Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q3 2022 Earnings Presentation
16 slides from Bloom Energy's earnings presentation, Nov 3, 2022
Slide 1: Q3 2022 Earnings
Q3 2022 Earnings November 3, 2022
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This press release 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 futu
Slide 3: Financial performance
Financial performance $ in millions Q322 Q321 YoY Acceptances (100kW) 581 353 64.6% • Record third quarter revenue … Product and Service up nearly 50% Total Revenue $292.3 $207.2 41.1% Product & Service Revenue $250.6 $167.8 49.3% • Successfully executed secondary $389 million offering Non-GAAP Gros
Slide 4: Revenue and margin analysis
Revenue and margin analysis Q322 Q321 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 $213.2 $58.0 27.2% $128.6 $36.4 28.3% Service 37.3 (3.2) (8.6%) 39.3 0.5 1.3% Install 22.7 (4.8) (21.2%) 22.2 (2.9) (1
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash flows ($ in Millions) Q322 Q222 Q321 Cash balances ($ in Millions) Q322 Q222 Q321 Beginning balance $ 414.2 $ 493.9 $ 400.5 Restricted $ 177.2 $ 178.5 $ 198.0 Operating cash (CFOA)1 (69.9) (6.1) (72.6) Unrestricted 492.1 235.7 121.9 Investing cash (36.2) (26.2) (7.1)
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ millions $84 Continue to Invest $72 Research and In Growth: development $34 $28 • Investing in technology roadmap • Expanding domestic and Sales and $19 marketing $16 international commercial capability • Ensuring control environment and General and administra
Slide 7: 2022 financial outlook
2022 financial outlook 2022 Metric Outlook Total Revenue $1.1-$1.15B • Revenue: Strong backlog and pipeline to support revenue outlook Product & Service Revenue ~$1B • Margins: Maintaining pricing discipline; offsetting modest cost pressures Non-GAAP Gross Margin %1 ~24% • CFOA: Increasing int
Slide 8: Appendix
Appendix Q3 2022 Bloom 8
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q322 Q321 GAAP Revenue $292.3 $207.2 GAAP cost of sales 241.3 170.3 GAAP gross profit $50.9 $36.9 Non-GAAP adjustments: Stock-based compensation expense $5.0 $2.9 Non-GAAP gross profit $55.9 $39.8 GAAP gross margin % 17.4% 17.8%
Slide 10: GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin
GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin $ in millions Q322 Q321 GAAP loss from operations ($52.6) ($43.9) Non-GAAP adjustments: Stock-based compensation expense 24.0 21.0 Amortization of acquired intangible assets 0.04 - Non-GAAP loss from operations ($28.5) ($22.9) GAAP
Slide 11: GAAP to Non-GAAP reconciliation: Non-GAAP net loss
GAAP to Non-GAAP reconciliation: Non-GAAP net loss Diluted net Diluted net $ in millions Q322 earnings Q321 earnings per share per share GAAP net loss ($57.1) ($0.31) ($52.4) ($0.30) Non-GAAP adjustments: Loss for non-controlling interests (3.3) (0.0) (4.3) (0.0) Loss (gain) on derivatives liabiliti
Slide 12: GAAP to Non-GAAP reconciliation: Calculation of diluted net earnings per share
GAAP to Non-GAAP reconciliation: Calculation of diluted net earnings per share $ in millions Q322 Q321 Numerator: GAAP net loss ($57.1) ($52.4) Non-GAAP net loss ($36.4) ($35.6) Denominator: Weighted-average shares used to compute basic net earnings per 186.5 174.3 share Weighted-average shares used
Slide 13: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q322 Q321 GAAP Net loss ($57.1) ($52.4) Non-GAAP adjustments: Loss for non-controlling interests ($3.3) ($4.3) Loss (gain) on derivatives liabilities ($0.1) $0.2 Gain on the fair value adjustments for certain PPA contracts - ($0.1) Stock
Slide 14: GAAP to Non-GAAP reconciliation: Gross margin
GAAP to Non-GAAP reconciliation: Gross margin Q322 Q321 GAAP Non- Non- GAAP Non- Non- GAAP GAAP Non- gross Non- GAAP GAAP gross GAAP GAAP $ in gross gross GAAP Revenue margin GAAP gross gross Revenue margin gross gross millions profit profit adj.1 % adj.1 profit margin % profit margin (loss) (loss)
Slide 15: GAAP to Non-GAAP reconciliation: Operating expenses
GAAP to Non-GAAP reconciliation: Operating expenses Q322 Q321 Amort. of Amort. of acquired Non- acquired Non- $ in millions GAAP SBC1 GAAP SBC1 intangible GAAP intangible GAAP assets assets Operating expenses: Research and development $36.1 $4.8 - $31.3 $27.6 $5.7 - $22.0 Sales and marketing $23.3 $
Slide 16: What Powers You
What Bloomenergy’ Powers You