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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 September 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 October 30, 2020, there were 198,270,294 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

57

Item 3.—Defaults upon Senior Securities

57

Item 4.—Mine Safety Disclosures

58

Item 5.—Other Information

58

Item 6.—Exhibits

58

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.

2

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, 

September 30, 

2019

2020

Assets

Current assets:

 

  

 

  

Cash, cash equivalents and current portion of restricted cash

$

49,222

$

91,605

Short-term investments

 

56,929

 

530

Accounts receivable, net of allowance of $2,412 and $1,931 as of December 31, 2019 and September 30, 2020, respectively

 

61,760

 

52,904

Other receivables

 

84,898

 

23,152

Inventory

 

29,874

 

28,830

Prepaid expenses and other current assets

 

11,109

 

8,492

Derivative assets, related party

 

 

3,269

Total current assets

 

293,792

 

208,782

Operating lease right-of-use assets

28,627

26,567

Land, property and equipment, net

 

323,912

 

298,088

Long-term portion of restricted cash

 

4,000

 

4,000

Notes receivable and other long-term assets, net

 

31,622

 

28,453

Long-term portion of derivative assets, related party

 

3,270

 

6,570

Investments in other entities

 

26,305

 

25,985

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

1,229

 

627

Total assets

$

777,085

$

663,400

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

56,013

$

6,126

Current portion of finance lease obligations

615

964

Current portion of operating lease obligations

3,359

3,189

Accounts payable

 

27,376

 

17,081

Accrued liabilities

 

67,697

 

50,202

Deferred revenue

 

7,338

 

1,720

Derivative liabilities, related party

164

Total current liabilities

 

162,562

 

79,282

Long-term portion of debt

32,872

29,047

Long-term portion of finance lease obligations

2,715

2,727

Long-term portion of operating lease obligations

26,206

24,008

Other long-term liabilities

 

9,701

 

4,867

Total liabilities

 

234,056

 

139,931

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 198,412,898 shares issued and outstanding as of December 31, 2019 and September 30, 2020, respectively

 

20

 

20

Additional paid-in capital

 

1,203,186

 

1,191,140

Accumulated deficit

 

(668,232)

 

(675,535)

Accumulated other comprehensive loss

 

(1,566)

 

(1,791)

Total Clean Energy Fuels Corp. stockholders’ equity

 

533,408

 

513,834

Noncontrolling interest in subsidiary

 

9,621

 

9,635

Total stockholders’ equity

 

543,029

 

523,469

Total liabilities and stockholders’ equity

$

777,085

$

663,400

See accompanying notes to condensed consolidated financial statements.

3

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

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2020

    

2019

    

2020

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

62,808

$

60,310

$

190,947

$

186,438

Service revenue

 

11,626

 

10,576

 

33,503

 

30,328

Total revenue

 

74,434

 

70,886

 

224,450

 

216,766

Operating expenses:

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

  

Product cost of sales

 

43,145

 

38,767

 

137,696

 

118,494

Service cost of sales

 

6,787

 

6,522

 

18,674

 

18,280

Change in fair value of derivative warrants

 

(10)

 

 

1,587

 

(40)

Selling, general and administrative

 

17,640

 

16,639

 

54,007

 

51,790

Depreciation and amortization

 

12,247

 

11,744

 

37,331

 

35,718

Total operating expenses

 

79,809

 

73,672

 

249,295

 

224,242

Operating loss

 

(5,375)

 

(2,786)

 

(24,845)

 

(7,476)

Interest expense

 

(1,704)

 

(1,009)

 

(5,437)

 

(5,060)

Interest income

 

560

 

427

 

1,707

 

1,081

Other income, net

 

165

 

919

 

2,928

 

3,381

Income (loss) from equity method investments

 

377

 

(11)

 

(123)

 

(368)

Loss before income taxes

 

(5,977)

 

(2,460)

 

(25,770)

 

(8,442)

Income tax expense

 

(68)

 

(79)

 

(194)

 

(235)

Net loss

 

(6,045)

 

(2,539)

 

(25,964)

 

(8,677)

Loss attributable to noncontrolling interest

 

1,711

 

268

 

5,301

 

1,374

Net loss attributable to Clean Energy Fuels Corp. 

$

(4,334)

$

(2,271)

$

(20,663)

$

(7,303)

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

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.02)

$

(0.01)

$

(0.10)

$

(0.04)

Weighted-average common shares outstanding:

 

  

 

  

 

  

 

  

Basic and diluted

 

204,712,888

 

198,785,394

 

204,522,984

 

201,472,851

See accompanying notes to condensed consolidated financial statements.

4

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

September 30, 

September 30, 

September 30, 

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

Net loss

$

(4,334)

$

(2,271)

$

(1,711)

$

(268)

$

(6,045)

$

(2,539)

Other comprehensive income (loss), net of tax:

 

  

 

 

  

 

 

  

 

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

 

(623)

 

687

 

 

 

(623)

 

687

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

 

5

 

(3)

 

 

 

5

 

(3)

Total other comprehensive income (loss)

 

(618)

 

684

 

 

 

(618)

 

684

Comprehensive loss

$

(4,952)

$

(1,587)

$

(1,711)

$

(268)

$

(6,663)

$

(1,855)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Nine Months Ended

Nine Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

Net loss

$

(20,663)

$

(7,303)

$

(5,301)

$

(1,374)

$

(25,964)

$

(8,677)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

  

 

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

 

7

 

(227)

 

 

 

7

 

(227)

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

 

73

 

2

 

 

 

73

 

2

Total other comprehensive income (loss)

 

80

 

(225)

 

 

 

80

 

(225)

Comprehensive loss

$

(20,583)

$

(7,528)

$

(5,301)

$

(1,374)

$

(25,884)

$

(8,902)

See accompanying notes to condensed consolidated financial statements.

5

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

Issuance of common stock

 

64,849

107

 

107

Stock-based compensation

 

892

 

892

Net loss

 

(4,334)

(1,711)

 

(6,045)

Other comprehensive loss

 

(618)

 

(618)

Balance, September 30, 2019

 

204,719,995

$

20

$

1,202,339

$

(709,316)

$

(2,058)

$

11,482

$

502,467

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

Issuance of common stock

 

141,310

 

 

248

 

 

 

 

248

Repurchase of common stock

(1,235,192)

(3,013)

(3,013)

Stock-based compensation

 

 

 

708

 

 

 

 

708

Net loss

 

 

 

 

(2,271)

 

 

(268)

 

(2,539)

Other comprehensive income

 

 

 

 

 

684

 

 

684

Balance, September 30, 2020

 

198,412,898

$

20

$

1,191,140

$

(675,535)

$

(1,791)

$

9,635

$

523,469

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Nine Months Ended

September 30, 

    

2019

    

2020

Cash flows from operating activities:

Net loss

$

(25,964)

$

(8,677)

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

 

 

Depreciation and amortization

 

37,331

 

35,718

Provision for credit losses and inventory

 

1,071

 

1,421

Stock-based compensation expense

 

3,056

 

2,522

Change in fair value of derivative instruments

 

4,854

 

(4,055)

Derivative settlement loss

(210)

Amortization of discount and debt issuance cost

 

(555)

 

(69)

Gain on disposal of property and equipment

 

(4,043)

 

(3,314)

Gain from sale of certain assets of subsidiary

 

 

(176)

Loss from equity method investments

 

123

 

368

Non-cash lease expense

2,597

2,060

Deferred income taxes

90

Changes in operating assets and liabilities:

 

  

 

Accounts and other receivables

 

3,947

 

62,602

Inventory

 

2,799

 

437

Prepaid expenses and other assets

 

(4,593)

 

4,626

Operating lease liabilities

(3,053)

(2,368)

Accounts payable

 

(3,215)

 

(8,630)

Deferred revenue

 

(3,121)

 

(11,957)

Accrued liabilities and other

 

(6,421)

 

(17,476)

Net cash provided by operating activities

 

4,603

 

53,122

Cash flows from investing activities:

 

  

 

  

Purchases of short-term investments

 

(138,260)

 

(45,293)

Maturities and sales of short-term investments

 

137,896

 

101,850

Purchases of and deposits on property and equipment

 

(12,252)

 

(9,985)

Loans made to customers

 

 

(40)

Payments on and proceeds from sales of loans receivable

 

556

 

1,442

Cash received from sale of certain assets of subsidiary, net

 

4,973

 

4,830

Investments in other entities

 

 

(150)

Proceeds from disposal of property and equipment

 

6,569

 

4,615

Net cash provided by (used in) investing activities

 

(518)

 

57,269

Cash flows from financing activities:

 

  

 

  

Issuances of common stock

 

286

 

483

Repurchase of common stock

(13,663)

Proceeds from debt instruments

 

3,694

 

300

Repayments of debt instruments and finance lease obligations

 

(5,066)

 

(55,009)

Fees paid for debt issuance costs

(29)

Net cash used in financing activities

 

(1,115)

 

(67,889)

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

 

109

 

(119)

Net increase in cash, cash equivalents and restricted cash

 

3,079

 

42,383

Cash, cash equivalents and restricted cash, beginning of period

 

34,624

 

53,222

Cash, cash equivalents and restricted cash, end of period

$

37,703

$

95,605

Supplemental disclosure of cash flow information:

 

  

 

  

Income taxes paid

$

36

$

46

Interest paid, net of $391 and $57 capitalized, respectively

$

4,913

$

4,841

See accompanying notes to condensed consolidated financial statements.

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