Alico Inc (ALCO) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Alico third quarter 2025 earnings call. (Operator Instructions) 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.

早上好，歡迎參加 Alico 2025 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。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 third 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 third quarter fiscal year 2025 earnings release, which went out yesterday at approximately 4:00 PM, Eastern Time. If you've not had a chance to review the release, it's 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.

大家早安，感謝您參加 Alico 2025 財年第三季電話會議。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 財年第三季的收益報告，該報告於昨天東部時間下午 4 點左右發布。如果您尚未閱讀本新聞稿，請造訪本公司網站 alicionc.com 的「投資者關係」板塊查看。本次電話會議將進行網路直播，Alico 網站也將提供重播。

Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risks, 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 reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 10 -- on the 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.

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。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、10-K 表年度報告、8-K 表當前報告、向美國證券交易委員會提交的任何修訂版以及收益報告中提到的風險。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.

在此次電話會議中，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。

And with that, it is my pleasure to turn the call over to the company's President and CEO, Mr. John Kiernan.

現在，我很高興將電話轉給公司總裁兼執行長約翰·基爾南先生。

Thank you, John. Good morning, everyone, and thank you for joining us for Alico's third quarter of the fiscal year 2025 earnings call. I'm pleased to report another quarter of significant progress in executing our strategic transformation to become a diversified land company. We successfully completed our final major citrus harvest during the third quarter, marking a pivotal milestone in our transformation. This harvest represents the conclusion of our capital-intensive citrus production operations, allowing us to focus our resources entirely on our long-term land development and diversified usage strategy.

謝謝你，約翰。大家早安，感謝大家參加 Alico 2025 財年第三季財報電話會議。我很高興地報告，我們在實施策略轉型成為多元化土地公司方面又取得了重大進展。我們在第三季度成功完成了最後一次主要的柑橘收穫，這是我們轉型過程中的關鍵里程碑。這次收穫標誌著我們資本密集柑橘生產業務的結束，使我們能夠將資源完全集中在長期土地開發和多元化利用策略上。

Our land monetization and asset optimization efforts accelerated in the third quarter, generating $9.3 million from combined land and equipment sales. The land component included approximately 694 acres, bringing our year-to-date land sales to $23.5 million from approximately 2,794 acres sold, exceeding our original $20 million guidance for fiscal 2025.

我們的土地貨幣化和資產優化工作在第三季加速，土地和設備銷售總額達到 930 萬美元。土地部分包括約 694 英畝，使我們今年迄今的土地銷售額從約 2,794 英畝增至 2,350 萬美元，超過了我們最初對 2025 財年 2,000 萬美元的指導。

Additionally, we received $16 million in crop insurance proceeds during the quarter, which significantly strengthened our financial position and provides additional flexibility as we advance our transformation initiatives. This insurance recovery, combined with our land sales, has resulted in a robust $42.1 million cash position, and a strong liquidity profile to execute our strategic transformation strategy.

此外，本季我們獲得了 1,600 萬美元的農作物保險收益，這大大增強了我們的財務狀況，並在我們推進轉型計劃時提供了額外的靈活性。此次保險賠償加上我們的土地銷售，為我們帶來了 4,210 萬美元的穩健現金狀況和強大的流動性，以執行我們的策略轉型策略。

On the development front, we achieved a major regulatory milestone with the Florida legislature approval of House Bill 4041 to create the Corkscrew Grove stewardship district in June. This represents a crucial step forward in our Corkscrew Grove Villages development project. The enabling legislation received unanimous support from the Collier County legislation delegation, multiple Florida House committees, the Senate Rules Committee, and both the full Florida House and Senate. The proposal also received unanimous support from the Collier County commissioners. The district will assist Alico in effectively financing infrastructure, helping restore and manage natural areas, and overseeing the administration of our planned -- our master planned communities.

在開發方面，我們實現了一個重要的監管里程碑，佛羅裡達州立法機構於 6 月批准了第 4041 號眾議院法案，創建了 Corkscrew Grove 管理區。這代表著我們的 Corkscrew Grove Villages 開發項目向前邁出了關鍵一步。該授權立法得到了科利爾縣立法代表團、佛羅裡達州眾議院多個委員會、參議院規則委員會以及佛羅裡達州眾議院和參議院全體議員的一致支持。該提案也得到了科利爾縣委員的一致支持。該區將協助 Alico 有效地為基礎設施提供融資，幫助恢復和管理自然區域，並監督我們計劃的——總體規劃社區的管理。

Following this legislative approval, we appointed a five-member Board of Supervisors in August to facilitate collaboration and communications with local, state and federal government agencies and community stakeholders. We also received the first round of comments from the South Florida Water Management District and Collier County regarding our development applications. This feedback is part of the normal regulatory review process, and we're working diligently to address these comments as we advance through the entitlement process. The process remains on track with our expectations with the final decision by the Collier Board of County Commissioners still anticipated in 2026.

在該立法獲得批准後，我們在八月任命了一個由五名成員組成的監事會，以促進與地方、州和聯邦政府機構以及社區利益相關者的合作與溝通。我們還收到了南佛羅裡達水資源管理區和科利爾縣對我們的開發申請的第一輪評論。此回饋是正常監管審查流程的一部分，我們正在努力在授權流程推進過程中解決這些意見。該進程仍符合我們的預期，預計科利爾縣委員會仍將於 2026 年做出最終決定。

Our diversified agricultural operations continue to progress as planned. We successfully negotiated agreements to lease approximately 5,250 acres to third-party citrus growers for next season, and we're in discussions with vegetable and fruit growers who are clearing as many as 500 acres for us this season in lieu of lease payments.

我們的多元化農業經營繼續按計劃推進。我們成功達成協議，將在下一季向第三方柑橘種植者租賃約 5,250 英畝土地，並且我們正在與蔬菜和水果種植者進行討論，他們將在本季為我們清理多達 500 英畝的土地以代替租賃付款。

These arrangements are generating revenue while maintaining productive use of our agricultural lands during our transition period. Our near-term real estate development projects including Corkscrew Grove Villages, Bonnet Lake, Saddlebag Grove and Plant World properties continue advancing as planned. These four properties totaling approximately 5,500 acres maintain our estimated present value of between $335 million and $380 million, and could be realized within the next five years. This represents significant value for our shareholders from just 10% of our land holdings.

這些安排在過渡期間既能創造收入，又能維持農業用地的生產性利用。我們的近期房地產開發項目包括 Corkscrew Grove Villages、Bonnet Lake、Saddlebag Grove 和 Plant World 地產，正在繼續按計劃推進。這四處地產總面積約為 5,500 英畝，我們估計其現值在 3.35 億美元至 3.8 億美元之間，並可能在未來五年內實現。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。

With our strategic transformation well underway, and our financial position strengthened, we remain confident in our ability to deliver enhanced long-term returns for our shareholders. Our approach of balancing the development of select high-value properties with diversified agricultural operations, creates a business model that leverages our core strengths while adapting to market opportunities.

隨著我們的策略轉型順利進行，財務狀況不斷增強，我們仍然有信心為股東帶來更高的長期回報。我們採取平衡精選高價值地產開發與多元化農業經營的方法，創造了一種既能發揮我們的核心優勢又能適應市場機會的商業模式。

I'll now turn it over to our CFO, Brad Heine, to provide more detail on our financial performance.

現在我將把時間交給我們的財務長布拉德·海涅 (Brad Heine)，讓他提供有關我們財務業績的更多細節。

Thank you, John, and good morning, everyone. For the third fiscal quarter ended June 30, 2025, revenue decreased 38% to $8.4 million, compared to $13.6 million for the prior year period. For the nine months ended June 30, 2025, revenue decreased 5% to $43.3 million, compared to $45.7 million for the prior year period. For the three and nine months ended June 30, 2025, Alico Citrus harvested approximately 2.1 million and 10.8 million pound solids of respectively, compared to 4.3 million and 14.7 million pound solids of fruit in the same periods of the prior fiscal year.

謝謝你，約翰，大家早安。截至 2025 年 6 月 30 日的第三財季，營收下降 38% 至 840 萬美元，去年同期為 1,360 萬美元。截至 2025 年 6 月 30 日的九個月，營收下降 5% 至 4,330 萬美元，去年同期為 4,570 萬美元。截至 2025 年 6 月 30 日的三個月和九個月，Alico Citrus 分別收穫了約 210 萬磅和 1,080 萬磅固體水果，而上一財年同期的水果收穫量分別為 430 萬磅和 1,470 萬磅固體水果。

As expected harvest volumes in 2025 were lower compared to 2024 levels, driven by the impact of Hurricane Milton, which hit Florida in October of 2024. Alico's blended price per pound solid for the three and nine months ended June 30, 2025, increased $0.81 and $0.85, respectively, as compared to the same periods 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 citrus operations.

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 年的水平。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 6 月 30 日的三個月和九個月的每磅固體混合價格與去年同期相比分別上漲了 0.81 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 three and nine months ended June 30, 2025, increased 57% and 68%, respectively, as compared to the same periods in the prior year. This was primarily the result of an increase in rock and sand royalty income and sat sales, partially offset by lower farming, brazing and hunting lease revenues due to the sale of the Alico Ranch.

截至 2025 年 6 月 30 日的三個月和九個月的土地管理和其他營運收入與去年同期相比分別成長了 57% 和 68%。這主要是由於岩石和沙子特許權使用費收入和衛星銷售額的增加，但因出售 Alico Ranch 而導致的農業、釬焊和狩獵租賃收入的下降部分抵消了這一增長。

Total operating expenses for the three and nine months ended June 30, 2025, were $36.4 million and $229.3 million, respectively, as compared to $17.9 million and $82.4 million in the same periods in the prior year. The increase in operating expenses was driven by the decision to wind down our citrus operations and the impairment of our young trees, which were not yet being depreciated.

截至 2025 年 6 月 30 日的三個月和九個月的總營運費用分別為 3,640 萬美元和 2.293 億美元，而去年同期分別為 1,790 萬美元和 8,240 萬美元。營運費用的增加是由於我們決定逐步減少柑橘業務，以及尚未折舊的幼樹受損。

General and administrative expenses for the three and nine months ended June 30, 2025, increased $0.4 million and $0.8 million, respectively, as compared to the same periods in the prior year. The increase was primarily due to the acceleration of depreciation on certain administrative assets and higher legal fees, both related to the strategic transformation.

截至 2025 年 6 月 30 日的三個月和九個月的一般及行政費用與去年同期相比分別增加了 40 萬美元和 80 萬美元。成長的主要原因是某些行政資產折舊加速以及法律費用增加，這兩者都與策略轉型有關。

Our other income expense for the three months ended June 30, 2025 increased $0.8 million, compared to the prior year period, driven by sale of approximately 694 acres of land in the third quarter of '25, and a gain of approximately $1.3 million from the sale of equipment and vehicles as compared to the prior year when we sold 798 acres of land.

截至 2025 年 6 月 30 日的三個月，我們的其他收入支出與去年同期相比增加了 80 萬美元，原因是 25 年第三季出售了約 694 英畝土地，並且出售設備和車輛的收益約為 130 萬美元，而去年同期我們出售了 798 英畝土地。

Other income expense net for the nine months ended June 30, 2025, decreased $60 million, compared to the nine months ended June 30, 2024, principally as a result of fewer acres of land being sold during the nine months ended June 30, 2025, as compared to the prior year period when we sold the Alico Ranch to the state of Florida.

截至 2025 年 6 月 30 日的九個月的其他收入支出淨額與截至 2024 年 6 月 30 日的九個月相比減少了 6000 萬美元，主要是因為與去年同期我們將 Alico Ranch 出售給佛羅裡達州相比，截至 2025 年 6 月 30 日的九個月內出售的土地面積減少。

For the three months ended June 30, 2025 and 2024, the company reported a net loss attributable to Alico common stockholders of $18.3 million and $2 million, respectively. The increase in our net loss was principally the result of accelerated depreciation of approximately $40.7 million on our citrus trees due to strategic transformation and the decision to wind down our citrus operations, as well as lower revenue due to the impact of Hurricane Milton in October 2024. Partially offsetting this was crop insurance proceeds of $16 million in the current quarter.

截至 2025 年 6 月 30 日和 2024 年 6 月 30 日的三個月，該公司報告歸屬於 Alico 普通股股東的淨虧損分別為 1,830 萬美元和 200 萬美元。我們的淨虧損增加主要是由於策略轉型和決定逐步結束柑橘業務導致柑橘樹加速折舊約 4,070 萬美元，以及 2024 年 10 月颶風米爾頓的影響導致收入下降。本季 1600 萬美元的農作物保險收益部分抵銷了這一影響。

The increased loss was partially offset by a tax benefit of $7.8 million for the three months ended June 30, 2025. For the three months ended June 30, 2025, the company had a loss of $2.39 per diluted common share, compared to a loss of $0.27 per diluted common share for the three months ended June 30, 2024.

截至 2025 年 6 月 30 日的三個月，增加的損失被 780 萬美元的稅收優惠部分抵消。截至 2025 年 6 月 30 日的三個月，該公司每股稀釋普通股虧損 2.39 美元，而截至 2024 年 6 月 30 日的三個月，該公司每股稀釋普通股虧損 0.27 美元。

For the three months ended June 30, 2025, EBITDA was $19.2 million, compared to $1.3 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, adjusted EBITDA was $19.3 million, compared to $1.3 million for the three months ended June 30, 2024.

截至 2025 年 6 月 30 日的三個月，EBITDA 為 1,920 萬美元，而截至 2024 年 6 月 30 日的三個月為 130 萬美元。截至 2025 年 6 月 30 日的三個月，調整後 EBITDA 為 1,930 萬美元，而截至 2024 年 6 月 30 日的三個月為 130 萬美元。

Turning now to our balance sheet and liquidity. Cash and cash equivalents were $42.1 million as of June 30, 2025, compared to $3.2 million at the end of fiscal year 2024. Net cash provided by operating activities was $22.8 million for the nine months ended June 30, 2025, compared to net cash used in operating activities of $18.7 million for the nine months ending June 30, 2024.

現在來看看我們的資產負債表和流動性。截至 2025 年 6 月 30 日，現金及現金等價物為 4,210 萬美元，而 2024 財年末為 320 萬美元。截至 2025 年 6 月 30 日的九個月，經營活動提供的淨現金為 2,280 萬美元，而截至 2024 年 6 月 30 日的九個月，經營活動使用的淨現金為 1,870 萬美元。

At quarter end, we had $92.5 million of remaining availability on our line of credit and there were no significant debt maturities until 2029. Total debt was $85.2 million, and net debt was $43.2 million as of June 30, 2025, compared to $92.1 million and $89 million, respectively, at the end of fiscal year 2024.

截至本季末，我們的信用額度剩餘可用金額為 9,250 萬美元，並且直到 2029 年都沒有重大債務到期。截至 2025 年 6 月 30 日，總債務為 8,520 萬美元，淨債務為 4,320 萬美元，而 2024 財年末分別為 9,210 萬美元和 8,900 萬美元。

Now I'd like to turn the call back to John to discuss our fiscal year 2025 outlook.

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. Let me now share our guidance for fiscal 2025 and where we stand in our transformation journey. We've made substantial strides in our transformation this quarter. And with our final major harvest now complete, we've successfully transitioned from capital-intensive citrus production to a diversified land company model. While we continue to have citrus operations from our properties through our roughly 3,800 acres of retained groves, and third-party growers under lease arrangements, we're no longer making significant capital investments in citrus infrastructure.

謝謝你，布拉德。現在，讓我分享我們對 2025 財年的指導以及我們在轉型之旅中的進展。本季度，我們在轉型方面取得了實質進展。隨著我們最後一次主要收穫的完成，我們已經成功地從資本密集型柑橘生產轉型為多元化土地公司模式。雖然我們繼續透過大約 3,800 英畝的保留果園和租賃協議下的第三方種植者開展柑橘業務，但我們不再對柑橘基礎設施進行大量資本投資。

This quarter's $9.3 million in combined land sales and equipment sales, plus the $16 million crop insurance recovery demonstrates the strength of our new approach. The legislative approval and establishment of the Corkscrew Grove Stewardship District represents a significant regulatory milestone that validates our development strategy, and provides the framework for sustainable community-focused growth. With our five-member Board now appointed, and initial regulatory feedback received from the South Florida Water Management District in Collier County, we're advancing steadily through the entitlement process. Everything is progressing as expected, and we remain on track with our previously announced time lines.

本季土地銷售額和設備銷售額合計 930 萬美元，加上 1,600 萬美元的農作物保險賠償，證明了我們新方法的實力。螺旋樹林管理區的立法批准和建立代表著一個重要的監管里程碑，它驗證了我們的發展策略，並為可持續的以社區為中心的成長提供了框架。我們的五人董事會現已任命，並且收到了科利爾縣南佛羅裡達水資源管理區的初步監管反饋，我們正在穩步推進授權程序。一切都按預期進展，我們仍在按照先前宣布的時間表進行。

Our financial productions remain solid. We continue to expect approximately $20 million in adjusted EBITDA for fiscal 2025. We've achieved $23.5 million year-to-date in land sales, exceeding our original $20 million guidance. And we believe there is potential to achieve another $25 million before year-end. We're positioned to end the fiscal year with approximately -- at least $25 million in cash, and sufficient liquidity to fund operations through fiscal year 2027.

我們的財務表現依然穩健。我們繼續預計 2025 財年的調整後 EBITDA 約為 2000 萬美元。今年迄今為止，我們的土地銷售額已達 2,350 萬美元，超過了我們最初 2,000 萬美元的預期。我們相信，年底前還有可能再實現 2,500 萬美元的收益。我們計劃在本財年結束時擁有至少 2500 萬美元的現金，以及足夠的流動資金來支持到 2027 財年的營運。

What's particularly encouraging is how our diversified agricultural partnerships are developing alongside our development pipeline. Our leasing arrangements with citrus growers and discussions with vegetable and fruit growers are generating revenue while maintaining productive use of our land during this transition. The transformation we announced in January continues to unfold as planned. We're executing on our strategy to become a diversified land company, while maintaining our commitment to responsible stewardship on our 50,500 acre real estate portfolio. With that foundation in place, I'm confident we'll continue delivering on our commitments while building long-term value for our shareholders. We look forward to updating you on our continued progress next quarter.

尤其令人鼓舞的是，我們的多元化農業合作夥伴關係正隨著我們的發展管道而不斷發展。我們與柑橘種植者的租賃安排以及與蔬菜和水果種植者的討論正在創造收入，同時在過渡期間保持土地的生產性利用。我們在一月份宣布的轉型正在繼續按計劃進行。我們正在執行成為多元化土地公司的策略，同時繼續致力於對我們 50,500 英畝房地產投資組合進行負責任的管理。有了這個基礎，我相信我們將繼續履行承諾，同時為股東創造長期價值。我們期待下個季度向您通報我們的持續進展。

And with that, we'll open up the line to questions from industry analysts. David?

接下來，我們將接受產業分析師的提問。戴維？

(Operator Instructions)

（操作員指示）

Gerry Sweeney, Roth Capital.

羅斯資本的格里·斯威​​尼 (Gerry Sweeney)。

This is Brandon Rogers on for Gerry Sweeney. So for -- you announced the $23.5 million in land sales so far with the potential for $25 million in additional land sales. Are you currently in discussions for those other land sales?

這是布蘭登羅傑斯 (Brandon Rogers)，代替格里·斯威​​尼 (Gerry Sweeney)。因此，您宣布迄今為止的土地銷售額為 2350 萬美元，並且有可能額外實現 2500 萬美元的土地銷售額。您目前正在討論其他土地出售事宜嗎？

And then what is the likelihood you can achieve the $45 million-plus in land sales for the year?

那麼，今年實現 4500 萬美元以上的土地銷售額的可能性有多大？

I mean we're basically in a transaction. It has a life and a timetable of its own. There's a diligence and inspection period that's continuing to go on. Right now, it's possible that it could close at the end of fiscal 2025. It's also possible that could roll into fiscal 2026. But we think it's a good transaction. We think it's at a fair value. And the timing just is a little bit hazy right now.

我的意思是我們基本上處於交易之中。它有自己的生命和時間表。盡職調查和檢查階段仍在繼續。目前，該公司有可能在 2025 財政年度結束時完成交易。這也有可能延續到 2026 財年。但我們認為這是一筆很好的交易。我們認為這是公平的價值。但現在時機還有點模糊。

Okay. And then turning to Corkscrew. Construction on the first village to be in 2028, 2029, if all approvals are granted. What are some potential milestones we can watch for between now and the potential entitlement approvals?

好的。然後轉向 Corkscrew。如果獲得所有批准，第一個村莊預計將於 2028 年、2029 年開始建造。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？

And then you have -- what's the likelihood of the final decision by the Collier Board of County Commissioners by 2026? And then is there anything that could delay that?

然後你有——到 2026 年，科利爾縣委員會做出最終決定的可能性有多大？那麼有什麼辦法可以延緩這過程嗎？

Okay. So you packed a whole bunch into that one. So let's unpack it. In all of these entitlement projects, there are multiple external variables that the company cannot control. There's all sorts of government reviews. There's additional questioning. We've got some public meetings that will take place. And all of them have to be scheduled, timed, held, sometimes there's follow-ups. So the current timetable that we've articulated in our earnings release, we believe with good confidence, based on what we've achieved so far, as well as the visibility into going forward that, yes, we would be on track for the potential securing of the permits, particularly at our Corkscrew property on the time frame that you had described. But some of those are just out of our control.

好的。所以你把一大堆東西都塞進那個裡面了。那麼讓我們來解開它。在所有這些權利項目中，都存在著多個公司無法控制的外部變數。有各種各樣的政府審查。還有其他問題。我們將舉行一些公開會議。所有這些都必須安排、計時、舉行，有時還需要後續行動。因此，根據我們在收益報告中闡明的當前時間表，我們非常有信心，基於我們迄今為止所取得的成就以及對未來的預見，是的，我們將有望獲得許可證，特別是在我們 Corkscrew 地產上，按照您描述的時間框架。但有些情況是我們無法控制的。

We've done a very good job of basically turning around quickly of filing efficiently and accurately. We've tried to be very, very transparent with all constituents as we've gone through these entitlement processes, but some of that is just simply out of our control.

我們在快速、有效率、準確地歸檔方面做得非常好。在經歷這些授權過程時，我們試圖對所有選民保持非常非常透明，但有些事情根本就超出了我們的控制範圍。

Understood. And then if I can squeeze one more in. In addition to Corkscrew Grove Stewardship, have you decided that Alico will partner with other groups on development? And then if so, can you give us any additional color on the strategy around bringing the project to permitting, building into market?

明白了。然後如果我能再擠進一個。除了 Corkscrew Grove Stewardship 之外，您是否決定讓 Alico 與其他團體合作發展？如果是的話，您能否向我們詳細介紹一下該專案獲得許可、進入市場的策略？

So the permitting process is the entitlement process that we're going through right now. And right now, we're handling that as a solo effort with many, many engineers, consultants, contractors, attorneys. Traffic experts and so on that are really experienced in Collier County, working on projects of this size and scale.

因此，許可流程就是我們現在正在經歷的權利流程。目前，我們正在與眾多工程師、顧問、承包商和律師一起單獨處理此事。交通專家等在科利爾縣非常有經驗，負責過這種規模的計畫。

We've spoken previously, publicly, about our strategy to maintain some optionality. At this point, we don't have a need for a partner at this early entitlement stage. We've got substantial resources to kind of navigate that process without requiring additional capital. The Stewardship District that was recently approved also gives us an avenue to raise capital should we need to build infrastructure prior to basically transferring the property over to builders, or partnering with builders, once the entitlement process is complete.

我們之前曾公開談論過我們保持一定選擇性的策略。目前，我們尚處於早期授權階段，不需要合作夥伴。我們擁有大量資源來完成這個過程，而不需要額外的資本。最近批准的管理區也為我們提供了籌集資金的途徑，以便在授權程序完成後，在將財產轉移給建築商或與建築商合作之前建設基礎設施。

So we've spoken previously that we've had conversations with state and national homebuilders, and they certainly are very much aware of the Corkscrew property itself, as well as our expertise, and kind of what the entitlement process is expected to deliver and what we're looking to do. Because we've got a website up. We've got a lot of the information on that website as far as the Corkscrew Grove Villages project. But right now, there is nothing to basically share with you or the rest of the investor community on any of those other discussions because they're way, way premature and from the optionality perspective, we haven't made a decision whether we want to go down a path, or whether we want to entitle the process and sell the land? Whether we want to entitle the process and basically partner with builders? Or whether we want to entitle the property and basically build ourselves? At this point, we haven't made a final decision about any of that.

因此，我們之前曾說過，我們已經與州和國家房屋建築商進行了對話，他們當然非常了解 Corkscrew 房產本身，以及我們的專業知識，以及授權流程預期會帶來什麼以及我們希望做什麼。因為我們已經建立了一個網站。我們在網站上獲得了大量有關 Corkscrew Grove Villages 項目的資訊。但目前，關於其他任何討論，我們基本上沒有什麼可以與您或其他投資者分享的，因為它們還為時過早，而且從可選性的角度來看，我們還沒有決定是否要繼續走下去，或者是否要授權這個過程並出售土地？我們是否想授權該流程並與建築商合作？或者我們是否想擁有這處房產並基本上自己建造？目前，我們尚未對任何事項做出最終決定。

(Operator Instructions) And there are no further questions on the line at this time. I'll turn the program back to John Kiernan for any additional or closing remarks.

（操作員指示）目前線路上沒有其他問題。我將把節目交還給約翰·基爾南 (John Kiernan)，請他發表任何補充或結束語。

Thank you, David. And I want to say thank you to everyone for your continued support of Alico as we navigate this exciting transformation. We look forward to updating you about our further progress in the current quarters and delivering our year-end results in late November. So thank you, and we'll talk to you soon.

謝謝你，大衛。我想對大家表示感謝，感謝你們在我們經歷這激動人心的轉變過程中對 Alico 的持續支持。我們期待向您通報我們在本季度取得的進一步進展，並在 11 月底公佈我們的年終業績。謝謝您，我們很快就會與您聯絡。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。