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Why are we not higher today?
This is the most manipulated stock I've ever owned
CLNE gets no respect, really doing better than most thought
I believe oil is going to stabilize somewhere in the sixty dollar a barrel range. Opec has stated they want oil in that range. This translates into 2.75 / 3.00 a gallon diesel. Much higher than it has been the last number of years. NatGas on the other hand has stayed below three. The US also has over a 100 year supply. The Trump administration has stated they want the US to become energy independent. How will that be accomplished? By switching more of our transportation over to cleaner and less expensive NatGas power.
This is going to be an exciting time for this industry. I believe in this transition and purchased more shares today.
CLNE
http://finance.yahoo.com/news/edited-transcript-clne-earnings-conference-032007992.html
For the fourth quarter the Company delivered 84 million gallons, a 7.4% increase over the fourth quarter 2015. For the full year we delivered 329 million gallons, a 7% increase over the 308 million gallons we delivered in 2015.
Our fourth-quarter revenue was $102 million, and for the full year 2016 revenue was $403 million, a 5% increase over 2015. Bob will be going into more detail in a moment, but it's important to note that we recorded a full year of VETC in the fourth quarter of 2015 but only one quarter of VETC in the fourth quarter of 2016.
We reported $18 million of adjusted EBITDA in the fourth quarter, our sixth consecutive quarter of positive adjusted EBITDA. For the year we reported $85 million of adjusted EBITDA compared to $27 million in 2015.
In the beginning of 2016 we stated that our main focus as a Company would be to grow our fuel sales, deleverage our balance sheet and conserve our cash. As we review the year I feel that we have accomplished those goals, but understand that there is more work to do.
Specifically, we reduced our outstanding convertible debt by $285 million in 2016, which provides $18 million of interest savings annually. We reduced our SG&A by 7% year over year while increasing our margin per gallon 25% over 2015.
For the year our CapEx was $23.6 million, which was more than a 50% reduction from 2015. For 2017 we anticipate our CapEx budget to be around $22 million, with an additional $7 million for potential growth projects at NG Advantage. At the end of the year we had $110 million of cash and short-term investments on our balance sheet.
2016 was one of our strongest customer-focused construction years to date. For the year we completed 61 station projects and generated roughly $65 million in station construction revenue.
We grow our public station network, opening nine more truck stops including two stations on our Interstate 5 corridor, allowing fleet customers to operate along the entire West Coast from Seattle down to San Diego. We opened two stations in our Southeast corridor and two truck stops in Texas, as well as stations in North Platte, Nebraska, Salt Lake City and Oklahoma City where we anticipate supplying redeemed to over 100 Fed Ex freight trucks.
The refuse sector is one of our largest and most established markets, and it continues to grow at a healthy pace. 2016 was our strongest year yet.
We completed 32 new station projects and grew volumes to over 100 million gallons, a 15% increase over the prior year. We currently work with 152 different refuse customers fueling at 280 locations. This market has embraced natural gas fueling and invested over $1 billion in new natural gas trucks and fueling projects last year.
The transit market is another well-established and growing market. Municipal transit agencies continue to choose natural gas for their fleets of buses because of the ease, the superiority of the clean air impact and affordability. We added another nine transit customers last year, and we now fuel about 8,000 transit buses daily at 80 transit stations.
On the public policy front, we continue to be very engaged with local clean air initiatives. Here in Southern California the Port of Los Angeles and Long Beach are developing their Comprehensive Clean Air Action Plan to improve the air quality in one of the busiest ports systems in the country.
We hope spearhead the initial 2008 Clean Truck Program in the Port, which helped to launch natural gas fueling in the heavy-duty truck market. Now due to stricter air quality mandates and an aging truck fleet, the Ports are embarking on the next phase of the Clear Air Action Plan.
We anticipate that the point thousands of new trucks, powered by the zero NOx engines from Cummins Westport and fueled with low carbon renewable natural gas, will be instrumental part of this ambitious plan. And we will keep you posted as this continues to develop.
Speaking of renewable natural gas, I assume everyone saw the announcement we made last week. But I feel it's important to highlight it again.
BP is acquiring the upstream portion of our renewable natural gas business, which includes our biomethane production plants and our third-party biomethane supply contracts. This is very significant for several reasons.
First, the $155 million of proceeds from the sale will allow us to address the majority of our outstanding convertible debt without dilution to our shareholders. Additionally, there is an earn-out of up to $25 million, and BP will be absorbing $10 million of debt from our renewable business.
This agreement allows both Companies to leverage their respective capabilities to further develop the renewable fuel market. And importantly, we feel this investment from BP is validation of Clean Energy's leadership in RNG fueling and the confidence they have that this business is well positioned for long-term growth.
Clean Energy will be taking the supply from these contracts and will continue to sell it as our Redeem branded renewable natural gas through our natural gas fueling infrastructure, and we will receive a revenue split on all of those gallons. So in essence the two Companies will focus on what each does best. BP will focus on the upstream business and we will continue to focus on the downstream business.
Since we first launched our Redeem renewable fuel business in our California stations over three years ago, we have seen phenomenal sales growth. In 2016 we sold approximately 60 million gallons to customers like UPS, Republic Services, Ryder, Kroger and multiple transit agencies, and we have expanded to multiple states.
We believe our Redeem fuel is the cleanest transportation commercially -- fuel commercially available for heavy-duty vehicles in the country today. BP recognizes the enormous potential of renewable natural gas, and we're thrilled that they want to collaborate with Clean Energy to grow this market. This is a good deal for BP, Clean Energy, our customers and our communities.
This morning the Federal Trade Commission granted early termination of the HSR waiting period, thereby eliminating the single largest condition to completing the deal. We fully expect to close in March -- we fully expect to close at the end of March.
We are proud of what we accomplished in 2016. We had our most profitable year and dramatically improved our balance sheet.
For 2017 our focus is on growth, profitability and the long-term opportunity in the marketplace. Growth and profitability are straightforward.
We want to add profitable volume to our existing recurring revenue base. In addition, and just as importantly, we will be working in 2017 to set ourselves up for long-term success.
We're confident that we're in a great position. The next generations of natural gas trucks have a superior emissions profile with new zero equivalent NOx engines that can run on a renewable biomethane, are far more cost effective than any other heavy-duty solution.
We have a developing market opportunity for significant deployment of these trucks in our backyard, which could be the catalyst for accelerated growth nationwide. Lastly, we have the largest nationwide network of fueling stations and infrastructure that can deliver this transformational solution to any fleet.
Yes that should give us shareholders more confidence going forward..
Excellent news, looking for a much higher pps in 2017
CLNE beats on Rev and Earnings, The BP deal will also eliminate 10 Million in RNG Debt when it Closes hoping for end of March, so the deal is 155 Million Plus 10 Mil RNG Debt. Plus 30 Million later. We have 189 Million going fwd in Debt with the 25 million removed in Feb. 2017. cash on hand 109 Million.= 73.7 cash 36.1 short term Investments. plus the 155 from BP, Minus another 10 Million in Debt BP will pay, that takes us to 179 Million in Debt. with well over 250 million in the books, once the BP deal closes. Projections of 29 million for 2017 Buisness Plan.
CLNE has never been in this kind of Position... Good Day
Ndakota
Was good to hear CEO state in opening remarks that further dilution to shareholders was off the table.
This should give five CLNE at least a modest bump tomorrow. We should head back to book value at $3.70 (year end equity/136M shares).
30% discount to book for a company that no longer has debt problems and is cash flow positive.
To give up 5c in margin for both 155M and a connection with BP I would think is a great value for CLNE.
Better than I was expecting for sure.
I see good things happening this year.
Nice gap up AH. Could be a great morning tomorrrow
Clean Energy Reports 84.1 Million Gallons Delivered and Revenue of $101.8 Million for Fourth Quarter of 2016
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced operating results for the fourth quarter and year ended December 31, 2016.
The Company delivered 84.1 million gallons in the fourth quarter of 2016, a 7.4% increase from 78.3 million gallons in the fourth quarter of 2015. For the year ended December 31, 2016 the Company delivered 329.0 million gallons, a 6.6% increase from 308.5 million gallons delivered for the year ended December 31, 2015.
Revenue for the fourth quarter of 2016 was $101.8 million, a 14.7% decrease from $119.3 million of revenue for the fourth quarter of 2015. This decrease was due in large part to the recognition of a full year of alternative fuel tax credit ("VETC") revenue of $31.0 million in the fourth quarter of 2015, while only one quarter of VETC revenue of $7.0 million was recognized in the fourth quarter of 2016. Revenue from gallons delivered ("volume -related revenue") and revenue from station construction increased in the fourth quarter of 2016 compared to the same period in 2015 due to volume growth, higher effective prices and the construction of new and expansions of existing natural gas fueling stations by our customers. Compressor sales declined in the fourth quarter on a year -over -year basis due to continued low global demand.
Revenue for 2016 was $402.7 million, a 4.8% increase from $384.3 million for 2015. Volume -related revenue and revenue from station construction sales increased in 2016 compared to 2015 due to the factors described above. These increases were partially offset by a decrease in revenue from compressor sales. Additionally, VETC revenue declined for the year primarily due to a change in the method of calculating VETC that went into effect at the beginning of 2016.
Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated "The positive momentum continued in 2016 for Clean Energy with volume growth, increased station builds, improved Adjusted EBITDA, and lowered debt balances. We continue to leverage our natural gas fueling infrastructure by increasing volumes while lowering capital expenditures and expenses. Clean Energy remains the market leader for the increasing number of fleets choosing to take advantage of natural gas and renewable natural gas as an immediate, affordable and environmentally friendly alternative vehicle fuel solution."
On a GAAP basis, net loss for the fourth quarter of 2016 was $(3.9) million or $(0.03) per share, compared to a net loss for the fourth quarter of 2015 of $(50.0) million, or $(0.54) per share. The fourth quarter of 2016 included a net gain of $9.0 million from the repurchase of a portion of the Company's debt ("debt reduction"). The fourth quarter of 2015 included a full year of VETC revenue of $31.0 million and a charge of $54.9 million related to the deferred debt issuance costs associated with the Company's termination of its credit agreement with General Electric Capital Corporation (the "debt issuance costs").
On a GAAP basis, net loss for 2016 was $(12.2) million, or $(0.10) per share, compared to a net loss for 2015 of $(134.2) million, or $(1.47) per share. The net loss in 2016 included a net gain of $34.3 million from the debt reductions. The net loss for 2015 included the $54.9 million charge for the debt issuance costs.
Non-GAAP loss per share and Adjusted EBITDA for the fourth quarter of 2016 was $(0.02) and $17.9 million, respectively, which included a net gain of $9.0 million from the debt reduction. Non-GAAP income per share and Adjusted EBITDA for the fourth quarter of 2015 was $0.08 and $32.9 million, respectively, which included a full year of VETC revenue of $31.0 million. Non-GAAP loss per share and Adjusted EBITDA for 2016 was $(0.03) and $85.3 million, respectively, which included a net gain of $34.3 million from the debt reduction. Non-GAAP loss per share and Adjusted EBITDA for 2015 was $(0.75) and $27.8 million, respectively. Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
Subsequent to December 31, 2016, the Company paid $21.75 million in cash to repurchase $25.0 million in principal amount, plus accrued interest thereon, of its 7.5% Notes due to a related party in July 2018.
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements, which statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses non-GAAP financial measures called non-GAAP income (loss) per share ("non-GAAP EPS" or "non-GAAP loss per share") and adjusted EBITDA ("Adjusted EBITDA"). Management has presented non-GAAP EPS and Adjusted EBITDA because it believes that these measures provide meaningful supplemental information regarding the Company's performance for the following reasons: (1) they allow for greater transparency with respect to key metrics used by management, as management uses these measures to assess the Company's operating performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis; (2) they exclude the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company's core operating performance and that may obscure trends in the core operating performance of the business; and (3) they are used by institutional investors and the analyst community to help them analyze the results of Clean Energy's business. In future quarters, the Company may make adjustments for other significant non-recurring expenditures or significant non-cash charges in order to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP loss or loss per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the presentation of non-GAAP EPS and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP EPS
Non-GAAP EPS is defined as net loss attributable to Clean Energy Fuels Corp. on a GAAP basis, plus stock-based compensation expense, plus or minus any loss (gain) from changes in the fair value of derivative warrants, plus the debt issuance costs and plus charges relating to the move of the Company's headquarters ("HQ Lease Exit"), the total of which is divided by the Company's weighted-average shares outstanding on a diluted basis. The Company's management believes that excluding non-cash expenses related to stock-based compensation provides useful information to investors because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management's control), the subjectivity of the assumptions and the variety of award types that a company can use under the relevant accounting guidance, which may obscure trends in a company's core operating performance. Similarly, the Company's management believes that excluding the non-cash loss (gain) from changes in the fair value of derivative warrants is useful to investors because the valuation of the derivative warrants is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management's control, and it enables investors to compare the Company's performance with other companies that have different capital structures. The Company's management believes that excluding the debt issuance costs and the HQ Lease Exit is useful to investors because the charges are not part of or representative of the core operations of the Company.
The table below shows non-GAAP EPS for the periods presented and also reconciles these figures to the GAAP measure net loss attributable to Clean Energy Fuels Corp.:
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands, except per-share amounts) 2015 2016 2015 2016
Net Loss Attributable to Clean Energy Fuels Corp. $ (50,014 ) $ (3,883 ) $ (134,242 ) $ (12,153 )
Stock -Based Compensation, Net of $0 Tax 2,770 1,559 10,779 8,092
Loss (Gain) From Change in Fair Value of Derivative Warrants (329 ) 3 (1,414 ) (22 )
Debt Issuance Costs 54,925 — 54,925 —
HQ Lease Exit 338 — 835 —
Adjusted Net Income (Loss) $ 7,690 $ (2,321 ) $ (69,117 ) $ (4,083 )
Weighted -Average Common Shares Outstanding Diluted 92,063,032 138,981,606 91,607,578 119,395,423
GAAP Loss Per Share Attributable to Clean Energy Fuels Corp. $ (0.54 ) $ (0.03 ) $ (1.47 ) $ (0.10 )
Non-GAAP Income (Loss) Per Share $ 0.08 $ (0.02 ) $ (0.75 ) $ (0.03 )
Adjusted EBITDA
Adjusted EBITDA is defined as net loss attributable to Clean Energy Fuels Corp. on a GAAP basis, plus or minus income tax expense (benefit), plus interest expense, minus interest (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus or minus any loss (gain) from changes in the fair value of derivative warrants and plus the HQ Lease Exit. The Company's management believes that Adjusted EBITDA provides useful information to investors for the same reasons discussed above for non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA for the periods presented and also reconciles these figures to the GAAP measure net loss attributable to Clean Energy Fuels Corp.:
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands) 2015 2016 2015 2016
Net Loss Attributable to Clean Energy Fuels Corp. $ (50,014 ) $ (3,883 ) $ (134,242 ) $ (12,153 )
Income Tax Expense 261 110 1,614 1,339
Interest Expense (1) 65,230 5,752 95,813 29,595
Interest Income (280 ) (248 ) (843 ) (827 )
Depreciation and Amortization 14,931 14,580 55,219 59,262
Stock -Based Compensation, Net of $0 Tax 2,770 1,559 10,779 8,092
Loss (Gain) From Change in Fair Value of Derivative Warrants (329 ) 3 (1,414 ) (22 )
HQ Lease Exit 338 — 835 —
Adjusted EBITDA $ 32,907 $ 17,873 $ 27,761 $ 85,286
(1) The amounts for the three months and year ended December 31, 2015 include the debt issuance costs.
Definition of "Gallons Delivered"
The Company defines "gallons delivered" as its gallons of compressed natural gas ("CNG"), liquefied natural gas ("LNG") and renewable natural gas ("RNG"), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company's proportionate share of gallons delivered by joint ventures in the applicable period.
The table below shows gallons delivered for the three months and years ended December 31, 2016 and 2015:
Three Months Ended
December 31,
Year Ended
December 31,
Gallons Delivered (in millions) 2015 2016 2015 2016
CNG 60.7 67.5 229.2 259.2
RNG(1) 1.1 0.7 8.8 3.0
LNG 16.5 15.9 70.5 66.8
Total 78.3 84.1 308.5 329.0
(1) Represents RNG sold as non-vehicle fuel. RNG sold as vehicle fuel, also known as Redeem™, is included in CNG and LNG.
Sources of Revenue
The following table represents our sources of revenue for the three months and years ended December 31, 2016 and 2015:
Three Months Ended
December 31,
Year Ended
December 31,
Revenue (in Millions) 2015 2016 2015 2016
Volume -Related $ 64.8 $ 73.0 $ 260.6 $ 283.9
Compressor Sales 13.1 4.9 54.5 27.3
Station Construction Sales 10.3 16.9 37.8 64.9
VETC 31.0 7.0 31.0 26.6
Other 0.1 — 0.4 —
Total $ 119.3 $ 101.8 $ 384.3 $ 402.7
Today's Conference Call
The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Saturday, December 2 by dialing 1.877.870.5176 from the U.S., or 1.858.384.5517 from international locations, and entering Replay Pin Number 13655264. There also will be a simultaneous live webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.
About Clean Energy Fuels
Clean Energy Fuels Corp. (Nasdaq: CLNE) is the leading provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada, based on the number of stations operated and the amount of gasoline gallon equivalents delivered. We build and operate CNG and LNG fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; develop RNG production facilities; and deliver more CNG, LNG, and RNG vehicle fuel than any other company in the United States. For more information, visit www.cleanenergyfuels.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding, among other things: increased market adoption of natural gas as a vehicle fuel, generally; sales of growing volumes of natural gas vehicle fuel to more fleets; the strength of the Company's natural gas fueling infrastructure and its impact on the Company's position in the market; the benefits of natural gas (including renewable natural gas) as an alternative vehicle fuel, including economic and environmental benefits; continued interest and investment in natural gas as a vehicle fuel; and the Company's levels of capital expenditures and expenses. Actual results and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas and other alternative fuels, as well as heavy-duty trucks and other vehicles powered by these fuels; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel; the Company's ability to capture a substantial share of the market for alternative vehicle fuels, if and when it develops and expands, and otherwise compete successfully in this market; the Company's ability to recognize the anticipated benefits of building CNG and LNG stations, including receiving revenue from these stations equal or greater to their costs or at all; future availability of capital, including equity or debt financing, as needed to fund the growth of the Company's business and repayment of its debt obligations (whether at or prior to maturity); the availability of tax credits and other government programs or incentives that promote natural gas or other alternatives as a vehicle fuel; changes to federal, state or local fuel emission standards or other environmental regulations applicable to natural gas production, transportation or use, particularly in light of the uncertainties of the current U.S. political climate; the Company's ability to manage and grow its RNG business, including its RNG production facilities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company's ability to sustain or grow its compressor business and manage risks and uncertainties related to the global scope of this business; the Company's ability to realize the intended benefits of any mergers, acquisitions, divestitures, investments or other strategic transactions or relationships; and compliance with governmental regulations. The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, the Company's Annual Report on Form 10-K, filed on March 7, 2017 with the Securities and Exchange Commission (www.sec.gov), contains additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Fuels Corp. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share data)
December 31, 2015 December 31, 2016
Assets
Current assets:
Cash and cash equivalents
$
43,724 $ 36,119
Restricted cash 4,240 6,996
Short-term investments 102,944 73,718
Accounts receivable, net of allowance for doubtful accounts of $1,895 and $1,063 as of December 31, 2015 and 2016, respectively 73,645 79,432
Other receivables 60,667 21,934
Inventories 29,289 29,544
Prepaid expenses and other current assets 14,657 14,021
Total current assets 329,166 261,764
Land, property and equipment, net 516,324 483,923
Notes receivable and other long-term assets, net 14,732 16,377
Investments in other entities 5,695 3,475
Goodwill 91,967 93,018
Intangible assets, net 42,644 38,700
Total assets $ 1,000,528 $ 897,257
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations 149,856 5,943
Accounts payable 26,906 23,637
Accrued liabilities 59,082 52,601
Deferred revenue 10,549 7,041
Total current liabilities 246,393 89,222
Long-term portion of debt and capital lease obligations 352,294 241,433
Long-term debt, related party 65,000 65,000
Other long-term liabilities 7,896 7,915
Total liabilities 671,583 403,570
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 92,382,717 shares and 145,538,063 shares as of December 31, 2015 and 2016, respectively 9 15
Additional paid-in capital 915,199 1,090,361
Accumulated deficit (591,683 ) (603,836 )
Accumulated other comprehensive loss (20,973 ) (17,675 )
Total Clean Energy Fuels Corp. stockholders' equity 302,552 468,865
Noncontrolling interest in subsidiary 26,393 24,822
Total stockholders' equity 328,945 493,687
Total liabilities and stockholders' equity $ 1,000,528 $ 897,257
Clean Energy Fuels Corp. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three Months Ended
December 31, Year Ended
December 31,
2015 2016 2015 2016
Revenue:
Product revenue $ 106,772 $ 87,859
$
329,168 $ 351,038
Service revenue 12,575 13,973 55,152 51,618
Total revenue 119,347 101,832 384,320 402,656
Operating expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below):
Product cost of sales 56,542 59,212 230,621 229,958
Service cost of sales 6,701 6,497 27,864 25,592
Loss (gain) from change in fair value of derivative warrants (329 ) 3 (1,414 ) (22 )
Selling, general and administrative 26,626 28,734 113,653 105,503
Depreciation and amortization 14,931 14,580 55,219 59,262
Total operating expenses 104,471 109,026 425,943 420,293
Operating loss
14,876 (7,194 ) (41,623 ) (17,637 )
Interest expense (65,230 ) (5,752 ) (95,813 ) (29,595 )
Interest income 280 248 843 827
Other income (expense), net 52 (300 ) 2,627 (306 )
Loss from equity method investments (112 ) (2 ) (815 ) (22 )
Gain from extinguishment of debt, net — 8,973 — 34,348
Gain from sale of subsidiary — — 937 —
Loss before income taxes (50,134 ) (4,027 ) (133,844 ) (12,385 )
Income tax expense (261 ) (110 ) (1,614 ) (1,339 )
Net loss (50,395 ) (4,137 ) (135,458 ) (13,724 )
Loss attributable to noncontrolling interest 381 254 1,216 1,571
Net loss attributable to Clean Energy Fuels Corp. $ (50,014 ) $ (3,883 ) $ (134,242 ) $ (12,153 )
Loss per share:
Basic and diluted $ (0.54 ) $ (0.03 ) $ (1.47 ) $ (0.10 )
Weighted-average common shares outstanding:
Basic and diluted 92,063,032 138,981,606 91,607,578 119,395,423
View source version on businesswire.com: http://www.businesswire.com/news/home/20170307006167/en/
Clean Energy Fuels Corp.
Investor Contact:
Tony Kritzer
Director of Investor Communications
949.437.1403
or
News Media Contact:
Gary Foster
Senior Vice President, Corporate Communications
949.437.1113
Source: Clean Energy Fuels Corp.
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Clean Energy Fuels Corp.
4675 MacArthur Court, Suite 800 , Newport Beach, CA 92660
Service provided by Nasdaq
With this Deal, There seems to be NO reason for any Dilution, along with any Questions on Debt. This Deal with BP IMHO- is so much Bigger then we Can see.
The Cost of Building The RNG Facilities can not be cheep, It goes away with this deal, but CLNE will still build them for BP, what will that be worth? So there are Costs that CLNE will no longer Have.
They will have Plenty of Cash in the Coffer, at a point where the Company is becoming Cash Flow Positive. This has all happened at a time where shareholders needed the assurance, that there will be, NO MORE Dilution! and Debt is Under Control. Looking Fwd. to the C/C. Good Day..... Oh- We Receive Royalties?
Ndakota
Yes I noticed that the shorts were at 5.6% which was surprising to me. With that known, this should have no trouble working it's way up with a good conference call after some good numbers.
Confidence is exactly what investors need. A year ago the short positions were in the mid twenties. Now they are under 6%.
Today's financials may show some improvement but what should really stand out is what is coming. This agreement with BP indicates a strong commitment to NatGas. Opec's recent announcement of sixty plus a barrel will convince more buyers that NatGas power is more economical than it has been in recent years.
I'll be looking for Littlefair to confirm my opinions.
The business model is solid, what I want to see is that the dilution and dumping is completed. Once buyers get some confidence this will work its way back up.
Good luck to all longs!
To all that are short...bite me! ... lol
Was this a case of "buy the rumor, sell the facts" ? This week will be interesting.
Nice move up today. Tomorrow will be a interesting to say the least
.
Have u seen the details?...I expect this is more a case of investor apathy than anything. People are waiting to see the shape of things.
Management has been so quick to dilute, that rampent profit taking abounds with even the slightest push up.
They need to gain the trust of investors back with some growth strategies other than diluting shareholders adp perpetuitum
CLNE LOST MONEY ON THE BP DEAL !!!!
That is why we are back where we started!!!!!!!!!!!!!!
They needed the $$$$$$ and had to sell an organ at a LOSS !!!!!!!
I can't believe this POS is back to where it was...I am really starting to think Jack is on to something...
I can't imagine earnings being good.
MORE INSIDERS DUMPING!!
AND JUST BEFORE EARNINGS???
UH OH!!!
Yeah pretty much like it never happened lol ??
THIS JUST IN !!!!
CLNE LOSES MIAMI-DADE !!!
Thanks for the history.
BP plc Acquires Assets For Gas Production From Clean Energy Fuels Corp (NASDAQ:CLNE) https://marketexclusive.com/bp-plc-adr-nysebp-acquires-assets-gas-production-clean-energy-fuels-corp-nasdaqclne/77971/?icd1
Oooooh!!! The squeeze.!!!
I think the market understands the true value of this deal... Small Potatoes.
Either that or the longs are getting out while the getting is good.
Better to sell at $2.60 than $2.50 or $1.50!
Well not quite.
If yesterday 'never happened' it would be at 2.54
Open Gaps
Direction Date range
up Mar-01-2017 2.54 to 2.67
Read more at http://www.stockta.com/cgi-bin/analysis.pl?symb=clne&cobrand=&mode=stock#2WMU8KmwCIA3OGhc.99
I disagree
This is major news. Just what Clean needs to continue its plan to become the go to source for NatGas.
For the last two years or so the economy has been anemic to say the least. We now have a new administration which is going to get this country moving in a big way. Many carriers will buy new trucks.
Replacing old with new and adding additional units. NatGas units. Opec has publicly stated they want 60+ a barrel oil which will keep diesel fuel higher than its been in some time. This will make NatGas a more attractive means of fuel for all.
Clean is a screaming buy at these levels.
It's maybe the last time we all had the chance to buy at $2.50. time to Ride it back to $12.50 Just saying. BP did not jump in because of a niche, the writing is on the wall and the Big Boys are starting to play. Good Day....
Ndakota
I disagree.
This is good news but not major good news, and some long-suffering longs see this as a chance to get out while the getting is good.
Bad news from ALL of the NGV manufacturers is coming, growth is slowing and the party is over. This may be the last Harrah.
MMs did not let CLNE run like longs wanted to today they are making sure their crook buddies covered first before they let her rip.. I expect CLNE to have more green days before their earnings..
True, The clock is ticking...
this may be the last time to sell over $2.50.
Great close!! Huge volume. $4+ we come. Just a matter of time.
That's a 14% move on 9,150,172 Above Avg Volume with 10 day ave vol being 1,075,822.
That's not a crappy day. It's the start of something.
Crappy day indeed considering the news. I thought we would have some short squeezes today, seems to be drifting back down to earth...
I would imagine a lot of people traded that gap. I'm waiting to add again on the gap fill if it does that before it moves up further, but last time she didn't fill the gap right away. (August's gap)
Earnings are on the 7th and depending on that scenario, gap could be forced to fill then if bad.
But could be a breakaway, right? Volume is there.
Too many profit takers today.
Today is just the start of the movement back to $4.
Well Well, My internet was down, so I was not able to call in on the call at 10am. Pack it surely sound like a Partnership with CLNE drawing a royalty from BPs Usage, we don't have to worry about any more Dilution and the Debt is looking Much easier to Manage, as long as the deal goes through. This is HUGE.. Good Day...
Ndakota
Gonna grap 150 march calls just in case.
I hear the theme to Rocky, but it's not on. Congrats.
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Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.
Our Mission
Clean Energy is changing the way the world fuels its vehicles. Energy independence is an undisputed goal for our nation, and we at Clean Energy know just how realistic and attainable that goal is with natural gas fuel. Moving forward in our thinking as well as in our vehicles means a safer, healthier planet for all of us. This change is already happening. Natural gas is abundant and domestically available and is already used as a cleaner source of energy around the world. - See more at: https://www.cleanenergyfuels.com/about-us/#sthash.xIy4zrGL.dpuf
Clean Energy Fuels’ company growth over the decades has been marked with risk and reward, and always defined by passion. Entrepreneur and energy pioneer T. Boone Pickens and current Clean Energy President and CEO Andrew Littlefair had a vision they felt could change this country for the better.
The idea behind natural gas fuel is two-fold, and Americans hear a lot about both of its main benefits: a greener planet and energy independence. Like all paradigm-shifting ventures, Pickens’ company started relatively small and grew with consistency that proved he wasn’t just “onto something.” He was putting in motion a company that is instrumental in making the change that so many of us talk about.
Leadership
Message from the CEO Clean Energy is working to change the way America fuels their vehicles. Energy independence is an undisputed goal for our nation, and we at Clean Energy know just how realistic and attainable that goal is. – Andrew Littlefair,
Andrew J. Littlefair Andrew J. Littlefair is President and CEO of Clean Energy, a company he co-founded with T. Boone Pickens in 1997. Previously, Mr. Littlefair served as Vice President of Public Affairs at MESA Inc., then one of America’s largest independent producers of natural gas. In this role Littlefair oversaw the company’s natural gas vehicle activities and served as special assistant to Mr. Pickens. Mr. Littlefair served as Chairman of NGVAmerica for 8 years from 2003 to 2011. In 2004, he was named an NGV Champion by the International Association of Natural Gas Vehicles (IANGV). In 2014, Mr. Littlefair received an Environmental Leadership Award from the California League of Conservation Voters for his work in renewable natural gas and building America’s Natural Gas Highway. Mr. Littlefair graduated from the University of Southern California with a B.A. in Political Science. He and his wife have two sons. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/andrew-littlefair/#sthash.EEGOiMLZ.dpuf
Raymond Burke Mr. Burke serves as our Vice President, Business Development (Solid Waste). In this role, Raymond focuses on developing new strategic growth opportunities for Clean Energy in the solid waste industry. He leads outreach efforts aimed at educating waste industry leaders on the benefits of using clean-burning natural gas fuel for their trash collection fleets. Prior to joining Clean Energy, Raymond served as Southern California Area Vice President for Waste Management, one of America’s largest solid waste companies. He began his career at a 50-route disposal company where he held operational posts leading up to General Manager. Raymond earned an MBA from Chapman University, Orange, CA. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/raymond-burke/#sthash.rOhaZrw5.dpuf
Harrison Clay
Mr. Clay serves as our President of Clean Energy subsidiary Clean Energy Renewable Fuels. In this role, Harrison is responsible for leading Clean Energy’s efforts to produce and sell renewable natural gas (or biomethane) that is derived from the anaerobic decomposition of organic waste. Prior to joining Clean Energy in 2008, Mr. Clay worked at the San Francisco investment bank WR Hambrecht + Co. Mr. Clay has extensive experience in structuring and trading environmental commodities, venture capital, corporate and project finance and the clean tech and energy industries. Mr. Clay has a JD from the University of Virginia and a dual AB in Anthropology and English from the University of Georgia. - See more at: https://www.cleanenergyfuels.com/about-us/board-of-directors-leadership/leadership/harrison-clay/#sthash.4k2DvBTr.dpuf
Clay Corbus
Mr. Corbus serves as our Senior Vice President, Strategic Development. In this role, Clay helps develop strategic growth opportunities, acquisitions and financing strategies for Clean Energy. Previously he was Co-CEO of WR Hambrecht & Co, the firm that managed Clean Energy’s 2007 IPO. Prior to that, he worked with Donaldson, Lufkin & Jenrette from 1989. He graduated from Dartmouth College with an AB in Government and has an MBA in Finance from Columbia University. Clay serves as a Director with three companies: Alaska Energy and Resources Co., Overstock.com and Goodwill of San Francisco.
Mitchell Pratt
Mr. Pratt serves as our Chief Operating Officer. In this role, Mitchell initiates business strategy and oversees production across all of Clean Energy’s divisions. Before coming to Clean Energy, Mitchell was the General Manager of the Natural Gas Vehicle (NGV) department for the Southern California Gas Company. His 18-year career represents a diverse background of leadership roles ranging from customer satisfaction, financial and distribution operations, to public policy, and sales and market development. He has a degree in Engineering as well as an MBA..
Robert Vreeland
Robert Vreeland serves as our Chief Financial Officer. In this role he manages the finances for Clean Energy while seeking new revenue opportunities in the marketplace. Prior to this, Bob served as Vice President of Finance and Accounting at Clean Energy from 2012 to 2014. Before joining Clean Energy, Bob was a consultant at RV CPA Services, PLLC, a provider of certified public accounting services. From 1997 to 2009, Bob held various finance and accounting leadership positions including Interim CFO at Hypercom, a global manufacturer of electronic payment and transaction equipment. Prior to Hypercom, he spent twelve years at accounting firm Coopers & Lybrand. He has extensive experience leading global finance and accounting teams as well as deep tax and financial planning expertise. Bob earned a B.S. from Northern Arizona University and is a certified public accountant.
-- Gary Foster Senior Vice President, Corporate Communications
-- Peter Grace Senior Vice President, Sales and Finance
-- James Harger Senior Advisor to the CEO-Trucking
-- James Hooley Vice President, Federal Government Relations Don Horning Vice President, National Truck Team
-- Nate Jensen Vice President and General Counsel
-- Barbara Johnson Vice President, Administration
-- Chad M. Lindholm Vice President of Sales, Heavy Duty Trucking
Shares Outstanding5: | 70.4M |
Float: | 48.61M |
% Held by Insiders1: | 24.23 |
% Held by Institutions1: | 39.29 |
Target Price | 15.67 |
Book Value | 5.88 |
Short % of Float (as of Jul 15, 2010)3: | 25.31% |
Customer Solutions:
Airport Service Vehicles
Price-Stable Efficiency Ready For TakeoffWe understand the logistic and economic pressure airport authorities face when supporting thousands of passengers a day. Stabilize your fuel budgets, potentially increase non-aviation revenue, and offer your community cleaner skies with clean natural gas fuel.Fueling taxis, parking, hotel and rental car shuttles alongside service vehicles at North America’s busiest airports, Clean Energy has built over 37 airport-serving natural gas fueling stations to create a greener transit environment and control costs for drivers and airport authorities alike. - See more at: https://www.cleanenergyfuels.com/customer-solutions/airport-service-vehicles/#sthash.lO4XCjfr.dpuf
Construction
Your construction fleet must be efficient, clean, and cost-conscious on the job site and on deliveries. Manage your bottom line and distinguish your business as a community leader with price-stable natural gas, abundantly available in North America. - See more at: https://www.cleanenergyfuels.com/customer-solutions/construction/#sthash.O6AdGI06.dpuf
Government Fleets
The pressure to enhance your community and balance budgets can be daunting. Switching your local fleets to natural gas is an easy way to win community support, clean up the environment and control costs. Clean Energy is already serving cities and municipalities across North America, which are now enjoying the benefits of natural gas. - See more at: https://www.cleanenergyfuels.com/customer-solutions/government-fleets/#sthash.DMHyDhWd.dpuf
Heavy Duty Trucks
Carriers looking for cost stability and reliable fueling, choose Clean Energy as their natural gas fueling partner. - See more at: https://www.cleanenergyfuels.com/customer-solutions/heavy-duty-trucks/#sthash.IU7BCSy8.dpuf
Industrial Facilities
Switching to a reliable, cleaner-burning fuel is not only good for the communities where you do business, but it’s also smart for your bottom line. We deliver CNG and LNG to facility owners today, providing all the benefits of natural gas without the hassle of supply, logistics or price negotiations. - See more at: https://www.cleanenergyfuels.com/customer-solutions/industrial-facilities/#sthash.VHkzzrBb.dpuf
Light & Medium Duty Trucks
Switching to a reliable, cleaner-burning fuel is not only good for the communities where you do business, but it’s also smart for your bottom line. - See more at: https://www.cleanenergyfuels.com/customer-solutions/light-and-medium-duty-vehicles/#sthash.SmVAgs0T.dpuf
Marine
We’ll take care of everything you need to accommodate the LNG fueling process, from fitting plant-to-dock pipelines to modifications and upgrades to both your yard and dock. And of course, Clean Energy will help you navigate through the necessary permitting to make this change happen. It’s a part of the process we know well, and our experts will help make it quick and worry-free. - See more at: https://www.cleanenergyfuels.com/customer-solutions/marine/#sthash.DKavLjDu.dpuf
Mining
Your mining fleet must be efficient, clean and cost-conscious on the work site. Manage your bottom line and distinguish your business as a community leader with price-stable natural gas, abundantly available in North America. - See more at: https://www.cleanenergyfuels.com/customer-solutions/mining/#sthash.Hrl7XDO4.dpuf
Rail
In order to stay competitive in the evolving transportation industry, railroads are choosing Clean Energy as their natural gas fueling partner. We have pioneered the use of natural gas fuel in other transportation market segments, and we’ll use this depth of knowledge to help you forge the way forward in LNG-fueled locomotion. - See more at: https://www.cleanenergyfuels.com/customer-solutions/rail/#sthash.4aP13J6C.dpuf
Refuse
You are in the business of managing waste and budgets while making the world a cleaner place. Natural gas fuel for your refuse fleet can help you reach every one of these goals. That’s more than gasoline or diesel can say. - See more at: https://www.cleanenergyfuels.com/customer-solutions/refuse/#sthash.3Ksq5BHg.dpuf
Shuttles
Win customers, build loyalty and manage costs by going green. When you team up with Clean Energy, your fleet starts controlling fuel costs from day one, and customers who ride with you will feel good about their sound, environmental choice. - See more at: https://www.cleanenergyfuels.com/customer-solutions/shuttles/#sthash.2fZ7HDru.dpuf
Taxis
Your customers rely on your fleet to get them where they need to go, and to do it responsibly. Gain loyalty and repeat business with a more cost-effective, environmentally friendly fuel for your taxis. - See more at: https://www.cleanenergyfuels.com/customer-solutions/taxis/#sthash.CKcFw1Wf.dpuf
Transit
Build a cleaner, more cost-efficient transit system for your community. - See more at: https://www.cleanenergyfuels.com/customer-solutions/transit/#sthash.HG3nU4CT.dpuf
Press Release:
April 20, 2018
Investor Relations Contact: 562-493-2804, Extension 320 or call directly to 562-493-7215.
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