|
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
Clean Energy Fuels Corp. (CLNE) (Clean Energy or the Company)
today announced operating results for the fourth quarter and year ended
December 31, 2014.
Gallons delivered (defined below) for the fourth quarter of 2014
increased 30% to 72.4 million gallons, compared to 55.5 million gallons
delivered in the same period a year ago. For the year ended December 31,
2014, gallons delivered totaled 265.1 million gallons, up from 214.4
million gallons delivered in the year ended December 31, 2013.
Revenue for the fourth quarter of 2014 was $132.1 million, compared to
$85.0 million for the fourth quarter of 2013. Revenue for the fourth
quarter of 2014 included $28.4 million of excise tax credits for
alternative fuels other than ethanol (VETC), representing all VETC
revenue recognized for natural gas fuel sales made in 2014, whereas
revenue for the fourth quarter of 2013 included $7.3 million of VETC,
representing VETC revenue for natural gas fuel sales made in the fourth
quarter of 2013. Exclusive of VETC revenue in the fourth quarters of
2014 and 2013, revenue increased $26 million, or 33%, in the fourth
quarter of 2014 compared to the same period in 2013. The increase was
primarily attributable to increased volumes and station sales and the
addition of NG Advantage LLC (NG Advantage), a majority owned subsidiary
acquired in October 2014 that is engaged in the business of transporting
compressed natural gas in high-capacity trailers to large industrial and
institutional energy users, such as hospitals, food processors,
manufacturers and paper mills, that do not have direct access to natural
gas pipelines.
Revenue for 2014 totaled $428.9 million, compared to $352.5 million of
revenue in 2013. When comparing periods, note that the Company
recognized revenue attributable to VETC of $28.4 million in 2014 and
$45.4 million in 2013. The VETC in 2013 included $20.8 million related
to natural gas fuel sales made in 2012. Excluding VETC in 2014 and 2013,
revenue increased $93.4 million, or 30%, in 2014 compared to 2013. The
increase was primarily attributable to increased volumes, station sales,
compressor sales and the addition of NG Advantage.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive
Officer, stated “I’m very pleased with our continued volume growth,
strong station construction sales and continued leveraging of our
existing infrastructure. The enactment of the alternative fuel excise
tax credit at the end of 2014 was a nice bump to our results for Q4 and
2014 which will also be a positive cash inflow in 2015. Of course the
energy sector remains under pressure, but we are able to continue to
offer a cleaner fuel and maintain our economic advantage albeit at a
slightly smaller spread. We are still encouraged by the strong interest
and continued investments companies are making in natural gas as a
vehicle fuel, and particularly Clean Energy’s ability to provide
compressed natural gas as a power source to large industrial users with
our investment in NG Advantage.”
Adjusted EBITDA for the fourth quarter of 2014 totaled $37.2 million.
This compares to Adjusted EBITDA of $(1.8) million in the fourth quarter
of 2013. Adjusted EBITDA for 2014 totaled $23.7 million, compared to
$33.6 million in 2013. Adjusted EBITDA in the fourth quarter and year
ended December 31, 2014 included VETC revenue of $28.4 million and a
$12.0 million gain from the sale of a subsidiary. Adjusted EBITDA in the
fourth quarter and year ended December 31, 2013 included VETC revenue of
$7.3 million and $45.4 million, respectively. Adjusted EBITDA for 2013
also included a $14.1 million gain from the sale of a subsidiary and a
$4.7 million gain on the Company’s sale of its ownership interest in its
former Peruvian joint venture. Adjusted EBITDA is described below and
reconciled to the GAAP measure net loss attributable to Clean Energy
Fuels Corp.
Non-GAAP income per share for the fourth quarter of 2014 was $0.11,
compared to non-GAAP (loss) per share for the fourth quarter of 2013 of
$(0.25). For 2014, non-GAAP (loss) per share was $(0.76), compared to
non-GAAP (loss) per share of $(0.44) for 2013. Non-GAAP income (loss)
per share for the fourth quarter and year ended December 31, 2014
included VETC revenue of $28.4 million and a $12.0 million gain from the
sale of a subsidiary. Non-GAAP income (loss) per share for the fourth
quarter and year ended December 31, 2013 included VETC revenue of $7.3
million and $45.4 million, respectively. Non-GAAP income (loss) per
share in 2013 also included a $14.1 million gain from the sale of a
subsidiary and a $4.7 million gain on the Company’s sale of its
ownership interest in its former Peruvian joint venture. Non-GAAP income
(loss) per share is described below and reconciled to the GAAP measure
net loss attributable to Clean Energy Fuels Corp.
On a GAAP basis, net income attributed to Clean Energy Fuels Corp. for
the fourth quarter of 2014 was $1.3 million, or $0.01 per share, and
included a non-cash gain of $0.3 million related to the accounting
treatment that requires Clean Energy to value its Series I warrants and
mark them to market, a non-cash charge of $2.3 million related to
stock-based compensation, a $4.8 million charge related to a service
contract of the Company’s subsidiary IMW Industries, Ltd. (IMW) that was
not renewed and caused an intangible asset impairment (IMW Impairment) ,
costs of $1.9 million attributed to executive officer transitions
(Executive Officer Transitions) , and $0.4 million in additional lease
exit charges related to the move of the Company’s headquarters (HQ Lease
Exit). This compares with a net loss for the fourth quarter of 2013 of
$32.3 million, or $0.34 per share, that included a non-cash gain of $0.1
million gain related to the valuation of the Series I warrants, a
non-cash charge of $5.7 million related to stock-based compensation,
foreign currency gains of $0.2 million on the Company's purchase notes
issued in September 2010 in connection with the acquisition of the
business of IMW (IMW Purchase Notes), a $1.4 million write-down of the
value of the shares the Company expected to receive from Westport
Innovations, Inc. (Westport Holdback Shares) in connection with the
Company’s sale of a former subsidiary (WPRT Holdback Shares Write-Down),
and a $1.3 million charge related to the HQ Lease Exit.
Net loss attributable to Clean Energy Fuels Corp. for the year ended
December 31, 2014 was $89.7 million, or $0.96 per share, which included
a non-cash gain of $5.7 million related to the valuation of the Series I
warrants, a non-cash stock-based compensation charge of $11.5 million,
foreign currency losses of $0.3 million on the IMW Purchase Notes, a
$0.1 million charge relating to the WPRT Holdback Shares Write-Down, a
$4.7 million charge related to a mining power project in Australia where
IMW incurred significant cost overruns (IMW Australia Project), a $4.8
million charge related to the IMW Impairment, costs of $1.9 million
related to Executive Officer Transitions, and a $1.3 million charge
related to the HQ Lease Exit. This compares with a net loss in the year
ended December 31, 2013 of $67.0 million, or $0.71 per share, which
included a non-cash gain of $0.9 million related to the valuation of the
Series I warrants, a non-cash stock-based compensation charge of $23.0
million, foreign currency losses of $0.5 million on the IMW Purchase
Notes, a $1.4 million charge relating to the WPRT Holdback Shares
Write-Down, and a $1.3 million charge related to the HQ Lease Exit.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which
statements are prepared and presented in accordance with generally
accepted accounting principles (GAAP), the Company uses non-GAAP
financial measures called non-GAAP earnings per share (non-GAAP EPS or
non-GAAP earnings/loss per share) and Adjusted EBITDA. Management has
presented non-GAAP EPS and Adjusted EBITDA because it uses these
non-GAAP financial measures to assess its operational performance, for
financial and operational decision-making, and as a means to evaluate
period-to-period comparisons on a consistent basis. Management believes
that these non-GAAP financial measures provide meaningful supplemental
information regarding the Company’s performance by excluding certain
non-cash or non-recurring expenses that are not directly attributable to
its core operating results. In addition, management believes these
non-GAAP financial measures are useful to investors because: (1) they
allow for greater transparency with respect to key metrics used by
management in its financial and operational decision-making; (2) they
exclude the impact of non-cash or, when specified, non-recurring items
that are not directly attributable to the Company’s core operating
performance and that may obscure trends in the core operating
performance of the business; and (3) they are used by institutional
investors and the analyst community to help them analyze the results of
Clean Energy’s business. In future quarters, the Company may make
adjustments for other non-recurring significant expenditures or
significant non-cash charges in order to present non-GAAP financial
measures that the Company’s management believes are indicative of the
Company’s core operating performance.
Non-GAAP financial measures have limitations as an analytical tool and
should not be considered in isolation from, or as a substitute for, the
Company’s GAAP results. The Company expects to continue reporting
non-GAAP financial measures, adjusting for the items described below (or
other items that may arise in the future as the Company’s management
deems appropriate), and the Company expects to continue to incur
expenses similar to the non-cash, non-GAAP adjustments described below.
Accordingly, unless otherwise stated, the exclusion of these and other
similar items in the presentation of non-cash, non-GAAP financial
measures should not be construed as an inference that these costs are
unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA
are not recognized terms under GAAP and do not purport to be an
alternative to GAAP earnings/loss per share or operating income (loss)
or any other GAAP measure as an indicator of operating performance.
Moreover, because not all companies use identical measures and
calculations, the presentation of non-GAAP EPS and Adjusted EBITDA may
not be comparable to other similarly titled measures of other companies.
Management compensates for these limitations by using non-GAAP EPS and
Adjusted EBITDA in conjunction with traditional GAAP operating
performance and cash flow measures.
Non-GAAP EPS
Non-GAAP EPS is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus stock-based compensation charges, net of
related tax benefits, plus or minus any mark-to-market losses or gains
on the Series I warrants, plus or minus the foreign currency losses or
gains on the IMW Purchase Notes, plus the WPRT Holdback Shares
Write-Down, plus the IMW Australia Project, plus the IMW Impairment,
plus Executive Officer Transitions and plus the HQ Lease Exit, the total
of which is divided by the Company’s weighted average shares outstanding
on a diluted basis. The Company’s management believes that excluding
non-cash charges related to stock-based compensation provides useful
information to investors because the varying available valuation
methodologies, the volatility of the expense (which depends on market
forces outside of management’s control), the subjectivity of the
assumptions and the variety of award types that a company can use under
the relevant accounting guidance may obscure trends in the Company’s
core operating performance. Similarly, the Company’s management believes
that excluding the non-cash, mark-to-market losses or gains on the
Series I warrants is useful to investors because the valuation of the
Series I warrants is based on a number of subjective assumptions, the
amount of the loss or gain is derived from market forces outside of
management’s control, and it enables investors to compare the Company’s
performance with other companies that have different capital structures.
The Company’s management believes that excluding the foreign currency
gains and losses on the IMW Purchase Notes provides useful information
to investors as the amounts are based on market conditions outside of
management’s control and the amounts relate to financing the acquisition
of the IMW business as opposed to the core operations of the Company.
The Company’s management believes that excluding the WPRT Holdback
Shares Write-Down, the IMW Australia Project, the IMW Impairment, the
Executive Officer Transition and the HQ Lease Exit amounts is useful to
investors because they are not part of or representative of the core
operations of the Company.
The table below shows non-GAAP EPS and also reconciles these figures to
the GAAP measure net income (loss) attributable to Clean Energy Fuels
Corp.:
|
|
Three Months Ended
Dec. 31,
|
|
Year Ended
Dec. 31,
|
|
(in 000s, except per-share amounts)
|
|
2013
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
Net Income (Loss) Attributable to Clean Energy Fuels Corp.
|
|
$ (32,318
|
)
|
$ 1,333
|
|
$
|
(66,968
|
)
|
$
|
(89,659
|
)
|
Stock Based Compensation, Net of Tax Benefits
|
|
5,661
|
|
2,307
|
|
|
23,008
|
|
|
11,514
|
|
Mark-to-Market (Gain) on Series I Warrants
|
|
(77
|
)
|
(324
|
)
|
|
(938
|
)
|
|
(5,748
|
)
|
Foreign Currency Loss on IMW Purchase Notes
|
|
235
|
|
—
|
|
|
526
|
|
|
343
|
|
WPRT Holdback Shares Write-Down
|
|
1,383
|
|
—
|
|
|
1,383
|
|
|
122
|
|
IMW Australia Project
|
|
—
|
|
—
|
|
|
—
|
|
|
4,657
|
|
IMW Impairment
|
|
—
|
|
4,772
|
|
|
—
|
|
|
4,772
|
|
Executive Officer Transitions
|
|
—
|
|
1,883
|
|
|
—
|
|
|
1,883
|
|
HQ Lease Exit
|
|
1,314
|
|
408
|
|
|
1,314
|
|
|
1,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss)
|
|
$ (23,802
|
)
|
$ 10,379
|
|
$
|
(41,675
|
)
|
$
|
(70,832
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common Shares Outstanding
|
|
93,360,940
|
|
91,156,853
|
|
|
93,958,758
|
|
|
93,678,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income (Loss) Per Share
|
|
$
|
(0.25
|
)
|
|
$
|
0.11
|
|
$
|
(0.44
|
)
|
$
|
(0.76
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Adjusted EBITDA is defined as net income (loss) attributable to Clean
Energy Fuels Corp., plus or minus income tax expense or benefit, plus or
minus interest expense or income, net, plus depreciation and
amortization expense, plus or minus the foreign currency losses or gains
on the Company's IMW Purchase Notes, plus stock-based compensation
charges, net of related tax benefits, plus or minus any mark-to-market
losses or gains on the Series I warrants, plus the WPRT Holdback Shares
Write-Down, plus the IMW Australia Project, plus the IMW Impairment,
plus Executive Officer Transitions and plus the HQ Lease Exit. The
Company's management believes that Adjusted EBITDA provides useful
information to investors for the same reasons discussed above for
non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to
determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles these figures
to the GAAP measure net loss attributable to Clean Energy Fuels Corp.:
|
|
Three Months Ended
Dec. 31,
|
|
Year Ended
Dec. 31,
|
|
(in 000s)
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
Net Income (Loss) Attributable to Clean Energy Fuels Corp.
|
|
$
|
(32,318
|
)
|
|
$
|
1,333
|
|
$
|
(66,968
|
)
|
|
$
|
(89,659
|
)
|
Income Tax Expense (Benefit)
|
|
|
1,059
|
|
|
|
(845
|
)
|
|
3,715
|
|
|
|
1,075
|
|
Interest Expense, Net
|
|
|
10,516
|
|
|
|
14,041
|
|
|
29,287
|
|
|
|
44,357
|
|
Depreciation and Amortization
|
|
|
10,459
|
|
|
|
13,610
|
|
|
42,318
|
|
|
|
49,058
|
|
Foreign Currency Loss on IMW Purchase Notes
|
|
|
235
|
|
|
|
—
|
|
|
526
|
|
|
|
343
|
|
Stock Based Compensation, Net of Tax Benefits
|
|
|
5,661
|
|
|
|
2,307
|
|
|
23,008
|
|
|
|
11,514
|
|
Mark-to-Market (Gain) on Series I Warrants
|
|
|
(77
|
)
|
|
|
(324
|
)
|
|
(938
|
)
|
|
|
(5,748
|
)
|
WPRT Holdback Shares Write-Down
|
|
|
1,383
|
|
|
|
—
|
|
|
1,383
|
|
|
|
122
|
|
IMW Australia Project
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
4,657
|
|
IMW Impairment
|
|
|
—
|
|
|
|
4,772
|
|
|
—
|
|
|
|
4,772
|
|
Executive Officer Transitions
|
|
|
—
|
|
|
|
1,883
|
|
|
—
|
|
|
|
1,883
|
|
HQ Lease Exit
|
|
|
1,314
|
|
|
|
408
|
|
|
1,314
|
|
|
|
1,284
|
|
Adjusted EBITDA
|
|
$
|
(1,768
|
)
|
|
$
|
37,185
|
|
$
|
33,645
|
|
|
$
|
23,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gallons Delivered
The Company defines “gallons delivered” as its gallons of compressed
natural gas (CNG), liquefied natural gas (LNG) and renewable natural gas
(RNG), along with its gallons associated with providing operations and
maintenance services, delivered to its customers during the applicable
period.
Today’s Conference Call
The Company will host an investor conference call today at 4:30 p.m.
Eastern time (1:30 p.m. Pacific). Investors interested in participating
in the live call can dial 1.877.407.4018 from the U.S., and
international callers can dial 1.201.689.8471. A telephone replay will
be available approximately two hours after the call concludes, through
Thursday, March 26, 2015, which can be reached by dialing 1.877.870.5176
from the U.S., or 1.858.384.5517 from international locations, and
entering Replay Pin Number 13600634. 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. (CLNE) is the largest provider of
natural gas fuel for transportation in North America. We build and
operate CNG and LNG fueling stations; manufacture CNG and LNG equipment
and technologies for ourselves and other companies; develop RNG
production facilities; and deliver more CNG, LNG, and Redeem RNG fuel
than any other company in the U.S. For more information, visit www.cleanenergyfuels.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that involve risks, uncertainties
and assumptions, such as statements regarding market adoption of natural
gas as a vehicle fuel, oil, gasoline, diesel and natural gas prices and
the Company’s ability to continue to offer natural gas at a discount to
gasoline and diesel, continued interest and investment in natural gas as
a vehicle fuel, including government incentives promoting the use of
cleaner fuels, the strength of the Company’s key markets and businesses,
the benefits of natural gas relative to gasoline, diesel and other
vehicle fuels, the Company’s ability to successfully enter new
businesses, such as the “virtual natural gas pipelines” business of NG
Advantage, build, sell and open new natural gas fueling stations and add
incremental volume to the Company’s fueling infrastructure, the Company
establishing relationships with new customers and expanding
relationships with existing customers, and future growth and sales
opportunities in all of the Company’s key customer markets, which
include trucking, refuse, airport, taxi, transit, ready mix and
off-system sales. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking statements as
a result of several factors including, but not limited to, future
supply, demand, use and prices of crude oil and natural gas and fossil
and alternative fuels, including gasoline, diesel, natural gas,
biodiesel, ethanol, electricity, and hydrogen, the Company’s ability to
recognize the anticipated benefits of building CNG and LNG stations, the
availability and deployment of, as well as the demand for, natural gas
engines that are well-suited for the U.S. heavy-duty truck market,
future availability of capital, including equity or debt financing, as
needed to fund the growth of the Company’s business, the Company’s
ability to efficiently manage any growth it might experience and retain
and hire key personnel, the acceptance and availability of natural gas
vehicles in the Company’s markets, the availability of tax and related
government incentives for natural gas fueling and vehicles, changes to
federal, state or local fuel emission standards, the Company’s ability
to capture a substantial share of the anticipated growth in the market
for natural gas fuel and otherwise compete successfully, the Company’s
ability to manage risks and uncertainties related to its international
operations, construction and permitting delays at station construction
projects, the Company’s ability to integrate acquisitions and
investments, such as its investment in NG Advantage, compliance with
governmental regulations, the Company’s ability to source and supply
sufficient LNG to meet the needs of its business, the Company’s ability
to effectively manage its current LNG plants, and the Company’s ability
to manage and grow its RNG business. The forward-looking statements made
herein speak only as of the date of this press release and the Company
undertakes no obligation to update publicly such forward-looking
statements to reflect subsequent events or circumstances, except as
otherwise required by law. Additionally, the Company’s Form 10-K, filed
on February 26, 2015 with the Securities and Exchange Commission (www.sec.gov),
contains 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
Consolidated Balance Sheets
December 31, 2013 and 2014
(Unaudited)
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
December 31, 2014
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
240,033
|
|
$
|
92,381
|
|
Restricted cash
|
|
8,403
|
|
6,012
|
|
Short-term investments
|
|
138,240
|
|
122,546
|
|
Accounts receivable, net of allowance for doubtful accounts of
$832 and $752 as of December 31, 2013 and December 31, 2014,
respectively
|
|
53,473
|
|
81,970
|
|
Other receivables
|
|
26,285
|
|
56,223
|
|
Inventory, net
|
|
33,822
|
|
34,696
|
|
Prepaid expenses and other current assets
|
|
20,840
|
|
19,811
|
|
Total current assets
|
|
521,096
|
|
413,639
|
|
Land, property and equipment, net
|
|
487,854
|
|
514,269
|
|
Notes receivable and other long-term assets
|
|
73,697
|
|
71,904
|
|
Investments
|
|
—
|
|
6,510
|
|
Goodwill
|
|
88,548
|
|
98,726
|
|
Intangible assets, net
|
|
79,770
|
|
55,361
|
|
Total assets
|
|
$
|
1,250,965
|
|
$
|
1,160,409
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligations
|
|
$
|
23,401
|
|
$
|
4,846
|
|
Accounts payable
|
|
33,541
|
|
43,922
|
|
Accrued liabilities
|
|
46,745
|
|
56,760
|
|
Deferred revenue
|
|
16,419
|
|
14,683
|
|
Total current liabilities
|
|
120,106
|
|
120,211
|
|
Long-term debt and capital lease obligations, less current portion
|
|
532,017
|
|
500,824
|
|
Long-term debt, related party
|
|
65,000
|
|
65,000
|
|
Other long-term liabilities
|
|
15,304
|
|
9,339
|
|
Total liabilities
|
|
732,427
|
|
695,374
|
|
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 149,000,000 shares,
issued and outstanding 89,364,397 shares at December 31,
2013; authorized 224,000,000 shares, issued and outstanding
90,203,344 shares at December 31, 2014
|
|
9
|
|
9
|
|
Additional paid-in capital
|
|
883,045
|
|
898,106
|
|
Accumulated deficit
|
|
(367,782
|
)
|
(457,441
|
)
|
Accumulated other comprehensive loss
|
|
(700
|
)
|
(3,248
|
)
|
Total Clean Energy Fuels Corp. stockholders’ equity
|
|
514,572
|
|
437,426
|
|
Noncontrolling interest in subsidiary
|
|
3,966
|
|
27,609
|
|
Total stockholders’ equity
|
|
518,538
|
|
465,035
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,250,965
|
|
$
|
1,160,409
|
|
|
|
|
|
|
|
|
|
Clean Energy Fuels Corp. and Subsidiaries
Consolidated Statements of Operations
For the Three Months and Year Ended December 31, 2013 and 2014
(Unaudited)
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product revenues
|
|
$
|
73,566
|
|
$
|
117,489
|
|
$
|
310,813
|
|
$
|
380,199
|
|
Service revenues
|
|
11,429
|
|
14,623
|
|
41,662
|
|
48,741
|
|
Total revenues
|
|
84,995
|
|
132,112
|
|
352,475
|
|
428,940
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown
separately below):
|
|
|
|
|
|
|
|
|
|
Product cost of sales
|
|
55,913
|
|
75,399
|
|
213,593
|
|
291,462
|
|
Service cost of sales
|
|
1,360
|
|
4,528
|
|
11,169
|
|
17,325
|
|
Derivative gains:
|
|
|
|
|
|
|
|
|
|
Series I warrant valuation
|
|
(77
|
)
|
(324
|
)
|
(938
|
)
|
(5,748
|
)
|
Selling, general and administrative
|
|
36,450
|
|
30,305
|
|
138,024
|
|
126,435
|
|
Depreciation and amortization
|
|
10,459
|
|
13,610
|
|
42,318
|
|
49,058
|
|
Impairment of long-lived asset
|
|
—
|
|
4,772
|
|
—
|
|
4,772
|
|
Total operating expenses
|
|
104,105
|
|
128,290
|
|
404,166
|
|
483,304
|
|
Operating (loss) income
|
|
(19,110
|
)
|
3,822
|
|
(51,691
|
)
|
(54,364
|
)
|
Interest expense, net
|
|
(10,516
|
)
|
(14,041
|
)
|
(29,287
|
)
|
(44,357
|
)
|
Other income (expense), net
|
|
(213
|
)
|
(1,526
|
)
|
(970
|
)
|
(2,571
|
)
|
Loss from equity method investment
|
|
—
|
|
(490
|
)
|
(76
|
)
|
(490
|
)
|
Gain from sale of equity method investment
|
|
—
|
|
—
|
|
4,705
|
|
—
|
|
Gain (loss) from sale of subsidiary
|
|
(1,383
|
)
|
11,998
|
|
14,115
|
|
11,998
|
|
Loss before income taxes
|
|
(31,222
|
)
|
(237
|
)
|
(63,204
|
)
|
(89,784
|
)
|
Income tax (expense) benefit
|
|
(1,059
|
)
|
845
|
|
(3,715
|
)
|
(1,075
|
)
|
Net (loss) income
|
|
(32,281
|
)
|
608
|
|
(66,919
|
)
|
(90,859
|
)
|
Loss (income) of noncontrolling interest
|
|
(37
|
)
|
725
|
|
(49
|
)
|
1,200
|
|
Net (loss) income attributable to Clean Energy Fuels Corp.
|
|
$
|
(32,318
|
)
|
$
|
1,333
|
|
$
|
(66,968
|
)
|
$
|
(89,659
|
)
|
(Loss) income per share attributable to Clean Energy Fuels Corp.:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.34
|
)
|
$
|
0.01
|
|
$
|
(0.71
|
)
|
$
|
(0.96
|
)
|
Diluted
|
|
$
|
(0.34
|
)
|
$
|
0.01
|
|
$
|
(0.71
|
)
|
$
|
(0.96
|
)
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
94,360,940
|
|
91,153,853
|
|
93,958,758
|
|
93,678,432
|
|
Diluted
|
|
94,360,940
|
|
96,584,853
|
|
93,958,758
|
|
93,678,432
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in net (loss) income are the following amounts (in
millions):
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
|
|
|
Ended
|
|
|
|
Year Ended
|
|
|
|
|
Dec. 31,
|
|
|
|
Dec. 31,
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
Construction Revenues
|
|
|
|
$
|
6.9
|
|
|
|
|
14.6
|
|
|
|
|
$
|
27.1
|
|
|
|
|
67.4
|
|
Construction Cost of Sales
|
|
|
|
|
(5.8
|
)
|
|
|
|
(11.9
|
)
|
|
|
|
|
(22.4
|
)
|
|
|
|
(56.3
|
)
|
Fuel Tax Credits
|
|
|
|
|
7.3
|
|
|
|
|
28.4
|
|
|
|
|
|
45.4
|
|
|
|
|
28.4
|
|
Stock-based Compensation Expense, Net of Tax Benefits
|
|
|
|
|
(5.7
|
)
|
|
|
|
(2.3
|
)
|
|
|
|
|
(23.0
|
)
|
|
|
|
(11.5
|
)
|
|
|
|