Green Plains Inc. (GPRE) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Green Plains, Inc., first-quarter 2026 earnings conference call. (Operator Instructions) I will now turn the call over to your host, Will Joekel, Vice President and Treasurer. Will, please go ahead.

早安，歡迎參加 Green Plains, Inc. 2026 年第一季財報電話會議。（接線員指示）現在我將把電話交給本次會議主持人——Will Joekel，副總裁兼財務主管。Will，請開始。

Thank you, and good morning, everyone. Welcome to the Green Plains, Inc., first-quarter 2026 earnings conference call. Joining me on today's call are Chris Osowski, President and Chief Executive Officer; Ann Reis, Chief Financial Officer; Imre Havasi, Senior Vice President of Trading and Commercial Operations, along with the rest of the leadership team.

謝謝，各位早安。歡迎參加 Green Plains, Inc. 2026 年第一季財報電話會議。今天與我一同出席的有：總裁兼執行長 Chris Osowski；財務長 Ann Reis；交易與商業營運資深副總裁 Imre Havasi，以及其他領導團隊成員。

There is a slide presentation available on the investor page under the Events and Presentations links on our website. 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.

我們網站投資人頁面「活動與簡報」連結下提供投影片簡報。在本次電話會議中，我們將作出前瞻性陳述，也就是對未來事件的預測、推估或其他陳述。這些陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。

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

實際結果可能因今日新聞稿所討論的風險因素、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 與其他報告及申報文件中的「風險因素」章節所述，而出現重大差異。我們不承擔更新任何前瞻性陳述之義務。

With that, I'll turn the call over to Chris.

接下來，我把電話交給 Chris。

Thanks, Will, good morning, everyone. The first quarter reflected a different operating environment than a year ago, and more importantly, a different level of execution across the business. First-quarter adjusted EBITDA was $71.5 million, up $22 million from Q4 and more than $95 million higher than the first quarter of 2025.

謝謝 Will，各位早安。第一季反映出與一年前不同的營運環境，更重要的是，整體業務的執行水準也不同。第一季調整後 EBITDA 為 7,150 萬美元，較第四季增加 2,200 萬美元，且較 2025 年第一季高出逾 9,500 萬美元。

The first quarter is traditionally the most challenging period of the year for ethanol producers. Our first-quarter results are a strong example of what this organization can deliver when we stay focused on the fundamentals. Four things drove the improvement.

第一季傳統上是乙醇生產商一年中最具挑戰的期間。我們第一季的成果，是本組織在專注於基本面時所能交付表現的有力例證。改善主要由四項因素驅動。

First, our continued focus on operational excellence allowed us to run the platform at high rates. Second, strong sustainable demand for our products resulted in a favorable pricing environment while input costs remained in check. Third, the cost structure and simplification work we've been executing on for several quarters continues to compound. Finally, our carbon program contributed $55 million of EBITDA in its first full quarter following the startups completed last year.

第一，我們持續聚焦營運卓越，使平台能以高負載運轉。第二，我們產品的強勁且具永續性的需求帶來有利的定價環境，同時投入成本仍受控。第三，我們已執行數季的成本結構與簡化工作持續累積成效。最後，我們的碳計畫在去年完成啟動後的第一個完整季度，貢獻了 5,500 萬美元的 EBITDA。

I also want to recognize the work the team has done in terms of safety. We completed the first quarter with no recordable injuries, which is an important milestone and exactly how we expect to operate. Safety is a prerequisite for everything we're trying to accomplish. A clear example of this is our Central City plant, which achieved Highly Protected Risk recognition from our property insurer, FM Global, a recognition that reflects exceptional operational discipline and safety standards, reinforcing the culture our team has built.

我也想肯定團隊在安全方面所做的努力。我們第一季以零可記錄傷害結束，這是一個重要里程碑，也完全符合我們對營運方式的期待。安全是我們想要達成一切目標的前提。一個明確例子是我們的 Central City 工廠，獲得財產保險公司 FM Global 頒發的「高度受保護風險（Highly Protected Risk）」認證；此認證反映出卓越的營運紀律與安全標準，並強化了團隊所建立的文化。

On the production front, our focus on operational excellence once again paid dividends with the plants producing 174 million gallons during the quarter, or approximately 97% of our operating capacity. In our York, Nebraska facility, we set a monthly production record in March, and our Superior, Iowa facility set a new quarterly production record during the quarter. These achievements are a direct reflection of the operational improvements the teams have made and gives us the confidence in the sustainability of these production rates.

在生產方面，我們對營運卓越的專注再次帶來成果：本季各廠合計生產 1.74 億加侖，約為我們營運產能的 97%。在內布拉斯加州 York 廠，我們於 3 月創下單月產量紀錄；而愛荷華州 Superior 廠則在本季創下新的單季產量紀錄。這些成就直接反映團隊所做的營運改善，也讓我們對這些產量水準的可持續性更具信心。

At the same time, ethanol, corn oil, and protein yields remain strong across the fleet and have been solid contributors to our gross margin. A key accomplishment for us in this quarter was the continued progress in our carbon strategy. Construction and startup was completed last year, and the focus has shifted toward operational performance, monetization, and incremental opportunities to maximize 45Z. Capture performance is now near our expected long-term rates, which reduces CI and creates substantial value for the business.

同時，乙醇、玉米油與蛋白產品的收率在整體廠群仍維持強勁，並對我們的毛利率作出穩健貢獻。本季我們的一項關鍵成果，是碳策略持續取得進展。建置與啟動已於去年完成，重點已轉向營運表現、變現，以及最大化 45Z 的增量機會。目前捕集表現已接近我們預期的長期水準，可降低碳強度（CI），並為公司創造可觀價值。

As shown in our results, our carbon program is improving results in a meaningful way. In February, we guided to at least $188 million of EBITDA contribution from 45Z production tax credits. Based on Q1 performance and operational data, we're raising that range to $200 million to $225 million for the full year, with Advantage Nebraska contributing $140 million to $165 million of that.

如同我們的業績所示，碳計畫正以具體方式改善成果。2 月時，我們指引 45Z 生產稅額抵免對 EBITDA 的貢獻至少為 1.88 億美元。基於第一季表現與營運數據，我們將全年區間上調至 2.00 億至 2.25 億美元，其中 Advantage Nebraska 預計貢獻 1.40 億至 1.65 億美元。

I'll now hand the call over to Ann to review the financials.

接下來我把電話交給 Ann，請她說明財務表現。

Thanks, Chris. Consolidated crush margins improved meaningfully year over year, driven by stronger ethanol margins, higher demand for corn oil, and the contribution from 45Z. During the quarter, we generated gross margin of $88 million, compared to $3 million in the first quarter of 2025. Revenue for the quarter was $446 million, reflecting lower gallons following the sale of the Obion, Tennessee facility.

謝謝 Chris。合併壓榨利差（crush margins）較去年同期顯著改善，主要受惠於乙醇利差走強、玉米油需求提高，以及 45Z 的貢獻。本季我們創造毛利 8,800 萬美元，相較之下 2025 年第一季為 300 萬美元。本季營收為 4.46 億美元，反映出售田納西州 Obion 廠後出貨加侖數下降。

Net income attributable to Green Plains was $33 million, or $0.42 per diluted share, compared to a net loss of $1.14 in the first quarter of 2025. On the cost side, consolidated SG&A totaled $19.5 million in Q1, continuing to trend lower year over year, and we remain on track for a full-year SG&A target of approximately $90 million. Interest expense was $11.5 million. And we expect full-year interest expense to be in line with our previous guidance of approximately $35 million for the year.

歸屬於 Green Plains 的淨利為 3,300 萬美元，或每股稀釋後盈餘 0.42 美元；相較之下，2025 年第一季為每股淨損 1.14 美元。在成本方面，第一季合併 SG&A 為 1,950 萬美元，持續呈現年對年下降趨勢；我們仍按計畫達成全年 SG&A 目標約 9,000 萬美元。利息費用為 1,150 萬美元。我們預期全年利息費用將與先前指引一致，約為 3,500 萬美元。

Depreciation and amortization expenses during the quarter were $23.6 million. Beginning in the first quarter, we early adopted ASU 2025-10, which provides a framework for accounting for government grants. As a result, our 45Z production tax credits are now reflected as earned credits recorded as a current asset and recognized as a reduction to cost of goods sold rather than through the income tax line. This change improves transparency around operating performance and does not impact cash flow or the underlying economics of the business. Please note that prior periods have been recapped for comparability.

本季折舊與攤銷費用為 2,360 萬美元。自第一季起，我們提前採用 ASU 2025-10，該準則提供政府補助會計處理的架構。因此，我們的 45Z 生產稅額抵免現在以已賺得之抵免額呈列為流動資產，並以銷貨成本的減項認列，而非透過所得稅項目列示。此變更提升營運表現的透明度，且不影響現金流或業務的基本經濟性。請注意，為了可比性，前期期間已重新呈列。

On a gross basis, we generated $65.6 million of 45Z tax credit value. Net of monetization discounts and operating costs, the generation of production tax credits contributed $55.2 million to adjusted EBITDA in the first quarter. The $32 million increase in 45Z contribution to EBITDA compared to the fourth quarter was primarily the result of having a full quarter of operational carbon sequestration at our three Nebraska facilities.

以毛額計算，我們產生 6,560 萬美元的 45Z 稅額抵免價值。扣除變現折價與營運成本後，第一季生產稅額抵免的產生對調整後 EBITDA 貢獻 5,520 萬美元。相較第四季，45Z 對 EBITDA 的貢獻增加 3,200 萬美元，主要是因為我們在內布拉斯加州三座設施的碳封存營運涵蓋了完整一季。

We consider our Q1 carbon results to be an appropriate baseline, and we expect the net contribution from our carbon strategy to generate approximately $200 million to $225 million of EBITDA for fiscal year 2026. As Chris mentioned, Advantage Nebraska is currently forecasted to generate approximately $140 million to $165 million of net EBITDA, with the balance of the plants contributing approximately $60 million. We reported $95.7 million of unrestricted cash and equivalents as of March 31, a decline from December 31 that is primarily driven by our normal seasonal working capital requirements.

我們認為第一季的碳業績可作為適當的基準，並預期 2026 會計年度碳策略的淨貢獻將帶來約 2.00 億至 2.25 億美元的 EBITDA。如 Chris 所提，Advantage Nebraska 目前預估可產生約 1.40 億至 1.65 億美元的淨 EBITDA，其餘工廠合計約貢獻 6,000 萬美元。截至 3 月 31 日，我們的非受限現金及約當現金為 9,570 萬美元，較 12 月 31 日下降，主要是受我們正常的季節性營運資金需求所致。

The final cash payment from the sale of our 2025 45Z credits was received in April, and we're ensuring that we have all the compliance requirements in place to monetize our 2026 tax credits. Today, our cash and restricted cash balance is over $200 million. Capital expenditures in the first quarter were $6.4 million and primarily related to maintenance projects. We expect sustaining CapEx for our maintenance, safety, and regulatory projects to total $15 million to $25 million for the year.

我們於 4 月收到出售 2025 年 45Z 抵免額的最後一筆現金款項，並正確保具備所有合規要求，以便將 2026 年稅額抵免變現。目前，我們的現金與受限現金餘額合計超過 2 億美元。第一季資本支出為 640 萬美元，主要與維護專案相關。我們預期全年維持性資本支出（sustaining CapEx），用於維護、安全與法規專案，合計約為 1,500 萬至 2,500 萬美元。

Turning to the balance sheet, during the quarter, we completed the reclassification of our carbon compression equipment obligations. As the carbon sequestration projects at our three Nebraska facilities reached substantial completion late last year, the majority of liabilities related to carbon equipment moved into long-term debt, consistent with the underlying financing terms.

談到資產負債表，在本季度期間，我們完成了對碳壓縮設備義務的重分類。由於我們在內布拉斯加州三座設施的碳封存專案於去年年底接近實質完工，與碳設備相關的大部分負債已依據其基礎融資條款轉入長期負債。

The remaining $60 million of 2027 convertible notes became a current maturity during the quarter, and we expect to address those notes with available cash at maturity. In April, we reduced the size of our working capital facility and extended the maturity by six months. These modifications will allow for immediate cost savings and give us runway to execute a longer-term extension later this year.

剩餘的6,000萬美元2027年可轉換公司債在本季度成為流動到期項目，我們預期將在到期時以可用現金處理這些票據。4月，我們縮減了營運資金融資額度的規模，並將到期日延長六個月。這些調整將帶來立即的成本節省，並為我們在今年稍晚執行更長期的展期提供時間與空間。

I'll now let Imre cover the commercial update.

接下來我把時間交給Imre，請他說明商業面更新。

Thank you, Ann. Unlike the past several years, the first quarter delivered strong ethanol crush margins, particularly in the second half of the quarter. Industry economics were supported by lower corn prices, solid ethanol demand, both domestically and internationally, and increasing corn oil values. Energy commodity prices were a tailwind during March, supported in part by elevated geopolitical risk premiums. Even before 45Z contributions, our gross margin per gallon was approximately $0.10 higher compared to the first quarter of last year.

謝謝你，Ann。不同於過去幾年，第一季帶來強勁的乙醇壓榨利差，尤其是在本季後半段。產業經濟性受到較低的玉米價格、國內外穩健的乙醇需求，以及玉米油價值上升的支撐。3月能源商品價格形成順風，部分受惠於較高的地緣政治風險溢價。即使在45Z貢獻之前，我們每加侖毛利相較去年第一季約高出0.10美元。

Exports were again an important part of the story. We continue to see strong demand pull for US ethanol, helping to balance the market and provide margin support during the quarter. Demand is coming from mandated blending and compliance requirements at destination markets, which have supported steady and sustainable export flow.

出口再次成為重要的一環。我們持續看到美國乙醇需求強勁拉動，有助於平衡市場並在本季度提供利差支撐。需求來自目的地市場的強制摻混與合規要求，支撐了穩定且可持續的出口流量。

I'd like to spend a little time on the Renewable Fuel Standard. The EPA finalized 2026 and 2027 Renewable Volume Obligations in March at the highest levels in the program's history. Conventional ethanol volumes remain at 15 billion gallons, while biomass-based diesel volumes move sharply higher. Combined with some restrictions on imported feedstocks, we see continued strong demand for our low CI corn oil for the foreseeable future.

我想花點時間談談《可再生燃料標準》（Renewable Fuel Standard）。EPA於3月敲定2026與2027年的可再生燃料用量義務（RVO），達到該計畫史上最高水準。傳統乙醇用量仍維持在150億加侖，而生質柴油用量則大幅提高。再加上一些對進口原料的限制，我們預期在可預見的未來，對我們低碳強度（CI）的玉米油需求將持續強勁。

Pricing has been improving significantly, making corn oil an important component of our earnings. Protein remains a solid contributor to the overall gross margin. The relative value of our Ultra-High Protein product versus soybean meal has been strengthening. Our customers recognize Ultra-High Protein as a differentiated high-quality ingredient. Looking to the second quarter, current margins, co-product pricing, and carbon contribution all support a stronger result than in Q1.

價格已顯著改善，使玉米油成為我們獲利的重要組成。蛋白產品仍是整體毛利的穩健貢獻者。我們的超高蛋白（Ultra-High Protein）產品相對於豆粕的相對價值正在走強。客戶認可超高蛋白是一種具差異化的高品質原料。展望第二季，目前的利差、副產品定價與碳貢獻都支持較第一季更強的表現。

Our hedging strategy remains consistent and disciplined with a clear focus on downside protection while preserving meaningful upside participation. Importantly, our risk management philosophy spans the full margin stack, inclusive of all of our co-products and key commodity inputs like physical corn ownership and natural gas.

我們的避險策略仍然一致且嚴謹，明確聚焦於下行保護，同時保留有意義的上行參與。重要的是，我們的風險管理理念涵蓋完整的利差結構，包含所有副產品以及關鍵商品投入，例如實體玉米持有與天然氣。

The goal is total margin protection and cost certainty across all the moving parts of the business, not just the headline simple crush. Proactive risk management produced a $0.04 per gallon hedging adjustment with ethanol rallying late in the quarter as geopolitical events drove energy prices higher. That outcome reflects the trade-off we intentionally accept because it locked in part of our margin well above historical averages and protected the cash flow we need for capital deployment.

目標是在業務所有變動環節上實現整體利差保護與成本確定性，而不僅僅是表面上的簡單壓榨利差。由於地緣政治事件推升能源價格、乙醇在季末上漲，主動風險管理帶來每加侖0.04美元的避險調整。這個結果反映了我們刻意接受的取捨：它將部分利差鎖定在遠高於歷史平均的水準，並保護我們進行資本部署所需的現金流。

Importantly, the strategy work that's designed and we remain comfortable with our overall hedge framework and positioning going forward. I'll now hand the call over to Chris.

重要的是，相關策略工作已完成，我們對未來整體避險架構與部位仍感到安心。接下來我把電話交給Chris。

As we look ahead, our focus has shifted from stabilization and simplification to disciplined execution and capital deployment. The first quarter demonstrates the earnings power of the platform when the plants are running well, risk is managed appropriately, and carbon is fully operational. From here, the opportunity is protecting and enhancing margins, converting earnings into cash, and putting that cash to work in the highest return opportunities available to us.

展望未來，我們的重點已從穩定與簡化，轉向有紀律的執行與資本部署。第一季展現了當工廠運轉良好、風險管理得當且碳業務全面運作時，平台的獲利能力。接下來的機會在於保護並提升利差、將獲利轉化為現金，並把這些現金投入我們可取得的最高報酬機會。

We expect 2026 margin and cash flow performance to be driven by sustained operational execution across the fleet, continued contribution from the carbon program, disciplined commercial risk management, and growing demand for products. These four factors produced a great first quarter and are what will support cash flow generation for the rest of 2026 and beyond.

我們預期2026年的利差與現金流表現將由以下因素驅動：全體產能的持續營運執行、碳計畫的持續貢獻、有紀律的商業風險管理，以及產品需求成長。這四項因素帶來了出色的第一季，也將支撐2026年其餘期間及更長遠的現金流創造。

That cash flow underpins our capital allocation priorities. Sustaining CapEx comes first. $15 million to $25 million to keep the fleet running reliably and keep our employees safe. Plant reliability is critical to margin capture, and we're focused on keeping our facilities running at a high level. From there, we're allocating capital to efficiency and CI improvement projects, which are modest in size, have a short payback, and will improve the earnings of the base plants for years to come.

這些現金流支撐我們的資本配置優先順序。維持性資本支出（Sustaining CapEx）優先。投入1,500萬至2,500萬美元，以確保整體產能可靠運行並保障員工安全。工廠可靠性對於利差捕捉至關重要，我們專注於讓設施維持高水準運轉。接著，我們將資本配置到效率與CI改善專案，這些專案規模不大、回收期短，並將在未來多年提升基礎工廠的獲利能力。

Our objective is to be a performance leader within the ethanol industry, and we're undertaking formal benchmarking exercises across our plants to identify operational gaps and best practices, and we're directing capital toward projects that improve reliability, efficiency, and lower carbon intensity. We're also planning on retiring $60 million of the 2027 convertible notes at maturity. And beyond that, we will continue to evaluate the highest return use of incremental capital, whether that is additional efficiency projects, growth opportunities, or capital structure optimization.

我們的目標是在乙醇產業中成為績效領導者；我們正在各工廠推動正式的標竿比較，以找出營運缺口與最佳實務，並將資本導向可提升可靠性、效率並降低碳強度的專案。我們也計畫在到期時償還6,000萬美元的2027年可轉換公司債。此外，我們將持續評估增量資本的最高報酬用途，無論是更多效率專案、成長機會，或資本結構最佳化。

To highlight a couple of the growth projects we are initiating, first, at Wood River, Nebraska, we've approved building approximately 4.5 million bushels of grain storage. This is a straightforward investment that reduces corn basis risk and supports consistent plant operations. Additionally, it'll improve procurement flexibility, which will allow us to procure more bushels directly from the farmer, which will improve yields and maximize the opportunity from on-farm practices and further reduce carbon intensity scores.

為了凸顯我們正在啟動的幾個成長專案，首先，在內布拉斯加州Wood River，我們已核准興建約450萬蒲式耳的穀物儲存設施。這是一項直接明確的投資，可降低玉米基差風險並支持工廠穩定運作。此外，這也將提升採購彈性，使我們能直接向農民採購更多蒲式耳，進而改善產出並最大化農場端作法帶來的機會，並進一步降低碳強度評分。

It's the perfect example of capital that is modest in scale, operationally grounded, and will improve the earnings power of the plant. As we complete this project and measure the results, we'll evaluate replicating at other facilities where the return profile is similarly attractive. Also, in York, Nebraska, we're engineering low-energy distillation upgrades. This investment is focused on reducing energy consumption and lowering operating costs to further reduce the carbon intensity score of the plant.

這是資本投入的完美例子：規模適中、以營運為本，並能提升工廠的獲利能力。當我們完成此專案並衡量成果後，將評估在其他報酬特性同樣具吸引力的設施複製推行。另外，在內布拉斯加州York，我們正在進行低能耗蒸餾升級的工程設計。此投資聚焦於降低能源消耗與營運成本，以進一步降低該工廠的碳強度評分。

Taken together, these projects reflect how we're deploying capital today, focusing on reliability and efficiency, permanently taking costs out, and improving CI scores. As these type of projects are replicated across the fleet, they will structurally increase cash generation.

綜合而言，這些專案反映了我們當前的資本部署方式：聚焦可靠性與效率、永久性降低成本，並改善CI評分。當這類專案在整體產能中複製推行時，將在結構上提升現金創造能力。

In summary, Green Plains is operating from a much stronger position than it was a year ago. Reliability across the platform has improved, the balance sheet has been strengthened, and all of our products are seeing strong, sustainable demand. The structural backdrop for our products, ethanol, corn oil, and protein, is as positive as it has been in years. Gross margins remain well above historical averages, our carbon program is generating significant value. Going forward, we'll remain focused on disciplined execution and thoughtful capital allocation.

總結來說，Green Plains目前的營運位置比一年前強得多。整體平台的可靠性已改善，資產負債表已強化，而且我們所有產品都看到強勁且可持續的需求。我們產品（乙醇、玉米油與蛋白）的結構性背景，是多年來最正面的。毛利仍遠高於歷史平均，我們的碳計畫正在創造顯著價值。展望未來，我們將持續專注於有紀律的執行與審慎的資本配置。

Operator, we can now open it up for questions.

接線員，我們現在可以開放提問。

(Operator Instructions) Andrew Strelzik, BMO.

(接線員指示) Andrew Strelzik，BMO。

Thanks for taking the questions. First thing, I guess I was -- I wanted to ask about the update to the 45Z guidance you provided. I guess I'm just curious with the 1Q run rate kind of putting you at the high end of that range, it's not seasonally peak period. How should we think about the moving pieces within that range, if you could just maybe help us think through that?

謝謝讓我提問。第一個問題，我想——我想詢問你們提供的45Z指引更新。我有點好奇，第一季的運行水準似乎已把你們推到該區間的高端，但這並不是季節性高峰期。我們應該如何看待該區間內的各項變動因素？如果可以的話，能否請你們協助我們梳理一下？

Thanks for the question. First and foremost, our plants ran at high utilization rates in Q1, so 97%. Going into Q2 is traditionally the time period where we take spring maintenance. We also take fall maintenance activities. So we have to balance that out in terms of what that 45Z cash generation looks like through the entirety of the year.

感謝提問。首先，我們的工廠在第一季維持高稼動率，約97%。進入第二季，傳統上是我們進行春季歲修保養的期間。我們也會在秋季進行維護作業。因此，我們必須在全年範圍內，平衡45Z現金創造在各時點的表現。

But in general, what's occurred is we've got a few months of run rate under our belt, and we've gained confidence in the ability of the system to operate at a high capture efficiency, and we're comfortable with updating that projection.

但整體而言，目前的情況是我們已經累積了幾個月的運轉水準數據，並且對系統能以高捕捉效率運作的能力更有信心，因此我們也更有把握更新該項預估。

Okay. And the other question I wanted to ask was around corn oil in particular, especially with the yields that you guys realized on that. I mean, the company used to talk about kind of a sensitivity to changes in corn oil prices. Is there any kind of framework that you can provide on an updated basis to help us think about that?

好的。我想問的另一個問題是關於玉米油，特別是你們實現的玉米油產率。我的意思是，公司過去曾談到對玉米油價格變動的某種敏感度。你們是否能提供一個更新後的框架，幫助我們思考這件事？

Yeah, this is Imre. Yeah, I mean, the context after the EPA ruling is very supportive, right? There are different nuances that will influence the demand for the next two years and then, and then pass. But in general, structurally there is very strong demand for corn oil and both for the CI aspect of it, but also the relative tightness of the domestic supply.

是的，我是Imre。是的，我的意思是，EPA裁定之後的背景非常有利，對吧？有一些不同的細微因素會影響未來兩年的需求，然後，然後再往後。但總體來看，從結構面而言，玉米油需求非常強勁，既因其CI（碳強度）層面的因素，也因國內供給相對偏緊。

So I think, in terms of pricing, it will always be a function of the soy complex and the energy complex. But in relative terms, it will remain a very significant contributor on a per gallon basis to our margins. And that is for the next several years.

所以我認為，就定價而言，它永遠會是大豆相關商品組合與能源商品組合的函數。但相對而言，它仍將在每加侖的基礎上，對我們的利潤率做出非常顯著的貢獻。而且這會延續到未來幾年。

Okay. And I just want to quickly follow up on that. I guess with now the 45Z, with the changes that are impacting corn oil, I know that we've got some temporarily high energy prices here. When you think about the durability of the different components of your margin structure, I guess, how are you thinking about that on a go forward? It seems much more durable than in the past, I guess we'd love your perspective on that.

好的。我想就此快速追問一下。我想，現在有了45Z，加上影響玉米油的變化，我知道目前能源價格暫時偏高。當你們思考利潤結構中不同組成部分的持久性時，我想問你們未來會如何看待？看起來比過去耐久得多，我想我們很想聽聽你們的觀點。

Yeah. I think from a product perspective, the demand is going to be solid, right? So you got a significant ethanol pull, more from international customers because of those mandates overseas and the deficit there. I don't want to go too much into detail, but if you also think about the long-term effects of the war in the Middle East, the diversification of fuel inputs would suggest that biofuel will continue to play and actually will play an increased role in fuel supply around the world.

是的。我認為從產品角度來看，需求會很穩健，對吧？因此你會看到顯著的乙醇拉動，更多來自國際客戶，因為海外的法規要求以及那邊的供給缺口。我不想講得太細，但如果你也考慮中東戰爭的長期影響，燃料投入來源的多元化意味著生質燃料將持續扮演角色，且實際上會在全球燃料供應中扮演更大的角色。

Of course, from an ethanol perspective, it's just the US and Brazil exporting. The other regions are deficit and demand is growing. So that is supportive. We've already discussed corn oil. That's all domestic and the domestic demand will continue to be very strong. Protein is -- I don't expect anything like really special, but we have a customer base and a product portfolio that will be supportive.

當然，從乙醇角度來看，主要就是美國與巴西在出口。其他地區是供給不足且需求在成長。因此這是有利因素。我們已經討論過玉米油。那完全是國內市場，而國內需求將持續非常強勁。蛋白產品方面——我不預期會有什麼特別的情況，但我們有客戶基礎與產品組合，將提供支撐。

So I think the only thing that can have an impact on overall industry margins is corn. Input costs, corn and natural gas, those are the ones that we're also monitoring. But that's largely unknown. The corn crop, next year's corn crop is the one that we're monitoring. But the planting progress is good so far. It will all come down to weather.

所以我認為，唯一可能影響整體產業利潤率的是玉米。投入成本，玉米與天然氣，這些是我們也在監控的項目。但這在很大程度上仍是未知數。我們正在關注的是明年的玉米作物。但目前播種進度良好。最終將取決於天氣。

Great. Thank you very much.

很好。非常感謝。

Matthew Blair, TPH.

Matthew Blair，TPH。

Did any of the increase to the 2026 45Z outlook come from the on-farm practice benefits that you referenced on the last call? And I guess if not, how much could that raise future 45Z contributions? And then also, it looks like the contributions from the non-Nebraska plants moved up a fair amount. I have it as originally you were expecting $38 million. Now it sounds like it's up to $60 million. Could you talk about what's driving that increase? Is that just a function of better operations and marginal gains in CI scores?

你們對2026年45Z展望的上調，有沒有任何部分來自你們在上次電話會議提到的農場端作法（on-farm practice）效益？如果沒有，這可能會讓未來45Z貢獻提高多少？另外，看起來非內布拉斯加州工廠的貢獻上調了不少。我記得你們原先預期是3,800萬美元。現在聽起來提高到6,000萬美元。能否談談推動這項增加的原因？這只是因為營運更好、CI分數有些邊際改善嗎？

Thanks, Matthew. Yeah. So if we start with your question around the on-farm practices and whether or not that's baked into our current guidance, and the answer is it's not. So the proposed ruling is out there from the Treasury, and it definitely mentions that we will -- we foresee that -- we believe that we'll be able to use that in the future. Still waiting on final guidance to really understand, and that final calculator, which hasn't been released yet, to be able to truly understand what the impacts and what we might be able to capture there.

謝謝你，Matthew。是的。先從你關於農場端作法、以及這是否已納入我們目前指引的問題開始，答案是沒有。因此，財政部已提出擬議規則，其中確實提到我們將——我們預見——我們相信未來能夠使用這些作法。但我們仍在等待最終指引，以真正理解其內容，以及那個尚未發布的最終計算器，才能真正了解影響，以及我們可能能夠取得哪些效益。

We do think that there is opportunities there, particularly in our regions where our facilities are that -- get quite a few farmer bushels. That is definitely one of the drivers for the Wood River corn expansion that Chris discussed.

我們確實認為這裡有機會，特別是在我們設施所在的區域——那裡能取得相當多農民交付的玉米蒲式耳數。這也確實是Chris所提到的Wood River玉米擴建案的驅動因素之一。

All of that helps when farmers go through harvest and they want to deliver corn, they want to be able to deliver it quickly. And so being able to have good facilities and receiving facilities promotes their continued bushels to us. So that is definitely one of the drivers that we're looking at with adding that additional storage. It's all favorable. We believe it will all be favorable as far as range goes.

這些都有幫助，因為當農民在收穫季想要交付玉米時，他們希望能快速卸貨交付。因此，具備良好的設施與收料設施，能促使他們持續把蒲式耳數交給我們。所以，這確實是我們在新增額外儲存能力時所考量的驅動因素之一。整體都是正向的。我們相信就區間而言，這些都會是有利的。

Still TBD based on how the calculator is published and what those amounts look like right now. They have a beta version that's been released, and you can -- it definitely varies from county to county. So really some -- a lot of numbers that we'll just have to see how everything pans out. But we've got a good plan in place. We feel like we have an ability to be able to capture that when those numbers are finalized.

但目前仍待定（TBD），取決於計算器如何發布，以及目前這些數值看起來會是多少。他們已發布一個beta版本，而且你可以——它確實會因郡（county）而異。所以有——很多數字我們只能等看最後如何發展。但我們已經有一個完善的計畫。我們覺得一旦這些數字定案，我們有能力把握並取得相關效益。

But as far as what it might do to the CI score, I don't think we're really prepared to release that at this moment. When it comes to your other question. On the non-Nebraska plants. So really what's driving that, right, is there's a couple of factors. One is that they removed the iLUC penalty for corn starting here in 2026. So that was a reduction of approximately 6 CI points.

但至於它可能會對CI分數造成什麼影響，我想我們目前還沒準備好在此刻對外公布。至於你另一個問題。關於非內布拉斯加州的工廠。真正推動這件事的因素有幾個。其中之一是，他們從2026年開始取消了玉米的iLUC懲罰。因此CI分數大約降低了6點。

The other piece that we've been able to take advantage of is the ability to buy RECs to offset our electricity. So the combination between those two things, plus just the plants operating more efficiently, as Chris noted, has been able to increase that dollar amount that we intend to capture during 2026.

另一個我們能夠加以利用的部分，是購買RECs（再生能源憑證）來抵銷我們的用電。這兩者的組合，再加上如Chris所提到的工廠運轉更有效率，使我們能提高我們打算在2026年取得的金額。

Great. Thanks for your comments.

很好。謝謝你的說明。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

Thank you for the question. I also wanted to follow up on DCO, but more from a production side, because you do have some technology in-house to sort of torque those yields a bit higher. So I'm wondering, as you're considering your capital allocation priorities, some of the low dollar amount but high impact, if DCO capacity is on that list of potential projects?

謝謝你的提問。我也想追問一下 DCO，但更偏向生產端，因為你們確實有一些自有技術，可以把那些產率稍微再拉高一些。所以我想請教，當你們在考量資本配置優先順序時，有些金額不大但影響很大的項目，DCO 產能是否在潛在專案清單上？

Thanks for the question, Kristen. And the answer is yes. I mean, as part of the operational excellence program that we've got working through our plant network, we're looking at any opportunity to improve processing yields starting with ethanol yields, because that translates into good protein yields and good DCO yields.

謝謝你的提問，Kristen。答案是肯定的。我的意思是，作為我們在廠區網路推動的營運卓越計畫的一部分，我們正在尋找任何能提升加工產率的機會，先從乙醇產率開始，因為那會轉化為良好的蛋白產率與良好的 DCO 產率。

And in fact, we do have the MSC technology in numerous plants, which helps increase our per bushel oil yield, but we're also looking at opportunities for the non-MSC plants where they can boost their oil yields to historically high levels, and we're seeing good results with that. So that'll be part of that capital plan going forward, what we can do to further drive yield improvements to effectively improve the base business profitability.

事實上，我們在多座工廠都有 MSC 技術，這有助於提高每蒲式耳的出油量；但我們也在尋找非 MSC 工廠的機會，讓它們把出油量提升到歷史高位，我們也看到不錯的成果。因此，這將成為未來資本計畫的一部分：我們能做些什麼來進一步推動產率改善，從而有效提升基礎業務的獲利能力。

Okay. Great. Thank you. And then just two sort of related questions on cash flow statement. It looks like Q1, I mean, you called out the seasonal use of working capital, but it does seem a bit higher, so maybe I'm missing a few moving pieces with the restatement. If you could speak to the working capital use. And as well, if there's any change in your timing expectations of cash receipts relative to EBITDA earned on those carbon credits.

好的。很好。謝謝。接著是兩個與現金流量表相關的問題。看起來第一季——我知道你提到季節性的營運資金使用，但似乎高了一些，所以也許我在重編後漏看了幾個變動因素。你能談談營運資金的使用情況嗎？另外，關於那些碳權所賺取的 EBITDA，相對應的現金收款時點預期是否有任何改變？

Yeah. Thanks, Kristen. Yeah. So with the reference to the working capital used, so a large portion of the farmers that we do business with, they prefer to be on a deferred payment schedule. So a lot of those payments go out after the first of January. So that's you're going to see some seasonal changes and swings with the cash flow due to just that normal pattern that the farmers have operated on for years.

好的。謝謝，Kristen。是的。關於營運資金使用的部分，我們合作的農民中有很大一部分偏好採用延後付款的安排。因此，很多款項會在 1 月 1 日之後才支付。所以你會看到現金流因為這種多年來農民一直採用的正常模式，而出現一些季節性的變化與波動。

For your question around the 45Z and the cash flow associated with that, like I said, we received our 2025, last payment for the 2025 45Z credits here in April. And we're feeling very confident and very positive about the progress we're making on the monetization for the 2026 credits. And majority -- really what our focus is around getting the best value for those credits for the company, and also the best cash structure, right, to help our company be able to consistently receive cash flows each quarter in relation to our generation of the 45Z tax credits.

至於你問到 45Z 以及相關現金流的問題，如我所說，我們在 4 月收到了 2025 年 45Z 抵減額度的最後一筆款項。而且我們對 2026 年額度的變現進展感到非常有信心、也非常正面。我們的重點——真正的重點——是為公司爭取這些額度的最佳價值，同時也要有最佳的現金結構，對吧，讓公司能夠在每一季都能相對穩定地收到與 45Z 稅額抵減生成相對應的現金流。

So that is what we are heading towards. While we don't have anything to officially announce today, we're very optimistic as the progress that we've been making. Something to just keep in mind is that there is a lot of, and I mentioned it in my prepared remarks around the compliance requirements for the 45Z. There is a fairly heavy lift when it comes to making sure that all of our plants are in compliance with PWA.

這就是我們努力的方向。雖然今天沒有任何可以正式宣布的事項，但我們對目前取得的進展非常樂觀。另外要提醒的是，45Z 的合規要求有很多，我在事先準備的發言中也提到過。要確保我們所有工廠都符合 PWA 的要求，工作量相當大。

We're being able to obtain the highest level of the tax credit as possible, plus all the audits that are associated with verifying our gallons and everything associated with it. So there's quite a bit of audit work that goes along with this, and so we're just making sure we're dotting all of our I's and crossing all of our T's to get the best value we can for those tax credits.

我們要能取得盡可能最高等級的稅額抵減，此外還有所有與核實我們的加侖數及相關事項的稽核。因此，這裡面有相當多的稽核工作；我們只是要確保每個細節都做到位，把所有該注意的都確認清楚，以便為這些稅額抵減爭取到我們能拿到的最佳價值。

Very helpful. Thank you.

非常有幫助。謝謝。

Craig Irwin, Roth Capital Partners.

Craig Irwin，Roth Capital Partners。

Thanks for taking my questions. I wanted to ask if there was any change in the CI score assumptions underlying the $55.2 million intake this quarter versus what you used in the December quarter?

謝謝回答我的問題。我想問的是，本季認列的 5,520 萬美元收入，相較於 12 月那一季，你們所採用的 CI 分數假設是否有任何改變？

Not as far as the inputs go. I mean, the difference obviously was that the iLUC penalty was removed in 2026, so that's a bit different compared to 2025. But as far as how we've generally calculated, it's really just a factor of how much ethanol we produce, what the efficiency of the plants are, and how much carbon we're capturing. So none of those factors have changed.

就輸入假設而言沒有。我的意思是，差異顯然在於 2026 年移除了 iLUC 罰則，所以相較於 2025 年會有些不同。但就我們一般的計算方式而言，主要就是取決於我們生產多少乙醇、工廠效率如何，以及我們捕捉了多少碳。所以這些因素都沒有改變。

Okay. Understood. And the second thing is, you did mention that some of the CapEx this year is actually related to, CI as a focus. Can you maybe give us a little bit more detail on where you're spending those capital dollars and what sort of CI returns you expect on those?

好的。了解。第二個問題是，你確實提到今年部分資本支出其實與 CI 作為重點有關。你能否再多提供一些細節，說明這些資本主要花在哪些地方，以及你們預期會帶來什麼樣的 CI 回報？

Yeah. Thanks for the question, Craig. So a couple of things we talked about. First, we talked about increasing grain storage, and really the basis for the returns calculations on those projects are about managing corn procurement.

好的。謝謝你的提問，Craig。我們談到幾件事。首先，我們談到增加穀物儲存能力，而這些專案的報酬計算基礎，主要是圍繞在玉米採購管理。

Now, there is potentially the added benefit as a result of farm practices and having more farmer-procured bushels that can positively influence the CI score, but we're not factoring that into our justifications. So we're making business decisions that are good for the base business outside of 45Z, and the 45Z impact potentially can be a icing on top of that cake if that comes to fruition. So we feel good about those investments being business decisions that are good for the long haul of the plants.

當然，因為農場作業方式，以及更多由農民供應的蒲式耳數，可能會帶來額外好處，進而對 CI 分數產生正面影響，但我們並未把這點納入投資正當性的計算。所以我們做的是對 45Z 以外的基礎業務有利的商業決策，而 45Z 的影響若能實現，可能只是錦上添花。因此，我們對這些投資很有信心，因為它們是對工廠長期營運有利的商業決策。

When we speak about low energy distillation in York, this is one that is going to significantly reduce the energy consumption of the site, specifically around natural gas consumption, anywhere from 30% to 40% reduced. So that first and foremost is reducing the OpEx of the plant, which is going to pay dividends in perpetuity. On top of that, we'll have the benefit of a lower CI score, and there'll be contributions associated with 45Z. But we want to make sure that our base business is strong and durable and profitable for the long haul.

當我們談到約克（York）的低能耗蒸餾時，這項措施將大幅降低該廠的能源消耗，特別是天然氣用量，降幅約 30% 到 40%。因此，首要效益是降低工廠的營運支出（OpEx），並將長期持續帶來效益。此外，我們也會受益於較低的 CI 分數，並且會有與 45Z 相關的貢獻。但我們要確保基礎業務在長期是強健、具韌性且能獲利的。

Understood. And if I could slip another one in here. So the -- Well, first, I guess, can you confirm that you're still selling your credits through a broker? Your Form 10-Q is not out yet, but in prior periods, there's been a little bit of a lag between when you recognize the credits on your P&L and when you actually receive the cash intake. Can you maybe talk a little bit about the cash intake for the December quarter?

了解。如果我可以再插問一題。那麼——嗯，首先，我想確認你們仍然是透過經紀商出售你們的額度嗎？你們的 10-Q 還沒出來，但在先前期間，從你們在損益表認列額度到實際收到現金之間，會有一些時間落差。你能否談談 12 月那一季的現金流入情況？

Is all that cash for those credits you sold already on the balance sheet? And then where do we stand for the $55.2 million from this quarter? Is that something you would expect to take in over the next few months?

那些你們已出售額度的現金是否都已反映在資產負債表上？另外，本季的 5,520 萬美元目前進度如何？你們是否預期會在接下來幾個月內收到這筆現金？

Yeah. Craig, I can take that one. So with -- As far as we talk about the 45Z tax credits from 2025, we have collected all the cash for that. It occurred in April was the final payment, so you won't see that in the Q1 earnings. But you will see it happen in Q2 just for the timing of that.

好的。Craig，我可以回答這題。關於 2025 年的 45Z 稅額抵減，我們已經把相關現金全部收到了。最後一筆是在 4 月收到，所以你不會在第一季財報中看到。但就時間點而言，你會在第二季看到它反映出來。

From a 2026 perspective, with the release of that ASU that I mentioned, that changed our ability to how we account for and how we look at the monetization piece of that. So what we're able to do, right, is this is a production tax credit. So we're able to recognize those gallons once they're produced and been verified at the end of the quarter.

從2026年的角度來看，隨著我提到的那項ASU發布，這改變了我們在會計處理以及看待該項變現部分的方式。所以我們能做的是，這是一項生產稅額抵免（PTC）。因此，我們能在每季末、在產量已生產並完成驗證後，認列那些加侖數。

And obviously, we go through all of our checks on our CI scores to be able to calculate those correctly. They go through the audit process, and everything is verified. And so, we're on a kind of a quarter lag, right? We just got through our first quarter. At the end of the quarter, we are able to recognize those credits on the balance sheet for what we produced in 20 -- in the first quarter of 2026.

而且很明顯地，我們會對CI分數進行所有檢核，以便正確計算。它們會經過稽核流程，所有事項都會被驗證。因此，我們大概會有一季的落後期，對吧？我們剛完成第一季。在季末，我們能在資產負債表上認列我們在20--在2026年第一季所生產的抵免額。

Now -- And the cash flow, as I was talking about with Kristin, that will come in as we monetize. And so you'll see those credits shift off the balance sheet and turn into cash.

至於現金流，如同我先前和Kristin談到的，會在我們進行變現時流入。因此你會看到這些抵免額從資產負債表移出並轉為現金。

Understood. Thanks for taking my questions.

了解。謝謝回答我的問題。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Thanks for the question, and congrats on the strong results. I guess my first question, and Imre, you kind of hit on this in your prepared remarks, but was going to ask on the base business, you came into 1Q hedge and still posted $16 million of EBITDA, better 1Q than what you would have expected on a seasonal basis.

謝謝提問，也恭喜你們交出強勁的成果。我想我的第一個問題，Imre，你在事先準備的發言中有提到一些，但我原本想問的是關於基礎業務：你們在第一季進行避險，但仍然繳出1,600萬美元的EBITDA，從季節性來看，第一季表現比你們原先預期更好。

Could you maybe help us frame up the magnitude for upside potential in the base business for 2Q? Maybe just some color around where you've placed your hedges, or maybe even how much capacity you have open for 2Q.

你能否協助我們界定第二季基礎業務的上行潛力幅度？也許可以補充一些你們避險部位的配置位置，或甚至第二季還有多少產能是開放的。

We still -- We're fairly well hedged for Q2, and that's primarily because of the opportunity that the run-up in energy prices provided for us to execute that. But always -- we always have to talk about the entirety of our margins. At a gross margin level, looking at all different components corn ownership, natural gas hedges from an input perspective, and then simple crush, corn oil sales, protein sales on the other end and ethanol basis.

我們仍然——第二季的避險做得相當充分，主要是因為能源價格上漲帶來的機會，讓我們得以執行這些操作。但一如既往——我們必須談到我們利潤的整體構成。在毛利層面，會看所有不同的組成要素：玉米持有部位、作為投入端的天然氣避險，然後是簡單壓榨利差（simple crush）、另一端的玉米油銷售、蛋白產品銷售，以及乙醇基差。

So we're managing all those different components using a lot of analytics, developing that capability, and making decisions across that margin platform, if you like. So we still do have -- We're not completely hedged for Q2, but we're well advanced. Our input costs are pretty much locked down. And like I said, over the last several weeks, we had a lot of opportunity to capture some really attractive margins, and also longer-term corn oil sales. So we feel fairly comfortable with where we are.

所以我們運用大量分析來管理這些不同的組成要素，持續建立這項能力，並在你可以稱之為「利潤平台」的架構上做決策。因此第二季我們仍然有——我們並非完全避險，但進度已相當超前。我們的投入成本幾乎都已鎖定。而且如我所說，過去幾週我們有很多機會去鎖定一些非常具吸引力的利潤，並且也做了較長期的玉米油銷售。所以我們對目前的位置感到相當安心。

And you referred to my remarks, and we live by that, just capturing margins that are attractive, using analytics, considering the overall market environment for the different components. But also, if we feel that way, we'll leave plenty of room for upside. And I think that's kind of what has happened in Q1 as well. That's why our results are perhaps better than anticipated. We were not fully hedged on the sell side. Our input costs were.

你提到我先前的發言，我們也確實以此為準則：運用分析，在考量各組成要素的整體市場環境下，去鎖定具吸引力的利潤。但同時，如果我們有這樣的看法，我們也會保留足夠的上行空間。我想第一季也是如此。這就是為什麼我們的結果可能比預期更好。我們在銷售端並未完全避險。但我們的投入成本是有的。

Okay. Appreciate that color there. I guess on the follow up, wanted to get a better sense of the ethanol S&D backdrop. Production has been a little bit elevated. That's not surprising, just given the iLUC restriction removal at the start of the year. You mentioned it, that demand, domestic and international remains robust.

好的。謝謝你提供這些補充說明。我想在追問方面，我想更清楚了解乙醇供需（S&D）的背景。產量有點偏高。這不令人意外，因為年初取消了iLUC限制。你也提到，國內與國際需求仍然強勁。

There was momentum pre-war and you talked about mandates abroad, and those are growing as well. But have you seen incremental momentum from the conflict itself? And then I know you were trying to back away from this commentary, but I think it helps just to frame up what are your expectations if we do see resolution today? Do you think it's going to take a while before we see oil prices back at pre-war levels?

戰前就有動能，你也談到海外的法規要求（mandates），而且也在成長。但你們是否看到衝突本身帶來額外的動能？另外我知道你們試著避免對此評論，但我認為這有助於界定：如果今天就出現解決方案，你們的預期是什麼？你認為油價要回到戰前水準，是否仍需要一段時間？

Yes. Maybe not crude oil that can drop lower, but refined products, rebuilding the supply chain. So in our assessment, the impact of the war, and particularly on the supply chain, of course you have the short-term impact. We have to replenish stocks. We have to rebuild that supply chain, reorganize it.

是的。也許原油會下跌得更低，但成品油方面，供應鏈需要重建。因此在我們的評估中，戰爭的影響，特別是對供應鏈的影響，當然會有短期衝擊。我們必須補充庫存。我們必須重建並重新組織那條供應鏈。

But then as I mentioned earlier, the long-term impact where fuel sources, the diversification of that supply chain, not just the origins, but the type of energy sources will have a positive impact on our products, corn oil particularly, and ethanol. So we think the short- and long-term impact of the war is supportive beyond than just the immediate shock to the market that has happened by last couple of months.

但如我先前提到的，還有長期影響：燃料來源、供應鏈的多元化，不只是來源地的多元化，也包括能源種類的多元化，將對我們的產品帶來正面影響，特別是玉米油與乙醇。因此我們認為，戰爭的短期與長期影響都具有支撐性，不僅僅是過去幾個月市場已發生的那種即時衝擊。

So it will take a little bit to reset everything. So we'll see strength in demand and prices, and then, like I said, the long-term impact is beneficial as well at least in our assessment.

所以要讓一切重新調整，還需要一點時間。因此我們會看到需求與價格的強勢；而且如我所說，至少就我們的評估而言，長期影響也同樣有利。

Great. Thank you for the color.

很好。謝謝你的補充說明。

At this time, there are no further questions. I will turn the call back over to Chris for closing remarks.

目前沒有其他問題。我將把電話交回給Chris作結語。

Thank you again for participating in this morning's call and your interest in Green Plains. We remain excited about the opportunities ahead of us and look forward to sharing continued progress with you next quarter. Have a good day.

再次感謝各位參與今天早上的電話會議，以及對Green Plains的關注。我們對未來的機會仍感到振奮，並期待在下個季度與各位分享持續的進展。祝各位有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位加入。您現在可以掛線。