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Hope it's sooner crazydiamond! Hope you're holding some BAT as well..
Btw I am guessing you are a Pink Floyd fan
I have both so let's hope so.. I also own ETH, XRP, NEO, GAS, IOTA..
Finally took my initial position..Hope I am not late to the party.. With their business growing I think this is a good entry point..
Up 8% atm not too shabby eh..
No symbol yet just showing a bunch of numbers on my TDAmeriturd..
Just waiting for this to take off so I can retire early.. GO BAT!
This is a no-brainer long term hold exactly what I am doing..
What a kick ass news Jack! Your thoughts? Haha
Am I right or am I right Jack? lol
It's been a good week for WPRT so a little pullback is not bad at all..
It will bounce back next week...
Another green day that's 6 days in a row.. GO WPRT!
Jack is MIA..
If I hold my BAT shares for 10yrs I might be a millionaire by then :) will see
Cheezus! can someone stopped the bleeding..
Exciting time for us WPRT shareholders..
Blood on the streets but WPRT is green :)
GO WPRT!
There you are..Thanks Jack now its probably time for you to make money on the way up..
And our friend Jack is awfully quiet today..He must be on vacay :)
Lake Street upgraded WPRT from Hold to Buy.. This is just the beginning I think we are going to see more upgrades in the coming days weeks or months..
Another run just started..
14% gain atm
I agree with you kettle and better share price are ahead of us.. The street love the earnings responding to a 27% gain at the moment..
Finally! A positive EBITDA..
Westport Fuel Systems Reports First Quarter 2019 Financial Results
Strong Revenue Growth in All Areas, Notably Westport HPDI 2.0™ Sales
VANCOUVER, British Columbia, May 09, 2019 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2019 and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
"Our Q1 2019 results are another validation of our strategy and reflect improved performance across all of our businesses," said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “Strong revenue gains versus both Q4 2018 and Q1 a year ago drove a positive adjusted EBITDA of $7.3 million compared to $0.2 million in Q4 2018 and negative $3.4 million a year ago. Our diversity of commercially available products applicable to the full range of transportation applications and available in markets around the world are the key to our improving results. Favourable macro-economic factors and stricter emissions regulations are driving OEM and consumer demand for our market-ready alternative fuel technologies."
Key Accomplishments
Driven by strong growth in Westport HPDI 2.0™ sales and continued strength in the independent aftermarket business, Transportation revenue was up 15% over Q1 2018 and 21% over Q4 2018.
Strong CWI performance with net income to the Company of $8.6 million in Q1 2019 compared to $5.7 million in Q4 2018 and $1.5 million in Q1 2018. In Q1 2018, CWI recorded low unit sales due to pre-buy activities in the fourth quarter of 2017 in advance of the 2018 on-board diagnostic compliant engines.
Q1 2019 Adjusted EBITDA positive $7.3 million compared with negative $3.4 million in Q1 2018, an $10.7 million improvement in quarterly operating results.
Q1 2019 FINANCIAL HIGHLIGHTS
CONTINUING OPERATIONS
($ in millions, except per share amounts) Three Months Ended March 31, Change
Better /
(Worse)
2019 2018
Consolidated Revenues $ 73.2 $ 63.8 15 %
Consolidated Gross Margin 17.2 14.6 18 %
Consolidated Gross Margin % 23 % 23 % —
Consolidated Operating Expenses 25.9 25.7 (1 )%
Research & Development Expenses (1) 6.8 8.6 21 %
Income from Unconsolidated Joint Ventures 8.7 1.5 489 %
Net Loss from Continuing Operations $ (3.0 ) $ (12.6 ) 76 %
Net Loss per Share from Continuing Operations $ (0.02 ) $ (0.10 ) 80 %
Adjusted EBITDA (2) $ 7.3 $ (3.4 ) 315 %
(1) Research & development expenses are included in consolidated operating expenses.
(2) Adjusted EBITDA is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation.
Consolidated revenues for the quarter ended March 31, 2019 increased by $9.4 million to $73.2 million, or 15% over the same period last year. Despite the 7% decrease in the average Euro exchange rate, revenue increased by $0.9 million in the IAM business and $8.5 million in the OEM business. The OEM business increase was primarily driven by HPDI 2.0™ product revenue, which was commercially launched in 2018.
Consolidated gross margin for the quarter ended March 31, 2019 increased by $2.6 million to $17.2 million, or 18% over the same period last year. The increase in gross margin is due to higher revenue. Our gross margin percentage was consistent with the prior year quarter.
Consolidated operating expenses for the quarter ended March 31, 2019 increased by $0.2 million to $25.9 million, or 1%. Excluding the increase in SEC investigation related legal fees, operating expenses would have decreased by $0.9 million.
Income from the unconsolidated joint ventures for the quarter ended March 31, 2019 increased by $7.2 million over the same period last year. This improvement is primarily due to the fact that Q1 2018 sales were negatively impacted by pre-buy activities in Q4 2017 in advance of the Cummins Westport 2018 on-board diagnostics ("OBD") compliant engines and vehicle readiness activities required by OEMs to integrate the new OBD compliant engines in early 2018.
CUMMINS WESTPORT INC. HIGHLIGHTS
CUMMINS WESTPORT HIGHLIGHTS
Three Months Ended
March 31, Change
Better /
(Worse)
($ in millions, except unit amounts) 2019 2018
Units 1,991 891 123 %
Revenue $ 92.3 $ 52.2 77 %
Gross Margin 27.8 13.2 111 %
Gross Margin % 30 % 25 % —
Operating Expenses 8.1 10.2 21 %
Segment Operating Income $ 19.7 $ 3.0 557 %
Westport Fuel Systems 50% Interest 8.6 1.5 473 %
CWI revenue for the quarter ended March 31, 2019 increased by $40.1 million to $92.3 million, or 77% over the same period last year.
CWI launched its new line of OBD-compliant, ultra-low NOx engines starting on January 1 2018 and there was a pre-buy of the prior generation engines in Q4 2017 which resulted in lower sales in Q1 2018. So, the 77% year over year growth in Q1 2019 results from some timing factors. A more representative comparison is that CWI revenue for the 12 months ended March 31, 2019 was $360 million compared to $299 million in the 12 months ended March 31, 2018, which is 20% growth on an annualized basis.
CWI gross margin for the quarter ended March 31, 2019 increased by $14.6 million to $27.8 million, or 30% of revenue from $13.2 million or 25% of revenue in the prior year quarter, primarily due to increased revenues in the current quarter and the lower revenues in CWI's Q1 2018, as previously explained.
CWI operating income for the quarter ended March 31, 2019 increased by $16.7 million to $19.7 million, or 557% over the same period last year. Westport Fuel Systems' share of CWI's equity interest for the quarter ended March 31, 2019 increased by $7.1 million to $8.6 million from $1.5 million in same period last year. This reduction is primarily due to increased revenue and gross margins and from the lower operating expenses driven by a reduction in research and development expenses.
GAAP and NON-GAAP FINANCIAL MEASURES
Management reviews the operational progress of its business units and investment programs over successive periods through the analysis of net income, EBITDA and Adjusted EBITDA. The Company defines EBITDA as net income or loss from continuing operations before income taxes adjusted for interest expense (net), depreciation and amortization. Westport Fuel Systems defines Adjusted EBITDA as EBITDA from continuing operations excluding expenses for stock-based compensation, unrealized foreign exchange gain or loss, and non-cash and other adjustments. Management uses Adjusted EBITDA as a long-term indicator of operational performance since it ties closely to the business units’ ability to generate sustained cash flow and such information may not be appropriate for other purposes. Adjusted EBITDA includes the company's share of income from joint ventures.
The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles ("U.S. GAAP") and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the company's operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net loss or other consolidated statement of operations data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect the company's actual cash expenditures. Other companies may calculate similar measures differently than Westport Fuel Systems, limiting their usefulness as comparative tools. The company compensates for these limitations by relying primarily on its U.S. GAAP results and using Adjusted EBITDA as supplemental information.
GAAP & NON-GAAP FINANCIAL MEASURES FROM CONTINUING OPERATIONS
($ in millions) 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
Three months ended
Net loss from continuing operations $ (12.6 ) $ (5.7 ) $ (12.1 ) $ (10.4 ) $ (3.0 )
Income tax expense 0.9 0.1 2.6 (1.5 ) 1.1
Interest Expense, net 2.1 1.7 2.3 2.6 1.8
Depreciation and amortization 4.2 4.1 4.2 4.0 4.3
EBITDA (5.4 ) 0.2 (3.0 ) (5.3 ) 4.2
Stock based compensation 0.3 1.4 0.6 0.7 0.4
Unrealized foreign exchange (gain) loss — 5.2 2.2 1.6 0.1
Restructuring, termination and other exit costs 0.6 0.2 — — 0.8
Asset impairment — — — 0.6 —
Legal costs associated with SEC investigation 0.9 2.5 3.5 3.1 1.8
Other 0.2 (0.9 ) 1.0 (0.5 ) —
Adjusted EBITDA $ (3.4 ) $ 8.6 $ 4.3 $ 0.2 $ 7.3
Key Priorities
Our key strategic priorities for 2019 are:
Sustain growth of our light-duty and medium-duty business through both the aftermarket and OEM channels.
Ensure the successful commercial launch of Westport HPDI 2.0™ in China to drive volume growth that enables further cost reductions and margin improvement.
Secure additional OEM customers for Westport HPDI 2.0™ in key market geographies.
Continued focus on cost reduction to better align with revenues and to improve cash flow.
FINANCIAL STATEMENTS & MANAGEMENT'S DISCUSSION AND ANALYSIS
To view Westport Fuel Systems full financials for the first quarter ended March 31, 2019, please visit www.wfsinc.com/investors/financials.
CONFERENCE CALL PRESENTATION
The company is providing a conference call presentation as a guide to its financial information in a quick reference format and it should be read in conjunction with Westport Fuel Systems full financials for the first quarter ended March 31, 2019.
LIVE CONFERENCE CALL & WEBCAST
Westport Fuel Systems has scheduled a conference call for today, May 9, 2019 at 4:30 pm Eastern Time to discuss these results. The public is invited to listen to the conference call in real time by telephone or webcast. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. The live webcast of the conference call can be accessed through the Westport Fuel Systems website at http://www.wfsinc.com/investors/financials.
REPLAY CONFERENCE CALL & WEBCAST
To access the conference call replay, please dial 1-800-319-6413 (Canada & USA toll-free) or 604-638-9010 using the pass code 3212. The replay will be available until May 16, 2019. Shortly after the conference call, the webcast will be archived on the Westport Fuel Systems website and replay will be available in streaming audio and a downloadable MP3 file.
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the future growth of Westport Fuel System's business, commercial launch of Westport HPDI 2.0™ in China, future volume growth and cost reductions and additions of new OEM customers along with statements regarding revenue, adjusted EBITDA and cash usage expectations, continued research and development investment, the demand for our products, cash and capital requirements as well as Westport Fuel Systems management's response to any of the aforementioned factors. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in research and development expenses, CWI performance, our ability to secure new customers, the availability and price of natural gas, global government stimulus packages, the acceptance of and shift to natural gas vehicles, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.
Contact Information
Shawn Severson
Investor Relations
Westport Fuel Systems
T: +1 604-718-2046
invest@wfsinc.com
Good earnings and will only get better.. GO CLNE!
Clean Energy Reports 95.2 Million Gallons Delivered and Revenue of $77.7 Million for First Quarter of 2019
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--May 9, 2019-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the first quarter of 2019.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “I’m pleased with our start to 2019, and particularly the volume growth momentum together with our continued financial discipline. Our focus in 2019 is on increasing heavy-duty truck adoption and the use of Clean Energy's Redeem renewable natural gas as it is the cleanest, most affordable and immediate alternative fuel solution available. With the help from our partner, Total, we are seeing the first signs of success of fleets taking advantage of our Zero Now truck financing program which is encouraging. We will also continue to build on our improving financial performance as we exploit our existing fueling infrastructure with increased volumes.”
The Company delivered 95.2 million gallons in the first quarter of 2019, an 11.9% increase from 85.1 million in the first quarter of 2018. This increase was due to growth in CNG and LNG volumes principally from increased sales of Redeem.
The Company’s revenue for the first quarter of 2019 was $77.7 million, including an unrealized loss of $5.0 million on commodity swap contracts that support the Company’s Zero Now program, compared to $102.4 million of revenue in the same period last year, which included $25.5 million of U.S. federal excise tax credits for alternative fuels (“AFTC”). The AFTC applied to vehicle fuel sales made from January 1, 2017 through December 31, 2017 and expired effective January 1, 2018. Excluding the unrealized loss on commodity swaps of $5.0 million in 2019 and the AFTC of $25.5 million in 2018, revenue increased 7.5% for the first quarter of 2019 compared to the prior year period, which was driven by an 18.3% increase in volume -related revenue, reflecting higher volumes and retail pump prices and a continued strong renewable natural gas market. Station construction revenue was $3.2 million for the first quarter of 2019 compared to $5.8 million in the 2018 period. Also, 2018 included $3.9 million in revenue from the sale of used natural gas trucks acquired in 2017 which did not recur in 2019.
On a GAAP (as defined below) basis, net income (loss) attributable to Clean Energy for the first quarter of 2019 was $(10.9) million or $(0.05) per share, compared to $12.2 million, or $0.08 per share, for the first quarter of 2018. The first quarter of 2019 was negatively affected by $6.6 million in unrealized losses from changes in fair value of derivative instruments whereas 2018 was positively affected by AFTC revenue of $25.5 million.
Non-GAAP income (loss) per share and Adjusted EBITDA (each as defined below) for the first quarter of 2019 was $(0.01) and $11.2 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2018 was $0.10 and $32.4 million, respectively, which included the AFTC revenue.
Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) per share attributable to Clean Energy, respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and making financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may make adjustments for other expenditures, charges or gains 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 are limited 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, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, 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 income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (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 Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance 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, which may obscure trends in a company’s core operating performance. Similarly, we believe excluding the non-cash results from equity method investments is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments 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 the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.
The table below shows GAAP and non-GAAP income (loss) per share and also reconciles GAAP net income (loss) attributable to Clean Energy Fuels Corp. to an adjusted net income (loss) figure used in the calculation of non-GAAP income (loss) per share:
Three Months Ended
March 31,
(in thousands, except share and per-share amounts) 2018 2019
Net Income (Loss) Attributable to Clean Energy Fuels Corp. $ 12,222 $ (10,946 )
Stock-Based Compensation 1,898 1,246
Loss from Equity Method Investments 1,468 467
Loss (Gain) from Change in Fair Value of Derivative Instruments (21 ) 6,584
Adjusted (Non-GAAP) Net Income (Loss) $ 15,567 $ (2,649 )
Diluted Weighted-Average Common Shares Outstanding 156,643,092 204,196,669
GAAP Income (Loss) Per Share $ 0.08 $ (0.05 )
Non-GAAP Income (Loss) Per Share $ 0.10 $ (0.01 )
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income (loss) attributable to Clean Energy Fuels Corp.:
Three Months Ended
March 31,
(in thousands) 2018 2019
Net Income (Loss) Attributable to Clean Energy Fuels Corp. $ 12,222 $ (10,946 )
Income Tax Expense 88 60
Interest Expense 4,503 1,891
Interest Income (575 ) (580 )
Depreciation and Amortization 12,801 12,479
Stock-Based Compensation 1,898 1,246
Loss from Equity Method Investments 1,468 467
Loss (Gain) from Change in Fair Value of Derivative Instruments (21 ) 6,584
Adjusted EBITDA $ 32,384 $ 11,201
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons of renewable natural gas (“RNG”), compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), 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 ended March 31, 2018 and 2019:
Three Months Ended
March 31,
Gallons Delivered (in millions) 2018 2019
CNG 70.8 78.5
LNG 14.3 16.7
Total 85.1 95.2
Sources of Revenue
The following table represents our sources of revenue for the three months ended March 31, 2018 and 2019:
Three Months Ended
March 31,
Revenue (in millions) 2018 2019
Volume -Related (1) $ 67.2 $ 74.5
Station Construction Sales 5.8 3.2
AFTC 25.5 —
Other 3.9 —
Total Revenue $ 102.4 $ 77.7
(1) For the three months ended March 31, 2019, volume -related revenue includes an unrealized loss from the change in fair value of commodity swap contracts of $5.0 million.
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 Sunday, June 9, 2019, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13690206. 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. is the leading provider of natural gas fuel for transportation in North America. We build and operate CNG and LNG vehicle fueling stations; manufacture CNG and LNG equipment and technologies; and deliver more CNG and LNG vehicle fuel than any other company in the United States. Clean Energy also sells Redeem™ RNG fuel and believes it is the cleanest transportation fuel commercially available, reducing greenhouse gas emissions by up to 70%. 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, the Company’s expectations regarding its 2019 results; the Company’s ability to convert heavy -duty truck fleets with whom it is in discussions into participants in the Company’s Zero Now truck financing program; the success of the Zero Now program generally and its effect, if any, on the U.S. natural gas trucking market and the Company’s performance, financial condition and ability to execute its strategic initiatives; the state of the natural gas vehicle fuels market, including the level of adoption of natural gas vehicle fuels generally, and specifically in the trucking sector, and with respect to renewable natural gas; and the Company’s supply agreement with BP and its effect, if any, on the Company’s Redeem renewable natural gas business.
Forward-looking are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements 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: the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design and performance, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to execute its Zero Now truck financing program, a key strategic initiative related to the market for natural gas heavy-duty trucks and the effect of this initiative on the Company’s business, prospects, performance and liquidity; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets, including in the event of improvements in or perceived advantages of non-natural gas vehicle fuels or engines powered by these fuels or other competitive developments; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; future availability of capital, which may include equity or debt financing, in the amounts and at the times needed to fund the growth of the Company’s business, repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital-raising transaction; the effect of, or potential for changes to federal, state or local greenhouse gas emissions regulations or other environmental regulations applicable to natural gas production, transportation or use; the Company’s ability to manage and grow its RNG business, in particular after the BP Transaction, including its ability to continue to receive revenue from sales of tradable credits the Company generates by selling conventional and renewable natural gas as vehicle fuel and the effect of any increase in competition for RNG supply; the Company’s ability to accurately predict natural gas vehicle fuel demand in the geographic and customer markets in which it operates and effectively calibrate its strategies, timing and levels of investments to be consistent with this demand; the Company’s ability to recognize the anticipated benefits of its CNG and LNG station network; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s compliance with all applicable government regulations; the Company’s ability to execute and realize the intended benefits of any mergers, acquisitions, divestitures, investments or other strategic measures, transactions or relationships; and general political, regulatory, economic and market conditions.
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. The Company’s periodic reports filed with the Securities and Exchange Commission (www.sec.gov), including its Quarterly Report on Form 10-Q filed on May 9, 2019, contain additional information about 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
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data, Unaudited)
December 31,
2018 March 31,
2019
Assets
Current assets:
Cash, cash equivalents and current portion of restricted cash $ 30,624 $ 28,763
Short-term investments 65,646 66,164
Accounts receivable, net of allowance for doubtful accounts of $1,919 and $1,984 as of December 31, 2018 and March 31, 2019, respectively 68,865 70,341
Other receivables 15,544 9,198
Derivative assets, related party 1,508 728
Inventory 34,975 32,653
Prepaid expenses and other current assets 8,444 8,769
Total current assets 225,606 216,616
Operating lease right-of-use assets — 23,801
Land, property and equipment, net 350,568 338,192
Long-term portion of restricted cash 4,000 4,848
Notes receivable and other long-term assets, net 17,470 16,948
Long-term portion of derivative assets, related party 8,824 4,634
Investments in other entities 26,079 25,842
Goodwill 64,328 64,328
Intangible assets, net 2,207 1,951
Total assets $ 699,082 $ 697,160
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt $ 4,712 $ 5,344
Current portion of finance lease obligations 693 695
Current portion of operating lease obligations — 3,545
Accounts payable 19,024 15,413
Accrued liabilities 48,469 36,754
Deferred revenue 7,361 6,858
Total current liabilities 80,259 68,609
Long-term portion of debt 75,003 76,501
Long-term portion of finance lease obligations 3,776 3,718
Long-term portion of operating lease obligations — 21,621
Other long-term liabilities 15,035 12,732
Total liabilities 174,073 183,181
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 304,000,000 shares as of December 31, 2018 and March 31, 2019, respectively; issued and outstanding 203,599,892 shares and 204,651,932 shares as of December 31, 2018 and March 31, 2019, respectively 20 20
Additional paid-in capital 1,198,769 1,200,418
Accumulated deficit (688,653 ) (699,599 )
Accumulated other comprehensive loss (2,138 ) (1,764 )
Total Clean Energy Fuels Corp. stockholders’ equity 507,998 499,075
Noncontrolling interest in subsidiary 17,011 14,904
Total stockholders’ equity 525,009 513,979
Total liabilities and stockholders’ equity $ 699,082 $ 697,160
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data, Unaudited)
Three Months Ended
March 31,
2018 2019
Revenue:
Product revenue $ 92,251 $ 68,448
Service revenue 10,152 9,250
Total revenue 102,403 77,698
Operating expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below):
Product cost of sales 50,199 54,430
Service cost of sales 4,597 4,398
Change in fair value of derivative warrants (21 ) 1,614
Selling, general and administrative 18,858 18,434
Depreciation and amortization 12,801 12,479
Total operating expenses 86,434 91,355
Operating income (loss) 15,969 (13,657 )
Interest expense (4,503 ) (1,891 )
Interest income 575 580
Other income (expense), net (12 ) 2,670
Loss from equity method investments (1,468 ) (467 )
Income (loss) before income taxes 10,561 (12,765 )
Income tax expense (88 ) (60 )
Net income (loss) 10,473 (12,825 )
Loss attributable to noncontrolling interest 1,749 1,879
Net income (loss) attributable to Clean Energy Fuels Corp. $ 12,222 $ (10,946 )
Income (loss) per share:
Basic $ 0.08 $ (0.05 )
Diluted $ 0.08 $ (0.05 )
Weighted-average common shares outstanding:
Basic 152,194,695 204,196,669
Diluted 156,643,092 204,196,669
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005833/en/
Source: Clean Energy Fuels Corp.
Investor Contact:
investors@cleanenergyfuels.com
News Media Contact:
Raleigh Gerber
Manager of Corporate Communications
949.437.1397
Sold all my position at 1.8995 last month now I am back in at $1.3565
Good Luck all..
I did not removed your post I hub did.. I only removed one of his post because its off topic..
Good earnings on TEUM I agree with some poster about this will head double digit by end of year or even sooner..
lol you probably wish you waited..
Good earnings leaks maybe? GO TEUM!
We are better off without your pom pom..
Man, If their earnings is better than their last this could hit $6, $7, or $8 range..
Said the one who wants cheapies..You're funny
I like how it traded today with no pumping from our head cheerleader all-in.. $5 next week
Perfect timing cuz I added at $3.90s last week.. GO TEUM!
Next week for sure and on to $5 after earnings..
I live an hour away from LA and yes the gas price has been going up and some stations in LA have as much $5.10.. One reason is the gas tax increased voted by these dumb asses democraps..
When you own a trucking company here in LA it only makes sense to switch to natural gas..
The reason why TEUM is moving: Oppenheimer initiate a coverage on TEUM
Oppenheimer sees above 30% revenue growth for Pareteum, starts at Outperform Oppenheimer analyst Timothy Horan last night initiated coverage of Pareteum with an Outperform rating and $7 price target. Pareteum has a software solution for enabling mobile virtual network operators, Internet of Things and applications on one network/cloud, Horan tells investors in a research note. The analyst believes the company can grow revenues above 30% for the next five years and ultimately double its 15% EBITDA margins. There are high barriers to entry to its integrated service, and most competitors have major channel conflicts, Horan contends. Further, Pareteum's backlog has seen "very strong growth" in the last few quarters, providing visibility on revenue growth, he adds.
he acknowledges there is much risk but he also believes there is much more potential than his conservative estimate..
Oppenheimer is top 26 out of 11,988 thats quiet good..
Inching in at $4 hopefully next week will be in the low $4 then $5 after earnings.. Lets hope that earnings will move the needle
I think base on the past days of the trading sessions someone is accumulating big..It could be another insider buying or an institutional buying with deep pocket.. Either way it will get us up up and away..
GO ACRX!
Gotta love it when most cryptos/blockchain are in red and BAT is green..
Yup it's always good when we see insiders are buying especially on the open market.. Guessing ACRX will be in the $4 range before their next earnings..
Up 5.98% better yet I am now seeing green in my ACRX investment..