Alico Inc (ALCO) 2026 Q2 法說會逐字稿

(Operator Instructions).

（接線員指示）。

Good morning and welcome to Alico's second quarter 2026 earnings call. (Operator Instructions)

早安，歡迎參加 Alico 2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the call over to your host, Jon Mills, Managing Partner at Integrated Corporate Relations . Please go ahead, sir.

現在我想把電話會議交給本次主持人 Jon Mills，Integrated Corporate Relations 的管理合夥人。先生，請開始。

Good morning, everyone, and thank you for joining us for Elico's second quarter 2026 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Bradley Heine . Chief Financial Officer. By now, everyone should have access to the second quarter 2026 earnings release, which went out yesterday at approximately 4:15 p.m. Eastern Time.

各位早安，感謝各位參加 Elico 2026 年第二季電話會議。今天與會者包括總裁兼執行長 John Kiernan，以及 Bradley Heine。財務長。截至目前，大家應該都已取得 2026 年第二季財報新聞稿，該新聞稿於昨日美東時間約下午 4:15 發布。

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 the replay will be available at Alico's website as well.

若您尚未查看該新聞稿，可至公司網站 Alicoinc.com 的投資人關係專區取得。本次電話會議將進行網路直播，重播也將於 Alico 的網站提供。

Before we begin, we'd like to remind everyone that their prepared remarks 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，我們提醒各位，我們的事先準備講稿包含前瞻性陳述。此類陳述受風險、不確定性及其他因素影響，可能導致實際結果與這些陳述所明示或暗示者有重大差異。

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.

可能造成或導致此類差異的重要因素，包括公司向美國證券交易委員會（SEC）提交之 10-Q 季報、10-K 年報、8-K 即時報告及其任何修訂中所詳述的風險，以及財報新聞稿中提及者。

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 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 over to the company's President and CEO, Mr. John Kiernan.

除法律要求外，公司不承擔在今日電話會議後更新或修訂前瞻性陳述之義務。在本次電話會議中，公司亦可能討論非 GAAP 財務衡量指標，包括 EBITDA、調整後 EBITDA 與淨負債。關於這些指標的更多資訊，請參閱公司昨日發布的新聞稿。接下來，我很榮幸把電話會議交給公司總裁兼執行長 John Kiernan 先生。

Thank you, John, and good morning, good afternoon, and good evening to everyone here on the call. Our second-quarter results demonstrate continued execution of our strategy and our commitment to delivering on our near-term and long-term goals.

謝謝你，John，也向所有參與本次電話會議的各位道早安、午安與晚安。我們第二季的業績展現了我們持續落實策略的執行力，以及達成短期與長期目標的承諾。

With net income of $11.4 million, adjusted EBITDA of $16.9 million, and cash of $52.9 million at quarter-end, we've extended our financial runway through fiscal '28.

本季淨利為 1,140 萬美元、調整後 EBITDA 為 1,690 萬美元，且季末現金為 5,290 萬美元，使我們的資金可支應期間延長至 2028 財年。

While maintaining the flexibility to advance our development initiatives. Let me walk through the key accomplishments during and subsequent to the quarter. First. We closed a $26.9 million land sale in January. This transaction involved approximately 2,950 acres and generated a gain of approximately $19.8 million, bringing our year-to-date land sales to $34.6 million.

同時也維持推進開發計畫的彈性。我將說明本季期間及季後的主要成果。第一。我們於 1 月完成一筆 2,690 萬美元的土地出售。該交易涉及約 2,950 英畝，產生約 1,980 萬美元的處分利益，使本年度迄今土地銷售額達到 3,460 萬美元。

The transaction reflects the strong demand for our Florida properties and validates our land monetization strategy. Our land portfolio continues to attract qualified buyers seeking prime agricultural. And development-ready properties across Southwest Florida's growth corridors.

此交易反映市場對我們佛羅里達州資產的強勁需求，並驗證我們的土地變現策略。我們的土地組合持續吸引尋求優質農業用地的合格買家。以及位於佛羅里達州西南部成長走廊、具備開發條件的物件。

With approximately 46,000 acres remaining in our Florida portfolio, we believe our diversified holdings provide continued opportunities for strategic land monetization that balances near-term cash generation with long-term development optionality.

在佛羅里達州的土地組合仍約有 46,000 英畝的情況下，我們相信多元化持有將持續提供策略性土地變現的機會，在短期現金創造與長期開發選擇權之間取得平衡。

Second, we deployed $10 million for our 10b5-1 share repurchase program, acquiring 245,399 shares through April. This reflects our balanced approach to capital allocation and our confidence in the embedded value within our portfolio. We continue to assess optimal capital allocation decisions, including potential additional share. Repurchases, dividends, and strategic investments in our development pipeline as we execute our value creation strategy.

第二，我們為 10b5-1 股票回購計畫投入 1,000 萬美元，截至 4 月已回購 245,399 股。這反映我們在資本配置上的平衡作法，以及我們對投資組合內含價值的信心。我們將持續評估最佳資本配置決策，包括潛在的額外股票回購、股利，以及對開發管線的策略性投資，以落實我們的價值創造策略。

Third, and most significantly, in late April, we received unanimous approval from the Collier County Board of Commissioners for Corkscrew Grove East Village. This local entitlement represents a meaningful regulatory milestone for what we believe. Has the potential to be a significant development project for Southwest Florida.

第三，也是最重要的一點，於 4 月下旬，我們獲得 Collier 郡郡委員會一致通過 Corkscrew Grove East Village 的核准。此項地方開發許可代表一個重要的法規里程碑，對於我們認為有潛力成為佛羅里達州西南部重大開發案的計畫而言尤其關鍵。

The approved East Village encompasses 1,446 acres and authorizes up to 4,502 dwelling units, including 362 affordable housing units for essential workers and approximately 238,000 square feet of neighborhood-scaled retail and office space. Project aligns with Collier County's Rural Land Stewardship Area Program and reflects our commitment to responsible development that balances growth with conservation. Corkscrew Grove East Village will enhance public infrastructure while permanently protecting thousands of acres of sensitive land and restoring wetlands and uplands to native habitat.

獲核准的 East Village 涵蓋 1,446 英畝，允許最多 4,502 戶住宅單位，其中包括 362 戶提供給必要工作者的可負擔住宅，以及約 238,000 平方英尺的鄰里尺度零售與辦公空間。該專案符合 Collier 郡的 Rural Land Stewardship Area 計畫，並體現我們對負責任開發的承諾，在成長與保育之間取得平衡。Corkscrew Grove East Village 將改善公共基礎設施，同時永久保護數千英畝的敏感土地，並將濕地與高地復育為原生棲地。

As part of this plan, Alico's will place nearly 5,000 acres into permanent conservation at no cost to taxpayers. The project reflects our emphasis on connected open space, preservation and restoration, and landscape-scale habitat connectivity.

作為此計畫的一部分，Alico 將在不增加納稅人負擔的情況下，將近 5,000 英畝土地納入永久保育。該專案反映我們對連結式開放空間、保護與復育，以及景觀尺度棲地連通性的重視。

With local approvals now secured, we're focusing on working closely with the South Florida Water Management District, the U.S. Army Corps of Engineers, and the U.S. Fish and Wildlife Service to continue to show that this project is thoughtfully planned, environmentally responsible, and aligned with all requirements necessary to secure state and federal permits.

在地方核准已取得後，我們正聚焦與南佛羅里達水資源管理局（South Florida Water Management District）、美國陸軍工兵團（U.S. Army Corps of Engineers）以及美國魚類與野生動物管理局（U.S. Fish and Wildlife Service）密切合作，持續證明此專案規劃周延、具環境責任，並符合取得州與聯邦許可所需的各項要求。

We remain on our timeline of expected state approval by early 2027 and federal approval by the end of 2028, keeping us on track for potential construction commencement in 2028 or 2029. And fourth, our diversified land utilization strategy continues to perform as intended. Approximately 97% of our farmable acres now generate revenue through agricultural partnerships with citrus growers, farmers, cattle ranchers, mining companies, sugar cane producers, and sod farming operations.

我們仍維持既定時程，預期於 2027 年初取得州政府核准，並於 2028 年底取得聯邦核准，使我們有望於 2028 或 2029 年開始動工。第四，我們多元化的土地利用策略持續如預期運作。目前約 97% 的可耕作英畝透過與柑橘種植者、農民、牧牛業者、採礦公司、甘蔗生產者及草皮農場的農業合作夥伴關係創造收入。

These programs reduce operational complexity while maintaining agricultural use of our land. I'm also pleased to announce that Eric Pearson joined our Board of Directors this quarter. Eric brings proven expertise in real estate and finance from his work at Foust-Perst Foundation and previously at J.P. Morgan.

這些計畫在維持土地農業用途的同時，降低營運複雜度。我也很高興宣布 Eric Pearson 於本季加入我們董事會。Eric 透過其在 Foust-Perst Foundation 的工作，以及先前在摩根大通（J.P. Morgan）的經歷，帶來經過驗證的不動產與金融專業。

He currently serves on the Board of Keweenaw Land Association and Tejon Ranch Company, and his experience will be valuable as we advance our development pipeline. Our development pipeline continues to advance. With Corkscrew Grove Villages, Bonnet Lake, Saddlebag Grove, and Plant World, which total a total of 5,500 acres, maintain their estimated present value of between $335 million and $380 million, which we expect to realize within the next five years.

他目前亦擔任 Keweenaw Land Association 與 Tejon Ranch Company 的董事，他的經驗將在我們推進開發管線時發揮價值。我們的開發管線持續推進。Corkscrew Grove Villages、Bonnet Lake、Saddlebag Grove 與 Plant World 等專案合計 5,500 英畝，其估計現值維持在 3.35 億至 3.80 億美元之間，我們預期在未來五年內實現該價值。

This represents significant value creation potential from just 10% of our land holdings. Our balance sheet is strong. With $52.9 million in cash at quarter end and $92.5 million of available borrowing under our line of credit, we have the financial resources to execute our strategy. That cash position extends our runway through fiscal 2028, giving us the time and flexibility to advance our development projects on our timeline, not driven by liquidity constraints.

這僅占我們土地持有量的 10%，即代表顯著的價值創造潛力。我們的資產負債表穩健。季末現金為 5,290 萬美元，且在信用額度項下尚有 9,250 萬美元可用借款額度，我們具備執行策略所需的財務資源。該現金部位使我們的資金可支應期間延長至 2028 財年，讓我們有時間與彈性依照自身時程推進開發專案，而非受流動性限制所驅動。

In addition, because of our strategic decision to exit the citrus business, we have now dramatically improved our operating cash flow and essentially removed the current headwinds of fuel and fertilizer costs facing many industries today. Management's NPV analysis of our approximately 46,000 acres indicates asset value between $650 million and $750 million.

此外，由於我們策略性決定退出柑橘業務，我們已大幅改善營運現金流，並基本上消除了當前許多產業面臨的燃料與肥料成本逆風。管理層對我們約 46,000 英畝土地所做的 NPV 分析顯示，資產價值介於 6.50 億至 7.50 億美元之間。

With our current market capitalization and net debt of approximately $32.6 million a quarter end, we believe ALECO represents value for investors seeking exposure to Florida's growth. What differentiates ALECO is our combination of strategic land holdings across seven Florida counties, more than 125 years of local relationships and conservation credibility, a management team with expertise in both agriculture and real estate development.

以我們目前的市值以及截至季度末約 3,260 萬美元的淨負債來看，我們相信 ALECO 對於希望參與佛羅里達成長的投資人而言具備投資價值。ALECO 的差異化在於：我們在佛羅里達七個郡擁有具策略性的土地持有、超過 125 年的在地關係與保育公信力，以及一支同時具備農業與不動產開發專業的管理團隊。

And a balanced portfolio approach with 75% of our land continuing in agricultural use. Our priorities for fiscal 2026 remain unchanged. Optimize agricultural operations by maximizing revenue from diversified leasing programs while maintaining cost controls. Advance our development projects through the entitlement process with particular focus on securing remaining approvals for Corkscrew Grove villages Balance required in Title investments with shareholder returns while maintaining financial flexibility, and to pursue operational excellence by leveraging our experienced team and local relationships to execute efficiently.

並採取平衡的投資組合策略，其中 75% 的土地仍持續用於農業用途。我們對 2026 財年的優先事項維持不變。透過多元化租賃方案最大化營收、同時維持成本控管，以優化農業營運。推進我們的開發專案通過各項核准（entitlement）流程，特別聚焦於取得 Corkscrew Grove Villages 尚餘的核准；在 Title 投資所需的平衡與股東報酬之間取得平衡，同時維持財務彈性；並藉由我們經驗豐富的團隊與在地關係，追求卓越營運、有效率地執行。

The foundation is in place. The Collier County approval represents meaningful progress, and we're positioned to advance through the remaining permitting processes. Our balance sheet and revenues from diversified agricultural operations provide the resources to execute our strategy. And with that, I'll turn it over to Bradley Heine , who will walk through our detailed financial results.

基礎已經到位。科利爾郡（Collier County）的核准代表具意義的進展，而我們也已就位，將持續推進其餘許可流程。我們的資產負債表以及多元化農業營運帶來的收入，提供了執行策略所需的資源。接下來我把時間交給 Bradley Heine，由他帶大家檢視更詳細的財務結果。

Thank you, John. Good morning, everyone. I'll walk you through our second quarter of fiscal 2026 financial results and provide additional details on our financial position. For the three months ended March 31, 2026, we reported total revenue of $5.3 million compared to $18 million in the prior-year period. For the six-month period ended March 31, 2026, we reported total revenue of $7.2 million compared to $34.9 million in the prior-year period.

謝謝你，John。各位早安。我將帶各位回顧 2026 財年第二季的財務結果，並補充我們財務狀況的更多細節。截至 2026 年 3 月 31 日止的三個月，我們的總營收為 530 萬美元，較去年同期的 1,800 萬美元下降。截至 2026 年 3 月 31 日止的六個月，我們的總營收為 720 萬美元，較去年同期的 3,490 萬美元下降。

Looking at our business segments, the Lico citrus results reflect the ongoing wind down of citrus operations that began in 2025. Revenue decreased significantly, as expected, while cost of sales declined correspondingly.

從各業務部門來看，Lico 柑橘的結果反映了自 2025 年開始的柑橘營運持續縮減。營收如預期大幅下降，而銷貨成本也相應下降。

We completed our last significant citrus harvest in April 2025, and while we may see some reasonable activity during the wind down period, the reduced scale demonstrates our successful exit from capital and Tetris citrus production. And other operations revenue increased 113% in the quarter, driven by farm lease and sod revenue as we shift our focus to reverified land usage.

我們在 2025 年 4 月完成最後一次重要的柑橘採收；在縮減期間可能仍會有一些合理的活動，但規模縮小顯示我們已成功退出資本密集且具挑戰性的柑橘生產。此外，其他營運收入在本季成長 113%，主要由農地租賃與草皮（sod）收入帶動，因我們將重心轉向重新驗證的土地使用。

For the six months ended March 31, 2026, revenues increased 97%, primarily from farm lease revenue, rock and sand royalties and sod revenue. Our diversified programs now utilize approximately 97% of our roughly 32,500 farmable acres, representing approximately 89% of our total 46,000 agricultural acres.

截至 2026 年 3 月 31 日止的六個月，營收成長 97%，主要來自農地租賃收入、砂石（rock and sand）權利金以及草皮收入。我們的多元化方案目前運用約 97% 的可耕作土地（約 32,500 英畝），約占我們總計 46,000 英畝農業用地的 89%。

Our net income attributable to Alico's Commons stockholders for the three months ended March 31, 2026, was $11.4 million or $1.49 per diluted share, compared to a net loss of $111.4 million or $14.58 per diluted share in the prior year period.

截至 2026 年 3 月 31 日止的三個月，歸屬於 Alico 普通股股東的淨利為 1,140 萬美元，或稀釋後每股盈餘 1.49 美元；相較之下，去年同期為淨損 1 億 1,140 萬美元，或稀釋後每股虧損 14.58 美元。

The improvement was principally driven by the wind down of our Citrus operations and the $26.9 million land sale we closed in January. We achieved positive EBITDA of $16.7 million for the three-month period ended March 31, 2026, compared to negative $14.7 million in the prior-year period, a $31.4 million improvement. Our adjusted EBITDA was $16.9 million for the three-month period ended March 31, 2026, compared to $12.7 million last year.

改善主要來自我們柑橘營運的縮減，以及我們在 1 月完成的 2,690 萬美元土地出售案。截至 2026 年 3 月 31 日止的三個月，我們達成正向 EBITDA 1,670 萬美元，相較去年同期為負 1,470 萬美元，改善 3,140 萬美元。截至 2026 年 3 月 31 日止的三個月，我們的調整後 EBITDA 為 1,690 萬美元，去年同期為 1,270 萬美元。

This positive EBITDA generation validates the cash-generating capability of our transformed operating model. From a balance sheet perspective, we continue to demonstrate financial strength. Cash and cash equivalents at quarter-end were $52.9 million, up from $38.1 million at fiscal year-end.

這樣的正向 EBITDA 產出，驗證了我們轉型後營運模式的現金創造能力。從資產負債表角度來看，我們持續展現財務實力。截至季末，現金及約當現金為 5,290 萬美元，較財年末的 3,810 萬美元增加。

This increase reflects the $26.9 million land sale in January, partially offset by $8.4 million in share repurchases during the quarter and operational uses of cash. Working capital was $52.2 million with a current ratio of $9.63:1, while total debt was $85.5 million and net debt was $32.6 million at quarter-end, compared to $85.5 million and $47.4 million, respectively, at fiscal year-end. Available borrowings in our credit facility were approximately $92.5 million and our minimum liquidity requirement was $5.8 million, providing substantial financial flexibility.

此一增加反映 1 月的 2,690 萬美元土地出售案，但部分被本季 840 萬美元的庫藏股回購以及營運用現所抵銷。營運資金為 5,220 萬美元，流動比率為 9.63:1；同時總負債為 8,550 萬美元、淨負債為 3,260 萬美元；相較財年末分別為 8,550 萬美元與 4,740 萬美元。我們在授信額度下可動用借款約為 9,250 萬美元，最低流動性要求為 580 萬美元，提供了相當大的財務彈性。

Through April 2026, we've repurchased 245,399 shares for $10 million through our share repurchase program, demonstrating our commitment to returning capital to shareholders when we see value. We are maintaining our 2026 guidance for adjusted EBITDA of approximately $14 million, and we are updating our year-end cash guidance to approximately $40 million and net debt guidance to approximately $45 million, reflecting the $10 million share repurchase program completed through April 2026.

截至 2026 年 4 月，我們已透過庫藏股回購計畫回購 245,399 股、金額 1,000 萬美元，展現我們在看見價值時回饋股東資本的承諾。我們維持 2026 年調整後 EBITDA 約 1,400 萬美元的指引，並更新年末現金指引至約 4,000 萬美元、淨負債指引至約 4,500 萬美元，反映截至 2026 年 4 月已完成的 1,000 萬美元庫藏股回購計畫。

We expect to end the fiscal year with only the minimum required balance of $2.5 million on our revolving line of credit. Fundamentals are working as intended. We're generating cash flow from diversified land usage while maintaining optionality to pursue higher value development opportunities.

我們預期在財年結束時，循環信用額度（revolving line of credit）僅會維持最低要求的 250 萬美元餘額。基本面正如預期運作。我們在維持可選擇性、以追求更高價值開發機會的同時，也正從多元化土地使用中創造現金流。

The Collier County Approved Court School Grove East Villages represents meaningful progress, and our balance sheet provides the resources to advance through the remaining permitting processes.

科利爾郡核准的 Corkscrew Grove East Villages 代表具意義的進展，而我們的資產負債表也提供資源，得以推進其餘許可流程。

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

現在，我想把電話交回給 John，請他做結語。

Thank you, Brad. Before we open the call to questions from research analysts, I want to emphasize a few key points.

謝謝你，Brad。在我們開放研究分析師提問之前，我想強調幾個重點。

First, OECO's delivering on what we committed to do. The land sales, the share repurchases, the entitlement approvals, the high land utilization rates we've achieved really demonstrate a consistent execution of our strategy.

第一，OECO 正在兌現我們承諾要做的事。土地出售、庫藏股回購、開發核准（entitlement）通過，以及我們達成的高土地利用率，都充分展現我們策略執行的一致性。

Second. Our financial position provides the runway and flexibility to advance our development projects. The extension of our cash runway through fiscal '28 gives us the time to maximize value from a regulatory process and development pipeline.

第二。我們的財務狀況提供推進開發專案所需的跑道與彈性。將我們的現金跑道延長至 2028 財年，使我們有時間在法規流程與開發管線中最大化價值。

Third, our business model is working. We've created multiple revenue streams through land leasing and management while advancing high-value development projects that we believe.

第三，我們的商業模式正在發揮作用。我們透過土地租賃與管理創造多元收入來源，同時推進我們相信的高價值開發專案。

Will generate substantial returns over the next five years. We're very pleased to have received unanimous approval from the Collier County Board of Commissioners for Corkscrew Grove East Village. We remain on our timeline of expecting state approval by the end of 2026 or '27, and federal approval by the end of 2028, keeping us on track for potential construction commencement in 2028 or 2029.

這些專案將在未來五年帶來可觀回報。我們非常高興 Corkscrew Grove East Village 已獲科利爾郡郡委員會一致通過核准。我們仍維持既定時程：預期於 2026 年底或 2027 年取得州政府核准，並於 2028 年底取得聯邦核准，使我們有望在 2028 或 2029 年開始動工。

And finally, we remain focused on responsible land stewardship and conservation. Wildlife Underpass's partnership with the Florida Department of Transportation and our commitment to preserving more than 6,000 acres of conservation areas for the entire Corkscrew Grove Villages project reflects our values and differentiates Alico's in the development community.

最後，我們仍專注於負責任的土地管理與保育。Wildlife Underpass 與佛羅里達州交通運輸部（Florida Department of Transportation）的合作，以及我們承諾為整個 Corkscrew Grove Villages 專案保留超過 6,000 英畝的保育區，體現了我們的價值觀，並使 Alico 在開發社群中脫穎而出。

Katie, we'll now open the call for questions.

Katie，我們現在開放提問。

Thank you. If you would like to ask a question. (Operator Instructions)

謝謝。如果您想提問，（接線員指示）

Thank you. Our first question will come from Jerry Sweeney with Ross Capital. Your line is open.

謝謝。我們的第一個問題將由 Ross Capital 的 Jerry Sweeney 提出。您的線路已開通。

Good morning, John and Brad. Thanks for taking my call.

早安，John 和 Brad。感謝接聽我的來電。

Hi. How are you doing, Jerry?

嗨。Jerry，你最近怎麼樣？

Doing well. Congrats on the Collier County approval of Corkscrew Ranch. You also laid out the next sort of, I guess, hurdles for the state and federal approval. However, I wanted to discuss with you, and I understand that it could be early.

很好。恭喜 Corkscrew Ranch 獲得 Collier County 的核准。你們也說明了接下來州政府與聯邦核准方面的下一些、我想算是門檻。不過，我想跟你討論一下，而且我也理解可能還太早。

If you have gone or reviewed how you'll develop Corkscrew Ranch, whether or not you'll partner with somebody, do it yourself, et cetera. And again, I know it may be a little bit early for that question, but I figured I would ask it.

你們是否已經著手或評估將如何開發 Corkscrew Ranch，是否會與某個夥伴合作、自己做等等。再次強調，我知道這個問題可能有點早，但我想我還是問一下。

Oh, it's a highly relevant question. We've been discussing it publicly over the last two years. And right now, our answer has not changed, but certainly the time horizon is starting to shrink a little bit. OLECO still reserves the optionality to sell the land outright once it's entitled for entitled value to national or local home builders.

喔，這是非常相關的問題。過去兩年我們一直在公開場合討論。目前我們的答案沒有改變，但時間軸確實開始稍微縮短。OLECO 仍保留在土地取得開發許可後，以已核准（entitled）價值將土地直接出售給全國性或在地住宅建商的選擇權。

We reserve the right to actually partner with these home builders at the same time, where we would get a little money up front and then share as the development progresses over time or Alico reserves the right to potentially bring in-house capabilities. Inside and basically develop this ourselves.

我們同時也保留與這些住宅建商合作的權利，也就是我們先收取一部分前期款項，然後隨著開發隨時間推進再進行分成；或者 Alico 也保留可能把能力內部化的權利。在公司內部自行開發。

Right now, we continue to have meetings in a number of those areas. And clearly, in the next year or so, we will probably have to commit to one path or another.

目前我們仍在上述多個方向持續會談。而且很明顯，在接下來一年左右，我們可能必須在某一條路徑上做出承諾。

But it really is going to depend on a number of factors. That would be the timing of the approval process and the success that we have. On staying on the 2027 and the 2028/29 approvals, and also kind of what the market bears.

但這真的會取決於多項因素。包括核准流程的時程以及我們所取得的進展。是否能如期在 2027 年以及 2028/29 年取得核准，還有市場能承受的狀況。

We have a very good team in-house, but we really are not construction experts. But this is a prime location. It is a very well-thought-out plan. I think the approvals that we got at the local level reflect the fact that it's been very thoughtful. End, we think is highly marketable. But at this point, we have nothing to announce on which path we're continuing to go down.

我們內部有一支非常好的團隊，但我們確實不是施工方面的專家。不過這是一個絕佳地點。這是一個經過深思熟慮的規劃。我認為我們在地方層級取得的核准也反映出這個規劃非常周全。我們認為其市場性很高。但就目前而言，我們尚無法宣布將走哪一條路徑。

Got it. That's helpful. And so within a year, so it's getting closer. So I appreciate that. Separately, obviously, nice land sale in January, find my math, a little over $9,100 per acre.

了解。這很有幫助。所以在一年內，確實越來越近了。我很感謝。另外，1 月的土地出售很不錯，按我的計算，每英畝略高於 9,100 美元。

I think you have about 46,000 acres left, he said, and some of that is. Corkscrew Ranch, some of his Bonnet Lake and some other maybe potentially developable land. How much, shall we say, maybe for lack of a better word, I know agricultural land or sand land is available for sale and that $9,000 per acre number is up. Considerably from five, six, seven years ago.

我想你說你們大約還剩 46,000 英畝，其中一部分是。Corkscrew Ranch，一部分是 Bonnet Lake，還有其他一些可能可開發的土地。如果可以這麼說，缺乏更好的用詞，我知道有些是農業用地或砂地可供出售，而每英畝 9,000 美元這個數字。相較於五、六、七年前已大幅上升。

How much could you get for that remaining land to understand that maybe some of not all land was created equal and some have different value scenarios?

為了理解剩餘土地可能能賣到多少——當然也理解並非所有土地都一樣，有些有不同的價值情境——你們能否說明？

We asked that you give us another week. We're going to be seeing an investor conference next week, and we will give you a more detailed breakdown of kind of the buckets that we previously had discussed.

我們想請你再給我們一週時間。我們下週將參加一場投資人會議，屆時會提供更詳細的拆分，說明我們先前討論過的各個分類。

For, what management believes is potentially their net present value. However, we just curated it, we think the entire portfolio, which is now 46,000 acres instead of the 50,000 plus that we had two years ago, is still worth between $650 million and $750 million. And that is supported primarily by the large percentage of our acres that will be tied to agricultural for the long-term.

就管理層認為其可能的淨現值而言。不過，我們剛整理過，我們認為整體投資組合——目前是 46,000 英畝，而不是兩年前的 50,000 多英畝——仍價值介於 6.5 億至 7.5 億美元。這主要是由我們相當大比例、將長期維持農業用途的土地英畝數所支撐。

Simply because the price point we had set previously was between $4,000 and $5,000 per acre. And the trades that we've done over the last year and change have been in the $9,000 range. We can't say that the portfolio is worth $9,000. We're not saying that at all.

單純因為我們先前設定的價格區間是每英畝 4,000 到 5,000 美元。而我們在過去一年多完成的交易大約在每英畝 9,000 美元的水準。我們不能說整個投資組合就值每英畝 9,000 美元。我們完全不是這個意思。

We're continuing to actually be conservative. And we, again, beg your indulgence, but when we come out with our. Our revised investment presentation next week, we should have a detailed slide that will break that out in detail.

我們仍然維持保守。而且再次請你包涵，但當我們下週發布。我們更新後的投資人簡報時，應該會有一張詳細投影片，把這部分清楚拆解。

So in other words, that $650,000 to $750,000 was using $4,000 to $5,000 per acre. Some of the land, some, not all of that land has probably increased, so the average price may have increased, is what you're saying. Correct.

所以換句話說，那個 6.5 億到 7.5 億美元是用每英畝 4,000 到 5,000 美元來估算。其中部分土地（不是全部）可能已經上漲，所以平均價格可能提高——你的意思是這樣。對嗎。

That is correct.

沒錯。

Got it.

了解。

And we think that as an analysis. We don't think we're making that up.

而且我們認為就這樣的分析而言。我們不認為這是憑空捏造的。

Got it. And then one last question. Obviously, you have local approval of state approval, federal approval. You laid that out.

了解。最後一個問題。顯然你們已取得地方核准，接下來是州政府核准、聯邦核准。你們已經說明了。

You discussed that what development paths are going to go down over the course of the next year. Any other major sort of steps, milestones that we should be aware of over the next couple of years, or do you think that's the majority of them?

你們也提到未來一年將決定走哪一種開發路徑。未來幾年還有其他我們應該注意的重大步驟或里程碑嗎？還是你認為主要就是這些？

I mean, as far as Corkscrew Grove, East Villages, it's you actually hit the third point, which is making a decision on how potentially we would monetize this on behalf of shareholders would be kind of the next big news item outside of the state approval and the federal approval for that.

我的意思是，就 Corkscrew Grove、East Villages 而言，你其實點到了第三點，也就是做出決定：我們可能將如何代表股東把它變現，這會是下一個重大消息點，除此之外就是州政府核准與聯邦核准。

Got it. Okay. I appreciate it. I'll jump back in line. Thank you.

了解。好。感謝。我回到隊列後面。謝謝。

Thank you, Jerry.

謝謝你，Jerry。

Thank you. This concludes our Q&A session. I'll now turn the call back over to John Kiernan for any final or closing remarks.

謝謝。我們的問答環節到此結束。我現在把電話交回給 John Kiernan，請他做最後或結語。

Thank you, Katie. And to everyone, we really appreciate your continued interest in Alico. We look forward to updating you on our progress in the quarters ahead. We hope to talk to you again in August. Have a good day.

謝謝你，Katie。也謝謝各位，我們非常感謝大家持續關注 Alico。我們期待在接下來幾季向各位更新我們的進展。希望 8 月能再與各位通話。祝各位有美好的一天。

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

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以掛線。