$FCEL
FUELCELL ENERGY INC

2019 Q3 Form 10-Q Financial Statement

#000156459019034309 Filed on September 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $22.71M $17.88M $12.11M
YoY Change 87.55% -62.66% 16.91%
Cost Of Revenue $14.75M $16.74M $14.17M
YoY Change 4.1% -62.58% 9.1%
Gross Profit $7.965M $1.143M -$2.056M
YoY Change -487.4% -63.87% -21.71%
Gross Profit Margin 35.07% 6.39% -16.98%
Selling, General & Admin $3.760M $5.580M $6.100M
YoY Change -38.36% -21.63% -3.33%
% of Gross Profit 47.21% 488.19%
Research & Development $1.980M $7.430M $6.320M
YoY Change -68.67% 75.65% 17.17%
% of Gross Profit 24.86% 650.04%
Depreciation & Amortization $3.920M $2.120M $2.230M
YoY Change 75.78% 4.95% 1.36%
% of Gross Profit 49.22% 185.48%
Operating Expenses $9.035M $13.01M $12.42M
YoY Change -27.24% 14.73% 6.1%
Operating Profit -$1.070M -$11.87M -$14.47M
YoY Change -92.61% 45.09% 1.0%
Interest Expense $3.536M -$2.420M $2.434M
YoY Change 45.28% 4.31% 6.8%
% of Operating Profit
Other Income/Expense, Net -$685.0K $200.0K $1.042M
YoY Change -165.74% -61.54% -365.14%
Pretax Income -$5.291M -$14.09M -$15.87M
YoY Change -66.65% 41.18% -6.68%
Income Tax $20.00K $10.00K $15.00K
% Of Pretax Income
Net Earnings -$5.311M -$14.10M -$15.88M
YoY Change -66.56% 41.26% -6.59%
Net Earnings / Revenue -23.38% -78.82% -131.14%
Basic Earnings Per Share -$0.18 -$2.45
Diluted Earnings Per Share -$0.18 -$1.817M -$2.45
COMMON SHARES
Basic Shares Outstanding 45.07M 7.191M
Diluted Shares Outstanding 45.07M 7.191M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.00M $39.30M $48.70M
YoY Change -67.15% -20.28% 36.41%
Cash & Equivalents $16.02M $39.29M $87.26M
Short-Term Investments
Other Short-Term Assets $7.254M $8.592M $14.30M
YoY Change -49.27% 30.76% 137.9%
Inventory $59.83M $53.58M $60.10M
Prepaid Expenses
Receivables $3.705M $9.280M $39.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $96.37M $130.3M $162.6M
YoY Change -40.73% -35.97% 12.45%
LONG-TERM ASSETS
Property, Plant & Equipment $42.41M $48.20M $46.20M
YoY Change -8.21% 10.65% 10.33%
Goodwill $4.075M $4.075M
YoY Change 0.0%
Intangibles $21.59M $9.592M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $10.02M $13.51M $135.8M
YoY Change -92.62% -18.24% 725.78%
Total Long-Term Assets $265.1M $210.1M $195.6M
YoY Change 35.51% 16.55% 13.28%
TOTAL ASSETS
Total Short-Term Assets $96.37M $130.3M $162.6M
Total Long-Term Assets $265.1M $210.1M $195.6M
Total Assets $361.4M $340.4M $358.2M
YoY Change 0.9% -11.3% 12.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.25M $22.59M $44.10M
YoY Change -31.41% -46.98% 403.6%
Accrued Expenses $8.582M $7.632M $12.30M
YoY Change -30.23% -58.48% -6.26%
Deferred Revenue $15.65M $11.35M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $44.40M $18.50M $15.30M
YoY Change 190.2% -36.43% -32.3%
Total Short-Term Liabilities $98.85M $60.12M $83.60M
YoY Change 18.24% -38.7% 56.41%
LONG-TERM LIABILITIES
Long-Term Debt $95.60M $86.60M $92.20M
YoY Change 3.69% 11.03% 39.48%
Other Long-Term Liabilities $79.70M $71.62M $17.30M
YoY Change 360.67% 12.33% -75.4%
Total Long-Term Liabilities $79.70M $71.62M $109.5M
YoY Change -27.22% 12.33% -19.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.85M $60.12M $83.60M
Total Long-Term Liabilities $79.70M $71.62M $109.5M
Total Liabilities $216.7M $163.5M $193.1M
YoY Change 12.2% -16.14% 22.53%
SHAREHOLDERS EQUITY
Retained Earnings -$1.040B -$990.9M
YoY Change 5.02%
Common Stock $1.125B $1.073B
YoY Change 2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $466.0K $363.0K
YoY Change 29.64%
Treasury Stock Shares $42.50K $13.04K
Shareholders Equity $84.88M $82.19M $95.51M
YoY Change
Total Liabilities & Shareholders Equity $361.4M $340.4M $358.2M
YoY Change 0.9% -11.3% 12.9%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$5.311M -$14.10M -$15.88M
YoY Change -66.56% 41.26% -6.59%
Depreciation, Depletion And Amortization $3.920M $2.120M $2.230M
YoY Change 75.78% 4.95% 1.36%
Cash From Operating Activities -$110.0K -$13.03M -$12.57M
YoY Change -99.12% -7.13% -34.67%
INVESTING ACTIVITIES
Capital Expenditures -$29.90M -$15.22M -$8.780M
YoY Change 240.55% 72.76% 81.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$29.90M -$15.22M -$8.780M
YoY Change 240.55% 72.76% 82.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.73M 21.18M 3.550M
YoY Change 540.28% -42.05% -73.7%
NET CHANGE
Cash From Operating Activities -110.0K -13.03M -12.57M
Cash From Investing Activities -29.90M -15.22M -8.780M
Cash From Financing Activities 22.73M 21.18M 3.550M
Net Change In Cash -7.280M -7.070M -17.80M
YoY Change -59.1% -151.57% 68.56%
FREE CASH FLOW
Cash From Operating Activities -$110.0K -$13.03M -$12.57M
Capital Expenditures -$29.90M -$15.22M -$8.780M
Free Cash Flow $29.79M $2.190M -$3.790M
YoY Change -886.02% -141.95% -73.7%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 2.&nbsp;&nbsp;Recent Accounting Pronouncements</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Recently Adopted Accounting Guidance</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;. The objective of this ASU is to remove inconsistent practices with regard to revenue recognition in and between GAAP and International Financial Reporting Standards.&nbsp;&nbsp;ASU 2014-09 intends to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The adoption of this ASU by the Company on November 1, 2018 resulted in a cumulative effect adjustment that increased Accumulated deficit by $6.7 million. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2017, the FASB issued ASU 2017-04, &#8220;Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment&#8221; which provides for a one-step quantitative impairment test, whereby a goodwill impairment loss will be measured as the excess of a reporting unit&#8217;s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). It eliminates Step 2 of the current two-step goodwill impairment test, under which a goodwill impairment loss is measured by comparing the implied fair value of a reporting unit&#8217;s goodwill with the carrying amount of that goodwill. The standard is effective, on a prospective basis for interim and annual periods beginning after December&#160;15, 2019, with early adoption permitted. <font style="color:#000000;">The Company adopted this ASU effective November 1, 2018.&nbsp;&nbsp;The adoption of this ASU did not have an impact on the Company&#8217;s consolidated financial statements. </font></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Recent Accounting Guidance Not Yet Effective</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases&#8221; that amends the accounting and disclosure requirements for leases.&nbsp;&nbsp;The new guidance requires that a lessee shall recognize a right-of-use (&#8220;ROU&#8221;) asset and a corresponding lease liability, initially measured at the present value of the lease payments, in its balance sheet.&nbsp;&nbsp;Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Operations.&nbsp;&nbsp;The new standard required a modified retrospective transition approach that the Company is required to adopt on November 1, 2019.&nbsp;&nbsp;In July 2018, the FASB issued an amendment to the new leasing standard which provides an alternative transition method that allows companies to recognize a cumulative effect adjustment to the opening balance sheet upon adoption.&nbsp;&nbsp;The Company intends to elect this alternative transition method and forgo the adjustments to comparative-period financial information.&nbsp;&nbsp;</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has both operating and capital leases (refer to Note 19. &#8220;Commitments and Contingencies&#8221;) as well as sale-leaseback transactions that are accounted for under the finance method.&nbsp;&nbsp;The new standard provides entities with several practical expedient elections.&nbsp;&nbsp;Among them, the Company intends to elect the package of practical expedients that permits the Company to not reassess prior conclusions related to its leasing arrangements, lease classifications and initial direct costs. In addition, the Company plans to elect the practical expedients to not separate lease and non-lease components, to use hindsight in determining the lease terms and impairment of ROU assets, and to not apply the new standard&#8217;s recognition requirements to short-term leases or use the portfolio approach to a group of leases with similar characteristics. Upon adoption of this ASU, the Company will record ROU assets and the present value of its lease liabilities which are currently not recognized on its consolidated balance sheet.&nbsp;&nbsp;The Company is in the process of implementing changes to its business processes, systems and controls to support the new lease standard and its disclosure requirements.&nbsp;&nbsp;The Company is still in the process of reviewing its contractual arrangements and the impact that adoption of ASU 2016-02 will have on the Company&#8217;s consolidated financial statements.</p>
us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. Estimates are used in accounting for, among other things, revenue recognition, contract loss accruals, excess, slow-moving and obsolete inventories, product warranty accruals, loss accruals on service agreements, share-based compensation expense, allowance for doubtful accounts, depreciation and amortization, impairment of goodwill and in-process research and development intangible assets, impairment of long-lived assets (including project assets), income taxes, contingencies and valuing assets acquired and pre-existing contractual arrangements settled in the acquisition of Bridgeport Fuel Cell, LLC. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.&nbsp;&nbsp;Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.</p>
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45069911
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7191457
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21608427
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6607687
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.70
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.70
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1226753
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2569709
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
29800000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
40900000
CY2019Q3 fcel Reserves For Obligations
ReservesForObligations
17800000
CY2018Q4 fcel Reserves For Obligations
ReservesForObligations
17700000
fcel Letter Of Credit Date Of Expiration
LetterOfCreditDateOfExpiration
2028-08-31
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5200000
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3800000
CY2019Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
195000
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
341000
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2621000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1311000
CY2019Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
121238000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
87878000
CY2019Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
43416000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
17596000
CY2019Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
77822000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
70282000
CY2019Q3 us-gaap Line Of Credit
LineOfCredit
1800000
CY2019Q2 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
2.75
fcel Amendment Period Description
AmendmentPeriodDescription
“Amendment Period” is defined as the period from and after July 24, 2019 through the earlier of (i) September 30, 2019 and (ii) the occurrence of any event of default under the Tenth Hercules Amendment; provided, however, that in the event that the outstanding balance of the secured obligations (including accrued interest, fees, costs, and charges) has been paid down to an amount that is less than or equal to $5.0 million on or before September 30, 2019, the Amendment Period shall be extended automatically through the earlier of (i) October 22, 2019 and (ii) the occurrence of any event of default under the Tenth Hercules Amendment.
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
fcel Tax Cuts And Jobs Act Of2017 Deferred Tax Assets Valuation Allowance Increase Decrease
TaxCutsAndJobsActOf2017DeferredTaxAssetsValuationAllowanceIncreaseDecrease
-2000000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
743000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
436000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
441000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
405000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive
373000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling After Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive
2724000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5122000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Next Rolling Twelve Months
CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonths
138000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Rolling Year Two
CapitalLeasesFutureMinimumPaymentsDueInRollingYearTwo
47000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Rolling Year Three
CapitalLeasesFutureMinimumPaymentsDueInRollingYearThree
10000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Rolling Year Four
CapitalLeasesFutureMinimumPaymentsDueInRollingYearFour
0
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Rolling Year Five
CapitalLeasesFutureMinimumPaymentsDueInRollingYearFive
0
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Rolling After Year Five
CapitalLeasesFutureMinimumPaymentsDueInRollingAfterYearFive
0
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
195000
CY2019Q3 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
44800000

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