CLNE - Earnings call transcript Q2 2019 | Clean Energy Fuels Corp.

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Operator

Greetings and welcome to Clean Energy Fuels Second Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I would now like to turn the conference over to your host Mr. Officer. Financial Chief Vreeland, Bob Thank you.

may You begin.

Bob Vreeland

operator. released Energy you, afternoon, June Clean results for this financial the XXXX. Thank XX, Earlier second ending quarter

available be section days. did the call at for is you not XX webcast. the available the it If There on being will website receive www.cleanenergyfuels.com where Investor replay the of is Relations also Company's a website release, on the

but you on reflecting that optimism, the we'll conference some mean the that absence to to begin, Before statement expression statements plan, in and well we'd predict. intend, does information is uncertainties prospects as that the expect, not forward-looking as statements, words should, news contains remind anticipate of variations release their risks, and this with like call contained Words as similar believe, involve are satisfaction of not such that and forward-looking. assumptions difficult current forward-looking identify

today. the a Several Such results factors not statements. detail date to the forward-looking cause materially update statements Company that such Factors could the of XX-Q statements Form such regarding are circumstances filed as information performance could statements the or the guarantee forward-looking Risk this forward-looking after any described of or section Company's date those in in in Clean no are differ contribute actual from contained differences only and the obligation of of Energy's speak The release. publicly release. this These undertakes to supply new

not in operating addition be financial indicative the GAAP for in will a be should to The management certain to considered on should not that this with are Company's reviewed as considered results substitute call of be does exclude EBITDA business expenses measures results. and prepared adjusted core superior or results. and and accordance GAAP Company's Company's Non-GAAP non-GAAP EPS believe

these non-GAAP the furnished reasons the release, of adjusted provided is and and definition Form between in GAAP non-GAAP has on why X-K non-GAAP GAAP uses Company's comparable to EBITDA been directly a SEC EPS and today. information, figures reconciliation The management press information, a which

will our Executive I turn Officer, that, With call and over President Andrew Chief the Littlefair. to

Andrew Littlefair

Bob. you, afternoon, you us. for joining Good everyone, thank Thank and

this our volume continued that quarter proved with our to fruitful year fuel same XXXX. demonstrated increase an over on increasing of be focus second The quarter in the XX%

second We shy equates quarter. to the every deliver the natural million million customers fuel country of the in X.X our gallons quarter just gallons delivered being day XXX of gas to of across which

fueling perspective, gallons To put and year the gas in state. our natural XXX,XXX of we fuel in delivered first growth full almost in and of acceptance business entirely one of

financial continues second improve performance quarter with revenue $XX.X the slightly is as million up to through in ago. Our over well year a which

improve on incredible continue that in operating would But gas. customers to what is results renewable lower operating the is point cash I cost, we is interest are our benefits What add volumes more, more growth our quarter that fuel which resulted positive propelling of volume flow. in realizing operating the natural out as second

are environmental fleets Redeem fueling gas existing an for capture while that long-term to branded fleets benefits highly infrastructure multiple easy heard You've competitive remaining tremendous our on natural RNG and times reduction me report at pollution carbon with diesel. is short-term both way operating

purchased would gallons million in RNG the the vehicle they that is be most XXX purchasing making fuel XXXX of the through of acceptance RNG made advancements ever. that the second the and largest from us Redeem quarter of One announcement significant UPS

ways forefront a overstated. UPS, by that in the move this operate be largest the in logistics of aggressively in way environmentally at one cannot significance of to finding sustainable been has world company and more companies the The a

around off states agreement. cars the natural gases equivalent removing UPS world's of their of planting of road. of the XX use should the tons the is over to a country, realize cleanest gas greenhouse UPS fuel or to million existing expanding XX XXX,XXX trees This stations the life the X,XXX,XXX different By reduction in metric XX

It outside of states used to is switching is this volume note that XXXX. already additional in all is their million to California RNG important operate UPS RNG California, to in fleets where since XX gallons

These as gases the alternatives significant achieved in electrical including years major greenhouse problems other being not in environmental [ph]. savings such like reductions by UPS future are today,

UPS RNG, can for in service deal operate timely With embracing UPS used this to switch being truck broad are staying easily our and company a segments highly country, of use heavy-duty of the while fuel. transportation a a thousands the great heavy-duty fuel expansion quality example to Most is around that the customers. all a competitive of application, demonstrating is recent their assuring in of Redeem but trucks

of During last was continue Redeem significant XXX the in conscious to environmentally Bus Blue the also to agencies the the Monica's Big quarter signed one buses with a we most agreement country. Santa cities transit in supply

deal million Redeem of a The $X.X represents year. over gallons

have availability station RNG the accessible City's in expanded to of We Redeem publicly York opening South area the City recently the first by the New Bronx.

its with used Redeem replacing buses Zero beverage CNG engines. Commons with and buses a heavy-duty of variety is vehicles of delivery including trucks the XXX County Redeem Los Transportation and new XXX by is another recommitting vehicles. new trucks, Authority CNG now by Metropolitan use Angeles older upgrading to service being

CNG up likes These has by LA for also year. environmental brings. XX their from new next RNG a be years the it that XX% that with buses in announced XXX% and will of their the increase they experience Metro RNG benefits agency demonstrating their transit to buses operation will to use for

services Energy Redeem largest while gas vehicles LAX, aviation with of massive help of ABM passengers move aviation remodel. around ABM expanded natural new to the airport a companies is these their provide country's undergoes XXX,XXX to for one the gallons vehicles. expected fleet Clean

to first it of mark during overall second Clean and waste their close Redeem use continue fuel time the the mix. quarter solid up the vehicle or XX% of for agencies Energy's transit sign allowing Other companies expand transportation to to get Redeem for

put which tremendous achieve will gases, redeem, price XXX% fleet providing at in This disruption into customers no amount diesel our to greenhouse operation. with track on reduction goal all in translate competitive to of us vehicle of and our

year I was at note growth this that product vehicles product very RINs, a when will credits also done the prices renewable low, a fuel time by of the RNG RNG dispensing was lower federal under over our impressive than in in the environmental generated ago. the XX% standard

the that this be RIN And substantial. should RVO. and believe strengthen renewable volume to pricing year sets upcoming upside so the the or next begin year We EPA in as obligations the will later if

the is fuel overall volume expected and market. that growth a of to truck is our in Redeem segment particular A heavy-duty

results. As last program Orders I new has to this at for begun Financing heavy-duty earlier and Now began trucks a nice continue our quarter show year reported pace. Zero

companies can We generation with largest their take by offer this XX%. advantage how the which reduces new are over of XX-litre in the fleets they engine, the the discussions of to trucks with trucking about country's latest Cummins NOx dozens of expand with equipped

Zero Angeles Long in part Los early the a these and to I'm pleased Energy firms of test first also equipped an of with to of XX-liter trucks engine. Beach Clean the to the delivery took new begun of a some with XXX pilot new companies version stations Redeem. run fuel engine a and will take Many new Port announce at the program of that have Cummins

year-long say that companies test confidence trucks. I'm by that the pleased the was more a fact to participated order the the program performance that demonstrated of to the success have the in engines

Port like to I information would the equipped of that completed the Los of recently fuel Energy with Clean pass within to engine. ports the from terminal new bit station Cummins Angeles Another that is along tractors the

terminal for Port charging gas part by up way, is ongoing for California the in of the effort to by vehicles given program air trucks electric and for the Grant and same This trucks a and to manufacturer the was Commission their of XX LA station. Energy Chinese And purchase of grant new of the a dirtiest in the the large was station. given sponsored country. fueling of amount the a clean natural

the natural that at trucks have three trucks station been of noting station. charging our fuel worth money to begun amount it's eventually will same once gas And the is that with XX versus be delivered EV only operational

in sales surge truck This anecdote to why was headline electric explain a gas publication there as helps trade trucking earlier "natural get is the and a even the great said, that hype". trucks week this high

them other headache added emission facing With cost ways tariffs they give gas. additional trucks driver choose to obstacles is natural only alternative one in stricter can was and look shortages, and won't meet that standards that for there they as and firms, logistics

board our as was productive. And All-in-all, momentum very across position. the our quarter business improve financial the we continues second in the

margins. growth level spending capital exploit our are will SG&A us volume levels We and higher to our allow expense keeping at that with

interest our is year ago cash is XX% down expense Our from and strong. position

turn call I the over that, more Bob And with to details. will for

Bob Vreeland

Thank you, Andrew.

growth the and volume year full results in and volume our of maintain Our XXXX financial expectations were for we the quarter with financial second and XXXX. line outlook for our

decline RIN XXXX. pricing what the pricing far occurred that assumes more we've This in in recovers so from that and LCFS significant remains seen recent with June consistent

quarter Our the ahead LNG of while in XX% CNG, year. year to were second of principally volumes compared from volume last last slightly growth came

new second with growth related continue in of relationship expanded benefit We in the under beginning our from quarter our UPS contract. of the delivery Redeem Redeem deliveries our to to and BP

Redeem ago. XX% quarter XX gallons in volume million year grew the versus to million gallons second a XX

year XXXX which $X.X included alternative our Zero million Last hedge. non-cash the was which gain credits. revenue second fuel Now million tax $XX.X included was quarter second $XX.X fuel quarter revenue Our on million $XXX,XXX for a in

a or equation, partially Our of the increased due volume which exclusive a benefit sales. fuel mix to RIN effective year-over-year natural prices gas gain of prices decline offset million our to on hedge price fuel side due the of the cost following and the volume X% revenue principally in related gallon is by growth, $X.X a per lower

second and in per per of effective in first quarter effective gallon delivered was in gallon per $X.XX of gallon volumes price XXXX second an $X.XX to of Our compared delivered the quarter XXXX. gallon XXXX for quarter per the price $X.XX all

a But in to sold. gas delivered goods mentioned pricing in extent RIN per and cost be gallon Considering our per LCFS the commodity revenue range the gallon we effective assuming see recovery as between of that today's previously. following also conditions effective natural by lowered an volumes again, looking all in our pricing a $X.XX and we market a see has forward on consistent benefit and $X.XX to I price prices,

million station for $XX slightly third we trend second XXXX expected XXXX. changing sales net ahead ago up are of of XXXX approximately were Station quarter project to XXXX. quarters significantly for first the from quarter the the the and as second our of thus the year for expected fourth $X.X revenues taking similar Our million for and total quarter what without results saw the to in project

seeing projects continued steady station steady We're a activity and backlog. in

profit in which which million income. the benefited hedge gross $X.X million overall XXXX gain. from was $XX.X fuel tax credit was second quarter the second Zero quarter of alternative XXXX Now Our in $XXX,XXX $XX.X margin margin in fuel from million non-cash Gross benefited

these principally increase is X% of our Exclusive gross gains, margin year growth. $XXX,XXX from profit or increased This volume XXXX attributed a to our ago.

per effective Our year the in [ph] $X.XXXX gallon $X.XXXX of gallon. to per quarter for quarter was compared per margin at XXXX this second $X.XXXX the [ph] last first [ph] at gallon per year gallon

key volume here performance driving growth existing It's gas and volume being growth our to to important that our element incremental our to improved a financial able and dollars exploit natural is infrastructure. profit fueling gross momentum is note margin

year-over-year expecting are growth. accretive our volume of We for margin a as dollars XXXX gross profit result

gross of range to profit We margin the per per $X.XX also our gallon. $X.XX gallon expect effective year finish to within

second SG&A $XX.X was $XX.X quarter in ago. Our a the of versus million XXXX year million

are we million, forward being range. half million expected still bottom the $XX our $XX we range trending favorably to anticipate of of toward that Looking within although

alternative quarter that year GAAP year Our income. impact again loss last in of a tax compared for to second ago, net million favorable $XX was million loss the $X.X a included XXXX of fuel of million the credit noting net $X.X GAAP

lower $XXX,XXX Now Zero hedge. and the was results And non-cash driven XXXX improvement This interest by was net gain impacted margins from of expense. by favorably principally the better in fuel our operating

decline expense structure. year bringing compared interest compared last second to million is ago to the to-date year, $X.X our million capital expense which by result for of interest improved to direct year Our the declined the $X.X a in quarter

Our net adjusted adjusted to $X.X for to million $X.X quarter net that and XXXX loss included alternative our of again net was compared loss fuel million million noting for in the credit million of in second tax of million XXXX XXXX, XXXX income. adjusted $X.X adjusted loss was compared an the for EBITDA in the XXXX. second $XX.X adjusted $X quarter And EBITDA

ended of and from quarter Purchases increase million XXXX cash second cash quarter. of provided cash at million We million million the were operations and from up the XXXX. in the with by million. $XX.X quarter The first second during $XX.X the quarter second during investments, property $XXX.X in equipment was of the end $X.X of $XX principally of

in equipment at and million debt $XX is due held our unchanged Advantage convertible XXXX June debt at that NG Our facility $XX is financing and million. principally

growth gas on truck our NG flow capabilities. program support in at mentioned I Advantage Now see our and As Zero call, increased last we to expansions

directly will balances the increase likely second and we'll XXXX. half to during contracted So be growth. volume expenditures debt capital in see an debt of Keeping in this attributed mind our

operator, that, we'll the now open questions. call to with And

Thank you.

comes line Stein of question Eric with Craig-Hallum. your the Our with first question. proceed from Please

Eric Stine

Hi, Hi Bob. hi, Andrew, Bob.

Andrew Littlefair

Hi, Eric.

Eric Stine

first. Hey

Zero end is that, you something still about we So program, then I'm follow where also as rolling and a a think XXXX, curious thinks just trucks should of Financing on just Now out the for on. couple that thousand about

could with are educate to year the they that fleets. about people the to really discount diesel. have what conversations program and curious earlier like had know this fixed Just a you I that

stands where that now? maybe Just

Andrew Littlefair

really couple errand place Eric. math million put a the I we When with But is on were XXXX -- $XXX about -- of doing that talked we that the rent we facility that still phone was That second trucks, that Total. one number we number kind facility through thousand number. that have we the math did hold Thanks the a here. facility in the with we on we of the think good trucks,

still thousand Now still won't think as couple probably of I'd early to talked more you on we've like move end like into the this It's little that But trucks see rolling -- like latter the the thousand I January of the by Eric, think to number volume a part of that we toward trucks year. we'd a be still year to this couple and on. to would before. that

roughly my is we're remarks, -- We've those. of about with mean As really our literally sales force dozens. we're the dozens contacting fleets I said in and contacted just XXX I in negotiations largest and of dozens ongoing

please XXX forward go literally really handful, had We've a not so those they of just rather right now.

going on like. -- a they work the getting price then hedging might out fueling fuel. call a fleets the a be get out on -- education on which couple in and might their is hedge, ago that There's There to what take fuel network, fleet that a educated described and just does are of then truck, becoming the a of our is process. is overlaying this on of I as be times their So, the a on involved. ready this while a the portion that really education they understanding not truck specking I lot of questions way the by Most

something a have new this have tank. comfortable to they so that get with to fuel they is to a on that little sign And

diesel a But less able years discount, that is appealing length the to to several fuel we're them. lock lease. for into of them very the than And

Xz. So money. We're Eric Xz, that we're than asking it's month real working kind And really process. it's eight-step more an them four, of with fleets, five spend

in to much XXXX/XXXX cycle. move this a and get is XX, that the you'll procurement number in test hope asking experience more like past we are fleets XX, to refuse we're what beginning So saw XX our and what of as see cycle stage. get it's trucks actually begin we the then fleets We're in real interested to

in natural where normal trash warranted a to the started we about heavy-duty for when into well every till engines and trucks the And XX% from trash procurement factory trucks you When in that we tried gas. few two of their the refuse know we the trucks of X% fleets segment. got X% sold took cycle and -- to today as story, In America Cummins XXX we years only first or really got year from were procurement is XXXX into XX%. went handful from a fleets it three there

will heavy-duty reception So the here of the happen days I been segment. that. The has think that's good. We're in early what in

Now in of the As Zero beginning are hitting my now, I said remarks those trucks XXX the first roads fuel. to

So we're seeing progress. the

And feel we so good it. pretty about

Eric Stine

hear year-over-year just follow-up And UPS, just of significant And has versus of because curious, heavy-duty would number to obviously last announcement uptick terms maybe any terms with But in noticed fleets Good. pretty to terms of also I'll Redeem there, and maybe from of just and in -- that interest any Redeem thoughts that. in trucking love have I on using comparisons of you stick just year? a trucking.

Andrew Littlefair

UPS they've they know Okay. in is And Well, the proud the UPS. what was of Announcement, done here. announcement as UPS. it you

UPS in look, a is logistics worldwide So, and transportation. leader

And so, they doing watch. what people are

say, had to question remarks, the And and the customers We've today's a talk interested answer much the getting yes. so, why your lot are to I in our is Redeem. about Redeem and I'd it's so

RNG it of the to purchase you U.P.S. of that there's trade know but a don't, buck. stories lot did. It maybe double because good And we're often fuel for really attention of the a talk get their about pay them lot our That's a Yes. to in attention listeners bang gas. UPS the up thing been We is of because renewable, not I end But a us, fleets. And lot they Eric for renewable kind a it's and announcements really really we getting see us. for more of they and helped. about it. it's their over they captured but this natural leader a differentiated

lot is gallons fuel. any of a of fuel And XXX million

it noticed so and year-over-year. I so year as I was Yes. significant More guess we Bob today -- fleets mean volumes see we uptick the up people Redeem last or our using see than XX% and and And it. remarks in are have our it Redeem said

good business It's a it's spot our good. and margin So in a bright business.

And it's so, is there that everybody are we'd understand. confusion. to is focus beginning Grail, to this The about is electric in there's and on are like network something but wait keep a I make understand. reason somehow them stations ours they're minute Holy existing And into because the fuel available others. people It drop of a makes fueling the thing what? it's that here is cheaper. what actually is today but UPS. else There it's sure talking not, out and understand And -- that but

is it's So than which one need lot a a because it's carbon, tell fuel America's better and who for and that got lower on that renewable fuel good so story electric we out of the and to there. renewable strong

Eric Stine

Absolutely.

all for Thanks Okay. the detail.

Andrew Littlefair

bet. You

Operator

Rob Please Rowe comes Capital next Our proceed Street Lake question with with question. of line your from Markets.

Rob Rowe

Good Hi. afternoon.

Andrew Littlefair

Rob. Hey,

Rob Rowe

how forward? with contract, ramp to sticking does start impact that when that volume UPS Just rollout going does and

Andrew Littlefair

and month… last started really already it started We've

Bob Vreeland

Kind April of late late.

Andrew Littlefair

Late April.

seeing have up, to ramps in It defer to I'm been going process. it's here. those So now. volumes hitting We're to Bob

I to this XX to think to million gallons up And million XX next we XX around year so then it it it year. get million about gallons. of goes

and range it's that the that at of So about rolls next few years. it for in kind level then

Bob Vreeland

Yes.

if will. in gallons our are gallons And gallons in. so mean Those fuel you those are I are -- those

Rob Rowe

Or in the then Thank of guidance? on the view out four do what that pricing your over great. how you next And months? Okay, market of RIN kind expectations situation, playing the you. sort

Andrew Littlefair

have in about and can then me it let Well, talk there. start he how Bob

infrastructure a you So,there's the have in so, fuel renewable which we, fuel, on RIN, you important we reason is it the the here get And the component Clean don't pretty is an customers. methane for why unless because get this BP we're tank, get into and fuels, important is the that the you our federal. And Energy because if us the good right? pieces partner bio RIN position how that's are filling the with this right, in two is

low We the in in Washington So which California. is quarter RIN from you and the it's there's down $X.XX And There's fuel $X.XX, other bit. come higher. oversupply a then don't second out there's guess in the at and looking out here it. gone states -- RINs it because down. to and an the see numbers standard federal I gone don't and piece started carbon credit pricing $X.XX. But it down the we're which is all has Oregon quite it's

by So it's XX% cut or XX%.

So we're watching that really closely.

itself better year of demand. will care balance part believe take in next the number will we a the early will and and that as EPA RVO of supply think year adopt that latter the We the

meantime, so so fuel the think And carbon go standards and back low that. In pricing we historic high, the the benefit will RIN from at up. we

standard. for carbon it's RINs Now more you'd fuel you that Bob, don't we give. balance any do nice it's get when we know I low lose kind a us. have But of if thing

Bob Vreeland

mean kind when so pricing, I of $X.XX. there's first RIN to in Yes. and our variable a delivery dollar averages saw the just Redeem. closer we and of deliver within of I pinpoint quarter Redeem, variables specifically, one pricing between a from -- one a element, mean But to just we it's first, lot hard

comments, And in of kind starts QX second I'm quarter $X.XX maybe kind But of and was forward something is estimate QX. an $X.XX. really pricing. on or between my take that factoring seen now $X.XX. that also The in so in closer to a looking average we've of the to It number

how ultimately go through the the delivery delivering we on a have optimizing and we as different Redeem.. Redeem the we on stations locations, decisions what splits perform all with the that as various in the number all of it .well are again, of the our with factors that of best And supplies. with into But volume,

Rob Rowe

Thank that. over. I'll you turn Great. it for Okay.

Operator

James. Molchanov Please from Our Pavel comes question proceed question. with next your with the of line Raymond

Pavel Molchanov

Thanks my for question. taking

it revenue of historically. side the specifically. has product rather off the with per different Let revenue that quarter feels gallon like was But of start the revenue about it gallons statement, relative low a and on issues. is me know been Is linkage to what product that income because between kind loose this statement? one mix I always the fair

Andrew Littlefair

so It natural of of most gas I is time prices. what's brought impacted really. the going of there's And things. kind a statement. mean that -- fair reasons by the we're out with number And I behind on a

product of also So, cost you on you favorable but get get a side impact, equation. the kind impact the the of

You full did in kind is the we decline noted, fuel values you -- there. the extent, as a as of the certainly know mix the fuel it it have the that can it. and see Then mix but wasn't just in some Andrew delivered fuel RIN we was lower. then And drives where type of

But is better. overall, performance our net

starts per it's continue I gallons with the margin our that operating adding and So a we volume. ultimately volume. all the -- making we're but gallon. always know our more look what peg, revenue one difficult And improving, number margins all selling. because we're that kind to to our on And we're of really a our are I financial-- is is mean at

You much don't do without the volume.

that's been our sure has So improving. are and making the focus economics what

Pavel Molchanov

That's fair. Okay.

the electric bus pursuing are fleets, high You are and that comparable, bus If or a electrification. more fleets but we cost about full the broaden commented make economics clearly there municipal to buses trucks. a maybe more partial of that conversation

policy shifting of electric one notable I'm Metro fleets. fleet be your of towards you their referring give have L.A. think a to transit which a percentage sales mix would can an specifically particular maybe or customers I buses? overall within

Andrew Littlefair

Right.

of our it's for at not business future look I the as us, So transit Pavel.

on by on this of adjusted of this government. kind before. call, I've transit everybody not and the federal the properties That's are the just business. These You funded XX% future

because being the into produced economics the So being sold bus. the electric you're transit transit fleets buses seeing of and reason federal of

couldn't force on You public the private sector. on that the

done where being federal it's up So the in the tariff. transit pick XX% properties government's

So the fund senior I transit was talking officials to administration buses, day, Pavel, other that

to difference. electric sure Is CNG they that federal or the feds understood a bus But XX% understood you just $XXX,XXX a means. all And and are of pays roughly up government today wanted picking can what -- make $XXX,XXX the that the bus. I that

has So guess to want thing what? decided California that's States transit all they mantra. really go push to rule their their properties because require now, a to electric that

And government reverse now and the this so the get up I federal said forcing administration electric ready unfunded guys, for. to order. Angeles is was The an guess tab you XXXX go state pick to in the to that mandate is you buses telling Los the by

a I'll with watch because And don't think I think its work government. know going this good I work. I out, the sector I have I in is feeling, good here's Pavel, don't do is private don't to won't it policy. what think But it's trucks.

good the gets future a kind is. I as So here us. market, look good for pollution the It's it gallon where easily trucking, margin Federal that's about in trucks on for billion we to begin business that's put future deal And the economics you that's of a sense, as more But us. – and It's road it's XX at our talk road. the a it's the the Transit over the where lot. yes, make that more and I eclipsed

eventually. here here little transit I a properties. of we say, specific properties. I be I'll may properties, transit about a of would want company years did. be the where The refuge To -- I in our ago. we few right -- Just our is. And industry, you'll back guess is question starting see think now like your I XX what overwhelmed at transit Transit refuse it do size it has transit answer moved eclipse XX the to We close

forced four was ordered any and and transit a yet, haven't to buses seven. the ago. about I delivery XXX big Now ahead know fooling I them There with but think CNG electric have six of buses are more guess they would buses. competition do some those five some about a gone of of Mayor around of L.A. maybe or or sort have of it do taken Los them while Angeles They I Metro.

out. So going money as I economics Because those think the very made. you end where think electric at I don't can of buses the and the is characteristics Watch and say transit all is to that's look up. future operating think of hold the you being don't will good. And I be up

Pavel Molchanov

the your customers? go current transit What gallons appreciate I Yes. to portion perspective. of

Andrew Littlefair

Well, down XXX of let's It's sort million of about refuge. kind million about say, in that it's for gallons, XXX since breaks that way. a

a of And If those But our are that us. size, of at service in it's more kind you look them. gallons gallons. kind for of little

Pavel Molchanov

Okay.

Andrew Littlefair

range. say it these it's it kind a I'd But more. it. was mean maybe a but a in in up I larger upon time percentage, was larger eclipsing sort it's other will XXX, -- it's of Yes. little of that but that markets end once a

Bob Vreeland

years. they XX -- the they their order fast. don't of as on buses FTA and turn just over Because They the buy keep buses fleet

Pavel Molchanov

Okay. Appreciate it.

Andrew Littlefair

bet. You

Bob Vreeland

Thank you.

Operator

further be seems the floor And in over any management the back There left I'd closing pass to to remarks. for to queue. no like questions

Andrew Littlefair

thank We the afternoon on call this afternoon. this Well, want everyone. thank progress you to and to look on for next on our you forward Good updating listening you today quarter.

Operator

This concludes today's teleconference.

You now your day. a time. lines this participation you your wonderful may disconnect Thank have and for at

Clean Energy Fuels (CLNE) 8 Aug 192019 Q2 Earnings call transcript