SAN JOSE, Calif. / Feb 15, 2024 / Business Wire / Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2023. The company had record revenue of $1.3 billion for the full year driven by continued growth in product and service revenue.
Fourth Quarter Highlights
Total Year Highlights
“At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings, including our Combined Heat and Power system announced in 2023, and our Be Flexible™ load following product offering announced this week. We look forward to building on this momentum in 2024 and beyond.”
Greg Cameron, President and CFO of Bloom Energy, added, “This year we reached critical milestones by delivering record revenues and positive Non-GAAP Operating Income. We continue to execute across the company, and I remain excited about Bloom’s future. The last four years have been an amazing professional journey and I’m proud of what we’ve been able to accomplish.”
Chief Financial Officer Transition
Bloom today announced that President and CFO Greg Cameron has notified the company of his intention to depart from his role. The company has retained Caldwell Partners to identify candidates to fill the Chief Financial Officer role. Mr. Cameron’s departure is not the result of any disagreement with the company on any matter relating to the company’s operations, policies, or practices.
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
($000), except EPS data | Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | ||||||||||
Revenue |
| 356,917 |
|
| 400,268 |
|
| 462,577 |
|
| 1,333,470 |
|
| 1,199,125 |
|
Cost of Revenue |
| 264,526 |
|
| 405,482 |
|
| 391,199 |
|
| 1,135,676 |
|
| 1,050,837 |
|
Gross Profit (Loss) |
| 92,391 |
|
| (5,214 | ) |
| 71,377 |
|
| 197,794 |
|
| 148,288 |
|
Gross Margin |
| 25.9 | % |
| (1.3 | ) % |
| 15.4 | % |
| 14.8 | % |
| 12.4 | % |
Operating Expenses |
| 79,452 |
|
| 98,494 |
|
| 111,945 |
|
| 406,701 |
|
| 409,280 |
|
Operating (Loss) Profit |
| 12,939 |
|
| (103,708 | ) |
| (40,568 | ) |
| (208,907 | ) |
| (260,992 | ) |
Operating Margin |
| 3.6 | % |
| (25.9 | ) % |
| (8.8 | ) % |
| (15.7 | ) % |
| (21.8 | ) % |
Non-operating Expenses |
| 8,428 |
|
| 65,291 |
|
| 6,604 |
|
| 93,209 |
|
| 40,416 |
|
Net (Loss) Profit to Common Stockholders |
| 4,511 |
|
| (168,999 | ) |
| (47,172 | ) |
| (302,116 | ) |
| (301,408 | ) |
GAAP EPS, Basic | $ | 0.02 |
| $ | (0.80 | ) | $ | (0.23 | ) | $ | (1.42 | ) | $ | (1.62 | ) |
GAAP EPS, Diluted | $ | 0.02 |
| $ | (0.80 | ) | $ | (0.23 | ) | $ | (1.42 | ) | $ | (1.62 | ) |
Summary of Non-GAAP Financial Information1
($000), except EPS data | Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | ||||||||||
Revenue |
| 356,917 |
|
| 400,268 |
|
| 462,577 |
|
| 1,333,470 |
|
| 1,199,125 |
|
Cost of Revenue |
| 259,138 |
|
| 273,888 |
|
| 321,823 |
|
| 989,464 |
|
| 923,052 |
|
Gross Profit |
| 97,779 |
|
| 126,380 |
|
| 140,754 |
|
| 344,006 |
|
| 276,073 |
|
Gross Margin |
| 27.4 | % |
| 31.6 | % |
| 30.4 | % |
| 25.8 | % |
| 23.0 | % |
Operating Expenses |
| 70,368 |
|
| 74,580 |
|
| 81,722 |
|
| 324,825 |
|
| 309,542 |
|
Operating Profit (Loss) |
| 27,411 |
|
| 51,800 |
|
| 59,032 |
|
| 19,181 |
|
| (33,469 | ) |
Operating Margin |
| 7.7 | % |
| 12.9 | % |
| 12.8 | % |
| 1.4 | % |
| (2.8 | ) % |
Adjusted EBITDA |
| 39,760 |
|
| 66,415 |
|
| 74,458 |
|
| 81,791 |
|
| 30,139 |
|
Non-GAAP EPS, Basic | $ | 0.09 |
| $ | 0.20 |
| $ | 0.27 |
| $ | (0.10 | ) | $ | (0.41 | ) |
Non-GAAP EPS, Diluted | $ | 0.07 |
| $ | 0.15 |
| $ | 0.22 |
| $ | (0.10 | ) | $ | (0.41 | ) |
Outlook
Bloom provides outlook for the full-year 2024:
• Revenue: | $1.4 - $1.6B | ||
• Non-GAAP Gross Margin: | ~28% | ||
• Non-GAAP Operating Income: | $75-$100M |
Conference Call Details
Bloom will host a conference call today, February 15, 2024, 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 toll-free dial-in number: +1 (888) 330-2443 and toll-dial-in-number +1 (240) 789-2728. The conference ID is 4781037. 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 Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (647) 362 9199 and entering passcode 4781037.
Use of Non-GAAP Financial Measures
This press 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. Bloom urges you to review the reconciliations of its 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 Bloom’s expectations regarding its 2024 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. 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, Bloom’s expectations regarding: innovation and solutions; customer reaction to Bloom’s products; Bloom’s liquidity position; market demand for energy solutions; and Bloom’s 2024 outlook for revenue and profitability. 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: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers, including inventories with distributors; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; 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 our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on February 21, 2023 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, as filed with the SEC on May 9, 2023, August 3, 2023, and November 8, 2023, respectively, 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. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
Consolidated Balance Sheets (in thousands, except share data) | ||||||||
|
| December 31, | ||||||
|
|
| 2023 |
|
|
| 2022 |
|
Assets |
|
|
|
| ||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents1 |
| $ | 664,593 |
|
| $ | 348,498 |
|
Restricted cash1 |
|
| 46,821 |
|
|
| 51,515 |
|
Accounts receivable less allowance for credit losses of $119 as of December 31, 2023 and $119 as of December 31, 20221, 2 |
|
| 340,740 |
|
|
| 250,995 |
|
Contract assets3 |
|
| 41,366 |
|
|
| 46,727 |
|
Inventories1 |
|
| 502,515 |
|
|
| 268,394 |
|
Deferred cost of revenue4 |
|
| 45,984 |
|
|
| 46,191 |
|
Prepaid expenses and other current assets1, 5 |
|
| 51,148 |
|
|
| 43,643 |
|
Total current assets |
|
| 1,693,167 |
|
|
| 1,055,963 |
|
Property, plant and equipment, net1 |
|
| 493,352 |
|
|
| 600,414 |
|
Operating lease right-of-use assets1, 6 |
|
| 139,732 |
|
|
| 126,955 |
|
Restricted cash1 |
|
| 33,764 |
|
|
| 118,353 |
|
Deferred cost of revenue |
|
| 3,454 |
|
|
| 4,737 |
|
Other long-term assets1, 7 |
|
| 50,208 |
|
|
| 40,205 |
|
Total assets |
| $ | 2,413,677 |
|
| $ | 1,946,627 |
|
Liabilities and stockholders’ equity |
|
|
|
| ||||
Current liabilities: |
|
|
|
| ||||
Accounts payable1, 8 |
| $ | 132,078 |
|
| $ | 161,770 |
|
Accrued warranty |
|
| 19,326 |
|
|
| 17,332 |
|
Accrued expenses and other current liabilities1, 9 |
|
| 130,879 |
|
|
| 144,183 |
|
Deferred revenue and customer deposits1, 10 |
|
| 128,922 |
|
|
| 159,048 |
|
Operating lease liabilities1, 11 |
|
| 20,245 |
|
|
| 16,227 |
|
Financing obligations |
|
| 38,972 |
|
|
| 17,363 |
|
Recourse debt |
|
| — |
|
|
| 12,716 |
|
Non-recourse debt1 |
|
| — |
|
|
| 13,307 |
|
Total current liabilities |
|
| 470,422 |
|
|
| 541,946 |
|
Deferred revenue and customer deposits1, 12 |
|
| 19,140 |
|
|
| 56,392 |
|
Operating lease liabilities1, 13 |
|
| 141,939 |
|
|
| 132,363 |
|
Financing obligations |
|
| 405,824 |
|
|
| 442,063 |
|
Recourse debt |
|
| 842,006 |
|
|
| 273,076 |
|
Non-recourse debt1, 14 |
|
| 4,627 |
|
|
| 112,480 |
|
Other long-term liabilities |
|
| 9,049 |
|
|
| 9,491 |
|
Total liabilities |
| $ | 1,893,007 |
|
| $ | 1,567,811 |
|
Commitments and contingencies |
|
|
|
| ||||
Stockholders’ equity: |
|
|
|
| ||||
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 224,717,533 shares and 189,864,722 shares issued and outstanding and Class B shares — 600,000,000 shares authorized, and no shares and 15,799,968 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively. |
|
| 21 |
|
|
| 20 |
|
Additional paid-in capital |
|
| 4,370,343 |
|
|
| 3,906,491 |
|
Accumulated other comprehensive loss |
|
| (1,687 | ) |
|
| (1,251 | ) |
Accumulated deficit |
|
| (3,866,599 | ) |
|
| (3,564,483 | ) |
Total equity attributable to common stockholders |
|
| 502,078 |
|
|
| 340,777 |
|
Noncontrolling interest |
|
| 18,592 |
|
|
| 38,039 |
|
Total stockholders’ equity |
| $ | 520,670 |
|
| $ | 378,816 |
|
Total liabilities and stockholders’ equity |
| $ | 2,413,677 |
|
| $ | 1,946,627 |
|
1 | We have variable interest entities related to the PPA V and a joint venture in the Republic of Korea, which represent a portion of the consolidated balances recorded within these financial statement line items. | |
In August 2023, we sold the PPA V as a result of the PPA V Repowering of the Energy Servers as such the consolidated balances recorded within these financial statement line items as of December 31, 2023 exclude the PPA V balances. | ||
2 | Including amounts from related parties of $262.0 million and $4.3 million as of December 31, 2023 and December 31, 2022, respectively. | |
3 | Including amounts from related parties of $6.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
4 | Including amounts from related parties of $0.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
5 | Including amounts from related parties of $2.3 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
6 | Including amounts from related parties of $2.0 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
7 | Including amounts from related parties of $9.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
8 | Including amounts from related parties of $0.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
9 | Including amounts from related parties of $3.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
10 | Including amounts from related parties of $1.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
11 | Including amounts from related parties of $0.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
12 | Including amounts from related parties of $6.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
13 | Including amounts from related parties of $1.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. | |
14 | Including amounts from related parties of $4.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022. |
Consolidated Statements of Operations (in thousands, except per share data) | ||||||||||||||||||||
|
| Q4'23 |
| Q3'23 |
| Q4'22 |
| FY 23 |
| FY 22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Product |
| $ | 261,819 |
|
| $ | 304,976 |
|
| $ | 360,249 |
|
| $ | 975,245 |
|
| $ | 880,664 |
|
Installation |
|
| 26,033 |
|
|
| 21,916 |
|
|
| 43,156 |
|
|
| 92,796 |
|
|
| 92,120 |
|
Service |
|
| 52,569 |
|
|
| 47,535 |
|
|
| 39,942 |
|
|
| 183,065 |
|
|
| 150,954 |
|
Electricity |
|
| 16,496 |
|
|
| 25,841 |
|
|
| 19,230 |
|
|
| 82,364 |
|
|
| 75,387 |
|
Total revenue1 |
|
| 356,917 |
|
|
| 400,268 |
|
|
| 462,577 |
|
|
| 1,333,470 |
|
|
| 1,199,125 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Product |
|
| 172,514 |
|
|
| 182,832 |
|
|
| 222,841 |
|
|
| 630,105 |
|
|
| 616,178 |
|
Installation |
|
| 27,854 |
|
|
| 25,902 |
|
|
| 46,275 |
|
|
| 105,735 |
|
|
| 104,111 |
|
Service |
|
| 55,050 |
|
|
| 57,370 |
|
|
| 43,845 |
|
|
| 220,927 |
|
|
| 168,491 |
|
Electricity |
|
| 9,108 |
|
|
| 139,378 |
|
|
| 78,238 |
|
|
| 178,909 |
|
|
| 162,057 |
|
Total cost of revenue2 |
|
| 264,526 |
|
|
| 405,482 |
|
|
| 391,199 |
|
|
| 1,135,676 |
|
|
| 1,050,837 |
|
Gross profit (loss) |
|
| 92,391 |
|
|
| (5,214 | ) |
|
| 71,377 |
|
|
| 197,794 |
|
|
| 148,288 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Research and development |
|
| 33,556 |
|
|
| 35,126 |
|
|
| 38,320 |
|
|
| 155,865 |
|
|
| 150,606 |
|
Sales and marketing |
|
| 16,026 |
|
|
| 20,002 |
|
|
| 25,850 |
|
|
| 89,961 |
|
|
| 90,934 |
|
General and administrative3 |
|
| 29,871 |
|
|
| 43,366 |
|
|
| 47,775 |
|
|
| 160,875 |
|
|
| 167,740 |
|
Total operating expenses |
|
| 79,452 |
|
|
| 98,494 |
|
|
| 111,945 |
|
|
| 406,701 |
|
|
| 409,280 |
|
(Loss) profit from operations |
|
| 12,939 |
|
|
| (103,708 | ) |
|
| (40,568 | ) |
|
| (208,907 | ) |
|
| (260,992 | ) |
Interest income |
|
| 6,114 |
|
|
| 7,419 |
|
|
| 2,523 |
|
|
| 19,885 |
|
|
| 3,887 |
|
Interest expense4 |
|
| (14,563 | ) |
|
| (68,037 | ) |
|
| (12,493 | ) |
|
| (108,299 | ) |
|
| (53,493 | ) |
Other (expense) income, net |
|
| 867 |
|
|
| (1,577 | ) |
|
| 4,743 |
|
|
| (2,793 | ) |
|
| 4,998 |
|
Loss on extinguishment of debt |
|
| — |
|
|
| (1,415 | ) |
|
| (4,723 | ) |
|
| (4,288 | ) |
|
| (8,955 | ) |
(Loss) gain on revaluation of embedded derivatives |
|
| (428 | ) |
|
| (114 | ) |
|
| (56 | ) |
|
| (1,641 | ) |
|
| 566 |
|
(Loss) profit before income taxes |
|
| 4,930 |
|
|
| (167,432 | ) |
|
| (50,574 | ) |
|
| (306,043 | ) |
|
| (313,989 | ) |
Income tax provision |
|
| 811 |
|
|
| 646 |
|
|
| 209 |
|
|
| 1,894 |
|
|
| 1,097 |
|
Net (loss) profit |
|
| 4,117 |
|
|
| (168,078 | ) |
|
| (50,783 | ) |
|
| (307,937 | ) |
|
| (315,086 | ) |
Less: Net (loss) gain attributable to noncontrolling interest |
|
| (394 | ) |
|
| 921 |
|
|
| (3,611 | ) |
|
| (5,821 | ) |
|
| (13,378 | ) |
Net (loss) gain attributable to common stockholders |
|
| 4,511 |
|
|
| (168,999 | ) |
|
| (47,172 | ) |
|
| (302,116 | ) |
|
| (301,708 | ) |
Less: Net loss attributable to redeemable noncontrolling interest |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (300 | ) |
Net (loss) gain before portion attributable to redeemable noncontrolling interest and noncontrolling interest |
| $ | 4,511 |
|
| $ | (168,999 | ) |
| $ | (47,172 | ) |
| $ | (302,116 | ) |
| $ | (301,408 | ) |
Net (loss) gain per share available to common stockholders, basic |
| $ | 0.02 |
|
| $ | (0.80 | ) |
| $ | (0.23 | ) |
| $ | (1.42 | ) |
| $ | (1.62 | ) |
Net (loss) gain per share available to common stockholders, diluted |
| $ | 0.02 |
|
| $ | (0.80 | ) |
| $ | (0.23 | ) |
| $ | (1.42 | ) |
| $ | (1.62 | ) |
Weighted average shares used to compute net loss per share available to common stockholders, basic |
|
| 224,204 |
|
|
| 210,930 |
|
|
| 201,173 |
|
|
| 212,681 |
|
|
| 185,907 |
|
Weighted average shares used to compute net loss per share available to common stockholders, diluted |
|
| 274,366 |
|
|
| 210,930 |
|
|
| 201,173 |
|
|
| 212,681 |
|
|
| 185,907 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
1 | Including related party revenue of $126.2 million, $125.7 million and $6.1 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and $487.2 million and $36.3 million for the years ended December 31, 2023 and 2022, respectively. | |
2 | Including related party cost of revenue of $0.1 million for the year ended December 31, 2023. There was no related party cost of revenue for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, and for the year ended December 31, 2022. | |
3 | Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and $0.8 million for the year ended December 31, 2023. There were no related party general and administrative expenses for the three months ended December 31, 2022, and for the year ended December 31, 2022. | |
4 | Including related party interest expense of $0.1 million for the year ended December 31, 2023. There was no related party interest expense for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, and for the year ended December 31, 2022. |
Consolidated Statement of Cash Flows (in thousands) | ||||||||||||||||||||
|
| Q4'23 |
| Q3'23 |
| Q4'22 |
| FY 23 |
| FY 22 | ||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Net (loss) gain |
| $ | 4,117 |
|
| $ | (168,078 | ) |
| $ | (50,783 | ) |
| $ | (307,937 | ) |
| $ | (315,086 | ) |
Adjustments to reconcile net (loss) gain to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Depreciation and amortization |
|
| 12,349 |
|
|
| 14,615 |
|
|
| 15,426 |
|
|
| 62,609 |
|
|
| 61,608 |
|
Non-cash lease expense |
|
| 9,079 |
|
|
| 8,356 |
|
|
| 2,002 |
|
|
| 33,619 |
|
|
| 20,155 |
|
Loss (gain) on disposal of property, plant and equipment |
|
| 234 |
|
|
| (19 | ) |
|
| 523 |
|
|
| 411 |
|
|
| — |
|
Revaluation of derivative contracts |
|
| 428 |
|
|
| 114 |
|
|
| 56 |
|
|
| 1,641 |
|
|
| (9,583 | ) |
Impairment of assets related to PPAs |
|
| — |
|
|
| 130,088 |
|
|
| 68,714 |
|
|
| 130,088 |
|
|
| 113,514 |
|
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing |
|
| — |
|
|
| 52,792 |
|
|
| — |
|
|
| 52,792 |
|
|
| — |
|
Stock-based compensation expense |
|
| 7,320 |
|
|
| 21,315 |
|
|
| 30,799 |
|
|
| 84,480 |
|
|
| 112,259 |
|
Amortization of warrants and debt issuance costs |
|
| 1,472 |
|
|
| 1,514 |
|
|
| 677 |
|
|
| 4,772 |
|
|
| 3,032 |
|
Loss on extinguishment of debt |
|
| — |
|
|
| 1,415 |
|
|
| 4,723 |
|
|
| 4,288 |
|
|
| 8,955 |
|
Unrealized foreign currency exchange loss (gain) |
|
| (2,411 | ) |
|
| 1,517 |
|
|
| (6,353 | ) |
|
| 618 |
|
|
| (3,267 | ) |
Other |
|
| 404 |
|
|
| 23 |
|
|
| 45 |
|
|
| 450 |
|
|
| 3,532 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Accounts receivable1 |
|
| (6,037 | ) |
|
| 16,100 |
|
|
| (178,622 | ) |
|
| (89,888 | ) |
|
| (162,864 | ) |
Contract assets2 |
|
| 102,509 |
|
|
| (108,692 | ) |
|
| (20,958 | ) |
|
| 5,361 |
|
|
| (21,525 | ) |
Inventories |
|
| (25,374 | ) |
|
| (8,969 | ) |
|
| (14,081 | ) |
|
| (231,689 | ) |
|
| (124,878 | ) |
Deferred cost of revenue3 |
|
| 17,569 |
|
|
| (8,370 | ) |
|
| (15,426 | ) |
|
| 1,655 |
|
|
| (24,282 | ) |
Customer financing receivable |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,510 |
|
Prepaid expenses and other assets4 |
|
| 15,095 |
|
|
| (22,807 | ) |
|
| (1,824 | ) |
|
| (5,754 | ) |
|
| (17,590 | ) |
Other long-term assets5 |
|
| (17,000 | ) |
|
| 10,219 |
|
|
| (1,887 | ) |
|
| (3,366 | ) |
|
| (2,617 | ) |
Operating lease right-of-use assets and operating lease liabilities |
|
| (8,922 | ) |
|
| (8,432 | ) |
|
| 854 |
|
|
| (32,801 | ) |
|
| 3,016 |
|
Financing lease liabilities |
|
| 104 |
|
|
| 171 |
|
|
| 397 |
|
|
| 1,011 |
|
|
| 896 |
|
Accounts payable6 |
|
| (23,385 | ) |
|
| (41,589 | ) |
|
| 47,856 |
|
|
| (29,080 | ) |
|
| 86,498 |
|
Accrued warranty |
|
| 2,789 |
|
|
| 1,631 |
|
|
| 3,989 |
|
|
| 1,994 |
|
|
| 5,586 |
|
Accrued expenses and other liabilities7 |
|
| 17,152 |
|
|
| 4,782 |
|
|
| 42,741 |
|
|
| (13,785 | ) |
|
| 43,243 |
|
Deferred revenue and customer deposits8 |
|
| 14,406 |
|
|
| (30,275 | ) |
|
| 47,872 |
|
|
| (42,635 | ) |
|
| 35,156 |
|
Other long-term liabilities |
|
| (65 | ) |
|
| (590 | ) |
|
| (11 | ) |
|
| (1,385 | ) |
|
| (9,991 | ) |
Net cash (used in) provided by operating activities |
|
| 121,833 |
|
|
| (133,169 | ) |
|
| (23,271 | ) |
|
| (372,531 | ) |
|
| (191,723 | ) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Purchase of property, plant and equipment |
|
| (16,254 | ) |
|
| (21,335 | ) |
|
| (35,916 | ) |
|
| (83,739 | ) |
|
| (116,823 | ) |
Proceeds from sale of property, plant and equipment |
|
| 11 |
|
|
| (22 | ) |
|
| — |
|
|
| 14 |
|
|
| — |
|
Net cash used in investing activities |
|
| (16,243 | ) |
|
| (21,357 | ) |
|
| (35,916 | ) |
|
| (83,725 | ) |
|
| (116,823 | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Proceeds from issuance of debt9 |
|
| 3,144 |
|
|
| — |
|
|
| — |
|
|
| 637,127 |
|
|
| — |
|
Payment of debt issuance costs |
|
| (197 | ) |
|
| (3,711 | ) |
|
| — |
|
|
| (19,736 | ) |
|
| — |
|
Repayment of debt |
|
| — |
|
|
| (118,538 | ) |
|
| (73,112 | ) |
|
| (191,390 | ) |
|
| (120,586 | ) |
Make-whole payment related to PPA IIIa and PPA IV debt |
|
| — |
|
|
| — |
|
|
| (4,140 | ) |
|
| — |
|
|
| (6,553 | ) |
Purchase of capped call options related to convertible notes |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (54,522 | ) |
|
| — |
|
Proceeds from financing obligations |
|
| 2,291 |
|
|
| — |
|
|
| 3,261 |
|
|
| 4,993 |
|
|
| 3,261 |
|
Repayment of financing obligations |
|
| (4,970 | ) |
|
| (4,747 | ) |
|
| (6,722 | ) |
|
| (18,445 | ) |
|
| (35,543 | ) |
Distributions and payments to noncontrolling interest |
|
| — |
|
|
| (2,265 | ) |
|
| (882 | ) |
|
| (2,265 | ) |
|
| (6,854 | ) |
Proceeds from issuance of common stock |
|
| 942 |
|
|
| 6,745 |
|
|
| 129 |
|
|
| 16,945 |
|
|
| 15,279 |
|
Proceeds from public share offering |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 385,396 |
|
Payment of public share offering costs |
|
| — |
|
|
| — |
|
|
| (368 | ) |
|
| (35 | ) |
|
| (13,775 | ) |
Buyout of noncontrolling interest |
|
| — |
|
|
| (6,864 | ) |
|
| (12,000 | ) |
|
| (6,864 | ) |
|
| (12,000 | ) |
Proceeds from issuance of redeemable convertible preferred stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 310,957 |
|
|
| — |
|
Payment of issuance costs related to redeemable convertible preferred stock |
|
| (22 | ) |
|
| — |
|
|
| — |
|
|
| (395 | ) |
|
| — |
|
Contributions from noncontrolling interest |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 6,979 |
|
|
| 2,815 |
|
Other |
|
| — |
|
|
| (285 | ) |
|
| (13 | ) |
|
| — |
|
|
| (76 | ) |
Net cash provided by (used in) financing activities |
|
| 1,188 |
|
|
| (129,665 | ) |
|
| (93,847 | ) |
|
| 683,349 |
|
|
| 211,364 |
|
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
| 704 |
|
|
| (657 | ) |
|
| 2,078 |
|
|
| (281 | ) |
|
| 434 |
|
Net increase (decrease) increase in cash, cash equivalents and restricted cash |
|
| 107,482 |
|
|
| (284,848 | ) |
|
| (150,956 | ) |
|
| 226,812 |
|
|
| (96,748 | ) |
Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Beginning of period |
|
| 637,696 |
|
|
| 922,544 |
|
|
| 669,322 |
|
|
| 518,366 |
|
|
| 615,114 |
|
End of period |
| $ | 745,178 |
|
| $ | 637,696 |
|
| $ | 518,366 |
|
| $ | 745,178 |
|
| $ | 518,366 |
|
1 | Including changes in related party balances of $14.2 million, $241.9 million and $8.1 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and related party balances of $257.8 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. | |
2 | Including changes in related party balances of $3.5 million and $3.4 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $6.9 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
3 | Including changes in related party balances of $22.5 million and $23.4 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $0.9 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
4 | Including changes in related party balances of $7.6 million and $9.9 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $2.3 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
5 | Including changes in related party balances of $7.1 million and $2.0 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $9.1 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
6 | Including changes in related party balance of $0.1 million for the three months ended December 31, 2023 and the year ended December 31, 2023. There were no related party balances as of September 30, 2023, June 30, 2022, September 30, 2022 and December 31, 2022. | |
7 | Including changes in related party balances of $2.3 million and $5.7 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $3.4 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
8 | Including changes in related party balances of $2.7 million and $11.1 million for the three months ended December 31, 2023 and September 30, 2023, respectively, and related party balance of $8.4 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022. | |
9 | Including changes in related party balance of $4.6 million for the three months ended December 31, 2023 and the year ended December 31, 2023. There were no related party balances as of September 30, 2023, June 30, 2022, September 30, 2022 and December 31, 2022. |
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands, except percentages) | ||||||||||
| Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | |||||
GAAP revenue | 356,917 |
| 400,268 |
| 462,577 |
| 1,333,470 |
| 1,199,125 |
|
GAAP cost of sales | 264,526 |
| 405,482 |
| 391,199 |
| 1,135,676 |
| 1,050,837 |
|
GAAP gross profit (loss) | 92,391 |
| (5,214 | ) | 71,377 |
| 197,794 |
| 148,288 |
|
Non-GAAP adjustments: |
|
|
|
|
| |||||
Stock-based compensation expense | 2,693 |
| 5,581 |
| 5,346 |
| 17,504 |
| 18,955 |
|
Impairment charge (PPA V, PPA IV, PPA IIIa) | — |
| 123,700 |
| 64,030 |
| 123,700 |
| 108,830 |
|
Restructuring charges | 2,695 |
| 725 |
| — |
| 3,420 |
| — |
|
PPA V Sales property tax | — |
| 1,588 |
| — |
| 1,588 |
| — |
|
Non-GAAP gross profit | 97,779 |
| 126,380 |
| 140,754 |
| 344,006 |
| 276,073 |
|
GAAP gross margin % | 25.9 | % | (1.3 | ) % | 15.4 | % | 14.8 | % | 12.4 | % |
Non-GAAP adjustments | 1.5 | % | 32.9 | % | 15.0 | % | 11.0 | % | 10.7 | % |
Non-GAAP gross margin % | 27.4 | % | 31.6 | % | 30.4 | % | 25.8 | % | 23.0 | % |
| Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | |||||
GAAP (loss) profit from operations | 12,939 |
| (103,708 | ) | (40,568 | ) | (208,907 | ) | (260,992 | ) |
Non-GAAP adjustments: |
|
|
|
|
| |||||
Stock-based compensation expense | 7,500 |
| 21,564 |
| 31,027 |
| 87,095 |
| 113,965 |
|
Impairment charge (PPA V, PPA IV, PPA IIIa) | — |
| 130,088 |
| 68,535 |
| 130,088 |
| 113,335 |
|
PPA V Sales property tax | — |
| 1,588 |
| — |
| 1,588 |
| — |
|
Restructuring charges | 6,940 |
| 2,226 |
| — |
| 9,166 |
| — |
|
Amortization of acquired intangible assets | 34 |
| 42 |
| 37 |
| 151 |
| 223 |
|
Non-GAAP profit (loss) from operations | 27,411 |
| 51,800 |
| 59,032 |
| 19,181 |
| (33,469 | ) |
GAAP operating margin % | 3.6 | % | (25.9 | ) % | (8.8 | ) % | (15.7 | ) % | (21.8 | ) % |
Non-GAAP adjustments | 4.1 | % | 38.9 | % | 21.5 | % | 17.1 | % | 19.0 | % |
Non-GAAP operating margin % | 7.7 | % | 12.9 | % | 12.8 | % | 1.4 | % | (2.8 | ) % |
Reconciliation of GAAP Net Profit (loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Profit (Loss) per Share (EPS) (unaudited) (in thousands, except share data) | |||||||||||||||
| Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | ||||||||||
Net (loss) profit to Common Stockholders |
| 4,511 |
|
| (168,999 | ) |
| (47,172 | ) |
| (302,116 | ) |
| (301,408 | ) |
Non-GAAP adjustments: |
|
|
|
|
| ||||||||||
Add back: (Loss) gain for non-controlling interests |
| (394 | ) |
| 921 |
|
| (3,611 | ) |
| (5,821 | ) |
| (13,678 | ) |
Loss (gain) on derivative liabilities |
| 428 |
|
| 114 |
|
| 56 |
|
| 1,641 |
|
| (566 | ) |
Impairment charge (PPA V, PPA IV, PPA IIIa) |
| — |
|
| 130,088 |
|
| 68,535 |
|
| 130,088 |
|
| 113,335 |
|
Loss on China JV investment |
| — |
|
| — |
|
| — |
|
| — |
|
| 1,446 |
|
Loss on extinguishment of debt |
| — |
|
| 1,415 |
|
| 4,723 |
|
| 4,288 |
|
| 8,955 |
|
Amortization of acquired intangible assets |
| 34 |
|
| 42 |
|
| 37 |
|
| 151 |
|
| 223 |
|
Restructuring charges |
| 6,940 |
|
| 2,226 |
|
| — |
|
| 9,166 |
|
| — |
|
PPA V Sales property tax |
| — |
|
| 1,588 |
|
| — |
|
| 1,588 |
|
| — |
|
Goodwill impairment |
| — |
|
| — |
|
| — |
|
| — |
|
| 2,000 |
|
Interest expense on SK loan commitment |
| — |
|
| 52,792 |
|
| — |
|
| 52,792 |
|
| — |
|
Stock-based compensation expense |
| 7,500 |
|
| 21,564 |
|
| 31,027 |
|
| 87,095 |
|
| 113,965 |
|
Other loss |
| 403 |
|
| — |
|
| — |
|
| 403 |
|
| — |
|
Adjusted Net (Loss) Profit |
| 19,421 |
|
| 41,751 |
|
| 53,596 |
|
| (20,724 | ) |
| (75,728 | ) |
|
|
|
|
|
| ||||||||||
Adjusted net (loss) profit per share (EPS), Basic | $ | 0.09 |
| $ | 0.20 |
| $ | 0.27 |
| $ | (0.10 | ) | $ | (0.41 | ) |
Adjusted net (loss) profit per share (EPS), Diluted | $ | 0.07 |
| $ | 0.15 |
| $ | 0.22 |
| $ | (0.10 | ) | $ | (0.41 | ) |
Weighted average shares outstanding attributable to common, Basic |
| 224,204 |
|
| 210,930 |
|
| 201,173 |
|
| 212,681 |
|
| 185,907 |
|
Weighted-average shares outstanding attributable to common, Diluted |
| 274,366 |
|
| 274,337 |
|
| 238,775 |
|
| 212,681 |
|
| 185,907 |
|
Reconciliation of GAAP Net Profit (loss) to Adjusted EBITDA (unaudited) (in thousands) | ||||||||||
| Q4'23 | Q3'23 | Q4'22 | FY 23 | FY 22 | |||||
Net (loss) profit to Common Stockholders | 4,511 |
| (168,999 | ) | (47,172 | ) | (302,116 | ) | (301,408 | ) |
Add back: (Loss) gain for non-controlling interests | (394 | ) | 921 |
| (3,611 | ) | (5,821 | ) | (13,678 | ) |
Loss (gain) on derivative liabilities | 428 |
| 114 |
| 56 |
| 1,641 |
| (566 | ) |
Impairment charge (PPA V, PPA IV, PPA IIIa) | — |
| 130,088 |
| 68,535 |
| 130,088 |
| 113,335 |
|
Loss on China JV investment | — |
| — |
| — |
| — |
| 1,446 |
|
Loss on extinguishment of debt | — |
| 1,415 |
| 4,723 |
| 4,288 |
| 8,955 |
|
Amortization of acquired intangible assets | 34 |
| 42 |
| 37 |
| 151 |
| 223 |
|
Restructuring charges | 6,940 |
| 2,226 |
| — |
| 9,166 |
| — |
|
PPA V Sales property tax | — |
| 1,588 |
| — |
| 1,588 |
| — |
|
Goodwill impairment | — |
| — |
| — |
| — |
| 2,000 |
|
Interest expense on SK loan commitment | — |
| 52,792 |
| — |
| 52,792 |
| — |
|
Stock-based compensation expense | 7,500 |
| 21,564 |
| 31,027 |
| 87,095 |
| 113,965 |
|
Other loss | 403 |
| — |
| — |
| 403 |
| — |
|
Adjusted Net (Loss) Profit | 19,421 |
| 41,751 |
| 53,596 |
| (20,724 | ) | (75,728 | ) |
|
|
|
|
|
| |||||
Depreciation & amortization | 12,349 |
| 14,615 |
| 15,426 |
| 62,609 |
| 61,608 |
|
Income tax provision | 811 |
| 646 |
| 209 |
| 1,894 |
| 1,097 |
|
Interest expense, Other expense, net | 7,179 |
| 9,403 |
| 5,227 |
| 38,012 |
| 43,162 |
|
Adjusted EBITDA | 39,760 |
| 66,415 |
| 74,458 |
| 81,791 |
| 30,139 |
|
Use of non-GAAP financial measures
To supplement Bloom Energy consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.
Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures used by Bloom Energy
Non-GAAP gross profit (loss) and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense, PPA V, PPA IV and PPA IIIa repowering related impairment charges, restructuring charges, and PPA V Sales property tax. Non-GAAP net earnings and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding charges relating to stock-based compensation expense, (loss) gain for non-controlling interest, loss (gain) on derivatives liabilities, PPA V, PPA IV and PPA IIIa repowering related impairment charges, goodwill impairment, interest expense on SK loan commitment, restructuring charges, PPA V Sales property tax, managed services impairment loss, loss on debt extinguishment, loss on China JV investment and the amortization of acquired intangible assets. Adjusted EBITDA is defined as net profit (loss) before interest expense, provision for income tax, depreciation and amortization expense, charges relating to stock-based compensation expense, (loss) gain for non-controlling interest, loss (gain) on derivatives liabilities, PPA V. PPA IV and PPA IIIa repowering related impairment charges, goodwill impairment, interest expense on SK loan commitment, restructuring charges, PPA V Sales property tax, managed services impairment loss, loss on debt extinguishment, loss on China JV investment and the amortization of acquired intangible assets. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:
For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Loss to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Profit (Loss) per Share (EPS),” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.
Material limitations associated with use of non-GAAP financial measures
These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:
Compensation for limitations associated with use of non-GAAP financial measures
Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to investors
Bloom Energy believes that providing financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP diluted earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
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