Slide 1: Q4 2022 Earnings
Q4 2022 Earnings February 9, 2023
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 Q422 YoY 2022 YoY Product & Service Revenue $400 41.4% $1,032 27.7% • Product & Service revenue up 41% Total Revenue $463 35.1% $1,199 23.3% in Q4 and 28% for the year Non-GAAP Gross Margin1 30.4% 9.2 pts 23.0% 1.3 pts • Improved non-GAAP gross margins, up 9.2 pts
Slide 4: Backlog
Backlog $ in billions 2022 2021 YoY • Strongest backlog and System Contract Value1 $2.8 $2.4 16% commercial pipeline in Bloom history Service Backlog2 $7.2 $6.2 17% • Expanding into new markets, geographies and customers Total Backlog Value $10.0 $8.5 17% 1. Value of system backlog includes both exp
Slide 5: Revenue and margin analysis – Q422
Revenue and margin analysis – Q422 Q422 Q421 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 $360.2 $140.6 39.0% $250.2 $70.9 28.3% Service 39.9 (2.6) (6.6%) 32.8 (3.3) (10.0%) Install 43.2 (2.3) (5.3%) 4
Slide 6: Revenue and margin analysis – total year 2022
Revenue and margin analysis – total year 2022 2022 2021 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 $880.7 $275.4 31.3% $663.5 $200.3 30.2% Service 151.0 (12.8) (8.5%) 144.2 (0.9) (0.6%) Install 92.1
Slide 7: Cash flow and debt analysis
Cash flow and debt analysis Cash flows ($ in millions) Q422 2022 2021 Cash balances ($ in millions) Q422 Q322 Q421 Beginning balance $669.3 $615.1 $416.7 Restricted $169.9 $ 177.2 $219.1 Operating cash (CFOA)1 (23.3) (191.7) (60.7) Unrestricted 348.5 492.1 396.0 Investing cash (35.9) (116.8) (46.7)
Slide 8: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions $310 Continue to Invest In Growth: $250 Research and $117 • Investing in technology roadmap – development microgrid, electrolyzer, product cost $83 reduction Sales and $72 marketing $69 • Expanding domestic and international commercial capability G
Slide 9: 2023 financial outlook
2023 financial outlook • Product & Service revenue growing Metric 2023 Outlook YoY in line with long-term framework Product & Service Revenue $1.25-1.35B 20-30% • Total revenue growth impacted by declining electricity and install segments Total Revenue $1.4-1.5B 17-25% • Margins expanding due to low
Slide 10: Appendix
Appendix Q4 2022 Bloom 10
Slide 11: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q422 Q421 2022 2021 GAAP revenue $462.6 $342.5 $1,199.1 $972.2 GAAP cost of sales 391.2 273.8 1,050.8 774.6 GAAP gross profit $71.4 $68.7 $148.3 $197.6 Non-GAAP adjustments: Stock-based compensation expense 5.3 4.1 19.0 13.8 PPA
Slide 12: GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin
GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin $ in millions Q422 Q421 2022 2021 GAAP profit (loss) from operations ($40.6) ($13.5) ($261.0) ($114.5) Non-GAAP adjustments: Stock-based compensation expense 31.0 18.8 114.0 76.1 PPA IIIa and PPA IV repowering related 68.5 - 113.3 -
Slide 13: GAAP to Non-GAAP reconciliation: Gross profit and operating profit (loss)
GAAP to Non-GAAP reconciliation: Gross profit and operating profit (loss) $ in millions Q422 Q421 2022 2021 Revenue $462.6 $342.5 $1,199.1 $972.2 Gross profit $71.4 $68.7 $148.3 $197.6 Stock-based compensation expense - COGS 5.3 4.1 19.0 13.8 PPA IIIa and PPA IV assets impairment - COGS 64.0 - 108.8
Slide 14: GAAP to Non-GAAP reconciliation: Net profit (loss)
GAAP to Non-GAAP reconciliation: Net profit (loss) $ in millions Q422 Q421 2022 2021 GAAP net income (loss) ($47.2) ($33.3) ($301.4) ($164.4) Non-GAAP adjustments: Loss (gain) for non-controlling interests (3.6) (15.2) (13.7) (28.9) Loss (gain) on derivatives liabilities 0.1 13.4 (0.6) 15.0 Loss (ga
Slide 15: GAAP to Non-GAAP reconciliation: Adjusted EPS
GAAP to Non-GAAP reconciliation: Adjusted EPS $ in millions Q422 Q421 2022 2021 Net income (loss) to common stockholders ($47.2) ($33.3) ($301.4) ($164.4) Loss (gain) for non-controlling interests (3.6) (15.2) (13.7) (28.9) Loss (gain) on derivatives liabilities 0.1 13.4 (0.6) 15.0 Loss (gain) on th
Slide 16: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q422 Q421 2022 2021 Net profit (loss) to common stockholders ($47.2) ($33.3) ($301.4) ($164.4) Loss (gain) for non-controlling interests (3.6) (15.2) (13.7) (28.9) Loss (gain) on derivatives liabilities 0.1 13.4 (0.6) 15.0 Loss (gain) on
Slide 17: GAAP to Non-GAAP reconciliation: Gross margin
GAAP to Non-GAAP reconciliation: Gross margin Q421 2021 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 18: GAAP to Non-GAAP reconciliation: Gross margin
GAAP to Non-GAAP reconciliation: Gross margin Q422 2022 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 19: GAAP to Non-GAAP reconciliation: Operating expenses
GAAP to Non-GAAP reconciliation: Operating expenses Q422 Q421 Amort. of Amort. of acquired PPA Asset Non- acquired PPA Asset Non- $ in millions GAAP SBC1 GAAP SBC1 intangible Impairment GAAP intangible Impairment GAAP assets assets Operating expenses: Research and $38.3 $8.8 - - $29.5 $26.8 $4.4 - -
Slide 20: GAAP to Non-GAAP reconciliation: Operating expenses
GAAP to Non-GAAP reconciliation: Operating expenses 2022 2021 Amort. of Amort. of acquired PPA Asset Non- acquired PPA Asset Non- $ in millions GAAP SBC1 GAAP SBC1 intangible Impairment GAAP intangible Impairment GAAP assets assets Operating expenses: Research and $150.6 $34.0 - - $116.6 $103.4 $20.
Slide 21: What Powers You
What Bloomenergy’ Powers You