Clean Energy Fuels Corp (CLNE) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Clean Energy Fuels first quarter 2025 earnings conference call. (Operator Instructions) Please note that this call may be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Robert Vreeland, Chief Financial Officer. Please go ahead.

大家好，歡迎參加今天的清潔能源燃料 2025 年第一季財報電話會議。（操作員指示）請注意，此通話可能會被錄音，如果您需要任何協助，我將隨時待命。現在我很高興將會議交給財務長羅伯特‧弗里蘭 (Robert Vreeland)。請繼續。

Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the first quarter ending March 31, 2025. 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 risk, uncertainties and assumptions that are difficult to predict.

謝謝您，接線生。今天下午早些時候，清潔能源發布了截至 2025 年 3 月 31 日的第一季財務業績。如果您沒有收到該新聞稿，您可以在公司網站 www.cleanenergyfuels.com 的投資者關係部分查閱，該電話會議也在該處進行網路直播。重播將在網站上提供 30 天。在我們開始之前，我們想提醒您，新聞稿和電話會議中包含的一些資訊包含前瞻性陳述，涉及風險、不確定性和難以預測的假設。

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 at 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 exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results.

此類前瞻性陳述並不構成績效保證，本公司的實際結果可能與此類陳述中的結果有重大差異。清潔能源公司今天提交的 10-Q 表格中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觀點。本公司不承擔公開更新任何前瞻性聲明或在本新聞稿發布之日後提供有關情況的新資訊的義務。該公司的非公認會計準則每股收益和調整後的息稅折舊攤銷前利潤將在本次電話會議上進行審查，並排除公司管理層認為不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, reasons why 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.

非公認會計準則財務指標應作為根據公認會計準則編制的結果的補充，而不應被視為公認會計準則結果的替代或優於公認會計準則結果。該公司的新聞稿中提供了直接可比較的 GAAP 資訊、管理層使用非 GAAP 資訊的原因、非 GAAP EPS 和調整後的 EBITDA 的定義以及這些非 GAAP 和 GAAP 數據之間的對賬，該新聞稿已於今天以 8-K 表格形式提交給美國證券交易委員會。

With that, I will turn the call over to our President and Chief Executive Officer, Andrew Littlefair.

說完這些，我將把電話轉給我們的總裁兼執行長安德魯·利特爾費爾 (Andrew Littlefair)。

Thank you, Bob, and I hope the sound is okay. I'm in Washington, D.C., and I've been up here working to spread the word on RNG. Bob, thanks. I'm pleased to report we had a very solid results for the first quarter of the year. In the quarter, we sold 51 million gallons of renewable natural gas, generated $104 million in revenue and $17 million of adjusted EBITDA.

謝謝你，鮑勃，我希望聲音沒問題。我在華盛頓特區，我一直在這裡宣傳 RNG。鮑勃，謝謝。我很高興地報告，我們今年第一季取得了非常穩健的業績。本季度，我們銷售了 5,100 萬加侖可再生天然氣，創造了 1.04 億美元的收入和 1,700 萬美元的調整後 EBITDA。

We finished the quarter with $227 million in cash on our balance sheet, a $9 million increase since the start of the year. Our RNG sales volumes were lower compared to the first quarter of 2024. This is driven by lower supply volumes from our third-party RNG producers. Some of our producer partners were impacted by weather and other operational events. These issues are seasonal in nature, and we expect to rebound over the remainder of the year.

截至本季末，我們的資產負債表上有 2.27 億美元現金，比年初增加了 900 萬美元。與 2024 年第一季相比，我們的 RNG 銷量有所下降。這是由於我們的第三方 RNG 生產商的供應量下降所致。我們的一些生產合作夥伴受到了天氣和其他營運事件的影響。這些問題本質上是季節性的，我們預計在今年剩餘時間內會反彈。

Importantly, we did not see any material decline in demand from our fueling customers despite the market uncertainty regarding the economic impact of tariffs. Our fuel volume is underpinned by steady demand from our fleet customers in the refuse, transit and trucking sectors. In recent months, there's been a lot of attention on tariffs and renewable energy policy. I believe that our business and product, renewable natural gas, are both well positioned. First, tariffs have minimal direct impact on our business.

重要的是，儘管市場對關稅的經濟影響存在不確定性，但我們並未看到加油客戶的需求出現任何實質下降。我們的燃料產量受到垃圾處理、運輸和卡車運輸領域的車隊客戶的穩定需求所支撐。近幾個月來，人們對關稅和再生能源政策給予了極大關注。我相信我們的業務和產品——再生天然氣，都處於有利地位。首先，關稅對我們的業務的直接影響很小。

Our network of fueling stations are located in the U.S. and Canada, and all of our RNG production facilities are located in the U.S. The vast majority of equipment and materials for our construction projects has already been procured. In fact, earlier this year, we moved compressors equipment from inventory in Canada to our facility in Wyoming as a precaution. Unlike other renewable energy supply chains, our RNG is produced, transported and delivered to customers here in the U.S.

我們的加油站網路位於美國和加拿大，我們所有的 RNG 生產設施都位於美國。我們建造專案的絕大多數設備和材料已經採購完畢。事實上，今年早些時候，為了安全起見，我們將壓縮機設備從加拿大的庫存轉移到了懷俄明州的工廠。與其他再生能源供應鏈不同，我們的 RNG 是在美國生產、運輸和交付給客戶的。

We are maintaining our full year financial outlook and CapEx guidance provided on our last call, which Bob will describe in more detail. However, we could feel some indirect impact of tariffs in that it creates uncertainty for our customers in the heavy-duty trucking sector. Potential impacts from tariffs on trucking supply chains, inflation and economic activity may affect our customers' business planning, including purchases of all trucks that would include their emission reduction initiatives like replacing diesel trucks with trucks equipped with the Cummins X15N and running on RNG. Current market dynamics may slow decision timelines for natural gas vehicle purchases, but we strongly believe any delay will be temporary. And the merits of RNG for heavy-duty trucking remain very compelling.

我們維持上次電話會議上提供的全年財務前景和資本支出指導，鮑勃將對此進行更詳細的描述。然而，我們可能會感受到關稅的一些間接影響，因為它給我們重型卡車行業的客戶帶來了不確定性。關稅對卡車運輸供應鏈、通貨膨脹和經濟活動的潛在影響可能會影響我們客戶的業務規劃，包括購買所有包含減排舉措的卡車，例如用配備康明斯 X15N 並使用 RNG 的卡車替換柴油卡車。目前的市場動態可能會減慢天然氣汽車購買的決策時間，但我們堅信任何延遲都是暫時的。RNG 對於重型卡車的優點仍然非常引人注目。

In fact, at last week's Advanced Clean Transportation Expo, we heard many speakers comment over and over that RNG is a low-carbon fuel with proven technology and infrastructure at a lower cost per mile than diesel. A parade of executives from a variety of fleets extolled the economic and environmental benefits of operating with RNG. An Amazon executive spoke about the total cost of operating their 3,000 heavy-duty trucks on RNG as well as being the only alternative available to help them achieve their climate pledge. Shippers like Unilever and carriers like Paper Transport agreed. The theme was so predominant that Erik Neandross, the coordinator of the expo attended by 11,000 people, claimed that natural gas fueling was having a renaissance as the alternative that is truly viable in the heavy-duty vehicle market.

事實上，在上週的先進清潔交通博覽會上，我們聽到許多發言者反覆評論說，RNG 是一種低碳燃料，擁有成熟的技術和基礎設施，每英里的成本低於柴油。來自各個船隊的高層紛紛稱讚使用 RNG 營運所帶來的經濟和環境效益。亞馬遜的一位高層談到了使用 RNG 運營 3,000 輛重型卡車的總成本，以及這是幫助他們實現氣候承諾的唯一替代方案。聯合利華等托運商和 Paper Transport 等承運商表示同意。這個主題如此突出，以至於 11,000 名參觀者的博覽會協調員 Erik Neandross 聲稱，天然氣燃料正在復興，成為重型車輛市場真正可行的替代品。

As we said on our last call, we expect early adoption of the X15N this year with a lot of singles versus home runs. Our station network and full suite of customer services are ideally suited to support fleets' initial purchases of trucks with the X15N and the expansion over time. In addition to the opportunities in the heavy-duty trucking, our other businesses continue to expand. We proudly serve over 69 transit agencies at 120 different sites and 175 refuse customers at 325 different sites across the U.S. and Canada.

正如我們在上次電話會議上所說的那樣，我們預計今年將率先採用 X15N，並將會有許多一壘安打和本壘打。我們的站點網路和全套客戶服務非常適合支援車隊首次購買 X15N 卡車以及隨著時間的推移進行擴展。除了重型卡車領域的機會外，我們的其他業務也不斷擴大。我們很榮幸能為美國和加拿大 120 個不同地點的 69 多個運輸機構和 325 個不同地點的 175 個垃圾客戶提供服務。

RNG has been dependable, clean, low-cost fueling solution for those fleets for years. As an example, we completed a new RNG station for our long-time customer, Burrtec, a large waste company in Victoria -- Victorville, pardon me, California, during the first quarter to accommodate an additional 60 trucks. Burrtec also contracted with us to add 50 trucks to fuel with RNG at another station we maintain for them. We're also expanding our relationship with USA Hauling, signing a contract to build another private station in South Windsor, Connecticut to fuel an additional 4 NG -- 40 CNG trucks. I told you about our success in converting existing customers from CNG to RNG.

多年來，RNG 一直是這些車隊可靠、清潔、低成本的燃料解決方案。例如，我們在第一季為我們的長期客戶 Burrtec（位於加州維多利亞（請原諒我，是維克多維爾）的一家大型廢棄物處理公司）建造了一個新的 RNG 站，以容納另外 60 輛卡車。Burrtec 也與我們簽訂了合同，在我們為他們維護的另一個加油站增加 50 輛卡車使用 RNG 燃料。我們還擴大了與 USA Hauling 的合作關係，簽署了在康涅狄格州南溫莎建造另一個私人加油站的合同，為另外 4 輛 NG——40 輛 CNG 卡車提供燃料。我告訴您我們成功地將現有客戶從 CNG 轉換為 RNG。

This allows the customer to dramatically and affordably reduce their carbon emissions while providing us with better margins on the fuel. Transit agencies around the country have taken the advantage of this opportunity. And recently, we did this for the station we operate at the Nashville Airport. We are just -- these are just a few examples of developments which occurred in the first quarter but highlighted the nature of our overall business and deep customer relationships. On the federal policy front, we continue to await various outcomes.

這使得客戶能夠大幅且經濟地減少碳排放，同時為我們提供更好的燃料利潤。全國各地的交通運輸機構都抓住了這個機會。最近，我們為我們在納許維爾機場運營的站點也做了同樣的事情。我們只是——這些只是第一季發生的一些發展的例子，但突出了我們整體業務的性質和深厚的客戶關係。在聯邦政策方面，我們繼續等待各種結果。

While the alternative fuel tax credit expired at the end of last year, the Renewable Natural Gas Incentive Act was introduced in the House in March, which, if included in the larger tax bill, could be retroactive to the beginning of the year. We are working closely with members of both houses to keep the RNG tax credit top of mind. The 45Z production tax credit is in the process of being finalized. We continue -- we included a minimal amount from these credits in our Q1 results, and our 2025 financial outlook based on the initial guidance. But once the 45Z credit is finalized, it could contribute more meaningful to our results.

雖然替代燃料稅收抵免已於去年年底到期，但《再生天然氣激勵法案》已於三月在眾議院提出，如果該法案被納入更大的稅收法案中，則可能追溯至今年年初。我們正在與兩院議員密切合作，將 RNG 稅收抵免放在首位。45Z 生產稅收抵免正在最終確定中。我們繼續——我們在第一季業績中納入了這些信貸的最低金額，並根據初步指導制定了 2025 年財務展望。但一旦 45Z 積分最終確定，它可能會對我們的結果做出更有意義的貢獻。

RNG is a commercial transportation. As a domestically produced biofuel that converts waste into a low-cost, low-emission transportation fuel, we believe RNG fits well with this administration's priorities. In California, the Low Carbon Fuel Standard program updates remain in process. We expect more clarity in the coming weeks. As a reminder, these updates are expected to support higher credit prices over time, which is necessary to support growth in the low carbon fuels needed to hit California's targets.

RNG是一種商業運輸。作為一種將廢棄物轉化為低成本、低排放運輸燃料的國產生物燃料，我們相信 RNG 非常符合本屆政府的優先事項。在加州，低碳燃料標準計畫更新仍在進行中。我們期待未來幾週內會有更清晰的答案。提醒一下，這些更新預計將隨著時間的推移支持更高的信貸價格，這對於支持實現加州目標所需的低碳燃料的增長是必要的。

Now briefly turning to our upstream dairy RNG production projects. The six projects that have been operating are doing well, and we are always working to improve production. We have two others in advanced construction, expected to be in service by the end of the year, and have additional projects in construction through our development arrangement with Maas Energy with three projects likely to come online in 2026. In summary, our business is performing well. We are advancing our growth initiatives, and we have strong balance sheet.

現在簡單介紹一下我們的上游乳製品 RNG 生產專案。已經運作的六個項目運作良好，我們一直在努力提高產量。我們還有另外兩個項目處於前期建設階段，預計將於今年年底投入使用，並且透過與 Maas Energy 的開發協議正在建設其他項目，其中三個項目預計將於 2026 年上線。總的來說，我們的業務表現良好。我們正在推進我們的成長計劃，並且我們擁有強勁的資產負債表。

We are confident in the stability and growth potential of our business and see multiple avenues for upside as some of these policy outcomes are resolved. That is why we resumed our share repurchase program in late March. We believe our shares are undervalued, and this enables us to make repurchases while still maintaining ample cash to fund our growth. And with that, I will hand the call back to Bob, who will give more details about our strong quarter.

我們對業務的穩定性和成長潛力充滿信心，隨著部分政策結果的解決，我們看到了多種上升途徑。這就是我們在三月底恢復股票回購計畫的原因。我們認為我們的股票被低估了，這使我們能夠進行回購，同時仍保持充足的現金來資助我們的成長。說完這些，我將把電話交還給鮑勃，他將提供有關我們強勁季度的更多細節。

Thank you, Andrew, and good afternoon to everyone. And I agree, we did have a strong quarter, first quarter of 2025 with revenue of $104 million. And at face value, the $104 million is basically level with last year. And I know we have a number of variables within our revenues, but the one for sure to keep in mind this year is that we do not have the Alternative Fuel Tax Credit in our revenue number because it expired. So last year, there was $5.4 million of Alternative Fuel Tax Credit in the revenue number for 2024.

謝謝你，安德魯，大家下午好。我同意，2025 年第一季我們的業績確實強勁，營收達到 1.04 億美元。從表面上看，1.04億美元基本上與去年持平。我知道我們的收入中存在許多變數，但今年一定要記住的是，我們的收入數字中沒有替代燃料稅收抵免，因為它已經過期了。因此，去年，2024 年的收入數字中就有 540 萬美元的替代燃料稅收抵免。

But in the quarter, we generated good, positive operating cash flows in the first quarter of 2025, which actually exceeded our capital expenditures. So net-net, as Andrew mentioned, our cash and investments balances grew from the end of last year. I'll start here on our GAAP earnings, and I want to address a couple of items on the GAAP earnings. The first item is the planned removal of the LNG station equipment from various Pilot Flying J sites in 2025. We discussed this on our last earnings call and included the accelerated depreciation in our 2025 outlook.

但在本季度，我們在 2025 年第一季產生了良好的正營運現金流，實際上超過了我們的資本支出。因此，正如安德魯所提到的，我們的現金和投資餘額從去年年底開始成長。我將從這裡開始介紹我們的 GAAP 收益，我想談談有關 GAAP 收益的幾個問題。第一項是計畫於2025年從各Pilot Flying J站拆除LNG站設備。我們在上次收益電話會議上討論了這個問題，並將加速折舊納入了 2025 年的展望中。

I'm just reporting here that we are proceeding as planned with that project, and most of the accelerated depreciation expense was recorded in the first quarter of 2025. The remaining accelerated depreciation will be recorded over time through the end of our lease, which is in August of this year. The second item is the write-off of our longstanding goodwill intangible balance. This non-cash write-off was purely based on our share price at the end of the quarter. Now I've included that charge, I've added that into the GAAP outlook for 2025 since it's in the books, if you will.

我只是在這裡報告，我們正在按計劃進行該項目，大部分加速折舊費用已記錄在 2025 年第一季。剩餘的加速折舊將在租賃期結束前（即今年 8 月）分階段記錄。第二項是註銷我們長期商譽無形資產餘額。此次非現金註銷完全基於我們本季末的股價。現在我已經把這項費用包括在內，我已經把它添加到 2025 年的 GAAP 展望中，因為它已經在賬簿上了，如果你願意的話。

These two non-cash items combined amounted to $115 million of our GAAP loss of $135 million in total for the first quarter of 2025. As a side note, the values of our remaining assets are well supported by our positive cash flows and are not directly tied to our share price. From a non-GAAP standpoint, our adjusted EBITDA for the first quarter of 2025 was $17.1 million compared to $12.8 million a year ago. These positive results were driven by continued strength in our fuel distribution business, including an increase in delivery of RNG to fleets at our stations and to our customers where we're also performing maintenance and services. Andrew went through the overall decline in RNG, which was very much supply related.

這兩項非現金項目合計占我們 2025 年第一季 GAAP 虧損總額 1.35 億美元的 1.15 億美元。順便說一句，我們剩餘資產的價值受到正現金流的良好支撐，並且與我們的股價沒有直接關係。從非公認會計準則的角度來看，我們 2025 年第一季的調整後 EBITDA 為 1,710 萬美元，而去年同期為 1,280 萬美元。這些積極成果得益於我們燃料分銷業務的持續強勁增長，包括向我們加油站車隊以及我們也進行維護和服務的客戶交付 RNG 的數量增加。安德魯經歷了 RNG 的整體下滑，這很大程度上與供應有關。

There was also maybe about 5 million gallons that were in the first quarter of 2024 that did not repeat in 2025. We've talked about these gallons that we deliver sometimes outside our network just because we're so prevalent in the RNG market. I guess importantly on this, so that we're really dialed in on what's going on with the RNG, is because we have such a large footprint between our suppliers and our stations and our maintenance customers, we are able to optimize the flow of the available RNG such that our stations, our customers that we're maintaining and delivering RNG are our priorities. That demand, as I said, went up. We're actually up year-over-year in those areas, which is why -- which actually did contribute as well to our positive results for the first quarter.

2024 年第一季的產量約為 500 萬加侖，而 2025 年則沒有出現這種情況。我們討論過這些加侖，有時我們會在我們的網路之外運送，因為我們在 RNG 市場上非常受歡迎。我認為，在這一點上，重要的是，我們能夠真正了解 RNG 的進展情況，因為我們的供應商、站點和維護客戶之間有著如此大的聯繫，我們能夠優化可用 RNG 的流程，以便我們的站點、我們維護和交付 RNG 的客戶成為我們的優先事項。正如我所說，這種需求增加。實際上，我們在這些領域的表現同比增長，這實際上也為我們第一季的積極業績做出了貢獻。

Dairies that we have, our joint ventures there, they were also impacted by the cold weather, but they do remain on plan with their financial results. And as Andrew noted, we are making good progress in the ramp-up of these dairies. All in all, a good quarter for us in operations and generating cash, and we have a strong but continued caution optimism about achieving our plan for 2025. And with that, operator, we'll open the call to questions.

我們在那裡的乳製品廠和合資企業也受到了寒冷天氣的影響，但它們的財務表現仍符合計劃。正如安德魯所說，我們在擴大這些乳牛場的規模方面取得了良好的進展。總而言之，對我們來說，這是一個營運和現金產生都表現良好的季度，我們對實現 2025 年計劃抱有強烈但持續謹慎的樂觀態度。接線員，現在我們將開始問答環節。

(Operator Instructions) Dushyant Ailani, Jefferies.

（操作員指示）Dushyant Ailani，Jefferies。

I think you just talked about cautioned optimism in hitting your 2025 guide. Could you talk about what would take you to the lower end and then what could take you to the upside?

我認為您剛才談到了對實現 2025 年目標保持謹慎樂觀的態度。您能否談談什麼會讓您處於低端，什麼會讓您處於高端？

Well, Dushyant, let me start. And Bob, feel free to -- let's see how this tariff shakes out relative to putting some pressure on the future outlook for people buying equipment and buying trucks. We've noticed, and if you look at the numbers coming in, there has been a lowered purchasing of heavy-duty trucks in the first quarter. I guess I'm an optimist, Dushyant, and believe that we're going to have more clarity on tariffs and that I think that the market will settle down.

好吧，杜象特，讓我先開始。鮑勃，請隨意——讓我們看看這項關稅將如何影響人們購買設備和卡車的未來前景。我們注意到，如果你看一下收到的數據，你會發現第一季重型卡車的購買量下降。我想我是一個樂觀主義者，杜尚特，我相信我們將對關稅有更清晰的認識，而且我認為市場將會穩定下來。

And you'll see trucking companies begin to increase their purchases as sort of the underlying tariffs begin to get worked out over the course of the year. So that's number one. And that will impact our future outlook in terms of volume growth being contributed by the X15N. Albeit most of that will end up in the very latter part of the year and in early -- in 2026, as we've said. The other is 45Z, depending on how that shakes out, that could end up being a more meaningful number.

隨著年度內基本關稅的逐步確定，你會看到卡車運輸公司開始增加採購量。這是第一點。這將影響我們對 X15N 所貢獻的銷售成長的未來展望。儘管正如我們所說，其中大部分將在今年下半年和 2026 年初完成。另一個是 45Z，這取決於結果如何，最終可能會成為一個更有意義的數字。

And then on this legislation, it's too early to tell, but we'll know more here in the next few months on if there's some supportive incentives like the RNG Incentive Act. All of those would be significant contributors to us. We still have a very nice underlying relationship between oil and natural gas. That's been very constructive. That helps our underlying fuel business.

關於這項立法，現在下結論還為時過早，但在接下來的幾個月裡，我們將更多地了解是否有一些支持性激勵措施，例如 RNG 激勵法案。所有這些都將為我們做出重大貢獻。石油和天然氣之間仍然保持著非常好的基礎關係。這是非常有建設性的。這有助於我們的基礎燃料業務。

That's contributing. But we have our eye on that oil price as well. And so I think for the most part, these things can resolve themselves in an optimistic way, Dushyant, that makes us feel comfortable. Now in the very macro market sense of what's happening with sustainability, what's happening with the effort to continue to be green from our customers, we saw this and heard this loud and clear from the ACT conference. Our customers still want to be green, but it has to make economic sense.

這才是貢獻。但我們也關注油價。因此我認為，在大多數情況下，這些事情都可以以樂觀的方式自行解決，杜尚特，這讓我們感到舒適。現在，從宏觀市場的角度來看，永續發展正在發生什麼，我們的客戶在繼續努力實現綠色環保方面正在發生什麼，我們在 ACT 會議上看到並清楚地聽到了這一點。我們的客戶仍然希望實現綠色環保，但這必須具有經濟意義。

And frankly, with the framework in the Biden Administration of mandates and California mandates, many of which were pushing for battery electric or hydrogen, a lot of those things have been, frankly, are in the process of being unwound. And we believe that RNG is taking its rightful place as a common sense economic alternative fuel, and will end up being the main competitive fuel, alternative fuel, low carbon fuel versus renewable diesel and diesel fuel. And so that gives us great optimism. We're in the shakeout phase of that, but our customers know it. Those people that went to the ACT conference know it.

坦白說，拜登政府和加州的授權框架下，許多授權都在推動電池電動或氫能的發展，坦白說，其中許多內容正在被取消。我們相信，RNG 正在成為一種常識性的經濟替代燃料，並最終成為與再生柴油和柴油相比的主要競爭燃料、替代燃料、低碳燃料。這給了我們極大的樂觀。我們正處於淘汰階段，但我們的客戶知道這一點。參加過 ACT 會議的人都知道這一點。

So that's kind of, Dushyant, how we see the remainder of the year working out.

這就是杜什揚特對今年剩餘時間的展望。

That's helpful. And then just one more. I guess, Bob, and I know you guys talked about where revenue was largely in line versus last year, despite the loss of AFTC and also volumes coming in a little lower. I think you touched on it briefly on pricing. How do we kind of think about that? I think that that was basically what supported 1Q as well. You had some strong pricing there. Could you talk about how that shakes out for the remainder of the year?

這很有幫助。然後再來一個。我想，鮑勃，我知道你們談到了儘管失去了 AFTC 並且銷量略有下降，但收入與去年相比基本持平。我認為您已經簡要地談到了定價問題。我們對此該如何看待？我認為這基本上也是對第一季的支持。您那裡有一些強勁的定價。您能談談今年剩餘時間的情況如何嗎？

Bob, go ahead and take that one.

鮑勃，繼續吧，拿著這個。

Yes. Okay. I think, Dushyant, I think it would -- at least the way we see it is it would shake out kind of similarly, the remaining quarters, as we are -- assuming there's not some radical change in the underlying commodity of natural gas, which can impact our revenues. But I think we see somewhat steady case going forward on that.

是的。好的。我認為，杜什揚特，我認為它會——至少在我們看來，它會在剩餘的幾個季度產生類似的影響，就像我們一樣——假設天然氣這一基礎商品不會發生根本性的變化，從而影響我們的收入。但我認為，我們看到未來這種情況會比較穩定。

So we won't have the AFTC, but we have -- we still enjoy kind of a nice spread between oil and natural gas, so that's supportive. And we are seeing -- we should continue to see good fleet volumes and our maintenance deals as we did in Q1. So I think that should mean that the revenue number will be kind of in line with where we were in Q1.

因此，我們不會有 AFTC，但我們仍然享有石油和天然氣之間的良好價差，所以這是有支援的。我們看到——我們應該繼續看到良好的車隊數量和維護交易，就像我們在第一季一樣。所以我認為這意味著收入數字將與第一季的水平一致。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So you mentioned ACT, and I was out there, obviously. One thing I heard kind of loud and clear, obviously a lot of interest, excitement in the X15N, but arguably, it is behind schedule versus what Cummins was expecting and others. And I was just hearing a lot about incremental cost.

所以你提到了 ACT，顯然我也在那裡。我清楚地聽到的一件事是，顯然人們對 X15N 很感興趣，很興奮，但可以說，與康明斯和其他公司的預期相比，它落後於計劃。我聽到了很多有關增量成本的消息。

And I know that to this point, you've got PACCAR in the market and Freightliner just opened their order book. Curious your thoughts on maybe the impact that that has, where incremental costs for the X15N or trucks with the X15N have been and what that trend looks like going forward.

我知道，到目前為止，市場上已經有 PACCAR 和 Freightliner 開始接受訂單。我很好奇您對這會產生什麼影響的看法，X15N 或配備 X15N 的卡車的增量成本是多少，以及未來的趨勢如何。

Eric, I want to be careful to air all the dirty laundry of my friends on truck pricing, but I think I've said it before, which is that as those early trucks, the X15N were launched into the market latter part of last year, we just -- it's no secret. The incremental price was just a bit too high.

艾瑞克，我想謹慎地公開我朋友們對卡車定價的所有醜聞，但我想我之前已經說過了，那就是隨著那些早期的卡車 X15N 於去年下半年投放市場，我們只是——這不是什麼秘密。增量價格有點太高了。

And by the time you move that from the engine cost and the -- and I think, frankly, in-line fuel system costs. And then you put the OEM markup on it and the dealer markup on it, I think people got a tad bit carried away. At one point, a very powerful dealer said, well, it's still half the price of the incremental cost of an electric truck.

當你將其從引擎成本和——我認為，坦率地說，直列燃油系統成本。然後你加上 OEM 加價和經銷商加價，我認為人們有點得意忘形了。有一次，一位非常有實力的經銷商說，嗯，這仍然是電動卡車增加成本的一半。

And I said, wait a minute, we don't compete with an electric truck. We compete with a diesel truck. So we work very hard with Cummins. We have a program with Cummins that was joined in by the fuel system folks. And frankly, and with our friends at PACCAR to reduce that from as much as $110,000 incremental price to something that's on the way toward $80,000 incremental price or so.

我說，等一下，我們不跟電動卡車競爭。我們與柴油卡車競爭。因此我們與康明斯合作非常努力。我們與康明斯合作有一個項目，燃油系統人員也參與其中。坦白說，我們和 PACCAR 的朋友一起將價格增量從 11 萬美元降低到 8 萬美元左右。

What we found, Eric, that an incremental price at around $75,000 to $80,000 with an aggressive but doable fuel price, certainly for us with our network and our ability to supply RNG, you can get the total cost of ownership for the fleet where it needs to be. That is, you can get a fleet somewhere around the 2- to 2.5-year payback. And that's enough to start the discussion of get them to then put in for ordering. Now there's some good news here. The Freightliner, as you mentioned, a product that's come to market, they have a little bit lower price point overall, and I think competition is a good thing.

艾瑞克，我們發現，增量價格約為 75,000 至 80,000 美元，加上積極但可行的燃料價格，當然對於我們來說，憑藉我們的網絡和供應 RNG 的能力，您可以獲得所需的車隊總擁有成本。也就是說，你大約可以在 2 到 2.5 年的時間內獲得艦隊作為回報。這足以引發關於如何讓他們參與訂購的討論。現在這裡有一些好消息。正如您所提到的，Freightliner 是一款已經上市的產品，其整體價格略低一些，我認為競爭是件好事。

So we have seen some initial orders go in for the Freightliner. That price is lower. So I think we're on our way toward where we want to be. I think over time, it's clear that if we can get to something closer to 6,000 units a year, you can drive somewhere between 15% to 20% out of the fuel system cost, too. So we're at early stages. Incremental has been a little high at the initial launch. It is coming down. And so I feel like it's headed in the right direction to get to where we need to be.

我們已經看到一些針對 Freightliner 的初始訂單。那個價格比較低。所以我認為我們正在朝著我們想要的目標前進。我認為隨著時間的推移，很明顯如果我們能夠達到每年接近 6,000 輛的產量，那麼燃料系統成本也可以降低 15% 到 20%。因此我們還處於早期階段。首次發佈時增量有點高。它正在下降。所以我覺得我們正朝著正確的方向前進，並達到我們需要的目標。

Got it. Good color there. And maybe, you just were talking about kind of the overall environment versus battery, and I guess fuel cell's way out, and the realization. And obviously the customers are saying that pretty loud and clear.

知道了。那裡的顏色很好。也許，您剛才談論的是整體環境與電池的關係，我想還有燃料電池的出路和實現方式。顯然，顧客們對此的反應非常明確。

But just curious, from a policy standpoint, I know in California, always enamored with battery electric fuel cells, et cetera, and not really RNG in this current environment. Do you see a situation where you could -- you don't necessarily need to have a benefit versus those, but at least on equal footing.

但只是好奇，從政策角度來看，我知道在加州，人們總是迷戀電池電動燃料電池等等，而在當前環境下，人們並不是真正迷戀 RNG。您是否看到了這樣的情況——您不一定需要相對於那些人有優勢，但至少要處於平等地位。

Well, Eric, look, it's kind of tricky right now to go through all the -- bore everybody to tears. But the California ACF, that is the fleet rules that they put in place, that is -- those are gone. And the manufacturer side, which required manufacturers to sell 10% battery, that thing, as you probably well know, the Congress voted to clear those out, those policies, and the Omnibus rule. Now the Senate hasn't taken up that CRA action yet. There's a question of whether or not they will, but I have a feeling that they might.

嗯，艾瑞克，你看，現在經歷這一切有點棘手——讓每個人都感到無聊透頂。但是加州 ACF 制定的艦隊規則已經不存在了。而對於製造商方面，要求製造商銷售 10% 的電池，這件事，正如你可能知道的，國會投票通過了這些政策和綜合規則。目前參議院尚未採取該 CRA 行動。他們會這麼做還是個問題，但我感覺他們可能會這麼做。

There's some question of whether or not the parliamentarian would think that's appropriate. But there's no doubt, we are working with CARB, that their program is a mess. And what's happening right now when people can't buy an electric or won't buy an electric and there is no requirement anymore, they're buying diesel. They're buying older diesel vehicles. So CARB understands this is not good.

有人質疑議員是否認為這是適當的。但毫無疑問，我們正在與 CARB 合作，他們的計劃一團糟。現在的情況是，人們買不起電動車，或不願意買電動車，而且也不再需要電動車了，所以他們就買柴油車。他們正在購買舊款柴油車。因此，CARB 明白這並不好。

We are working with CARB and feel like it makes great sense that RNG should once again or should be a compliant fuel. And so it's not done yet. Those are discussions that are underway. It's different from where in their crystal ball and their sort of theology where they wanted to be. But look, electric doesn't get it.

我們正在與 CARB 合作，並認為 RNG 應該再次或應該成為合規燃料是非常有意義的。所以事情還沒完成。這些討論正在進行中。這與他們的水晶球中的位置以及他們想要的神學不同。但是你看，電卻不明白這一點。

It might on light duty. It doesn't on the heavy duty. There isn't the electricity. The cost is too high. The experience is not right.

它可能只是輕度任務。它不適用於重型作業。沒有電。成本太高了。經驗不對。

And the customers weren't going to do it. And so it's been a fiasco, frankly. About 11 of the states that adopted the CARB policies have all back watered on it. So I think that if you want clean air, 90% less Nox, and you want lower carbon, RNG will rise to the surface. And we're seeing that now. Those are the discussions that we're having with the policymakers, frankly, at the federal level as well as at the state level.

但顧客不會這麼做。坦白說，這是一場慘敗。大約有 11 個州已經採納了 CARB 政策，但均已不再實施該政策。因此我認為，如果您想要清潔的空氣，減少 90% 的氮氧化物，並且想要更低的碳排放，那麼 RNG 就會浮出水面。我們現在就看到了這一點。坦白說，這些都是我們與聯邦和州一級的政策制定者進行的討論。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Just wanted to dive in a little bit to the RNG facilities, sort of where you're at in terms of getting those open and running and generating kind of EBITDA. Could you just update us on the time line there?

我只是想深入了解 RNG 設施，了解您在開放和運行這些設施以及產生 EBITDA 方面的進展。您能向我們更新時間軸嗎？

Well, one of them has been open a while, Rob, and it's producing pretty well, and we're steadily increasing the production. So we know there's hope, right? We know that through good operations, you can increase them, get them closer. They're not quite there yet to nameplate. That's our Del Rio facility.

嗯，其中一個已經開業有一段時間了，羅布，而且產量相當不錯，我們正在穩步提高產量。所以我們知道還有希望，對嗎？我們知道，透過良好的運營，你可以增加它們，讓它們更接近。他們還沒有到達銘牌那裡。那是我們的德爾裡奧工廠。

The other five we have are a little bit behind that trajectory. We had one bad weather problem with one of them. But they're all now in production, albeit not quite to the levels that we want yet. But by the end of the year, we'd like to think that they're going to be 80% of where we thought they should -- kind of in that range. So they're making nice headway.

我們的其他五個則稍微落後於此軌跡。其中一個遇到了惡劣天氣問題。但它們現在都已投入生產，儘管尚未達到我們想要的水平。但到今年年底，我們希望它們能夠達到我們預期的 80% 左右——大致在這個範圍內。所以他們正在取得良好進展。

We're making some tinkering with our operators there, and we like the way that's going. Two more should be sort of on production toward the end of this year late. And we're making very nice headway at our South Fork Dairy that's in the Texas Panhandle, and we're making good progress, though I don't know it'll be -- it'll be late in the year, but our big Idaho facility as well. And then our relationship with Maas, as I mentioned in my remarks, those come on a little later, but there -- Daryl Maas is a great operator, he's a great developer, and those projects are underway. So these projects still take a little longer than all of us would like.

我們正在與那裡的運營商進行一些調整，我們喜歡目前的進展方式。另外兩款產品預計今年底投入生產。我們在德州狹長地帶的南福克乳品廠取得了非常好的進展，雖然我不知道這會是什麼時候——這會是今年晚些時候，但我們在愛達荷州的大型工廠也是如此。然後是我們與馬斯的關係，正如我在演講中提到的那樣，這些關係出現得稍晚一些，但達裡爾·馬斯是一位出色的運營商，一位出色的開發商，而且這些項目正在進行中。因此，這些項目所花的時間仍然比我們所有人希望的要長一些。

Certainly, the pathway process is cumbersome and slow. Though in a conversation with the chairwoman of CARB the other day, she said help is on the way, that more staff are being brought in to deal with the backlog of pathways. So we like to think that that will help us because some of these have just taken too long to certify the pathway. But it looks like some help is on the way. By the way, Rob, if I can use this to answer your question.

當然，這個過程是繁瑣且緩慢的。不過，前幾天在與加州空氣資源委員會主席的談話中，她表示援助正在路上，正在調派更多工作人員來處理積壓的通道問題。因此我們認為這對我們有幫助，因為其中一些途徑的認證時間太長了。但看起來一些援助正在路上。順便說一句，羅布，我可以用它來回答你的問題嗎？

One of the other things that from a first question on Dushyant. We think you're going to be through the final stages of cleaning up the administrative problems that CARB had with the moving forward on their new program and think that should get done here by late May. And so that would mean that you'll begin to move forward. And that should work off over time, work off the credit oversupply that we see in California. And that should lead later this year and early next year to a strengthening of the low carbon fuel credit pricing.

這是關於 Dushyant 的第一個問題中提到的另一件事。我們認為你們將完成清理 CARB 在推進其新計劃過程中遇到的行政問題的最後階段，並認為這項工作應該在 5 月底之前完成。這意味著你將開始前進。隨著時間的推移，這將逐漸消除我們在加州看到的信貸過剩問題。這將導致今年稍後和明年年初低碳燃料信貸定價的加強。

Okay. Great. And then as you think about the current environment and how, if at all, does that change your CapEx plans for this year? Are you potentially slowing that at all? Or are you just maintaining the plan as before?

好的。偉大的。然後，當您考慮當前的環境時，它會如何改變您今年的資本支出計劃？您是否有可能減慢這一進程？還是只是維持之前的計畫？

No, we're being cautious on the RNG side. We've said we've looked at a lot of projects. We've looked at some opportunities to perhaps purchase some RNG projects that are being -- are very close. We're being very careful with looking at that. And so I think it's -- we kind of have -- we have the projects that we're currently developing on RNG funded.

不，我們在 RNG 方面非常謹慎。我們說過我們已經研究過很多項目。我們已經尋找了一些機會，或許可以購買一些正在進行的 RNG 專案——非常接近。我們非常小心地觀察這一點。所以我認為——我們已經——我們目前正在 RNG 資助下開發的項目。

We don't see any increases to that right now. We want to get the ones done that we have. We're in a nice position in that we have 90 or so on the way toward 100 with new contracts that aren't -- we're not taking supply yet. We have 100 different suppliers of RNG. So we're in a unique position to have a lot of supply.

目前我們還沒有看到任何成長。我們希望完成我們已經完成的任務。我們目前的情況很好，因為我們有 90 份左右的新合同，而且距離達到 100 份還有很長的路要走——我們還沒有接受供應。我們有 100 家不同的 RNG 供應商。因此，我們處於擁有大量供應的獨特地位。

We have a very nice relationship, joint marketing relationship with BP. So we have a lot of supply that's available. We like our position on the six projects that we've got and the new ones that will come on. On the station side, I could see that we might -- not because we put the brakes on, that we might be a little bit lighter on CapEx just on some of the projects tend to get permitted and this and that. It's my hope, though, that as you start seeing some of these really big fleets begin to look at taking more X15Ns and beginning to, if you will, do what Amazon did and start asking us to -- later this year, early next year, you're going to need some CapEx to build out stations.

我們與 BP 保持著非常良好的關係，即聯合行銷關係。因此我們有大量供應。我們對我們的現有六個項目以及即將開展的新項目所持的立場感到滿意。在車站方面，我可以看到我們可能——不是因為我們踩了煞車，而是我們的資本支出可能會稍微減少一些，只是一些項目往往會獲得許可等等。不過，我希望，當你開始看到一些真正龐大的車隊開始考慮使用更多的 X15N 並開始效仿亞馬遜並開始要求我們——在今年晚些時候、明年年初，你將需要一些資本支出來建造站點。

Of course, that's a very nice thing and a very good thing. We're very happy. We'll be very happy if we need to do that. But I would say for the year, Rob, it should come in about what we've said and maybe a bit lighter, a bit lighter. But not because we're worried about the future. Just because of kind of the way the things are -- we're wanting to be careful and be prudent, but just because of the way we -- these things sometimes take a little longer to come online than you might think.

當然，這是一件非常美妙的事情，也是一件非常好的事情。我們非常高興。如果需要的話我們會非常高興。但羅布，我想說，今年的情況應該和我們所說的差不多，也許會輕鬆一點，輕鬆一點。但這並不是因為我們擔心未來。只是因為事情的現狀——我們希望小心謹慎，但只是因為我們的方式——這些事情有時比你想像的要花更長的時間才能上線。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Andrew, I wanted to follow up, Andrew, on your CARB commentary, just to make sure I'm clear on your understanding of how it's progressing. I mean clearly, this has been far from a straight line. But as you think about where CARB is today, do you think they're going to have final policy in place by June? And do you know if they intend to retroactively apply that policy across the first half of 2025?

安德魯，安德魯，我想跟進一下你對 CARB 的評論，只是為了確保我清楚你對它進展的理解。我的意思是，顯然這遠非一條直線。但是，當您考慮 CARB 目前的狀況時，您認為他們會在六月之前製定最終政策嗎？您是否知道他們是否打算在 2025 年上半年追溯實施該政策？

You're right. It's not really a straight line. And I've kind of been wrong on timing a little bit because it's hard to predict. I'm told and we think and CARB staff believes that it should be, that it should be done by June 1 and that -- therefore, it'll be retroactive. Now if it doesn't make the June 1, then there's a question whether or not that they can.

你說得對。它其實並不是一條直線。我的時間安排有點錯誤，因為這很難預測。我聽說了，我們也認為，CARB 工作人員也認為應該在 6 月 1 日之前完成，因此，它將具有追溯力。現在，如果不能在 6 月 1 日之前實現這一目標，那麼他們是否能夠實現這一目標就成了問題。

But in conversations with senior members of CARB, we've been told that they think that it should. And it looks like through the comment period that I think already came and went on the OPL issue, I think fingers crossed, looks like that's kind of headed in the right direction.

但在與加州空氣資源委員會高級成員的交談中，我們得知他們認為應該這樣做。我認為，關於 OPL 問題的評論期已經結束，我希望一切進展順利，看起來事情正在朝著正確的方向發展。

All right. So fingers crossed there. Maybe staying with you on the policy front, I'd love to get a feel for the support you're hearing from your discussions in D.C., maybe beginning with the RINs. We've heard throughout earnings, there's been a constructive dialogue between ag and the refining sector on the future of biofuels policy.

好的。所以祝大家好運。也許繼續和您討論政策方面的問題，我很想了解您在華盛頓的討論中聽到的支持，也許從 RIN 開始。我們聽說，在整個收益期間，農業和煉油部門就生物燃料政策的未來進行了建設性的對話。

And while I've heard this could lead to a 5.25 billion gallon RVO for bio-based diesels in 2026, we haven't heard that much in the cellulosic category. But setting aside the exemption commentary from last November, do you guys have a view on where the EPA may land on the RVO for the cellulosic category?

雖然我聽說這可能導致 2026 年生物基柴油的 RVO 達到 52.5 億加侖，但在纖維素類中我們還沒有聽到太多這樣的消息。但是，撇開去年 11 月的豁免評論不談，你們對 EPA 可能對纖維素類別的 RVO 做出何種決定有何看法？

The quick answer is no, we don't. And it wouldn't be right to say that we're having in-depth engagement. We are engaging as an industry. We have had -- participated in some meetings on that. I feel like the administration understands the balance here, understands what's necessary to have a vibrant RFS program, yet they're pulled in several directions.

簡單的回答是「不，我們沒有」。但說我們正在進行深入接觸也是不對的。我們作為一個行業正在參與其中。我們已經參加過一些有關該問題的會議。我覺得政府了解這裡的平衡，了解擁有一個充滿活力的 RFS 計劃所必需的條件，但他們卻被拉向了幾個方向。

But one of the things I think is constructive is that the Trump Administration seems to understand that we are a biofuel, that RNG cellulosic is from the farm. And it is -- not to be overly political, but it is a red state fuel, and it is a biofuel. So there's a lot of things we're weighing here, but we feel like they'll be constructive, but that's about as far as we can go. We haven't heard any numbers on that. I haven't anyway.

但我認為有建設性的事情之一是，川普政府似乎明白我們是生物燃料，RNG 纖維素來自農場。而且——不想太政治化，但它是一種紅州燃料，也是一種生物燃料。因此，我們正在權衡很多事情，但我們覺得它們會具有建設性，但這就是我們所能做到的。我們還沒有聽到有關這方面的任何數字。反正我還沒有。

Matthew Blair, TPH.

馬修·布萊爾，TPH。

I was hoping to dig in a little bit more on the strong results in the first quarter. Your RNG volumes came in lower than our modeling, and your RIN revenue was also lower. And maybe those two things are connected. But what would you attribute the strong results to? Seasonally, Q1 can also be a little soft, and I know there was tough weather in certain parts of the country.

我希望能夠更深入地了解第一季的強勁業績。您的 RNG 數量低於我們的模型，您的 RIN 收入也較低。也許這兩件事是有連結的。但是您認為這些強勁的成果歸功於什麼呢？從季節性來看，第一季也可能有點疲軟，而且我知道該國某些地區的天氣十分惡劣。

So was this just better core fueling margins due to a healthy oil to gas spread? Or what really pushed things up? And was there anything that was pulled forward into Q1 that really should have been part of Q2?

那麼，這是否僅僅是由於健康的油氣價差而導致核心燃料利潤率更高？或是真正推動事情發展的是什麼？是否有任何內容提前到 Q1，但實際上應該是 Q2 的一部分？

I'll give it a go on that one, Matthew.

我會嘗試一下，馬修。

Go ahead. Go ahead, Bob.

前進。繼續吧，鮑伯。

No, I think you kind of hit it there, just the kind of the core fueling. The core fueling and effectively just what our effective pricing and from our stations is what was driving that. The RIN, the lower RIN was connected to the supply and the lower volumes there. But we had actually a pretty strong showing of low carbon fuel going into California, so the LCFS actually did probably better than expected there because that pricing remained under where we had pegged it ultimately to pan out for the year. So it is the -- your kind of underlying base business fueling.

不，我認為你已經觸及了這一點，這只是核心燃料的一種。核心燃料以及我們的有效定價和來自我們站點的有效定價正是推動這一進程的因素。RIN，較低的 RIN 與供應和較低的產量有關。但實際上，我們在加州的低碳燃料表現相當強勁，因此低碳燃料標準 (LCFS) 實際上可能比預期的要好，因為價格仍然低於我們最終確定的全年價格。所以它是——您的基礎業務的燃料。

And we're seeing -- it's kind of the effect that we've talked about before, too, with this is that we get a gradual incremental increase, incremental flow of volume just because as fleets bring on trucks during the year, then we -- it's all additive. And so that's just kind of progressing through. Pricing remained good. The spread was good. And we're opportunistic with our -- basically how we source.

我們看到——這也是我們之前談到的一種效果，隨著車隊在一年內引入卡車，我們獲得了逐漸增量的增長，增量流量，然後我們——這一切都是附加的。這只是一種進步。定價仍然良好。傳播效果很好。我們對我們的採購方式抱持。

We're good at sourcing cheap natural gas, which is feedstock into this, too. So all of that combined, we're a big player. So we've got some leverage there on all that front.

我們擅長採購廉價的天然氣，這也是我們的原料。綜合以上所有因素，我們成為一家大型企業。因此，我們在所有方面都具有一定的優勢。

One other thing, Bob, that I would add is trucking is good, right? The Amazon stations are open and running well and trucking volume is looking pretty good. So that all contributed, but the underlying fuel business was strong.

鮑勃，還有一件事我想補充一下，那就是卡車運輸很好，對吧？亞馬遜站點已開放並運作良好，卡車運輸量看起來相當不錯。所有這些都起了作用，但基礎燃料業務仍然強勁。

Do you think -- is part of it due to a tightening dispensing market? We're hearing from upstream RNG players that it's increasingly tough to place their volumes in the transportation market. The dispensing side is getting tighter and tighter, and the rates are going up. Is that playing a role as well?

您認為這是否部分是由於配藥市場收緊所造成的？我們從上游 RNG 參與者那裡聽說，將他們的產品放入運輸市場變得越來越困難。配藥方面越來越緊，費率也越來越高。這也起到一定作用嗎？

Starting to.

開始。

Yes, starting. We're seeing that. Go ahead, Bob.

是的，開始了。我們看到了這一點。繼續吧，鮑伯。

Yes. No, I was just going to say, yes, we are seeing that. I'm not going to say wholesale that -- but yes, we're certainly in a good kind of negotiating position there because the nozzle tips are valuable.

是的。不，我只是想說，是的，我們看到了這一點。我不會全盤否定這一點——但是是的，我們確實處於有利的談判地位，因為噴嘴頭很有價值。

Saumya Jain, UBS.

瑞銀的 Saumya Jain。

Do you guys see any volumes from the transportation sector maybe going towards power generation? Or any update on the data center front? How are you guys looking at that going forward?

你們是否認為運輸業的電力可能會流向發電？或是資料中心方面有任何更新嗎？你們對此有何看法？

Let me start. I think my number is right. 80% of the RNG goes into transportation, and it's the best market. That's what Matthew was getting at is that it's tight. Supply wants to find its way to transportation.

讓我開始吧。我認為我的號碼是正確的。 80% 的 RNG 都用於運輸業，這是最好的市場。這就是馬修想要表達的意思，它很緊。供應想要找到運輸的途徑。

It's why we're in an enviable position at the nozzle tip. Of course, some RNG will make its way into power gen. We have not heard of any significant that I'm aware of, though I thought it would be -- eventually, I imagined that RNG would be such a beautiful and relatively effective and easy way to decarbonize AI power generation. When I started hearing that we're going to open up Three Mile Island and build nuclear power plants, I thought to myself, my God, we got to have a better solution than that.

這就是為什麼我們在噴嘴尖端處於令人羨慕的地位。當然，有些 RNG 將會進入發電領域。據我所知，我們還沒有聽說過任何重大的事情，儘管我認為會有——最終，我想像 RNG 將是一種非常美妙且相對有效且簡單的脫碳 AI 發電的方法。當我聽說我們要開放三哩島並建造核電廠時，我心想，天哪，我們一定有比這更好的解決方案。

So I don't want to say it'll never go into those markets, because I'm a believer in that it ought to go and should go into the market, the hard to decarbonize market, which is the heavy-duty trucking sector, which is, remember, 40 billion gallons of fuel is used in that sector. And this is where RNG should go. And so still, it's about 80%. We hear of different things. I think some of the regulatory and some of the Washington and regulatory push to force utilities to use renewable sources and some of what we saw over the last couple of years, my guess is some of that'll take a breather. And I think it will make transportation that much more important.

所以我不想說它永遠不會進入這些市場，因為我相信它應該進入這個難以脫碳的市場，也就是重型卡車運輸行業，記住，該行業使用了 400 億加侖的燃料。而這正是 RNG 應該去的地方。目前，這一比例仍約為 80%。我們聽到了不同的事情。我認為，一些監管措施、華盛頓的監管措施迫使公用事業公司使用再生能源，以及我們在過去幾年中看到的一些情況，我猜其中一些會暫時停止。我認為這會使交通變得更加重要。

Got it. And then could you give some updates on your partnerships with Total, BP, Chevron? How are they progressing? What's the outlook on those types of oil companies?

知道了。那麼，您能否介紹一下您與道達爾、英國石油、雪佛龍的合作進度呢？他們進展如何？這些類型的石油公司的前景如何？

Total is still our largest shareholder. They're our partner in our first RNG project. We have a very robust and ongoing and deep relationship with BP. We call it a co-marketing agreement where we work together on RNG hand in glove. When those Archaea volumes were -- if they were to go to transportation, we'd be involved with them on that.

道達爾仍然是我們最大的股東。他們是我們第一個 RNG 計畫的合作夥伴。我們與 BP 保持著非常穩固、持續且深厚的關係。我們稱之為聯合行銷協議，我們將在 RNG 領域緊密合作。當這些古細菌卷 — — 如果它們要運輸的話，我們會參與其中。

So we're very excited about the future of that. So we continue to work with -- BP is our RNG partner on those development projects, the other five and the other two that I talked about at length, the one in Idaho and South Fork and one in Texas. So we're very -- have a deep relationship with them. Chevron, because the electric truck push, hydrogen truck push, reality's sinking in. We're starting to see a renewed interest in our California RNG Chevron program that has fielded upwards of 350 trucks and put on the road -- funded and put on the road to fuel with RNG.

因此，我們對其未來感到非常興奮。因此，我們繼續與 BP 合作，BP 是這些開發項目的 RNG 合作夥伴，另外五個項目以及我詳細討論過的另外兩個項目，一個在愛達荷州和南福克，一個在德克薩斯州。所以我們與他們有著非常深厚的關係。雪佛龍，因為電動卡車、氫動力卡車的推動，現實正在深入人心。我們開始看到人們對我們的加州 RNG 雪佛龍計劃重新產生興趣，該計劃已投入使用超過 350 輛卡車並投入道路 - 資助並使用 RNG 燃料。

So we've always liked that program with Chevron, and we continue to work with them. So that's kind of the status of thoset three relationships, partnerships.

因此，我們一直很喜歡與雪佛龍合作的項目，我們將繼續與他們合作。這就是這三種關係、夥伴關係的現況。

Craig Shere, Tuohy Brothers.

克雷格‧謝爾 (Craig Shere)、圖伊兄弟 (Tuohy Brothers)。

So I'm sorry, did you specify anywhere exactly how much 45Z was in the quarter?

抱歉，您有沒有具體說明過本季 45Z 的具體數量？

It was a -- no, we didn't. It was really not material, if you will, so we didn't specify it.

這是一個——不，我們沒有。如果你願意的話，這確實不重要，所以我們沒有具體說明。

Okay. So, as far as what that could be if that -- after that gets finalized, could you see that competing with, say, current LCFS run rates that you've been seeing as far as quarterly contributions?

好的。那麼，如果最終確定之後，您是否認為它會與您在季度捐款方面看到的當前 LCFS 運行率競爭？

I mean, Craig, it's kind of -- it's all in the detail there, right? You remember the heady days of saying that on a -- with an active correct GREET model with a minus $335. You remember our friend said that it could be worth $7 a gallon, and you run all that out, sure, it would be a very strong contributor. Those discussions are underway. Just what -- how will that be measured?

我的意思是，克雷格，這有點——一切都在細節中，對吧？您還記得那些令人興奮的日子嗎？當時您說的是——使用有效正確的 GREET 模型，價格為負 335 美元。你記得我們的朋友說過它可能每加侖 7 美元，如果你把它全部用完，當然，它將是一個非常強大的貢獻者。這些討論正在進行中。到底——如何衡量？

If the Congress chooses to keep 45Z in, will they use a GREET model? Will they specify different CI scores for different various types of manure? And just where does that come down? Does it end up being where it is today at $0.90 or $1 or less the energy? Do you get some credit for having a low carbon RNG, in which case it would be more meaningful at $2 or $3, $4?

如果國會選擇保留 45Z，他們會使用 GREET 模型嗎？他們會針對不同類型的肥料指定不同的 CI 分數嗎？那麼，這一切究竟是怎麼回事呢？最終能源價格會回到今天的水平，即 0.90 美元、1 美元甚至更低嗎？您是否因為擁有低碳 RNG 而獲得一些讚譽，在這種情況下，2 美元或 3 美元、4 美元的價格會更有意義？

Or does it go way up the scale? So it kind of depends on where that comes out. And look, you've got sort of parallel tracks working. You have a final rule that a new Treasury Department is working on. I talked on this very subject matter about a GREET model and how it was corrupted by the Biden Administration.

或者說，它已經達到更高的水平了？所以這取決於結果在哪裡。瞧，你已經獲得了一些並行的軌道。新財政部正在製定最終規則。我在這個主題上談論了 GREET 模型以及它是如何被拜登政府破壞的。

It's really a shame that you take science and you made it political, and you put a bogus GREET model in that final temporary rule five days before the inauguration. And that's what we're trying to -- the industry is trying to deal with. And just what does Congress want to do, and what does it cost? So those are all -- it's sort of wild on how that's all going to shake out. I think there's a body of the Congress that understands 45Z and wants it in.

你們將科學政治化，並在就職典禮前五天的最終臨時規定中加入了虛假的 GREET 模型，這真是可恥。這正是我們正在努力解決的問題——整個產業正在努力解決的問題。那麼國會到底想做什麼？需要花多少錢？所以這些都是——至於這一切將如何結束，真是有點不可思議。我認為國會中有一個機構了解 45Z 並希望將其納入。

They're trying to wrestle with just how they fix it, and should they fix it, and what does that mean to the ethanol guys and the biofuel guys and what does it mean to the RNG methane guys like us. So that's what's being dealt with. But if anybody were to tell you today that they know exactly how that's going to pan out, it's not quite right. Though I feel like if I was a betting person, I'm thinking that there probably will be a 45Z and that it is probably likely to be better than where it sits right at this moment.

他們正在努力解決如何解決這個問題，以及他們是否應該解決這個問題，這對乙醇人員和生物燃料人員意味著什麼，對我們這樣的 RNG 甲烷人員意味著什麼。這就是正在處理的事情。但如果今天有人告訴你，他們確切地知道事情將如何發展，那就不完全正確了。不過我覺得如果我是個賭徒，我會認為可能會有一輛 45Z，而且它可能會比現在的狀況更好。

Got you. And on Rob's question for the upstream, do you have a timeline to get to systemically positive upstream numbers, EBITDA there? I know you had one facility, a large facility that you were expensing the development of. So when that comes on, it should flip pretty quick, right?

明白了。關於 Rob 關於上游的問題，您是否有一個時間表來實現系統性的正上游數字，即 EBITDA？我知道您有一個設施，一個大型設施，您正在為其開發付費。所以當它出現時，它應該翻轉得相當快，對嗎？

I don't know that it would flip pretty quick, but certainly the projects that -- we have one that's been operating for a while. That will contribute EBITDA; it is. The other five will next year, but then you've got two big projects coming online kind of right at the beginning of the year that are going to go through kind of that OpEx. So individually, these dairies are going to contribute to EBITDA, and many of them will in 2026, absolutely.

我不知道它是否會很快轉變，但肯定的是，我們有一個項目已經運行了一段時間。這將有助於 EBITDA；這是。其餘五個項目將於明年啟動，但有兩個大項目將在年初上線，它們將經歷類似的營運支出。因此，這些乳品廠單獨來看都會對 EBITDA 做出貢獻，其中許多乳品廠絕對會在 2026 年做出貢獻。

Whether that's going to net to an overall positive as we do our guidance and we kind of have our upstream and our distribution, that we'll have to see how that pencils out once we have them all operating just because we have some -- we have a 37,000 cow dairy that's going to come online, as you know. But they'll get to -- I mean, at least what we're seeing is they're -- with the appropriate yield on the manure and the CI, the methane content, they get there.

正如我們所做的指導以及我們的上游和分銷渠道一樣，這是否會對整體產生積極的影響，我們必須看看一旦它們全部投入運營，情況會如何發展，因為我們有一些——我們有一個 37,000 頭奶牛的奶牛場即將上線，正如你所知。但它們會達到 — — 我的意思是，至少我們看到的是 — — 透過適當的糞便產量和 CI，即甲烷含量，它們會達到目標。

Just to be on the safe side, given what you said, it sounds like second half next year, we should certainly be there.

為了安全起見，根據你所說的，聽起來明年下半年我們肯定會到達那裡。

Yes, on certain farms, on certain dairies, and then whether that can overtake. What I'm looking at is do you get a net positive number from the upstream EBITDA when we give our guidance. And that one, we're going to need time to sort that out.

是的，在某些農場、某些乳牛場，然後看看是否能夠超越。我關注的是，當我們給予指引時，您是否從上游 EBITDA 中獲得淨正數。而那個，我們需要時間來解決。

But within that number, there absolutely will be positive dairies contributing EBITDA. But as we bring on other -- we got the Daryl Maas one, so there's a little bit of -- certain dairies are going to go EBITDA positive for sure. One of them already is. But the other ones are going to come on, and whether they're going to kind of overtake the positive side, we don't know.

但在這個數字之內，絕對會有乳品企業對 EBITDA 有正向貢獻。但隨著我們引入其他人——我們得到了達裡爾·馬斯（Daryl Maas）的支持，因此有一點——某些乳製品的 EBITDA 肯定會變為正數。其中一個已經是了。但其他因素將會出現，它們是否能超過正面的一面，我們不知道。

All right. And last kind of big picture one for me. The Trump Administration wants to kind of streamline as much LNG exports as possible. Obviously, that's a real easy way to right-size trade deficits. And at the same time, it seems it wants to flood the world with as much oil as possible from U.S. producers and some of our friends around the world.

好的。對我來說，最後一幅是宏觀圖景。川普政府希望盡可能簡化液化天然氣出口。顯然，這是調整貿易逆差的一個非常簡單的方法。同時，它似乎也想讓美國和一些世界盟友的石油充斥世界。

So obviously, in terms of spreads, in terms of the fuel advantage, if that holds true, so if we have $4, $4.50 Henry Hub and we have $50 Brent -- I'm not saying that's going to happen for sure -- but if those are the concerns and we're not sure, are you hearing any fleet customers express concern, well, we just don't know what the end of the decade looks like on the fuel advantage and these trends, and maybe we just wait a bit longer.

因此，顯然，就價差和燃料優勢而言​​，如果情況屬實，那麼如果亨利港的原油價格為 4 美元、4.5 美元，而布倫特原油價格為 50 美元——我並不是說這一定會發生——但如果這些是我們擔心的問題，而且我們不確定，您是否聽到任何車隊客戶會表達樣子，那麼，我們只是不知道本世紀末的燃料優勢和這些趨勢會等時間。

No, we're not hearing that. And Craig, my view on that, and I've been right on this. Not to be -- look, it's hard to tell. I completely agree with you on oil. I think you're going to have -- you will have.

不，我們沒有聽到這個消息。克雷格，我對此的看法是正確的。並非如此——瞧，這很難說。我完全同意你關於石油的看法。我想你會有──你會有的。

I mean, look, the President's going to Saudi Arabia. And we've seen this act before. And they're increasing production, OPEC is, and so it's going to put downward pressure on world oil price. And yet, our producers have been through this before. And so don't count on them to drill baby drill in the face of $53 oil or $49 on the way to $48 oil.

我的意思是，你看，總統要去沙烏地阿拉伯。我們以前也見過這種行為。石油輸出國組織正在增加產量，因此這將對世界石油價格造成下行壓力。然而，我們的製片人以前也經歷過這種情況。因此，不要指望他們在油價達到 53 美元或 49 美元並邁向 48 美元的過程中進行小規模鑽探。

So they get it. They got burned once before on that. So they're going to be careful. So I think, could you see a moment when you have a lower oil price? I think so.

所以他們明白了。他們以前就因為這個吃過虧。所以他們會小心謹慎。所以我認為，你認為油價什麼時候會下降呢？我認為是的。

On the other hand, I've long believed that there's just been too -- this natural gas price has been too high. The United States is just knee-deep in natural gas. And you know this because you follow it closely. The LNG is not moving as quickly. It will.

另一方面，我一直認為天然氣價格太高了。美國的天然氣儲量十分豐富。你知道這一點，因為你密切注意著它。液化天然氣運輸速度並不快。會的。

They do want to push a lot out. But $4.50 gas was too high. And sure enough, you saw it come down to $3.50 and $3. So I think you're going to have a spread that won't be on the highest end that we've seen but will still be constructive for us and still able to allow us to price our fuel. Today, Craig, we can price our fuel and make a nice margin and undershoot West Coast diesel by $2 a gallon.

他們確實想做出很多努力。但 4.50 美元的汽油價格太高了。果然，你看到它降到了 3.50 美元和 3 美元。因此，我認為您將獲得的價差不會達到我們所見過的最高水平，但對我們來說仍然是有建設性的，並且仍然能夠讓我們為燃料定價。今天，克雷格，我們可以為我們的燃料定價，並獲得可觀的利潤，比西海岸柴油每加侖低 2 美元。

Now that will get challenging, but you'll still have an opportunity to be in the $1.25 to $1.50 range, cheaper than diesel fuel, almost no matter where you operate in where you're buying diesel in the United States. So we've long -- and I've been giving this speech for 20 years. That's what's different about our fuel versus some of the others is that we have an inherent advantage on the commodity pricing relative to oil on our fuel. And I still feel like that's going to be good for us. Though I don't disagree with you that you might see a -- you may get -- the market may overplay the oil on the downside here in a minute.

現在這將變得具有挑戰性，但你仍然有機會以比柴油便宜 1.25 美元到 1.50 美元的價格出售柴油，幾乎無論你在美國哪裡購買柴油。所以我們很久了——我已經發表這個演講 20 年了。我們的燃料與其他燃料的不同之處在於，我們的燃料在商品定價方面相對於石油具有固有的優勢。我仍然覺得這對我們有好處。儘管我並不反對你的觀點，但你可能會看到——你可能會得到——市場可能會在一分鐘內誇大石油的下行趨勢。

But I don't believe that the gas is going to be -- you're not going to have $4.50 gas and $40 oil. I don't think that's in the cards. If you did, it would be more of a spike situation, not a longer term.

但我不相信天然氣價格會——你不會看到天然氣價格為 4.50 美元、石油價格為 40 美元。我不認為這會發生。如果你這樣做了，那將是一個尖峰情況，而不是長期情況。

Betty Zhang, Scotiabank.

豐業銀行的 Betty Zhang。

My first one is on M&A. Just curious how you're thinking about M&A these days, whether there are any opportunities or if you are more so looking to build out organically?

我的第一個問題是關於併購的。只是好奇您最近對併購有何看法，是否有任何機會，或者您是否更希望有機地發展？

No, I think, Betty, we're looking -- we're being very careful. And I think for good reason, right? We're trying to be careful with our capital. We like our current position. We believe we're getting -- well, we are getting a chance to look at projects that where maybe private equity or some others have tired of projects that are nearly complete or about to be complete.

不，我想，貝蒂，我們正在觀察——我們非常小心。我認為這是有充分理由的，對吧？我們正在努力謹慎管理我們的資本。我們喜歡我們目前的立場。我們相信，我們正在獲得一個機會來審視那些私募股權或其他一些人可能已經厭倦了的、接近完成或即將完成的項目。

I think given that these projects take a little longer than one would like on the greenfield nature of them, that that is what has us. We're more interested in those kind of projects than putting our precious capital right at this moment, given what we know right today, into greenfield projects.

我認為，考慮到這些項目在綠地性質上所花的時間比人們所希望的要長一些，這就是我們所面臨的情況。就我們目前所了解的情況而言，我們對這類項目更感興趣，而不是將我們寶貴的資本投入綠地項目。

Now having said that, we've looked at them, and perhaps there still needs to be a little bit more market therapy before some of those make sense. But we're in a nice position in that we get to look at a lot of projects, and we have a team that's smart and looking at them. And so we continue to look at whether or not there are some projects that would be finished that we could add in. But we haven't really found those that make sense yet.

話雖如此，我們已經研究過它們，也許還需要更多的市場療法才能讓其中一些變得有意義。但我們處於一個很好的位置，因為我們可以研究很多項目，而且我們有一個聰明的團隊在研究這些項目。因此，我們將繼續研究是否有一些可以完成並可以添加的項目。但我們還沒有真正找到有意義的東西。

That's helpful. And I wanted to ask -- so for the first quarter, obviously volumes were a bit lower than we expected, and you guys had talked about that. But I'm curious for the full year 2025, the $246 million target, is that still achievable? How are you thinking about that?

這很有幫助。我想問一下——第一季的銷量顯然比我們預期的要低一些，你們已經討論過這個問題了。但我很好奇，到 2025 年全年，2.46 億美元的目標還能達成嗎？您對此有何看法？

Betty, the way I look at that is we'll be close to that. Financially, even if we're a bit shy of the $246 million, we'll close on that number. We may not get there, but we'll be in the range. But financially, we'll be -- I think we'll end up probably being even better than hitting the $246 million because we're liking the way that's shaping up. So the next part of the year, we'll close. Whether or not we get exactly there, hard to tell at this moment, but we'll get within very close range of it.

貝蒂，我的看法是，我們已經接近這個目標了。從財務角度來說，即使距離 2.46 億美元還有點差距，我們也會接近這個數字。我們也許無法到達那裡，但我們會在這個範圍內。但從財務上來說，我認為我們最終可能會比達到 2.46 億美元還要好，因為我們喜歡現在的發展方式。因此，今年下半年我們將結束這項工作。目前還很難說我們是否能夠準確地到達那裡，但我們會接近它。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

I know you said you started repurchasing stock again. And I'm just wondering as you think about capital allocation, how you're determining funds to go towards the buyback. Is it more organic cash flow? Is it using cash from the balance sheet? And how comfortable are you with -- or I should say, where are you comfortable taking the cash balance to support the buyback?

我知道你說過你又開始回購股票了。我只是想知道，當您考慮資本配置時，您如何確定用於回購的資金。這是更有機的現金流嗎？它是否使用資產負債表中的現金？您對使用現金餘額來支持回購感到滿意嗎？或者我應該說，您願意使用多少現金餘額來支持回購？

Yes. I'll let Bob kind of get into maybe the detail. He has some thoughts on this. Look, we believe our stock is really undervalued. And we wanted to put some capital to use to support the stock and believe it's a good buy. And so that's why we've done it and probably will continue to do it at these levels. But we're being prudent about it. Bob, do you want to give a little more color on it?

是的。我會讓鮑伯來詳細講解一下。對此他有一些想法。看，我們相信我們的股票確實被低估了。我們希望投入一些資金來支持該股票，並相信這是一個不錯的買入機會。這就是我們這樣做的原因，並且可能將繼續在這樣的層面上這樣做。但我們對此持謹慎態度。鮑勃，你想對此進行更詳細的說明嗎？

Yes. I mean, Jason, we're basically just kind of -- we reinstated a program that we already had in place. So it's not just an unlimited and real subjective of how far do you go. We had about $26 million available from a prior approval that we got from the Board and everyone, and we just put that back in place. And so we'll see how far we go within that perimeter, if you will.

是的。我的意思是，傑森，我們基本上只是——我們恢復了一個我們已經實施的計劃。因此，你能走多遠不只是一個不受限制的、真實的主觀問題。我們從董事會和所有人那裡獲得了事先批准，現有約 2600 萬美元可用，我們剛剛將其重新投入使用。因此，如果你願意的話，我們將看看我們能在該範圍內走多遠。

So there is a little bit of maybe a cap that you would say before we would have to get some other approvals. So it's a bit programmatically done, okay, in terms of how we get in, when we get in and how that's done. You have blackout periods, all that stuff you got to kind of orchestrate around.

因此，在我們獲得其他批准之前，可能會有一點限制。因此，就我們如何進入、何時進入以及如何進入而言，這在某種程度上是程序化的。你會經歷一段停電期，你需要安排好所有這些事情。

Got it. And my other question is, I think you mentioned you're in D.C. kind of supporting another bill that supports RNG. Can you just remind us what that bill exactly entails?

知道了。我的另一個問題是，我想您提到您在華盛頓特區支持另一項支持 RNG 的法案。您能否提醒我們一下法案的具體內容？

Yes. That bill is called the RNG Incentive Act, was introduced in both houses of the Senate. It was the one that we started a couple of years ago. Every time you have a new Congress, you have to reintroduce a bill from the previous Congress. So that's the Incentive Act. It was introduced by Brian Fitzpatrick and Sanchez and Thom Tillis in the Senate and Senator Mark Warner. That's $1 a gallon at the nozzle tip, RNG.

是的。該法案名為《RNG激勵法案》，已在參眾兩院提出。這是我們幾年前開始做的。每次召開新國會，都必須重新提出上一屆國會的一項法案。這就是激勵法案。該法案由參議院的布萊恩·菲茨帕特里克、桑切斯和湯姆·蒂利斯以及參議員馬克·沃納提出。噴嘴尖端的價格為每加侖 1 美元，RNG。

Got it.

知道了。

I sort of see it as a modern-day reup of the AFTC. And look, let's be honest. They're looking to take stuff out right now, and they're adding a lot of stuff in. There will be incentives put in this bill. But this is a pretty wild time up here.

我把它看作是 AFTC 的現代版重建。瞧，讓我們誠實一點吧。他們現在正在考慮把一些東西拿出來，然後又添加很多東西進去。該法案將提出激勵措施。但這裡現在是相當瘋狂的時期。

And so it's -- nothing easy about this. But I like the fact that we have a bipartisan bill. I think it can be cost effective. And one of the strengths of it is it really is an economic -- it's economic development. It helps in rural Americas.

所以，這並不容易。但我很高興我們有一份兩黨共同支持的法案。我認為這是具有成本效益的。它的優點之一是它確實是一種經濟——一種經濟發展。它對美國農村地區有所幫助。

It helps the farmer because it's RNG. So it's -- we're seeing some interest. Let's put it -- let's leave it there.

它對農民有幫助，因為它是 RNG。所以——我們看到了一些興趣。我們就把它放在那裡吧。

It appears we have no further questions at this time. I would now like to turn the program back over to Andrew Littlefair for any additional or closing remarks.

目前看來我們沒有其他問題。現在，我想將節目交還給安德魯·利特爾費爾 (Andrew Littlefair)，請他發表任何補充意見或結束語。

Good. Well, thank you, operator, and thank you, everyone, for joining the call today. We look forward to filling you in next quarter on how we're doing. Thank you. Good day.

好的。好的，謝謝接線生，也謝謝大家今天參加電話會議。我們期待在下個季度向您通報我們的進展。謝謝。再會。

Thank you, ladies and gentlemen. This does conclude today's event. You may now disconnect.

謝謝各位，女士們、先生們。今天的活動就到此結束了。您現在可以斷開連線。