Slide 1: Q2 2022 Earnings
Q2 2022 Earnings August 9, 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 Q222 Q221 YoY Acceptances (100kW) 471 433 8.8% • Record second quarter Total Revenue $243.2 $228.5 6.4% acceptances and revenue Product & Service Revenue $212.1 $182.6 16.2% • Product & service revenue up over 16% Non-GAAP Gross Margin %1 19.6% 18.0% 1.6pts • Impr
Slide 4: Revenue and margin analysis
Revenue and margin analysis Q222 Q221 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Revenue Revenue gross profit1 gross margin1 gross profit1 gross margin1 Product $173.6 $46.8 27.0% $146.9 $40.5 27.6% Service 38.4 (1.3) (3.4%) 35.7 0.9 2.5% Install 12.7 (3.1) (24.4%) 28.9 (7.1) (24.6%) Electric
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash flows ($ in Millions) Q222 Q122 Q221 Cash balances ($ in Millions) Q222 Q122 Q221 Beginning balance $ 493.9 $ 615.1 $ 365.7 Restricted $ 178.5 $ 207.9 $ 196.6 Operating cash (CFOA)1 (6.1) (92.4) 53.7 Unrestricted 235.7 286.0 204.0 Investing cash (26.2) (18.5) (21.6)
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ millions Continue to Invest $72 $71 For Growth: Research and $28 $27 • Investing in technology roadmap development • Expanding domestic and Sales and $16 $17 international commercial capability marketing • Ensure control environment and General and $28 $27 sup
Slide 7: Reaffirming 2022 financial outlook
Reaffirming 2022 financial outlook 2022 Metric Outlook Total Revenue $1.1-$1.15B ✓ • Strong backlog to support revenue outlook Product & Service Revenue ~$1B ✓ • Increasing manufacturing capacity to meet demand for ✓ next year Non-GAAP Gross Margin %1 ~24% • Navigating a challenging global ✓ Non-GAA
Slide 8: Appendix
Appendix Q2 2022 Bloomenersy
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q222 Q221 GAAP Revenue $243.2 $228.5 GAAP cost of sales 245.2 191.1 GAAP gross profit (loss) ($2.0) $37.3 Non-GAAP adjustments: Stock-based compensation expense $4.8 $3.8 PPA IIIa repowering related impairment charges 44.8 - Non-
Slide 10: GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin
GAAP to Non-GAAP reconciliation: Operating profit (loss) and margin $ in millions Q222 Q221 GAAP loss from operations ($102.2) ($42.7) Non-GAAP adjustments: Stock-based compensation expense 32.6 19.1 PPA IIIa repowering related impairment charges 44.8 - Amortization of acquired intangible assets 0.1
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 Q222 earnings Q221 earnings per share per share GAAP net loss ($118.8) ($0.67) ($53.9) ($0.31) Non-GAAP adjustments: Loss for non-controlling interests ($2.4) (0.01) ($4.6) (0.03) Loss (gain) on derivatives liab
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 Q222 Q221 Numerator: GAAP net loss ($118.8) ($53.9) Non-GAAP net loss ($36.0) ($39.1) Denominator: Weighted-average shares used to compute basic net earnings per share 178.5 172.7 Weighted-average shares use
Slide 13: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q222 Q221 GAAP Net loss ($118.8) ($53.9) Non-GAAP adjustments: Loss for non-controlling interests ($2.4) ($4.6) Loss (gain) on derivatives liabilities ($0.0) $0.9 Gain on the fair value adjustments for certain PPA contracts - ($0.7) Good
Slide 14: GAAP to Non-GAAP reconciliation: Gross margin
GAAP to Non-GAAP reconciliation: Gross margin Q222 Q221 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 Q222 Q122 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 $41.6 $13.2 - $28.4 $34.5 $7.1 - $27.4 Sales and marketing $20.5
Slide 16: What Powers You
What Bloomenergy | Powers You