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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 10-Q | | | | | |
(Mark One) | |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarter ended September 30, 2022 |
or |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________to ____________ |
Commission File Number 001-38598 ________________________________________________________________________
BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________ | | | | | |
Delaware | 77-0565408 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
4353 North First Street, San Jose, California | 95134 |
(Address of principal executive offices) | (Zip Code) |
| |
(408) 543-1500 |
(Registrant’s telephone number, including area code) |
| | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class(1) | Trading Symbol | Name of each exchange on which registered |
Class A Common Stock, $0.0001 par value | BE | New York Stock Exchange |
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. |
________________________________________________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
The number of shares of the registrant’s common stock outstanding as of November 1, 2022 was as follows:
Class A Common Stock, $0.0001 par value, 179,378,926 shares
Class B Common Stock, $0.0001 par value, 15,800,568 shares
Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Nine Months Ended September 30, 2022
Table of Contents
| | | | | |
| Page |
PART I - FINANCIAL INFORMATION | |
Item 1 - Financial Statements (unaudited) | |
Condensed Consolidated Balance Sheets | |
Condensed Consolidated Statements of Operations | |
Condensed Consolidated Statements of Comprehensive Loss | |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) | |
Condensed Consolidated Statements of Cash Flows | |
Notes to Unaudited Condensed Consolidated Financial Statements | |
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3 - Quantitative and Qualitative Disclosures About Market Risk | |
Item 4 - Controls and Procedures | |
| |
PART II - OTHER INFORMATION | |
Item 1 - Legal Proceedings | |
Item 1A - Risk Factors | |
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3 - Defaults Upon Senior Securities | |
Item 4 - Mine Safety Disclosures | |
Item 5 - Other Information | |
Item 6 - Exhibits | |
| |
Signatures | |
Unless the context otherwise requires, the terms “Company”, “we,” “us,” “our,” and “Bloom Energy,” each refer to Bloom Energy Corporation and all of its subsidiaries.
Part I
ITEM 1 - FINANCIAL STATEMENTS
Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
| | | | | | | | | | | | | | |
| | September 30, | | December 31, |
| | 2022 | | 2021 |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents1 | | $ | 492,120 | | | $ | 396,035 | |
Restricted cash1 | | 42,104 | | | 92,540 | |
| | | | |
Accounts receivable less allowance for doubtful accounts of $119 as of September 30, 2022 and December 31, 20211 | | 71,184 | | | 87,789 | |
Contract assets | | 25,768 | | | 25,201 | |
Inventories | | 254,895 | | | 143,370 | |
Deferred cost of revenue | | 31,812 | | | 25,040 | |
Customer financing receivable1 | | — | | | 5,784 | |
Prepaid expenses and other current assets1 | | 46,489 | | | 30,661 | |
Total current assets | | 964,372 | | | 806,420 | |
Property, plant and equipment, net1 | | 646,768 | | | 604,106 | |
Operating lease right-of-use assets | | 114,053 | | | 106,660 | |
Customer financing receivable1 | | — | | | 39,484 | |
Restricted cash1 | | 135,098 | | | 126,539 | |
Deferred cost of revenue | | 3,462 | | | 1,289 | |
| | | | |
Other long-term assets1 | | 38,316 | | | 41,073 | |
Total assets | | $ | 1,902,069 | | | $ | 1,725,571 | |
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity (deficit) | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 120,444 | | | $ | 72,967 | |
Accrued warranty | | 13,344 | | | 11,746 | |
Accrued expenses and other current liabilities1 | | 102,010 | | | 114,138 | |
Deferred revenue and customer deposits1 | | 98,841 | | | 89,975 | |
| | | | |
Operating lease liabilities | | 12,671 | | | 13,101 | |
Financing obligations | | 16,682 | | | 14,721 | |
Recourse debt | | 12,792 | | | 8,348 | |
Non-recourse debt1 | | 15,943 | | | 17,483 | |
| | | | |
| | | | |
Total current liabilities | | 392,727 | | | 342,479 | |
| | | | |
| | | | |
Deferred revenue and customer deposits1 | | 68,727 | | | 90,310 | |
Operating lease liabilities | | 122,412 | | | 106,187 | |
| | | | |
Financing obligations | | 443,665 | | | 461,900 | |
Recourse debt | | 274,742 | | | 283,483 | |
Non-recourse debt1 | | 179,955 | | | 217,416 | |
| | | | |
| | | | |
Other long-term liabilities | | 8,917 | | | 16,772 | |
Total liabilities | | 1,491,145 | | | 1,518,547 | |
Commitments and contingencies (Note 13) | | | | |
Redeemable convertible preferred stock, Series A: 10,000,000 shares authorized and 10,000,000 shares and no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively. | | 208,551 | | | 208,551 | |
Redeemable noncontrolling interest | | — | | | 300 | |
Stockholders’ equity (deficit): | | | | |
| | | | |
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 179,165,539 shares and 160,627,544 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,802,146 shares and 15,832,863 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively. | | 19 | | | 18 | |
Additional paid-in capital | | 3,691,715 | | | 3,219,081 | |
Accumulated other comprehensive loss | | (1,531) | | | (350) | |
Accumulated deficit | | (3,517,311) | | | (3,263,075) | |
Total equity (deficit) attributable to Class A and Class B common stockholders | | 172,892 | | | (44,326) | |
Noncontrolling interest | | 29,481 | | | 42,499 | |
Total stockholders' equity (deficit) | | $ | 202,373 | | | $ | (1,827) | |
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity (deficit) | | $ | 1,902,069 | | | $ | 1,725,571 | |
1We have variable interest entities related to PPAs, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings).
The accompanying notes are an integral part of these condensed consolidated financial statements.
Bloom Energy Corporation
Condensed Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | |
| | 2022 | | 2021 | | 2022 | | 2021 | | | | | |
| | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | |
Product | | $ | 213,243 | | | $ | 128,550 | | | $ | 520,415 | | | $ | 413,347 | | | | | | |
Installation | | 22,682 | | | 22,172 | | | 48,964 | | | 53,710 | | | | | | |
Service | | 37,347 | | | 39,251 | | | 111,012 | | | 111,375 | | | | | | |
Electricity | | 19,002 | | | 17,255 | | | 56,158 | | | 51,273 | | | | | | |
Total revenue | | 292,274 | | | 207,228 | | | 736,549 | | | 629,705 | | | | | | |
Cost of revenue: | | | | | | | | | | | | | |
Product | | 158,176 | | | 93,704 | | | 393,337 | | | 289,889 | | | | | | |
Installation | | 28,333 | | | 25,616 | | | 57,836 | | | 66,756 | | | | | | |
Service | | 41,792 | | | 39,586 | | | 124,646 | | | 111,269 | | | | | | |
Electricity | | 13,029 | | | 11,439 | | | 83,819 | | | 32,913 | | | | | | |
Total cost of revenue | | 241,330 | | | 170,345 | | | 659,638 | | | 500,827 | | | | | | |
Gross profit | | 50,944 | | | 36,883 | | | 76,911 | | | 128,878 | | | | | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development | | 36,146 | | | 27,634 | | | 112,286 | | | 76,602 | | | | | | |
Sales and marketing | | 23,275 | | | 20,124 | | | 65,084 | | | 62,803 | | | | | | |
General and administrative | | 44,115 | | | 33,014 | | | 119,965 | | | 90,470 | | | | | | |
Total operating expenses | | 103,536 | | | 80,772 | | | 297,335 | | | 229,875 | | | | | | |
Loss from operations | | (52,592) | | | (43,889) | | | (220,424) | | | (100,997) | | | | | | |
Interest income | | 1,109 | | | 72 | | | 1,364 | | | 222 | | | | | | |
Interest expense | | (13,099) | | | (14,514) | | | (41,000) | | | (43,798) | | | | | | |
| | | | | | | | | | | | | |
Loss on extinguishment of debt | | — | | | — | | | (4,233) | | | — | | | | | | |
Other income, net | | 4,472 | | | 2,011 | | | 254 | | | 1,948 | | | | | | |
Gain (loss) on revaluation of embedded derivatives | | 54 | | | (184) | | | 623 | | | (1,644) | | | | | | |
Loss before income taxes | | (60,056) | | | (56,504) | | | (263,416) | | | (144,269) | | | | | | |
Income tax provision | | 336 | | | 158 | | | 888 | | | 595 | | | | | | |
Net loss | | (60,392) | | | (56,662) | | | (264,304) | | | (144,864) | | | | | | |
Less: Net loss attributable to noncontrolling interest | | (3,315) | | | (4,309) | | | (9,768) | | | (13,733) | | | | | | |
Net loss attributable to Class A and Class B common stockholders | | $ | (57,077) | | | $ | (52,353) | | | $ | (254,536) | | | $ | (131,131) | | | | | | |
Less: Net (loss) income attributable to redeemable noncontrolling interest | | — | | | 17 | | | (300) | | | (9) | | | | | | |
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest | | $ | (57,077) | | | $ | (52,370) | | | $ | (254,236) | | | $ | (131,122) | | | | | | |
Net loss per share available to Class A and Class B common stockholders, basic and diluted | | $ | (0.31) | | | $ | (0.30) | | | $ | (1.41) | | | $ | (0.76) | | | | | | |
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted | | 186,487 | | | 174,269 | | | 180,762 | | | 172,601 | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Bloom Energy Corporation
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | |
| | 2022 | | 2021 | | 2022 | | 2021 | | | | | |
| | | | | | | | | | | | | |
Net loss | | $ | (60,392) | | | $ | (56,662) | | | $ | (264,304) | | | $ | (144,864) | | | | | | |
Other comprehensive loss, net of taxes: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Change in derivative instruments designated and qualifying as cash flow hedges | | — | | | (763) | | | — | | | (4,031) | | | | | | |
Foreign currency translation adjustment | | (1,027) | | | (299) | | | (1,774) | | | (523) | | | | | | |
Other comprehensive loss, net of taxes | | (1,027) | | | (1,062) | | | (1,774) | | | (4,554) | | | | | | |
Comprehensive loss | | (61,419) | | | (57,724) | | | (266,078) | | | (149,418) | | | | | | |
Less: Comprehensive loss attributable to noncontrolling interest | | (3,811) | | | (3,691) | | | (10,361) | | | (9,956) | | | | | | |
Comprehensive loss attributable to Class A and Class B common stockholders | | $ | (57,608) | | | $ | (54,033) | | | $ | (255,717) | | | $ | (139,462) | | | | | | |
Less: Comprehensive (loss) income attributable to redeemable noncontrolling interest | | — | | | 17 | | | (300) | | | (9) | | | | | | |
Comprehensive loss after portion attributable to redeemable noncontrolling interest and noncontrolling interest | | $ | (57,608) | | | $ | (54,050) | | | $ | (255,417) | | | $ | (139,453) | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
Bloom Energy Corporation
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)
(in thousands, except share data) (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Three Months Ended September 30, 2022 |
| | | | | | | Class A and Class B Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total equity (deficit) attributable to Class A and Class B common stockholders | | Noncontrolling Interest | | Total Stockholders' Equity (Deficit) |
| | | | | | | | | Shares | | Amount | | | | | | | | | | | | |
Balances at June 30, 2022 | | | | | | | | | 178,913,797 | | | $ | 18 | | | $ | 3,284,261 | | | $ | (1,000) | | | $ | (3,460,234) | | | $ | (176,955) | | | $ | 32,034 | | | $ | (144,921) | |
Issuance of restricted stock awards | | | | | | | | | 539,074 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
ESPP purchase | | | | | | | | | 339,055 | | | — | | | 5,619 | | | — | | | — | | | 5,619 | | | — | | | 5,619 | |
Exercise of stock options | | | | | | | | | 225,759 | | | — | | | 2,233 | | | — | | | — | | | 2,233 | | | — | | | 2,233 | |
Stock-based compensation | | | | | | | | | — | | | — | | | 23,893 | | | — | | | — | | | 23,893 | | | — | | | 23,893 | |
Distributions and payments to noncontrolling interests | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,557) | | | (1,557) | |
Contributions from noncontrolling interest | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,815 | | | 2,815 | |
Public share offering (Note 1) | | | | | | | | | 14,950,000 | | | 1 | | | 371,526 | | | — | | | — | | | 371,527 | | | — | | | 371,527 | |
Forward to purchase Class A Common Stock (Note 5) | | | | | | | | | — | | | — | | | 4,183 | | | — | | | — | | | 4,183 | | | — | | | 4,183 | |
Foreign currency translation adjustment | | | | | | | | | — | | | — | | | — | | | (531) | | | — | | | (531) | | | (496) | | | (1,027) | |
Net loss1 | | | | | | | | | — | | | — | | | — | | | — | | | (57,077) | | | (57,077) | | | (3,315) | | | (60,392) | |
Balances at September 30, 2022 | | | | | | | | | 194,967,685 | | | $ | 19 | | | $ | 3,691,715 | | | $ | (1,531) | | | $ | (3,517,311) | | | $ | 172,892 | | | $ | 29,481 | | | $ | 202,373 | |
1There is no net loss attributable to redeemable noncontrolling interest.
Note: There was no redeemable noncontrolling interest as of June 30, 2022 and September 30, 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Three Months Ended September 30, 2021 |
| | | | | | | Class A and Class B Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total deficit attributable to Class A and Class B common stockholders | | Noncontrolling Interest | | Total Stockholders' Equity |
| | | | | | | | | Shares | | Amount | | | | | | | | | | | | |
Balances at June 30, 2021 | | | | | | | | | 173,402,160 | | | $ | 17 | | | $ | 3,155,917 | | | $ | (124) | | | $ | (3,177,381) | | | $ | (21,571) | | | $ | 51,185 | | | $ | 29,614 | |
Issuance of restricted stock awards | | | | | | | | | 581,363 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
ESPP purchase | | | | | | | | | 967,797 | | | — | | | 5,319 | | | — | | | — | | | 5,319 | | | — | | | 5,319 | |
Exercise of stock options | | | | | | | | | 126,741 | | | 1 | | | 1,122 | | | — | | | — | | | 1,123 | | | — | | | 1,123 | |
Stock-based compensation | | | | | | | | | — | | | — | | | 20,743 | | | — | | | — | | | 20,743 | | | — | | | 20,743 | |
Change in effective portion of interest rate swap agreement | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 763 | | | 763 | |
Distributions and payments to noncontrolling interests | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | (540) | | | (540) | |
Foreign currency translation adjustment | | | | | | | | | — | | | — | | | — | | | (154) | | | — | | | (154) | | | (145) | | | (299) | |
Net loss2 | | | | | | | | | — | | | — | | | — | | | — | | | (52,370) | | | (52,370) | | | (4,309) | | | (56,679) | |
Balances at September 30, 2021 | | | | | | | | | 175,078,061 | | | $ | 18 | | | $ | 3,183,101 | | | $ | (278) | | | $ | (3,229,751) | | | $ | (46,910) | | | $ | 46,954 | | | $ | 44 | |
2Excludes $17 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $334 - distributions to redeemable noncontrolling interests of $20 + net income attributable to redeemable noncontrolling interest of $17 = ending redeemable noncontrolling interest of $331.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Nine Months Ended September 30, 2022 |
| | | | | | | Class A and Class B Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total equity (deficit) attributable to Class A and Class B common stockholders | | Noncontrolling Interest | | Total Stockholders' Equity (Deficit) |
| | | | | | | | | Shares | | Amount | | | | | | | | | | | | |
Balances at December 31, 2021 | | | | | | | | | 176,460,407 | | | $ | 18 | | | $ | 3,219,081 | | | $ | (350) | | | $ | (3,263,075) | | | $ | (44,326) | | | $ | 42,499 | | | $ | (1,827) | |
Issuance of restricted stock awards | | | | | | | | | 2,328,713 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
ESPP purchase | | | | | | | | | 759,744 | | | — | | | 11,600 | | | — | | | — | | | 11,600 | | | — | | | 11,600 | |
Exercise of stock options | | | | | | | | | 468,821 | | | — | | | 3,550 | | | — | | | — | | | 3,550 | | | — | | | 3,550 | |
Stock-based compensation expense | | | | | | | | | — | | | — | | | 82,275 | | | — | | | — | | | 82,275 | | | — | | | 82,275 | |
Distributions and payments to noncontrolling interests | | | | | | | | | — | | | — | | | (500) | | | — | | | — | | | (500) | | | (5,472) | | | (5,972) | |
Contributions from noncontrolling interest | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,815 | | | 2,815 | |
Public share offering (Note 1) | | | | | | | | | 14,950,000 | | | 1 | | | 371,526 | | | — | | | — | | | 371,527 | | | — | | | 371,527 | |
Forward to purchase Class A Common Stock (Note 5) | | | | | | | | | — | | | — | | | 4,183 | | | — | | | — | | | 4,183 | | | — | | | 4,183 | |
Foreign currency translation adjustment | | | | | | | | | — | | | — | | | — | | | (1,181) | | | — | | | (1,181) | | | (593) | | | (1,774) | |
Net loss3 | | | | | | | | | — | | | — | | | — | | | — | | | (254,236) | | | (254,236) | | | (9,768) | | | (264,004) | |
Balances at September 30, 2022 | | | | | | | | | 194,967,685 | | | $ | 19 | | | $ | 3,691,715 | | | $ | (1,531) | | | $ | (3,517,311) | | | $ | 172,892 | | | $ | 29,481 | | | $ | 202,373 | |
3Excludes $300 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $300 - net loss attributable to redeemable noncontrolling interest of $300 = ending redeemable noncontrolling interest of Nil.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Nine Months Ended September 30, 2021 |
| | | | | | | Class A and Class B Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total (deficit) equity attributable to Class A and Class B common stockholders | | Noncontrolling Interest | | Total Stockholders' Equity |
| | | | | | | | | Shares | | Amount | | | | | | | | | | | | |
Balances at December 31, 2020 | | | | | | | | | 168,002,726 | | | $ | 17 | | | $ | 3,182,753 | | | $ | (9) | | | $ | (3,103,937) | | | $ | 78,824 | | | $ | 62,195 | | | $ | 141,019 | |
Cumulative effect upon adoption of Accounting Standards Update 2020-06 | | | | | | | | | — | | | — | | | (126,799) | | | — | | | 5,308 | | | (121,491) | | | — | | | (121,491) | |
Issuance of restricted stock awards | | | | | | | | | 2,533,027 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
ESPP purchase | | | | | | | | | 1,945,305 | | | — | | | 10,045 | | | — | | | — | | | 10,045 | | | — | | | 10,045 | |
Exercise of stock options | | | | | | | | | 2,597,003 | | | 1 | | | 62,064 | | | — | | | — | | | 62,065 | | | — | | | 62,065 | |
Stock-based compensation expense | | | | | | | | | — | | | — | | | 55,038 | | | — | | | — | | | 55,038 | | | — | | | 55,038 | |
Change in effective portion of interest rate swap agreement | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 4,031 | | | 4,031 | |
Distributions and payments to noncontrolling interests | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,285) | | | (5,285) | |
Foreign currency translation adjustment | | | | | | | | | — | | | — | | | — | | | (269) | | | — | | | (269) | | | (254) | | | (523) | |
Net loss4 | | | | | | | | | — | | | — | | | — | | | — | | | (131,122) | | | (131,122) | | | (13,733) | | | (144,855) | |
Balances at September 30, 2021 | | | | | | | | | 175,078,061 | | | $ | 18 | | | $ | 3,183,101 | | | $ | (278) | | | $ | (3,229,751) | | | $ | (46,910) | | | $ | 46,954 | | | $ | 44 | |
4Excludes $9 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $377 - distributions to redeemable noncontrolling interest of $37 - net loss attributable to redeemable noncontrolling interest of $9 = ending redeemable noncontrolling interest of $331.
The accompanying notes are an integral part of these condensed consolidated financial statements.
Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | |
| | 2022 | | 2021 | | |
Cash flows from operating activities: | | | | | | |
Net loss | | $ | (264,304) | | | $ | (144,864) | | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | |
Depreciation and amortization | | 46,182 | | | 40,079 | | | |
Non-cash lease expense | | 18,153 | | | 7,161 | | | |
Gain on sale of property, plant and equipment | | (523) | | | — | | | |
| | | | | | |
Write-off of assets related to PPA IIIa | | 44,800 | | | — | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Revaluation of derivative liabilities | | (9,640) | | | 486 | | | |
Stock-based compensation | | 81,460 | | | 57,309 | | | |
| | | | | | |
Gain on remeasurement of investment | | — | | | (1,966) | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Loss on extinguishment of debt | | 4,233 | | | — | | | |
| | | | | | |
Amortization of warrants and debt issuance costs | | 2,355 | | | 2,824 | | | |
Unrealized foreign currency exchange loss | | 3,086 | | | 184 | | | |
Other | | 3,487 | | | — | | | |
Changes in operating assets and liabilities: | | | | | | |
Accounts receivable | | 15,758 | | | 34,236 | | | |
Contract assets | | (567) | | | (24,418) | | | |
Inventories | | (110,797) | | | (39,953) | | | |
Deferred cost of revenue | | (8,856) | | | 7,307 | | | |
Customer financing receivable | | 2,510 | | | 4,022 | | | |
Prepaid expenses and other current assets | | (15,766) | | | 236 | | | |
Other long-term assets | | (730) | | | (374) | | | |
Operating lease right-of-use assets and operating lease liabilities | | 2,162 | | | (7,593) | | | |
Finance lease liabilities | | 499 | | | — | | | |
Accounts payable | | 38,642 | | | 37,795 | | | |
Accrued warranty | | 1,597 | | | (2,357) | | | |
Accrued expenses and other current liabilities | | 502 | | | (26,178) | | | |
Deferred revenue and customer deposits | | (12,716) | | | (53,181) | | | |
Other long-term liabilities | | (9,980) | | | 1,289 | | | |
Net cash used in operating activities | | (168,453) | | | (107,956) | | | |
Cash flows from investing activities: | | | | | | |
Purchase of property, plant and equipment | | (80,907) | | | (44,625) | | | |
Net cash acquired from step acquisition | | — | | | 3,114 | | | |
| | | | | | |
| | | | | | |
Net cash used in investing activities | | (80,907) | | | (41,511) | | | |
Cash flows from financing activities: | | | | | | |
| | | | | | |
| | | | | | |
Repayment of debt of PPA IIIa | | (30,212) | | | — | | | |
Repayment of debt | | (17,262) | | | (11,017) | | | |
| | | | | | |
Debt make-whole payment related to PPA IIIa debt | | (2,413) | | | — | | | |
| | | | | | |
Proceeds from financing obligations | | — | | | 7,534 | | | |
Repayment of financing obligations | | (28,821) | | | (10,174) | | | |
Contributions from noncontrolling interests | | 2,815 | | | — | | | |
Distributions to redeemable noncontrolling interests | | — | | | (37) | | | |
Distributions and payments to noncontrolling interests | | (5,972) | | | (5,285) | | | |
Proceeds from issuance of common stock | | 15,150 | | | 72,109 | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Proceeds from public share offering (Note 1) | | 385,396 | | | — | | | |
Public share offering costs (Note 1) | | (13,407) | | | — | | | |
Other | | (63) | | | — | | | |
Net cash provided by financing activities | | 305,211 | | | 53,130 | | | |
Effect of exchange rate changes on cash, cash equivalent and restricted cash | | ( |