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Gallons up, and Rev up while decreasing the loss- and loss decreasing significant YOY -progress! jmho
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Clean Energy Fuels' (CLNE) CEO Andrew Littlefair on Q2 2014 Results - Earnings Call Transcript
Aug. 8, 2014 12:48 AM ET | 2 comments | About: Clean Energy Fuels Corp. (CLNE)
Operator
Greetings, and welcome to the Clean Energy Fuels Second Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over your host, Mr. Tony Kritzer, Director of Investor Communications. Thank you. You may begin.
Tony Kritzer - Director, Investor Communications
Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ending June 30, 2014. If you did not receive the release, it’s available on the Investor Relations section of the Company’s Web site at www.cleanenergyfuels.com, where the call is also being webcast. There will be a replay available on the Web site for 30 days.
Before we begin, we’d like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Words of expression reflecting optimism, satisfaction with current prospects, as well as words such as believe, intend, expect, plan, should, anticipate, and similar variations identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Such forward-looking statements are not a guarantee of performance, and the Company’s actual results could differ materially from those contained in such statements.
Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy’s Form 10-Q filed August 7, 2014. These forward-looking statements speak only as of the date of this release, the Company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release.
The Company’s non-GAAP EPS and adjusted EBITDA will be reviewed on this call and exclude certain expenses that the Company’s management does not believe are indicative of the Company’s core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as substitute for, or superior to, GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the Company’s press release, which has been furnished to the SEC on Form 8-K today.
Participating on today’s call from the Company is President and Chief Executive Officer, Andrew Littlefair; and Chief Financial Officer, Rick Wheeler.
And with that, I’ll turn the call over to Andrew.
Andrew Littlefair - President and CEO
Thank you, Tony. Good afternoon everyone and thank you for joining us. I’m pleased to review our second quarter of 2014 operating results with you today. We reported 64.8 million gallons delivered this quarter, up 23% from the 52.6 million we delivered in the second quarter of 2013. We also generated 98.1 million of revenue in the second quarter up from 88.1 million or 19%. This is apples-to-apples when excluding VETC.
Importantly, this quarter we were negative $4.8 million in adjusted EBITDA which is the 31% improvement over last quarter, so we continue to make progress on our path to profitability and are very close to breaking even on adjusted EBITDA. As I look back over the quarter, I am pleased with the significant milestones we achieved. We’re able to open the Interstate 10 corridor from L.A. to Houston with the opening of our El Paso station to compliment our Phoenix and San Antonio stations."
