Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q4 2023 Earnings Presentation
19 slides from Bloom Energy's earnings presentation, Feb 15, 2024
Slide 1: Q4 & FY2023 Earnings
Q4 & FY2023 Earnings February 15, 2024
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation 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 futur
Slide 3: Financial performance
Financial performance $ in millions Q4’23 YoY 2023 YoY Total Revenue $356.9 (22.8%) $1,333.5 11.2% Product & Service Revenue $314.4 (21.4%) $1,158.3 12.3% Non-GAAP Gross Margin1 27.4% (3.0)pts 25.8% 2.8 pts Non-GAAP Operating Income 1 $27.4 ($31.6) $19.2 $52.7 Adjusted EBITDA1 $39.8 ($34.7) $81.8 $5
Slide 4: Revenue and margin analysis – Q4'23
Revenue and margin analysis – Q4’23 Q4’23 Q4’22 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Revenue gross profit Revenue gross profit gross margin1 gross margin1 (loss)1 (loss)1 Product $261.8 $92.1 35.2% $360.2 $140.6 39.0% Service 52.6 (1.1) (2.2%) 39.9 (2.6) (6.6%) Install 26.0 (0.5) (2.0%)
Slide 5: Revenue and margin analysis – 2023
Revenue and margin analysis – 2023 2023 2022 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Revenue gross profit Revenue gross profit gross margin1 gross margin1 (loss)1 (loss)1 Product $975.2 $357.2 36.6% $880.7 $275.4 31.3% Service 183.1 (33.0) (18.0%) 151.0 (12.8) (8.5%) Install 92.8 (8.9) (9.
Slide 6: Cash flow and debt analysis
Cash flow and debt analysis Cash balances Cash flows ($ in millions) Q4’23 2023 2022 ($ in millions) 2023 2022 Beginning balance $ 637.7 $518.4 $615.1 Restricted $ 80.6 $169.9 Unrestricted 664.6 348.5 Operating cash (CFOA) 121.8 (372.5) (191.7) Total cash $ 745.2 $ 518.4 Investing cash (16.2) (83.7)
Slide 7: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions $325 $180 $310 $145 $71 $127 Research and $117 development Research and $56 development Sales and $42 $72 marketing $72 Sales and $30 marketing General and General and administrative $67 administrative $126 $121 $59 2H’23 1H’23 2023 2022 1. Please
Slide 8: Backlog
Backlog $ in billions 2023 2022 YoY System Contract Value1 $3.0 $2.8 6% Service Backlog2 $9.1 $7.2 27% Total Backlog Value $12.0 $10.0 21% 1. Value of system backlog includes both expected Bloom Product and Install Revenue and reflects anticipated ITC and other tax incentives as applicable 2. Assumi
Slide 9: 2024 financial outlook
2024 financial outlook Metric 2024 Outlook Total Revenue $1.4-1.6B Non-GAAP Gross Margin1 ~28% Non-GAAP Operating Income1 $75-$100M 1. With respect to Bloom’s expectations regarding its 2024 Outlook. Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP ope
Slide 10: Appendix
Appendix Q4 2023 Bloomenergy
Slide 11: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q4’23 Q4’22 2023 2022 GAAP revenue $356.9 $462.6 $1,333.5 $1,199.1 GAAP cost of sales 264.5 391.2 1,135.7 1,050.8 GAAP gross profit $92.4 $71.4 $197.8 $148.3 Non-GAAP adjustments: Stock-based compensation expense 2.7 5.3 17.5 19.
Slide 12: GAAP to Non-GAAP reconciliation: Operating income (loss) and margin
GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions Q4’23 Q4’22 2023 2022 GAAP operating income (loss) $12.9 ($40.6) $(208.9) ($261.0) Non-GAAP adjustments: Stock-based compensation expense 7.5 31.0 87.1 114.0 Restructuring charges 6.9 - 9.2 - PPA V sales property tax -
Slide 13: GAAP to Non-GAAP reconciliation: Net income (loss) and EPS
GAAP to Non-GAAP reconciliation: Net Income (loss) and EPS Diluted Diluted $ in millions, except per share Q4’23 earnings per Q4’22 earnings per share share GAAP net income (loss) to common stockholders $4.5 $0.02 ($47.2) ($0.20)1 Non-GAAP adjustments: Loss for non-controlling interests (0.4) (0.00)
Slide 14: GAAP to Non-GAAP reconciliation: Net loss and EPS
GAAP to Non-GAAP reconciliation: Net loss and EPS Diluted Diluted $ in millions, except per share 2023 earnings per 2022 earnings per share share GAAP net loss to common stockholders ($302.1) ($1.42) ($301.4) ($1.62) Non-GAAP adjustments: Loss for non-controlling interests (5.8) (0.03) (13.7) (0.07)
Slide 15: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q4’23 Q4’22 2023 2022 GAAP net income (loss) to common stockholders $4.5 ($47.2) ($302.1) ($301.4) Non-GAAP adjustments:1 Loss for non-controlling interests (0.4) (3.6) (5.8) (13.7) Loss (gain) on derivatives liabilities 0.4 0.1 1.6 (0.6
Slide 16: GAAP to Non-GAAP reconciliation: Diluted earnings per share
GAAP to Non-GAAP reconciliation: Diluted earnings per share $ and count in millions, except per share Q4’23 Q4’22 2023 2022 Numerator: GAAP net income (loss) to common stockholders $4.5 ($47.2) ($302.1) ($301.4) Non-GAAP net income (loss) to common stockholders $19.4 $53.6 ($20.7) ($75.7) Denominato
Slide 17: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q4’23 Q4’22 millions Non- Non- GAAP GAAP Non- Non- GAAP Non-GAAP Non- GAAP gross gross GAAP Revenue GAAP gross gross Revenue GAAP gross profit profit gross Adj 1 profit margin Adj 1 profit (loss) (loss) margin (loss) (loss) Product
Slide 18: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in 2023 2022 millions Non- Non- GAAP GAAP Non- Non- GAAP Non-GAAP Non- GAAP gross gross GAAP Revenue GAAP gross gross Revenue GAAP gross profit profit gross Adj 1 profit margin Adj 1 profit (loss) (loss) margin (loss) (loss) Product $
Slide 19: What Powers You
What Bloomenergy | Powers You