Delaware | 001-33480 | 33-0968580 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
4675 MacArthur Court, Suite 800 | ||
Newport Beach, CA | 92660 | |
(Address of Principal Executive Offices) | Zip Code |
Exhibit Number | Description | |
99.1 |
Date: January 5, 2018 | CLEAN ENERGY FUELS CORP. | |
By: | /s/ Andrew J. Littlefair | |
Name: Andrew J. Littlefair | ||
Title: President and Chief Executive Officer |
As Reported (a) | Pro Forma Adjustments | Pro Forma | ||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 45,312 | $ | (3,500 | ) | (b) | $ | 41,812 | ||
Restricted cash | 1,463 | 1,463 | ||||||||
Short-term investments | 151,521 | 151,521 | ||||||||
Accounts receivable, net of allowance for doubtful accounts of $2,336 as of September 30, 2017 | 61,001 | (4,261 | ) | (b) | 56,740 | |||||
Other receivables | 16,253 | (1,757 | ) | (b) | 14,496 | |||||
Inventory | 44,624 | (8,168 | ) | (b) | 36,456 | |||||
Prepaid expenses and other current assets | 10,838 | (1,364 | ) | (b) | 9,474 | |||||
Total current assets | 331,012 | (19,050 | ) | 311,962 | ||||||
Land, property and equipment, net | 363,773 | (376 | ) | (b) | 363,397 | |||||
Notes receivable and other long-term assets, net | 25,619 | (337 | ) | (b) | 25,282 | |||||
Investments in other entities | 2,542 | 29,200 | (c) | 31,742 | ||||||
Goodwill | 68,082 | (4,399 | ) | (d) | 63,683 | |||||
Intangible assets, net | 7,491 | (3,469 | ) | (b) | 4,022 | |||||
Total assets | $ | 798,519 | $ | 1,569 | $ | 800,088 | ||||
Liabilities and Stockholders’ Equity | ||||||||||
Current liabilities: | ||||||||||
Current portion of debt and capital lease obligations | $ | 29,247 | $ | (191 | ) | (b) | $ | 29,056 | ||
Accounts payable | 16,215 | (1,225 | ) | (b) | 14,990 | |||||
Accrued liabilities | 41,990 | (3,556 | ) | (b) | 38,434 | |||||
Deferred revenue | 6,487 | 310 | (b) | 6,797 | ||||||
Total current liabilities | 93,939 | (4,662 | ) | 89,277 | ||||||
Long-term portion of debt and capital lease obligations | 185,597 | (43 | ) | (b) | 185,554 | |||||
Long-term debt, related party | 40,000 | — | 40,000 | |||||||
Other long-term liabilities | 13,416 | (2,564 | ) | (b) | 10,852 | |||||
Total liabilities | 332,952 | (7,269 | ) | 325,683 | ||||||
Commitments and contingencies | ||||||||||
Stockholders’ equity: | ||||||||||
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares | — | — | — | |||||||
Common stock, $0.0001 par value. Authorized 224,000,000 shares; issued and outstanding 151,009,700 shares as of September 30, 2017 | 15 | — | 15 | |||||||
Additional paid-in capital | 1,110,158 | — | 1,110,158 | |||||||
Accumulated deficit | (655,223 | ) | (2,509 | ) | (e) | (657,732 | ) | |||
Accumulated other comprehensive loss | (12,392 | ) | 11,347 | (f) | (1,045 | ) | ||||
Total Clean Energy Fuels Corp. stockholders’ equity | 442,558 | 8,838 | 451,396 | |||||||
Noncontrolling interest in subsidiary | 23,009 | — | 23,009 | |||||||
Total stockholders’ equity | 465,567 | 8,838 | 474,405 | |||||||
Total liabilities and stockholders’ equity | $ | 798,519 | $ | 1,569 | $ | 800,088 |
As Reported (a) | Pro Forma Adjustments | Pro Forma | ||||||||
Revenue: | ||||||||||
Product revenue | $ | 211,747 | $ | (16,512 | ) | (g) | $ | 195,235 | ||
Service revenue | 40,552 | — | 40,552 | |||||||
Total revenue | 252,299 | (16,512 | ) | 235,787 | ||||||
Operating expenses: | ||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below): | ||||||||||
Product cost of sales | 158,306 | (16,149 | ) | (g) | 142,157 | |||||
Service cost of sales | 20,066 | — | 20,066 | |||||||
Inventory valuation provision | 13,158 | (5,354 | ) | (g) | 7,804 | |||||
Selling, general and administrative | 71,875 | (5,210 | ) | (g) | 66,665 | |||||
Depreciation and amortization | 43,757 | (3,777 | ) | (g) | 39,980 | |||||
Asset impairments and other charges | 60,666 | (32,274 | ) | (g) | 28,392 | |||||
Total operating expenses | 367,828 | (62,764 | ) | 305,064 | ||||||
Operating income (loss) | (115,529 | ) | 46,252 | (69,277 | ) | |||||
Interest expense | (13,466 | ) | 17 | (g) | (13,449 | ) | ||||
Interest income | 1,156 | (1 | ) | (g) | 1,155 | |||||
Other income (expense), net | (28 | ) | (16 | ) | (g) | (44 | ) | |||
Loss from equity method investments | (100 | ) | — | (100 | ) | |||||
Gain (loss) from extinguishment of debt | 3,195 | — | 3,195 | |||||||
Gain from sale of certain assets of subsidiary | 69,886 | — | 69,886 | |||||||
Income (loss) before income taxes | (54,886 | ) | 46,252 | (8,634 | ) | |||||
Income tax benefit (expense) | 2,183 | (1,302 | ) | (g) | 881 | |||||
Net income (loss) | (52,703 | ) | 44,950 | (7,753 | ) | |||||
Loss attributable to noncontrolling interest | 1,813 | — | 1,813 | |||||||
Net income (loss) attributable to Clean Energy Fuels Corp. | $ | (50,890 | ) | $ | 44,950 | $ | (5,940 | ) | ||
Income (loss) per share: | ||||||||||
Basic and diluted | $ | (0.34 | ) | $ | 0.30 | $ | (0.04 | ) | ||
Weighted-average common shares outstanding: | ||||||||||
Basic and diluted | 150,128,204 | 150,128,204 |
As Reported (a) | Pro Forma Adjustments | Pro Forma | |||||||||
Revenue: | |||||||||||
Product revenue | $ | 351,038 | $ | (25,950 | ) | (g) | $ | 325,088 | |||
Service revenue | 51,618 | — | 51,618 | ||||||||
Total revenue | 402,656 | (25,950 | ) | 376,706 | |||||||
Operating expenses: | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below): | |||||||||||
Product cost of sales | 229,958 | (27,361 | ) | (g) | 202,597 | ||||||
Service cost of sales | 25,592 | — | 25,592 | ||||||||
Gain from change in fair value of derivative warrants | (22 | ) | — | (22 | ) | ||||||
Selling, general and administrative | 105,503 | (9,810 | ) | (g) | 95,693 | ||||||
Depreciation and amortization | 59,262 | (4,859 | ) | (g) | 54,403 | ||||||
Total operating expenses | 420,293 | (42,030 | ) | 378,263 | |||||||
Operating income (loss) | (17,637 | ) | 16,080 | (1,557 | ) | ||||||
Interest expense | (29,595 | ) | 47 | (g) | (29,548 | ) | |||||
Interest income | 827 | — | 827 | ||||||||
Other income (expense), net | (306 | ) | (225 | ) | (g) | (531 | ) | ||||
Loss from equity method investments | (22 | ) | — | (22 | ) | ||||||
Gain from extinguishment of debt, net | 34,348 | — | 34,348 | ||||||||
Income (loss) before income taxes | (12,385 | ) | 15,902 | 3,517 | |||||||
Income tax benefit (expense) | (1,339 | ) | 624 | (g) | (715 | ) | |||||
Net income (loss) | (13,724 | ) | 16,526 | 2,802 | |||||||
Loss attributable to noncontrolling interest | 1,571 | — | 1,571 | ||||||||
Net income (loss) attributable to Clean Energy Fuels Corp. | $ | (12,153 | ) | $ | 16,526 | $ | 4,373 | ||||
Income (loss) per share: | |||||||||||
Basic | $ | (0.10 | ) | $ | 0.15 | $ | 0.05 | ||||
Diluted | $ | (0.10 | ) | $ | 0.14 | $ | 0.04 | ||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 119,395,423 | 119,395,423 | |||||||||
Diluted | 119,395,423 | 121,467,757 |