REX American Resources Corp (REX) 2024 Q4 法說會逐字稿

Greetings, and welcome to REX American Resources fourth quarter and full fiscal year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 REX American Resources 2024 財年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Doug Bruggeman. Thank you. You may begin.

現在我想將會議交給主持人道格·布魯格曼先生。謝謝。你可以開始了。

Good morning, and thank you for joining this morning's call. Joining us today is Stuart Rose, Executive Chairman; and Zafar Rizvi, Chief Executive Officer. We'll get to our presentation and comments momentarily as well as your questions. But first, I will review the Safe Harbor disclosure.

早安，感謝您參加今天上午的電話會議。今天與我們一起參加的是執行主席 Stuart Rose；以及首席執行官 Zafar Rizvi。我們將立即開始我們的演示和評論以及回答您的問題。但首先，我將回顧安全港披露。

In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

除了歷史事實或當前情況陳述之外，今天的電話會議還包含前瞻性陳述，這些陳述涉及 1995 年《私人證券訴訟改革法》所定義的風險和不確定性。此類前瞻性陳述反映了公司目前的預期和信念，但並不能保證未來的表現。因此，實際結果可能與預期有重大差異。與前瞻性陳述相關的風險和不確定性在今天的新聞公告和公司向美國證券交易委員會提交的文件中有所描述，包括公司 10-K 表和 10-Q 表報告。REX American Resources 不承擔公開更新或修改任何前瞻性聲明的義務。

I would now like to turn the call over to our Executive Chairman, Stuart Rose.

現在，我想將電話轉給我們的執行主席史都華·羅斯。

Good morning, and thank you again to everyone for joining us. Fiscal 2024 saw a continuation of the positive results from REX's time-tested approach to our core ethanol business. Sales of ethanol grew over 2023 levels with 289.7 million gallons of ethanol sold. Despite lower prices, our management of the overall business remain as focused as ever and total net income and income per share remained strong, along with gross profit. REX continues to be among the best in the industry in our core ethanol business line.

早安，再次感謝大家的參與。2024 財年，REX 對我們核心乙醇業務久經考驗的方法繼續取得積極成果。乙醇銷售量將超過 2023 年的水平，銷售量將達到 2.897 億加侖。儘管價格較低，但我們對整體業務的管理仍然一如既往地專注，總淨收入和每股收益以及毛利潤仍然保持強勁。REX 在我們的核心乙醇業務領域繼續保持行業領先地位。

As far as our several growth projects, during 2024, we substantially completed construction of the capture and compression portions of our planned carbon capture facility. Additionally, we progressed our capacity expansion project at the One Earth Energy ethanol facility. Our overall business saw great financial results and good operational progress during 2024. So we move forward through 2025, the REX team is bringing the same attention to detail, close management of the day-to-day as we have in the past. We are concentrating on the things we can control and acting prudently as and when conditions change.

就我們的幾個成長項目而言，2024 年，我們基本上完成了計劃中的碳捕獲設施的捕獲和壓縮部分的建設。此外，我們也推進了One Earth Energy 乙醇工廠的產能擴建計畫。2024 年，我們的整體業務取得了出色的財務表現和良好的營運進展。因此，當我們邁向 2025 年時，REX 團隊將一如既往地關注細節，密切管理日常事務。我們專注於我們能夠控制的事情，並根據情況的變化謹慎行事。

Aside from our head stand focus on efficient and profitable operations, REX has had a long-standing commitment to delivering value to our shareholders through a well-considered share repurchase program. We are selective in how we apply this authorization from our Board of Directors and act when we see value in our share price. To this way of thinking, we are active in the fiscal fourth quarter, repurchasing approximately 373,000 shares, and we've been active in fiscal quarter 1 with repurchases totaling 282,000 shares. As of yesterday, REX's Board of Directors authorized an additional 1.5 million shares to be available for repurchase. These are in addition to the remaining 222,510 shares still available for repurchase under the previous buyback authorization.

除了專注於高效和盈利的營運之外，REX 還長期致力於透過深思熟慮的股票回購計畫為股東創造價值。我們會選擇性地運用董事會的授權，並在看到股價有價值時採取行動。依照這個思路，我們在第四財季表現活躍，回購了約 373,000 股，而我們在第一財季表現活躍，共回購了 282,000 股。截至昨日，REX 董事會已批准額外回購 150 萬股股票。這些都是根據先前的回購授權仍可回購的剩餘 222,510 股股票的補充。

As far as additional avenues for growth, we are always looking for facilities that come on the market that meet our operational and financial criteria. Our ability to do so, as always, thanks to the incredible team we have at REX, whether we operate in the facilities, their plants to high efficiency or monitoring corn and natural gas markets and taking advantage beneficial conditions to lower our cost base. The people we have at REX are second to none in the industry. And I want to take a moment, as always, to thank them for the work they do on a daily basis. All of this is to say that REX is in good position to make progress in our strategic goals during 2025, delivering value to our shareholders.

至於額外的成長途徑，我們一直在尋找市場上符合我們的營運和財務標準的設施。我們之所以能夠做到這一點，一如既往，要感謝 REX 出色的團隊，無論我們是在設施、工廠中高效運營，還是監控玉米和天然氣市場並利用有利條件來降低我們的成本基礎。REX 的員工是業界首屈一指的。像往常一樣，我想花點時間感謝他們每天所做的工作。所有這些都表明，REX 有能力在 2025 年實現我們的策略目標，為我們的股東創造價值。

I'd now like to turn things over to our CEO, Zafar Rizvi, to discuss the progress of our growth projects at REX.

現在，我想將話題轉交給我們的執行長 Zafar Rizvi，討論 REX 成長項目的進度。

Thank you, Stuart. During fiscal year 2024, we made steady progress on our carbon capture and sequestration project in Gibson City, Illinois. During the year, we subsequently completed construction on the capture and compression portion of the facility. During 2025, we anticipated moving forward in the sequestration portion of the project. Currently, we are wearing approval of Class VI injection well permit from the EPA.

謝謝你，斯圖爾特。2024財年，我們在伊利諾州吉布森市的碳捕獲和封存計畫取得了穩定進展。今年我們隨後完成了該設施的捕獲和壓縮部分的建設。2025年，我們預計該專案的封存部分將取得進展。目前，我們已獲得美國環保署 (EPA) 批准的 VI 級注入井許可證。

The EPA currently projects issuing of this permit in October. We are hopeful that once we have obtained this permit that we will be able to move forward with other acquired state and local permitting. Given proposed rulemaking earlier in the year by the Pipeline and Hazard Materials Safety Administration, we are closely monitoring potential action to accelerate updating rules and regulations for CO2 pipeline from the Trump administration and towards getting the project moving forward. Once all approvals are received and the facility is operational, the One Earth carbon capture and sequestration facilities should contribute to REX bottom line through both 45Z and 45Q tax credits. These tax credit impacts would be maximized through the related expansion of our Gibson City ethanol production facilities capacity once it is completed and in operation.

美國環保署目前預計十月頒發該許可證。我們希望，一旦獲得此許可證，我們將能夠繼續獲得其他州和地方的許可證。鑑於管道和危險材料安全管理局今年稍早提出的規則制定，我們正在密切關注川普政府可能採取的行動，以加速更新二氧化碳管道規則和法規，並推動該項目向前發展。一旦收到所有批准並且該設施投入運營，One Earth 碳捕獲和封存設施應透過 45Z 和 45Q 稅收抵免為 REX 的底線做出貢獻。一旦我們的吉布森城乙醇生產設施竣工並投入運營，這些稅收抵免的影響將透過相關擴張而最大化。

During 2024, REX moved forward on construction of the ethanol facility expansion project and made substantial progress. Currently, management is undertaking a review of certain elements of the project plan. This review is in keeping with our priority of maintaining efficiency and higher production level at our facilities, and we believe we will ultimately benefit the long-term operation and profitability of the capacity expansion. However, as a result of the review, we do anticipate the timeline for the completion of the expansion to extend past the previous target of the middle of 2025. As of fiscal year-end, we have invested approximately $115.6 million into the One Earth carbon capture project and associated ethanol production capacity expansion.

2024年，REX推動乙醇設施擴建工程建設並取得實質進展。目前，管理層正在對專案計劃的某些要素進行審查。這次審查符合我們維持工廠效率和更高生產水準的優先事項，我們相信最終將有利於產能擴張的長期營運和獲利能力。然而，根據審查的結果，我們預計擴建工程完成的時間將超過先前確定的 2025 年中期目標。截至財政年度末，我們已向「一個地球」碳捕獲計畫及相關的乙醇生產能力擴張投資約 1.156 億美元。

Due to the anticipated impact of the ongoing review of certain elements of the expansion projects and inflation, we have now budgeted a total of 222 -- $230 million for both projects combined.

由於對擴建項目某些要素的持續審查以及通貨膨脹的預期影響，我們現在為兩個項目總計預算為 2.22 億至 2.3 億美元。

I would like to hand the call to our CFO, Doug Bruggeman, to discuss our operational and financial results.

我想將電話轉給我們的財務長 Doug Bruggeman，討論我們的營運和財務表現。

Thank you, Zafar. I'll begin with our operational results. REX's ethanol sales volume during fiscal year 2024 were 289.7 million gallons, a slight increase over fiscal year 2023 sales volumes of 285.9 million gallons. Volumes in the fourth quarter of 2024 were 74.7 million gallons versus 72.1 million gallons in the fourth quarter of 2023. Average selling prices for our consolidated ethanol volumes was approximately $1.71 per gallon for the full year 2024 and $1.64 for the fourth quarter.

謝謝你，紮法爾。我將從我們的營運成果開始。REX 2024 財年的乙醇銷量為 2.897 億加侖，較 2023 財年的 2.859 億加侖銷量略有增加。2024 年第四季的銷量為 7,470 萬加侖，而 2023 年第四季的銷量為 7,210 萬加侖。2024 年全年，我們合併後的乙醇產量平均售價約為每加侖 1.71 美元，第四季平均售價約為每加侖 1.64 美元。

Dried distillers grain sales volumes during fiscal year 2024 totaled 632,000 tons, a 3% decrease over fiscal 2023 volumes of 652,000 tons. Volumes during the fourth quarter were approximately 166,000 tons, a decrease of approximately 2% over the fourth quarter of 2023. Average selling price for DDGs was approximately $160.37 per ton for the full year and $143.81 per ton for the fourth quarter. Modified distillers grain sales volumes were 70,000 tons in fiscal 2024 and compared with approximately 54,000 tons in fiscal year 2023.

2024 財年乾酒糟銷售量總計 632,000 噸，比 2023 財年的 652,000 噸下降 3%。第四季的交易量約為 166,000 噸，比 2023 年第四季減少約 2%。全年 DDG 平均售價約為每噸 160.37 美元，第四季 DDG 平均售價約為每噸 143.81 美元。2024 財年改良酒糟銷售量為 70,000 噸，而 2023 財年約為 54,000 噸。

For the fourth quarter, modified distiller grain volumes totaled approximately 19,500 tons, an increase of approximately 11% over the same period in 2023. The average selling price for modified was approximately $69.93 per ton for the full year and $72.84 per ton for the fourth quarter. Corn oil sales volume in fiscal 2024 were approximately 88.1 million pounds compared to 87.5 million pounds sold in fiscal year 2023, an increase of approximately 1%.

第四季度，改質酒糟產量總計約 19,500 噸，較 2023 年同期增加約 11%。全年改質塑膠平均售價約為每噸 69.93 美元，第四季改質塑膠平均售價約為每噸 72.84 美元。2024 財年的玉米油銷售量約為 8,810 萬磅，而 2023 財年的銷售量為 8,750 萬磅，成長約 1%。

For the fourth quarter, corn oil sales volumes totaled approximately 23.5 million pounds, an increase of 7% over the fourth quarter of 2023. The average selling price for REX's corn oil product was approximately $0.44 per pound for the full year and the fourth quarter of 2024. Gross profit for fiscal year 2024 was $91.5 million versus gross profit of approximately $98.2 million for fiscal year 2023. Gross profit in Q4 2024 was $17.6 million compared to $30.4 million in the fourth quarter of 2023. The decrease was due to lower selling prices across all categories, slightly offset by lower corn and natural gas prices.

第四季度，玉米油銷售總量約為 2,350 萬磅，較 2023 年第四季成長 7%。REX 玉米油產品全年和 2024 年第四季的平均售價約為每磅 0.44 美元。2024 財年的毛利為 9,150 萬美元，而 2023 財年的毛利約為 9,820 萬美元。2024 年第四季的毛利為 1,760 萬美元，而 2023 年第四季的毛利為 3,040 萬美元。下降的原因在於所有類別的銷售價格下降，但玉米和天然氣價格下降稍微抵消了這種影響。

Our selling, general, and administrative expenses decreased to $27.1 million for fiscal year 2024 versus $29.4 million in 2023. SG&A in the fourth quarter decreased to approximately $6.2 million versus $7.4 million in the fourth quarter of 2023. The fourth quarter decrease was primarily due to lower incentive bonuses based on company profitability levels.

我們的銷售、一般及行政開支從 2023 年的 2,940 萬美元減少至 2024 財年的 2,710 萬美元。第四季的銷售、一般及行政費用下降至約 620 萬美元，而 2023 年第四季為 740 萬美元。第四季度的下降主要是由於基於公司獲利水準的激勵獎金降低。

Interest and other income grew by approximately 22% in 2024, totaling $19.2 million compared with approximately $15.7 million for fiscal year 2023. We reported interest and other income for the fourth quarter of approximately $4.2 million versus $4.8 million for the same period in 2023. Income before taxes and noncontrolling interest for 2024 was approximately $92.9 million, a 6% decrease from $98.5 million in 2023. During the fourth quarter, we reported approximately $17.9 million in this metric versus $32.5 million during the same period during the previous year. Net income attributable to REX shareholders for the year was $58.2 million compared to $60.9 million in fiscal year 2023.

2024 年利息和其他收入增長約 22%，總計 1,920 萬美元，而 2023 財年約為 1,570 萬美元。我們報告第四季的利息和其他收入約為 420 萬美元，而 2023 年同期為 480 萬美元。2024 年稅前和非控制權益前收入約為 9,290 萬美元，較 2023 年的 9,850 萬美元減少 6%。在第四季度，我們報告的這項指標約為 1,790 萬美元，而去年同期為 3,250 萬美元。本年度歸屬於 REX 股東的淨收入為 5,820 萬美元，而 2023 財年為 6,090 萬美元。

For the fourth quarter 2024, this equaled $11.1 million compared with $20.6 million for the fourth quarter of 2023. On a per share diluted basis for the full year, this amounts to $3.30 per share of net income in 2024 compared to $3.47 per share in 2023. And for the fourth quarter of 2024, diluted net income per share was $0.63 per share compared to $1.16 per share for the same period the previous year. During the fourth quarter of 2024, REX repurchased approximately 373,000 shares of our common stock for total consideration of approximately $15.5 million. So far, during the fiscal first quarter of 2025, REX has repurchased an additional 281,709 shares of our stock for a total consideration of $11.9 million.

2024 年第四季的數字為 1,110 萬美元，而 2023 年第四季為 2,060 萬美元。以全年每股攤薄計算，2024 年每股淨收入為 3.30 美元，而 2023 年每股淨收入為 3.47 美元。2024 年第四季，每股攤薄淨利潤為 0.63 美元，去年同期為每股 1.16 美元。2024 年第四季度，REX 回購了約 373,000 股普通股，總對價約 1,550 萬美元。到目前為止，在 2025 財年第一季度，REX 已額外回購了 281,709 股股票，總對價為 1,190 萬美元。

Total share repurchases equaled 654,276 shares or approximately 3.7% of REX's outstanding shares. We ended the fiscal year with total cash, cash equivalents, and short-term investments of $359.1 million compared with $378.7 million for fiscal year-end 2023. This net reduction in cash was primarily due to capital expenditures related to the projects at the One Earth Energy facility as well as the share repurchases mentioned earlier. REX American ended the year without any bank debt.

總計回購股票 654,276 股，約佔 REX 已發行股票的 3.7%。我們本財年結束時的現金、現金等價物及短期投資總額為 3.591 億美元，而 2023 財年末為 3.787 億美元。現金淨減少主要是由於與 One Earth Energy 工廠項目相關的資本支出以及前面提到的股票回購。REX American 截至年底沒有任何銀行債務。

I'd now like to turn things back over to Zafar.

現在我想把事情交還給札法爾。

Thanks, Doug. I would like to give some color around our priorities for 2025 and the several factors that will influence our business for the remainder of the calendar year. Overall, we are pleased with Q4 and how we manage through some challenges and are now focused on profitable 2025. Q1 is already off to a good start and we are expecting a profitable Q1, which would be our 19th consecutive profitable quarter for a net income prospective. Against this positive current financial and operational backdrop, we are maintaining a focus on properly positioning our business for the future and executing on our several growth projects during the year.

謝謝，道格。我想簡要介紹一下我們 2025 年的優先事項以及將影響我們今年剩餘時間業務的幾個因素。總體而言，我們對第四季度感到滿意，並致力於克服一些挑戰，現在我們專注於 2025 年的利潤。第一季已經開局良好，我們預計第一季將實現盈利，這將是我們連續第 19 個季度實現淨收入盈利。在當前積極的財務和營運背景下，我們將繼續專注於為未來做好業務定位，並在年內執行我們的多個成長項目。

Importantly, we are carefully watching the policy forces that could impact our business and the overall market for our products. Chief among these is the possibility of tariffs on ethanol and co-product exports, which could be imposed by foreign governments during 2024, total ethanol export from the US reached a record high of 1.9 billion gallons, supporting pricing throughout the year. We are particularly mindful of tariff impact of the Canadian and Mexican market as Canada represents approximately 36% of US ethanol exports and Mexico represent approximately 21% of US DDG export in 2024. Both of these were the top export markets for the respective products.

重要的是，我們正在密切關注可能影響我們的業務和我們產品的整體市場的政策力量。其中最主要的是外國政府可能在 2024 年對乙醇及其副產品出口徵收關稅，美國乙醇出口總量達到創紀錄的 19 億加侖，支撐了全年的價格。我們特別關注加拿大和墨西哥市場的關稅影響，因為到 2024 年，加拿大約占美國乙醇出口的 36%，墨西哥約占美國 DDG 出口的 21%。這兩個國家都是各自產品的最大出口市場。

Second is the debate around year-round E15 blending. We believe this proposed policy change part of the nationwide consumer and Fuel Retailer Choice Act introduced to Congress in February would be beneficial not just to ethanol producer, but to US consumer as well, creating increased demand while also lowering fuel price for drivers. We are closely monitoring developments in the market as well as on Capitol Hill to continue making informed and prudent decision for our business.

第二是圍繞全年 E15 混合的爭論。我們相信，這項二月份提交給國會的全國消費者和燃料零售商選擇法案的擬議政策變化不僅將有利於乙醇生產商，而且將有利於美國消費者，在增加需求的同時降低駕駛員的燃油價格。我們正在密切關注市場以及國會的發展，以便繼續為我們的業務做出明智和審慎的決策。

In closing, I want to say that the entire REX team looks forward to what is to come for our business in 2025. Thank you to all our stakeholders for your continued support.

最後，我想說，整個 REX 團隊都對我們 2025 年的業務發展充滿期待。感謝所有利害關係人的持續支持。

Now I would like to open things up to questions. Operator?

現在我想開始回答問題。操作員？

(Operator Instructions) Jordan Levy, Truist Securities.

（操作員指示）Jordan Levy，Truist Securities。

Nice quarter, again. Can you maybe just provide a little detail, Zafar, around what went into the higher capital budget on the expansion project, recognizing that the timeline kind of is in flux as you kind of await that approval from the EPA?

又是一個美好的季度。紮法爾，您能否稍微詳細介紹一下擴建項目更高資本預算的用途，同時您還必須知道，由於您正在等待環境保護署的批准，所以時間表可能會不斷變化？

Sure.

當然。

Zafar?

紮法爾？

Sure, Jordan. As you know, we always concentrate on three things. One is -- number one, is we look at what is our profit. We are able to produce 18 consecutive profitable quarters. We also have decided to see how we can position our company towards the growth and particularly organically growth, and we looked at that.

當然，喬丹。如您所知，我們始終專注於三件事。一是—首先，我們要看我們的利潤是多少。我們能夠連續18個季度獲利。我們也決定研究如何讓我們的公司成長，特別是有機成長，我們對此進行了研究。

Number three, we always look at the policies. So coming back to the growth, when we looked at it, our equipment, different kind of equipment, which was energy efficient equipment, which we looked at it, we realized that some of those equipment is not be able to handle 200 to 200 million gallon production because we wanted to position our plants so that we -- if we, in the future, we try to grow further from 200 million-gallon to 225 million, and we don't have to spend extra money in the future. So we decided to evaluate those, and we decided to have equipment, which can manage 200 to 200 million gallons production. So when we looked at that, so that's one of the major reason that we have to spend extra money for the future growth.

第三，我們時時刻刻關注政策。所以回到成長問題，當我們審視我們的設備時，我們發現不同類型的設備都是節能設備，我們意識到其中一些設備無法處理 2 億到 2 億加侖的產量，因為我們希望定位我們的工廠，這樣如果我們在未來嘗試從 2 億加侖進一步增長到 2.25 億加侖，我們就不必在未來花費額外的錢。因此我們決定對這些進行評估，並決定購買能夠管理 2 億到 2 億加侖產量的設備。所以當我們考慮這一點時，這就是我們必須為未來成長投入額外資金的主要原因之一。

And that's the main reason that we have really our budget is increased. And also due to that same reason, the timeline has also increased.

這正是我們預算真正增加的主要原因。並且由於同樣的原因，時間線也增加了。

And I appreciate that transparency. I think it makes a lot of sense. Maybe just moving over to the regulatory side, the permitting side of things. Can you just talk -- you guys -- this is your first update in the new administrative (technical difficulty)

我很欣賞這種透明度。我認為這很有道理。也許只是轉向監管方面、授權方面。你能不能談談——你們——這是你們在新政府任職後第一次更新（技術難度）

I'm sorry, Jordan, you were cut off. Could you repeat that question again, please?

很抱歉，喬丹，你的電話被打斷了。您能再重複一次這個問題嗎？

We lost Jordan somehow.

不知為何，我們失去了喬丹。

I think if I understood correctly, probably you were talking about FISMA rules. So as you know, FISMA issued new regulation two days before the end of the Biden administration. However, these were not posted for the required 60 days public comments period and are currently under review by the new administration, making them invalid for (technical difficulty) we are waiting for the Trump administration to review those and then reposted it, either eliminate some of the new rules. So that's where we are at this time for the FISMA rules, if that's what your question was.

我想如果我理解正確的話，您可能正在談論 FISMA 規則。如你所知，FISMA 在拜登政府任期結束前兩天發布了新法規。然而，這些規定並沒有在規定的 60 天公眾意見徵詢期內公佈，而且目前新政府正在審查這些規定，因此這些規定無效（技術困難），我們正在等待川普政府審查這些規定然後重新發布，或者取消一些新規則。如果您問的是這個，那麼這就是我們目前針對 FISMA 規則所採取的措施。

Yeah. Can you hear me now?

是的。現在你能聽到我的聲音嗎？

We can hear you, yes.

是的，我們能聽到你的聲音。

Okay. Yeah, no, I appreciate that. And then just lastly, I just wanted to see if you've had any direct dialogue with the EPA on Class VI well permitting since the new administration took over, if there has been any change in that dialogue?

好的。是的，我很感激。最後，我想問一下，自從新政府上台以來，您是否與 EPA 就 VI 級水井許可問題進行過直接對話，對話是否有任何變化？

Yes. Actually, what happened is originally when Trump administration took over in January 20. By January 20, all the communication was stopped. And later on, now the communication is started already. We have, in March, about two conversations with EPA.

是的。其實，這件事原本就發生在20年1月川普政府上台的時候。到1月20日，一切通訊中斷。稍後，現在已經開始溝通了。三月份，我們與 EPA 進行了兩次對話。

And then we believe that we will be able to answer all those questions, which they previously they were asking. And so there is communication is started.

然後我們相信我們將能夠回答他們之前提出的所有問題。這樣，溝通就開始了。

Jordan, we can't control -- Jordan, I was going to say, we can't control the administration. But with Biden administration, they were very, very slow on everything. It appears the Trump administration, at least is responsive, and we'll see how fast they are, but we don't know yet, and we don't know what the legislation is going to include and maybe more favorable maybe less favorable when they come out with the tax bill. But in terms of responsiveness, it seems like we're getting -- or the communications have opened up, and they seem to be going very well at this moment, at least with the EPA.

喬丹，我們無法控制──喬丹，我要說的是，我們無法控制政府。但拜登政府在所有事情上都進展得非常非常慢。看來川普政府至少是反應迅速的，我們將拭​​目以待，但我們還不知道，我們也不知道這項立法將包括哪些內容，也不知道他們出台稅收法案時可能會更有利，也不知道可能會不利。但就回應能力而言，似乎我們正在取得進展——或者說溝通已經打開，目前看來進展非常順利，至少與環保署的溝通是如此。

Yeah, exactly. Jordan, as I mentioned, we are watching all these policies very closely. So that's what Stuart is saying that these are -- some of these are behind our control, but we are watching them how we can really make sure that we are staying ahead of that.

是的，確實如此。喬丹，正如我所提到的，我們正在密切關注所有這些政策。所以史都華說的是，其中一些是我們可以控制的，但我們正在關注它們，以確保我們能夠真正保持領先。

(Operator Instructions) There are no further questions at this time. At this point, I'd like to turn the call back over to Stuart Rose for closing comments.

（操作員指示）目前沒有其他問題。現在，我想將電話轉回給 Stuart Rose 來做最後評論。

We had another great year. I think it was third best in our history and really a terrific year. Great -- we have great plants. We have great -- we're in great areas of the country with our plants. We have great growth prospects, which Zafar outlined.

我們又度過了美好的一年。我認為這是我們史上第三好的成績，確實是非常棒的一年。太好了——我們有很棒的植物。我們的工廠遍佈全國各個地方。我們擁有巨大的成長前景，正如紮法爾所概述的那樣。

But most importantly, we have, in my opinion, the best people in the industry, including our CEO. There's no one that knows the ethanol business, in my opinion, better than Zafar. And between Zafar and the people who he's assembled and the rest of the team, that's what makes REX so much better, I believe, than the rest of the industry.

但最重要的是，我認為，我們擁有業內最優秀的人才，包括我們的執行長。在我看來，沒有人比紮法爾更了解乙醇業務。我相信，正是由於紮法爾和他召集的人以及團隊的其他成員的努力，REX 才比業內其他公司更勝一籌。

Again, we thank you for listening, and we'll talk to you when we have our first-quarter conference call. Bye.

再次感謝您的聆聽，我們將在第一季電話會議時與您交談。再見。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。現在您可以斷開您的線路。我們感謝您的參與。