SAN JOSE, Calif. / Aug 03, 2023 / Business Wire / Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the second quarter ended June 30, 2023 grew 24% compared with the second quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue.
Second Quarter Highlights
Commenting on second quarter results, KR Sridhar, founder, Chairman and CEO of Bloom Energy, said, “Bloom continued to make great progress in the second quarter. We grew revenues, reduced costs, and strengthened our balance sheet. We are dedicated as ever to building a great company that continues to innovate and offers real solutions. As we look forward, we are excited about the recent launch of Series 10 and our enhanced CHP product which we believe will resonate strongly with customers.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had record second quarter revenue on strong product shipments. Our product costs declined 13% over last year, significantly improving our product margins. With total cash of over $900 million, we are in a strong liquidity position. We are reaffirming our 2023 outlook for revenues and profitability.”
Summary of Key Financial Metrics
Preliminary Summary of GAAP Profit and Loss Statements
($000) | Q2’23 | Q1’23 | Q2’22 |
Revenue | 301,095 | 275,191 | 243,236 |
Cost of Revenue | 244,745 | 220,924 | 245,206 |
Gross Profit | 56,350 | 54,267 | (1,970) |
Gross Margin | 18.7% | 19.7% | (0.8%) |
Operating Expenses | 110,806 | 117,948 | 100,203 |
Operating Loss | (54,456) | (63,681) | (102,173) |
Operating Margin | (18.1%) | (23.1%) | (42.0%) |
Non-operating Expenses | 11,607 | 7,886 | 16,627 |
Net Loss to Common Stockholders | (66,061) | (71,567) | (118,800) |
GAAP EPS | ($0.32) | ($0.35) | ($0.67) |
Preliminary Summary of Non-GAAP Financial Information1
($000) | Q2’23 | Q1’23 | Q2’22 |
Revenue | 301,095 | 275,191 | 243,236 |
Cost of Revenue | 239,678 | 216,763 | 195,639 |
Gross Profit | 61,418 | 58,428 | 47,597 |
Gross Margin | 20.4% | 21.2% | 19.6% |
Operating Expenses | 87,357 | 92,520 | 72,223 |
Operating Income (Loss) | (25,939) | (34,092) | (24,626) |
Operating Margin | (8.6%) | (12.4%) | (10.1%) |
Adjusted EBITDA | (8,421) | (15,942) | (8,314) |
Non-GAAP EPS | ($0.17) | ($0.22) | ($0.20) |
|
Outlook
Bloom reaffirms outlook for the full-year 2023:
• Revenue: | $1.4 - $1.5 billion | |
• Product & Service Revenue: | $1.25 - $1.35 billion | |
• Non-GAAP Gross Margin: | ~25% | |
• Non-GAAP Operating Margin: | Positive |
Conference Call Details
Bloom will host a conference call today, Aug 3, 2023, 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 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 2023 Outlook, Bloom is 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 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; Bloom’s 2023 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; 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 on tax equity financing arrangements; 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; 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; 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 Report on Form 10-Q for the quarter ended May 31, 2023, as filed with the SEC on May 9, 2023, 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.
Condensed Consolidated Balance Sheets (preliminary & unaudited) (in thousands) | ||||||||
|
| June 30, |
| December 31, | ||||
|
|
| 2023 |
|
|
| 2022 |
|
Assets |
|
|
|
| ||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents1 |
| $ | 767,055 |
|
| $ | 348,498 |
|
Restricted cash1 |
|
| 45,811 |
|
|
| 51,515 |
|
Accounts receivable less allowance for doubtful accounts of $119 as of June 30, 2023 and December 31, 20221 |
|
| 351,021 |
|
|
| 250,995 |
|
Contract assets |
|
| 35,182 |
|
|
| 46,727 |
|
Inventories1 |
|
| 468,266 |
|
|
| 268,394 |
|
Deferred cost of revenue |
|
| 53,982 |
|
|
| 46,191 |
|
Loan commitment asset |
|
| 5,259 |
|
|
| — |
|
Prepaid expenses and other current assets1 |
|
| 49,823 |
|
|
| 43,643 |
|
Total current assets |
|
| 1,776,399 |
|
|
| 1,055,963 |
|
Property, plant and equipment, net1 |
|
| 606,007 |
|
|
| 600,414 |
|
Operating lease right-of-use assets1 |
|
| 132,452 |
|
|
| 126,955 |
|
Restricted cash1 |
|
| 109,678 |
|
|
| 118,353 |
|
Deferred cost of revenue |
|
| 4,407 |
|
|
| 4,737 |
|
Loan commitment asset |
|
| 47,533 |
|
|
| — |
|
Other long-term assets1 |
|
| 43,426 |
|
|
| 40,205 |
|
Total assets |
| $ | 2,719,902 |
|
| $ | 1,946,627 |
|
Liabilities and stockholders’ equity |
|
|
|
| ||||
Current liabilities: |
|
|
|
| ||||
Accounts payable1 |
| $ | 194,503 |
|
| $ | 161,770 |
|
Accrued warranty |
|
| 14,906 |
|
|
| 17,332 |
|
Accrued expenses and other current liabilities1 |
|
| 113,848 |
|
|
| 144,183 |
|
Deferred revenue and customer deposits1 |
|
| 137,704 |
|
|
| 159,048 |
|
Operating lease liabilities1 |
|
| 17,168 |
|
|
| 16,227 |
|
Financing obligations |
|
| 29,097 |
|
|
| 17,363 |
|
Recourse debt |
|
| — |
|
|
| 12,716 |
|
Non-recourse debt1 |
|
| 10,814 |
|
|
| 13,307 |
|
Redeemable convertible preferred stock, Series B |
|
| 310,508 |
|
|
| — |
|
Total current liabilities |
|
| 828,548 |
|
|
| 541,946 |
|
Deferred revenue and customer deposits1 |
|
| 26,226 |
|
|
| 56,392 |
|
Operating lease liabilities1 |
|
| 137,667 |
|
|
| 132,363 |
|
Financing obligations |
|
| 424,811 |
|
|
| 442,063 |
|
Recourse debt1 |
|
| 839,223 |
|
|
| 273,076 |
|
Non-recourse debt1 |
|
| 107,793 |
|
|
| 112,480 |
|
Other long-term liabilities |
|
| 9,399 |
|
|
| 9,491 |
|
Total liabilities |
|
| 2,373,667 |
|
|
| 1,567,811 |
|
Commitments and contingencies (Note 12) |
|
|
|
| ||||
Stockholders’ equity: |
|
|
|
| ||||
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 193,506,252 shares and 189,864,722 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,675,130 shares and 15,799,968 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
|
| 20 |
|
|
| 20 |
|
Additional paid-in capital |
|
| 4,011,900 |
|
|
| 3,906,491 |
|
Accumulated other comprehensive loss |
|
| (2,053 | ) |
|
| (1,251 | ) |
Accumulated deficit |
|
| (3,702,111 | ) |
|
| (3,564,483 | ) |
Total equity attributable to Class A and Class B common stockholders |
|
| 307,756 |
|
|
| 340,777 |
|
Noncontrolling interest |
|
| 38,479 |
|
|
| 38,039 |
|
Total stockholders’ equity |
| $ | 346,235 |
|
| $ | 378,816 |
|
Total liabilities and stockholders’ equity |
| $ | 2,719,902 |
|
| $ | 1,946,627 |
|
1We have a variable interest entity related to 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. |
Condensed Consolidated Statements of Operations (preliminary & unaudited) (in thousands, except per share data) | |||||||||
|
| Three Months Ended June 30, |
| ||||||
|
|
| 2023 |
|
|
| 2022 |
|
|
|
|
|
|
|
| ||||
Revenue: |
|
|
|
|
| ||||
Product |
| $ | 214,706 |
|
| $ | 173,625 |
|
|
Installation |
|
| 24,321 |
|
|
| 12,729 |
|
|
Service |
|
| 42,298 |
|
|
| 38,426 |
|
|
Electricity |
|
| 19,770 |
|
|
| 18,456 |
|
|
Total revenue |
|
| 301,095 |
|
|
| 243,236 |
|
|
Cost of revenue: |
|
|
|
|
| ||||
Product |
|
| 145,146 |
|
|
| 129,419 |
|
|
Installation |
|
| 26,879 |
|
|
| 16,730 |
|
|
Service |
|
| 57,263 |
|
|
| 41,028 |
|
|
Electricity |
|
| 15,457 |
|
|
| 58,029 |
|
|
Total cost of revenue |
|
| 244,745 |
|
|
| 245,206 |
|
|
Gross profit (loss) |
|
| 56,350 |
|
|
| (1,970 | ) |
|
Operating expenses: |
|
|
|
|
| ||||
Research and development |
|
| 41,493 |
|
|
| 41,614 |
|
|
Sales and marketing |
|
| 26,822 |
|
|
| 20,475 |
|
|
General and administrative |
|
| 42,491 |
|
|
| 38,114 |
|
|
Total operating expenses |
|
| 110,806 |
|
|
| 100,203 |
|
|
Loss from operations |
|
| (54,456 | ) |
|
| (102,173 | ) |
|
Interest income |
|
| 4,357 |
|
|
| 196 |
|
|
Interest expense |
|
| (13,953 | ) |
|
| (13,814 | ) |
|
Other expense, net |
|
| (740 | ) |
|
| (1,191 | ) |
|
Loss on extinguishment of debt |
|
| (2,873 | ) |
|
| (4,233 | ) |
|
(Loss) gain on revaluation of embedded derivatives |
|
| (1,216 | ) |
|
| 38 |
|
|
Loss before income taxes |
|
| (68,881 | ) |
|
| (121,177 | ) |
|
Income tax provision (benefit) |
|
| 178 |
|
|
| (12 | ) |
|
Net loss |
|
| (69,059 | ) |
|
| (121,165 | ) |
|
Less: Net loss attributable to noncontrolling interest |
|
| (2,998 | ) |
|
| (2,365 | ) |
|
Net loss attributable to Class A and Class B common stockholders |
|
| (66,061 | ) |
|
| (118,800 | ) |
|
Less: Net loss attributable to redeemable noncontrolling interest |
|
| — |
|
|
| — |
|
|
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest |
| $ | (66,061 | ) |
| $ | (118,800 | ) |
|
Net loss per share available to Class A and Class B common stockholders, basic and diluted |
| $ | (0.32 | ) |
| $ | (0.67 | ) |
|
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted |
|
| 208,692 |
|
|
| 178,507 |
|
|
Condensed Consolidated Statement of Cash Flows (preliminary & unaudited) (in thousands) | ||||||||
|
| Six Months Ended June 30, | ||||||
|
|
| 2023 |
|
|
| 2022 |
|
Cash flows from operating activities: |
|
|
|
| ||||
Net loss |
| $ | (143,976 | ) |
| $ | (203,912 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| ||||
Depreciation and amortization |
|
| 35,668 |
|
|
| 30,697 |
|
Non-cash lease expense |
|
| 16,184 |
|
|
| 8,800 |
|
Loss (gain) on disposal of property, plant and equipment |
|
| 196 |
|
|
| (523 | ) |
Revaluation of derivative contracts |
|
| 1,099 |
|
|
| 1,680 |
|
Write-off of assets related to PPA IIIa |
|
| — |
|
|
| 44,800 |
|
Stock-based compensation |
|
| 55,845 |
|
|
| 57,774 |
|
Amortization of warrants and debt issuance costs |
|
| 1,786 |
|
|
| 1,651 |
|
Loss on extinguishment of debt |
|
| 2,873 |
|
|
| 4,233 |
|
Unrealized foreign currency exchange loss |
|
| 1,512 |
|
|
| 2,276 |
|
Other |
|
| — |
|
|
| 3,487 |
|
Changes in operating assets and liabilities: |
|
|
|
| ||||
Accounts receivable |
|
| (99,951 | ) |
|
| 8,938 |
|
Contract assets |
|
| 11,544 |
|
|
| (8,173 | ) |
Inventories |
|
| (197,346 | ) |
|
| (62,824 | ) |
Deferred cost of revenue |
|
| (7,544 | ) |
|
| (8,995 | ) |
Customer financing receivable |
|
| — |
|
|
| 2,510 |
|
Prepaid expenses and other current assets |
|
| 1,958 |
|
|
| (5,813 | ) |
Other long-term assets |
|
| 3,415 |
|
|
| — |
|
Operating lease right-of-use assets and operating lease liabilities |
|
| (15,447 | ) |
|
| 2,422 |
|
Finance lease liabilities |
|
| 736 |
|
|
| 48 |
|
Accounts payable |
|
| 35,894 |
|
|
| 50,585 |
|
Accrued warranty |
|
| (2,426 | ) |
|
| — |
|
Accrued expenses and other current liabilities |
|
| (35,719 | ) |
|
| (18,017 | ) |
Deferred revenue and customer deposits |
|
| (26,766 | ) |
|
| (10,158 | ) |
Other long-term liabilities |
|
| (730 | ) |
|
| — |
|
Net cash used in operating activities |
|
| (361,195 | ) |
|
| (98,514 | ) |
Cash flows from investing activities: |
|
|
|
| ||||
Purchase of property, plant and equipment |
|
| (46,150 | ) |
|
| (44,728 | ) |
Proceeds from sale of property, plant and equipment |
|
| 25 |
|
|
| — |
|
Net cash used in investing activities |
|
| (46,125 | ) |
|
| (44,728 | ) |
Cash flows from financing activities: |
|
|
|
| ||||
Proceeds from issuance of debt |
|
| 634,018 |
|
|
| — |
|
Payment of debt issuance costs |
|
| (15,828 | ) |
|
| — |
|
Repayment of debt of PPA IIIa |
|
| — |
|
|
| (30,212 | ) |
Debt make-whole payment related to PPA IIIa debt |
|
| — |
|
|
| (2,413 | ) |
Repayment of recourse debt |
|
| (72,852 | ) |
|
| (10,729 | ) |
Proceeds from financing obligations |
|
| 2,702 |
|
|
| — |
|
Repayment of financing obligations |
|
| (8,728 | ) |
|
| (16,475 | ) |
Distributions and payments to noncontrolling interests |
|
| — |
|
|
| (4,415 | ) |
Proceeds from issuance of common stock |
|
| 9,258 |
|
|
| 5,981 |
|
Proceeds from exercise of options |
|
| — |
|
|
| 1,317 |
|
Proceeds from issuance of redeemable convertible preferred stock |
|
| 310,957 |
|
|
| — |
|
Contributions from noncontrolling interest |
|
| 6,979 |
|
|
| — |
|
Purchase of capped call related to convertible notes |
|
| (54,522 | ) |
|
| — |
|
Other |
|
| (158 | ) |
|
| — |
|
Net cash provided by (used in) financing activities |
|
| 811,826 |
|
|
| (56,946 | ) |
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
| (328 | ) |
|
| (747 | ) |
Net decrease in cash, cash equivalents and restricted cash |
|
| 404,178 |
|
|
| (200,935 | ) |
Cash, cash equivalents and restricted cash: |
|
|
|
| ||||
Beginning of period |
|
| 518,366 |
|
|
| 615,114 |
|
End of period |
| $ | 922,544 |
|
| $ | 414,179 |
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands, except percentages) | |||
| Q223 | Q123 | Q222 |
GAAP revenue | 301,095 | 275,191 | 243,236 |
GAAP cost of sales | 244,745 | 220,924 | 245,206 |
GAAP gross profit (loss) | 56,350 | 54,267 | (1,970) |
Non-GAAP adjustments: |
|
|
|
Stock-based compensation expense | 5,067 | 4,161 | 4,767 |
PPA IIIa repowering-related impairment charges | - | - | 44,800 |
Non-GAAP gross profit | 61,417 | 58,428 | 47,597 |
GAAP gross margin % | 18.7% | 19.7% | (0.8%) |
Non-GAAP adjustments | 1.7% | 1.5% | 20.4% |
Non-GAAP gross margin % | 20.4% | 21.2% | 19.6% |
| Q223 | Q123 | Q222 |
GAAP loss from operations | (54,456) | (63,681) | (102,173) |
Non-GAAP adjustments: | |||
Stock-based compensation expense | 28,479 | 29,553 | 32,599 |
PPA IIIa repowering-related impairment charges | - | - | 44,800 |
Amortization of acquired intangible assets | 37 | 37 | 148 |
Non-GAAP loss from operations | (25,940) | (34,092) | (24,626) |
|
|
|
|
GAAP operating margin % | (18.1%) | (23.1%) | (42.0%) |
Non-GAAP adjustments | 9.5% | 10.8% | 31.9% |
Non-GAAP operating margin % | (8.6%) | (12.4%) | (10.1%) |
Reconciliation of GAAP Net Loss to non-GAAP Net Loss and Computation of non-GAAP Net Loss per Share (EPS) (preliminary & unaudited) (in thousands, except per share data) | |||
| Q223 | Q123 | Q222 |
Net loss to Common Stockholders | (66,061) | (71,567) | (118,800) |
Non-GAAP adjustments: | |||
Add back: Loss for non-controlling interests | (2,998) | (3,350) | (2,365) |
Loss (gain) on derivative liabilities | 1,216 | (117) | (38) |
Goodwill Impairment | - | - | 1,957 |
JV investment loss | - | - | 1,446 |
PPA IIIa repowering-related impairment charges | - | - | 44,800 |
Loss on extinguishment of debt | 2,873 | - | 4,233 |
Amortization of acquired intangible assets | 37 | 37 | 148 |
Stock-based compensation expense | 28,479 | 29,553 | 32,599 |
Adjusted Net Loss | (36,454) | (45,445) | (36,020) |
Net loss to Common Stockholders per share | ($0.32) | ($0.35) | ($0.67) |
Adjusted net loss per share (EPS) | ($0.17) | ($0.22) | ($0.20) |
GAAP weighted average shares outstanding attributable to common, Basic and Diluted | 208,692 | 206,724 | 178,507 |
Reconciliation of GAAP Net Loss to Adjusted EBITDA (preliminary & unaudited) (in thousands) | |||
| Q223 | Q123 | Q222 |
Net loss to Common Stockholders | (66,061) | (71,567) | (118,800) |
Add back: Loss for non-controlling interests | (2,998) | (3,350) | (2,365) |
Loss (gain) on derivative liabilities | 1,216 | (117) | (38) |
Goodwill Impairment | - | - | 1,957 |
JV investment loss | - | - | 1,446 |
PPA IIIa repowering-related impairment charges | - | - | 44,800 |
Loss on extinguishment of debt | 2,873 | - | 4,233 |
Amortization of acquired intangible assets | 37 | 37 | 148 |
Stock-based compensation expense | 28,479 | 29,553 | 32,599 |
Adjusted Net Loss | (36,454) | (45,445) | (36,020) |
Depreciation & amortization | 17,519 | 18,150 | 16,313 |
Income tax provision (benefit) | 178 | 259 | (12) |
Interest expense (income), Other expense (income), net | 10,336 | 11,094 | 11,405 |
Adjusted EBITDA | (8,421) | (15,942) | (8,314) |
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial statement information presented on 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, diluted net 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. Non-GAAP operating profit (loss) (non-GAAP earnings from operations) and non-GAAP operating margin are defined to exclude any charges relating to stock-based compensation expense and the amortization of acquired intangible assets. Non-GAAP net earnings and non-GAAP diluted net earnings per share consist of net earnings or diluted net earnings per share excluding stock-based compensation, loss for non-controlling interest, loss on derivatives liabilities, loss on extinguishment of debt related to redemption of 10.25% senior secured notes due March 2027, and the amortization of acquired intangible assets. Adjusted EBITDA is defined as net loss before interest expense, provision for income tax, depreciation and amortization expense, stock-based compensation, amortization of acquired intangible assets, loss for non-controlling interest, loss on derivatives liabilities and loss on extinguishment of debt related to redemption of 10.25% senior secured notes due March 2027.
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:
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 (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP diluted net 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.
Last Trade: | US$9.95 |
Daily Change: | -1.08 -9.79 |
Daily Volume: | 11,505,115 |
Market Cap: | US$2.270B |
August 08, 2024 August 05, 2024 June 12, 2024 |
Else Nutrition is changing the face of early childhood nutrition with clean, sustainable, plant-based products. The company has developed the world’s first whole plant-based infant formula that is targeting the $100+ billion global...
CLICK TO LEARN MORELeveraging its vertically-integrated approach from mine to material manufacturing, Graphite One intends to produce high-grade anode material for the lithium-ion electric vehicle battery market and energy storage systems...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS