PLUG - Earnings call transcript Q4 2017

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Plug Power’s Fourth Quarter and Year End 2017 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teal Vivacqua, Director of Marketing Communications. you. Thank ahead. go Please

Teal Vivacqua

expectations including morning in Conference to Harbor margins. from in include Call. of opportunities XXA not communicate intend about including Good of statements deployments XXXX. in XXXX outlook forward-looking be Walmart important it XXXX units, or and the in Section GenKey of forward-looking the expansion and forward-looking relationships Securities gross Plug is Business Securities collections that but sites our We Exchange expansion Safe statements XXE statements to Update covered including This limited full electric revenue liquidity to future those of contained by on-road for and to our impact you. year the service investors. vehicle revenue, welcome market XXXX, growth, to Power statements, regarding and Thank of ProGen, call flow future testing bookings, GenDrive expectations the XXXX, We the Act derived relationships further that the reductions, cash and the achieving for these and and cash be margin, usage, cost Amazon and of Section of provisions believe Europe, our positive Act the applications to gross and will

ending as statement XXA materially our because XX-K However, for not in the forward-looking day other SEC. differ are Schedule filed made over under December update rely as to XA, year Marsh. this well SEC we discussed factors, speak risks or from those involve time-to-time they XXXX, point, the statements Form Annual statements statements CEO, undertake like but the and on uncertainties our At a Report XX, with not discussed this uncertainties investors not reports and factors, which These to limited would do fiscal any Plug and actual on result with forward-looking intend including cautioned I file may call. on definitive XX, XXXX, as from only are risks on on call of after May as the Andy and item forward-looking results we unduly and to the Power’s to statements turn various the to proxy the of risk

Andy Marsh

thank year-end Thank morning, conference and for we Teal and you, our quarter Power's quarter and fourth you fourth call. Plug This everyone earnings. announced year-end joining

first in letter earnings our expectations a quarter Just of highlights X, and as the changed Power insights our provided XXXX. for XXXX. to XXXX, the On the prior provides release management’s performance company’s a Plug shareholder February set for This XXXX letter. reminder, structure for and in we shareholder outlook

today, Power questions call During will answers. the of brief Plug formal and XXXX focus most to the devote and presentation on

growth, are grow start business retailers distribution our of and focus year. multi-site to smaller us important and are completing let million breakeven business agreements cost efficiency and reductions customers, fuel with longer-life second item manufacturers, and The hydrogen achieved present staff. reduction service the service to a utilization higher So stacks to stations simplified facilitate both European the is for growing and of is which improvements in achieve of and reductions with Hydrogen being XXXX, our million by $XXX our year Service of being revenue, in achieved fueling target to this via our second systems hydrogen. half effort $XXX the with centers. footprint cost expand the largest cost that is Critical EBITDAS our is are our

in the of coming year. in success all more We endeavors expect these

Plug but we through of a next protective in market engaged news credit their immediate cell Investment was from access also our passing on We’ve XXXX, partnership. partner an dozen to average with that without a in Barclays helpful long-term over in will strong significant purchases Power Plug benefits to XXXX. has by the events enhancement in cells XXXX, company on completed us to with demonstrated a and I’d growth, Today on provided the accelerator with engaging which of like rapidly margin XXXX, long-term verge more $XX occurred six allows The a This and a assist tax grow Credit goal was internal to call, the to demonstrated as than Plug. effect many and at is revenue customers our Power’s position allow expects deals years. top-line Credit, an cash cash Tax has be on bit and financial for ownership receive with the XX% governance companies the of the a China half and activity. During flows, banking negotiating additional to to fuel will rights sheets based capitalizations and objectives of that dollars. partners these market This JV have received in demand gross fuel to will with outer will year’s in this ability the leading Tax be Plug identifying, the XX% more reductions billion into devices, partners. last breaking to the commitment for term our law some for be significant law, Plug Power day. have flows. some this Power’s Investment have potential recoveries beneficial believes Today growth business. emphasize insight company

captured remains mid-term. a criterias conclude, in of I that to forklifts important growth. the the our selection priority to is solution. leaving than the largest profitable are of promise in But a Though like met, largest have less business. this headroom our and value of world this internet would handling that building not of for reiterate and deployments mass doing handling the are proven; should our deployments understated. near retailer world, market partner proposition to world’s be JV we material target is X% partnership retailer material The large, our running Assuming The

across this and predicts be applicable the in will in that leading-edge variety McKinsey of With In for our strength the advanced foundation and our to time. are experience Plug robust to and in products common market when core I a solution Power’s addition, industries. fueling, our stacks, enter Plug products, technology The growing business available markets positions Paul sense. makes are entry now questions. these industry

Operator

Chris from [Operator with first question. comes your Cowen. Our Instructions] question state Please Souther

Chris Souther

there we in there? taking a Or R&D was It thinking one-time of like up quarter. in Hi, call. new any as thanks projects for the the for XXXX? Should were be that looks slightly runrate

Andy Marsh

a bit I think, will would discount. that of as I we development – it’s investments, There and upsize initially have think little consistent to actually nothing No, be consistent may forward. that we we expect been but product any it one-time we go events

that’s I good think proxy. So, a

Chris Souther

some give get you’ve And strategy have guys the any made is any discussed more some specific partners there? helpful. just color vehicles, the insight you trying on you’ve passenger it’s Okay, evaluating been trucks, it Would looking market then, at to into applications able China. Or there? of in progress be to you buses,

Andy Marsh

people you China the look Sure. of Hydrogen as accepted, it’s I which know years is, will conglomeration this I these go look generally companies market, five a many passenger you later real When will look think world, the next And markets when markets that be think in are delivery Council in and would energy Global I we trucks, commercial have I at when be at it, be large vans, vehicles. generally Part the to buses. markets. five conglomerates outlined the with vehicles and that that at companies across of which capabilities passenger cell any more probably hydrogen that’s the and out. speaking think first and geared the Chinese by of success we three what’s markets been vehicle leading both in commercial is you commercial will being China accepted twenty the fuel like in believe towards years

Chris Souther

the What that credit feedback then, coming sales to had pipeline tax the and or the impact Has U.S. extension? any one, discussions? Okay, the the then on last is customer on back

Andy Marsh

well as the some the year about growing booking are mean, and as significantly will Look, going it customers would accelerator as cycles. in our side I really never be for that this reviewing with an – business is our I I ITC, – deal it’s that’s have associated without that customers accelerated. margin especially and this on take think if the I and going the necessarily when I There success that have assumed that additional them is in our benefits thinks business this the their business, and engagements in near-term, passage catalyst back customer to I haven’t the a especially cases – a our the side, is the think XXXX. we because benefits When year, that of think on planning be mentioned, the big benefit of in ITC. with really a of over ITC. Chris, assumed But the associated with this really XXXX, are of past and going to passage we exist. – look, IT, ITC is just in there the one this since big see the Many

Chris Souther

you. in back hop will I Perfect. Thank the queue.

Operator

Moore Chip with next Canaccord. Please Our state from question. question your comes

Chip Moore

Hey folks.

Andy Marsh

morning, Good Chip?

Chip Moore

going? it is How

Andy Marsh

Okay.

Chip Moore

Good.

that on last one. up following just maybe So

I talked potential, benefit about from this ITC you think modest little maybe but year.

and flow I guidance some in first would that question you thing cash just all. believing to at for benefit then, quantify be staying could are that XXXX the you So, of see Anyway, some those do from guess, prudent recovery. conservative just the the

Andy Marsh

the time. into you But to these right have in these look are And at processes. work many – are the also let first through feed the that that, question. not us customers their I’ll deal with to during think to Plug are make – to planning when it negotiations. a Paul that could level. and something I second you of you here when fourth different that Chip, That’s it we they take have internal promises first handle thing I will for want they dealing I quarter have change, large is, customers customers, the with it’s don’t and I with and also and are Certainly, with also quarter the happen not at reengaged you do cycles one want are at slips but these in, the positive once they catch question them

margin So, going I do and believe the on be to this growth side growth. both revenue that is quite beneficial,

were you a we XXXX. deeply late the are that Customers were. nearly as I where to We only – we month into not may going a – now. were a mentioned more before, was have bit since the maintained pass little bit are as this cautious, as engaged And during little

recoveries? think you today. going So, to accelerating. put to that, around exact It’s Paul, hard is beneficial. the want activity talk do about I certainly It’s to it be numbers

Paul Middleton

Yes, from passage that comes financing the efforts good in us. terms strong of they be is, other have I partners their and supportive. to think, Plug fair and that few They process ITC a have our a we leaders recognize they also working to that driven this with continue want with and news relationship view industry in very largely have the a be long

are And negotiations that. final still of of so, throes the resolution the actually we in and

give not financing. lease tell associated million to in will in year. lenders you tell five that it it’s of projects resolved this financings we with for last total will number is kind $XX range project that the it’s kind the the did And be are Those I with I of context, some the will you meaningful. – you So exactly.

refine to that, and soon. of and So, meaningful we relatively we it But happen it will through we with be that discussion we more that as think come, work will think fairly them. kind

Chip Moore

that. And, changes I that. on Got any the been conversations? I last A update, any in since third it’s month call, appreciate moving retailer in it. North about That’s America, guess, helpful. those think on I a potential

Andy Marsh

the passage our say just beneficial that quite, effort. level would been and Post Chip, negotiations has engagement the have the in rapidly. accelerated ITC I this, quite

Chip Moore

at And metal bigger Thanks technology. guys. lastly, Day, are then, just that step-function for improvements, Got stand? guess, Investor to transitioning about thinking do efforts about balance Where the those more I how potential fair. and to talked so you of stack I plate we That’s guess, it. picture, XXXX

Andy Marsh

testing Sure. prototypes as I at Day, for second and half with Keith XXXX. product half be we presented think, It’s the ramps Chip, the on scheduled first this year will schedule, Investor in of of

So, on we achieving to that are plan goal.

Chip Moore

let will Thanks. I else on. great. Okay, someone

Andy Marsh

Okay.

Operator

you. Thank

from state your comes Craig-Hallum. Eric question Stine next Please question. Our with

Eric Stine

Paul. Hi, Andy. Hi,

Andy Marsh

Eric. morning, Good

Eric Stine

Morning.

to it’s back this ITC again, customers think for where we as, more about a see about it more up obviously, should going of I existing this Or this installations? year. about little their more the XXXX think probably mean, and now back can you? this pencil Just speed get we with mean, come works bookings is a new bit, if event that it’s discussions out their How your them potentially to customers is and something that? to should I

Andy Marsh

to much this a here. stronger also am know going certainly, economics to customers sound allows move it current Eric, and - I just encourages like I Both now quicker. try. our lawyer it and others so becomes it’s to The

smaller a the areas with It also effort mentioned. engaged makes and benefits I again both So, I more customers you me, both cold. am excuse fighting is has our much think sales economics think, will it this also of with also help actively those as on I attractive.

Eric Stine

it. Got it. Got

Okay.

Moving mean, update a last changed stands that sure things where in last expectations I maybe business the your of vehicles? piece FedEx, in curious XXXX? whole but in of am just the for the I And hasn’t the obviously that lot on on, months, deployment

Andy Marsh

before, Eric with good Schmid the and of a I’ve But FedEx folks sure making like is as very focused spent myself very, our a question, staff but have Keith like that’s of on – hit deal today. activities only most Yes, we it’s targets good other time not that. and financial mentioned

And is at going I have hydrogen the the pursuing especially in in global They’ll some couple a bottom on I platform of many here truck have activity have item are was with opportunities, they cell to not those are have to we and the vehicles powered actually the are biz fuel performance a requirements area good fuel think providers are with in the Albany. place. am And we watching of there pleased opportunities appreciate The for into the units fully vehicles based continuing to here delivery products has do do a we that where are unit really environmental stations I of actually our what these sense. on because – screen stress. for again, are top a States – our units we the I the success than the – of deploying lot units. station But, the run as are it and around look see with go the funnel. put say, we in ProGen at now. in on folks we going are simpler can material kinds as and don’t don’t through California have of it. running So, we GPS – that really cell much the can the or makes what built handling Albany fueling of seeing not They They of the fueling where products are really hybrid being again we United FedEx funnel. we And really trucks. running the regions world to hours

couldn’t performance be So, of the with pleased units. more the I

Eric Stine

Okay,

Paul Middleton

wish the I we in worked like all I it, Eric. this are environments of like

Eric Stine

No, understood. clarify I of them? And China, you including guidance are FedEx, just is your really to material XXXX for not any handling, mean, though,

Andy Marsh

XX% X.X% There units the probably, XX% on activities. do. probably to actually X%, is X% I X%, another is – It XX.X% material about power – other is XX material And handling. backup

Eric Stine

very you much. thank Okay,

Andy Marsh

Yes.

Operator

state next Riley Instructions] from with your comes FBR. Our B. Driscoll question. [Operator Please question Carter

Carter Driscoll

How are you? Good guys. morning

Andy Marsh

morning, Carter. Good

Carter Driscoll

by the Hopefully, yet. whacked morning. Good storm not getting

of generate or could going true-up does positive more you second I year, you this in true-up even of the that, see, getting potentially but death, are the part of if breakeven So, in potentially EBITDAS kind question ITC they not the the the any to beat reaching half could you’ve of EBITDAS the to latter really is, come – got in confidence year? am first the

Andy Marsh

I’ll say, use confidence buffer. additional makes it say I simpler. just more Carter, too, don’t obviously would the to comment that let And path I’ll word Paul that provides, I want that,

we breakeven. summation and means add breakeven the third when so, year, of the fourth to of will EBITDAS be And that? do you Paul, quarter second the that the EBITDAS to want that half say quarter in

Paul Middleton

reality it’s that’s Yes, will meaningful, right value and some a I Plug is think impact. there and meaningful is incremental the to be

So, obviously, it’s a positive and helps that front.

Carter Driscoll

or just terms joint scope In of the, and/or qualifying structure about the the potential sheets maybe some of term you talk of Chinese maybe of potential could the ventures, term sheet. or some

of target segment space. So, not fueling infrastructure, vehicle might partial different or and would – a some others some the include, of section would say,

would some sense trying is things so think no level vis-à-vis impact that to realize be get localization I real Just, there to far The But, of your what of have components, some they nature? China. competitors XXXX. in structured helpful. I clarity and a of

Andy Marsh

Sure.

So, focused I Plug high just looking not short-term level, a have for for we that I’m that Power. generates think that, couple revenue that on, very something items Carter,

– geared playing long-term that during it’s which like has short-term more a long-term finding substantial revenue, and has have vision to Plug we a vision position of partners are much We time. with but ownership a of towards

and joint the leaders access sale we second in is vehicles build the of that or have help to they business. commercial are found may can attractive demonstrated have or companies that demand that, the think I looking what do ventures that, is have also to with those item internal we leaders have instantly

an have capability JV will believe infrastructure, assemble and China a me more on emphasis me government on – don’t would infrastructure I so, focused of JV as anxious much think the to – it I strikes that comes manufacture imagine this using to of they and probably think, not when developed jump hydrogen I it be that. in activity would as I have be also some moment, that, this the at that I less they’ll that as of am into to just as portion being to it I capability strikes and locally. the

associated lot is lot that’s there be of volume and a there with lot that I is capability complexity think a think it and paying in I Carter? is there China associated systems. lot where goes, Does going who of complexity it is to I a more cell you, with and fuel for of help think

Carter Driscoll

have increasingly and/or you negative IP of the your JVs does. follow-up. does, from that as giving or the structure, rhetoric concern increasingly Maybe in any thoughts potential it current of coming rhetoric.?I on It administration terms impact harmful Do quick a does any effects mean, of though? out trade the structure harmful potential have

Andy Marsh

comes of Yes, this, I’ll but spending our internally on most is it - structure us deal probably of good there time been effort of shouldn’t we’ve I our a say say, this, we’re IP how when – most protection. you time,

years. don’t we’ve we that, the gained So lose all over

concern. And going and government as activity a look, policy, is When that will when was shift we’ve Plug, keep deals to about and we we’ll process that’s we comes comes put and understanding in for phase last it. relations abreast business certainly this DC – the structuring think our down in government it thinking is. about is into caveats do of that on equation. what it right about here it So and I It’s the the when government – in in trading thought activity week certainly a I what’s

Carter Driscoll

XQ a it XXXX, or shifting the a little gears that potentially how surprising PPA moderates? and margins was contributed continues Help Okay. little and that me maybe the bit. just bit in XXXX factors into Maybe that understand

Andy Marsh

turn to going to one Paul. that am I

Paul Middleton

with have would they the Yes, just in of this usage our general, in I higher well, fourth peak quarter. customers think, start retail units –

general, and will would cost, cost deals kind but two be a works in – and slightly of legacy the So sites say, service go-forward really it’s is tale of One stories. other I higher, legacy deals.

improvement about things so, programs. the XXXX been is, financing those the that as of we’ve And major in of the one of happened has talked

the and structures. experiencing look I lines we legacy furs to And to running for higher. are and that in those positive they in and continue seeing those we only overhang so, some as things And trend and were significant customers improve. see And those the you ones financing cost to at deals, And in – or continue businesses, product that service with quite lines downs cost will benefits, with continued programs, combination cost, cost equipment equipment those the cost forward, of our those as XXXX a already and improve. very think going benefit to a particularly go on financing other are costs we and the other continue where you the the of are XXXX service

trends and I see expect XXXX in will So, think, we we’ll see beyond. categories go that that into we do positive – and

Carter Driscoll

Okay.

blip as in just So XQ more you of of terms see of the kind just timing XQ perspective?

Paul Middleton

of timing see the some we positive. trend A we as certainly and into and of to go that XXXX, we’ll overhang deals combination start legacy of –

Carter Driscoll

retailing Okay. initiatives Maybe perspective had a had Europe where there. stand like single they a quick of XXXX? progress in other Give update, terms nice Andy, on Logistics. some We in Europe. big Carrefour. your you in on Obviously is out there with FM me with move wave Obviously guys

Andy Marsh

a am on on only systems and we in have have at during heading been past year, American our Europe, new areas as Monday. put such I of hydrogen, the France, And think leveraging mention successes for the large Sure. promoting Europe. It which we did us together I names UK, to which to sell. mean, the make not are that – and Germany to but it really we manufacturers, as over is mentioned will easier retailers, looking give from the North one you focused Europe my especially And And Europe I you we in our focuses. remarks, feel, large is, Carter, I just are prepared

in that customers. – small our office helps a office have for Belgium We distribution

Europe We have efforts. in to the in staff already success service

myself solutions team that it’s the It’s believe than our Europe many Crespo sales represented U.S. that not a We have more customers Bottom-line, real different sure that opportunity I all sustainable are ways environment in much lower Jose there U.S. are a a those that and in or goals. aggressive making and Europeans their in their key is countries meeting the about don’t care thinking wouldn’t that a carving probably in they but say big sustainability. driver. about cost different,

past that, a customers, our the systems, are products business We So, not the lot. have been Plug looking for not the really place. skill at really our I and the I been heading that ago. time UK this a really obviously both really improvements because, global we time that, is there speaking year. there, the be Europe has the to But I in systems, perfect. think has is now over had over our it’s business week relationships with footprint think sets this matured is big I’ll quite am The are with be think the Jose reasons at the and the am which push I case in now put grown – is processes, in feel the honestly may and and one of up XX the ready I’ll Germany I and is months the we in

Carter Driscoll

then, customers, you couldn’t one maybe or any filing talked and the customer? me, last manage the Okay, automotive on you chance for about

Andy Marsh

we talking the I Chinese about same. to on sure, just are are You the make want –

You talked about a

Paul Middleton

customers as as just know, We that sometimes yes, we haven’t you with are names. to yet. there sensitive disclosing disclosed, was, haven’t little QX, disclosed

Carter Driscoll

guys. Thanks offline. Okay, all the rest I’ll get right.

Operator

Thank you.

from Company. with comes Rusch Colin Oppenheimer & question next Our

Andy Marsh

Cart, Hey, what it was. remind me, Paul

are are in about That’s make auto who industry. and we let’s just the can’t the know sure deal I clear. talking material you handling actually this. that is And I closed. has deal Now announce customer

Operator

Thank you, sir.

with next We Rusch questions. state & Please to will the your go ahead Colin and Company. question - Oppenheimer

Colin Rusch

guess much bit the how year. throughout that down guys. I inventory going it’s trend so? to able that so you of Thanks, be much position and Can you work is to sense the a how going a just, Are to

Paul Middleton

in think, Paul. with kind answer think, reduce gated mean, is based target we yes, parallel a be least, we Good, can it if will are investment and and the I this the on pull on have year growth programs. volume kind supply is, key closer at discipline, The with current that chain of to that I higher. pretty We of comes in the as big the a just or that range working running focus partners And increased not and down more we pretty our so business XX% with comfortable. substantially. of

throughput the of increasing dealing last the was, business publicly, I had. last as forward think, those year us of more or about about on increasing And be latitude thoughtful and that to the certainly metrics and the we’ve the the more it of will that facility as disciplined proactive operating and we’ve tightening more affords with we ramp it’s volumes, substantial and talked key go deployed to reins half one more some in we those programs them. successfully be with

Colin Rusch

standpoint. a experience key But and lot about plenty it’s indicator of moving infrastructure then forward and is infrastructure here. parts for, What you from obviously of an of Perfect. milestones had – looking lots of And conversations little you really kind are moving in then, Andy, you you are folks. there bit China, a things to that talked with had

Andy Marsh

most think need people markets when is think even online. Yes, there areas. are to delivery there generation will that’s need And, areas. be the about ton-and-a-half, capabilities. needed, move that, in – think once liquid But China, United liquid – moving quantity available. a and versus generation Obviously, And that’s I we of engaged think Colin, looking in brought capability transporting And States, one, ways And hydrogen step China, of people think is plants three activity I is the you when hydrogen there that, there that at a only of some hydrogen. and I about large for China. in are the to about these faster market and the think I ton three is think more I mature in that

And location of and The second the - time of more – that like that item level second for away. there place the Air highway. address think the probably would go requirements you’ll large hydrogen and can availability see side think Products. year, committees in the are item be with those probably third hydrogen in eye is be of the half in I issues. providers, the those which keeping Air China is that, a a I stored hydrogen international open question I’d the an on Hydrogen is gas Liquide associated at issues the people of with And is partnerships

really looking on think, the network be of faster they at. Now, the kind are assist and I’d I elements maturing those

some as – we I enough think, look, to kind eager, challenges being of knew we’ve because China is advantages to happen. issues. cells resolving I at And with to electric fuel highly it best want these to known with haven’t is I’ve vehicles, can because felt been were that to rapidly. these same centralized I’ve make do expect That they problems, the did do this said, that they wants be had and there China as and there decisions and governments – we

Colin Rusch

Perfect. guys. the at I’ll offline. take rest Thanks

Andy Marsh

thanks, Great, Colin.

Operator

state Dayal H.C. Wainwright. question [Operator Instructions] question. Please comes Amit you. Our your with Thank from next

Amit Dayal

Hi, Hey, Thank you. Paul. Andy.

Andy Marsh

Andy. Hey, How you are today?

Amit Dayal

doing? guys you are How Good.

Andy Marsh

Good.

Amit Dayal

Most questions asked. been have of my

are of your interest China, in in these maybe regards involving Just the Barclays JV investment process you in considering? to getting strategic does partners in from one your signal efforts

Andy Marsh

XX, brought companies and they us XXX discussion. the final can are issues, they’ve range negotiate broad right what which very, They times engaging to of in in today. And – I critical of to wherewithal thought and to really some look, to who Asia. presence and asked they’ve business they with at I it’s involved to advisor with access of across And are open ascertain able successfully. big JV a fairly engagements the that’s some out in a a help the team to these and the I are difficult deal, I the negotiations activity Plug were at of working involved that large comes working larger been they brands normally very guess. has been we for us, the with couldn’t us Barclays have really leadership A of complete sometimes Chinese into because, because, the given they’ve access entities help them chairmans these than be –

Amit Dayal

Understood. is remind things or following et Amazon just in by are And basically could there on this just and to you this, regards if Walmart, cetera, please? schedule that that is associated maybe, a driven me happening warrants you with aspect are

Paul Middleton

mean? warrant you cost, The

Amit Dayal

Yes.

Paul Middleton

those them the we over of million fortunate And them. of broader Yes, you remember, two from $XXX time. recognize revenue with may so both volume of the for correlated that with are it as customers each programs – goes, have

time, So, is will proportionate with which of as there warrant over cost recognize recognized we a gets amount that it. be the that –

a So, schedule with that’s there.

Amit Dayal

margins front, the improvements Cash Got then, And driven seeing are maybe that. we are showing happening. it. some improvements flows by on

XXXX, sort revenue improvement should continue we as this shifts For expect of mix margins between a little bit steady will quarter-to-quarter? in to fluctuate a or

Paul Middleton

well, specific, about our talked continue to and to Our, expect focused got things. volume improving think plan about plays pretty some I our you margins. fundamentally, talked because of the we’ve those business but, or Andy publicly correlation on working specific XX%, always to some those being going happen is and second some that, XX% typically so and seasonality there, in in the of organization have we We’ve factors will half, obviously just

shows down the further as drive we margin energy add to And from efficiencies improve to to cost, it profile so, for drive in on and less reduce the rates. That at our QX and continuing QX, impact seeing grow margin comparative that systems XX% think volumes was continuing last you you year I on that that cost the this are will we it are volume focus profile continue year. and margin that and curve substantial is really just

Amit Dayal

I all my questions I’ll Thank take That’s Understood. you. other offline. have.

Operator

at to remarks. further back you. Andrew it I’ll Thank There closing time. Marsh questions you. turn for no this are Thank

Andy Marsh

and you thank you call are our joining for to again talking once to XXXX Well, Thank looking conference we May. looking everyone. forward forward in and

Operator

today’s This disconnect. All good parties Have concludes a conference. may day.

Plug Power (PLUG) 7 Mar 182017 Q4 Earnings call transcript