Alico Inc (ALCO) 2023 Q3 法說會逐字稿

Welcome to Alico's Third Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded.

歡迎參加 Alico 2020 年第三季財報電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。

Earlier today, the company issued a press release announcing its results for the third quarter ended June 30, 2023. If you've not had a chance to view the release, it is available on the Investor Relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on Alico's website as well.

今天早些時候，該公司發布了一份新聞稿，公佈了截至2023 年6 月30 日的第三季業績。如果您還沒有機會查看新聞稿，可以在該公司網站alicoinc 的投資者關係部分查看。 com.這次電話會議正在網路直播，Alico 網站也將提供重播。

Before we begin, we would like to remind everyone that the prepared remarks today contain forward-looking statements. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in these statements.

在開始之前，我們想提醒大家，今天準備的言論包含前瞻性陳述。此類陳述存在風險、不確定性和其他因素，可能導致實際結果與這些陳述中明示或暗示的結果有重大差異。

Important factors that could also contribute to such differences, including risk details in the company's quarterly reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 8-K and any amendments thereto filed with the SEC and those mentioned in the earnings release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call except as required by law.

也可能導致此類差異的重要因素，包括公司 10-Q 表格季度報告、10-K 表格年度報告、8-K 表格當前報告以及向 SEC 提交的任何修訂以及提到的內容中的風險詳細信息在財報發布中。除非法律要求，否則該公司不承擔隨後更新或修改今天電話會議中所做前瞻性陳述的義務。

During this call, the company will also discuss non-GAAP financial measures, including EBITDA and adjusted EBITDA. For more details on these measures and for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please refer to the company's press release issued earlier today.

在這次電話會議中，該公司還將討論非公認會計準則財務指標，包括 EBITDA 和調整後的 EBITDA。有關這些措施的更多詳細資訊以及這些非公認會計準則財務措施與最直接可比較的公認會計準則財務措施的調節，請參閱該公司今天早些時候發布的新聞稿。

With that, I'd like to turn the call over to the company's President and CEO, John -- Mr. John Kiernan.

接下來，我想將電話轉給公司總裁兼執行長約翰 - 約翰·基爾南先生。

Thank you, Mark. And thank you, everyone, for joining us for Alico's Third Quarter 2023 Earnings Call this morning. The 2022, 2023 citrus harvest season has been a difficult one for Alico because of the impact from Hurricane Ian last September, but we are looking forward to the upcoming season with guarded optimism.

謝謝你，馬克。感謝大家今天早上參加我們的 Alico 2023 年第三季財報電話會議。由於去年 9 月伊恩颶風的影響，2022 年和 2023 年柑橘收穫季節對 Alico 來說是一個艱難的季節，但我們以謹慎樂觀的態度期待即將到來的季節。

Historically, it has taken 2 or more seasons for citrus production to recover from such a devastating storm, but our consistent growth caretaking practices, combined with the new citrus greening therapy we began to apply this year gives us confidence that Alico's production will substantially increase for the 2023, 2024 citrus harvest season as compared to the 2022, 2023 harvest season. Of the millions of trees, we have planted beginning in 2017, many are now mature enough to produce meaningful quantities of fruit this season and help support the level of expectation for a better upcoming harvest for Alico.

從歷史上看，柑橘產量需要兩個或更多季節才能從如此毀滅性的風暴中恢復，但我們一貫的生長護理實踐，加上我們今年開始應用的新柑橘綠化療法，讓我們有信心Alico 的產量將在未來幾年大幅增加。2023 年、2024 年 柑橘收穫季節與 2022 年、2023 年收穫季節相比。我們從 2017 年開始種植的數百萬棵樹中，許多現在已經足夠成熟，可以在本季生產大量的水果，並有助於支持 Alico 即將到來的更好收成的預期水平。

We have reported the overall decrease in box production for Alico was 51.4% for the 2022, 2023 harvest season versus the prior year. Although this is better than the 61.5% decrease in box production for the overall Florida orange crop forecasted by the USDA as compared to the same period in the prior year.

我們報告稱，2022 年和 2023 年收穫季節，Alico 的包裝箱產量總體下降了 51.4%。儘管這好於美國農業部預測的佛羅裡達橙子整體產量較去年同期下降 61.5% 的情況。

This lower level of production was insufficient to meet our operating cash flow requirements, but Alico had the balance sheet strength to weather this temporary impact to our business. Because loss production is always a weather-related risk, Alico maintains crop insurance on all of our grove. Through June 30, 2023, we have received approximately $21.4 million in crop insurance proceeds and another, $0.3 million of crop insurance proceeds was received in July.

較低的產量水準不足以滿足我們的營運現金流需求，但 Alico 的資產負債表實力足以應對我們業務的暫時影響。由於產量損失始終是與天氣相關的風險，因此 Alico 為我們所有的樹林提供農作物保險。截至 2023 年 6 月 30 日，我們已收到約 2,140 萬美元的農作物保險收益，7 月又收到了 30 萬美元的農作物保險收益。

We suffered minimal damage, but did receive approximately $800,000 for property and casualty claims we filed after Hurricane Ian. Nearly all of our citrus trees appear to have made it through the storm with no permanent damage, but one of our groves near Punta Gorda sustained a direct hit for hours with 150-mile an hour per winds and a significant number of the trees there were lost. We filed a claim for that damage under our tree insurance coverage with our insurer.

我們遭受的損失很小，但在伊恩颶風過後提出的財產和傷亡索賠確實收到了大約 80 萬美元。我們幾乎所有的柑橘樹似乎都安然度過了風暴，沒有受到任何永久性損壞，但我們蓬塔戈爾達附近的一處果園在每小時150 英里的風速下遭受了數小時的直接襲擊，那裡的大量樹木都受到了影響。丟失的。我們根據樹木保險向保險公司提出了針對該損壞的索賠。

Finally, the fed relief is still pending. The Consolidated Appropriations Act, which was passed into law in December of 2022 as federal funds earmarked for disaster relief. We hope that these funds eventually follow the funding mechanism previously established for the disbursement of the Hurricane Irma relief funds. We continue to support Florida Citrus Mutual, our industry trade group, and government agencies as they work to finalize federal programs available under the act. However, we cannot determine the amount, if any, of federal relief, the company may be eligible for related to the damage Hurricane Ian caused us.

最後，聯準會的救助仍然懸而未決。 《綜合撥款法》於 2022 年 12 月通過成為法律，作為專門用於救災的聯邦資金。我們希望這些資金最終能遵循先前為支付颶風艾爾瑪救援資金而建立的籌資機制。我們將繼續支持佛羅裡達柑橘互助協會、我們的行業貿易集團和政府機構努力最終確定根據該法案提供的聯邦計劃。但是，我們無法確定該公司可能有資格獲得與伊恩颶風對我們造成的損害相關的聯邦救濟金額（如果有）。

One highlight for the overall Florida citrus industry this past year, has been the use of oxytetracycline as a government-approved citrus greening therapy. We began treating our trees in January 2023, with the new application of an OTC product via truck injections as a citrus greening therapy following its approval by the Florida Department of Agriculture and Consumer Services in October of 2022.

去年整個佛羅裡達柑橘產業的一個亮點是使用土黴素作為政府批准的柑橘綠化療法。我們於 2023 年 1 月開始對樹木進行處理，並於 2022 年 10 月獲得佛羅裡達州農業和消費者服務部批准後，透過卡車注射的方式新應用了一種非處方藥產品作為柑橘綠化療法。

This application has been utilized in citrus, Apple and other crops. It is applied once a year and through June 30, 2023, we have treated more than 35% of our trees. We expect this treatment to mitigate some of the impacts of citrus greening, decrease the rate of fruit drop as well as improved fruit quality. The extent of any benefits of the OTC application therapy will not be measurable until the completion of the fiscal year 2024 harvest.

該應用已用於柑橘、蘋果和其他作物。每年施用一次，截至 2023 年 6 月 30 日，我們已經對超過 35% 的樹木進行了處理。我們希望這種處理能減輕柑橘黃龍病的一些影響，降低落果率並提高水果品質。 OTC 應用療法的任何益處程度在 2024 財年收穫完成之前無法衡量。

Everyone in the industry is hopeful that OTC helps improve the 2023, 2024 citrus harvest. Currently, Alico expects that pricing next season will be in line with the past season. We have the majority of our fruit under contract for the 2023, 2024 harvest season and have extended one of our contracts with Tropicana through the 2024, 2025 harvest season with improved pricing. Although Alico is not making any financial productions, for the next fiscal year at this time, we are observing lower market prices for some of our required fertilizer and chemicals.

業內人士都希望 OTC 有助於提高 2023 年、2024 年柑橘的收成。目前，Alico 預計下季的定價將與上季保持一致。我們的大部分水果都簽訂了 2023 年、2024 年收穫季節的合同，並已將與 Tropicana 的一份合約延長至 2024 年、2025 年收穫季節，並提高了價格。儘管 Alico 沒有進行任何金融產品，但對於下一財政年度的此時，我們觀察到我們所需的一些化肥和化學品的市場價格較低。

Labor and fuel remain critical resources for us and although we utilize both as efficiently as possible in our daily operations, inflation over the past few years has increased the base level of those operating expenses. Our relationships with our lenders remain strong, and we have $76.8 million of undrawn capacity on our revolving line of credit, which matures in November of 2029 and our working capital line of credit matures in November of 2025 to provide ample liquidity as a week recovers from Hurricane Ian.

勞動力和燃料仍然是我們的重要資源，儘管我們在日常營運中盡可能有效地利用這兩種資源，但過去幾年的通貨膨脹提高了這些營運費用的基本水準。我們與貸方的關係依然牢固，我們的循環信貸額度有7,680 萬美元的未提取能力，該額度將於2029 年11 月到期，我們的營運資金信貸額度將於2025 年11 月到期，以便在一周恢復後提供充足的流動性。颶風伊恩。

Through June 30, 2023, we have sold approximately 1,436 acres of ranch land for net proceeds of approximately $7.6 million. The company is actively engaged with third parties interested in certain parcels of additional ranch land and prices, we continue to believe are competitive. Also, in the current fiscal year, we acquired 2 very small citrus grow purchases that are contiguous with one of our groves or approximately 49,500 citrus acres are located throughout the state of Florida and we are continuing to work with land use finding professionals to evaluate how to optimize the long-term and to buy you for all of our real assets.

截至 2023 年 6 月 30 日，我們已出售約 1,436 英畝牧場土地，淨收益約 760 萬美元。該公司正在積極與對某些額外牧場土地和價格感興趣的第三方接洽，我們仍然認為具有競爭力。此外，在本財年，我們購買了2 個非常小的柑橘種植園，這些種植園與我們的一個果園相鄰，或者說，整個佛羅裡達州約有49,500 英畝的柑橘園，我們正在繼續與土地利用尋找專業人士合作，評估如何優化長期發展並用我們所有的實體資產購買您。

For the 3 months ended June 30, 2023, the company reported net income attributable to Alico common stockholders of approximately $11.8 million as compared to net income attributable to Alico common stockholders of approximately $2.7 million for the same period in the prior year. Third quarter 2023 results were primarily impacted as a result of receiving approximately 17.5 million crop and property insurance proceeds during the 3 months ended June 30, 2023. And partially offset by the decrease in gross profits for the Valencia crops when excluding insurance proceeds received as a result of impact of Hurricane Ian causing an increase in fruit drop.

截至2023年6月30日的三個月，該公司報告歸屬於Alico普通股股東的淨利潤約為1180萬美元，而去年同期歸屬於Alico普通股股東的淨利潤約為270萬美元。 2023 年第三季業績主要受到截至2023 年6 月30 日止3 個月內約1,750 萬農作物和財產保險收益的影響。部分抵銷了巴倫西亞農作物毛利潤下降（不包括作為保險收益而收到的保險收益）。颶風伊恩的影響導致水果掉落增加。

With that, I'll turn the call over to Perry to discuss or more detailed financial results.

這樣，我會將電話轉給佩里，討論或更詳細的財務結果。

Thank you, John, and good morning, everyone. Due to the seasonal nature of our business, the quarterly results for our third quarter are not indicative of our full year results. Majority of our citrus crop is harvested in the second and third quarters of the fiscal year, with the majority of our profit and cash flow is also recognized in the second and third quarters.

謝謝約翰，大家早安。由於我們業務的季節性，第三季的季度業績並不代表我們的全年業績。我們的大部分柑橘作物是在本財年的第二季和第三季收穫的，我們的大部分利潤和現金流也在第二季和第三季確認。

On an operating revenue, the quarter ended June 30, 2023, was approximately $7.3 million compared to approximately $25.9 million for the quarter ended June 30, 2022. Our citrus revenue was approximately $6.7 million and $25.5 million for the quarters ended June 30, 2023 and 2022 respectively.

就營業收入而言，截至2023年6月30日的季度約為730萬美元，而截至2022年6月30日的季度約為2590萬美元。截至2023年6月30日的季度，我們的柑橘營收約670萬美元，截至2023年6月30日的季度為2,550萬美元，分別為2022年。

The decrease in revenue for the 3 months ended June 30, 2023 compared to the 3 months ended June 30, 2022 was primarily due to a decrease in the Valencia fruit harvested, and, to a lesser extent, a decrease in revenue generated from grove management services. The decrease in the Valencia fruit harvested was primarily driven by increase in process box production and a decrease in pound solids per box as a result of the greater fruit drop from the impact of Hurricane Ian. The USDA in its July 12, 2023 Citrus crop forecast for the 2022, 2023 harvest season indicated it impacts the overall Florida orange crop decrease of approximately $41.2 million boxes in the 2021, 2022 crop year to approximately 15.9 million boxes for the 2022, 2023 crop year, a decrease of approximately 61.5%. With respect to the Early and Mid-season crop, the USDA forecasted is 56.5% decline. Our Early and Mid-season crop for the season was down 55%.

與截至2022年6月30日止三個月相比，截至2023年6月30日止三個月的收入減少，主要是由於瓦倫西亞水果收穫量減少，以及較小程度上來自果園管理的收入減少所致服務。巴倫西亞水果收穫量的減少主要是由於加工箱產量的增加以及由於颶風伊恩的影響導致水果下降幅度更大而導致每箱的固體磅數減少。美國農業部在2023 年7 月12 日對2022 年和2023 年收穫季節的柑橘產量預測中指出，這將影響佛羅裡達州柑橘產量在2021 年和2022 年作物年度減少約4,120 萬箱，至2022 年和2023 年作物年減少約1,590 萬箱年減約61.5%。對於早季和中季作物，美國農業部預測減產 56.5%。我們本季早季和中季作物產量下降了 55%。

Regarding the Valencia crop, the USDA is forecasting the decrease of 55% and our Valencia box production was down 49%. While there was an impact to our fiscal year 2023 crops, there does not appear to be long-term measurable damage to our trees.

至於巴倫西亞作物，美國農業部預測產量將下降 55%，而我們的巴倫西亞箱產量將下降 49%。雖然我們 2023 財年的農作物受到了影響，但我們的樹木似乎沒有受到長期可衡量的損害。

The decrease in pound solids per box was mainly due to the internal quality workers not being as strong as it was in the previous year. In addition, we accelerated the harvesting about the Early, Mid-season in Valencia crop to minimize the fruit drop as a result of the impact of Hurricane Ian with the intent to maximize our box production. As a result, we realized a lower pound solids per box.

每箱磅固體量的下降主要是由於內部質量工人不如去年。此外，我們加快了巴倫西亞早、中季作物的收穫速度，以最大程度地減少因伊恩颶風影響而造成的果實損失，從而最大限度地提高我們的箱產量。因此，我們實現了每盒固體重量的降低。

Partially offsetting the decrease in process box production in pound solids per box was an increase in the price per pound solids with 4.4% improvement in the price per sound -- per pound solids for the 3 months ended June 30, 2023, as compared to the same period in the prior year was due to the overall lower production of citrus fruit, which has led to reduced inventory levels.

每磅固體價格的上漲部分抵消了每箱加工盒產量的下降，截至2023 年6 月30 日的3 個月，每磅固體的每聲價格比2023 年6 月30 日止的3 個月提高了4.4%去年同期的原因是柑橘類水果產量整體下降，導致庫存水準減少。

Total operating expenses were approximately negative $8.2 million for the 3 months ended June 30, 2023, as compared to $24.6 million in the same period in the prior year. The decrease in operating expenses primarily relates to the insurance proceeds received during the quarter ended June 30, 2023.

截至 2023 年 6 月 30 日的三個月，總營運費用約為負 820 萬美元，而去年同期為 2,460 萬美元。營運費用的減少主要與截至 2023 年 6 月 30 日的季度收到的保險收益有關。

Inventory adjustments recorded in fiscal year 2022's ending inventory balance as a result of the impact of Hurricane Ian, which effectively lowered the inventory to be expensed in fiscal year 2023 and a reduction in harvest and haul expense as a result of the lower box production.

由於伊恩颶風的影響，2022 財年的期末庫存餘額中記錄了庫存調整，有效降低了 2023 財年的支出庫存，並且由於箱產量下降，收穫和運輸費用也減少了。

The company experienced significant cost increases and fertilizer herbicide labor and fuel and maintained its grove. These cost increases, coupled with the timing of the harvest and the lower box production for both its early in the season and Valencia harvest, which resulted in a higher cost of sales per box for the 3 months ended June 30, 2023, as compared to the same period in the prior year.

該公司經歷了成本大幅增加、化肥、除草劑、勞動力和燃料的增加，並維護了其樹林。這些成本增加，加上收穫時間以及季節初期和瓦倫西亞收穫的箱產量較低，導致截至 2023 年 6 月 30 日的三個月每箱銷售成本高於去年同期去年同期。

The company realized an overall decrease in its harvest and hauling expenses. However, the harvesting cost per box increased for the 3 months ended June 30, 2023 as compared to the same period in the prior year due to an increase in the harvesting labor cost as well as the increased time spent by harvesters to fill the boxes as a result of the increased fruit drop caused by Hurricane Ian. During the 3 months ended June 30, 2023, the company received approximately $17.5 million in Hurricane Ian crop and property insurance proceeds.

該公司的收穫和運輸費用總體下降。然而，截至 2023 年 6 月 30 日止 3 個月，每箱收割成本較上年同期有所增加，原因是收割勞動成本增加以及收割機裝箱時間增加。伊恩颶風造成果實掉落增加的結果。截至 2023 年 6 月 30 日的三個月內，該公司收到了約 1,750 萬美元的颶風伊恩農作物和財產保險收益。

The company also incurred additional costs related to the cleanup and repairs as a result of Hurricane Ian. The decrease in Grove Management Services expense is directly related to the termination of the Grove Management Services by the Grove owners in June of 2022.

該公司還因伊恩颶風而產生了與清理和維修相關的額外費用。 Grove 管理服務費用的減少與 Grove 所有者於 2022 年 6 月終止 Grove 管理服務直接相關。

As mentioned above, the decision by the Grove owners, they exist the citrus business, eliminated the need for caretaking management services for the Grove owners. As a result, caretaking expenses decreased significantly during the 3 months ended June 30, 2023, when compared to the same period in the prior year.

如上所述，格羅夫業主的決定，他們存在柑橘業務，消除了格羅夫業主的看護管理服務的需要。因此，截至2023年6月30日的三個月內，與去年同期相比，看護費用大幅下降。

General and administrative expenses for the 3 months ended June 30, 2023 were approximately $2.9 million compared to approximately $2.6 million for the 3 months ended June 30, 2022. The increase was primarily due to an increase in salaries and wages and increased legal and professional fees as compared to the same period in the prior year.

截至2023年6月30日止三個月的一般及行政費用約為290萬美元，而截至2022年6月30日止三個月的一般及行政費用約為260萬美元。增加的主要原因是薪水和工資以及法律和專業費用增加與去年同期相比。

Other income net for the 3 months ended June 30, 2023 and 2022 was approximately $1.4 million and $4.9 million, respectively. The decrease to other income net is primarily due to the timing of the gains on sale of real estate, property and equipment and assets held for sale.

截至2023年6月30日和2022年6月30日的三個月的其他收入淨額分別約為140萬美元和490萬美元。其他淨收入的減少主要是由於出售房地產、財產和設備以及待售資產的收益的時間表所致。

During the quarter ended June 30, 2023, the company sold approximately 548 acres from the Alico Ranch, recognized a gain of approximately $2.6 million. By comparison for the 3 months ended June 30, 2022, the company recognized gains were approximately $5.8 million relating to the sale of real estate, property and equipment and assets held for sale.

在截至 2023 年 6 月 30 日的季度中，該公司出售了 Alico 牧場約 548 英畝的土地，確認了約 260 萬美元的收益。相比之下，截至 2022 年 6 月 30 日的三個月，該公司確認與出售房地產、財產和設備以及待售資產相關的收益約為 580 萬美元。

In addition, the Company recognized an increase in interest expense of approximately $0.4 million for the three months ended June 30, 2023 as compared to the same period in the prior year as a result of higher balance on the working capital line of credit and an increase in the overall interest rates on its variable rate term debt and a working capital line of credit.

此外，由於營運資金信貸額度餘額增加以及增加，截至2023年6月30日止三個月，公司確認利息支出較上年同期增加約40萬美元。其可變利率定期債務和營運資金信貸額度的總體利率。

For the fiscal quarter ended June 30, 2023 and 2022, we reported net income attributable to Alico common stockholders of $11.8 million and $2.7 million, respectively. Our adjusted EBITDA was approximately a loss of $1.3 million for the third quarter ended June 30, 2023 as compared to $2.8 million for the same period in the prior fiscal year. Alico continues to maintain a strong balance sheet. Our working capital was approximately $32.3 million on June 30, 2023, representing a 3.1:1 ratio.

在截至 2023 年 6 月 30 日和 2022 年 6 月 30 日的財政季度，我們報告的歸屬於 Alico 普通股股東的淨利潤分別為 1,180 萬美元和 270 萬美元。截至 2023 年 6 月 30 日的第三季度，我們調整後的 EBITDA 約為虧損 130 萬美元，而上一財年同期為 280 萬美元。 Alico 繼續保持強勁的資產負債表。截至 2023 年 6 月 30 日，我們的營運資金約為 3,230 萬美元，比率為 3.1:1。

We continue to maintain a solid debt-to-equity ratio at June 30, 2023, September 30, 2022, and September 30, 2021, the ratios were 0.49 to 1, 0.45 to 1, and 0.5 to 1 respectively. I will now pass the call back to John.

我們持續維持穩健的負債股本比率，截至2023年6月30日、2022年9月30日和2021年9月30日，比率分別為0.49比1、0.45比1和0.5比1。我現在將把電話轉回給約翰。

Thanks, Perry. Alico, along with the rest of the Florida citrus industry is focused on our caretaking for our respective grove for the next harvest. We are guardedly optimistic that the consistent grove caretaking practices we perform every day, combined with the anticipated benefits from the new citrus green therapy utilizing OTC truck injections to over 35% of our trees and the millions of new trees we have planted since 2017, some of which are now mature, support our expectations of a substantial increase in our harvested fruit next season.

謝謝，佩里。 Alico 與佛羅裡達柑橘行業的其他公司一起專注於我們各自的果園的下一次收穫。我們對我們每天執行的一致的果園護理做法持謹慎樂觀的態度，再加上利用非處方卡車注射到我們超過35% 的樹木以及我們自2017 年以來種植的數百萬棵新樹的新柑橘綠色療法的預期效益，其中現已成熟，支持我們對下一季收穫果實大幅增加的預期。

Progress with sales of parcels of the Alico Ranch continues, and our balance sheet remains strong. We are grateful that our insurance providers paid our crop, property and casualty claims quickly and expect that our limited tree damage claims to be paid soon. We are patiently awaiting decisions from Congress regarding the funding mechanism for Hurricane Ian relief funds. Our work with land use planning professionals to optimize the long-term potential value for our real assets is expected to conclude later this calendar year.

Alico 牧場地塊的銷售持續取得進展，我們的資產負債表依然強勁。我們很感激我們的保險公司迅速支付了我們的農作物、財產和傷亡索賠，並希望我們有限的樹木損壞索賠很快就會得到支付。我們正在耐心等待國會有關颶風伊恩救援資金籌資機制的決定。我們與土地利用規劃專業人士優化實體資產長期潛在價值的合作預計將於今年稍後結束。

And as we have reiterated for more than a year now, Alico wants to provide investors with the benefits and stability of conventional agricultural investment with the enhanced optionality that comes through active land management.

正如我們一年多以來所重申的那樣，Alico 希望為投資者提供傳統農業投資的好處和穩定性，以及透過積極的土地管理帶來的增強的選擇性。

And with that, we will now open the line up to questions from industry analysts. Mark?

接下來，我們將接受產業分析師的提問。標記？

(Operator Instructions) And we have question on the line from Gerry Sweeney of ROTH Capital.

（操作員指示）我們接到了羅斯資本的格里·斯威​​尼（Gerry Sweeney）的電話詢問。

A couple of questions. I'm going to start with the '23, '24 harvest. I know it's a little bit early. I think you alluded to it at least in the prepared remarks about how the harvest is taking shape or the quality of the tree. So one, I just wanted to circle back to that and just see as of today, what your initial take is on the trees and harvest; and two, when will you get a better view as to how this is shaping up?

有幾個問題。我將從 '23、'24 的收穫開始。我知道現在有點早了。我認為您至少在準備好的有關收穫情況或樹木品質的評論中提到了這一點。所以，我只想回到這一點，看看從今天起，你對樹木和收穫的最初看法；第二，什麼時候才能更了解事情的進展？

Sure. It is too early for us to actually make any further forecast on 2023, '24. We really want to start harvesting until late November, early December. But the inspection of the tree is right now, there appears not to be any permanent damage from the storm from Hurricane Ian last September. And as you drive around, the trees was good, but again, it is too early for us to make any sort of forecast. So we don't have a reason for concern, but we can't actually quantify for you potentially what next season looks like.

當然。對我們來說，現在對 2023 年做出任何進一步的預測還為時過早，'24。我們真的想在十一月底、十二月初之前開始收成。但目前正在對這棵樹進行檢查，去年九月伊恩颶風的風暴似乎沒有造成任何永久性損壞。當你開車四處走動時，樹木很好，但同樣，我們現在做出任何預測還為時過早。所以我們沒有理由擔心，但我們實際上無法為您量化下個賽季的情況。

Got it. Will you be able to have like a forecast sometime in that early fall pre-harvesters.

知道了。您能否在初秋收割前的某個時間得到類似的預測？

Yes. It's probably based on recent years, it makes sense to wait later as we get closer to harvest before we should really try to estimate and quantify.

是的。這可能是基於近年來的情況，當我們接近收穫時，等待稍後才真正嘗試估計和量化是有意義的。

How big is the Punta Gorda or I know it's probably (inaudible) just curious of the size.

蓬塔戈爾達有多大，或者我知道它可能（聽不清楚）只是對大小感到好奇。

Total acres, I think, is around 1,000.

我認為總面積約為 1,000 英畝。

Okay. Got it. And then switching gears to OTC, obviously, this is probably the bigger news out there. And I know you've been touching upon 35% of your (inaudible) treated, just curious as to any thoughts on: one, when you will -- any testing that has been done in terms of yield and yield enhancement et cetera, than 2, again, I know it's probably a little bit early, but our checks have indicated that the average cost, I think, per tree is less than $1. Now I'm not sure if that is that $1 per dose or $1 per treatment per year if you can answer this question, there may be...

好的。知道了。然後轉向場外交易，顯然，這可能是更大的新聞。我知道您已經接觸過 35% 的（聽不清楚）治療，只是對以下方面的任何想法感到好奇：一，當您願意時 - 在產量和產量增強等方面進行的任何測試，而不是2，再說一次，我知道這可能有點早，但我們的檢查表明，我認為每棵樹的平均成本不到1 美元。現在我不確定這是每年每劑 1 美元還是每次治療 1 美元如果你能回答這個問題，可能會有...

That's a very, very good question, and I'll try to do my best to answer it as transparently as we can make it. Alico doesn't have proprietary testing data that we can share. We did some trials last year. And unfortunately, the damage from the hurricane prevented us from what actually measure kind of the benefits of what we had tried. There is some publicly available information in the State of Florida and from the research facilities and there are some other statistics in the press, but it is clear from everything that we've seen and some anecdotal evidence from some of our friends and peers and competitors that there are some meaningful and measurable benefits of doing this trunk injection application of OTC. And it basically is once a year and you do it per tree.

這是一個非常非常好的問題，我將盡力以透明的方式回答它。 Alico 沒有我們可以分享的專有測試數據。去年我們做了一些試驗。不幸的是，颶風造成的破壞使我們無法實際衡量我們所嘗試的方法的好處。佛羅裡達州和研究機構有一些公開信息，媒體上還有一些其他統計數據，但從我們所看到的一切以及我們的一些朋友、同行和競爭對手的一些軼事證據來看，這一點很清楚進行這種非處方藥軀幹注射應用有一些有意義且可衡量的好處。基本上每年一次，每棵樹都會進行一次。

So you had asked a question of kind of how this all goes. We've done about 35% of our trees in all the different groves that we own. So it's spread throughout the state. And as far as the cost per tree goes, originally, I think the estimates were somewhere between $2.50 and $3 a tree. I think, just from sheer economies of scale that has probably gotten below $1, but we don't have any specific statistics we can give you, but less than $1 per application per tree is not a bad figure to start with.

所以你問了一個關於這一切是如何進行的問題。我們已經在我們擁有的所有不同的樹林中種植了大約 35% 的樹木。所以它已經傳遍了全州。就每棵樹的成本而言，最初，我認為估計在每棵樹 2.50 美元到 3 美元之間。我認為，僅從純粹的規模經濟來看，可能已經低於 1 美元，但我們沒有任何具體的統計數據可以給您，但每棵樹每次應用不到 1 美元並不是一個糟糕的數字。

Got it. Final question. I guess, maybe a follow-up on the comment. It was a contract, you mentioned that one of your Tropicana contract that has been in '24, '25 season. Could you just walk us through maybe the laddering of the contracts when they expire at roughly if you have that content.

知道了。最後一個問題。我想，也許是評論的後續行動。這是一份合同，你提到你的一份 Tropicana 合約是在 24、25 賽季簽訂的。如果您有相關內容，您能否向我們介紹合約到期時的階梯情況。

I'll let Perry Del Vecchio answer that.

我會讓 Perry Del Vecchio 回答這個問題。

As it relates to the contracts, this contract is one of the smaller contracts that Tropicana, the larger contracts give them up for expiration next year, at the end of next year.

就合約而言，這份合約是麗陽公司較小的合約之一，較大的合約將在明年到期，即明年年底。

At the end of fiscal '24.

24 財年末。

Yes.

是的。

Okay. Got it. And then historically, you have renewed them I would say, a good amount of time before the end of the -- as part of the event the way of looking at it?

好的。知道了。然後從歷史上看，我想說，在結束之前很長一段時間，你已經更新了它們——作為事件的一部分，如何看待它？

Yes. I mean, we typically don't do it within a year of when the aspiration comes out. And right now, we've been doing them on shorter durations, the shorter-term contracts. And I anticipate in the middle of next season, we'll be negotiating through any of those contracts that are expiring in the next season. Mark, do we have any other questions?

是的。我的意思是，我們通常不會在願望出現後一年內這樣做。現在，我們一直在更短的期限、更短期的合約中進行這些工作。我預計在下個賽季中期，我們將就下個賽季到期的任何合約進行談判。馬克，我們還有其他問題嗎？

There are no questions. I'd like to hand the call back over to John Kiernan for any closing remarks.

沒有問題。我想將電話轉回給約翰·基爾南 (John Kiernan)，讓其結束語。

I just want to say thank you to everyone for joining our call today and for your support of Alico. We look forward to speaking with you on our fourth quarter call and our full year results in December.

我只想對大家今天加入我們的電話會議以及對 Alico 的支持表示感謝。我們期待與您討論第四季度的電話會議以及 12 月份的全年業績。

We've actually reached the end of today's question-and-answer session. I'd like to turn.

我們今天的問答環節其實已經結束了。我想轉。

Okay, Mark, I just want to say thank you to everyone for joining our call today and for your support of Alico. We look forward to speaking with you about our fourth quarter and full year results in December.

好的，馬克，我只想對大家今天加入我們的電話會議以及對 Alico 的支持表示感謝。我們期待在 12 月與您討論我們的第四季度和全年業績。