Bloom Energy Corporation (NYSE: BE) today announced financial results for its first quarter ended March 31, 2021.
First Quarter Financial Highlights
KR Sridhar, founder, chairman, and chief executive officer, Bloom Energy, commented: “We are off to a strong start in 2021 and are performing just as we thought we would. We are continuing to make progress on our five growth levers that capitalize on the flexibility and adaptability of our core platform technology – the Bloom Energy Server. The focus on infrastructure, resiliency, reliability and clean energy solutions in the U.S. and around the world is significant and we are confident that our solutions fit the need and demand, which will lead to growth for years to come.”
Greg Cameron, EVP and chief financial officer, Bloom Energy, commented: “We delivered solid financial results - growing revenue and increasing margins, while achieving record acceptances. We continue to make great strides in reducing costs, while investing for the future. We are confident in our guidance and are on the way to being a $1 billion revenue business that is well positioned for future growth.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements | ||||
($000) | Q121 | Q420 | Q120 | |
Revenue | 194,007 | 249,387 | 156,699 | |
Cost of Revenue | 139,356 | 185,761 | 136,768 | |
Gross Profit | 54,651 | 63,626 | 19,931 | |
Gross Margin | 28.2% | 25.5% | 12.7% | |
Operating Expenses | 69,048 | 68,144 | 66,326 | |
Operating Loss | (14,397) | (4,518) | (46,395) | |
Operating Margin | (7.4%) | (1.8%) | (29.6%) | |
Non-operating Expenses1 | 10,492 | 22,620 | 29,554 | |
Net Loss | (24,889) | (27,138) | (75,949) | |
GAAP EPS | $ (0.15) | $ (0.16) | $ (0.61) |
1. | Non-Operating Expenses and tax provision and non-controlling interest |
Preliminary Summary Non-GAAP Financial Information1 | ||||
($000) | Q121 | Q420 | Q120 | |
Revenue | 194,007 | 249,387 | 156,699 | |
Cost of Revenue2 | 136,357 | 182,097 | 131,261 | |
Gross Profit2 | 57,650 | 67,290 | 25,438 | |
Gross Margin2 | 29.7% | 27.0% | 16.2% | |
Operating Expenses2 | 54,837 | 55,300 | 48,814 | |
Operating Income (loss) 2 | 2,813 | 11,990 | (23,376) | |
Operating Margin2 | 1.4% | 4.8% | (14.9%) | |
Adjusted EBITDA3 | 16,062 | 25,521 | (9,782) | |
Adjusted EPS4 | $ (0.07) | $ (0.08) | $ (0.34) |
1. | Reference pages 11-14 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
Revenue of $194.0 million in the first quarter of 2021, an increase of 23.8% compared to revenue of $156.7 million in the first quarter of 2020, primarily driven by a $38.4 million increase in product revenue and a $11.3 million increase in service revenue partially offset by a $14.0 million decrease in installation revenue.
Product revenue increased $38.4 million, or 38.5%, in the first quarter of 2021 as compared to the prior year period, primarily driven by the 40.2% increase in product acceptances enabled by the expansion of our Community Distributed Generation program. Product revenue was minimally impacted by price reduction on a per unit basis in the first quarter of 2021 as compared to the prior year period.
Installation revenue decreased $14.0 million, in the first quarter 2021 as compared to the prior year period. This decrease in installation revenue was driven by site mix as many of the acceptances did not have installation, either because the installation was done by our partner in the Republic of Korea, or, for a specific customer, the final installation will be completed later in the year although the Energy Servers were delivered and accepted in the current quarter.
Margin
GAAP gross margin in the first quarter of 2021 was 28.2%, up 15.5 percentage points compared to 12.7% in the first quarter of 2020. Non-GAAP gross margin in the first quarter of 2021 was 29.7%, up 13.5 percentage points compared to 16.2% in the first quarter of 2020. The improvement in gross margin was primarily driven by higher product and service margins.
Product gross margin in the first quarter of 2021 was 36.7%, up 9.5 percentage points compared to 27.2% in the first quarter of 2020 as our per unit product cost reduction of 12.3% outpaced our minimal product price reductions.
Service gross margin in the first quarter of 2021 was positive at 0.8%, up 24.0 percentage points compared to (23.2%) in the first quarter of 2020. This increase was due to the significant improvements in power module life, cost reductions, our actions to proactively manage the fleet optimizations, and international growth, primarily in the Republic of Korea.
Balance Sheet
Our cash position, including restricted cash, as of March 31, 2021 was $365.7 million, compared to $416.7 million as of December 31, 2020. We ended the first quarter of 2021 with $522.2 million of debt, a decrease of $4.9 million from the fourth quarter of 2020.
2021 Outlook
We announced the following outlook for the full year of 2021:
*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.
Conference Call Details
We will host a conference call today, May 5, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss our financial results. To participate in the live call, analysts and investors may call +1 (833) 520-0063 and enter the passcode: 8548909. Those calling from outside the United States may dial +1 (236) 714-2197 and enter the same passcode: 8548909. 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 8548909.
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 our expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, our ability to continue to make progress on our five growth levers; our expectations that our solutions fit the need and demand for future growth; our ability to continue to reduce costs and invest in the future; 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, the significant upfront costs of our Energy Servers and our ability to secure financing for our products, our ability to service our existing debt obligations, our ability to be successful in new markets, the risk of manufacturing defects, the accuracy of our estimates regarding the useful life of our Energy Servers, delays in the development and introduction of new products or updates to existing products, our ability to drive cost reductions, 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 business, our ability to protect our intellectual property, and other risks and uncertainties detailed in our SEC filings from time to time. More information on potential factors that may impact our business are set forth in our periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended on December 31, 2020 as filed with the SEC on February 26, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on our website at www.bloomenergy.com and the SEC’s website at www.sec.gov. We assume no obligation to, and do not currently intend to, update any such forward-looking statements.
The Investor Relations section of our 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) | ||||||||
| March 31, |
| December 31, | |||||
| 2021 |
| 2020 | |||||
Assets |
|
| ||||||
Current assets: |
|
| ||||||
Cash and cash equivalents | $ | 180,719 |
| $ | 246,947 |
| ||
Restricted cash | 54,865 |
| 52,470 |
| ||||
Accounts receivable | 108,328 |
| 99,513 |
| ||||
Inventories | 153,172 |
| 142,059 |
| ||||
Deferred cost of revenue | 55,064 |
| 41,469 |
| ||||
Customer financing receivable | 5,515 |
| 5,428 |
| ||||
Prepaid expenses and other current assets | 26,809 |
| 30,718 |
| ||||
Total current assets | 584,472 |
| 618,604 |
| ||||
Property, plant and equipment, net | 599,437 |
| 600,628 |
| ||||
Operating lease right-of-use assets | 55,165 |
| 35,621 |
| ||||
Customer financing receivable, non-current | 43,880 |
| 45,268 |
| ||||
Restricted cash, non-current | 130,080 |
| 117,293 |
| ||||
Deferred cost of revenue, non-current | 3,029 |
| 2,462 |
| ||||
Other long-term assets | 35,199 |
| 34,511 |
| ||||
Total assets | $ | 1,451,262 |
| $ | 1,454,387 |
| ||
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Equity and Noncontrolling Interest |
|
| ||||||
Current liabilities: |
|
| ||||||
Accounts payable | $ | 72,960 |
| $ | 58,334 |
| ||
Accrued warranty | 5,958 |
| 10,263 |
| ||||
Accrued expenses and other current liabilities | 82,133 |
| 112,004 |
| ||||
Deferred revenue and customer deposits | 69,240 |
| 114,286 |
| ||||
Operating lease liabilities | 7,219 |
| 7,899 |
| ||||
Financing obligations | 13,330 |
| 12,745 |
| ||||
Non-recourse debt | 118,468 |
| 120,846 |
| ||||
Total current liabilities | 369,308 |
| 436,377 |
| ||||
Deferred revenue and customer deposits, non-current | 84,472 |
| 87,463 |
| ||||
Operating lease liabilities, non-current | 61,714 |
| 41,849 |
| ||||
Financing obligations, non-current | 461,468 |
| 459,981 |
| ||||
Recourse debt, non-current | 290,090 |
| 168,008 |
| ||||
Non-recourse debt, non-current | 99,941 |
| 102,045 |
| ||||
Other long-term liabilities | 19,867 |
| 17,268 |
| ||||
Total liabilities | 1,386,860 |
| 1,312,991 |
| ||||
|
|
| ||||||
Redeemable noncontrolling interest | 356 |
| 377 |
| ||||
Stockholders’ equity: |
|
| ||||||
Common stock | 17 |
| 17 |
| ||||
Additional paid-in capital | 3,129,687 |
| 3,182,753 |
| ||||
Accumulated other comprehensive loss | (126 | ) | (9 | ) | ||||
Accumulated deficit | (3,123,518 | ) | (3,103,937 | ) | ||||
Total stockholders’ equity | 6,060 |
| 78,824 |
| ||||
Noncontrolling interest | 57,986 |
| 62,195 |
| ||||
Total liabilities, redeemable noncontrolling interest, stockholders' equity and noncontrolling interest | $ | 1,451,262 |
| $ | 1,454,387 |
|
Condensed Consolidated Statements of Operations (preliminary & unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
| Three Months Ended | |||||||
|
| 2021 |
|
|
| 2020 |
| |
Revenue: |
|
| ||||||
Product | $ | 137,930 |
| $ | 99,559 |
| ||
Installation |
| 2,659 |
|
| 16,618 |
| ||
Service |
| 36,417 |
|
| 25,147 |
| ||
Electricity |
| 17,001 |
|
| 15,375 |
| ||
Total revenue |
| 194,007 |
|
| 156,699 |
| ||
Cost of revenue: |
|
| ||||||
Product |
| 87,294 |
|
| 72,489 |
| ||
Installation |
| 4,625 |
|
| 20,779 |
| ||
Service |
| 36,118 |
|
| 30,970 |
| ||
Electricity |
| 11,319 |
|
| 12,530 |
| ||
Total cost of revenue |
| 139,356 |
|
| 136,768 |
| ||
Gross profit |
| 54,651 |
|
| 19,931 |
| ||
Operating expenses: |
|
| ||||||
Research and development |
| 23,295 |
|
| 23,279 |
| ||
Sales and marketing |
| 19,952 |
|
| 13,949 |
| ||
General and administrative |
| 25,801 |
|
| 29,098 |
| ||
Total operating expenses |
| 69,048 |
|
| 66,326 |
| ||
Loss from operations |
| (14,397 | ) |
| (46,395 | ) | ||
Interest income |
| 74 |
|
| 819 |
| ||
Interest expense |
| (14,731 | ) |
| (20,754 | ) | ||
Interest expense - related parties |
| — |
|
| (1,366 | ) | ||
Other expense, net |
| (85 | ) |
| (8 | ) | ||
Loss on extinguishment of debt |
| — |
|
| (14,098 | ) | ||
(Loss) gain on revaluation of embedded derivatives |
| (518 | ) |
| 284 |
| ||
Loss before income taxes |
| (29,657 | ) |
| (81,518 | ) | ||
Income tax provision |
| 124 |
|
| 124 |
| ||
Net loss |
| (29,781 | ) |
| (81,642 | ) | ||
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests |
| (4,892 | ) |
| (5,693 | ) | ||
Net loss attributable to Class A and Class B common stockholders | $ | (24,889 | ) | $ | (75,949 | ) | ||
Net loss per share available to Class A and Class B common stockholders, basic and diluted | $ | (0.15 | ) | $ | (0.61 | ) | ||
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
| 170,745 |
|
| 123,763 |
|
Condensed Consolidated Statement of Cash Flows (preliminary & unaudited) | ||||||||
(in thousands) | ||||||||
Three Months Ended | ||||||||
| 2021 |
| 2020 | |||||
Cash flows from operating activities: |
|
| ||||||
Net loss | $ | (29,781 | ) | $ | (81,642 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
| ||||||
Depreciation and amortization | 13,442 |
| 13,035 |
| ||||
Non-cash lease expense | 2,115 |
| 1,549 |
| ||||
Revaluation of derivative contracts | 290 |
| 241 |
| ||||
Stock-based compensation | 17,210 |
| 23,019 |
| ||||
Gain on long-term REC purchase contract | — |
| (4 | ) | ||||
Loss on extinguishment of debt | — |
| 14,098 |
| ||||
Amortization of debt issuance and premium, net | 971 |
| 4,755 |
| ||||
Changes in operating assets and liabilities: |
|
| ||||||
Accounts receivable | (8,815 | ) | 2,136 |
| ||||
Inventories | (10,820 | ) | 2,083 |
| ||||
Deferred cost of revenue | (13,952 | ) | (19,494 | ) | ||||
Customer financing receivable | 1,302 |
| 1,240 |
| ||||
Prepaid expenses and other current assets | 3,908 |
| 3,060 |
| ||||
Other long-term assets | (687 | ) | (2,924 | ) | ||||
Accounts payable | 14,145 |
| 4,822 |
| ||||
Accrued warranty | (4,305 | ) | 681 |
| ||||
Accrued expenses and other current liabilities | (24,941 | ) | 489 |
| ||||
Operating lease liabilities | (2,474 | ) | (1,717 | ) | ||||
Deferred revenue and customer deposits | (48,036 | ) | 5,253 |
| ||||
Other long-term liabilities | 1,393 |
| 1,372 |
| ||||
Net cash used in operating activities | (89,035 | ) | (27,948 | ) | ||||
Cash flows from investing activities: |
|
| ||||||
Purchase of property, plant and equipment | (12,932 | ) | (12,360 | ) | ||||
Net cash used in investing activities | (12,932 | ) | (12,360 | ) |
Three Months Ended | ||||||||
| 2021 |
| 2020 | |||||
Cash flows from financing activities: |
|
| ||||||
Proceeds from issuance of debt to related parties | — |
| 30,000 |
| ||||
Repayment of debt | (4,862 | ) | (9,128 | ) | ||||
Repayment of debt - related parties | — |
| (2,105 | ) | ||||
Proceeds from financing obligations | 5,016 |
| — |
| ||||
Repayment of financing obligations | (3,077 | ) | (2,503 | ) | ||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | (3,880 | ) | (4,270 | ) | ||||
Proceeds from issuance of common stock | 57,953 |
| 4,845 |
| ||||
Net cash provided by financing activities | 51,150 |
| 16,839 |
| ||||
Effect of exchange rate changes on cash, cash equivalent and restricted cash | (229 | ) | — |
| ||||
Net decrease in cash, cash equivalents, and restricted cash | (51,046 | ) | (23,469 | ) | ||||
Cash, cash equivalents, and restricted cash: |
|
| ||||||
Beginning of period | 416,710 |
| 377,388 |
| ||||
End of period | $ | 365,664 |
| $ | 353,919 |
|
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:
| Q121 | Q420 | Q120 | |
Revenue | 194,007 | 249,387 | 156,699 | |
Gross Profit | 54,651 | 63,626 | 19,931 | |
Gross Margin % | 28.2% | 25.5% | 12.7% | |
Stock-based compensation (Cost of Revenue) | 2,999 | 3,664 | 5,507 | |
Gross Profit excluding SBC | 57,650 | 67,290 | 25,438 | |
Gross Margin excluding SBC % | 29.7% | 27.0% | 16.2% |
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:
| Q121 | Q420 | Q120 | |
Cost of Revenue | 139,356 | 185,761 | 136,768 | |
Stock-Based Compensation - Cost of Revenue | 2,999 | 3,664 | 5,507 | |
Cost of Revenue – Excluding SBC | 136,357 | 182,097 | 131,261 |
| Q121 | Q420 | Q120 | |
Operating Expenses | 69,048 | 68,144 | 66,326 | |
Stock-Based Compensation - Operating Expenses | 14,211 | 12,844 | 17,512 | |
Operating Expenses – Excluding SBC | 54,837 | 55,300 | 48,814 |
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:
| Q121 | Q420 | Q120 | |
Operating Loss | (14,397) | (4,518) | (46,395) | |
Stock-based compensation | 17,210 | 16,508 | 23,019 | |
Operating Income (loss) excluding SBC | 2,813 | 11,990 | (23,376) |
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:
| Q121 | Q420 | Q120 | |
Net loss to Common Stockholders | (24,889) | (27,138) | (75,949) | |
Loss on extinguishment of debt | - | - | 14,098 | |
Loss for non-controlling interests1 | (4,892) | (4,453) | (5,693) | |
Loss (gain) on derivatives liabilities2 | 518 | 1,737 | (284) | |
Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3 | (193) | 140 | 560 | |
Stock-based compensation | 17,210 | 16,508 | 23,019 | |
Adjusted Net Loss | (12,246) | (13,206) | (44,248) | |
|
|
|
| |
Net loss to Common Stockholders per share | $ (0.15) | $ (0.16) | $ (0.61) | |
Adjusted net loss per share (EPS) | $ (0.07) | $ (0.08) | $ (0.34) | |
GAAP weighted average shares outstanding attributable to common, Basic and Diluted (thousands) | 170,745 | 165,975 | 123,763 | |
Adjusted weighted average shares outstanding attributable to common, Basic and Diluted (thousands)4 | 170,745 | 165,975 | 128,323 |
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:
| Q121 | Q420 | Q120 | |
Net loss to Common Stockholders | (24,889) | (27,138) | (75,949) | |
Loss on extinguishment of debt | - | - | 14,098 | |
Loss for non-controlling interests1 | (4,892) | (4,453) | (5,693) | |
Loss (gain) on derivatives liabilities2 | 518 | 1,737 | (284) | |
Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3 | (193) | 140 | 560 | |
Stock-based compensation | 17,210 | 16,508 | 23,019 | |
Depreciation & Amortization | 13,442 | 13,391 | 13,034 | |
Provision (benefit) for Income Tax | 124 | (16) | 124 | |
Interest Expense (Income), Other Expense (Income), net | 14,742 | 25,352 | 21,309 | |
Adjusted EBITDA | 16,062 | 25,521 | (9,782) |
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) |
Last Trade: | US$9.95 |
Daily Change: | -1.08 -9.79 |
Daily Volume: | 11,505,115 |
Market Cap: | US$2.270B |
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