|
Clean Energy Reports 92.3 Million Gallons Delivered and Revenue of $77.3 Million for Third Quarter of 2018 NEWPORT BEACH, Calif.
Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the quarter and
nine months ended September 30, 2018.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive
Officer, stated, “In the third quarter we improved financial operating
results, including continued positive operating cash flows, launched the
Zero Now Finance program with our new partner Total S.A., and gained
additional customers across different markets. Zero Now Financing has
tremendous potential because it gives heavy-duty truck fleets the
opportunity to purchase clean natural gas trucks for the price of diesel
trucks, while also allowing them to lock in a fixed discount to diesel.
Subsequent to quarter end we also signed a significant joint marketing
RNG deal with BP. We believe we are well positioned financially and
anticipate rapidly growing our Redeem renewable natural gas business
with the new BP deal and adding volume through the Zero Now Finance
program.”
The Company delivered 92.3 million gallons in the third quarter of 2018,
an increase from 91.5 million for the third quarter of 2017. For the
nine months ended September 30, 2018, the Company delivered 266.8
million gallons, an increase from 265.0 million delivered in the same
period in 2017. Growth in CNG volumes was partially offset by a
reduction in LNG volumes due to the non-renewal of two contracts and a
decrease in RNG volumes for non-vehicle fuel that were included in
contracts sold to BP in 2017.
The Company’s revenue for the third quarter of 2018 was $77.3 million,
driven by a 7.4% increase from a year ago in volume-related revenue,
reflecting higher volumes and pump prices and a continued strong
renewable natural gas market. Station construction revenue trended up to
$9.4 million for the third quarter of 2018 from $5.8 million in the
second quarter of 2018. Station construction revenue for the third
quarter of 2017 was $12.5 million and included a greater mix of full
station builds. Revenue for 2017 included $5.9 million in compressor
sales whereas in 2018 the Company did not report any such sales, due to
the Company combining its compressor manufacturing business (“CEC”) in
December 2017 with Landi Renzo's compressor manufacturing business.
On a GAAP basis, net loss for the third quarter of 2018 improved by
$83.2 million from $(94.1) million, or $(0.62) per share, for the third
quarter of 2017 to $(10.9) million, or $(0.05) per share, for the third
quarter of 2018. The third quarter of 2017 was negatively affected by
$73.8 million in cash and non-cash charges, including asset impairment
charges, resulting from steps taken to minimize and eliminate
underperforming assets and to lower operating expenses going forward
("the Third Quarter Incremental Charges”).
Revenue for the nine months ended September 30, 2018 was $250.2 million,
a decrease from $252.3 million of revenue for the same period in 2017.
The Company recognized $26.9 million in revenue from the U.S. federal
excise tax credits for alternative fuels (“AFTC”) during the 2018
period, offset by decreases in compressor and station construction
revenue. The AFTC, which had previously expired on December 31, 2016,
was reinstated on February 9, 2018 to apply to vehicle fuel sales made
from January 1, 2017 through December 31, 2017, but is not presently
available for fuel sales made after 2017.
On a GAAP basis, net loss for the nine months ended September 30, 2018
was $(10.7) million, or $(0.06) per share, compared to net loss of
$(50.9) million, or $(0.34) per share, for the same period in 2017. The
nine months ended September 30, 2018 was positively impacted by AFTC
revenue of $26.9 million. The nine months ended September 30, 2017
included a $69.9 million gain from the Company’s sale of its upstream
RNG production business to BP in March 2017 (the “BP Transaction”) and a
$3.2 million gain from the repurchase of a portion of the Company’s
debt, as well as the Third Quarter Incremental Charges.
Non-GAAP loss per share and Adjusted EBITDA for the third quarter of
2018 was $(0.04) and $7.3 million, respectively. Non-GAAP loss per share
and Adjusted EBITDA for the third quarter of 2017 was $(0.61) and
$(74.0) million, respectively, which included the Third Quarter
Incremental Charges.
Non-GAAP loss per share and Adjusted EBITDA for the nine months ended
September 30, 2018 was $(0.02) and $47.1 million, respectively, which
included the AFTC revenue recognized in the period. Non-GAAP loss per
share and Adjusted EBITDA for the nine months ended September 30, 2017
was $(0.29) and $10.0 million, respectively, which included the gains
from the BP Transaction, the debt repurchase and the Third Quarter
Incremental Charges.
Non-GAAP loss per share and Adjusted EBITDA are described below and
reconciled to GAAP net loss and loss per share attributable to Clean
Energy Fuels Corp.
Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated financial
statements presented in accordance with accounting principles generally
accepted in the United States of America (“GAAP”), the Company uses
non-GAAP financial measures that it calls non-GAAP loss per share
(“non-GAAP EPS" or “non-GAAP loss per share”) and adjusted EBITDA
(“Adjusted EBITDA”). Management presents non-GAAP EPS and Adjusted
EBITDA because it believes these measures provide meaningful
supplemental information regarding the Company’s performance, for the
following reasons: (1) these measures allow for greater transparency
with respect to key metrics used by management, as management uses these
measures to assess the Company’s operating performance and for financial
and operational decision-making; (2) these measures exclude the impact
of items that management believes are not directly attributable to the
Company’s core operating performance and may obscure trends in the
business; and (3) these measures are used by institutional investors and
the analyst community to help analyze the Company’s business. In future
quarters, the Company may make adjustments for other expenditures,
charges or gains 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
(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 similar to 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 EPS and
Adjusted EBITDA are not recognized terms under GAAP and do not purport
to be an alternative to GAAP loss, GAAP 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 EPS and Adjusted EBITDA may not be comparable
to other similarly titled measures used by other companies.
Non-GAAP EPS
Non-GAAP EPS, which the Company presents as a non-GAAP measure of its
performance, is defined as net loss attributable to Clean Energy Fuels
Corp., plus stock-based compensation expense, and plus (minus) loss
(income) from equity method investments, the total of which is divided
by the Company’s weighted-average shares outstanding on a diluted basis.
The Company’s management believes excluding non-cash expenses related to
stock-based compensation provides useful information to investors
regarding the Company’s performance because of the varying available
valuation methodologies, the volatility of the expense (which depends on
market forces outside of management’s control), the subjectivity of the
assumptions and the variety of award types that a company can use, which
may obscure trends in a company’s core operating performance. Similarly,
as a result of combining CEC with SAFE in the fourth quarter of 2017,
the Company’s management believes that excluding the non-cash results
from equity method investments is useful to investors because the
charges are not part of or representative of the core operations of the
Company.
The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net
loss attributable to Clean Energy Fuels Corp. to an adjusted net loss
figure used in the calculation of non-GAAP EPS:
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(in thousands, except share and per-share amounts)
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
2018
|
|
Net Loss Attributable to Clean Energy Fuels Corp.
|
|
|
$
|
(94,141
|
)
|
|
$
|
(10,899
|
)
|
|
|
$
|
(50,890
|
)
|
|
$
|
(10,652
|
)
|
|
Stock-Based Compensation
|
|
|
2,216
|
|
|
1,206
|
|
|
|
6,904
|
|
|
4,312
|
|
|
Loss from Equity Method Investments
|
|
|
30
|
|
|
542
|
|
|
|
100
|
|
|
2,739
|
|
|
Adjusted (Non-GAAP) Net Loss
|
|
|
$
|
(91,895
|
)
|
|
$
|
(9,151
|
)
|
|
|
$
|
(43,886
|
)
|
|
$
|
(3,601
|
)
|
|
Diluted Weighted-Average Common Shares Outstanding
|
|
|
150,927,825
|
|
|
203,469,222
|
|
|
|
150,128,204
|
|
|
172,946,896
|
|
|
GAAP Loss Per Share
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.34
|
)
|
|
$
|
(0.06
|
)
|
|
Non-GAAP Loss Per Share
|
|
|
$
|
(0.61
|
)
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its
performance, is defined as net loss attributable to Clean Energy Fuels
Corp., plus (minus) income tax expense (benefit), plus interest expense,
minus interest income, plus depreciation and amortization expense, plus
stock-based compensation expense, and plus (minus) loss (income) from
equity method investments. 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 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 this figure to
GAAP net loss attributable to Clean Energy Fuels Corp.:
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(in thousands)
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
2018
|
|
Net Loss Attributable to Clean Energy Fuels Corp.
|
|
|
$
|
(94,141
|
)
|
|
$
|
(10,899
|
)
|
|
|
$
|
(50,890
|
)
|
|
$
|
(10,652
|
)
|
|
Income Tax Expense (Benefit)
|
|
|
(44
|
)
|
|
89
|
|
|
|
(2,183
|
)
|
|
266
|
|
|
Interest Expense
|
|
|
4,270
|
|
|
4,096
|
|
|
|
13,466
|
|
|
13,126
|
|
|
Interest Income
|
|
|
(465
|
)
|
|
(1,129
|
)
|
|
|
(1,156
|
)
|
|
(2,193
|
)
|
|
Depreciation and Amortization
|
|
|
14,104
|
|
|
13,363
|
|
|
|
43,757
|
|
|
39,496
|
|
|
Stock-Based Compensation
|
|
|
2,216
|
|
|
1,206
|
|
|
|
6,904
|
|
|
4,312
|
|
|
Loss from Equity Method Investments
|
|
|
30
|
|
|
542
|
|
|
|
100
|
|
|
2,739
|
|
|
Adjusted EBITDA
|
|
|
$
|
(74,030
|
)
|
|
$
|
7,268
|
|
|
|
$
|
9,998
|
|
|
$
|
47,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons of renewable
natural gas (“RNG”), 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.
The table below shows gallons delivered for the three and nine months
ended September 30, 2017 and 2018:
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|
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Three Months Ended
September 30,
|
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Nine Months Ended
September 30,
|
|
Gallons Delivered (in millions)
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
CNG
|
|
73.5
|
|
|
75.4
|
|
|
213.1
|
|
|
220.0
|
|
LNG
|
|
17.3
|
|
|
16.9
|
|
|
50.0
|
|
|
46.8
|
|
RNG (1)
|
|
0.7
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
Total
|
|
91.5
|
|
|
92.3
|
|
|
265.0
|
|
|
266.8
|
|
(1)
|
|
Represents RNG sold as non-vehicle fuel. RNG sold as vehicle fuel is
sold under the brand name Redeem™, and is included in this table in
the CNG or LNG amounts as applicable based on the form in which it
was sold.
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|
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Sources of Revenue
The following table represents our sources of revenue for the three and
nine months ended September 30, 2017 and 2018:
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|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
Revenue (in Millions)
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
2018
|
|
Volume -Related (1)
|
|
|
$
|
63.1
|
|
|
$
|
67.8
|
|
|
|
$
|
200.0
|
|
|
$
|
197.8
|
|
Compressor Sales
|
|
|
5.9
|
|
|
—
|
|
|
|
17.6
|
|
|
—
|
|
Station Construction Sales
|
|
|
12.5
|
|
|
9.4
|
|
|
|
34.1
|
|
|
20.9
|
|
AFTC
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
26.9
|
|
Other
|
|
|
0.3
|
|
|
0.1
|
|
|
|
0.6
|
|
|
4.6
|
|
Total
|
|
|
$
|
81.8
|
|
|
$
|
77.3
|
|
|
|
$
|
252.3
|
|
|
$
|
250.2
|
|
(1)
|
|
Volume -related revenue primarily consists of sales of RNG, CNG and
LNG fuel, performance of operations and maintenance services, and
sales of certain tradable credits the Company generates by selling
RNG, CNG and LNG as vehicle fuel.
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|
|
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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 Friday, December 7, 2018, by dialing 1.844.512.2921 from the
U.S., or 1.412.317.6671 from international locations, and entering
Replay Pin Number 13684336. 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. is the leading provider of natural gas fuel for
transportation in North America. We build and operate CNG and LNG
vehicle fueling stations; manufacture CNG and LNG equipment and
technologies; and deliver more CNG and LNG vehicle fuel than any other
company in the United States. Clean Energy also sells Redeem™ RNG fuel
and believes it is the cleanest transportation fuel commercially
available, reducing greenhouse gas emissions by up to 70%. 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, including statements about, among
other things, the Company’s expectations regarding its performance,
including continued improvement in its operating results; the success of
the Company’s Zero Now Financing program and its impact on the
expansion, if any, of the U.S. natural gas trucking market and the
Company’s performance, financial condition and ability to execute its
strategic initiatives; the state of the natural gas vehicle fuel market,
including the level of adoption of natural gas vehicle fuels generally,
and specifically in the trucking sector; the Company’s joint marketing
agreement with BP and such agreement’s effect on the Redeem renewable
natural gas business; and the Company’s overall financial and strategic
position.
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: future supply, demand, use and prices of crude oil, gasoline,
diesel, natural gas, other vehicle fuels, and heavy-duty trucks and
other vehicles and engines powered by these fuels, including overall
levels of and volatility in these factors; the willingness of fleets and
other consumers to adopt natural gas as a vehicle fuel, and the rate of
any such adoption; the Company’s ability to execute its strategic
initiatives related to the market for natural gas heavy-duty trucks, one
of the Company’s target customer markets, including the Company’s Zero
Now Financing program, and the impact of these initiatives on the
Company and its industry; 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, including
in the event of advances or improvements in or perceived advantages of
non-natural gas vehicle fuels or engines powered by these fuels or other
competitive developments and particularly in light of increasing
competition from new entrants in these markets, expanded programs by
existing competitors, or other factors; the Company’s ability to execute
and realize the intended benefits of any mergers, acquisitions,
divestitures, investments or other strategic measures, transactions or
relationships, including, for example, the investment of and other
proposed relationships with an affiliate of Total S.A.; the Company’s
ability to accurately predict natural gas vehicle fuel demand in the
geographic and customer markets in which it operates and effectively
calibrate its strategies, timing and levels of investments to be
consistent with this demand; the Company’s ability to recognize the
anticipated benefits of its CNG and LNG station network; future
availability of capital, which may include equity or debt financing, as
needed to fund the growth of the Company’s business, repayment of its
debt obligations (whether at or before their due dates) or other
expenditures; the availability of environmental, tax and other
government regulations, programs and incentives, such as AFTC, that
promote natural gas 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; changes to federal, state or local
greenhouse gas emissions regulations or other environmental regulations
applicable to natural gas production, transportation or use; compliance
with other applicable government regulations; the Company’s ability to
manage and grow its RNG business, in particular after the BP
Transaction, including its ability to continue to receive revenue from
sales of tradable credits the Company generates by selling conventional
and renewable natural gas as vehicle fuel; construction, permitting and
other factors that could cause delays or other problems at station
construction projects; 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 Securities and Exchange
Commission (www.sec.gov),
including its Quarterly Report on Form 10-Q filed on November 7, 2018,
contains additional information about these and other risk factors that
may cause actual results to differ materially from the forward-looking
statements contained in this press release.
|
Clean Energy Fuels Corp. and Subsidiaries
Condensed
Consolidated Balance Sheets
(In thousands, except
share data, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
|
September 30,
2018
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash
|
|
|
$
|
37,208
|
|
|
|
$
|
160,020
|
|
|
Short-term investments
|
|
|
141,462
|
|
|
|
95,964
|
|
|
Accounts receivable, net of allowance for doubtful accounts of
$1,276 and $1,507 as of December 31, 2017 and September 30, 2018,
respectively
|
|
|
63,961
|
|
|
|
69,822
|
|
|
Other receivables
|
|
|
19,235
|
|
|
|
17,890
|
|
|
Inventory
|
|
|
35,238
|
|
|
|
37,103
|
|
|
Prepaid expenses and other current assets
|
|
|
7,793
|
|
|
|
8,096
|
|
|
Total current assets
|
|
|
304,897
|
|
|
|
388,895
|
|
|
Land, property and equipment, net
|
|
|
367,305
|
|
|
|
344,077
|
|
|
Notes receivable and other long-term assets, net
|
|
|
21,397
|
|
|
|
15,978
|
|
|
Investments in other entities
|
|
|
30,395
|
|
|
|
27,674
|
|
|
Goodwill
|
|
|
64,328
|
|
|
|
64,328
|
|
|
Intangible assets, net
|
|
|
3,590
|
|
|
|
2,478
|
|
|
Total assets
|
|
|
$
|
791,912
|
|
|
|
$
|
843,430
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Current portion of debt and capital lease obligations
|
|
|
$
|
139,699
|
|
|
|
$
|
115,879
|
|
|
Accounts payable
|
|
|
17,901
|
|
|
|
12,849
|
|
|
Accrued liabilities
|
|
|
42,268
|
|
|
|
48,322
|
|
|
Deferred revenue
|
|
|
3,432
|
|
|
|
8,830
|
|
|
Total current liabilities
|
|
|
203,300
|
|
|
|
185,880
|
|
|
Long-term portion of debt and capital lease obligations
|
|
|
120,388
|
|
|
|
122,817
|
|
|
Other long-term liabilities
|
|
|
18,566
|
|
|
|
15,348
|
|
|
Total liabilities
|
|
|
342,254
|
|
|
|
324,045
|
|
|
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 and
304,000,000 shares as of December 31, 2017 and September 30, 2018,
respectively; issued and outstanding 151,650,969 shares and
203,472,977 shares as of December 31, 2017 and September 30, 2018,
respectively
|
|
|
15
|
|
|
|
20
|
|
|
Additional paid-in capital
|
|
|
1,111,432
|
|
|
|
1,196,720
|
|
|
Accumulated deficit
|
|
|
(683,570
|
)
|
|
|
(695,515
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(887
|
)
|
|
|
(273
|
)
|
|
Total Clean Energy Fuels Corp. stockholders’ equity
|
|
|
426,990
|
|
|
|
500,952
|
|
|
Noncontrolling interest in subsidiary
|
|
|
22,668
|
|
|
|
18,433
|
|
|
Total stockholders’ equity
|
|
|
449,658
|
|
|
|
519,385
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
791,912
|
|
|
|
$
|
843,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clean Energy Fuels Corp. and Subsidiaries
Condensed
Consolidated Statements of Operations
(In thousands,
except share and per share data, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
2018
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue
|
|
|
$
|
67,669
|
|
|
$
|
67,441
|
|
|
|
$
|
211,747
|
|
|
$
|
220,812
|
|
|
Service revenue
|
|
|
14,123
|
|
|
9,879
|
|
|
|
40,552
|
|
|
29,378
|
|
|
Total revenue
|
|
|
81,792
|
|
|
77,320
|
|
|
|
252,299
|
|
|
250,190
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown
separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Product cost of sales
|
|
|
52,884
|
|
|
48,063
|
|
|
|
158,306
|
|
|
139,658
|
|
|
Service cost of sales
|
|
|
7,283
|
|
|
4,743
|
|
|
|
20,066
|
|
|
13,595
|
|
|
Inventory valuation provision
|
|
|
13,158
|
|
|
—
|
|
|
|
13,158
|
|
|
—
|
|
|
Selling, general and administrative
|
|
|
24,798
|
|
|
18,396
|
|
|
|
71,875
|
|
|
57,101
|
|
|
Depreciation and amortization
|
|
|
14,104
|
|
|
13,363
|
|
|
|
43,757
|
|
|
39,496
|
|
|
Asset impairments and other charges
|
|
|
60,666
|
|
|
—
|
|
|
|
60,666
|
|
|
—
|
|
|
Total operating expenses
|
|
|
172,893
|
|
|
84,565
|
|
|
|
367,828
|
|
|
249,850
|
|
|
Operating income (loss)
|
|
|
(91,101
|
)
|
|
(7,245
|
)
|
|
|
(115,529
|
)
|
|
340
|
|
|
Interest expense
|
|
|
(4,270
|
)
|
|
(4,096
|
)
|
|
|
(13,466
|
)
|
|
(13,126
|
)
|
|
Interest income
|
|
|
465
|
|
|
1,129
|
|
|
|
1,156
|
|
|
2,193
|
|
|
Other income (expense), net
|
|
|
4
|
|
|
(193
|
)
|
|
|
(28
|
)
|
|
(126
|
)
|
|
Loss from equity method investments
|
|
|
(30
|
)
|
|
(542
|
)
|
|
|
(100
|
)
|
|
(2,739
|
)
|
|
Gain from extinguishment of debt
|
|
|
—
|
|
|
—
|
|
|
|
3,195
|
|
|
—
|
|
|
Gain from sale of certain assets of subsidiary
|
|
|
—
|
|
|
—
|
|
|
|
69,886
|
|
|
—
|
|
|
Loss from formation of equity method investment
|
|
|
—
|
|
|
(1,163
|
)
|
|
|
—
|
|
|
(1,163
|
)
|
|
Loss before income taxes
|
|
|
(94,932
|
)
|
|
(12,110
|
)
|
|
|
(54,886
|
)
|
|
(14,621
|
)
|
|
Income tax benefit (expense)
|
|
|
44
|
|
|
(89
|
)
|
|
|
2,183
|
|
|
(266
|
)
|
|
Net loss
|
|
|
(94,888
|
)
|
|
(12,199
|
)
|
|
|
(52,703
|
)
|
|
(14,887
|
)
|
|
Loss attributable to noncontrolling interest
|
|
|
747
|
|
|
1,300
|
|
|
|
1,813
|
|
|
4,235
|
|
|
Net loss attributable to Clean Energy Fuels Corp.
|
|
|
$
|
(94,141
|
)
|
|
$
|
(10,899
|
)
|
|
|
$
|
(50,890
|
)
|
|
$
|
(10,652
|
)
|
|
Loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.34
|
)
|
|
$
|
(0.06
|
)
|
|
Diluted
|
|
|
$
|
(0.62
|
)
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.34
|
)
|
|
$
|
(0.06
|
)
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
150,927,825
|
|
|
203,469,222
|
|
|
|
150,128,204
|
|
|
172,946,896
|
|
|
Diluted
|
|
|
150,927,825
|
|
|
203,469,222
|
|
|
|
150,128,204
|
|
|
172,946,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005768/en/ Copyright Business Wire 2018
Source: Business Wire
(November 7, 2018 - 4:05 PM EST)
News by QuoteMedia
www.quotemedia.com
|
