Clean Energy Fuels Corp (CLNE) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Clean Energy Fuels First Quarter 2023 Earnings Conference Call. (Operator Instructions). This call is being recorded on Tuesday, May 9, 2023. I would now like to turn the conference over to Robert Vreeland, Chief Financial Officer of Clean Energy Fuels. Please go ahead.

女士們先生們，下午好，歡迎來到清潔能源燃料 2023 年第一季度收益電話會議。 （操作員說明）。此電話會議將於 2023 年 5 月 9 日星期二進行錄音。我現在想將會議轉交給清潔能源燃料公司的首席財務官羅伯特弗里蘭。請繼續。

Operator. Earlier this afternoon, Clean Energy released financial results for the first quarter ending March 31, 2023. If you did not receive the release, it is available on the Investor Relations section of the company's website at www.cleanenergyfuels.com, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words of expression reflecting optimism, satisfaction with current prospects as well as words such as believe, intend, expect, plan, should, anticipate and similar variations identify forward-looking statements, but their absence does not mean that the statement is not forward-looking.

操作員。今天下午早些時候，Clean Energy 發布了截至 2023 年 3 月 31 日的第一季度財務業績。如果您沒有收到該發布，請訪問公司網站 www.cleanenergyfuels.com 的投資者關係部分，電話是也在網絡直播中。網站上將提供 30 天的重播。在我們開始之前，我們想提醒您，新聞稿和本次電話會議中包含的一些信息包含前瞻性陳述，這些陳述涉及難以預測的風險、不確定性和假設。反映樂觀、對當前前景滿意的表達詞語以及諸如相信、打算、期望、計劃、應該、預期和類似變體等詞語識別前瞻性陳述，但它們的缺失並不意味著該陳述不是前瞻性的.

Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10-Q filed today. These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release. The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core business operating results.

此類前瞻性陳述不是業績保證，公司的實際結果可能與此類陳述中包含的結果存在重大差異。今天提交的 Clean Energy 10-Q 表格的風險因素部分詳細描述了可能導致或促成此類差異的幾個因素。這些前瞻性陳述僅代表本新聞稿發布之日的情況。公司沒有義務在本新聞稿發布之日後公開更新任何前瞻性陳述或提供有關情況的新信息。公司的非 GAAP 每股收益和調整後的 EBITDA 將在本次電話會議上進行審查，並排除公司管理層認為不能代表公司核心業務經營業績的某些費用。

Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information (inaudible) management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today. With that, I will turn the call over to our President and Chief Executive Officer, Andrew Littlefair.

除了根據 GAAP 編制的結果外，還應考慮非 GAAP 財務措施，不應將其視為替代或優於 GAAP 結果。直接可比的 GAAP 信息（聽不清）管理使用非 GAAP 信息、非 GAAP 每股收益和調整後 EBITDA 的定義以及這些非 GAAP 和 GAAP 數據之間的對賬在公司的新聞稿中提供，該新聞稿已提供給SEC 今天的 8-K 表格。有了這個，我將把電話轉給我們的總裁兼首席執行官 Andrew Littlefair。

Thank you, Bob. Good afternoon, everyone, and thank you for joining us. Well, for the first quarter, the good news is that our underlying growth and fundamentals were strong. Bad news is our first quarter results were impacted by an anomaly and hopefully, a onetime occurrence, which was a historic spike in natural gas prices in California, resulting in a $10 million compression in our profits. A confluence of events, including unusually cold weather in California, the lack of natural gas storage capacity by the gas utilities and the El Paso pipeline that supplies 20% of the natural gas to California being out of commission. All contributed to cause the price of natural gas to spike as high as $50 an MMBtu here in California in January. The move from $7 an MMBtu in November to January was a 600% increase, translating into an increase in our costs at the pump from approximately $1 a diesel equivalent to $7.50.

謝謝你，鮑勃。大家下午好，感謝您加入我們。嗯，對於第一季度，好消息是我們的潛在增長和基本面強勁。壞消息是我們第一季度的業績受到異常情況的影響，希望是一次性的，這是加利福尼亞天然氣價格的歷史性飆升，導致我們的利潤減少 1000 萬美元。一系列事件交織在一起，包括加利福尼亞異常寒冷的天氣、天然氣公用事業公司缺乏天然氣儲存能力以及向加利福尼亞供應 20% 天然氣的埃爾帕索管道停止運行。所有這些都導致 1 月份加利福尼亞州的天然氣價格飆升至每百萬英熱單位 50 美元。從 11 月的每 MMBtu 7 美元到 1 月增加了 600%，這意味著我們的加油站成本從每柴油約 1 美元增加到 7.50 美元。

We did everything we could to mitigate this unprecedented chain of events that impacted the cost of our commodity. But California continues to be our biggest market by far, with the largest [transit] agencies in the state, dozens of refuse, truck fleets, airport vehicles and a growing number of heavy-duty trucks, all fueling at our network of 150 stations across the state. We passed along some of the increase in fuel cost to these customers, but we felt we can only do so much. Good news is that they understood in large part, because every household and business in California was also seeing their gas bills at least tripled, if not quadrupled during January.

我們盡一切努力減輕影響我們商品成本的前所未有的事件鏈。但加州仍然是我們迄今為止最大的市場，擁有該州最大的[運輸]機構、數十個垃圾、卡車車隊、機場車輛和越來越多的重型卡車，所有這些都在我們遍布 150 個加油站的網絡中加油狀態。我們將部分燃料成本的增加轉嫁給了這些客戶，但我們覺得我們只能做這麼多。好消息是，他們在很大程度上理解了這一點，因為加州的每個家庭和企業在 1 月份的燃氣費用如果沒有翻兩番，也至少翻了三倍。

The other important point of this historic increase is that the price began to moderate in February, although there were still some balancing effects that we were feeling. The El Paso pipeline is back online and gas utilities have filed plans for additional storage. And as of March, the price of natural gas at the SoCal Citygate was back closer to $7 in MMBtu. Something else that has been impacting our bottom line and that we discussed in the last quarter's call is the price of the environmental credits. I know these are followed closely by many on this call. And as you know, there has been a nice turnaround in the California low carbon fuel credit price recently, about a 35% increase. But for the majority of Q1, prices were on the low end and had an impact on our adjusted EBITDA when compared to a year ago.

這一歷史性增長的另一個重要點是價格在 2 月份開始放緩，儘管我們仍然感受到一些平衡效應。埃爾帕索管道重新上線，天然氣公用事業公司已提交額外存儲計劃。截至 3 月，SoCal Citygate 的天然氣價格又回到接近 7 美元 MMBtu。影響我們底線的其他因素以及我們在上個季度的電話會議中討論的是環境信用的價格。我知道很多人都在密切關注這些電話會議。如您所知，加州低碳燃料信用價格最近出現了很好的轉變，上漲了約 35%。但在第一季度的大部分時間裡，價格處於低端，與一年前相比對我們調整後的 EBITDA 產生了影響。

By March, credit prices were in line with our plan, if not exceeding. In the first quarter, we sold over 53 million gallons of renewable natural gas, which was 34% more than we sold in the same quarter of last year. We won several large transit contracts, converted existing customers from traditional CNG more profitable RNG and opened additional RNG stations where Amazon heavy-duty trucks are the anchor customer. Our revenue for the quarter was $132 million, $48 million more than Q1 2022, but this was heavily impacted on the plus side by the commodity price in California that I just spoke about. By the time we got to March, we saw our overall business begin to right itself and track the plan that we had at the beginning of the year.

到 3 月，信貸價格即使沒有超過也符合我們的計劃。第一季度，我們銷售了超過 5300 萬加侖的可再生天然氣，比去年同期增長了 34%。我們贏得了幾項大型運輸合同，將現有客戶從傳統 CNG 轉變為更有利可圖的 RNG，並開設了更多的 RNG 站，其中亞馬遜重型卡車是主要客戶。我們本季度的收入為 1.32 億美元，比 2022 年第一季度多 4800 萬美元，但這受到我剛才談到的加利福尼亞商品價格的積極影響。到 3 月時，我們看到我們的整體業務開始自我調整併跟踪我們年初的計劃。

Our balance sheet remains in very good shape with $220 million in cash and investments, addition to $132 million cash off balance sheet at our RNG supply joint ventures. As I spoke about last quarter, our first RNG supply project, Del Rio Dairy in Texas is now online. We now have 3 dairies in commissioning and 2 others in final construction. By summertime, we should have 6 projects producing RNG. Many of you have read about the tragic fire in South Fork Dairy in Texas, where we had plans to build an RNG digester. While we have funded some design, engineering and early equipment purchases for that project, we had not started on-site construction. And we are now working with the dairy owner as he plans to rebuild the barn and repopulate the herd.

我們的資產負債表保持良好狀態，擁有 2.2 億美元的現金和投資，此外我們的 RNG 供應合資企業的資產負債表外現金為 1.32 億美元。正如我在上個季度所說的那樣，我們的第一個 RNG 供應項目德克薩斯州的 Del Rio Dairy 現已上線。我們現在有 3 個乳品廠在調試中，另外 2 個在最後建設中。到夏天，我們應該有 6 個項目生產 RNG。你們中的許多人都讀過德克薩斯州 South Fork Dairy 的悲慘火災，我們計劃在那裡建造一個 RNG 消化器。雖然我們為該項目的一些設計、工程和早期設備採購提供了資金，但我們還沒有開始現場施工。我們現在正與奶牛場老闆合作，因為他計劃重建穀倉並重新安置牛群。

We will keep you updated on his progress. We've added expertise in construction, project management and origination to our RNG team that are keeping our projects moving along at a good pace. Not only clean energy and our customers remain bullish on this ultra-clean (inaudible), Washington knows the benefits of RNG as well. I hope you saw the announcement that a bill was introduced last month in the U.S. House representatives provide $1 per gallon tax credit for vehicles that use RNG. It's interesting to note that the bipartisan bill is being cosponsored by a Republican member from a rural district, [congressman] Brian Fitzpatrick. and a Democrat from our urban Southern California District (inaudible) Linda Sanchez.

我們將讓您了解他的最新進展。我們為我們的 RNG 團隊增加了在建設、項目管理和發起方面的專業知識，使我們的項目保持良好的步伐。不僅清潔能源和我們的客戶仍然看好這種超清潔（聽不清），華盛頓也知道 RNG 的好處。我希望您看到了美國眾議院代表上個月提出的一項法案的公告，為使用 RNG 的車輛提供每加侖 1 美元的稅收抵免。有趣的是，這項兩黨法案是由來自農村地區的共和黨議員 [國會議員] Brian Fitzpatrick 共同發起的。以及來自我們南加州市區的民主黨人（聽不清）琳達·桑切斯。

So members understand both the environmental benefits of RNG, which reduces air pollution and carbon emissions. And that the investment of tens of millions of dollars per new RNG digester benefits their agricultural communities. We believe a companion bill will soon be introduced in the Senate by another bipartisan coalition. 70% of all on-road fuel used in natural gas vehicles in 2022 in the U.S. was RNG, which is a great testament to its acceptance and the ease to transition it to existing fueling infrastructure and fleets. I think a tax credit will be a big boost to the adoption of RNG if it passes.

因此，成員了解 RNG 的環境效益，減少空氣污染和碳排放。每個新的 RNG 沼氣池投資數千萬美元，使他們的農業社區受益。我們相信另一個兩黨聯盟將很快在參議院提出一項配套法案。到 2022 年，美國天然氣車輛使用的所有道路燃料中有 70% 是 RNG，這很好地證明了它的接受度以及將其輕鬆過渡到現有加油基礎設施和車隊的能力。我認為，如果稅收抵免獲得通過，將極大地促進 RNG 的採用。

We're also very excited about the rollout of the new Cummins 15-liter natural gas engine. It seems like a week doesn't go by that we don't hear some good -- some of the country's largest fleets like Wal-mart, Werner, NICE we are taking delivery of these preproduction 15-liter engines. I've spoken multiple times on these calls about the importance of this 15-liter engine to the heavy-duty truck market because it delivers the power, torque and economics the industry needs. And it's incredibly gratifying to see the early response. A few weeks ago, I was with the CEO of the largest trucking company in Canada and a customer of ours, [Murray Mullen]. And he is anxiously waiting the delivery of 2 test 15-liter engines in a few months.

我們也對新康明斯 15 升天然氣發動機的推出感到非常興奮。似乎一周過去了，我們沒有聽到一些好消息——美國一些最大的車隊，如沃爾瑪、Werner、NICE，我們正在接收這些預生產的 15 升發動機。我在這些電話會議上多次談到這款 15 升發動機對重型卡車市場的重要性，因為它提供了行業所需的動力、扭矩和經濟性。看到早期的反應令人難以置信的欣慰。幾週前，我與加拿大最大的卡車運輸公司的首席執行官以及我們的客戶 [Murray Mullen] 會面。而他正焦急地等待幾個月後交付 2 台測試 15 升發動機。

I've gone on a little long, and my goal is to keep my remarks shorter, giving us more time to get to your questions. But I do want to end by highlighting why I was in Canada, which was for a significant announcement with the largest natural gas company in Canada and 1 of the most successful energy companies in North America over the last couple of decades, Tourmaline. Mike Rose, Tourmaline's Founder and CEO, and I announced that the 2 companies are partnering to build a network of natural gas stations across Western Canada primarily targeting the heavy-duty truck market.

我講的時間有點長，我的目標是讓我的發言更簡短，讓我們有更多時間來回答您的問題。但最後我想強調一下我來加拿大的原因，這是為了與加拿大最大的天然氣公司和過去幾十年北美最成功的能源公司之一 Tourmaline 一起發布重大公告。 Tourmaline 的創始人兼首席執行官 Mike Rose 和我宣布，這兩家公司正在合作在加拿大西部建立一個主要針對重型卡車市場的天然氣站網絡。

We've identified locations for the first 4 with 1 already operating in Edmonton and have plans to eventually add 15 or so stations that will be co-owned by the 2 companies. Clean Energy will build and operate in the stations. We are very bullish about this new partnership with Tourmaline as well as our overall business. As I detailed at the top of my remarks, we experienced some headwinds at the beginning of the year, but the momentum has already shifted back. RNG continues to be a breakthrough fueling solution, allowing fleets to decarbonize quickly and affordably. No other company is better positioned for the RNG future with our expanding low-carbon supply and our growing fueling infrastructure. Thank you for your time today. And now I'll hand the call over to Bob.

我們已經確定了前 4 個站點的位置，其中 1 個已經在埃德蒙頓運營，併計劃最終增加 15 個左右的站點，這些站點將由兩家公司共同擁有。清潔能源將在車站建設和運營。我們非常看好與 Tourmaline 的這種新合作關係以及我們的整體業務。正如我在發言開頭所詳述的那樣，我們在年初經歷了一些逆風，但勢頭已經逆轉。 RNG 仍然是一種突破性的燃料解決方案，使車隊能夠以經濟實惠的方式快速脫碳。憑藉我們不斷擴大的低碳供應和不斷發展的燃料基礎設施，沒有其他公司能更好地為 RNG 的未來做好準備。謝謝你今天的時間。現在我會把電話轉給鮑勃。

Thank you, Andrew and good afternoon to everyone. Let me start with giving a little color -- little more color around the $10 million drag on earnings in the first quarter from the high California natural gas prices. The quick math on that is that we have about 2 million gallons per month with exposure to natural gas price movement in the California market. And we saw an incremental price increase of around $6.50 a gallon. So that's an increase in our cost. We were able to increase our retail prices by $2 a gallon so taking our price at the pump to $7.99 a gallon versus diesel at the time was $5.99. So that left us about $4.50 a gallon that we absorbed plus we experienced some elevated gas utilities at our California LNG plant for about another $1 million impact.

謝謝安德魯，大家下午好。讓我先給出一些顏色——關於加州天然氣價格高企對第一季度收益的 1000 萬美元拖累的更多顏色。快速計算一下，我們每月有大約 200 萬加侖的天然氣受到加利福尼亞市場天然氣價格變動的影響。我們看到每加侖 6.50 美元左右的增量價格上漲。所以這增加了我們的成本。我們能夠將零售價提高每加侖 2 美元，因此將我們的零售價提高到每加侖 7.99 美元，而當時的柴油價格為 5.99 美元。因此，我們吸收了每加侖約 4.50 美元，加上我們在加利福尼亞液化天然氣工廠經歷了一些高架天然氣公用事業，另外產生了約 100 萬美元的影響。

So disappointing when we really were having a nice quarter, but that is passed and frankly, without that anomaly, the quarter was really more in line with what we were expecting. Recent trends in the natural gas prices relative to oil remains healthy, meaning we have a strong economics at our retail pricing. LCFS credit pricing has increased into the mid-80s from the low 60s, which is where it was at on our last call. And even more recently, there's been a nice rise in RIN pricing. So the current economic landscape is good for us, and we think that we can recover much of the $10 million anomaly by the end of this year. Moving on and looking at volumes. We saw increases in volume across all of our core sectors with the largest gains coming from transit and trucking when compared to a year ago.

當我們真的有一個不錯的季度時非常令人失望，但坦率地說，沒有這種異常情況，這個季度確實更符合我們的預期。天然氣價格相對於石油的近期趨勢保持健康，這意味著我們的零售定價具有強大的經濟性。 LCFS 信貸定價已從 60 年代的低點增加到 80 年代中期，這是我們上次通話時的價格。甚至最近，RIN 定價也出現了不錯的上漲。因此，當前的經濟形勢對我們有利，我們認為到今年年底我們可以收回 1000 萬美元的大部分異常。繼續看卷。與一年前相比，我們看到所有核心部門的銷量都有所增加，其中最大的增長來自運輸和卡車運輸。

The transit sector has seen more recovery this year, and we've also had some nice customer gains. And then our volumes with Amazon continued to increase, which is helping to drive the trucking sector growth. Both of these sectors, the transit and trucking contributed to the growth in fuel gallons, which was up 18% year-over-year. And then Transit also contributed to service gallon growth, which was 7% compared to the first quarter of 2022. We reported a GAAP operating loss of $35.4 million for the first quarter of 2023 on revenues of $132 million, compared to a GAAP operating loss of $20 million on $83 million in revenue a year ago first quarter. On the downside for the first quarter results of 2023 compared to the same period in 2022, we have the $10 million drag from the California gas spike in 2023.

運輸行業今年出現了更多複蘇，我們也獲得了一些不錯的客戶收益。然後我們與亞馬遜的交易量繼續增加，這有助於推動卡車運輸行業的增長。這兩個部門，運輸和卡車運輸都為燃油加侖數的增長做出了貢獻，同比增長 18%。然後 Transit 也促進了服務加侖的增長，與 2022 年第一季度相比增長了 7%。我們報告 2023 年第一季度的 GAAP 營業虧損為 3540 萬美元，收入為 1.32 億美元，而 GAAP 營業虧損為一年前第一季度收入為 8300 萬美元，收入為 2000 萬美元。與 2022 年同期相比，2023 年第一季度業績的不利因素是 2023 年加州天然氣價格飆升給我們帶來了 1000 萬美元的拖累。

Our increased volume with Amazon resulted in incremental Amazon warrant charges of $10 million in 2023. And our RIN and LCFS revenues combined were down $4.5 million from a year ago due to the lower credit prices. On the upside, in 2023, we have $4.3 million of incremental alternative fuel tax credit revenue compared to a year ago, as the alternative fuel tax credit was not in effect in the first quarter of 2022. Our adjusted EBITDA was negative $4 million for the first quarter of 2023, which includes the $10 million negative impact from the California gas prices. We've also, in our table in our press release, we've disclosed the EBITDA components of our RNG supply JVs, since we are operating 1 project, and we'll be operating more this year. Having said that our adjusted EBITDA of the negative $4 million breaks down as a negative $2.9 million coming from the distribution business and negative $1.1 million coming from our RNG supply business.

我們與亞馬遜的交易量增加導致亞馬遜在 2023 年增加了 1000 萬美元的保證金費用。由於信用價格較低，我們的 RIN 和 LCFS 收入總和比一年前減少了 450 萬美元。從好的方面來看，與一年前相比，我們在 2023 年的替代燃料稅收抵免收入增加了 430 萬美元，因為替代燃料稅收抵免在 2022 年第一季度沒有生效。我們調整後的 EBITDA 為負 400 萬美元2023 年第一季度，其中包括加州天然氣價格帶來的 1000 萬美元負面影響。我們還在新聞稿的表格中披露了 RNG 供應合資企業的 EBITDA 組成部分，因為我們正在運營 1 個項目，而且今年我們將運營更多項目。話雖如此，我們調整後的 EBITDA 為負 400 萬美元，分解為來自分銷業務的負 290 萬美元和來自我們的 RNG 供應業務的負 110 萬美元。

And you can calculate these figures utilized in the press release and our 10-Q, but we intend to update our company presentation on this adjusted EBITDA to show you the 2 different contributors to the adjusted EBITDA. We're going to update our company presentation that we'll put on to our website soon. And with that, operator, please open the call to questions.

您可以計算新聞稿和我們的 10-Q 中使用的這些數字，但我們打算更新我們公司關於此調整後 EBITDA 的介紹，以向您展示調整後 EBITDA 的兩個不同貢獻者。我們將更新即將發佈到我們網站上的公司介紹。有了這個，接線員，請打開問題電話。

(Operator Instructions) Your first question comes from Eric Stine with Craig Hallum.

（操作員說明）您的第一個問題來自 Eric Stine 和 Craig Hallum。

So thanks for the details on the RNG pipeline. Maybe if you could go beyond that a little bit. I know in the past, you've talked about kind of the next level, which is the number of plants that you've got in engineering phase. And I'd also love to hear just kind of the size of the pipeline as it stands now maybe versus 6 months ago, 12 months ago?

感謝您提供有關 RNG 管道的詳細信息。也許如果你能超越一點點。我知道過去，你談到了下一個級別，即你在工程階段擁有的工廠數量。而且我也很想听聽管道的大小，因為它現在可能與 6 個月前、12 個月前相比？

Right. So we slice -- Eric, thanks. We slice these things different ways. So when you kind of -- when you sort of boil all of it down, we have 9 under construction. Now 1 of those is South Fork. And I can go in a little more detail on that in a minute, but we have 9 under construction, we have 4 under engineering. In engineering these projects are pretty detailed, right? So it's -- you're spending some money at that point, and you're getting up to about 30% drawing. So they're well underway, and you have MOUs and everything. And then we have 2 kind of in the early stages of development. So they are about to enter engineering.

正確的。所以我們切片 - 埃里克，謝謝。我們以不同的方式切分這些東西。所以當你有點——當你把所有的東西都歸結起來時，我們有 9 個正在建設中。現在其中 1 個是 South Fork。我可以在一分鐘內詳細介紹一下，但我們有 9 個正在建設中，我們有 4 個正在設計中。在工程中，這些項目非常詳細，對吧？所以它是——你在那個時候花了一些錢，你得到了大約 30% 的繪圖。所以他們進展順利，你有諒解備忘錄和一切。然後我們有兩種處於開發的早期階段。所以他們即將進入工程領域。

So those are the projects, let's just call them active where you're really moving forward. Then the pipeline can kind of ebbs and flows, Eric. There are 18 to 20 active in the pipeline where we're dealing with the farmers and passing paper back and forth. And so now just to be clear, that number could probably [even swell]. I mean our guys are in touch with more than that. But that's the number that I asked for this morning, as we're kind of looking at those that we really are starting to get a real nice line of sight on. There are more. But time will tell over here over the next few months of kind of which ones then move into the real active pursuit. But the pipeline is robust and our guys have really done, I think, a nice job on not only on the [pipeline for] development, but also on the RNG supply side, which is very active for us as well.

所以這些就是項目，在你真正向前推進的地方，我們就稱它們為活躍的。然後管道可能會起伏不定，埃里克。有 18 到 20 個活躍在管道中，我們正在與農民打交道並來回傳遞文件。所以現在要明確一點，這個數字可能 [甚至膨脹]。我的意思是我們的人接觸的遠不止這些。但這是我今天早上要求的數字，因為我們正在研究那些我們真正開始獲得真正好的視線的人。還有更多。但在接下來的幾個月裡，時間會告訴我們哪些人會進入真正的積極追求。但是管道很強大，我認為我們的人確實做得很好，不僅在 [pipeline for] 開發方面，而且在 RNG 供應方面，這對我們來說也非常活躍。

Got it. And just curious, I guess, first of all, I mean I think in the past, you talked about an ultimate goal. I mean, obviously, you could expand beyond this with BP and total at some point, but I think targeting like 105 million gallons. Is that still a number we should think about?

知道了。只是好奇，我想，首先，我的意思是我認為過去，你談到了一個最終目標。我的意思是，很明顯，你可以在某個時候用 BP 和總量擴展到這個之外，但我認為目標是 1.05 億加侖。這仍然是一個我們應該考慮的數字嗎？

Yes, still. No, I'm glad you bring that up because it's still -- because we've kind of talked about it. We did acknowledge on the last call that some of these projects were taking a little bit longer and so there's a little slippage, if you will, to the right. But the main goal is still in place that's still what we laid out a little over a year ago of the 105 million, 100 million gallons of our own equity account with our partners on the supply side.

是的，仍然。不，我很高興你提出這個問題，因為它仍然——因為我們已經討論過了。我們在上次電話會議上確實承認，其中一些項目花費的時間稍長，因此如果您願意的話，右側會出現一些下滑。但主要目標仍然存在，這仍然是我們一年多前與供應方合作夥伴制定的 1.05 億、1 億加侖我們自己的權益賬戶的目標。

That's still -- we're still on track for that. Now we've always been very clear that some of that will be greenfield that we'll develop some and it could be an M&A. And so we'll still work on that. But we still like that number, frankly. I'd like to see that go up. But our partners are still looked with us on that. And then at the same time, and that's in development 2026. We have to then bring a lot more third-party, low CI gas and landfill gas to the equation as well. So we're very busy on that front. But we really haven't changed the size of what we're trying to achieve or the money that we're going to need to spend with our partners on it.

那仍然是 - 我們仍在朝著這個方向前進。現在我們一直很清楚，其中一些將是綠地，我們將開發一些，它可能是併購。因此，我們仍將繼續努力。但坦率地說，我們仍然喜歡這個數字。我希望看到它上升。但我們的合作夥伴仍在關注這一點。然後同時，這是在 2026 年的開發中。然後我們還必須將更多的第三方、低 CI 氣體和垃圾填埋場氣體引入方程式。所以我們在這方面非常忙。但我們確實沒有改變我們想要實現的目標的規模，也沒有改變我們需要與合作夥伴一起花費的資金。

Okay. And then, I guess, maybe last 1 for me. Just I think last quarter, with the Amazon stations, you would -- not through anything that you were doing. It was more permitting delays, those sorts of things. Curious where that stands? Has that loosened up a little bit? And when you might get back to what you would view more of a normal rollout, if you're not (inaudible)

好的。然後，我想，也許對我來說是最後一個。我認為上個季度，通過亞馬遜站，你會——而不是通過你正在做的任何事情。它更允許延遲，諸如此類的事情。好奇它的位置？是不是鬆了一點？當你可能回到你會看到更多的正常推出時，如果你不是（聽不清）

It has. We worked really hard -- we have a very large team on the site acquisition, entitlement permitting, this side of the equation and then, of course, construction, right? And we've worked hand in glove with our friends at Amazon as well, our construction party and all of that team. Starting late last year to see what we could do to streamline the process and working together, utilizing all the levers that we have. I'm happy to note that we have 7 stations that are under construction right now, and that will come on in the next 5 months, and I reviewed that with Amazon the other day.

它有。我們真的很努力——我們有一個非常龐大的團隊來處理場地收購、權利許可、等式的這一邊，當然還有施工，對吧？我們也與我們在亞馬遜的朋友、我們的施工方和所有團隊密切合作。從去年年底開始，看看我們可以做些什麼來簡化流程並共同努力，利用我們擁有的所有槓桿。我很高興地註意到，我們現在有 7 個站點正在建設中，將在接下來的 5 個月內投入使用，前幾天我與亞馬遜進行了審查。

And the entire -- maybe less 1 of the original stations that we signed on to Amazon that we've disclosed, will -- should be completed by the end of the year. So there's a lot more to be done there. It has sped up some. We get a little break with the weather, right? I mean we've made tremendous progress in a couple of stations out here in California, here in the last 6 weeks after the rain stopped. And that's also the case in other parts of the country. So I'm feeling good. We have cameras on all those locations. And we have meeting -- a standing meeting with a big team every Friday morning at 8:30, and a lot of activities we're bringing those projects along.

整個——我們已經披露的與亞馬遜簽約的原始電台中可能只有一個——應該在今年年底完成。所以還有很多事情要做。它加快了一些。我們可以稍微休息一下天氣，對吧？我的意思是，在雨停後的過去 6 週內，我們在加利福尼亞州的幾個站點取得了巨大進展。在該國其他地區也是如此。所以我感覺很好。我們在所有這些地點都有攝像頭。我們每週五早上 8 點 30 分與一個大團隊開會，還有很多活動，我們將這些項目帶到一起。

So I'm feeling much better about that. And those are like magic, Eric. You opened 1 of those stations and literally within a few days, even before we were in final commissioning and ready to get the occupancy permit from a city, even those 158 trucks in there. And so it's a beautiful thing when you see it. And so we're very excited about.

所以我對此感覺好多了。這些就像魔法一樣，埃里克。你開設了其中一個站點，實際上是在幾天之內，甚至在我們進行最終調試並準備好從一個城市獲得入住許可之前，甚至是那裡的 158 輛卡車。所以當你看到它時，它是一件美麗的東西。所以我們非常興奮。

Your next question comes from Rob Brown with Lake Street Capital Markets.

你的下一個問題來自湖街資本市場的 Rob Brown。

Just following on with Amazon, how many stations are now open? And do you have a sense of how [much] the truckload you're feeling at the moment?

緊跟著亞馬遜，現在開了幾家站？你知道你現在感覺到的卡車負荷有多少嗎？

Well, now you [remember], I always give this little warning and I get in trouble if I -- but I do know this. that we -- you know there's a couple of pieces to that, right? So we, early on, going back, I guess, what, 18 months ago, we -- as they began to take trucks, we opened up our nationwide network of stations. And as of the last week in my meeting with folks of executives Amazon reported that we've actually fueled heavy-duty trucks, Amazon trucks and mediums at 101 of our different stations. And that's a daily occurrence.

好吧，現在你 [記住]，我總是發出這個小警告，如果我 - 但我確實知道這一點，我會遇到麻煩。我們 - 你知道有幾個部分，對吧？所以我們很早就回去了，我猜是什麼，18 個月前，當他們開始使用卡車時，我們開放了全國范圍的車站網絡。截至上週，在我與亞馬遜高管人員的會面中，他們報告說，我們實際上已經在 101 個不同的加油站為重型卡車、亞馬遜卡車和中型卡車加油。這是每天都會發生的事情。

And as of last week, it appears to us -- because it changes from time to time. You're approaching 1,500 trucks that are fueling on a daily basis. Now as those stations, that I just discussed with Eric come online, you'll see that number, I hope, go up. And I know that through the public information that Amazon's disclosed, I think they've admitted to 2,000 or 2,500 trucks that they've disclosed. And so our numbers should continue to go up as these stations come online.

截至上週，在我們看來，它是因為它不時發生變化。您正在接近每天加油的 1,500 輛卡車。現在，隨著我剛剛與埃里克討論過的那些電台上線，我希望你會看到這個數字上升。我知道，通過亞馬遜披露的公開信息，我認為他們已經承認了他們披露的 2,000 或 2,500 輛卡車。因此，隨著這些電台上線，我們的人數應該會繼續增加。

Okay. And then on the 15-liter rollout that they're testing right now, how does that ramp roll out? How do you sort of see that flowing into the fleet over the next 2 or 3 years?

好的。然後在他們現在正在測試的 15 升推出時，這個斜坡是如何推出的？您如何看待未來 2 或 3 年內流入艦隊的情況？

It was really pleasing to see -- I would like to say that Cummins has really gotten into this in a big way. And you may see it, Rob. But gosh, in the last 6 weeks, almost every week, there's another announcement coming out about different parts of the business. And last week, at the ACT Expo (inaudible) huge presence by Cummins, 1 of my salesman reported that he thought there was as many as 20 Cummins individuals there. Now they had a couple of other fuels, but about fully half of that (inaudible) was natural gas, portion of a lot of customer interest there.

看到真的很高興——我想說康明斯真的在很大程度上涉足了這一領域。你可能會看到它，羅伯。但是，天啊，在過去的 6 周里，幾乎每週，都會有另一個關於業務不同部分的公告發布。上週，在康明斯的 ACT 博覽會（聽不清）中，我的一名銷售員報告說他認為那裡有多達 20 名康明斯員工。現在他們有幾種其他燃料，但其中大約一半（聽不清）是天然氣，這是那裡很多客戶感興趣的一部分。

In fact, Rob, 1 of the only the ride and drive, big fuel cells and electric vehicles and all the showbiz of advanced technology and innovation there, the only vehicle that made it there under its own power to be in the right [hand] drive the heavy duty was the Cummins natural gas product that was driven in. It was actually being operated at the time by Wal-mart. Those vehicles, the way I understand it, and you might get better information from Cummins, but the way I understand it, there's about 40 some of the nation's largest fleets that are in line now to -- are kind of in sequence to take delivery of those vehicles.

事實上，Rob 是唯一的乘車和駕駛、大型燃料電池和電動汽車以及那裡所有先進技術和創新的娛樂圈之一，唯一靠自己的力量做到這一點的汽車[手] drive the heavy duty是開進來的康明斯天然氣產品，當時其實是沃爾瑪在運營。那些車輛，以我的理解，你可能會從康明斯那裡得到更好的信息，但以我的理解，現在大約有 40 輛美國最大的車隊正在排隊 - 有點按順序接收那些車輛。

Those are new engines that are being placed into existing diesel OEMs, right, into trucks (inaudible) so they have to go to the shop from the fleet and put in the new engine. And some of -- those are on the road now, some of them -- some of those fleets I mentioned in my remarks. And I haven't seen anything official from Cummins, but the early reports are, the lady that drove the truck from Wal-mart had just a very good report that she imported there to the people at Expo. So I have my fingers crossed that the customer experience is going to be good. The torque and horsepower is good. I saw -- I think today, Cummins made another announcement on their upfitting program on their new design back-of-cab. And I really like this because you're beginning to see sort of the OEM nature that Cummins can bring now with their upfitting capability to bring the fuel system and everything together as a factory product. They've improved that. They have 170-gallon option, and I think 130-gallon options that really look slick.

這些是新發動機，正在安裝到現有的柴油原始設備製造商中，對，卡車（聽不清），所以他們必須從車隊去商店安裝新發動機。其中一些——現在正在路上，其中一些——我在發言中提到的一些車隊。我還沒有看到康明斯的任何官方消息，但早期的報導是，從沃爾瑪開卡車的那位女士剛剛向世博會的人們介紹了一份非常好的報告。所以我祈禱客戶體驗會很好。扭矩和馬力都很好。我看到——我想今天，康明斯又宣布了他們在新設計的駕駛室後部的裝修計劃。我真的很喜歡這個，因為你開始看到康明斯現在可以帶來的某種原始設備製造商性質，以及他們將燃油系統和所有東西組合在一起作為工廠產品的改裝能力。他們對此進行了改進。他們有 170 加侖的選項，我認為 130 加侖的選項看起來真的很漂亮。

It's much lighter, 400 pounds lighter.

它輕得多，輕了 400 磅。

Yes, that tank package -- thank you, Bob, it's 400 pounds lighter. So seems like things are going well, and I'm hoping I can never -- I always get out there a little bit ahead of myself. But the story is later this year, the kind of order book will open at some point. And I'm hoping that we begin to see those orders taken for that engine.

是的，那個坦克包——謝謝你，鮑勃，它輕了 400 磅。所以看起來事情進展順利，我希望我永遠不能——我總是比自己早一點。但故事是在今年晚些時候，這種訂單簿將在某個時候開放。我希望我們開始看到為該引擎接受的訂單。

Your next question comes from Manav Gupta with UBS.

你的下一個問題來自瑞銀的 Manav Gupta。

I actually quickly wanted to touch a little bit on the third-party volumes. Some of your upstream projects are delayed. Some of your competitors upstream projects are also slightly delayed. But in your guidance, you had indicated that you're still seeing very strong contractual volumes from third parties for both landfill and dairy RNG. Can you talk a little bit about your third-party volume contracts, as they relate to RNG and the volumes you actually distribute through your outlets?

實際上，我很快就想稍微了解一下第三方卷。您的一些上游項目被延遲了。您的一些競爭對手上游項目也略有延遲。但在您的指導中，您曾表示您仍然看到來自第三方的垃圾填埋場和乳製品 RNG 的合同量非常強勁。你能談談你的第三方數量合同嗎，因為它們與 RNG 和你通過你的網點實際分發的數量有關？

Sure. Bob, you (inaudible) those.

當然。鮑勃，你（聽不清）那些。

(inaudible) handy here. But we -- the third party, I'll start, Manav, good to hear your voice. The third party is a very important piece to our story until we begin to -- well, it always will be, right? I think what the count is -- we have 63 different RNG suppliers. So we work with almost everybody in the business landfill and dairy. Our dairy is increasing dramatically this year that we're bringing in from third party.

（聽不清）在這裡很方便。但是我們——第三方，我要開始了，Manav，很高興聽到你的聲音。第三方是我們故事中非常重要的一部分，直到我們開始——好吧，它永遠都是，對吧？我認為重要的是——我們有 63 家不同的 RNG 供應商。因此，我們幾乎與垃圾填埋場和乳製品行業的所有人合作。今年我們從第三方引進的乳製品數量急劇增加。

I think it's going from roughly in California from 20 million gallons of load of dairy RNG last year to something closer to $60 million for 2023. So a big nice increase. And we have what about 20% increase in third-party supply for 2023. That's right now on budget. So we'll end up with about 234, I think, million gallons for the year. And it's going well, Manav.

我認為它將從去年大約在加利福尼亞州的 2000 萬加侖乳製品 RNG 負載到 2023 年接近 6000 萬美元。這是一個很大的增長。到 2023 年，我們的第三方供應量將增加約 20%。這已經在預算之內。所以我們最終會得到大約 234，我認為，今年是百萬加侖。一切順利，馬納夫。

Yes. Andrew, I agree. And I think -- I mean it ebbs and flows as we have always seen it, but it's not really being impacted by us seeing that projects are delayed kind of thing. But we -- because all of our third-party supply is pretty much operating units. And so anything that we come across there might be from an operational matter, where yield is a little different, but because we're kind of spread out with a number of the suppliers, then all that is anticipated. And we're planning on our 234 million gallons from third party for this year.

是的。安德魯，我同意。而且我認為 - 我的意思是它像我們一直看到的那樣潮起潮落，但它並沒有真正受到我們看到項目延遲的影響。但是我們——因為我們所有的第三方供應幾乎都是運營單位。因此，我們在那裡遇到的任何事情都可能來自運營問題，產量略有不同，但因為我們有點分散了一些供應商，所以所有這些都是預期的。我們計劃今年從第三方獲得 2.34 億加侖。

Yes. So I think we're on track on that. So no, it's a good question. Are we seeing a slowdown? And no, I think we'll be able to meet our demand with our -- which is in large part due to our third-party supply.

是的。所以我認為我們正在走上正軌。所以不，這是一個很好的問題。我們看到經濟放緩了嗎？不，我認為我們將能夠滿足我們的需求——這在很大程度上要歸功於我們的第三方供應。

Congrats on that. And a quick follow-up, and then I'll turn it over -- you mentioned in your opening comments, you are seeing some improvement in LCFS prices. There were meetings at (inaudible) they are looking to make some changes over there to support higher carbon prices. You guys obviously talk to them a lot more than we can. So help us understand a little better what's going on with carb and are they actually serious about making some changes, which will help support higher carbon prices in the future? And I'll turn it over after that.

對此表示祝賀。快速跟進，然後我會把它翻過來——你在開場評論中提到，你看到 LCFS 價格有所改善。在（聽不清）舉行了會議，他們希望在那裡做出一些改變以支持更高的碳價格。你們顯然比我們更能與他們交談。因此，幫助我們更好地了解碳水化合物的情況，他們是否真的認真地進行一些改變，這將有助於支持未來更高的碳價格？之後我會把它翻過來。

Okay. Well, I would say, first off, we're in weekly or daily contact with different groups that -- at them as they look at adjustments to low carbon fuel standard program, which kind of the way it works, Manav, is there will be 1 more kind of community workshop at the end of this month -- end of May, first of June. then you should see some time, these things aren't set in stone right now, but it looks to us pretty closely that in June, July, you'll begin to -- then sometime in mid-June, you'll have a proposed rule out on adjustments to the low carbon fuel standard.

好的。好吧，我想說，首先，我們每週或每天都與不同的團體接觸——在他們研究低碳燃料標準計劃的調整時，Manav 會以何種方式運作在本月底——五月底、六月初，再舉辦一種社區研討會。然後你應該有時間看看，這些事情現在還不是一成不變的，但我們非常接近地認為，在 6 月、7 月，你將開始——然後在 6 月中旬的某個時候，你將有一個建議排除調整低碳燃料標準。

And the Board will then begin to hear that some 30 days or so after. So sometime in late July, August, that will kind of move along. And of course, there'll be lots of input on that. I wouldn't say that the ARB is looking to make adjustments to raise the price and I don't know that they would agree with that. I Think they're looking to make some adjustments in the program to increase the compliance curve that is require more obligation by the obligated or compliance by the obligated parties to use more renewable fuel -- low-carbon fuels in the state that we're at about 20%. And so there's a couple of choices that's sitting before ARB, all of which are constructive for our business, we believe, biomethane business is 30%, increasing from 20% to 30% or 35%.

大約 30 天后，董事會將開始聽取意見。因此，在 7 月下旬、8 月的某個時候，這種情況會有所進展。當然，會有很多意見。我不會說 ARB 正在尋求調整以提高價格，我不知道他們會同意這一點。我認為他們正在尋求對該計劃進行一些調整，以增加合規曲線，這要求有義務的各方承擔更多的義務或有義務的各方遵守使用更多可再生燃料——我們所在州的低碳燃料約 20%。因此，在 ARB 面前有幾個選擇，所有這些都對我們的業務具有建設性，我們相信，生物甲烷業務是 30%，從 20% 增加到 30% 或 35%。

And an awful lot of the industry and others have weighed in and we think the time is right to move to the 35%, and we believe that the industry is willing to spend the money. The private sector are willing to bring -- spend the money to be able to get to the 35% over time. So that's exciting. We think that will shake out. There are some other things that are kind of -- I would consider sort of some hurdles about where the supply could come from and how long you could go into certain -- how long could RNG go into certain markets. And we're making our views known on that if the ARB finally on this point, if the ARB moves to a 35% compliance level.

很多行業和其他人都參與了進來，我們認為現在是提高到 35% 的時候了，我們相信行業願意花錢。隨著時間的推移，私營部門願意帶來——花錢能夠達到 35%。所以這很令人興奮。我們認為這將擺脫困境。還有一些其他的事情 - 我會考慮一些關於供應可能來自哪里以及你可以進入特定市場多長時間的障礙 - RNG 可以進入特定市場多長時間。如果 ARB 最終在這一點上，如果 ARB 達到 35% 的合規水平，我們就會公開我們的觀點。

You're going to need all the RNG you can get from all over the United States. And I hope that's where they'll land. And if so, that will, I think, positively impact prices. And I think, frankly, you're seeing the market begin to (inaudible) a little bit that there is going to be a higher obligation threshold. And I think that's why the prices moved from 60 to 85 -- 62 to 85. And it's likely it could move a little bit higher, even though it doesn't take effect for another year, right?

您將需要從美國各地獲得的所有 RNG。我希望那是他們降落的地方。如果是這樣，我認為這將對價格產生積極影響。而且我認為，坦率地說，你看到市場開始（聽不清）一點點，即會有更高的義務門檻。我認為這就是價格從 60 漲到 85 的原因——從 62 漲到 85。而且它可能會上漲一點，即使它再過一年才生效，對吧？

Your next question comes from to Dushyant Ailani with Jefferies.

你的下一個問題來自 Jefferies 的 Dushyant Ailani。

My first 1 is on the Tourmaline contract. Could you kind of share some more color around the economics of the cadence of R&D stations coming online over the next couple of years? Yes, just maybe some more color on that.

我的第一個是電氣石合同。您能否就未來幾年上線研發站的節奏經濟學分享更多色彩？是的，也許只是更多的顏色。

Yes. Well, we have line of sight on 4. One is actually operating. And we'll get those -- we should get those constructed for the most part this year, maybe going into the first quarter of '24 on the other 3. And then -- but we've already identified probably 10 others in that market, and those will come on. So like our whole model is we got -- you have to go through a period to build them, it doesn't take that long. What we're most excited about there is the -- is our partner there Tourmaline, they're in this to drive adoption of natural gas heavy-duty trucks.

是的。好吧，我們在 4 上看到了視線。一個實際上正在運行。我們會得到那些——我們應該在今年的大部分時間裡建造那些，也許會在其他 3 年進入 24 年第一季度。然後——但我們已經在那個市場上確定了其他 10 個，那些將會出現。所以就像我們的整個模型一樣——你必須經過一段時間來構建它們，不需要那麼長時間。我們最興奮的是 - 是我們在那裡的合作夥伴電氣石，他們正在推動天然氣重型卡車的採用。

They want natural gas heavy-duty trucks on the road up there in Canada. And as Andrew and I have been up there, the view is very bullish on that type of vehicle. They do need the 15 liter. So that also plays in. But the timing is good because if we had all the stations right now, we wouldn't probably have the vehicles. So we don't -- so we need to hurry up and get those built and then we're working -- the thing is with Tourmaline, they have so many operations. They see all of the various geographic areas where there's thousands of trucks going by locations each day. So we'll get about 4 in this year, early part of next year and just keep on going from there.

他們希望在加拿大的道路上使用天然氣重型卡車。正如安德魯和我去過那裡，人們對這種類型的車輛非常看好。他們確實需要 15 升。所以這也發揮了作用。但時機很好，因為如果我們現在擁有所有車站，我們可能不會擁有車輛。所以我們沒有 - 所以我們需要快點建造它們，然後我們開始工作 - 問題在於 Tourmaline，他們有很多操作。他們看到所有不同的地理區域，每天有成千上萬的卡車經過這些地點。所以我們將在今年、明年年初獲得大約 4 個，然後繼續從那裡開始。

The nice thing in Canada is you have a huge vast resource of natural gas and you have very expensive diesel. So you really have economics. This thing sits on its own bottom up there. And over time, you will parse in some RNG, but -- and everybody is open to that. And as you know, may know, there is a federal RNG low-carbon fuel program in Canada. It kind of kicks and phases in over time. It's -- I think it's already in, in D.C. But so everybody understands that you'll begin to blend in RNG later, but it will start out compressed natural gas and the economics of a [look good] as compared to diesel.

加拿大的好處是你擁有巨大的天然氣資源，而且你有非常昂貴的柴油。所以你真的有經濟學。這東西位於它自己的底部。隨著時間的推移，您將解析一些 RNG，但是 - 每個人都對此持開放態度。正如你所知，加拿大有一個聯邦 RNG 低碳燃料計劃。隨著時間的推移，它有點踢和階段。它是——我認為它已經在華盛頓特區。但是所以每個人都明白你稍後會開始混合 RNG，但與柴油相比，它會開始使用壓縮天然氣和 [看起來不錯] 的經濟性。

Understood. And then just a quick follow-up on that. In terms of permitting, how is that coming along? Are there any issues around that? Or is it relatively easier to get it versus what you've seen versus Amazon?

明白了。然後只是快速跟進。在許可方面，情況如何？有什麼問題嗎？或者與您所看到的與亞馬遜相比，它更容易獲得嗎？

Yes. I wouldn't say easy, but on the first 4, we're pretty well into those. And you always have it, but I do believe that these -- the areas are kind of heavy industrial. And so just -- I don't know that the permitting is going to be as prevalent as it is, is when we want to put something into San Bernardino.

是的。我不會說容易，但在前 4 個中，我們已經很熟悉了。你總是擁有它，但我確實相信這些——這些地區是重工業區。所以只是 - 我不知道許可會像現在這樣普遍，就是我們想在聖貝納迪諾投入一些東西的時候。

Understood. And my final question, and then I'll turn it over. Just on Del Rio in terms of pathway approvals. How is that coming along? And then any kind of thoughts on the other facilities that are going to come on this summer. I think you talked about 6 flowing by summer. So just if you could share some color on the pathways approval for these.

明白了。我的最後一個問題，然後我會把它翻過來。就途徑批准而言，就在德爾里奧。進展如何？然後是關於今年夏天將要出現的其他設施的任何想法。我想你談到了 6 流到夏天。因此，如果您可以在批准這些途徑時分享一些顏色。

Yes. Pathways take longer. So you will begin to operate these things would come on production and then you'll put into storage, right? The pathways can take. We got to work on this. The industry, everybody is aware of it, the pathways in my humble opinion, take way too long right now, right? Pathways can be anywhere from 12 months to longer. You don't have to wait for the pathway, but you can't operate your full potential and you have to store some gas. It's under -- that pathway is underway, but that takes a while.

是的。路徑需要更長的時間。所以你會開始操作這些東西，這些東西會在生產中出現，然後你會入庫，對嗎？途徑可以採取。我們必須努力解決這個問題。這個行業，每個人都知道，以我的拙見，現在走的路太長了，對吧？途徑可以從 12 個月到更長的任何時間。不用等通路，但不能發揮全部潛能，還得蓄點氣。它正在——這條道路正在進行中，但這需要一段時間。

Yes, because you have to run the dairy. You have to get a number of months of operation data that they collect and then establish the CI score. So all that is in the works, if you will. But that will take some time.

是的，因為你必須經營乳製品。你必須得到他們收集的幾個月的運營數據，然後建立 CI 分數。所以，如果你願意的話，一切都在進行中。但這需要一些時間。

Your next question comes from Matthew Blair with TPH.

你的下一個問題來自 TPH 的 Matthew Blair。

Andrew and Bob, could you talk about how the economics for dairy RNG will change in 2025 when the benefits of the IRA flow through? Should we expect that you would receive a PTC of approximately $80 per MMBtu in addition to the existing support from D2 RINs and LCFS programs.

Andrew 和 Bob，你能談談 2025 年當 IRA 的好處流過時，乳製品 RNG 的經濟學將如何變化嗎？除了 D2 RIN 和 LCFS 計劃的現有支持之外，我們是否應該期望您將獲得大約每 MMBtu 80 美元的 PTC。

Well, we'll get PTC at whatever, we hope it's $80, but it would be an addition, Matt, I mean, to your point, it's kind of on top of the economics that we've already -- that we've built in to justify the investment, it's additive for sure. And the big question is on how much. But we continue to hear that it could be substantial.

好吧，我們會以任何價格獲得 PTC，我們希望它是 80 美元，但它會是一個額外的，馬特，我的意思是，就你的觀點而言，它有點超出我們已經擁有的經濟學 - 我們已經內置以證明投資的合理性，它肯定是附加的。最大的問題是多少。但我們繼續聽說它可能是巨大的。

It's graded on the carbon intensity of the fuel and that rule has to be promulgated by the Treasury Secretary. So that hasn't happened yet. So we don't want to count our chickens before they hatch, but we think it could be substantial (inaudible).

它根據燃料的碳強度分級，該規則必須由財政部長頒布。所以這還沒有發生。所以我們不想在孵化前數小雞，但我們認為它可能很大（聽不清）。

Yes. And it's relevant in the marketplace. It's in the narrative for sure.

是的。它與市場相關。肯定是在敘述中。

Sounds good. And then could you talk about what gives you confidence to keep the full year guide of $50 million to $60 million EBITDA. Are there any parts that are coming in better than expected that would offset the $10 million loss from High California natural gas prices in Q1?

聽起來不錯。然後你能談談是什麼讓你有信心保持全年 5000 萬至 6000 萬美元的 EBITDA 指南。是否有任何部件比預期更好，可以抵消第一季度加州天然氣價格高企造成的 1000 萬美元損失？

Yes. I mean we've -- now some of this has to stay. But look, when we set our plan and talked about our guidance, we said we're kind of going low on LCFS in the low 60s. That said right now, $85 million and if there's more encouraging news, that could go even more. So I think the LCFS is cooperating nicely. The RIN is cooperating nicely. And then just in general, kind of the underlying commodity economics at our stations before [they have] credits, we're at like a 30-plus spread between WTI crude and NYMEX okay? So you're at 70-something and $2.26.

是的。我的意思是我們 - 現在其中一些必須保留。但是看，當我們制定計劃並談論我們的指導時，我們說我們在 60 年代的 LCFS 上有點低。也就是說，現在是 8500 萬美元，如果有更多令人鼓舞的消息，那可能會更多。所以我認為 LCFS 合作得很好。 RIN 合作得很好。然後總的來說，在 [他們有] 信用之前，我們站的基礎商品經濟學是這樣的，我們在 WTI 原油和 NYMEX 之間的價差超過 30，好嗎？所以你 70 多歲，2.26 美元。

And when we see that, that just means that we're very competitive. We have a low-cost delivered product. That's against a relatively high-priced competitor in diesel. And that -- so that's good for us. So I like all that, moving forward, and we have enough of the year. You have about 9 months. So we feel like you can raise kind of our $10 million picky, if you will and stay with it.

當我們看到這一點時，就意味著我們非常有競爭力。我們有一個低成本的交付產品。這是針對價格相對較高的柴油競爭對手。那——所以這對我們有好處。所以我喜歡這一切，向前邁進，我們今年已經受夠了。你有大約9個月的時間。所以我們覺得你可以籌集到我們 1000 萬美元的挑剔資金，如果你願意並堅持下去的話。

Sounds good. And then last question. I think you have stations in Seattle and Tacoma in Washington State unveiled their LCFS program. Could you talk about how that's going and whether you're starting to receive like any sort of LCFS contribution from Washington so far?

聽起來不錯。然後是最後一個問題。我想你在華盛頓州的西雅圖和塔科馬都有電台公佈了他們的 LCFS 計劃。你能談談這是怎麼回事嗎？到目前為止，你是否開始收到來自華盛頓的任何類型的 LCFS 貢獻？

We do. We participate in the program in Oregon and Washington. I don't believe we collect anything yet in British Columbia, but I can't give you any more specifics than that.

我們的確是。我們在俄勒岡州和華盛頓參加了該計劃。我不相信我們在不列顛哥倫比亞省還沒有收集到任何東西，但我不能給你更多的細節。

It's Not material yet.

這還不是實質性的。

It's not material yet, but we'll try to get back to you on that, but I just don't know, it's not a lot. We have a few stations up there.

這還不是很重要，但我們會盡力就此回复你，但我只是不知道，這不是很多。我們在那裡有幾個站。

It will grow. So it's going to -- it will be meaningful. It doesn't really [meet] the radar at the moment. But we see volume up there. We'll get it. Oregon a little less, but...

它會成長。所以這將 - 這將是有意義的。目前它並沒有真正[滿足]雷達。但我們看到那裡的成交量。我們會得到它。俄勒岡少一點，但是...

Higher pricing.

更高的定價。

They have great prices. So I mean it's more about the truck traffic and that sort of (inaudible). It's not anything that we're doing to not be there.

他們有很好的價格。所以我的意思是更多的是關於卡車交通和那種（聽不清）。我們正在做的任何事情都不是為了不在那裡。

Trying to get that number, Matt. I'll try to get a number.

試圖得到那個數字，馬特。我會試著得到一個數字。

Your next question comes from Paul Cheng with Scotiabank.

你的下一個問題來自豐業銀行的 Paul Cheng。

Andrew and Bob, just 2 questions. One, in Amazon, can you talk about the path to profitability on that joint venture. I don't think they are profitable yet? And what is the economy of scale that you need in order for you to really be profitable on there? And also that if we're looking at, there's a multiple avenue. I suppose that you can get to total corporation profitable over the next, say, by 2025, if the plan go through, what is the most critical path for the most important driver in your opinion for you to get to profitability?

安德魯和鮑勃，只有兩個問題。第一，在亞馬遜，你能談談這家合資企業的盈利之路嗎？我覺得他們還沒有盈利？為了讓你在那裡真正盈利，你需要什麼樣的規模經濟？而且，如果我們正在研究，還有多種途徑。我想你可以在接下來的時間裡，比如說，到 2025 年實現整體公司盈利，如果計劃通過，你認為最重要的驅動因素是你實現盈利的最關鍵路徑是什麼？

Okay. Paul, on your first question on Amazon, let me see if I get this right -- on kind of Amazon profitability, if you will -- so I don't know that we've -- we haven't, I know I won't say I don't know. I'll say we have not discussed the economics on Amazon. So I'm curious -- I'd be curious as to maybe what you're looking at to say, when would Amazon be profitable or not. I think that certainly, what we -- certainly 1 of the things we see in our numbers is the Amazon warrant charge, okay? That is -- that's not an item that affects the kind of cash collected at the station in terms of when we transact on price per gallon and just what all is entailed relative to that.

好的。保羅，關於你關於亞馬遜的第一個問題，讓我看看我是否做對了——關於亞馬遜的盈利能力，如果你願意的話——所以我不知道我們有——我們沒有，我知道我不會說我不知道。我會說我們還沒有討論亞馬遜的經濟問題。所以我很好奇——我很好奇你可能想說什麼，亞馬遜什麼時候會盈利。我認為當然，我們 - 當然我們在數字中看到的一件事是亞馬遜認股權證費用，好嗎？也就是說——就我們何時按每加侖價格進行交易以及與之相關的一切而言，這不會影響車站收取的現金種類。

So there is that aspect to it. The -- so -- and the Amazon warrant charge will be here for a while as they consume the amount of spend that was targeted for them to earn the warrant.

所以它有那個方面。 - 因此 - 和亞馬遜認股權證費用將在這裡持續一段時間，因為他們消耗了為他們獲得認股權證而設定的支出金額。

Yes. No, maybe let me rephrase it. If I exclude the warrant charges, if your joint venture with Amazon today. You don't have to tell me the exact number, but can you share whether they are profitable?

是的。不，也許讓我改寫一下。如果我排除權證費用，如果你今天與亞馬遜合資。你不必告訴我確切的數字，但你能分享一下他們是否盈利嗎？

Well, I'll say this. We are investing in building stations. And we have a model that would suggest that we need a fair return on investments. And so -- and it's fair. Look, all that's kind of negotiated, but understood that the commitment that we have with Amazon is good for both parties, okay? So we make -- we should be able to make money, and they should be able to get 1 of the best fuels at the lowest cost around with the RNG and all of that. And then the more they spend is based on volume, so that benefits us. So that whole program is good. And I'll say that it's beneficial.

好吧，我會說這個。我們正在投資建設車站。我們有一個模型表明我們需要公平的投資回報。所以——這很公平。看，所有這些都是經過協商的，但要明白我們與亞馬遜的承諾對雙方都有好處，好嗎？所以我們賺了——我們應該能夠賺錢，他們應該能夠以最低的成本獲得一種最好的燃料，並使用 RNG 等等。然後他們花費的更多是基於數量，所以這對我們有利。所以整個程序是好的。我會說這是有益的。

I would add, I mean, Paul, it's not spec, right? We're not specking stations, hoping that an Amazon truck is going to show up, right? So there is a -- we are working hand in glove with Amazon, and we have a relationship to volume commitments for developing these stations, and that's beneficial for both companies.

我想補充一點，我的意思是，保羅，這不是規格，對吧？我們不是在檢查站，希望亞馬遜卡車會出現，對吧？所以有一個——我們正在與亞馬遜密切合作，我們與開發這些電台的數量承諾有關係，這對兩家公司都有好處。

Then on your other question in terms of overall corporate profitability, what's needed there to really kind of get over the line of, let's call it, positive net income, if you will. And ultimately, it's about volume and the adoption of heavy-duty fleets of natural gas vehicles. I mean that drives everything, all it really does. I mean, all the projects of RNG supply, and look, we -- so we're -- but we're bullish on that because -- well, I mean because it's kind of the epitome of renewable energy that's running our transportation fleet.

然後關於你的另一個關於公司整體盈利能力的問題，如果你願意的話，真正需要什麼來克服我們稱之為正淨收入的界限。歸根結底，這與重型天然氣汽車車隊的數量和採用有關。我的意思是它驅動著一切，它真正所做的一切。我的意思是，所有 RNG 供應項目，看，我們 - 所以我們 - 但我們對此持樂觀態度，因為 - 嗯，我的意思是因為它是運行我們運輸車隊的可再生能源的縮影.

So of course, we're -- but the -- and part of that -- the big part of that, Paul, is because for a while, we're already kind of built out to take on much more volume and so that can -- that would really kind of pop with us because we could already take on a lot of capacity without really expanding much more significant CapEx. And so that's really -- that's the play on it. And the big market that is just untapped literally is the Class 8 heavy-duty market. That's 40 billion-plus gallons a year. That predominantly uses the 15-liter engine.

所以當然，我們 - 但 - 其中的一部分 - 其中很大一部分，保羅，因為有一段時間，我們已經建立起來以承擔更多的數量，所以可以——這真的會和我們一起流行，因為我們已經可以在不真正擴大更重要的資本支出的情況下承擔大量產能。所以這真的 - 這就是它的玩法。而字面上尚未開發的大市場是 8 級重型市場。那是每年超過 400 億加侖。這主要使用 15 升發動機。

So Bob or Andrew, do you think that, that path to profitability, the critical mass is like 80 million or 100 million-gallon sales? Or that what is that number in your opinion when you're looking at your internal model?

所以 Bob 或 Andrew，你認為這條通往盈利的道路，臨界質量就像 8000 萬或 1 億加侖的銷售額？或者當您查看內部模型時，您認為這個數字是多少？

Well, good question. And there's a lot -- there's a little bit, but a lot under that, I mean, because as we go through, as we just talked about with our Amazon warrant charge and that sort of thing. But it won't -- I'll just say this, it's not a tremendous lift because you can kind of -- you can start to do the math and say, if you added 100 million more gallons that $0.45, $0.50 a gallon on a margin without expending a whole lot of other OpEx, you're putting in -- you're dropping in another $50 million that puts us on the positive side kind of things.

嗯，問得好。而且有很多 - 有一點點，但在這之下很多，我的意思是，因為隨著我們的經歷，正如我們剛剛談到我們的亞馬遜認股權證費用和諸如此類的事情。但它不會 - 我只想說，這不是一個巨大的提升，因為你可以 - 你可以開始做數學並說，如果你增加 1 億加侖，即每加侖 0.45 美元，0.50 美元在不花費大量其他 OpEx 的情況下獲得利潤，你正在投入 - 你又投入了 5000 萬美元，這讓我們處於積極的一面。

Your next question comes from Craig Shere with Tuohy Brothers.

你的下一個問題來自 Tuohy Brothers 的 Craig Shere。

Wanted to just dig a little bit into the EBITDA ramp. First, for this year in terms of making up for the $10 million drag in mostly January, it sounds like pricing power and low gas prices that all things are many equal from here forward with LCFS and RINs, who knows that, that's just kind of a static situation where you have an opportunity. So if everything remains the same, as it is today, should we assume that making up that $10 million would be kind of ratably equal over the next 3 quarters, if it happened, versus rising over time? Or how do you see that progression?

只想深入了解 EBITDA 斜坡。首先，就今年彌補 1 月份大部分時間的 1000 萬美元拖累而言，這聽起來像是定價權和低油價，從現在開始，LCFS 和 RIN 的所有事情都是平等的，誰知道呢，這只是一種您有機會的靜態情況。因此，如果一切都保持不變，就像今天一樣，我們是否應該假設在接下來的 3 個季度（如果發生的話）彌補這 1000 萬美元與隨著時間的推移而增加？或者您如何看待這種進展？

Well, yes, it rises. I mean the progression -- our progression, as [I] said, it would be -- our progression would be somewhat similar to last year, which was -- it rises. But the reason it arises is because of volume. It's not rising because we're saying that is -- that LCFS is going to go [85, 90,110]. We're not kind of planning that to happen.

嗯，是的，它上升了。我的意思是進展——我們的進展，正如[我]所說的那樣——我們的進展將與去年有點相似，這是——它上升了。但它出現的原因是因為體積。它沒有上升，因為我們說的是 - LCFS 將會消失 [85、90,110]。我們並沒有計劃要發生這種情況。

Volume ramp. It's the Amazon station volume ramp, other stations that come on. It's a volume ramp. And it's always -- and I know it frustrates some of you that want -- we should maybe -- and we're working on maybe a little more clarity quarter-over-quarter. But we've always had those of you that follow us while, we've always had a ramp that starts a little bit low in the first quarter and then ramps as they take trash trucks and we finish stations. And it's always the case, and it will be the case again this year.

音量斜坡。這是亞馬遜站的音量斜坡，其他站也出現了。這是一個音量斜坡。而且它總是——我知道這讓你們中的一些人感到沮喪——我們也許應該——我們正在努力使每個季度都更加清晰。但是我們總是讓你們中的那些人跟隨我們，而我們總是有一個斜坡，在第一季度開始時有點低，然後在他們拿垃圾車和我們完成車站時斜坡。而且一直都是這樣，今年還會這樣。

I hear you. I'm sorry, maybe I didn't ask clearly. The ramp in terms of volumes was always a part of the plan. But the January dislocation was not and the very wide spread that you're enjoying between gas and diesel today is not. And so to the degree upside versus plan for the remainder of the year can make up for January. I guess what I'm trying to ask is -- assuming I have no idea what the future is. But assuming all things remain equal, is there -- there's no special reason to think that you're going to have a stronger upside versus plan in the fourth quarter than in the second. Is that a fair statement?

我聽到你了。不好意思，可能是我沒問清楚。數量的增加一直是計劃的一部分。但是一月份的錯位不是，而您今天在汽油和柴油之間享受的非常廣泛的價差則不是。因此，與今年剩餘時間的計劃相比，上行空間可以彌補 1 月份的不足。我想我想問的是——假設我不知道未來會怎樣。但假設所有事情都保持不變，是否存在 - 沒有特別的理由認為你將在第四季度比第二季度有更強的上行空間。這是一個公平的說法嗎？

Well, I think we already answered and you said that wasn't the answer. It would be stronger because of the volume, but on a relative basis, you get there. I mean you're going to see the ramp and you're going to see kind of the -- while we didn't see really any benefit -- much of a benefit other than kind of in March and Q1, but certainly not at these kind of current prices. So all I can say is that do you have the same ramp, but yet better economics and what we planned, right, I mean...

好吧，我想我們已經回答了，而你說那不是答案。由於數量的原因，它會更強大，但相對而言，你可以到達那裡。我的意思是你會看到斜坡，你會看到 - 雖然我們沒有看到任何好處 - 除了 3 月和第一季度的那種好處之外，還有很多好處，但肯定不是這些目前的價格。所以我只能說你有沒有相同的斜坡，但更好的經濟性和我們的計劃，對，我的意思是......

So therefore, as the volume goes up, that's impactful.

因此，隨著音量的增加，這是有影響的。

Yes, it does. As you get more volume at better economics. But those -- the volumes, to your point, that's in the plan, that's fine. But what's not in the plan is kind of the LCFS and the RIN and as well as the spread that we're seeing on [oil] than nat gas. I mean those have profound effects. So if you just say, look, all else equal and lay in this new pricing, that's how you get there.

是的，它確實。隨著您以更好的經濟性獲得更多的數量。但是那些 - 就你的觀點而言，這些數量在計劃中，這很好。但計劃中沒有的是 LCFS 和 RIN 以及我們在 [石油] 上看到的價差而不是天然氣。我的意思是那些有深遠的影響。因此，如果您只是說，看，其他所有條件都相同，並採用這個新定價，這就是您到達那裡的方式。

Fair enough...

很公平...

You don't have to go through any big -- any other big hoops.

你不必經歷任何大的 - 任何其他大箍。

Let me pivot to the upstream. You announced kind of a breakout, which was nice of the 2 business lines in terms of the adjusted EBITDA. Assume the RNG supply is merely an issue of fixed overhead on a burgeoning business that obviously is moving towards breakeven and positive EBITDA. But you've got these delays that you alluded to on the pathway issues, could we reasonably expect your upstream business to be breakeven to positive by the first half of '24.

讓我轉向上游。你宣布了某種突破，就調整後的 EBITDA 而言，這對 2 條業務線來說很好。假設 RNG 供應僅僅是一個新興業務的固定間接費用問題，該業務顯然正在朝著收支平衡和正 EBITDA 邁進。但是你在路徑問題上提到了這些延遲，我們是否可以合理地期望你的上游業務在 24 世紀上半年實現盈虧平衡。

Sure. Yes. I mean -- Yes. I mean there's ways that you -- yes, there's ways that you get there, which is by producing the gas and then there's economics on the gas, and that's what gets you a breakeven.

當然。是的。我的意思是——是的。我的意思是，您有多種方式 - 是的，您可以通過多種方式到達那裡，即通過生產天然氣然後在天然氣上產生經濟效益，這就是讓您實現收支平衡的原因。

Yes.

是的。

Operator, if I can just, Matthew Blair may be gone, but the answer was in Washington in Q1, we did a couple of million gallons and 50% of it was RNG.

運營商，如果我可以的話，Matthew Blair 可能會離開，但答案是在第一季度的華盛頓，我們做了幾百萬加侖，其中 50% 是 RNG。

Your next question comes from Chris Sung with Webber Research.

您的下一個問題來自 Webber Research 的 Chris Sung。

Andrew and Bob, [hopping on for Greg].

安德魯和鮑勃，[跳上格雷格]。

I just wanted to just dig in on the previous question, EBITDA perhaps asking in a slightly different way. How did Q1 and Q2 so far compare to your internal expectations for last quarter? Like with negative margins, right, with the historic ramp in natural gas prices, like higher volumes kind of hurt your full year EBITDA guidance. So I was just wondering like was most of the $10 million hit. Was it just on pricing or mix of higher-than-expected volume for the quarter? And how does that fit into the rest of your full year guidance considering that you as you're keeping it unchanged?

我只是想深入探討上一個問題，EBITDA 可能以略有不同的方式提出。到目前為止，第一季度和第二季度與您對上一季度的內部預期相比如何？就像負利潤率一樣，對，天然氣價格的歷史性上漲，比如更高的銷量會損害你全年的 EBITDA 指導。所以我只是想知道這 1000 萬美元中的大部分是什麼。僅僅是定價問題還是本季度銷量高於預期的組合？考慮到你保持不變，這如何適應你全年指導的其餘部分？

Yes. The $10 million was really on the cost of gas, okay? So you take that out and then our quarter was within our plan. All things considered, there's volume and other margins and just all throughout. So we were kind of -- we met our expectation other than $54 California gas. So right -- so we feel like, okay, well, that was there, but you have a $10 million hole that you've dug, what does the environment look like today? Look, if nothing had changed, I probably have to say there, I would say there's -- It'd be hard-pressed to say you're going to make up a $10 million hole, but things have gotten more positive than what we kind of laid out a couple of months ago in terms of what our assumptions were.

是的。 1000 萬美元真的是用來支付汽油費的，好嗎？所以你把它去掉，然後我們的季度就在我們的計劃之內。考慮到所有因素，有數量和其他利潤，而且貫穿始終。所以我們有點——除了 54 美元的加州汽油之外，我們達到了我們的期望。太對了——所以我們覺得，好吧，好吧，那是在那裡，但是你挖了一個價值 1000 萬美元的洞，今天的環境是什麼樣的？看，如果什麼都沒有改變，我可能不得不說，我會說 - 很難說你將彌補 1000 萬美元的漏洞，但事情已經變得比我們更積極幾個月前就我們的假設進行了佈局。

So that's good for us. I mean the environment is -- that's a good environment. We're just disappointed that we had to absorb what went on, which was -- I mean, frankly, it was horrific. The checks that I was writing for gas bills was out of -- it was just unbelievable. And our customers, too. We had a whole campaign to contact our customers because we have a lot of kind of pass-through gas costs as part of the arrangement. And so we add customers that was going to get a bill from us that was 7x what they've seen in the past. And that adds ramifications all throughout. Are they going to be able to pay? I mean it was devastating to a lot of industry here in California.

所以這對我們有好處。我的意思是環境是——這是一個很好的環境。我們只是感到失望，因為我們不得不接受正在發生的事情，我的意思是，坦率地說，這太可怕了。我為煤氣費開的支票已經用完了——簡直令人難以置信。我們的客戶也是如此。我們有一個完整的活動來聯繫我們的客戶，因為作為安排的一部分，我們有很多類型的轉嫁天然氣成本。因此，我們增加了將要從我們這裡收到的賬單是他們過去看到的 7 倍的客戶。這在整個過程中都增加了影響。他們有能力支付嗎？我的意思是，這對加利福尼亞的許多行業來說都是毀滅性的。

Restaurants went out of business.

餐館倒閉了。

I mean we've seen some of the other groups in the alternative energy. Energy transition that kind of -- we're fairly well kind of blown away. A big part of their quarter was also this topic. So I feel like -- I feel like we financially, yet again, have weathered a significant storm. I was not -- that's not just a little talking point and okay, it costs us $10 million. It was -- that's a lot of money, and it was huge. And that's after we took prices up to nearly $8 a gallon compared to diesel at $5.99.

我的意思是我們已經看到替代能源中的其他一些團體。那種能源轉型——我們相當震驚。他們季度的很大一部分也是這個話題。所以我覺得——我覺得我們在經濟上又一次經受住了一場重大風暴。我不是 - 這不僅僅是一個小話題，好吧，它花費了我們 1000 萬美元。那是——那是一大筆錢，而且數額巨大。那是在我們將價格提高到每加侖 8 美元，而柴油價格為 5.99 美元之後。

Yes. No, right. And I kind of see it silver lining right, it's like the pricing (inaudible) with RNG. Sorry?

是的。沒有權利。我有點看到它的一線希望，就像 RNG 的定價（聽不清）。對不起？

Yes, with silver lining, I mean, I speak too highly of it because we've had a fair number of events that we've had to weather in the first quarter. But right now, the economics are good for us. And it looks good. I mean, the 15 liter, the excitement about that, Canada. It looks good looking forward.

是的，有一線希望，我的意思是，我對它的評價太高了，因為我們在第一季度遇到了相當多的事件。但現在，經濟對我們有利。而且看起來不錯。我的意思是，15 升，令人興奮的是，加拿大。看起來很好期待。

Great. And I'm trying to try to squeeze 1 more question in. I know we've asked about this in the past, and it's always good to kind of check in. Is there any updates on the rail or marine markets with respect to commercialization or timelines to commercialization for RNG and/or hydrogen via RNG?

偉大的。我正試圖再多問一個問題。我知道我們過去曾問過這個問題，登記一下總是好的。鐵路或海運市場是否有任何關於商業化的最新消息或通過 RNG 將 RNG 和/或氫商業化的時間表？

On the marine market?

在海運市場？

On the marine market. well, the only update I would say is that our second ship is being cooled down. It's not our ship. The second patient's ship is being cooled down in Brownsville at the end of this week and will then complete a sea trial and begin to move to the Port of Los Angeles. So that's nice every time those tips, there'll be 2 in service later here in the next month or so, and they use quarter million gallons of LNG on a round trip. So we like that. And the third ship should be here late 2023. No real -- Chris, I may be behind here, no real hydrogen or RNG going into shipping yet, not as far as we know, but we are putting LNG in a few ships and there are some other very large shipping lines that are out talking to us and others about more ships to be brought into the port.

在海洋市場上。好吧，我要說的唯一更新是我們的第二艘船正在冷卻。這不是我們的船。第二名患者的船將於本週末在布朗斯維爾進行冷卻，然後將完成海上試航並開始駛往洛杉磯港。所以每次這些提示都很好，下個月左右將有 2 個在這裡服役，他們在往返行程中使用 25 萬加侖液化天然氣。所以我們喜歡這樣。第三艘船應該在 2023 年晚些時候到這裡。沒有真正的 - 克里斯，我可能落後於這裡，還沒有真正的氫氣或 RNG 進入航運，據我們所知還沒有，但我們正在將液化天然氣放入幾艘船並且那裡還有其他一些非常大的航運公司正在與我們和其他公司商談更多的船隻將被帶入港口。

No, I appreciate the color. Thank you for that.

不，我喜歡這種顏色。謝謝你。

Your next question comes from Jason Gabelman with Cowen.

你的下一個問題來自 Jason Gabelman 和 Cowen。

It's Jason Gabelman from Cowen, but all my questions have actually been answered.

我是來自 Cowen 的 Jason Gabelman，但實際上我所有的問題都得到了解答。

There are no further questions at this time. I turn the call over to Andrew Littlefair for closing remarks.

目前沒有其他問題。我將電話轉給 Andrew Littlefair 作結束語。

Operator, thank you. Thank you, everyone, for joining us today, and we look forward to updating you on our progress next quarter. Good afternoon.

接線員，謝謝。感謝大家今天加入我們，我們期待著在下個季度向您介紹我們的進展情況。下午好。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。