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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-33480

CLEAN ENERGY FUELS CORP.

(Exact name of registrant as specified in its charter)

Delaware

33-0968580

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4675 MacArthur Court, Suite 800, Newport Beach, CA 92660

(Address of principal executive offices, including zip code)

(949) 437-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

CLNE

The Nasdaq Select Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of July 31, 2020, there were 198,690,945 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.

Table of Contents

CLEAN ENERGY FUELS CORP. AND SUBSIDIARIES

INDEX

Table of Contents

PART I.—FINANCIAL INFORMATION

3

Item 1.—Financial Statements (Unaudited)

3

Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

40

Item 4.—Controls and Procedures

41

PART II.—OTHER INFORMATION

43

Item 1.—Legal Proceedings

43

Item 1A.—Risk Factors

43

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.—Defaults upon Senior Securities

60

Item 4.—Mine Safety Disclosures

60

Item 5.—Other Information

60

Item 6.—Exhibits

60

Unless the context indicates otherwise, all references to “Clean Energy,” the “Company,” “we,” “us,” or “our” in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries.

This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

We own registered or unregistered trademark or service mark rights to Redeem™, NGV Easy Bay™, Clean Energy™, Clean Energy Renewables™, and Clean Energy Cryogenics™. Although we do not use the “®” or “™” symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners.

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Table of Contents

PART I.—FINANCIAL INFORMATION

Item 1.—Financial Statements (Unaudited)

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data; Unaudited)

December 31, 

June 30, 

2019

2020

Assets

Current assets:

 

  

 

  

Cash, cash equivalents and current portion of restricted cash

$

49,222

$

79,171

Short-term investments

 

56,929

 

16,529

Accounts receivable, net of allowance of $2,412 and $2,187 as of December 31, 2019 and June 30, 2020, respectively

 

61,760

 

48,141

Other receivables

 

84,898

 

17,363

Inventory

 

29,874

 

29,503

Prepaid expenses and other current assets

 

11,109

 

11,862

Derivative assets, related party

 

 

2,861

Total current assets

 

293,792

 

205,430

Operating lease right-of-use assets

28,627

27,254

Land, property and equipment, net

 

323,912

 

306,179

Long-term portion of restricted cash

 

4,000

 

4,000

Notes receivable and other long-term assets, net

 

31,622

 

28,923

Long-term portion of derivative assets, related party

 

3,270

 

6,882

Investments in other entities

 

26,305

 

25,246

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

1,229

 

795

Total assets

$

777,085

$

669,037

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

56,013

$

6,043

Current portion of finance lease obligations

615

745

Current portion of operating lease obligations

3,359

3,600

Accounts payable

 

27,376

 

15,759

Accrued liabilities

 

67,697

 

48,148

Deferred revenue

 

7,338

 

4,890

Derivative liabilities, related party

164

Total current liabilities

 

162,562

 

79,185

Long-term portion of debt

32,872

30,499

Long-term portion of finance lease obligations

2,715

2,908

Long-term portion of operating lease obligations

26,206

24,361

Other long-term liabilities

 

9,701

 

4,703

Total liabilities

 

234,056

 

141,656

Commitments and contingencies (Note 17)

 

  

 

  

Stockholders’ equity:

 

  

 

  

Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding

 

 

Common stock, $0.0001 par value. 304,000,000 shares authorized; 204,723,055 shares and 199,506,780 shares issued and outstanding as of December 31, 2019 and June 30, 2020, respectively

 

20

 

20

Additional paid-in capital

 

1,203,186

 

1,193,197

Accumulated deficit

 

(668,232)

 

(673,264)

Accumulated other comprehensive loss

 

(1,566)

 

(2,475)

Total Clean Energy Fuels Corp. stockholders’ equity

 

533,408

 

517,478

Noncontrolling interest in subsidiary

 

9,621

 

9,903

Total stockholders’ equity

 

543,029

 

527,381

Total liabilities and stockholders’ equity

$

777,085

$

669,037

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data; Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2020

    

2019

    

2020

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

59,691

$

50,426

$

128,139

$

126,128

Service revenue

 

12,627

 

9,448

 

21,877

 

19,752

Total revenue

 

72,318

 

59,874

 

150,016

 

145,880

Operating expenses:

 

  

 

  

 

  

 

  

Cost of sales (exclusive of depreciation and amortization shown separately below):

 

  

 

  

 

  

 

  

Product cost of sales

 

40,121

 

33,054

 

94,551

 

79,727

Service cost of sales

 

7,489

 

5,499

 

11,887

 

11,758

Change in fair value of derivative warrants

 

(17)

 

(445)

 

1,597

 

(40)

Selling, general and administrative

 

17,933

 

16,892

 

36,368

 

35,151

Depreciation and amortization

 

12,605

 

12,050

 

25,084

 

23,974

Total operating expenses

 

78,131

 

67,050

 

169,487

 

150,570

Operating loss

 

(5,813)

 

(7,176)

 

(19,471)

 

(4,690)

Interest expense

 

(1,842)

 

(1,841)

 

(3,733)

 

(4,051)

Interest income

 

567

 

273

 

1,147

 

654

Other income, net

 

93

 

2,287

 

2,764

 

2,462

Loss from equity method investments

 

(33)

 

(502)

 

(500)

 

(357)

Loss before income taxes

 

(7,028)

 

(6,959)

 

(19,793)

 

(5,982)

Income tax expense

 

(66)

 

(78)

 

(126)

 

(156)

Net loss

 

(7,094)

 

(7,037)

 

(19,919)

 

(6,138)

Loss attributable to noncontrolling interest

 

1,711

 

301

 

3,590

 

1,106

Net loss attributable to Clean Energy Fuels Corp. 

$

(5,383)

$

(6,736)

$

(16,329)

$

(5,032)

Net loss attributable to Clean Energy Fuels Corp. per share:

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.03)

$

(0.03)

$

(0.08)

$

(0.02)

Weighted-average common shares outstanding:

 

  

 

  

 

  

 

  

Basic and diluted

 

204,653,723

 

200,670,137

 

204,426,459

 

202,831,346

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands; Unaudited)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Three Months Ended

Three Months Ended

Three Months Ended

June 30, 

June 30, 

June 30, 

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

Net loss

$

(5,383)

$

(6,736)

$

(1,711)

$

(301)

$

(7,094)

$

(7,037)

Other comprehensive income (loss), net of tax:

 

  

 

 

  

 

 

  

 

Foreign currency translation adjustments, net of $0 tax in 2019 and 2020

 

321

 

1,007

 

 

 

321

 

1,007

Unrealized gains on available-for-sale securities, net of $0 tax in 2019 and 2020

 

3

 

(1)

 

 

 

3

 

(1)

Total other comprehensive income

 

324

 

1,006

 

 

 

324

 

1,006

Comprehensive loss

$

(5,059)

$

(5,730)

$

(1,711)

$

(301)

$

(6,770)

$

(6,031)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Six Months Ended

Six Months Ended

Six Months Ended

June 30, 

June 30, 

June 30, 

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

Net loss

$

(16,329)

$

(5,032)

$

(3,590)

$

(1,106)

$

(19,919)

$

(6,138)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

  

 

Foreign currency translation adjustments, net of $0 tax in 2019 and 2020

 

629

 

(914)

 

 

 

629

 

(914)

Unrealized gains on available-for-sale securities, net of $0 tax in 2019 and 2020

 

69

 

5

 

 

 

69

 

5

Total other comprehensive income (loss)

 

698

 

(909)

 

 

 

698

 

(909)

Comprehensive loss

$

(15,631)

$

(5,941)

$

(3,590)

$

(1,106)

$

(19,221)

$

(7,047)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands; except share data)

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2018

 

203,599,892

$

20

$

1,198,769

$

(688,653)

$

(2,138)

$

17,011

$

525,009

Issuance of common stock

 

1,052,040

 

 

175

 

 

 

 

175

Stock-based compensation

 

 

 

1,246

 

 

 

 

1,246

Net loss

 

 

 

 

(10,946)

 

 

(1,879)

 

(12,825)

Other comprehensive income

 

 

 

 

 

374

 

 

374

Increase in ownership in subsidiary

228

(228)

Balance, March 31, 2019

 

204,651,932

20

1,200,418

(699,599)

(1,764)

14,904

513,979

Issuance of common stock

 

3,214

 

 

4

 

 

 

 

4

Stock-based compensation

 

 

 

918

 

 

 

 

918

Net loss

 

 

 

 

(5,383)

 

 

(1,711)

 

(7,094)

Other comprehensive income

 

 

 

 

 

324

 

 

324

Balance, June 30, 2019

 

204,655,146

$

20

$

1,201,340

$

(704,982)

$

(1,440)

$

13,193

$

508,131

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2019

 

204,723,055

$

20

$

1,203,186

$

(668,232)

$

(1,566)

$

9,621

$

543,029

Issuance of common stock

 

871,010

 

 

194

 

 

 

 

194

Repurchase of common stock

(2,810,449)

(4,244)

(4,244)

Stock-based compensation

 

 

 

1,054

 

 

 

 

1,054

Net income (loss)

 

 

 

 

1,704

 

 

(805)

 

899

Other comprehensive loss

 

 

 

 

 

(1,915)

 

 

(1,915)

Increase in ownership in subsidiary

 

 

 

(1,388)

 

 

 

1,388

 

Balance, March 31, 2020

 

202,783,616

20

1,198,802

(666,528)

(3,481)

10,204

539,017

Issuance of common stock

 

25,214

 

 

41

 

 

 

 

41

Repurchase of common stock

(3,302,050)

(6,406)

(6,406)

Stock-based compensation

 

 

 

760

 

 

 

 

760

Net loss

 

 

 

 

(6,736)

 

 

(301)

 

(7,037)

Other comprehensive income

 

 

 

 

 

1,006

 

 

1,006

Balance, June 30, 2020

 

199,506,780

$

20

$

1,193,197

$

(673,264)

$

(2,475)

$

9,903

$

527,381

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Six Months Ended

June 30, 

    

2019

    

2020

Cash flows from operating activities:

Net loss

$

(19,919)

$

(6,138)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

Depreciation and amortization

 

25,084

 

23,974

Provision for credit losses and inventory

 

646

 

1,056

Stock-based compensation expense

 

2,164

 

1,814

Change in fair value of derivative instruments

 

5,992

 

(4,205)

Amortization of discount and debt issuance cost

 

(429)

 

(103)

Gain on disposal of property and equipment

 

(3,967)

 

(2,298)

Gain from sale of certain assets of subsidiary

 

 

(176)

Loss from equity method investments

 

500

 

357

Non-cash lease expense

1,695

1,373

Deferred income taxes

60

Changes in operating assets and liabilities:

 

  

 

Accounts and other receivables

 

9,361

 

73,904

Inventory

 

656

 

218

Prepaid expenses and other assets

 

(1,027)

 

365

Operating lease liabilities

(1,860)

(1,604)

Accounts payable

 

560

 

(10,572)

Deferred revenue

 

(2,723)

 

(8,787)

Accrued expenses and other

 

(7,950)

 

(19,479)

Net cash provided by operating activities

 

8,783

 

49,759

Cash flows from investing activities:

 

  

 

  

Purchases of short-term investments

 

(72,029)

 

(45,293)

Maturities and sales of short-term investments

 

71,666

 

85,850

Purchases of and deposits on property and equipment

 

(7,743)

 

(6,354)

Loans made to customers

 

 

(40)

Payments on and proceeds from sales of loans receivable

 

(281)

 

1,226

Cash received from sale of certain assets of subsidiary, net

 

5,016

 

4,951

Proceeds from disposal of property and equipment

 

6,337

 

3,224

Net cash provided by investing activities

 

2,966

 

43,564

Cash flows from financing activities:

 

  

 

  

Issuances of common stock

 

179

 

235

Repurchase of common stock

(10,650)

Proceeds from debt instruments

 

3,394

 

200

Repayments of debt instruments and finance lease obligations

 

(3,533)

 

(52,960)

Fees paid for debt issuance costs

(29)

Net cash provided by (used in) financing activities

 

11

 

(63,175)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

130

 

(199)

Net increase in cash, cash equivalents and restricted cash

 

11,890

 

29,949

Cash, cash equivalents and restricted cash, beginning of period

 

34,624

 

53,222

Cash, cash equivalents and restricted cash, end of period

$

46,514

$

83,171

Supplemental disclosure of cash flow information:

 

  

 

  

Income taxes paid

$

32

$

65

Interest paid, net of $178 and $57 capitalized, respectively

$

2,590

$

3,906

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1—General

Nature of Business

Clean Energy Fuels Corp., together with its majority and wholly owned subsidiaries (hereinafter collectively referred to as the “Company,” unless the context or the use of the term indicates or requires otherwise) is engaged in the business of selling renewable and conventional natural gas as alternative fuels for vehicle fleets and related fueling solutions to its customers, primarily in the United States and Canada.

The Company’s principal business is supplying renewable natural gas (“RNG”), compressed natural gas (“CNG”) and liquefied natural gas (“LNG”) (RNG can be delivered in the form of CNG or LNG) for medium and heavy-duty vehicles and providing operation and maintenance (“O&M”) services for public and private vehicle fleet customer stations. As a comprehensive solution provider, the Company also designs, builds, operates and maintains fueling stations; sells and services natural gas fueling compressors and other equipment used in CNG stations and LNG stations; offers assessment, design and modification solutions to provide operators with code-compliant service and maintenance facilities for natural gas vehicle fleets; transports and sells CNG and LNG via “virtual” natural gas pipelines and interconnects; procures and sells RNG; sells tradable credits it generates by selling RNG and conventional natural gas as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California and the Oregon Low Carbon Fuel Standards (collectively, “LCFS Credits”); helps its customers acquire and finance natural gas vehicles; and obtains federal, state and local credits, grants and incentives.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s consolidated financial position as of June 30, 2020, results of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2019 and 2020, and cash flows for the six months ended June 30, 2019 and 2020. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six month periods ended June 30, 2019 and 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any future year.

Certain information and disclosures normally included in the notes to consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as they apply to interim reporting. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2019 that are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2020.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these notes. Actual results could differ from those estimates and may result in material effects on the Company’s operating results and financial position. Significant estimates made in preparing the accompanying condensed consolidated financial statements include (but are not limited to) those related to revenue recognition, fair value measurements, goodwill and long-lived asset valuations and impairment assessments, income tax valuations and stock-based compensation expense.

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Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard amends the impairment model to utilize an expected loss methodology in place of the existing incurred loss methodology. The Company adopted this standard in the first quarter of 2020. Adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Pending Adoption

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This new standard clarifies and simplifies the accounting for income taxes, including guidance related to intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences, the methodology for calculating income taxes in an interim period, and the application of income tax guidance to franchise taxes that are partially based on income. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted in any interim period within that year. The Company is currently evaluating the impact adoption of this ASU will have on its consolidated financial statements.

Note 2—Revenue from Contracts with Customers

Revenue Recognition Overview

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which it expects to be entitled in exchange for the goods or services. To achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when the Company satisfies the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition.

The Company is generally the principal in its customer contracts because it has control over the goods and services prior to transfer to the customer, and as such, revenue is recognized on a gross basis. Sales and usage-based taxes are excluded from revenues. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2020

    

2019

    

2020

Volume-related (1)

$

66,260

$

50,231

$

140,788

$

125,290

Station construction sales

 

5,943

 

5,277

 

9,113

 

10,800

AFTC (2)

 

 

4,366

 

 

9,790

Other

 

115

 

 

115

 

Total revenue

$

72,318

$

59,874

$

150,016

$

145,880

(1)Includes changes in fair value of derivative instruments related to the Company’s commodity swap and customer fueling contracts associated with the Company’s Zero Now truck financing program. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s Zero Now truck financing program. See Note 6 for more information about these derivative instruments. For the three and six months ended June 30, 2019, changes in the fair value of commodity swaps and customer fueling contracts amounted to a gain of $0.6 million and a loss of $4.4 million, respectively. For the three and six months ended June 30, 2020, changes in the fair value of commodity swaps and customer fueling contracts amounted to a loss of $1.5 million and a gain of $4.2 million, respectively.
(2)Represents the federal alternative fuel excise tax credit that we refer to as “AFTC,” which had previously expired but on December 20, 2019 was retroactively extended for vehicle fuel sales made beginning January 1, 2018 through December 31, 2020.  See Note 19 for more information.

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Remaining Performance Obligations

Remaining performance obligations represent the transaction price of customer orders for which the work has not been performed. As of June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $15.3 million, which related to the Company’s station construction sale contracts. The Company expects to recognize revenue on the remaining performance obligations under these contracts over the next 12 to 24 months.

For volume-related revenue, the Company has elected to apply an optional exemption, which waives the requirement to disclose the remaining performance obligation for revenue recognized through the right to invoice’ practical expedient.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the accompanying condensed consolidated balance sheets.

As of December 31, 2019 and June 30, 2020, the Company’s contract balances were as follows (in thousands):

    

December 31, 

    

June 30, 

2019

2020

Accounts receivable, net

$

61,760

$

48,141

  

  

Contract assets - current

$

455

$

1,537

Contract assets - non-current

 

3,777

 

3,829

Contract assets - total

$

4,232

$

5,366

  

  

Contract liabilities - current

$

5,329

$

2,044

Contract liabilities - non-current

 

6,339

 

Contract liabilities - total

$

11,668

$

2,044

Accounts Receivable, Net

"Accounts receivable, net" in the accompanying condensed consolidated balance sheets include amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company maintains an allowance to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables, and economic conditions that may affect a customer’s ability to pay.

Contract Assets

Contract assets include unbilled amounts typically resulting from the Company’s station construction sale contracts, when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount bill