Clean Energy Reports 104.6 Million Gallons Delivered and Revenue of $91.9 Million for the Fourth Quarter of 2021
Clean Energy Fuels Corp. (NASDAQ: CLNE) reported a 22.6% increase in fourth-quarter revenue for 2021, reaching $91.9 million compared to $75.0 million in Q4 2020. The company delivered 104.6 million gallons of fuel, a 9% increase year-over-year. Renewable natural gas (RNG) deliveries grew by 9%, totaling 44.9 million gallons. For the year, total revenue decreased by 12.4% to $255.6 million, impacted by Amazon warrant charges. The company anticipates a GAAP net loss of approximately $57 million for 2022, including estimated Amazon warrant charges of $44 million.
- 22.6% increase in Q4 2021 revenue to $91.9 million.
- 104.6 million gallons delivered in Q4 2021, up 9% from the previous year.
- Renewable natural gas deliveries increased by 9% in Q4 2021.
- 12.4% decrease in total revenue for 2021, down to $255.6 million.
- Expected GAAP net loss of approximately $57 million for 2022, significantly impacted by Amazon warrant charges.
The Company delivered 104.6 million gallons in the fourth quarter of 2021, a
The Company’s revenue for the fourth quarter of 2021 was
The Company’s revenue for the year ended
On a GAAP (as defined below) basis, net loss attributable to Clean Energy for the fourth quarter of 2021 was
On a GAAP basis, net loss attributable to Clean Energy for the year ended
Non-GAAP income per share and Adjusted EBITDA (each as defined below) for the fourth quarter of 2021 was
Non-GAAP income per share and Adjusted EBITDA for the year ended
Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in
Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to
The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(in thousands, except share and per share data) |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
Net loss attributable to |
|
$ |
(2,561 |
) |
|
$ |
(2,376 |
) |
|
$ |
(9,864 |
) |
|
$ |
(93,146 |
) |
Amazon warrant charges |
|
|
- |
|
|
|
3,404 |
|
|
|
- |
|
|
|
83,641 |
|
Stock-based compensation |
|
|
435 |
|
|
|
4,772 |
|
|
|
2,957 |
|
|
|
14,994 |
|
Loss (income) from SAFE&CEC S.r.l. equity method investment |
|
|
(226 |
) |
|
|
(620 |
) |
|
|
222 |
|
|
|
(598 |
) |
Loss (gain) from change in fair value of derivative instruments |
|
|
1,880 |
|
|
|
1,250 |
|
|
|
(2,175 |
) |
|
|
3,490 |
|
Non-GAAP net income (loss) attributable to |
|
$ |
(472 |
) |
|
$ |
6,430 |
|
|
$ |
(8,860 |
) |
|
$ |
8,381 |
|
Diluted weighted-average common shares outstanding |
|
|
198,230,811 |
|
|
|
226,660,312 |
|
|
|
200,657,912 |
|
|
|
217,401,748 |
|
GAAP loss attributable to |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
Non-GAAP income (loss) attributable to |
|
$ |
- |
|
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.04 |
|
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy, plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income (loss) attributable to Clean Energy:
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(in thousands) |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
Net loss attributable to |
|
$ |
(2,561 |
) |
|
$ |
(2,376 |
) |
|
$ |
(9,864 |
) |
|
$ |
(93,146 |
) |
Income tax expense |
|
|
74 |
|
|
|
(80 |
) |
|
|
309 |
|
|
|
119 |
|
Interest expense |
|
|
2,288 |
|
|
|
954 |
|
|
|
7,348 |
|
|
|
4,430 |
|
Interest income |
|
|
(264 |
) |
|
|
(254 |
) |
|
|
(1,345 |
) |
|
|
(1,082 |
) |
Depreciation and amortization |
|
|
11,964 |
|
|
|
10,976 |
|
|
|
47,682 |
|
|
|
45,184 |
|
Amazon warrant charges |
|
|
- |
|
|
|
3,404 |
|
|
|
- |
|
|
|
83,641 |
|
Stock-based compensation |
|
|
435 |
|
|
|
4,772 |
|
|
|
2,957 |
|
|
|
14,994 |
|
Loss (income) from SAFE&CEC S.r.l. equity method investment |
|
|
(226 |
) |
|
|
(620 |
) |
|
|
222 |
|
|
|
(598 |
) |
Loss (gain) from change in fair value of derivative instruments |
|
|
1,880 |
|
|
|
1,250 |
|
|
|
(2,175 |
) |
|
|
3,490 |
|
Adjusted EBITDA |
|
$ |
13,590 |
|
|
$ |
18,026 |
|
|
$ |
45,134 |
|
|
$ |
57,032 |
|
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons sold as compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period. RNG sold as vehicle fuel is included in the CNG or LNG amounts as applicable based on the form in which it was sold.
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
||||||||
Gallons of RNG delivered (in millions) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||
CNG |
|
|
34.1 |
|
|
39.3 |
|
|
124.4 |
|
|
146.0 |
LNG |
|
|
7.1 |
|
|
5.6 |
|
|
28.9 |
|
|
21.0 |
Total |
|
|
41.2 |
|
|
44.9 |
|
|
153.3 |
|
|
167.0 |
The table below shows gallons delivered for the three months and years ended
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
||||||||
Gallons Delivered (in millions) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||
CNG |
|
|
81.2 |
|
|
90.7 |
|
|
321.0 |
|
|
347.4 |
LNG |
|
|
14.8 |
|
|
13.9 |
|
|
61.5 |
|
|
55.2 |
Total |
|
|
96.0 |
|
|
104.6 |
|
|
382.5 |
|
|
402.6 |
Sources of Revenue
The following table shows the Company's sources of revenue for the three months and years ended
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
||||||||
Revenue (in millions) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||
Volume-related (1) (2) |
|
$ |
62.9 |
|
$ |
83.0 |
|
$ |
245.3 |
|
$ |
218.5 |
Station construction sales |
|
|
7.1 |
|
|
3.2 |
|
|
26.6 |
|
|
16.4 |
AFTC |
|
|
5.0 |
|
|
5.7 |
|
|
19.8 |
|
|
20.7 |
Total revenue |
|
$ |
75.0 |
|
$ |
91.9 |
|
$ |
291.7 |
|
$ |
255.6 |
| _____________________________ | |
(1) |
For the three months and year ended |
(2) |
Includes |
2022 Outlook
GAAP net loss for 2022 is expected to be approximately
(in thousands) |
|
2022 Outlook |
||
GAAP Net income (loss) attributable to |
|
$ |
(57,000 |
) |
Income tax expense (benefit) |
|
|
-0- |
|
Interest expense |
|
|
9,400 |
|
Interest income |
|
|
(1,050 |
) |
Depreciation and amortization |
|
|
49,000 |
|
Stock-based compensation |
|
|
20,350 |
|
Loss (income) from SAFE&CEC S.r.l. equity method investment |
|
|
-0- |
|
Loss (gain) from change in fair value of derivative instruments |
|
|
-0- |
|
Amazon warrant charges |
|
|
44,300 |
|
Adjusted EBITDA |
|
$ |
65,000 |
|
Today’s Conference Call
The Company will host an investor conference call today at
About
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, our fiscal 2022 outlook, our volume growth, customer expansion, production sources, joint ventures, and the benefits of our fuels.
Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; the Company’s ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.
The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company’s periodic reports filed with the
|
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Consolidated Balance Sheets |
||||||||
(In thousands, except share and per share data) |
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|
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
|
2020 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
108,977 |
|
|
$ |
99,448 |
|
Short-term investments |
|
|
29,528 |
|
|
|
129,722 |
|
Accounts receivable, net of allowance of |
|
|
61,784 |
|
|
|
87,433 |
|
Other receivables |
|
|
23,655 |
|
|
|
24,447 |
|
Inventory |
|
|
28,100 |
|
|
|
31,302 |
|
Prepaid expenses and other current assets |
|
|
9,404 |
|
|
|
37,584 |
|
Derivative assets, related party |
|
|
1,591 |
|
|
|
— |
|
Total current assets |
|
|
263,039 |
|
|
|
409,936 |
|
Operating lease right-of-use assets |
|
|
25,967 |
|
|
|
42,537 |
|
Land, property and equipment, net |
|
|
290,911 |
|
|
|
261,761 |
|
Restricted cash |
|
|
11,000 |
|
|
|
7,008 |
|
Notes receivable and other long-term assets, net |
|
|
27,299 |
|
|
|
56,189 |
|
Long-term portion of derivative assets, related party |
|
|
4,057 |
|
|
|
— |
|
Investments in other entities |
|
|
27,962 |
|
|
|
109,811 |
|
|
|
|
64,328 |
|
|
|
64,328 |
|
Intangible assets, net |
|
|
464 |
|
|
|
5,500 |
|
Total assets |
|
$ |
715,027 |
|
|
$ |
957,070 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Current portion of debt |
|
$ |
3,592 |
|
|
$ |
12,845 |
|
Current portion of finance lease obligations |
|
|
840 |
|
|
|
846 |
|
Current portion of operating lease obligations |
|
|
2,822 |
|
|
|
3,551 |
|
Accounts payable |
|
|
17,310 |
|
|
|
24,352 |
|
Accrued liabilities |
|
|
52,637 |
|
|
|
75,159 |
|
Deferred revenue |
|
|
2,642 |
|
|
|
7,251 |
|
Derivative liabilities, related party |
|
|
— |
|
|
|
1,900 |
|
Total current liabilities |
|
|
79,843 |
|
|
|
125,904 |
|
Long-term portion of debt |
|
|
82,088 |
|
|
|
23,215 |
|
Long-term portion of finance lease obligations |
|
|
2,552 |
|
|
|
2,427 |
|
Long-term portion of operating lease obligations |
|
|
23,698 |
|
|
|
39,431 |
|
Long-term portion of derivative liabilities, related party |
|
|
— |
|
|
|
2,483 |
|
Other long-term liabilities |
|
|
3,996 |
|
|
|
8,199 |
|
Total liabilities |
|
|
192,177 |
|
|
|
201,659 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
20 |
|
|
|
22 |
|
Additional paid-in capital |
|
|
1,191,791 |
|
|
|
1,519,918 |
|
Accumulated deficit |
|
|
(678,096 |
) |
|
|
(771,242 |
) |
Accumulated other comprehensive loss |
|
|
(209 |
) |
|
|
(1,622 |
) |
|
|
|
513,506 |
|
|
|
747,076 |
|
Noncontrolling interest in subsidiary |
|
|
9,344 |
|
|
|
8,335 |
|
Total stockholders’ equity |
|
|
522,850 |
|
|
|
755,411 |
|
Total liabilities and stockholders’ equity |
|
$ |
715,027 |
|
|
$ |
957,070 |
|
|
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(In thousands, except share and per share data; Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue |
|
$ |
65,516 |
|
|
$ |
80,052 |
|
|
$ |
251,954 |
|
|
$ |
213,133 |
|
Service revenue |
|
|
9,442 |
|
|
|
11,876 |
|
|
|
39,770 |
|
|
|
42,513 |
|
Total revenue |
|
|
74,958 |
|
|
|
91,928 |
|
|
|
291,724 |
|
|
|
255,646 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales (exclusive of depreciation and amortization shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product cost of sales |
|
|
43,211 |
|
|
|
55,244 |
|
|
|
161,705 |
|
|
|
189,600 |
|
Service cost of sales |
|
|
5,425 |
|
|
|
7,247 |
|
|
|
23,705 |
|
|
|
26,004 |
|
Change in fair value of derivative warrants |
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
|
|
— |
|
Selling, general and administrative |
|
|
16,726 |
|
|
|
24,556 |
|
|
|
68,516 |
|
|
|
89,906 |
|
Depreciation and amortization |
|
|
11,964 |
|
|
|
10,976 |
|
|
|
47,682 |
|
|
|
45,184 |
|
Total operating expenses |
|
|
77,326 |
|
|
|
98,023 |
|
|
|
301,568 |
|
|
|
350,694 |
|
Operating loss |
|
|
(2,368 |
) |
|
|
(6,095 |
) |
|
|
(9,844 |
) |
|
|
(95,048 |
) |
Interest expense |
|
|
(2,288 |
) |
|
|
(954 |
) |
|
|
(7,348 |
) |
|
|
(4,430 |
) |
Interest income |
|
|
264 |
|
|
|
254 |
|
|
|
1,345 |
|
|
|
1,082 |
|
Other income, net |
|
|
(180 |
) |
|
|
(1 |
) |
|
|
3,025 |
|
|
|
905 |
|
Loss from equity method investments |
|
|
207 |
|
|
|
230 |
|
|
|
(161 |
) |
|
|
(430 |
) |
Gain from sale of certain assets of subsidiary |
|
|
887 |
|
|
|
3,885 |
|
|
|
1,063 |
|
|
|
3,885 |
|
Gain from formation of equity method investment |
|
|
700 |
|
|
|
— |
|
|
|
700 |
|
|
|
— |
|
Loss before income taxes |
|
|
(2,778 |
) |
|
|
(2,681 |
) |
|
|
(11,220 |
) |
|
|
(94,036 |
) |
Income tax expense |
|
|
(74 |
) |
|
|
80 |
|
|
|
(309 |
) |
|
|
(119 |
) |
Net loss |
|
|
(2,852 |
) |
|
|
(2,601 |
) |
|
|
(11,529 |
) |
|
|
(94,155 |
) |
Loss attributable to noncontrolling interest |
|
|
291 |
|
|
|
225 |
|
|
|
1,665 |
|
|
|
1,009 |
|
Net loss attributable to |
|
$ |
(2,561 |
) |
|
$ |
(2,376 |
) |
|
$ |
(9,864 |
) |
|
$ |
(93,146 |
) |
Net loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
Diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
198,230,811 |
|
|
|
223,050,879 |
|
|
|
200,657,912 |
|
|
|
213,118,694 |
|
Diluted |
|
|
198,230,811 |
|
|
|
223,050,879 |
|
|
|
200,657,912 |
|
|
|
213,118,694 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006282/en/
Investor Contact:
investors@cleanenergyfuels.com
News Media Contact:
Director of Corporate Communications
949.437.1397
Source:
FAQ
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