Alto Ingredients Inc (ALTO) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Pacific Ethanol Second Quarter 2018 Financial Results Conference Call.

女士們，先生們，美好的一天，歡迎參加太平洋乙醇公司 2018 年第二季度財務業績電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）作為提醒，此通話正在錄音中。

I would now like to turn the conference over to Kirsten Chapman with LHA Investor Relations.

我現在想將會議轉交給 LHA 投資者關係部的 Kirsten Chapman。

Ma'am, you may begin.

女士，您可以開始了。

Thank you, Ashley, and thank you all for joining us today for the Pacific Ethanol Second Quarter 2018 Results Conference Call.

謝謝阿什利，感謝大家今天加入我們參加太平洋乙醇公司 2018 年第二季度業績電話會議。

On the call today are Neil Koehler, President and CEO; and Bryon McGregor, CFO.

今天的電話會議是總裁兼首席執行官 Neil Koehler；和首席財務官布賴恩·麥格雷戈。

Neil will begin with a review of the business highlights.

Neil 將首先回顧業務亮點。

Bryon will provide a summary of the financial and operating results.

布賴恩將提供財務和運營結果的摘要。

And then Neil will return to discuss Pacific Ethanol's outlook and open the call for questions.

然後 Neil 將返回討論 Pacific Ethanol 的前景並開始提問。

Pacific Ethanol issued a press release yesterday providing details of the company's quarterly results.

Pacific Ethanol 昨天發布了一份新聞稿，提供了公司季度業績的詳細信息。

The company also prepared a presentation for today's call that is available on the company's website at pacificethanol.net.

該公司還為今天的電話會議準備了一份演示文稿，該演示文稿可在公司網站 pacificethanol.net 上查閱。

If you have any questions, please call LHA Investor Relations at (415) 433-3777.

如果您有任何問題，請致電 (415) 433-3777 聯繫 LHA 投資者關係部。

A telephone replay of today's call will be available through August 16, the details of which are included in yesterday's press release.

今天電話的重播將持續到 8 月 16 日，詳細信息包含在昨天的新聞稿中。

A webcast replay will also be available at Pacific Ethanol's website.

Pacific Ethanol 的網站也將提供網絡重播。

Please note that the information in this call speaks only as of today, August 9, and therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay.

請注意，本次電話會議中的信息僅在今天 8 月 9 日發布，因此，請注意，在任何重播時，時間敏感信息可能不再準確。

Please refer to the company's safe harbor statement on Slide 2 of the presentation available online, which says that some of the comments in this presentation constitute forward-looking statements and considerations that involve a number of risks and uncertainties.

請參閱公司在網上提供的幻燈片 2 上的安全港聲明，該聲明表示，本演示文稿中的一些評論構成前瞻性陳述和考慮因素，涉及許多風險和不確定性。

The actual future results of Pacific Ethanol could differ materially from those statements.

Pacific Ethanol 的實際未來結果可能與這些陳述存在重大差異。

Factors that could cause or contribute to such differences include, but are not limited to, events, risks and other factors previously and from time to time disclosed in Pacific Ethanol's filings with the SEC.

可能導致或促成此類差異的因素包括但不限於以前和不時在 Pacific Ethanol 向 SEC 提交的文件中披露的事件、風險和其他因素。

Except as required by applicable law, the company assumes no obligation to update any forward-looking statements.

除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

In management's prepared remarks, non-GAAP measures will be referenced.

在管理層準備好的評論中，將引用非公認會計原則措施。

Management uses these non-GAAP measures to monitor the financial performance of operations and believes these measures will assist investors in assessing the company's performance for the periods being recorded.

管理層使用這些非公認會計原則措施來監控運營的財務業績，並相信這些措施將幫助投資者評估公司在記錄期間的業績。

The company defines adjusted EBITDA as unaudited net income or loss attributed to Pacific Ethanol before interest expense, provision or benefit for income taxes, asset impairments, purchase accounting adjustments, fair value adjustments and depreciation and amortization expense.

該公司將調整後的 EBITDA 定義為在利息費用、所得稅準備金或福利、資產減值、採購會計調整、公允價值調整以及折舊和攤銷費用之前歸屬於太平洋乙醇的未經審計的淨收入或損失。

To support the company's review of the non-GAAP information later in this call, a reconciling table was included in yesterday's press release.

為了支持公司稍後在本次電話會議中對非公認會計原則信息的審查，昨天的新聞稿中包含了一個核對錶。

It's now my pleasure to introduce Neil Koehler, President and CEO.

現在我很高興介紹總裁兼首席執行官 Neil Koehler。

Please go ahead, Neil.

請繼續，尼爾。

Neil, are you on mute?

尼爾，你靜音了嗎？

Yes.

是的。

In fact, that was true.

事實上，這是真的。

Thanks, Kirsten, and thanks to everyone joining us today.

謝謝，克爾斯滕，也感謝今天加入我們的每一個人。

For the second quarter, net sales were $410.5 million, up 1% from last year's second quarter.

第二季度淨銷售額為 4.105 億美元，比去年第二季度增長 1%。

Total gallons sold were $227.4 million.

售出的總加侖數為 2.274 億美元。

Production gallons sold were $144.4 million.

售出的生產加侖為 1.444 億美元。

Industry ethanol margins remain compressed in the second quarter, negatively impacted by questionable EPA practices of granting over 2 billion gallons of small refinery exemptions from the RFS over for the last 2 years and trade tariffs that had temporarily stopped U.S. ethanol exports to China.

第二季度工業乙醇利潤仍然受到壓縮，受到 EPA 在過去 2 年中向 RFS 授予超過 20 億加侖小型煉油廠豁免的可疑做法以及暫時停止美國向中國出口乙醇的貿易關稅的負面影響。

These actions have caused significant demand destruction for U.S. ethanol, resulting in higher than optimal industry inventory levels.

這些行動對美國乙醇的需求造成了重大破壞，導致行業庫存水平高於最佳水平。

Further negatively impacting our results were higher-than-expected corn basis and greater repair and maintenance expenses including final boiler replacement cost at our Pekin facility, which Bryon will detail in his comments.

對我們的業績產生進一步負面影響的是高於預期的玉米基數以及更高的維修和維護費用，包括我們北京工廠的最終鍋爐更換成本，Bryon 將在他的評論中詳細說明。

As a result, we had a $1.3 million gross loss for the second quarter compared to a gross profit of $1.7 million in the comparable quarter last year.

因此，我們第二季度的毛虧損為 130 萬美元，而去年同期的毛利潤為 170 萬美元。

Loss available to common shareholders was $13.2 million and adjusted EBITDA was $1 million compared to loss available to common shareholders of $9.2 million and adjusted EBITDA of $2.6 million last year.

普通股股東可獲得的損失為 1320 萬美元，調整後的 EBITDA 為 100 萬美元，而去年普通股股東可獲得的損失為 920 萬美元，調整後的 EBITDA 為 260 萬美元。

Despite the regulatory-induced demand destruction, we believe that the market fundamentals remain strong and should support better margins.

儘管監管導致需求遭到破壞，但我們認為市場基本面依然強勁，應該會支持更高的利潤率。

Ethanol is a low-cost, high-value, low-carbon renewable transportation fuel and a high-value source of octane.

乙醇是一種低成本、高價值、低碳的可再生運輸燃料和高價值的辛烷來源。

Blending ethanol into gasoline drives down the price of gasoline to consumers.

將乙醇混合到汽油中會降低消費者對汽油的價格。

These compelling blend economics will drive higher ethanol blend rates in both U.S. and international markets.

這些引人注目的混合經濟學將推動美國和國際市場上更高的乙醇混合率。

We are encouraged by the change of leadership at the EPA, as the former administrator was not supportive of the ethanol industry and did not reflect President Trump's repeated support for the industry and for agriculture.

我們對 EPA 領導層的變化感到鼓舞，因為前任行政長官不支持乙醇行業，也沒有反映出特朗普總統一再支持該行業和農業。

We, as a company and through the industry trade associations, are actively engaged with the EPA and the White House to implement RVP parity for E15 blends, maintain the EPA RVOs targets to be consistent with the law and to be more judicious in granting small refinery economic hardship exemptions, and when granted, reallocate those gallons to all other obligated parties.

我們作為一家公司並通過行業貿易協會積極與 EPA 和白宮合作，為 E15 混合物實施 RVP 平價，保持 EPA RVO 目標與法律保持一致，並更加明智地授予小型煉油廠經濟困難豁免，並在獲得批准後，將這些加侖重新分配給所有其他義務方。

While these changes won't impact 2018, we do believe and anticipate positive momentum in 2019 for expansion in the year-round blending of E15.

雖然這些變化不會影響 2018 年，但我們確實相信並預計 2019 年將出現積極勢頭，以擴大 E15 的全年混合。

The West Coast carbon markets are strong and supportive of the low-carbon fuel we produce in California and Oregon.

西海岸碳市場很強大，支持我們在加利福尼亞和俄勒岡州生產的低碳燃料。

These markets create continued and growing premiums for our lower carbon ethanol.

這些市場為我們的低碳乙醇創造了持續且不斷增長的溢價。

California carbon credit prices of strengthened month-over-month for the last year.

去年加州碳信用價格環比上漲。

The average for June was $154 per metric ton, up from $77 per metric ton from the same time last year.

6 月份的平均價格為每公噸 154 美元，高於去年同期的每公噸 77 美元。

And prices are currently above $185 per ton, driven by increasing compliance obligations under the LCFS.

由於 LCFS 規定的合規義務不斷增加，目前價格高於每噸 185 美元。

Oregon carbon credit prices have also seen continued strength.

俄勒岡州碳信用價格也持續走強。

The Oregon clean fuels program lacks California in implementation time line but with similar objectives.

俄勒岡州清潔燃料計劃在實施時間表上沒有加利福尼亞州，但目標相似。

The average June price was $69, which is up from $45 at the same time last year, and prices are currently above $80 per metric ton.

6 月份的平均價格為 69 美元，高於去年同期的 45 美元，目前價格高於每公噸 80 美元。

Currently, gasoline demand remains strong, up about 1.5% over last year to date.

目前，汽油需求依然強勁，比去年迄今增長約 1.5%。

This is a result of a strong overall economy and steady oil prices.

這是整體經濟強勁和油價穩定的結果。

At a 10% blend ratio, for every percent increase in average annual gasoline demand, ethanol demand increases by over 140 million gallons.

在 10% 的混合比下，汽油年均需求每增加 1%，乙醇需求就會增加超過 1.4 億加侖。

More significantly, as the market migrates to higher ethanol blends, every 1% increase in blend rates across the entire U.S. gasoline pool would increase ethanol demand by approximately 1.4 billion gallons at current gasoline demand.

更重要的是，隨著市場向更高的乙醇混合物轉移，整個美國汽油池的混合率每增加 1% 將使乙醇需求增加約 14 億加侖，以目前的汽油需求計算。

Overall, international demand for U.S. ethanol is stronger this year compared to last year.

總體而言，今年對美國乙醇的國際需求比去年強。

In fact, U.S. ethanol exports through June were 928 million gallons, up 33% from the first half of 2017 and on place to shatter last year's record of 1.38 billion gallons.

事實上，截至 6 月，美國乙醇出口量為 9.28 億加侖，比 2017 年上半年增長 33%，打破去年 13.8 億加侖的紀錄。

As in U.S. markets, U.S.-produced ethanol is a low-cost, low-carbon high-octane product and increasingly is becoming a standard blend component in gasoline around the world.

與美國市場一樣，美國生產的乙醇是一種低成本、低碳、高辛烷值的產品，並且越來越多地成為世界各地汽油的標準混合成分。

At the beginning of the year, China was importing significant quantities of ethanol from the U.S. in support of its announced 10% blending requirement by 2020.

今年年初，中國從美國進口了大量乙醇，以支持其宣布的到 2020 年 10% 的混合要求。

Recently, with the trade tariffs imposed by the U.S. and reciprocated by China, exports to China have dropped to 0. However, if China sticks to their 10% by 2020 goal, even while rapidly increasing their own domestic production, they will need to significantly import additional gallons, which ultimately supports continued growth in the overall international demand for ethanol.

近期，隨著美國加徵貿易關稅，中國對華出口，對華出口已降至零。但是，如果中國堅持到 2020 年 10% 的目標，即使在快速增加國內生產的同時，也需要大幅增加進口額外的加侖，這最終支持了對乙醇的整體國際需求的持續增長。

During this period of continued tight production margins, our focus remains on implementing initiatives and investing in our assets to reduce our costs, improve our yields and carbon scores and build sustaining value for our shareholders.

在這個生產利潤率持續緊張的時期，我們的重點仍然是實施舉措和投資我們的資產，以降低成本、提高產量和碳分數，並為我們的股東創造可持續價值。

We are engaged in several plant-level capital projects with near-term paybacks.

我們參與了幾個具有近期回報的工廠級資本項目。

We have successfully completed the integration of ICP and are now benefiting from increased product diversification that supports stronger margins and lessens our exposure to commodity price fluctuations in the fuel ethanol markets.

我們已經成功完成了 ICP 的整合，現在正受益於產品多樣化的增加，這支持了更高的利潤率並減少了我們在燃料乙醇市場中商品價格波動的風險。

We have achieved our goal of $4.5 million in annualized cost savings through synergies from our ICP acquisition.

通過我們收購 ICP 的協同效應，我們實現了每年節省 450 萬美元的成本的目標。

We have successfully completed our solar power project in Madera, which is currently running at 70% capacity.

我們已經成功完成了在馬德拉的太陽能發電項目，該項目目前以 70% 的產能運行。

We expect it will be at full capacity by the end of the year once PG&E has completed its final upgrade to its adjacent substation.

我們預計一旦 PG&E 完成對其相鄰變電站的最終升級，它將在年底前滿負荷運行。

This project is expected to reduce our utility cost by approximately $1 million annually and lower our carbon score.

該項目預計每年可將我們的公用事業成本降低約 100 萬美元，並降低我們的碳分數。

The 3.5-megawatt cogeneration project at our Stockton, California facility has not yet achieved commercial operations as the 2 units have required modifications to meet performance standards.

我們位於加利福尼亞州斯托克頓的 3.5 兆瓦熱電聯產項目尚未實現商業運營，因為這兩個機組需要進行改造以滿足性能標準。

The manufacturer is covering all these modifications.

製造商涵蓋所有這些修改。

So while the delay will extend the timing of achieving the target energy savings from the project, our expectation is still $4 million in annualized savings once operational.

因此，雖然延遲將延長實現項目節能目標的時間，但我們預計一旦投入運營，每年可節省 400 萬美元。

We will provide an update when the systems have achieved target performance levels.

當系統達到目標性能水平時，我們將提供更新。

The Airgas CO2 plant at our Stockton facility is under construction and is expected to be online and producing revenue for us at the end of the fourth quarter.

我們斯托克頓工廠的 Airgas CO2 工廠正在建設中，預計將在第四季度末上線並為我們帶來收入。

We are currently producing cellulosic ethanol at our Stockton plant, generating D3 RINS, and are still awaiting EPA approval of our cellulosic ethanol pathways for our Madera and Magic Valley plants.

我們目前正在斯托克頓工廠生產纖維素乙醇，生產 D3 RINS，並且仍在等待 EPA 批准我們的馬德拉和魔術谷工廠的纖維素乙醇途徑。

We believe the delays have been primarily a function of the negative political environment at the EPA towards advanced biofuels, and we are vocal that under new regulatory leadership, these approvals will move forward.

我們認為延遲主要是由於 EPA 對先進生物燃料的負面政治環境的影響，我們直言在新的監管領導下，這些批准將向前推進。

Once the EPA gets final approval, production from these 3 plants will generate an additional combined $2 million in incremental EBITDA on an annualized basis.

一旦 EPA 獲得最終批准，這 3 家工廠的生產將每年額外產生 200 萬美元的 EBITDA 增量。

With that, I'd like to turn the call over to our CFO, Bryon McGregor.

有了這個，我想把這個電話轉給我們的首席財務官，Bryon McGregor。

Thank you, Neil.

謝謝你，尼爾。

For the second quarter 2018 compared to the second quarter of 2017, net sales were $410.5 million compared to $405.2 million.

2018 年第二季度與 2017 年第二季度相比，淨銷售額為 4.105 億美元，而 4.052 億美元。

The decline in sales is attributable to a 28% decrease in third-party gallons sold, partially offset by a 20% increase in production gallons sold.

銷售額下降的原因是第三方銷售的加侖減少了 28%，部分被銷售的生產加侖增加 20% 所抵消。

The increase in production gallons sold is due primarily to the addition of ICP's production volumes, and the reduction in third-party gallons was due to our intentional and successful efforts to improve the profitability of that area of our business.

銷售的生產加侖數的增加主要是由於 ICP 產量的增加，而第三方加侖數的減少是由於我們有意和成功地努力提高我們該業務領域的盈利能力。

Cost of goods sold was $411.8 million compared to $403.5 million in the prior year's quarter, resulting in a gross loss of $1.3 million for the quarter compared to gross profit of $1.7 million in the prior year's quarter.

商品銷售成本為 4.118 億美元，而去年同期為 4.035 億美元，導致本季度毛虧損 130 萬美元，而去年同期毛利潤為 170 萬美元。

This quarter's gross loss was impacted by $8.8 million or $0.06 per gallon from our 2 extraordinary items worth noting.

本季度的總損失受到 880 萬美元或每加侖 0.06 美元的影響，來自我們值得注意的 2 項非凡項目。

We incurred $5 million in higher repairs and maintenance costs that included $1.5 million in final boiler repairs at our Pekin facility.

我們產生了 500 萬美元的更高維修和維護成本，其中包括 150 萬美元的北京工廠最終鍋爐維修費用。

With the boiler issues largely behind us, we look forward to lower operating expenses to the tune of approximately $9 million annually when compared to the last 3 years.

由於鍋爐問題已基本解決，我們期待與過去 3 年相比，每年將運營費用降低至約 900 萬美元。

We had $2.4 million in -- of unrealized noncash mark-to-market losses on our derivative position, $1 million of which has been reversed with recent increases in corn prices.

我們的衍生品頭寸有 240 萬美元未實現的非現金按市值計價損失，其中 100 萬美元已隨著近期玉米價格的上漲而逆轉。

And finally, from a regional perspective, our westernmost plant saw a significant increase in freight and basis cost for corn, which was only partially offset by the benefits of favorable ethanol spreads between Chicago and the West Coast.

最後，從區域角度來看，我們最西部的工廠的玉米運費和基礎成本顯著增加，這僅部分被芝加哥和西海岸之間有利的乙醇價差所抵消。

This negative differential in crush margin at our western plants added $1.4 million in additional costs.

我們西部工廠的壓榨利潤率負差增加了 140 萬美元的額外成本。

These variances in both ethanol and corn freight and basis have subsequently returned to more historically normal levels.

乙醇和玉米運費和基差的這些差異隨後恢復到歷史上更正常的水平。

SG&A expenses were $8.9 million, slightly up from $8.8 million in last year's quarter, but down $400,000 from the last quarter, the latter a result of lower compensation expenses.

SG&A 費用為 890 萬美元，略高於上一季度的 880 萬美元，但比上一季度減少了 400,000 美元，後者是由於薪酬費用降低所致。

We now expect SG&A to total $18 million for the second half of 2018, approximately in line with the first half of the year.

我們現在預計 2018 年下半年的 SG&A 總額將達到 1800 萬美元，與上半年大致持平。

Adjusted EBITDA was positive $1 million compared to $2.6 million in the year-ago period.

調整後的 EBITDA 為正 100 萬美元，而去年同期為 260 萬美元。

For the 6 months ended June 30, 2018, compared to 2017, net sales were $810.5 million compared to $791.5 million.

截至 2018 年 6 月 30 日的 6 個月，與 2017 年相比，淨銷售額為 8.105 億美元，而 7.915 億美元。

Cost of goods sold was $808.5 million compared to $795.7 million.

商品銷售成本為 8.085 億美元，而銷售成本為 7.957 億美元。

Gross profit was $2.1 million compared to a gross loss of $4.1 million.

毛利潤為 210 萬美元，而毛虧損為 410 萬美元。

SG&A expenses were $18.2 million compared to $14.2 million, the latter of which included $3.6 million in onetime gains associated with legal matters in the prior year.

SG&A 費用為 1820 萬美元，而去年為 1420 萬美元，後者包括上一年與法律事務相關的 360 萬美元的一次性收益。

Loss available to common stockholders was $21.4 million or $0.50 per share compared to $22.1 million or $0.52 per share.

普通股股東可獲得的損失為 2140 萬美元或每股 0.50 美元，而普通股股東為 2210 萬美元或每股 0.52 美元。

Adjusted EBITDA was $6.7 million compared to $733,000.

調整後的 EBITDA 為 670 萬美元，而調整後的 EBITDA 為 733,000 美元。

Turning to our balance sheet.

轉向我們的資產負債表。

During the first 6 months of 2018, cash flow from operations was $4.9 million, contributing to a healthier balance sheet.

2018 年前 6 個月，運營現金流為 490 萬美元，有助於改善資產負債表。

At June 30, 2018, cash and cash equivalents were $62.6 million compared to $49.4 million at December 31, 2017.

截至 2018 年 6 月 30 日，現金和現金等價物為 6260 萬美元，而 2017 年 12 月 31 日為 4940 萬美元。

For the second quarter of 2018, our capital expenditures totaled just over $3 million, primarily related to plant improvement initiatives and in line with guidance.

2018 年第二季度，我們的資本支出總額略高於 300 萬美元，主要與工廠改進計劃有關，並符合指導方針。

We continue to expect our 2018 capital expenditures to be in line with our 2017 expenditures.

我們繼續預計 2018 年的資本支出將與 2017 年的支出保持一致。

However, as noted in our previous call, we will adjust the amount based on industry economics and company performance.

但是，正如我們之前的電話會議所述，我們將根據行業經濟和公司業績調整金額。

With that, I'll turn the call back to Neil.

有了這個，我會把電話轉回給尼爾。

Thanks, Bryon.

謝謝，布賴恩。

We continue to believe 2018 will be stronger than 2017.

我們仍然相信 2018 年將比 2017 年更強勁。

Our conviction remains firm in the fundamentals of long-term growth in ethanol demand, supported by the octane, carbon and cost benefits of ethanol.

在乙醇的辛烷值、碳排放和成本效益的支持下，我們仍然堅信乙醇需求長期增長的基本面。

And we are confident that our differentiated strategy positions us well for profitable growth.

我們相信，我們的差異化戰略使我們能夠很好地實現盈利增長。

With that, Ashley, I'd like to open the call for questions.

有了這個，阿什利，我想打開問題的電話。

(Operator Instructions) Our first question comes from Eric Stine of Craig-Hallum.

（操作員說明）我們的第一個問題來自 Craig-Hallum 的 Eric Stine。

So maybe just, I guess, I'll start on the regulatory side with the new EPA chief.

所以也許只是，我想，我會從新的 EPA 負責人的監管方面開始。

I mean, do you think that there is a path forward that the RVP waiver could be done stand-alone since that is the one area that seems like it could be done pretty quickly and wouldn't have to go through a lot of administrative things?

我的意思是，您是否認為有一條可以獨立完成 RVP 豁免的前進道路，因為這是一個似乎可以很快完成並且不必經歷很多行政工作的領域?

I mean, it could just be done.

我的意思是，它可以做到。

But that clearly wasn't going to be done under the past EPA head.

但這顯然不會在過去的 EPA 領導下完成。

Yes, we think that the change of leadership and the upcoming midterm elections does create that path.

是的，我們認為領導層的更替和即將舉行的中期選舉確實創造了這條道路。

That being said, it's still a bit muddled.

話雖這麼說，還是有點糊塗。

Clearly, when the President was in Iowa, he stated that they were very close to getting the E15 done.

顯然，當總統在愛荷華州時，他表示他們非常接近完成 E15。

But then, in that same sense, that it's very complicated.

但是，在同樣的意義上，它非常複雜。

Well, it's not a very complicated if you're just moving the RVP rule-making by itself.

好吧，如果您只是自行移動 RVP 規則制定，這並不是很複雜。

So there still is some pressure to connect it to something else.

因此，將其與其他事物聯繫起來仍然存在一些壓力。

We think that is ridiculous because plenty has already been given to the refiners through the small refinery exemptions and RIN prices are quite low.

我們認為這很荒謬，因為已經通過小型煉油廠的豁免向煉油廠提供了很多，而且 RIN 價格相當低。

And we think that the -- it's time to give something to agriculture and to the farmer and the ethanol industry that is able to take incremental corn and move it into the market, which is good for the economy and the consumer and the environment.

我們認為，現在是時候為農業、農民和乙醇行業提供一些東西了，因為它們能夠獲取增量玉米並將其推向市場，這對經濟、消費者和環境都有好處。

So very, very definitely we're pushing quite hard to, between now and the end of the year and certainly before the midterm elections, get an RVP rule-making moving forward.

所以非常非常肯定，我們正在努力推動，從現在到今年年底，當然還有中期選舉之前，推動 RVP 規則制定向前發展。

Yes, got it.

是的，明白了。

Okay.

好的。

Maybe just turning to your outlook for the market here for the remainder of the year.

也許只是轉向你對今年剩餘時間的市場前景。

I know you've got large producer who recently came out and said that they were done kind of moderating their production, that not to worry about that.

我知道你有一個大製作人最近出來說他們已經完成了對他們的生產的某種調整，不用擔心這一點。

They were just going to kind of run, I don't know, full out, but they were going to run at pretty high levels of utilization.

我不知道他們會全力以赴，但他們會以相當高的利用率運行。

And we're sitting here and we've got production here an all-time high and entering some seasonally slower gasoline demand.

我們坐在這裡，我們的產量達到了歷史最高水平，並進入了一些季節性放緩的汽油需求。

I mean, when you add all that up, what is it -- I mean, what does it do to your expectations, at least for the remainder of the year?

我的意思是，當你把所有這些加起來時，它是什麼——我的意思是，它對你的期望有什麼影響，至少在今年剩下的時間裡？

Well, it's -- we're cautious.

嗯，這是 - 我們很謹慎。

It's -- we definitely have some excess inventory.

這是 - 我們肯定有一些多餘的庫存。

I would point out that it is not that out of whack.

我要指出的是，這並不是不正常的。

It's -- you're looking it, call it, 3 or 4 days to get back to supply-demand ratios that correlate to pretty decent margins.

它是 - 你正在尋找它，調用它，3 或 4 天才能恢復到與相當可觀的利潤率相關的供需比率。

So taking either some production down or demand up, can solve that very quickly.

因此，無論是降低產量還是增加需求，都可以很快解決這個問題。

You point out that we are going into the slower demand season in the fall and that can be a tough time.

您指出，我們將在秋季進入需求放緩的季節，這可能是一段艱難的時期。

At the same time, exports continue to be very strong, particularly to Brazil.

與此同時，出口繼續強勁，尤其是對巴西。

They've been taking more, even in the summer, than they have in the past, and they ramp up in the fall their own ethanol demand.

即使在夏天，他們的攝入量也比過去多，而且他們在秋季增加了自己的乙醇需求。

Given the compelling economics of ethanol blending everywhere, including Brazil, is up double digits year-over-year.

鑑於包括巴西在內的世界各地的乙醇混合具有令人信服的經濟性，同比增長兩位數。

So we anticipate Brazil to continue to be a very strong outlet for U.S. ethanol.

因此，我們預計巴西將繼續成為美國乙醇的強勁出口。

We're seeing other incremental demand.

我們看到了其他增量需求。

If China were to come back in and the tariffs were resolved, that could be very catalytic as well.

如果中國回來並解決關稅問題，那也可能非常具有催化作用。

But there is no question that without some incremental demand, which is why we're pushing very hard on the RVP, because that -- that's the single fastest way to relieve the supply-demand imbalances to open up the year-round market for E15.

但毫無疑問，如果沒有一些增量需求，這就是我們非常努力地推動 RVP 的原因，因為那是緩解供需失衡以打開 E15 全年市場的唯一最快方法.

That opens up a potential market of 7.5 billion gallons.

這開闢了一個 75 億加侖的潛在市場。

Clearly, we don't have that kind of supply.

顯然，我們沒有那種供應。

But we think that once the E15 starts, we have a very -- or starts in a year-round basis, that we have a much tighter market, but that is more of a 2019.

但我們認為，一旦 E15 開始，我們就會非常 - 或者全年開始，我們的市場會更加緊張，但這更像是 2019 年。

So it's -- we think that there are couple of factors that could keep things in balance this year, but there are also some factors, such as everybody running harder than they have been, that could cause this market to continue to be out of balance.

所以我們認為今年有幾個因素可以保持平衡，但也有一些因素，比如每個人都比以前更努力，這可能導致這個市場繼續失衡.

Got it.

知道了。

Okay.

好的。

Maybe last one just for Bryon on the repair costs.

也許最後一個只是為了布賴恩的維修費用。

So just to be clear, so those are done in Q2, should not impact results going forward?

所以要明確一點，這些都是在第二季度完成的，不應該影響未來的結果嗎？

And then, a follow-up, is that something where you can update on the insurance situation, given the problem equipment from a supplier?

然後，考慮到供應商的問題設備，您是否可以更新保險情況？

Yes.

是的。

So that is correct.

所以這是正確的。

The boiler expenses are behind us.

鍋爐費用已經過去了。

There's still legal costs to prosecute our position against the boiler manufacturer working with the insurance companies.

起訴我們對與保險公司合作的鍋爐製造商的立場仍然需要法律費用。

I wouldn't expect nor would I expect you to plan on insurance proceeds at this point.

我不希望也不希望您此時計劃保險收益。

This is clearly a manufacturer defect.

這顯然是製造商的缺陷。

And so that's the position we're taking and as well as the insurance companies are probably getting legal action that way.

這就是我們所採取的立場，以及保險公司可能會以這種方式採取法律行動。

I don't think we have a very good case.

我不認為我們有一個很好的案例。

We do.

我們的確是。

Then your second part of your question was?

那麼你問題的第二部分是？

No, I think you covered it.

不，我想你涵蓋了它。

I think we're good.

我認為我們很好。

Okay.

好的。

Our next question comes from Craig Irwin of Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Craig Irwin。

So the onetime items that you mentioned in the press release, $5 million higher maintenance and then Bryon itemized the list for us, can you maybe clarify for us what this was sequentially?

所以你在新聞稿中提到的一次性項目，500 萬美元的維護費用，然後布賴恩為我們逐項列出了清單，你能否為我們澄清一下這是什麼順序？

And whether or not the numbers you are sharing were year-over-year increases?

你分享的數字是否逐年增加？

And sequentially, how much of that is likely to disappear as we move into the third quarter?

隨著我們進入第三季度，其中有多少可能會隨之消失？

Do we get the full $0.05 in EBITDA margin uplift?

我們是否獲得了 0.05 美元的 EBITDA 利潤率提升？

Yes.

是的。

So it's interesting there's both a $5 million difference sequentially, but part of that increase is -- so year-over-year, Craig, there was a $5 million year-over-year increase, but $2.5 million of that was related to ICP, which was not in our portfolio last year.

所以有趣的是，兩者之間的差額依次為 500 萬美元，但部分增長是 - 同比增長，克雷格，同比增長 500 萬美元，但其中 250 萬美元與 ICP 有關，去年不在我們的投資組合中。

So not to be confused with that, which is sequential increase quarter-over-quarter, which was what I was commenting on largely.

所以不要混淆，這是環比環比增長，這是我主要評論的。

Which was, again, you had the boiler cost, we had some additional repairs, unplanned repairs and maintenance.

再次，你有鍋爐成本，我們有一些額外的維修，計劃外的維修和維護。

And then on top of that, we had the couple of other expenses associated with that including the Western.

最重要的是，我們還有其他一些與此相關的費用，包括西部片。

The differential, it spreads between corn basis, rate basis and the premium that you were getting for West Coast product.

差價，它在玉米基差、利率基差和您為西海岸產品獲得的溢價之間傳播。

So in some, yes, it's $5 million that we do not believe will recur in a more normalized environment.

因此，在某些情況下，是的，我們認為 500 萬美元不會在更加正常化的環境中再次出現。

So the second question that I had was related to the relocation of the spurious refinery, small refinery, waivers that Pruitt handed out.

所以我提出的第二個問題與普魯伊特發放的虛假煉油廠、小型煉油廠的搬遷有關。

Can you talk a little bit about how that's likely to play out at least from your perspective?

你能談談至少從你的角度來看這可能會如何發展嗎？

Do you expect the EPA to potentially reallocate those gallons?

您是否希望 EPA 可能重新分配這些加侖？

Or is this something that's going to be maybe an unfortunate piece of history for the market?

或者這對市場來說可能是一段不幸的歷史？

I think the latter is the case.

我認為是後者。

I think it's a long shot to think that the 2016 and '17 gallons related to the small refinery exemptions would be reallocated.

我認為認為與小型煉油廠豁免相關的 2016 年和 17 加侖將被重新分配的可能性很小。

What we think is quite possible and administrator -- acting administrator Wheeler essentially indicated it at a congressional hearing a week ago, was that on a prospective basis, that the EPA should come up with a mechanism to anticipate what those exemptions might be and reallocate those gallons.

我們認為很有可能和管理員 - 代理管理員惠勒在一周前的國會聽證會上基本上表示，在未來的基礎上，環保署應該提出一種機制來預測這些豁免可能是什麼並重新分配這些豁免加侖。

So it is very focused on a go-forward basis to make sure that we don't continue to experience the -- here's 15 billion gallons of a requirement that now has been reduced to 14 billion or less due to the other hand giving away the small refinery exemptions.

因此，它非常專注於前進的基礎，以確保我們不會繼續經歷——這裡的 150 億加侖的需求現在已經減少到 140 億或更少，因為另一方面放棄了小型煉油廠豁免。

So that is the focus on perspective.

所以這就是對視角的關注。

We're still working hard to remand as well the 500 million gallons that the courts have said were inappropriately held back by way of implicating the inadequate supply.

我們仍在努力還押 5 億加侖，法院稱這些 5 億加侖因供應不足而被不當扣留。

That issue, we're litigating.

那個問題，我們打官司。

We don't think there is a chance that the -- that, that will be part of the final RVO because it wasn't part of the proposals.

我們認為這不可能成為最終 RVO 的一部分，因為它不是提案的一部分。

It was hard to put something in that was not indicated, in fact, specifically asked not to be commented upon.

很難把沒有說明的東西放進去，事實上，特別要求不要發表評論。

So that also becomes something prospectively that, legally, the EPA is going to be required to reallocate those gallons and that might end up becoming part of the reset proposal that should be coming in 2019.

因此，從法律上講，這也成為未來的事情，EPA 將被要求重新分配這些加侖，這可能最終成為應該在 2019 年提出的重置提案的一部分。

Great.

偉大的。

And then last question, if I may.

最後一個問題，如果可以的話。

Do you have a view on the biodiesel tax credit and the potential conversion for that credit from a lender's credit to a producer's credit, given that a producer's credit would exclude an estate from the California market and do good things for LCFS credits, obviously, benefiting your West Coast production?

您對生物柴油稅收抵免以及該抵免從貸方抵免到生產者抵免的潛在轉換有看法嗎你的西海岸生產？

Do you have a view there that you're sharing with your representation in D.C.?

您是否有與您在華盛頓特區的代表分享的觀點？

And as an association, this is something you think the ethanol lobby can get behind?

作為一個協會，這是你認為乙醇遊說團體可以落後的事情嗎？

It's not something -- we're not currently a biodiesel producer, so it's not something that I spend a lot of time focused on.

這不是什麼——我們目前不是生物柴油生產商，所以這不是我花很多時間關注的事情。

I know that when there was an effort to convert it to a producer payment, that there was a lot of political headwinds on that.

我知道，當努力將其轉換為生產者付款時，會遇到很多政治阻力。

And so I think the more likely outcome is if there is an extension of the biodiesel credit, it would still be a blender's credit.

所以我認為更有可能的結果是，如果生物柴油信用額度延長，它仍然是攪拌機的信用額度。

Our next question comes from Carter Driscoll of B. Riley.

我們的下一個問題來自 B. Riley 的 Carter Driscoll。

First question.

第一個問題。

I think you made a comment in the prepared remarks talking about you took your marketing volumes down fairly aggressively, helping profitability.

我認為您在準備好的評論中發表了評論，談到您相當積極地降低了營銷量，有助於盈利。

Can you just help me square that?

你能幫我解決這個問題嗎？

It has been largely a close to breakeven business for you.

對您來說，這在很大程度上是一項接近盈虧平衡的業務。

Why not continue to bring it down in this environment fairly dramatically and help the overall blended margin?

為什麼不繼續在這種環境下相當顯著地降低它並幫助整體混合利潤率呢？

Just trying to get your thought process there.

只是試圖讓你的思維過程在那裡。

Yes, fair enough.

是的，夠公平的。

And you'll see when we file the Q, that the marketing division was more than breakeven.

當我們提交 Q 時，您會看到營銷部門的盈虧平衡。

It was quite profitable in fact.

事實上，這是非常有利可圖的。

So the strategy was to really move out of markets that were just so competitive and we're really didn't have a competitive advantage, and were trading dollars at best markets like Arizona, for instance.

因此，我們的策略是真正退出競爭激烈的市場，我們真的沒有競爭優勢，並且在像亞利桑那州這樣的最佳市場交易美元。

So we have refocused that business on areas that are tributary to our production assets, which are very supportive.

因此，我們已將業務重點重新集中在對我們的生產資產有貢獻的領域，這些領域非常支持。

We have a competitive advantage.

我們有競爭優勢。

We have significant market share in all of the markets where we have ethanol production assets, particularly out west, where we have very significant market share beyond our own production capacity.

在我們擁有乙醇生產資產的所有市場，尤其是在西部地區，我們擁有顯著的市場份額，超出了我們自己的生產能力。

And that's where we focus that business, where we have production advantages as well as carbon advantages and that has created a, while reduced, a profitable platform.

這就是我們專注於業務的地方，我們擁有生產優勢和碳優勢，這創造了一個雖然減少了但盈利的平台。

So is it -- should I think about this as a new run rate or a temporary adjustment?

是這樣 - 我應該將其視為新的運行速度還是臨時調整？

That's a fair question.

這是一個公平的問題。

I would say for the moment, I would say a new run rate.

暫時我會說，我會說一個新的運行速度。

Okay.

好的。

Obviously, there's been a lot of discussion on policy.

顯然，有很多關於政策的討論。

Do you feel that the waivers have stopped or materially has flowed since the change in administration?

您是否認為自管理變更以來豁免已經停止或實質上已經流動？

And then, do you think that would or could have a positive effect on getting approval for cellulosic?

然後，您認為這會對獲得批准纖維素產生積極影響嗎？

And is there a realistic expectation that the tariff's -- the increasing tariff problems with China could go away?

是否有現實的期望，即關稅——與中國日益增加的關稅問題會消失？

I mean, it seems like export markets has actually been healthier because Brazil stepped in and hasn't been kind of the down situation than we thought.

我的意思是，看起來出口市場實際上更健康了，因為巴西介入了並且沒有像我們想像的那樣陷入困境。

On a run rate basis, it looks like we're tracking towards the high end of that 1 6 to 1 8 if the -- this -- at this run rate right now.

在運行率的基礎上，看起來我們正在跟踪 1 6 到 1 8 的高端，如果 - 這個 - 現在以這個運行率。

Just trying to square the different parts of what this administration is clearly impacting on the biofuels policy of the biofuels industry in this country.

只是試圖解決本屆政府明顯影響該國生物燃料行業的生物燃料政策的不同部分。

Yes.

是的。

The RIN prices are in the $0.20 range so there's no question that have come down significantly, which undermines -- obviously, has undermined the demand for our product as we have this excess supply of RINs due to the small refinery exemptions.

RIN 價格在 0.20 美元範圍內，因此毫無疑問已經顯著下降，這破壞了 - 顯然，已經破壞了對我們產品的需求，因為由於小型煉油廠的豁免，我們的 RIN 供應過剩。

So that has taken some pressure off, which is why we think the rationale is stronger than ever to move forward with the RVP parity for the E15.

所以這減輕了一些壓力，這就是為什麼我們認為推進 E15 的 RVP 平價的理由比以往任何時候都更有力。

And as E15 enters the market, more blending to the statutory numbers of the 15 billion gallons for conventional without any numbers there for small refinery exemptions and reallocated, if they are granted, that, that would continue to keep RIN prices low as more product is blended into the marketplace.

隨著 E15 進入市場，更多地混合到 150 億加侖的法定數字，而沒有任何數字用於小型煉油廠的豁免和重新分配，如果他們獲得批准，這將繼續保持 RIN 價格較低，因為更多的產品是融入市場。

Because the RIN prices are lower, we do assume, although there still is a lack of transparency from the EPA, but we do assume that those exemptions have slowed down, and hopefully, are not being granted at all.

由於 RIN 價格較低，我們確實假設，儘管 EPA 仍然缺乏透明度，但我們確實假設這些豁免已經放緩，並且希望根本沒有被授予。

If you look at the public announcements from oil companies and record profits, you don't see a lot of economic hardships there either.

如果您查看石油公司的公告並記錄利潤，您也不會看到很多經濟困難。

So we are optimistic that, that has slowed and also optimistic that on a go-forward basis, that any exemptions will be reallocated.

因此，我們樂觀地認為，這已經放緩，也樂觀地認為，在前進的基礎上，任何豁免都將被重新分配。

On the question of exports, you're right.

關於出口問題，你是對的。

I mean, that's -- incrementally, we're up strongly.

我的意思是，那是 - 逐漸地，我們正在強勁增長。

At some point, tariffs with China will be resolved.

在某個時候，與中國的關稅將得到解決。

It's hard to -- doesn't look like anytime soon, but it will happen and that would be a huge catalyst.

很難 - 看起來不會很快，但它會發生，這將是一個巨大的催化劑。

I mean, if you look at where the exports are today and you add China back in, we were expecting 300 million to 400 million gallons from China.

我的意思是，如果你看看今天的出口情況，再加上中國，我們預計來自中國的 3 億到 4 億加侖。

We're way less than that because they pretty much ceased taking any product after the first quarter.

我們比這要少得多，因為他們在第一季度之後幾乎停止了任何產品。

That alone would get this market very much in the balance and tighten up to where you would see a very different margin structure today if China were taking the amount of ethanol that, frankly, their market would like be taking.

僅此一項就可以讓這個市場非常平衡，並收緊到今天你會看到一個非常不同的利潤結構，如果中國正在接受坦率地說，他們的市場想要接受的乙醇量。

So a number of catalysts there that we see.

因此，我們看到了許多催化劑。

Timing on when they kick in is a little less certain.

他們開始的時間不太確定。

Okay.

好的。

Maybe just a follow-up, Bryon.

也許只是後續行動，布賴恩。

So you said most of the issues with the Pekin boiler is behind you.

所以你說北京鍋爐的大部分問題都已經過去了。

You were just referring to the legal uncertainty in terms of how you go after the cost, the actual installation is complete and expected to be performing at its -- however you run it on a run rate basis going forward?

您只是指在如何計算成本方面的法律不確定性，實際安裝已完成並預計將按其執行 - 但是您以運行速率為基礎運行它？

But performance-wise, everything is back to normal.

但在性能方面，一切都恢復正常。

It's really just a question of (inaudible) monetary damages, is that correct?

這真的只是一個（聽不清）金錢損失的問題，對嗎？

Yes.

是的。

So it's only legal that's left.

所以只剩下合法的了。

(Operator Instructions) Our next question comes from Sameer Joshi of H.C. Wainwright.

（操作員說明）我們的下一個問題來自 H.C. 的 Sameer Joshi。溫賴特。

Of the cost savings that are attributable to ICP, have they been completely realized at that $4.5 million level?

在可歸因於 ICP 的成本節約中，是否完全實現了 450 萬美元的水平？

And are these reflected in the recent quarter results?

這些是否反映在最近的季度業績中？

The $4.5 million probably isn't fully reflected in Q2, but it will be going forward.

450 萬美元可能沒有完全反映在第二季度，但它將繼續下去。

And I think Neil mentioned the Madera solar plant is operating at 70% because of some substation requirement that -- something that needs to be done at the substation level.

而且我認為尼爾提到馬德拉太陽能發電廠的運行率為 70%，因為一些變電站要求——需要在變電站級別完成一些事情。

What is the expected time line on that?

預計的時間線是什麼？

And when do we expect that $1 million savings on annual basis to be fully realized?

我們預計何時可以完全實現每年節省的 100 萬美元？

We expect the substation work with the local utility PG&E to be completed by the end of the year.

我們預計與當地公用事業公司 PG&E 的變電站工作將在今年年底前完成。

So from this point forward, so for Q3 and Q4, it will be more 70% of that $1 million savings on an annualized basis as well as the additional carbon benefit, which we'll see once we're up and running, but we expect that to be better than a point of carbon score.

所以從現在開始，對於第三季度和第四季度，每年節省的 100 萬美元中將有 70% 以上，以及額外的碳效益，一旦我們啟動並運行，我們就會看到，但我們期望這比碳分數更好。

And then in -- going forward in 2019, we would expect the full 100% benefit, $1 million and the additional point plus of carbon benefit.

然後在 2019 年，我們預計將獲得 100% 的全部收益、100 萬美元和額外的碳收益。

Understood.

明白了。

In terms of the capital expenditures that you have budgeted for rest of the year, are there any priorities that take precedence or others in case you decide not to spend as much?

就您為今年剩餘時間預算的資本支出而言，是否有任何優先事項或其他優先事項，以防您決定不花那麼多錢？

Most of the capital expenditures that we have are commitments from either prior periods or -- and I wouldn't say that they include really any material commitments this year.

我們擁有的大部分資本支出是前期的承諾，或者——我不會說它們包括今年的任何實質性承諾。

So just seeing them through the rest of the way.

所以只是在剩下的路上看到他們。

As far as prioritization, they're going to be really focused.

就優先級而言，他們將非常專注。

If we do make any additional capital expenditures, we have a number of projects that are sitting in the wings that have really phenomenal paybacks.

如果我們確實進行了任何額外的資本支出，我們有許多項目正在醞釀之中，它們的回報非常驚人。

And it's just the decisions as to deployment of capital and making sure that we're capitally disciplined about this.

這只是關於資本部署的決定，並確保我們在這方面受到資本約束。

Is any of this planned or budgeted for any further low carbon fuel initiative?

是否有任何計劃或預算用於進一步的低碳燃料計劃？

There are a number of projects in works and we'll announce them to the extent that they -- so you'll be able to build those into your analysis.

有許多項目正在進行中，我們將在一定程度上公佈它們——這樣你就可以將它們構建到你的分析中。

But yes, there are number of capital projects that are available to us that would have significant benefits from a carbon intensity perspective.

但是，是的，有許多可供我們使用的資本項目，從碳強度的角度來看會產生巨大的好處。

But under the current balance of the year, capital expenditures that's related to just finishing projects that have already been disclosed, announced and repairs and maintenance CapEx and just keeping the platform efficient.

但根據本年度的當前餘額，與僅完成已披露、宣布的項目以及維修和維護資本支出以及保持平台高效有關的資本支出。

Understood.

明白了。

Going back to the macro level, how do you see E15 penetration for the rest of the year?

回到宏觀層面，您如何看待今年剩餘時間的 E15 滲透率？

And part 2 of that question is, is there any -- do you see any further industry consolidation and your participation in such consolidation going forward?

這個問題的第 2 部分是，是否有任何 - 您是否看到任何進一步的行業整合以及您在這種整合中的參與？

Yes.

是的。

On E15, there's approximately 1,500 stations that are distributing that today.

在 E15 上，今天大約有 1,500 個站點正在分發它。

And we anticipate that to be 2,000 by the end of the year.

我們預計到今年年底將達到 2,000 個。

The volume numbers are probably 100 million, 150 million gallons of incremental demand as you get to that 2,000 stations and -- or better.

當您到達 2,000 個站點時，數量可能是 1 億、1.5 億加侖，甚至更多。

And as stations are added, it could grow to 200 million-plus in 2019.

隨著站點的增加，到 2019 年它可能會增長到 2 億多個。

If you open up the E15 year-round and the summer blending, that number becomes incrementally lot larger and you then have an incentive for more players to get into the mix.

如果你全年開放 E15 和夏季混合，這個數字會變得越來越大，然後你就會有更多的玩家參與進來。

And if the EPA is enforcing the RFS to the letter of the law, that is going to be a huge incentive for more E15 blending and that's why we're so focused on the RVP parity because that is an appropriate and valuable game changer.

如果 EPA 按照法律條文執行 RFS，這將成為更多 E15 混合的巨大動力，這就是我們如此關注 RVP 平價的原因，因為這是一個適當且有價值的遊戲規則改變者。

The consolidation, you have one large player that's announced they're selling plants.

合併後，你有一個大玩家宣布他們正在銷售植物。

Who ends up buying them remains to be seen.

誰最終購買它們還有待觀察。

We will look at assets, but today, we are focused on continuing to improve our own platform and continue to diversify the product mix and to continue to add value through the existing assets that we have.

我們將關注資產，但今天，我們專注於繼續改進我們自己的平台，繼續多樣化產品組合，並繼續通過我們擁有的現有資產增加價值。

And I'm showing no further questions at this time.

我現在沒有再提出任何問題。

I'd like to turn the call back to Neil for any closing remarks.

我想把電話轉回給 Neil 來做結束語。

Thanks, Ashley, and thank you all for joining us today and your continued support of Pacific Ethanol.

謝謝，Ashley，感謝大家今天加入我們，感謝你們對 Pacific Ethanol 的持續支持。

Have a good day, and look forward to speaking to you soon.

祝您有美好的一天，並期待很快與您交談。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone...

每個人...