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Bloom Energy Announces Fourth Quarter 2021 and Full Year 2021 Financial Results and Updates Long-term Growth Prospects

·24 min read

SAN JOSE, Calif., February 10, 2022--(BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) today announced financial results for its fourth quarter ended December 31, 2021.

Fourth Quarter Highlights

  • Revenue of $342.5 million in the fourth quarter of 2021, an increase of 37.3% compared to $249.4 million in the fourth quarter of 2020.

  • Record acceptances of 735 systems in the fourth quarter of 2021, an increase of 63.3% compared to the fourth quarter of 2020.

  • Cash flows from operating activities of $47.2 million, compared to ($18.7) million in the fourth quarter of 2020.

  • Ending cash balance of $615.1 million in the fourth quarter of 2021, compared to $416.7 million in the fourth quarter of 2020.

Total Year Highlights

  • Record ending backlog of 6,549 systems in the fourth quarter of 2021, compared to 1,994 in 2020.

  • Revenue of $972.2 million in 2021, an increase of 22.4% compared to $794.2 million in 2020.

  • Record acceptances of 1,879 systems in 2021, an increase of 41.8% compared to 2020.

  • GAAP gross margin of 20.3% in 2021, a decline of 0.6 percentage points compared to a gross margin of 20.9% in 2020.

  • Non-GAAP gross margin of 21.7% in 2021, a decline of 1.3 percentage points compared to gross margin of 23.1% in 2020.

  • Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022 to establish leadership position in unlocking a net zero emissions future.

  • In the fourth quarter of 2021, announced an expansion of the strategic partnership with SK ecoplant Co., Ltd. to accelerate hydrogen commercialization resulting in 450 MW of equipment backlog to be recognized over the next three years.

Commenting on the fourth quarter and full year earnings, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, "This was a record quarter and year for Bloom Energy. With nearly $1 billion in revenue, we are now at an inflection point. In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog and the best, most innovative solutions for customers who want low-carbon and resilient power today and a zero-emissions energy tomorrow. We are poised to capitalize on demand for clean energy, decarbonization, and the growth of the hydrogen and renewable fuels economy."

Greg Cameron, executive vice president and CFO of Bloom Energy added, "This year was about execution, and we are in an excellent position both operationally and financially. We had another record year for revenue and acceptances. Our backlog is up nearly 100% year-on-year, our pipeline is stronger than it has ever been, and our balance sheet is sound. We have the products, team, strategy, and track-record to execute on our growth plans."

Summary of Key Financial Metrics

Preliminary Summary GAAP Profit and Loss Statements

($000)

Q421

Q321

Q420

FY21

FY20

Revenue

342,471

207,228

249,387

972,176

794,247

Cost of Revenue

273,768

170,345

185,761

774,595

628,454

Gross Profit

68,703

36,883

63,626

197,581

165,793

Gross Margin

20.1%

17.8%

25.5%

20.3%

20.9%

Operating Expenses

82,208

80,772

68,144

312,083

246,578

Operating Loss

(13,505)

(43,889)

(4,518)

(114,502)

(80,785)

Operating Margin

(3.9%)

(21.2%)

(1.8%)

(11.8%)

(10.2%)

Non-operating Expenses1

19,818

8,481

22,620

49,943

76,768

Net Loss

(33,323)

(52,370)

(27,138)

(164,445)

(157,553)

GAAP EPS

(0.19)

(0.30)

($0.16)

($0.95)

($1.14)

1.

Non-operating expenses and tax provision and non-controlling interest

Preliminary Summary Non-GAAP Financial Information1

($000)

Q421

Q321

Q420

FY21

FY20

Revenue

342,471

207,228

249,387

972,176

794,247

Cost of Revenue2

269,706

167,400

182,097

760,784

610,979

Gross Profit2

72,765

39,828

67,290

211,392

183,268

Gross Margin2

21.2%

19.2%

27.0%

21.7%

23.1%

Operating Expenses2

67,448

62,751

55,300

249,762

190,160

Operating Income (loss) 2

5,317

(22,923)

11,990

(38,370)

(6,892)

Operating Margin2

1.6%

(11.1%)

4.8%

(3.9%)

(0.9%)

Adjusted EBITDA4

18,692

(9,777)

25,521

14,031

45,497

Adjusted EPS3

(0.05)

(0.20)

($0.08)

($0.55)

($0.67)

1.

A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

2.

Excludes stock-based compensation

3.

Adjusted EPS is net income (loss) excluding net loss attributable to non-controlling interest, gain (loss) on revaluation of embedded derivatives, loss on extinguishment of debt, fair value adjustment for PPA derivatives, stock-based compensation expense, interest rate swap settlement, contingent consideration remeasurement using the adjusted Weighted Average Shares Outstanding (WASO) share count

4.

Adjusted EBITDA is net income (loss) excluding net loss attributable to non-controlling interest, gain (loss) on revaluation of embedded derivatives, loss on extinguishment of debt, fair value adjustment for PPA derivatives, stock-based compensation expense, interest rate swap settlement, contingent consideration remeasurement, depreciation and amortization, provision for income tax, and interest expense

Outlook

  • Bloom increases long-term revenue growth outlook five points to 30-35% over next 10 years.

  • Bloom provides the following outlook for the full-year 2022:

    • Revenue: $1.1 - $1.15 billion

    • Product & Service Revenue: ~27%

    • Non-GAAP Gross Margin*: ~24%

    • Non-GAAP Operating Margin*: ~1%

    • Cash Flow from Operations: Positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.

Acceptances

We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which, depending on the contract terms, is when the system is: shipped and delivered to our customers; when the system is shipped and delivered and is physically ready for startup and commissioning; or when the system is shipped and delivered and is turned on and producing power.

Balance Sheet Highlights

Bloom Energy’s cash position, including restricted cash, as of December 31, 2021 was $615.1 million, compared to $416.7 million as of December 31, 2020. Unrestricted cash as of December 31, 2021 was $396.0 million, compared to $246.9 million as of December 31, 2020. Bloom ended the fourth quarter of 2021 with $539.7 million of total debt, an increase of $23.7 million from the third quarter of 2021. Recourse debt as of December 31, 2021 was $300.0 million, unchanged from September 30, 2021.

Conference Call Details

Bloom will host a conference call today, February 10, 2022, 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 +1 (844) 200-6205 and enter the passcode: 689359. Those calling from outside the United States may dial +1 (833) 950-0062 and enter the same passcode: 689359. 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 (866) 813-9403 or + 1 (226) 621-4642 entering passcode 219118.

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 2022 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.

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 around the world 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 revenue growth, margin expansion and its innovative solutions; Bloom’s expectations regarding its growth plans; and Bloom’s financial outlook for 2022. 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; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; 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 economic conditions and uncertainties in the geopolitical environment; 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 Quarterly Report on Form 10-Q for the quarter ended on September 30, 2021 as filed with the SEC on November 5, 2021, 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)

December 31,

2021

2020

Assets

Current assets:

Cash and cash equivalents

$

396,035

$

246,947

Restricted cash

92,540

52,470

Accounts receivable

87,789

96,186

Contract assets

25,201

3,327

Inventories

143,370

142,059

Deferred cost of revenue

25,040

41,469

Customer financing receivable

5,784

5,428

Prepaid expenses and other current assets

30,661

30,718

Total current assets

806,420

618,604

Property, plant and equipment, net

604,106

600,628

Operating lease right-of-use assets

106,660

35,621

Customer financing receivable, non-current

39,484

45,268

Restricted cash, non-current

126,539

117,293

Deferred cost of revenue, non-current

1,289

2,462

Goodwill

1,957

Other long-term assets

39,116

34,511

Total assets

$

1,725,571

$

1,454,387

Liabilities, Redeemable Convertible Preferred Stock, Redeemable Noncontrolling Interest, Stockholders’ (Deficit) Equity and Noncontrolling Interest

Current liabilities:

Accounts payable

$

72,967

$

58,334

Accrued warranty

11,746

10,263

Accrued expenses and other current liabilities

114,139

112,004

Deferred revenue and customer deposits

82,080

114,286

Operating lease liabilities

13,101

7,899

Financing obligations

14,721

12,745

Recourse debt

8,348

Non-recourse debt

17,483

120,846

Total current liabilities

334,585

436,377

Deferred revenue and customer deposits, non-current

63,880

87,463

Operating lease liabilities, non-current

106,187

41,849

Financing obligations, non-current

461,899

459,981

Recourse debt, non-current

283,483

168,008

Non-recourse debt, non-current

217,416

102,045

Other long-term liabilities

51,097

17,268

Total liabilities

1,518,547

1,312,991

Redeemable convertible preferred stock, Series A: 10,000,000 shares authorized and 10,000,000 shares and no shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.

208,551

Redeemable noncontrolling interest

300

377

Stockholders’ equity (deficit):

Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 160,627,544 shares and 140,094,633 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,832,863 shares and 27,908,093 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.

18

17

Additional paid-in capital

3,219,081

3,182,753

Accumulated other comprehensive loss

(350

)

(9

)

Accumulated deficit

(3,263,075

)

(3,103,937

)

Total stockholders’ (deficit) equity

(44,326

)

78,824

Noncontrolling interest

42,499

62,195

Total liabilities, redeemable noncontrolling interest, stockholders' (deficit) equity and noncontrolling interest

$

1,725,571

$

1,454,387

Condensed Consolidated Statements of Operations (preliminary & unaudited)

(in thousands, except per share data)

Three Months Ended
December 31,

Years Ended
December 31,

2021

2020

2021

2020

Revenue:

Product

$

250,165

$

171,801

$

663,512

$

518,633

Installation

42,349

28,827

96,059

101,887

Service

32,809

32,137

144,184

109,633

Electricity

17,148

16,622

68,421

64,094

Total revenue

342,471

249,387

972,176

794,247

Cost of revenue:

Product

181,765

105,071

471,654

332,724

Installation

43,458

29,604

110,214

116,542

Service

37,017

39,493

148,286

132,329

Electricity

11,528

11,593

44,441

46,859

Total cost of revenue

273,768

185,761

774,595

628,454

Gross profit

68,703

63,626

197,581

165,793

Operating expenses:

Research and development

26,794

21,690

103,396

83,577

Sales and marketing

23,696

18,840

86,499

55,916

General and administrative

31,718

27,614

122,188

107,085

Total operating expenses

82,208

68,144

312,083

246,578

Loss from operations

(13,505

)

(4,518

)

(114,502

)

(80,785

)

Interest income

40

70

262

1,475

Interest expense

(25,227

)

(21,246

)

(69,025

)

(76,276

)

Interest expense to related parties

(2,513

)

Other income (expense), net

(10,087

)

(4,176

)

(8,139

)

(8,318

)

Loss on extinguishment of debt

(12,878

)

Gain (loss) on revaluation of embedded derivatives

725

(1,737

)

(919

)

464

Loss before income taxes

(48,054

)

(31,607

)

(192,323

)

(178,831

)

Income tax provision

451

(16

)

1,046

256

Net loss

(48,505

)

(31,591

)

(193,369

)

(179,087

)

Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

(15,182

)

(4,453

)

(28,924

)

(21,534

)

Net loss attributable to Class A and Class B common stockholders

(33,323

)

(27,138

)

(164,445

)

(157,553

)

Net loss per share available to Class A and Class B common stockholders, basic and diluted

$

(0.19

)

$

(0.16

)

$

(0.95

)

$

(1.14

)

Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted

175,922

165,975

173,438

138,722

Condensed Consolidated Statement of Cash Flows (preliminary & unaudited)

(in thousands)

Years Ended December 31,

2021

2020

Cash flows from operating activities:

Net loss

$

(193,369

)

$

(179,087

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

53,454

52,279

Non-cash lease expense

9,708

5,328

Write-off of property, plant and equipment, net

38

Impairment of equity method investment

4,236

Revaluation of derivative contracts

17,532

(425

)

Stock-based compensation expense

73,274

73,893

Gain on remeasurement of investment

(1,966

)

Contingent consideration remeasurement

(3,623

)

Interest Rate Swap Settlement

10,879

Termination of interest rate swap contracts

(11,520

)

Loss on extinguishment of debt

11,785

Amortization of debt issuance costs and premium, net

3,797

6,455

Changes in operating assets and liabilities:

Accounts receivable

8,570

(61,685

)

Contract assets

(21,874

)

Inventories

(885

)

(33,004

)

Deferred cost of revenue

17,567

19,910

Customer financing receivable

5,428

5,159

Prepaid expenses and other current assets

1,520

(3,124

)

Other long-term assets

(2,854

)

2,904

Accounts payable

13,132

(620

)

Accrued warranty

1,482

(241

)

Accrued expenses and other current liabilities

(2,145

)

17,753

Operating lease right-of-use assets and operating lease liabilities

(11,810

)

(2,855

)

Deferred revenue and customer deposits

(57,002

)

(12,972

)

Other long-term liabilities

30,024

(4,523

)

Net cash used in operating activities

(60,681

)

(98,796

)

Cash flows from investing activities:

Purchase of property, plant and equipment

(49,810

)

(37,913

)

Net cash acquired from step acquisition

3,114

Net cash used in investing activities

(46,696

)

(37,913

)

Cash flows from financing activities:

Proceeds from issuance of debt, net

134,039

300,000

Proceeds from issuance of debt to related parties

30,000

Repayment of debt

(123,374

)

(176,522

)

Repayment of debt - related parties

(2,105

)

Debt issuance costs

(13,247

)

Proceeds from financing obligations

16,849

26,279

Repayment of financing obligations

(13,642

)

(10,756

)

Contribution from noncontrolling interest

6,513

Distributions to noncontrolling interests and redeemable noncontrolling interests

(5,838

)

(7,622

)

Proceeds from issuance of common stock

89,790

23,491

Proceeds from issuance of redeemable convertible preferred stock, net

208,551

Net cash provided by financing activities

306,375

176,031

Effect of exchange rate changes on cash, cash equivalent and restricted cash

(594

)

Net (decrease) increase in cash, cash equivalents and restricted cash

198,404

39,322

Cash, cash equivalents, and restricted cash:

Beginning of period

416,710

377,388

End of period

$

615,114

$

416,710

Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands)

Gross Profit and Gross Margin to Gross Profit Excluding Stock-Based Compensation and Gross Margin Excluding Stock-Based Compensation

Gross profit and gross margin excluding stock-based compensation (SBC) are supplemental measures of operating performance that do not represent and should not be considered alternatives to gross profit or gross margin, as determined under GAAP. These measures remove the impact of stock-based compensation. We believe that gross profit and gross margin excluding stock-based compensation supplement the GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of gross profit and gross margin excluding stock-based compensation to gross profit and gross margin, the most directly comparable GAAP measures, and the computation of gross margin excluding stock-based compensation are as follows:

Q421

Q321

Q420

FY21

FY20

Revenue

342,471

207,228

249,387

972,176

794,247

Gross profit

68,703

36,883

63,626

197,581

165,793

Gross margin %

20.1%

17.8%

25.5%

20.3%

20.9%

Stock-based compensation - cost of revenue

4,062

2,945

3,664

13,811

17,475

Gross profit excluding SBC

72,765

39,828

67,290

211,392

183,268

Gross margin excluding SBC %

21.2%

19.2%

27.0%

21.7%

23.1%

Cost of Revenue and Operating Expenses to Cost of Revenue and Operating Expenses Excluding Stock-Based Compensation

Cost of revenue and operating expenses excluding stock-based compensation are a supplemental measure of operating performance that does not represent and should not be considered an alternative to cost of revenue and operating expenses, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that cost of revenue and operating expenses excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of cost of revenue and operating expenses excluding stock-based compensation to cost of revenue and operating expenses, the most directly comparable GAAP measure, are as follows:

Q421

Q321

Q420

FY21

FY20

Cost of revenue

273,768

170,345

185,761

774,595

628,454

Stock-based compensation - cost of revenue

4,062

2,945

3,664

13,811

17,475

Cost of revenue – excluding SBC

269,706

167,400

182,097

760,784

610,979

Q421

Q321

Q420

FY21

FY20

Operating expenses

82,208

80,772

68,144

312,083

246,578

Stock-based compensation - operating expenses

14,760

18,021

12,844

62,321

56,418

Operating expenses – excluding SBC

67,448

62,751

55,300

249,762

190,160

Operating Loss to Operating Income (Loss) Excluding Stock-Based Compensation

Operating loss excluding stock-based compensation is a supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that operating income (loss) excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of operating income (loss) excluding stock-based compensation to operating loss, the most directly comparable GAAP measure, and the computation of operating income (loss) excluding stock-based compensation are as follows:

Q421

Q321

Q420

FY21

FY20

Operating loss

(13,505)

(43,889)

(4,518)

(114,502)

(80,785)

Stock-based compensation

18,822

20,966

16,508

76,132

73,893

Operating Income (loss) excluding SBC

5,317

(22,923)

11,990

(38,370)

(6,892)

Net Loss to Adjusted Net Loss and Computation of Adjusted Net Loss per Share (EPS)

Adjusted net loss and adjusted net loss per share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net loss and net loss per share, as determined under GAAP. These measures remove the impact of the non-controlling interests associated with our legacy PPA entities, the revaluation of derivatives, fair market value adjustment for the PPA derivatives, the loss on termination of interest rate swaps related to PPA V debt that was extinguished, contingent consideration related to the BE Japan acquisition, and stock-based compensation, all of which are non-cash charges. We believe that adjusted net loss and adjusted net loss per share supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of adjusted net loss to net loss, the most directly comparable GAAP measure, and the computation of adjusted net loss per share are as follows:

Q421

Q321

Q420

FY21

FY20

Net loss to Common Stockholders

(33,323)

(52,370)

(27,138)

(164,445)

(157,553)

Loss on extinguishment of debt

12,878

Loss for non-controlling interests1

(15,182)

(4,292)

(4,453)

(28,924)

(21,534)

Loss (gain) on derivatives liabilities2

13,356

184

1,737

15,000

(464)

Loss (gain) on the fair value adjustments for certain PPA derivatives3

(125)

140

(1,053)

110

Interest Rate Swap Settlement4

10,879

10,879

Contingent Consideration Remeasurement5

(3,623)

(3,623)

Stock-based compensation

18,822

20,966

16,508

76,132

73,893

Adjusted Net Loss

(9,071)

(35,637)

(13,206)

(96,034)

(92,670)

Net loss to Common Stockholders per share

$ (0.19)

$ (0.30)

$ (0.16)

$ (0.95)

$ (1.14)

Adjusted net loss per share (EPS)

$ (0.05)

$ (0.20)

$ (0.08)

$ (0.55)

$ (0.67)

GAAP weighted average shares outstanding attributable to common, Basic and Diluted (thousands)

175,922

174,269

165,975

173,438

138,722

Adjusted weighted average shares outstanding attributable to common, Basic and Diluted (thousands)6

175,922

174,269

165,975

173,438

138,722

1.

Represents the profits and losses allocated to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method

2.

Represents the adjustments to the fair value of the embedded derivatives associated with the convertible notes and other derivatives

3.

Represents the adjustments to the fair value of the derivative forward contract for one PPA entity, a wholly owned subsidiary

4.

Represents the loss on termination of interest rate swaps related to PPA V debt that was extinguished

5.

Represents the gain on the contingent consideration relating to the BE Japan acquisition

6.

Includes adjustments to reflect assumed conversion of certain convertible promissory notes

Net Loss to Adjusted EBITDA

Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense, non-controlling interest, revaluations, stock-based compensation and depreciation and amortization expense. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations. Adjusted EBITDA may not be comparable to similarly titled measures provided by other companies due to potential differences in methods of calculations. A reconciliation of Adjusted EBITDA to net loss is as follows:

Q421

Q321

Q420

FY21

FY20

Net loss to Common Stockholders

(33,323)

(52,370)

(27,138)

(164,445)

(157,553)

Loss on extinguishment of debt

12,878

Loss for non-controlling interests1

(15,182)

(4,292)

(4,453)

(28,924)

(21,534)

Loss (gain) on derivative liabilities2

13,356

184

1,737

15,000

(464)

Loss (gain) on the fair value adjustments for certain PPA derivatives3

(125)

140

(1,053)

110

Interest Rate Swap Settlement4

10,879

10,879

Contingent Consideration Remeasurement5

(3,623)

(3,623)

Stock-based compensation

18,822

20,966

16,508

76,132

73,893

Adjusted Net Loss

(9,071)

(35,637)

(13,206)

(96,034)

(92,670)

Depreciation & amortization

13,375

13,271

13,391

53,454

52,279

Provision (benefit) for income tax

451

158

(16)

1,046

256

Interest expense (income), Other expense (income), net

13,937

12,431

25,352

55,565

85,632

Adjusted EBITDA

18,692

(9,777)

25,521

14,031

45,497

1.

Represents the profits and losses allocated to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method

2.

Represents the adjustments to the fair value of the embedded derivatives associated with the convertible notes and other derivatives

3.

Represents the adjustments to the fair value of the derivative forward contract for one PPA entity, a wholly owned subsidiary

4.

Represents the loss on termination of interest rate swaps related to PPA V debt that was extinguished

5.

Represents the gain on the contingent consideration relating to the BE Japan acquisition

View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005393/en/

Contacts

Investor Relations:
Ed Vallejo
Bloom Energy
+1 (267) 370-9717
Edward.vallejo@bloomenergy.com

Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
jennifer.duffourg@bloomenergy.com