Purecycle Technologies Inc (PCT) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the PureCycle Technologies fourth quarter 2023 corporate update conference call.

歡迎參加 PureCycle Technologies 2023 年第四季企業更新電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Christian Bruey, Corporate Communications Manager.

現在我想將會議交給今天的發言人、企業傳播經理 Christian Bruey。

Please go ahead.

請繼續。

Start resolutely.

堅決開始。

Welcome to PureCycle Technologies fourth quarter and fiscal year ended 2023 Corporate Update Conference Call.

歡迎參加 PureCycle Technologies 第四季和截至 2023 財年的公司更新電話會議。

I am Christian, Group Manager of Corporate Communications for Pure Cycle.

我是 Christian，Pure Cycle 企業傳播集團經理。

And joining me on the call today are Dustin Olson, our Chief Executive Officer, and Jaime Vazquez, our Chief Financial.

今天和我一起參加電話會議的還有我們的執行長達斯汀·奧爾森 (Dustin Olson) 和我們的財務長 Jaime Vazquez。

This morning, we will be highlighting our corporate developments for the fourth quarter and fiscal year ended 2023.

今天上午，我們將重點介紹第四季和截至 2023 財年的公司發展。

The presentation we'll be going through on this call can also be found on the Investor tab at our website at Pure Cycle.com. Many of the statements made today will be forward-looking and are based on management's beliefs and assumptions and information currently available to management at this time.

我們將在本次電話會議上進行的演示也可以在我們網站 Pure Cycle.com 的「投資者」標籤上找到。今天發表的許多聲明都是前瞻性的，並且基於管理層的信念和假設以及管理層目前可獲得的資訊。

These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control including those set forth in our safe harbor provisions and forward-looking statements that can be found at the end of our fourth quarter 2023 corporate update press release filed yesterday and our annual report on Form 10 K filed this morning as well as in other reports on file with the SEC that provides further detail about the risks related to our business.

這些陳述受到已知和未知的風險和不確定性的影響，其中許多風險和不確定性可能超出我們的控制範圍，包括我們的安全港條款和前瞻性陳述中規定的風險和不確定性，這些風險和不確定性可以在我們的2023 年第四季末公司更新新聞稿中找到昨天提交的10 K 表格年度報告以及今天早上提交的10 K 表格年度報告以及向SEC 提交的其他報告中提供了有關我們業務相關風險的更多詳細資訊。

Additionally, please note that the Company's actual results may differ materially from those anticipated and except as required by law, we undertake no obligation to update any forward looking statements.

此外，請注意，本公司的實際結果可能與預期有重大差異，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。

Our remarks today may also include preliminary non-GAAP estimates and are subject to risks and uncertainties, including, among other things, changes in connection with quarter end and year end adjustments.

我們今天的言論可能還包括初步的非公認會計原則估計，並受到風險和不確定性的影響，其中包括與季末和年末調整相關的變化。

Any variation between pure cycle's actual results and the preliminary financial data set forth herein may be material.

pure Cycle 的實際結果與此處列出的初步財務數據之間的任何差異都可能是重大的。

You are welcome to follow along with our slide deck who are joining us by phone.

歡迎您透過電話加入我們的幻燈片。

You can access it at any time on Pure Cycle.com. We are excited to share updates from the previous quarter with you.

您可以隨時在 Pure Cycle.com 上存取它。我們很高興與您分享上一季的最新情況。

I'll now turn it over to Dustin.

我現在把它交給達斯汀。

Also the pure cycle's Chief Executive Officer, Dustin.

同時也是pure Cycle的執行長達斯汀。

It's a pleasure to join you today.

很高興今天能加入你們的行列。

We are in irons in Ohio this morning and excited to share our results.

今天早上我們在俄亥俄州打鐵，很高興分享我們的成果。

However, I would like to start the call by introducing our new CFO, Jamie Bass, Jamie, as ResMed's D becomes a lot of relevant experience and he is already adding value.

不過，我想先介紹一下我們的新任財務長 Jamie Bass，Jamie，因為 ResMed 的 D 擁有很多相關經驗，而且他已經在增加價值。

Jamie, if you'd like to introduce yourself.

傑米，如果你想自我介紹一下的話。

The floor is yours.

地板是你的。

Thank you, Gus.

謝謝你，格斯。

And while I'm certainly excited to be here and working with a very talented and dedicated team, and I've been very impressed with the collaboration with thought processes and the execution of critical items that I've seen in my first three weeks that for purified and I believe that my 30 years of experience in various finance roles, public and industrial companies will complement this talented team, and I look forward to talking with many of you on the phone near term.

雖然我很高興來到這裡並與一個非常有才華和敬業的團隊一起工作，而且我對我在前三週看到的思維過程的協作和關鍵項目的執行印象深刻，對於Purified，我相信我在各種金融職位、上市公司和工業公司中30 年的經驗將補充這個才華橫溢的團隊，我期待著近期與你們中的許多人透過電話交談。

Thank you for the introduction, Jamie but more importantly, thank you for putting the Jersey, all joining our team.

謝謝你的介紹，傑米，但更重要的是，謝謝你穿上球衣，加入我們的團隊。

I can tell you that I'm very excited to have Jamie on our team becomes a pure cycle with years of experience a wealth of core financial expertise and has navigated multiple dynamic business environments.

我可以告訴你，我很高興傑米加入我們的團隊，成為一個純粹的循環人，擁有多年的經驗和豐富的核心財務專業知識，並且已經駕馭了多個動態的商業環境。

And prior serves, Jamie will bring a balanced point of view to our core decision making process that will help us deliver strong business results.

在先前的服務中，傑米將為我們的核心決策流程帶來平衡的觀點，這將有助於我們實現強勁的業務成果。

It's been a pleasure getting to know, Jamie, over the last few weeks.

過去幾週很高興認識傑米。

I'm looking forward to the next years of partnership this was a busy quarter for hydrogen operations after the screen changer installation for the first time, we've been able to establish greater end to end production where we can monitor the entire process working together, we are starting to see tangible progress across all operations.

我期待著未來幾年的合作，這是首次安裝換網器後氫氣運營的繁忙季度，我們已經能夠建立更大的端到端生產，我們可以在其中監控整個流程的協同工作，我們開始看到所有業務都取得了實際進展。

We have focused exclusively on PCR grade feedstock since the November outage, which has enabled us to final commission all aspects of the operation.

自 11 月停電以來，我們一直專注於 PCR 級原料，這使我們能夠最終調試營運的各個方面。

While it has only been two months of running without feed contaminations, we've already achieved numerous production milestones up to approximately 8,000 pounds per hour of end to end processing successful production of co-product one and two pelletizing that reached rates between 9,000 and 10,000 pounds per hour and successful loading of numerous railcars with pellets and we have done all of this while consuming significantly less utilities than originally estimated.

雖然只運行了兩個月而沒有飼料污染，但我們已經實現了許多生產里程碑，端到端加工的產量達到約8,000 磅/小時，成功生產副產品一和二的造粒，產量達到9,000 至10,000 之間每小時磅數，並成功地將顆粒裝載到許多軌道車上，我們完成了所有這些，同時消耗的公用事業比最初估計的要少得多。

The most important metric is our end to end production.

最重要的指標是我們的端到端生產。

This means that we run feed extruders that 8,000 pounds in our process to feed through the entire plant produces both co-product one and Pro product to and pelletized the resulting product at the end of the plan.

這意味著我們運行的飼料擠出機在我們的流程中為整個工廠提供 8,000 磅的飼料，生產副產品 1 和專業產品，並在計劃結束時將所得產品製成顆粒。

This was previously not possible as we ran into lengthy bead plugging issues, the best part of the new face was watching the production of co-product wanted to.

這在以前是不可能的，因為我們遇到了長時間的珠子堵塞問題，新面孔最好的部分是觀察想要的聯產品的生產。

I still believe there's no greater example of our process working than by seeing the production of these co-products.

我仍然相信，沒有比看到這些副產品的生產更能體現我們的流程運作的例子了。

Remember, while our job is to make ultrapure recycled resin, we do it by removing contaminants.

請記住，雖然我們的工作是製造超純再生樹脂，但我們是透過去除污染物來實現的。

Therefore, it is, in fact, critical to remove CB1 and CB2 in order for us to make our final product.

因此，事實上，為了生產最終產品，去除 CB1 和 CB2 至關重要。

On the commercial front, we're also starting to see momentum.

在商業方面，我們也開始看到勢頭。

We achieved our first revenue through sales in Q4 and began sampling our product to customers for final application approval.

我們透過第四季度的銷售實現了第一筆收入，並開始向客戶提供產品樣品以獲得最終應用批准。

Initial results are positive, and we expect this progress to continue as we prepare for the rest of 2024, we intend to execute a two to four week outage in early Q2 to advance several reliability improvements.

初步結果是積極的，我們預計在為 2024 年剩餘時間做準備時，這一進展將繼續下去，我們打算在第二季度初執行兩到四週的停運，以推進多項可靠性改進。

This small pause in production should help position the facility for stronger reliability.

生產中的這一小暫停應該有助於使該設施具有更強的可靠性。

We're now entering a new phase for Pure Cycle.

我們現在正進入 Pure Cycle 的新階段。

We've commissioned the plant identified areas where we have opportunities and are now transitioning into traditional manufacturing processes, improving reliability, optimizing the process and driving day-to-day improvements.

我們已經委託工廠確定了我們有機會的領域，現在正在過渡到傳統製造流程，提高可靠性，優化流程並推動日常改進。

We will focus on our core operations in order to achieve higher continuous plant rates and drive more consistent product quality.

我們將專注於我們的核心業務，以實現更高的連續工廠率並推動更一致的產品品質。

So we can deliver a superior product to cost.

因此我們可以提供性價比更高的產品。

While our progress was good over the past six to 12 months, the pace of progress was limited by two critical challenges, seal failures and absorbing that leaks.

雖然我們在過去 6 到 12 個月中取得了良好的進展，但進展速度受到兩個關鍵挑戰的限制：密封失效和吸收洩漏。

Both of these events took significant time to diagnose and solve, but more importantly, it lengthened our learning curve.

這兩個事件都花了大量時間來診斷和解決，但更重要的是，它延長了我們的學習曲線。

There were certain aspects of the operation that remain untested until we could establish continuous and operations, the last two months have been different running.

在我們建立連續性和運作之前，營運的某些方面尚未經過測試，過去兩個月的運作情況有所不同。

And this operational mode allowed us to test a wider range of PCR feedstocks, each of which had its own unique characteristics rate test the plant to operational boundaries of each feedstock.

這種操作模式使我們能夠測試更廣泛的 PCR 原料，每種原料都有其獨特的特性，可以測試工廠對每種原料的操作邊界。

Our feedstock have widely varying characteristics that require process optimization.

我們的原料具有廣泛不同的特性，需要製程優化。

These include differences like high and low melt flow indices, high or low concentrations of co-product one and two and many other minor behaviors that impact the optimization of the plant.

其中包括高和低熔體流動指數、副產品一和二的濃度高或低等差異以及影響工廠優化的許多其他次要行為。

It also allowed us to develop better solvent purification expertise.

它還使我們能夠開發更好的溶劑純化專業知識。

While we learn how to run this commercial scale facility, we are also proving our ability to solve new challenges every day.

在我們學習如何運作這個商業規模設施的同時，我們也在證明我們每天解決新挑戰的能力。

And in doing so, we're learning how to operate this plant more and more reliably every day.

在這個過程中，我們每天都在學習如何越來越可靠地操作工廠。

Ultimately, our success has been defined by how quickly we integrate learnings into our operations.

最終，我們的成功取決於我們將學到的知識融入我們的營運中的速度。

There's no doubt that we'll face new challenges with each new operational tear.

毫無疑問，每一次新的行動，我們都將面臨新的挑戰。

But this is normal with normal manufacturing operations, and we have the right team in place to solve the next challenge and achieve our goals.

但這對於正常的製造營運來說是正常的，我們有合適的團隊來解決下一個挑戰並實現我們的目標。

Our metrics are not where we want them to be today, but they are getting better.

我們的指標目前還沒有達到我們想要的水平，但它們正在變得更好。

We've seen quarter over quarter progress on many of our key metrics.

我們看到許多關鍵指標逐季取得進展。

Our pellet production has increased five times from 200,000 pounds to 1.3 million pounds with a single day record of 102,000 pounds and a single day pelletization record of 144,000 pounds.

我們的顆粒產量增加了五倍，從 20 萬磅增加到 130 萬磅，單日產量記錄為 102,000 磅，單日造粒記錄為 144,000 磅。

Our purchase rates are third of last quarter from 70% to 22%.

我們的購買率從上季的 70% 下降到 22%。

Purging is a technical term.

清除是一個技術術語。

That means our distributors are not running efficiently.

這意味著我們的經銷商運作效率不高。

We see steady and reliable increases in CP. one and CPTCP. two production levels.

我們看到 CP 穩定可靠地成長。一和CPTCP。兩個生產水準。

In fact, after implementing reliability improvements in January, our CP. two production increased from 16,000 pounds to 48,000 pounds from January to February.

事實上，在一月份實施可靠性改進後，我們的 CP. 1月至2月產量從16,000磅增加到48,000磅。

We've now exclusively run on PCR since November outage, and we've tested numerous new feedstocks, both produced internally and produced externally, and our core support operations are reaching stronger reliability levels.

自 11 月停電以來，我們現在只使用 PCR 運行，並且測試了許多內部生產和外部生產的新原料，我們的核心支援業務正在達到更強的可靠性水平。

Steam availability is at 99.8% in Q1, and our solvent circulation reliability has increased from 71% to 98% in Q2.

第一季的蒸汽可用性為 99.8%，第二季我們的溶劑循環可靠性從 71% 提高到 98%。

Our overall uptime has been variable, but our daily production performance when not impacted by reliability problems, has been stronger.

我們的整體正常運作時間有所變化，但在不受可靠性問題影響的情況下，我們的日常生產效能會更強。

We continue to focus on implementing incremental reliability improvements as well as expect a stepwise improvement when following the planned outage.

我們繼續專注於實施漸進式可靠性改進，並期望在計劃停電後逐步改進。

The metrics are improving every day and we let the data guide our actions, shape our behaviors and help us get better.

指標每天都在改進，我們讓數據引導我們的行動、塑造我們的行為並幫助我們變得更好。

We aren't satisfied with where we are, but our team will not slow down.

我們對現狀並不滿意，但我們的團隊不會放慢腳步。

Our team is excited about the future, not just because of the tangible progress, but b also but also because of the learned enhancements that we are applying to our base design, we are planning a small two to four week outage in Q2 that we expect will make significant impact positive impact to our operational performance during this outage, we intend to tackle several key areas during the July and November outages we implemented several key improvements during this upcoming outage.

我們的團隊對未來感到興奮，不僅是因為切實的進展，而且還因為我們將學到的增強功能應用於我們的基礎設計，我們計劃在第二季度進行一次兩到四週的小停電，我們預計將對我們在這次停電期間的營運績效產生重大影響，我們打算在 7 月和 11 月停電期間解決幾個關鍵領域，我們在這次即將到來的停電期間實施了幾項關鍵改進。

We will make further improvements to improve the extraction efficiency and therefore also to improve the recovery of co-product one, the co-product to discussion has already been disclosed publicly, and we will discuss more later.

我們將進一步改進以提高萃取效率，從而提高副產物一的回收率，要討論的副產物已經公開披露，我們稍後將進行更多討論。

But our efforts here are important work toward improving the settling performance and set the stage for CP to removal our filtration has been a reliability challenge during Q1 at limited uptime, which impacted rates forced us to stop and start operations many times.

但我們在這裡所做的努力是改善沉降性能的重要工作，並為CP 消除過濾奠定了基礎。第一季度，在有限的正常運行時間內，我們的過濾一直是一項可靠性挑戰，這影響了速率，迫使我們多次停止和啟動營運。

However, we were able to install bypass line which improved uptime, but we will need to spend more time during the outage cleaning the system in order to reset operations back to baseline seals have been a consistent discussion and consistent challenge.

然而，我們能夠安裝旁路管線，從而提高正常運行時間，但我們需要在停電期間花費更多時間清潔系統，以便將操作重置回基線密封，這是一致的討論和一致的挑戰。

We have already implemented several system upgrades and improved operational monitoring, which are providing improved performance.

我們已經實施了多項系統升級並改善了營運監控，從而提高了效能。

But in order to achieve the desired long term results, we will need to continue to upgrade key fields across our facilities.

但為了實現預期的長期成果，我們需要繼續升級我們設施的關鍵領域。

This process will not be completed during the outage and will likely require additional activity in the future.

此過程在中斷期間不會完成，並且將來可能需要額外的活動。

Our digital foundation is very good we have a platform that should enable us to reap long-term benefits across the entire digital ecosystem.

我們的數位基礎非常好，我們擁有一個平台，應該使我們能夠在整個數位生態系統中獲得長期利益。

However, it has also been temporary mental.

不過，這也是暫時的心理。

We've worked through hundreds of improved product programming glitches.

我們已經解決了數百個改進的產品編程故障。

And while it doesn't cost much to fix and is still getting better, still the impact uptime has been a challenge.

雖然修復它的成本並不高，而且還在不斷改善，但正常運作時間的影響仍然是一個挑戰。

We have a talented digital team and we will continue to learn and improve and all of the learnings are directly applicable to future growth projects.

我們擁有一支才華橫溢的數位團隊，我們將繼續學習和改進，所有的學習都可以直接應用於未來的成長項目。

Co-product two is the principal limitation.

聯產品二是主要限制。

At the current time we can run feed through the system purified through extraction and make co-product one cell in the process and make co-product two and pelletized product.

目前，我們可以將飼料透過提取純化的系統來運行，並在過程中生產副產品一細胞，並生產副產品二和顆粒產品。

These fundamental processes work.

這些基本流程有效。

However, the capacity to remove CP two out of the system is limited.

然而，將 CP 2 從系統中移除的能力是有限的。

It's not impacting our ability to make CP to.

這不會影響我們製作 CP 的能力。

It's limiting our ability to purge CP. two from the system.

它限制了我們清除CP的能力。兩個來自系統。

And ultimately, this limitation restricts the amount of rate we can push through the facility.

最終，這種限制限制了我們可以透過該設施推動的速率。

We originally expected to only make the granular variety of CP. two, but over the last two months as we've begun to run the plant with a variety of feedstocks.

我們原本預計只生產顆粒狀的CP品種。兩個，但在過去兩個月裡，我們開始使用各種原料來運作工廠。

We started making lower density foam and higher density logs, which we call dinosaur phones in the process.

我們開始製造較低密度的泡沫和較高密度的原木，過程中我們稱之為恐龍手機。

This variation ultimately conflicts with the original design and limits our ability to remove it from the system efficiently.

這種變化最終與原始設計相衝突，並限制了我們有效地將其從系統中刪除的能力。

We have several short term solutions in mind.

我們考慮了幾個短期解決方案。

First, we will continue to remove CP two manually through the trades at approximately three to 7,000 pounds per day.

首先，我們將繼續透過交易手動移除 CP 2，每天約 3 至 7,000 磅。

Second, we will continue to purchase lower CP. two feedstocks so we can raise feed rates and the current renewable capacity and third, we are investigating a small project to flake source the material produced from the prep wet line.

其次，我們將繼續採購較低的CP。兩種原料，以便我們可以提高進料率和當前的可再生能力，第三，我們正在研究一個小型項目，以片狀來源製備濕式生產線生產的材料。

So more post-consumer curbside material can be processed for the longer term solution.

因此，可以加工更多的消費後路邊材料，以實現長期解決方案。

We are using commercial data to design a more robust continuous operational asset.

我們正在使用商業數據來設計更強大的持續營運資產。

We have already started the early stage construction and design work and intend to make critical tie-ins during the Q2 outage.

我們已經開始了早期建造和設計工作，並打算在第二季停電期間進行關鍵的配合。

Ultimately, our team is working to optimize the short term options in order to bridge to a longer-term solution.

最終，我們的團隊正在努力優化短期選項，以過渡到長期解決方案。

The change will take time and the final implementation should occur just after the Q2 outage is completed, we do not expect the final implementation to impact plant production as the critical time points will be installed during the outage.

這項變更需要時間，最終實施應在第二季停電完成後立即實施，我們預計最終實施不會影響工廠生產，因為關鍵時間點將在停電期間安裝。

Our operations are improving it is a grind at times, but our team is unwavering in their pursuit to run the facility efficiently, reliably and consistently.

我們的營運正在不斷改進，這有時是一項艱鉅的任務，但我們的團隊堅定不移地追求高效、可靠和一致地營運設施。

It will take time, but we are making positive strides every day.

這需要時間，但我們每天都在取得積極進展。

We are driven by the mission.

我們被使命所驅動。

We have purpose in our every effort, and we feel good about the impact that we're making around the world as we built strong operations.

我們的每一次努力都有其目的，我們對我們在建立強大的營運過程中在世界各地產生的影響感到滿意。

We also see key unit economics trending positively, Greg, that there are both positives and negatives when comparing our unit economics to earlier estimates three to five years ago.

格雷格，我們也看到關鍵的單位經濟效益呈現正面趨勢，將我們的單位經濟效益與三到五年前的早期估計進行比較時，既有正面的一面，也有負面的一面。

But we believe the net impact is positive for revenue.

但我們認為淨影響對收入是正面的。

We see stronger demand for our product than we originally expected and a shorter supply of good quality competition.

我們看到對我們產品的需求比我們最初預期的要強勁，而優質競爭產品的供應量卻越來越少。

This is true for both pure five as well as other higher color variants for energy.

對於純五色以及其他更高顏色的能量變體都是如此。

We see lower consumption of energy than originally expected from what we used to call waste.

我們發現能源消耗比最初預期的要低，因為我們過去稱之為廢物。

We now call co-products there is genuine interest in the alternative applications for this product, which is shifting a former $0.04 per pound cost interWAVE current revenue stream.

我們現在稱之為聯產品，人們對該產品的替代應用產生了真正的興趣，該產品正在將以前每磅 0.04 美元的成本轉變為 interWAVE 當前的收入來源。

Offsetting the positives, we also have higher than expected feedstock logistics costs and higher than expected SG&A costs, but the net impact is positive and as reliability continues to improve, the economics will fall.

我們的原料物流成本和銷售管理費用也高於預期，抵銷了這些正面因素，但淨影響是正面的，隨著可靠性的不斷提高，經濟效益將會下降。

We are so proud of our energy performance.

我們對我們的能源績效感到非常自豪。

It serves the business and shareholders with two key messages.

它為企業和股東提供了兩個關鍵訊息。

One, our overall variable cost should be lower and is expected to reduce electricity and natural gas usage.

第一，我們的整體變動成本應該較低，預計會減少電力和天然氣的使用。

This should result in a $2 million to $4 million per year utility savings to the business.

這將為企業每年節省 200 萬至 400 萬美元的公用事業費用。

But what we're even more excited about is the impact on the environment.

但更讓我們興奮的是它對環境的影響。

The improved energy performance should reduce our overall carbon footprint.

能源績效的提升應該會減少我們的整體碳足跡。

This means one, it should take less than half of the carbon to make our product as opposed to other produced fossil-based equivalents.

這意味著，與其他生產的化石基產品相比，生產我們的產品所使用的碳應該少於一半。

Our customers can show their sustainable product, more confidently can showcase their sustainable product, more confidently to the market.

我們的客戶可以更有自信地展示他們的永續產品，更有信心地向市場展示他們的永續產品。

And finally, final customers can feel good again about the product about the plastic that they are purchasing.

最後，最終客戶可以再次對他們購買的塑膠產品產生良好的感覺。

We still have more work to do.

我們還有更多工作要做。

And these are early estimates that should be validated externally soon.

這些是早期的估計，應該很快就會得到外部驗證。

But the early data looks really good.

但早期的數據看起來確實不錯。

And this is important for our customer base.

這對我們的客戶群很重要。

It further differentiates us from the competition and ultimately improves the value proposition for sales.

它進一步使我們在競爭中脫穎而出，並最終提高銷售的價值主張。

The net result is very positive for our business for our customers.

最終結果對我們為客戶提供的業務非常積極。

But most importantly, to our planet.

但最重要的是，為了我們的星球。

The market feedback for our pump, our product is positive because we are producing a true plastic, the plastic solution with benefits that other technologies do not provide.

我們的泵浦和產品的市場反饋是積極的，因為我們正在生產真正的塑料，這種塑料解決方案具有其他技術無法提供的優點。

Remember most chemical recycling technologies deliver a plastic fuel solution with low yields and most mechanical recycling technologies blend the feedstock and through the process with limited ability to remove internal contaminants, our technology is the only commercial option that has the ability to offer customers a true plastic, the plastic solution with high yield, high quality and a low carbon footprint.

請記住，大多數化學回收技術提供的塑膠燃料解決方案產量較低，而大多數機械回收技術混合原料，並且透過該過程去除內部污染物的能力有限，我們的技術是唯一能夠為客戶提供真正塑膠的商業選擇，具有高產量、高品質和低碳足跡的塑膠解決方案。

We have made product out of both PIR. and PCR.

我們已經用這兩種 PIR 生產了產品。和PCR。

And while various pulp productions have varied with color, even the higher color variants have strong demand due to superior mechanical processing properties.

雖然各種紙漿生產因顏色而異，但由於卓越的機械加工性能，即使是較高顏色的變體也有強烈的需求。

While our goal will always be to improve the product, consistency and quality across the feedstock slate, the reality is the end customer appetite for recycled material, coupled with this significant undersupply of quality products is creating strong demand for pure cycles product.

雖然我們的目標始終是提高整個原料的產品、一致性和質量，但現實是最終客戶對回收材料的需求，加上優質產品的嚴重供應不足，正在創造對純循環產品的強勁需求。

The initial product testing is truly exciting for our team.

最初的產品測試對我們的團隊來說確實令人興奮。

We are testing commercial products across many customers to gain approval for the long term commercial supply.

我們正在許多客戶中測試商業產品，以獲得長期商業供應的批准。

I want to highlight one specific application fiber fiber is produced when polypropylene has melted and stretched into long strains.

我想強調一種特定的應用纖維是在聚丙烯熔化並拉伸成長應變時產生的。

You can visually imagine and like it's dental floss.

你可以直觀地想像並喜歡它的牙線。

This is used in many, many, many applications, textiles, apparel, like watch bands, roads, carpet, clothing.

它被用於許多、許多、許多應用，紡織品、服裝，如錶帶、道路、地毯、服裝。

It could even be molded into semi rigid parts to provide additional strength.

它甚至可以模製成半剛性部件以提供額外的強度。

That's all very good, but it's not the best part of the story making fiber from fossil-based PP. is among the most difficult manufacturing applications in the polypropylene industry.

這一切都很好，但這並不是用化石聚丙烯製造纖維的故事的最好部分。是聚丙烯產業中最困難的製造應用之一。

You can imagine hundreds of continuous yards of individual long strands of this product flying through the facility at high rates and through many highly sophisticated pieces of equipment.

您可以想像數百個連續碼的單根長股以高速率飛過該設施並穿過許多高度複雜的設備。

And then you can also imagine you can also imagine the challenges that emerge when a single strand breaks during the production process.

然後您也可以想像您也可以想像在生產過程中單股斷裂時所出現的挑戰。

This application is extremely difficult for traditional polypropylene recycling products because most of these products still have CP. one CP. two and the mixture, the varying levels of contaminants with stretch to the surface cause of the strands to break the industry has not been successful when running PP fiber with the recycled feedstock.

對於傳統的聚丙烯回收產品來說，這種應用極為困難，因為這些產品大多仍含有CP。一個CP。二是混合物，不同程度的污染物延伸到表面，導致原絲斷裂，在使用回收原料運行聚丙烯纖維時，該產業尚未成功。

I'm very proud to show a school of polypropylene fiber that was successfully made from our purified material and applications that will come from this production.

我非常自豪地展示由我們的純化材料成功製成的聚丙烯纖維學校以及該產品的應用。

This is yet another strong proof point that our product quality is superior and even in the most difficult applications and is a reasonable replacement for fossil-based alternatives.

這是另一個強有力的證據，證明我們的產品品質卓越，即使在最困難的應用中也是如此，並且是化石替代品的合理替代品。

Another exciting step with respect to the product development involves the collaboration between pure Zero program and our relationship with Churchill containers, Churchill containers as a leader in manufactured ServiceWare and a key application lane involves the production of stadium cups to venues all over the nation.

產品開發方面的另一個令人興奮的步驟涉及純零計劃與我們與邱吉爾容器的關係之間的合作，邱吉爾容器作為製造服務件的領導者，關鍵的應用領域涉及為全國各地的場館生產體育場杯。

Through the partnership.

透過合作夥伴關係。

Churchill has manufactured stadium cups out of our commercially produced EPR resin at the Arlington facility.

邱吉爾在阿靈頓工廠用我們商業生產的 EPR 樹脂製造了體育場杯。

We expect our pure zero partners to have these cups certain beverages of choice in the stadiums in the future.

我們希望我們的純零合作夥伴將來能夠在體育場館中使用這些杯子來選擇某些飲料。

This is true circularity.

這才是真正的循環。

The opportunity to partner the opportunity to team with our pure zero partners and Churchill to create a true plastic, the plastic circularity change.

有機會與我們的純零合作夥伴和邱吉爾合作，創造真正的塑料，即塑料循環變化。

It's exactly what the world is looking for in our industry.

這正是全世界在我們產業中尋找的東西。

The path for Iron Mountain is clear, and we believe we are on the right path.

鐵山的道路是明確的，我們相信我們走在正確的道路上。

We will continue to focus on our operations here to achieve higher continuous plant rates, drive more consistent product quality, continue to improve our product to customers to make final commercial qualifications and efficiently execute the Q2 outlook.

我們將繼續專注於我們在這裡的運營，以實現更高的連續工廠率，推動更一致的產品質量，繼續向客戶改進我們的產品，以獲得最終的商業資格並有效執行第二季度的展望。

While today's focus is mostly and we want you to know that we are still working diligently with our partners to prepare our growth that each project is on a slightly different position, but also have the primary focus, integrate hydrogen learnings into the CapEx plan, find efficiencies to reduce the overall project stack, prepare the engineering to ensure strong project deliveries.

雖然今天的重點主要是，我們希望您知道，我們仍在與合作夥伴努力合作，為我們的成長做好準備，每個項目的位置略有不同，但也有主要重點，將氫學習納入資本支出計劃，找到提高效率以減少總體專案堆棧，準備工程以確保強有力的專案交付。

These efforts, combined with the improved unit economics, should result in strong projects with reliable cost and schedule performance and excellent returns.

這些努力，加上單位經濟效益的提高，應該會帶來具有可靠成本和進度表現以及優異回報的強大項目。

At this point, I'll turn over the presentation to Jaime Vasquez goes to provide a financial update for banking industrial.

此時，我將把簡報交給 Jaime Vasquez，為銀行業提供最新的財務資訊。

We have a few financial highlights starting on slide 16.

我們從投影片 16 開始介紹一些財務亮點。

It shows the change in unrestricted and restricted cash from the end of the third quarter to the end of the fourth quarter.

它顯示了從第三季末到第四季末非限制性和限制性現金的變化。

As you can see unrestricted cash declined by just under $$$90 million during that period.

您可以看到，在此期間，不受限制的現金減少了近 9000 萬美元。

The single largest driver of the change of $15 million increase in the general liquidity reserve.

一般流動性儲備增加 1500 萬美元的最大單一推動因素。

This was required as part of the second amendment to the hydrogen revenue bond indenture that was executed in early November 23.

這是 11 月 23 月初執行的氫收入債券契約第二次修正案的一部分。

Operating and corporate and related expenses were 27.5 million for the fourth quarter and adjusted for severance, which was associated with our previously announced December reduction in force and the timing of certain payments.

第四季度的營運和公司及相關費用為 2,750 萬美元，並根據遣散費進行了調整，這與我們先前宣布的 12 月裁員和某些付款時間相關。

This level of expense was in line with expectations and the third quarter.

這一支出水準與預期和第三季相符。

Turning to slide 17, which is not a Q4 event, but a very important action that occurred this week for the reason we are highlighting in our fourth quarter discussion on March fifth, we purchased just around 99% of the $249 million in southern Ohio PortAuthority revenue.

轉向幻燈片17，這不是第四季度的事件，而是本週發生的一項非常重要的行動，因為我們在3 月5 日的第四季度討論中強調了這一點，我們購買了俄亥俄州南部港務局2.49 億美元中的約99%收入。

This was an important step as it virtually removed all restrictive covenants, which allows us to better focus on working through operational start-up challenges by finding solutions that are best long term for the hydrogen operations as opposed to running the plant to meet short term buying goals and other short term miles.

這是重要的一步，因為它實際上消除了所有限制性契約，這使我們能夠更好地專注於解決營運啟動挑戰，找到最適合氫運營的長期解決方案，而不是為了滿足短期購買而運營工廠目標和其他短期里程。

Additionally, the purchase of the bond should provide accrued cash cycles for the company as we become commercialized through the termination of the operating revenue escrow account, and we did not retire the revenue bonds.

此外，隨著我們透過終止營業收入託管帳戶來商業化，購買債券應該為公司提供應計現金週期，並且我們沒有註銷收入債券。

So that gives us potential to remarket revenue bonds opportunistically, which we believe remain attractive given its tax-free status and first priority lien on a valuable asset.

因此，這給了我們機會性地重新行銷收益債券的潛力，鑑於其免稅地位和對有價值資產的優先留置權，我們認為這種債券仍然具有吸引力。

On Slide 18, we show pro forma change in liquidity as a result of the bond purchase using our year end 23 liquidity position, you can see that the purchase included use of $74.5 million of unrestricted cash and just under $185 million of restricted funds or nearly 75% of the total issue that were in revenue bond escrow.

在投影片18 中，我們使用23 年底的流動性部位顯示了因購債而導致的流動性變化，您可以看到，購買包括使用7,450 萬美元的非限制性現金和近1.85 億美元的限制性資金或近1.85 億美元。總發行量的 75% 由收益債券託管。

And again, we have the opportunity to improve liquidity through the re-marketing of the revenue bonds.

我們再次有機會透過收益債券的再行銷來提高流動性。

In addition, we're also working to obtain the release of funds held in escrow, including a pro rata share of debt service fund for the bonds that were purchased and this could potentially free up about $20 million of liquidity.

此外，我們也正在努力釋放託管資金，包括按比例分配所購買債券的償債基金，這可能會釋放約 2,000 萬美元的流動性。

Lastly, we increased the line of credit from $150 million to $200 million to rebuild some of the liquidity post the bond repurchase.

最後，我們將信用額度從 1.5 億美元增加到 2 億美元，以重建債券回購後的部分流動性。

Now I'll turn it back to those figures sharing.

現在我將話題轉回那些數位分享。

We are excited about the progress we have achieved this quarter.

我們對本季取得的進展感到興奮。

We successfully produced ended production runs across the core purification assets as cheap GBP8,000 per hour rates, we produce significant quantities of co-product one and co-product two at the commercial scale and successfully implemented a series of small projects to improve our month over month production of co-products.

我們成功地以每小時 8,000 英鎊的價格在核心淨化資產上完成了最終生產，我們以商業規模生產了大量的副產品一和副產品二，並成功實施了一系列小型項目來改善我們的月度情況超過一個月的副產品產量。

We have delivered commercial-grade samples to our customers for file application approval and received strong feedback on the product quality we repurpose, we've repurchased almost all of their hydrogen revenue bonds, which should provide a mechanism for additional liquidity.

我們已經向客戶提供了商業級樣品以供文件申請批准，並收到了有關我們重新利用的產品質量的強烈反饋，我們已經回購了幾乎所有的氫收入債券，這應該提供額外流動性的機制。

And we are prepping for a Q2 outage that we expect to transform the reliability of our operations.

我們正在為第二季的停電做準備，我們希望這將改變我們營運的可靠性。

At this time, I would like to handover through our moderator for Q&A.

這時候我想透過我們的主持人來進行問答。

(Operator Instructions) Gerry Sweeney, ROTH MKM.

（操作員說明）Gerry Sweeney，ROTH MKM。

Good morning, Justin and Jamie.

早安，賈斯汀和傑米。

Jamie, welcome aboard.

傑米，歡迎加入。

Thanks for taking my call.

感謝您接聽我的電話。

Yes, thanks, Jerry, and thanks for the call much.

是的，謝謝傑瑞，也非常感謝您的來電。

Listen.

聽。

Hey, listen, just starting with CP. two, obviously, it sounds like this is the sort of the bigger bottleneck that you're working on now as you're looking at the engineering challenges around this, how difficult is it to engineer around this?

嘿，聽著，從CP開始。第二，顯然，聽起來這是您現在正在解決的更大瓶頸，因為您正在研究圍繞此的工程挑戰，圍繞此進行工程有多困難？

I know you went into a little bit of detail on the on the call, but it sounds like as though it's a multistep process, but you don't overall how challenging do you think it will be to complete this?

我知道您在電話會議上詳細介紹了一些細節，但這聽起來像是一個多步驟的過程，但您不知道總體而言，您認為完成此任務會有多大挑戰性？

Yes, that's a good question, Jerry.

是的，這是個好問題，傑瑞。

Unless the good news is that we are producing CB1 CB2 in the process.

除非好消息是我們正在生產 CB1 CB2。

The very fact that they're producing the CB2 and it's getting to the bottom of our of our system is a proof positive that the core technology works.

他們正在生產 CB2 並且它已經深入到我們系統的底層，這一事實證明了核心技術是有效的。

We had several challenges like this across other areas always successfully been able to work through them.

我們在其他領域也遇到一些類似的挑戰，但我們總是能夠成功地解決這些挑戰。

This is not unique when bringing new tests to the market with respect to the C. two in particular on, it's a it's a challenging technical problem, but we think that we have a good design solution in place and we think that we'll have a good development of that in Q2.

在將新的C 測試推向市場時，這並不是獨一無二的。特別是在C. 2 上，這是一個具有挑戰性的技術問題，但我們認為我們已經有了一個很好的設計解決方案，並且我們認為我們將擁有第二季度發展良好。

Got it.

知道了。

And then alternatively, you discussed getting pursuing, I think, some feedstock that had less of a CP. two content to it.

或者，我認為，您討論了尋找一些 CP 含量較低的原料。兩個內容。

Admittedly, I'm not sure exactly what the co-product two is, but does that sort of supply chain or ability to go out and get material PCR waste with lower with CP. two content.

誠然，我不確定副產品二到底是什麼，但這種供應鏈或是否有能力出去以較低的 CP 獲取材料 PCR 廢物。兩個內容。

Is that a challenge more expensive for how do we think about that?

對於我們如何看待這個問題來說，這是一個更昂貴的挑戰嗎？

Yes.

是的。

I mean so and so the CP two that were primarily discussing is polyethylene and you are harvesting polypropylene feedstocks from the market of the bales will come with varying levels of polyethylene contamination inside.

我的意思是，某某 CP 兩個主要討論的是聚乙烯，而您從市場上收穫的聚丙烯原料將帶有不同程度的聚乙烯污染。

And so the higher the polyethylene, the higher the polyethylene and the bill than the higher the CP. two removal required.

所以聚乙烯越高，聚乙烯越高，帳單比CP越高。需要兩次刪除。

And so what we're doing now is really attacking it from multiple angles.

所以我們現在所做的實際上是從多個角度來攻擊它。

One is looking for already available products that are out there that we can purchase and they come at various price points.

一是尋找我們可以購買的現有產品，它們有不同的價位。

We think they'll still make sense inside of our purification economics, but we're also improving the operation of the current CPT removal.

我們認為它們在我們的淨化經濟學中仍然有意義，但我們也在改進目前 CPT 去除的操作。

And we're looking to a small project, too.

我們也在尋找一個小專案。

I'm effectively sort polyethylene out of our process prep material so that we can reduce the amount of CP. two that we put into the feed got to have it.

我有效地將聚乙烯從我們的製程準備材料中分離出來，這樣我們就可以減少 CP 的量。我們放入飼料中的兩個必須有它。

But suffice to say, there's enough raw material CP. two ECP. two waste with CP. two characteristics that a good few out there that you can't have, we believe.

但不得不說，原料CP夠了。兩個 ECP。兩個廢棄物連CP。我們相信，這兩個特徵是很多人所不具備的。

So.

所以。

I mean, we've got a pretty good feedstock network now.

我的意思是，我們現在擁有一個非常好的原料網絡。

We're always turning over new rocks to find new supply sources.

我們總是不斷地挖掘新的岩石來尋找新的供應來源。

And as we tested through the purification plant, we find newer and newer opportunities to bring new feedstocks.

當我們透過淨化工廠進行測試時，我們發現了越來越新的機會來帶來新的原料。

And so we don't we don't expect this to be a long-term constraint.

所以我們不認為這會成為一個長期的限制。

Got it.

知道了。

Super helpful.

超有幫助。

And then just done, what should we be thinking about SG&A?

然後，我們應該如何考慮 SG&A？

The one thing that caught me off a little a little bit off guard and I'm just not sure if it's a change in reporting and R&D was up.

有一件事讓我有點措手不及，我只是不確定這是否是報告和研發方面的變化。

I think SG&A was something like 29 million.

我認為 SG&A 大約是 2900 萬。

Don't hold me to that for the quarter, but just keep in obviously lots of noise in the fourth quarter.

不要讓我在本季度堅持這一點，但在第四季度保持明顯的大量噪音。

What would be a good type of ideal run rate for SG&A if it was?

如果是的話，SG&A 的理想運作率是什麼樣的？

Thank you.

謝謝。

Yes.

是的。

So when we're talking about SG&A around the unit economics, we're specifically talking about the portion of corporate overhead that is specifically used to support iron operations.

因此，當我們談論單位經濟效益的銷售管理費用時，我們特別談論的是專門用於支援鋼鐵業務的公司管理費用部分。

And we show that to be a bit higher than the estimates that we had three to five years ago.

我們發現這個數字比我們三到五年前的估計要高一些。

You can you can understand why that happened and given the volatility in inflation across the world over the last several years.

考慮到過去幾年全球通膨的波動，你可以理解為什麼會發生這種情況。

That's the primary reason.

這是主要原因。

With respect to the overall corporate SG&A, this is an area of consistent focus.

就整體企業銷售、管理及行政費用而言，這是一個持續關注的領域。

We're always looking for ways to optimize our overall cost position.

我們一直在尋找優化整體成本狀況的方法。

That's just good business sense and something that we pay attention to routinely.

這只是良好的商業意識，也是我們日常關注的事情。

Got it.

知道了。

That's it.

就是這樣。

I'll jump back in line.

我會跳回隊列。

I'm sure there's a bunch of other questions.

我確信還有很多其他問題。

I appreciate and I'll see you guys tomorrow as well.

我很感激，明天也會見到你們。

Yes.

是的。

Thanks, Jerry, for Zenium.

謝謝傑瑞，謝謝 Zenium。

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So I'm curious, could you just talk a little bit about the off-takers at Iron tin?

所以我很好奇，您可以談談 Irontin 的承購商嗎？

I know you in the past and I get I don't disclose a lot about specific contracts, but just curious, are there dates embedded in these offtake agreements from that if you don't reach them either the customers can get out of the contract or renegotiate the contract, trying to get at kind of where the customer or the ultimate offtakers patients levels are given that iron has taken longer than you would have liked certainly longer than than the customers would have liked as well?

我過去認識你，我知道我不會透露太多有關具體合同的信息，但只是好奇，這些承購協議中是否嵌入了日期，如果你不聯繫這些日期，客戶就可以退出合同或者重新談判合同，試圖了解客戶或最終承購商患者水平的情況，因為鐵的生產時間比您希望的時間要長，當然也比客戶希望的時間長？

Yes.

是的。

Look, we don't see any concern there.

看，我們沒有看到任何擔憂。

We've got very strong demand for the product and all of our core customers are still they're testing commercial scale products right now for the final application and ready to receive the volume at scale.

我們對該產品的需求非常強勁，我們所有的核心客戶仍在測試商業規模的產品以進行最終應用，並準備大規模接收。

Additionally, remember, we've got a pretty good portfolio of customers with the Augusta project.

此外，請記住，我們在奧古斯塔專案中擁有相當不錯的客戶組合。

And many of them are also interested in taking early material from Iron Mountain in order to jump start the sales process for the amount of the guest.

他們中的許多人也有興趣從鐵山獲取早期材料，以便快速啟動針對客人數量的銷售流程。

Got it.

知道了。

So I guess the follow-up there is it really hasn't impacted prospects for future plants as well.

所以我想後續行動確實也沒有影響未來工廠的前景。

I mean, I know you're obviously plan for it to help you in terms of building those plants.

我的意思是，我知道你顯然計劃在建造這些工廠方面幫助你。

But it's not it's not hurting you at all with potential customers?

但這對你的潛在客戶來說不是一點傷害都沒有嗎？

No, no.

不，不。

In fact, I would say it is just the opposite.

事實上，我想說恰恰相反。

I mean, the commercial product that we've produced off the virus and has accelerated the appetite for our product.

我的意思是，我們利用病毒生產的商業產品加速了人們對我們產品的需求。

And we have a lot of new customers that are testing our product through the former contract and through our distribution channel and the results that they see are very positive.

我們有很多新客戶正在透過以前的合約和我們的分銷管道測試我們的產品，他們看到的結果非常積極。

And so that brings them back to us very quickly for let's say, new customer sales inside of the already strong portfolio.

因此，這會讓他們很快回到我們這裡，比如說，在已經很強大的產品組合中進行新客戶銷售。

Got it.

知道了。

Good to hear on that.

很高興聽到這個消息。

And maybe Tom, just to confirm something and then a question.

也許湯姆，只是為了確認一些事情，然後再提出一個問題。

So did you say so I know in Q4 you produced 200,000 pounds of pellets in.

你是這麼說的嗎？我知道你在第四季度生產了 200,000 磅顆粒。

Did you say I think it was $1.3 million TOWNS.

你說我認為這是130萬美元的城鎮。

Just curious, is that quarter to date?

只是好奇，這個季度是迄今為止嗎？

I mean, is that a cumulative number?

我的意思是，這是一個累積數字嗎？

I guess that would be first.

我想那會是第一個。

Yes, the the production number is quarter to date, I believe.

是的，我相信生產數量是季度至今的。

Okay.

好的。

It is let me grab a number here since quarter to date?

讓我從季度至今在這裡獲取一個號碼？

Yes, the 1.2 million this quarter today.

是的，今天這個季度是 120 萬。

Got it.

知道了。

And then I guess the follow-up, you don't great news that you no longer have to meet the milestones as dictated or this is a clear one portion of your question.

然後我想後續行動，你不再需要滿足規定的里程碑，這不是好消息，或者這是你問題的明確一部分。

You mentioned 1.3, but the slide shows 1.1. So well-capitalized, 1 billion Q2.

您提到了 1.3，但幻燈片顯示的是 1.1。資本充足，第二季10億。

Okay, got it.

好，知道了。

All right.

好的。

And I guess I was just going to say that the it's good that you don't have to meet the milestones by specific dates that were I'm dictated under the bondholder agreement.

我想我只是想說，你不必在債券持有人協議規定的特定日期之前達到里程碑，這是一件好事。

But just curious, I mean, where you stand now, how do you feel in terms of I mean, you're still obviously shooting for those milestones on the way to ultimate and commercial production are at levels that that would be at scale.

但只是好奇，我的意思是，你現在所處的位置，你感覺如何，我的意思是，你顯然仍在為最終的目標而努力，商業生產達到了規模化的水平。

So maybe I mean, do you have or are you willing to share when you think you might be at that?

所以也許我的意思是，當您認為自己可能會這樣做時，您是否已經或願意分享？

I think 4.5 million level on the way to the 9 million.

我認為 450 萬水準正在朝 900 萬水準邁進。

And I think in there, you've also got that a seven day continuous.

我認為在那裡，你也可以連續 7 天。

Our production goal is part of that.

我們的生產目標是其中的一部分。

Yes, as you can imagine, when you're starting with the new technology running the equipment for the first time, predicting the S-curve for the production is very difficult.

是的，正如您可以想像的那樣，當您第一次使用新技術運行設備時，預測生產的 S 曲線非常困難。

Okay.

好的。

Our focus is less about hitting specific milestones and more about incrementally getting better every day.

我們的重點不再是達到特定的里程碑，而是每天逐漸變得更好。

We will see continued improvement across the production every day and at times, we'll see step change improvements.

我們每天都會看到整個生產的持續改進，有時，我們會看到逐步的改進。

We we view the or the outage that we have planned in Q2 is a pretty important moment for us because as we've run continuously over the last couple of months, we found new items that we need to address.

我們認為第二季度計劃的停電對我們來說是一個非常重要的時刻，因為隨著我們在過去幾個月的持續運行，我們發現了需要解決的新問題。

We've engineered them already to implement them, and we know that they'll make improvements our operation after the outage.

我們已經設計了它們來實施它們，我們知道它們將在停電後改善我們的營運。

So one of the things with the bond that was challenging was so focused on the milestone that sometimes you took your focus off of the fundamentals that gets you there.

因此，與債券相關的具有挑戰性的事情之一是過於專注於里程碑，以至於有時您將注意力從實現目標的基本原則上轉移開。

We're now very focused on building the right foundation for the plant so we can build the long term productivity of the facility.

我們現在非常專注於為工廠建造合適的基礎，以便我們能夠建立工廠的長期生產力。

Got it.

知道了。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

We didn't invite questions in our press releases as eScription religion via our e-mail investor questions at Pure Cycle.com and wanted to get to a few of those.

我們沒有透過 Pure Cycle.com 上的電子郵件向投資者提出問題，在新聞稿中邀請問題作為 eScription 宗教，我們希望回答其中的一些問題。

The first one is from Charles boxy at Morgan Stanley.

第一個來自摩根士丹利的查爾斯·博西。

Dustin, on your previous updates, you mentioned that you ran various feedstocks to test the limits of your technology following the co-product to fix your planning in Q2.

達斯汀，在您先前的更新中，您提到您使用了各種原料來測試您的技術極限，然後使用副產品來修復您在第二季的計劃。

How confident are you that you can run many different feedstocks?

您對可以使用多種不同原料有多大信心？

Or do you anticipate long-term challenges on availability, if you will be eliminating your inputs?

或者，如果您要消除投入，您預期可用性方面會面臨長期挑戰嗎？

Thank you for the question, Vishal.

謝謝你的提問，維沙爾。

I think it's really important to remember the scale of the opportunity that we are engaging in here.

我認為記住我們在這裡參與的機會的規模非常重要。

There are literally billions of pounds of feed available.

實際上有數十億磅的可用飼料。

We've already run the key feeds for Arden, which is traditionally Rafi as well as post-consumer curbside rigids and they've run successfully.

我們已經運行了 Arden 的關鍵來源，傳統上是 Rafi 以及消費後路邊剛性，並且它們已經成功運作。

So I'm not at all concerned about the availability of feed.

所以我根本不擔心飼料的供應。

There's plenty of seed to fill our 10 with those two key streams alone.

僅用這兩個關鍵流就有足夠的種子來填充我們的 10 個。

But I also think it's important to remind you that our technology gives us the ability to buy what others cannot because we have a fundamental process that washes the molecule from the inside out, we can buy things that others can't.

但我也認為重要的是要提醒您，我們的技術使我們有能力購買別人買不到的東西，因為我們有一個從內到外清洗分子的基本過程，我們可以買到別人買不到的東西。

And so I think there's always going to be a cycle of testing around the feedstocks so we can find newer and newer fields that provide newer economic opportunities for us.

因此，我認為圍繞原料總會有一個測試週期，這樣我們就可以找到越來越新的領域，為我們提供更新的經濟機會。

But in terms of the base load for our tenant and Augusta and our early projects, I think we have ample seed to do what we need to do.

但就我們的租戶和奧古斯塔以及我們早期項目的基本負荷而言，我認為我們有足夠的種子來做我們需要做的事情。

The next question we received was from James Graham, you mentioned sampling, but have any actual products been made from the resin produced at the commercial plant?

我們收到的下一個問題來自 James Graham，您提到了採樣，但是是否有任何實際產品是由商業工廠生產的樹脂製成的？

And if so, what are the?

如果有的話，有哪些？

Yes.

是的。

So I think it's important to walk through the process for qualifying projects across plants like this, we have made actual progress of products.

因此，我認為像這樣的跨工廠合格專案的流程很重要，我們已經在產品方面取得了實際進展。

You can see those in the earnings pack that they have not been mailed made at commercial scale yet because the first step is to test them in the operations, see how they run before we start allocating larger volumes to that operation once they pass the initial testing, then they'll get scaled up for commercial sales.

您可以在收益包中看到那些尚未以商業規模郵寄的產品，因為第一步是在操作中測試它們，在它們通過初始測試後我們開始向該操作分配更大的數量之前，看看它們的運行情況，然後它們將擴大規模用於商業銷售。

And we're doing this across a number of fronts with a number of with a number of of customers.

我們正在多個領域與多個客戶合作。

The next one is from Spencer more.

下一篇來自史賓塞·莫爾。

Is the screen changers still necessary if you've successfully purge to be from the system?

如果您已成功從系統中清除，是否還需要換網器？

Yes, probably notch on, but maybe a little.

是的，可能會有所提高，但也許有一點。

I remember there are really two, there are really two purposes for the screen changer.

我記得確實有兩個，換網器確實有兩個用途。

The first is to remove the initial beads that contaminated the system.

首先是去除污染系統的初始珠子。

And I must say that following the outage in November, we were able to do that, do it successfully.

我必須說，在 11 月的停電之後，我們能夠做到這一點，並且成功地做到了。

It did take longer than we expected because there were a higher number Visa system than what we thought, but that allowed us to get back on our feet.

這確實比我們預期的要長，因為簽證系統的數量比我們想像的要多，但這讓我們重新站起來。

But but once the beads are gone on, there's still going to be an opportunity for us to use the screen changer to a final filtration step for the product.

但是，一旦珠子繼續使用，我們仍然有機會使用換網器對產品進行最終過濾步驟。

And that very often has a positive impact on color.

這通常會對色彩產生正面影響。

There were two questions that came in from John.

約翰提出了兩個問題。

David, the first one, what is the latest on the Augusta saying?

大衛，第一個，奧古斯塔的最新消息是什麼？

Yes.

是的。

And we're really excited about our path for four gusto.

我們對四人的道路感到非常興奮。

Um, we've really taken a step back and reset our base engineering's through the collaboration with KBR, they are turning out to be a really good thought partner for us on how to better engineer our base facilities.

嗯，我們確實退了一步，透過與 KBR 的合作重新設定了我們的基礎工程，事實證明他們是我們在如何更好地設計我們的基礎設施方面非常好的思想合作夥伴。

We're also integrating the learnings that we've taken from hydrogen into that design.

我們也將從氫中獲得的經驗整合到該設計中。

And don't forget, we've already spent a sizable amount of money around $85 million and preconstruction engineering and long-lead purchases.

不要忘記，我們已經花費了大約 8500 萬美元的大量資金以及預施工工程和長期採購。

So that project is very much still moving forward.

所以這個項目仍在向前推進。

Second question from Jan was, has the expected market price for pure cycles resin changed since it was discussed in 2020?

Jan 提出的第二個問題是，自 2020 年討論以來，純循環樹脂的預期市場價格是否發生變化？

Yes.

是的。

Look, I think that the market pricing is a very dynamic discussion and what we'll probably not talk too specifically about pricing levels of the Pure Cycle product.

看，我認為市場定價是一個非常動態的討論​​，我們可能不會太具體地談論 Pure Cycle 產品的定價水平。

I think what's important to note is that there's very strong customer demand across many application lanes, even with hydrogen and the guts at max rates, it still only represents a small fraction of production and a small portion of sustainability commitments from even just our core customers.

我認為值得注意的是，許多應用領域都有非常強勁的客戶需求，即使氫氣和內臟處於最大速率，它仍然只代表生產的一小部分和可持續承諾的一小部分，即使只是我們的核心客戶。

So so we see a lot of runway here.

所以我們在這裡看到了很多跑道。

We haven't tested the full market.

我們還沒有測試整個市場。

We will do so as we continue to test new applications to our as to our process.

當我們繼續測試新的應用程式以適應我們的流程時，我們將這樣做。

Final e-mail question comes from Michael Graham.

最後一個電子郵件問題來自邁克爾·格雷厄姆。

So given the increased production and the commentary around high demand for the product, what is the revenue outlook for Q1 and 2020?

那麼，考慮到產量的增加以及對該產品的高需求的評論，第一季和 2020 年的收入前景如何？

Well, we're very optimistic about the future fundamentals of the business.

嗯，我們對業務未來的基本面非常樂觀。

And I think coming out of the Q2 out, that optimism is going to continue.

我認為第二季結束後，這種樂觀情緒將會持續下去。

But we don't want to set the precedent right now providing mid-quarter guidance.

但我們現在不想開創提供季度中期指導的先例。

And Glenn, I think the important thing is doesn't sort of the presentation, the original economics.

格倫，我認為重要的不是演示，而是原始的經濟學。

We feel very good Yes.

我們感覺很好是的。

But in all of the e-mail questions, I will toss it back over Cindy queue.

但在所有電子郵件問題中，我都會將其扔回辛迪隊列中。

If you have a question, please press star one one on your touch on telephone.

如果您有疑問，請按電話上的觸控鍵一一按星號。

One moment for me question, actually, I'm showing no further questions.

等一下我的問題，實際上，我沒有再提出任何問題。

I would now like to hand it back to Dustin Olson.

我現在想把它交還給達斯汀·奧爾森。

Look, thank you for everyone's time today and dedicate your special time to our to our business and to our operations.

看，感謝大家今天抽出寶貴的時間，並將您的特殊時間奉獻給我們的業務和營運。

This is a very important week for PureCycle.

對 PureCycle 來說，這是非常重要的一週。

And quite frankly, I've never been more excited about our progress.

坦白說，我對我們的進步從未如此興奮。

Our potential and our future.

我們的潛力和我們的未來。

Thank you for your time today for believing in the mission of Pure Cycle and our team.

感謝您今天抽出時間來相信 Pure Cycle 和我們團隊的使命。

We look forward to seeing you tomorrow at our IR attend showcase concludes today's conference call.

我們期待明天在今天的電話會議結束後的 IR 出席展示會上見到您。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。