Alico Inc (ALCO) 2024 Q3 法說會逐字稿

Welcome to Alico's Third Quarter 2024 Conference Call. (Operator Instructions) As a reminder today's conference is being recorded.

歡迎參加 Alico 2024 年第三季電話會議。（操作員指示）提醒一下，今天的會議正在錄製中。

Last night, the company issued a press release announcing its results for the third quarter ended June 30, 2024. If you have not had a chance to review the release, it is available on the Investor Relations of the company's website at www.alicoinc.com. This call is being webcast, and a replay will be available on Alico's website as well.

昨晚，該公司發布新聞稿，公佈了截至2024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 www.alicoinc.com 的投資者關係部分找到該新聞稿。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 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 cause or contribute to such differences include risk details in company's quarterly report on Form 10-Q, annual results on Form 10-K, current reports on Form 8-K and those amendments thereto filed with the SEC and those mentioned in the earnings release.

可能導致或促成此類差異的重要因素包括公司 10-Q 季度報告中的風險詳細資訊、10-K 表中的年度業績、8-K 表中的當前報告以及向 SEC 提交的修訂以及在財報發布。

The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During the call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA and net debt. For more details on the measures, please refer to the company's press release issued yesterday.

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。在電話會議期間，公司也可能討論非公認會計準則財務指標，包括 EBITDA、調整後 EBITDA 和淨債務。有關措施的更多詳情，請參閱該公司昨天發布的新聞稿。

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

接下來，我想將電話轉給公司總裁兼執行長約翰·基爾南 (John Kiernan) 先生。

Thank you, Britney, and thank you, everyone for joining us for Alico's Third Quarter 2024 earnings call this morning. I wanted to thank our investors who checked in with us over the weekend as Hurricane Debby approached the Florida coast line. Alico and my fellow employees had a wet weekend, and we expect rain to continue each day for the rest of the week, but we did not sustain any damage from Debby.

謝謝布蘭妮，也謝謝大家今天早上參加我們的 Alico 2024 年第三季財報電話會議。我要感謝我們的投資者，他們在周末颶風黛比逼近佛羅裡達海岸線時向我們詢問。阿利科和我的同事度過了一個潮濕的周末，我們預計本週剩餘時間每天都會下雨，但黛比沒有對我們造成任何損害。

Our thoughts are with all of our fellow Floridians who were impacted by the storm yesterday and everyone else who's facing tropical storm today. Alico has been through dozens of storms over the past century, and we take everyone seriously. Thank you again for your concern.

我們的心與昨天受到風暴影響的所有佛羅裡達同胞以及今天面臨熱帶風暴的其他人同在。Alico在過去的一個世紀裡經歷了數十場風雨，我們認真對待每個人。再次感謝您的關心。

During the past quarter, Alico finished harvesting the last fruit in our 2023-'24 season. Fruit quality was poor at the beginning of both our early mid and Valencia crop harvest but improved. However, the rate of fruit drop accelerated during post harvests. Lower levels of production for the early and mid-season and Valencia harvest this season resulted in lower levels of pound solids being sold, which has led to a total inventory write-down of $28.5 million in fiscal year 2024.

在過去的一個季度，Alico 收穫了 2023-'24 季節的最後一個果實。我們的早中期和巴倫西亞作物收穫初期，果實品質較差，但有所改善。然而，收穫後落果速度加快。本季早季和中季以及巴倫西亞收成的產量較低，導致銷售的磅固體含量較低，導致 2024 財年的庫存減記總額為 2850 萬美元。

We believe that the Early and mid-season and Valencia box production was affected by the continued impact of Hurricane Ian. We've managed our cost aggressively over the past year, but the lower revenue base was out of our control for the second year in a row. We have several reasons to be more optimistic about our production next season.

我們認為，季初和中期以及巴倫西亞的箱產量受到了伊恩颶風的持續影響。在過去的一年裡，我們積極管理成本，但收入基礎的下降連續第二年超出了我們的控制範圍。我們有幾個理由對下個季節的生產更加樂觀。

First, since 2017, Alico has planted 2.2 million trees and nearly all of them are now producing fruit. Second, Alico began treating its citrus trees in January 2023 with an oxytetracycline product via trunk injection as a citrus greening therapy. In 2023, we were able to treat over 35% of our producing trees with OTC. And in 2024, we treated approximately 4.5 million producing trees.

首先，自2017年以來，Alico已經種植了220萬棵樹，幾乎所有樹現在都結出了果實。其次，Alico 於 2023 年 1 月開始透過樹幹注射土黴素產品來處理其柑橘樹，作為柑橘綠化療法。到 2023 年，我們能夠使用 OTC 處理超過 35% 的生產樹木。2024 年，我們處理了大約 450 萬棵生產樹木。

Alico received $1.8 million of grant money from the Florida Citrus Research and Field Trial Foundation in January 2024 that covered substantially all of the costs of the 2023-'24 harvest season OTC applications and $1.1 million was received in June that will cover approximately 34% of the 2024-'25 harvest season OTC applications.

Alico 於2024 年1 月從佛羅裡達柑橘研究和田間試驗基金會獲得了180 萬美元的贈款，基本上涵蓋了2023-24 年收穫季節OTC 申請的所有費用，並於6 月份收到了110 萬美元，將涵蓋約34% 的費用。

Although the small crop harvested this past season was not impressive, we believe that the continued recovery from Hurricane Ian was the most significant factor impacting fruit production quality. We remain cautiously optimistic that being another year removed from the hurricane along with the combination of a second round of injections or previously treated trees and a first round of injections for trees that were not treated in 2023 will show more significant improvements, not just in yield, but also in reduced fruit drop.

儘管上一季的小收成並不令人印象深刻，但我們認為，伊恩颶風的持續恢復是影響水果生產品質的最重要因素。我們仍然持謹慎樂觀的態度，認為再過一年，再加上對2023 年未經過處理的樹木進行第二輪注射或對先前處理過的樹木進行第二輪注射，以及對未經過處理的樹木進行第一輪注射，將顯示出更顯著的改善，而不僅僅是產量的提高，而且還能減少落果。

In fact, in July, it was reported that the Florida Department of Agriculture and Consumer Services approved a label change for the OTC product to remove the restriction that the product cannot be applied for more than 2 years in a row. This change will enable us to apply the OTC treatment in calendar year 2025 to the trees that we started treating back in 2023, which will be a relief to Alico in the Florida citrus industry overall.

事實上，今年7月，有報告指出佛羅裡達州農業和消費者服務部批准了該OTC產品的標籤變更，以取消該產品不能連續使用超過2年的限制。這項變更將使我們能夠在 2025 年對 20​​23 年開始處理的樹木應用 OTC 處理，這將使整個佛羅裡達柑橘行業的 Alico 鬆一口氣。

Third, as Alico's production recovers next season, we will sell our fruit at higher prices. As we previously announced, the company and Tropicana have extended our relationship for another 3 years. With our new contract to supply Tropicana with fruit, Alico will realize significantly higher prices per pound solid, which better reflect current market pricing with price increases in the second and third years.

第三，隨著下一季Alico產量的恢復，我們將以更高的價格出售我們的水果。正如我們之前宣布的，該公司和 Tropicana 已將我們的合作關係再延長 3 年。透過我們向 Tropicana 供應水果的新合同，Alico 將實現每磅固體的顯著更高的價格，這更好地反映了當前的市場定價，第二年和第三年的價格上漲。

This new contract covers production of approximately 65% of our acres. The remainder of our acres are covered by a contract with Tropicana, which expires at the end of 2024-'25 season, but which also has higher pricing than the expiring contracts.

這份新合約涵蓋了我們約 65% 英畝的生產面積。我們剩餘的土地由與 Tropicana 簽訂的合約覆蓋，該合約將於 2024-'25 季節結束時到期，但其定價也高於到期合約。

As the Atlantic hurricane season becomes more active over the next few months, Alico is prepared and focused on managing its world-class citrus operations just as it has for more than 125 years. One of our greatest competitive advantages as we face potential weather uncertainties is our balance sheet liquidity.

隨著大西洋颶風季節在接下來的幾個月中變得更加活躍，Alico 已做好準備並專注於管理其世界級的柑橘業務，就像 125 年來一樣。當我們面臨潛在的天氣不確定性時，我們最大的競爭優勢之一是我們的資產負債表流動性。

Our relationships with our vendors remain strong, and we have approximately $94.8 million of undrawn capacity under a combination of a revolving line of credit, which matures in November of 2029 and a working capital line of credit, which matures in November of 2025 to provide ample liquidity as our trees continue to recover from Hurricane Ian. Our $70 million of term debt does not amortize and is not due for repayment until 2029. We have steady access to workers and contractors and our employee base is stable.

我們與供應商的關係依然牢固，我們擁有約 9,480 萬美元的未動用能力，包括 2029 年 11 月到期的循環信貸額度和 2025 年 11 月到期的營運資金信貸額度，以提供充足的資金隨著我們的樹木繼續從伊恩颶風中恢復過來，我們獲得了流動性。我們的 7000 萬美元定期債務不會攤銷，並且要到 2029 年才能償還。我們有穩定的工人和承包商，我們的員工基礎也穩定。

Outside of our citrus operations, Alico continues to invest resources as it evaluates the long-term highest and best use of our real estate assets. To be clear, Alico will continue to conduct our regular citrus operations at nearly all of our groves for years to come. We will continue evaluating all of our properties to explore creative solutions to enhance and extract value. We seek to provide our investors with the benefits and stability of a conventional agricultural investment with the optionality that comes with active land management.

除了我們的柑橘業務之外，Alico 還繼續投入資源，評估我們房地產資產的長期最高和最佳利用。需要明確的是，未來幾年，Alico 將繼續在我們幾乎所有的果園進行常規柑橘作業。我們將繼續評估我們的所有財產，探索創造性的解決方案，以提高和提取價值。我們致力於為投資者提供傳統農業投資的效益和穩定性，以及積極的土地管理所帶來的選擇。

Last year, after evaluating the direct hit it took from Hurricane Ian in 2022, we made a difficult decision to transition our TRB Grove in Charlotte County from proprietary citrus operations to a mix of third-party mining, vegetable and fruit crop leasing activities. This year, we evaluated another grove and have decided to also move beyond citrus there to realize its highest and best use.

去年，在評估2022 年伊恩颶風造成的直接打擊後，我們做出了一個艱難的決定，將夏洛特縣的TRB Grove 從專有柑橘業務轉變為第三方採礦、蔬菜和水果作物租賃業務的混合業務。今年，我們評估了另一片樹林，並決定超越那裡的柑橘，以實現其最高和最佳利用。

In 2022, Alico entered into a purchase option agreement with a third-party E.R. Jahna Industries, for the sale of approximately 899 acres of land at a price of approximately $11,500 per acre on our 2x6 grove located in Hendry County, which expires in January of 2025.

2022 年，Alico 與第三方E.R. Jahna Industries 簽訂了購買選擇權協議，以每英畝約11,500 美元的價格出售位於亨德利縣的2x6 樹林中約899 英畝的土地，該協議將於2022 年1 月到期。

It is expected that this option agreement will be exercised by the end of December 2024. It is understood that Jahna plans to conduct sand mining operations on the land once regulatory approval has been obtained, and Alico have the right to lease back most of these acres, including 340 net citrus acres for de minimis lease payments.

預計該選擇權協議將於2024年12月底行使。據了解，一旦獲得監管部門的批准，Jahna 計劃在該土地上進行採砂作業，Alico 有權回租其中大部分英畝土地，其中包括 340 英畝的淨柑橘面積，用於支付最低租金。

In April of 2024, we entered into an agreement to sell another approximately 798 acres of land at the 2x6 Grove to a third party for approximately $7.2 million, which is $9,000 per acre, and that includes an option to purchase another 680 acres within 10 months from the closing date of the sale at the same price per acre, and Alico will continue to grow citrus on those 680 acres for the next harvest season.

2024 年4 月，我們達成協議，以約720 萬美元（每英畝9,000 美元）的價格將2x6 Grove 的另外約798 英畝土地出售給第三方，其中包括在10 個月內購買另外680 英畝土地的選擇權從銷售截止日期起，Alico 將繼續在這 680 英畝土地上以每英畝相同的價格種植柑橘，以供下一個收穫季節使用。

This previously announced transaction, which closed at the end of June 2024, illustrates our strategy of monetizing citrus groves on a case-by-case basis to redeploy capital to generate better returns for our shareholders.

這項先前宣布的交易於 2024 年 6 月底完成，體現了我們根據具體情況將柑橘園貨幣化的策略，以重新部署資本，為股東創造更好的回報。

In addition to our citrus operations, Alico has been pursuing a diversified real estate strategy since early 2022, which began with a comprehensive analysis of our land holdings portfolio. That process encouraged us to begin the entitlement process for our 4,500-acre grove in Collier County.

除了我們的柑橘業務外，Alico 自 2022 年初以來一直在追求多元化的房地產策略，該策略首先對我們的土地持有組合進行全面分析。這個過程鼓勵我們開始為科利爾縣 4,500 英畝的樹林辦理權利手續。

In May, we recruited Mitch Hutchcraft to lead our real estate activities to accelerate the entitlement activities that Corkscrew as well as develop a comprehensive analysis of highest and best use for remaining properties and create a road map to execute these strategic initiatives. Alico is continuing to evaluate every acre for its highest and best use against its near-term potential for continued cash flow generation from our existing agricultural operations.

5 月份，我們聘請了 Mitch Hutchcraft 來領導我們的房地產活動，以加速 Corkscrew 的權益活動，並對剩餘房產的最高和最佳用途進行全面分析，並製定執行這些戰略舉措的路線圖。Alico 正在繼續評估每一英畝土地的最高和最佳用途，並根據其近期潛力從我們現有的農業經營中持續產生現金流。

I'm also pleased to announce that as part of our succession planning process, current Board member, Adam Putnam has been selected to be appointed Chairman of the Board of Alico following our next Annual General Meeting, which will be held in 2025. Adam will succeed George Brokaw, who has served as Chairman since February 2022 and as a Director since November 2013. George will continue to serve Alico as a Director of the company.

我還很高興地宣布，作為我們繼任計劃流程的一部分，現任董事會成員 Adam Putnam 已被選為 Alico 董事會主席，該會議將於 2025 年舉行下一次年度股東大會。Adam 將接替 George Brokaw，後者自 2022 年 2 月起擔任董事長，自 2013 年 11 月起擔任董事。George 將繼續擔任 Alico 公司董事。

Adam has served on the Alico Board of Directors since August 2020 and has extensive knowledge and experience in the areas of agriculture, sustainability, government affairs, supply chain, business leadership and finance. Adam has served as the Chief Executive Officer of Ducks Unlimited, a US not-for-profit organization dedicated to conservation of wetlands and associated upwind habitats for waterfowl, other wildlife and people since April of 2019.

Adam 自 2020 年 8 月起擔任 Alico 董事會成員，在農業、永續發展、政府事務、供應鏈、商業領導力和金融領域擁有豐富的知識和經驗。Adam 自 2019 年 4 月起擔任 Ducks Unlimited 的首席執行官，該組織是一家美國非營利組織，致力於保護濕地以及水禽、其他野生動物和人類的相關逆風棲息地。

Prior to joining Ducks Unlimited, he served as Florida's Commissioner of Agriculture from 2011 to 2019, where he focused on fostering the growth of Florida agriculture and protecting the state's water supply among other issues and was a US Congressman for 5 terms from 2001 until 2011, where he engaged on issues such as agriculture, water and energy.

在加入Ducks Unlimited 之前，他於2011 年至2019 年擔任佛羅裡達州農業專員，專注於促進佛羅裡達州農業的增長和保護該州的供水等問題，並在2001 年至2011 年期間擔任了5 屆美國國會議員。

He was also the House Republican Chair from 2007 to 2009. With his public policy and public service experience, Adam brings to the Board expertise in understanding and navigating the physical and transition risks and opportunities of climate change together with his knowledge of sustainability, water supply and agriculture operations within Florida's regulatory environment.

2007年至2009年，他也擔任眾議院共和黨主席。憑藉其公共政策和公共服務經驗，Adam 為董事會帶來了理解和應對氣候變遷的物理風險和轉型風險和機會的專業知識，以及他在佛羅裡達州監管環境下的可持續性、供水和農業運營方面的知識。

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

接下來，我會將電話轉給布拉德，討論我們更詳細的財務表現。

Thank you, John, and good morning, everyone. As our business is seasonal, the majority of our citrus crop is typically harvested in the second and third quarters of the fiscal year, and the majority of our profits and cash flows are also recognized in the second and third quarters. However, due to the timing of the current year harvest, more of the citrus crop was harvested in the first and second quarters of this fiscal year. As such, the quarterly results for the third quarter are not indicative of our full year results.

謝謝約翰，大家早安。由於我們的業務是季節性的，我們的大部分柑橘作物通常在本財年的第二和第三季度收穫，我們的大部分利潤和現金流也在第二和第三季度確認。然而，由於本年度收穫時間的原因，本財政年度第一和第二季度收穫了更多的柑橘作物。因此，第三季的季度業績並不代表我們的全年業績。

For the 3 and 9 months ended June 30, 2024, Alico citrus harvested approximately 0.8 million and 3.1 million boxes of fruit, respectively, compared to 0.4 million and 2.7 million boxes of fruit in the same periods of the prior fiscal year. The increases in boxes harvested was primarily driven by the timing of the harvest for the 3 months ended June 30, 2024, and as a result of our production beginning to recover to pre-hurricane levels for the 9 months ended June 30, 2024.

截至2024年6月30日的3個月和9個月，Alico柑橘分別收穫了約80萬箱和310萬箱水果，而上一財政年度同期為40萬箱和270萬箱水果。收穫箱數量的增加主要是由於截至 2024 年 6 月 30 日的 3 個月的收穫時間，以及截至 2024 年 6 月 30 日的 9 個月我們的產量開始恢復到颶風前的水平。

The early and mid-season and Valencia harvests are complete. And for the 9 months ended June 30, 2024, pound solids produced were up 17% and 7.6% compared to the prior year respectively, while pound solids per box were down 4% and 3.1%, respectively. Additionally, we realized an increase in the price per pound solids of 3.8% and 4.1%, respectively in the 9 months ended June 30, 2024, compared to the same period in the prior fiscal year as a result of more favorable pricing in one of our contracts with Tropicana.

早、中季和巴倫西亞的收穫已經完成。截至 2024 年 6 月 30 日的 9 個月，生產的磅固體比前一年分別增加 17% 和 7.6%，而每箱磅固體分別下降 4% 和 3.1%。此外，我們發現，截至 2024 年 6 月 30 日的 9 個月中，每磅固體的價格與上一財年同期相比分別上漲了 3.8% 和 4.1%，原因是以下國家的定價更為優惠：我們與Tropicana 的合約。

Our average realized/blended price per pound solids for the 9 months ended June 30, 2024, increased 3.9% as compared to the same period in the prior year. As a result of our signing of the new contract with Tropicana, the company expects that our prices per pound solid will increase more significantly next year.

截至 2024 年 6 月 30 日的 9 個月，我們每磅固體的平均實現/混合價格比去年同期成長了 3.9%。由於我們與 Tropicana 簽署了新合同，該公司預計明年每磅固體的價格將大幅上漲。

General and administrative expenses decreased $0.1 million for the 9 months ended June 30, 2024, compared to the 9 months ended June 30, 2023, primarily due to lower depreciation, legal and insurance costs, partially offset by increased employee costs.

與截至2023年6月30日的9個月相比，截至2024年6月30日的9個月的一般和管理費用減少了10萬美元，主要是由於折舊、法律和保險費用減少，部分被員工成本增加所抵銷。

Other expenses net for the 9 months ended June 30, 2024, increased $75.2 million compared to the 9 months ended June 30, 2023, primarily due to the sale of 17,229 acres of the Alico Ranch to the State of Florida and the sale of 798 acres of citrus land during the 9 months ended June 30, 2024. By comparison, for the 9 months ended June 30, 2023, we recognized gains on sales of property and equipment of approximately $7.4 million related to the sale of 1,436 acres in the aggregate from the Alico Ranch to several third parties.

截至2024 年6 月30 日止9 個月的其他費用淨額較截至2023 年6 月30 日止9 個月增加7,520 萬美元，主要是由於向佛羅裡達州出售了17,229 英畝的Alico 牧場以及出售了798英畝的土地截至 2024 年 6 月 30 日的 9 個月內柑橘種植面積。相較之下，截至 2023 年 6 月 30 日的 9 個月，我們確認了約 740 萬美元的財產和設備銷售收益，這些收益與從 Alico 牧場向多個第三方出售總計 1,436 英畝的土地有關。

For the 3 and 9 months ended June 30, 2024, the company reported a net loss attributable to Alico common stockholders of $2 million and net income attributable to Alico common stockholders of $25.1 million, respectively, compared to net income attributable to Alico common stockholders of $11.8 million and $0.9 million for the 3 and 9 months ended June 30, 2023, respectively.

截至2024年6月30日的3個月和9個月，該公司報告歸屬於Alico普通股股東的淨虧損為200萬美元，歸屬於Alico普通股股東的淨利潤為2510萬美元，而歸屬於Alico普通股股東的淨利為2,510萬美元。

The decrease in our net income attributable to Alico common stockholders for the 3 months ended June 30, 2024, was driven by Hurricane Ian and insurance proceeds of $17.5 million received during the 3 months ended June 30, 2023, which were recorded as a reduction of operating expenses. Partially offsetting this is a gain of $4.4 million from the sale of citrus land in the 3 months ended June 30, 2024.

截至2024 年6 月30 日的3 個月，我們歸屬於Alico 普通股股東的淨利潤減少，原因是伊恩颶風和截至2023 年6 月30 日的3 個月收到的1,750 萬美元的保險收益，減少了營業費用。截至 2024 年 6 月 30 日的三個月內，出售柑橘土地帶來的 440 萬美元收益部分抵消了這一損失。

The increase in our net income attributable to Alico common stockholders for the 9 months ended June 30, 2024, compared to the 9 months ended June 30, 2023, was driven by a gain of $74.9 million on the sale of the remaining 17,229 acres of the Alico Ranch on December 21, 2023, and a gain of $4.4 million from the sale of Citrus land on June 28, 2024, partially offset by inventory adjustments recorded at September 30, 2022, on the ending inventory balance as a result of the impact of Hurricane Ian, which effectively lowered the inventory to be expensed in fiscal year 2023 as well as $21.4 million of insurance proceeds and a $9.4 million increase in the tax provision for the 9 months ended June 30, 2024.

截至2024 年6 月30 日的9 個月，與截至2023 年6 月30 日的9 個月相比，Alico 普通股股東應佔淨利潤有所增加，這是由於出售剩餘的17,229 英畝土地而獲得的7,490 萬美元的收益Alico Ranch 於2023 年12 月21 日出售，並於2024 年6 月28 日出售柑橘土地獲得440 萬美元收益，部分被2022 年9 月30 日記錄的庫存調整所抵消，該調整是由於颶風伊恩有效降低了 2023 財年支出的庫存以及 2,140 萬美元的保險收益，並導致截至 2024 年 6 月 30 日的 9 個月的稅收撥備增加了 940 萬美元。

For the 3 and 9 months ended June 30, 2024, the company had a loss of $0.27 and earnings of $3.29 per diluted common share respectively, compared to earnings of $1.56 and $0.12 per diluted common share for the 3 and 9 months ended June 30, 2023, respectively.

截至2024年6月30日的3個月及9個月，該公司每股攤薄普通股虧損0.27美元，每股攤薄普通股獲利3.29美元，而截至6月30日止3個月及9個月，每股攤薄普通股獲利1.56美元和0.12美元。

I will now pass the call back to John.

我現在將把電話轉回給約翰。

Thanks, Brad. Although the harvesting season was disappointing, which we believe is a result of the continuing recovery from Hurricane Ian, Alico has a strong balance sheet and is continuing to make investments in its groves, which we believe will help us grow next season as we will be another year removed from the hurricane.

謝謝，布拉德。儘管收穫季節令人失望（我們認為這是伊恩颶風持續復甦的結果），但Alico 擁有強大的資產負債表，並繼續對其果園進行投資，我們相信這將有助於我們下一季的成長，因為我們又過了一年，遠離颶風。

Alico has over 125 years of experience as a leader in Florida agriculture and land management. Since 2017, we have planted over 2.2 million new trees. We remain committed to the Florida citrus industry for the long term. In addition, Alico is continuing to evaluate all of our properties to determine their highest and best use to create long-term value for our shareholders. We strive to provide our investors with the benefits and stability of a conventional agricultural investment with the enhanced optionality that comes through active land management.

Alico 在佛羅裡達州農業和土地管理領域的領導者擁有超過 125 年的經驗。自 2017 年以來，我們已經種植了超過 220 萬棵新樹。我們仍然致力於長期致力於佛羅裡達柑橘產業。此外，Alico 正在繼續評估我們的所有財產，以確定其最高和最佳用途，為我們的股東創造長期價值。我們努力為投資者提供傳統農業投資的效益和穩定性，以及透過積極的土地管理所帶來的更多選擇。

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

接下來，我們將接受產業分析師的提問。布蘭妮？

(Operator Instructions)

（操作員說明）

And it appears we have no questions on the line today. I will turn the [conference] back over to Mr. Kierman.

今天看來我們沒有任何問題。我將把[會議]轉回給基爾曼先生。

I just want to say thank you to everyone for joining our call today and for your continued support of Alico. We look forward to speaking with you about our year-end results in November. Operator?

我只想對大家今天加入我們的電話會議以及對 Alico 的持續支持表示感謝。我們期待在 11 月與您討論我們的年終業績。操作員？

This does conclude today's conference. You may disconnect your lines at this time. And thank you for your participation. Have a great day.

今天的會議到此結束。此時您可以斷開線路。並感謝您的參與。祝你有美好的一天。