit
3
257
(220
)
423
Net loss
(12,564
)
(18,831
)
(59,590
)
(100,098
)
Loss attributable to noncontrolling
interest
230
144
857
601
Net loss attributable to Clean Energy
Fuels Corp.
$
(12,334
)
$
(18,687
)
$
(58,733
)
$
(99,497
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic
$
(0.06
)
$
(0.08
)
$
(0.26
)
$
(0.45
)
Diluted
$
(0.06
)
$
(0.08
)
$
(0.26
)
$
(0.45
)
Weighted-average common shares
outstanding:
Basic
222,429,591
223,016,010
222,414,790
222,904,785
Diluted
222,429,591
223,016,010
222,414,790
222,904,785
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226568465/en/
Media Contact: Gary Foster (949) 437-1113
Gary.Foster@cleanenergyfuels.com Investor Contact: Thomas
Driscoll (949) 437-1191 Thomas.Driscoll@cleanenergyfuels.com
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