The company delivered 84.1 million gal. in the fourth quarter of 2016 (4Q16), a 7.4% increase from 78.3 million gal. in the 4Q15. For the year ended 31 December 2016, the company delivered 329.0 million gal., a 6.6% increase from 308.5 million gal. delivered for the year ended 31 December 2015.
Revenue for the 4Q16 was US$101.8 million, a 14.7% decrease from US$119.3 million of revenue for the 4Q15. This decrease was due in large part to the recognition of a full year of alternative fuel tax credit (VETC) revenue of US$31 million in the 4Q15, while only one quarter of VETC revenue of US$7 million was recognised in the 4Q16. Revenue from gallons delivered (volume-related revenue) and revenue from station construction increased in the 4Q16 compared to the same period in 2015 due to volume growth, higher effective prices and the construction of new and expansions of existing natural gas fuelling stations by our customers. Compressor sales declined in the fourth quarter on a year-over-year basis due to continued low global demand.
Revenue for 2016 was US$402.7 million, a 4.8% increase from US$384.3 million for 2015. Volume-related revenue and revenue from station construction sales increased in 2016 compared to 2015 due to the aforementioned factors. These increases were partially offset by a decrease in revenue from compressor sales. Additionally, VETC revenue declined for the year primarily due to a change in the method of calculating VETC that went into effect at the beginning of 2016.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated "The positive momentum continued in 2016 for Clean Energy with volume growth, increased station builds, improved Adjusted EBITDA, and lowered debt balances. We continue to leverage our natural gas fuelling infrastructure by increasing volumes while lowering capital expenditures and expenses. Clean Energy remains the market leader for the increasing number of fleets choosing to take advantage of natural gas and renewable natural gas as an immediate, affordable and environmentally friendly alternative vehicle fuel solution."
On a GAAP basis, net loss for the 4Q16 was US$(3.9) million or US$(0.03) per share, compared to a net loss for the 4Q15 of US$(50.0) million, or US$(0.54) per share. The 4Q16 included a net gain of US$9 million from the repurchase of a portion of the company's debt (debt reduction). The 4Q15 included a full year of VETC revenue of US$31 million and a charge of US$54.9 million related to the deferred debt issuance costs associated with the company’s termination of its credit agreement with General Electric Capital Corporation (the debt issuance costs).
On a GAAP basis, net loss for 2016 was US$(12.2) million, or US$(0.10) per share, compared to a net loss for 2015 of US$(134.2) million, or US$(1.47) per share. The net loss in 2016 included a net gain of US$34.3 million from the debt reductions. The net loss for 2015 included the US$54.9 million charge for the debt issuance costs.
Non-GAAP loss per share and Adjusted EBITDA for the 4Q16 was US$(0.02) and US$17.9 million, respectively, which included a net gain of US$9 million from the debt reduction. Non-GAAP income per share and Adjusted EBITDA for the 4Q15 was US$0.08 and US32.9 million, respectively, which included a full year of VETC revenue of US$31 million. Non-GAAP loss per share and Adjusted EBITDA for 2016 was US$(0.03) and US$85.3 million, respectively, which included a net gain of US$34.3 million from the debt reduction. Non-GAAP loss per share and Adjusted EBITDA for 2015 was US$(0.75) and US$27.8 million, respectively. Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
Subsequent to 31 December 2016, the company paid US$21.75 million in cash to repurchase US$25 million in principal amount, plus accrued interest thereon, of its 7.5% notes due to a related party in July 2018.
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