Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the fourth
quarter of 2021.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated “Our fuel volumes continue to increase
because of higher demand for RNG by Amazon, large transit customers
like New York City Metro and Los Angeles County Metro, and other
customers. Not only is RNG a clean, renewable fuel, it’s incredibly
practical for heavy-duty vehicles which is driving demand. As we
explained in detail during our RNG Day presentation on January 26,
our nation-wide distribution business is extremely important in
providing the infrastructure and access necessary to deliver and
monetize RNG. Despite the lingering effects of the pandemic, 2021
turned out to be strategically one of the best years for the
company as we expanded into RNG development and supply, signed on a
very important customer in Amazon and continued to lead the overall
shift into clean transportation.”
The Company delivered 104.6 million gallons in the fourth
quarter of 2021, a 9% increase from 96.0 million in the fourth
quarter of 2020. This increase was principally from continued
growth in Refuse, Amazon and increased RNG deliveries into transit
customers. Renewable natural gas (“RNG”) delivered was 44.9 million
gallons in the fourth quarter of 2021, a 9% increase compared to
the fourth quarter of 2020.
The Company’s revenue for the fourth quarter of 2021 was $91.9
million, an increase of 22.6% compared to $75.0 million for the
fourth quarter of 2020. Revenue for the fourth quarter of 2021
included non-cash stock-based sales incentive contra-revenue
charges (“Amazon warrant charges”) related to the warrant issued to
Amazon.com NV Investment Holdings LLC (the “Amazon Warrant”) of
$3.4 million. Revenue for the fourth quarter of 2021 also included
an unrealized loss of $1.3 million on commodity swap and customer
fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized loss of $1.9 million
in the fourth quarter of 2020. Excluding the effects of the Amazon
warrant charges and the commodity swap and customer fueling
contracts unrealized losses, revenue for the fourth quarter of 2021
increased by 25.7% to $96.6 million compared to $76.8 million for
the fourth quarter of 2020. This increase in revenue was
principally due to higher RIN and natural gas prices, a favorable
fuel price mix, which is based on the variation of fuel types and
locations where we deliver fuel, and an increase in the number of
gallons delivered, partially offset by a reduction in station
construction revenue, related principally to delays in construction
activities associated with the pandemic.
The Company’s revenue for the year ended December 31, 2021 was
$255.6 million, a decrease of 12.4% compared to $291.7 million for
the year ended December 31, 2020. Revenue for the year ended
December 31, 2021 included Amazon warrant charges of $83.6 million.
Revenue for the year ended December 31, 2021 also included an
unrealized loss of $3.5 million on commodity swap and customer
fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized gain of $2.1 million
for the year ended December 31, 2020. Excluding the effects of the
Amazon warrant charges and the commodity swap and customer fueling
contracts unrealized gains and losses, revenue for the year ended
December 31, 2021 increased by 18.4% to $342.8 million compared to
$289.6 million for the year ended December 31, 2020. This increase
in revenue was principally due to higher RIN and natural gas
prices, a favorable fuel price mix, which is based on the variation
of fuel types and locations where we deliver fuel, and an increase
in the number of gallons delivered, partially offset by a reduction
in station construction revenue, related principally to delays in
construction activities in the second half of 2021 associated with
the pandemic.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the fourth quarter of 2021 was $(2.4) million, or
$(0.01) per share, compared to $(2.6) million, or $(0.01) per
share, for the fourth quarter of 2020. Compared to the fourth
quarter of 2020, the fourth quarter of 2021 was negatively affected
by the Amazon warrant charges.
On a GAAP basis, net loss attributable to Clean Energy for the
year ended December 31, 2021, was $(93.1) million, or $(0.44) per
share, compared to $(9.9) million, or $(0.05) per share, for the
year ended December 31, 2020. The year ended December 31, 2021 was
negatively affected by the Amazon warrant charges and the
unrealized loss on commodity swap and customer fueling contracts,
partially offset by gains from sale of natural gas commodity
inventory at favorable market prices, while the comparable 2020
period was positively affected by the unrealized gain on commodity
swap and customer fueling contracts.
Non-GAAP income per share and Adjusted EBITDA (each as defined
below) for the fourth quarter of 2021 was $0.03 and $18.0 million,
respectively. Non-GAAP loss per share and Adjusted EBITDA for the
fourth quarter of 2020 was $(0.00) and $13.6 million,
respectively.
Non-GAAP income per share and Adjusted EBITDA for the year ended
December 31, 2021 was $0.04 and $57.0 million, respectively.
Non-GAAP loss per share and Adjusted EBITDA for the year ended
December 31, 2020 was $(0.04) and $45.1 million, respectively.
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 the United States of America (“GAAP”), the
Company uses non-GAAP financial measures that it calls non-GAAP
income (loss) per share (“non-GAAP income (loss) per share”) and
adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP
income (loss) per share and Adjusted EBITDA because it believes
these measures provide meaningful supplemental information about
the Company’s performance, for the following reasons: (1) these
measures allow for greater transparency with respect to key metrics
used by management to assess the Company’s operating performance
and make financial and operational decisions; (2) these measures
exclude the effect 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
adjust for other expenditures, charges or gains 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 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 Clean Energy Fuels Corp., plus Amazon
warrant charges, plus stock-based compensation expense, plus
(minus) loss (income) from the SAFE&CEC S.r.l. equity method
investment, and plus (minus) any loss (gain) from changes in the
fair value of derivative instruments, the total of which is divided
by the Company’s weighted-average common shares outstanding on a
diluted basis. The Company’s management believes excluding non-cash
expenses related to the Amazon warrant charges provides useful
information to investors regarding the Company’s performance
because the Amazon warrant charges are measured based upon a fair
value determined using a variety of assumptions and estimates, and
the Amazon warrant charges do not impact the Company’s operating
cash flows related to the delivery and sale of vehicle fuel to its
customer. 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, the Company believes excluding the non-cash results from
the SAFE&CEC S.r.l. equity method investment is useful to
investors because these charges are not part of or representative
of the core operations of the Company. In addition, the Company’s
management believes excluding the non-cash loss (gain) from changes
in the fair value of derivative instruments is useful to investors
because the valuation of the derivative instruments is based on a
number of subjective assumptions, the amount of the loss or gain is
derived from market forces outside of management’s control, and the
exclusion of these amounts enables investors to compare the
Company’s performance with other companies that do not use, or use
different forms of, derivative instruments.
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
December 31,
December 31,
(in thousands, except share and per
share data)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(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
Clean Energy Fuels Corp.
$
(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 Clean Energy
Fuels Corp. per share
$
(0.01
)
$
(0.01
)
$
(0.05
)
$
(0.44
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
-
$
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
December 31,
December 31,
(in thousands)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(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
December 31,
December 31,
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 December 31, 2020 and 2021:
Three Months Ended
Year Ended
December 31,
December 31,
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 December 31, 2020 and 2021:
Three Months Ended
Year Ended
December 31,
December 31,
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
December 31, 2021, volume-related revenue includes an unrealized
(loss) from the change in fair value of commodity swap and customer
fueling contracts of $(1.3) million and $(3.5) million,
respectively. For the three months and year ended December 31,
2020, volume-related revenue includes an unrealized gain (loss)
from the change in fair value of commodity swap and customer
fueling contracts of $(1.9) million and $2.1 million,
respectively.
(2)
Includes $3.4 million and $83.6 million of
Amazon warrant contra-revenue charges for the three months and year
ended December 31, 2021, respectively.
2022 Outlook
GAAP net loss for 2022 is expected to be approximately ($57)
million, assuming no unrealized gains or losses on commodity swap
and customer contracts relating to the Company’s Zero Now truck
financing program, and including Amazon warrant charges estimated
to be $44 million. Changes in diesel and natural gas market
conditions resulting in unrealized gains or losses on the Company’s
commodity swap and customer contracts relating to the Company’s
Zero Now truck financing program, and significant variations in the
vesting by Amazon of the Amazon warrants could significantly affect
the Company’s estimated GAAP net loss for 2022. Adjusted EBITDA for
2022 is estimated to be $65 million. These expectations exclude the
impact of any acquisitions, divestitures, new joint ventures,
transactions or other extraordinary events including a
deterioration in, slower or lack of any recovery from the COVID-19
pandemic. Additionally, the expectations regarding 2022 Adjusted
EBITDA assumes the calculation of this non-GAAP financial measure
in the same manner as described above and adding back the estimated
Amazon warrant charges described above and without adjustments for
any other items that may arise during 2022 that management deems
appropriate to exclude. These expectations are forward-looking
statements and are qualified by the statement under “Safe Harbor
Statement” below.
(in thousands)
2022 Outlook
GAAP Net income (loss) attributable to
Clean Energy Fuels Corp.
$
(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 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.844.826.3033 from the
U.S. and international callers can dial 1.412.317.5185. A telephone
replay will be available approximately two hours after the call
concludes through Thursday, March 24, 2022 by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 10163651. 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 Corp.
Clean Energy Fuels Corp. is the country’s largest provider of
the cleanest fuel for the transportation market. Our mission is to
decarbonize transportation through the development and delivery of
renewable natural gas (RNG), a sustainable fuel derived from
organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to
reduce their amount of climate-harming greenhouse gas. We operate a
vast network of fueling stations across the U.S. and Canada. Visit
www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
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 Securities and Exchange Commission (www.sec.gov),
including its Annual Report on Form 10-K for the year ended
December 31, 2021 that the Company expects to file with the
Securities and Exchange Commission on February 24, 2022, contain
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, and such risk factors
may be amended, supplemented or superseded from time to time by
other reports the Company files with the Securities and Exchange
Commission.
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Balance
Sheets
(In thousands, except share
and per share data)
December 31,
December 31,
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
$1,335 and $1,205 as of December 31, 2020 and 2021,
respectively
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
Goodwill
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, $0.0001 par value.
1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.0001 par value.
304,000,000 and 454,000,000 shares authorized; 198,491,204 shares
and 222,684,923 shares issued and outstanding as of December 31,
2020 and 2021, respectively
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
)
Total Clean Energy Fuels Corp.
stockholders’ equity
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
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Statements of
Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
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 Clean Energy
Fuels Corp.
$
(2,561
)
$
(2,376
)
$
(9,864
)
$
(93,146
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
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: Raleigh Gerber Director of Corporate
Communications 949.437.1397
Clean Energy Fuels (NASDAQ:CLNE)
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