Mark earnings referenced be my Thanks, to referring I'll prepared presentation K.R. the call Throughout earlier. that slides in the comments,
XX, February the our Before at changes for through highlights walk you're level, to at high would accounting given into from like I the you Bloom. announcement a quarter, the I seeing dive
Recall adjustments which from from to service less of of effective our than over that our the QX December contracts managed impacted periods, our systems services related. revenues X% XX% are 'XX the press slightly to less in related XXXX our year-end than XXXX. were Furthermore, accounting the release QX day, managed backlog
now So accounting with will that changes. I summarize said, the
agreements though agreements financing an XX-year the operating will to the financing XX, as revenue servers sheet line. treatment, February the over and the recognized Energy of Even goods the revenue assets, systems revenue with as the the is balance depreciated will lease. and managed from for lease life not recognition our flow this the over to hold treatment put First, servers. and subject communicated we of Under are interest power the from estimated as customer sold Bloom the on at title a cost the cost both a service accounting well Bloom profit on be P&L do Energy as of against to sale term upfront lease moving generated will that line be expense through
partners, as the revenue that payments partner. monthly offset form The customers in on systems. generated sold will goods represent end offset will these revenue depreciation. made transactions the amount or by of electricity payments in our record proceeds lease the we electricity of the for cost of the cash loan portion from loan we that our the or finance from reduced to a receive as is will The financing balance liability our of will be So form of with upfront the power the our offset sheet. be our a over banks, be that time This be
we impute an Given expense. will our that through that a is received cash as and charge, interest flow P&L as upfront will the booked interest loan,
on stock-based making adjustments financial within that While adjustments we and our the statements. range and and compensation expenses. impacted the these XX consolidated also for communicated minor to derivatives adjustments, made some reflected identified additional February This we falls in
term, cost the that agreements So goods is, of interest will revised balance in period recognized summary, and to sold charge the as our contract against of equal for loan. service be a depreciation, managed noncash accounting XX-year will sheet result revenue a over revenue we the see treatment
will The area the XX, standard second ending adopt of our with of ASC revenue the change XXXX. other required major fiscal many standard be are the companies, new new we accounting Like XXX. to adoption December new year
As of ASC standard revenue reminder, and to across recognition practices that capital comparability a is the XXX a jurisdictions improve intends markets. industries, entities,
Again, profit Going million-ish than to forward, impact the million-ish revenue, negative overall course, small, future noncash. and we under less related this minimal $XX XXXX. is The for in revenue standard, not of new is This, XXXX relative estimates range negative pushed and $X P&L will net on and for for both and revenue is the impact lost, income. on just into relatively profit. periods the range X% is current consensus see the and
XXXX XXXX. on of be ASC than as to XXX, we the XXX due numbers This expect GAAP basis. high the accounting reconcile schedules changes this change In these our ASC impact have you accounting the it ASC reported with end you as our larger we impact the discussion order to this And provide to the to of afternoon. with is quarter. for a get impact to accounting both impact well greater provided the financial the the adjust adoption use well those as adjusted our reconciles and our and take results estimates compensation for the we will our the provided we as we financial We as experienced in to change reconciliation to of on third restatement, in did adoption stock-based metrics noncash adjusted you P&L for The at ASPs metrics. of XXX go-forward clarity of was the
that Now we on highlights reference revenue financial some back all financial metrics data year. that the will I in will and presented since the year adjusted entered to fiscal the to the slides. for tie Note full our numbers and include quarter, I profit
with changes presentation these are reconciliations XX financial detailed slides found the metrics of reference, on deck. the XX adjusted your For in through accounting
we percentage investments, X. and from XXXX million flat came income QX and QX. which Revenue So with by was was backlog coming over points a Slide in essentially quarter. Non-GAAP $XXX.X QX systems XX% XX% on quarter up Acceptances with were rose the consolidated operating $XX.X includes in Adjusted ended in with very to $X.XX. Non-GAAP at EBITDA PPA systems. was up million million. from XX.X% adjusted at X,XXX short-term In X.X And to summary, finally, $XX.X was cash. respectable million of EPS cash $XX.X margin XXXX's million, this $XXX.X up XXX gross systems. approximately XX.X%, XXX, Year-end year-over-year.
$XXX.X and PPA investments. cash, have cash short-term of the we Excluding million
XXXX XXX from $XXX.X systems. XX.X% the year, record million at totaled come were year, from the adjusted margin year, was was X,XXX up acceptances Non-GAAP million $XX.X XXXX's systems, EBITDA up XXXX. $XX.X and a operating For million. in Revenue for non-GAAP for XX.X% gross XX.X% income the and
once to the as and X,XXX you color XX, systems X. XX.X% point at that than months systems with backlog, backlog quarter. December backlog, maintain all know, increase we the to as Recall install time. per ended number. the in over year XXXX. to is some product backlog on report start for like our with Now goal install of in only XX.X% We revenue is and higher product to in A any year. recognized a X our I'd Slide X,XXX our XXXX This XX
XXXX end year. clearly the that at fiscal are We the of higher as window enter we
value an billings The on upfront $X.X those recognize as backlog annual the occurred X,XXX service approximately agreements system excludes of this backlog billion. contract any system is we as basis. And
to base, $X.X system the X,XXX systems is our value. billings contract term, that for contracts again are $X.X base. of future the installed service service backlog billion finally, was electricity the And existing estimated of that the value term, include for were contract revenue, value backlog future base billion. over the approximately $XX service Bloom be service all excluded of $X.X existing billion service to the service our added That is Also revenue just value our of assuming you renewed billings installed $X.X If billing previous of renewed from also assuming both the program. billion are for from estimated would electricity discussed the Electrons Total contract then approximately approximate another our the future in for over these contracts remaining from XXXX systems excluded value installed revenue value and million. in upfront is full
industrial majority will includes utility-scale million international will Bloom. virtually customers, them. XX.X% customers. and contract ASP to up discussion. Quarterly revenue current billion revenue add XXX revenue future contracted our XX.X% future. the On and for with or where the all current XX.X% sequentially. up, growth in summing in $X.X majority quarter-over-quarter. associated The The X. revenue backlog was and and up commercial of up So driven domestic color were acceptances revenue The acceptances I of revenue the QX and have records by mix no yields low of both that and this was on acceptances year-over-year Quarterly year-over-year approximately $XXX.X and were my is Slide U.S. XX.X% of of install we up more recognized be backlog our projects
end universities, a majority spread United XX in sports include in and States. utility for $XXX.X QX's were Most the both On XX.X% the customers of achieved revenue. relative acceptances basis, records food different and installations In was basis, up of we verticals existing pharmaceutical, and an projects, a XXXX, and to systems were mix and Bloom. On over range even the represent up the revenue of XXXX. year-over-year a were with to annual beverage broad health retail XX.X% scale Again, in total, acceptances million customers venue. acceptances care, of XXX from X,XXX
In system sales as range On our as Slide shareholder with estimates a price of to X. total cost estimates. well letter, provided a QX installed of we you range QX
For our per positive at 'XX, just in QX average number of below in come the another a per or installed the lower midpoint estimated $X,XXX side, at way, ASP, put range. below cost, $X,XXX price, or on system number estimated within, our selling our end of kilowatt, and the a Total come TISC, range. or kilowatt,
does year product impacted opportunity cost factors past year-over-year, the tariffs number TISC I'd excellent the the to lower on a reductions the and kilowatt protection this include: installed, past, and the our over includes location for installation. product Average our basis; is number work While include ASP the take our with I cost, being scope site that the to the and/or location; whether installation. XXXX of larger I'm site dropped as a Typically, outage installation, cost of on site grid in of reduction mentioned the another generally, in business size say or average And of topic not XX% line to per in and was utility whether like the both X mission-critical; cost a years. cost the international the are efforts. includes not, by applicable
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that our towards $X,XXX us midpoint Slide The of our of our the our mix end lower see below X, and of margin from acceptances sites on drove that pool ASP the customer you a the margin As delta actual estimates. thus ASPs per can of yielded slightly was had kilowatt. on range drove
simplify or share metric try XXXX. as slightly later and of top in going estimates on I mentioned, for for the I volume acceptances that beyond, However, and forward-looking XXXX note exceeded will the to specifics range. we're to for more QX end estimated you, our outlook our our
adjusted $XX.X financial profit profit On in XX's almost XX.X%, and 'XX Turning basis, for XX.X%. an 'XX. significant increase $XX.X in QX XX.X%. million QX flat to came with a Slide to a up was sequential at X. Gross metrics in basis XX.X% QX million margin on Gross year's increased from XX.X% last gross from QX
Our was up a basis. in operating sequential $XX.X million, both on and income QX significantly year-over-year
$XX.X EBITDA million for worker at Nonoperating reported Our in quarter. quarter. and $X.XX expenses, adjusted EPS the came for was plan the
'XX. in For XX.X%, Gross full from for million XX.X% came profit an 'XX. gross million, fiscal margin $XXX.X FY X.X income, XX.X% increase $XX.X adjusted up increase in and X.X% percentage points over the financial in FY year, 'XX an of up was million, XXXX. of at $XXX.X metrics, million, over as EBITDA adjusted FY from increased $XX.X FY reported at to Operating come
includes $XX.X and switch of now We me on of Slide $XXX.X the cash. million consolidated of This total a cash ended with sheet the balance short-term quarter million PPA to investments. Let X.
million So QX. an increase excluding short-term total $XXX.X is $XX.X we This and ended PPA from million cash, cash of investments. with of
the $XX.X July is exchange this on XXXX, financing to to leading XXXX. Bloom off million partner quarter's in with million starting on increase end commitment discussed the about of their Jefferies call up The restricted committed time, increase cash from to an $XXX.X full in of driver the cash. restricted cash returning to reduce refinancing, of provide included to for expected I $XXX sheet, the million QX. by limit. balance will a roll increase $XXX.X reserve debt However, process of wanted their of debt, I process. of the cash on we that this over This is of financing in our in is the amount This million Keeping of are with the in update that last
considered our has of that efforts on that we this range due the call, refinancing $XXX of the time. outlined of approximately million of options notes The that X% been convertible have focus in December are last year. the I Since
note. the We of have another term that range of combination debt with debt pursuing narrowed options goal of a alongside convertible
details of provide will We upon completion offering. the full
business of well be and that will momentum positive our confident the business. and we our in the holders partners we our Given the approach year through equity as the best refinancing we debt and this have, half our first in of remain will interest the the in strength work as of that
by Referencing Slide XX sales X. to volume QX. in down X higher Days of was QX the from driven days day
inventory of of reduction Our and days And in days payable X by service our to outstanding by was to QX QX days. down goods was up by days from electricity base sold. XX X XX driven from day cost
now would did to in outlook. thorough like add that I we I to change to perception QX, wanted the study. But our investor a conversation first, pretty
is items our full provide more that of study and One our of coming preference into the transparency to our simplify outlook investors' P&L. out
our do just here So attempt is to that.
X only into adjusted and for but estimates methodology. our Periodically, metrics we also are calculation. was providing they a other of adjusted TISC. though our and part top line, the to acceptances, and simplifying is into Even EBITDA. the P&L estimates streams provide meaningful part which adjusted EBITDA, X outlook, visibility these line quarter. bottom are This stock-based metrics report continue other compensation, as have aspects total we the impact metrics prior insight we to ASP under EBITDA for of include our revenue revenue the X afford service one and and electricity our to revenue additional the Providing and of or will on may a for We challenge
million we $XXX between be QX expect to XXXX, revenue and For $XXX total million. consolidated
related $X to restatement expenses restructuring. and million, and this to $XX million million be between includes to of $X We the onetime expect and operating expenses $XX million
to $XX expected with the million Mix both we of is throughout $XX will loss. a to corresponding the challenged profit QX between Finally, balance adjusted be mix. cadence more to respect prior favorable EBITDA profits. to and higher million similar successive each be expect to quarter revenue Also, complete and seeing of with we years, year. our be the to outlook, revenue
like to full enter bookings. as it we especially to year. XXXX record relates with clearly add a for to the new respect We had little the As outlook, year, color I'd second half Bloom to our a
Given this time our We first that do fact the and half second it the there's to half of second from as for XXXX acceptance. not takes first XX business, XXXX X in C&I sufficient months bookings order booking half the U.S. order the to generally just expect to a far revenue. half better in transition than XXXX strong
will the of many revenue. XXXX fact, In QX orders represent
clearly, outlook. improved stronger Ideally, an a second would this So allowed have half. for
we that QX seeing call, for in certain recall, the way. on the swung a with our completely You time. pendulum seeing XXXX And strong the discussed respect we we were headwinds, Obviously, by some provided earnings markets. we might And to that headwinds at were QX, tailwinds. other high-level outlook
place So not this a improved to prudent difficult what at again, the time this an is increasing around in not events felt at today. to the seeing But driven estimates world it the time. all we to judge has simply be outlook the with coronavirus, we're do primarily It why recent world as today.
and said, we are believe already that in as today. excellent mentioned, we With position
for or to attributes. grid real. power sustainability longer operating. business arbitrage resilient is We to strong demand their the keep for our Bloom look look power our have They no Today, to a customers simple Bloom and for backlog
back turn now will I K.R. before we take to questions.
