Alico Inc (ALCO) 2025 Q2 法說會逐字稿

(Operator Instructions). Good morning and welcome to Alico's second quarter 2025 earnings call. Currently, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host John Mills, managing partner at ICR.

（操作員指令）。早上好，歡迎參加 Alico 2025 年第二季財報電話會議。目前，所有參與者都處於只聽模式。提醒一下，今天的會議正在錄製中。現在我想將電話轉給主持人、ICR 執行合夥人約翰·米爾斯 (John Mills)。

Good morning, everyone and thank you for joining us for Alico's second quarter fiscal year 2025 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now everyone should have access to the second quarter fiscal year 2025 earnings release, which went out yesterday at approximately 5 p.m. Eastern time.

大家早安，感謝大家參加 Alico 2025 財年第二季電話會議。今天參加電話會議的有總裁兼執行長約翰·基爾南 (John Kiernan) 和財務長布拉德·海涅 (Brad Heine)。現在每個人都應該可以看到 2025 財年第二季的收益報告，該報告於昨天下午 5 點左右發布。東部時間。

If you've not had a chance to view the release, it's available in the investor relations portion of the company's website at ir.alicoinc.com. This call is being webcast, and a replay will be available on Alico's website as well. Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements.

如果您還沒有機會查看新聞稿，您可以在公司網站 ir.alicoinc.com 的投資者關係部分查看。這次電話會議正在進行網路直播，重播也將在 Alico 的網站上提供。在我們開始之前，我們想提醒大家，準備好的評論包含前瞻性的陳述。

Such statements are subject to risk, uncertainties, and other factors that may cause the actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risks detailed in the company's quarterly report on Form 10-Q.

此類聲明受風險、不確定性和其他因素的影響，可能導致實際結果與這些聲明中表達或暗示的結果有重大差異。可能導致或促成此類差異的重要因素包括公司 10-Q 表季度報告中詳述的風險。

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.

向美國證券交易委員會提交的 10-K 表年度報告、8-K 表當前報告及其任何修訂以及收益報告中提及的報告。除法律要求外，本公司不承擔隨後更新或修改今天電話會議上所作的前瞻性陳述的義務。

During this call, the company may also discuss non-GAAP financial measures including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday. And with that, it is my pleasure to turn the call of the company's President and CEO, Mr. John Kiernan.

在本次電話會議中，本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。有關這些措施的更多詳情，請參閱該公司昨日發布的新聞稿。我很高興接聽公司總裁兼執行長約翰·基爾南先生的電話。

Thank you, John. Good morning, everyone, and thank you for joining us Alico's second quarter of fiscal year 2025 earnings call. I'd like to update you on the progress we've made in executing our strategic transformation since our announcement in January at the end of April, we completed our fiscal year 2025 harvest. Effectively concluding the majority of our capital investment in citrus operations.

謝謝你，約翰。大家早安，感謝您參加 Alico 2025 財年第二季財報電話會議。我想向大家通報我們自今年 1 月宣布以來在執行策略轉型方面取得的進展，我們於 4 月底完成了 2025 財年的收穫。有效地完成了我們在柑橘業務上的大部分資本投資。

We will conduct a final harvest on the majority of the remaining 3,783 acres of operational citrus groves in fiscal year 2026. With this transition, we've reduced our workforce from approximately 200 employees to 25 employees, aligning our organizational structure with our transformed business model and significantly lowering operating expenses. On the land monetization front.

我們將在 2026 財年對剩餘的 3,783 英畝柑橘園的大部分進行最後一次收穫。透過這次轉變，我們將員工人數從大約 200 名減少到 25 名，使我們的組織結構與轉型後的業務模式保持一致，並大幅降低了營運費用。在土地貨幣化方面。

We've completed the sale of 2,100 acres this year as part of our strategy to unlock the value of our substantial real estate portfolio. We previously announced our expectation to realize approximately $20 million in land sales this fiscal year based upon transactions that are under option agreements or have been negotiated and are expected to close this year.

作為我們釋放大量房地產投資組合價值的策略的一部分，我們今年已完成 2,100 英畝土地的出售。我們先前宣布，根據選擇權協議或已談判完成的交易，預計本財年土地銷售額將達到約 2,000 萬美元，預計今年完成。

We are now raising our outlook to potentially have an additional $30 million of land sales or more this fiscal year, which would be a 150% increase from our prior guidance for fiscal year 2025 expected land sales. This acceleration in land sales could dramatically improve our annual adjusted EBITDA and strengthen our ability to return capital to shareholders.

我們現在提高了預期，預計本財年的土地銷售額可能增加 3,000 萬美元或更多，這將比我們先前對 2025 財年預期土地銷售額的預測高出 150%。土地銷售的加速可以大幅提高我們的年度調整後 EBITDA，並增強我們向股東返還資本的能力。

We've also been actively engaged with agricultural operators throughout Florida to diversify our remaining agricultural activities. These discussions have focused on potential sod production. Expanding sand mining activities and leases to grow seasonal crops such as corn, sugar cane, and a variety of fruits and vegetables.

我們也積極與佛羅裡達州各地的農業經營者合作，以使我們剩餘的農業活動多樣化。這些討論的重點是潛在的草皮生產。擴大採砂活動和租賃，以種植玉米、甘蔗和各種水果蔬菜等季節性作物。

We have negotiated agreements to lease approximately 5,250 acres of different groves to third party citrus growers next season. We are also in discussions or under contract with other vegetable and fruit growers who are clearing as many as 1,000 acres for us this season in lieu of lease payments.

我們已經達成協議，下個季節將約 5,250 英畝的不同果園租賃給第三方柑橘種植者。我們還與其他蔬菜和水果種植者進行討論或簽訂合同，他們本季將為我們清理多達 1,000 英畝的土地，以代替租賃付款。

Our entitlement work for our identified near-term development properties is progressing under the guidance of Mitch Hutchcraft, our Executive Vice President of Land Management. Mitch brings nearly four decades of experience and entitlement work throughout Florida. His deep expertise in navigating the complex rezoning and land use approval processes in Florida is invaluable as we work to unlock the development potential of our properties.

在我們土地管理執行副總裁 Mitch Hutchcraft 的指導下，我們已確定的近期開發地產的授權工作正在取得進展。米奇在佛羅裡達州擁有近四十年的經驗和權利工作。在我們努力釋放我們房產的開發潛力時，他在處理佛羅裡達州複雜的重新分區和土地使用審批流程方面的深厚專業知識是無價的。

The Corkscrew Grove villages development application we filed in March represents a significant milestone in our transformation. This property located in northwest Collier County at the strategic intersection of Collier, Lee, and Hendry counties. Is being planned for two mixed use master planned communities consisting of approximately 1,500 acres each.

我們在三月提交的 Corkscrew Grove 村莊開發申請代表著我們轉型過程中的一個重要里程碑。該物業位於科利爾縣西北部，科利爾縣、李縣和亨德里縣的戰略交匯處。正在規劃兩個混合用途總體規劃社區，每個社區佔地約 1,500 英畝。

As envisioned, the project will not only provide future residents with ample opportunities to live, work, and play in a growing part of Collier County, but will also enhance public infrastructure, permanently protect thousands of acres of sensitive land and enhance wetlands and water resources. The villages will provide significant economic benefit to the region.

根據設想，該項目不僅將為未來的居民提供在科利爾縣不斷發展的地區生活、工作和娛樂的充足機會，還將改善公共基礎設施，永久保護數千英畝的敏感土地，並改善濕地和水資源。這些村莊將為該地區帶來巨大的經濟效益。

And improvements will come at no additional cost to Collier County taxpayers. We expect the East and West Villages will each accommodate approximately 4,500 homes 280,000 square feet of commercial space and approximately 70,000 square feet of civic amenities including village greens, trails, lakes, and preserves.

而且這些改進不會給科利爾縣納稅人帶來額外負擔。我們預計東村和西村將分別容納約 4,500 套住宅、280,000 平方英尺的商業空間和約 70,000 平方英尺的市政設施，包括村莊綠地、小徑、湖泊和保護區。

We are thoughtfully integrating residential, commercial, and civic spaces to create a place where people can live and work, all while enhancing convenience and providing shopping alternatives for residents of eastern Lee County northern Collier and Southern Hendry.

我們精心整合住宅、商業和公共空間，打造一個人們可以生活和工作的地方，同時為李縣東部、科利爾北部和亨德利南部的居民提供便利和購物選擇。

Our development application was submitted to Collier County for local approval for the first two villages. While the long term vision for Corkscrew villages includes two villages, our current application with Collier County only seeks approval for the East Village as the first step of a multi-phase project. This current process is anticipated to take approximately one year with the final decision expected in 2026.

我們已向科利爾縣提交了前兩個村莊的開發申請，以獲得當地批准。雖然螺旋村的長期願景包括兩個村莊，但我們目前向科利爾縣提交的申請僅尋求批准東村作為多階段計畫的第一步。預計當前流程將耗時約一年，最終決定預計將於 2026 年做出。

Additionally, we have also submitted applications to the South Florida Water Management District and the US Army Corps of Engineers for the entire Corkscrew village property construction on East Villages could begin in 2028 or 2029 if all approvals are granted. As part of the company's long-term planning efforts.

此外，我們也向南佛羅裡達水資源管理區和美國陸軍工程兵團提交了整個 Corkscrew 村莊地產的申請，如果獲得所有批准，東村的建設可能會在 2028 年或 2029 年開始。作為公司長期規劃努力的一部分。

We took the proactive step in January 2025 to seek legislative approval from the Florida legislature to establish the Corkscrew Grove stewardship District. Upon approval, the Corkscrew Grove Stewardship District will assist the Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas and oversee the administration of the plaster planned communities and lands within the district.

我們於 2025 年 1 月採取主動措施，尋求佛羅裡達州立法機構的立法批准，建立 Corkscrew Grove 管理區。經批准後，Corkscrew Grove 管理區將協助 Alico 有效地資助基礎設施，幫助恢復和管理自然區域，並監督該區內石膏規劃社區和土地的管理。

Importantly, our development approach incorporates strategies proposed by the Florida Wildlife Corridor and the Collier Rural Land Stewardship Area program with plans to enhance and preserve over 6,000 acres for wildlife corridors and regional connected habitat.

重要的是，我們的開發方法融合了佛羅裡達野生動物走廊和科利爾農村土地管理區計劃提出的策略，並計劃改善和保護超過 6,000 英畝的野生動物走廊和區域連接棲息地。

This commitment to environmental stewardship reflects our long-standing role as responsible land managers. We are also advancing entitlement work for our Bonnet Lake, Saddlebag Grove, and Plant world properties which collectively represent additional development opportunities across different Florida counties.

對環境管理的承諾反映了我們作為負責任的土地管理者的長期角色。我們也正在推動 Bonnet Lake、Saddlebag Grove 和 Plant world 地產的權益工作，這些地產共同代表了佛羅裡達州不同縣的更多開發機會。

While the entitlement process involves many variables and stakeholders that can affect timing, we're taking a methodical approach to navigate these complexities. Collectively, these four near-term development properties totaling approximately 5,500 acres are estimated to be worth between $335 million and $380 million in present value dollars and could be realized within the next five years.

雖然授權流程涉及許多可能影響時間的變數和利害關係人，但我們正在採取系統化的方法來應對這些複雜情況。總的來說，這四個近期開發地產總面積約為 5,500 英畝，估計現值在 3.35 億美元至 3.8 億美元之間，並可能在未來五年內實現。

This represents significant value for our shareholders from just 10% of our land holdings. To support our evolving business model, we recently amended our credit agreement effective March 31, 2025. This amendment adjusts certain financial covenants and reduces crop and tree insurance coverage requirements.

這意味著我們僅持有 10% 的土地就能為股東帶來巨大的價值。為了支持我們不斷發展的業務模式，我們最近修改了信貸協議，該協議將於 2025 年 3 月 31 日生效。該修正案調整了某些財務契約，並降低了農作物和樹木保險的覆蓋要求。

Which is expected to result in cost savings while providing us with the flexibility needed to execute our transformation. We've also expanded our capital allocation strategy with the announcement of a $50 million share repurchase program. As our cash balance increases through land sales and the establishment of diversified agricultural operations.

這有望節省成本，同時為我們提供實施轉型所需的靈活性。我們還宣布了一項 5000 萬美元的股票回購計劃，擴大了我們的資本配置策略。隨著我們的現金餘額透過土地出售和建立多元化農業經營而增加。

We plan to maintain a balanced approach to capital deployment, including our quarterly dividend, opportunistic share repurchases, and strategic debt reduction. With these strategic initiatives well underway, I'm pleased with the progress we've made in positioning Alico for sustainable long-term growth. To provide more detail on our financial performance and the impact of these transformative steps on our balance sheet.

我們計劃保持平衡的資本配置方式，包括季度股息、機會性股票回購和策略性債務削減。隨著這些策略舉措的順利進行，我對我們在定位 Alico 實現可持續長期成長方面取得的進展感到滿意。提供有關我們的財務表現以及這些轉型步驟對我們的資產負債表的影響的更多詳細資訊。

I will now turn it over to our CFO, Brad Heine.

現在我將把話題交給我們的財務長布拉德海涅 (Brad Heine)。

Thank you, John. Good morning, everyone. The second fiscal quarter ended March 31, 2025. Revenue decreased 1% to $18 million compared to $18.1 million for the prior year period. For the six months ended March 31, 2025, revenue decreased 9% to $34.9 million. Compared to $32.1 million for the prior year period.

謝謝你，約翰。大家早安。第二財政季度截至2025年3月31日。營收較去年同期的 1,810 萬美元下降 1% 至 1,800 萬美元。截至 2025 年 3 月 31 日的六個月，營收下降 9% 至 3,490 萬美元。相比之下，去年同期為 3,210 萬美元。

For the 3 months and 6 months ended March 31, 2025, Alico citrus harvested approximately [4.7 million and 8.7 million pound solids of fruit respectively compared to 5.8 million and 10.4 million pound solids of fruit] in the same periods of the prior fiscal year. As expected, harvest volumes in 2025 were lower compared to 2024, driven by the impact of Hurricane Milton, which hit Florida in October of 2024.

截至 2025 年 3 月 31 日的 3 個月和 6 個月內，Alico 柑橘收穫了約 [470 萬磅和 870 萬磅固體水果，而上一財年同期分別為 580 萬磅和 1040 萬磅固體水果]。正如預期的那樣，受 2024 年 10 月襲擊佛羅裡達州的颶風米爾頓的影響，2025 年的收穫量低於 2024 年。

Alico's blended price per pound solids for the 3 months and 6 months ended March 31, 2025, increased $0.70 and $0.85 respectively as compared to the same period in the prior year as a result of more favorable pricing in one of our contracts with Tropicana. As John said, we completed our last major citrus harvest in April and have thus concluded the majority of our capital investment in our citrus operations.

由於我們與 Tropicana 簽訂的其中一份合約的定價更為優惠，Alico 截至 2025 年 3 月 31 日的 3 個月和 6 個月的每磅固體混合價格分別比去年同期上漲了 0.70 美元和 0.85 美元。正如約翰所說，我們在四月完成了最後一次主要的柑橘收穫，從而完成了對柑橘業務的大部分資本投資。

Land management and other operations revenue for the 3 months and 6 months ended March 31, 2025, increased 107% and 74% respectively as compared to the same periods in the prior year. The increase was primarily the result of an increase in rock and sand royalty income and so sales, partially offset by lower farming, grazing, and hunting lease revenues due to the sale of the Alico Ranch.

截至2025年3月31日的3個月和6個月的土地管理及其他營運收入分別比去年同期增長了107％和74％。成長的主要原因是岩石和沙子特許權使用費收入以及銷售額的增加，但因出售 Alico Ranch 而導致的農業、放牧和狩獵租賃收入的減少，部分抵消了這一增長。

Total operating expenses for the 3 months and 6 months that on March 31, 2025 were $167.7 million and $192.8 million respectively as compared to $36.3 million and $64.5 million in the same periods in the prior year. The increase in operating expenses was driven by approximately $118 million of non-cash accelerated depreciation as a result of our strategic transformation.

截至 2025 年 3 月 31 日的 3 個月和 6 個月的總營運費用分別為 1.677 億美元和 1.928 億美元，而去年同期分別為 3,630 萬美元和 6,450 萬美元。營運費用的增加是由於我們的策略轉型導致的約 1.18 億美元的非現金加速折舊。

And the decision to wind down our citrus operations as well as the impairment of our young trees which were not yet being depreciated and certain other assets that one of our grows of $25 million. General and administrative expenses for the three and six months ended March 31, 2025, increased $1.1 million and $0.4 million respectively as compared to the same periods in the prior year.

我們決定逐步結束柑橘業務，並對尚未折舊的幼樹和某些其他資產進行減值，其中一項減損損失為 2,500 萬美元。截至 2025 年 3 月 31 日的三個月和六個月的一般及行政費用與去年同期相比分別增加了 110 萬美元和 40 萬美元。

The increase was primarily due to the accelerated depreciation on certain administrative assets and higher legal fees related to the strategic transformation. Other income expense net for the three months ended March 31, 2025, increased $15.3 million compared to the prior year period, driven by the sale of approximately 2,100 acres of land in the second quarter of 2025.

成長的主要原因是某些行政資產的加速折舊以及與策略轉型相關的法律費用增加。截至 2025 年 3 月 31 日的三個月的其他收入支出淨額與去年同期相比增加了 1,530 萬美元，這主要是由於 2025 年第二季度出售了約 2,100 英畝土地。

Other income expense debt for the six months ended March 31, 2025 was a gain of $14.2 million compared to $75 million in the prior year period driven by the sale of the Alico Ranch to the state of Florida in the prior year. The three months ended March 31, 2025, and 2024, the company reported a net loss trivial to Alico Common's shareholders.

截至 2025 年 3 月 31 日的六個月內，其他收入支出債務收益為 1,420 萬美元，而去年同期為 7,500 萬美元，這主要是由於去年將 Alico Ranch 出售給佛羅裡達州所致。截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的三個月，該公司報告的淨虧損對 Alico Common 的股東來說微不足道。

Of $111.4 million and $15.8 million respectively, the increase in our net loss was principally the result of approximately $119 million of accelerated depreciation principally on citrus trees due to the strategic transformation and the decision to wind down our citrus operations, as well as the impairment of our young trees which were not yet being depreciated and the long-lived assets of one of our groves of $25 million.

我們的淨虧損分別增加 1.114 億美元和 1,580 萬美元，主要是由於戰略轉型和決定逐步減少柑橘業務導致柑橘樹加速折舊約 1.19 億美元，以及尚未折舊的幼樹和我們其中一片果園的長期資產減值 2,500 萬美元。

Partially offsetting this, land and equipment sales resulted in the gain of $15.8 million in the current quarter. This was partially offset by a tax benefit of $26.9 million for the three months ended March 31, 2025. For the three months ended March 31, 2025. The company had a loss of $14.58 per diluted common share compared to a loss of $2.07 per diluted common share for the three months ended March 31, 2024.

部分抵銷了這一影響的是，土地和設備銷售在本季帶來了 1,580 萬美元的收益。截至 2025 年 3 月 31 日的三個月，這一數字被 2,690 萬美元的稅收優惠部分抵消。截至 2025 年 3 月 31 日的三個月。該公司每股稀釋普通股虧損 14.58 美元，而截至 2024 年 3 月 31 日的三個月每股稀釋普通股虧損 2.07 美元。

The three months ended March 31, 2025. EBITDA was a loss of $14.7 million compared to a loss of $16.5 million for the three months ended March 31, 2024, and adjusted EBITDA of $12.7 million compared to a loss of $16.5 million for the three months ended March 31, 2024. Turning now to our balance sheet and liquidity.

截至 2025 年 3 月 31 日的三個月。EBITDA 虧損 1,470 萬美元，而截至 2024 年 3 月 31 日的三個月的虧損為 1,650 萬美元；調整後 EBITDA 為 1,270 萬美元，而截至 2024 年 3 月 31 日的三個月的虧損為 1,650 萬美元。現在來談談我們的資產負債表和流動性。

Cash and cash equivalents were $14.7 million as of March 31, 2025 compared to $3.2 million at the end of fiscal year 2024. Net cash used in operating activities was $0.6 million for the six months ended March 31, 2025 compared to $19.7 million for the six months ending March 31, 2024.

截至 2025 年 3 月 31 日，現金及現金等價物為 1,470 萬美元，而 2024 財年末為 320 萬美元。截至 2025 年 3 月 31 日的六個月，經營活動所用淨現金為 60 萬美元，而截至 2024 年 3 月 31 日的六個月為 1,970 萬美元。

At quarter end, we had approximately $88.5 million of remaining availability on our line of credit, and there were no significant debt maturities until 2029. Total debt was $89.6 million and net debt was $74.9 million as of March 31, 2025, compared to $92.1 million and $89 million respectively at the end of fiscal year 2024. Now I'd like to turn the call back to John to discuss our fiscal year 2025 outlook.

截至本季末，我們的信用額度剩餘可用餘額約為 8,850 萬美元，並且直到 2029 年都沒有重大債務到期。截至 2025 年 3 月 31 日，總債務為 8,960 萬美元，淨債務為 7,490 萬美元，而 2,024 財年末分別為 9,210 萬美元和 8,900 萬美元。現在我想把電話轉回給約翰，討論我們對 2025 財年的展望。

Thank you, Brad. Now when we share our guidance for fiscal year 2025 and some concluding thoughts on our strategic direction. Our strategic transformation to become a diversified land company has already exceeded our fiscal 2025-year goals.

謝謝你，布拉德。現在，我們分享 2025 財年的指導以及有關我們策略方向的一些總結性想法。我們向多元化土地公司的策略轉型已經超越了我們2025財年的目標。

At this time we are forecasting that our cash balance at the end of this fiscal year will be approximately $25 million and our net debt will be approximately $60 million with only the required $2.5 million balance outstanding under our revolving line of credit. We expect to generate approximately $20 million in adjusted EBITDA for fiscal year 2025.

目前，我們預測本財政年度末的現金餘額將約為 2,500 萬美元，淨債務將約為 6,000 萬美元，而我們的循環信貸額度下僅需支付 250 萬美元的未償還餘額。我們預計 2025 財年的調整後 EBITDA 將達到約 2,000 萬美元。

These projections are supported by the previously announced estimate of $20 million of land sales and cash generated by the 2024-2025 citrus harvest. We are currently projecting that land sales could potentially exceed $50 million this year, which would increase our adjusted EBITDA in cash and decrease our net debt projections.

這些預測得到了先前宣布的 2000 萬美元土地銷售額和 2024-2025 年柑橘收穫產生的現金估計值的支持。我們目前預計今年的土地銷售額可能超過 5000 萬美元，這將增加我們的調整後 EBITDA 現金並減少我們的淨債務預測。

But we recognize that each pending transaction has its own challenges, just as all previous sales Alico has transacted over the past decade have experienced and there is no certainty regarding timing until sales are closed. Looking ahead to the remainder of fiscal year 2025, we'll focus on completing the sale of our remaining identified lands. Continuing entitlement work on our development properties.

但我們認識到，每筆待處理的交易都有其自身的挑戰，就像 Alico 在過去十年中處理的所有銷售一樣，在銷售結束之前，時間安排都是不確定的。展望 2025 財年剩餘時間，我們將專注於完成剩餘已確定土地的出售。繼續對我們的開發物業進行授權工作。

Finalizing agreements with agricultural operators for our diversified farming operations and further strengthening our balance sheet to support long term value creation. When considering the full scope of our transformation, we believe the present value of our current landholdings could be worth approximately $650 million to $750 million which roughly 75% value for agricultural use and assuming about 10% entitled for development within the next five years.

與農業經營者達成多元化農業經營協議，並進一步加強我們的資產負債表，以支持長期價值創造。當考慮到我們轉型的全部範圍時，我們認為我們目前土地持有量的現值可能約為 6.5 億至 7.5 億美元，其中約 75% 用於農業用途，並假設約 10% 有權在未來五年內用於開發。

I'm confident that our strategic transformation positions Alico to deliver enhanced long-term returns for our shareholders by balancing the development of select high value properties with diversified agricultural operations, we're creating a business model that leverages our core strengths. While adapting to market opportunities. And with that, we'll now open the line to questions from industry analysts. Margo.

我相信，我們的策略轉型將使 Alico 能夠透過平衡精選高價值資產的開發和多元化的農業經營為股東帶來更高的長期回報，我們正在創建一種利用我們核心優勢的商業模式。同時適應市場機會。現在，我們將開始回答產業分析師的問題。瑪戈。

Thank you. (Operator Instructions). We'll take our question from Gerry Sweeney with Roth Capital. Please go ahead.

謝謝。（操作員指令）。我們將回答羅斯資本 (Roth Capital) 的 Gerry Sweeney 提出的問題。請繼續。

Hello, this is Brandon Rogers on for Gerry Sweeney. Thanks for taking my question.

大家好，我是 Brandon Rogers，代表 Gerry Sweeney 報到。感謝您回答我的問題。

Our pleasure. How are you doing, Brandon?

我們很高興。你好嗎，布蘭登？

Good. I just had a question on the 15.8 landfill in the quarter. Could you just provide any additional color there? You said it was to, how many, I don't know exactly how many acres you said, but.

好的。我只是想問一下本季 15.8 個垃圾掩埋場的問題。您能提供一些額外的顏色嗎？你說的是，有多少，我不知道你具體說了多少英畝，但是。

The 1,000 acres you're talking about the15. (Inaudible)

您所說的 1,000 英畝是 15。（聽不清楚）

(Multiple Speakers) (Inaudible) 2,100.

（多位發言者）（聽不清楚）2,100。

That was 2,100 acres.

面積有 2,100 英畝。

Alright, and then what county was that located in?

好的，那麼它是位於哪個縣呢？

Off the top of my head, Hendry County.

我首先想到的是亨德里縣。

Hendry, alright, thank you. And then, so for, $50 million in land sales for the current year, are you in current discussions with any other land sales and then what gives you confidence in potentially achieving the $50 million aspiring target for the year?

亨德利，好的，謝謝你。那麼，對於今年 5000 萬美元的土地銷售額，您目前是否正在討論其他土地銷售，是什麼讓您有信心實現今年 5000 萬美元的目標？

We've negotiated an agreement to sell some acres. It's still going through a process, so it's going to go through diligence right now, and that's underway.

我們已經就出售部分土地達成協議。它仍在經歷一個過程，所以現在需要進行盡職調查，而且這項工作正在進行中。

So the timing is a bit uncertain as the diligence process proceeds and the second part of your question is we're talking to several other parties about potential land sales, but nothing that's solid enough for us to report at this time.

因此，隨著盡職調查過程的進行，時機有點不確定，問題的第二部分是我們正在與其他幾方討論潛在的土地銷售，但目前還沒有任何確切的消息讓我們可以報告。

Okay, thank you. And then turning to Corkscrew, you said construction on the village could begin in 2028 or 2029 if all approvals are granted. What are some potential milestones we can watch for between now and the potential entitlement approvals?

好的，謝謝。然後轉向 Corkscrew，您說如果獲得所有批准，村莊的建設將於 2028 年或 2029 年開始。從現在到潛在的授權批准之間，我們可以關注哪些潛在的里程碑？

I think the entitlement approvals themselves are kind of what the milestones would be. There will be a lot of kind of individual meetings and revisions and remittals as we go, but I think as you see the approvals at the local, state, and federal levels come through, you'll know where the milestones stand.

我認為權利批准本身就是一種里程碑。在這個過程中，我們會有很多個人會議、修改和匯款，但我認為，當你看到地方、州和聯邦各級的批准時，你就會知道里程碑在哪裡。

Awesome thank you for taking my questions.

非常感謝您回答我的問題。

Thanks, Brandon.

謝謝，布蘭登。

Thank you. At this time we have no further questions. I'd like to turn the call back over to our speakers for final remarks.

謝謝。目前我們沒有其他問題。我想將電話轉回給我們的發言人，請他們做最後的發言。

Thank you, Margo, and thank you to everyone for joining us today. We appreciate your continued support as we navigate this exciting strategic transformation. And we look forward to updating you on further progress in the coming quarters. We'll see you in August.

謝謝你，瑪戈，也感謝今天與我們一起的所有人。感謝您在我們進行這項令人興奮的策略轉型過程中給予的持續支持。我們期待在未來幾季向您通報進一步的進展。我們將在八月見到您。

Thank you and this does conclude today's program. We thank you for your participation. You may disconnect at any time.

謝謝大家，今天的節目到此結束。我們感謝您的參與。您可以隨時斷開連線。