Bloom Energy Corp
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(307,937) | $(315,086) | $(193,369) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 62,609 | 61,608 | 53,454 |
| Non-cash lease expense | 33,619 | 20,155 | 9,708 |
| Loss on disposal of property, plant and equipment | 411 | — | — |
| Revaluation of derivative contracts | 1,641 | (9,583) | 17,532 |
| Impairment of assets related to PPAs | 130,088 | 113,514 | — |
| Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing | 52,792 | — | — |
| Stock-based compensation expense | 84,480 | 112,259 | 73,274 |
| Amortization of warrants and debt issuance costs | 4,772 | 3,032 | 3,797 |
| Loss on extinguishment of debt | 4,288 | 8,955 | — |
| Gain on remeasurement of investment | — | — | (1,966) |
| Contingent consideration remeasurement | — | — | (3,623) |
| Interest expense on interest rate swap settlement | — | — | (641) |
| Unrealized foreign currency exchange loss (gain) | 618 | (3,267) | 77 |
| Other | 450 | 3,532 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable1 | (89,888) | (162,864) | 8,608 |
| Contract assets2 | 5,361 | (21,525) | (21,874) |
| Inventories | (231,689) | (124,878) | (885) |
| Deferred cost of revenue3 | 1,655 | (24,282) | 17,567 |
| Customer financing receivable | — | 2,510 | 5,428 |
| Prepaid expenses and other assets4 | (5,754) | (17,590) | 1,520 |
| Other long-term assets5 | (3,366) | (2,617) | (2,854) |
| Operating lease right-of-use assets and operating lease liabilities | (32,801) | 3,016 | (12,953) |
| Financing lease liabilities | 1,011 | 896 | 1,142 |
| Accounts payable6 | (29,080) | 86,498 | 13,017 |
| Accrued warranty | 1,994 | 5,586 | 1,481 |
| Accrued expenses and other liabilities7 | (13,785) | 43,243 | (2,144) |
| Deferred revenue and customer deposits8 | (42,635) | 35,156 | (22,677) |
| Other long-term liabilities | (1,385) | (9,991) | (4,300) |
| Net cash used in operating activities | (372,531) | (191,723) | (60,681) |
| Cash flows from investing activities: | |||
| Purchase of property, plant and equipment | (83,739) | (116,823) | (49,810) |
| Proceeds from sale of property, plant and equipment | 14 | — | — |
| Net cash acquired from step acquisition | — | — | 3,114 |
| Net cash used in investing activities | (83,725) | (116,823) | (46,696) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt9 | 637,127 | — | 135,989 |
| Payment of debt issuance costs | (19,736) | — | (1,950) |
| Repayment of debt | (191,390) | (120,586) | (123,374) |
| Make-whole payment related to PPA IIIa and PPA IV debt | — | (6,553) | — |
| Purchase of capped call options related to convertible notes | (54,522) | — | — |
| Proceeds from financing obligations | 4,993 | 3,261 | 16,849 |
| Repayment of financing obligations | (18,445) | (35,543) | (13,642) |
| Distributions and payments to noncontrolling interest | (2,265) | (6,854) | (5,789) |
| Distributions to redeemable noncontrolling interest | — | — | (49) |
| Proceeds from issuance of common stock | 16,945 | 15,279 | 89,790 |
| Proceeds from public share offering | — | 385,396 | — |
| Payment of public share offering costs | (35) | (13,775) | — |
| Buyout of noncontrolling interest | (6,864) | (12,000) | — |
| Proceeds from issuance of redeemable convertible preferred stock | 310,957 | — | 217,861 |
| Payment of issuance costs related to redeemable convertible preferred stock | (395) | — | (9,310) |
| Contributions from noncontrolling interest | 6,979 | 2,815 | — |
| Other | — | (76) | — |
| Net cash provided by financing activities | 683,349 | 211,364 | 306,375 |
| Effect of exchange rate changes on cash, cash equivalent and restricted cash | (281) | 434 | (594) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 226,812 | (96,748) | 198,404 |
| Cash, cash equivalents, and restricted cash: | |||
| Beginning of period | 518,366 | 615,114 | 416,710 |
| End of period | $745,178 | $518,366 | $615,114 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for interest | $49,929 | $48,980 | $68,739 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | 32,538 | 14,001 | 17,416 |
| Operating cash flows from finance leases | 1,097 | 1,085 | 878 |
| Cash paid during the period for income taxes | 1,455 | 1,439 | 576 |
| Non-cash investing and financing activities: | |||
| Increase in recourse debt, non-current upon adoption of ASU 2020-06, net | $— | $— | $121,491 |
| Transfer from customer financing receivable to property, plant and equipment, net | — | 42,758 | — |
| Forward to purchase Class A common stock | — | 4,183 | — |
| Liabilities recorded for property, plant and equipment, net | 9,297 | 10,988 | 6,095 |
| Recognition of operating lease right-of-use asset during the year-to-date period | 29,823 | 36,402 | 82,802 |
| Recognition of finance lease right-of-use asset during the year-to-date period | 1,011 | 896 | 2,210 |
| Conversion of redeemable convertible preferred stock | 310,484 | 208,551 | — |
| Derecognition of the pre-modified forward contract fair value | 76,242 | — | — |
| Equity component of redeemable convertible preferred stock | 16,145 | — | — |
1 Including changes in related party balances of $257.8 million, $0.1 million and $2.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
2 Including change in related party balances of $6.9 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
3 Including change in related party balances of $0.9 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
4 Including change in related party balances of $2.3 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
5 Including change in related party balances of $9.1 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
6 Including change in related party balances of $0.1 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
7 Including change in related party balances of $3.4 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
8 Including change in related party balances of $8.4 million for the year ended December 31, 2023. There wereno associated related party balances as of December 31, 2022 and 2021.
9 Including proceeds from issuance of debt from related party of $4.6 million for the year ended December 31, 2023. There wereno proceeds from issuance of debt from related party for the years ended of December 31, 2022 and 2021.
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