Andersons Inc (ANDE) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Andersons 2024 fourth quarter earnings conference call. My name is Rocco, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

女士們、先生們，早安。歡迎參加安德森 2024 年第四季財報電話會議。我叫羅科 (Rocco)，今天我將擔任您的協調員。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。

I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.

現在，我將演講稿交給今天的主持人、公司財務總監兼投資者關係副總裁 Mike Hoelter 先生。請繼續。

Thanks, Rocco. Good morning, everyone, and thank you for joining us for the Andersons' fourth-quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation on our webcast, the slides and commentary will be in sync. This webcast is being recorded and the recording and the supporting slides will be made available on our Investors page at andersonsinc.com shortly.

謝謝，羅科。大家早安，感謝大家參加安德森第四季財報電話會議。我們提供了幻燈片演示，以增強今天的討論。如果您在我們的網路廣播上觀看此演示文稿，幻燈片和評論將同步。此次網路廣播正在錄製中，錄音和支援幻燈片將很快在我們的投資者頁面 andersonsinc.com 上發布。

Please direct your attention to the disclosure statement on slide 2 of the presentation as well as the disclaimers in the press release related to forward-looking statements. Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance, and industry conditions.

請注意簡報第 2 張投影片上的揭露聲明以及新聞稿中與前瞻性陳述相關的免責聲明。今天討論的某些資訊構成前瞻性陳述，反映了公司對未來事件、財務表現和行業狀況的當前看法。

These forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially as a result of many factors which are described in the company's reports on file with the SEC. We encourage you to review these factors.

這些前瞻性陳述受到各種風險和不確定性的影響。由於公司向美國證券交易委員會提交的報告中所述的許多因素，實際結果可能會存在重大差異。我們鼓勵您審查這些因素。

This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial measure are included within the appendix of this presentation.

本簡報和今天的準備好的發言包含非公認會計準則財務指標。本報告的附錄中包含了非公認會計準則 (GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳。

On the call with me today are Bill Krueger, President and Chief Executive Officer; and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will be happy to take your questions. I will now turn the call over to Bill.

今天與我一起通話的是總裁兼執行長比爾·克魯格 (Bill Krueger)；以及執行副總裁兼財務長 Brian Valentine。在我們準備好發言之後，我們將很樂意回答您的問題。現在我將把電話轉給比爾。

Thanks, Mike, and good morning, everyone. Thank you for joining our call today to discuss our fourth-quarter results and initial outlook for 2025.

謝謝，麥克，大家早安。感謝您今天參加我們的電話會議，討論我們的第四季業績和 2025 年的初步展望。

Record fourth-quarter results in our Trade Group propelled us to another very solid year. Renewables also contributed significantly to the quarter, setting ethanol production records for the quarter and for the full year. Our nutrient and industrial results were also up slightly in the quarter compared to last year.

我們貿易集團第四季創下的業績推動我們又迎來了非常穩健的一年。再生能源也對本季做出了重大貢獻，創下了本季和全年的乙醇產量記錄。與去年相比，本季我們的營養和工業業績也略有上升。

We ended 2024 with adjusted pre-tax income of $147 million and adjusted EBITDA of $363 million. This solid return is notable given the oversupplied ag markets with relatively low prices and limited volatility. We're pleased with the team's tenacity and execution through the market shifts.

截至 2024 年，我們的調整後稅前收入為 1.47 億美元，調整後 EBITDA 為 3.63 億美元。鑑於農產品市場供應過剩、價格相對較低且波動性有限，這種穩健的回報是值得注意的。我們對團隊在市場變化中所展現的毅力和執行力感到滿意。

Trade reported a strong fourth quarter, driven primarily by a strong harvest execution in our eastern grain assets and stable elevation margins. Our premium ingredients business continued to show earnings growth during the quarter. The merchandising businesses had steady and improved results over last year. Our mid-fourth quarter investment in Skyland Grain also contributed positively to Trade's bottom line.

貿易報告顯示第四季度表現強勁，主要得益於我們東部糧食資產的強勁收穫和穩定的海拔利潤率。我們的優質原料業務在本季持續呈現獲利成長。商品銷售業務業績較去年同期穩定提升。我們在第四季中期對 Skyland Grain 的投資也為 Trade 的獲利做出了積極貢獻。

During the fourth quarter, our renewables business set a production record. Despite this, we could not match last year's record results but are still pleased with the strong performance driven by improved yields and lower controllable costs per gallon in a period where ethanol board crush was down $0.16 per gallon. Additionally, renewables merchandising experienced another strong year, bolstering the results within our renewables business.

第四季度，我們的再生能源業務創下了生產記錄。儘管如此，我們無法達到去年的創紀錄成績，但對於強勁的表現我們仍然感到滿意，這得益於產量的提高和每加侖可控成本的降低，而同期乙醇紙板壓榨價格則下降了 0.16 美元。此外，再生能源商品銷售又經歷了強勁的一年，增強了我們再生能源業務的業績。

Nutrient and industrial results improved slightly over last year on higher manufactured products volume. The agricultural businesses were lower on soft industry fundamentals, including limited grower engagement.

由於製成品產量增加，營養和工業表現較去年同期略有改善。由於業界基本面疲軟（包括種植者參與度有限），農業業務表現較差。

Our overall financial performance confirms our portfolio's versatility and resilience in various market conditions. We continue to demonstrate strength in asset management and renewable fuels production combined with commodity merchandise.

我們的整體財務表現證實了我們的投資組合在各種市場條件下的多功能性和彈性。我們持續展現在資產管理和再生燃料生產以及商品銷售方面的優勢。

Our recent geographic expansion with Skyland will further solidify our presence in the North American ag supply chain, connecting grain originations to production, both domestically and in export markets. The company's performance and the efforts of the management team and employees have contributed to these outcomes.

我們最近與 Skyland 合作的地理擴張將進一步鞏固我們在北美農業供應鏈中的地位，將穀物產地與國內和出口市場的生產連接起來。這些成果的取得離不開公司的表現以及管理團隊和員工的努力。

I'm now going to turn things over to Brian to cover some key financial data. When he's finished, I'll be back to discuss our early outlook for 2025.

我現在要將事情交給 Brian 來介紹一些關鍵的財務數據。等他講完之後，我會回來討論我們對 2025 年的早期展望。

Thanks, Bill, and good morning, everyone. We're now turning to our fourth-quarter results on slide number 5. In the fourth quarter of 2024, the company reported net income attributable to the Andersons of $45 million or $1.31 per diluted share and adjusted net income of $47 million or $1.36 per diluted share. This compares to adjusted net income of $55 million or $1.59 per diluted share in the fourth quarter of 2023.

謝謝，比爾，大家早安。我們現在來看投影片 5 的第四季業績。2024 年第四季度，該公司報告歸屬於安德森家族的淨收入為 4,500 萬美元，即每股攤薄收益 1.31 美元，調整後淨收入為 4,700 萬美元，即每股攤薄收益 1.36 美元。相比之下，2023 年第四季的調整後淨收入為 5,500 萬美元，即每股 1.59 美元。

Overall, fourth-quarter gross profit of $213 million was just below the $218 million of gross profit we recognized in 2023. Trade and nutrient and industrial showed increases, offset by a $30 million reduction in renewables, arising primarily from lower board crush margins. For the full year, gross profit of $694 million decreased 7% from $745 million in 2023, also primarily due to lower ethanol margins.

整體而言，第四季的毛利為 2.13 億美元，略低於我們 2023 年實現的 2.18 億美元毛利。貿易、營養和工業都成長，但再生能源減少了 3,000 萬美元，這主要歸因於板材壓榨利潤率較低。全年毛利為 6.94 億美元，較 2023 年的 7.45 億美元下降 7%，主要也是由於乙醇利潤率下降所致。

Adjusted EBITDA for the fourth quarter was $117 million compared to $135 million in the fourth quarter of 2023. Full-year adjusted EBITDA was $363 million compared to $405 million in 2023.

第四季調整後 EBITDA 為 1.17 億美元，而 2023 年第四季為 1.35 億美元。全年調整後 EBITDA 為 3.63 億美元，而 2023 年為 4.05 億美元。

We recorded taxes for the quarter at a 20% effective tax rate and for the full year at 15%. Our effective tax rate varies each quarter based primarily on the amount of income attributable to non-controlling interest. In addition, in 2024, we received the benefit of federal tax credits, a significant portion of which related to the production of cellulosic ethanol.

我們以 20% 的有效稅率記錄本季的稅收，以 15% 的有效稅率記錄全年的稅收。我們的有效稅率每季都會變化，主要取決於歸屬於非控股權益的收入金額。此外，2024年，我們獲得了聯邦稅收抵免的優惠，其中很大一部分與纖維素乙醇的生產有關。

Now we'll move to slide 6 to review our cash flows and liquidity. We generated fourth-quarter cash flow from operations before changes in working capital of $100 million in 2024 compared to $122 million in 2023. Full-year cash flow was $323 million compared to $330 million in 2023. This strong cash flow generation and our continued focus on working capital management, combined with lower commodity prices, resulted in a year-end cash position of $562 million. Our short-term debt reflects a modest increase due to the consolidation of Skyland Grain on our balance sheet.

現在我們轉到幻燈片 6 來回顧我們的現金流量和流動性。2024 年第四季度，營運資本變動前的營運現金流為 1 億美元，而 2023 年為 1.22 億美元。全年現金流為 3.23 億美元，而 2023 年為 3.3 億美元。強勁的現金流產生和我們對營運資本管理的持續關注，加上較低的商品價格，使得年底的現金狀況達到 5.62 億美元。由於 Skyland Grain 被納入我們的資產負債表，我們的短期債務略有增加。

Next, let's turn to slide 7 to review capital spending and long-term debt. We continue to take a discipline and practical approach to capital spending and investments which were in line with our expectations at $149 million for the year.

接下來，讓我們翻到第 7 張投影片來回顧資本支出和長期債務。我們繼續對資本支出和投資採取嚴謹務實的態度，符合我們今年 1.49 億美元的預期。

Our long-term debt-to-EBITDA ratio is 1.8 times, still well below our stated target of less than 2.5 times, even with the addition of long-term debt held by Skyland Grain. We continue to evaluate various acquisitions and internal growth projects and have a strong balance sheet that will support investments that meet our strategic and financial criteria.

我們的長期債務與 EBITDA 比率為 1.8 倍，即使加上 Skyland Grain 持有的長期債務，仍遠低於我們設定的低於 2.5 倍的目標。我們繼續評估各種收購和內部成長項目，並擁有強大的資產負債表，以支持符合我們的策略和財務標準的投資。

Now we'll move on to a review of each of our segments, beginning with Trade on slide number 8. Trade reported record fourth-quarter pre-tax income and adjusted pre-tax income of $54 million compared to adjusted pre-tax income of $47 million in 2023.

現在讓我們來回顧一下每個部分，從第 8 張投影片上的「交易」開始。Trade 報告稱，第四季稅前收入創歷史新高，調整後稅前收入為 5,400 萬美元，而 2023 年調整後稅前收入為 4,700 萬美元。

Our eastern grain assets had a good fourth quarter with strong elevation margins and space income after an early and robust harvest. Because of the good quality of the grain we received, we weren't able to benefit as much from mixing and blending. The premium ingredients business where we have invested recently had a solid quarter with increased year-over-year earnings.

我們東部的糧食資產在早期豐收的推動下，第四季表現良好，擁有強勁的海拔利潤和空間收入。由於我們收到的穀物品質很好，所以我們無法從混合和攪拌中獲得太多好處。我們最近投資的優質原料業務本季表現穩健，獲利年增。

Our merchandising portfolio also delivered improved performance despite limited volatility in the grain markets. From a growth perspective, we completed the 65% investment in Skyland mid-quarter, and integration activities are progressing well.

儘管糧食市場波動有限，我們的商品組合績效也取得了改善。從成長角度來看，我們在本季中期完成了對 Skyland 65% 的投資，整合活動進展順利。

Trade's adjusted EBITDA for the quarter was $76 million compared to adjusted EBITDA of $62 million in the fourth quarter of 2023. Adjusted EBITDA for the full year was $161 million in 2024 compared to $155 million in 2023.

Trade 本季的調整後 EBITDA 為 7,600 萬美元，而 2023 年第四季的調整後 EBITDA 為 6,200 萬美元。2024 年全年調整後 EBITDA 為 1.61 億美元，而 2023 年為 1.55 億美元。

Moving to slide 9, renewables generated fourth quarter pre-tax income attributable to the company of $16 million compared to $33 million in 2023. Outstanding operating performance in our four ethanol plants resulted in another quarter of record ethanol production. However, the impact of lower market values of ethanol and co-products resulted in lower earnings. Volumes of co-products merchandised increased for both the quarter and full year but could not offset the lower values.

第 9 張投影片顯示，再生能源在第四季度為該公司創造了 1,600 萬美元的稅前收入，而 2023 年為 3,300 萬美元。我們四家乙醇工廠的出色營運業績使得乙醇產量再創季度新高。然而，乙醇和副產品市場價值下降的影響導致收益下降。本季和全年的副產品銷售量都有所增加，但無法抵銷價值的下降。

Renewables had EBITDA of $40 million in the fourth quarter of 2024 compared to $73 million in the fourth quarter of 2023. For the full year, renewables generated adjusted EBITDA of $189 million in 2024 compared to $230 million in 2023.

2024 年第四季，再生能源的 EBITDA 為 4,000 萬美元，而 2023 年第四季為 7,300 萬美元。就全年而言，再生能源的調整後 EBITDA 在 2024 年為 1.89 億美元，而 2023 年為 2.3 億美元。

Turning to slide 10, the nutrient and industrial business reported fourth-quarter adjusted pre-tax income of $3 million, which was a slight increase from the fourth quarter of 2023. Manufactured products volume and margin increased in the quarter, while agricultural product sales volumes declined due to limited farmer engagement.

翻到第 10 張投影片，營養和工業業務報告第四季調整後稅前收入為 300 萬美元，較 2023 年第四季略有增加。本季製成品銷售量和利潤率增加，但由於農民參與度有限，農產品銷售量下降。

Nutrient and industrial's adjusted EBITDA for the quarter was $13 million, just above the fourth quarter of 2023. For the full year, nutrient and industrial recorded EBITDA of $57 million compared to adjusted EBITDA of $62 million in 2023.

營養和工業本季的調整後 EBITDA 為 1,300 萬美元，略高於 2023 年第四季。全年營養和工業部門的 EBITDA 為 5,700 萬美元，而 2023 年的調整後 EBITDA 為 6,200 萬美元。

Next, we'll look at what our 2024 results would have been under our new segment reporting format that we will use beginning in 2025. In early December, we announced a change in the way we are organized and have shifted to two operating and reporting segments. This move was designed to streamline operational efficiency, enhance cross-functional collaboration, and further align the businesses to achieve growth.

接下來，我們將看看根據我們將從 2025 年開始使用的新分部報告格式，我們的 2024 年業績將會是什麼樣的。12月初，我們宣布改變組織結構，轉向兩個營運和報告部門。此舉旨在簡化營運效率，加強跨職能協作，並進一步協調業務以實現成長。

This structure will support the company's focus on unlocking value across the Trade and nutrient businesses in a new agribusiness segment. The renewables segment will continue to substantially operate as currently reported with an enhanced focus on growth. We will begin reporting our results under this new structure starting in the first quarter of this year.

這種結構將支持該公司專注於在新的農業綜合企業領域釋放貿易和營養業務的價值。再生能源部門將繼續按照目前的報告方式運營，並更加重視成長。我們將從今年第一季開始按照這項新結構報告我們的業績。

As a preview to these changes, slide 11 provides pro forma results as if that structure had been in place for the full year of 2024. And with that, I'll turn things back over to Bill for some comments about our early 2025 outlook.

作為這些變化的預覽，幻燈片 11 提供了預計結果，就好像該結構已在 2024 年全年實施一樣。說完這些，我會把話題轉回給比爾，請他談談我們對 2025 年初的展望。

Thanks, Brian. As 2024 proved to be another strong year, we are strategically prepared for the potential challenges that 2025 may bring. We remain committed to safe and reliable operations, including enhancing operational efficiencies and seizing new opportunities by consolidating our farmer-facing entities into the new agribusiness segment.

謝謝，布萊恩。2024 年將是另一個強勁的一年，我們已做好策略準備，應對 2025 年可能帶來的潛在挑戰。我們將繼續致力於安全可靠的運營，包括提高營運效率，並透過將面向農民的實體整合到新的農業綜合企業部門來抓住新的機會。

Furthermore, we intend to integrate the Skyland operations more thoroughly to optimize outcomes for all stakeholders. We will also continue to assess and refine businesses within our portfolio that have not aligned with our internal benchmarks. We remain dedicated to pursuing growth opportunities within our core agribusiness and renewables segments.

此外，我們打算更徹底地整合 Skyland 的運營，以優化所有利害關係人的成果。我們也將繼續評估和改進我們投資組合中未符合內部基準的業務。我們始終致力於尋求核心農業綜合企業和再生能源領域的成長機會。

Our agribusiness outlook remains optimistic, but we'll continue to face challenges due to lower relative grain prices and reduced farmer engagement at these price levels. Currently, we anticipate an increase in US corn planted acres, which is the most significant crop that we merchandise.

我們對農業綜合企業的前景依然樂觀，但由於相對糧食價格較低以及在當前價格水平下農民參與度降低，我們將繼續面臨挑戰。目前，我們預計美國玉米種植面積將會增加，玉米是我們銷售的最重要的作物。

An increase in corn acreage is expected to benefit our nutrient and agronomy business, as well as our extensive North American asset network and merchandising operations. Higher yields during the 2024 harvest are also anticipated to necessitate additional nutrient applications for the 2025 growing season.

玉米種植面積的增加預計將有利於我們的營養和農業業務，以及我們廣泛的北美資產網絡和銷售業務。預計 2024 年收穫季節的產量將更高，因此需要在 2025 年生長季節施用額外的營養物質。

Our fertilizer and related product offerings are essential for maximizing production for farmers in the regions we serve, including the new area covered by the Skyland Investment. We believe that we are well positioned to serve our customers when spring applications commence. We continue to assess various internal growth projects and acquisition opportunities that align with our growth strategy. One of our recently announced long-term growth projects, the expansion of our facility at the Port of Houston to support anticipated increased soybean meal exports, is progressing well, although it will limit capacity through that facility for 2025.

我們提供的肥料和相關產品對於我們服務地區（包括 Skyland Investment 覆蓋的新地區）農民的產量最大化至關重要。我們相信，當春季申請開始時，我們已準備好為客戶提供服務。我們持續評估符合我們成長策略的各種內部成長項目和收購機會。我們最近宣布的長期成長項目之一，即擴建休士頓港的設施以支持預期增加的豆粕出口，該項目進展順利，儘管這將限制該設施 2025 年的產能。

In renewables, seasonally weak demand has reduced ethanol crush margins, as is typical during the first quarter. Industry maintenance shutdowns and spring driving miles could positively influence crush margins beginning in the second quarter. Co-product values were negatively impacted in 2024, but recent activity suggests some strengthening in 2025.

在再生能源領域，季節性疲軟的需求降低了乙醇壓榨利潤，這在第一季很常見。從第二季開始，產業維護停工和春季行駛里程可能會對壓榨利潤產生正面影響。2024 年副產品價值受到負面影響，但最近的活動顯示 2025 年副產品價值將有所增強。

Ethanol export demand is expected to remain strong, supporting ethanol values and board crush. We continue to invest in our plants and consider our assets to be among the best in the industry, both in operations and geographic location.

預計乙醇出口需求將保持強勁，支撐乙醇價值和板材壓榨。我們繼續投資我們的工廠，並認為我們的資產在營運和地理位置方面都是業內最好的。

Potential growth investments include improving efficiency and increasing both the quality and yield of distillers' corn oil. We are actively pursuing investments aimed at reducing the carbon intensity of our ethanol production, although we acknowledge there remains some uncertainty around the regulatory environment.

潛在的成長投資包括提高效率以及提高玉米酒糟油的品質和產量。我們正在積極尋求旨在降低乙醇生產碳強度的投資，儘管我們承認監管環境仍然存在一些不確定性。

These potential projects include carbon sequestration and utilization, opportunities at our eastern plants where geological conditions are favorable, as well as implementing additional combined heat and power generation to enhance plant efficiency. Furthermore, we continue to assess opportunities to expand our renewable diesel feedstock merchandising through offtake and supply agreements. Lastly, we are diligently evaluating acquisitions of additional ethanol production facilities that align with our criteria.

這些潛在項目包括碳封存和利用、我們東部地質條件良好的工廠的機會，以及實施額外的熱電聯產以提高工廠效率。此外，我們將繼續評估透過承購和供應協議擴大再生柴油原料銷售的機會。最後，我們正在認真評估符合我們標準的額外乙醇生產設施的收購。

We continue to demonstrate our capacity to generate positive returns and cash flow, even during the lower range of the ag cycle. Our balance sheet remains robust and is well positioned to support future growth. We will maintain responsible decision making to benefit our customers and optimize shareholder value while implementing our growth strategy.

即使在農業週期的低谷期，我們也持續展現出創造正回報和現金流的能力。我們的資產負債表依然強勁，並有能力支持未來的成長。我們將在實施成長策略的同時，保持負責任的決策，使客戶受益並優化股東價值。

And now we are happy to take your questions.

現在我們很高興回答您的問題。

(Operator Instructions) Ben Klieve, Lake Street Capital Markets.

（操作員指示）Ben Klieve，Lake Street Capital Markets。

All right. Thanks for taking my questions and congratulations on a really nice quarter here to end a good year. Bill, I'd like to start with the comments you just made at the end of your prepared remarks regarding the renewable segment and investments into that space around lowering the carbon intensity of those locations.

好的。感謝您回答我的問題，並祝賀您在這個季度取得了非常出色的成績，為美好的一年畫上了圓滿的句號。比爾，我想先談談你剛才在準備好的演講結束時對再生能源領域以及對該領域的投資如何降低這些地區的碳強度所發表的評論。

Can you -- excuse me, can you elaborate a bit on kind of how your thought process has evolved over the last several months on those investment opportunities, how the return profile of those potential investments is changing in your mind and then also comment on the degree to which those type of investments are included within your CapEx expectations this year?

你能不能——對不起，你能不能詳細說一下過去幾個月裡您對這些投資機會的思考過程是如何演變的，這些潛在投資的回報狀況在你心中是如何變化的，然後評論一下這些類型的投資在您今年的資本支出預期中包含的程度？

Hi, good morning, Ben. Excellent question. Obviously, we're still waiting. And as I mentioned, we do need to have some more clarity on the regulatory environment, and we're watching and trying to understand what those decisions are going to be.

嗨，早上好，本。非常好的問題。顯然，我們還在等待。正如我所提到的，我們確實需要對監管環境有更清晰的了解，我們正在觀察並試圖了解這些決定將會是什麼。

The one thing that we do feel comfortable is the 45Q has been around for a long time, and we believe that the 45Q will remain intact. We also believe that there's progress being made to where we'll be able to see the 45Z at least through 2027.

讓我們感到安心的一件事是 45Q 已經存在很長時間了，我們相信 45Q 將保持不變。我們也相信，我們正在取得進展，至少到 2027 年我們仍能看到 45Z。

And then in terms of our CapEx spending for 2025, Brian will dive into this a little bit more later, but we are continuing to deploy capital as we need it in order to get ourselves prepared to make final decisions once we have a little bit more clarity around the IRA.

然後，就我們 2025 年的資本支出而言，Brian 稍後會更深入地探討這個問題，但我們將繼續根據需要部署資本，以便在我們對 IRA 有了更多的了解後做好準備做出最終決定。

Got it. Very good, thank you. And regarding the consolidation of the [A&I] and Trade Group, those businesses seem to be operating relatively efficiently. So I wouldn't expect there's a lot of expense synergies that are going to come out of this. But can you just comment on a high level regarding kind of a magnitude of synergies on the expense side or even on the revenue side as you guys see fit?

知道了。非常好，謝謝。關於[A&I]和貿易集團的合併，這些業務似乎運作得相對有效率。所以我並不指望由此會產生許多費用綜效。但是，您能否從高層次上評論一下費用方面甚至收入方面的協同效應的程度，正如您所認為的那樣？

Yeah, really, the decision to combine the PN and Trade Group is two-fold. The first is there are some opportunities to consolidate positions inside the company, providing opportunities for us to grow in both areas. And then probably the most important reason that we're looking at doing this is simply as we get the climate smart ag portion tied into the farm bill and assuming that that will get or get tied into the Inflation Reduction Act and the CSA program will tie into being able to reduce the carbon intensity of the ethanol that we produce, we feel like having one solution to the producer all the way through the ethanol plant makes a lot more sense for us. And then there's a number of other areas that we think the future may hold around being able to capitalize on controlling the crop inputs through the production cycle.

是的，合併國民黨和貿易集團的決定確實有雙重意義。首先是有一些機會可以鞏固公司內部的職位，為我們在兩個領域都提供成長的機會。我們考慮這樣做的最重要的原因可能是，當我們將氣候智慧農業部分納入農業法案時，假設它將與《通貨膨脹削減法案》掛鉤，而 CSA 計劃將與降低我們生產的乙醇的碳強度掛鉤，我們覺得為整個乙醇工廠的生產商提供一個解決方案對我們來說更有意義。我們認為，未來還有許多其他領域可能能夠利用生產週期來控製作物投入。

Got it. Got it. That makes plenty of sense. Very good. One more for me and then I'll go back in queue. Within the quarter, in the ethanol space, margin compression, from kind of being in the quarter to the end for several reasons that are entirely out of your control. But you guys posted still really nice quarter. Can you just comment on kind of what allowed you to still deliver really quite solid results in that back -- in the context of that macro backdrop and the efficacy of your hedging strategy throughout the quarter?

知道了。知道了。這很有道理。非常好。我再說一遍，然後我就回到隊列。在本季度內，在乙醇領域，利潤率從本季到末一直受到壓縮，這是由於一些完全超出您控制範圍的原因。但你們發布的季度報告仍然非常好。您能否評論一下，在當時的宏觀背景下以及整個季度對沖策略的有效性下，是什麼讓您仍然能夠取得相當穩健的業績？

Yeah. It's really been more towards what we've been talking about for the last few years. For us, there's a lot more than just the four walls of the ethanol plant. We talk about our operations. We talk about reducing our controllable costs when board crush dropped $0.16 quarter -- year over year for the fourth quarter, but really the maximizing of our corn originations, our co-product sales, and our ethanol marketing. When we put those all together, we feel like we can consistently have a strong performance even if board crush is not as strong as it had been the previous year.

是的。這實際上更符合我們過去幾年所討論的內容。對我們來說，不僅僅是乙醇工廠的四面牆。我們談論我們的營運。當第四季度紙板壓榨成本同比下降 0.16 美元時，我們談論的是降低可控成本，但實際上是最大限度地提高我們的玉米來源、副產品銷售和乙醇行銷。當我們把所有這些放在一起時，我們覺得即使董事會的壓制力不如前一年那麼強，我們也能持續保持強勁的表現。

So I really think it's just the execution of our business model that we've been working on ever since we combined trade and ethanol a number of years ago. And that's really what we hope to see the outcome of bringing A&I and Trade together also is to repeat what we did with the ethanol business.

所以我真的認為這只是我們自幾年前將貿易和乙醇結合起來以來一直致力於的商業模式的執行。我們真正希望看到的是，將 A&I 和 Trade 合併的結果能夠重複我們在乙醇業務上所做的事情。

Very good. Well, clearly worked in the period. Congratulations again to all for a great quarter. Thanks for taking my questions and I'll get back in queue.

非常好。嗯，顯然在這段時間內發揮了作用。再次恭喜大家本季取得的優異成績。感謝您回答我的問題，我會繼續回答。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Thank you and congrats on the quarter. I just wanted to get a sense of the potential outcomes that you're thinking about for trade tariffs. I think in the release, you mentioned that you face challenges and opportunities. So just from a trade tariff backdrop, just want to get a sense of maybe what are the top outcomes that you're planning for and how this would impact your business?

謝謝您，並恭喜本季取得佳績。我只是想了解一下您對貿易關稅可能產生的結果的考慮。我想在新聞稿中您提到您面臨挑戰和機會。因此，僅從貿易關稅背景來看，您是否想了解您計劃實現的最佳結果是什麼，以及這將如何影響您的業務？

Good morning, Pooran. For the Andersons, we are not as susceptible to major swings in our results due to tariffs. Obviously, they will affect different pieces of our business. But being more of a domestic-focused company, we should be able to find some opportunities that tariffs may or may not deliver to the market.

早上好，Pooran。對安德森家族來說，我們的表現並不會因為關稅而大幅波動。顯然，它們會影響我們業務的不同部分。但作為一家更注重國內業務的公司，我們應該能夠找到關稅可能為市場帶來或可能不會帶來的一些機會。

Obviously, we are very focused on any tariffs between the US and Canada, the US and Mexico. And it's really too early to say what tariffs on imported products from those two countries would entail. Thankfully, they were delayed for a while.

顯然，我們非常關注美國與加拿大、美國與墨西哥之間的任何關稅。現在判斷對這兩個國家的進口產品徵收何種關稅還為時過早。幸虧，他們耽擱了一段時間。

But we feel like we have a really good feel on the different aspects of our business and what it could do to those businesses. And when we net everything together today what we know, it doesn't feel like it's going to have a material result on our earnings for 2025.

但我們覺得，我們對我們業務的不同面向以及它能為這些業務帶來什麼有著非常好的了解。當我們把今天所知的所有情況綜合起來時，我們感覺這不會對我們 2025 年的收益產生實質影響。

Okay. Great. No, I appreciate that color. Just wondering if maybe we could talk about Skyland a little bit more. I know you provided some color in the commentary, but just seeing if we could flush out any more details on the progress of integration, what's left and how's this been versus your expectations. Are you still on track to achieve the -- I believe it's $30 million to $40 million in EBITDA contribution?

好的。偉大的。不，我很欣賞那個顏色。我只是想知道我們是否可以再多談談 Skyland。我知道您在評論中提供了一些信息，但我只是想看看我們是否可以提供有關整合進展的更多細節，包括還剩下什麼以及與您的預期相比情況如何。您仍有望實現——我相信 EBITDA 貢獻為 3000 萬至 4000 萬美元？

I'll let Brian address the financial aspects of the transaction. But I guess we're 118 days into the transaction, and I will tell you that the commercial aspect of having the Andersons' merchants work with the Skyland originators has went better than expected. The team knew each other pretty well going into the transaction. So you're always kind of curious how that's going to turn out, and it's turned out great on the commercial aspect.

我會讓布萊恩處理交易的財務方面的問題。但我想我們已經進行了 118 天的交易，我可以告訴你，安德森商人與 Skyland 發起人合作的商業方面比預期的要好。在交易開始前，團隊成員彼此之間非常了解。所以你總是很好奇結果會是怎樣，而從商業角度來看結果非常棒。

In terms of the accounting, the finance, and working through those aspects of it, I would tell you that we're on track and we have a little bit of heavy lifting to be completed. But with that, I'll let Brian address the finance and some of the other areas.

就會計、財務以及處理這些方面的工作而言，我想告訴你，我們的工作進展順利，還有一些繁重的工作需要完成。但有了這個，我會讓布萊恩來處理財務和其他一些領域的問題。

Yeah. I would say, Pooran, with regard to some color, I would say that $30 million to $40 million range that we talked about previously remains intact. That would kind of be our expectation for the year in 2025, kind of orders of magnitude for context. November, December, it was -- I would say it contributed EBITDA in the range of $5 million to $10 million and that's before taking into account any synergies and things like that.

是的。我想說，Pooran，就某些顏色而言，我想說我們之前談到的 3000 萬到 4000 萬美元的範圍保持不變。這可以說是我們對 2025 年的預期，某種程度上是出於背景考量。十一月、十二月，我想說它貢獻的 EBITDA 在 500 萬至 1000 萬美元之間，這還沒有考慮到任何協同效應和諸如此類的因素。

So I would say off to a good start. The teams are working really well together and they're energized and getting to know each other, and we're excited about it.

所以我想說這是一個好的開始。各個團隊合作得非常好，他們充滿活力並且相互了解，我們對此感到非常興奮。

Yeah, Pooran, this is Bill again. One other item that it has been really exciting for us to see is -- and we talked about this in the October call, is this is going to be the first time that we've really been able to test bringing our agronomy business and our grain business together at scale. We have a lot of projects or smaller investments where we're able to do this, but doubling the size of our farm centers and being able to do it inside a business where we have the opportunities for trade, specifically the grain and feed ingredients, is really something we're looking forward to over the next 60 days.

是的，普蘭，我又是比爾。另一件讓我們非常興奮的事情是——我們在十月份的電話會議上談到了這一點，這將是我們第一次真正能夠測試將我們的農學業務和穀物業務大規模地結合起來。我們有很多項目或小額投資可以做到這一點，但將我們的農場中心規模擴大一倍，並能夠在一個有貿易機會的企業內部實現這一點，特別是穀物和飼料成分，這是我們在未來 60 天真正期待的事情。

I appreciate the color there, and now it sounds like it's progressing well. I guess, on that if I could just squeeze one more in before I jump back in the queue, but just on the nutrient and industrial side of the business, I think you mentioned an increase in corn acres and how that could potentially result in increased volumes. Could you remind us which crop kind of requires more inputs? And if you could maybe just give us a sense either qualitatively or quantitatively the magnitude difference in input requirements between, let's say, like corn and soybeans?

我很欣賞那裡的色彩，現在聽起來進展順利。我想，在重新排隊之前我是否可以再多說一點，但就業務的營養和工業方面而言，我想您提到了玉米種植面積的增加以及這可能導致產量的增加。您能提醒我們哪種作物需要更多的投入嗎？您能否從品質或數量上為我們介紹玉米和大豆等作物在投入需求方面的差異有多大？

Yeah. Corn requires substantially more nutrient input. And so we feel like our margin coming out of the corn is quite a bit higher than any of the other crops really that we provide nutrients or other products, too. So it can be pretty substantial in terms of what we see for the agronomy and plant nutrient group, both wholesale and retail, with the number of corn acres that we're expecting to see, right? We still have ways to go, but it's substantial.

是的。玉米需要更多的營養投入。因此，我們覺得玉米帶給我們的利潤比我們提供營養或其他產品的任何其他作物都要高得多。因此，就我們所看到的農學和植物營養集團（批發和零售）的情況而言，與我們預期的玉米種植面積相比，這個數字可能相當可觀，對嗎？我們還有很長的路要走，但路途十分漫長。

Great. Well, I appreciate the color and, again, congrats on the quarter.

偉大的。好吧，我很欣賞這個顏色，並再次祝賀這個季度。

Thank you.

謝謝。

Ben Mayhew, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Ben Mayhew。

Hey guys, good morning. My first question is just around the momentum you're seeing in the renewable diesel feedstock trading since 45Z guidelines were finalized. Do you think transacting is back to more normal levels, or is the market still cautious to transact with the Trump risk out there? Thank you.

大家好，早安。我的第一個問題是，自 45Z 指南最終確定以來，再生柴油原料交易的勢頭如何。您是否認為交易量已經恢復到更正常的水平，或者市場仍然對川普風險持謹慎態度？謝謝。

That's an excellent question. I will tell you that it started with some hesitancy by the Trade on where to head and what to go -- and what transactions to enter into. The market has freed up over the past few weeks, but there's still that concern of what are we going to be using the blender's tax credit? Are we going to be using the producer's tax credit? There were articles out as late as yesterday trying to decipher that.

這是一個很好的問題。我要告訴你，一切始於貿易上的一些猶豫，不知道該去哪裡、做什麼，以及該進行哪些交易。過去幾週，市場已經放開，但人們仍然擔心，我們將如何使用攪拌機的稅收抵免？我們要使用生產者稅收抵免嗎？直到昨天才有文章試圖解釋這一點。

So there's still quite a bit of caution by the plants, especially the -- what I would say is the smaller plants that are more restricted by the need of the tax credit, which, we all know that the blender's tax credit is traditionally going to be better than the producer's tax credit. So yeah, I think you're seeing a little bit more activity but not back to what it was pre-concerns after the election.

因此，工廠仍然保持相當的謹慎態度，尤其是——我想說的是那些規模較小的工廠，它們受到稅收抵免的需求的限制更大，我們都知道，攪拌機的稅收抵免傳統上要比生產商的稅收抵免更好。所以，是的，我認為你看到了更多的活動，但還沒有回到選舉後擔憂之前的狀態。

That makes sense. And my second question is around -- I mean, also has to do with 45Z, but it's around ethanol. And I'm just wondering, does the market environment for acquiring ethanol plants, has that become more attractive now that 45Z guidelines are in place? And what are some of the characteristics that would make certain ethanol plants more valuable than others? Thanks.

這很有道理。我的第二個問題是關於——我的意思是，也與 45Z 有關，但它與乙醇有關。我只是想知道，現在 45Z 指南已經到位，收購乙醇工廠的市場環境是否變得更有吸引力？那麼，哪些特點使得某些乙醇工廠比其他工廠更有價值呢？謝謝。

Good question. So the second part of that question is substantially easier to answer for us. On the -- and I'll take that first and then kind of slide over into the 45Z questions. The criteria for the Andersons likely is different than it is for other ethanol producers. We believe that larger-scale plants with good technology in geographic locations that we have a competitive advantage in originating corn and selling the co-products is what we are looking for.

好問題。因此，這個問題的第二部分對我們來說更容易回答。關於——我將首先回答這個問題，然後再轉到 45Z 問題。安德森的標準可能與其他乙醇生產商的標準不同。我們相信，我們正在尋找在玉米種植和副產品銷售方面具有競爭優勢的地理位置擁有良好技術的大型工廠。

And there's been opportunities to invest or buy plants outside of that criteria, and we've just committed to the discipline of staying with what we're good at. Now, obviously you add Skyland into the equation. Well, now we've added a large geographic region where we have even stronger origination capabilities.

並且也有機會在該標準之外投資或購買工廠，我們只是致力於堅持我們擅長的領域。現在，顯然你將 Skyland 加入方程式。現在，我們增加了一個更大的地理區域，在那裡我們擁有更強大的發起能力。

So hopefully, that answered your question, but we have a -- we're very strict on the criteria that we're going to use in order to make an investment in plants. Especially to your point, the first point is the price -- the cost of plants has elevated for plants that have access to carbon sequestration or utilization. And naturally, those are going to be the plants that we're going to tend to look at the most. And with that, we want to be even more focused and disciplined on the criteria that we quite honestly believe has made us successful.

希望這回答了您的問題，但是我們對投資工廠的標準非常嚴格。特別是針對您的觀點，第一點是價格——對於能夠進行碳封存或利用的植物來說，植物成本已經上漲。自然而然，這些就是我們最常關注的植物。因此，我們希望更加專注和嚴格地遵守那些我們確信能夠讓我們成功的標準。

Thank you. That's great. And then I'm just going to sneak one more in here. And this is more of just a general question about the US farmer and how they're approaching 2025. I mean, certainly, there's a lot of just unknowns -- there are a lot of unknowns out there. But it would seem like with just corn, just looking at corn, that the price appreciation is kind of lending to some optimism or some building optimism, at least.

謝謝。那太棒了。然後我再偷偷地放進去一個。這只是一個關於美國農民以及他們如何邁向 2025 年的一般性問題。我的意思是，當然還有很多未知數——還有很多未知數。但僅就玉米而言，僅看玉米，價格上漲似乎至少會引發一些樂觀情緒或一些樂觀情緒。

So how do you think about the merchandising environment for corn in '25? Is the outlook generally better? I mean, that's my perception. And what are the farmers thinking? Put us in the mind of the US farmer and what is their kind of game plan for this year, and I'll leave it there. Thanks.

那麼您如何看待 25 年玉米的銷售環境呢？前景整體會更好嗎？我的意思是，這是我的看法。那麼農民們又在想什麼呢？讓我們站在美國農民的角度想想他們今年的計畫是什麼樣的，我就不多說了。謝謝。

It's pretty complex question, Ben. But you are correct. And the rally -- the recent rally that we've seen since mid-January has been very beneficial to the US farmer. Now the US farmer also has had a little bit of a snafu in selling earlier when they were expecting a much larger carryout. So I would tell you that not all farmers are created equal in their marketing capabilities. And quite honestly, some producers probably sold their current crop a little early into this rally.

這是一個相當複雜的問題，本。但你是對的。自一月中旬以來，我們看到的近期反彈對美國農民非常有利。現在，美國農民在早期的銷售中也遇到了一些麻煩，因為他們原本預計會有更大的結轉庫存。所以我想告訴你，並非所有農民的行銷能力都是平等的。坦白說，一些生產商可能在這次反彈的早期就賣掉了當前的作物。

But if you think about the payments that were just distributed, you look at -- for the most part, the US is in really good planting conditions. I know it's only February, but we've had a lot of moisture where it's been dry. So I think that the US farmer as a whole is pretty optimistic.

但如果你想想剛剛發放的款項，你會發現──大多數情況下，美國的種植條件非常好。我知道現在才二月，但是我們這裡乾燥的地方卻潮濕多雨。所以我認為美國農民整體上是相當樂觀的。

And you start to think through what will the farm bill look like, how will climate smart ag tie into the ability to reduce the CI scores of corn, the potential of other opportunities, obviously, we've added a lot of crush capacity for the soybean farmer. And so, yeah, I think compared to where the farmer was a year ago -- and I think any of the surveys that you read, optimism is quite a bit higher than it was a year.

你開始思考農業法案會是什麼樣子，氣候智慧型農業將如何與降低玉米 CI 分數的能力結合起來，以及其他機會的潛力，顯然，我們為大豆農民增加了許多壓榨能力。是的，我認為與一年前農民的情況相比——而且我認為你讀過的任何調查結果都表明，農民的樂觀情緒比一年前要高得多。

Thank you. And ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the conference back over to Mike Hoelter for closing remarks.

謝謝。女士們、先生們，問答環節到此結束。我想將會議交還給 Mike Hoelter 做最後發言。

Thank you, Rocco. We want to thank you all for joining us this morning. Our next earnings conference call is scheduled for Wednesday, May 7, 2025, at 8:30 AM Eastern Time when we will review our first quarter results. As always, thank you for your interest in the Andersons, and we look forward to speaking with you again soon.

謝謝你，羅科。我們感謝大家今天上午的參加。我們的下一次收益電話會議定於 2025 年 5 月 7 日星期三東部時間上午 8:30 舉行，屆時我們將回顧第一季的業績。像往常一樣，感謝您對安德森一家的關注，我們期待很快再次與您交談。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路並享受美好的一天。