Green Plains Inc (GPRE) 2025 Q1 法說會逐字稿

Good morning and welcome to the Green Plains Inc. First quarter 2025 earnings conference call. Following the company's prepared remarks instructions will be provided for Q&A. At this time, all participants are in a listen-only mode. I will now turn the call to your host Phil Boggs, the Chief financial officer. Mr. Boggs, please go ahead.

早安，歡迎參加 Green Plains Inc. 2025 年第一季財報電話會議。根據公司準備好的評論，將提供問答說明。此時，所有參與者都處於只聽模式。現在我將把電話轉給主持人、財務長 Phil Boggs。博格斯先生，請繼續。

Thank you and good morning, everyone. Welcome to the Green Plains Inc. First quarter 2025 earnings call. Joining me on today's call are the members of our executive committee, Michelle Mapes, interim principal executive officer and chief legal and administration officer; Jamie Herbert, Chief human resources officer; Chris Osowski, executive Vice President of Operations and Technology and Imre Havasi, senior Vice President, head of trading and commercial operations.

謝謝大家，早安。歡迎參加 Green Plains Inc. 2025 年第一季財報電話會議。參加今天電話會議的還有我們的執行委員會成員，臨時執行長兼首席法律和行政官 Michelle Mapes、首席人力資源官 Jamie Herbert、營運和技術執行副總裁 Chris Osowski 以及高級副總裁、貿易和商業營運主管 Imre Havasi。

There is a slide presentation available, and you can find it on the investor page under the events and presentations link on our website.

有一個幻燈片演示可供使用，您可以在我們網站的活動和演示連結下的投資者頁面上找到它。

During this call, we will be making forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預期或其他陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。

Actual results could materially differ because of factors discussed in this morning's press release, in the comments made during this conference call, and in the risk factors section of our Form 10K, Form 10Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

由於今天上午的新聞稿、電話會議中的評論以及我們向美國證券交易委員會提交的 10K 表、10Q 表和其他報告和文件中的風險因素部分中討論的因素，實際結果可能會有重大差異。我們不承擔更新任何前瞻性聲明的義務。

Now I'd like to turn the call over to Michelle Mapes.

現在我想把電話轉給米歇爾·梅普斯。

Thank you, Phil. To be direct, our performance has not met the expectations of this investment community or our own, and that is changing. As an executive committee and as a company, we are fully aligned and deeply committed to disciplined execution, supported by the clear and objective measurement of our progress every day. Our team members at Green Plains understand not only the strategic goals, but their roles in delivering against them. We're focused on returning this company to sustained profitability and with that earning back your confidence. Over the past few months we've executed a zero-based approach to cost structure, leading to decisive actions across the organization. We've exited non-core operations, launched the sale of non-strategic assets, and focused on a culture of operational excellence throughout the platform. These changes are driving meaningful efficiencies that position us to compete with greater focus and agility.

謝謝你，菲爾。坦白說，我們的業績沒有達到投資界或我們自己的期望，而這種情況正在改變。作為執行委員會和公司，我們完全一致並堅定地致力於嚴格執行，並透過每天對進展進行清晰客觀的衡量來支持這一目標。Green Plains 的團隊成員不僅了解策略目標，還了解他們在實現這些目標中所扮演的角色。我們致力於讓該公司恢復持續盈利並重新贏得您的信任。在過去的幾個月裡，我們對成本結構實施了零基方法，並在整個組織中採取了果斷行動。我們退出了非核心業務，啟動了非策略性資產的出售，並專注於整個平台的卓越營運文化。這些變化正在推動有意義的效率提升，使我們能夠更專注、更靈活地參與競爭。

On our last call, we committed to $50 million in cost reductions. I'm pleased to report we are well on track. We noted before we already achieved $30 million annualized cost savings, and our recently announced ethanol marketing partnership, among other internal initiatives, has unlocked another $15 million in annualized savings. Beyond strengthening our working capital, the eco initiative delivers scale, market access, and logistics efficiencies that would have been very difficult to achieve on our own. We expect these gains to show up in the bottom line going forward, especially through transportation and marketing synergies.

在我們上次電話會議上，我們承諾削減 5000 萬美元的成本。我很高興地報告，我們的進展順利。我們先前指出，我們已經實現了 3000 萬美元的年度成本節約，而我們最近宣布的乙醇行銷合作夥伴關係以及其他內部舉措又帶來了 1500 萬美元的年度節約。除了增強我們的營運資本之外，生態計畫還帶來了規模、市場進入和物流效率，而這些都是我們自己很難實現的。我們預計這些收益將在未來的獲利中體現出來，特別是透過運輸和行銷協同效應。

We also have a clear line of sight to the final $5 million of targeted savings which we expect to come not only from SG&A but also for some process improvements and commercial execution. We are empowering our top performers with clear goals, metrics, and accountability, and they are delivering.

我們也清楚地看到了最終 500 萬美元的目標節省，我們預計這不僅來自銷售、一般和行政費用，還來自一些流程改進和商業執行。我們為表現最出色的員工提供了明確的目標、指標和責任，而他們也確實做到了。

As a result of this effort, we anticipate our consolidated SG&A run rate to decline meaningfully from the $118 million recorded in 2024 to exit this year at an estimated $93 million annualized run rate. Corporate and trade functions are expected to. Reduced from $12million to $13 million per quarter for the remainder of this year, with the line of sight to reducing that to the low $40 million range on an annualized basis by year end, which is much improved compared to the $73 million of corporate and trade SG&A incurred in 2024. This is a company that is focused, aligned, and committed to continuous improvement and a return to profitability, and we're just getting started. Let me now hand it over to Chris Osowski to talk operations.

由於這項努力，我們預計合併後的銷售、一般及行政費用運行率將從 2024 年的 1.18 億美元大幅下降至今年的 9,300 萬美元年化運行率。預計企業和貿易職能將會如此。在今年剩餘時間內，每季將從 1,200 萬美元減少到 1,300 萬美元，並預計在年底前將其減少到年度化 4,000 萬美元的低位，這比 2024 年發生的 7,300 萬美元的公司和貿易銷售、一般和行政費用有了很大的改善。這是一家專注、一致並致力於持續改善和恢復盈利的公司，而我們才剛剛起步。現在，我把時間交給克里斯·奧索夫斯基來談談營運事宜。

Thanks, Michel.

謝謝，米歇爾。

Overall, our platform continues to perform operationally at a high level. Our nine active plans achieved a 100% utilization in Q1, our highest rate on record, driven by increased discipline, accountability, and daily measurement of key operating metrics.

整體而言，我們的平台持續保持高水準的營運表現。由於紀律性、責任感的加強以及對關鍵營運指標的日常衡量，我們的九項有效計劃在第一季度實現了 100% 的利用率，這是有記錄以來的最高利用率。

We are achieving an overall reduction in OpEx per gallon of more than $0.03 since Q4 of 2024. The sense of urgency across the organization is tangible and it's making a difference.

自 2024 年第四季以來，我們已將每加侖營運成本整體降低 0.03 美元以上。整個組織的緊迫感是顯而易見的，而且正在產生影響。

Looking ahead, the RTO project Inovine is nearing completion. Once fully online, we expect protein yields to exceed 3.5 pounds per bushel, with ethanol capacity returning to over 120 million-gallon annually. With Q2 crush margins strengthening, we're actively hedging our production to secure value. Execution and performance measurement remain daily imperatives for our teams.

展望未來，RTO 專案 Inovine 即將完工。一旦全面上線，我們預計蛋白質產量將超過每蒲式耳 3.5 磅，乙醇產能將恢復到每年 1.2 億加侖以上。隨著第二季壓榨利潤率的提高，我們正在積極對沖生產以確保價值。執行和績效衡量仍然是我們團隊的日常任務。

We're institutionalizing a culture of operational excellence across green plains where every process, cost, and decision is underpinned by discipline and data.

我們正在整個綠色平原建立一種卓越營運文化，其中每個流程、成本和決策都以紀律和數據為基礎。

Our approach is very clear safety first, no waste anywhere. Every dollar spent must earn a return, and every role must justify its value.

我們的做法非常明確：安全第一，不浪費任何資源。每花費一美元都必須獲得回報，每個角色都必須證明其價值。

This mindset is being driven across five core areas. First, Commercial discipline. We're actively and aggressively pushing price terms and volume across procurement, logistics and sales by upholding standards.

這種思維方式正在五個核心領域中推動。第一，商業紀律。我們透過堅持標準，積極主動地推動採購、物流和銷售方面的價格條款和數量。

Second, cost ownership. Each cost is being scrutinized as if it was its own P&L. We're laser focused on reducing variable costs per gallon and improving our fixed cost absorption.

第二，成本所有權。每項成本都經過仔細審查，就像其本身的損益表一樣。我們專注於降低每加侖的變動成本並提高固定成本的吸收。

Third, capital efficiency. All capital, both fixed and working, is being held to strict ROI standards. Value creation is the only justification for our investments.

第三，資金效率。所有資本，包括固定資本和營運資本，都必須遵守嚴格的投資報酬率標準。創造價值是我們投資的唯一理由。

Fourth, people accountability. We're applying a true zero-based approach to roles and responsibilities. Every function is rebuilt from the ground up based on what the business needs today and what delivers measurable value. And then last, KPI driven execution.

四是落實責任。我們正在採用真正的零基方法來處理角色和職責。每個功能都是根據當前的業務需求和可衡量的價值從頭開始重建的。最後，KPI 驅動執行。

We manage by metrics, not anecdotes. Plants are measured daily against clear KPIs, and best practices are being shared across our network.

我們根據指標而不是軼事進行管理。每天根據明確的 KPI 對工廠進行測量，並在整個網路中共享最佳實踐。

We're currently executing focused operational excellence initiatives based on maintenance cost control, enzyme and chemical optimization, and energy efficiency, both with respect to price and usage. These actions are already showing impact and will drive both short term gains and long-term margin improvement.

我們目前正在執行以維護成本控制、酵素和化學品優化以及能源效率為基礎的重點卓越營運計劃，包括價格和使用方面。這些舉措已初見成效，並將推動短期收益和長期利潤率的提高。

As previously announced, we made the strategic decision in Q1 to pause our Clean Sugar Technology Initiative in Shenandoah. The technology has been proven and is capable of producing refined 95 dextrose, and we have received all of our necessary food safety certifications. However, wastewater challenges outside of our walls and commercial development timing has prevented us from operating the asset continuously for refined product.

正如先前宣布的那樣，我們在第一季做出了戰略決策，暫停在雪蘭多的清潔糖技術計劃。該技術已經得到驗證，能夠生產精製95葡萄糖，我們已經獲得了所有必要的食品安全認證。然而，我們牆外的廢水挑戰和商業開發時機阻礙了我們持續營運該資產以生產精煉產品。

Operating at a partial capacity, or campaigning was not economically viable, so we redirected our efforts to maximize ethanol production at full rate.

以部分產能運作或開展活動在經濟上不可行，因此我們重新調整了努力方向，以最大限度地提高乙醇產量。

The temporary pause allows us to run a simplified fermentation recipe at the Shenandoah plant, which delivers improved ethanol oil and protein yields while further reducing op X costs. This shift has had a $10 million annualized positive impact on the Shenandoah site, but we remain fully committed to CST and expect to resume commissioning once a technical solution is in place currently projected for late fiscal 2026.

暫停生產使我們能夠在 Shenandoah 工廠運行簡化的發酵配方，從而提高乙醇油和蛋白質的產量，同時進一步降低營運成本。這一轉變對 Shenandoah 工廠產生了每年 1000 萬美元的積極影響，但我們仍然全力致力於 CST，並希望在技術解決方案到位後恢復調試（目前預計在 2026 財年末）。

Now I will pass the call over to Imre to talk about the commercial and market update.

現在我將把電話轉給伊姆雷，討論商業和市場更新事宜。

Thank you, Chris, and good morning, everyone. Ethanol market fundamentals are typical seasonal weakness through Q1, driven by the industry's high production levels and elevated inventory. However, US ethanol exports continue to be a bright spot. We expect that 2025 volumes could surpass last year's record of nearly 2 billion gallons.

謝謝你，克里斯，大家早安。受行業高產量和高庫存的影響，乙醇市場在第一季呈現典型的季節性疲軟態勢。不過，美國乙醇出口仍然是一個亮點。我們預計，2025 年的產量可能會超過去年創下的近 20 億加侖的紀錄。

Encouragingly, ethanol margins have strengthened heading into Q2 and Q3, with positive contributions now forecasted for a network. This improvement is supported by firmer corn oil fundamentals driven by widely anticipated increases in renewable volume obligations, drawdowns in ethanol stocks due to the spring maintenance season, stronger seasonal blending demand, and a good start to 2025-2026 corn planting. Anticipated to result in the largest acreage since 2013, currently estimated at 95.3 million acres by the USDA.

令人鼓舞的是，進入第二季度和第三季度，乙醇利潤率已經增強，預計網路將產生積極貢獻。這項改善受到玉米油基本面走強的支持，這得益於人們普遍預期可再生能源量義務將增加、春季維護季節導致乙醇庫存減少、季節性混合需求增強以及 2025-2026 年玉米種植開局良好。預計種植面積將達到 2013 年以來的最高水平，目前美國農業部估計種植面積為 9,530 萬英畝。

We have secured a little more than half of our Q2 crush margins at favorable levels. This is consistent with a new disciplined and proactive approach to hedging and margin management.

我們已確保第二季壓榨利潤的一半以上處於有利水準。這與對沖和保證金管理採取新的、有紀律且積極主動的方法相一致。

You have heard Michelle and Chris talk about the strategic shift we are executing and the actions we are taking to significantly increase our productivity and cost competitiveness as market conditions improve along with our actions, Green Plain's bottom line is showing notable improvement already in Q2.

您已經聽到米歇爾和克里斯談論我們正在實施的策略轉變以及我們正在採取的行動，以顯著提高我們的生產力和成本競爭力，隨著市場條件的改善和我們的行動，Green Plain 的底線已經在第二季度顯示出顯著的改善。

Last month we announced a long term strategic marketing partnership with Eco Energy. This collaboration enhances our scale, optimizes transportation and marketing economics, and positions us to fully capture the value of our future ultra-low carbon ethanol production.

上個月，我們宣布與 Eco Energy 建立長期策略行銷合作夥伴關係。此次合作擴大了我們的規模，優化了運輸和行銷經濟，並使我們能夠充分掌握未來超低碳乙醇生產的價值。

For our protein business, we've also made great progress. Commercial shipments of sequence 60% protein have started. The product is starting to be included in salmon diets with our South American customer base.

對於我們的蛋白質業務，我們也取得了長足的進步。序列 60% 蛋白質的商業運輸已經開始。該產品已開始被納入我們南美客戶群的鮭魚飲食中。

We have also expanded our sales of 50 protein or ultra-high protein products to Ecuador for shrimp feed applications. Between these two products, we expect to have volume growth from 20,000 tons in 2024 to over 80,000 tons in '25 shipped to the South American market. These new shipments will be aided by efficiency improvements gained through bulk shipping, which will start in Q3.

我們也擴大了 50 種蛋白質或超高蛋白產品的銷售範圍，銷往厄瓜多爾，用於蝦飼料。我們預計這兩種產品運往南美市場的量將從 2024 年的 20,000 噸增長到 2025 年的 80,000 多噸。這些新貨物的運輸將受益於散裝運輸效率的提高，散裝運輸將於第三季開始。

We're also gaining momentum in pet food, which is a key strategic growth area. Trials are underway with two major manufacturers who are not yet customers, and early feedback is very promising. Our high protein product works very well in pet food diets. We expect these opportunities to convert to commercial sales by Q4 of this year or early 2026. We plan to increase our sales in the pet food segment from 60,000 tons today to over 100,000 tons in 2026.

我們在寵物食品領域的發展動能也十分強勁，這是一個關鍵的策略成長領域。目前正與兩家尚未成為客戶的主要製造商進行試驗，早期回饋非常樂觀。我們的高蛋白產品非常適合寵物食品飲食。我們預計這些機會將在今年第四季或 2026 年初轉化為商業銷售。我們計劃將寵物食品領域的銷售量從目前的 6 萬噸增加到 2026 年的 10 萬噸以上。

And with that, I'll hand the call to Phil for a financial update.

說完這些，我會把電話轉給菲爾，讓他回報財務最新狀況。

Thanks.

謝謝。

For the first quarter, we reported a net loss attributable to Green Plains of $72.9 million or a loss of $1.14 per share, which included $16.6 million in one-time restructuring charges tied to the closure of Fairmont, the exit of other non-core operations, cost reduction programs, and leadership transitions.

第一季度，我們報告的歸屬於 Green Plains 的淨虧損為 7,290 萬美元，即每股虧損 1.14 美元，其中包括與關閉 Fairmont、退出其他非核心業務、成本削減計劃和領導層變動相關的 1,660 萬美元的一次性重組費用。

While these actions impacted the quarter, they were necessary steps to realign the business and accelerate our return to profitability. By comparison, we reported a net loss of $51.4 million, or $0.81 per share in Q1 of 2024.

雖然這些舉措對本季產生了影響，但它們是調整業務和加速恢復獲利能力的必要步驟。相比之下，我們報告 2024 年第一季淨虧損 5,140 萬美元，即每股 0.81 美元。

We are supremely focused on improving these numbers as they are not acceptable. These results are the reason why we have materially changed our go to market operating strategy and the human capital we are using to execute our plan.

我們非常注重改善這些數字，因為它們是不可接受的。這些結果是我們從根本上改變市場營運策略和執行計劃所需的人力資本的原因。

We are moving with a keen sense of urgency and precision to reshape our financial profile. We are executing a clear plan to improve operating leverage, lower our cost base, and position the company to benefit fully from the carbon and protein opportunities in front of us.

我們正以強烈的緊迫感和精確度重塑我們的財務狀況。我們正在執行一項明確的計劃，以提高營運槓桿，降低成本基礎，並使公司能夠充分利用我們面臨的碳和蛋白質機會。

Revenue from the quarter was $601.5 million, up 0.7% year over year. While Q1 market conditions were challenged, we've taken proactive steps to secure better margin performance going forward, including reducing our costs, locking in favorable crush margins for Q2, and expanding our commercial reach through our partnership with Eco Energy.

本季營收為 6.015 億美元，年增 0.7%。雖然第一季的市場狀況面臨挑戰，但我們已採取積極措施，確保未來獲得更好的利潤表現，包括降低成本、鎖定第二季度有利的壓榨利潤率，以及透過與 Eco Energy 合作擴大我們的商業範圍。

On operations, as Chris mentioned, we achieved a record 100% utilization rate across our nine operating plants, demonstrating strong asset performance and operational discipline.

在營運方面，正如克里斯所提到的，我們的九家營運工廠實現了創紀錄的 100% 利用率，展現了強大的資產績效和營運紀律。

Including the Fairmont asset, total fleet utilization was 87.7% compared to 92.4% last year. We anticipate maintaining a mid 90% utilization for the remainder of Q2, even with scheduled maintenance underway. Adjusted EBITDA excluding restructuring charges, was $24.2 million lost compared to a negative $21.5 million in Q1 last year.

包括費爾蒙特資產在內，總機隊利用率為 87.7%，而去年為 92.4%。即使正在進行定期維護，我們預計第二季剩餘時間內的使用率仍將維持在 90% 左右。調整後的 EBITDA（不含重組費用）為虧損 2,420 萬美元，而去年第一季為虧損 2,150 萬美元。

These results reflect a transition period as we reset the cost base and scale new revenue streams. SG&A totaled $42.9 million, up $11.1 million from the prior year due to restructuring and severance charges. However, we expect this to trend down materially through the rest of the year. Our annualized run rate is already moving lower from the $133 million in 2023 and $118 million in 2024. And is on track to exit the year at approximately $93 million annualized run rate, including a corporate and trade SG&A target in the low $40 million range annually as we exit the year. Depreciation and amortization was $22.4 million up modestly year over year. An interest expense was $8.9 million, an increase primarily driven by the absence of capitalized interest from prior year project construction.

這些結果反映了我們重新設定成本基礎和擴大新收入來源的過渡期。銷售、一般及行政費用總計 4,290 萬美元，由於重組和遣散費用，比前一年增加 1,110 萬美元。然而，我們預計今年剩餘時間內這一趨勢將大幅下降。我們的年化運行率已從 2023 年的 1.33 億美元和 2024 年的 1.18 億美元下降。並且預計在年底實現約 9,300 萬美元的年化營運率，其中，企業和貿易銷售、一般及行政費用 (SG&A) 目標在年底時每年 4,000 萬美元出頭。折舊和攤提為 2,240 萬美元，較去年同期略有成長。利息支出為 890 萬美元，增加的主要原因是前一年專案建設沒有資本化利息。

Income tax was $0.1 million. We continue to carry a federal net operating loss of $197.6 million which provides future tax efficiency, and our normalized tax rate going forward is expected to remain in the 23% to 24% range.

所得稅為 10 萬美元。我們繼續承擔 1.976 億美元的聯邦淨營業虧損，這提供了未來的稅收效率，我們未來的標準化稅率預計將保持在 23% 至 24% 的範圍內。

On the balance sheet, our consolidated liquidity at Quarterin included $126.6 million in cash equivalents and restricted cash, $204.5 million in revolver availability. $48.7 million of unrestricted liquidity available to corporate. Since quarter end, we've delivered on our plan to strengthen liquidity. We executed and are continuing to execute on non-core asset sales. We've enhanced credit capacity with a new $30 million dollar line of credit, and we extended our $125 million mezzanine notes by about three months while we actively pursue refinancing or a full payoff through additional asset sales. We are confident in resolving this in the coming months.

在資產負債表上，我們在 Quarterin 的合併流動資金包括 1.266 億美元的現金等價物和受限現金、2.045 億美元的可用循環信貸額度以及 4,870 萬美元的企業可用非受限流動資金。自季度末以來，我們已經實施了加強流動性的計劃。我們已經執行並將繼續執行非核心資產出售。我們透過新的 3,000 萬美元信用額度增強了信貸能力，並將 1.25 億美元的夾層票據延長了約三個月，同時我們積極尋求再融資或透過額外資產出售全額還款。我們有信心在未來幾個月內解決這個問題。

Overall, we've improved our unrestricted liquidity at corporate as of May 7, to $89.2 million. Capital expenditures in Q1 were $16.7 million including targeted growth, maintenance, and regulatory investments. For the remainder of 2025, we expect capital expenditures to be in the range of about $20 million excluding the carbon capture equipment for Nebraska, which is already fully financed and on schedule.

整體而言，截至 5 月 7 日，我們已將公司的非限制流動資金提高至 8,920 萬美元。第一季的資本支出為 1,670 萬美元，包括目標成長、維護和監管投資。對於 2025 年剩餘時間，我們預計資本支出將在 2000 萬美元左右，不包括內布拉斯加州的碳捕獲設備，該設備已獲得全額資助並按計劃進行。

In short, we are taking decisive action across all fronts cost, capital, liquidity, and strategy to position green planes for sustained profitability and long-term value creation.

簡而言之，我們在成本、資本、流動性和策略等所有方面採取果斷行動，使綠色飛機能夠持續獲利並創造長期價值。

With that, I'll turn the call back to Michelle for an update on our strategic review, carbon initiatives, and regulatory outlook.

說完這些，我將把電話轉回給米歇爾，讓她介紹我們的策略評估、碳計畫和監管前景的最新情況。

Thank you, Phil. Let's start with carbon. Our carbon strategy remains on track and is central to unlocking our long-term value. Construction of carbon compression infrastructure to support our advantage Nebraska initiative is advancing on pace. Equipment deliveries are on schedule and remain on track to initiate operations across all targeted sites later this year. Lateral pipeline construction is well underway, and all key milestones point to a startup in early Q4.

謝謝你，菲爾。讓我們從碳開始。我們的碳策略仍在按計劃進行，對於釋放我們的長期價值至關重要。建造碳壓縮基礎設施以支持我們的優勢內布拉斯加州計劃正在穩步推進。設備交付正在按計劃進行，並將於今年稍後在所有目標地點開始運作。橫向管道建設正在順利進行，所有關鍵里程碑都表明第四季度初的啟動。

In parallel, we're actively engaged in the marketplace to monetize our 45Zand Q credits with good interest and early momentum. We expect to provide a meaningful update on these efforts at our next quarterly call. We remain encouraged by ongoing policy discussions in Washington regarding a potential extension of 45Z and Q the possible elimination of the indirect land use change from the great model. These policy shifts, if enacted, could significantly improve our CI scores and further enhance the value of our carbon platform.

同時，我們積極參與市場，以良好的利息和早期勢頭將我們的 45Zand Q 積分貨幣化。我們希望在下次季度電話會議上對這些努力提供有意義的更新。我們仍然對華盛頓正在進行的政策討論感到鼓舞，該討論涉及 45Z 和 Q 的潛在延伸，以及可能從大模型中消除間接土地利用變化。這些政策轉變一旦實施，將顯著提高我們的CI分數，並進一步提升我們的碳平台的價值。

As it relates to our strategic review, we continue to work closely with Bemo and Molla. All potential paths remain active and under consideration, including a company sale, asset divestitures, or other material transactions. We firmly believe the market is undervaluing our platform, particularly the long-term opportunity associated with carbon monetization.

由於與我們的策略評估相關，我們將繼續與 Bemo 和 Molla 密切合作。所有潛在途徑仍在積極考慮中，包括公司出售、資產剝離或其他重大交易。我們堅信市場低估了我們的平台，特別是與碳貨幣化相關的長期機會。

We've also strengthened our board. We welcome Steve Furch, Karl Grassi, and Patrick Sweeney to our board, and we thank Einar Knudsen and Alan Trauer for their service as they step off the board at the upcoming annual meeting. Our new directors are already contributing meaningful to our strategic direction.

我們也加強了董事會。我們歡迎 Steve Furch、Karl Grassi 和 Patrick Sweeney 加入我們的董事會，並感謝 Einar Knudsen 和 Alan Trauer 在即將召開的年度會議上卸任董事會職務之際所做的貢獻。我們的新董事已經為我們的策略方向做出了有意義的貢獻。

In closing, here's some key takeaways I'd like to leave you with. Based on current market conditions, actions we have taken, and our focus on execution, we are currently positive EBITA for the remainder of the year. Our carbon platform construction is progressing as planned with compression and pipeline infrastructure on schedule for early Q4 startups. Active monetization of our 45Z and Q credits is underway, with an update expected next quarter. Operational excellence is driving measurable performance gains. Our $50 million cost reduction target is nearly complete with the remainder in sight.

最後，我想與大家分享以下幾點重點。根據當前的市場狀況、我們已採取的行動以及我們對執行的關注，我們今年剩餘時間的 EBITA 目前為正值。我們的碳平台建設正在按計劃進行，壓縮和管道基礎設施將按計劃於第四季度初啟動。我們的 45Z 和 Q 積分的積極貨幣化正在進行中，預計下個季度會進行更新。卓越的營運正在推動可衡量的績效提升。我們的 5,000 萬美元成本削減目標已接近完成，剩餘目標也即將實現。

Our strategic marketing partnership with Eco Energy is active, providing scale and logistics efficiencies for our ultra-low CI ethanol. Our sequence protein platform is scaling with expanded agriculture and pet food demand, and we are executing disciplined risk management daily. Our non-core asset monetizations are progressing and supporting liquidity as well as improving our focus.

我們與 Eco Energy 的策略行銷合作夥伴關係非常活躍，為我們的超低 CI 乙醇提供了規模和物流效率。我們的序列蛋白平台隨著農業和寵物食品需求的擴大而擴大，我們每天都在執行嚴格的風險管理。我們的非核心資產貨幣化正在取得進展，並支持流動性並提高我們的重點。

The strategic review is active and ongoing to unlock long term value. Our executive committee is executing and the board is refreshed and have strengthened governance strategy and risk management oversight. With that, we'll now take questions.

策略評估是積極且持續的，旨在釋放長期價值。我們的執行委員會正在執行，董事會也得到了更新，並加強了治理策略和風險管理監督。現在我們來回答問題。

(Operator Instructions)

（操作員指示）

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Thanks for the question. Just, I thought it was interesting in the release we talked about the risk committee and the hedging framework, and I know that you've had hedging practices in the past and you've, you took it off recently so just would like to.

謝謝你的提問。只是，我認為在發布會上我們談論風險委員會和對沖框架很有趣，而且我知道您過去有過對沖做法，而且您最近已經取消了它，所以我想這樣做。

Here's the kind of the thesis as to, why you're putting it back on. It looks like you've booked about half of Q2. That was actually going to be one of my questions.

以下是關於您為何再次提出這一論點的論點。看起來您已經預訂了第二季的一半。這其實是我的疑問之一。

In this hedging practice, are you layering in longer dated positions or kind of expanding the type of instruments being used. Any kind of color you could share about how you're approaching hedging would be helpful.

在這種對沖實踐中，您是否在分層建立較長期的部位或擴大所使用的工具類型。如果您能分享任何有關您如何處理對沖的詳細信息，那將會很有幫助。

Yes, this is Imre. I'm going to start with the answer others can add to it. I mean, in general, hedging or managing risk for a business like this is good practice and you do these things when the market opportunity presents itself. And so, we did some of this before and with my background, we re-established some of these processes. We do a lot of analysis, supply and demand fundamentals, technical analysis. We're looking at our business needs of course policy changes. And historical data and so as we go through that analysis day by day when there's a market opportunity, we do lock in some of those margins both at the simple crush, the board crush level, as well as some of the co-products or whatever we see that opportunity. So, I think it's just in general good practice. To manage risk, reduce exposure if needed and yes, we lock in simple crush. We potentially hedge DCO using soybean oil futures we hedge in meal, of course we have strict limits and monitor value at risk. So it is a systematic approach supported by analytics and fundamentals, and we do it when the opportunity is there.

是的，這是伊姆雷。我將從其他人可以添加的答案開始。我的意思是，一般來說，對沖或管理像這樣的企業的風險是一種很好的做法，當市場機會出現時你就會這樣做。因此，我們之前做過一些這樣的工作，並根據我的背景重新建立了其中的一些流程。我們做了很多分析，供需基本面分析、技術分析。我們正在研究我們的業務需求以及政策變化。還有歷史數據，所以當我們每天進行分析時，當出現市場機會時，我們確實會鎖定一些利潤，包括簡單壓榨、板材壓榨水平，以及一些副產品或任何我們看到的機會。所以，我認為這只是一種普遍的良好做法。為了管理風險，如果需要的話，減少風險敞口，是的，我們鎖定簡單的擠壓。我們可能使用大豆油期貨對沖DCO，並用豆粕對沖，當然我們有嚴格的限制並監控風險價值。因此，這是一種由分析和基本面支援的系統方法，當有機會時我們就會這樣做。

And I would just add that at the board level, the risk committee was formed here in the last 45 days or so. We have very seasoned and experienced folks on our board that are on that committee and they're actively meeting with the team monthly, if not more frequently.

我還要補充一點，在董事會層面，風險委員會是在過去 45 天左右成立的。我們的董事會中有一些經驗豐富的成員，他們每月都會與團隊舉行一次積極會議，甚至更頻繁。

Great, thank you for the color there, and my follow up would be just in regards to the CEO search just wanted to ask how that's going, if you can give us an update, should we expect someone with a background in biofuels, maybe somebody in industrial transformation or maybe somebody with a bit of a finance background, would just love to hear what type of attributes you're looking for, in the next COE Next.

太好了，謝謝你的介紹，我的後續問題是關於 CEO 搜尋，我只是想問一下進展如何，你能否給我們一個更新的信息，我們是否應該期待一個有生物燃料背景的人，也許是一個工業轉型方面的人，或者一個有一點金融背景的人，我很想聽聽你在下一個 COE Next 中尋找什麼類型的特質。

Thanks for the question, Pooran. At this point in time, the process is ongoing. It's what I would call a pretty standard process for a public company looking at all candidates who have applied, but we are nearing the final stages of that process, and we hope to have something that we can announce here in the near future.

謝謝你的提問，Pooran。目前，該過程仍在進行中。我認為，對於一家上市公司來說，這是一個非常標準的流程，它會審查所有申請的候選人，但我們即將進入流程的最後階段，我們希望在不久的將來能夠宣布一些消息。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Hi, it's Henry I'm for Jordan here. Thanks for taking my questions. Maybe to start with on carbon capture, it's great to see, compression equipment construction underway and the four startup date. Could you just give us any color at this point on when we should expect, that construction and the lateral pipe construction and holographs to be completed ahead of that startup date. Thank you.

嗨，我是亨利，我是喬丹的。感謝您回答我的問題。也許從碳捕獲開始，很高興看到壓縮設備建設正在進行中，並且有四個啟動日期。您能否告訴我們，預計該建設、橫向管道建設和全像圖何時能夠在啟動日期之前完成。謝謝。

Sure, so we are working closely with the tallgrass team. We have weekly calls, and we are very engaged on the process. That team is indicating that all signs point to early Q4 and actually late Q3 in terms of finalizing construction in a couple of the locations, and we don't anticipate a major time lapse between construction completion and startup. And Chris, would you like to add anything more to that.

當然，我們正在與高草團隊密切合作。我們每週都會召開電話會議，我們非常投入這個過程。團隊表示，所有跡像都表明，幾個地點的建設將在第四季度初、第三季度末完成，我們預計建設完成和啟動之間不會出現太大的時間間隔。克里斯，您還有什麼要補充的嗎？

Yes, I think we feel really good that we have construction in progress at all locations going in parallel. The major compression equipment has been built and is just waiting to be delivered when we get foundations put in place for the buildings to house that equipment and feel really strong about our team's readiness and the ability to operate and maintain those assets once they're up and running.

是的，我認為我們感覺非常好，因為我們所有地點的施工都在同步進行。主要的壓縮設備已經建造完畢，只等著交付，我們將為容納這些設備的建築物打好地基，並且對我們團隊的準備情況以及一旦這些資產投入運行後操作和維護的能力感到非常有信心。

Great, thank you for that. And then, maybe just a quick one on tariffs. Could you just talk to any impacts for potential retaliatory tariffs on any of your product exports and you see this as a meaningful risk kind of moving forward.

太好了，謝謝你。然後，我們再簡單談談關稅問題。您能否談談潛在的報復性關稅對貴公司任何產品出口的影響，您認為這是重大的風險嗎？

So far, no impact. I mean, where we would be exposed as an industry, of course, if there were tariffs on ethanol exports into Canada or the UK. So that would be industry impact we have not seen evidence of that, although, Canada flagged that at one point.

到目前為止，沒有影響。我的意思是，如果對加拿大或英國的乙醇出口徵收關稅，我們作為一個產業就會受到威脅。因此，這將對產業產生影響，但我們尚未看到這方面的證據，儘管加拿大曾經一度指出這一點。

The other would be also industry level impact, relative to China that would impact the soybean complex. So some of those things, if they happen at the same time, they're offsetting impacts on tariffs, some might lower cost domestically but also restrict markets for us in terms of our protein exports that would be specific to us. Those exports are happening Our shipments are going to Asia. We, we're locking in contracts and prices down to Latin America with no, actually no tariff discussions around it.

另一個影響是產業層面的影響，相對於中國而言，這將影響大豆綜合體。因此，如果其中某些因素同時發生，它們就會抵消對關稅的影響，有些因素可能會降低國內成本，但也會限制我們特有的蛋白質出口市場。這些出口正在進行中，我們的貨物運往亞洲。我們正在與拉丁美洲鎖定合約和價格，實際上沒有圍繞此進行關稅討論。

So far, we have not seen any impact and of course things are somewhat unpredictable when it comes to tariffs, so things can change. But you know if I want to be an optimistic, maybe there's an upside there too instead of tariffs, you look at trade. And see if this administration can open up new markets for us.

到目前為止，我們還沒有看到任何影響，當然，關稅方面的情況有些難以預測，所以情況可能會改變。但你知道，如果我想保持樂觀，也許除了關稅之外，還有貿易方面的好處。看看本屆政府是否能為我們開拓新的市場。

So, if we were if we were able to sell more protein, vegetable protein into some of those deficit countries in Asia or down to South America through some of these trade agreements, that would be actually an uplift for our platforms. So that can go both ways, of course, everybody's rightfully still talking about the risks which are probably, have higher probability. But to summarize it, so far, we have not seen adverse impact on our business.

因此，如果我們能夠透過一些貿易協定向亞洲或南美洲的一些赤字國家來銷售更多的蛋白質和植物蛋白，這實際上會提升我們的平台。當然，這可能是雙向的，每個人仍然在談論可能存在更高機率的風險。但總而言之，到目前為止，我們還沒有看到對我們的業務產生不利影響。

Saumya Jain, UBS.

瑞銀的 Saumya Jain。

Yes, I like looking at particularly with cooking oil and biodiesel in mind and your outlook for ethanol crash and margins given all that.

是的，我喜歡特別關注食用油和生物柴油，以及考慮到所有這些因素後對乙醇崩盤和利潤的展望。

Yes, I'm sorry, the line was breaking up was that the end of the question.

是的，很抱歉，電話斷了，問題到此結束了。

Yes, and how you're how that's affecting your outlook for the year.

是的，以及這對您今年的展望有何影響。

Yes. So of course the components of how our cash crush or consolidated cash Crums together, it's in pieces, right? And the impact of DCO, which is driven by, RVOs and 45Z and a couple of other things, is a big component of our of a total margin. We're optimistic on DCO for two reasons. One is the premium it carries to other feedstocks, just in general because of the low CI score. And then secondly, the overall context, with the restrictions on imported Yuko, the rumored or anticipated higher RVO levels they're going about 5 billion gallons, there's a little bit tighter soybean oil. S&D soybean oil got became a discount or got a discount point early in the year encouraging exports.

是的。那麼，我們的現金壓縮或合併現金的組成部分當然是分散的，對嗎？DCO 的影響受到 RVOs、45Z 和其他一些因素的影響，是我們總利潤的重要組成部分。我們對 DCO 持樂觀態度有兩個原因。一是它比其他原料有溢價，一般來說，這是因為CI分數較低。其次，從整體情況來看，由於對進口 Yuko 的限制，有傳言或預計 RVO 水平將上升至 50 億加侖左右，大豆油供應將稍微緊張一些。S&D大豆油在年初就形成了折扣或折扣點，以鼓勵出口。

So there's plenty of tailwind for our DCO product we're. We're putting together pricing and hedging structures to maximize the opportunity, but overall for sure going into Q2, Q3 and maybe even Q4 and as long for sure as 45 is around, we're very optimistic about the DCO market and we're we consider that as a as a significant contributor and just that, and I know this was not part of your question, but The operations team is very focused on maximizing DCO yields, not just to the core operation, but also where we have these MSC plants, we have a significant uplift of DCO. So, overall DCO production should be up and with higher, prices that we're anticipating it will contribute greatly to overall crash margins.

因此，我們的 DCO 產品擁有充足的順風。我們正在整合定價和對沖結構以最大限度地利用機會，但總體而言，肯定會進入第二季度、第三季度甚至第四季度，只要 45 左右，我們對 DCO 市場非常樂觀，我們認為這是一個重要的貢獻者，僅此而已，我知道這不是你問題的一部分，但運營團隊非常注重 DCO 收益，不僅僅是運營，我們擁有這些公司的核心。因此，整體 DCO 產量應該會上升，我們預計價格上漲將對整體碰撞利潤率產生巨大影響。

Great thank you and then I guess how you guys are looking at the local protein markets as well or how about protein margins.

非常感謝，那麼我想問一下你們是如何看待當地的蛋白質市場或蛋白質利潤率的。

Did you say local or global or total.

您說的是本地的、全球的還是整體的？

Yes. Say local.

是的。說本地的。

Yes, so protein, of course is it has been protein has been weak, and it's been under pressure just in general, right, but that includes DDGs and other vegetable proteins, huge pressure from soybean meal. Q1, there was an abundance of soy, I think the industry worked through that clot, but in general, the domestic protein market will be probably flat, muted, of course, when you look at oil share that's part explained oil carries the premium and meal has to be formulated into our diets both domestically, but we also need an export market to get rid of the surplus, higher industry run rates of course increased DDG supplies as well in domestic markets.

是的，蛋白質當然一直很弱，總體上一直處於壓力之下，對吧，但其中包括 DDG 和其他植物蛋白，豆粕帶來的巨大壓力。第一季度，大豆供應過剩，我認為行業已經解決了這一問題，但總體而言，國內蛋白質市場可能會持平、低迷，當然，當你看石油份額時，這部分解釋了石油具有溢價，而豆粕必須在國內配製成我們的飲食，但我們也需要出口市場來擺脫過剩，更高的行業運行率當然也會增加國內市場的 DDG 供應。

So, when it comes to our own protein platform, of course DDGs, we're extremely focused on our local customer base and enhanced value that way we're. When warranted, we're putting on forward sales and stay had crushed. That's part of risk management. In terms of the ultra-high protein, we are in our strategy.

因此，當涉及到我們自己的蛋白質平台（當然是 DDG）時，我們非常關注我們的本地客戶群，並透過這種方式提升價值。當有必要時，我們會進行預售，並且保持壓垮狀態。這是風險管理的一部分。在超高蛋白方面，我們在我們的策略中。

A few years ago, when we built all these facilities was to supply higher margin markets, but unfortunately a lot of production came to the market, so we had to sell our highest our protein to all sorts of species and with different kinds of margin structures. So, we're past that and of course customer development in some of the higher value in the higher value segments like that and Aqua has been taking longer than just, selling to poultry or swine, but those are coming to fruition, as I mentioned in my script. We're actually making a lot of breakthrough sales recently and selling to Aqua and pet are probably I'm just going to throw out a number. About $45 to $60 per ton higher to margins when I add in the supply chain solutions as well. So, the strategy will remain, protein in itself is going to be flat going forward, but our book and our margins will improve as we execute those high margin segment sales.

幾年前，我們建造所有這些設施是為了供應利潤更高的市場，但不幸的是，大量產品湧入市場，所以我們必須將最高的蛋白質賣給各種物種，並採用不同的利潤結構。所以，我們已經度過了那個階段，當然，在一些更高價值的領域，例如 Aqua，客戶開發所花的時間比僅僅向家禽或豬銷售的時間要長，但正如我在腳本中提到的那樣，這些正在取得成果。事實上，我們最近取得了許多突破性的銷售，向 Aqua 和寵物銷售的可能就是我所說的數字。當我添加供應鏈解決方案時，利潤率每噸將高出約 45 至 60 美元。因此，我們的策略將保持不變，蛋白質本身在未來將保持平穩，但隨著我們執行那些高利潤率細分市場的銷售，我們的帳面和利潤率將會提高。

Salvator Tiano, Bank of America.

美國銀行的 Salvator Tiano。

Yes, good morning. Firstly, I want to ask from the ethanol commercial strategy. So you have the Otech agreement, which, if I understood correctly, it's for pretty much all your volume unless I'm missing something, so.

是的，早安。首先我想從乙醇商業策略的角度來問一下。因此，您有 Otech 協議，如果我理解正確的話，它幾乎適用於您的所有交易量，除非我遺漏了什麼，所以。

Why the change and what does this mean for your own trading operations. I think you have pretty substantial trading and how should we think about how your realizations will move forward compared to ethanol margins. Will they track them more closely, an index, or will there still be an opportunity to trade around it.

為什麼要進行這種改變？這對您自己的交易操作意味著什麼？我認為你們的交易量相當大，我們應該如何看待你們的實現情況與乙醇利潤相比將如何發展。他們會更密切地追蹤指數嗎，或者是否仍有機會圍繞它進行交易。

Hi, absolutely the latter. So, we make all sales decisions, pricing decisions, and risk management decisions. Eco Energy is a marketing partner, so they execute, they manage the customer relationship, and they manage logistics. So, all sales are basically back-to-back except for a few opportunities where eco have infrastructure and that would apply to maybe some of the California markets where they would support us with last minute logistics through a terminal.

你好，絕對是後者。因此，我們做出所有銷售決策、定價決策和風險管理決策。Eco Energy 是一家行銷合作夥伴，因此他們負責執行、管理客戶關係和管理物流。因此，除了生態擁有基礎設施的少數機會外，所有銷售基本上都是背對背的，這可能適用於一些加州市場，他們會透過終端為我們提供最後一刻的物流支援。

So, it is the execution part is what we outsource and not the risk management part. So, we manage all risk what we what we expect from this relationship other than a smooth operation of course on the logistics side is leverage the scale. So, we lost scale over the years and that way that's why it made sense for us to combine our volumes with equals volume, so their volumes increased 50% through our contribution and They also of course have a very good infrastructure in the country for, as I mentioned earlier, for distribution in California, but also for exports, and we expect to leverage that scale in terms of market access, arbitrage opportunities, exports, and improve our so where we expect the improvement is really on that basis level. We're going to be managing, as I mentioned earlier, simple crush, co-products, everything else, but where eco can help us is that basis by maybe a penny or two when it comes to logistics and supply chain opportunities for finding us better.

因此，我們外包的是執行部分，而不是風險管理部分。因此，我們管理所有風險，我們對這種關係的期望除了在物流方面順利運作之外，當然還有利用規模。因此，這些年來我們失去了規模，這就是為什麼我們將我們的銷量與等量銷量合併起來是有意義的，所以通過我們的貢獻，他們的銷量增加了 50%，當然，他們在這個國家也有非常好的基礎設施，正如我之前提到的，不僅用於在加利福尼亞的分銷，所以還用於出口，我們希望在市場水平上、套利機會、出口改進。正如我之前提到的，我們將管理簡單的壓榨、副產品和其他一切，但生態可以幫助我們的地方在於，當涉及物流和供應鏈機會時，生態可以幫助我們找到更好的解決方案。

Maybe shift to locations or customers so we can optimize our portfolio and of course the export of opportunity is going to be good so that's on the on the marketing side.

也許轉移到地點或客戶，這樣我們就可以優化我們的投資組合，當然出口機會也會很好，所以這是在行銷方面。

Yes, and this is Phil. I would just like to add that the eco relationship also improves our working capital efficiency levels. With one customer, we believe that we will be able to reduce our working capital by somewhere in the neighborhood of $50 million through faster AR turn times and lower inventory levels because of the relationship of when eco buys that ethanol inventory from us out of our tanks. And so there's a working capital efficiency to this as well that will reduce our working capital revolvers.

是的，這是菲爾。我只想補充一點，生態關係也提高了我們的營運資金效率水準。對於一個客戶，我們相信，透過更快的應收帳款週轉時間和更低的庫存水平，我們將能夠減少約 5000 萬美元的營運資金，這是因為當 Eco 從我們的儲罐中購買乙醇庫存時產生的關係。因此這也有利於提高營運資本效率，進而減少我們的營運資本循環信貸。

I think so. And the second one is on liquidity the balance sheet. So, can you clarify a little bit the corporate liquidity you mentioned. I don't think that's something that I mentioned before your press releases. What's the difference or what's the cash there and why is it just $49 million including the any credit availability and why get a $30 million loan from Anora that matures in, I guess less than three months. What's the rationale for that.

我認為是的。第二個是關於流動性的資產負債表。那麼，您能否稍微澄清一下您提到的企業流動性呢？我不認為這是我在你們的新聞稿之前提到的事情。有什麼區別或那裡的現金是多少，為什麼只有 4900 萬美元（包括任何信貸可用性），為什麼要從 Anora 獲得 3000 萬美元的貸款，我猜這筆貸款的到期時間不到三個月。這樣做的理由是什麼？

Well, Sal, so we included the corporate liquidity numbers just to give some additional clarity, and we do have cash across the organization and various subsidiaries that's not available to corporate, but this $30 million loan from Ancora, I mean, one, it's, it demonstrates that we have a supportive shareholder who not only has some members on the board now but is also putting cash to work in support of the company, but that enhances our flexibility and really just allows us to execute on our focus for maintaining liquidity and we're focused on cost reductions. We're focused on working capital efficiency. We're focused on exiting non-core assets and really this is all about maximizing our flexibility as we pursue various options.

好吧，薩爾，我們加入了企業流動性數字，只是為了提供一些額外的清晰度，我們整個組織和各個子公司確實擁有企業無法獲得的現金，但來自 Ancora 的這筆 3000 萬美元貸款，我的意思是，首先，它表明我們有一個支持我們的股東，他不僅現在在董事會中擁有一些成員，而且還投入現金來支持公司，但這使我們的靈活性我們注重營運資本效率。我們專注於退出非核心資產，這實際上是為了在追求各種選擇時最大限度地提高我們的靈活性。

Thank you.

謝謝。

Matthew Blair, TPH&Co.

馬修·布萊爾，TPH&Co.

Great, thank you very much.

太好了，非常感謝。

Phil, maybe just to stick on that, you mentioned that you're executing on non-core asset sales. Can you give us some more details here and a sense of the scale of the opportunity and what type of assets are these logistics assets or what general type of assets are you looking to sell here.

菲爾，也許只是為了堅持這一點，你提到你正在執行非核心資產出售。您能否在這裡向我們提供更多細節，並讓我們了解機會的規模以及這些物流資產是什麼類型的資產，或者您希望在這裡出售哪種類型的資產。

So, I mean we're really looking at, anything that's what we would call a non-core and so what is that. I mean, we've closed some businesses, so we have working capital and equipment and businesses that we've sold. So that's one of it. We have various smaller JBs from over the years that we're looking at exiting or in the process of exiting. So, we're really focused on that from a non-core standpoint and looking at, how do we narrow the focus of what it is that we're trying to do every day and that's really focused on the core, which is running our assets well, lowering our costs and improving our margin capture through these efforts.

所以，我的意思是，我們真的在關注任何我們稱之為非核心的東西，那是什麼。我的意思是，我們已經關閉了一些業務，所以我們有營運資金、設備和已經出售的業務。這就是其中之一。多年來，我們曾考慮退出或正在退出多個規模較小的 JB。因此，我們真正從非核心的角度關注這個問題，並研究如何縮小我們每天所做工作的重點，並將其真正集中在核心上，即透過這些努力更好地運作我們的資產、降低成本並提高利潤率。

Sounds good. And then Mary, I think you mentioned that you're currently EBITDA positive for the remainder of the year. Does that apply to each quarter and is that based fully on what you edged or is that a combination of the hedges and the future.

聽起來不錯。然後瑪麗，我想你提到過，今年剩餘時間你的 EBITDA 為正。這是否適用於每季？是否完全基於您的優勢，還是對沖和未來的結合？

Let me just first address the quarterly part. Yes, it does mean quarter by quarter. We are currently EBITDA positive. Much of that is from the actions we have taken. It's a combination of cost reductions, disciplined risk management, obviously market conditions. I'll let Imre touch a bit on the hedging piece of it, but we're, pleased to be where we are and committed to doing all we can, assuming what the market will give us.

我先談談季度部分。是的，它確實意味著逐季度。我們目前的 EBITDA 為正。其中很大一部分源自於我們採取的行動。這是成本降低、嚴格的風險管理以及明顯的市場條件的結合。我會讓伊姆雷稍微談談對沖部分，但我們很高興能處於現在的位置，並致力於盡我們所能，假設市場會給我們什麼。

Yes, I mean, most of our hedges are obviously Q2. We started locking in margins for Q2 as those opportunities as crush margins improved at the end of March. So, we entered the quarter with hedges already and added to it as those opportunities presented ourselves. It's a lot less liquidity in ethanol, especially when you go out to Q3, Q4. So Q3, Q4 are still very much open most of our hedges are in Q2.

是的，我的意思是，我們的大部分對沖顯然都是 Q2。隨著 3 月底壓榨利潤率的提高，我們開始鎖定第二季的利潤率。因此，我們在進入本季時就已經採取了對沖措施，並在機會出現時增加了對沖。乙醇的流動性要低得多，尤其是在第三季和第四季。因此，第三季和第四季仍處於開放狀態，我們的大部分對沖都在第二季。

Laurence Alexander, Jefferies LLC.

勞倫斯·亞歷山大（Laurence Alexander），Jefferies LLC。

Good morning. Thank you for taking my question. This is Carol Zhong, for Lawrence Alexander. Could you help us understand the current Ethon inventory level and the dynamic of the export demand.

早安.感謝您回答我的問題。我是勞倫斯‧亞歷山大 (Lawrence Alexander) 的卡羅爾‧鐘 (Carol Zhong)。您能否幫助我們了解目前 Ethon 庫存水準和出口需求的動態。

The current inventory level is 25 million barrels, and that's sort of a point that we're looking at, trying when we stay under that level and we just came off of 27 million barrels that we printed maybe six weeks ago. Of course, spring maintenance helped that, export was, we don't have much data yet, but census indicated 195. And, I mean, sorry, data indicated a significant improvement in March, that has to be confirmed. So you could say that, yes, we're on track on hitting the 2 billion marks. For the year, but Q1 was very strong.

目前的庫存水準是 2500 萬桶，這是我們正在關注的一個點，我們試圖保持在這個水準以下，而我們六週前剛從 2700 萬桶的庫存中恢復過來。當然，春季維護對此有所幫助，出口也是如此，我們還沒有太多數據，但人口普查顯示為 195。而且，抱歉，數據顯示三月有顯著改善，這需要得到證實。所以你可以說，是的，我們正朝著 20 億的目標邁進。就今年而言，但第一季表現非常強勁。

And what we could say, well I mean you could say that some people pulled forward some of these shipments because of tariff. Considerations, but as we expect tariffs to be sort of a lesser of a risk, we're going to hit over 2 billion gallons now that doesn't help if domestic consumption doesn't pick up.

我們可以說，我的意思是，你可以說有些人因為關稅而提前運送了部分貨物。考慮，但由於我們預計關稅的風險較小，我們現在將達到超過 20 億加侖，如果國內消費沒有回升，這將無濟於事。

So, inventory levels are sitting at 25 billion barrels today. We think they're going to drop towards 23 as the driving season and higher blending kicks in, our risk there, of course, is that we'll maintain production, but if we if we enter a recession or we don't have that demand from the consumer, then those inventories will not drop down towards those 23 billion or 22 billion levels, but they will continue to, stay around 25 and eventually build up as we head into the winter. So our risk today is lower blending demand and lower gas demand going into the summer.

因此，目前的庫存水準為 250 億桶。我們認為，隨著駕駛季節和更高混合度的開始，庫存將下降至 23 億，當然，我們的風險是我們將維持生產，但如果我們進入衰退或我們沒有來自消費者的需求，那麼這些庫存將不會下降到 230 億或 220 億的水平，但它們將繼續保持在 25 億左右，並最終隨著我們進入冬季而增加。因此，我們今天面臨的風險是混合需求下降以及進入夏季天然氣需求下降。

Thank you for that. And can you add a bit more color on the corn business like the profit contribution of corn oil and protein platform year-to-date and how you expect that to evolve through the year end.

謝謝你。您能否詳細介紹玉米業務，例如今年迄今為止玉米油和蛋白質平台的利潤貢獻，以及您預計該業務到年底將如何發展。

Corn oil.

玉米油。

Yes, the profit contribution.

是的，利潤貢獻。

Yes. And you know we touched on this one during, the previous question or the answer to the question earlier in the call. We started the year corn oil was a very low levels right in the low, in the mid-40s, high 40s, we're at $0.55 far back to our plans today. So, that's a dime improvement per pound. We think those levels will hold throughout the year supported by a restriction on used cooking oil imports as a feedstock that's used in the biodiesel production and as we also mentioned that corn oil carries a premium because of the low sea ice score relative to soybean meal.

是的。您知道我們在先前通話中的問題或問題的答案中談到了這一點。今年年初，玉米油價格處於非常低的水平，在 40 多美元左右，而今天的價格為 0.55 美元，遠遠落後於我們的計劃。所以，每磅的改進量只有一角錢。我們認為，由於限制進口廢棄食用油（用於生物柴油生產的原料），這些水平將在全年保持下去，我們也提到，由於海冰評分低於豆粕，玉米油具有溢價。

So, we're very, we're friendly that contribution has increased, of course, with this $0.10 per pound improvement over the last three months. So, that is supporting our margins going forward. Some of our, the way we sell corn oil also allows us to capture margins in an upmarket, about 50%, give or take, depending on our market view is index price.

因此，我們非常高興看到貢獻增加，當然，過去三個月每磅的價格提高了 0.10 美元。因此，這將支持我們未來的利潤率。我們銷售玉米油的方式也使我們能夠在高端市場獲得約 50% 的利潤，這取決於我們的市場觀點和指數價格。

So, we're benefiting from an upmarket and of course if we that's within the quarter and if we have a different bias, of course we can hedge that by selling soybean oil futures or through options there. But we remain friendly corn oil and it's been very beneficial to the overall margin structure for sure for Q2, but we expect that to continue in Q3 and Q4.

因此，我們從高端市場中受益，當然，如果我們在本季度內並且我們有不同的偏見，當然我們可以透過出售大豆油期貨或選擇權來對沖這一點。但我們仍然對玉米油持友好態度，這對第二季的整體利潤結構非常有利，但我們預計這種情況將在第三季和第四季繼續下去。

Andrew Strelzik, BMO Capital Markets Corp.

蒙特婁銀行資本市場公司 Andrew Strelzik

Hi, good morning. Thanks for taking the question. I guess I kind of wanted to zoom out and I was hoping that maybe you could reflect on the existing strategy that's been in the works over the last several years, so not the strategic review, but kind of just the existing strategy that's been put in place over the last several years. Over that time, the operating environments evolved, the regulatory environments evolved and frankly the conversations with the investment community have shifted from, more hypo to more clean sugar and carbon. So, when you kind of take a step back, I just would love to get your perspective on the strategy at a high level and your confidence kind of in the different pieces of the plan to drive the EBITDA build over time.

嗨，早安。感謝您回答這個問題。我想我有點想縮小範圍，我希望你可以反思過去幾年一直在製定的現有戰略，所以不是戰略審查，而是過去幾年已經實施的現有戰略。隨著時間的推移，經營環境發生了變化，監管環境也發生了變化，坦白說，與投資界的對話已經從更多的低鈉鹽轉向了更清潔的糖和碳。因此，當您退一步思考時，我只是想從高層次了解您對該策略的看法，以及您對推動 EBITDA 逐步成長的計劃不同部分的信心。

Sure, I appreciate the question. This is Michelle Mapes. So, you're right, the strategy has evolved over the years, as we originally talked about some years ago when we launched upon our protein strategy and our pillars of corn oil in particular, we were very focused there. And then along came to our surprise the IRA, which then did cause us to pivot slightly and add the carbon pillar to our focus. We remain very constructive on protein.

當然，我很感謝你提出這個問題。這是米歇爾·梅普斯。所以，您說得對，這個策略多年來一直在不斷發展，正如我們幾年前最初談到的那樣，當我們推出我們的蛋白質策略，特別是玉米油支柱時，我們非常關注這一點。然後令我們驚訝的是，IRA 的出現確實促使我們稍微轉變方向，將碳支柱納入我們的關注範圍。我們對蛋白質的看法仍然非常積極。

It's taken longer than we had anticipated. It's been harder than we've anticipated. It's been harder than what we previously communicated, but we're committed to making sure that we're executing going forward, and I think Imre has shared with us some numbers that are reflective of we are now getting that penetration and our products are turning the corner there.

這比我們預期花費的時間還要長。這比我們預想的還要困難。這比我們之前傳達的要困難得多，但我們致力於確保我們能夠繼續執行，我認為伊姆雷與我們分享的一些數字反映了我們現在正在獲得這種滲透力，我們的產品正在出現轉機。

We obviously still remain constructive on corn oil, and as it relates to carbon, we are very bullish. We continue to be excited about where we are, where we're going. I think, when you look at our company today, we're pausing a bit, not that we don't support all the initiatives we are cleaning some things so that we can be positioned for profitability to move this company forward on solid footing, executing on those same pillars and those same strategies, but we're going to take a few months here and we're going to get things moving in the right direction and that's really where our focus is now. It's not a shift in strategy.

我們顯然仍然對玉米油持建設性態度，並且由於它與碳有關，我們非常看好。我們繼續對我們所處的位置和我們要去的地方感到興奮。我認為，當你今天看看我們公司時，我們會稍微停下來，並不是說我們不支持所有的舉措，我們正在清理一些東西，以便我們能夠為盈利做好準備，讓公司在堅實的基礎上向前發展，執行同樣的支柱和同樣的戰略，但我們會在這裡花幾個月的時間，讓事情朝著正確的方向發展，這才是我們現在真正關注的重點。這並不是戰略的轉變。

Okay, that's helpful context. And then, maybe just two follow-ups, one on hedges that you have already talked about a little bit, I guess, how should we just be thinking about your approach over time as we go, into subsequent quarters. Are you going to be targeting a roughly 50% will it depend on kind of what the market environment looks like and that'll be more variable is part number one and number two, the pacing of the SD&A declines to that run rate that you talked about if you could just kind of give us the cadence. Thanks.

好的，這是很有幫助的背景資訊。然後，也許只有兩個後續問題，一個是關於您已經談到的對沖，我想，隨著時間的推移，我們應該如何思考您的方法，進入隨後的幾個季度。您是否要將目標定為約 50% ？這是否取決於市場環境？而且，第一部分和第二部分會更加多變，SD&A 的節奏會下降到您談到的運行率，如果您能給我們一個節奏的話。謝謝。

Yes, I'll take the first one. It depends on market opportunity. We're obviously looking at business need and, even the margins, our cash flow or OpEx, so it's there's a lot of things that are going on in there that would make us pull the trigger. The 50% is not a mark. It might be zero. It may be a little more. We're not going to be 100% hedged. It's not executable, just, in the futures market. So, it is a risk assessment driven decision coupled with what the business needs.

是的，我選擇第一個。這取決於市場機會。我們顯然在考慮業務需求，甚至利潤率、現金流或營運支出，因此有很多事情會促使我們採取行動。50%不是一個分數。可能是零。可能還會多一點。我們不會進行 100% 的對沖。它只是在期貨市場上不可執行。因此，這是一個由風險評估和業務需求共同驅動的決策。

So, it can be 0 to, I don't know what the top end would be, but maybe 50% to 70% that we can actually execute, but there's no script for that.

所以，它可以是 0，我不知道最高值是多少，但也許我們可以實際執行 50% 到 70%，但沒有腳本。

Yes, and Andrew, this is Phil. So, in terms of SG&A pacing, I mean we are on track. We executed those reductions here in the second quarter, so you won't see it fully baked in the second quarter because of the timing of when we announced Eco and when we took some of those actions to further reduce our SG&A. But here in third quarter and fourth quarter, you'll see it coming through. Most of that SG&A is immediate. And while we're still chasing things, we still have contracts that are going to expire that might not be renewed, and we're still working on some things to further reduce that number. Most of that that that Michelle mentioned in her comments that we corporate trade SG&A in that $12million to $13 million dollar range for Q3 and Q4, so it's coming fast.

是的，安德魯，這是菲爾。因此，就銷售、一般及行政開支節奏而言，我認為我們正走在正軌上。我們在第二季度實施了這些削減，因此您不會在第二季度看到它完全實現，因為我們宣布 Eco 的時間以及我們採取的一些進一步削減銷售、一般和行政費用的措施的時間。但在第三季和第四季，你會看到它的表現。大部分銷售、一般及行政費用都是即時的。雖然我們仍在努力，但我們仍有一些即將到期且可能不會續約的合同，我們仍在努力進一步減少這一數字。米歇爾在評論中提到，我們公司第三季和第四季的銷售、一般及行政費用 (SG&A) 大部分在 1,200 萬美元至 1,300 萬美元之間，所以進展很快。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Good morning, everyone. So, I'm just jumping around calls, so I apologize if I'm covering something that already was earlier. So, I did hear, talking about just pausing a bit on other things, and you did list high pro corn oil, and carbon as being what you're committed to. I mean, clean sugars obviously has been a huge topic over time. Am I right in assuming that that is one of the initiatives that is being paused. And do you look at that still as having, significant long-term potential, I mean is there something where you're just you're pausing to say, hey, do we really want to push hard here or is it potentially something that you just kind of say hey let's focus on our base.

大家早安。所以，我只是在跳轉電話，所以如果我涵蓋了之前已經發生過的事情，我深表歉意。所以，我確實聽說過，談論只是在其他事情上稍微暫停一下，而你確實列出了高品質玉米油和碳作為你所致力於的事情。我的意思是，清潔糖顯然一直是一個熱門話題。我是否可以正確地假設這是被暫停的舉措之一。您是否認為這仍然具有巨大的長期潛力，我的意思是，您是否只是停下來想一想，嘿，我們真的想在這裡努力推動嗎，或者您是否可能只是說，嘿，讓我們專注於我們的基礎。

This is Chris Ossowski, and I covered this a little bit in the initial commentary. Yes, we are parsing the CST initiative and really what it's about right now, is maximizing the profitability of the Shenandoah site.

我是克里斯·奧索夫斯基 (Chris Ossowski)，我在最初的評論中稍微談到了這一點。是的，我們正在分析 CST 計劃，而它現在的真正目的是最大限度地提高 Shenandoah 站點的盈利能力。

We're able to run at higher throughput rates on the ethanol side and take advantage of better margin environment here in Q2. At the same time, we're able to run a simpler fermentation recipe that lowers opEX and helps us improve the protein and oil yields out of that plant, and that plant is leading our fleet in terms of the protein yield at over 4 pounds per bushel. So that's really the focus there. We also have some. Outside our fence issues with respect to wastewater management that will take additional potential CapEx to resolve, and we want to make sure that we have a very good plan in place before you restarting that effort, and we're thinking end of 2026 as a target.

我們能夠在乙醇方面以更高的生產力運行，並利用第二季更好的利潤環境。同時，我們能夠運行更簡單的發酵配方，從而降低營運成本並幫助我們提高該工廠的蛋白質和油產量，而且該工廠的蛋白質產量領先於我們的生產線，每蒲式耳的蛋白質產量超過 4 磅。所以這確實是重點。我們也有一些。我們圍欄外的廢水管理問題需要額外的潛在資本支出來解決，我們希望確保在重新開始這項工作之前我們已經制定了一個非常好的計劃，我們考慮以 2026 年底為目標。

Got it. Okay, and yes, and I know that the wastewater that that's been an issue for some time, good color on that I guess Maybe lastly just on the cost cuts, so you called out the $50 million. You also talked about that you're looking at further opportunities. I mean, at one point is that it seems like what you're doing, I don't want to say it's easy, but it might be more of low hanging fruit. Are there areas where it would be harder, but you certainly would go down that road if necessary.

知道了。好的，是的，我知道廢水問題已經存在一段時間了，我想這是一個很好的例子，也許最後只是關於成本削減，所以你提出了 5000 萬美元。您還談到您正在尋找更多機會。我的意思是，在某種程度上，你正在做的事情似乎很容易，我不想說這很容易，但它可能更容易實現。是否存在一些更困難的領域，但如果有必要，你肯定會走這條路。

Well, I would add on the operational excellence initiatives, we're focused on a couple different areas where we see opportunity, specifically on R&M management, repair and maintenance. So, our teams are committed to doing more predictive and preventative maintenance as opposed to breakdown type fix at work, and that opportunity is anywhere from $8 million to $10 million that's in front of us and we're starting to see realize some of that now.

好吧，我想補充一下卓越營運計劃，我們專注於幾個我們看到機會的不同領域，特別是 R&M 管理、維修和保養。因此，我們的團隊致力於進行更多的預測性和預防性維護，而不是工作中的故障類型修復，這個機會擺在我們面前，價值在 800 萬到 1000 萬美元之間，我們現在已經開始看到其中的一些實現。

And then on the chemicals, yeast and ingredients side of things, we're focused on improving our front-end processes in our fermentation plants to drive higher yields and lower our chemical yeast and enzyme costs, and that opportunity is somewhere in the $4 million to $6 million dollar range.

在化學品、酵母和成分方面，我們專注於改進發酵工廠的前端流程，以提高產量並降低化學酵母和酵素的成本，這個機會大約在 400 萬至 600 萬美元的範圍內。

And I would just add to that some things just take a little more time. Phil mentioned like our contractual commitments as we exited the eco transaction. There are contracts and services that we may no longer need. We're winding out of some of those things. We're in obviously some very large space here. We're working on that, but those things just take a little bit longer, and those are the kinds of things that we know we can and are executing on. It's just going to take a few quarters to make that happen.

我還要補充一點，有些事情確實需要多花一點時間。當我們退出生態交易時，菲爾提到了我們的合約承諾。有些合約和服務我們可能不再需要。我們正在逐步擺脫其中的一些事情。顯然，我們處於一個非常大的空間。我們正在努力，但這些事情需要更長的時間，我們知道我們能夠做到，並且正在執行。只需幾個季度就能實現這一目標。

David Driscoll, DD Research LLC.

大衛·德里斯科爾（David Driscoll），DD Research LLC。

Great, thank you. Good morning. I want to make a statement and then a couple of questions. So, I followed the ethanol industry for 25 years as a cell site analyst and now running a family investment office.

太好了，謝謝。早安.我想發表一個聲明，然後問幾個問題。因此，我作為基地台分析師關注乙醇產業長達 25 年，現在經營一家家族投資辦公室。

I do appreciate the comments that the results are not acceptable. I suggest that you do more to highlight the value of your assets and the company's earnings potential. Clear earnings guidance should be given to the street for both near term and longer-term financial expectations. This was done back in 2021 when the Green Plains 2.0 idea was put out there. Bottom line, when this doesn't happen, the stock can dislodge to exceptionally low levels, which is what I think is happening today.

我確實很欣賞那些認為結果不可接受的評論。我建議你多做些工作來凸顯你的資產價值和公司的獲利潛力。應該向華爾街提供明確的獲利指導，以應對近期和長期的財務預期。這是在 2021 年提出「綠色平原 2.0」理念時完成的。底線是，當這種情況沒有發生時，股價可能會跌至極低的水平，我認為這就是今天正在發生的情況。

So, to the questions, balance sheet liquidity is the topic. Phil, I just wanted to hear your thoughts here. In the fourth quarter, your cash balance was over $209 million. Here after the first quarter, it's down to $126 million fell by around 80 million bucks. Can you talk about how you see the cash balance over the remainder of the year. You commented on quote unquote positive EBITDA for the remainder of '25, but this is really vague. And it really plays into this cash question and my fundamental point here is to get at the financial stability of green plains with the stock price suggesting great concerns by the investment community. Thanks.

因此，對於這些問題，資產負債表流動性是主題。菲爾，我只是想聽聽你的想法。第四季度，您的現金餘額超過 2.09 億美元。第一季過後，數字下降至 1.26 億美元，下降了約 8,000 萬美元。您能談談您如何看待今年剩餘時間的現金餘額嗎？您評論說 25 年剩餘時間的 EBITDA 為正，但這確實很模糊。這確實涉及現金問題，我在這裡的基本觀點是了解綠色平原的財務穩定性，因為股價顯示投資界非常擔憂。謝謝。

No, I appreciate the question, David. It's a great question. I appreciate the comments, we are focused on maintaining liquidity like we've gone through on this call, we're focused on a discipline hedging program, disciplined cost reduction programs, and returning to consistent profitability.

不，我很感謝你提出這個問題，大衛。這是一個很好的問題。我很感謝這些評論，我們專注於保持流動性，就像我們在這次電話會議上所經歷的那樣，我們專注於紀律對沖計劃、紀律性成本削減計劃，並恢復持續盈利能力。

So, we did, lose some cash in the first quarter as a result of the EBITDA loss, the CapEx, the interest and the, and the restructuring charges. But it's our goal that we start to minimize that and we turn this back to a cash generating company. We should be cash positive, cash generating positive here in the second quarter. And as we look out into Q3 and Q4, rush still has some work to do. I mean, it's probably still, ethanol crush by itself is still probably in the low to mid-single digits and all in in terms of consolidated crush, and we've got carbon coming in the fourth quarter as well.

因此，由於 EBITDA 損失、資本支出、利息和重組費用，我們在第一季確實損失了一些現金。但我們的目標是盡量減少這種情況，並將其轉變為一家產生現金的公司。我們第二季的現金流量應該是正數，現金產生量應該是正數。展望第三季和第四季，Rust 仍有一些工作要做。我的意思是，就綜合壓榨量而言，乙醇壓榨量本身可能仍處於低點到中等個位數，而且第四季度我們還將迎來碳排放。

So, there are opportunities for this to continue to move higher, but we've taken these steps to liquidate 94 assets and put facilities in place and extend loans so that we can maximize our flexibility and really focus on returning its overall thing to pro to profitability.

因此，有機會繼續走高，但我們已採取這些措施來清算 94 項資產並建立設施並延長貸款，以便我們能夠最大限度地提高靈活性，並真正專注於讓整體業務恢復盈利能力。

And then just as a follow up, it's somewhat related here is this asset value and replacement cost and how to get better recognition of it. So, specifically how do you guys think about the replacement cost of the asset base with the stock trading at Yesterday $33.80, $570 million of gross debt. I believe that the implied value of these assets on a per gallon basis is less than $1. If these assets were built today, what would be a good ballpark figure to use as replacement costs per gallon. $250 a gallon, $350 a gallon. Where do you guys peg it.

然後作為後續問題，這與資產價值和重置成本以及如何更好地識別它有些相關。那麼，具體來說，你們如何看待資產基礎的重置成本，昨日股票交易價為 33.80 美元，總債務為 5.7 億美元。我認為這些資產每加侖的隱含價值不到 1 美元。如果這些資產是今天建造的，那麼每加侖的更換成本大概是多少？每加侖 250 美元，每加侖 350 美元。你們把它釘在哪裡了？

Well, I mean, thanks for the question, David. This is Michel. Not all assets are created equal, albeit is expensive to rebuild as you are well identifying. We would peg replacement costs in the probably $2 to $3 a gallon range depending upon the asset, depending upon, what we choose to rebuild and where, those types of things. One of the reasons for our strategic review process is to ensure that we're getting and maximizing value for our shareholders and getting out there in the market. It to identify what's available one on a whole company basis, on an asset basis, and that is ongoing and we are committed to ensuring that we're not leaving that value on the table for our shareholders. Chris, would you like to add something that relates to the detail on plants.

嗯，我的意思是，謝謝你的提問，大衛。這是米歇爾。並非所有資產都是平等的，儘管重建的成本很高，但正如您所識別的那樣。我們將更換成本定在每加侖大概 2 到 3 美元的範圍內，具體取決於資產、我們選擇重建什麼以及在哪裡重建等等。我們進行策略審查流程的原因之一是確保我們為股東獲取並實現價值最大化並在市場上佔有一席之地。它可以確定整個公司、資產層面上有哪些可用資源，而且這是一個持續的過程，我們致力於確保不會為股東留下任何價值。克里斯，你想添加一些與植物細節相關的內容嗎？

Yes. Specifically related to plants and asset values, we have three different Engineered designs of plants, that being ICM plants that were built by Delta T, and finally Vogabush and each of those plants performs a little bit different in terms of their energy consumption and total op effects and throughput. And one of the things I wanted to highlight is the improvement specifically related to our Delta T platform over the past, let's just say six to nine months. Our wood river otter tail, and superior plants are performing right now very close to, if not as good as an ICM designed 100-million-gallon plant. You see it in our total throughput numbers and you see it in our reduced OpEx per gallon results coming out of here out of Q1. And that puts us in a good spot with respect to taking advantage of better margins in Q2 in the rest of the year, and I think it's important for the industry to start changing the narrative around those Delta T assets and proving that they can perform and create value like those that were built by ICM.

是的。具體到工廠和資產價值，我們有三種不同的工程工廠設計，即由 Delta T 建造的 ICM 工廠，最後是 Vogabush，每個工廠在能耗、總運作效果和吞吐量方面的表現略有不同。我想強調的一件事是過去六到九個月內我們的 Delta T 平台的具體改進。我們的木河獺尾和優質工廠目前的表現非常接近，甚至不如 ICM 設計的 1 億加侖工廠。您可以從我們的總吞吐量數字中看到這一點，也可以從我們第一季每加侖營運成本的降低結果中看到這一點。這使我們處於有利地位，可以利用今年剩餘時間第二季度更好的利潤率，我認為對於行業來說，開始改變圍繞 Delta T 資產的敘述並證明它們可以像 ICM 建造的資產一樣發揮作用並創造價值非常重要。

I'd now like to turn the conference over to Michelle Mates for closing remarks.

現在，我想將會議交給米歇爾·馬茨 (Michelle Mates) 做閉幕發言。

Thank you. I want to assure you we are deeply committed to earning back your trust and executing on our strategy. We thank you all for your participation in today's call, and if you do have follow-up questions, please don't hesitate to reach out and we'll find a time to connect. Thanks and have a great day.

謝謝。我想向你們保證，我們堅決致力於重新贏得你們的信任並執行我們的策略。我們感謝大家參加今天的電話會議，如果您有後續問題，請隨時聯絡我們，我們會找時間與您聯絡。謝謝，祝您有愉快的一天。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與並祝您今天過得愉快。