Aemetis Inc (AMTX) 2019 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Aemetis Fourth Quarter 2019 Earnings Review Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. It is now my pleasure to introduce your host, Mr. Todd Waltz, Executive Vice President and Chief Financial Officer of Aemetis, Inc. Mr. Waltz, you may begin, sir.

女士們，先生們，歡迎來到 Aemetis 2019 年第四季度收益審查電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。現在我很高興向您介紹主持人 Todd Waltz 先生，他是 Aemetis, Inc. 的執行副總裁兼首席財務官。Waltz 先生，您可以開始了，先生。

Thank you, Jim. Welcome to the Aemetis Fourth Quarter 2019 Earnings Review Conference Call. We suggest visiting our website at aemetis.com to review today's earnings press release, updated corporate presentation, filing with the Securities and Exchange Commission, recent press releases and previous earnings conference calls. This presentation is available for review or download on the aemetis.com homepage.

謝謝你，吉姆。歡迎參加 Aemetis 2019 年第四季度收益審查電話會議。我們建議訪問我們的網站 aemetis.com，查看今天的收益新聞稿、更新的公司介紹、向美國證券交易委員會提交的文件、最近的新聞稿和之前的收益電話會議。此演示文稿可在 aemetis.com 主頁上查看或下載。

Before we begin our discussion today, I'd like to read the following disclosure statement. During today's call, we'll be making forward-looking statements, including, without limitation, statements with respect to our future stock performance, plans, opportunities and expectations with respect to financing activities and the execution of our business plan. These statements must be considered in conjunction with the disclosures and cautionary warnings that appear in our SEC filings. Investors are cautioned that all forward-looking statements made on this call involve risks and uncertainties, and that future events may differ materially from the statements made. For additional information, please refer to the company's Securities and Exchange Commission filings, which are posted on our website and are available from the company without charge.

在我們開始今天的討論之前，我想閱讀以下披露聲明。在今天的電話會議上，我們將做出前瞻性陳述，包括但不限於關於我們未來股票表現、計劃、機會以及對融資活動和我們業務計劃執行的預期的陳述。這些聲明必須與我們提交給美國證券交易委員會的文件中出現的披露和警告一起考慮。請投資者註意，在本次電話會議上做出的所有前瞻性陳述都涉及風險和不確定性，未來事件可能與所作陳述存在重大差異。有關更多信息，請參閱公司的證券交易委員會備案文件，這些文件發佈在我們的網站上，可從公司免費獲取。

Our discussion on this call will include a review of non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in our earnings release for the quarter ended on December 31, 2019, which is available on our website.

我們在此次電話會議上的討論將包括審查非 GAAP 措施，作為對基於 GAAP 的財務結果的補充。我們截至 2019 年 12 月 31 日的季度收益發布中包含非 GAAP 指標與最直接可比的 GAAP 指標的對賬，可在我們的網站上獲取。

Adjusted EBITDA is defined as net income or loss plus to the extent deducted in calculating such net income, interest expense, loss on extinguishment, income tax expense, intangible and other amortization expense, accretion expense, depreciation expense, loss contingency on litigation and share-based compensation expense.

調整後的 EBITDA 被定義為淨收入或損失加上在計算此類淨收入、利息費用、熄滅損失、所得稅費用、無形資產和其他攤銷費用、增值費用、折舊費用、訴訟損失或有費用和股份時扣除的部分 -基於補償費用。

Now I'd like to review the financial results for the fourth quarter of 2019. Revenues were $52.1 million for the fourth quarter of 2019 compared to $38.8 million for the fourth quarter of 2018. Gross profit for the 3 months ended December 31, 2019, was $5.8 million compared to a gross loss of $1.9 million during the same period in 2018. The gross profit improvement was attributable to increased sales at the India plant, along with prices for ethanol increasing from $1.57 per gallon during the 3 months ended December 31, 2018, to $1.82 per gallon during the 3 months ended December 31, 2019, in a market where the cost of delivered corn rose slightly from $4.89 to $5.02 during the same respective periods.

現在我想回顧一下 2019 年第四季度的財務結果。2019 年第四季度的收入為 5210 萬美元，而 2018 年第四季度為 3880 萬美元。截至 2019 年 12 月 31 日的三個月的毛利潤，為 580 萬美元，而 2018 年同期的毛虧損為 190 萬美元。毛利潤的改善歸因於印度工廠的銷售額增加，以及乙醇價格從截至 12 月 31 日的三個月的每加侖 1.57 美元上漲， 2018 年，在截至 2019 年 12 月 31 日的 3 個月內，每加侖 1.82 美元，而同期玉米交付成本從 4.89 美元小幅上漲至 5.02 美元。

Selling, general and administrative expenses were $4.7 million during the fourth quarter of 2019, compared to $4.8 million during the fourth quarter of 2018. Operating profit was $1 million for the fourth quarter of 2019 compared to an operating loss of $6.7 million during the fourth quarter of 2018.

2019 年第四季度的銷售、一般和管理費用為 470 萬美元，而 2018 年第四季度為 480 萬美元。2019 年第四季度的營業利潤為 100 萬美元，而第四季度的營業虧損為 670 萬美元2018 年。

Profits at the India plant resulted in an income tax expense of $1.1 million during the fourth quarter of 2019 compared to negligible income tax expense during the fourth quarter of 2018. Net loss attributable to Aemetis was $6.7 million for the fourth quarter of 2019 with an additional $900,000 attributable to noncontrolling interest for a total net loss of $7.7 million compared to a net loss attributable to Aemetis of $11.4 million for the fourth quarter of 2018, with an additional $900,000 attributable to noncontrolling interest for a total net loss of $12.3 million. Cash at the end of the fourth quarter of 2019 was $656,000 compared to $1.2 million at the end of the fourth quarter of 2018.

印度工廠的利潤導致 2019 年第四季度的所得稅費用為 110 萬美元，而 2018 年第四季度的所得稅費用微不足道。2019 年第四季度歸屬於 Aemetis 的淨虧損為 670 萬美元，另外還有歸屬於非控股權益的淨虧損為 900,000 美元，淨虧損總額為 770 萬美元，而 2018 年第四季度歸屬於 Aemetis 的淨虧損為 1,140 萬美元，另外還有 900,000 美元歸屬於非控股權益，淨虧損總額為 1,230 萬美元。 2019 年第四季度末現金為 656,000 美元，而 2018 年第四季度末為 120 萬美元。

Now I'd like to review the financial results for the 12 months ended December 31, 2019. Revenue increased 18% to $202 million for the 12 months ended December 31, 2019, compared to $171.5 million for the same period in 2018. The increase in revenue was primarily attributable to increases in the production and sales of biodiesel and glycerin in India. Gross profit for the 12 months ended December 31, 2019, increased significantly to $12.7 million compared $5.4 million during the same period in 2018. Gross profit increase was attributable to higher quantity and margin from biodiesel sales in India.

現在我想回顧一下截至 2019 年 12 月 31 日的 12 個月的財務業績。截至 2019 年 12 月 31 日的 12 個月，收入增長 18% 至 2.02 億美元，而 2018 年同期為 1.715 億美元。增幅收入的增長主要歸因於印度生物柴油和甘油的生產和銷售增長。與 2018 年同期的 540 萬美元相比，截至 2019 年 12 月 31 日止 12 個月的毛利潤大幅增長至 1270 萬美元。毛利潤增長歸因於印度生物柴油銷售的數量和利潤率增加。

Selling, general and administrative expenses were $17.4 million during the 12 months ended December 31, 2019, compared to $16.1 million during the same period in 2018. The increase in selling, general and administrative expenses was primarily attributable to operational support fees and professional fees that were partially offset by grant receipts for expense reimbursement.

截至 2019 年 12 月 31 日止的 12 個月內，銷售、一般和管理費用為 1,740 萬美元，而 2018 年同期為 1,610 萬美元。銷售、一般和管理費用的增加主要是由於運營支持費用和專業費用被費用報銷的贈款收據部分抵消。

Operating loss was $4.9 million for the 12 months ended December 31, 2019, compared to an operating loss of $10.9 million for the same period in 2018.

截至 2019 年 12 月 31 日止的 12 個月，營業虧損為 490 萬美元，而 2018 年同期的營業虧損為 1,090 萬美元。

Profits at the India plant resulted in an income tax expense of $1.1 million during 2019 compared to negligible income tax expense during the year of 2018. Net loss attributable to Aemetis was $35.7 million for the 12 months ended December 31, 2019, with an additional $3.8 million attributable to noncontrolling interest, for a total net loss of $39.5 million compared to a net loss attributable to Aemetis of $33.0 million during the same period in 2018, with an additional $3.3 million attributable to noncontrolling interest for a total net loss of $36.3 million.

印度工廠的利潤導致 2019 年的所得稅費用為 110 萬美元，而 2018 年的所得稅費用微不足道。截至 2019 年 12 月 31 日的 12 個月，歸屬於 Aemetis 的淨虧損為 3570 萬美元，另外還有 3.8 美元百萬美元歸因於非控股權益，淨虧損總額為 3950 萬美元，而 2018 年同期歸屬於 Aemetis 的淨虧損為 3300 萬美元，另外還有 330 萬美元歸因於非控股權益，淨虧損總額為 3630 萬美元。

That completes our financial review. Now I'd like to introduce the Founder, Chairman and Chief Executive Officer of Aemetis, Eric McAfee, for a business update. Eric?

這完成了我們的財務審查。現在我想介紹一下 Aemetis 的創始人、董事長兼首席執行官 Eric McAfee，以了解最新的業務情況。埃里克？

Thank you, Todd. For those of you who may be new to our company, let me take a moment to provide some brief background information. Aemetis was founded in 2006 and now have 4 lines of business focused on supplying low carbon and below-zero carbon renewable fuels and biochemicals. Our 4 lines of business are: renewable biodiesel, advanced ethanol, dairy renewable natural gas and waste wood biofuels. We own and operate production facilities with more than 110 million gallons per year of renewable fuel capacity in the U.S. and India. Included in our production portfolio is a 60 million gallon per year capacity ethanol, distillers grain and corn oil plant located in Keyes, California, near Modesto. To support our carbon reduction efforts that decrease our costs and increase the value of our biofuels, we have been awarded about $21 million of grants this year to support energy efficiency and other upgrades to our California ethanol plant.

謝謝你，托德。對於那些可能是我們公司的新人，讓我花點時間提供一些簡短的背景信息。 Aemetis 成立於 2006 年，目前擁有 4 條業務線，專注於供應低碳和低於零碳的可再生燃料和生物化學品。我們的 4 大業務領域是：可再生生物柴油、高級乙醇、乳製品可再生天然氣和廢木生物燃料。我們在美國和印度擁有並運營每年可再生燃料產能超過 1.1 億加侖的生產設施。我們的生產組合中包括位於加利福尼亞州莫德斯托附近凱斯的年產能為 6000 萬加侖的乙醇、酒糟和玉米油工廠。為了支持我們降低成本並增加生物燃料價值的碳減排工作，我們今年獲得了約 2100 萬美元的贈款，以支持我們加州乙醇工廠的能源效率和其他升級。

We also built, own and operate a 50 million gallon per year capacity distilled biodiesel and refined glycerin biorefinery on the East Coast of India, near the port City of Kakinada. About a year ago, we signed a $30 million equity funding and launched a renewable natural gas project to build biogas digesters at about a dozen local dairies near our ethanol plant in California, constructed pipeline connecting the digesters to our plant and installed gas conditioning to produce carbon negative renewable natural gas, to reduce the carbon content of our ethanol production and to displace diesel by fueling natural gas trucks.

我們還在印度東海岸靠近港口城市卡基納達的地方建造、擁有並經營一座年產 5000 萬加侖的蒸餾生物柴油和精製甘油生物精煉廠。大約一年前，我們簽署了 3000 萬美元的股權融資，並啟動了一個可再生天然氣項目，在我們位於加利福尼亞州的乙醇工廠附近的大約十幾個當地奶牛場建造沼氣池，建造連接沼氣池和我們工廠的管道，並安裝氣體調節設備以生產負碳可再生天然氣，以降低我們乙醇生產的碳含量，並通過為天然氣卡車提供燃料來取代柴油。

We now have signed participation agreements with 17 dairies, built and tested 2 dairy lagoon digesters at a cost of about $5 million and have designed and permitted a 4-mile pipeline that's now under construction to connect the dairy digesters to our ethanol plant.

我們現在已經與 17 家奶牛場簽署了參與協議，耗資約 500 萬美元建造並測試了 2 個乳製品潟湖消化池，並設計並批准了一條 4 英里長的管道，該管道目前正在建設中，用於將乳製品消化池連接到我們的乙醇工廠。

In 2019, we signed financing term sheets to fund an advanced ethanol production facility in California to convert waste orchard wood and other waste biomass into about 12 million gallons of cellulosic ethanol per year. We are now in the final engineering and procurement cycle prior to completion of project financing and commitment -- I'm sorry, commencement of construction of the plant. The combination of these growth and cost reduction initiatives are expected to increase our revenue to more than $500 million per year and annual cash flow to more than $130 million per year. This projected growth in revenues and cash flow reflects certain planned and completed upgrades of our existing plants as well as planned completion of the new dairy renewable natural gas and waste wood ethanol production facilities.

2019 年，我們簽署了融資條款清單，為加利福尼亞州的先進乙醇生產設施提供資金，每年將廢棄的果園木材和其他廢棄生物質轉化為約 1200 萬加侖的纖維素乙醇。在完成項目融資和承諾之前，我們現在處於最後的工程和採購週期——對不起，開始建設工廠。這些增長和降低成本的舉措相結合，預計將使我們的收入增加到每年 5 億美元以上，年現金流量增加到每年 1.3 億美元以上。預計收入和現金流量的增長反映了我們現有工廠的某些計劃和完成的升級，以及新乳製品可再生天然氣和廢木乙醇生產設施的計劃完成。

With the consistent support of California regulators and continued strong California Low Carbon Fuel Standard credit prices, Aemetis made positive progress in each of our 4 businesses during 2019.

在加州監管機構的一貫支持和持續強勁的加州低碳燃料標准信貸價格下，Aemetis 在 2019 年的四項業務中均取得了積極進展。

Let's first review our biodiesel business in India. The total diesel market in India is approximately 25 billion gallons per year, of which less than 250 million gallons per year or about 1% is biodiesel. The 2018 National Biofuels Policy in India increased the biodiesel blending target to 5% of the diesel market, equal to more than 1.2 billion gallons per year. The national policy also outlawed the import or export of biodiesel into or out of India, thereby encouraging the expansion of domestic biodiesel and renewable diesel production capacity. After 2 years of investment in construction, we completed the upgrade of our India plant in early 2019, including installation of a pretreatment unit to process lower cost and waste feedstock into oil. The biodiesel and refined glycerin plant is now fully operational, using the new feedstock pretreatment unit, the new boiler unit and other upgrades that enabled expanded plant operations towards full plant capacity of 50 million gallons per year.

讓我們首先回顧一下我們在印度的生物柴油業務。印度的柴油市場總量約為每年 250 億加侖，其中每年不到 2.5 億加侖或約 1% 是生物柴油。印度 2018 年國家生物燃料政策將生物柴油混合目標提高到柴油市場的 5%，相當於每年超過 12 億加侖。國家政策還禁止生物柴油進出口到印度或從印度出口，從而鼓勵擴大國內生物柴油和可再生柴油的生產能力。經過 2 年的建設投資，我們於 2019 年初完成了印度工廠的升級，包括安裝預處理裝置以將成本較低的廢料原料加工成油。生物柴油和精製甘油工廠現已全面投入運營，使用新的原料預處理裝置、新的鍋爐裝置和其他升級，使工廠運營擴大到每年 5000 萬加侖的全廠產能。

On May 6 of last year, we announced that our Universal Biofuels India subsidiary was awarded a $23 million biodiesel supply contract with the 3 India government-owned oil marketing companies in a public tender process. Biodiesel shipments to the oil marketing companies began in May 2019 and grew to comprise about 70% of monthly revenues at the India plant. We are particularly pleased with this arrangement because these 3 government oil marketing companies supply about 70% of the diesel fuel consumed in India, and as a group, represent the largest single potential biodiesel customer in the country. Under this contract, our biodiesel has fueled trucks, buses and even trains throughout India with lower cost biofuel that generates up to 90% lower particulate emissions and extremely low sulfur emissions.

去年 5 月 6 日，我們宣布我們的 Universal Biofuels India 子公司在公開招標過程中與 3 家印度國有石油營銷公司簽訂了價值 2300 萬美元的生物柴油供應合同。 2019 年 5 月開始向石油營銷公司運送生物柴油，並增長到佔印度工廠月收入的 70% 左右。我們對這種安排特別滿意，因為這 3 家政府石油營銷公司供應印度消耗的大約 70% 的柴油燃料，並且作為一個集團，代表了該國最大的單一潛在生物柴油客戶。根據這份合同，我們的生物柴油為印度各地的卡車、公共汽車甚至火車提供燃料，使用成本較低的生物燃料，可減少高達 90% 的顆粒物排放和極低的硫排放。

We achieved the capital expenditure upgrades and the revenue ramp up at the India plant, while repaying 100% of the long-term debt at the India subsidiary and without any ownership dilution to our Aemetis parent company shareholders. Aemetis effectively owns 100% of the India subsidiary, and as a result, may use the cash created from earnings to repay Aemetis' senior debt and provide expansion funding for other renewable fuels production projects.

我們在印度工廠實現了資本支出升級和收入增長，同時償還了印度子公司 100% 的長期債務，並且沒有對我們的 Aemetis 母公司股東進行任何股權稀釋。 Aemetis 實際上擁有印度子公司 100% 的股份，因此，可以使用收益產生的現金來償還 Aemetis 的高級債務，並為其他可再生燃料生產項目提供擴張資金。

Additional oil marketing company purchase requests for biodiesel are expected for year 2020, and we expect to continue to participate as a key supplier under these biodiesel contracts. During the months of December and January, the primary constraint on biodiesel revenues growth in India is the seasonal colder weather from lower winter temperatures and the high cost of feedstock in late 2019 that has now decreased significantly due to the global fall in the price of crude oil. Once the existing production capacity becomes fully committed to supplying the expanding biodiesel markets in India, the India plant has the footprint to expand its capacity to 100 million gallons per year. It should grow revenues to more than $300 million per year to meet increasing biodiesel demand in India, driven by the 2018 National Biofuels Policy.

預計 2020 年石油營銷公司還會收到更多生物柴油採購請求，我們預計將繼續作為主要供應商參與這些生物柴油合同。在 12 月和 1 月期間，印度生物柴油收入增長的主要製約因素是冬季氣溫較低導致的季節性寒冷天氣，以及 2019 年底原料成本高企，目前由於全球原油價格下跌，原料成本已大幅下降油。一旦現有產能完全致力於供應印度不斷擴大的生物柴油市場，印度工廠的產能將擴大到每年 1 億加侖。在 2018 年國家生物燃料政策的推動下，它應該將收入增加到每年 3 億美元以上，以滿足印度日益增長的生物柴油需求。

In addition to the significant progress in India, our 3 businesses in the U.S. achieved major milestones toward increasing revenues and sustained profitability. Let's review our California traditional ethanol business. Similar to our strategy in India, where we added a technology to allow the use of a lower-cost waste feedstock to produce biofuels, we have been upgrading our Keyes, California ethanol plant to lower input costs, reduce the carbon intensity of our biofuel and significantly increase the value of the ethanol we supply to the 1.5 billion gallon California ethanol market. We have been awarded about $21 million of grants in the past year to fund upgrades to the Keyes plant and our renewable gas project to lower the carbon content of our biofuel and increase profitability.

除了在印度取得重大進展外，我們在美國的 3 家企業在增加收入和持續盈利方面也取得了重要里程碑。讓我們回顧一下我們在加州的傳統乙醇業務。與我們在印度的戰略類似，我們在印度增加了一項技術，允許使用成本較低的廢物原料生產生物燃料，我們一直在升級我們位於加利福尼亞州凱斯的乙醇工廠，以降低投入成本，降低我們生物燃料的碳強度和顯著增加我們供應給 15 億加侖加州乙醇市場的乙醇的價值。去年，我們獲得了約 2100 萬美元的贈款，用於資助 Keyes 工廠和我們的可再生氣體項目的升級，以降低我們生物燃料的碳含量並提高盈利能力。

In May of last year, the Keyes plant successfully reduced carbon emissions under the California Low Carbon Fuel Standard by about 3 carbon intensity points. The credits were effective as of January 1, 2019, and generated about $250,000 per month of additional value from our corn ethanol sales without an increase in operating costs.

去年 5 月，Keyes 工廠根據加州低碳燃料標準成功地將碳排放量降低了約 3 個碳強度點。這些信用額度自 2019 年 1 月 1 日起生效，在不增加運營成本的情況下，每月從我們的玉米乙醇銷售中產生約 250,000 美元的額外價值。

The second upgrade to the Keyes plant is a CO2 capture and reuse project. After 3 years of project development, Linde Gas leased about 5 acres owned by Aemetis adjacent to the Keyes ethanol plant to build a CO2 liquification plant. We completed the CO2 capture equipment and piping for the Keyes plant in January 2020 and expect to have revenues in Q2 2020 after the CO2 plant is fully operational. When operational, the CO2 plant will convert the approximately 150,000 tons per year of renewable CO2 produced by our ethanol plant into liquid CO2 for sale to local food processors, beverage producers and other CO2 industrial users. About $1.5 million per year of cash is expected to be received from CO2 sales and the land lease for the CO2 plant. We also expect to qualify for a CO2 carbon capture and reuse federal tax credit that we calculate is worth more than $5 million per year. We are currently working on an arrangement to monetize the tax credits with a financial partner.

Keyes 工廠的第二次升級是 CO2 捕獲和再利用項目。經過 3 年的項目開發，林德氣體在 Keyes 乙醇廠附近租用了 Aemetis 擁有的約 5 英畝土地，用於建設 CO2 液化廠。我們於 2020 年 1 月完成了 Keyes 工廠的 CO2 捕集設備和管道，預計在 CO2 工廠全面投入運營後，將在 2020 年第二季度獲得收入。運營時，CO2 工廠每年會將我們的乙醇工廠生產的約 150,000 噸可再生 CO2 轉化為液態 CO2，出售給當地食品加工商、飲料生產商和其他 CO2 工業用戶。預計每年將從 CO2 銷售和 CO2 工廠的土地租賃中獲得約 150 萬美元的現金。我們還希望有資格獲得我們計算每年價值超過 500 萬美元的 CO2 碳捕獲和再利用聯邦稅收抵免。我們目前正在與金融合作夥伴一起安排將稅收抵免貨幣化。

The third upgrade to the Keyes plant is the construction of an $8 million membrane dehydration system, financed by Mitsubishi Chemicals of Japan, and a $1.5 million Pacific Gas and Electric grant as a strategic implementation of the Mitsubishi ZEBREX technology for the first time at a corn ethanol plant. The Mitsubishi unit was delivered to the Keyes plant in late February 2020, and is in the installation process. The ethanol dehydration unit is designed to significantly reduce petroleum natural gas usage and decrease the carbon intensity of our ethanol and, once implemented, is expected to generate an estimated $3 million per year of increased cash flow.

Keyes 工廠的第三次升級是建造價值 800 萬美元的膜脫水系統，由日本三菱化學提供資金，太平洋天然氣和電力贈款 150 萬美元作為 Mitsubishi ZEBREX 技術的戰略實施首次在玉米乙醇廠。三菱機組於 2020 年 2 月下旬交付給凱斯工廠，目前正在進行安裝。乙醇脫水裝置旨在顯著減少石油天然氣的使用並降低乙醇的碳強度，一旦實施，預計每年將產生約 300 萬美元的現金流增加。

A fourth upgrade to the Keyes plant is a solar microarray and artificial intelligence energy management system that received an $8 million grant from the California Energy Commission. This solar system will decrease the carbon intensity of our biofuel through the use of solar energy to displace higher carbon energy sources.

Keyes 工廠的第四次升級是太陽能微陣列和人工智能能源管理系統，該系統獲得了加州能源委員會的 800 萬美元撥款。這個太陽能係統將通過使用太陽能取代更高碳的能源來降低我們生物燃料的碳強度。

A fifth upgrade to the Keyes plant is a high-efficiency heat exchanger project that was awarded a $1.3 million Pacific Gas and Electric grant.

Keyes 工廠的第五次升級是一個高效熱交換器項目，該項目獲得了 130 萬美元的太平洋天然氣和電力贈款。

And the sixth upgrade to the Keyes plant is a mechanical vapor recompression system that was awarded a $6 million grant from the California Energy Commission that is expected to reduce natural gas use significantly.

Keyes 工廠的第六次升級是機械蒸汽再壓縮系統，該系統獲得了加州能源委員會的 600 萬美元撥款，預計將大大減少天然氣的使用。

These projects at the Keyes plant are targeted to reduce petroleum natural gas usage and costs by up to 80%, while increasing the number of Low Carbon Fuel Standard credits generated each year. The combined impact of these projects is expected to be a $30 million per year increase in operating cash flow at the Keyes plant, not including any improvement in profit margins that are expected to occur if the EPA simply enforces federal biofuels laws.

Keyes 工廠的這些項目旨在將石油天然氣的使用量和成本減少高達 80%，同時增加每年產生的低碳燃料標准信用額度。這些項目的綜合影響預計將使 Keyes 工廠的運營現金流每年增加 3000 萬美元，這還不包括如果 EPA 僅執行聯邦生物燃料法則預期會出現的任何利潤率改善。

Let's briefly review our Aemetis Biogas dairy digester and pipeline project. Methane, commonly known as natural gas, is a potent greenhouse gas that is up to 30x more powerful than carbon dioxide at capturing earth's heat. About 25% of California's methane emissions are from the waste ponds on dairy farms. To reduce damaging methane emissions, in late 2016, California passed the law known as Senate Bill 1383 that mandates the capture of biogas from dairies. Biomethane sourced from dairies can be used to replace gasoline or diesel fuel in trucks and buses to significantly reduce carbon emissions and air pollution. Along with the California State mandate, California has funded about $75 million of annual matching grants to dairies to build biogas digesters and related systems.

讓我們簡要回顧一下我們的 Aemetis Biogas 乳製品消化池和管道項目。甲烷，通常稱為天然氣，是一種強效溫室氣體，在吸收地球熱量方面比二氧化碳強 30 倍。加州大約 25% 的甲烷排放量來自奶牛場的糞池。為了減少有害的甲烷排放，2016 年底，加利福尼亞州通過了名為參議院法案 1383 的法律，該法案要求從奶牛場捕獲沼氣。來自乳製品的生物甲烷可用於替代卡車和公共汽車中的汽油或柴油燃料，以顯著減少碳排放和空氣污染。根據加利福尼亞州的授權，加利福尼亞每年向奶牛場提供約 7500 萬美元的配套補助金，用於建造沼氣池和相關係統。

We believe that capturing biogas from dairies and converting it into renewable natural gas to generate negative carbon intensity biofuels is an excellent way to reduce climate change, and create value for dairies while lowering costs for diesel truck fleets and electric vehicles. Based on our existing animal feed supply relationships with about 100 dairies and the ability to use biogas in our ethanol plant until utility pipeline approvals are obtained and pipeline injection is completed, we believe that Aemetis is uniquely positioned as 1 of only 3 ethanol companies in California who can use existing infrastructure in this manner.

我們認為，從奶牛場捕獲沼氣並將其轉化為可再生天然氣以產生負碳強度生物燃料是減少氣候變化、為奶牛場創造價值同時降低柴油卡車車隊和電動汽車成本的絕佳方式。根據我們與大約 100 家奶牛場的現有動物飼料供應關係，以及在獲得公用事業管道批准和管道注入完成之前在我們的乙醇工廠中使用沼氣的能力，我們認為 Aemetis 是加州僅有的 3 家乙醇公司之一，具有獨特的地位誰可以以這種方式使用現有的基礎設施。

After more than a year of project development and financing work, earlier this year, we announced $30 million of equity financing -- I should say, earlier in 2019, we announced $30 million of equity financing and a grant award from the California Department of Food and Agriculture for 2 matching grants for a total of about $3 million to build the first 2 dairies in our biogas project. Construction of the first 2 dairy digesters was completed in this quarter, and we are now building the 4-mile pipeline to connect the digesters with the Aemetis ethanol plant with an expectation of beginning renewable natural gas revenues during the second quarter of 2020.

經過一年多的項目開發和融資工作，今年早些時候，我們宣布了 3000 萬美元的股權融資——我應該說，在 2019 年初，我們宣布了 3000 萬美元的股權融資和加州食品部的贈款和農業部門獲得 2 項配套撥款，總計約 300 萬美元，用於在我們的沼氣項目中建設前 2 家奶牛場。前 2 個乳製品消化池的建設已於本季度完成，我們現在正在建設 4 英里長的管道，將消化池與 Aemetis 乙醇工廠連接起來，預計 2020 年第二季度開始產生可再生天然氣收入。

We have signed 17 participation agreements with dairies and plan to complete construction of the next 15 lagoon digesters by the end of year 2021.

我們已與奶牛場簽署了 17 份參與協議，併計劃在 2021 年底前完成下一批 15 個潟湖沼氣池的建設。

Let's finish with an update on our below-zero carbon cellulosic ethanol project in Riverbank, California. We were pleased that the Aemetis advanced biorefinery, under development in Riverbank, California near Modesto, was named as the #1 waste-to-value project in the world by Biofuels Digest, the world's largest daily biofuels publisher. The Aemetis project earned its #1 ranking as a result of our fixed price, low-cost almond and walnut wood waste contract for 20 years with a cost of about $20 per ton for the first half of the contract period. Planned production of high-value cellulosic ethanol expected to be worth more than $5 per gallon, as well as production of valuable fish meal and other byproducts and our use of the patented LanzaTech gas microbe ethanol production technology. The LanzaTech technology is now in full commercial production at a plant that opened about a year ago in Northern China that converts waste gases from a steel plant to produce ethanol.

讓我們以我們位於加利福尼亞州里弗班克的低於零碳的纖維素乙醇項目的最新情況作為結束。我們很高興 Aemetis 高級生物精煉廠正在開發中，該廠位於加利福尼亞州莫德斯托附近的河岸，被全球最大的每日生物燃料出版商 Biofuels Digest 評為全球排名第一的廢物轉化價值項目。 Aemetis 項目憑藉我們為期 20 年的固定價格、低成本杏仁和核桃木廢料合同贏得了排名第一，合同期上半年的成本約為每噸 20 美元。計劃生產價值預計超過每加侖 5 美元的高價值纖維素乙醇，以及生產有價值的魚粉和其他副產品，以及我們使用獲得專利的 LanzaTech 氣體微生物乙醇生產技術。 LanzaTech 技術目前已在大約一年前在中國北方開設的一家工廠全面投入商業生產，該工廠將一家鋼鐵廠的廢氣轉化為生產乙醇。

During 2019, we announced 3 significant financings related to the Riverbank project: A $5 million California Energy Commission grant to fund engineering and equipment, a $12.5 million tax waiver that offsets equity funding required for the project, and the signing of a $125 million United States Department of Agriculture conditional commitment letter for a 20-year debt financing under the 9003 Biorefinery program. We are focused on completing engineering of the plant required for the negotiation of the EPC contract that will include a bonded maximum construction cost. The Riverbank cellulosic ethanol plant is expected to generate more than $80 million of revenue and more than $50 million per year of positive cash flow by producing cellulosic ethanol from low-cost waste, orchard, vineyard, forest and even construction demolition wood as feedstock. The financial closing to begin construction of the Riverbank plant is dependent on completing the engineering and procurement work required for the signing of the construction contract.

2019 年，我們宣布了與 Riverbank 項目相關的 3 筆重大融資：加州能源委員會撥款 500 萬美元用於資助工程和設備，1250 萬美元的稅收減免以抵消項目所需的股權融資，以及簽署 1.25 億美元的美國農業部根據 9003 生物精煉廠計劃提供 20 年債務融資的有條件承諾書。我們專注於完成 EPC 合同談判所需的工廠工程，該合同將包括保稅的最高建設成本。 Riverbank 纖維素乙醇工廠預計將產生超過 8000 萬美元的收入和每年超過 5000 萬美元的正現金流量，通過以低成本廢物、果園、葡萄園、森林甚至建築拆除木材為原料生產纖維素乙醇。開始建設 Riverbank 工廠的財務結算取決於完成簽署施工合同所需的工程和採購工作。

In summary, we believe that Aemetis holds a unique position with diversified production of low carbon renewable fuels in 2 attractive markets, in California and India. The profitability and 120% revenue growth at our India plant during 2019 was achieved while repaying 100% of our long-term debt in the India subsidiary. The increased profit margins from plant upgrades related to the Keyes biorefinery are expected to begin to be realized in the second quarter of 2020. The Aemetis Biogas dairy digester and pipeline project is expected to begin first gas production in the second quarter of 2020. And our planned deployment of the patented LanzaTech cellulosic ethanol technology at the Riverbank plant has positioned Aemetis to rapidly produce expanding positive cash flow from the production of low carbon, clean burning, high-performance renewable fuels from abundant, low-cost waste biomass feedstocks.

總而言之，我們認為 Aemetis 在加利福尼亞和印度這兩個極具吸引力的市場中擁有獨特的低碳可再生燃料多元化生產優勢。 2019 年，我們印度工廠的盈利能力和 120% 的收入增長是在償還印度子公司 100% 的長期債務的同時實現的。與 Keyes 生物精煉廠相關的工廠升級帶來的利潤率增加預計將於 2020 年第二季度開始實現。Aemetis 沼氣乳製品消化池和管道項目預計將於 2020 年第二季度開始首次產氣。而我們的計劃在 Riverbank 工廠部署獲得專利的 LanzaTech 纖維素乙醇技術，使 Aemetis 能夠利用豐富、低成本的廢生物質原料生產低碳、清潔燃燒、高性能可再生燃料，從而迅速產生不斷擴大的正現金流。

Now let's take a few questions from our call participants. Jim?

現在讓我們來聽聽電話會議參與者的幾個問題。吉姆？

(Operator Instructions) We'll hear first from Ed Woo at Ascendiant Capital.

（操作員說明）我們將首先從 Ascendiant Capital 的 Ed Woo 那裡聽到。

My question is, obviously, oil has been very, very weak and volatile. What's your best outlook on where you think oil is headed and how it's going to affect, obviously, the ethanol market?

我的問題是，很明顯，石油一直非常、非常疲軟和波動。對於您認為石油的發展方向以及它將如何影響乙醇市場，您的最佳展望是什麼？

I'll give you the medium and long-term answer first. It will take a couple of sentences. Then we'll talk about the short term. When the price of gasoline or diesel decreases, the incentive for people to not drive long distances is decreased as well. So they are motivated to go and undertake tasks that are more energy intensive, such as buying an SUV or a pickup truck instead of a small vehicle and go ahead and take that extra 2 or 3 trips to grandma's house every month. So the incentive with a significant 40% reductions in gasoline prices at the pump is for people to drive more, not to drive less. So the medium and long-term impact of ethanol is that we are a mandated blend, California being an example with a 10% blend. Our average across the United States today is 11%. So as more gasoline is consumed, as people drive larger vehicles and drive more miles, in the medium to long term, this is very, very bullish for biofuels. This is a demand increase for biofuels. And frankly, it's not such good news for highly expensive electric vehicles, who frankly lose some of their cost justification when fuel is very inexpensive. So it makes it more difficult for carbon reduction programs that are trying to get people to use less carbon-intensive gasoline and diesel because people tend to use more. And therefore, blending biofuels is encouraged in order to meet these Low Carbon Fuel Standard goals.

我先給你中長期的答案。這將需要幾句話。然後我們將談論短期。當汽油或柴油價格下降時，人們不再長途駕駛的動機也會減少。因此，他們有動力去從事更耗能的任務，例如購買 SUV 或皮卡車而不是小型車輛，然後繼續每個月多去奶奶家 2 或 3 趟。因此，加油站汽油價格大幅降低 40% 是為了鼓勵人們多開車，而不是少開車。因此，乙醇的中長期影響是我們是強制混合的，加利福尼亞就是一個 10% 混合的例子。我們今天在美國的平均水平是 11%。因此，隨著越來越多的汽油被消耗，隨著人們駕駛更大的車輛和行駛更遠的里程，從中長期來看，這對生物燃料非常非常有利。這是對生物燃料的需求增加。坦率地說，這對於昂貴的電動汽車來說並不是什麼好消息，坦率地說，當燃料非常便宜時，他們失去了一些成本理由。因此，這使得試圖讓人們使用較少碳密集型汽油和柴油的碳減排計劃變得更加困難，因為人們傾向於使用更多。因此，鼓勵混合生物燃料以滿足這些低碳燃料標準目標。

Now in the very short term, which is potentially 2-week to 1-year time frame, is the Saudis and the Russians having a backyard dispute about who's in control of the oil market worldwide. And I think we've seen this picture before. It started in June of 2014, it ended in January of 2016, it was about an 18-month cycle. The decline that time got to $26 crude oil, and it took about 1.5 years for that kind of battle to get to its low point before you saw some cooperation. This time, it took 2 days for the price of crude oil to fall to $28 and the Saudis said in public, we are going to make this very harsh, and it's going to be a shock to the system. And they have now proposed increase in their production capacity from 12 million barrels per day to 13 million barrels per day, and they've done all the indications necessary, quite frankly, to scare the Russians.

現在在非常短期內，可能是 2 周到 1 年的時間範圍內，沙特人和俄羅斯人就誰控制了全球石油市場發生了後院爭執。我想我們以前見過這張照片。 2014年6月開始，2016年1月結束，大約18個月一個週期。那次原油跌到26美元，這種戰鬥用了大約1.5年的時間才降到最低點，然後才看到一些合作。這一次，原油價格用了 2 天的時間跌至 28 美元，沙特人公開表示，我們將採取非常嚴厲的措施，這將對系統造成衝擊。他們現在提議將生產能力從每天 1200 萬桶增加到每天 1300 萬桶，並且坦率地說，他們已經做了所有必要的跡象來嚇唬俄羅斯人。

The Russians are stuck with a much higher cost of crude oil production. Saudi's cost about $8, Russians are estimated to be about $42. And so this little price war will last as long as the Russians and the Saudis want to beat each other up. Now that could last as much as a year. We saw it last 18 months last time. I think with Mohammad Bin Salman running the Saudi cycle, he just basically said, look, if we're going to do this, we're going to do it now. And he took the 18-month price decline and he compressed it into 2 days. And I think we might be quite surprised to see that Mr. Putin, Mr. Salman and the Iranian head come to agreement, and we're back at $50 to $60 crude oil rather quick. Goldman Sachs believes that, that's what's going to happen. Now we're going to see a relatively rapid recovery as all sorts of different countries come to realize what $33 crude oil does to their national economy. So my personal projection is we have to prepare for a year of this kind of dispute. But I think there's a political upside that could come to bear in the next month or 2, where we could just have a shocking rebound in crude oil prices as the Saudis rescind their decision to overproduce. So it's a political risk, there's really no way to handicap it other than just watch for the news on what Mohammad Bin Salman says over out in Saudi Arabia.

俄羅斯人被原油生產成本高得多所困。沙特人的成本約為8美元，俄羅斯人估計約為42美元。因此，只要俄羅斯人和沙特人想要互相毆打，這場小規模的價格戰就會持續下去。現在這可能會持續一年之久。我們上次看到它持續了 18 個月。我認為，穆罕默德·本·薩勒曼 (Mohammad Bin Salman) 負責沙特週期，他基本上只是說，看，如果我們要這樣做，我們現在就去做。他將 18 個月的價格下跌壓縮為 2 天。而且我認為，我們可能會非常驚訝地看到普京先生、薩勒曼先生和伊朗領導人達成協議，並且我們的原油價格很快回到 50 美元至 60 美元的水平。高盛認為，這就是將要發生的事情。現在我們將看到相對快速的複蘇，因為各種不同的國家開始意識到 33 美元的原油價格對其國民經濟的影響。所以我個人的預測是我們必須為這種爭端準備一年。但我認為在接下來的一兩個月可能會出現政治上行，隨著沙特阿拉伯取消其生產過剩的決定，我們可能會看到原油價格出現令人震驚的反彈。所以這是一個政治風險，除了關注穆罕默德·本·薩勒曼在沙特阿拉伯的言論外，真的沒有辦法阻止它。

Now the impact on ethanol. The short-term impact on ethanol is, we are slight -- we have a very slight decrease in price. It's about $0.03 decrease in the Chicago Board of Trade for ethanol. At the same time, we had a decrease in our input costs. We are a major consumer of natural gas, and we saw natural gas prices fall. We are a consumer of corn and corn prices, for a variety of reasons, fell. And so our input cost decreased roughly proportionate with our ethanol price. So we pretty much had no price compression or margin compression occur as a result of this dramatic fall in crude oil prices. And we're sitting actually with a different element as a driver of our margins. And that is the EPA losing a court battle that ended in January 25 of this year, in which the last 4 years of EPA actions were overturned by the Federal Court regarding most of the small refinery exemptions that were issued. The net impact of that will be a dramatic increase in the demand for the physical delivery of biofuels in the United States. And we'll see how that plays out. The EPA has asked for a 2-week extension to decide whether they're going to appeal it or not. But up until last Thursday, EPA had said publicly, they intended to comply with the court order, which would entail the physical delivery of 700 million gallons or more of ethanol in the U.S. and potentially -- and about -- more than 80% reduction in the numbers of pieces of paper in the marketplace that are traded, called RINs, that are essentially avoidance mechanisms to not have to buy the physical gallons. So a reduction in the RINs in the marketplace by 80% and a 700 million gallon physical demand increase this year to comply with the 15 million gallon requirement, would be a very bullish element for the ethanol business without changing the prices at the pump at all.

現在對乙醇的影響。對乙醇的短期影響是輕微的——我們的價格略有下降。芝加哥期貨交易所乙醇價格下跌約 0.03 美元。與此同時，我們的投入成本有所下降。我們是天然氣的主要消費國，我們看到天然氣價格下跌。我們是玉米的消費者，玉米價格，由於種種原因，下跌。因此，我們的投入成本與我們的乙醇價格大致成正比。因此，由於原油價格的急劇下跌，我們幾乎沒有出現價格壓縮或利潤率壓縮的情況。實際上，我們坐著一個不同的元素作為我們利潤率的驅動因素。那就是 EPA 在今年 1 月 25 日結束的一場法庭訴訟中敗訴，其中聯邦法院推翻了 EPA 過去 4 年關於大多數小型煉油廠豁免的訴訟。其淨影響將是美國對生物燃料實物交割的需求急劇增加。我們將看看結果如何。 EPA 已要求延期 2 週，以決定他們是否要上訴。但直到上週四，EPA 才公開表示，他們打算遵守法院的命令，這將需要在美國實際交付 7 億加侖或更多的乙醇，並且可能 - 大約 - 減少 80% 以上在市場上交易的紙張數量中，稱為 RIN，這本質上是一種避免機制，不必購買物理加侖。因此，今年市場上的 RIN 減少 80% 並增加 7 億加侖的實際需求以符合 1500 萬加侖的要求，這對乙醇業務來說將是一個非常有利的因素，而根本不會改變泵的價格.

And here's why? We sell our product for roughly $1.50. The customer at the pump, after taxes, is paying about $2.50. We have a 65 million gallon plant. So $1 times 65 is $65 million, is paid to the people who drive a truck from our plant over to the retail store. And of that $65 million, the trucking company makes a few million, the retailer makes a few million, the rest goes into the pockets of oil companies. So they're -- without changing the price at the pump, we could see a dramatic margin improvement of $0.30, $0.40, $0.50 easily. And the last time that EPA actually enforced federal law, the ethanol business, our business, made $0.65 per gallon every quarter for 4 quarters. So we, in that equation, would have the oil companies make about $0.15 for owning a telephone and calling us and buying our product. We'd make about $0.65, which is over $40 million a year of positive cash flow. And that is the ordinary supply and demand equation in our industry. It's only not been in existence when federal law is violated, which it was under Obama for 2 years by not enforcing the law, and then for the last 4 years under Trump by actively issuing illegal waivers. If you listen to the Federal Court, that's what they said in their 100-page opinion. So that's my summary of the current status, is we're awaiting the EPA's realization that sooner or later, the enforcement of Federal Law has been determined by the Federal Court. And when that happens, our profitability should be reflective of a more balanced sharing of the margins with our customers.

這就是為什麼？我們以大約 1.50 美元的價格出售我們的產品。稅後，加油站的顧客支付了大約 2.50 美元。我們有一個 6500 萬加侖的工廠。所以 1 乘以 65 就是 6500 萬美元，支付給從我們工廠開卡車到零售店的人。在這 6500 萬美元中，卡車運輸公司賺了幾百萬，零售商賺了幾百萬，剩下的都進了石油公司的腰包。所以他們——在不改變加油站價格的情況下，我們可以很容易地看到利潤率顯著提高 0.30 美元、0.40 美元、0.50 美元。上一次 EPA 實際執行聯邦法律時，乙醇業務，即我們的業務，連續 4 個季度每季度賺取 0.65 美元/加侖。所以，在這個等式中，我們會讓石油公司因為擁有一部電話、打電話給我們和購買我們的產品而賺取大約 0.15 美元。我們的收入約為 0.65 美元，即每年超過 4000 萬美元的正現金流。這就是我們行業中的普通供需方程。它只是在違反聯邦法律時才不存在，奧巴馬執政期間有 2 年不執行法律，而在特朗普執政的最後 4 年裡，它主動發布非法豁免。如果你聽聽聯邦法院的意見，他們在 100 頁的意見中就是這麼說的。這就是我對當前狀態的總結，我們是否正在等待 EPA 意識到聯邦法律的執行遲早會由聯邦法院決定。當這種情況發生時，我們的盈利能力應該反映出與客戶更平衡地分享利潤。

Great. And you said that, that should be within the next 2 weeks?

偉大的。你說那應該在接下來的 2 週內？

They're going to have to decide whether they support the appeal in the next 2 weeks. The appeal will be a process that takes 3 to 4 months and is expected to fail. And it's -- the reason why it's expected to fail is it's the unanimous decision by the appellate court in a 100-page decision, that's open and shut case. And so there's really not a question for the Supreme Court to deal with in terms of conflicts of laws or anything else. So in the legal treatises that I've heard and read on this topic, it's a guaranteed loser. And so in the political season we're in, to lose a major case that was fought aggressively against farmers and against biofuels industry players is just not a great idea for a guy who wants to be reelected President of the United States. So it makes no political sense at all that the EPA would oppose and not fully implement the court decision in January. There's only really 2 refiners that benefit, one is owned by Carl Icahn. And so I think that it was just a political mistake made by requesting extension for 15 days. And we should know 15 days from now, whether that critical mistake is exacerbated and made worse by actually filling for an appeal. It makes no sense at all that the Trump administration would do so. But we're waiting and seeing. That's the -- March 24, by the way, is the date. March 24 is the date in which the EPA either has to state how they're going to enforce the law or ask for an appeal of the law.

他們將不得不在接下來的 2 週內決定是否支持上訴。上訴將是一個需要 3 到 4 個月的過程，預計會失敗。這是 - 預計失敗的原因是上訴法院在 100 頁的決定中一致決定，這是公開和關閉的案件。因此，就法律衝突或其他任何方面而言，最高法院確實沒有要處理的問題。因此，在我聽過和讀過的有關該主題的法律論文中，它肯定是輸家。因此，在我們所處的政治季節，輸掉一場針對農民和生物燃料行業參與者的激烈鬥爭的重大案件對於一個想再次當選美國總統的人來說並不是一個好主意。因此，EPA 反對並且不完全執行 1 月份的法院判決在政治上毫無意義。實際上只有 2 家煉油廠受益，其中一家為卡爾·伊坎 (Carl Icahn) 所有。所以我認為要求延期 15 天只是一個政治錯誤。我們應該知道 15 天后，這個嚴重錯誤是否會因為實際提出上訴而加劇和惡化。特朗普政府這樣做毫無意義。但我們拭目以待。順便說一下，日期是 3 月 24 日。 3 月 24 日是 EPA 必須說明他們將如何執行法律或要求對法律提出上訴的日期。

We'll take our next question from the line of Shane Martin at Stonegate.

我們將從 Stonegate 的 Shane Martin 那裡接聽我們的下一個問題。

Can you guys -- I know it's kind of early innings as far as India is concerned. But can you guys give me any color as to how kind of India operations have been hampered, if at all, by the coronavirus in terms of both demand and also if there's any kind of operational disruptions that you guys are seeing? Just kind of an overall impact thus far, if any?

你們能不能——我知道就印度而言，這還處於早期階段。但是你們能告訴我印度的業務在需求方面受到了什麼樣的阻礙嗎？到目前為止，只是一種整體影響，如果有的話？

Yes, good question. I would take the coronavirus and have a derivative being oil prices because it was a demand decrease from coronavirus that caused some of the upset in the Saudi-Russian relationship. They're basically fighting over a smaller market. The direct impact is that, in India, historically, we have sold our biodiesel as a 100% replacement for diesel. So unlike in the United States where you blend biodiesel with diesel, India is a warm country. And so for about 10 months a year, the trucks and mining machines and construction machines that buy and use our product don't actually have any petroleum diesel in their tanks. They are 100% running on our trucks -- our fuel. And so the immediate impact in India has not been noticeable in terms of demand reduction. India is not listed as one of the major COVID-19 countries. They don't have major widespread shutdowns or anything yet. And the sectors that we're selling to, specifically mining, construction, highway equipment, et cetera, tend to be more in the infrastructure development and not so much consumer environment. So we're probably going to have a more muted demand response in our particular market, India, because we're selling to businesses who are under contract to build things. And we're not really dependent at all on consumer use and whether people are driving to work or not.

是的，好問題。我會考慮冠狀病毒並衍生出油價，因為正是冠狀病毒導致的需求下降導致了沙特與俄羅斯關係的一些不安。他們基本上是在爭奪一個更小的市場。直接影響是，在印度，歷史上我們銷售的生物柴油是作為 100% 的柴油替代品。因此，與將生物柴油與柴油混合的美國不同，印度是一個溫暖的國家。因此，每年大約有 10 個月，購買和使用我們產品的卡車、採礦機械和建築機械的油箱中實際上沒有任何石油柴油。他們 100% 使用我們的卡車——我們的燃料。因此，就需求減少而言，印度的直接影響並不明顯。印度未被列為 COVID-19 的主要國家之一。他們還沒有大範圍的停工或其他任何事情。我們銷售的行業，特別是採礦、建築、公路設備等，往往更多地涉及基礎設施開發，而不是消費者環境。因此，在我們的特定市場印度，我們可能會有更溫和的需求響應，因為我們正在向簽訂合同建造東西的企業銷售產品。而且我們根本不依賴於消費者的使用以及人們是否開車上班。

Indirectly though, the price of crude oil declining means that we're competing against a lower-priced commodity. Now the 2018 National Biofuels Policy has this 1.2 billion gallon goal and the entire production capacity in the country is 250 million gallons. And they specifically have a mandate to try to set a price that's going to encourage us to reinvest in expansion of our capacity. Our current capacity is 50 million gallons, and the government would like it to be 100 million gallons. So this tender process, this bidding process, has about 5 suppliers in the country. We founded the Biodiesel Manufacturers Association. So we have relationships with all those suppliers. And the result of this process, which should be a 2- to 3-month process, is to end up with a price that is profitable enough for us to not only supply but also to expand our operations. And we'll be able to, probably by May, have that tender process completed and are seeking a price that is attractive, like it was last year, and enables our profitability to be reinvested in the expansion growth of both revenues as well as profits.

但間接地，原油價格下跌意味著我們正在與價格較低的商品競爭。現在 2018 年國家生物燃料政策有這個 12 億加侖的目標，全國的總產能是 2.5 億加侖。他們特別有權嘗試設定一個價格，以鼓勵我們對擴大產能進行再投資。我們目前的產能是 5000 萬加侖，政府希望是 1 億加侖。所以這個招標過程，這個投標過程，在國內有大約 5 個供應商。我們成立了生物柴油製造商協會。所以我們與所有這些供應商都有關係。這個過程的結果，應該是一個 2 到 3 個月的過程，最終會以一個足夠有利可圖的價格結束，讓我們不僅可以供應，還可以擴大我們的業務。我們可能會在 5 月之前完成招標過程，並正在尋求一個像去年一樣有吸引力的價格，並使我們的盈利能力能夠重新投資於收入和利潤的擴張增長.

Okay, great. And then can you give me an idea as far as the SG&A outlook for the India segment for 2020? I mean more specifically, what the operating support charges are going to look like for that going forward?

好的，太好了。然後你能給我一個關於 2020 年印度市場 SG&A 前景的想法嗎？我的意思是更具體地說，未來的運營支持費用會是什麼樣子？

India is a very inexpensive country to operate in. I'm going to estimate less than $1 million for all-in staff and overhead, accounting and legal and everything else.

印度是一個運營成本非常低的國家。我估計所有員工和間接費用、會計和法律以及其他一切費用不到 100 萬美元。

Okay. And then can you give an idea -- kind of switching over to the U.S. market, the $30 million increase in operating cash flow. Can you give kind of an idea -- I know you've outlined some of the things that are going to come online this year in Q2 and kind of later in the year. Can you give an idea of kind of how much of that $30 million increase in operating cash flow, we could see kind of fall in line here in 2020 and then maybe in 2021 as well?

好的。然後你能給出一個想法——有點轉向美國市場，運營現金流增加 3000 萬美元。你能給出一個想法嗎——我知道你已經概述了一些將在今年第二季度和今年晚些時候上線的東西。您能否給出 3000 萬美元運營現金流增加中有多少的想法，我們可以在 2020 年和 2021 年看到某種程度的下降？

Yes. And -- I haven't come out with a quarterly number that we've published, but we do have an annual number. And let me give you a run rate concept. From a run rate perspective, we'd be looking at accomplishing about $12 million of that improvement by the end of this year from a run rate. So some is going to scale up in second, some in the third, some in the fourth quarter. We would be looking to exit. And this assumes that we get our solar project built as well. So we'll be exiting this year with about $1 million a month of improved cash flow. The final project, which is that mechanical vapor reconstruction -- recompression project would be a 2021 project. And when you layer that on with some other continued expansion, that's where we get up to the roughly $30 million. So we would be looking to exit 2021 with the full $30 million in place. Now we can accelerate that time frame. The time frame I gave you was 7 quarters, and so we can accelerate that. It's all really subject to the financing and grant process. Grants tend to be pretty administratively slow. So the scale I'm giving you is really just reflecting that. But we are making concerted efforts to accelerate that process. The actual construction cycle could be half a year quicker than that. So the upside would be that instead of being fourth quarter of 2021 run rate, it ends up being the second quarter of 2021 run rate. But our bogey is without any enforcement by the EPA, federal law, none at all, that we would improve our monthly cash flow by approximately $2.5 million per month just by creating more Low Carbon Fuel Standard-benefiting projects and decreasing our input costs.

是的。而且 - 我還沒有得出我們發布的季度數字，但我們確實有年度數字。讓我給你一個運行率的概念。從運行率的角度來看，我們希望到今年年底從運行率中實現約 1200 萬美元的改進。所以有些會在第二季度擴大規模，有些會在第三季度擴大規模，有些會在第四季度擴大規模。我們會尋求退出。這假設我們也建造了我們的太陽能項目。因此，我們今年將以每月約 100 萬美元的改善現金流退出。最後一個項目，即機械蒸汽重建 - 再壓縮項目將是一個 2021 年的項目。當你將其與其他一些持續擴張疊加在一起時，這就是我們達到大約 3000 萬美元的地方。因此，我們希望在 2021 年全部到位 3000 萬美元。現在我們可以加快這個時間框架。我給你的時間框架是 7 個季度，所以我們可以加快它的速度。這完全取決於融資和贈款流程。贈款往往在管理上相當緩慢。所以我給你的比例真的只是反映了這一點。但我們正在齊心協力加速這一進程。實際建設週期可能比這快半年。因此，好的一面是，它最終不是 2021 年第四季度的運行率，而是 2021 年第二季度的運行率。但是我們的忌諱是沒有任何 EPA 和聯邦法律的強制執行，根本沒有，我們將通過創建更多符合低碳燃料標準的項目和降低我們的投入成本，每月將每月現金流量提高約 250 萬美元。

Okay, great. And then last question for me, kind of CapEx outlay for 2020. What does that kind of look like for you guys? And how much of that is kind of the growth CapEx for you?

好的，太好了。然後是我的最後一個問題，2020 年的資本支出支出。這對你們來說是什麼樣的？其中有多少是您的增長資本支出？

Yes. I haven't added that number up. If we take the MVR and put it aside, we're talking about -- and let me do it on a project basis because I think it'd be more helpful that way. We have a subsidiary, Aemetis Biogas, which has no debt, has a $30 million equity commitment and has already approximately, between what we filed and we expect to file, we could get as much as $30 million of grants in that subsidiary. So $30 million of equity, $30 million of grant gives a total budget of about $60 million. So we'll be spending about almost $60 million of CapEx in that subsidiary to build out, over the next year or so, the 12 dairies that are our initial phase. And -- so the CapEx budget is a little south of $60 million. But the source of funding is, half of it comes from grants, which is State of California supporting what we're doing. The other half is from this nondilutive equity funding, where we sold preferred equity at our subsidiary, and then we automatically buy it back, and it's capped. It's not a debt instrument. It doesn't have interest in it. It's just capped and without us investing any capital, we receive 25% of the cash flow from operations in the initial period. And then after it's fully redeemed, we get 100% of the cash flow. So we end up with 100% ownership and don't actually have a capital investment budget provided by the parent company, and we get 25% of cash flow upfront from the operation of the project.

是的。我還沒有把那個數字加起來。如果我們將 MVR 放在一邊，我們正在談論 - 讓我在項目基礎上進行，因為我認為這樣會更有幫助。我們有一家子公司 Aemetis Biogas，它沒有債務，有 3000 萬美元的股權承諾，並且已經大約在我們提交的和我們預期提交的文件之間，我們可以從該子公司獲得多達 3000 萬美元的贈款。因此，3000 萬美元的股權，3000 萬美元的贈款，總預算約為 6000 萬美元。因此，我們將在該子公司花費近 6000 萬美元的資本支出，在未來一年左右的時間裡建設我們初始階段的 12 家奶牛場。而且 - 所以資本支出預算略低於 6000 萬美元。但資金來源是，其中一半來自贈款，這是加利福尼亞州支持我們正在做的事情。另一半來自這種非稀釋性股權融資，我們在我們的子公司出售優先股，然後我們自動回購它，它是有上限的。它不是債務工具。它對此沒有興趣。它只是有上限，在我們沒有投入任何資本的情況下，我們在初期從運營中獲得了 25% 的現金流。然後在完全贖回之後，我們得到 100% 的現金流。所以我們最終擁有 100% 的所有權，實際上沒有母公司提供的資本投資預算，我們從項目運營中預付了 25% 的現金流。

So I didn't -- when you say CapEx, most people think, "uh-oh, this company is going to have to go get a bunch of debt or it's going to have to somehow dilute shareholders or otherwise." We have structured each one of our activities as being grant funded with some sort of a bridge mechanism that is automatically self-financed through the mechanism of the financing. Mitsubishi 100% finance their equipment and a $1.5 million PG&E grant made up the gap. So that financing structure is a grant plus Mitsubishi self-financing it, paid out of increased cash flow. And I think we've actually -- we're about even in terms of the number of shares outstanding since we went on the NASDAQ in 2014. So minimizing or actually maybe even completely eliminating shareholder dilution in our business model has been a very, very significant focus of management energy. And it is a different approach than perhaps some of the other biofuels companies that have capital expense -- intensive business models. But I think we've proven we can make it work. And to now operate in our 6 years since we've been on NASDAQ, and to have roughly the same number of shares outstanding is quite unusual. I can't actually think of any other biofuels company that's achieved that, while achieving significant revenue growth that's now $200 million.

所以我沒有——當你說資本支出時，大多數人會認為，“呃，哦，這家公司將不得不背負一大筆債務，或者它將不得不以某種方式稀釋股東或其他方式。”我們將我們的每一項活動都構建為通過某種橋樑機制獲得贈款資助，該機制通過融資機制自動自籌資金。三菱 100% 資助他們的設備，150 萬美元的 PG&E 贈款彌補了缺口。所以說融資結構是贈款加上三菱自籌資金吧，用增加的現金流支付。而且我認為我們實際上 - 自 2014 年在納斯達克上市以來，我們的流通股數量幾乎持平。因此，在我們的商業模式中最小化甚至完全消除股東稀釋一直是一個非常，非常顯著的集中管理精力。與其他一些擁有資本支出密集型商業模式的生物燃料公司相比，這是一種不同的方法。但我認為我們已經證明我們可以讓它發揮作用。自從我們在納斯達克上市以來，現在已經運營了 6 年，並且擁有大致相同數量的已發行股票是非常不尋常的。實際上，我想不出還有哪家生物燃料公司能做到這一點，同時實現顯著的收入增長，現在已達到 2 億美元。

Next, we'll take a question over the phones coming from the line of Tom Welch at Ameriprise.

接下來，我們將對來自 Ameriprise 的 Tom Welch 系列的電話進行提問。

[Eric, Todd.] First question, I see that your EB-5 funding second round, you've now landed approximately $4 million. Is that correct?

[Eric, Todd.] 第一個問題，我看到你的 EB-5 融資第二輪，你現在已經獲得了大約 400 萬美元。那是對的嗎？

That's correct. We funded about $4 million last year. We're expanding the whole offering activity this year, though, because the rules changed in November of 2019 to strongly favor projects like ours.

這是正確的。我們去年資助了大約 400 萬美元。不過，我們今年正在擴大整個發行活動，因為規則在 2019 年 11 月發生了變化，強烈支持像我們這樣的項目。

Can I ask what country primarily are you seeing that existing funding coming from the $4 million?

我能問一下您主要看到哪個國家/地區的現有資金來自 400 萬美元嗎？

Today, the country is India. I would expect at least 70% of the investors in the program will be from India in 2020. Historically, China is comprised 85% of the program. But so many Chinese funded literally billions of dollars in the EB-5 job creation program, that's about a 15-year wait for a new Chinese investor to get a green card. So the Indians, we do not have that long wait period are -- and are losing the H-1B work visas in the U.S., you may know that a little over 1/3 of H-1B work visas were rejected by the Trump administration starting in the year 2017. So these are sometimes families actually here that are running the risk of having to end up back in India after embedding their entire family in the U.S. So the Indian population is really the most attractive one.

今天，這個國家是印度。我預計到 2020 年該計劃至少有 70% 的投資者將來自印度。從歷史上看，中國占該計劃的 85%。但如此多的中國人在 EB-5 創造就業計劃中投入了數十億美元，新的中國投資者獲得綠卡需要等待大約 15 年。所以印度人，我們沒有那麼長的等待期——而且正在失去美國的 H-1B 工作簽證，你可能知道特朗普政府拒絕了超過 1/3 的 H-1B 工作簽證從 2017 年開始。因此，有時實際上這裡的家庭在將整個家庭安置在美國後，冒著不得不回到印度的風險。因此，印度人口確實是最有吸引力的。

And it sounds like our relationship with India has jumped up a couple of notches at least with the most recent visit by President Trump.

聽起來我們與印度的關係至少在特朗普總統最近的訪問中提升了幾個檔次。

Yes, but just a couple of notches. And Tom, something else that's interesting is that we have a 50 million gallon plant and 80 employees in India, headquarters in Hyderabad. And we find that these investors have as their #1 risk, they are half the world away, and they just don't have confidence that giving a lot of their money to some guy in California making big promises has any business behind it, right? So we're a NASDAQ-listed public company, but we have a physical facility that they go and visit in India. So we have a very, very unique, 14-year India presence that gives us credibility that is significantly different than any other developer I know in the U.S.

是的，但只有幾個檔次。湯姆，還有一件有趣的事情是我們在印度擁有一個 5000 萬加侖的工廠和 80 名員工，總部位於海得拉巴。我們發現這些投資者的頭號風險是他們在半個地球之外，他們只是沒有信心將大量資金捐給加利福尼亞州的某個做出重大承諾的人背後有任何業務，對吧？所以我們是一家在納斯達克上市的上市公司，但我們有他們去印度參觀的實體設施。因此，我們在印度擁有非常非常獨特的 14 年業務，這使我們的信譽與我在美國認識的任何其他開發商都大不相同。

Fantastic. One final question. I see that Minnesota has now proposed legislation, changing the minimum blend rate from 10% to 15%. Essentially, all they've done is gone in with HF 3694, crossed out the 10% line from previous legislation and substituting the 15% mandatory blend rate. That's a heck of a change to think that you can pull into any pump possibly in Minnesota of having a normal blend rate of 10%, seeing a 15% blend rate now on virtually all the pumps, and it looks like it's going to pass. What -- so just pure speculation here, but I would be interested in your opinion on whether or not we could see similar legislation in California, New York and the -- all of the other Corn Belt states?

極好的。最後一個問題。我看到明尼蘇達州現在已經提出立法，將最低混合率從 10% 更改為 15%。從本質上講，他們所做的只是加入了 HF 3694，劃掉了之前立法中 10% 的界限，代之以 15% 的強制混合率。想想你可以拉入明尼蘇達州任何一個正常混合率為 10% 的泵，現在幾乎所有泵上的混合率為 15%，而且看起來它會通過，這真是一個巨大的變化。什麼 - 所以這裡只是純粹的猜測，但我想知道你對我們是否可以在加利福尼亞州、紐約州和 - 所有其他玉米帶州看到類似立法的看法？

The answer is yes. The EPA did testing that was equivalent to 6x to the moon and back in terms of number of miles driven, showing that you could have a 20% blend, and then any vehicle that was younger than 2001, so it's manufactured in 2001 or later, that the requirements of the engine and fuel lines would allow you to actually run 20% ethanol. And they went to Congress in 2009 and said, we're going to approve 20% ethanol. And Congress, at the time under pressure from the oil industry, said, "Oh, my gosh, we can't do that. We can't do that", and they approved 15%. Thereafter, the oil industry sued the EPA. And in 2012, that lawsuit was completed. And actually, since 2012, 15% has been approved by the EPA for any vehicle that's 2001 or younger. Now we're almost a decade after 2012 now. And so the percentage of cars that are older than 2001 has decreased significantly. And so states such as Nebraska, Minnesota, Wisconsin, Iowa, we call them the corn states, have a tremendous amount of pressure to say, why aren't we at least at 15%? If 20% was approved by the Department of Energy, Congress approved E15 after it arm wrestled with the oil industry, why aren't we at least at the national standard of E15? California is the only state in the country that's allowed to have its own fuel blend because we want cleaner air in California. And we won a Supreme Court judgment a couple of decades ago, allowing us to set our own rules. In California, E15 is in the final regulatory process and is slated in the next year to come up for approval. And if it is approved, we'll have cleaner air in California and lower cost fuel in California, and that would be a bellwether state. If you see California come up with E15, by the way, that represents about 700 million gallons of additional demand just in California.

答案是肯定的。 EPA 進行的測試相當於往返月球 6 倍的行駛里程，表明你可以混合使用 20%，然後是任何 2001 年之前的車輛，所以它是在 2001 年或之後製造的，發動機和燃油管路的要求將允許您實際運行 20% 的乙醇。他們在 2009 年向國會表示，我們將批准 20% 的乙醇。當時在石油行業的壓力下，國會說：“哦，天哪，我們不能那樣做。我們不能那樣做”，他們批准了 15%。此後，石油行業起訴了 EPA。 2012 年，該訴訟結束。實際上，自 2012 年以來，EPA 已批准 15% 用於任何 2001 年或更晚的車輛。現在我們距離 2012 年已經過去將近十年了。因此，老於 2001 年的汽車比例顯著下降。因此，內布拉斯加州、明尼蘇達州、威斯康星州、愛荷華州等州，我們稱它們為玉米州，有巨大的壓力要說，為什麼我們不能至少達到 15%？如果能源部批准20%，國會在與石油行業角力後批准了E15，為什麼我們至少不能達到E15的國家標準？加利福尼亞州是該國唯一允許擁有自己的混合燃料的州，因為我們希望加利福尼亞州的空氣更清潔。幾十年前，我們贏得了最高法院的判決，允許我們制定自己的規則。在加利福尼亞州，E15 正處於最後的監管程序中，併計劃在明年獲得批准。如果它獲得批准，我們將在加利福尼亞擁有更清潔的空氣，並在加利福尼亞擁有更低成本的燃料，那將是一個領頭羊州。順便說一下，如果您看到加利福尼亞提出 E15，那代表僅在加利福尼亞就有大約 7 億加侖的額外需求。

And so we're talking about going from a 15 billion gallon national market to over a 20 billion gallon national market, and these states are really leading the way, while the EPA kind of slogs along with some political factors that seem to confuse them. But the states don't seem to be confused at all. And so I'm very encouraged by governors that are coming out and one governor, Nebraska, by the way, just completed a multiyear 30% ethanol test, showed that the vehicles can actually run at 30% ethanol would burn even cleaner and lower cost fuel and is proposing a 30% not mandate, but an approval. So you can go to a pump, you can get E15, but also get E30 at the same pump. And that's going toward the Brazilian model, which gives the consumer a choice of the pump. And in Brazil, 55% of the fuel is biofuel, chosen by the consumer because they have the choice of the pump and what the blend is going to be. And that's really where we should end up in the United States.

因此，我們談論的是從 150 億加侖的全國市場發展到超過 200 億加侖的全國市場，這些州確實處於領先地位，而 EPA 卻步履維艱，一些政治因素似乎讓他們感到困惑。但各州似乎一點也不困惑。因此，我對即將出來的州長感到非常鼓舞，順便說一下，內布拉斯加州的一位州長剛剛完成了一項為期多年的 30% 乙醇測試，表明車輛實際上可以在 30% 的乙醇下運行，燃燒起來更清潔，成本更低燃料，並提議 30% 不是授權，而是批准。所以你可以去一個泵，你可以得到 E15，但也可以在同一個泵上得到 E30。這正走向巴西模式，讓消費者可以選擇泵。在巴西，55% 的燃料是生物燃料，消費者之所以選擇這種燃料，是因為他們可以選擇泵和混合燃料。這才是我們真正應該在美國結束的地方。

We'll move next to the line of Massimo Fiorella, private investor.

我們將轉到私人投資者 Massimo Fiorella 的旁邊。

And by the way, I just want to do my congratulation for your results. I really appreciate that you are doing very well since the percentage of nameplate capacity is 120%, which is something of amazing. I just read the slides. The main operator in the industry are like 90% in the best scenario. So operationally, you are doing very well. And I am also happy to see that in India, the percentage of nameplate capacity is increasing because we are like at 32%. So I think that like future will be bright for the company. My only worry is in the short term because I am a bit worried because you are not compliant with NASDAQ listing since you are for now less than $1. So my first question is to ask to you which action do you want to implement in order to get compliance with NASDAQ. Because for me, it's very important that you are listed in NASDAQ and you need to be compliant till June. And if it is feasible, according to you, to start and maybe to do like buyback or like acquisition in open market because it will be very useful to increase the share price, which is very low, and you can get like cash flow from India to finance the buyback or in the open market.

順便說一下，我只想祝賀你的成績。我真的很感激你做得很好，因為銘牌容量的百分比是 120%，這真是太棒了。我剛看了幻燈片。行業中的主要運營商在最好的情況下大約有 90%。所以在操作上，你做得很好。我也很高興看到在印度，銘牌產能的百分比正在增加，因為我們大約是 32%。所以我認為公司的未來是光明的。我唯一擔心的是短期，因為我有點擔心你不符合納斯達克上市的要求，因為你現在不到 1 美元。所以我的第一個問題是問你要採取什麼行動才能符合納斯達克的要求。因為對我來說，你在納斯達克上市非常重要，你需要在 6 月之前遵守規定。如果可行的話，根據你的說法，開始並可能做回購或在公開市場上收購，因為這對提高股價非常有用，股價很低，你可以從印度獲得現金流為回購或公開市場融資。

Massimo, you're exactly correct that the stock price today reflects external factors that really contradicts the great progress we've made in our operations. A stock buyback has been adopted by couple of other biofuels companies and it had a very positive impact on their stock price. A stock buyback right now would be very beneficial to shareholders because we're buying it back at a very, very low valuation with, as we heard from this call, literally, a matter of a couple of months, we're seeing new revenue streams from biogas, et cetera, CO2. And so this would be a time window in which a stock buyback would be good for overall shareholders. And it definitely is an action item that I think we'll continue to pay attention to. We are focused on completing our fundamental operational goals, and that's the first use of our capital, is to get those built. But with such an inexpensive stock, it would be of great benefit to shareholders for us to go and take it away from some people that might be willing to sell at this price and have our remaining shareholders enjoy a much, much higher stock price. So I appreciate your interest in that. And I agree with you, that is definitely an area of focus for us over the next couple of months.

Massimo，你完全正確，今天的股價反映了外部因素，這些外部因素確實與我們在運營中取得的巨大進步相矛盾。其他幾家生物燃料公司已採用股票回購，這對其股價產生了非常積極的影響。現在回購股票對股東非常有利，因為我們以非常非常低的估值回購股票，正如我們從這次電話會議中聽到的那樣，從字面上看，幾個月後，我們就會看到新的收入來自沼氣等的氣流，CO2。因此，這將是一個時間窗口，股票回購將有利於全體股東。這絕對是一個我認為我們會繼續關注的行動項目。我們專注於完成我們的基本運營目標，這是我們資本的第一個用途，就是建造這些目標。但是，對於如此便宜的股票，如果我們從一些可能願意以這個價格出售的人手中奪走它，並讓我們剩下的股東享受高得多的股票價格，這將對股東有很大的好處。所以我感謝你對此感興趣。我同意你的看法，這絕對是我們未來幾個月的重點領域。

Okay. So I really hope that the buyback program will start soon as other companies in the sector has done in the last month. So I have another question for you about India. So about California, I mean your results are like amazing, according to my opinion, because operationally, you are probably the best ethanol plant in all the United States because no one in the market is running 120%. And I am also thrilled by what it's going to do in the next months because all the projects that will go online will definitely improve cash flow, and you are doing quite well according to me. I have only a question about India because I have here the number in front of me and that you run like 13% nameplate capacity in 2018. In 2019, you did very well because you passed from 13% to 32%, which is like more than double. And I want to ask to you what are like your forecast for 2020, if we can reach, I don't know, 40%, 50%, 60%, what is the medium scenario for the nameplate capacity in India?

好的。所以我真的希望回購計劃能夠像該行業的其他公司在上個月所做的那樣盡快啟動。所以我還有一個關於印度的問題要問你。所以關於加利福尼亞，我的意思是，根據我的看法，你的結果非常驚人，因為在運營方面，你可能是全美國最好的乙醇工廠，因為市場上沒有人運行 120%。我也對接下來幾個月要做的事情感到興奮，因為所有將上線的項目肯定會改善現金流，而且根據我的說法，你做得很好。我只有一個關於印度的問題，因為我面前有這個數字，你在 2018 年運行了 13% 的銘牌容量。在 2019 年，你做得很好，因為你從 13% 增加到 32%，這就像更多比雙。我想問你，你對 2020 年的預測是什麼，如果我們能達到，我不知道，40%、50%、60%，印度銘牌產能的中等情景是什麼？

The tenders from the oil marketing companies was actually issued earlier this week. And our capacity at the plant is about 50 million gallons as we described. Their tender was for a little over 300 million gallons, which is slightly more than the entire production capacity available in the country. They're actually trying to encourage people to expand production capacity. So at this point in time, it's really negotiating price. We -- and terms, of course, always matter.

石油營銷公司的招標實際上是在本週早些時候發布的。正如我們所描述的，我們工廠的產能約為 5000 萬加侖。他們的投標金額略高於 3 億加侖，略高於該國的全部可用產能。他們實際上是在鼓勵人們擴大生產能力。所以在這個時間點，真的是談價格。我們——當然還有條款，總是很重要。

But we have the potential to double our revenues, again, in India, but it's completely subject to the input costs and this tender mark -- price that we're going to get on whether I can solidly say we're going to double revenues again. We did double revenues in 2018, '19, and we're planning to double revenues again this year. And I will know, probably in the next 90 days, on whether that is easily achieved or whether it takes a little more heavy lifting by selling more directly to the regional bus companies, et cetera. But our goal, certainly, is to double that 32% to 64% this year, and that would put us at a roughly $80 million to $100 million of revenues out of India. So expecting that goal to be largely achieved. In this scenario, where the government alone would take 100% of our capacity, that would be $150 million of revenues through the government alone. So we'll be able to, hopefully, in our next earnings call, talk about what came out of that purchase order from the customer.

但我們有可能在印度再次將收入翻一番，但這完全取決於投入成本和這個標價——我們將要獲得的價格，我是否可以堅定地說我們將收入翻番再次。我們在 2018 年、19 年的收入翻了一番，我們計劃今年再次將收入翻一番。我可能會在接下來的 90 天內知道，這是否很容易實現，或者是否需要通過更直接地向區域巴士公司等銷售產品來承擔更多繁重的工作。但我們的目標當然是今年將 32% 翻一番，達到 64%，這將使我們在印度的收入達到大約 8000 萬到 1 億美元。因此，預計該目標將在很大程度上實現。在這種情況下，如果僅政府就將佔用我們 100% 的產能，那麼僅通過政府就可以獲得 1.5 億美元的收入。因此，我們希望能夠在下一次財報電話會議上討論客戶採購訂單的結果。

Perfect. So I want, again, to congratulate with you and all the team for the operational results that you got. I really think that in the next month, with new projects going online, situation will definitely go again better. And please do the right consideration about what I told before because it's personal, it's only my concern. It's very, very important to believe now that you have like the line to reach $1 valuation in June or July, I don't remember as of now. So I would really appreciate if in the next month, the company, the Board of the company, I don't know how to ask, in United States, will communicate to the market and start to buy shares in the market because valuation of $30 million of all the company is ridiculous according to my opinion. So I really hope that you will take this opportunity and do the buyback or buy share on the open market.

完美的。因此，我想再次祝賀您和所有團隊取得的運營成果。我真的覺得下個月隨著新項目的上線，情況肯定會再次好轉。請正確考慮我之前所說的話，因為這是個人問題，只是我關心的問題。非常非常重要的是要相信現在你喜歡這條線在 6 月或 7 月達到 1 美元的估值，我現在不記得了。所以我真的很感激，如果在下個月，公司，公司董事會，我不知道如何要求，在美國，將與市場溝通並開始在市場上購買股票，因為估值為 30 美元根據我的看法，所有公司的數百萬是荒謬的。所以我真的希望你能抓住這個機會，在公開市場上回購或購買股票。

Great. Thank you, Massimo. Talk to you, soon.

偉大的。謝謝你，馬西莫。以後再聊。

Ladies and gentlemen, we do appreciate your questions and comments today. At this time, there are no further questions from our phone audience. So I'm pleased to turn the floor back to our leadership team for any additional or closing remarks.

女士們，先生們，我們非常感謝您今天提出的問題和意見。目前，我們的電話聽眾沒有進一步的問題。因此，我很高興將發言權轉回我們的領導團隊，聽取任何補充或結束髮言。

Thanks, Jim. Appreciate that. Thanks to our Aemetis shareholders, stock analysts and others for joining us today. We look forward to talking with you to continue our dialogue about the growth opportunities at Aemetis.

謝謝，吉姆。感謝。感謝我們的 Aemetis 股東、股票分析師和其他人今天加入我們。我們期待與您交談，繼續我們關於 Aemetis 增長機會的對話。

Thank you for attending today's Aemetis earnings conference call. Please visit the Investors section of the Aemetis website where we'll post a written version and an audio version of this Aemetis earnings review and business update. Jim?

感謝您參加今天的 Aemetis 收益電話會議。請訪問 Aemetis 網站的投資者部分，我們將在此處發布此 Aemetis 收益回顧和業務更新的書面版本和音頻版本。吉姆？

Gentlemen, thank you for your remarks today. And to our phone audience, this does conclude today's teleconference. And you may disconnect your lines at this time. We hope you enjoy the rest of your day, thank you all for joining us.

先生們，謝謝你們今天的發言。對於我們的電話聽眾來說，今天的電話會議到此結束。你可能會在這個時候斷開你的線路。我們希望您在接下來的一天過得愉快，感謝大家加入我們。