Q4 Revenue of $249.4 million; an increase of
16.8% from Q419; 2020 Full Year Revenue of $794.2 million, an
increase of 1.1% over 2019
Q4 GAAP Gross Margin of 25.5%; Non-GAAP Gross
Margin of 27.0%
Q4 GAAP Operating Margin of (1.8%); Non-GAAP
Operating Margin of 4.8%
Q4 GAAP EPS of ($0.16); Adjusted EPS of
($0.08)
Bloom Energy Corporation (NYSE: BE) today announced financial
results for its fourth quarter and full year that ended December
31, 2020.
Fourth Quarter Financial Highlights
- Revenue of $249.4 million in the fourth quarter of 2020, an
increase of 16.8% compared to revenue of $213.5 million in the
fourth quarter of 2019, primarily driven by a 16.6% increase in
acceptances.
- 450 acceptances, or 45.0 megawatts (MW), a 16.6% increase
year-over-year. Recall that an acceptance typically occurs when the
system is turned on and producing full power. For orders where one
of our partners performs the installation, our acceptance criteria
are different. Those acceptances are generally achieved when the
systems are shipped or delivered to our partner. Upon acceptance,
the customer order is moved from product backlog and is recognized
as revenue.
- Gross margin of 25.5% in the fourth quarter of 2020, an
increase of 13.8 percentage points compared to gross margin of
11.7% in the fourth quarter of 2019, primarily driven by an
improvement in product gross margin from 10.5% to 38.8% over the
same period. This improvement in product gross margins was driven
by product cost reductions outpacing ASP reductions.
- Excluding stock-based compensation, non-GAAP gross margin was
27.0% in the fourth quarter of 2020, an increase of 11.3 percentage
points compared to non-GAAP gross margin of 15.7% in the fourth
quarter of 2019, primarily driven by an improvement in product
gross margin.
- Operating margin of (1.8%) in the fourth quarter of 2020, an
improvement of 20.6 percentage points compared to operating margin
of (22.4%) in the fourth quarter of 2019, driven by the
improvements in gross margin and a $14.6 million reduction in
stock-based compensation expenses burdening operating
expenses.
- Excluding stock-based compensation, non-GAAP operating margin
was 4.8% in the fourth quarter of 2020, an improvement of 10.3
percentage points compared to non-GAAP operating margin of (5.5%)
in the fourth quarter of 2019, driven by an improvement in gross
margin.
- GAAP EPS of ($0.16) and Adjusted EPS of ($0.08) in the fourth
quarter of 2020, compared to GAAP EPS of ($0.58) and Adjusted EPS
of ($0.29) in the fourth quarter of 2019.
Full Year 2020 Financial Highlights
- Revenue of $794.2 million in 2020, an increase of 1.1% compared
to revenue of $785.2 million in 2019, primarily driven by an 11.1%
increase in acceptances and offset by the favorable impact of the
PPA II upgrade on revenue in 2019.
- 1,326 acceptances, or 132.6 MW, an 11.1% increase versus full
year 2019.
- Gross margin of 20.9% in 2020, an increase of 8.5 percentage
points compared to gross margin of 12.4% in 2019, primarily driven
by an improvement in product gross margin of from 21.9% to 35.8%.
This improvement was driven by our product cost reductions
outpacing ASP reductions.
- Excluding stock-based compensation, non-GAAP gross margin of
23.1% in 2020, an increase of 4.9 percentage points compared to
non-GAAP gross margin of 18.2% in 2019, driven primarily by an
improvement in product gross margin.
- Operating margin of (10.2%) in 2020, an improvement of 19.4
percentage points compared to operating margin of (29.6%) in 2019,
driven by the improvement in gross margin and a $94.4 million
reduction in stock-based compensation expenses burdening operating
expenses.
- Excluding stock-based compensation, non-GAAP operating margin
of (0.9%) in 2020, an improvement of 3.8 percentage points compared
to non-GAAP operating margin of (4.7%) in 2019, driven primarily by
an improvement in gross margin.
- GAAP EPS of ($1.14) and Adjusted EPS of ($0.67) in 2020,
compared to GAAP EPS of ($2.67) and Adjusted EPS of ($1.07) in
2019.
KR Sridhar, founder, chairman, and chief executive officer,
Bloom Energy, commented: “2020 was a year unlike any other in
modern history as we dealt with the dual challenges of the COVID-19
global pandemic and an uncertain economy. Yet, Bloom Energy’s
management team and employees proved resilient in executing our
business plan, delivering strong financial performance, solid
operating results and significantly improving our balance sheet. We
are well-positioned for growth as we implement our technology road
map and build applications for the Bloom Energy Server that solve
critical energy problems like resiliency, reducing carbon emissions
and costs. As we enter 2021, there are many positive developments.
The Biden Administration is embracing proactive climate change
policies and continuing a low-interest environment while focusing
on critical infrastructure investments that fit well with our
strategic approach. And, beyond the United States, there is
significant momentum in Asia and opportunities to grow in other
markets around the world. We believe our work in 2020 provides a
spring board for success in 2021 and beyond.”
Greg Cameron, executive vice president and chief financial
officer, Bloom Energy, commented: “We were encouraged by the
financial performance during the fourth quarter of 2020 across
revenue, gross margin, operating income and cash. Our bookings in
the second half of the year gained momentum, and we have a strong
backlog for 2021 that provides high project visibility into our
2021 guidance framework and improving cash flow outlook. We
continue to make significant progress on reducing our product
costs, and our technology investments remain on track.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and
Loss Statements
($000)
Q420
Q320
Q419
FY20
FY19
Revenue
249,387
200,305
213,543
794,247
785,177
Cost of Revenue
185,761
144,318
188,595
628,454
687,590
Gross Profit
63,626
55,987
24,948
165,793
97,587
Gross Margin
25.5%
28.0%
11.7%
20.9%
12.4%
Operating Expenses
68,144
56,359
72,820
246,578
330,391
Operating Loss
(4,518)
(372)
(47,872)
(80,785)
(232,804)
Operating Margin
(1.8%)
(0.2%)
(22.4%)
(10.2%)
(29.6%)
Non-operating Expenses1
22,620
11,582
20,415
76,768
74,064
Net Loss
(27,138)
(11,954)
(68,287)
(157,553)
(306,868)
GAAP EPS
($0.16)
($0.09)
($0.58)
($1.14)
($2.67)
1.
Non-Operating Expenses and tax provision
and non-controlling interest
Preliminary Summary Non-GAAP Financial Information1
($000)
Q420
Q320
Q419
FY20
FY19
Revenue
249,387
200,305
213,543
794,247
785,177
Cost of Revenue2
182,097
140,750
180,001
610,979
642,161
Gross Profit2
67,290
59,555
33,542
183,268
143,016
Gross Margin2
27.0%
29.7%
15.7%
23.1%
18.2%
Operating Expenses2
55,300
44,192
45,356
190,160
179,529
Operating Income (loss) 2
11,990
15,363
(11,814)
(6,892)
(36,513)
Operating Margin2
4.8%
7.7%
(5.5%)
(0.9%)
(4.7%)
Adjusted EBITDA3
25,521
27,673
1,188
45,497
42,915
Adjusted EPS4
($0.08)
($0.04)
($0.29)
($0.67)
($1.07)
1.
Reference pages 12-15 for detailed
reconciliation of GAAP to Non-GAAP financial measures
2.
Excludes stock-based compensation
3.
Adjusted EBITDA is net income (loss)
excluding non-controlling interest, gain (loss) on derivative
revaluations, fair value adjustment for PPA derivatives,
stock-based compensation, provision for income taxes, depreciation
and amortization, interest expense and other one-time items
4.
Adjusted EPS is net income (loss)
excluding non-controlling interest, gain (loss) on derivative
revaluations, fair value adjustment for PPA derivatives and
stock-based compensation using the adjusted Weighted Average Shares
Outstanding (WASO) share count
Revenue and Margin Highlights
Revenue in the fourth quarter of 2020 included $171.8 million of
product revenue, $28.8 million of installation revenue, $32.1
million of service revenue, and $16.6 million of electricity
revenue. For the full year 2020, Bloom Energy achieved $518.6
million of product revenue, $101.9 million of installation revenue,
$109.6 million of service revenue and $64.1 million of electricity
revenue.
GAAP gross margin in the fourth quarter of 2020 was 25.5%, up
13.8 percentage points compared to the fourth quarter of 2019 and
20.9% for the full year 2020, up 8.5 percentage points versus full
year 2019. Non-GAAP gross margin in the fourth quarter of 2020 was
27.0%, up 11.3 percentage points compared to the fourth quarter of
2019 and 23.1% for the full year 2020, up 4.9 percentage points
versus full year 2019. The improvement in margins for both the
fourth quarter and full year 2020 was driven by lower product
costs, better performance on installations and higher product
margins.
Balance Sheet Highlights
Bloom Energy’s cash position, including restricted cash, as of
December 31, 2020 was $416.7 million, compared to $504.4 million as
of September 30, 2020. Bloom ended the year with $527.1 million of
debt, a decrease of $180.1 million from the third quarter of 2020,
which included a reduction of $175.5 million in recourse debt.
2021 Outlook
Bloom announced the following outlook for the full-year
2021:
- Revenue: $950 million - $1 billion
- Non-GAAP Gross Margin*: ~25%
- Non-GAAP Operating Margin*: ~3%
- Cash Flow from Operations: Approaching Positive
*Non-GAAP gross margin and non-GAAP operating margin only
exclude stock-based compensation.
Conference Call Details
We will host a conference call today, February 10, 2021, at 2:00
p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial
results. To participate in the live call, analysts and investors
may call +1 (844) 828-0524 and enter the passcode: 5175667. Those
calling from outside the United States may dial +1 (647) 689-5146
and enter the same passcode: 5175667. A simultaneous live webcast
will also be available under the Investor Relations section on our
website at https://investor.bloomenergy.com/. Following the
webcast, an archived version will be available on our website for
one year. A telephonic replay of the conference call will be
available for one week following the call, by dialing +1 (800)
585-8367 or +1 (416) 621-4642 and entering passcode 5175667.
Use of Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as
defined by the rules and regulations of the Securities and Exchange
Commission (SEC). These non-GAAP financial measures are in addition
to, and not a substitute for or superior to, measures of financial
performance prepared in accordance with U.S. GAAP. There are a
number of limitations related to the use of these non-GAAP
financial measures versus their nearest GAAP equivalents. For
example, other companies may calculate non-GAAP financial measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison. We urge you to
review the reconciliations of our non-GAAP financial measures to
the most directly comparable U.S. GAAP financial measures set forth
in this press release, and not to rely on any single financial
measure to evaluate our business. With respect to our expectations
regarding our 2021 Outlook, we are not able to provide a
quantitative reconciliation of non-GAAP gross margin and non-GAAP
operating margin measures to the corresponding GAAP measures
without unreasonable efforts.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy
affordable for everyone in the world. Bloom’s product, the Bloom
Energy Server, delivers highly reliable and resilient, always-on
electric power that is clean, cost-effective, and ideal for
microgrid applications. Bloom’s customers include many Fortune 100
companies and leaders in manufacturing, data centers, healthcare,
retail, higher education, utilities, and other industries. For more
information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” “will,” and “would” or the negative of these words
or similar terms or expressions that concern Bloom’s expectations,
strategy, priorities, plans or intentions. These forward-looking
statements include, but are not limited to, expectations for growth
as we implement our technology roadmap and build new applications;
the pace of development of new product markets; the ability of the
new Administration to enact new climate change policies; our
ability for growth outside the United States; our plans for growth
and success in 2021 and beyond; our expectations regarding
improving cash flow; our ability to reduce our product costs; our
ability to introduce new product; and our financial outlook for
2021. Readers are cautioned that these forward-looking statements
are only predictions and may differ materially from actual future
events or results due to a variety of factors including, but not
limited to, our limited operating history, the emerging nature of
the distributed generation market, the significant losses we have
incurred in the past, our ability to service our existing debt
obligations, the significant upfront costs of our Energy Servers,
the ability to secure financing for our products, the risk of
manufacturing defects, the accuracy of our estimates regarding the
useful life of our Energy Servers, the availability of rebates, tax
credits and other tax benefits, our reliance on tax equity
financing arrangements, our reliance upon a limited number of
customers, our lengthy sales and installation cycle, construction,
utility interconnection and other delays and cost overruns related
to the installation of our Energy Servers, business and economic
conditions and growth trends in commercial and industrial energy
markets, global economic conditions and uncertainties in the
geopolitical environment, overall electricity generation market,
the impact of the COVID-19 pandemic on the global economy and its
potential impact on our supply chain, installation operations,
demand for our products, our ability to protect our intellectual
property, the restatement of our financial statements as announced
in our Current Report on Form 8-K filed with the SEC on February
12, 2020 and other risks and uncertainties detailed in Bloom’s SEC
filings from time to time. More information on potential factors
that may impact Bloom’s business are set forth in Bloom’s periodic
reports filed with the SEC, including its Annual Report on Form
10-K for the year ended on December 31, 2019 as filed with the SEC
on March 31, 2020, and its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020 as filed with the SEC on November
6, 2020, as well as subsequent reports filed with or furnished to
the SEC from time to time. These reports are available on Bloom’s
website at www.bloomenergy.com and the SEC’s website at
www.sec.gov. Bloom assumes no obligation to, and does not currently
intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at
investor.bloomenergy.com contains a significant amount of
information about Bloom Energy, including financial and other
information for investors. We encourage investors to visit this
website from time to time, as information is updated and new
information is posted.
Condensed Consolidated Balance Sheets
(preliminary & unaudited)
(in thousands)
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
246,947
$
202,823
Restricted cash
52,470
30,804
Accounts receivable
99,513
37,828
Inventories
142,059
109,606
Deferred cost of revenue
41,469
58,470
Customer financing receivable
5,428
5,108
Prepaid expenses and other current
assets
30,718
28,068
Total current assets
618,604
472,707
Property, plant and equipment, net
600,628
607,059
Operating lease right-of-use assets
35,621
—
Customer financing receivable,
non-current
45,268
50,747
Restricted cash, non-current
117,293
143,761
Deferred cost of revenue, non-current
2,462
6,665
Other long-term assets
34,511
41,652
Total assets
$
1,454,387
$
1,322,591
Liabilities, Redeemable Noncontrolling
Interest, Stockholders’ Deficit and Noncontrolling Interest
Current liabilities:
Accounts payable
$
58,334
$
55,579
Accrued warranty
10,263
10,333
Accrued expenses and other current
liabilities
112,004
70,284
Deferred revenue and customer deposits
114,286
89,192
Operating lease liabilities
7,899
—
Financing obligations
12,745
10,993
Current portion of recourse debt
—
304,627
Current portion of non-recourse debt
120,846
8,273
Current portion of recourse debt from
related parties
—
20,801
Current portion of non-recourse debt from
related parties
—
3,882
Total current liabilities
436,377
573,964
Derivative liabilities
4,989
17,551
Deferred revenue and customer deposits,
net of current portion
87,463
125,529
Operating lease liabilities, net of
current portion
41,849
—
Financing obligations, non-current
459,981
446,165
Long-term portion of recourse debt
168,008
75,962
Long-term portion of non-recourse debt
102,045
192,180
Long-term portion of non-recourse debt
from related parties
—
31,087
Other long-term liabilities
12,279
28,013
Total liabilities
1,312,991
1,490,451
Redeemable noncontrolling interest
377
443
Stockholders’ deficit:
Common stock
17
12
Additional paid-in capital
3,182,753
2,686,759
Accumulated other comprehensive income
(loss)
(9
)
19
Accumulated deficit
(3,103,937
)
(2,946,384
)
Total stockholders’ equity (deficit)
78,824
(259,594
)
Noncontrolling interest
62,195
91,291
Total liabilities, redeemable
noncontrolling interest, stockholders' deficit and noncontrolling
interest
$
1,454,387
$
1,322,591
Condensed Consolidated Statements of
Operations (preliminary & unaudited)
(in thousands, except per share
data)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Revenue:
Product
$
171,801
$
158,427
$
518,633
$
557,336
Installation
28,827
14,429
101,887
60,826
Service
32,137
25,628
109,633
95,786
Electricity
16,622
15,059
64,094
71,229
Total revenue
249,387
213,543
794,247
785,177
Cost of revenue:
Product
105,071
141,782
332,724
435,479
Installation
29,604
16,901
116,542
76,487
Service
39,493
17,127
132,329
100,238
Electricity
11,593
12,785
46,859
75,386
Total cost of revenue
185,761
188,595
628,454
687,590
Gross profit
63,626
24,948
165,793
97,587
Operating expenses:
Research and development
21,690
22,148
83,577
104,168
Sales and marketing
18,840
17,357
55,916
73,573
General and administrative
27,614
33,315
107,085
152,650
Total operating expenses
68,144
72,820
246,578
330,391
Loss from operations
(4,518
)
(47,872
)
(80,785
)
(232,804
)
Interest income
70
862
1,475
5,661
Interest expense
(21,246
)
(21,635
)
(76,276
)
(87,480
)
Interest expense to related parties
—
(1,933
)
(2,513
)
(6,756
)
Other income (expense), net
(4,176
)
138
(8,318
)
706
Loss on extinguishment of debt
—
—
(12,878
)
—
Gain (loss) on revaluation of embedded
derivatives
(1,737
)
(540
)
464
(2,160
)
Loss before income taxes
(31,607
)
(70,980
)
(178,831
)
(322,833
)
Income tax provision
(16
)
31
256
633
Net loss
(31,591
)
(71,011
)
(179,087
)
(323,466
)
Less: Net loss attributable to
noncontrolling interests and redeemable noncontrolling
interests
(4,453
)
(5,178
)
(21,534
)
(19,052
)
Net loss attributable to Class A and Class
B common stockholders
(27,138
)
(65,833
)
(157,553
)
(304,414
)
Less: deemed dividend to noncontrolling
interest
—
(2,454
)
—
(2,454
)
Net loss available to Class A and Class B
common stockholders
$
(27,138
)
$
(68,287
)
$
(157,553
)
$
(306,868
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.16
)
$
(0.58
)
$
(1.14
)
$
(2.67
)
Weighted average shares used to compute
net loss per share attributable to Class A and Class B common
stockholders, basic and diluted
165,975
118,588
138,722
115,118
Condensed Consolidated Statement of
Cash Flows (preliminary & unaudited)
(in thousands)
Years Ended December
31,
2020
2019
Cash flows from operating
activities:
Net loss
$
(179,087
)
$
(323,466
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
52,279
78,584
Non cash lease expense
5,328
—
Write-off of property, plant and
equipment, net
38
3,117
Impairment of equity method investment
4,236
11,302
Write-off of PPA II and PPA IIIb
decommissioned assets
—
70,543
Debt make-whole expense
—
5,934
Revaluation of derivative contracts
(497
)
2,779
Stock-based compensation
73,893
196,291
Loss on long-term REC purchase
contract
72
53
Loss on extinguishment of debt
11,785
—
Amortization of debt issuance and premium
cost, net
6,455
22,130
Changes in operating assets and
liabilities:
Accounts receivable
(61,685
)
51,952
Inventories
(33,004
)
18,425
Deferred cost of revenue
19,910
(21,992
)
Customer financing receivable and
other
5,159
5,520
Prepaid expenses and other current
assets
(3,124
)
8,643
Operating lease right-of-use assets
(2,752
)
—
Other long-term assets
2,904
3,618
Accounts payable
(620
)
(11,310
)
Accrued warranty
(241
)
(6,603
)
Accrued expenses and other current
liabilities
17,753
6,728
Deferred revenue and customer deposits
(12,972
)
37,146
Other long-term liabilities
(4,523
)
4,376
Net cash (used in) provided by operating
activities
(98,693
)
163,770
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(37,913
)
(51,053
)
Proceeds from maturity of marketable
securities
—
104,500
Net cash (used in) provided by investing
activities
(37,913
)
53,447
Years Ended December
31,
2020
2019
Cash flows from financing
activities:
Proceeds from issuance of debt
300,000
—
Proceeds from issuance of debt to related
parties
30,000
—
Repayment of debt
(176,522
)
(119,277
)
Repayment of debt to related parties
(2,105
)
(2,200
)
Debt make-whole payment
—
(5,934
)
Debt issuance costs
(13,247
)
—
Proceeds from financing obligations
26,279
72,334
Repayment of financing obligations
(10,859
)
(8,954
)
Contributions from noncontrolling
interest
6,513
—
Payments to noncontrolling and redeemable
noncontrolling interests
—
(56,459
)
Distributions to noncontrolling and
redeemable noncontrolling interests
(7,622
)
(12,537
)
Proceeds from issuance of common stock
23,491
12,713
Net cash provided by (used in) financing
activities
175,928
(120,314
)
Net increase in cash, cash equivalents,
and restricted cash
39,322
96,903
Cash, cash equivalents, and restricted
cash:
Beginning of period
377,388
280,485
End of period
$
416,710
$
377,388
Reconciliation of GAAP to Non-GAAP Financial Measures
(preliminary & unaudited) (in thousands)
Gross Profit and Gross Margin to
Gross Profit Excluding Stock-Based Compensation and Gross Margin
Excluding Stock-Based Compensation
Gross margin and gross profit excluding stock-based compensation
(SBC) are supplemental measures of operating performance that do
not represent and should not be considered alternatives to gross
margin or gross profit, as determined under GAAP. These measures
remove the impact of stock-based compensation. We believe that
gross margin and gross profit excluding stock-based compensation
supplement the GAAP measures and enable us to more effectively
evaluate our performance period-over-period. A reconciliation of
gross margin and gross profit excluding stock-based compensation to
gross margin and gross profit, the most directly comparable GAAP
measures, and the computation of gross margin excluding stock-based
compensation are as follows:
Q420
Q320
Q419
FY20
FY19
Revenue
249,387
200,305
213,543
794,247
785,177
Gross Profit
63,626
55,987
24,948
165,793
97,587
Gross Margin %
25.5%
28.0%
11.7%
20.9%
12.4%
Stock-based compensation (Cost of
Revenue)
3,664
3,568
8,594
17,475
45,429
Gross Profit excluding SBC
67,290
59,555
33,542
183,268
143,016
Gross Margin excluding SBC %
27.0%
29.7%
15.7%
23.1%
18.2%
Cost of Revenue and Operating Expenses to Cost of Revenue and
Operating Expenses Excluding Stock-Based Compensation
Cost of revenue and operating expenses excluding stock-based
compensation are a supplemental measure of operating performance
that does not represent and should not be considered an alternative
to cost of revenue and operating expenses, as determined under
GAAP. This measure removes the impact of stock-based compensation.
We believe that cost of revenue and operating expenses excluding
stock-based compensation supplements the GAAP measure and enables
us to more effectively evaluate our performance period-over-period.
A reconciliation of cost of revenue and operating expenses
excluding stock-based compensation to cost of revenue and operating
expenses, the most directly comparable GAAP measure, are as
follows:
Q420
Q320
Q419
FY20
FY19
Cost of Revenue
185,761
144,318
188,595
628,454
687,590
Stock-Based Compensation - Cost of
Revenue
3,664
3,568
8,594
17,475
45,429
Cost of Revenue – Excluding SBC
182,097
140,750
180,001
610,979
642,161
Q420
Q320
Q419
FY20
FY19
Operating Expenses
68,144
56,359
72,820
246,578
330,391
Stock-Based Compensation - Operating
Expenses
12,844
12,167
27,464
56,418
150,862
Operating Expenses – Excluding
SBC
55,300
44,192
45,356
190,160
179,529
Operating Loss to Operating
Income (Loss) Excluding Stock-Based Compensation
Operating income (loss) excluding stock-based compensation is a
supplemental measure of operating performance that does not
represent and should not be considered an alternative to operating
loss, as determined under GAAP. This measure removes the impact of
stock-based compensation. We believe that operating income (loss)
excluding stock-based compensation supplements the GAAP measure and
enables us to more effectively evaluate our performance
period-over-period. A reconciliation of operating income (loss)
excluding stock-based compensation to operating loss, the most
directly comparable GAAP measure, and the computation of operating
income (loss) excluding stock-based compensation are as
follows:
Q420
Q320
Q419
FY20
FY19
Operating Loss
(4,518)
(372)
(47,872)
(80,785)
(232,804)
Stock-based compensation
16,508
15,735
36,058
73,893
196,291
Operating Income (loss) excluding
SBC
11,990
15,363
(11,814)
(6,892)
(36,513)
Net Loss to Adjusted Net Loss and Computation of Adjusted Net
Loss per Share (EPS)
Adjusted net loss and adjusted net loss per share are
supplemental measures of operating performance that do not
represent and should not be considered alternatives to net loss and
net loss per share, as determined under GAAP. These measures remove
the impact of the non-controlling interests associated with our
legacy PPA entities, the revaluation of derivatives, fair market
value adjustment for the PPA derivatives, and stock-based
compensation, all of which are non-cash charges. We believe that
adjusted net loss and adjusted net loss per share supplement GAAP
measures and enable us to more effectively evaluate our performance
period-over-period. A reconciliation of adjusted net loss to net
loss, the most directly comparable GAAP measure, and the
computation of adjusted net loss per share are as follows:
Q420
Q320
Q419
FY20
FY19
Net loss to Common Stockholders
(27,138)
(11,954)
(68,287)
(157,553)
(306,868)
Deemed dividend to noncontrolling
interest
-
-
2,454
-
2,454
Loss (gain) on extinguishment of debt
-
(1,220)
-
12,878
-
Loss for non-controlling interests1
(4,453)
(5,922)
(5,178)
(21,534)
(19,052)
Loss (gain) on derivatives
liabilities2
1,737
(1,505)
540
(464)
2,160
Loss (gain) on the Fair Value Adjustments
for certain PPA derivatives3
140
(726)
(634)
110
844
Stock-based compensation
16,508
15,735
36,058
73,893
196,291
Adjusted Net Loss
(13,206)
(5,592)
(35,047)
(92,670)
(124,171)
Net loss to Common Stockholders per
share
$ (0.16)
$ (0.09)
$ (0.58)
$ (1.14)
$ (2.67)
Adjusted net loss per share
(EPS)
$ (0.08)
$ (0.04)
$ (0.29)
$ (0.67)
$ (1.07)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted (thousands)
165,975
138,964
118,588
138,722
115,118
Adjusted weighted average shares
outstanding attributable to common, Basic and Diluted
(thousands)4
165,975
138,964
119,532
138,722
116,061
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity (our
first PPA company), a wholly owned subsidiary
4.
Includes adjustments to reflect assumed
conversion of certain convertible promissory notes
Net Loss to Adjusted EBITDA
Adjusted EBITDA is a non-GAAP supplemental measure of operating
performance that does not represent and should not be considered an
alternative to operating loss or cash flow from operations, as
determined by GAAP. Adjusted EBITDA is defined as net income (loss)
before interest expense, income tax expense, non-controlling
interest, revaluations, stock-based compensation and depreciation
and amortization expense. We use Adjusted EBITDA to measure the
operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
Adjusted EBITDA may not be comparable to similarly titled measures
provided by other companies due to potential differences in methods
of calculations. A reconciliation of Adjusted EBITDA to net loss is
as follows:
Q420
Q320
Q419
FY20
FY19
Net loss to Common Stockholders
(27,138)
(11,954)
(68,287)
(157,553)
(306,868)
Deemed dividend to noncontrolling
interest
-
-
2,454
-
2,454
Loss (gain) on extinguishment of debt
-
(1,220)
-
12,878
-
Loss for non-controlling interests1
(4,453)
(5,922)
(5,178)
(21,534)
(19,052)
Loss (gain) on derivatives
liabilities2
1,737
(1,505)
540
(464)
2,160
Loss (gain) on the Fair Value Adjustments
for certain PPA derivatives3
140
(726)
(634)
110
844
Stock-based compensation
16,508
15,735
36,058
73,893
196,291
Depreciation & Amortization
13,391
13,036
13,636
52,279
78,584
Provision (benefit) for Income Tax
(16)
7
31
256
633
Interest Expense (Income), Other Expense
(Income), net
25,352
20,222
22,568
85,632
87,869
Adjusted EBITDA
25,521
27,673
1,188
45,497
42,915
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity (our
first PPA company)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210210005910/en/
Investor Relations: investor@bloomenergy.com
Media: Jennifer Duffourg Bloom Energy +1 (480) 341-5464
jennifer.duffourg@bloomenergy.com
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