Clean Energy Fuels Corp. (NASDAQ:CLNE) Q3 2019 Earnings Conference Call November 12, 2019 8:30 AM ET Company Participants Robert Vreeland – Chief Financial Officer Andrew Littlefair – President and Chief Executive Officer Conference Call Participants Aaron Spychalla – Craig-Hallum Rob Brown – Lake Street Capital Markets Muhammed Ghulam – Raymond James 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 que ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 Commission File Number: 001-33480 CLEAN ENERGY FUELS CORP. (Exact name of registrant as specified in its charter) Delaware 33-0968580 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4675 MacArthur Court, Suite 800, Newport B ...

Clean Energy Fuels Corp. (NASDAQ:CLNE) Q2 2019 Results Earnings Conference Call August 8, 2019 4:30 PM ET Company Participants Bob Vreeland - Chief Financial Officer Andrew Littlefair - President and Chief Executive Officer Conference Call Participants Eric Stein - Craig-Hallum Rob Rowe - Lake Street Capital Markets Pavel Molchanov - Raymond James 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 quest ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 Commission File Number: 001-33480 CLEAN ENERGY FUELS CORP. (Exact name of registrant as specified in its charter) 4675 MacArthur Court, Suite 800, Newport Beach, CA 92660 (Address of principal executive offices, including zip code) (949) 437-1000 (Registrant's telephone number, in ...

Clean Energy Fuels Corp. (NASDAQ:CLNE) Q1 2019 Earnings Conference Call May 9, 2019 10:30 AM ET Company Participants Bob Vreeland - Chief Financial Officer Andrew Littlefair - President and Chief Executive Officer Conference Call Participants Rob Brown - Lake Street Capital Markets Operator Greetings and welcome to Clean Energy Fuels First Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [O ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 Commission File Number: 001-33480 CLEAN ENERGY FUELS CORP. (Exact name of registrant as specified in its charter) Title of each class Name each exchange on which registered Ticker symbol Common stock, $0.0001 par value per share Nasdaq Global Select Market CLNE 4675 MacArthur Cou ...

Financial Data and Key Metrics Changes - In Q4 2018, the company delivered 98.7 million gallons, a 14% increase from 86.4 million gallons in Q4 2017 [8] - Total revenue for Q4 2018 was $96 million, compared to $89 million in Q4 2017, with fuel volume revenue increasing 21% to $78 million [8][28] - GAAP net income for Q4 2018 was $6.9 million, an improvement of $35.2 million from a GAAP net loss of $28.3 million in Q4 2017 [32] - Adjusted EBITDA for Q4 2018 was $12.7 million, compared to a negative $9.7 million in 2017, marking a $22.6 million improvement [33] Business Line Data and Key Metrics Changes - Redeem RNG volume grew 55% in Q4 2018 to 38.8 million gallons compared to 25 million gallons in Q4 2017 [27] - The company completed 49 station projects in 2018, although station construction sales experienced a decline [8] - SG&A expenses in Q4 2018 were $20 million, a 16% decrease from the previous year, reflecting cost reduction efforts [31] Market Data and Key Metrics Changes - The company anticipates low-double-digit volume growth in 2019, with effective margin per gallon expected to be between $0.24 and $0.28 [36] - The alternative fuel tax credit, which contributed approximately $26 million in 2018, is not included in the 2019 guidance [35] Company Strategy and Development Direction - The company is focusing on expanding its leadership in the renewable natural gas market and leveraging its existing fueling infrastructure [9] - A new program called Zero Now aims to attract heavy-duty trucking fleets to switch to natural gas, supported by financial backing from Total [18] - The company has set a goal to provide 100% renewable non-fossil energy by 2025, ahead of California's target [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued momentum into 2019, driven by strategic operational and financial initiatives [7] - The company believes that the renewable natural gas market will grow significantly, with potential production reaching several billion gallons in the coming years [49] - Management is optimistic about the potential for the alternative fuel tax credit to be enacted retroactively for 2018 and 2019 [52][53] Other Important Information - The company ended 2018 with $95 million in cash and investments, significantly reducing convertible debt from $545 million to $50 million [21][33] - The company is focused on generating positive cash flow and maintaining capital expenditures at or near 2018 levels [40] Q&A Session Summary Question: Is the growth driven much by the Zero Now program? - Management indicated that the growth is primarily from the core business and Redeem, with the Zero Now program's impact still to come [41] Question: What is the size of the truck fleets looking at the Zero Now program? - Management mentioned that they are targeting large fleets with thousands of vehicles, as well as aggressive fleets with 500 to 1,000 units [42][43] Question: What is the outlook for the alternative fuel tax credit? - Management expressed confidence that the alternative fuel tax credit will be enacted in 2019, potentially retroactive for 2018 [52][53]

Fuel Sales and Pricing - CNG vehicle fuel sales are primarily made through contracts with customers, with pricing determined on an index-plus basis, leading to revenue fluctuations based on natural gas costs[41]. - Natural gas costs represented $94.9 million of the company's cost of sales in 2018, an increase from $83.3 million in 2017 and $72.8 million in 2016[358]. - The company entered into two commodity swap contracts for a total of five million diesel gallons annually from April 1, 2019, to June 30, 2024, to manage risks related to the diesel-to-natural gas price spread[360]. - If the diesel-to-natural gas price spread fluctuates by 10%, the fair value of the company's commodity swap contracts would expect to fluctuate by approximately $6.3 million[361]. Production and Capacity - The Boron Plant can produce 60.0 million gallons of LNG per year, while the Pickens Plant can produce 35.0 million gallons per year, with 24.8% of LNG sourced from third-party suppliers in 2018[45]. - The company has built a network of natural gas truck-friendly fueling stations, referred to as "America's Natural Gas Highway," in key locations nationwide[62]. Vehicle Adoption and Market Trends - As of December 31, 2018, the company fuels over 3,000 heavy-duty trucks, with a focus on increasing the adoption of natural gas trucks among major shippers and fleet operators[57]. - Approximately 55% of new refuse trucks in 2018 operated on natural gas, up from 3% in 2008, with the company fueling over 12,000 refuse vehicles[65][66]. - Over 25% of existing transit buses and over 35% of new transit buses operate on natural gas, with the company fueling close to 9,000 transit vehicles[67][68]. - The company anticipates increased competition in the vehicle fuels market as demand for natural gas vehicle fuel rises[77]. Regulatory Environment - California's emissions laws require a reduction of greenhouse gas emissions to 1990 levels by 2020, 40% below 1990 levels by 2030, and 80% below by 2050, impacting the company's operations[88]. - The company is subject to various federal, state, and local regulations that could result in significant additional expenses or enforcement measures if not complied with[78]. Customer Contracts and Relationships - Contracts with government entities accounted for approximately 16%, 19%, and 22% of revenue in 2016, 2017, and 2018, respectively[70]. - The company serves customers at 39 airports, with a significant focus on reducing emissions and addressing regulatory challenges in airport operations[64]. Employee Relations and Operations - The company has not experienced any work stoppages and maintains good employee relations with 401 employees as of December 31, 2018[92]. Strategic Transactions and Marketing - The company has completed significant transactions, including the BP Transaction and the CEC Combination, to enhance its market position and competitive advantages[95]. - The company markets its products primarily through a direct sales force and participation in industry events, focusing on educating government agencies about natural gas as a vehicle fuel[90]. Competition - The company faces competition from approximately 20 competitors in the natural gas vehicle fuels market in the U.S. and Canada, including major players like Love's Trillium and Gain Clean Fuels[74]. - The company anticipates needing to purchase or lease additional trailers and equipment for its NG Advantage subsidiary to support operations and customer contracts[44].