Clean Energy Fuels (CLNE)

Management Discussion

• The table below presents, for each period indicated, each line item of our statements of operations data as a percentage of our total revenue for the period. Additionally, the narrative that follows provides a comparative discussion of certain of these line items between the periods indicated. Historical results are not indicative of the results to be expected in the current period or any future period.
• Revenue. Revenue increased by $6.4 million to $83.5 million in the three months ended March 31, 2022, from $77.1 million in the three months ended March 31, 2021. This increase was primarily due to an increase in volume-related revenue and a decrease in unrealized loss from the change in fair value of our commodity swap and customer contracts entered into in connection with our Zero Now truck financing program, partially offset by Amazon Warrant Charges (see Note 1) of $3.8 million and lower AFTC revenue and station construction sales.
• Volume-related revenue, excluding the effects of the change in fair value of our commodity swap and customer contracts entered in connection with our Zero Now truck financing program and the Amazon Warrant Charges, increased by $14.6 million between periods, attributable to an increase in gallons delivered and an increase in the effective price per gallon. The effect to volume-related revenue as a result of the change in fair value of our commodity swap and customer contracts entered into in connection with our Zero Now truck financing program was $1.0 million, as we recognized an unrealized loss of $(2.0) million in 2021 compared to an unrealized loss of $(1.0) million in 2022 (see Note 6 for more information).