CLNE - Earnings call transcript Q3 2019 | Clean Energy Fuels Corp.

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Operator

Greetings, welcome to Clean Energy Fuels Third Quarter 2019 Earnings 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] Please note this conference is being recorded.

I will now like to turn the conference over to your host, Robert Vreeland, Chief Financial Officer. ahead. go Please

Robert Vreeland

Earlier for operator. Clean released Energy Thank third this quarter results the XXXX. ending financial you, morning, September XX,

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

satisfaction date the could such differences guarantee Several in cause Clean to contribute XX-Q any of obligation performance this Energy’s statements only filed should, conference absence like the release circumstances in of mean of date that the supply optimism, difficult begin, expression we’d such differ assumptions the or undertakes to after statements speak contains section factors plan, described this information anticipate and words in we that Form and forward-looking. that as today. the actual in statements. Factors new company contained and statement of remind similar does not is reflecting those and that forward-looking Before the as are detail such release. forward-looking a current of some the their this to statements news not contained or the with from to could as not on statements These variations The are uncertainties of forward-looking involve call, materially forward-looking you well predict. risks, company’s Words the but Risk expect, release. update forward-looking as no publicly believe, information Such are intend, results identify regarding prospects statements, that

for exclude considered a business to accordance this that EBITDA reviewed results. not on addition be certain and management core Non-GAAP with not reasons company’s measures to non-GAAP indicative The of these results. non-GAAP results press and furnished Form in has as comparable will SEC directly information, and The does considered definition superior substitute operating prepared the and figures and non-GAAP of company’s a be X-K provided between in GAAP or call is EPS EPS are EBITDA uses GAAP which management should adjusted release, believe a why expenses financial company’s should the been on non-GAAP the company’s adjusted to today. GAAP GAAP be information, and reconciliation in

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

Andrew Littlefair

third for of Thank you, a Bob. clean you Good gas of quarter adoption the year. natural everyone, morning, joining The transportation is thank and this into continued us. fuel

for as million transit well the around a fueling we gas to a volume saw XX% refuse year-over-year of quarter we core provided healthy increases driven trucking U.S. the of Redeem in that grew Canada. and Our signed markets million the gallons first and earlier over XXX.X as the UPS in to We very our year. healthy natural sector, gas natural deal XXX company’s gallons quarter, this the with the the history bump customers by on renewable

we were construction due primarily as we gallons of to performance Revenues less quarter very improve – at the from quarter slightly from were cost. in our of lower operating which million the delivering financial Our are revenues to XXXX down third seasonal. is station same continued more $XX.X business,

million up financial improve. to was and it position Our in with overall our strong We $X.XX EBITDA is to $XXX adjusted quarter third million believe cash. close to continues

natural demand of much be Redeem. mentioned, gas our by I product, driven renewable to for continues As growth our the

country. stations purchase addition period UPS agreement In the to seven-year equivalent XXX their across over million of the gallons Redeem a to or the for

performance of a price. competitive superior renewable customers fuel added in a additional at seeking have environmental qualities We non-fossil the

meet their Ontario for contract The XX asphalt five-year to operates help fleet a CNG truck. vehicles, signed a approximately their powered million California sustainability patched including city supply first goals. Redeem Ontario, gallons of of three

Nationwide companies million contract the signed gallons Redondo Sacramento, street the sweepers. of in supply for anticipated to sweeping XX in with contracts based one between gallons five-year California, street largest The their country, Redeem Services Environmental the in Norwalk, city’s approximately a an fleets for California X.X Beach million One signed also fuel Redeem two.

We’re grow company’s year new a Bernardino, heavy Transportation, refuse a expected to will GFL of California, national in to their that provides sustainability to commitment end year. Redeem agreement a continues. That now firms inked XX Omnitrans, gallons service expected Denver. and operate a next signed and million XXX,XXX fleet also dispensing Redeem recently to CNG by number to three-year fuel as XX-year contract trucks which the CNG is Environmentals five-year rail the Ruan trucking duty two signed XX stations of bus gallons every be trucks. of four O&M for XX San of for in agreement

XXXX. expect in the that We approximately to sold gallons and of XX% XXXX grow number Redeem XXX million in

We because with have to able the world’s year energy one the signed companies. last we been late so, agreement largest of that of do BP,

enabled North in Energy infrastructure co-marketing RNG. producers more supplier asking has an for are and extended produces gas to BP less least fleets XX% fuel America’s country, at the has BP’s than diesel. of with the has more relationship agreement us access largest is fueling unfortunately This with largest carbon that Clean important RNG network natural of

the like you effort new Beach. over out natural weeks that to to of you release and I’d an few announcing trucks Los truck press to update gas Long a sign that saw fleets. delivered have our XXX operate ago hope give of I Angeles ports the been heavy-duty firms on

air operate the discussed old the the with in that cause doing of for that past, away implementing clean process program ports diesel we’ve are a dirty trucks in new As there.

and XXX the – restrictive and need. the that of their now an new is meet testing add alternative is trucks, maintaining these trucks The year, gas Most while participated last by the XX-liter early new Cummins these program firms near-zero performance of this high fleets. the affirmation of to emission delivery to Westport, firms of year is successful they After the the to begun it a in new a because natural late significant, best trucks engines. they year more pilot testing standards have

think and this of strong in the a I the a XX-liter for new gas confidence is engine as natural sign fuel.

impose as that would the like Policymakers District burning The definition. natural continued tax waiting problem. Management to gas that bill to for is impact money South in $X.XX California to to the Coast ongoing fits that natural getting week, state’s most Air advance help immediate and D a bill other that passes that and should a more the on solution fund emissions electric good to realizes the if commercialization. heavy-duty They quality gas versus reducing noted referred the of sales they what gas natural understand near-zero the Quality the address of to on trucks. to to air cleaner a greater now proposed have more trucks trucks technologies NOx road AQM go results and Last

largest more year, struck demonstrating while trucks get when details continue with in in the also trucks are program, the a companies same is company heavy-duty look success The future. the being addition Now engines. which of the to the near country We one equipped gas We I’m just XXX new to Cummins natural and forward new diesel this truck natural gas. able fleets have Westport the process the fuel. ordering their as gas price ordered to The orders earlier now price of beginning for XX to company I other that with on delivered trucking new to deal which with XXX into the of saving trucks are natural Zero in – be to in commitment which sharing gas XX-liter trucks natural our helps

ordered In XX port signed results. feeling XX Now Fontana, Now a their hoping at Trademark order, addition in the a through of industry this to gas Beach, trucks Irvine, and operates Now Zero carrier food other Distributors, deal of Kiwi carrier California first California station. the which trucks has be station. will fuel has shown Long will which Zero Parts the our recently just a our now trucks, Ecology leading natural at that program. has purchasing single existing that ordered Transport, is out Auto large program Zero

They are largest words, is but experimental one UPS, This the means own world’s that rather the highlight states it leading would that that so I longer” of of In is I’m with would CNG the of million logistics phase, many mainstream. be trucks large most or they test additional trucks like very sure to of and also the operating of will Company month. the fleet our the spending a significant announcement UPS and pointed have something next to heavy-duty gas $XXX and over on you CNG be that easily expand the addition use in CNG across program, why current and much the they of performance CNG CNG be Now to it. of they in said out decided Zero large of Canada not announcement providing price continue their also UPS plays fleet stability versus diesel can cost purchase to role big trucks. that we is companies and last thousands saw pleased that on the infrastructure this the natural “no their in U.S. deployed while was in years levels. fuel. few significantly part their

out very none that media diesel heavy-duty share is meet I the the CNG pointed gas standards, expansion close choice and alternatives less incumbent stricter fleet. change the performance currently about to past, they used claims are the that long-term of large in particularly the help than issues of getting costs electric, truck attention, most fleet could fuel their to. the come operators RNG. market Natural their with As the importantly, in meeting address climate emission can the to other made lion’s UPS are but demanding today provides only

event on a We Cummins Indianapolis, our response year Cummins example Now attended a engine pleased the where natural heavy-duty truck well towards turnout learn and scheduled the the another natural of is Not natural the time similar as shipper they next believe heavy-duty representing gathering in momentum XX on gas it target this first seeing have to fleets gas their with already week truck the offering, people own only market that of as was public over verge about dime really hosted community last place we early fleet. form. but so technology will operating reception to that accelerating. Zero policymakers. took XXX are and the gas in

of good one growth driven third proved year markets. volume quarter all this by be solid with The to a

line our us and reach with our at levels selling expenditures effectively capital spending We manage allow more sheet also in continue more are balance fuel, that but profitability. and continue keeping to our income goal to also net by to

hand And Bob. call that, to I with the will over

Robert Vreeland

Thank our a was achieve you, keep track spending, results lower Andrew. It position for in year-over-year another remain a growth us volume due operating double-digit growth margins to we continued quarter full basis on year improvements on with to the and cash has to volume XXXX. allowed also on low good which net good and

second prices our June, approximately I’ll noted during by also third gross product I any not call, quarter; throughout quarter. a point the RIN in third our earnings decline out lower our impact and million. meaningful On improved quarter which did despite were RIN without prices in results, recovery low significant prices there margins $X that materially began was but results RIN our the last

hand, far beneficial to is determine be pricing that other higher going year-end. and higher also have expect future to our the LCFS into that we to On foreseeable LCFS case is remained the earn-out BP the XXXX the thus prices prices in and at

by LNG the While XX% in our RIN came course, growth RIN operating we remain offset it’s growth, to What CNG, than will quarter RIN lower of the due slightly to volume year an the is helped near-term, principally similar will believe third will impact while were fourth a negatively volumes quarter. year the results in compared in amount low likely which prices increase prices affect our our from last volume less ago. the of pricing quarter third

a benefit fuel. as the a third in low RIN XX.X the million volume versus price XX.X to our renewable to from other gallons UPS as creating continue even We contract, our delivery many demand of customers for market, in transportation growth gallons ago. that quarter particularly Redeem, under redeem grew XX% well in new incremental are million our year

construction which revenues for of the revenues was included quarter Zero million on station $X.X with million revenue $XX.X station XXXX, in million, second expectations. Now hedge construction our second quarter revenue versus in line $X.X included last a Our non-cash of our $XX.X fuel of million year’s XXXX $X.X was gain million which in

volume Incremental fuel the sales lower revenue The hedge per changes growth flat effective which various gain in to and was geographies, volume from sold fuel essentially fuel we related price revenue natural a our prices. offset of RIN fuel. of due due Our prices falling sell exclusive mix the in to in by decline types in was year-over-year. the gallon

of price I’ve effective But third quarter third which nearly $X Our as effect of delivered gallon for negative an volumes also per a cost year-over-year. was effective see goods was out experience in million per gallon drop all an our in in revenue by and extent, XXXX effective a the benefit sales price of our our has of revenue gallon. $X.XX in equal thus from not prices, lower gallon do margin per the effect $X.XX XXXX, per the we the gallon lowered compared delivered sold in natural quarter of the pointed effect to for on commodity past, a price we lower to on gas

of effective the fourth near-term, our LCFS $X.XX the low range we gallon see moves an to be volumes in RIN to for major in view gallon other Given on price no quarter pricing price all and in on per delivered per remaining assuming credits. RIN the the $X.XX

fourth sales including low to $XX Given these quarter in should million range. of revenues circumstances, be for mid total XXXX the the construction

from the $XX.X the which million gain. in overall Now was Our million, margin quarter zero non-cash benefited gross hedge XXXX $X.X fuel of profit third

million. the margin XXXX in third gross $XX.X quarter was of

effective per per was XXXX, $X.XX of gallon for third Our quarter margin $X.XX year last to the at compared gallon.

in per margin gallon The $X.XX per lower the our of up difference RIN prices made gallon. year-over-year

our As lower effects our and remained the offset to RIN growth dollars margin consistent I despite overall of said, RIN the thus gross volume is lower the year-over-year prices prices. helping

we’ll gross expectations range. current our expected XXXX the around is end remaining an gallon per low pricing, with Given RIN on effective the our margin for in which year, $X.XX near-term, full profit within

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

to the million to trend million our for continue of the of toward bottom $XX year. $XX range We

loss by expense. interest million, results and the of net for year of GAAP $X.X net operating quarter This a margins our net Our was to third loss driven in was compared million $XX.X a GAAP principally better ago. XXXX lower improvement

the third Our compared interest expense expense declined year a decline to quarter $X.X by $X.X million year-to-date compared in interest to to for bringing ago, the million last year.

an third Our And quarter in adjusted compared million of million, $X.X quarter was third compared to the net million was adjusted XXXX. XXXX net XXXX to adjusted loss for million, $X.X of in for of EBITDA the loss $X.X XXXX. $X our

the both investments – We of the in still in third quarter debt $XX debt support and near-term to million, $XX and of growth ended with and increases cash we’re anticipating in quarter initiatives. million volume expenditures the our and capital

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

Operator

question first go The from ahead. Craig-Hallum. Instructions] Please is of [Operator you. Thank Eric Stine

Aaron Spychalla

for thanks questions. taking morning. for Aaron Hi. on the Good Yes. Spychalla Eric. It’s

Robert Vreeland

Aaron. Hello,

Aaron Spychalla

gave Maybe, some just some kind maybe, detail next first of critical for funding as there? of of over give a and on we size us the us opportunity couple details, Can you hit for Andrew, the there the mass good more in maybe, little us, you the and years ports. testing

Andrew Littlefair

Right.

between rather and next be, somewhere is natural which container XX,XXX as before, through gosh, studies and imagine, in. beginning discussed the would per And right the on and done into if the that fee. some to $XX trucks They’re electric now, fee, $XX, and the be throes – This to both would assessed kind gas what operate range and to a of oh the truck determine studies natural this working working of they’re going port most it’s qualified. phased what They’ve can on you terms feasibility the from both container have container, than of Air with out, it I’ve They’re Action gas or gas decide Clean sort diesel staff is a ports final Plan trucks. two As an electric get those effect containers. has, XX,XXX trying are And now. electric, each policy of natural year. fee haul they’re in figure could try continue truck to doing goes anywhere a you to to container just be will

So it’s $XX a move.

instance, pay going don’t important fee. They note this want take Walmart picking is that on for they to often care assume is the It’s that trucker’s to of these want that They the to that. – them. – fee

Clean add the necessitated the much So, that first this time trucks diesel that a replaced. natural in that was newer as diesel of that that about or new time get of a about, days, X,XXX Action natural oh trucks, rendition the older, we came port rid XX,XXX saw XX dirty X,XXX ago had the this diesel diesel. those in The did years really XX these truckers into Plan fleet gas in years to either almost in and ago is Air older, gosh, XX fee gas or And trucks. to at

And commerce. doesn’t would discussed fighting be There’s year a and that of public. on will making a itself be phased be sure lot that year. that and those that rather be don’t expect But de-position in those there’ll – next that in that don’t fee I fee want fee part in latter it’ll in that be this terms become more and we – the of port the that over have It’ll that range. it high lower we a so of a a fee depending and fee, will want think

natural those the expect electric that will the lion’s gas next to I and or fleet the of are really either port of two share the think in years So, before the them. you options couple move over should

And of to all that a I see XXXX summer, few kind up thousand of change. effect phases so XXXX, XXXX. in begin more summer finish the sure. it’ll it’ll in effect. by in, in exactly I or summer, by you’ll I’m And – that and imagine trucks that’s how latter not the in year, imagine be be you’ll in next then XXXX

are change. XX,XXX engines the are natural really get XX,XXX economic, optimistic game get happen trucks will gas since it’s so – I be the share. only the So, that far, town and to to that will in think I think lion’s I proven we’ll And only

we fueling even there. regulations good stations optimistic these feel we’re test as know, into units you gone have So, the we XX I have successful year. very of earlier this that before completed effect,

funding that to As now that my could that about for buy people went in remarks, now in I test, believed for well, have taking or beginning – seen put more We’ve natural participate that a mentioned XXX more trucks trucks. are be it are in grant trucks. gas it, than so in little

So, next to natural lot compete sets think XXX by XXX in I we’re going the or have part to electric begin year, trucks to already really begins experience we have early port as operating what I change. latter like And stage the that this fact the year of a or of against or gas. you that the as well

Aaron Spychalla

color stay the for there. Thanks Good. tuned. Good. We’ll

to you kind talk just to we California, other can just fuel clean about, markets? you programs can expand and kind about of start kind redeem LCFS the outlook of me, outside see from of programs more of Second as talk into

Andrew Littlefair

to little look knows right. and markets I’d Well, he I’m a Bob head. we’re off I’m I’m if my thinking top in of – the here other

states. in actually right moving I think now we’re the XX redeem

Aaron Spychalla

Yes.

Andrew Littlefair

RIN thought I there the and And some gosh of projects new and supply. RIN $X.XX seen, of We still to mid we had adjustments little but bit, a supply of $X about the getting projects an move Standard we’re it into will that moved We’ll, some from, But industry natural the mean, the the these supply and hold. price impact. is that from had hasn’t of has constrained finally helped those were Renewable those pricing this RVO, down pricing more commitments that begin. will down in renewable now, on. of that around lot impact kind lot on but We start coming was the country there’s prices, so think little Fuel is, go lowering high, across lot all this made of we’ve there RIN kind some coming. maybe, a the which billion be a an us a have believe a RIN it. set worth $X.XX to of gas coming that that of yellow there’s country as And the think Look, so by There’s of made. again. not projects go devastating, projects I will get light has come on up volume the ready made

when we’re talking And see talk natural farms. gas so XX% starting farm so a gosh, and because it’s really because about there’s it’s carbon, – powerful, dairy that’s And less using get importantly, you the renewable about we’re low It’s important, today, of XXX% Everybody’s like first, it’s XXX%, there’s gosh, fuel, fuel, dairy carbon. dairy less. clean. to dairy lot farms. from so on to coming at

very it’s – So, very it’s powerful.

the it’s our projects electric. fuel to mean, not very couple you NOx, exciting, and when it’s really possible, makes XX% just those then with cleaner the and fuels because and dairy be XX-liter dramatically seeing it’s put is I is which the fuel future or really you We’re clean. And on low engine, going renewable I with it online NOx dairy strong. mean, less coming that than very it

I will number we’re the industries, Republic refuse in And Eventually, country Republic grow. States United another of move and XX parts to of lots of billion different you’ll in company so market RNG the lot moving couple RNG the then already that. a and two have states. mean, and into states the gallons the of many of we’re seeing of

future. the it’s So, we think

it and We’re gas you can renewable leg fuel It on a it well it together. because a blend it. use up, or it all natural positioned makes gives

our in are natural California of using gas. All renewable stations

Aaron Spychalla

right. Right,

color on the Okay, for hop I’ll quarter. good. back the in Thanks queue. the and Congrats

Andrew Littlefair

thanks. Okay,

Operator

question next of ahead. Brown from Lake Street Please Rob The go is Capital Markets.

Rob Brown

morning. Good

Andrew Littlefair

Good morning, Rob.

Robert Vreeland

Good morning.

Rob Brown

UPS, you with there? ramp again, much to further remind that’s could at? redeem the us where how On go

Andrew Littlefair

or then from Well, we it right? XX up think I Am up million started are run so pretty this it there. picks for strong at year I but and rate, gallons

Robert Vreeland

Yes, yes.

So, – – it a – quarter ramp was we started the ramp to ramp. full close was the this in

Andrew Littlefair

Yes. Yes.

Robert Vreeland

On I that, we it was in, so kind started of believe April.

Andrew Littlefair

Yes.

Robert Vreeland

this there, we’re so And little bit of a quarter, of and flowing. kind ebb fully third flow, but it’s frankly,

Rob Brown

great. number being XXXX? Okay, What’s in trucks program, the XXX Now or heading in And sort into Zero are think of listed and I the getting you place a those in that ordered. of latest orders

Robert Vreeland

wood Well, right something on mean, as those are knock orders, are here. now. Those in going in, orders I I unless mean, happens you

you those So, put can the bank, I in think Rob.

So, seeing a pickup. we’re

– in are more talked since give those we haven’t are those about addition, So, we new those. it We’ll color. and announced

they for a years as a than the roll while, little looked because to bit in longer good we things There they’re And ready. and more more don’t this, beginning competitive a bit fleets this Now Zero when of back we decline I – people don’t until see ago, had pickup. these challenging. announce little bit of way I the natural that, us like little looking stopped understand price, oil little our see I would – the the was whole to got we’re and education, a that say gas liked. economics couple of important in would at have allow what’s a when I Some took but a kind advantage,

NOx a new had they generation work had to well. understood increased has people to that was and went really on of everybody kind had the This call that important to we for getting testing engine do that sure then some lower engine about and good is is, to of sure and was We performed the from understood people to very come this it and think feel try I we it five now the new make that, Rob, we reliable back make understand period and It’s engine. trucks. it second what

big UPS selling truck an are as of mentioned in awful Zero the of of announcement the didn’t XXX order. them, that’s I this Now, we Now, participate my lot And order, remarks, a course, our in their but fuel. financing

their purchase know now more don’t somewhere gas. normal waste normal an exactly, kind of purchases it’s period next the where into over in for where what X,XXX very But like cycle. management, significant. very to not annual don’t that is approaching something know And something years the in but this where then know made. of some not heavy-duty a to you more cycles get buying that’s of year-over-year to press I and I’m release delivery I the a from natural the of expert that that are thinking we’ll have we they trucks. few purchase UPS it’s I’m that XX% that’s close versus of be, begin package number a like Well, refuse we with cycle sector natural in And we testing mean, me I know to go because on gas. there so exactly, we is saw it’s phenomenon, exact

as so now. phase said, And test and than they we’ve left the the is more mainstream it’s

And announcement than this I but that made XXX, purchase. buys more of morning large the that’s a that fleet this XXX

trucks. You’re times right looking $XXX,XXX those on at XXX

Now – large with a and this to to for sign that’s by this Zero that is that as XXs them, new XXX, I and we’re the confidence year. think helping pleased we’re the gain for is So, new beginning beginning it’s in XX very a engine and here this good purchase still I seeing take And way.

Rob Brown

Okay.

shaping up you How how said you this year. kind next see growth volume double And think do great. digit Okay, looking? then XXXX, of into year is I

Andrew Littlefair

into lot the not I would running. that that Rob, right I Zero Now now, like XXXX. going would say in a it grow think the some has next from though get like see. next acceptance it our Well, would about the hope, be And what year. if it to we’re that – seeing hoping growing but see way we would that of an transit, something the sort and think is a else, that that the our in growth digits. seeing, is stronger more it growing limitations think ability hope than stronger improvement above in for. now it refuse quarter give and to going significant what this mean, business, can there’s the I’m to well, I little often like I up happens more double about and benefit so, we this we’re we’ll trucking so but an we’d or that year been to or market Our Trucking at and economy think come that’s right? but something should of volume we’d get should we’re we and to unless at mean adoption on the is I some we’re side. point be and bit we business has color

Rob Brown

you. great. it Okay, turn Thank over. I’ll

Andrew Littlefair

Okay.

Operator

Please question James, pardon Molchanov go Raymond The me. Raymond from James. ahead. Pavel next is of

Muhammed Ghulam

questions. of good for morning. is Pavel Thanks Molchanov. Ghulam behalf guys, This Muhammed Hey on taking the

Andrew Littlefair

Hi, Muhammed.

Muhammed Ghulam

you remain demand carbon Trudeau know a start tax that been has now me market? see Canadian in let place. is We reelected. to about in do that I’m asking for any that thematic going curious, context, by Canada, the the question So, upside from guys

Andrew Littlefair

that loading on outside programs now. be of to those corridor We beginning They have do. place important one is to think move programs grant volume. finished that that a Ontario up stations some of moves are a – in that put are I significant couple that few there stations We

an gas along back, of feeling added ago, program it’s XX-year it some kind early went in and good corridor. of years about natural then we’re sort so And and lead the a and into we’ve about took hiatus Canada vehicle Canada. that stations

And feeling in what’s yes, so, good we’re about pretty going on Canada.

Muhammed Ghulam

A curious, about obviously Oregon any demand similar based than Okay. the program linear Low California, Standard, much question do that? Carbon see on and you Fuel I’m

Andrew Littlefair

it’s It’s smaller. starting and

top my small. up there. don’t some I what but it of is, We head it’s fuel are percentage selling the off know of exactly,

as on coming Washington’s well. think I board

right where exactly, stands New So, there’s State. this been talk about don’t in I York that know now.

think RNG because of mentioned, Carbon growth But I the – some supply has it its has wants created Fuel moving other and you Standard. right it’s there’s as No Low state’s of big to – and stimulating but of as the the a Low Fuel not the worked now The states, Oregon that doubt. supply a and looking now as on of limited that’s way a We’re of do RNG. will to right to others California. Standard it up and to these fleets aren’t little there, a much find Carbon not advantageous California, that’s lot way lot

Muhammed Ghulam

Okay. you. all me. That’s Thank for

Andrew Littlefair

Thank you, Muhammed.

Operator

closing I have back the question-and-answer for will of end reached to remarks. turn the now And Executive President Officer Littlefair, We session. over Mr. Chief and the call

Andrew Littlefair

We’ll operator. look thank morning updating quarter. good to and – our call we a listening Have forward the to you, this you on want Thank for day. everyone in next progress

Operator

This concludes you lines disconnect this Thank today’s you your conference your time. may at and for participation.

Clean Energy Fuels (CLNE) 12 Nov 192019 Q3 Earnings call transcript