PLUG - Earnings call transcript Q3 2018

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Operator

Greetings, and welcome to the Plug Power Third Quarter 2018 Conference 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. It is now my pleasure to introduce your host, Teal Vivacqua, Director of Marketing Communications. ahead. go please Teal,

Teal Vivacqua

Harbor break-even; EBITDA electric adoption expectations Amazon morning, standard; forward-looking earnings Act our for the accounting the Section and to achieving new include call. not these electric to about of the XXXX. including, statements impact Good expansion fuel and flow; XXA Walmart forward-looking of net XXXX cell in gross the market. the forward-looking XXXX Plug and of Securities third but including our statements is vehicle and to quarter statements This limited of Securities ProGen, achieving to full-year impact and it you. applications future opportunities; on-road XXXX communicate provisions lease and technology; that of EBITDA the the of Safe revenue important revenue; for welcome Power Exchange of be intend statements, the in regarding to the expectations Thank call business; ProGen We the stack cash covered profitability Act vehicles; of We XXE service impact relationships; achieving the positive Section of contained new hydrogen investors. will believe by

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

Andy Marsh

Teal, and thoughtful past overview letter The investor on website you, the Thank everyone. quarter. Plug good provides Power’s morning, a with posted

with Some had over and quarter, best key company history margins We we of of top fourth million. $XX quarter line, highlights the for the revenue adjusted had continual in a the gross strong EBITDAS. customers company the being are: expect the In reaching in EBITDAS Power $XXX Plug improvement, achieving segment. in realized revenue to to remains of the financial million the our million year, break-even $XXX in Material is gross and committed investors Promise for Handling second-half for XXXX. gross and

We products facilities. warehouse, value are high-quality manufacturing and and to producing warehouses operators offer that

improvements deploy quality Power. financials and Our us of our a continued improvements more as our result for and are in more improving will units. The to profitability drive increasing is drive Plug financial enhancements technology growth allows and to now continue costs. we Revenue scale down

quality We’re into using key of to growth integrating costs. reduce to artificial By vertically and intelligence we’re and the both able and improve technologies our Things performance. products, Internet

internally vertical been an to of feature A market examples we technology Power developed improve closely leveraging MEAs are our integration that Plug design, of Our stack we’ve is and products. the and distinguishing internal were and new liability metal plate our of performance, always linked have excellent cost to how market-driven, activities.

prime and big Walmart and are relationships think building examples. We with also Amazon extensive

delivering these deals holistic learning, partners the Material other technology beyond and are vehicle on value and electric a structure markets solutions. understanding Plug Power’s chain meaningful of our in focus markets Handling, clear committed with We years of pursuing leadership. leveraging cost for

for designs let an Material us capitalize on this first enormous with Board, in our team my Handling engine, ProGen and tell we But beyond technologies I I growth Material right modular success must now our and have Handling. Paul in EV we available we market. of in and questions. the leading are markets well-positioned are a opportunity not partnerships, your and multitude As for like forget,

Operator

a question from conducting Craig-Hallum. be is [Operator session. now Eric We’ll Our Stine from first question-and-answer coming Instructions] you. Thank

Your line is now live.

Eric Stine

Paul. Hi, Andy and

Andy Marsh

Eric. Hey,

Paul Middleton

Hey, Eric.

Eric Stine

Hey.

So the it’s and to fourth to goals to pretty positive both of get the – EBITDAS the could you fourth there just thinking range perspective wide in about revenues, well, first, the I quarter from quarter puts so guidance quarter? half mean, EBITDAS relative go, takes, goal. a to that the Maybe and with towards and a about those just revenue talk working perspective also

Andy Marsh

there’s our And we’ll no being honestly. be confident – keeping the that that much unexpected. an miss Paul range that I’ll just on that numbers as talk have I’ll eye said, let become take making want quite when I broad range, of to Eric, make we’ll middle to sure market expectations. chance that quite the We’ve upper-end about we range. at That we’re as And EBITDAS. the the better keeping So, and sure meet we in

year.” –we “Hey, to want to December, do a quarter. want onto So you We middle be viewed when to feel as don’t we’re Paul, out very very, on just in say, we want of push a we’re to if We the don’t comment really EBITDAS? want having comes surprise a comfortable. first miss customer the strong

Paul Middleton

And there. particularly is, the say third continued more, quarter, Yes. favorable in momentum of very is, sell Plug benefit mix I we favors I products, when you’ve there. because there’s would positive seen do a quite the what guess, what trend it well

So well And make, meeting we has continue amount to Andy’s a been traction that to bodes with particular, of as the effort of to upper-end start mid the yield is and that into pay fourth in there us. range tremendous the those even extending a to of more programs have starting we of life those and service, go lot dividend on are coupled to year quite see big stacks in and that point for QX. this and we to benefits quarter, continue

our look forward of we feel and lot a to with performance we and expectations those and QX. meeting through our we roll good So progress, as progression comfortable pretty

Eric Stine

And a not I high-level than EBITDAS Got other turning not to helpful. XXXX? you given of given revenues, talk That’s a sit you’re Amazon, I other also it. about what into maybe maybe given what today, your I’m of giving type range from here And looks but XXXX, have you visibility, for some customers, just just know as Walmart, mean, curious, XXXX like?

Andy Marsh

Sure.

is different or for analyst next guidance I’ll Eric, that So, past the provide just for done year. four every we’ll market. as this, We I that, in XX% highlight February, year, with and years projections about we’ve end for XXXX. we don’t early think coming expect the of the those in to models would that at XX% are year analyst realistic. the to most I the the say additionally shipping three of looked we’ve kind that, known for anything and And backlog

Eric Stine

Got it.

a lot. thanks Okay,

Andy Marsh

Okay.

Operator

Thank you.

is Colin Oppenheimer. coming from question from Rusch next Our

is line now live. Your

Colin Rusch

talk steady is much. the and so reduction, of cadence? Is cadence manufacturing see a it you something that cost the the be as facility? a in cost to new going reduction starts bit going or the Can we’re stacks little it to terms you of Thanks to new about move of fits and into kind

Andy Marsh

we I when been and we’re Yes, Colin. plate this actually Colin, And about, stacks, stacks in that’s and assume, good discussing. at metal we look talking question, a the the are we’ve

Colin Rusch

Yes.

Andy Marsh

as the same I first would in our XX% the stacks. products. initially the declining on about expect of and at units X,XXX have being XXXX. that the year of range first-half literally would achieve that and start as over I look, to to you cost expect When mid flat cost field, year I XX% that open next cost of our present stacks, in And of start cost second-half the would represents about the of the we of quarter into the expect Yes. stay deployed it reduction that of most and literally kind will

Colin Rusch

helpful. Okay, that’s

Andy Marsh

Okay.

Colin Rusch

projection, of some Yes. to you’re terms able the out now longer are history to better you’ve And a then stable more a balance on that you a bit little like of history, point and XX and as feel find we what look refi agreements, sheet? technology a to Is do at and operating in be more longer you terms bit finance kind to get going you’re that talking of able these these little got before go XX, going some like bit XX-month PPA assets? be terms just better and little having at months of or

Andy Marsh

going with Walmart Walmart. of answer actually agreements hand So, past only Colin, to rates have I’m off – I’m over deals low relatively and to PPA been the almost the the part, the Primarily Walmart’s financed going first then been at because have And support. Paul. year to because exclusively, it

to So, our those customer’s close rates rates. are lease

anything of that’s months issues Do actually done rates. think, to on that higher deals the Historically, that, rates. the the But present and attractive are the past older have And want certainly so really deals you comment it’s over Paul? are been worth some at I like. XX been

Paul Middleton

Yes.

agreement there’s with But the it. of things providing portions I it’s one, new add part to think our structure, some about signed new fundamental of now that we a guarantee been we’re year they’re public seeing in we’ve for three last that pretty just is, the Walmart. color, financing. platform They’ve,

our of So capital cost that’s in on terms. helped tremendously our

very to and had, financial third really values, kind in imagine well now this I those because that is way agreements. industry years, that for thing to call approach – deployments over seeing the that few them is, you in easy is thing in quite tremendous of conservative. and the for to the XXXX, us success obviously values. transactions bodes then institutions financing residual estimates banking as it is now for that year back, those And give wasn’t Second this residual can we’ve we’re first it, ITC would And an prior credit time is, the the last

PPA customers, estimates as we’re and with and working institutions now seeing so and we’re estimates And those start to our in. those on the put we’re to seeing well financing ranges the provide

our of of to this yields.” actually for to And institutions expect so makes And a that to big And continue combination so interesting be lot in have is them seeing lot we’re very “Hey, already made structure get you’re volume transactions. next and and year that expect the to because participate. a start now and sense a function of say, us of step our interest inbound financing actually getting fairly a approach large and a competitive, track better to I those

forward function, you’ll progression certainly So, another go know year. as we continued see I be a don’t but it’ll over the next step

Colin Rusch

it’s I think very guys. helpful. Thanks,

Operator

Thank you.

next Amit Please & today proceed is with Renshaw. question Dayal Rodman your from question. coming Our from

Amit Dayal

Andy. morning, morning, Good Paul. Good

Andy Marsh

Amit. Hey,

Paul Middleton

morning. Good

Amit Dayal

over you stay profitable there? it quarter the once should On progress variances towards marching Good expect you to profitability. to service can consistently, see those profitability, some gets lines, make guys or steadily as business some we

Andy Marsh

that the comment. Paul that better we’re Paul just The let technology able just trends with of about lifetime I the it’s that putting see expect we better. in talk guess, size, stacks workforce – profitability. year. view, product what would and from a today and the I’ll point stacks all reduce I’ll stacks as reach say being let new reach we and post can about become can he mid-next clearly to field I’ll And we indicates those

Paul Middleton

Yes.

I that question pipe fundamental better. and increased of every the your continues it is, stack the and see quarter. to cost we and improvement continue get on with parts leverage labor, average to think, as And go get it better Andy and will mentioned, of to the answer reduction north

see customers And us we But you’re progress clearly I amortize gross see business ebbs that think, today to do we those the traction XX think, demonstrate in get to that – a going to where margin. periods XX% going path see flows. have to see forward. to be where a get continues I to straight lines seasonality north, you’re And you’re service what to continuing greater is going next with we’re and over that to better. more XX the to move months, for direction I as see that see going and accounting you you you and fundamental revenues makes rules in think and progression it do usage lines, peak

Amit Dayal

all Thank spread more of it. Got Strength for or and seeing from from is in you in and margins the contribution Walmart, are it you coming second-half widely? XXXX, is out that. this Amazon revenues of

Andy Marsh

widely. More

Amit Dayal

as these right well got in just Okay, the in stations, in one one look far, what Europe is in at me, to stations regards And And the only so if these or are hydrogen of of so GenFuel up seeing? last for the level the you then any U.S. utilization stations to are it. are that putting way these it, future?

Andy Marsh

just The XXX utilization distribution – with is They’re the and day. center sure typical continuously answer. a The make during let used units. XXX, Sure. me I utilization

with – are hydrogen in XXX to are we are between we to day, And of liquid and is XXX most user our sites kilograms so gasoline. XXX the And gallons the – to that largest XXX which kilograms somewhere a world. – using gallons of equivalent

used are very they So heavily.

think usage. we’ve number. at when you And $XXX probably comes the I million of anyone the product, range done close. $XX hours have lot it’s of we million pretty $XX fuelings, million a are that’s – it’s think the where I think to big so I don’t on

Amit Dayal

if existing just I’m more much it. stations. say, trying to in word of, how the from you Got extract terms these leverage see can that’s right

might I [indiscernible] more have this think to build we of

Andy Marsh

to going years. Sure. Amit, last stations XX I are mean, those

Amit Dayal

that. Thank Okay. Got for much you it. so

Andy Marsh

Yep.

Amit Dayal

questions, the rest my questions my you. of offline. Thank I’ll take

Andy Marsh

Okay.

Operator

Instructions] question from is Our coming Genuity. Moore Thank you. Chip next Canaccord [Operator from

is live. Your line now

Chip Moore

and Paul. Andy morning, Good

Andy Marsh

morning, Good Chip.

Chip Moore

give in Material the market, the in We’ve you bit of right? on bit. place U.S. core update ITC little had the a can an us Maybe for Handling a pipeline

I a of of lot the think, an distribution deployment, pipeline centers, least, how’s talked initial quarter at about the going that U.S.? retailer in to last and the new rest the with how’s you

Andy Marsh

Pipeline is strong, Chip.

be Power. we’ll be to mentioned I pipeline is expect strong before, we in As February. – early the continue that to more talking Plug and for rate growth the about But

food slowed our rethinking and which done. large you number big probably stuns have the being deployments, if the and today, business, country you fact by look look in that, redefine but their the moving lot me just because performance. at, think as it it’s both in good XX% of Walmart this they moment at now doing of we’re it, are that their who driven business, is good Walmart I actually these people that the to the Walmart retail far at companies at in won’t the involved been that our now and of look in down I is a use. reducing As customers bad, next improving that wasn’t be what And it And is Amazon distribution the when and recognize customer, that if their Amazon a costs for effort if

of funnel, bullish kind well as we’re So about – gather may you the we’re as the of North American by funnel. call, this as kind European

Chip Moore

whether give us you Can Yes. Europe, or Carrefour others? an update on it’s

Andy Marsh

Yes.

that, or So told XX yes, of has will or our increase companies. in auto be team Carrefour think it folks grand that our opening I believe is we’ll And Europe revenue a X. me, a X know like by next in at I coming factor up. they the sales And months

Chip Moore

that And follow-up, visibility, great. Amazon this at that about just one XX% and That’s XX%, that to you point? in when talked mostly Walmart is

Andy Marsh

It’s and mix. there be dominates, a Walmart but good others. a I but it’ll percentage, are mean, Amazon usually

funnel XX% today, So be think if Walmart that of like will probably I probably mix, the business our and be, activity. about it’ll it’s Amazon

Chip Moore

Yes.

new potential looking better stack. helpful. last talk Can in And the given density Is just at? space? for be that something one fleet the maybe you’ll you about EV on metal it’s me for Okay, that power

Andy Marsh

Quite at And in the and there becoming believe we have all Handling, with activities going we’re Absolutely, going items places Material this we active we there’s about, is UK, and on can interested when this we’re to Germany, Material areas. lot proposition, business probably we opportunities of And we not with starts really interested having. hydrogen vans. Plug. is than and of while are two fundamental I’m development a when that’s that engaging And best like in that big – projects we in like that with move can sales dealing really customers. folks Handling. Fortune – there move I in with kind three like on not – I’m we to for talking XXX look don’t the this projects. Walmart and on the interested of discussions believe kind in doing Amazon to. I’m But we that one-off especially lose because honestly, doing have when those California kind delivery do – in a projects. rapidly talk hydrogen value focus type those ball we’re and working – And and I’m us. more do are the ball, we’re want it’s like the interested or the companies of and available. XX

Chip Moore

Andy. That’s Thanks. helpful, it. Got

Andy Marsh

key, a metal stack the is But Chip.

Operator

you. Thank

is Driscoll Our from question next coming from FBR. Riley Carter B.

Your line is now live.

Carter Driscoll

guys. morning, Good

Andy Marsh

Good morning, Carter.

Carter Driscoll

they a calibrating a discussions rules on-road of had I in of your and question first subsidy. job China know subtly expectations. or changed and on partnerships? you’ve with subsidization qualified impact done and vehicle focus But time for outlook China, for that the any it’s not the terms good So is Has

Andy Marsh

as been, China. you about know, we’ve deliberate Carter, Sure.

Carter Driscoll

Yes.

Andy Marsh

that we’ve the industry. ago, mobility seeing believe do I activity for of And is to that companies there cells. come. I and to the And accelerating China probably been markets – that we We in start think partners, a deliberate, I us. that potential from we has that ramp and the let over two real a interested one spend – what And believe there hydrogen sure fuel – a the for of XXXX is time with XXXX challenges our And go because Olympics are both and in that think, front call major me just hydrogen listen you’ll fuel both IP timeframe, of and that really challenges. continued I talk dialogue with mid-XXXX with We’ve been logistic you fact, cells some Olympics. is Chinese we showcase I if back and making very think in we our they’re products the recognize when highlight regulation were lot two When had. quarters the the reasons. developing One is important

it Power, a deal and sense continue but So, when to we we’ll and Plug to make makes to engage understand. if continue

We’re this doesn’t grow grow just not to that do or going help us continue to business. something

Carter Driscoll

it Xx numerically. get X Okay. I kind that mean would quantify about tends contribution, we potentially… short to and you Thinking of back that you the Europe in generally of framework to because put to When know but that geographic don’t is talk trip. what And could –

Andy Marsh

million range, $X Cart.

Carter Driscoll

it. $XX million, got

Amazon develop I a like you I there in or that you and retailers but like could by, say, with other Okay. early could of Europe XXXX? be out similar mean, could a customer a relationship – anchor started Carrefour, it have you seems mean, of deep there XXXX Walmart, the end type

Andy Marsh

retail auto auto when would both say manufacturing. their manufacturing, mean, and facilities. in I call I And manufacturing I

Carter Driscoll

Yes.

Andy Marsh

yes. answer So that question the to is,

Carter Driscoll

excellent. Okay,

Andy Marsh

And wouldn’t I Europe. in vehicles discount either on-road

Carter Driscoll

Even or…? challenges even they fueling probably for though infrastructure, have greater

Andy Marsh

by And hydrogen XXXX, is really. that actually is and Germany, Not to one stations look of probably running they’re of have plans this at you schedule. available, – items year a the if Germany XXX fueling ahead

So it’s be think, Germany interesting – if Germany, at – because I think actually look as may you I I China, as the interesting station. and it, look when government at most commitment there’s

You Germany. don’t do you fuel and few understand could today cell drive can a I across I there’s think in – hydrogen that. very get actually can you car places

for discount I fuel cell there. providers the opportunities so And wouldn’t

Carter Driscoll

you that. of Thank A Okay. clarification, for point Paul.

quarter. $X EBITDAS loss just in again, this So, million over

a talking get fourth in quarter least, the generating correct? you’re about, break-even, to that obviously, second-half So, at

Paul Middleton

Yes, that’s range, our in I think yes.

Carter Driscoll

it. Got

some an rates. analyst future? on three, targets year? a that collectively up maybe you’re is domestically economics, other stations to, the of utilization about quarter, of asking of of any next is kind basis fueling of in end one think you point in terms of becomes individual or end this And near us at plans share Number with either Does could to Okay. contributor positive I

Andy Marsh

Okay.

So we’re stations, let Carter. be XX. – industrial stations talk talking when I over We about we fueling we – me built clear, about fueling and

hydrogen I which to hydrogen, the systems while helps developed, the of of reduce kind are emergency. backup cost think, that referring the certain three hybrid of you’re providing level during a we’ve

on liquid there site which hybrid backups. hydrogen developed, sites base that use provide reformers hydrogen three and to that that provide the load peaks and are are So, sites we

believe our move long-term for reduces for we So, systems, cost hydrogen and that commitments, the hybrid when that have the of profitability to hydrogen especially I we will increase. sites mean,

Carter Driscoll

Right.

help what that timeframe? even So, number of item that break-even I’m fill I some positive at number positive over trying or line a but that – hybrid get towards it, are is to guess, there stations will

Andy Marsh

Yes. say somewhere I XX% XX% hybrid stations, to would that it deploy we as helps.

Carter Driscoll

Got it.

Okay.

Andy Marsh

We do it.

Carter Driscoll

you’ve with for time done other pull-through FedEx, of work with a hybrid the some update work last-mile even on-road? just course the it. the with Yep. and in an of lot vehicle Maybe domestically on obviously, The FedEx, competition and opportunities run

Andy Marsh

well. FedEx is quite going

in doing think, where the then year, of will biggest I the California, stations to we fueling most place on like likely we doing and probably the be road next challenge in be exist today. more expect – FedEx more

sheet North in with also scale. the with the this challenge a And financial I balance think like I market. fleets bigger Obviously, outside accelerate larger so know probably think, be the And you I’ll is the But market. to And is I debt in real this we’ve think, that biggest partners the could the business. needs Material market. in the to America partnership help that’s with someone say, financial our focus challenge are of deeper chassis U.S. I go looking can EV Handling. who tether in you think, people California, of Carter, done in hydrogen for,

lack I integrators capability. that in the today market the think,

I is probably think money to with And that challenge. little is to capability so and have bit structures sure to me service be probably biggest the there at a make North And the the American different somebody table.

Carter Driscoll

for Last me Yes. question is…

Andy Marsh

of probably less challenge Europe. Interesting a in

Carter Driscoll

obviously. commitment, state better Well, interesting. It’s

Andy Marsh

Yes.

Carter Driscoll

Is of it’s it’s Walmart that mature. on blend I of same gross that gross signed XXXX, PPAs profitable because Is line, Just less mean, there your see more that the to break-even. trajectory, growth end takes of sense, it trying by time the could to that type continue of PPA the you’ve – the on timeframe that’s being, the line? will XXXX? a hindrance obviously, get it least, is first-half the a at gross Is to be break-even bit obviously still older realistic on one profit. a And – is we to of and a it could profitability

Paul Middleton

Yes.

have we’re I series think, we that you deals – run mentioned of I a we to their have mean, as older and referenced, just course.

that’s service years. that sites. cost new And part a will So service couple come is continues of to those The in to The the of direct that well. into in bode specific component service that deals cost goes to that line down. coming the as we’ve seen customers,

there’s well. line So on a that trend positive as

So to the I But in this item. going that we positive to range. or before continue progression we and we – think you’re and holistically, XXXX line to it’s in see just moves will early have break-even will probably year

The will more drag we and in – diluted to a and overall continue small other which a mix. the regard. will volume is as But that more grow that higher percentage sell more factors it’s and much direct we it and grow be we’ll product and sales, the business of are

as so And less will we just go and have it forward. impact less

Carter Driscoll

Okay. the the Slide summarize just sheet referenced letter? the just impact maybe that you a in you X could And high-level through accounting balance on the in

Paul Middleton

balance is Yes. will change the The is an standard. as the those of a is the payments your deemed accompany adoption present and that, operating on sure, value new frankly this mean, you’ll liability of for quite leases. a see is asset I the of future it and in asset well net as right they I’m biggest an use sheet the lease recognize those to adopt and of basically lease you

collection so little over time. as we’ve amortization interest And our at in a the treatment, million and leases. right $XX the those financings the majority your are are with PPA amortize associated use of obviously sale to The had the that it’s over leases. of those you look those deemed lease leaseback where asset operating past component of expense you operating that with But when becomes

lease sheet footnotes payments payments But PPA in as accounting disclosed time. we’ve And throw and your minimum on our the over that well. so to it standard always balance has now up with

Carter Driscoll

it. questions. you. got Thank taking I Okay, appreciate my

Operator

Thank you.

from is Our from coming Company. Jeff next question Osborne today Cowen and

now Your line is live.

Jeff Osborne

a first that I couple be But under GenDrive may under question. it guys. – had from called last XX,XXX. that actually or facility noticed to you closures? to and for, my morning, PPA was want good understand that? related I XX,XXX in were with think, on units the Hey, accounting because Is and the I letter I going of end change, there declined the that ever service out on that then time any just to what

Paul Middleton

look also continues when Yes, sites grow. overall, of part the just so and off, it’s ebbs accounting older a flows combination. it’s and it’s new But we at business plus coming ones to that

Jeff Osborne

quarters? on to And just touch the it. that prior Got fuels pretty can then segment you to seem have a poor relative margin

Paul Middleton

prior at and last its think, it’s terms prior contrast pretty look actually, trend. I the positive to it periods, year in you Well, of in if

about time, kind design not is on broke and ever on sure up may even think quarter, what as prop has of can that maximize kind as recognize in really customers that our continue value terms as efficiencies there and driven we we a I break-even of that to business. the margin, been putting of that talked even in think have for be The trends over maybe we the of to had we I X% XX continue years. think, kind maybe of next in expect first last the the months, maybe to pass-through, to the positive I we making slightly gross XX that single-digit, not a to model well to that it’s such positive – and it’s because efforts that it’s But improvement slightly that. we’ve I that the

and of promulgate line. generation the in strategies, real hydrogen that some in some new system things do other think, to longer-term, some of you to of margin this those referenced well as the start rolling quarter, number continue that that And things we we – as we put the the more, including the traction like see I In we’re out.

Jeff Osborne

I on, in to touch guide it. you that Got just And think, gross on revenue. then you’re continuing can

given think, I warrants table in But the warrants to to a there. accounting the with customers in of that just for general, your And versus both the expectation maybe you’re holiday had that and you season. changes the customers Walmart there? to as and then quarter delta on it in the it the mix Amazon expected business? relates impact But we’re relates past in there I as into Amazon what’s about just what were might your seeing talking shareholder you’re would touch Amazon heading slowdown. other holiday just factoring fourth any given letters, in maybe related have the that, that,

Andy Marsh

would say to exact. are third both, – this, quarter. there being to quarter Jeff. be reflective We the are the I which typical I of going sensitive got that like shipments

Jeff Osborne

Okay.

So a difference delta. not I the gross the step between and to net going big accounting up that was and of

million it $X.X of was think, just quarter. about impact quarter, this million $X down last I under from

some quarters, fair? two – So somewhere in-between those is that

Paul Middleton

I think that’s fair.

Jeff Osborne

done on of both of you in you’ve the then And Okay. just touch for the terms number backlog? can sites

Andy Marsh

this sites at And Walmart. we same that is Amazon, year year. last the to sites. and clip of we’re Walmart for close Part XX did XX

Jeff Osborne

can Okay. field And you then, share? noticeable reliability on any trends that

Andy Marsh

right. over beyond probably units past truck. six some with the think units of down the The where forklift sites, one-third really, are can of it, I would of the it’s is that’s think, number months, equation the The customer uptime find you XX.X%. I larger we’ve I got area units, what of the an our say

not is big this on. to – Jeff, important you, and. point the I’ve level tell get was year about but quality key And driving one business that to that I’d had shareholders, So we’ve of goals four to one only customers, the the the been goals of

I the equation. think we’ve got

So excited. I’m

Jeff Osborne

hear. to much. Great Perfect. Thanks

Andy Marsh

Yes.

Operator

of like you. floor management question-and-answer our end Thank to the turn comments. back any reached closing We’ve the or I’d session. over to further for

Andy Marsh

Thank you to taking forward XXXX. fourth for and a February about talking we’re in and time strong you looking the today, to quarter

So you, everyone. thank

Operator

Thank today’s you. This conclude does teleconference.

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Plug Power (PLUG) 8 Nov 182018 Q3 Earnings call transcript