Clean Energy Fuels Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
CLNE$1.83-5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| | 2021 | 2022 | 2023 | ||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net loss | | $(94,155) | | $(59,590) | | $(100,098) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | |||
| Depreciation and amortization | | 45,184 | | 54,674 | | 45,674 | |||
| Provision for credit losses and inventory | | 1,257 | | 2,035 | | 1,773 | |||
| Stock-based compensation expense | | 14,994 | | 26,473 | | 23,336 | |||
| Stock-based sales incentive charges | | | 83,641 | | | 24,302 | | | 60,609 |
| Change in fair value of derivative instruments | | 3,490 | | (517) | | 158 | |||
| Amortization of discount and debt issuance cost | | 20 | | (1,712) | | (4,708) | |||
| Loss (gain) on disposal of property and equipment | | 1,365 | | 12 | | 863 | |||
| Loss on extinguishment of debt | | 39 | | 3,413 | | 5,367 | |||
| Gain from sale of certain assets of subsidiary | | (3,885) | | — | | — | |||
| Asset impairments and other charges | | — | | — | | 634 | |||
| Loss from equity method investments | | 430 | | 4,824 | | 12,510 | |||
| Non-cash lease expense | | | 2,945 | | | 3,400 | | | 6,854 |
| Deferred income taxes | | | 69 | | | 173 | | | (515) |
| Expense reimbursement from JV | | | 1,640 | | | — | | | — |
| Changes in operating assets and liabilities: | | | | | | | |||
| Accounts and other receivables | | (24,260) | | (1,072) | | (7,711) | |||
| Inventory | | (5,704) | | (9,318) | | (11,391) | |||
| Prepaid expenses and other assets | | (10,498) | | (1,366) | | 510 | |||
| Operating lease liabilities | | | (3,053) | | | (3,314) | | | (3,957) |
| Accounts payable | | 6,615 | | 9,324 | | 14,770 | |||
| Deferred revenue | | 4,550 | | (1,281) | | (883) | |||
| Accrued liabilities and other | | 16,614 | | 16,271 | | (18) | |||
| Net cash provided by operating activities | | 41,298 | | 66,731 | | 43,777 | |||
| Cash flows from investing activities: | | | | | |||||
| Purchases of short-term investments | | (324,170) | | (410,027) | | (491,253) | |||
| Maturities and sales of short-term investments | | 223,991 | | 401,639 | | 479,288 | |||
| Payment and deposits on equipment and manure rights for ADG RNG production projects | | (5,830) | | (8,986) | | (20,348) | |||
| Purchases of and deposits on property and equipment | | (23,075) | | (44,518) | | (100,934) | |||
| Grant proceeds for capital projects | | | — | | | — | | | 1,947 |
| Proceeds received for joint development and construction of station projects | | — | | — | | 3,224 | |||
| Disbursements for loans receivable | | (3,905) | | (2,310) | | (3,500) | |||
| Proceeds from paydowns, maturities, and sales of loans receivable | | 421 | | 1,116 | | 2,256 | |||
| Cash received from sale of certain assets of subsidiary, net | | 887 | | 3,885 | | — | |||
| Investments in other entities | | (78,919) | | (89,700) | | (73,450) | |||
| Advance to DR JV | | | — | | — | | (5,500) | ||
| Proceeds from repayment of advance by DR JV | | | — | | — | | 5,500 | ||
| Proceeds from settlement of insurance claims | | | — | | — | | 495 | ||
| Proceeds from disposal of property and equipment | | 2,941 | | 360 | | 262 | |||
| Net cash used in investing activities | | (207,659) | | (148,541) | | (202,013) | |||
| Cash flows from financing activities: | | | | | |||||
| Issuance of common stock | | 204,455 | | 1,365 | | 242 | |||
| Fees paid for issuance of common stock | | (6,534) | | — | | — | |||
| Repurchase of common stock | | | (2,916) | | | (6,122) | | | — |
| Payment of tax withholdings on net settlement of equity awards | | | — | | | — | | | (175) |
| Fees paid for lender and debt issuance costs | | | (1,277) | | | (486) | | | (9,484) |
| Proceeds for Adopt-A-Port program | | | 5,815 | | | 1,410 | | | 955 |
| Repayment of proceeds for Adopt-A-Port program | | | (360) | | | (1,163) | | | (1,441) |
| Proceeds from debt instruments | | 4,400 | | 159,883 | | 300,255 | |||
| Proceeds from revolving line of credit | | | 1,450 | | | 1,700 | | | — |
| Repayments of borrowing under revolving line of credit | | (1,450) | | (1,700) | | — | |||
| Repayments of debt instruments and finance lease obligations | | (50,737) | | (49,999) | | (151,148) | |||
| Payments of debt extinguishment costs | | | (14) | | | (3,239) | | | (83) |
| Net cash provided by financing activities | | 152,832 | | 101,649 | | 139,121 | |||
| Effect of exchange rates on cash, cash equivalents and restricted cash | | 8 | | (345) | | 128 | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | (13,521) | | 19,494 | | (18,987) | |||
| Cash, cash equivalents and restricted cash, beginning of period | | 119,977 | | 106,456 | | 125,950 | |||
| Cash, cash equivalents and restricted cash, end of period | | $106,456 | | $125,950 | | $106,963 | |||
| Supplemental disclosure of cash flow information: | | | | ||||||
| Income taxes paid | | $15 | | $68 | | $77 | |||
| Interest paid, net of $0, $0 and $2,587 capitalized, respectively | | $3,907 | | $1,873 | | $16,360 | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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