Darling Ingredients Inc. (DAR) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Darling Ingredients Inc. conference call to discuss the first quarter 2026 financial results. (Operator Instructions) Today's call is being recorded.

早安，歡迎參加 Darling Ingredients Inc. 的電話會議，討論 2026 年第一季財務業績。(接線員指示) 今天的電話會議將被錄音。

I would now like to turn the call over to Ms. Suann Guthrie, Senior Vice President of Investor Relations. Please go.

現在我想把電話交給投資人關係資深副總裁 Suann Guthrie 女士。請開始。

Thank you for joining the Darling Ingredients first quarter 2026 earnings call. Here with me today are Mr. Randall C. Stuewe, Chairman and Chief Executive Officer; and Mr. Bob Day, Chief Financial Officer.

感謝各位參加 Darling Ingredients 2026 年第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Randall C. Stuewe 先生，以及財務長 Bob Day 先生。

Our first quarter 2026 earnings news release and slide presentation are available on the Investor page of our corporate website and will be joined by a transcript of this call once it is available. During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

我們 2026 年第一季盈餘新聞稿與簡報投影片已公布於公司網站的投資人頁面；待逐字稿完成後，也將一併提供本次電話會議的逐字稿。在本次電話會議中，我們將提出前瞻性陳述，也就是對未來事件的預測、推估或其他說法。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, 10-Q and other reported filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

這些陳述係基於目前的預期與假設，並受風險與不確定性影響。實際結果可能因今日新聞稿所討論的因素、在本次電話會議中的評論，以及我們向美國證券交易委員會提交之 Form 10-K、10-Q 與其他申報文件中的「風險因素」章節所述因素，而出現重大差異。我們不承擔更新任何前瞻性陳述的義務。

Now I will hand the call over to Randy.

現在我把電話交給 Randy。

Thanks, Suann. Good morning, everyone, and thanks for joining us. Over the last few years, public policy uncertainty and deflationary and volatile commodity markets created a challenging operating environment. During that time, Darling Ingredients remained laser-focused on controlling what we could control. We prioritized operational excellence and maintained strict, disciplined capital allocation with a goal to achieve a meaningful debt reduction.

謝謝你，Suann。各位早安，感謝加入我們。過去幾年，公共政策的不確定性，以及通縮且波動的商品市場，造成具挑戰性的營運環境。在那段期間，Darling Ingredients 始終高度專注於掌控我們能掌控的事項。我們優先推動營運卓越，並維持嚴格且紀律的資本配置，目標是實現具意義的負債降低。

Headwinds have now shifted, and the results we share today confirm a much more favorable operating environment. We are moving forward with significantly improved earnings power, stronger cash flow potential and a more robust foundation for long-term value creation. For the first quarter of 2026, we saw the operating environment allow for expected EBITDA growth and sequential gross margin improvement. Darling's core ingredients business really delivered this quarter, with improved global operations, margin expansion and focused commercial execution. Combined adjusted EBITDA for first quarter was $406.8 million, including $255.6 million from our global ingredients business and $151.2 million from Diamond Green Diesel.

如今逆風已轉變，而我們今天分享的結果也證實營運環境更為有利。我們正以顯著提升的獲利能力、更強的現金流潛力，以及更穩健的長期價值創造基礎持續前進。在 2026 年第一季，我們看到營運環境支持預期的 EBITDA 成長，以及毛利率的季比改善。Darling 的核心原料業務本季表現出色，全球營運改善、利潤擴張，並聚焦商業執行。第一季合併調整後 EBITDA 為 4.068 億美元，其中 2.556 億美元來自全球原料業務，1.512 億美元來自 Diamond Green Diesel。

Our Feed Ingredients segment had a fantastic quarter. We saw steady volumes with a strong global poultry volumes offsetting stagnant North American cattle herd. Operational excellence remained a key focus this quarter, driving improvements in throughput, cost reduction and product quality, that translated into stronger gross margins. At the same time, our commercial agility allowed us to pivot sales to higher-priced markets. While fat prices were softer earlier in the quarter, our disciplined risk management approach combined with spot sales helped us mitigate the typical lag impacts we would see in that environment.

我們的飼料原料事業部本季表現非常亮眼。我們看到銷量維持穩定，全球家禽量強勁，抵銷北美牛群停滯的影響。本季我們仍以營運卓越為關鍵重點，推動產能吞吐提升、成本降低與產品品質改善，進而帶動更強的毛利率。同時，我們的商業敏捷性讓我們能將銷售轉向價格較高的市場。雖然本季初期油脂價格較疲弱，但我們紀律性的風險管理方法結合現貨銷售，協助我們減輕在該環境下通常會出現的落後影響。

The renewable volume obligation announced at the end of March has been extremely constructive for Darling and DGD. We are already seeing a favorable movement on fat prices as renewable diesel demand grows. DGD overcame a shutdown at Port Arthur that briefly interrupted our supply chain. As those dynamics continue to play out, we anticipate this to be a nice tailwind for our Feed segment for the remainder of 2026. Turning to our Food segment.

3 月底公布的可再生燃料用量義務（RVO）對 Darling 與 DGD 極具建設性。隨著可再生柴油需求成長，我們已看到油脂價格出現有利走勢。DGD 克服了 Port Arthur 的一次停機，該事件曾短暫中斷我們的供應鏈。隨著這些動態持續發酵，我們預期在 2026 年剩餘期間，這將成為飼料事業部的一股良好順風。接著談我們的食品事業部。

We are seeing nice growth in collagen, particularly in Europe and Asia. Sales in both collagen and gelatin improved year-over-year, reflecting not only increased customer demand, but new applications for collagen in food, nutrition and health products. Our Nextida glucose control product is currently pending a patent in both in the USor production processes and the use of Nextida as a dietary supplement ingredient, offering a nonpharmaceutical option targeting lower blood glucose. With an interest in food as medicine and increased demand for protein, collagen continues to be positioned well for growth.

我們看到膠原蛋白呈現良好成長，尤其在歐洲與亞洲。膠原蛋白與明膠的銷售皆較去年同期改善，反映的不僅是客戶需求增加，也包括膠原蛋白在食品、營養與健康產品中的新應用。我們的 Nextida 血糖控制產品目前正在美國申請專利，涵蓋其生產製程以及將 Nextida 作為膳食補充品成分的用途，提供一種非藥物選項以協助降低血糖。隨著「以食為藥」的興趣提升以及蛋白質需求增加，膠原蛋白仍具備良好的成長定位。

Now as you can see in our results, our Fuel segment is at an inflection point as renewables margins turned a corner with finalization of the renewable volume obligation. With a very constructive RVO and now a clear path forward, we expect DGD's results to continue to strengthen throughout the year. Diamond Green Diesel delivered a strong quarter with $151.2 million of EBITDA or around $1.11 EBITDA per gallon. Our non-DGD Green Energy businesses continue to deliver stable earnings and will have the opportunity for a slight tailwind due to increased energy prices in Europe. Now with that, I'd like to hand the call over to Bob to take us through some financials.

如各位從我們的結果所見，隨著可再生燃料用量義務最終定案、再生能源利差出現轉折，我們的燃料事業部正處於拐點。在非常具建設性的 RVO 以及清晰的前進路徑下，我們預期 DGD 的業績將在全年持續走強。Diamond Green Diesel 本季表現強勁，EBITDA 為 1.512 億美元，約為每加侖 1.11 美元 EBITDA。我們非 DGD 的綠色能源業務持續貢獻穩定獲利，並有機會因歐洲能源價格上升而獲得些許順風。接下來，我想把電話交給 Bob，帶大家看一些財務數字。

Then I'll come back and discuss my thoughts on the second quarter. Bob?

之後我會再回來分享我對第二季的看法。Bob？

Thank you, Randy. Good morning, everyone. As Randy said, first quarter was very strong across all measures, and the Darling platform is poised to move forward with significantly improved earnings power. For the quarter, combined adjusted EBITDA was $407 million, versus $196 million in first quarter 2025 and $336 million last quarter. Core ingredients, non-DGD, improved both year-over-year and sequentially.

謝謝你，Randy。各位早安。如 Randy 所說，第一季在各項指標上都非常強勁，Darling 平台已蓄勢待發，將以顯著提升的獲利能力持續向前。本季合併調整後 EBITDA 為 4.07 億美元，相較 2025 年第一季的 1.96 億美元，以及上一季的 3.36 億美元。核心原料（不含 DGD）不論年比或季比皆有所改善。

For first quarter 2026, core ingredients EBITDA was $256 million, versus $190 million in first quarter 2025 and $278 million last quarter.

2026 年第一季，核心原料 EBITDA 為 2.56 億美元，相較 2025 年第一季的 1.90 億美元，以及上一季的 2.78 億美元。

Total net sales were $1.6 billion, versus $1.4 billion. Raw material volume was 3.8 million metric tons, essentially unchanged. Meanwhile, gross margins for the quarter improved to 26.1%, compared to 22.6% in the first quarter last year and from 25.1% last quarter. Looking at the Feed segment for the quarter, EBITDA improved to $169 million from $111 million a year ago, while total sales were $985 million versus $896 million, and raw material volume was flat at approximately 3.1 million metric tons. Gross margins relative to sales improved nicely to 25.3% in the first quarter, versus 20.3% in the first quarter from last year and 24.6% in the fourth quarter of 2025.

總淨銷售額為 16 億美元，相較 14 億美元。原料處理量為 380 萬公噸，基本持平。同時，本季毛利率提升至 26.1%，相較去年第一季的 22.6%，以及上一季的 25.1%。就本季飼料事業部而言，EBITDA 提升至 1.69 億美元，高於一年前的 1.11 億美元；總銷售額為 9.85 億美元，相較 8.96 億美元；原料處理量約 310 萬公噸，持平。相對於銷售額的毛利率在第一季也明顯改善至 25.3%，相較去年第一季的 20.3%，以及 2025 年第四季的 24.6%。

In the Food segment, total sales for the quarter were $405 million, compared to $349 million in the first quarter of 2025. Gross margins for the Food segment were 28.9% of sales, compared to 29.3% a year ago. And raw material volumes were flat at around 330,000 metric tons compared to the same time last year. EBITDA for first quarter 2026 was $81 million, versus $71 million in the first quarter of 2025. In the Fuel segment, starting with Diamond Green Diesel, Darling's share of DGD EBITDA for the quarter was $151 million, which includes a favorable LCM inventory valuation adjustment of $97 million at the DGD entity level and sales of around 272 million gallons, an average EBITDA margin of $1.11 per gallon.

在食品事業部，本季總銷售額為 4.05 億美元，相較 2025 年第一季的 3.49 億美元。食品事業部毛利率為銷售額的 28.9%，相較一年前的 29.3%。原料處理量約 33 萬公噸，與去年同期持平。2026 年第一季 EBITDA 為 8,100 萬美元，相較 2025 年第一季的 7,100 萬美元。在燃料事業部方面，先從 Diamond Green Diesel 開始，Darling 本季應占 DGD EBITDA 為 1.51 億美元，其中包含在 DGD 主體層級 9,700 萬美元的有利 LCM 存貨評價調整，以及約 2.72 億加侖的銷售量，平均 EBITDA 利差為每加侖 1.11 美元。

Darling contributed approximately $190 million to DGD during the quarter, mainly to provide short-term working capital, most or all of which is expected to be returned in subsequent quarters. In addition, during the quarter, Darling monetized $45 million in production tax credit sales, the proceeds of which will be paid in the coming quarters.

Darling 在本季度向 DGD 注入約 1.90 億美元，主要用於提供短期營運資金，其中大部分或全部預計將於後續季度返還。此外，本季度 Darling 將 4,500 萬美元的生產稅收抵免（PTC）銷售變現，其所得款項將於未來幾個季度收取。

Other Fuel segment sales not including DGD were $160 million for the quarter versus $135 million in 2025, on strong energy and biogas prices in Europe and relatively flat volumes of around 370,000 metric tons. Combined adjusted EBITDA for the full Fuel segment including DGD was roughly $180 million for the quarter, versus $24 million in the first quarter of 2025. As of quarter-end, total debt net of cash was approximately $4 billion, versus $3.8 billion ending fourth quarter 2025.

不含 DGD 的其他燃料事業部本季度銷售額為 1.60 億美元，對比 2025 年的 1.35 億美元，主要受惠於歐洲強勁的能源與沼氣價格，以及約 37 萬公噸左右、相對持平的銷量。包含 DGD 在內的整體燃料事業部本季度合併調整後 EBITDA 約為 1.80 億美元，對比 2025 年第一季的 2,400 萬美元。截至季末，扣除現金後的總負債約為 40 億美元，對比 2025 年第四季末的 38 億美元。

The increase in debt results from contributions to DGD mentioned earlier and timing of production tax credit payments, some of which will come in the second quarter. Capital expenditures totaled $95 million in the quarter. Our bank covenant preliminary leverage ratio was 3.17 times as of quarter-end, versus 2.9x at year-end 2025. In addition, we ended the quarter with approximately $1.1 billion available on our revolving credit facility. We recorded an income tax expense of $38.6 million for the quarter, yielding an effective tax rate of 22%.

負債增加主要源於前述對 DGD 的出資，以及生產稅收抵免款項支付時點的影響，其中部分將於第二季入帳。本季度資本支出合計 9,500 萬美元。截至季末，我們的銀行契約初步槓桿比率為 3.17 倍，對比 2025 年底的 2.9 倍。此外，我們於季末在循環信用額度項下仍有約 11 億美元可用額度。本季度我們認列所得稅費用 3,860 萬美元，對應有效稅率為 22%。

That rate excluding the impact of the production tax credit and discrete items was 32%, and we paid $20.5 million in income taxes in the first quarter. For 2026, we expect the effective tax rate to be around 25% and cash taxes of approximately $60 million for the remainder of the year. Overall, net income was approximately $134 million for the quarter or $0.83 per diluted share, compared to a net loss of $26 million or negative $0.16 per diluted share for the first quarter of 2025. Last quarter, we mentioned that we have some assets held for sale that are not considered strategic for our business. Those asset sales continue to move forward but have not yet closed.

若排除生產稅收抵免及一次性項目的影響，該稅率為 32%，且我們在第一季支付了 2,050 萬美元的所得稅。對於 2026 年，我們預期有效稅率約為 25%，且今年剩餘期間的現金稅約為 6,000 萬美元。整體而言，本季度淨利約為 1.34 億美元，或每股稀釋盈餘 0.83 美元；相較之下，2025 年第一季淨損為 2,600 萬美元，或每股稀釋虧損 0.16 美元。上季我們提到，我們有部分持作出售的資產，並不被視為本業的策略性資產。這些資產出售案持續推進，但尚未完成交割。

Of those, we have signed an agreement to sell the majority of our grease trap environmental service assets. The sale is pending some permitting transfers, which we expect to be completed in the next few months. We'll have more to say about the trap and other businesses for sale at a later date.

其中，我們已簽署協議，出售我們大部分的油脂截留器（grease trap）環境服務資產。該交易仍待部分許可證移轉，預計將於未來幾個月內完成。關於截留器業務及其他待售業務，我們將於日後再提供更多說明。

With that, I will turn the call back over to Randy.

接下來，我把電話交回給 Randy。

have maintained through a challenging cycle. By controlling what we can control, driving operational excellence, prioritizing capital and focusing on balance sheet strength, we position Darling Ingredients to emerge stronger. With improved but volatile market conditions and a much improved regulatory framework, we believe the company is entering its next phase with momentum that we expect to build as the year progresses. We believe that as the year progresses, we'll drive improved earnings, stronger cash flow, additional debt reduction and long-term value creation for our shareholders.

在充滿挑戰的景氣循環中持續維持。透過掌控我們可掌控的事項、推動卓越營運、優先配置資本並聚焦資產負債表強度，我們讓 Darling Ingredients 有望以更強姿態走出低谷。在市場環境改善但仍具波動、且監管框架大幅改善的情況下，我們相信公司正帶著動能進入下一階段，且預期將隨著年度推進而持續增強。我們相信，隨著年度推進，我們將帶動獲利改善、更強勁的現金流、進一步降低負債，並為股東創造長期價值。

Ultimately, our improved performance will once again provide the company with many opportunities. This confidence is reflected in our core ingredients EBITDA guidance for Q2, which we are now setting at $260 million to $275 million for the quarter.

最終，我們改善的表現將再次為公司帶來許多機會。這份信心反映在我們對第二季核心原料（core ingredients）EBITDA 的指引上，我們目前將本季度指引設定為 2.60 億至 2.75 億美元。

With that, we'll go ahead and open it up to Q&A.

接下來，我們將開放問答。

(Operator Instructions)

（接線員指示）

Heather Jones, Heather Jones Research, LLC.

Heather Jones，Heather Jones Research, LLC。

Good morning. Thank you for the question. I was just wondering on, first of all, on Diamond Green. Should we expect the hedging and LIFO losses, do you expect that to reverse in Q2? Or will that take longer throughout the year?

早安。謝謝讓我提問。我想先請教 Diamond Green 的部分。關於避險與 LIFO 損失，您預期第二季會回轉嗎？還是會需要更長時間、在全年逐步回轉？

Hey, Heather, this is Bob. So we did realize a lower of cost or market benefit in the first quarter. And I think just to make sure everyone is aware, in order to have the opportunity to realize the benefit in lower of cost or market, you have to have previously taken a loss from that. This quarter, that $97 million at the DGD entity level, that exhausts all available lower of cost or market. So going forward, as long as the business is profitable, we do not anticipate any lower of cost or market benefits.

嗨，Heather，我是 Bob。我們在第一季確實認列了「成本與市價孰低」（LCM）的利益。我想先確保大家了解：要有機會認列「成本與市價孰低」的利益，前提是先前必須曾因該項目認列過損失。本季在 DGD 個體層級的 9,700 萬美元，已用盡所有可用的「成本與市價孰低」額度。因此往後，只要業務維持獲利，我們不預期還會有任何「成本與市價孰低」的利益。

And so then to your question of LIFO, the LIFO will be based on an average cost paid for feedstock during the period. And as the average price increases, if it increases, then we would realize a LIFO loss that is embedded inside of the results. If feedstock prices on average decrease, then there would be a LIFO gain. So really the answer to your question depends on your view of feedstock prices as the average cost of feedstocks paid in the period in question relative to the period prior. And hedges...

至於你問到的 LIFO，LIFO 會以該期間支付的原料平均成本為基礎。若平均價格上升（如果上升的話），我們就會認列一筆包含在業績結果中的 LIFO 損失。若原料平均價格下降，則會有 LIFO 利得。所以，這題的答案主要取決於你對原料價格的看法：也就是該期間支付的原料平均成本，相對於前一期間是上升還是下降。至於避險……

And what about on the hedging side? Yes.

那避險方面呢？是的。

Yeah. So hedges, I guess what I can say about that is, at DGD, we do hedge. We're very disciplined about hedging. There is some flexibility in terms of which instruments we use to hedge our risk, and we don't disclose that for competitive reasons.

是。避險方面，我能說的是，在 DGD 我們確實有做避險。我們在避險上非常自律。在使用哪些工具來對沖風險方面，我們有一定彈性，但基於競爭因素，我們不會揭露細節。

I think what you can point to this quarter is that clearly we had a significant increase during the period in heating oil futures, in crude oil futures, in soybean oil, whatever sort of instrument you're looking at. And we managed to absorb the cost of whatever hedges we had and still put out a very positive result. And I think it just speaks to the risk management capabilities of the business.

我想本季可以指出的是，很明顯在此期間取暖油期貨、原油期貨、黃豆油等（不論你看哪一種工具）都出現顯著上漲。我們仍能吸收所持避險部位的成本，並交出非常正面的結果。我認為這也凸顯了該業務的風險管理能力。

Okay. And then my follow-up is just given the volatility we're seeing in the energy markets and the feedstock markets, this question seems pretty particularly relevant. So I was wondering if you could update us on how we should be thinking about the lags in your model, both core DAR and Diamond Green. I remember at one point, it was more like 30 to 60 days and then I think it increased to 60 to 90. But if you could just update us on how we should be thinking about that.

好的。接著追問：鑑於我們在能源市場與原料市場看到的波動性，這個問題似乎特別相關。我想請你們更新一下，我們應該如何看待你們模型中的時間落差（lags），包括核心 DAR 與 Diamond Green。我記得之前大概是 30 到 60 天，後來好像拉長到 60 到 90 天。如果可以的話，請更新我們應該如何看待這件事。

Heather, this is Randy. So clearly, you've kind of framed it pretty well. I mean what we saw in Q1, remember, as we came out of Q4, if you remember, we had forward sales into DGD getting ready to run full that were put on in October as we anticipated the RVO. And then we saw prices soften as the RVO kept getting kind of delayed and delayed. And so ultimately, as we came into Q1, cash prices, FOB, most of the North American factories were actually flat or lower than Q4.

Heather，我是 Randy。你確實把重點框得很到位。我們在第一季看到的情況是：回想一下，從第四季出來時，如果你還記得，我們在預期 RVO 的情況下，於 10 月建立了對 DGD 的遠期銷售，為滿載運轉做準備。但隨著 RVO 一再延後、延後，我們看到價格走弱。因此最終進入第一季時，北美多數工廠的現金 FOB 價格實際上與第四季持平或更低。

Those have now accelerated. They started to accelerate in, really, here in March for us. That will start to flow through very nicely in Q2. When we look at our global rendering business, what we've seen is the tariffs have impacted Brazil pretty sharply. We've had to adjust all of our formulaic or our pricing models down there, what we procure raw material from.

那些現在已經加速了。對我們而言，真正開始加速是在這裡的三月。這將在第二季非常順利地反映出來。當我們看我們的全球油脂渲染（rendering）業務時，我們看到關稅對巴西的影響相當明顯。我們不得不調整我們在當地的所有公式化／定價模型，也就是我們採購原料的定價方式。

That takes 30 to 60 days. So I think we've righted that now. So overall, the ingredients business will have a stronger Q2. How much of the acceleration in prices flow through, that would be reflected in kind of our conservative approach to guidance there. Remember, as I was telling the team here, this is the first call we've done where we haven't ever seen period 1 of the next quarter.

那需要30到60天。所以我認為我們現在已經把它修正到位了。因此整體而言，原料（ingredients）業務在第二季會更強。至於價格加速有多少會傳導反映出來，這會體現在我們對該部分指引較為保守的作法上。請記得，正如我先前跟團隊說的，這是我們第一次在電話會議時，還從未看過下一季的第一期（period 1）數據。

And we won't see those numbers here for another week or 2, 1.5 weeks. And ultimately, so really, we're looking at basically a March run rate and extrapolating that with some improvement. And so you'll see that. Conversely, as DGD has done a very nice job of getting out in front of this, I mean we've had a strong bias that feedstock prices would accelerate once the industry wakes up, and so that should flow through in much better margins in DGD as we go through Q2 and through the balance of the year.

而我們還要再過1到2週、約1.5週才會看到那些數字。最終來說，我們基本上是以三月的運行率（run rate）為基礎，並在此之上外推一些改善。所以你會看到那樣的結果。相對地，DGD 已經非常出色地提前布局；我們一直強烈認為，一旦產業回神，原料（feedstock）價格就會加速上漲，因此隨著我們進入第二季並延續到今年剩餘時間，這應該會在 DGD 端帶來更好的利潤率。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通（JPMorgan）。

Maybe start out with an industry question, especially when we, I think, think about the biofuel side, there's probably a good amount of idle capacity. I wonder what you think the USiofuels industry is capable of producing currently and then once kind of it fully ramps, and whether that's going to be enough to kind of fulfill mandates or if we do need to kind of shift to imports even with the maybe less favorable tax treatment.

也許先從產業問題開始，特別是我們在思考生質燃料這一端時，可能有相當多的閒置產能。我想請教你認為美國生質燃料產業目前具備多少產能可以生產，以及在完全爬坡（ramp）之後會到什麼程度；

Tom, this is Bob. I mean, look, the first thing I'd say is we do believe that quite a bit of biofuel capacity is back online. Margins are attractive enough to bring a lot of that back. There's still an opportunity to bring some more. Ultimately, to answer your question about what we're capable of, it's going to depend a lot on run rates as well as just kind of bringing idle capacity back on the market.

Tom，我是 Bob。我的意思是，首先我要說的是，我們確實相信相當多的生質燃料產能已經重新上線。利潤率夠有吸引力，足以讓其中很多產能回來。仍然還有機會再帶回一些產能。最終要回答你關於我們能做到多少的問題，將很大程度取決於運行率（run rates），以及把閒置產能重新帶回市場的情況。

And I think as everyone knows, keeping a renewable diesel unit up and running is it's got its own challenges to it and circumstances. So it's going to depend a lot on that. Bottom line is we think that the industry is capable of meeting the mandate of the or the demand of the RVO. It probably is a combination of some of the things you talked about. It will include some imports of fuel, probably fewer exports as the US

而且我想大家都知道，要讓可再生柴油（renewable diesel）裝置維持運轉，本身就有其挑戰與條件限制。所以這會很大程度取決於那些因素。結論是，我們認為產業有能力滿足 RVO 的法規要求或需求。這可能是你提到的幾個因素的組合。其中會包含一些燃料進口，可能也會有較少的出口，因為美國市場的利潤需要激勵美國生產留在美國。

market margins need to just incentivize USroduction to stay in the United States. When you put all those things together and adding capacity and running hard as an industry, and you look at what we did in 2024, it's reasonable to expect that we can meet the demands of the RVO.

把這些因素加總起來，再加上擴增產能並以高負荷運轉，並回頭看我們在2024年的表現，就合理可以預期我們能夠滿足 RVO 的需求。

And a follow-up on second quarter expectations. When we think about 2Q, what are kind of the key drivers of the increase in terms of EBITDA in the base business? Is it mainly just higher market prices in terms of fat? And does that range contemplate where prices are today or that there are any changes relative to that run rate?

再追問一個關於第二季展望的問題。當我們思考第二季時，基礎業務（base business）EBITDA 增加的關鍵驅動因素是什麼？主要是脂肪（fat）市場價格更高嗎？而你們給的區間是否已經反映目前的價格水準，或相對於該運行率（run rate）還假設會有任何變化？

Yes. There's always a bit of seasonality in the business here. I've always said when the ball park's open, at least in North America, that's, you'll see a few more in barbecue season. So really, at the end of the day, raw material volumes globally are strong and very strong in South America. Poultry volumes in the US

是的。這個業務一直都有一些季節性。我一直說，至少在北美，當棒球場開季時，你會在烤肉季看到多一些需求。所以歸根結底，全球原料量（raw material volumes）很強，南美更是非常強。美國的家禽量（poultry volumes）也極為強勁。

are exceedingly strong, while the downside of that is the cattle herd is really stagnant and at a 75-year low. What's relevant about that, Tom, is that, remember, there's, it's just like the red meat, white meat discussion here. Red meat has more fat. And so we can process more poultry and still not make as much fat as we were when we were making, running all the beef. So a little less fat into the discussion.

但其負面因素是牛群規模（cattle herd）確實停滯不前，且處於75年來低點。Tom，這裡相關之處在於，請記得，這就像紅肉、白肉的討論。紅肉含有更多脂肪。因此我們即使處理更多家禽，產出的脂肪量仍可能不如過去處理大量牛肉時那麼多。所以在討論中脂肪供給會少一些。

As far as the modeling of guidance here, like I said, that's really March extrapolated with some improvement that's out there. Clearly, towards the, fat prices are exceedingly much higher than they were in Q1 cash prices right now, and we're out there selling it. So you'll see that flow through. How much goes into Q2 versus Q3, we will see, but we're clearly picking up some speed there. The Rousselot business is doing quite well around the world right now.

至於這裡的指引建模，如我所說，基本上是以三月外推並加上一些可見的改善。很明顯地，目前脂肪價格遠高於第一季的現金價格，而我們也正在市場上銷售。所以你會看到這些反映出來。至於有多少會落在第二季、多少會落在第三季，我們還要再看，但我們顯然正在加速。Rousselot 業務目前在全球表現相當不錯。

Gelatin and collagen margins are good. Remember, that business, remember, 80% of that byproduct that comes out of that business is fat and protein, and so it's feeling a benefit. We're seeing the tariffs had their impacts on our, what we're going to call our specialty proteins business, and those markets are back open again with the lower tariffs. And so we're seeing a nice improvement in protein prices. But clearly, fat prices that are, I think the DGD bid right now today is close to $0.80 a pound.

明膠與膠原蛋白（gelatin and collagen）的利潤率不錯。請記得，那個業務產出的副產品中，有80%是脂肪與蛋白，因此也正在受惠。我們看到關稅對我們所謂的特殊蛋白（specialty proteins）業務造成了影響，而隨著關稅降低，這些市場又重新開放。因此我們看到蛋白價格有不錯的改善。但很明顯地，脂肪價格——我想 DGD 今天的收購出價（bid）接近每磅0.80美元。

Those are big numbers that are down there right now. And those are up anywhere from $0.20, $0.25 from where they were in October, November. So that will start flowing through very nicely here as we get towards the end of the quarter.

那是目前相當可觀的數字。而且相較於10月、11月的水準，上漲了約0.20到0.25美元。因此當我們接近本季末時，這將會非常順利地開始反映出來。

Pooran Sharma with Stephens.

Pooran Sharma，Stephens。

Congrats on posting really strong results. Maybe just on Fuel here, and DGD and really just RD. What are your thoughts on kind of diesel prices in regards to kind of what extent you think there are structural constraints, whether infrastructure, refining capacity or even just intermediate-term logistics that could keep diesel markets tighter for maybe longer than people were anticipating?

恭喜公布非常強勁的結果。想請教燃料（Fuel）這邊，包含 DGD 以及可再生柴油（RD）。你對柴油價格的看法是：你認為有哪些結構性限制——不論是基礎設施、煉油產能，或甚至是中期物流——可能使柴油市場維持偏緊的時間比大家原先預期更久？

It sounds like a question for our partner, Valero, than us. But Bob, you'll take a shot at it.

這聽起來比較像是問我們的合作夥伴 Valero，而不是我們。不過 Bob，你來試著回答一下。

Yeah. I mean, and I, look, I think we're not really qualified to answer questions about diesel capacity and constraints and things like that. But I think what we can point to is just an increased cost of the raw material inputs that everyone is using to make fuel energy products. I think what's interesting from our perspective is just how much tighter today renewable fuels are and total cost relative to conventional fuels, and sort of what this conflict has done in terms of bridging the compliance gap in the RVO. I mean, ultimately, I think we fully expected that we would see the margins that we're seeing today in the market.

好的。我的意思是，坦白說，我們並不真正具備資格去回答關於柴油產能、限制等問題。但我們可以指出的是，大家用來生產燃料能源產品的原料投入成本正在上升。從我們的角度來看，有趣的是：相較於傳統燃料，如今可再生燃料在總成本上的差距縮小了很多；以及這場衝突在縮小 RVO 合規缺口（compliance gap）方面所帶來的影響。最終而言，我想我們完全預期市場會出現我們今天所看到的利潤率。

But we thought that it would perhaps take a little bit more time until compliance dates sort of force convergence and cause that margin to occur. This conflict and the higher energy prices underlying all of this is allowing margins in renewable fuels to sort of move to what they probably should be as a result of a strong RVO, and it's just allowing it to happen more quickly. It's also I think showing the world that renewable fuel is an important component of total supply. And without it today, we'd have much higher prices of conventional fuels.

但我們原先認為，可能還需要多一點時間，直到合規日期某種程度上迫使趨同，並促使那個利差出現。這場衝突以及其背後更高的能源價格，正讓再生燃料的利潤率某種程度上回到在強勁的 RVO 之下它們本來就應該達到的水準，而且只是讓這件事更快發生。我也認為，這同時向全世界顯示，再生燃料是總供給的重要組成部分。如果今天沒有它，我們的傳統燃料價格會高得多。

Yeah. I think the other thing that Bob highlights there is, I mean, as most of you know, I mean, fossil diesel or conventional diesel in Scandinavia is $10 a gallon, and in the Netherlands, it's $12 a gallon. And RD is actually cheaper by almost 25% today. So the industry is going to run as hard as it can. And what's special about RD is it can be used in either at 100%.

是的。我想 Bob 在那裡強調的另一點是，正如各位大多都知道的，在斯堪地那維亞，化石柴油或傳統柴油是每加侖 10 美元，而在荷蘭是每加侖 12 美元。而 RD（再生柴油）今天實際上便宜了將近 25%。所以這個產業會盡其所能全力運轉。RD 的特別之處在於，它可以以 100% 的比例使用在任一端。

So you're going to see anybody that can produce RD running at full capacity right now. You're also seeing a lot of other countries in the world that have, or producers of fats and oils that can use fats and oils within their energy system, meaning the palm oil. You magically start to see palm oil disappear back into energy when the price per barrel gets to where it's at right now. Usually, it starts when it's about $80 a barrel. And clearly, there's a huge incentive right now globally to continue to move fats into energy.

因此，你會看到任何能生產 RD 的人現在都在滿載運轉。你也會看到世界上許多其他國家，或是脂肪與油脂的生產者，能把脂肪與油脂用在其能源系統中，也就是棕櫚油。當每桶價格到達現在這個水準時，你會「神奇地」開始看到棕櫚油又回流到能源用途。通常大約在每桶 80 美元時就會開始。而很明顯地，當下全球都有很大的誘因持續把脂肪導入能源用途。

And that's going to keep the world feedstock markets pretty constructive until things back off.

而在情勢降溫之前，這將使全球原料市場維持相當正向的態勢。

Appreciate the color. And maybe just shifting to the balance sheet, I wanted to understand with, I know you're not guiding to DGD, but just kind of the implied step-up in EBITDA, in just the overall business. I think that leverage should just come down naturally. And so I wanted to get a sense of how you're thinking about actively deleveraging versus allocating capital elsewhere.

感謝提供這些背景。也許把話題轉到資產負債表，我想了解一下，雖然我知道你們不對 DGD 提供指引，但就整體業務而言，EBITDA 隱含的上修幅度。我認為槓桿率應該會自然下降。所以我想了解你們如何看待主動去槓桿，與把資本配置到其他地方之間的取捨。

Yeah, this is Bob. So I think we've been pretty clear in recent quarters that we're focused on paying down debt. We've talked a lot about trying to get our debt down below $3 billion. We're still committed to that. We do have an Investor Day on May 11.

是的，我是 Bob。我想我們在最近幾季已經相當清楚地表示，我們專注於償還債務。我們也多次談到希望把債務降到 30 億美元以下。我們仍然致力於此。我們在 5 月 11 日會有一場投資人日。

And at that time, we're going to be able to talk more about what our capital plans are. But I think what I'll just summarize right now is just to say that we're focused on getting that debt number down to about $3 billion. At that point in time, that opens up a lot of potential options for Darling in terms of what we do going forward. It will depend on what our outlook is when we get there. But we're certainly very encouraged by the EBITDA run rate that we see from the first quarter and what we're expecting for the balance of the year.

到那時，我們將能更進一步談我們的資本規劃。但我現在先做個總結：我們的重點是把債務數字降到大約 30 億美元。到那個時間點，Darling 在未來的作為上會有很多潛在選項。這將取決於我們到達那裡時的展望。但我們對第一季所看到的 EBITDA 執行速率，以及我們對今年剩餘期間的預期，確實感到非常鼓舞。

And we think we'll get down to that $3 billion number relatively quickly. And at that point in time, we think the outlook is still going to be very strong.

我們認為我們會相對快速地把債務降到 30 億美元這個數字。而到那個時間點，我們認為展望仍將非常強勁。

(Operator Instructions)

（接線員指示）

Manav Gupta with UBS.

UBS 的 Manav Gupta。

I actually wanted to ask a little bit of a policy question. So you know how EPA is proposing starting 2028 you get 50% RIN on foreign feedstock. And I'm just trying to understand whether it's positive for DAR if that goes through. I mean your domestic UCO and tallow would price higher. Also I think some of the other competitor facilities which are overly dependent on foreign feedstock might be forced to quit the business.

我其實想問一個政策面的問題。你知道 EPA 正在提案，從 2028 年開始，外國原料只能拿到 50% 的 RIN。我只是想了解，如果這項提案通過，對 DAR 是否是正面影響。我的意思是，你們的國內 UCO（廢食用油）和牛脂價格會更高。而且我認為一些過度依賴外國原料的其他競爭對手設施，可能會被迫退出這個業務。

But at the same time, I think you are also importing a little bit of tallow through FASA for some of your plants. So I'm just trying to understand the puts and takes if this policy change does go through and you only get 50% RIN for foreign feedstock.

但同時，我想你們也透過 FASA 為部分工廠進口一些牛脂。所以我想了解，如果這項政策變更真的通過、外國原料只能拿到 50% 的 RIN，整體的利弊得失會是什麼。

Manav, this is Bob. I think the answer, to be able to answer that question, we'd also need to understand what the tariff structure is at that point in time. I think if we're looking at a 50% RIN and there are no tariffs, no origin tariffs on any of the feedstocks that we're importing, then it's going to depend on what is the demand for those feedstocks outside the United States and does the value of those international feedstocks adjust for that 50% RIN and the 45Z credit.

Manav，我是 Bob。我想要回答這個問題，我們也需要了解屆時的關稅結構是什麼。我認為，如果是 50% 的 RIN，且我們進口的任何原料都沒有關稅、沒有任何原產地關稅，那就要看美國以外對這些原料的需求是什麼，以及這些國際原料的價值是否會因為 50% 的 RIN 與 45Z 抵免而調整。

Ultimately, if the USs the strongest market at that point in time and international feedstocks discount themselves so they can be competitive coming into the United States, then we see all of it as a pretty big positive for Darling because it would be very supportive to our USUS

最終，如果屆時美國是最強的市場，而國際原料為了能以具競爭力的價格進入美國而自行折價，那麼我們會把這一切視為對 Darling 相當大的正面因素，因為這將非常有利於我們在美國USUS

and Canadian feedstock prices and the DAR core business. But it would also give DGD access to international feedstocks to be able to make fuels, sell those into the United States or re-export for anywhere else. So it's going to really depend on the dynamics and what's happening with fuel markets and feedstock markets outside the United States. But overall, we don't see it as a negative.

以及加拿大的原料價格與 DAR 的核心業務。但同時也會讓 DGD 能取得國際原料來製造燃料，將其銷往美國或再出口到其他任何地方。所以這真的取決於美國以外燃料市場與原料市場的動態，以及正在發生什麼。但整體而言，我們不認為這是負面。

Perfect. My second quick question, on 2Q guidance and where the Street is. When we look at the Street numbers, which I think are closer to 440, and your guidance, to get to that guidance, Street estimates versus your guidance, DAR, DGD would have to give you about 170 million. That's roughly my calculation. And given where their margins are on DGD, it seems very possible that DGD could easily give you 170 million.

完美。我第二個快速問題是，關於第二季指引以及市場（Street）的看法。當我們看市場的數字（我認為更接近 4.4 億），以及你們的指引，若要達到該指引，市場預估相對於你們的指引，DAR、DGD 需要貢獻大約 1.7 億美元。這大概是我的計算。而考量 DGD 的利潤率水準，看起來 DGD 很有可能輕易就能貢獻 1.7 億美元。

So if you could talk a little bit about your guidance versus where the Street is on 2Q, I'd be very grateful.

所以如果你們能談談你們的指引相對於市場對第二季的看法，我會非常感激。

I think, Manav, we won't guide DGD. I think we did say we expect 320 million gallons for the quarter. We are willing to say that we think that second quarter at DGD will be stronger than the first quarter. So if you kind of put all that together, I think what you're saying and backing into doesn't sound unreasonable. But there isn't a lot more we can say about that in DGD's numbers.

我想，Manav，我們不會對 DGD 提供指引。我想我們確實說過，我們預期本季為 3.2 億加侖。我們願意說的是，我們認為 DGD 的第二季會比第一季更強。所以如果你把這些都放在一起，我想你所說、以及你倒推回去的結果聽起來並不不合理。但關於 DGD 的數字，我們沒有太多能再補充的。

Yes. I mean, Manav, this is Randy. Bob said it really well, I mean, the DGD margin environment is constructive right now. It's still sorting its way out. We're running at capacity.

是的。我的意思是，Manav，我是 Randy。Bob 說得很好，也就是說，DGD 的利潤率環境目前是偏正向的。它仍在逐步釐清中。我們正以滿載產能運轉。

320 million is the gallon that we're going to put out there for Q2. And then I suspect Q2 earnings power is greater than Q1 and Q3 will even be stronger. But life is pretty good there right now, but we've just kind of opted to kind of stay away from trying to guide because it's very, very difficult because of timing, et cetera, of sales and then feedstocks.

第二季我們預計會投放 3.2 億加侖。然後我猜第二季的獲利能力會高於第一季，而第三季會更強。不過目前那邊的狀況相當不錯，只是我們大致上選擇不去嘗試提供指引，因為由於銷售的時點等因素以及原料等原因，真的非常、非常困難。

Derrick Whitfield with Texas Capital.

德州資本（Texas Capital）的 Derrick Whitfield。

Congrats on a strong quarter. For my first question, I wanted to start with Feed. Since March, we've seen a near $0.20 per pound increase in waste FOGs, as I think you highlighted earlier, Randy. While I understand your rendering contracts include purchase price considerations for downstream value, how should we think about the strength of waste FOG realizations flowing through to higher EBITDA from a price sensitivity perspective over the course of the year if prices remain elevated?

恭喜本季表現強勁。我的第一個問題想先從飼料（Feed）談起。自 3 月以來，我們看到廢棄 FOG（油脂、油類與油脂類）每磅上漲接近 0.20 美元，正如你先前提到的，Randy。雖然我理解你們的煉製（rendering）合約在採購價格上會考量下游價值，但若價格維持在高檔，從價格敏感度的角度來看，我們應該如何理解廢棄 FOG 實現價格的強勢在今年內傳導為更高 EBITDA？

Yeah. I think we've kind of, Derrick, tried to address that. I mean, clearly, obviously, I'm reverting back to I haven't seen April yet, so to see how it's truly flowing through. But what I can tell you around the world is Europe has been truly lagging from where the USun-up has happened because it's now a domestic feedstock game.

是的。我想我們已經有點、Derrick，試著回應這點了。我的意思是，很明顯、顯然，我得回到我還沒看到 4 月的數據，所以還要看它到底是如何真正傳導的。但我可以告訴你的是，全球來看，歐洲確實落後於美國的上漲，因為現在變成一個國內原料的競局。

South America got impacted very hard due to the tariffs, and also higher ocean freight. And so that's trying to, we always look back. We've always tried, why we built DGD was to own the arbitrage between animal feed and fuel. Animal feed value today is less than $0.30 a pound and fuel prices are north of $0.70 a pound FOB. So clearly, we've made the right decision there.

南美因關稅以及更高的海運運費而受到很大衝擊。所以這也在影響，我們總是回頭看。我們當初建 DGD 的目的，一直是為了掌握動物飼料與燃料之間的套利。今天動物飼料的價值低於每磅 0.30 美元，而燃料價格 FOB 則在每磅 0.70 美元以上。所以很明顯，我們做了正確的決策。

What we're going to see is as we go into May and June, you will start to see a lot of that flow through. I think we're calling a bottom now in Brazil. We've kind of figured that one out. We had to adjust our spreads. It's a spread management game.

我們將看到的是，進入 5 月與 6 月時，很多影響會開始反映出來。我想我們現在在巴西正在判定已經觸底。我們大致上把那一塊理清了。我們必須調整我們的價差。這是一個價差管理的遊戲。

In Europe, much more resilient, but it's starting to move up. I've seen South America move, in the last 3 or 4 sales up $50, $100 a ton from the start or mid, really start of April. So that will start to flow through. That's where I would categorize the guidance that we're putting out there on the core business as potentially somewhat and very conservative right now. But how we see how it flows through, it's kind of hard to call right now.

歐洲的韌性更強，但也開始上行。我看到南美在最近 3 到 4 筆銷售中，較 4 月初或 4 月中（其實是 4 月初）上漲了每噸 50 到 100 美元。所以這將開始反映出來。這也是為什麼我會把我們對核心業務所提供的指引，歸類為目前可能相當、而且非常保守。但要看它如何傳導，現在其實很難下定論。

Protein prices have improved. Rousselot, because the tariffs are down. So we're having some improvement all across the line. Our biogas businesses in Europe are very strong right now. So I mean, it's really the tailwinds are building right now.

蛋白價格已經改善。Rousselot 也是，因為關稅下降了。所以我們在各條產品線上都有一些改善。我們在歐洲的沼氣業務目前非常強勁。所以我的意思是，順風正在形成、正在增強。

We're just trying to, maybe we were a little gun shy, would be what I'd say right now, from the last couple of years. So we'll see what they flow through here.

我們只是想，或許可以說，經過過去幾年之後，我們現在有點變得比較謹慎。所以我們再看看這些會如何反映出來。

Perfect. And then maybe shifting over to DGD. Given the higher diesel and jet crack spreads we're seeing, really outside of the USut across the world, how are you viewing the international markets relative to what you can get in the USUSd if favorable, what degree of flexibility does DGD have to further increase sales into those markets?

了解。那接著可能轉到 DGD。鑑於我們看到柴油與航空燃油的裂解價差上升，這其實不只是在美國，而是全球皆然；你們如何看待國際市場相對於在美國能取得的價格？如果國際市場更有利，DGD 在多大程度上具備彈性，能進一步增加對那些市場的銷售？

Yeah. Derrick, this is Bob. DGD has always maintained a lot of flexibility and agility in terms of markets it can sell to. We have seen very attractive opportunities all around. I think DGD has been a consistent exporter.

是的。Derrick，我是 Bob。DGD 一直在可銷售的市場方面維持很高的彈性與敏捷度。我們在各地都看到非常有吸引力的機會。我認為 DGD 一直是穩定的出口商。

We expect that to continue. But I think when you look, looking forward, and the strength of the RVO in the USit really points to a USUSket that should continue to increase in margins and keep barrels inside the United States. And I think over time, we'll see the market create that. It won't be because of, it will be market-driven, and that's what we're expecting to see.

我們預期這會持續。但我認為往前看，當你看到美國 RVO 的強度時，它確實指向一個美國市場：利潤應該會持續提升，並讓油品留在美國境內。而我認為隨著時間推進，我們會看到市場自行形成那樣的結果。那不會是因為（人為）因素，而是由市場驅動，這也是我們預期會看到的。

Dushyant Ailani, Jefferies.

Jefferies 的 Dushyant Ailani。

Congrats on a strong quarter, guys. I know the focus has been on RVOs. I just want to pivot a little bit to LCFS where pricing has been weak. It's starting to trend a little higher. Want to just get your thoughts on how you're seeing the California market evolve through the course of the year maybe.

恭喜各位本季表現強勁。我知道焦點一直在 RVO。我想稍微轉到 LCFS，因為其價格一直偏弱。最近開始有點走高。想請教你們對於加州市場在今年內可能如何演變的看法。

Yeah, Dushyant, this is Bob. So LCFS, it's an interesting market. It's dynamic and hard to understand, quite frankly. But I think what we saw initially immediately after the RVO was an increased amount of production and more sales into California. So on a very short-term basis, we created some more credits there than, at least at a rate that was a little bit higher than what we had.

是的，Dushyant，我是 Bob。LCFS 是個很有意思的市場。它變化快，而且坦白說不太容易理解。但我認為我們一開始在 RVO 出來後立刻看到的是：產量增加，且更多銷售流向加州。所以在非常短期的基礎上，我們在那裡創造了更多的信用額度（credits），至少其產生速度比我們原先的水準稍微更高。

But the reality is California has only got around 3.6 billion gallons of total diesel demand. 300 million or 400 million of that is going to be satisfied with biodiesel. And there's probably a little bit of conventional diesel that's going to always stay there. So you're looking at kind of a 3 billion gallon demand market for renewable diesel. And the RVO essentially mandates more production than that.

但現實是，加州的柴油總需求大約只有 36 億加侖。其中 3 億或 4 億加侖會由生質柴油來滿足。而且可能也會一直有一部分傳統柴油留在那裡。所以你看到的其實是一個約 30 億加侖的再生柴油需求市場。而 RVO 基本上要求的產量高於這個水準。

And so if you add up all the LCFS programs in the United States, there's, the RVO is larger. And certainly, when you include imports as well, it's larger than all those LCFS programs. So we do think we're going to have a lot of supply into those states. But we can't satisfy all of the requirements from the California Air Resources Board just with renewable diesel. So what we expect is we're going to see LCFS credits continue to increase in value.

因此，如果你把美國所有 LCFS 計畫加總起來，RVO 的規模更大。而且當你把進口也納入時，它就比所有那些 LCFS 計畫加總還要大。所以我們確實認為會有大量供給流向那些州。但我們無法僅靠再生柴油就滿足加州空氣資源委員會（California Air Resources Board）的所有要求。因此我們預期會看到 LCFS 信用額度的價值持續上升。

And we'll probably see renewable diesel trading at a discount into California because it's going to be offset by LCFS premiums. So it's a complicated one though, but it's a long way of saying we think LCFS credit premiums are going to increase.

而且我們可能會看到再生柴油在銷往加州時以折價交易，因為會被 LCFS 溢價所抵銷。所以這確實很複雜，但長話短說，我們認為 LCFS 信用額度的溢價會上升。

Got it. And then my follow-up, maybe just going back to the core business. I know you guys have been, your margins have been strong in 1Q, you guys gave some thoughts there. But maybe how do we think about, obviously, pricing expectations are expected to be elevated. But how do we think about margins across the board, Feed, Food as well?

了解。那我的追問，可能回到核心業務。我知道你們第一季的利潤率很強，你們也分享了一些看法。但我們應該如何看待——顯然，價格預期會維持在高檔。但我們應該如何看待整體各業務的利潤率，包括飼料（Feed）與食品（Food）？

How does that kind of shake out? And maybe operationally, if there are any tweaks that you guys are making, if you can talk to that.

那這樣最終會如何呈現？另外在營運面，如果你們正在做任何調整或微調，也請談談。

Yeah. If you look across the ingredient portfolio and kind of a little bit right to left, in the Fuel segment, non-DGD, very much an annuity business, but it's going to get a little bit of lift from the biogas business in Europe as we move forward through the year. Rousselot, very much predictable, more closer to consumer-type business, some where we're getting some tailwind there now as global collagen demand is really picking up. And when you make, when you do the extraction, you make a raw material or a feedstock, then you can make gelatin or collagen. And as you defer, directed to the collagen pipeline, you then take it away from the gelatin.

是的。如果你放眼整個原料產品組合，並稍微從右往左看，在燃料（Fuel）部門，非 DGD 的部分非常像年金型業務，但隨著我們在今年接下來的時間推進，歐洲的沼氣業務會帶來一些提振。Rousselot 的表現非常可預測，更接近消費者型業務；目前我們也正受惠於順風，因為全球膠原蛋白需求確實正在快速回升。當你進行萃取時，你會得到一種原料或進料（feedstock），接著你可以生產明膠或膠原蛋白。而當你把原料轉向膠原蛋白的產線（pipeline）時，就等於把它從明膠那邊移走。

And so ultimately, we're seeing some improvement there because gelatin margins came under some pretty significant pressure in the last couple of years due to some capacity additions in South America and China. So ultimately, we look at that segment as pretty stable, maybe a little bit of improvement. Clearly, the Feed segment has the most commodity exposure. It's really just, as we say, a timing exercise right now and how the better proteins and fats on the 3 big rendering continents of North America, Europe and South America all start to flow through. So you'll see some additional, what I'm going to call, margin expansion there.

因此最終我們看到一些改善，因為過去幾年明膠毛利率因南美與中國新增產能而承受相當大的壓力。所以整體而言，我們認為該部門相當穩定，可能還會有些許改善。很明顯地，飼料（Feed）部門的商品曝險最高。目前真的就是我們常說的「時間差」問題：北美、歐洲與南美這三大煉製（rendering）大陸上較佳的蛋白與油脂，何時開始全面反映到結果中。因此你會看到一些我稱之為毛利率擴張的情況。

I think that that's really the thing that Bob and I feel so proud about is, is that the businesses in the rendering side are really operating at a high level of capacity and efficiency right now. Any of the challenges that we had in the prior years I think are behind us now, or I believe, I know they're behind us, and we're really starting to do well. The only downside, if we look back at years when there were commodity uplifts like this, we've got less beef in our system today than we've had in the past. And like I said, a chicken is less fat than red meat. So that, you won't get 100% of what, if you're trying to extrapolate prior years, but it's still going to be darn good.

我想 Bob 和我最引以為傲的是：目前煉製端的業務在產能與效率上都運作在很高的水準。我們前幾年遇到的任何挑戰，我認為都已經過去了——或者我相信、我知道它們已經在我們身後了——而我們真的開始做得很好。唯一的缺點是，如果回頭看過去也曾出現這種商品上行的年份，我們現在系統中的牛肉量比以前少。而且如我所說，雞的脂肪含量比紅肉少。所以如果你試圖用過去幾年的情況來外推，你不會得到 100% 同樣的效果，但仍然會非常不錯。

And it should accelerate throughout the year here.

而且今年接下來應該會加速。

Andrew Strelzik, BMO Capital.

BMO Capital 的 Andrew Strelzik。

I just wanted to follow up on the point that you were just making on kind of the internal improvements in the base business. Is there a way to kind of frame or quantify how much better your plants are running, how much more margin opportunity there is relative to the last time we saw fat prices at these levels kind of net of what you're saying on beef versus chicken?

我想追問一下你剛才提到的、關於基礎業務內部改善的部分。有沒有辦法用某種方式來框架或量化：相較於上一次脂肪價格處在這些水準時，你們工廠的運轉狀況到底改善了多少、可帶來多少額外的毛利機會——並且扣除你提到的牛肉相對雞肉占比變化的影響？

Andrew, yes, this is Bob. I think probably when you think about like the operations of our business and you point back to 2022 and 2023 and the large acquisitions that Darling made with Valley Proteins, FASA and Gelnex, the operations and sort of understanding how these assets all fit together are probably manifesting themselves most right now in the form of the high-quality proteins that we're making and the premiums we're able to capture because of the markets we're able to reach, whether it's high-end pet markets or high-end international markets. As those operations have come together and we understand the quality and demonstrate the consistency that we're able to produce, we're able to hit those markets more consistently. Same is true for the Gelnex acquisition and Rousselot. This is a very complex global supply chain.

Andrew，是的，我是 Bob。我想當你思考我們業務的營運面，並回看 2022 與 2023 年 Darling 透過 Valley Proteins、FASA 與 Gelnex 進行的大型併購時，這些資產如何整合、以及我們對其運作的理解，現在最明顯的體現，可能就是我們所生產的高品質蛋白，以及因為能觸及的市場而得以取得的溢價——不論是高端寵物市場或高端國際市場。隨著這些營運逐步整合，我們理解品質並展現我們能夠穩定產出的能力，就能更一致地切入那些市場。Gelnex 的併購與 Rousselot 也是同樣道理。這是一條非常複雜的全球供應鏈。

And our ability now really to leverage the value of these assets by consistently meeting customer needs, moving product internationally from Brazil or wherever in the world to Europe and the United States, we've really been able to identify what are the right origins and destinations, and get maximum value out of that. The value that you see, it's really incremental quarter-to-quarter. But a lot of what's sort of underpinning the strong results that we've had and what we're expecting as we go forward is improvement in our own operations and coordination. It isn't just market tailwinds.

而我們現在真正能做的是：透過持續滿足客戶需求來槓桿化這些資產的價值，將產品從巴西或世界各地運往歐洲與美國；我們確實已能辨識哪些是正確的來源地與目的地，並從中取得最大價值。你看到的價值提升，基本上是逐季累積的增量。但支撐我們已取得的強勁成果、以及我們對未來的預期，其中很大一部分來自我們自身營運與協同的改善。不只是市場順風。

Okay. That's helpful. And then I also wanted to ask on kind of the RIN outlook generally, and I appreciate that there's a lot of focus in the market on the near term right now. I would just be curious to kind of get your perspective on the RIN landscape beyond '26 now that we have the RVOs, and kind of how you're thinking about comparing what the environment could look like then versus what we're seeing today, how much of a kicker that could be versus kind of where we stand today now that we have a formal policy in place.

了解。這很有幫助。另外我也想問一下整體 RIN 的展望；我理解市場目前非常聚焦在短期。但我想請教你們對 2026 年之後 RIN 環境的看法：既然我們已經有 RVO，對於 2026 年之後的 RIN 版圖你們怎麼看？以及你們如何比較那時可能的環境與我們今天看到的情況——在已有正式政策框架之下，相較於目前水準，RIN 可能帶來多大的額外助力（kicker）？

I mean right now, what we can see out as far as through to the end of 2027, that's the RVO that's in place, a lot of the answer to your question, it's going to depend on global prices of fuel energy, conventional energy. It's going to depend on tariffs. It's going to depend on how well the industry performs in the United States and the amount of production and supply that we create for the market. All of those things are, I'd really have to know the answers to those to answer the question about where RINs are going to go. But what we do see when we look at this RVO through 2027 is that the industry needs to produce, it needs to run really hard.

我的意思是，就我們目前能看到的範圍，直到 2027 年底，現行的 RVO 就是這樣設定的；你這個問題的答案很大一部分將取決於全球燃料能源、傳統能源的價格。也會取決於關稅。還取決於美國產業的表現，以及我們為市場創造的產量與供給規模。這些因素我都必須先知道答案，才能回答 RIN 會走到哪裡。但我們從這份延伸到 2027 年的 RVO 看到的是：產業必須生產、必須全力運轉。

And even when it does, margins need to remain very strong in order to continue to incentivize all of the players to make enough product to meet that RVO. That's the picture we see. And so bottom line is RINs need to play their role in all that to be the great equalizer that creates a good renewable diesel and sustainable aviation fuel margin.

而且即便如此，利潤率仍需要維持非常強勁，才能持續激勵所有參與者生產足夠的產品以滿足該 RVO。這就是我們看到的圖像。所以歸根結底，RIN 必須在其中扮演它的角色，作為「重要的平衡器」，去創造良好的再生柴油與永續航空燃料的利潤空間。

Ben Kallo with Baird.

Baird 的 Ben Kallo。

Just a couple of questions on the Food business. Could you just talk about progress there with JV and then just like with a larger partner for the peptide side of the business? And then Randy or Bob, just on the acquisition front, you guys commented last quarter there are some smaller acquisitions. But just use of proceeds of cash, if you could give us an update there?

我有幾個關於食品（Food）業務的問題。能否談談與 JV 相關的進展，以及在胜肽（peptide）業務這一端、與更大型合作夥伴的進展？另外 Randy 或 Bob，在併購方面，你們上季提到有一些較小型的併購。但就現金的運用／資金用途（use of proceeds）而言，能否也給我們一個最新進度？

Yeah. So starting with the joint venture agreement that we've signed with Tessenderlo and we're hoping to close sometime soon, I think we've been pretty clear that we're in an antitrust review process. And that's really what we need to get through before we're able to close on that deal. Look, we haven't been, we've never been more excited about the potential of forming that joint venture than we are right now. We continue to see significant increase in demand for hydrolyzed collagen.

好的。先從我們與 Tessenderlo 簽署的合資協議談起，我們希望能在不久後完成交割；我想我們已經很清楚地說明，我們正處於反壟斷審查流程中。在能完成這筆交易交割之前，這就是我們必須先通過的關卡。坦白說，我們對成立這個合資公司的潛力，從未像現在這樣感到興奮。我們持續看到水解膠原蛋白需求顯著增加。

We continue to develop science and technology around the Nextida portfolio of products. What PB Leiner, the Tessenderlo business, would bring the overall Darling collagen business is added capacity that enables us to really efficiently utilize what they have and be very cost effective in production and continue to increase sales to really feed into this strong and growing collagen market. They also offer the opportunity to originate product and raw materials in a couple of countries where we don't have presence. And so it allows us to continue our growth without having to invest a lot of new capital and which also takes time to add that capacity. So that's still going forward.

我們持續圍繞 Nextida 產品組合開發科學與技術。PB Leiner（Tessenderlo 旗下業務）能為 Darling 整體膠原蛋白業務帶來的是新增產能，使我們能非常有效率地運用其既有資源、以極具成本效益的方式進行生產，並持續提升銷售，以真正受惠於這個強勁且成長中的膠原蛋白市場。他們也提供機會，讓我們能在幾個我們尚未布局的國家取得產品與原料來源。因此，這讓我們得以在不必投入大量新資本的情況下持續成長，而新增產能本身也需要時間。所以這項進展仍在推進中。

We're still in this process. And we hope to conclude it sometime soon. The proceeds that we used before that I think you're referring to, is we participated in an auction to buy 3 rendering assets from the Patense Group in Brazil, which was a really fantastic opportunity, through a Chapter 11 process for us to add assets that fit very well with the FASA network of assets that we previously acquired in 2022. Those are the kinds of things that we really look forward to and hope will continue to arise, essentially buying assets at a discount to full value, that fit very well with our network.

我們仍在這個流程中。我們希望能在不久後完成。你提到我們先前使用的資金收益，我想你指的是：我們參與了一場拍賣，透過第 11 章破產程序，在巴西向 Patense 集團收購 3 項煉製（rendering）資產；這對我們而言是非常棒的機會，因為這些資產與我們在 2022 年先前收購的 FASA 資產網絡非常契合。這正是我們非常期待、也希望能持續出現的機會——本質上是以低於完全價值的折價收購資產，且能與我們的網絡高度契合。

Conor Fitzpatrick with Bank of America.

美國銀行的 Conor Fitzpatrick。

Feed prices continue to run up. Forward soybean oil is in the mid-70s right now. And I guess the question is, how much more room do feed prices have to run up from here? And to answer that, I think we need to know why the ramp in biodiesel utilization appears to be lagging a bit in March. It's possible that higher pricing for physical delivery in parts of the Midwest or cash constraints on realizing 45Z credits or general hesitancy to restart facilities could explain it.

飼料價格持續上漲。目前遠期豆油在 70 美分中段。我想問題是，從現在起飼料價格還有多少上漲空間？要回答這個問題，我認為我們需要了解為何 3 月生質柴油使用量的爬升似乎有點落後。可能的原因包括：美國中西部部分地區實物交割的現貨價格較高、兌現 45Z 抵免的現金限制，或是整體上對重啟設施的猶豫。

Are you seeing any of those factors weighing on marginal biodiesel production and overall feed consumption in the market?

你們是否看到上述任何因素正在壓抑市場邊際生質柴油產量與整體飼料消耗？

Yeah. I think Bob and I can tag-team this. I mean, clearly, on the Gen 1 biodiesel business, restarting those plants coming out of winter just takes a little bit of time here. There's a seasonality of demand of that product. Trying to rebuild supply chains that have been shut down for 1.5 years take a little bit of time.

是的。我想 Bob 和我可以一起回答。很明顯，在第一代（Gen 1）生質柴油業務方面，這些工廠冬季過後要重啟，確實需要一點時間。該產品的需求具有季節性。要重建已停擺 1.5 年的供應鏈，也需要一些時間。

So I think you'll see that industry start to ramp up from where it was. Interest rates are higher too. So working capital, people forget that when you don't have that blenders' tax credit, you've got to have a working capital line to run those plants. Clearly, the integrated guys, that's an easy switch for them, and you're seeing that. But the free-stander takes just a little bit longer to get there, would be my read on it.

所以我認為你會看到這個產業從目前的水準開始逐步爬升。利率也更高。因此營運資金——很多人忘了，當沒有調和商稅額抵免（blenders' tax credit）時，你必須有營運資金授信額度才能讓這些工廠運轉。顯然，垂直整合的業者切換起來很容易，你也正在看到這點。但獨立業者要達到同樣狀態會慢一點，這是我的看法。

I don't know, what do you think, Bob?

我不知道，你怎麼看，Bob？

Yes. I think the other thing a lot of people miss on this one is for the small, independent biodiesel producer, they really don't have access to the production tax credit, practically speaking. Ultimately, they can get it. They certainly can generate the credit, they can eventually find a way to sell the credit, it would come at a pretty big discount to 100 cents on the dollar. But in the near term, they're not going to have access to that revenue.

是的。我認為很多人忽略的另一點是：對小型、獨立的生質柴油生產商而言，實務上他們很難取得生產稅額抵免。最終他們可以拿到。他們當然能產生抵免額，最終也能找到方式出售抵免額，但相對於面值 1 美元，會有相當大的折價。但在短期內，他們無法取得那筆收入。

And so margins need to really increase from where we are today in order to incentivize all of these guys to come back online. It's just going to take a little bit more time. But eventually, that capacity is going to be valuable, in our opinion, because margins are going to move to levels that cause it to be.

因此，利潤率必須從我們今天的水準顯著提高，才能激勵這些業者全部重新上線。這只會需要多一點時間。但最終，我們認為那部分產能會變得有價值，因為利潤率將上移到足以讓它有價值的水準。

Okay. Great. And I guess relatedly, since a lot of those biodiesel producers are kind of constrained on the feed optionality side, not having pretreaters, what's kind of the split between opportunity for veg oils which require less pretreating and fat oils and greases that Feed Ingredients produces? The entire complex should run up, but veg oils might have a chance to run up a bit more.

好的。很好。另外相關地，由於許多生質柴油生產商在原料選擇上有些受限、沒有預處理設備（pretreaters），那麼在需要較少預處理的植物油，與 Feed Ingredients 所生產的動物脂肪油與油脂（greases）之間，機會大概如何分配？整個原料複合體應該都會上漲，但植物油可能有機會漲得更多一些。

Yes. I mean, look, I think the reality is there's enough demand out there that can now utilize the non-veg oil feedstocks where we're probably going to just continue to trade at sort of their CI score adjusted values. So we're not really expecting to see veg oil run up relative to the other products just because, like I said, there's enough capacity that can utilize that. The thing with biodiesel is that it doesn't, as long as it can buy refined oil or it's able to pretreat or clean the oil from that standpoint, then it doesn't need as much pretreat capability and biodiesel can run on 100% soybean oil.

是的。我的意思是，現實是市場上現在有足夠的需求可以使用非植物油原料，因此我們大概會持續以其依 CI 分數調整後的價值來交易。所以我們並不預期植物油會相對於其他產品大幅走高，因為如我所說，有足夠的產能可以使用它。生質柴油的關鍵在於：只要它能買到精煉油，或能從這個角度對油品進行預處理或清潔，那它就不需要那麼多預處理能力，而且生質柴油可以 100% 使用豆油運轉。

Matthew Blair with TPH.

TPH 的 Matthew Blair。

Could you talk about the feedstock slate at DGD? I know in the past you ran 100% low CI feed. Has that changed? Are you running more soybean oil in 2026 with just some of the changing credit values around 45Z and providing more of a subsidy for veg oil based feeds?

你能談談 DGD 的原料組合嗎？我知道過去你們是 100% 使用低 CI 原料。這有改變嗎？在 2026 年，隨著 45Z 相關抵免價值的變化、對以植物油為基礎的原料提供更多補貼，你們是否會使用更多豆油？

Yeah, Matthew. DGD is well setup to maximize opportunities depending on what is the lowest cost, net of CI score, feedstock and run for that barrel. That implies that there's an increase in the utilization of veg oils into the mix. I think that, it's fair to say that that's occurring. But it's just going to depend on, these markets are, they move around quite a lot.

是的，Matthew。DGD 的設計與配置很完善，能依據在扣除 CI 分數影響後的最低成本原料，來最大化機會並用於該桶（barrel）的生產。這意味著植物油在配方中的使用占比會提高。我想可以公平地說，這確實正在發生。但最終仍取決於市場情況——這些市場波動相當大。

And so they're just going to be able to take advantage of the opportunity, whichever it is.

因此，他們將能夠把握任何出現的機會。

Sounds good. And then the comments earlier I thought were pretty interesting. You mentioned that the RVO will basically require more RD than what the West Coast LCFS markets can handle. And so the implication to us is that the marginal USroducer will actually have to sell into non-LCFS markets.

了解。另外，我覺得你先前的評論很有意思。你提到 RVO 基本上會要求的再生柴油（RD）量，將超過西岸 LCFS 市場所能消化的量。因此，對我們而言的含意是，美國的邊際生產商實際上將不得不銷往非 LCFS 市場。

But of course, the market will still need the RINs from those marginal producers. So overall, it just seems like a steepening of the cost curve is something that should continue to be pretty supportive for margins, probably likely come through in stronger RIN prices. Is that your take as well? Do you agree?

但當然，市場仍然需要那些邊際生產商提供的 RIN。所以整體來看，成本曲線變得更陡似乎會持續對利潤率形成相當支撐，可能會反映在更強的 RIN 價格上。這也是你們的看法嗎？你同意嗎？

Yes. I think that is how we see it. Ultimately, yes, I think that's how we see it. RIN, at the end of the day, like I said earlier, RINs will need to be the great equalizer that creates the margin that we need to make enough volume to satisfy the RVO. And the extent to which it needs to go is going to depend on all these other factors: feedstock costs, global fuel prices.

是的。我認為我們就是這樣看的。最終，是的，我想我們就是這樣看。歸根結底，如我先前所說，RIN 必須成為「最終的平衡器」，創造出我們所需要的利潤率，才能生產足夠的量來滿足 RVO。而它需要走到什麼程度，將取決於所有其他因素：原料成本、全球燃料價格。

Certainly, the environment that we're in today eases the burden of the RIN. But even with that, we're seeing very strong RIN values.

當然，我們今天所處的環境減輕了 RIN 的負擔。但即便如此，我們仍看到非常強勁的 RIN 價值。

Betty Zhang with Scotiabank.

豐業銀行（Scotiabank）的 Betty Zhang。

I wanted to ask on DGD, the 2Q guide is 320 million gallons. Is that essentially you're running at maximum levels? And if not, is there any reason to not run at max?

我想就 DGD 提問，第二季指引是 3.2 億加侖。這基本上代表你們是在最大產能水準運轉嗎？如果不是，有什麼原因不把產能拉到滿載？

Betty, it's close to max. I think right now, yes, you look at the margin environment, we are incentivized to run as hard as we can. 320 million is pretty close to max. I don't know what else there is to say.

Betty，這已經接近滿載了。我想就目前而言，是的，你看利差環境，我們有動力盡可能全力運轉。3.2 億加侖非常接近最大值。我也不知道還能再補充什麼。

You're being slightly positive, Bob, but it's, that it's pretty close to full out.

Bob，你的語氣稍微偏正面，但也就是說，這已經幾乎是全力運轉了。

Yes. I mean we're going to do our best to run full out in this environment.

是的。我的意思是，在這樣的環境下，我們會盡最大努力滿載運轉。

Okay. Perfect. And then I wanted to ask on kind of the differential between SAF and renewable diesel. I know in the past, SAF has had a bit of a premium over RD. But given a lot of moving pieces, including the RVO and so on, can you just speak to maybe the economics of producing SAF versus RD currently?

好的。完美。接著我想問一下 SAF 與再生柴油之間的價差。我知道過去 SAF 相對 RD 有一些溢價。但考量到很多變動因素，包括 RVO 等等，你們能否談談目前生產 SAF 相較於 RD 的經濟性？

Yeah. So I think the short answer is for sales into the United States and the voluntary markets, there's more of a fixed premium to RD, where SAF continues to be a better opportunity and better margin. In Europe, it is more dynamic than that. Europe is based on mandates, and we see times when margins in Europe for RD are better than SAF. We expect that to continue to be kind of volatile or up and down.

好的。我想簡短的答案是：在銷往美國以及自願性市場方面，RD 的溢價比較偏固定，而 SAF 仍然是更好的機會、也有更好的利潤。在歐洲，情況則更具動態性。歐洲是以強制規範為基礎，我們也看到有些時候歐洲 RD 的利潤會比 SAF 更好。我們預期這種情況會持續呈現波動、上下起伏。

But we're really happy with the voluntary market we have in the USnd the premiums that we can consistently get from SAF. So overall, we're still meeting our commitments from the investment we made in SAF at Port Arthur.

但我們對於在美國所擁有的自願性市場，以及我們能從 SAF 持續取得的溢價感到非常滿意。因此整體而言，我們仍在履行我們在亞瑟港（Port Arthur）對 SAF 投資所做出的承諾。

Jason Gabelman with TD Securities.

TD Securities 的 Jason Gabelman。

Given Darling is uniquely positioned running domestic feedstocks and then not only producing but importing feedstocks to DGD from the international market, I was wondering if you could provide some color on if RIN prices today are sufficient enough to attract those international feedstocks to be run in the USarket, especially given those feedstocks no longer qualify for the producer tax credit?

鑑於 Darling 具備獨特優勢：既能使用國內原料，也不僅生產原料，還能從國際市場進口原料供應 DGD。我想請你們補充說明：以目前的 RIN 價格來看，是否足以吸引那些國際原料在美國市場被使用，特別是考量到那些原料已不再符合生產者稅收抵免資格？

Yeah. Good question. So the answer to that is going to depend on who's making the fuel. For Diamond Green Diesel and given our cost of production, the efficiency, the logistics that are available to us when it comes to importing those international feedstocks, we can make renewable diesel with those products and sell into the United States and make a good margin. I don't think everyone is able to say that.

是的。問得好。所以答案會取決於是誰在生產燃料。以 Diamond Green Diesel 而言，考量我們的生產成本、效率，以及在進口那些國際原料時我們可用的物流條件，我們可以用那些原料生產再生柴油，銷往美國並取得不錯的利潤。我不認為每家公司都能這麼說。

And so for that reason, we do think we'll continue to see margins strengthen. And we expect to see a difference in feedstock prices in North America relative to the rest of the world.

因此基於這個原因，我們確實認為利潤將持續走強。而且我們預期北美的原料價格相對於世界其他地區會出現差異。

And do you expect that biodiesel producers are going to ultimately need to rely on international feedstocks as well in order for the industry to meet the RVO?

那你是否預期，為了讓產業達成 RVO，生質柴油生產商最終也需要依賴國際原料？

No. I don't. I think biodiesel producers should see a sufficient amount of USeg oil, or USUS Canadian veg oil to supply their needs.

不。我不這麼認為。我認為生質柴油生產商應該會看到有足夠的美國植物油，或美國／加拿大植物油來滿足其需求。

There are currently no more questions waiting at this time. So I would like to pass the call back over to the management team for any closing remarks.

目前沒有更多等待中的提問。因此我想把電話交回管理團隊，請他們做任何結語。

All right. Thanks, everybody, for your questions today. As you know, we'll be hosting an Investor Day on May 11 in New York. It will be simultaneously webcast. It's an exciting time for us as Suann, Bob, Carlos, myself and David van Dorselaer will lay out a lot of these topics that we discussed today in addition to what our future looks like and the three-year road map as we see it today.

好的。感謝各位今天的提問。如各位所知，我們將於 5 月 11 日在紐約舉辦投資人日。也會同步進行網路直播。對我們而言這是一個令人振奮的時刻，因為 Suann、Bob、Carlos、我本人以及 David van Dorselaer 將會就我們今天討論的許多主題進一步說明，並談到我們對未來的展望，以及我們目前所看到的三年路線圖。

So if you have any questions, follow up with Suann. And stay safe and have a great day. Thanks again.

所以如果你有任何問題，請與 Suann 進一步聯繫。也請注意安全，祝各位有美好的一天。再次感謝。

Thank you. That will conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。