Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company)
today announced operating results for the second quarter ended June 30,
2014.
Gallons delivered (defined below) for the second quarter of 2014 totaled
64.8 million gallons, up 23% from the 52.6 million gallons delivered in
the same period a year ago. For the six months ended June 30, 2014,
gallons delivered totaled 124.1 million gallons, up from 102.5 million
gallons delivered in the six months ended June 30, 2013.
Revenue for the second quarter ended June 30, 2014 was $98.1 million, up
from $88.1 million for the second quarter of 2013. Excluding the VETC
(defined below) revenue recorded in the second quarter of 2013, revenue
increased 19% between periods. For the six months ended June 30, 2014,
revenue totaled $193.4 million, up from $181.2 million a year ago. When
comparing periods, note that the Company recognized revenue attributable
to the volumetric excise tax credit (VETC) of $6.0 million and $32.2
million in the second quarter and first six months of 2013, but did not
recognize any revenue attributable to VETC in the second quarter and
first six months of 2014 as the legislation under which the Company
received such revenue expired on December 31, 2013.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive
Officer, stated: “It was a very productive quarter at Clean Energy with
the opening of the I-10 corridor from L.A. to Houston and the I-40
corridor from L.A. to Oklahoma City to heavy duty trucks fueling at our
stations. Our nationwide network of natural gas fueling stations
continues to expand as the number of trucking fleets that are either
testing natural gas trucks or increasing their current count is rapidly
expanding.”
Littlefair continued: “We also opened a CNG station, which in addition
to fueling vehicles, is providing natural gas to energy-intensive users
that are beyond the reach of a pipeline in New England. After being
opened for only a few weeks, we see it on track to become one of our
highest volume stations. In addition to this new market, we also made
additional inroads into two of our newer markets, ready mix and bulk
fuel hauling, during the quarter. Lastly, our established businesses of
refuse, transit and airports continue to produce record volume levels.”
Adjusted EBITDA for the second quarter of 2014 was $(4.7) million. This
compares with Adjusted EBITDA of $11.1 million in the second quarter of
2013. For the six month period ended June 30, 2014, Adjusted EBITDA was
$(11.5) million, compared with $31.2 million for the same period in
2013. Adjusted EBITDA in the second quarter of 2013 and in the first six
months of 2013 included $6.0 million and $32.2 million, respectively, of
VETC revenue. Additionally, Adjusted EBITDA in the three months and six
months ended June 30, 2013 included a $15.5 million gain on the
Company’s sale of one of its subsidiaries, and Adjusted EBITDA for the
six month period ended June 30, 2013 also included a $4.7 million gain
on the Company’s sale of its ownership interest in its Peruvian joint
venture. Adjusted EBITDA is described below and reconciled to the GAAP
measure net loss attributable to Clean Energy Fuels Corp.
Non-GAAP loss per share for the second quarter of 2014 was $0.28,
compared with non-GAAP loss per share for the second quarter of 2013 of
$0.07. For the six months ended June 30, 2014, non-GAAP loss per share
was $0.58, compared with non-GAAP loss per share of $0.03 for the first
six months in 2013. Non-GAAP loss per share in the second quarter of
2013 and in the first six months of 2013 included $6.0 million and $32.2
million, respectively, of VETC revenue, and the non-GAAP loss per share
amounts for the three and six month periods ended June 30, 2013 included
a $15.5 million gain on the sale of one of the Company’s subsidiaries.
Non-GAAP loss per share for the six month period ended June 30, 2013
also included a $4.7 million gain on the Company’s sale of its ownership
interest in its Peruvian joint venture. Non-GAAP loss per share is
described below and reconciled to the GAAP measure net loss attributable
to Clean Energy Fuels Corp.
On a GAAP basis, net loss for the second quarter of 2014 was $32.3
million, or $0.34 per share, and included a non-cash loss of $2.3
million related to the accounting treatment that requires Clean Energy
to value its Series I warrants and mark them to market, a non-cash
charge of $3.0 million related to stock-based compensation, a $0.3
million gain on the fair value adjustment of the remaining shares the
Company received from Westport Innovations, Inc. from the sale of its
former subsidiary BAF Technologies, Inc. (WPRT Holdback Shares
Write-Down or (Write-Up)), and $0.8 million in additional lease exit
charges related to the move of the Company's headquarters (HQ Lease
Exit). This compares with a net loss for the second quarter of 2013 of
$11.9 million, or $0.13 per share, that included $5.5 million of
non-cash stock-based compensation charges and foreign currency losses of
$0.2 million on the Company’s purchase notes issued in September 2011 in
connection with its acquisition of IMW Industries, Ltd. (“IMW”).
Net loss for the six month period ended June 30, 2014 was $60.9 million,
or $0.64 per share, which included a non-cash gain of $2.2 million
related to the valuation of the Series I warrants, non-cash stock-based
compensation charges of $6.4 million, foreign currency losses of $0.3
million on the IMW purchase notes, a $0.1 million charge from the WPRT
Holdback Shares Write-Down, and a $0.8 million charge related to the HQ
Lease Exit. This compares with a net loss in the six months ended June
30, 2013 of $15.8 million, or $0.17 per share, which included a non-cash
charge for the Series I warrants of $0.5 million, non-cash stock-based
compensation charges of $11.7 million, and foreign currency losses of
$0.4 million on the IMW purchase notes.
Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial statements,
which statements are prepared and presented in accordance with generally
accepted accounting principles (GAAP), the Company uses non-GAAP
financial measures called non-GAAP earnings per share (non-GAAP EPS or
non-GAAP earnings/loss per share) and Adjusted EBITDA. Management has
presented non-GAAP EPS and Adjusted EBITDA because it uses these
non-GAAP financial measures to assess its operational performance, for
financial and operational decision-making, and as a means to evaluate
period-to-period comparisons on a consistent basis. Management believes
that these non-GAAP financial measures provide meaningful supplemental
information regarding the Company's performance by excluding certain
non-cash or non-recurring expenses that are not directly attributable to
its core operating results. In addition, management believes these
non-GAAP financial measures are useful to investors because: (1) they
allow for greater transparency with respect to key metrics used by
management in its financial and operational decision making; (2) they
exclude the impact of non-cash or, when specified, non-recurring items
that are not directly attributable to the Company's core operating
performance and that may obscure trends in the core operating
performance of the business; and (3) they are used by institutional
investors and the analyst community to help them analyze the results of
Clean Energy's business. In future quarters, the Company may make
adjustments for other non-recurring significant expenditures or
significant non-cash charges in order to present non-GAAP financial
measures that the Company’s management believes are indicative of the
Company's core operating performance.
Non-GAAP financial measures have limitations 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 (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 similar to the non-cash, non-GAAP adjustments described below.
Accordingly, unless otherwise stated, the exclusion of these and other
similar items in the presentation of non-cash, non-GAAP financial
measures should not be construed as an inference that these costs are
unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA
are not recognized terms under GAAP and do not purport to be an
alternative to GAAP earnings/loss per share or operating income (loss)
as an indicator of operating performance or any other GAAP measure.
Moreover, because not all companies use identical measures and
calculations, the presentation of non-GAAP EPS or Adjusted EBITDA may
not be comparable to other similarly titled measures of other companies.
Management compensates for these limitations by using non-GAAP EPS and
Adjusted EBITDA in conjunction with traditional GAAP operating
performance and cash flow measures.
Non-GAAP EPS
Non-GAAP EPS is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus stock-based compensation charges, net of
related tax benefits, plus or minus any mark-to-market losses or gains
on the Company's Series I warrants, plus or minus the foreign currency
losses or gains on the Company's IMW purchase notes, plus or minus the
WPRT Holdback Shares Write-Down or Write-Up, and plus the HQ Lease Exit,
the total of which is divided by the Company's weighted average shares
outstanding on a diluted basis. The Company's management believes that
excluding non-cash charges related to stock-based compensation provides
useful information to investors because the varying available valuation
methodologies, the volatility of the expense (which depends on market
forces outside of management's control), and the subjectivity of the
assumptions and the variety of award types that a company can use under
the relevant accounting guidance may obscure trends in the Company's
core operating performance. Similarly, the Company's management believes
that excluding the non-cash, mark-to-market losses or gains on the
Company's Series I warrants is useful to investors because the valuation
of the Series I warrants is based on a number of subjective assumptions,
the amount of the loss or gain is derived from market forces outside
management's control, and it enables investors to compare the Company's
performance with other companies that have different capital structures.
The Company's management believes that excluding the foreign currency
gains and losses on the IMW purchase notes provides useful information
to investors as the amounts are based on market conditions outside of
management's control and the amounts relate to financing the acquisition
of the IMW business as opposed to the core operations of the Company.
The Company's management believes that excluding the WPRT Holdback
Shares Write-Down or Write-Up and the HQ Lease Exit amounts is useful to
investors because they are not part of the core operations of the
Company.
The table below shows non-GAAP EPS and also reconciles these figures to
the GAAP measure net loss attributable to Clean Energy Fuels Corp.:
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|
|
|
|
|
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Three Months Ended June 30,
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Six Months Ended June 30,
|
|
(in 000s, except per-share amounts)
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|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
Net Loss Attributable to Clean Energy Fuels Corp.
|
|
|
|
$ (11,943
|
)
|
|
|
|
$ (32,306
|
)
|
|
|
|
$ (15,814
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)
|
|
|
|
$ (60,899
|
)
|
Stock Based Compensation, Net of Tax Benefits
|
|
|
|
5,451
|
|
|
|
|
2,978
|
|
|
|
|
11,663
|
|
|
|
|
6,398
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|
Mark-to-Market (Gain) Loss on Series I Warrants
|
|
|
|
39
|
|
|
|
|
2,286
|
|
|
|
|
505
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|
|
|
|
(2,169
|
)
|
Foreign Currency Loss on IMW Purchase Notes
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|
|
|
249
|
|
|
|
|
—
|
|
|
|
|
441
|
|
|
|
|
343
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|
WPRT Holdback Shares Write-Down or (Write Up)
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|
|
—
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|
|
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|
(341
|
)
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|
|
—
|
|
|
|
|
122
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|
HQ Lease Exit
|
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|
|
—
|
|
|
|
|
757
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|
|
|
|
—
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|
|
|
812
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|
Adjusted Net Loss
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$ (6,204
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)
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|
$ (26,626
|
)
|
|
|
|
$ (3,205
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)
|
|
|
|
$ (55,393
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)
|
Diluted Weighted Average Common Shares Outstanding
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|
|
93,985,438
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|
|
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94,859,587
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|
|
|
93,561,302
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|
|
|
|
94,768,462
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Non-GAAP Loss Per Share
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|
$
|
(0.07
|
)
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|
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|
$
|
(0.28
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)
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|
|
|
$ (0.03
|
)
|
|
|
|
$ (0.58
|
)
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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Adjusted EBITDA
Adjusted EBITDA is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus or minus income tax expense or benefit, plus or
minus interest expense or income, net, plus depreciation and
amortization expense, plus or minus the foreign currency losses or gains
on the Company's IMW purchase notes, plus stock-based compensation
charges, net of related tax benefits, plus or minus any mark-to-market
losses or gains on the Company's Series I warrants, plus or minus the
WPRT Holdback Shares Write-Down or Write-Up, and plus the HQ Lease Exit.
The Company's management believes that Adjusted EBITDA provides useful
information to investors for the same reasons discussed above for
Non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to
determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles these figures
to the GAAP measure net loss attributable to Clean Energy Fuels Corp.:
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Three Months Ended June 30,
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Six Months Ended June 30,
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(in 000s)
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|
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2013
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|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
Net Loss Attributable to Clean Energy Fuels Corp.
|
|
|
|
$ (11,943
|
)
|
|
|
|
$ (32,306
|
)
|
|
|
|
$ (15,814
|
)
|
|
|
|
$ (60,899
|
)
|
Income Tax Expense
|
|
|
|
293
|
|
|
|
|
147
|
|
|
|
|
2,098
|
|
|
|
|
1,109
|
|
Interest Expense, Net
|
|
|
|
6,282
|
|
|
|
|
10,130
|
|
|
|
|
11,353
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|
|
|
|
19,640
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|
Depreciation and Amortization
|
|
|
|
10,777
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|
|
|
|
11,608
|
|
|
|
|
20,935
|
|
|
|
|
23,123
|
|
Foreign Currency Loss on IMW Purchase Notes
|
|
|
|
249
|
|
|
|
|
—
|
|
|
|
|
441
|
|
|
|
|
343
|
|
Stock Based Compensation, Net of Tax Benefits
|
|
|
|
5,451
|
|
|
|
|
2,978
|
|
|
|
|
11,663
|
|
|
|
|
6,398
|
|
Mark-to-Market (Gain) Loss on Series I Warrants
|
|
|
|
39
|
|
|
|
|
2,286
|
|
|
|
|
505
|
|
|
|
|
(2,169
|
)
|
WPRT Holdback Shares Write-Down or (Write Up)
|
|
|
|
—
|
|
|
|
|
(341
|
)
|
|
|
|
—
|
|
|
|
|
122
|
|
HQ Lease Exit
|
|
|
|
—
|
|
|
|
|
757
|
|
|
|
|
—
|
|
|
|
|
812
|
|
Adjusted EBITDA
|
|
|
|
$ 11,148
|
|
|
|
|
$ (4,741
|
)
|
|
|
|
$ 31,181
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|
|
|
$ (11,521
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)
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Gallons Delivered
The Company defines “gallons delivered” as its gallons of compressed
natural gas (CNG), liquefied natural gas (LNG) and renewable natural gas
(RNG), along with its gallons associated with providing operations and
maintenance services, delivered to its customers during the applicable
period.
Today’s Conference Call
The Company will host an investor conference call today at 4:30 p.m.
Eastern time (1:30 p.m. Pacific). Investors interested in participating
in the live call can dial 1-877-407-4018 from the U.S., and
international callers can dial 1-201-689-8471. A telephone replay will
be available approximately two hours after the call concludes, through
Sunday, September 7, 2014, which can be reached by dialing
1-877-870-5176 from the U.S., or 1-858-384-5517 from international
locations, and entering Replay Pin Number 13587467. There also will be a
simultaneous, live webcast available on the Investor Relations section
of the Company’s web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.
About Clean Energy Fuels
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the largest provider of
natural gas fuel for transportation in North America. We build and
operate CNG and LNG fueling stations; manufacture CNG and LNG equipment
and technologies for ourselves and other companies; develop RNG
production facilities; and deliver more CNG, LNG, and Redeem RNG fuel
than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that involve risks, uncertainties
and assumptions, such as statements regarding the transition of the
heavy-duty truck market to natural gas, opening new natural gas fueling
stations and adding incremental volume to the Company's fueling
infrastructure, the Company establishing relationships with new
customers and expanding relationships with existing customers, and
future growth and sales opportunities in all of the Company's markets,
which include trucking, refuse, airport, taxi, transit, ready mix and
off-system sales. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking statements as
a result of several factors including, but not limited to, changes in
the prices of natural gas relative to gasoline and diesel, the Company's
ability to recognize the anticipated benefits of building CNG and LNG
stations, the availability and deployment of, as well as the demand for,
natural gas engines that are well-suited for the U.S. long-haul,
heavy-duty truck market, future availability of equity or debt financing
needed to fund the growth of the Company's business, the Company's
ability to efficiently manage any growth it might experience and retain
and hire key personnel, the acceptance and availability of natural gas
vehicles in the Company's markets, changes to federal, state or local
fuel emission standards, the Company's ability to capture a substantial
share of the anticipated growth in the market for natural gas fuel and
otherwise compete successfully, the Company's ability to manage risks
and uncertainties related to its international operations, construction
and permitting delays at station construction projects, the Company's
ability to integrate acquisitions, the availability of tax and related
government incentives for natural gas fueling and vehicles, compliance
with governmental regulations, the Company's ability to source and
supply sufficient LNG to meet the needs of its business, the Company's
ability to effectively manage its current LNG plants and the
construction of new LNG plants, and the Company's ability to manage and
grow its RNG business. The forward-looking statements made herein 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.
Additionally, the Company's Form 10-Q, filed on May 8, 2014 with the SEC
(www.sec.gov),
contains risk factors that may cause actual results to differ materially
from the forward-looking statements contained in this press release.
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Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2013 and June 30, 2014
(Unaudited)
(In thousands, except share data)
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December 31,
2013
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June 30,
2014
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Assets
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Current assets:
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|
Cash and cash equivalents
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|
$
|
240,033
|
|
|
|
|
|
|
|
|
|
$
|
124,700
|
|
Restricted cash
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|
|
8,403
|
|
|
|
|
|
|
|
|
|
12,249
|
|
Short-term investments
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|
|
138,240
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|
|
|
|
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|
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|
|
152,113
|
|
Accounts receivable, net of allowance for doubtful accounts of $832
and $908 as of December 31, 2013 and June 30, 2014, respectively
|
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|
|
53,473
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|
|
|
|
|
|
|
|
|
70,245
|
|
Other receivables
|
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|
|
26,285
|
|
|
|
|
|
|
|
|
|
17,876
|
|
Inventory, net
|
|
|
|
33,822
|
|
|
|
|
|
|
|
|
|
39,204
|
|
Prepaid expenses and other current assets
|
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|
|
20,840
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|
|
|
|
|
|
|
|
|
20,918
|
|
Total current assets
|
|
|
|
521,096
|
|
|
|
|
|
|
|
|
|
437,305
|
|
Land, property and equipment, net
|
|
|
|
487,854
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|
|
|
|
|
|
|
|
|
532,574
|
|
Notes receivable and other long-term assets
|
|
|
|
73,697
|
|
|
|
|
|
|
|
|
|
71,260
|
|
Goodwill
|
|
|
|
88,548
|
|
|
|
|
|
|
|
|
|
88,406
|
|
Intangible assets, net
|
|
|
|
79,770
|
|
|
|
|
|
|
|
|
|
75,934
|
|
Total assets
|
|
|
|
$
|
1,250,965
|
|
|
|
|
|
|
|
|
|
$
|
1,205,479
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|
|
|
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Liabilities and Stockholders’ Equity
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Current liabilities:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligations
|
|
|
|
$
|
23,401
|
|
|
|
|
|
|
|
|
|
$
|
17,724
|
|
Accounts payable
|
|
|
|
33,541
|
|
|
|
|
|
|
|
|
|
34,256
|
|
Accrued liabilities
|
|
|
|
46,745
|
|
|
|
|
|
|
|
|
|
48,348
|
|
Deferred revenue
|
|
|
|
16,419
|
|
|
|
|
|
|
|
|
|
15,997
|
|
Total current liabilities
|
|
|
|
120,106
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|
|
|
|
|
|
|
|
|
116,325
|
|
Long-term debt and capital lease obligations, less current portion
|
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|
|
532,017
|
|
|
|
|
|
|
|
|
|
543,416
|
|
Long-term debt, related party
|
|
|
|
65,000
|
|
|
|
|
|
|
|
|
|
65,000
|
|
Other long-term liabilities
|
|
|
|
15,304
|
|
|
|
|
|
|
|
|
|
13,093
|
|
Total liabilities
|
|
|
|
732,427
|
|
|
|
|
|
|
|
|
|
737,834
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares;
issued and outstanding no shares
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
—
|
|
Common stock, $0.0001 par value. Authorized 224,000,000 shares;
issued and outstanding 89,364,397 shares and 89,863,439 shares at
December 31, 2013 and June 30, 2014, respectively
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
9
|
|
Additional paid-in capital
|
|
|
|
883,045
|
|
|
|
|
|
|
|
|
|
893,876
|
|
Accumulated deficit
|
|
|
|
(367,782
|
)
|
|
|
|
|
|
|
|
|
(428,681
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(700
|
)
|
|
|
|
|
|
|
|
|
(1,188)
|
|
Total Clean Energy Fuels Corp. stockholders’ equity
|
|
|
|
514,572
|
|
|
|
|
|
|
|
|
|
464,016
|
|
Noncontrolling interest in subsidiary
|
|
|
|
3,966
|
|
|
|
|
|
|
|
|
|
3,629
|
|
Total stockholders’ equity
|
|
|
|
518,538
|
|
|
|
|
|
|
|
|
|
467,645
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
1,250,965
|
|
|
|
|
|
|
|
|
|
$
|
1,205,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months and Six Months Ended June 30, 2013 and 2014
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues
|
|
|
|
$
|
78,375
|
|
|
|
|
$
|
86,473
|
|
|
|
|
$
|
161,858
|
|
|
|
|
$
|
172,262
|
|
Service revenues
|
|
|
|
9,741
|
|
|
|
|
11,660
|
|
|
|
|
19,301
|
|
|
|
|
21,146
|
|
Total revenues
|
|
|
|
88,116
|
|
|
|
|
98,133
|
|
|
|
|
181,159
|
|
|
|
|
193,408
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown
separately below):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product cost of sales
|
|
|
|
58,925
|
|
|
|
|
69,175
|
|
|
|
|
105,739
|
|
|
|
|
137,042
|
|
Service cost of sales
|
|
|
|
3,016
|
|
|
|
|
4,080
|
|
|
|
|
6,943
|
|
|
|
|
7,844
|
|
Derivative (gains) losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I warrant valuation
|
|
|
|
39
|
|
|
|
|
2,286
|
|
|
|
|
505
|
|
|
|
|
(2,169
|
)
|
Selling, general and administrative
|
|
|
|
35,187
|
|
|
|
|
34,400
|
|
|
|
|
68,063
|
|
|
|
|
67,890
|
|
Depreciation and amortization
|
|
|
|
10,777
|
|
|
|
|
11,608
|
|
|
|
|
20,935
|
|
|
|
|
23,123
|
|
Total operating expenses
|
|
|
|
107,944
|
|
|
|
|
121,549
|
|
|
|
|
202,185
|
|
|
|
|
233,730
|
|
Operating loss
|
|
|
|
(19,828
|
)
|
|
|
|
(23,416
|
)
|
|
|
|
(21,026
|
)
|
|
|
|
(40,322
|
)
|
Interest expense, net
|
|
|
|
(6,282
|
)
|
|
|
|
(10,130
|
)
|
|
|
|
(11,353
|
)
|
|
|
|
(19,640
|
)
|
Other income (expense), net
|
|
|
|
(1,103
|
)
|
|
|
|
1,121
|
|
|
|
|
(1,493
|
)
|
|
|
|
(165
|
)
|
Loss from equity method investment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(76
|
)
|
|
|
|
—
|
|
Gain from sale of equity method investment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4,705
|
|
|
|
|
—
|
|
Gain from sale of subsidiary
|
|
|
|
15,498
|
|
|
|
|
—
|
|
|
|
|
15,498
|
|
|
|
|
—
|
|
Loss before income taxes
|
|
|
|
(11,715
|
)
|
|
|
|
(32,425
|
)
|
|
|
|
(13,745
|
)
|
|
|
|
(60,127
|
)
|
Income tax expense
|
|
|
|
(293
|
)
|
|
|
|
(147
|
)
|
|
|
|
(2,098
|
)
|
|
|
|
(1,109
|
)
|
Net loss
|
|
|
|
(12,008
|
)
|
|
|
|
(32,572
|
)
|
|
|
|
(15,843
|
)
|
|
|
|
(61,236
|
)
|
Loss of noncontrolling interest
|
|
|
|
65
|
|
|
|
|
266
|
|
|
|
|
29
|
|
|
|
|
337
|
|
Net loss attributable to Clean Energy Fuels Corp.
|
|
|
|
$
|
(11,943
|
)
|
|
|
|
$
|
(32,306
|
)
|
|
|
|
$
|
(15,814
|
)
|
|
|
|
$
|
(60,899
|
)
|
Loss per share attributable to Clean Energy Fuels Corp.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
(0.13
|
)
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
$
|
(0.17
|
)
|
|
|
|
$
|
(0.64
|
)
|
Diluted
|
|
|
|
$
|
(0.13
|
)
|
|
|
|
$
|
(0.34
|
)
|
|
|
|
$
|
(0.17
|
)
|
|
|
|
$
|
(0.64
|
)
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
93,985,438
|
|
|
|
|
94,859,587
|
|
|
|
|
93,561,302
|
|
|
|
|
94,768,462
|
|
Diluted
|
|
|
|
93,985,438
|
|
|
|
|
94,859,587
|
|
|
|
|
93,561,302
|
|
|
|
|
94,768,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in net loss are the following amounts (in millions):
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
Construction Revenues
|
|
|
|
$ 12.1
|
|
|
|
|
$ 14.7
|
|
|
|
|
$ 15.0
|
|
|
|
|
$ 31.0
|
|
Construction Cost of Sales
|
|
|
|
(10.0
|
)
|
|
|
|
(12.6
|
)
|
|
|
|
(12.7
|
)
|
|
|
|
(26.0
|
)
|
Fuel Tax Credits
|
|
|
|
6.0
|
|
|
|
|
—
|
|
|
|
|
32.2
|
|
|
|
|
—
|
|
Stock-based Compensation Expense, Net of Tax Benefits
|
|
|
|
(5.5
|
)
|
|
|
|
(3.0
|
)
|
|
|
|
(11.7
|
)
|
|
|
|
(6.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014