Bloom Energy Corp
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net loss | $(27,203) | $(307,937) | $(315,086) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 53,048 | 62,609 | 61,608 |
| Non-cash lease expense | 35,898 | 33,619 | 20,155 |
| Loss on disposal of property, plant and equipment | 161 | 411 | — |
| Revaluation of derivative contracts | 694 | 1,641 | (9,583) |
| Impairment of assets | — | 130,088 | 113,514 |
| Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing | — | 52,792 | — |
| Stock-based compensation expense | 82,424 | 84,480 | 112,259 |
| Amortization of debt issuance costs | 6,797 | 4,772 | 3,032 |
| Loss on extinguishment of debt | 27,182 | 4,288 | 8,955 |
| Net (gain) loss on failed sale-and-leaseback transactions | (17,390) | 403 | — |
| Unrealized foreign currency exchange loss (gain) | 3,756 | 618 | (3,267) |
| Other | 69 | 47 | 3,532 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable1 | 7,133 | (89,888) | (162,864) |
| Contract assets2 | (103,796) | 5,361 | (21,525) |
| Inventories | (44,527) | (231,689) | (124,878) |
| Deferred cost of revenue3 | (13,070) | 1,655 | (24,282) |
| Customer financing receivable | — | — | 2,510 |
| Prepaid expenses and other assets4 | 3,790 | (5,754) | (17,590) |
| Other long-term assets5 | 4,072 | (3,366) | (2,617) |
| Operating lease right-of-use assets and operating lease liabilities | (36,675) | (32,801) | 3,016 |
| Financing lease liabilities | 1,644 | 1,011 | 896 |
| Accounts payable6 | (36,629) | (29,080) | 86,498 |
| Accrued warranty7 | (2,767) | 1,994 | 5,586 |
| Accrued expenses and other current liabilities8 | 8,662 | (13,785) | 43,243 |
| Deferred revenue and customer deposits9 | 139,868 | (42,635) | 35,156 |
| Other long-term liabilities | (1,143) | (1,385) | (9,991) |
| Net cash provided by (used in) operating activities | 91,998 | (372,531) | (191,723) |
| Cash flows from investing activities: | |||
| Purchase of property, plant and equipment | (58,852) | (83,739) | (116,823) |
| Proceeds from sale of property, plant and equipment | 70 | 14 | — |
| Net cash used in investing activities | (58,782) | (83,725) | (116,823) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt10 | 402,500 | 637,127 | — |
| Payment of debt issuance costs | (12,761) | (19,736) | — |
| Repayment of debt | (140,990) | (191,390) | (120,586) |
| Make-whole payment related to PPAs’ debt | — | — | (6,553) |
| Purchase of capped call options related to convertible notes | — | (54,522) | — |
| Proceeds from financing obligations | 1,798 | 4,993 | 3,261 |
| Repayment of financing obligations | (90,197) | (18,445) | (35,543) |
| Distributions and payments to noncontrolling interest | — | (2,265) | (6,854) |
| Proceeds from issuance of common stock | 12,367 | 16,945 | 15,279 |
| 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 | — |
| Payment of issuance costs related to redeemable convertible preferred stock | — | (395) | — |
| Dividend paid | (1,468) | — | — |
| Contributions from noncontrolling interest | 3,958 | 6,979 | 2,815 |
| Other | — | — | (76) |
| Net cash provided by financing activities | 175,207 | 683,349 | 211,364 |
| Effect of exchange rate changes on cash, cash equivalent, and restricted cash | (2,630) | (281) | 434 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 205,793 | 226,812 | (96,748) |
| Cash, cash equivalents, and restricted cash: | |||
| Beginning of period | 745,178 | 518,366 | 615,114 |
| End of period | $950,971 | $745,178 | $518,366 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for interest | $55,699 | $49,929 | $48,980 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | 36,416 | 32,538 | 14,001 |
| Operating cash flows from finance leases | 259 | 1,097 | 1,085 |
| Cash paid during the period for income taxes | 1,424 | 1,455 | 1,439 |
| Non-cash investing and financing activities: | |||
| 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 | 1,647 | 9,297 | 10,988 |
| Recognition of operating lease right-of-use asset during the year-to-date period | 2,936 | 29,823 | 36,402 |
| Recognition of finance lease right-of-use asset during the year-to-date period | 1,644 | 1,011 | 896 |
| Derecognition of financing obligations | 101,683 | — | — |
| 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 $168.5 million, $257.8 million and $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
2 Including change in related party balances of $6.1 million and $6.9 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
3 Including change in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
4 Including change in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
5 Including change in related party balances of $0.3 million and $9.1 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
6 Including change in related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
7 Including change in related party balances of $0.1 million and $1.3 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
8 Including change in related party balances of $0.6 million and $3.4 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
9 Including change in related party balances of $3.8 million and $8.4 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
10 Including change in related party balances of $0.6 million and $4.6 million for the years ended December 31, 2024, and 2023, respectively. There wereno associated related party balances as of December 31, 2022.
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