Greetings and welcome to the Plug Power First Quarter 2013 Financial Results. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andy Marsh, President and Chief Executive Officer for Plug Power. Thank you. Mr. Marsh, you may now begin.

Good morning. Thank you for joining Plug Power to discuss our 2013 first quarter results. I'm Andy Marsh, CEO, and we'll be joined by Dave Waldek, our Interim CFO, on today's call. This call will also be archived on our website at plugpower.com in the Investors section under Presentations. The conference call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, expectations regarding revenue and product orders for 2013. These statements are based on our current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and then may cause our actual results to differ materially from the expectations in our forward-looking statements. We encourage our listeners to refer to our SEC filings for a complete recital of our Safe Harbor statement as well as any other risks and uncertainties discussed under Item 1A, Risk Factors, and our annual report on Form 10-K for the fiscal year ended December 31, 2012, filed with the SEC on April 1, 2013. Plug Power does not intend to and undertakes no duty to update any forward-looking statements as a result of new information for future events. I would now like to talk to you a little bit about our business. Plug Power has made significant strides in 2013 in building customer support and enhancing our shareholder base. Many of these improvements were not yet indicated in our financial performance but I believe the benefits will be forthcoming in coming quarters. Some highlights in 2013 include Plug Power's raised over $12 million being investment and asset sales to support the ongoing marketing, development and shipping of GenDrive products. As was announced last week, Air Liquide, one of the largest industrial companies…

Thank you, Andy. And good morning, everyone. We shipped out 282 GenDrive units during the first quarter of 2013. Of those 282 units, 44 were in transit at the end of the quarter, and the related revenue for those units will not be recognized until the second quarter. So from a revenue standpoint, 238 of the 282 units shipped were included in revenue for the first quarter. As of the end of March 2013, our backlog comprised of 1,133 unit orders for 10 different customers. Product and service revenue for the first quarter was $6.0 million, up from $5.7 million from the preceding fourth quarter of 2012 and down from $7.2 million from the prior year. Cost of goods sold for products and services for the first quarter of 2013 was $8.0 million. The gross margin for products and services for the first quarter 2013 was a loss of $2 million, an improvement compared to the gross margin loss of $3.4 million for the preceding fourth quarter 2012. The products and services gross margin loss for the first quarter of 2012 was $1.8 million. The gross margin loss in the first quarter of 2013 resulted primarily from fixed overhead costs associated with the number of units shipped compared to our capacity as well as costs incurred to service the installed base. Research and development contract revenue for the quarter was $400,000 compared to $200,000 during the preceding fourth quarter 2012 and $500,000 from the prior year. In our operating expense categories, selling, general and administrative expenses were $2.9 million for the quarter, down 28% from $4 million in the preceding fourth quarter 2012 and $3.9 million in the first quarter of 2012. The decline in SG&A expenses is attributable to the restructuring plan announced in December of 2012. Research and…

[Operator Instructions] Our first question comes from the line of Philip Shen with Roth.

This is Matt, on for Phil. Just wanted to start off with the Air Liquide strategic investment first. Maybe if you could provide some additional color on the timing of the cash receipts from that investment. And then also maybe if you could just talk about how potential and current customers view that investment, and sort of how does that help them get comfortable around their continued transition towards fuel cell technology?

Let me address first the customer's response, Matt. I spent a good deal last week on the road listening to 3 or 4 of our top customers. And I would say, in general, that the reception was extremely positive. Many of them -- I would tell you, of all the business I've been, many of these customers have been cheering for us on the sideline and really looking forward to the fact that we had a large industrial player provide the validation in the market that many of these users experience every day. I spoke with VP levels at all of our key customers. The response has been enthusiastic, as it has been for many investors when I speak with them. The deal will close by May 22, and most likely -- and by the way, we probably should add that we have received a portion of that money already, about $3.8 million associated with sections of that contract have already been received by Plug Power.

Great, that's helpful. And then I also wanted to explore the sales funnel for a moment if I could. You mentioned order flow potentially of about $20 million. And I think you said that was over the next 120 days, so maybe if you can clarify that and just share the latest sales funnel for us as well.

Sure. And Matt, the -- I would call the high probability sales funnel is over $100 million. And I did use the 120 days for the $20 million. And I also coupled in that there are a number of customers that the deals may not close in the next 120 days. But we are -- 3 or 4 of our largest customers discussing multiple distribution centers, up to 5 in some case, where they're looking to migrate to fuel cells, where they're working through their expansion plans internally. So we're -- we've had some challenges with the sales funnel with our financial position. The Air Liquide investment, the market reception of that, has certainly been beneficial. And we are already beginning to see that customers are taking the next step and there are negotiations to finalize some deals. So the 120 days, $20 million target, I believe, is a conservative number, the one we feel very comfortable with. But probably what's more important is we see a great deal of traction beyond that.

Great, that's helpful. And then one more, if I may, you mentioned the 282 units shipped during the quarter. How many of those were outright sales versus leasing agreements?

I believe all were sales, and Dave is shaking his head, all were sales.

[Operator Instructions] It appears there are no further questions at this time. I would like to turn the floor back over to Mr. Marsh for any concluding remarks.

I would like to thank everyone for attending the call today. And we are committed and we see the traction that the business will be successful in the near future. So thank you for your time.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.