Alico Inc (ALCO) 2026 Q1 法說會逐字稿

(Operator Instructions) Good morning, and welcome to Alico's First Quarter 2026 Earnings Call. (Operator Instructions) As a reminder, today's call is being recorded.

（操作員指示）早上好，歡迎參加 Alico 2026 年第一季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

I would now like to turn the call over to your host, John Mills, Managing Partner at ICR. Please go ahead.

現在，我想把電話交給主持人，ICR 的管理合夥人約翰·米爾斯。請繼續。

Thank you. Good morning, everyone, and thank you for joining us for Alico's First Quarter 2026 Conference Call. On the call today are John Kiernan, President and Chief Executive Officer; and Brad Heine, Chief Financial Officer.

謝謝。各位早安，感謝各位參加 Alico 2026 年第一季電話會議。今天參加電話會議的有總裁兼執行長約翰·基爾南，以及財務長布拉德·海涅。

By now, everyone should have access to the first quarter 2026 earnings release, which went out yesterday at approximately 4:15 PM Eastern Time. If you've not had a chance to view 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.

現在，所有人都應該可以查看 2026 年第一季財報，該財報於昨天美國東部時間下午 4:15 左右發布。如果您尚未有機會查看新聞稿，可在公司網站alicoinc.com的投資者關係頁面找到。本次電話會議將進行網路直播，重播也將在Alico網站上提供。

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 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. During this call, the company may also disclose 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.

在開始之前，我們想提醒大家，準備好的發言稿包含前瞻性陳述。此類聲明存在風險、不確定性及其他因素，可能導致實際結果與這些聲明中明示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向美國證券交易委員會提交的季度報告（10-Q 表格）、年度報告（10-K 表格）、當前報告（8-K 表格）及其任何修訂版中詳細列出的風險，以及盈利公告中提到的風險。除法律要求外，本公司不承擔對今天電話會議所作的前瞻性陳述進行後續更新或修改的義務。在本次電話會議中，本公司也可能揭露非GAAP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，請參閱該公司昨天發布的新聞稿。

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

接下來，我很高興將電話交給公司總裁兼執行長約翰·基爾南先生。請繼續，約翰。

Thank you, John. Good morning, everyone, and thank you for joining us for Alico's First Quarter 2026 Earnings Call. We are very pleased with our first quarter results and subsequent transactions we achieved in the first month of our second fiscal quarter. We believe this momentum and our enhanced business model in action validates our land monetization and utilization strategy.

謝謝你，約翰。各位早安，感謝各位參加 Alico 2026 年第一季財報電話會議。我們對我們的第一季業績以及在第二財季第一個月取得的交易感到非常滿意。我們相信，這一發展勢頭和我們不斷改進的商業模式的實踐驗證了我們的土地貨幣化和利用策略。

Let me highlight a few specific achievements in our first quarter and subsequent events. First, in the first quarter, we generated $7.7 million in land sales, reflecting the strong demand for our strategically located Florida properties.

讓我重點介紹一下我們在第一季及後續事件中所取得的一些具體成就。首先，在第一季度，我們實現了 770 萬美元的土地銷售額，這反映出市場對我們位於佛羅裡達州戰略位置優越的房產的強勁需求。

Second, our net loss improved to $3.5 million from a loss of $9.2 million in the prior year period, and we generated positive EBITDA of $2.4 million compared to negative $6.7 million in the prior period, demonstrating the financial stability we've built through this transformation.

其次，我們的淨虧損從去年同期的 920 萬美元虧損改善至 350 萬美元，並且我們實現了 240 萬美元的正 EBITDA，而去年同期為負 670 萬美元，這表明我們透過這種轉型建立了財務穩定性。

Third, with our strengthened balance sheet holding $34.8 million in cash at first quarter end and reduced operating complexity, we believe we are financially very well positioned to execute on our near- and long-term plan.

第三，憑藉我們在第一季末持有 3,480 萬美元現金的穩健資產負債表以及降低的營運複雜性，我們相信我們在財務上處於非常有利的地位，可以執行我們的近期和長期計劃。

Fourth, Alico entered into a 10-year lease with Bayer Crop Science to establish an agricultural research station on 100 acres on our TRB property located in Charlotte County. And subsequent to quarter end, following the signing of new lease agreements in January, Alico has achieved 97% utilization of our approximately 32,500 farmable agricultural acreage.

第四，Alico 與拜耳作物科學公司簽訂了為期 10 年的租賃協議，在我們位於夏洛特縣的 TRB 土地上 100 英畝的土地上建立了一個農業研究站。在季度末之後，繼 1 月簽署新的租賃協議之後，Alico 已實現了其約 32,500 英畝可耕種農業用地 97% 的利用率。

Lastly, also after quarter end, we closed on an additional sale of a large citrus Grove, representing approximately 2,950 acres for $26.8 million, leaving us within an approximately 46,000-acre Florida portfolio. We believe these results and transactions demonstrate that Alico has a business model that will continue to unlock substantial value from its land portfolio while maintaining our commitment to responsible land stewardship.

最後，同樣在季度末，我們完成了一筆大型柑橘園的出售，佔地約 2,950 英畝，售價為 2,680 萬美元，使我們在佛羅裡達州的投資組合面積達到約 46,000 英畝。我們相信，這些成果和交易表明，Alico 的商業模式將繼續從其土地組合中釋放巨大價值，同時保持我們對負責任的土地管理的承諾。

As we look forward, our development pipeline continues to advance on schedule with Corkscrew Grove Villages leading the way as the crown jewel of our portfolio. The 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. This stewardship district, approved unanimously by the Florida legislator positions us to effectively finance infrastructure, restore and manage natural areas and oversee the administration of our master planned communities.

展望未來，我們的開發案將繼續按計畫推進，其中 Corkscrew Grove Villages 是我們投資組合中的璀璨明珠，引領著專案發展。科克斯克魯格羅夫管理區的成立是一個重要的監管里程碑，它驗證了我們的發展策略，並為以社區為中心的可持續成長提供了框架。該管理區經佛羅裡達州立法機構一致批准，使我們能夠有效地為基礎設施提供資金，恢復和管理自然區域，並監督我們總體規劃社區的管理。

I'm particularly excited to highlight our previously announced strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion. This $5 million investment demonstrates our commitment to Florida Wildlife and showcases the innovative conservation approach that sets Alico apart in the development community. We remain on track for an anticipated final decision from Collier County in 2026 with potential construction for Florida for Corkscrew Grove Villages beginning as early as 2028.

我特別興奮地要重點介紹我們先前宣布的與佛羅裡達州交通部的戰略合作夥伴關係，我們將設計和建造一條野生動物地下通道，作為 82 號州道擴建工程的一部分。這項 500 萬美元的投資體現了我們對佛羅裡達野生動物的承諾，也展現了 Alico 在開發領域獨樹一幟的創新保護方法。我們仍有望在 2026 年獲得科利爾縣的最終決定，佛羅裡達州的 Corkscrew Grove Villages 計畫最快可能在 2028 年開始建造。

Collectively, our four near-term real estate development projects, Corkscrew Grove Villages, Bonnet Lake, Saddlebag Grove and Plant World, totaling approximately 5,500 acres, maintain their estimated present value of between $335 million and $380 million, which we hope to be realized within the next five years. This represents significant value creation potential from just 10% of our land holdings, demonstrating the substantial embedded value within our diversified portfolio.

我們近期四個房地產開發項目——Corkscrew Grove Villages、Bonnet Lake、Saddlebag Grove 和 Plant World——總面積約 5,500 英畝，目前估計價值在 3.35 億美元至 3.8 億美元之間，我們希望在未來五年內實現這一目標。這代表著我們僅10%的土地持有量就蘊含著巨大的價值創造潛力，證明了我們多元化投資組合中蘊藏的巨大價值。

As you can see from the first quarter results and achievements, our approach creates the best of both worlds. With approximately 25% of our land identified for strategic development and 75% remaining for diversified agriculture, we've built a balanced platform for both near-term returns and long-term growth. We believe it is important to emphasize our commitment to returning capital to shareholders, especially as we achieved positive EBITDA for the quarter and generate approximately $34.5 million in recent land sales.

從第一季的業績和成就中可以看出，我們的方法實現了兩全其美。我們已將大約 25% 的土地確定為戰略開髮用地，並將 75% 的土地用於多元化農業，從而建立了一個平衡的平台，既能實現短期回報，又能實現長期增長。我們認為，強調我們對股東回報資本的承諾非常重要，尤其是在本季度實現正 EBITDA 並透過最近的土地銷售獲得約 3,450 萬美元收入的情況下。

Since 2015, we've returned more than $190 million to shareholders through dividends, share repurchase and voluntary debt reduction. Going forward, we continue to evaluate the best use of capital to enhance shareholder value. Management's comprehensive NPV analysis of our approximately 46,000 acres indicates a market value of assets between $650 million and $750 million. With our current market capitalization of approximately $320 million and net debt of approximately $50.7 million at quarter end, we believe Alico represents compelling value for investors seeking exposure to Florida's continued growth story.

自 2015 年以來，我們已透過股利、股票回購和自願減債向股東返還了超過 1.9 億美元。展望未來，我們將持續評估如何最佳利用資本來提升股東價值。管理層對我們約 46,000 英畝土地的綜合淨現值分析表明，資產的市場價值在 6.5 億美元至 7.5 億美元之間。截至季末，我們目前的市值約為 3.2 億美元，淨債務約為 5,070 萬美元，我們認為 Alico 對於尋求參與佛羅裡達州持續成長故事的投資者來說具有極高的價值。

What differentiates Alico is our unique combination of strategic land holdings across seven Florida counties, more than 125 years of local relationships and conservation credibility, a proven management team with deep expertise in both agriculture and real estate development and a balanced portfolio approach with 75% of our land continuing to be used for agricultural activities.

Alico 的獨特之處在於，我們擁有橫跨佛羅裡達州七個縣的戰略性土地儲備，125 多年的本地關係和保護信譽，一支在農業和房地產開發方面都擁有深厚專業知識的成熟管理團隊，以及均衡的投資組合方法，其中 75% 的土地繼續用於農業活動。

On our fourth quarter call, I listed our priorities for fiscal year 2026 to continue our transformation momentum. And today, we are reiterating those priorities. First, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs while maintaining rigorous cost controls across all properties. We have made tremendous progress on this and now have approximately 97% of our farmable land leased. Second, we remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects with particular focus on securing final approvals for Corkscrew Grove Villages.

在第四季財報電話會議上，我列出了我們 2026 財年的工作重點，以繼續保持轉型勢頭。今天，我們再次重申這些優先事項。首先，透過最大化多元化租賃計劃的收入來優化我們的農業運營，同時對所有物業保持嚴格的成本控制。我們在這方面取得了巨大進展，目前已出租了約 97% 的可耕地。其次，我們將繼續推動住宅和商業開發項目，推動四個優先項目的審批流程，特別注重確保 Corkscrew Grove Villages 獲得最終批准。

Third, our strategic capital allocation approach will balance required entitlement investments with shareholder returns while maintaining the financial flexibility necessary to execute on our long-term strategy. And finally, to pursue operational excellence by leveraging our experienced management team and strong local relationships to execute efficiently across all these initiatives.

第三，我們的策略資本配置方法將在必要的權益投資與股東回報之間取得平衡，同時維持執行長期策略所需的財務彈性。最後，我們將利用我們經驗豐富的管理團隊和強大的本地關係，有效執行所有這些舉措，從而追求卓越營運。

As we enter our second fiscal quarter, our strengthened balance sheet, holding $34.8 million in cash as of December 31, 2025, the January 2026 land sale of $26.8 million and our reduced operational complexity highlight the fact that we continue to believe we are well positioned to advance along our high-value development road map. The Corkscrew Grove Villages entitlement process remains on track for an anticipated 2026 decision by Collier County, and our balance sheet and revenues from our diversified agricultural operations provide the financial resources to execute our long-term strategy.

隨著我們進入第二個財政季度，截至 2025 年 12 月 31 日，我們擁有 3,480 萬美元現金，資產負債表更加穩健；2026 年 1 月，我們以 2,680 萬美元的價格出售了土地；此外，我們的營運複雜性也降低了。這些都表明，我們仍然相信我們有能力沿著高價值的發展路線圖前進。Corkscrew Grove Villages 的開發許可流程仍在按計劃進行，預計將於 2026 年由 Collier County 做出決定。我們多元化的農業經營帶來的資產負債表和收入為執行我們的長期策略提供了財務資源。

We believe that Alico has a business model that unlocks substantial value from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship. The foundation is in place, and we're excited about the opportunities ahead.

我們相信 Alico 的商業模式能夠從我們位於佛羅裡達州約 46,000 英畝的土地組合中釋放出巨大的價值，同時保持我們對負責任的土地管理的承諾。基礎已經打好，我們對未來的機會感到興奮。

With that, I'll turn it over to Brad Heine to walk through our detailed financial results, and then we'll be happy to take your questions. Brad?

接下來，我將把發言權交給布拉德·海涅，讓他詳細講解我們的財務業績，之後我們很樂意回答大家的問題。布拉德？

Thank you, John, and good morning, everyone. I'll walk you through our first quarter fiscal 2026 financial results, which demonstrate solid execution of our business model and continued financial discipline. For the three months ended December 31, 2025, we reported total revenue of $1.9 million compared to $16.9 million in the prior year period. The decrease primarily reflects the substantial conclusion of our citrus business.

謝謝你，約翰，大家早安。我將帶您了解我們 2026 財年第一季的財務業績，這些業績顯示我們商業模式的穩健執行和持續的財務紀律。截至 2025 年 12 月 31 日止的三個月，我們的總收入為 190 萬美元，而去年同期為 1,690 萬美元。這一下降主要反映了我們柑橘業務的實質結束。

Our Alico Citrus segment generated $0.9 million in revenue with a gross loss of $6.5 million compared to $16.3 million in revenue and an $8.8 million gross loss in the prior year. While we still had some residual citrus activities, the significantly reduced scale demonstrates our successful exit from the capital-intensive citrus production.

我們的 Alico Citrus 業務部門創造了 90 萬美元的收入，毛虧損 650 萬美元，而去年該部門的收入為 1,630 萬美元，毛虧損為 880 萬美元。雖然我們還有一些剩餘的柑橘業務，但規模的大幅縮減表明我們已成功退出資本密集的柑橘生產。

Land management and other operations revenue increased 77%, driven by higher rock and sand royalties and farming lease revenue. This growth reflects the diversified revenue streams we've established through our agricultural partnerships.

土地管理和其他營運收入成長了 77%，主要得益於岩石和沙子特許權使用費以及農業租賃收入的增加。這一增長反映了我們透過農業合作關係建立的多元化收入來源。

Our net loss attributable to Alico common stockholders improved significantly to $3.5 million or $0.45 per diluted share compared to a net loss of $9.2 million or $1.20 per diluted share in the prior year period. This improvement demonstrates the financial benefits of our business model evolution.

歸屬於 Alico 普通股股東的淨虧損大幅改善至 350 萬美元，即每股攤薄虧損 0.45 美元，而上年同期淨虧損為 920 萬美元，即每股攤薄虧損 1.20 美元。這項改進體現了我們商業模式演進帶來的經濟效益。

Furthermore, we achieved positive EBITDA of $2.4 million compared to negative $6.7 million in the prior year period, a $9.1 million improvement. Our adjusted EBITDA was $2.7 million, also compared to negative $6.7 million last year. This positive EBITDA generation validates the cash-generating capability of our new operating model.

此外，我們實現了 240 萬美元的正 EBITDA，而去年同期為負 670 萬美元，改善了 910 萬美元。我們調整後的 EBITDA 為 270 萬美元，去年同期為負 670 萬美元。這項正向 EBITDA 績效驗證了我們新營運模式的現金創造能力。

Our balance sheet remains strong with $34.8 million in cash and cash equivalents at quarter end, providing excellent liquidity. The current ratio improved to 14.39:1, demonstrating exceptional financial flexibility.

截至季末，我們的資產負債表依然穩健，現金及現金等價物達 3,480 萬美元，流動性極佳。流動比率提高至 14.39:1，展現出卓越的財務彈性。

Total debt remained stable at $85.5 million with net debt of $50.7 million at quarter end. We have $92.5 million available under our credit facility, and our minimum liquidity requirement is just $5.8 million, giving us substantial financial runway.

截至季末，總債務維持穩定在 8,550 萬美元，淨債務為 5,070 萬美元。我們根據信貸額度可獲得 9,250 萬美元，而我們的最低流動資金需求僅為 580 萬美元，這給了我們充足的財務緩衝空間。

Net cash used in operating activities improved to $5.5 million from $7.6 million in the prior year period, reflecting better operational efficiency. We generated $7.7 million from land sales in the quarter with a gain of approximately $4.9 million. Year-to-date through January 2026, we have achieved $34.5 million in total land sales, contributing to our strong liquidity position and validating our land monetization strategy.

經營活動所用現金淨額從去年同期的 760 萬美元改善至 550 萬美元，反映出營運效率的提升。本季我們透過土地銷售獲得了 770 萬美元的收入，獲利約 490 萬美元。截至 2026 年 1 月，我們已實現 3,450 萬美元的土地銷售總額，這有助於我們保持強勁的流動性，並驗證我們的土地貨幣化策略。

Looking ahead to fiscal year 2026, I'm pleased to provide updated guidance that reflects our strong operational momentum and strategic positioning. We expect to deliver adjusted EBITDA of approximately $14 million for the full fiscal year, which represents a significant improvement from our historical performance and validates the cash-generating potential of our transformed business model.

展望 2026 財年，我很高興地提供更新後的業績指引，這反映了我們強勁的營運動能和策略定位。我們預計本財年調整後 EBITDA 約為 1,400 萬美元，這比我們以往的業績有了顯著提高，也驗證了我們轉型後的商業模式的現金創造潛力。

From a balance sheet perspective, we anticipate ending fiscal year 2026 in a strong liquidity position with approximately $50 million in cash. This will allow us to reduce our net debt to approximately $35 million by our fiscal year-end with only the minimum required $2.5 million balance remaining on our revolving credit facility.

從資產負債表的角度來看，我們預計到 2026 財年末，公司將擁有強勁的流動性，現金儲備約為 5,000 萬美元。這將使我們能夠在財政年度結束時將淨債務減少到約 3500 萬美元，而我們的循環信貸額度僅保留最低要求的 250 萬美元餘額。

I should note that these projections assume our current operational plan. However, our strong cash position and improving cash flow generation provide us with significant flexibility for potential capital allocation opportunities. Should we decide to return capital to shareholders during fiscal 2026 through increased dividends, special distributions, share repurchases or tender offers, our ending cash balance would naturally be lower and net debt correspondingly higher than these base case projections. This guidance reflects the financial stability that we've built through our strategic transformation and positions us well to fund both our ongoing operations and future development initiatives while maintaining the financial flexibility that's become a hallmark of our new business model.

需要說明的是，這些預測是基於我們目前的營運計劃。然而，我們強勁的現金狀況和不斷改善的現金流為我們提供了相當大的靈活性，可以把握潛在的資本配置機會。如果我們決定在 2026 財年透過增加股利、特別分配、股票回購或要約收購向股東返還資本，那麼我們的期末現金餘額自然會低於這些基本情況的預測，淨債務也會相應高於這些基本情況的預測。這項指導原則體現了我們透過策略轉型所建立的財務穩定性，使我們能夠更好地為持續營運和未來的發展計劃提供資金，同時保持財務靈活性，這已成為我們新商業模式的標誌。

Positive EBITDA generation in Q1, combined with our strong balance sheet, demonstrates that we've successfully built a financially stable platform for long-term value creation. The fundamentals of our business model are working as intended. We're generating cash flow from diversified land usage while maintaining the optionality to pursue higher-value development opportunities.

第一季的正 EBITDA 業績，加上我們強勁的資產負債表，顯示我們已經成功建立了一個財務穩定的平台，可以實現長期的價值創造。我們的商業模式的基本要素正在按預期發揮作用。我們透過多元化的土地利用產生現金流，同時保留追求更高價值開發機會的選擇權。

Now I'd like to turn the call back to John for his closing remarks.

現在我想把電話轉回給約翰，請他做總結發言。

Thank you, Brad. Our first quarter results demonstrate our commitment to continue utilizing all of our assets to enhance shareholder value. We have a balance sheet and operating structure that positions us extremely well to execute on our near- and long-term projects as we continue to unlock the value in our approximately 46,000-acre Florida portfolio.

謝謝你，布拉德。我們第一季的業績表明，我們致力於繼續利用所有資產來提升股東價值。我們擁有良好的資產負債表和營運結構，這使我們能夠非常有效地執行近期和長期項目，並不斷釋放我們在佛羅裡達州約 46,000 英畝土地組合中的價值。

Management's NPV analysis values our land portfolio between $650 million and $750 million, yet we traded at approximately $313 million as of last night. We believe this represents a significant valuation disconnect that we expect will close as we continue to execute on our plan.

管理層的淨現值分析顯示，我們的土地資產組合價值在 6.5 億美元至 7.5 億美元之間，但截至昨晚，我們的股價約為 3.13 億美元。我們認為這代表著嚴重的估值偏差，我們預計隨著我們繼續執行計劃，這種偏差將會消失。

Alico today is fundamentally transformed. We are well capitalized, strategically focused and spread across Southwest Florida. With more than 125 years of Florida heritage, proven conservation leadership, 97% of our farmable land leased and a clear real estate development pipeline, we're very well positioned to deliver sustainable value creation.

如今的Alico已經發生了根本性的變化。我們資金雄厚，策略方向明確，業務遍及佛羅裡達州西南部。憑藉超過 125 年的佛羅裡達歷史傳承、久經考驗的保護領導力、97% 的可耕地已出租以及清晰的房地產開發計劃，我們完全有能力創造可持續的價值。

Jamie, we'll now open the call for questions from industry analysts.

傑米，現在我們開始接受產業分析師的提問。

(Operator Instructions) Gerry Sweeney, ROTH Capital.

（操作說明）Gerry Sweeney，ROTH Capital。

But a couple of quick questions on Corkscrew. Well, I think an easy one first. The approval, are we thinking sort of -- you said 2026, -- do you have an idea if this is more of like a 3Q, 4Q type event? Or just any idea on maybe a little bit not better timing, but spotted timing when that could come through.

不過關於 Corkscrew，還有幾個問題想問。嗯，我想先從簡單的開始。關於審批，我們是不是在考慮——你剛才說的是 2026 年——你覺得這更像是第三季或第四季的事情嗎？或者，有沒有人知道什麼時候能達成這個目標，也許不是更好，而是比較適合的時機？

Yes. So we haven't pinned that down, but I would say from a fiscal year perspective, 3 or 4 is by the end of September. That is not an unreasonable assumption. But again, we don't really control local calendar.

是的。所以我們還沒有確定具體數字，但從財政年度的角度來看，到九月底應該是 3 或 4。這種假設並非不合理。但是，我們實際上無法控製本機日曆。

That's fair. Yes. Got it. And then assuming approval, what are the key steps -- the next key steps for Corkscrew as you move forward between the approval process and shovels in the ground? And does that include potential partnerships with developers or builders and things like that?

這很合理。是的。知道了。那麼，假設獲得批准，Corkscrew 從審批流程到破土動工的關鍵步驟是什麼？這是否包括與開發商或建築商等建立潛在的合作關係？

Sure. I don't think those are mutually exclusive tracks. Conversations with national homebuilders and other developers happen as a regular course of business. So clearly, nothing has been negotiated or solidified, but we're acquainted with a lot of the national players. I think to be clear, local approval, state approval and then we need federal approval from the Army Corps of Engineers and Fish and Wildlife. We expect that the federal level will take the longest and nothing really happens until all those approvals are realized and a permit can be issued.

當然。我不認為這些是互斥的軌道。與全國住宅建築商和其他開發商的對話是日常業務的一部分。顯然，目前還沒有任何談判或敲定的協議，但我們認識許多國內的參與者。我認為需要明確一點，首先要獲得地方政府的批准，然後是州政府的批准，最後還需要獲得美國陸軍工程兵團和魚類及野生動物管理局的聯邦批准。我們預計聯邦層級的審批耗時最長，在所有審批手續完成、頒發許可證之前，不會有任何實質進展。

Got it. That makes sense. And then just switching over to the farmland opportunity. Obviously, I think you highlighted 97% utilization of farmland. Can you discuss or are you in a position to discuss what type of maybe cash flow that utilization rate could bring in as we look to model results going forward?

知道了。這很有道理。然後就轉而考慮農地投資機會。顯然，我認為你強調了97%的農地利用率。您能否討論一下，或者您是否方便討論一下，在我們展望未來模型結果時，該利用率可能會帶來什麼樣的現金流？

I appreciate that, that is a difficult task. At this point, we have not provided any additional forecasted information or giving any guidance. But Brad and I will take that request offline. And hopefully, next quarter, we might be able to give you a little more clarity.

我明白，這的確是一項艱鉅的任務。目前，我們尚未提供任何其他預測資訊或給予任何指導。但是布拉德和我會私下提出這個要求。希望下個季度我們能給您更清晰的資訊。

And as there are no further questions in queue at this time, I'd like to turn the floor back over to Mr. Kiernan for any additional or closing comments.

由於目前沒有其他問題需要提問，我想把發言權交還給基爾南先生，讓他做任何補充或總結性發言。

Thank you, Jamie. I want to thank all of our employees for their dedication during this transition, particularly over the past weekend, where there was a significant freeze event over Florida, and we were doing our best to kind of cooperate with our neighbors to kind of maintain some of our properties. So thank you to our employees for really digging in.

謝謝你，傑米。我要感謝我們所有員工在過渡期間的奉獻精神，尤其是在上週末，佛羅裡達州遭遇了嚴重的霜凍天氣，我們盡最大努力與鄰居們合作，以維護我們的一些房產。所以，非常感謝我們的員工們付出的辛勤努力。

I also want to thank our Board for their continued support of our strategic vision and to you, our shareholders, for your patience and confidence as we execute this transformation. We look forward to updating you on our further progress on our second quarter earnings call. Have a good day.

我還要感謝董事會一直以來對我們策略願景的支持，並感謝各位股東在我們執行這項轉型計畫期間的耐心和信任。我們期待在第二季財報電話會議上向您報告我們的最新進展。祝你有美好的一天。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您可以斷開連線。