Bloom Energy Corporation Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Revenue of $200.3M, up 6.6% from Q2 2020, and roughly flat year-over-year after adjusting for a $14.2M revenue deferral release.
  • 314 acceptances, with installation delays due to storms; 41 delayed systems were accepted in early Q4.
  • Non-GAAP gross margin reported at 29.7%; excluding the revenue deferral release, margin was 24.5%, significantly improved from the first half of 2020 (mid-teens).
  • Adjusted EBITDA of $27.7M (or $13.5M excluding the deferral release), marking continued progress toward sustained profitability.
  • Non-GAAP operating income of $15.4M ($1.2M excluding deferral release), showing sequential improvement.

Financial Strength and Balance Sheet

  • Completed a $230M convertible green bond raise.
  • Retired/converted $249M of 2021 convertible notes; will retire remaining $79M of 2024 notes in November.
  • Recourse debt reduced by $143M since Q1 2020; no maturities until 2025.
  • Cash (excluding restricted) increased to $325M, up $181M from Q2.
  • Annual debt service reduced by $44M.
  • Net recourse debt now only $57.7M.

Operational Improvements

  • Product cost down 19% year-over-year due to manufacturing and supply chain efficiencies.

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the Bloom Energy Third Quarter 2020 Earnings Call. At this time, all participants’ lines are in a listen-only mode. After the speakers presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today Mr. Mark Mesler, VP of Finance and Investor Relations. Thank you. Please go ahead sir. Mark Mesler: Thank you operator. Good afternoon all. We appreciate you joining us on Bloom Energy’s third quarter 2020 earnings conference call. To supplement this conference call, we have furnished our Q3 2020 shareholder letter and earnings release with the SEC and have posted it along with supplemental financial information that we will periodically reference throughout this call to our Investor Relations website. The matters we will be discussing today include forward-looking statements regarding future events and the future financial performance of the company. These statements are subject to risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors, including those related to the COVID-19 pandemic that could cause actual results to differ materially from those contained in the forward-looking statements. These include stateme

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